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Press release from GlobeNewswire (a Nasdaq OMX company)

Angie's List Announces Partial Release of Lock-Up Agreements With Certain Officers

Thursday, May 10, 2012

Angie's List Announces Partial Release of Lock-Up Agreements With Certain Officers16:17 EDT Thursday, May 10, 2012INDIANAPOLIS, May 10, 2012 (GLOBE NEWSWIRE) -- Angie's List, Inc. (Nasdaq:ANGI) announced today that BofA Merrill Lynch, the lead bookrunning manager of Angie's List's initial public offering in November 2011, is releasing a lock-up restriction with respect to 472,666 shares of Angie's List common stock held by certain Angie's List officers. The release will take effect concurrently with Angie's List's recently announced follow-on offering. As previously announced, on May 1, 2012, the Company filed a registration statement with the U.S. Securities and Exchange Commission (the "SEC") for a proposed public offering of shares of its common stock, which it amended on May 9, 2012. The proceeds of the primary portion of the offering will be used to fund the company's advertising strategy to drive membership growth and for general corporate purposes, including working capital. Angie's List will not receive any proceeds from shares of common stock to be sold by the selling stockholders. The principal purposes of the offering are to facilitate an orderly distribution of shares by the selling stockholders and increase the company's public float. BofA Merrill Lynch will be the lead bookrunning manager of the proposed offering. Allen & Company LLC, RBC Capital Markets, LLC, Janney Montgomery Scott LLC, Oppenheimer & Co. Inc., CODE Advisors LLC, Wells Fargo Securities, LLC and ThinkEquity LLC are acting as co-managers. The offering will be made only by means of a prospectus. A copy of the prospectus, when available, may be obtained from the offices of BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, attention: Prospectus Department, or email dg.prospectus_requests@baml.com. A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement on Form S-1 may be accessed through the SEC's website at edgar.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About Angie's List Angie's List collects consumer reviews on local service providers ranging from home improvement to healthcare in more than 550 service categories. More than one million paying households in the United States rely upon Angie's List to help them make the best hiring decisions. Members get unlimited access to local ratings via Internet or phone, exclusive discounts, the Angie's List Magazine and help from the Angie's List complaint resolution service.CONTACT: Investor Relations at Angie's List 888-619-2655 investorrelations@angieslist.com Brinlea Johnson The Blueshirt Group for Angie's List 212-331-8424 brinlea@blueshirtgroup.com