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Clarity Partners and ZelnickMedia Announce Acquisition of Naylor Publications
August, 5 2005

Media Services Firm Serves Professional Association Market

GAINESVILLE, FLORIDA, August 5, 2005 - Clarity Partners, L.P. and ZelnickMedia Corporation announced today the acquisition of Naylor Publications, Inc., the leading provider of business-to-business media and advertising solutions and services to trade and professional associations in the U.S. and Canada.

Founded in1969, Naylor has contracted with over 400 trade and professional associations to provide printing, advertising sales, and distribution services enabling its association clients to publish over 800 periodicals per year, including magazines, membership directories, newsletters, web sites, and buyer guides.

"Today's announcement follows a long and thoughtful sale process," said Brent Naylor, the company's founder and majority shareholder. "We received extraordinarily strong interest from several private equity sponsors. We chose the Zelnick-Clarity team because of the breadth of their media industry experience and the depth and credibility of their commitment to building aggressively upon the foundation we have established."

Mr. Naylor will remain an advisor to the Company in his capacity as Founding Chairman.

"We are very excited to acquire the leading media services firm serving the association market," said Josh Gutfreund, one of Clarity's active Partners on this investment. "Brent, CEO Michael Moss, and their Naylor colleagues recognized the size and growth potential of the association market decades ago, and Naylor now enjoys a strong market position and reputation. Clarity Partners and ZelnickMedia intend to continue to grow Naylor Publications, utilizing the existing executive team's talents and continually developing new association business relationships."

"Naylor Publications is a dynamic, fast-growing company in the publishing and media services arena," said ZelnickMedia partner Jim Friedlich, who will serve as Chairman of the Board. "The company is known for its customer service, on-time delivery, and product quality -- all of which deliver a strong return on investment to its trade association customers."

The transaction is the result of a sale process managed by Jordan Edmiston Group, Inc., the New York-based media investment bank. New Star Financial was the lead arranger on the debt financing for the acquirers, joined by Goldman Sachs Specialty Lending and American Financial Group. Terms of the transaction were not disclosed.