Perion Network — Board/Management Information 2007

Nov 19, 2007

Directors and Senior Management

The following table sets forth information regarding our executive officers and directors as of 19.11.2007:

Name	Age	Position
Yaron Adler	37	Chief Executive Officer and Director
Ofer Adler	37	Chief Product Officer and Director
Tamar Gottlieb	50	Chair of the Board of Directors
Yair M. Zadik	51	Director, member of Audit Committee
Gittit Guberman	51	Director, member of Audit Committee
James H. Lee	41	Director, member of Audit Committee
Gil Pry-Dvash	39	General Manager
Yacov Kaufman	50	Chief Financial Officer
Jeff Holzmann	33	Executive Vice President, and General Manager of IncrediMail USA
Dan Blumenfeld	34	Vice President – Marketing
Yuval Hamudot	34	Chief Technologies Officer
Nimrod May	35	Vice President of Offline Marketing and Communities
Keren Elkin	33	Vice President of Human Resources
Ronit Haltovsky	39	Comptroller
Hagay Elyakim	36	President of BizChord subsidiary

Yaron Adler co-founded IncrediMail in November 1999 and has served as our Chief Executive Officer and a director since our incorporation. He is responsible for our day-to-day operations, business development and the overall management of IncrediMail. In 1999, prior to founding IncrediMail, Mr. Adler consulted Israeli start up companies regarding Internet products, services and technologies. Mr. Adler served as a Product Manager from 1997 to 1999, and as a software engineer from 1994 to 1997, at Tecnomatix Technologies Ltd., a software company that develops and markets production-engineering solutions to complex automated manufacturing lines that fill the gap between product design and production, and which was acquired by UGS Corp. in April 2005. In 1993, Mr. Adler held a software engineer position at Intel Israel. He has a B.A. in computer sciences and economics from Tel-Aviv University.

Ofer Adler co-founded IncrediMail and has been our Chief Product Officer and a director since our incorporation. He has overall responsibility for the design and

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development of IncrediMail products, website and graphic content. Mr. Adler has direct responsibility for the design of all major IncrediMail applications and websites. He is also responsible for choosing the innovating path that we take to keep our products up-to-date with all major developments in the Internet and email markets. Mr. Adler is also actively involved in marketing, business development and our strategic planning. Before founding IncrediMail, Mr. Adler worked as a trader and portfolio manager at Clal Insurance from 1997 to 1999, and as a trader and technical analysis expert at Batucha, Israel's largest private brokerage firm, from 1994 to 1997.

Gil Pry-Dvash is our General Manager since March 2007, responsible for the company's day-to-day operations, legal affairs and the overall management of the Company.

Previously Mr. Pry-Dvash served the company as both IncrediMail's CTO (2003-2006) and Vice President of Research and Development (2000-2003). Mr. Pry-Dvash has been with IncrediMail since its founding in 2000. Prior to working at IncrediMail, Mr. Pry-Dvash worked for seven years in the research and development division of Tecnomatix Technologies Ltd., a software company that develops and markets production-engineering solutions to complex automated manufacturing lines that fill the gap between product design and production. Mr. Pry-Dvash has a BSc degree in Mathematics and Computer Science and an M.B.A. from Bar-Ilan University.

Yacov Kaufman was engaged to serve as our Chief Financial Officer in 2005. From 1996 to November 2005, Mr. Kaufman was the Chief Financial Officer of Data Systems & Software Inc. (OTCBB: DSSI.OB) that, through its subsidiaries, provides software consulting and development services and serves as an authorized dealer and a value-added-reseller of computer hardware. At Data Systems, Mr. Kaufman established and subsequently managed the accounting and financial departments of the company and its subsidiaries. His responsibilities included financial analysis and implementation of procedures for internal control over financial reporting. Mr. Kaufman also served as the comptroller of dsIT Technologies Ltd., a subsidiary of Data Systems since 1986 and as its Chief Financial Officer since 1990. From 1993 to 1999, Mr. Kaufman served as a director of Tower Semiconductor Ltd. (Nasdaq: TSEM), an integrated circuits manufacturer and then subsidiary of Data Systems & Software Inc. Mr. Kaufman is an Israeli Certified Public Accountant and has a B.A. in accounting and economics from the Hebrew University of Jerusalem and an M.B.A. in business finance from Bar-Ilan University.

Jeff Holzmann was engaged as Executive Vice President and General Manager of IncrediMail USA in April 2006. Prior to joining IncrediMail Mr. Holzmann was the CEO of Genius Technologies, a high tech venture capital fund. Mr. Holzmann also served as the CEO of GREY Interactive in Israel, an interactive advertising agency, as Vice Chairman of the board of M.L.L Software (TASE:MLL), an Israeli publicly traded IT software company, and a director with a venture capital fund at Koor Technologies (NYSE:KOR), an Israeli publicly traded holding company. Mr. Holzmann is a certified systems analyst and holds a B.A in Business Administration and Information Technologies from the Interdisciplinary Center Herzliya.

Dan Blumenfeld joined us in May 2004 and serves as our Vice President - Marketing. He is responsible for in-depth analysis of our market and industry,

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implementation of appropriate market positioning, development of pricing and overall marketing strategies. Prior to joining us Mr. Blumenfeld gained more than ten years experience, working primarily as a Product Manager or a Creative Manager, in planning, designing and marketing of computer software in several positions including at Hotbar Ltd. from 2003 to 2004, at DVDemand Ltd. from 2000 to 2003 and at Waves Ltd. from 1997 to 1999.

Tamar Gottlieb has served as our director since 2001 and became Chair of the Board of Directors on February 3, 2006, the closing date of our initial public offering. She is a Managing Director of Harvest Capital Markets Ltd., an investment banking and financial consulting firm that she founded in January 2001. Prior to 2001, Ms. Gottlieb held Managing Director or Senior Manager positions in several investment banking institutions, including Investec Clali – Management & Underwriting Ltd. (from July 1997 to January 2001), Oscar Gruss (1996) Ltd. (from February 1996 to May 1997) and Leumi & Co. Investment Bankers Ltd. (from 1980 to 1991). From August 1991 to June 1994, Ms. Gottlieb served as the Founding Managing Director of Maalot – The Israeli Securities Rating Company Ltd., Israel's first credit rating agency. She currently serves as a board member of several Israeli public and private companies, including Emilia Development Ltd., Carmel Investments Group, Maalot the Israeli Securities Rating Company Ltd., Hasin-Esh Ltd., N.R. Spuntech Industries Ltd., T.R.A Radio Tel Aviv Ltd. and Credit Information Association Ltd. In the past she has also served as a director of, among others, El Al Israeli Airlines Ltd. and "Dan" the Company for Public Transport Ltd. Ms. Gottlieb public service activities include serving as a member of the Statutory Committee for the approval of Directors and General Managers of Israeli Government Companies and Statutory Authority and as a member of the Advisory Committee to the Israeli Anti-Trust Authority. Ms. Gottlieb has a B.A. in international relations from the Hebrew University of Jerusalem and an M.A. in economics from Indiana University.

Yair M. Zadik has served as our director since 2001. He is the Co-Chief Executive Officer of Arrow Ecology & Engineering Overseas (1999) Ltd., a company that provides environmental solutions, and of Eshet Y.E.Z Technologies (2001) Ltd., an investment company. In 2000 Mr. Zadik founded B-Knowledge Investments Ltd., an investment company, and has served as its Chief Executive Officer until 2001. He currently serves as a board member of the Israeli Export Institute, Environmental Branch. Mr. Zadik has a B.Sc. in physics and computer sciences. He is a Colonel (Reserve) in the Israeli Air Force. He is the recipient of the Israeli Presidential National Defense Award for his leadership and management of a major defense project in the Ministry of Defense as well as a recipient of numerous military decorations.

Gittit Guberman was appointed to the board effective January 30, 2006. She has served as a consultant in the capacity of our Chief Financial Officer from September 2002 through November 30, 2005; her consultancy agreement terminated on December 31, 2005. Prior to her engagement with us, Ms. Guberman worked for eight years as an attorney and investment banker with Eihut Capital Markets Ltd., a publicly held investment and consulting firm. From 1987 to 1993 she served as an attorney and the Deputy Director in the Enforcement Division of the Israeli Securities Authority, and from 1981 to 1987 she served as an economist and analyst in the Israeli Ministry of Finance. Ms. Guberman currently serves as a director and member of several committees at the

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Tel-Aviv Stock Exchange and as a director of Maof Clearing House Ltd., a subsidiary of the Tel-Aviv Stock Exchange. She has a B.Sc. in economics and mathematics, an M.A. in economics, an M.B.A. and an L.LB from the Hebrew University of Jerusalem.

James H. Lee was elected to serve as an “external director” at our shareholders meeting on March 30, 2006. He is an industry leader in electronic securities brokerage and trading systems providers. Since 2004, he has been a private investor and a member of the boards of directors of a number of start-up organizations. In 1995, Mr. Lee founded Momentum Securities LLC, a direct-access broker dealer, which merged with Tradescape Corp, a provider of advanced trading systems for active and professional traders, in 1999. Mr. Lee was the Vice Chairman of the Board of Tradescape Corp. from 1999 to 2002. In June 2002, Momentum Securities and Tradescape were acquired by ETrade Financial for consideration of up to $280 million. At the time of the acquisition, Momentum Securities was the largest direct-access broker dealer in the world as measured by revenues and trade volume. From 2002 to 2003, Mr. Lee was responsible for the sale and integration into ETrade Financial of Momentum Securities and Tradescape (renamed E*Trade Professional Trading, LLC). In addition to his responsibilities regarding Momentum Securities, from 1989 to 2000, Mr. Lee was a portfolio manager and registered representative with Pension Management Company in Houston, Texas. Mr. Lee began his career as an investment banker with The First Boston Corporation and subsequently with Lehman Brothers in their oil and gas groups. Mr. Lee won the Ernst & Young LLP Entrepreneur of the Year in eServices for the South/West region in 2001. Mr. Lee has a B.B.A. in finance and an M.B.A. in finance from the University of Texas at Austin and holds a certification from the Centre for Hedge Fund Research and Education at London Business School in the United Kingdom. Mr. Lee has recently been appointed to the Teacher Retirement System of Texas Board of Trustees.

Yuval Hamudot is our Chief Technology Officer since March 2007, responsible for the technological design and development of our products and online system. In that capacity he manages our research and development team as well as our quality assurance and information technology departments. Mr. Hamudot joined us in 2000, and since 2003, and until his recent appointment, was Vice President – Research and Development. Prior to joining us, Mr. Hamudot worked for two years in the research and development at Commonsense Ltd., a software company that outsourced hi-end technology solutions. Mr. Hamudot served in the IDF computer unit ("Mamram") and has a B.Sc. in Computer Science from Tel Aviv University and an M.B.A. from Bar-Ilan University.

Nimrod May is our Vice President of Offline Marketing and Communities since October 2007, responsible Company branding and brand development, offline marketing strategies and traditional media exposure and outreach. Mr. May joined IncrediMail in February 2007, responsible for development and subsequent management of the Company's social network initiative, IncrediWorld. From 2005 and until joining IncrediMail, Mr. May was head of marketing at Jetix/Disney channels, Israel; in charge of marketing strategy and execution, research, third party partnerships, PR, business development - specializing in content promotion on digital media. Prior to that Mr. May was VP Marketing and Sales at Keta Keta, a designated video content developer for the web and mobile carriers, specializing in "Viral Marketing" and Marketing content Productions.

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Keren Elkin is our Vice President of Human Resources since March 2007. Ms. Elkin joined the company in 1999, and prior to her recent appointment was responsible for administration and personnel. Prior to joining us, Ms. Elkin was Executive Assistant to the President of Berlitz language school. Ms. Elkin holds a B.A in Business Administration, majoring in Human Resources, from Ruppin College.

Ronit Haltovsky is our Comptroller since joining IncrediMail in May 2006. Ms. Haltovsky is responsible compiling our financial statements and managing the Company's bookkeeping systems. Prior to joining IncrediMail, Ms. Haltovsky served from May 2001 as corporate Comptroller at Appilog Inc., a provider of software for mapping and managing information technology (IT) assets throughout enterprises. Ms. Haltovsky is a CPA (Israel) and has a B.A. in Accounting and Economics from Bar-Ilan University, as well as an L.LM from Bar-Ilan University.

Hagay Elyakim is President of our BizChord subsidiary since February 2007, responsible for continuing the development of BizChord's processing platform and anti-fraud solutions as well as the expansion of its business internationally. Prior to joining BizChord, Mr. Elyakim worked from 1999 at Netvision, a major Israeli service provider for Internet access, telephony, data security, CDN and value-added service, heading its Enterprise Sales & Marketing Department for NetVision from 2003.