1064243--4/3/2007--ADVANSTAR

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{debt, indebtedness, cash}

{tax, income, asset}

{operation, natural, condition}

{investment, property, distribution}

{acquisition, growth, future}

{regulation, government, change}

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{competitive, industry, competition}

Show exhibit space and ad pages could decline as a result of an economic slowdown in the United States, terrorist attacks, the threat of future terrorist attacks, or geopolitical concerns. We depend on securing desirable dates and locations for our shows and conferences, which we may not be able to secure. A significant portion of our revenue and contribution before general and administrative expenses is generated from our MAGIC Marketplace tradeshows, so any decline in the performance of these shows would reduce our revenue and operating income. We derive significant revenue and contribution margin before general and administrative expenses from our healthcare and pharmaceutical markets, which are dependent upon pharmaceutical marketing budgets. Any significant increase in paper or postage costs would cause our expenses to increase significantly. The market for our products and services is intensely competitive. We depend in part on new product introductions, and the process of researching, developing, launching and establishing profitability for a new event or publication is inherently risky and costly. Our growth strategy of identifying and consummating acquisitions entails integration and financing risk. We depend on our senior management team, and we do not have employment contracts for many of our senior managers. Geopolitical conditions and the potential threat of domestic and international terrorist attacks may adversely impact our results. Our business is seasonal due largely to higher show revenue in the first and third quarters. We may be required to recognize additional impairment charges. We have a significant amount of debt, which could limit our ability to remain competitive or grow our business. We are a holding company and therefore dependent on dividends from our subsidiaries to meet our debt obligations. Restrictive covenants in our debt instruments may limit our ability to engage in a variety of transactions and could trigger defaults that would accelerate all of our debt. We are controlled by principal stockholders whose interests may differ from the interests of the holders of our debt.

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1064243--4/3/2007--ADVANSTAR_INC