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This is a class action filed in February 2005 against the Defendants on behalf of a class which is defined in the class notice. The litigation alleges that the Defendants issued materially false and misleading press releases and other statements regarding Mamma.com’s financial condition during the class period - March 2, 2004 through and including February 16, 2005 - in a scheme to artificially inflate the value of Mamma.com’s common stock. For additional details about the litigation, including details about the settlement, please refer to the class notice.

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The Court directed, for the purposes of the proposed settlement, that everyone who fits this description is a Class Member:

all persons who purchased the common stock of Mamma.com, Inc. during the period March 2, 2004 through and including February 16, 2005 and were allegedly damaged thereby, including, but not limited to, those persons who traded in Mamma.com stock on the NASDAQ Small Cap Stock Market and/or the Third Market Segment of the Frankfurt and Berlin stock exchanges in Germany.

Excluded from the Class are the Defendants in this action, members of the Individual Defendants’ families, any entity in which any Defendant has a controlling interest or is a parent or subsidiary of or is controlled by Mamma.com, and the officers, directors, affiliates, legal representatives, heirs, predecessors, successors or assigns of any of the Defendants.

If one of your mutual funds purchased shares of Mamma.com common stock during the Class Period, that alone does not make you a Class Member. You are a Class Member only if you directly purchased shares of Mamma.com common stock during the Class Period. Check your investment records or contact your broker to see if you purchased Mamma.com common stock during the Class Period.

If you sold Mamma.com common stock during the Class Period, that alone does not make you a Class Member. You are a Class Member only if you purchased your shares during the Class Period.

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Examples of acceptable supporting documentation are:

1. A broker confirmation slip that lists the security name, name of the beneficial owner, type of transaction, the date of the transaction, the # of shares, the price per share, and the total amount of the transaction.
   
   

2. Monthly stockbroker statements reflecting your opening and closing balances for the months specified on the claim form and all transaction activity within the class period.
   
   
3. A statement on broker letterhead giving all detailed information found on a broker confirmation slip.

Do not send any stock certificates.

If any such documents are not in your possession, please obtain a copy or equivalent documents from your broker or tax advisor because these documents are necessary to prove and process your claim.

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In exchange for the Settlement and dismissal of the Action, Settling Defendants have agreed to create a $3,150,000 fund to be divided, after fees and expenses, among all Class Members who send in a valid Proof of Claim form. All class members who file timely and valid claims are eligible to share in the allocation of the settlement fund in accordance with the plan of allocation. The amount that any class member will receive will depend on several factors, including, for example when the class member purchased the securities and when they were sold, the size of the class members’ claim, the number of claims filed, and the total of the losses of all claims filed. Proof of Claim forms must be postmarked on or before August 9, 2007, to be considered valid. You can calculate your Recognized Claim in accordance with the formula shown in the Plan of Allocation beginning on page 6 of the Notice. It is unlikely that you will get a payment for all of your Recognized Claim. After all Class Members have sent in their Proof of Claim forms, the payment you get will be a part of the Net Settlement Fund equal to your Recognized Claim divided by the total of everyone’s Recognized Claims. See the Plan of Allocation beginning on page 6 of the Notice for more information on your Recognized Claim.

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The Court will hold a Fairness Hearing at 2:00 PM on Monday, July 9, 2007, at the United States District Court for the Southern District of New York. The purpose of this hearing is to determine whether to approve the settlement of the claims against Mamma.com and the Settling Defendants in the Litigation for the sum of $3,150,000 in cash plus accrued interest as fair, reasonable, and adequate to the settlement class; whether to approve the Plan of Allocation as fair and equitable; and whether to approve the application of Lead Counsel for the payment of attorney’s fees, reimbursement of expenses, and interest thereon. The Court may adjourn or continue the Fairness Hearing without further notice to the class.

We do not know how long these decisions will take, so please be patient. You should be aware that the Court may change the date and time of the Settlement Fairness Hearing. Thus, if you want to come to the hearing, you should check with Plaintiffs’ Lead Counsel before coming to be sure that the date and/or time has not changed.

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You can call the Claims Administrator toll free at 1-(888)-598-7657, or write to:

Mamma.com Securities Litigation
c/o Analytics Incorporated
Claims Administrator
P.O. Box 2002
Chanhassen, MN 55317-2002