ValueAct's shareholding in Pulse Data Inc. (TSX: PSD; PSD.TO)

    TORONTO, July 22 /CNW/ - Pursuant to the early warning requirements of
applicable Canadian securities laws, ValueAct Capital Master Fund, L.P. and
ValueAct Capital Master Fund III, L.P. (collectively, "ValueAct") wish to
update their previous early warning report dated October 10, 2007 to announce
that they no longer currently intend to sell on the open market all common
shares of Pulse Data Inc. ("Pulse Data") that they collectively own.
    ValueAct has acquired common shares of Pulse Data ("Pulse Shares") for
investment purposes, and such purchases have been made in ValueAct's ordinary
course of business.
    In pursuing such investment purposes, ValueAct may further purchase,
hold, vote, trade, dispose or otherwise deal in Pulse Shares at times, and in
such manner, as it deems advisable to benefit from changes in market prices of
such Pulse Shares, changes in Pulse Data's operations, business strategy or
prospects, or from a sale or merger of Pulse Data. To evaluate such
alternatives, ValueAct will routinely monitor Pulse Data's operations,
prospects, business development, management, competitive and strategic
matters, capital structure, and prevailing market conditions, as well as
alternative investment opportunities, liquidity requirements of ValueAct and
other investment considerations. Consistent with its investment research
methods and evaluation criteria, ValueAct may discuss such matters with
management or directors of Pulse Data, other shareholders, industry analysts,
existing or potential strategic partners or competitors, investment and
financing professionals, sources of credit and other investors. Such factors
and discussions may materially affect, and result in, ValueAct modifying its
ownership of Pulse Shares, exchanging information with Pulse Data, proposing
changes in Pulse Data's operations, governance or capitalization, or proposing
other actions or entering into other transactions with respect to Pulse Data
pursuant to confidentiality, standstill or other agreements.
    ValueAct reserves the right to formulate other plans and/or make other
proposals, and take such actions with respect to its investment in Pulse Data,
or acquire additional Pulse Shares or dispose of some or all Pulse Shares
beneficially owned by it, in the public market or privately negotiated
transactions. ValueAct may at any time reconsider and change its plans or
proposals relating to the foregoing.

    ValueAct owns an aggregate of 7,296,100 common shares of Pulse Data,
representing approximately 13.6% of the issued and outstanding common shares
of Pulse Data.

    For a copy of the report required to be filed under the early warning
requirements of applicable Canadian securities laws, please contact Dorothea
Walsh at (415) 362-3700.

For further information:

For further information: Dorothea Walsh at (415) 362-3700; ValueAct
Capital's address: 435 Pacific Avenue, 4th Floor, San Francisco, CA, 94133

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ValueAct Capital

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