Piper Jaffray &

Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007 John Lonnquist [email protected] 612 303-6308 Jerry Will [email protected] 612 303-6309 Kevin Jakuc [email protected] 612 303-6211 in Technology, Business & Learning Services Technology, Business & Learning Services Index Summary Biggest Movers Since January 1, 2007

Financial information per Capital IQ. Forward estimates based on calendar years. % Chg % P/E Revenue EBITDA Top 10 Gainers % Chg % of Price Last 52-Week Last 4 Chg Ratios Multiples Multiples Ticker Company Sector 1/31/07 Month High Sector Weeks YTD 2007 2008 2007 2008 2007 2008 NLX Analex Corp. IT Consulting and Other Services $3.63 72.0% 98.1% Technology Services RMKR Rainmaker Systems Inc. IT Consulting and Other Services $10.38 39.0% 92.6% Diversified IT Svcs. / IT Outsourcing 1.2% 1.2% 16.2x 14.3x 0.8x 0.7x 6.4x 6.3x MTIC MTI Technology Corp. Computer Storage and Peripherals $1.04 38.7% 61.9% IT Consulting & Systems Integration 2.0% 2.0% 19.0x 19.8x 0.7x 0.9x 9.4x 11.1x PRFT Perficient Inc. Internet Software and Services $20.91 27.4% 97.0% Government Technology Services (2.5%) (2.5%) 18.9x 16.5x 0.9x 0.8x 8.9x 8.3x PRGX PRG-Schultz International Inc. Diversified Commercial and Professional Services $9.83 22.9% 95.0% SYNT Syntel Inc. Data Processing and Outsourced Services $32.88 22.7% 92.1% Offshore IT Services 0.6% 0.6% 24.5x 16.3x 0.9x 0.8x 10.3x 3.7x AVT Avnet Inc. Technology Distributors $31.05 21.6% 95.3% Apps & Infra Mgmt Solutions (10.0%) (10.0%) 23.9x 27.6x 1.0x 1.0x 8.5x NA JRJC China Finance Online Co. Ltd. Internet Software and Services $5.33 19.8% 61.6% Business Services TRR TRC Companies Inc. Environmental and Facilities Services $10.32 19.7% 75.3% Information Services 1.5% 1.9% 22.1x 18.9x 3.0x 2.8x 10.3x 9.1x DLX Deluxe Corp. Commercial Printing $29.92 18.7% 96.5% Publishing (1.4%) (1.4%) 18.3x 15.9x 1.7x 1.6x 8.9x 8.4x Specialty Consulting 2.9% 2.9% 19.1x 14.5x 1.6x 1.5x 8.5x 7.7x Top 10 Losers Advertising 3.1% 3.1% 21.7x 19.3x 1.8x 1.7x 13.0x 13.2x VOL Volt Information Sciences Inc. Human Resource and Employment Services $35.36 (29.6%) 67.2% Marketing Services 1.3% 1.3% 20.6x 17.4x 1.7x 1.6x 8.9x 8.3x SRT StarTek Inc. Data Processing and Outsourced Services $10.26 (24.2%) 41.9% Marketing Research 5.0% 5.0% 27.0x 26.3x 3.4x 3.1x 14.1x 12.1x NAVI NaviSite Inc. Internet Software and Services $5.40 (22.5%) 74.8% CRM Services (7.9%) (7.9%) 17.2x 15.5x 0.9x 0.8x 8.1x 7.0x INOC Innotrac Corp. Diversified Commercial and Professional Services $2.04 (19.4%) 36.2% HR Services 1.2% 1.2% 19.5x 16.9x 1.2x 1.2x 8.1x 7.2x CELL Brightpoint Inc. Technology Distributors $11.01 (18.1%) 38.6% Staffing 4.3% 4.3% 17.9x 16.1x 0.6x 0.5x 8.9x 7.9x SYKE Sykes Enterprises Inc. IT Consulting and Other Services $14.61 (17.2%) 67.8% Engineering Services 1.0% 1.0% 18.9x 15.5x 0.6x 0.5x 9.8x 9.4x RUSS Whitney Information Network Inc. Education Services $4.45 (16.8%) 39.5% Distribution 0.2% (1.9%) 12.8x 10.9x 0.3x 0.3x 7.3x 6.5x CAI CACI International Inc. IT Consulting and Other Services $47.03 (16.8%) 68.9% RLRN Renaissance Learning Inc. Home Entertainment Software $14.87 (16.1%) 79.1% Other Business Services 1.5% 1.5% 17.8x 15.8x 1.0x 1.1x 7.8x 8.0x EDGR EDGAR Online Inc. Internet Software and Services $2.95 (15.7%) 55.3% Learning Services Learning Svcs. - Postsecondary 6.5% 6.5% 26.6x 21.0x 2.6x 2.4x 13.4x 11.3x Learning Svcs. - Corporate Training 17.9% 17.9% 15.5x 12.5x 1.0x 1.0x 10.9x NA Learning Svcs. - Pre K-12 (0.0%) (0.0%) 21.8x 16.9x 1.2x 1.2x 10.3x 8.0x S&P 500 1.4% 1.4% NASDAQ Composite 2.0% 2.0% Dow Jones Industrials 1.3% 1.3% Company News*

Business Services Learning Services Technology Services 1/31/2007 Fiserv's 4th quarter profit falls 30% 1/30/2007 Corinthian Colleges Q2 profit shrinks 76% 1/26/2007 Symantec acquires Altiris for $830 M 1/28/2007 Carlyle Group acquires Synagro for $772 M 1/28/2007 Managers make rich bid for Laureate Education 1/25/2007 Synaptics net earnings nearly double; sales jump 57% 1/23/2007 American Capital buys WIS International for $411 M 1/24/2007 ITT Educational Q4 profit increases 8% 1/24/2007 Siemens to acquire UGS Corp. for over $3 billion 1/3/2007 RR Donnelley strikes again, buying Von Hoffman 1/15/2007 New Oriental announces revenue jump of 33% 1/23/2007 Unisys signs $110.5 M contract with DIMA

*Source: Company Press Releases Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Total New Issue Market – Last Four Weeks Services Offerings – Last Twelve Months

Amt Market % Chg % Chg Price % Return % Return To During January 2007, there were 70 transactions completed in the equity capital markets, raising a Pricing Date Issuer Ticker Offer Price Offered Value Amt FTO FTO 1-Day 01/31/07

combined $15.71 billion. Deal activity was comprised of 9 IPOs, 42 follow-on offerings, 2 ADRs and 17 IPOs in Technology,01/11/07 SyntelBusiness Inc. & Learning SYNT Services $29.00 $103.0 $1,191.8 27.1% 7.4% 9.2% 13.4% convertible offerings. 12/14/06 Double-Take Software Inc. DBTK $11.00 $82.5 $225.5 10.0% 10.0% 15.1% 14.9% 12/14/06 Isilon Systems Inc. ISLN $13.00 $124.8 $786.4 44.4% 44.4% 77.7% 77.6% 12/12/06 Guidance Software Inc. GUID $11.50 $66.1 $253.7 (14.8%) (14.8%) 32.0% 25.8% 12/12/06 IPG Photonics Corp. IPGP $16.50 $170.8 $707.5 13.8% 13.8% 55.2% 60.1% 11/29/06 Netlist Inc. NLST $7.00 $43.8 $136.8 (12.5%) (12.5%) 15.7% 34.6% 11/20/06 Willdan Group Inc. WLDN $10.00 $29.0 $67.1 3.6% 0.0% 5.6% (7.5%) 11/16/06 First Solar Inc. FSLR $20.00 $400.0 $1,387.8 27.0% 11.1% 23.7% 61.9% 11/15/06 Allot Communications Co. ALLT $12.00 $78.0 $251.0 20.0% 20.0% 15.1% (13.2%) 11/09/06 Capella Education Co. CPLA $20.00 $80.0 $307.3 8.1% 8.1% 25.6% 42.1% 11/08/06 Canadian Solar Inc. CSIQ $15.00 $115.5 $409.1 7.1% 7.1% 4.2% (26.9%) 11/02/06 Orbcomm, Inc. ORBC $11.00 $101.5 $399.4 (30.0%) (15.4%) (29.6%) 10.1% 11/01/06 Globalstar Inc. GSAT $17.00 $127.5 $1,196.4 15.4% 0.0% 3.1% (15.5%) 11/01/06 RRSat Global Communications RRST $12.50 $47.5 $208.4 4.2% 4.2% 20.2% (8.4%) 10/26/06 Optium Corp. OPTM $17.50 $91.0 $428.9 20.7% 20.7% 12.0% 36.5% Completed Offerings by Week - Last Twelve Months 10/19/06 EXLService Holdings Inc. EXLS $13.50 $67.5 $371.4 22.7% 22.7% 39.6% 83.1% 10/17/06 Stanley Inc. SXE $13.00 $81.9 $259.5 0.0% 0.0% 19.2% 24.5% 10/12/06 eHealth Inc. EHTH $14.00 $80.5 $293.3 27.3% 27.3% 63.6% 57.4% 10/12/06 Acme Packet Inc. APKT $9.50 $109.0 $538.7 35.7% 35.7% 67.5% 67.2% 10/12/06 SAIC, Inc. SAI $15.00 $1,293.8 $6,016.1 7.1% 7.1% 21.2% 23.7% 09/27/06 ICF International ICFI $12.00 $56.0 $155.4 (20.0%) (20.0%) 3.5% 14.1% 09/21/06 CommVault Systems Inc CVLT $14.50 $161.1 $603.9 7.4% 7.4% 17.2% 23.5% 50 09/06/06 New Oriental Education & Technology EDU $15.00 $112.5 $529.2 25.0% 25.0% 39.2% 138.2% 1 08/15/06 Innerworkings Inc INWK $9.00 $95.4 $396.1 5.9% 5.9% 16.1% 42.8% 07/25/06 Chart Industries Inc GTLS $15.00 $187.5 $383.8 (25.0%) (25.0%) 1.3% 6.9% 06/06/06 LoopNet Inc LOOP $12.00 $72.0 $417.0 0.0% 0.0% 25.0% 39.4% 45 05/23/06 Vonage Holdings Corp VG $17.00 $531.3 NA NA NA NA (66.6%) 05/03/06 DynCorp International Inc DCP $15.00 $375.0 NA NA NA NA 4.5% 1 02/22/06 Liquidity Services Inc LQDT $10.00 $76.9 $273.3 0.0% 0.0% 22.9% 99.8% 02/08/06 Ntelos Holdings NTLS $12.00 $172.5 $488.9 (25.0%) (25.0%) (0.4%) 55.2% 40 16 8 1 Follow-ons 3 01/18/07 InnerWorkings Inc. INWK $13.50 $108.0 $640.9 (17.8%) (17.8%) 0.0% (4.8%) 01/18/07 NaviSite Inc. NAVI $4.50 $38.9 $139.3 22.8% 8.7% 18.4% 20.0% 35 01/18/07 Kenexa Corp. KNXA $31.86 $119.5 $785.3 (4.6%) (4.6%) 3.5% 14.6% 01/17/07 Smart Modular Technologies SMOD $12.50 $175.0 $740.5 12.6% 0.6% (3.8%) (0.6%) 0 01/17/07 SAVVIS Inc. SVVS $39.00 $297.4 $1,981.2 29.3% 12.4% 3.3% 14.9% 30 2 01/11/07 Syntel Inc. SYNT $29.00 $103.0 $1,191.8 27.1% 7.4% 9.2% 13.4% 12/18/06 YouBet.com Inc. UBET $3.25 $20.2 $136.9 (6.6%) (6.6%) 1.5% 6.8% 12/14/06 DG FastChannel Inc. DGIT $11.40 $33.7 $173.1 9.1% (0.3%) 12.8% 12.5% 0 9 12/14/06 FEI Co. FEIC $25.00 $210.2 $846.9 3.4% 3.4% 1.4% 0.6% 1 12/14/06 Gilat Satelite Networks Ltd. GILT $8.50 $59.5 $287.0 (2.5%) (2.5%) 8.9% 6.1% 25 3 21 12/13/06 Smith Micro Software Inc. SMSI $14.75 $66.4 $425.6 (16.9%) (7.7%) (1.4%) (7.5%) 2 1 12/04/06 Priceline.com Inc. PCLN $39.00 $149.2 $1,424.9 (3.3%) (3.3%) 0.6% 9.3% 27 22 0 11/16/06 ANSYS Inc. ANSS $48.75 $163.3 $1,878.3 (3.6%) (3.6%) (1.5%) 2.3% 00 2 3 11/15/06 Spansion Inc. SPSN $13.75 $481.3 $1,773.3 (13.4%) (13.4%) 0.0% (6.7%) 20 11 3 2 1 11/09/06 Cogent Communications Inc. CCOI $14.75 $103.3 $719.1 24.4% (2.3%) 10.0% 42.4% 33 11/09/06 PeopleSupport Inc. PSPT $20.00 $84.0 $446.5 14.3% 2.1% 3.5% 19.3% 26 2 6 1 5 11/01/06 Occam Networks Inc. OCNW $14.00 $73.5 $274.8 (5.2%) (23.3%) 10.1% 24.9% 5 10/24/06 IHS Inc. IHS $33.50 $281.4 $1,973.8 4.0% 4.0% 2.8% 13.6% 15 0 17 01 1 6 0 1 0 0 2 16 1 10/03/06 Cbeyond Inc. CBEY $26.75 $114.2 $730.3 15.9% (2.9%) 7.5% 11.1% 1 2 2 10 1 08/10/06 The Knot Inc. KNOT $16.00 $35.0 $454.1 (38.0%) (22.3%) 1.4% 88.6% 0 0 17 14 1 0 1 07/27/06 Website Pros Inc WSPI $9.25 $32.7 $160.3 (47.1%) (18.2%) 0.0% (6.5%) 2 13 13 1 3 1 5 10 10 8 15 8 6 5 2 07/20/06 Atlantic Tele-Network Inc ATNI $19.00 $68.4 $235.8 (8.8%) (8.8%) (3.7%) 58.1% 0 3 6 10 5 07/19/06 UniFirst Corp UNF $29.50 $118.0 $567.8 (9.5%) (9.5%) 0.5% 40.8% 1 13 1211 9 12 9 13 5 9 6 0 05/23/06 SBA Communications Corp SBAC $21.13 $222.9 $2,176.9 (42.0%) (13.1%) 4.1% 40.6% 9 3 2 8 7 13 4 0 05/18/06 Gartner Inc IT $14.75 $140.1 $1,687.1 (6.2%) (6.2%) (1.0%) 48.2% 1 0 4 5 9 8 5 3 10 05/16/06 Eschelon Telecom Inc ESCH $15.70 $40.0 $273.2 (4.3%) (4.3%) 1.5% 45.0% 7 1 4 8 6 8 8 6 05/10/06 Synagro Technologies Inc SYGR $4.15 $71.1 $312.7 (16.5%) (16.5%) 4.3% 38.6% 5 2 6 6 6 4 35 6 22 6 7 0000 4 3 4 4 5 4 4 4 5 05/09/06 Dynamic Materials Corp BOOM $35.00 $180.4 $412.6 (18.5%) (4.6%) 3.4% (15.6%) 3 3 4 33 0 3 3 03/22/06 Digital River DRIV $43.55 $174.2 $1,719.1 (2.2%) (2.2%) (2.4%) 17.5% 22111122 2 2 1 1 1 221 1100 22 2 1 0 00 0 0 0 00 0000 03/13/06 Access Integrated Technologies AIX $10.00 $51.3 $161.1 (3.6%) (3.6%) 15.9% (47.6%) 02/08/06 Avnet AVT $24.00 $376.8 $3,510.8 (2.4%) (2.4%) 0.9% 29.4% 6 6 6 7 6 6 6 07 02/02/06 Huron Consulting Group HURN $27.00 $170.1 $465.7 69.2% 7.4% 0.3% 92.0% 0 06 00 00 00 0 2 200 200 200 20 006 / /2 / / /2 / 2/ 02/02/06 Coinmach Service Corp DRY $9.00 $96.4 $266.6 (3.6%) (3.6%) 0.0% 107.8% 2 1/2 4 2 / 6/2006 3/2006 8/2006 1/2006 2/2006 24/20 /7/20062 16 30/2006 13/2006 27 11 25 1/8 /3 /6/2006 / 20/2006 / / 3 1 26/2006 / 8 9/ 2/ 2/ 1/ 2 3 / 4 5 / 7 8/ 9/18/200610/2/20060/ 0/ 1/ 1/ 1 1 1/17/2006 2/21/2006 3 5/ 6/ 6 7/10/2006 1 1 1 1 1 Convertibles 02/01/07 Borland Software Corp. BORL.N $175.0 $399.7 2.8% 25.0% 01/01/12 NC-L 02/01/07 Newport Corp. NEWP.N $175.0 $773.8 2.5% 27.5% 02/15/12 NC-L 12/14/06 Credence Systems Corp. CMOS.N $50.0 $505.0 3.5% 57.0% 05/05/10 Convertible Follow-on IPO ADR 12/14/06 Tech Data Corp. TECD.N $325.0 $2,188.8 2.8% 35.0% 12/15/26 NC-5 12/13/06 Cadence Design Systems CDNS.N $500.0 $4,994.0 2.9% 35.0% 12/15/13 NC-Li 12/12/06 ON Semiconductor Corp. ONNN.N $484.0 $2,440.8 2.6% 40.0% 12/15/26 NC-7 12/07/06 Orbital Sciences Corp. ORB.N $143.8 $1,149.4 2.4% 30.0% 01/15/27 NC-7 11/16/06 School Specialty Inc. SCHS.N $175.0 $840.8 3.8% 36.0% 11/30/26 NC-5 11/15/06 C&D Technologies CHP $54.5 $107.8 5.5% 15.0% 11/15/26 Source: Dealogic and Piper Jaffray Capital Markets. 11/13/06 EarthLink Inc. ELNK.N $225.0 $784.6 3.3% 42.5% 11/15/26 NC-5 11/13/06 EMC Corp. EMC.N $3,450.0 $27,742.0 3.5% 55.0% 11/17/01 NC-Li Note: Tables exclude transactions < $20 MM. 11/09/06 Medis Technology Inc. MDTL.P $50.0 $722.5 7.3% 28.0% NC-3 11/06/06 Arris Group Inc. ARRS.N $240.0 $1,233.8 2.0% 40.0% 11/15/26 NC-7 (1) A registration statement relating to these securities has been filed with the Securities 10/26/06 FiberTower Corp. FTWR.N $350.0 $484.2 9.0% 15.0% 11/09/12 10/26/06 WESCO International Inc. WCC.N $250.0 $3,195.1 1.8% 35.0% 01/01/26 10/26/06 KEMET Corp. KEM.N $160.0 $649.0 2.3% 30.0% 01/01/26 HC-5 and Exchange Commission but has not yet become effective. These securities may not be 10/06/06 Diodes Inc. DIOD.N $200.0 $1,072.1 2.3% 39.7% 10/01/26 NC-5 10/05/06 LeCroy Corp. LCRY $60.0 $149.8 4.0% 25.0% 01/01/26 sold nor may offers to buy be accepted prior to the time the registration statement 08/17/06 MacroVision Corp MVSN.N $1,116.4 2.6% 31.0% 01/01/11 08/01/06 Itron Inc. ITRI.N $1,160.7 2.5% 40.0% 01/01/26 becomes effective. This communication shall not constitute an offer to sell or the 05/23/06 Global Crossing Ltd GLBC $125.0 $595.9 5.0% 20.0% 01/01/11 05/15/06 FEI Co FEIC $115.0 $750.9 2.9% 32.5% 6/1/2013 NC - L solicitation of an offer to buy nor shall there be any sale of these securities in any state in 05/11/06 Amkor Technology Inc SNDK $190.0 $12,290.5 1.0% 30.0% 05/15/11 NC -Li which such offer, solicitation or sale would be unlawful prior to registration or 05/09/06 Broadwing Corp Q $150.0 $8,444.4 3.5% 30.0% 05/15/26 NC-3 qualification under the securities laws of any such state. Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Selected Business Services M&A Transactions*

Date Enterprise Target LTM Enterprise Announced Target Acquiror Value ($mm) Sales ($mm) Value / Sales Target Industry Classification 1/31/2007 Lynntech, Inc. Astin Partners L.P.in Technology, - Business $14.3 & Learning - DiversifiedServices Commercial and Professional Services 1/31/2007 Sunny Industries, Inc. Synergy Graphics Inc - $32.0 - Commercial Printing 1/30/2007 DTE Energy Technologies, CableWise Business UtilX® Corporation - - - Diversified Commercial and Professional Services 1/29/2007 The RETEC Group, Inc. ENSR International Corporation - $30.1 - Construction and Engineering 1/29/2007 Clayton Research Associates Ltd. Altus Group Income Fund (TSX:AIF.UN) - - - Office Services and Supplies 1/29/2007 Trinity Information Management Services, Inc. Paradigm Holdings Inc. (OTCBB:PDHO) - - - Office Services and Supplies 1/28/2007 Synagro Technologies Inc. (NasdaqNM:SYGR) The Carlyle Group $744.6 $346.6 2.1x Environmental and Facilities Services 1/27/2007 Medical Claims Services, LLC RMSCO Inc. - - - Human Resource and Employment Services 1/26/2007 TAABS Printing and Promotional Products Harris Computer Systems - - - Commercial Printing 1/25/2007 Forest Engineering Institute Of Canada Forintek Canada Corp. - - - Application Software 1/25/2007 Paprican Forintek Canada Corp. - - - Diversified Commercial and Professional Services 1/24/2007 American Business Payroll TimePlus, Inc. - - - Office Services and Supplies 1/24/2007 Ezra Consulting Ltd. Altus Group Income Fund (TSX:AIF.UN) - - - Office Services and Supplies 1/24/2007 Integrated Finance Limited Marakon Associates, Inc. - - - Office Services and Supplies 1/24/2007 GENEX Services, Inc. Stone Point Capital LLC - $163.9 - Office Services and Supplies 1/24/2007 Paladin Companies, LLC MPS Group Inc. (NYSE:MPS) - - - Human Resource and Employment Services 1/23/2007 WIS International American Capital Equity I LLC, American Capital Equity $411.0 $155.7 2.6x Office Services and Supplies 1/23/2007 Ablest Inc. (AMEX:AIH) Management $22.0 $143.9 0.2x Human Resource and Employment Services 1/23/2007 The Esquire Group Special Counsel, Inc. - - - Human Resource and Employment Services 1/23/2007 Euler Hermes UMA, Inc. Euler Hermes ACI - - - Office Services and Supplies 1/22/2007 Author Solutions, Inc. Bertram Capital - - - Publishing 1/22/2007 PKF Consulting Corporation FirstService Corp. (TSX:FSV) - - - Office Services and Supplies 1/17/2007 Image Automation Inc. Isra Surface Vision, Inc. - - - Diversified Commercial and Professional Services 1/17/2007 Kastle Systems International, LLC Management - - - Diversified Commercial and Professional Services 1/16/2007 Sun-Up Horticulture Sun Gro Horticulture Income Fund (TSX:GRO.UN) $4.3 - - Environmental and Facilities Services 1/16/2007 OTP Technologies, Inc. Transcend Services Inc. (NasdaqSC:TRCR) $1.1 - - Office Services and Supplies 1/15/2007 Midi, Inc. SAI Global Ltd. (ASX:SAI) $45.0 - - Human Resource and Employment Services 1/15/2007 Independent Research Services Management $0.4 - - Human Resource and Employment Services 1/15/2007 Technology Professionals Corporation Arrow Strategies, L.L.C. - - - Human Resource and Employment Services 1/12/2007 Hanover Capital Partners Ltd. Terwin Holdings, L.L.C. $1.2 - - Consumer Finance 1/12/2007 Miro Elevators Limited Kone Oyj (HLSE:KNEBV) - - - Diversified Commercial and Professional Services 1/12/2007 Tedder, James, Worden & Associates, P.A. RSM McGladrey, Inc. - - - Office Services and Supplies 1/11/2007 Xebec Global Corporation CM Equity Partners, CM Equity Partners II, L.P. - - - Office Services and Supplies 1/11/2007 John A. Braden & Company, P.C. GLO CPAs, LLP - - - Office Services and Supplies 1/11/2007 Lyon Capital Venture Corp. prior to reverse merger with Utec Lyon Capital Venture Corporation (OTCPK:LYCV) - - - Investment Banking and Brokerage 1/11/2007 H & K Publications Inc. Metro Group, Inc. - $13.8 - Advertising 1/10/2007 Holder International, Inc. FTI Consulting, Inc. (NYSE:FCN) $9.0 - - Office Services and Supplies 1/10/2007 LeaderSource, A Korn/Ferry Company Korn/Ferry International (NYSE:KFY) - - - Human Resource and Employment Services 1/9/2007 SkyePharma Inc. MPM Capital, OrbiMed Advisors, L.L.C., Sanderling $82.0 - - Diversified Commercial and Professional Services 1/9/2007 SPZ Oakland Corporation GlobalOptions Group, Inc. (OTCBB:GLOI) $2.7 - - Diversified Commercial and Professional Services 1/9/2007 FlexAmerica, Inc. PayFlex Systems USA, Inc. - - - Office Services and Supplies 1/9/2007 Barnett, Inc. Buckeye Ventures, Inc. (OTCBB:BEYV) - - - Specialized Consumer Services 1/8/2007 Duvin, Cahn & Hutton Littler Mendelson PC - - - Diversified Commercial and Professional Services 1/8/2007 Source Refrigeration & HVAC, Inc. Arsenal Capital Partners - - - Industrial Machinery 1/8/2007 Landmark Building Maintenance, Inc. Pivot Building Services - - - Diversified Commercial and Professional Services 1/8/2007 HintonHill Enterprises, Inc. Direct Group - $16.4 - Commercial Printing 1/8/2007 Valley Employers Association California Employers Association - - - Human Resource and Employment Services 1/5/2007 LQ Corp., Inc. (OTCBB:LQCI) Dynabazaar, Inc. (OTCBB:FAIM) $3.5 $4.9 0.7x Internet Software and Services 1/5/2007 Vector Colorado, LLC Tetra Tech Inc. (NasdaqNM:TTEK) - - - Construction and Engineering 1/5/2007 Maupin Taylor, P.A. WilliamsMullen - $10.2 - Diversified Commercial and Professional Services 1/4/2007 Effox, Inc. CECO Environmental Corp. (NasdaqNM:CECE) $7.5 $1.0 7.5x Industrial Machinery 1/4/2007 Cortina Integrated Waste Management, Inc. North Bay Corporation $4.0 - - Environmental and Facilities Services 1/4/2007 Benefit Dynamics, Inc. National Investment Managers, Inc. (OTCBB:NIVM) $0.5 - - Insurance Brokers 1/4/2007 Ag Depot, Inc. UAP Holding Corp. (NasdaqNM:UAPH) - - - Air Freight and Logistics 1/4/2007 Nevin Works & Associates, Inc. Hilb Rogal & Hobbs Co. (NYSE:HRH) - - - Human Resource and Employment Services 1/4/2007 Career Blazers, Inc. Global Employment Holdings, Inc. (OTCBB:GEYH) - $9.1 - Human Resource and Employment Services 1/4/2007 Help Desk Now, Inc. NetFabric Holdings, Inc. (OTCBB:NFBH) - - - Office Services and Supplies 1/4/2007 BPM, Inc. Firstsource Solutions Limited - - - Office Services and Supplies 1/4/2007 Technology in Medicine, Inc. Linc Facility Services, LLC - - - Diversified Commercial and Professional Services 1/4/2007 E-Quip Ltd. InterTech Security Group, LLC - - - Diversified Commercial and Professional Services 1/3/2007 Oxford Global Resources, Inc. On Assignment Inc. (NasdaqNM:ASGN) $200.0 - - Office Services and Supplies 1/3/2007 AB&C Group, Inc. Merkle Response Services Inc. - $25.0 - Office Services and Supplies 1/3/2007 Hayes, Seay, Mattern & Mattern, Inc. AECOM Technology Corporation - $31.7 - Construction and Engineering 1/3/2007 Southwest Dumpster, Inc. WCA Waste Corp. (NasdaqNM:WCAA) - - - Environmental and Facilities Services 1/3/2007 Overseas Packing, LLC Bentley World-Packaging Ltd. - - - Paper Packaging 1/3/2007 Sunrise Disposal WCA Waste Corp. (NasdaqNM:WCAA) - - - Environmental and Facilities Services 1/3/2007 Sustainable Systems, Inc. GS AgriFuels Corporation (OTCBB:GSGF) - - - Diversified Commercial and Professional Services 1/2/2007 Von Hoffmann Corp. RR Donnelley & Sons Co. (NYSE:RRD) $412.5 - - Commercial Printing 1/2/2007 Glass & Associates Inc. Huron Consulting Group Inc. (NasdaqNM:HURN) $30.0 - - Office Services and Supplies

*Source: Capital IQ and Company Press Releases Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Selected Business Services M&A Transactions* (Cont’d)

Date Enterprise Target LTM Enterprise Announced Target Acquiror in Technology,Value ($mm) BusinessSales ($mm) &Value Learning / Sales TargetServices Industry Classification 1/2/2007 Global Corporate Compliance, Inc. Grey Horse Capital Corp. (TSX:GHC) - - - Office Services and Supplies 1/2/2007 Benefits Advisory Group, Inc. Sitzmann Morris & Lavis Inc. - - - Human Resource and Employment Services 1/2/2007 PRC, LLC Usaha Tegas SDN BHD - - - Office Services and Supplies 1/1/2007 Pirolli, Deller & Conaty, PC DiSanto, Priest & Co. - - - Office Services and Supplies 1/1/2007 Energy and Environmental Analysis Inc. ICF International Inc. (NasdaqNM:ICFI) - - - Office Services and Supplies 1/1/2007 The O'Connor Group, Inc. Larson, Allen, Weishair & Co., LLP - - - Office Services and Supplies

Selected Technology Services M&A Transactions*

Date Enterprise Target LTM Enterprise Announced Target Acquiror Value ($mm) Sales ($mm) Value / Sales Target Industry Classification 1/31/2007 CADVisions, Inc. Rand A Technology Corp. (TSX:RND) - - - Systems Software 1/31/2007 Astro Business Technologies, Inc. Global Imaging Systems Inc. (NasdaqNM:GISX) - - - Office Electronics 1/31/2007 OpenVenue e-Research Solutions Research Now Plc (AIM:RNOW) - - - Internet Software and Services 1/30/2007 Aventa Learning, Inc. KC Distance Learning Inc. - - - Internet Software and Services 1/30/2007 BillMonk Obopay, Inc. - - - Internet Software and Services 1/30/2007 Postidea.com CTR Investments & Consulting Inc. (OTCPK:CIVX) - - - Internet Software and Services 1/29/2007 Linear Technologies, Inc. Nexus Technologies Group, Inc. - - - Data Processing and Outsourced Services 1/29/2007 ThePage.com, Inc. Junction Solutions - - - Internet Software and Services 1/29/2007 Integrated Insurance Technologies Corporation Skywire Software, LLC - - - Application Software 1/29/2007 Brick Network, Inc. AccessUS, Inc. - - - Internet Software and Services 1/29/2007 Global Vision Holdings Inc. (OTCPK:GVHL) Cash Now Corp. (OTCPK:CHNW) - - - Consumer Finance 1/29/2007 ROO Group Inc. (OTCBB:RGRP) News Corp. (NYSE:NWS.A) - $7.9 - Internet Software and Services 1/29/2007 Magnolia Internet Services, Inc. Sitestar Corp. (OTCBB:SYTE) - - - Internet Software and Services 1/29/2007 Softek Storage Solutions Corporation International Business Machines Corp. (NYSE:IBM) - $40.0 - IT Consulting and Other Services 1/29/2007 OmniViz Inc. BioWisdom Ltd. - - - IT Consulting and Other Services 1/29/2007 K2 Digital Inc. (OTCBB:KTWO) New Century Structures, Inc. - - - IT Consulting and Other Services 1/28/2007 SureWest Directories GateHouse Media, Inc (NYSE:GHS) $106.5 - - Publishing 1/26/2007 Altiris Inc. (NasdaqNM:ATRS) Symantec Corp. (NasdaqNM:SYMC) $1,068.7 $214.6 5.0x Application Software 1/26/2007 OC-Net, Inc. ARI Network Services Inc. (OTCBB:ARIS) - - - Internet Software and Services 1/26/2007 Riester Multi-Cultural Riester Corporation - - - Advertising 1/25/2007 Docucorp International Inc. (NasdaqNM:DOCC) Ebix Inc. (NasdaqNM:EBIX) $145.6 $89.2 1.6x Systems Software 1/25/2007 REM Sleep Diagnostics, Inc. Sleep Holdings, Inc. (OTCPK:SLHJ) $0.7 - - Healthcare Services 1/25/2007 Optimal Geomatics Inc. (CDNX:OPG) Pender Growth Fund (VCC) Inc., PenderFund Capital $0.2 $14.7 0.0x Diversified Commercial and Professional Services 1/25/2007 Size Technologies, Inc. First Data Corp. (NYSE:FDC) - - - Application Software 1/25/2007 Leonard French & Co. Ltd. SCM Adjusters Canada Ltd. - - - Insurance Brokers 1/24/2007 UGS Corp. Siemens AG (DB:SIE) $3,255.3 $1,192.8 2.7x IT Consulting and Other Services 1/24/2007 TransAtlantic Bank Banco de Sabadell SA (CATS:SAB) $175.0 $32.1 5.5x Regional Banks 1/24/2007 Partners Bank of Texas Sterling Bancshares Inc. (NasdaqNM:SBIB) $52.0 - - Regional Banks 1/24/2007 XpressTrade, LLC optionsXpress Holdings Inc. (NasdaqNM:OXPS) $36.9 - - Internet Software and Services 1/24/2007 Online Game Services, Inc. Global Netoptex, Inc. $3.0 - - Internet Software and Services 1/24/2007 Arsin Corporation SemanticSpace Technologies Limited - $7.4 - IT Consulting and Other Services 1/24/2007 DoItYourself.com, Inc. Internet Brands, Inc. - - - Internet Software and Services 1/24/2007 BitPass, Inc. Digital River Inc. (NasdaqNM:DRIV) - - - Internet Software and Services 1/24/2007 Caltas Fitness, Inc. Prior to reverse merger with CinéMaya media, Caltas Fitness, Inc. (OTCPK:CFNI) - - - Movies and Entertainment 1/23/2007 soUno, LLC Local.com Corp. (NasdaqSC:LOCM) $9.0 - - Internet Software and Services 1/23/2007 MyVideoDaily, Inc. ROO Group Inc. (OTCBB:RGRP) $1.7 - - Internet Software and Services 1/23/2007 HandsOn-BI, LLC Claraview, Inc. - - - Home Entertainment Software 1/23/2007 Danet Inc. Formula Telecom Solutions Ltd. (AIM:FTS) - - - Communications Equipment 1/23/2007 Discovery Law Trial Solutions of Texas, L.L.C. - - - Internet Software and Services 1/23/2007 iCrystal Inc., Prior to Reverse Merger with ALL Energy Company iCrystal Inc. (OTCPK:ICRI) - - - Specialty Retail 1/22/2007 Currenex, Inc. State Street Corp. (NYSE:STT) $564.0 - - Application Software 1/22/2007 IndiaPlaza.com, Inc. Indiaplaza (India) Pvt. Ltd. - - - Internet Retail

*Source: Capital IQ and Company Press Releases Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Selected Technology Services M&A Transactions* (Cont’d)

Date Enterprise Target LTM Enterprise Announced Target Acquiror Value ($mm) Sales ($mm) Value / Sales Target Industry Classification 1/22/2007 Open Source Development Labs, Inc. Free Standards Groupin Technology, - Business - & Learning- ITServices Consulting and Other Services 1/22/2007 Allow Card of America, Inc. Pacific Financial Solutions Inc. (OTCPK:PFUO) - - - Internet Software and Services 1/22/2007 Consonus, Inc. Consonus Technologies, Inc. - - - IT Consulting and Other Services 1/22/2007 Carretek LLC Majesco Software Inc. - - - Data Processing and Outsourced Services 1/20/2007 Analex Corp. (AMEX:NLX) QinetiQ, Inc. $237.7 $155.1 1.5x IT Consulting and Other Services 1/19/2007 BLive Networks, Inc. Tribeworks, Inc. (OTCBB:TWKS) $1.0 - - IT Consulting and Other Services 1/19/2007 SmartTraveler.com, Inc. Online Vacation Center Holdings Corp (OTCBB:ONVC) $0.4 - - Internet Software and Services 1/18/2007 Syndesis Limited Subex Azure Ltd. (BSE:SUBEX) $164.5 $36.0 4.6x IT Consulting and Other Services 1/18/2007 BankFIRST Castle Creek Capital LLC $81.0 $14.9 5.4x Regional Banks 1/18/2007 EasyLink Services Corp. (NasdaqSC:EASY) Internet Commerce Corp. (NasdaqSC:ICCA) $60.1 $74.5 0.8x Internet Software and Services 1/18/2007 BenchmarkPortal, Echo Solutions Business UCN Inc. (OTCBB:UCNN) $14.0 - - Internet Software and Services 1/18/2007 Ring Tone Network of 161 Web Sites FTS Wireless Inc. - - - Internet Software and Services 1/18/2007 Riscuity, Inc. Admerex Ltd. (ASX:ADL) - - - Office Services and Supplies 1/17/2007 Nova Development Corporation Avanquest Software (ENXTPA:AVQ) $50.5 $7.0 7.2x IT Consulting and Other Services 1/17/2007 KeyAssets.com, Inc. Babcock & Brown Electronics Management, LLC - - - Internet Software and Services 1/17/2007 Banconsumer Service, Inc. Wolters Kluwer Financial Services - - - Internet Software and Services 1/17/2007 RateMyProfessors.com mtvU - - - Internet Software and Services 1/16/2007 Curomax Corporation DealerAccess Canada, Inc. $37.6 - - Internet Software and Services 1/16/2007 ProvisionX Wmode, Inc. - - - Internet Software and Services 1/16/2007 FNX, Ltd. GL Trade SA (ENXTPA:GLT) - $13.0 - IT Consulting and Other Services 1/15/2007 Cool Sports, Inc. The Active Network Inc. - - - Internet Software and Services 1/12/2007 Logic Networks LLC Saratoga Technologies, Inc. - - - IT Consulting and Other Services 1/11/2007 TekVoice Communications LLC NewMarket Technology Inc. (OTCBB:NMKT) - - - Communications Equipment 1/11/2007 Advancia Corporation Potawatomi Business Development Corporation - $7.3 - Internet Software and Services 1/10/2007 Holographic Storage Ltd. prior to reverse merger with SUN Holographic Storage Inc. (OTCPK:HSTG) - - - Catalog Retail 1/10/2007 New Media Strategies, Inc. Meredith Corp. (NYSE:MDP) - - - Internet Software and Services 1/10/2007 Genex Meredith Corp. (NYSE:MDP) - $15.0 - IT Consulting and Other Services 1/9/2007 SecurePipe, Inc. AmbironTrustWave - - - IT Consulting and Other Services 1/9/2007 ePALS Classroom Exchange, Inc. ePALS, Inc. - - - Internet Software and Services 1/8/2007 Prairie Wave Communications Inc. Knology, Inc. (NasdaqNM:KNOL) $255.0 - - Communications Equipment 1/8/2007 Destiny Conferencing Corporation Polycom, Inc. (NasdaqNM:PLCM) $57.6 - - Communications Equipment 1/8/2007 The Credo Group, Inc. MG LLC - - - Internet Software and Services 1/8/2007 C&S Technologies, eSmartTax JTH Tax, Inc. - - - Internet Software and Services 1/8/2007 GlobeXplorer, LLC DigitalGlobe, Inc. - - - Internet Software and Services 1/8/2007 eCRUSH.com, Inc. Hearst Magazines International - - - Internet Software and Services 1/8/2007 Comware, Inc. IElement Corp. (OTCBB:IELM) - - - Systems Software 1/8/2007 MyBlogLog, Inc. Yahoo! Inc. (NasdaqNM:YHOO) - - - Internet Software and Services 1/6/2007 Pullan Communications, Inc. Dominion Enterprises - - - Internet Software and Services 1/5/2007 Digital Cyclone, Inc. Garmin Ltd. (NasdaqNM:GRMN) $45.0 - - Environmental and Facilities Services 1/5/2007 Dunhill Vacations, Inc. Online Vacation Center Holdings Corp (OTCBB:ONVC) $0.4 - - Internet Software and Services 1/5/2007 Microwave Data Systems Inc. GE Consumer & Industrial - $17.1 - Communications Equipment 1/5/2007 Hargray Communications Group, Inc. Quadrangle Capital Partners - $13.2 - Wireless Telecommunication Services 1/5/2007 Baker Robbins & Company Thomson Corp. (NYSE:TOC) - $7.2 - IT Consulting and Other Services 1/4/2007 Digica Ltd. ComputaCenter plc (LSE:CCC) $54.4 - - Data Processing and Outsourced Services 1/4/2007 BubbleLabs, Inc. Kaboose, Inc. (TSX:KAB) $3.0 - - Internet Software and Services 1/3/2007 Burkholder Realty MKB Realtors - - - Internet Software and Services 1/2/2007 The Agilysys KeyLink Systems Group Arrow Electronics Inc. (NYSE:ARW) $485.0 - - Technology Distributors 1/2/2007 Fawcette Technical Publications, Inc. 101communications, LLC - $12.1 - Publishing 1/1/2007 Management Information Systems Group Inc. ANXeBusiness Corp. - - - Internet Software and Services 1/1/2007 A Plus Online Continuing Education Service WebCE.com LLC - - - Internet Software and Services

Selected Learning Services M&A Transactions*

Date Enterprise Target LTM Enterprise Announced Target Acquiror Value ($mm) Sales ($mm) Value / Sales Target Industry Classification 1/28/2007 Laureate Education Inc. (NasdaqNM:LAUR) Private Equity Consortium / MBO $3,584.4 $1,075.1 3.3x Education Services 1/18/2007 Barbara Overhoff, Inc. AIMS Worldwide Inc. (OTCBB:AMWW) $0.6 - - Education Services 1/16/2007 Homassist Corp. (OTCBB:HMAS) DigitalPost Interactive, Inc. - $0.0 - Education Services 1/11/2007 Harvard Learning Centers, Inc. (OTCPK:HVLN) Cirilium Holdings Inc. (OTCPK:CIRU) - - - Education Services

*Source: Capital IQ and Company Press Releases Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Selected Services M&A Transactions*

1/28/07: Carlyle Group Acquires Synagro 1/26/07: Symantec goes Shopping for Altiris in Technology, Business & Learning Services Synagro Technologies, Inc. and The Carlyle Group announced that they have entered into a definitive Symantec is in the middle of a cost-cutting initiative, but it went shopping on Monday and it wasn't merger agreement (the "Merger"). The total enterprise value of the transaction, including the assumption bargain-hunting. The maker of security software, including the popular Norton programs, said it would of debt, is $772 million. Synagro recycles biosolids and other organic residuals in the United States and is pay a hefty premium to buy Altiris, a competitor that specializes in endpoints – mobile phones, laptop the only national company focused exclusively on the estimated $8 billion organic residuals industry, and desktop computers, and servers. which includes water and wastewater residuals. The transaction is expected to close in the second quarter of 2007. Symantec is bidding $33 a share for Altiris, valuing the company at about $950 million. But the overall cost will be only about $830 million, Symantec said, because Altiris has a significant chunk of cash in Under the terms of the Merger, Carlyle will acquire all of the outstanding shares of Synagro for $5.76 per the bank. According to its latest quarterly report, through September, the company had $177.5 million in share in cash, representing a 28.6% premium based upon Synagro's closing share price on January 26, cash and short-term investments and 28.8 million shares outstanding. 2007. In addition, the Company plans to continue its current policy of paying dividends on its common stock through the closing of the Merger. The transaction has been approved by the Board of Directors of Altiris stock ended at $32.48 a share on Monday, up 19.9%, or $5.34. At that price, investors seem to be Synagro and Carlyle. betting that the deal will go through. Given the sizable premium to Friday's closing price, it seems unlikely that a higher bid will emerge, and Symantec shareholders were apparently none too pleased with the arrangement: its shares fell 27 cents, or 1.5%, to $17.50.

1/23/07: American Capital Targets WIS International 1/3/07: RR Donnelley Agrees to Acquire Von Hoffmann

American Capital Equity Management LLC and the management acquired WIS International from R.R. Donnelley & Sons Company and Visant Corporation jointly announced today that they have signed ONCAP LP and other investors on January 23, 2007, in a transaction reportedly valued at approximately a definitive agreement pursuant to which RR Donnelley will acquire Von Hoffmann, a leading printer of $411 million. American Capital also provided a senior term B loan, senior subordinated debt, holding books and other products that serves primarily the education, trade and business-to-business catalog company PIK notes and common and redeemable preferred equity. American Capital Equity Fund I LLC segments, from Visant Corporation for purchase consideration of $412.5 million. The all cash deal, provided 30% of the American Capital equity investment. WIS management is investing in equity. Post- which is subject to customary closing conditions, including regulatory approval, is expected to close by close, American Capital and ACE will own 81% of WIS on a fully diluted basis. the end of the first quarter of 2007, and to be accretive to RR Donnelley's earnings in the first year of operations. WIS International provides inventory data collection and inventory verification services to retailers and manufacturers. It provides inventory counts, inventory consulting, information management, Web "Together with our recently announced agreements to acquire Banta and Perry Judd's, this completes our reporting, and retail price verification services. WIS International was formerly known as Western 'trilogy' of transactions designed to offer our print customers greater capacity and flexibility, and further Inventory Service Ltd. As a result of merger between Western Inventory Service and Washington secures our position as the leader in our industry," said Mark A. Angelson, RR Donnelley Chief Inventory Service in April 20 2005, Western Inventory Service was renamed as WIS International. Executive Officer. "This also completes our promise to grow our business through strategic acquisitions and positions us for further organic growth."

*Source: SDC and Company Press Releases Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Financial information per Capital IQ. in Technology, Business & Learning Services Estimates as of 1/31/07 per CapitalIQ. Market Revenue Stock 52-Week % of % Chg % % Calendar Year Calendar Year Calendar Year Long Cap LTM Price Range 52-Week Last 4 Chg Chg P/E Ratios Revenue Multiples EBITDA Multiples Term Total Company ($ Mil) ($ Mil) 01/31/07 High Low High Weeks YTD 1-Yr 2007 2008 LTM 2007 2008 LTM 2007 2008 Growth Cash Debt Diversified IT Services / IT Outsourcing Accenture Ltd. $23,547.9 $17,231.0 $37.75 $38.00 $25.68 99.3% 2.2% 2.2% 19.7% 19.7x 17.5x 1.2x 1.1x 1.0x 9.2x 7.2x 6.7x 14.0% $6.0 $31.6 Affiliated Computer Services, Inc. $4,845.8 $5,428.2 $48.99 $63.66 $46.50 77.0% 0.3% 0.3% (21.7%) 14.0x 12.4x 1.3x 1.2x 1.1x 7.5x 6.8x 6.3x 13.8% $142.2 $2,391.2 CGI Group Inc. $2,544.4 $2,991.4 $7.73 $8.02 $5.49 96.4% 12.5% 12.5% 2.8% 12.1x 11.6x 1.0x 0.8x NA 7.1x 5.3x NA 11.0% $123.8 $615.6 Computer Sciences Corp. $9,008.5 $14,621.9 $52.46 $60.39 $46.23 86.9% (1.7%) (1.7%) 3.5% 13.2x 12.1x 0.7x 0.7x 0.7x 4.8x 4.5x 4.4x 11.0% $703.2 $2,123.0 Electronic Data Systems Corp. $13,608.2 $20,710.0 $26.31 $28.09 $22.42 93.7% (4.5%) (4.5%) 4.4% 18.5x 15.8x 0.7x 0.6x 0.6x 6.6x 5.1x 4.6x 14.1% $2,782.0 $3,090.0 International Business Machines Corp. $149,354.8 $89,044.0 $99.15 $100.90 $72.73 98.3% 2.1% 2.1% 22.0% 14.8x 13.5x 1.8x 1.7x 1.6x 9.1x 8.7x 8.5x 10.5% $10,657.0 $22,682.0 Perot Systems Corp. $1,962.0 $2,224.1 $16.34 $17.07 $12.99 95.7% (0.3%) (0.3%) 8.4% 17.6x 15.1x 0.8x 0.7x 0.6x 7.2x 7.0x 6.9x 11.1% $301.6 $84.7 Unisys Corp. $2,970.3 $5,757.2 $8.62 $8.68 $4.72 99.3% 9.9% 9.9% 28.8% 34.3x 15.6x 0.6x 0.6x 0.6x NEG 6.0x 4.6x 9.2% $719.3 $1,050.8 MEAN $25,980.2 93.3% 2.6% 2.6% 8.5% 18.0x 14.2x 1.0x 0.9x 0.9x 7.4x 6.3x 6.0x 11.8% MEDIAN $6,927.1 96.1% 1.2% 1.2% 6.4% 16.2x 14.3x 0.9x 0.8x 0.7x 7.2x 6.4x 6.3x 11.1% IT Consulting & Systems Integration Analysts International Corp. $46.6 $346.1 $1.86 $2.99 $1.69 62.2% (0.5%) (0.5%) (34.7%) NA NA 0.2x NA NA 12.5x NA NA NA $0.1 $11.4 Answerthink Inc. $143.4 $167.8 $3.17 $6.65 $2.05 47.7% 2.9% 2.9% (36.8%) 18.1x 26.4x 0.7x 0.7x 0.8x 10.7x 15.6x NA 25.0% $20.5 $0.0 Bearingpoint Inc. $1,614.8 $3,388.9 $8.01 $9.59 $7.33 83.5% 1.8% 1.8% (2.6%) 17.7x 15.7x 0.6x 0.5x 0.5x NEG 5.5x 5.3x 11.8% $361.9 $682.6 Carreker Corp. $199.3 $111.3 $7.96 $7.99 $5.20 99.6% 4.2% 4.2% 41.4% 19.9x NA 1.5x 1.3x 1.4x 12.7x NA NA NA $37.2 $0.0 CIBER Inc. $424.9 $932.0 $6.88 $7.40 $5.54 93.0% 1.5% 1.5% 9.6% 14.3x NA 0.6x 0.6x NA 10.0x 7.8x NA 15.0% $24.3 $199.5 Computer Horizons Corp. $152.0 $259.2 $4.51 $5.50 $3.49 82.0% (0.2%) (0.2%) (2.4%) NA NA 0.4x NA NA 22.3x NA NA NA $48.2 $0.0 Covansys Corp. $820.4 $448.6 $22.57 $24.68 $10.84 91.5% (1.7%) (1.7%) 48.5% 18.0x 14.3x 1.6x 1.4x 1.3x 12.6x 9.2x NA 15.0% $102.1 $0.0 Diamond Management & Technology Consulta $400.5 $155.1 $12.48 $13.28 $7.30 94.0% 0.3% 0.3% 31.2% 34.0x NM 1.9x 1.5x 1.7x 12.5x 14.9x NA 19.2% $105.9 $0.0 Edgewater Technology Inc. $72.5 $54.3 $6.32 $7.82 $5.25 80.8% 3.4% 3.4% (2.3%) 21.1x NM 0.8x 0.6x 1.0x 9.2x 5.8x 17.7x 30.0% $28.2 $0.0 Inforte Corp. $45.2 $39.3 $3.80 $5.17 $3.40 73.5% 1.1% 1.1% (8.4%) 34.5x 34.5x 0.4x 0.4x 0.4x NEG NA NA NA $30.2 $0.0 Intelligroup Inc. $56.6 $122.7 $1.35 $2.08 $1.17 64.9% 6.3% 6.3% (10.0%) NA NA 0.4x NA NA 38.1x NA NA NA $13.4 $5.2 Keane Inc. $713.8 $964.4 $12.17 $16.50 $10.18 73.8% 2.2% 2.2% 12.4% 16.1x 14.2x 0.7x 0.7x 0.7x 7.7x 7.6x 7.0x 14.5% $153.1 $150.0 Lionbridge Technologies Inc. $388.3 $415.3 $6.47 $8.55 $4.81 75.7% 0.5% 0.5% (15.2%) 22.1x 14.7x 1.1x 1.0x 0.9x 11.3x 9.6x 8.8x 21.8% $21.9 $77.5 Management Network Group Inc. $56.4 $31.0 $1.57 $2.80 $1.27 56.1% (3.1%) (3.1%) (43.7%) NEG NM 0.5x 0.4x 0.5x NEG NEG NA 25.0% $42.1 $0.0 Perficient Inc. $568.1 $133.7 $20.91 $21.13 $9.49 99.0% 27.4% 27.4% 102.2% 41.6x 31.0x 4.3x 2.9x 2.5x 27.3x 17.8x 14.4x 25.0% $0.1 $6.9 Pomeroy IT Solutions Inc. $94.1 $641.6 $7.53 $10.85 $6.76 69.4% (0.8%) (0.8%) (25.5%) NA NA 0.1x NA NA 7.5x NA NA NA $3.6 $0.0 RCM Technologies Inc. $79.8 $194.6 $6.76 $7.35 $4.48 92.0% 12.9% 12.9% 18.2% 15.7x 23.3x 0.4x 0.4x 0.4x 8.3x 7.0x 11.3x 15.0% $6.7 $3.9 Sapient Corp. $782.8 $381.2 $6.28 $8.37 $4.35 75.0% 14.4% 14.4% (4.8%) 27.8x 19.8x 1.8x 1.4x 1.1x 32.9x 15.4x 11.1x 24.0% $105.6 $0.0 Technology Solutions Co. $18.2 $37.9 $7.27 $11.35 $6.10 64.1% 5.5% 5.5% (4.8%) NA NA 0.1x NA NA NEG NA NA NA $14.3 $0.0 Telvent Git S.A. $453.3 $586.5 $15.50 $16.61 $10.65 93.3% 8.8% 8.8% 40.1% 14.1x NA 0.9x 0.8x NA 11.3x 9.7x NA 17.5% $59.3 $115.5 MEAN $356.6 78.5% 4.3% 4.3% 5.6% 22.5x 21.6x 0.9x 1.0x 1.0x 15.4x 10.5x 10.8x 19.9% MEDIAN $175.6 78.2% 2.0% 2.0% (2.5%) 19.0x 19.8x 0.7x 0.7x 0.9x 11.9x 9.4x 11.1x 19.2% Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Financial information per Capital IQ. in Technology, Business & Learning Services Estimates as of 1/31/07 per CapitalIQ. Market Revenue Stock 52-Week % of % Chg % % Calendar Year Calendar Year Calendar Yea r Long Cap LTM Price Range 52-Week Last 4 Chg Chg P/E Ratios Revenue Multiples EBITDA Multiples Term Total Company ($ Mil) ($ Mil) 1/31/07 High Low High Weeks YTD 1-Yr 2007 2008 LTM 2007 2008 LTM 2007 2008 Growth Cash Debt Information Services China Finance Online Co. Ltd. $111.2 $6.5 $5.33 $9.68 $3.95 55.1% 19.8% 19.8% (18.0%) NM 44.4x 10.7x 6.7x 5.4x 35.9x 25.0x 18.9x NA $41.6 $0.0 Choicepoint Inc. $3,070.2 $1,032.1 $38.49 $45.98 $30.50 83.7% (2.3%) (2.3%) 194.3% 20.8x 18.0x 2.9x 2.7x 2.6x 8.7x 8.6x 8.0x 13.1% $6.0 $0.0 CoStar Group Inc. $898.8 $152.6 $47.47 $62.60 $37.45 75.8% (11.4%) (11.4%) (5.1%) NM 38.2x 4.9x 3.9x 3.3x 26.1x 26.0x 17.4x 30.0% $154.9 $0.0 Dun & Bradstreet Corp. $5,220.0 $1,502.8 $85.00 $85.62 $65.03 99.3% 2.7% 2.7% 17.6% 18.6x 16.4x 3.6x 3.4x 3.1x 12.0x 10.9x 9.9x 14.8% $138.9 $400.5 EDGAR Online Inc. $76.0 $15.8 $2.95 $5.33 $2.30 55.3% (15.7%) (15.7%) 26.1% NEG NA 4.6x 3.6x NA NEG NEG NA NA $3.9 $0.0 Enaleni Pharmaceuticals (Pty) Ltd. $298.9 $73.8 $0.74 $0.76 $0.46 98.2% NA 19.7% 17.6% NA NA 4.6x NA NA 21.4x NA NA NA $11.0 $49.1 Equifax Inc. $5,196.5 $1,546.3 $41.53 $41.64 $30.15 99.7% 2.3% 2.3% 8.4% 18.8x 17.1x 3.6x 3.4x 3.2x 10.7x 9.9x 9.1x 10.6% $67.8 $503.9 EW Scripps Co. $7,977.9 $2,498.1 $48.83 $53.39 $40.86 91.5% (2.2%) (2.2%) 1.0% 20.0x 17.1x 3.2x 3.0x 2.8x 9.1x 9.0x 8.1x 11.1% $33.2 $0.0 FactSet Research Systems Inc. $2,844.9 $406.6 $58.08 $59.28 $37.40 98.0% 2.8% 2.8% 45.6% 28.4x 23.4x 6.6x 5.6x 4.8x 16.5x 14.0x 11.6x 18.3% $155.8 $1.9 Fair Isaac Corp. $2,256.4 $830.8 $39.82 $44.82 $32.51 88.8% (2.0%) (2.0%) (10.2%) 17.3x 15.4x 3.0x 2.9x 2.7x 9.4x 10.3x 9.1x 12.5% $222.0 $470.0 First Advantage Corp. $1,314.3 $730.6 $22.60 $28.45 $17.91 79.4% (1.6%) (1.6%) (17.9%) 18.4x 16.4x 2.1x 1.7x 1.6x 9.3x 8.3x 7.1x 17.9% $31.1 $215.4 First American Corp. $4,089.0 $8,512.3 $42.38 $46.96 $35.80 90.2% 4.2% 4.2% (9.5%) 11.5x 10.6x 0.4x 0.4x 0.4x 4.0x NA NA 11.0% $1,500.8 $989.8 Gemstar-TV Guide International Inc. $1,721.9 $555.6 $4.04 $4.19 $2.59 96.4% 0.7% 0.7% 22.4% 28.6x 21.7x 2.2x 2.0x 1.8x NM 11.7x 9.0x NA $524.1 $12.9 Getty Images Inc. $2,943.1 $807.3 $49.24 $84.47 $41.21 58.3% 15.0% 15.0% (39.7%) 18.8x 17.5x 3.6x 3.4x 3.2x 9.1x 8.7x 8.1x 14.4% $339.5 $265.0 Interactive Data Corp. $2,177.4 $587.3 $23.39 $24.48 $18.32 95.5% (2.7%) (2.7%) 3.8% 22.1x 20.7x 3.3x 3.0x 2.8x 9.4x 9.3x NA 12.3% $216.1 $0.0 Intersections Inc. $201.6 $189.5 $11.98 $11.99 $8.29 99.9% 13.4% 13.4% 28.1% 16.3x 14.6x 1.0x 0.8x 0.7x 6.4x 2.4x 2.1x 11.3% $28.2 $18.1 Moody's Corp. $20,022.5 $1,920.3 $71.56 $73.29 $49.76 97.6% 3.6% 3.6% 13.0% 28.6x 25.2x 10.4x 9.0x 8.1x 18.4x 16.2x 14.6x 14.3% $294.6 $300.0 NAVTEQ Corp. $3,316.4 $546.9 $35.48 $55.86 $23.73 63.5% 1.5% 1.5% (21.0%) 26.9x 21.5x 5.7x 4.5x 3.8x 18.7x 14.8x 10.8x 24.4% $217.8 $0.0 PRIMEDIA Inc. $448.9 $839.6 $1.70 $2.40 $1.20 70.8% 0.6% 0.6% (15.4%) 28.3x NEG 2.1x 1.7x 1.6x 8.7x 10.3x 9.4x 10.5% $71.8 $1,381.7 ProQuest Company $331.5 $547.5 $11.10 $29.70 $8.96 37.4% 6.2% 6.2% (62.7%) 42.7x 6.1x 1.6x NA 1.9x 4.5x NA 5.4x NA $33.6 $575.4 Reed Elsevier plc $14,163.1 $5,051.9 $11.39 $12.02 $9.85 94.8% 3.7% 3.7% 9.6% 30.4x 27.8x 2.8x 2.5x 2.4x 14.0x 9.7x 9.1x 10.0% $0.0 $0.0 Reuters Group Plc $11,432.3 $4,709.7 $8.46 $9.45 $6.77 89.5% (3.1%) (3.1%) (1.5%) 38.9x 28.4x 2.3x 4.1x 3.9x 14.5x 20.8x 16.8x 24.2% $644.9 $0.0 Standard Register Co. $365.4 $898.2 $12.63 $18.35 $11.01 68.8% 5.3% 5.3% (30.4%) 31.6x 23.0x 0.4x 0.5x 0.4x 9.9x 5.4x 5.2x 14.3% $3.1 $39.3 Thomson Corp. $26,944.7 $9,095.0 $42.07 $43.41 $35.66 96.9% 1.5% 1.5% 17.2% 23.0x 19.8x 3.4x 3.5x 3.3x 12.7x 12.3x 10.9x 13.4% $491.0 $4,580.0 Tribune Co. $7,295.2 $5,270.6 $30.54 $34.28 $27.09 89.1% (0.8%) (0.8%) 5.3% 14.9x 14.3x 2.3x 2.3x 2.3x 8.4x 9.7x 9.5x 7.8% $238.5 $5,275.0 Value Line Inc. $471.2 $85.4 $47.20 $58.89 $33.11 80.1% 3.9% 3.9% 35.8% NA NA 4.3x NA NA 9.5x NA NA NA $102.7 $0.0 MEAN $4,815.0 82.8% 1.8% 2.5% 8.3% 24.0x 20.8x 3.7x 3.2x 2.9x 12.8x 12.1x 10.0x 14.8% MEDIAN $2,550.6 89.3% 1.5% 1.9% 4.5% 22.1x 18.9x 3.3x 3.0x 2.8x 9.7x 10.3x 9.1x 13.2% Publishing Daily Journal Corp. $61.9 $32.4 $41.25 $43.50 $36.51 94.8% (2.9%) (2.9%) (2.1%) NA NA 1.7x NA NA 11.6x NA NA NA $9.6 $4.2 Dow Jones & Co. Inc. $3,145.9 $1,783.9 $37.71 $41.39 $32.16 91.1% (0.8%) (0.8%) (0.8%) 25.0x 21.7x 1.8x 1.5x 1.4x 11.2x 9.3x 8.6x 14.7% $15.0 $0.0 Gannett Co., Inc. $13,623.1 $7,401.0 $58.14 $63.77 $51.65 91.2% (3.8%) (3.8%) (5.9%) 12.2x 11.4x 2.6x 2.4x 2.3x 8.3x 8.6x 8.4x 6.9% $132.0 $5,494.5 John Wiley & Sons Inc. $2,126.3 $1,092.7 $37.16 $41.80 $31.60 88.9% (3.4%) (3.4%) (2.0%) 25.9x 23.4x 2.1x 1.5x 1.4x 11.3x 9.3x 8.3x NA $16.6 $207.8 Journal Communications Inc. $947.7 $737.5 $13.47 $13.50 $10.05 99.8% 6.8% 6.8% 12.6% 17.6x 14.4x 1.6x 1.6x 1.5x 7.5x 8.2x 7.1x 6.0% $7.2 $260.2 Journal Register Co. $273.4 $544.4 $6.99 $14.29 $5.49 48.9% (4.2%) (4.2%) (50.8%) 8.5x 9.1x 1.9x 1.9x 2.0x 8.4x 8.8x 9.3x 3.5% $4.0 $740.6 Lee Enterprises Inc. $1,530.1 $1,088.5 $33.23 $35.91 $22.98 92.5% 7.0% 7.0% (5.6%) 16.9x 16.2x 1.4x 1.3x 1.3x 4.8x 5.1x 5.2x 6.0% $8.6 $0.0 McClatchy Co. $3,166.7 $1,540.0 $38.68 $56.59 $38.77 68.4% (10.7%) (10.7%) (31.5%) 14.9x 14.2x 3.7x 2.1x 2.2x 13.5x 7.2x 8.0x 7.4% $140.9 $2,610.3 McGraw-Hill Companies Inc. $23,759.7 $6,255.1 $67.08 $69.98 $47.80 95.9% (1.4%) (1.4%) 31.4% 23.1x 20.2x 3.7x 3.5x 3.2x 13.4x 12.1x 11.2x 11.4% $309.7 $0.0 Meredith Corp. $2,833.5 $1,336.7 $58.96 $59.05 $45.04 99.8% 4.6% 4.6% 7.7% 18.9x 15.6x 2.5x 2.0x 1.9x 9.4x 10.4x 9.1x 11.9% $18.6 $510.0 New York Times Co. $3,322.7 $3,043.7 $23.09 $28.98 $21.54 79.7% (5.2%) (5.2%) (18.4%) 19.8x 18.4x 1.1x 1.0x 1.0x 6.4x 6.5x 6.5x 7.5% $38.7 $0.0 Reader's Digest Association Inc. $1,605.0 $2,424.1 $16.89 $17.10 $11.90 98.8% 1.1% 1.1% 6.3% 16.9x 12.6x 0.9x 0.9x 0.9x 11.9x 9.9x 8.9x 0.0% $61.7 $670.0 Washington Post Co. $7,330.9 $3,733.5 $762.70 $815.00 $690.00 93.6% 2.3% 2.3% (0.0%) 19.9x 17.8x 2.0x 1.8x 1.8x 10.3x 9.0x 8.3x 10.2% $359.6 $407.2 MEAN $4,902.1 87.9% (0.8%) (0.8%) (4.5%) 18.3x 16.2x 2.1x 1.8x 1.7x 9.9x 8.7x 8.3x 7.8% MEDIAN $2,833.5 92.5% (1.4%) (1.4%) (2.0%) 18.3x 15.9x 1.9x 1.7x 1.6x 10.3x 8.9x 8.4x 7.4% Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Financial information per Capital IQ. in Technology, Business & Learning Services Estimates as of 1/31/07 per CapitalIQ. Market Revenue Stock 52-Week % of % Chg % % Calendar Year Calendar Year Calendar Year Long Cap LTM Price Range 52-Week Last 4 Chg Chg P/E Ratios Revenue Multiples EBITDA Multiples Term Total Company ($ Mil) ($ Mil) 01/31/07 High Low High Weeks YTD 1-Y r 2007 2008 LTM 2007 2008 LTM 2007 2008 Growth Cash Debt Specialty Consulting Advisory Board Co. $1,053.1 $176.7 $56.29 $58.84 $45.15 95.7% 5.1% 5.1% 12.6% 27.3x 24.4x 5.8x 4.9x 4.3x 21.5x 19.7x 17.2x 20.0% $6.0 $0.0 Corporate Executive Board Co. $3,541.9 $435.0 $90.73 $112.97 $83.62 80.3% 3.5% 3.5% 7.8% 37.5x 30.7x 7.6x 5.7x 4.7x 25.4x 18.9x 15.3x 22.2% $243.3 $0.0 CRA International Inc. $624.3 $349.9 $53.92 $54.94 $41.50 98.1% 2.9% 2.9% 11.7% 19.7x 17.0x 1.7x 1.4x 1.3x 10.3x 8.5x 7.2x 19.4% $131.6 $97.4 Exponent Inc. $276.2 $156.7 $18.61 $19.72 $14.34 94.4% (0.3%) (0.3%) 21.6% NA NA 1.4x NA NA 9.2x NA NA NA $58.1 $0.0 Forrester Research Inc. $645.7 $175.1 $28.16 $32.32 $20.21 87.1% 3.9% 3.9% 38.1% 37.4x 28.2x 2.6x 2.2x 1.9x 15.4x 11.3x NA 16.7% $191.6 $0.0 FTI Consulting, Inc. $1,139.7 $656.9 $27.41 $29.77 $19.82 92.1% (1.7%) (1.7%) 1.3% 15.4x 12.5x 2.2x 1.6x 1.4x 9.6x 7.1x 6.2x 17.9% $22.5 $348.4 Huron Consulting Group Inc. $934.8 $260.8 $51.85 $51.60 $26.60 100.5% 14.4% 14.4% 84.1% 26.8x 23.1x 3.7x 2.5x 2.2x 15.9x 12.2x 10.4x 20.6% $0.9 $24.3 LECG Corp. $354.2 $337.9 $14.39 $20.25 $13.20 71.1% (22.1%) (22.1%) (14.2%) 13.9x 12.3x 1.0x 0.9x 0.8x 6.6x 6.6x NA 18.0% $20.5 $10.0 Marsh & Mclennan Companies Inc. $16,258.1 $11,547.0 $29.50 $32.47 $24.00 90.9% (3.8%) (3.8%) (2.9%) 16.0x 13.9x 1.7x 1.6x 1.5x 11.8x 8.0x 7.7x 11.2% $1,682.0 $5,083.0 Navigant Consulting Inc. $1,115.9 $581.2 $20.78 $23.28 $17.27 89.3% 5.2% 5.2% (8.5%) 16.7x 14.5x 2.0x 1.6x 1.4x 8.7x 7.9x 7.1x 18.6% $14.3 $59.2 Portfolio Recovery Associates Inc. $691.4 $22.5 $43.43 $52.98 $38.23 82.0% (7.0%) (7.0%) (11.8%) 14.1x 11.6x 29.5x 3.1x 2.6x 9.0x 7.5x NA 16.7% $26.7 $1.1 Thomas Group Inc. $152.0 $55.9 $13.83 $17.65 $6.82 78.4% (8.0%) (8.0%) 39.0% NA NA 2.5x NA NA 9.7x NA NA NA $10.1 $0.0 SM&A $118.1 $69.5 $6.30 $7.32 $5.29 86.1% 8.6% 8.6% (12.6%) 19.1x 13.1x 1.5x 1.3x 1.2x 14.6x 9.3x NA 18.7% $15.2 $0.0 MEAN $2,069.6 88.1% 0.0% 0.0% 12.8% 22.2x 18.3x 4.9x 2.4x 2.1x 12.9x 10.6x 10.1x 18.2% MEDIAN $691.4 89.3% 2.9% 2.9% 7.8% 19.1x 14.5x 2.2x 1.6x 1.5x 10.3x 8.5x 7.7x 18.6% Advertising Havas $2,459.9 $1,882.0 $5.86 $5.95 $4.54 98.5% 7.9% 7.9% 20.5% 30.6x 24.2x 1.7x 2.0x 2.0x 14.1x 14.7x 13.2x 9.1% $302.5 $1,022.7 Interpublic Group of Companies Inc. $5,806.0 $6,209.4 $13.16 $13.94 $7.79 94.4% 7.5% 7.5% 30.3% 40.8x 21.7x 1.1x 1.0x 1.0x 14.3x 9.8x 7.6x 11.8% $1,469.1 $2,247.5 Lamar Advertising Co. $6,722.0 $1,091.4 $66.28 $71.54 $45.69 92.6% 1.4% 1.4% 44.3% NM NM 7.8x 7.1x 6.5x 17.8x 15.6x 14.1x 41.2% $6.9 $1,841.7 Local.com Corp. $38.1 $14.0 $4.10 $5.89 $3.05 69.6% 1.2% 1.2% (28.0%) NEG NEG 2.2x 1.4x 1.0x NEG NEG 15.8x NA $7.3 $0.0 Omnicom Group Inc. $17,978.7 $11,100.1 $105.20 $106.06 $78.75 99.2% 0.6% 0.6% 28.6% 18.8x 16.7x 1.8x 1.7x 1.6x 11.7x 11.2x 10.5x 11.4% $848.8 $3,067.7 Publicis Groupe SA $7,826.4 $5,489.6 $42.60 $43.67 $35.30 97.5% 3.1% 3.1% 6.2% 21.7x 19.3x 1.6x 1.8x 1.7x 8.2x 9.6x 8.9x 10.6% $2,084.2 $2,769.4 WPP Group plc $92,313.6 $10,670.4 $73.68 $73.92 $53.53 99.7% 8.7% 8.7% 32.6% 17.2x 15.6x 8.9x 8.0x 7.3x 49.4x 49.4x 44.5x 12.1% $1,675.6 $4,069.8 MEAN $19,020.7 93.1% 4.3% 4.3% 19.2% 25.8x 19.5x 3.6x 3.3x 3.0x 19.3x 18.4x 16.4x 16.0% MEDIAN $6,722.0 97.5% 3.1% 3.1% 28.6% 21.7x 19.3x 1.8x 1.8x 1.7x 14.2x 13.0x 13.2x 11.6% CRM Services APAC Customer Services Inc. $207.1 $227.9 $4.15 $4.70 $1.42 88.3% 10.7% 10.7% 121.9% NM 24.9x 1.0x 0.9x 0.8x 28.2x 11.9x 8.9x 20.0% $0.4 $10.2 Convergys Corp. $3,588.1 $2,789.8 $26.04 $26.50 $16.15 98.3% 9.5% 9.5% 51.4% 20.5x 18.1x 1.3x 1.3x 1.2x 8.8x 8.5x 7.7x 10.1% $235.9 $343.5 CSG Systems International Inc. $1,174.5 $383.1 $25.08 $28.45 $21.71 88.2% (6.2%) (6.2%) 10.1% 17.4x 15.5x 2.6x 2.5x 2.4x 8.5x 8.3x 7.9x 6.6% $415.5 $230.0 ICT Group Inc. $443.2 $441.2 $28.52 $36.88 $15.40 77.3% (9.7%) (9.7%) 66.5% 18.9x 15.4x 0.9x 0.8x 0.7x 9.1x 7.9x 6.3x 25.8% $37.1 $0.0 Innotrac Corp. $25.1 $71.2 $2.04 $5.64 $1.79 36.2% (19.4%) (19.4%) (51.7%) NA NA 0.4x NA NA NEG NA NA NA $1.1 $5.9 LivePerson Inc. $252.9 $29.5 $6.20 $7.84 $3.70 79.1% 18.5% 18.5% 7.8% NM 33.2x 7.9x 4.8x 3.8x 51.4x 19.9x 12.8x 32.5% $19.8 $0.0 SITEL Corp. $0.0 $1,118.4 $0.00 $4.85 $2.00 0.0% (100.0%) (100.0%) (100.0%) NA 0.0x 0.1x NA 0.1x 1.6x NA NA 0.0% $30.5 $137.2 StarTek Inc. $150.8 $236.7 $10.26 $24.50 $9.10 41.9% (24.2%) (24.2%) (49.5%) 19.9x 14.1x 0.5x 0.5x 0.4x 4.5x 4.6x 3.8x 15.5% $27.3 $3.8 Sykes Enterprises Inc. $592.2 $544.4 $14.61 $21.56 $11.80 67.8% (17.2%) (17.2%) 12.4% 16.9x 14.5x 0.8x 0.7x 0.6x 7.7x 6.7x 6.0x 15.2% $151.6 $0.0 TeleTech Holdings Inc. $1,866.7 $1,178.7 $26.95 $27.11 $10.72 99.4% 12.9% 12.9% 131.1% 31.5x 22.5x 1.6x 1.4x 1.3x 16.6x 12.4x 9.9x 23.3% $55.2 $78.4 MEAN $830.0 67.6% (12.5%) (12.5%) 20.0% 20.9x 17.6x 1.7x 1.6x 1.3x 15.2x 10.0x 7.9x 16.5% MEDIAN $348.0 78.2% (7.9%) (7.9%) 11.3% 17.2x 15.5x 0.9x 0.9x 0.8x 8.6x 8.1x 7.0x 15.4% Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Financial information per Capital IQ. in Technology, Business & Learning Services Estimates as of 1/31/07 per CapitalIQ. Market Revenue Stock 52-Week % of % Chg % % Calendar Yea r Calendar Year Calendar Year Long Cap LTM Price Range 52-Week Last 4 Chg Chg P/E Ratios Revenue Multiples EBITDA Multiples Term Total Company ($ Mil) ($ Mil) 1/31/07 High Low High Weeks YTD 1-Yr 2007 2008 LTM 2007 2008 LTM 2007 2008 Growth Cash Debt HR Services Automatic Data Processing, Inc. $26,275.0 $8,601.4 $47.72 $49.94 $42.50 95.6% (3.1%) (3.1%) 8.6% 20.2x 17.8x 2.9x 2.4x 2.2x 11.2x 10.3x 9.5x 12.3% $6.0 $74.4 Barrett Business Services Inc. $247.5 $250.3 $22.00 $27.45 $18.09 80.1% (6.1%) (6.1%) (17.6%) 13.3x 11.3x 0.7x 0.2x NA 8.1x 6.2x 5.3x 17.5% $62.4 $0.0 Ceridian Corporation $4,169.5 $1,540.6 $29.97 $30.00 $21.76 99.9% 7.1% 7.1% 21.4% 23.1x 20.3x 2.6x 2.4x 2.2x 12.1x 10.7x 9.1x 17.5% $209.7 $89.4 Clark Inc. $292.5 $270.3 $16.52 $17.25 $10.39 95.8% (0.7%) (0.7%) 25.1% 21.3x 27.1x 2.2x 2.0x 2.1x 10.4x NA NA 16.5% $8.5 $301.6 Franklin Covey Co. $139.0 $281.8 $7.05 $9.79 $4.96 72.0% 0.7% 0.7% (1.5%) NA NA 0.7x NA NA 7.8x NA NA NA $22.9 $34.0 Gevity HR Inc. $556.0 $645.7 $22.08 $30.40 $19.81 72.6% (6.8%) (6.8%) (19.6%) 15.9x 13.0x 0.8x 0.7x 0.6x 7.4x 7.1x 6.2x 12.2% $55.0 $0.0 GP Strategies Corp. $135.1 $177.6 $8.54 $8.60 $6.60 99.3% 2.9% 2.9% 14.2% 14.0x 10.8x 0.8x 0.6x 0.5x NM NA NA NA $5.2 $11.3 Heidrick & Struggles International Inc. $765.5 $447.0 $43.67 $44.56 $29.87 98.0% 3.1% 3.1% 30.1% 18.6x 15.5x 1.3x 1.0x 0.9x 8.1x 7.4x 6.5x 14.3% $197.4 $0.0 Hewitt Associates Inc. $2,987.8 $2,788.7 $26.94 $30.23 $19.01 89.1% 4.6% 4.6% 0.9% 21.2x 17.4x 1.0x 1.0x 0.9x 6.9x 7.7x 6.7x 14.1% $449.5 $321.8 Hudson Highland Group Inc. $390.1 $1,430.5 $15.79 $20.75 $8.23 76.1% (5.3%) (5.3%) (4.1%) 18.8x 15.3x 0.3x 0.3x 0.3x 12.9x 7.9x 7.0x 26.7% $32.0 $22.8 Korn/Ferry International $1,005.6 $583.4 $23.88 $24.18 $17.73 98.8% 4.0% 4.0% 20.9% 17.0x 14.9x 1.4x 1.2x 1.0x 8.7x 7.5x 6.8x 15.4% $229.4 $47.3 Monster Worldwide Inc. $6,348.4 $1,210.5 $49.41 $59.99 $34.75 82.4% 5.9% 5.9% 16.2% 30.7x 23.9x 4.8x 4.2x 3.5x 22.1x 15.4x 12.3x 24.7% $569.1 $20.7 Paychex Inc. $15,248.1 $1,665.1 $40.01 $42.37 $32.98 94.4% 1.2% 1.2% 10.1% 26.6x 23.3x 8.8x 7.3x 6.4x 18.9x 16.7x 14.4x 15.5% $519.1 $0.0 TALX Corp. $994.9 $256.8 $31.86 $34.75 $17.86 91.7% 16.1% 16.1% 1.7% 23.7x 20.6x 4.6x 3.9x 3.6x 13.5x 10.7x 9.3x 17.6% $7.0 $191.6 Watson Wyatt Worldwide Inc. $1,877.1 $1,341.9 $44.29 $48.00 $28.75 92.3% (1.9%) (1.9%) 45.5% 18.1x 16.5x 1.4x 1.2x 1.2x 9.5x 8.4x 7.5x 11.6% $63.4 $25.0 MEAN $4,095.5 89.2% 1.5% 1.5% 10.1% 20.2x 17.7x 2.3x 2.0x 2.0x 11.3x 9.7x 8.4x 16.6% MEDIAN $994.9 92.3% 1.2% 1.2% 10.1% 19.5x 16.9x 1.4x 1.2x 1.2x 9.9x 8.1x 7.2x 15.5% Staffing Administaff Inc. $1,139.2 $1,169.0 $40.94 $58.99 $30.30 69.4% (4.3%) (4.3%) (4.9%) 21.0x 17.3x 0.8x 0.6x 0.5x 12.1x 10.5x 8.6x 25.1% $188.9 $1.9 CDI Corp. $519.3 $1,235.0 $25.96 $30.45 $18.26 85.3% 4.3% 4.3% (4.8%) 17.8x 16.4x 0.4x 0.4x 0.3x 11.5x 9.0x 7.9x 16.7% $18.9 $7.7 Kelly Services Inc. $1,118.5 $5,605.8 $31.01 $31.17 $25.67 99.5% 7.2% 7.2% 15.8% 16.4x 12.8x 0.2x 0.2x 0.2x 8.9x 7.4x 6.1x 19.5% $118.6 $68.9 Kforce Inc. $582.5 $899.0 $14.26 $16.69 $9.85 85.4% 17.2% 17.2% 9.7% 14.4x 11.7x 0.7x 0.6x 0.6x 9.8x 7.2x 6.1x 17.5% $0.8 $50.5 Labor Ready Inc. $978.8 $1,348.2 $18.78 $27.75 $14.94 67.7% 2.5% 2.5% (19.4%) 14.9x 13.8x 0.6x 0.6x 0.6x 6.8x 7.7x 7.3x 17.3% $199.5 $0.0 Manpower Inc. $6,195.0 $17,562.5 $72.93 $78.05 $51.67 93.4% (2.7%) (2.7%) 35.5% 16.8x 14.5x 0.4x 0.3x 0.3x 10.2x 8.7x 7.6x 15.1% $687.9 $823.2 MPS Group Inc. $1,535.1 $1,816.0 $14.98 $17.80 $11.58 84.2% 5.6% 5.6% 5.4% 17.9x 16.1x 0.8x 0.7x 0.7x 10.9x 9.2x 8.3x 18.7% $130.7 $0.0 On Assignment Inc. $438.6 $275.7 $12.90 $13.60 $8.36 94.9% 9.8% 9.8% 3.8% 31.3x 24.3x 1.5x 0.9x 0.7x 27.4x 14.1x 11.1x 19.0% $30.4 $0.0 Resources Connection Inc. $1,522.0 $674.0 $31.40 $32.67 $22.35 96.1% (1.4%) (1.4%) 15.5% 26.0x 24.5x 2.0x 1.8x 1.5x 13.1x 12.3x 10.4x 21.1% $149.2 $0.0 Robert Half International Inc. $6,820.4 $4,013.5 $40.70 $43.94 $29.91 92.6% 9.6% 9.6% 11.4% 20.8x 17.9x 1.6x 1.4x 1.2x 12.5x 10.6x 9.3x 17.9% $431.7 $0.0 Spherion Corp. $465.5 $1,933.1 $8.23 $11.27 $6.76 73.0% 10.8% 10.8% (26.5%) 18.0x 14.9x 0.2x 0.2x 0.2x 7.7x 6.7x 5.9x 18.3% $54.6 $4.4 TeamStaff Inc. $23.9 $75.0 $1.24 $1.80 $1.12 68.9% (3.1%) (3.1%) (24.8%) NA NA 0.3x NA NA NEG NA NA NA $2.2 $1.8 Volt Information Sciences Inc. $818.8 $2,338.5 $35.36 $52.62 $23.20 67.2% (29.6%) (29.6%) 44.4% 26.5x NA 0.3x 0.3x 0.3x 8.5x 8.3x 8.0x 15.0% $43.2 $17.9 MEAN $1,704.4 84.5% 2.0% 2.0% 4.7% 20.1x 16.7x 0.8x 0.7x 0.6x 11.6x 9.3x 8.0x 18.4% MEDIAN $978.8 85.3% 4.3% 4.3% 5.4% 17.9x 16.1x 0.6x 0.6x 0.5x 10.6x 8.9x 7.9x 18.1% Engineering Services Michael Baker Corporation $207.8 $615.2 $24.45 $28.80 $19.90 84.9% 7.9% 7.9% (8.8%) 15.4x 14.5x 0.4x 0.3x 0.4x 11.5x 6.2x NA NA $9.9 $22.7 Fluor Corporation $7,272.4 $14,408.2 $82.60 $103.85 $73.51 79.5% 1.2% 1.2% (6.1%) 21.9x 18.1x 0.5x 0.4x 0.4x 14.4x 10.5x 9.5x 13.0% $895.0 $504.7 Jacobs Engineering Group, Inc. $5,355.9 $7,756.3 $90.55 $93.27 $68.56 97.1% 11.0% 11.0% 8.6% 20.8x 18.1x 0.6x 0.5x 0.5x 13.1x 10.7x 9.4x 14.6% $484.5 $95.4 MasTec Inc. $732.5 $928.2 $11.25 $14.75 $9.88 76.3% (2.5%) (2.5%) (6.6%) 12.8x 10.2x 0.8x 0.8x 0.7x 11.0x 9.8x 8.3x 8.0% $75.1 $129.0 Shaw Group Inc. $2,726.4 $4,914.1 $33.76 $36.08 $19.55 93.6% 0.8% 0.8% (5.2%) 21.5x 17.6x 0.8x 0.7x 0.6x 26.3x 14.5x 12.4x 18.8% $131.8 $1,187.5 TRC Companies Inc. $172.8 $246.4 $10.32 $13.70 $7.42 75.3% 19.7% 19.7% (1.6%) 11.2x 11.2x 1.0x 1.0x 1.0x NEG NA NA NA $3.4 $59.8 Tetra Tech Inc. $1,041.2 $973.8 $17.98 $20.37 $15.18 88.3% (0.6%) (0.6%) 7.9% 23.7x NA 1.0x 1.0x NA 11.0x 9.8x NA 12.3% $65.4 $0.0 URS Corp. $2,231.2 $4,224.8 $42.97 $49.80 $36.46 86.3% 0.3% 0.3% 0.4% 16.9x 15.5x 0.6x 0.5x 0.5x 8.5x 8.2x 7.6x 11.0% $112.5 $226.9 MEAN $2,467.5 85.2% 4.7% 4.7% (1.4%) 18.0x 15.0x 0.7x 0.7x 0.6x 13.7x 9.9x 9.4x 12.9% MEDIAN $1,636.2 85.6% 1.0% 1.0% (3.4%) 18.9x 15.5x 0.7x 0.6x 0.5x 11.5x 9.8x 9.4x 12.7% Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

Financial information per Capital IQ. in Technology, Business & Learning Services Estimates as of 1/31/07 per CapitalIQ. Market Revenue Stock 52-Week % of % Chg % % Calendar Year Calendar Year Calendar Year Long Cap LTM Price Range 52-Week Last 4 Chg Chg P/E Ratios Revenue Multiples EBITDA Multiples Term Total Company ($ Mil) ($ Mil) 01/31/07 High Low High Weeks YTD 1-Yr 2007 2008 LTM 2007 2008 LTM 2007 2008 Growth Cash Debt Distribution Services Agilysys Inc. $580.2 $1,700.7 $18.95 $21.20 $11.99 89.4% 13.2% 13.2% (10.6%) 15.1x 19.3x 0.3x 0.3x 0.3x 6.9x 6.7x 7.2x 10.5% $6.0 $0.2 Arrow Electronics Inc. $4,308.7 $13,043.4 $35.25 $36.95 $25.93 95.4% 11.7% 11.7% 2.6% 11.3x 10.6x 0.4x 0.4x 0.3x 7.9x 7.3x 7.1x 13.1% $252.9 $1,257.4 Avnet Inc. $4,555.3 $14,765.8 $31.05 $31.21 $16.70 99.5% 21.6% 21.6% 27.0% 12.3x NA 0.4x NA 0.3x 7.9x NA 7.0x 16.5% $389.8 $1,163.4 Bell Microproducts Inc. $219.6 $3,278.5 $7.22 $8.10 $4.21 89.1% 2.4% 2.4% 13.5% 11.6x 9.0x 0.2x 0.1x 0.1x 10.8x 7.8x 6.5x 18.5% $11.8 $331.6 CDW Corp. $5,029.8 $6,785.5 $64.17 $73.32 $50.28 87.5% (8.7%) (8.7%) 14.6% 17.1x 15.1x 0.7x 0.6x 0.6x 10.1x 9.5x 8.4x 13.7% $351.6 $0.0 Brightpoint Inc. $556.9 $2,378.8 $11.01 $28.50 $10.12 38.6% (18.1%) (18.1%) (41.5%) 13.1x 11.6x 0.2x 0.2x 0.1x 6.5x 5.9x NA 18.0% $103.6 $0.0 Dot Hill Systems Corp. $0.0 $236.1 $0.00 $8.25 $2.98 0.0% (100.0%) (100.0%) (100.0%) NEG NA NM NM NA NM NA NA 20.0% $108.5 $0.0 Ingram Micro Inc. $3,231.5 $30,461.2 $19.51 $21.10 $16.51 92.5% (4.4%) (4.4%) 0.8% 11.4x 10.5x 0.1x 0.1x 0.1x 6.8x 6.1x 5.8x 10.5% $535.7 $707.2 Insight Enterprises Inc. $982.9 $3,817.1 $20.33 $22.90 $16.09 88.8% 7.7% 7.7% (2.8%) 12.5x 11.3x 0.3x 0.2x 0.2x 8.6x 6.5x 5.9x 11.3% $17.4 $254.3 Liquidity Services Inc. $551.8 $147.8 $19.98 $21.50 $8.66 92.9% 16.1% 16.1% NA 43.3x NA 3.3x 2.5x 2.5x 33.7x 22.2x NA 37.7% $66.6 $0.1 MTI Technology Corp. $40.0 $167.0 $1.04 $1.70 $0.63 61.2% 38.7% 38.7% (27.3%) NEG NEG 0.4x 0.3x 0.3x NEG NA NA NA $10.3 $7.2 ScanSource Inc. $755.3 $1,771.4 $29.34 $32.39 $26.33 90.6% (3.5%) (3.5%) (0.2%) 17.2x 9.6x 0.5x 0.4x 0.3x 11.0x 9.7x 6.3x 14.8% $3.1 $107.0 SYNNEX Corp. $583.9 $6,343.5 $19.20 $24.44 $16.16 78.6% (12.5%) (12.5%) 3.1% 11.0x 10.1x 0.1x 0.1x 0.1x 5.9x 5.3x 4.8x 11.8% $41.2 $98.0 Tech Data Corp. $2,022.8 $20,850.1 $37.14 $43.74 $32.10 84.9% (1.9%) (1.9%) (9.9%) 17.5x 12.5x 0.1x 0.1x 0.1x 9.2x 7.3x 6.5x 10.1% $128.8 $155.1 MEAN $1,672.7 77.8% (2.7%) (2.7%) (10.1%) 16.1x 12.0x 0.5x 0.4x 0.4x 10.4x 8.6x 6.5x 15.9% MEDIAN $669.6 89.0% 0.2% 0.2% (0.2%) 12.8x 10.9x 0.3x 0.3x 0.3x 8.3x 7.3x 6.5x 13.7% Other Business Services ABM Industries Inc. $1,257.4 $2,712.7 $25.84 $26.00 $16.11 99.4% 13.8% 13.8% 35.2% 23.3x 29.0x 0.4x 0.4x 0.4x 11.0x NA NA 14.0% $134.0 $0.0 Angelica Corp. $254.5 $425.1 $26.81 $28.25 $14.90 94.9% 3.9% 3.9% 55.4% 30.5x 17.4x 0.8x 0.7x 0.7x 16.2x 8.2x 6.3x 15.0% $5.5 $82.8 AXS-One Inc. $27.4 $32.1 $0.78 $2.60 $0.55 30.1% 3.0% 3.0% (61.6%) NA NA 0.8x NA NA NEG NA NA NA $2.1 $1.8 Groupe DANONE $37,017.7 $17,553.4 $152.82 $156.57 $113.52 97.6% 3.0% 3.0% 31.8% 28.1x 24.7x 2.4x 2.7x 2.5x 13.1x 15.6x 14.3x 12.0% $3,428.8 $7,838.9 Black Box Corp. $713.1 $858.7 $41.08 $55.37 $35.69 74.2% (2.2%) (2.2%) (18.9%) 12.4x 15.7x 1.1x 0.9x 1.4x 10.3x 8.0x 11.3x NA $15.8 $252.6 Bowne & Co. Inc. $436.6 $825.4 $15.04 $17.00 $13.05 88.5% (5.6%) (5.6%) (0.1%) 18.3x 16.0x 0.5x 0.5x 0.5x 6.4x 6.0x 5.3x 20.0% $88.5 $77.6 Central Parking Corp. $641.3 $641.6 $19.92 $20.39 $13.30 97.7% 10.7% 10.7% 35.1% 26.2x 18.4x 1.2x 1.1x 1.1x 11.4x 11.3x 10.8x 8.8% $44.7 $168.6 Cenveo Inc. $1,249.1 $1,615.7 $23.38 $23.98 $13.71 97.5% 10.3% 10.3% 64.6% 18.7x NEG 1.2x NA 1.1x 11.6x NA 22.4x 21.5% $0.8 $701.4 Cintas Corp. $6,572.0 $3,581.8 $41.15 $44.30 $34.57 92.9% 3.6% 3.6% (3.4%) 18.0x 15.8x 2.0x 1.8x 1.7x 10.2x 8.8x 8.1x 14.1% $172.2 $791.3 Comfort Systems USA Inc. $498.5 $1,029.1 $12.25 $15.72 $9.96 77.9% (3.1%) (3.1%) 16.6% 14.4x 13.2x 0.4x 0.4x 0.4x 8.9x 6.7x 6.1x 15.0% $68.9 $0.0 Consolidated Graphics Inc. $839.2 $920.8 $62.00 $64.50 $46.34 96.1% 5.0% 5.0% 20.7% 14.3x 24.3x 1.0x 0.9x 1.1x 7.4x 6.6x 8.9x 18.8% $8.2 $120.7 Deluxe Corp. $1,541.6 $1,640.0 $29.92 $30.00 $12.98 99.7% 18.7% 18.7% 11.7% 12.8x NA 1.6x 1.6x NA 7.9x 7.8x NA 5.0% $12.0 $1,016.0 G&K Services Inc. $798.7 $907.4 $37.29 $42.95 $31.12 86.8% (4.1%) (4.1%) (6.2%) 17.7x 15.3x 1.1x 1.0x 1.0x 8.3x 7.5x 6.9x 12.0% $14.0 $198.3 H&R Block, Inc. $7,928.7 $4,139.4 $24.60 $25.67 $19.80 95.8% 6.8% 6.8% 0.6% 17.9x 16.5x 2.3x 1.8x 1.6x 9.4x 9.8x 9.8x 13.8% $518.6 $1,961.2 Hollywood Media Corp. $137.9 $101.9 $4.12 $5.13 $3.20 80.2% (1.9%) (1.9%) (7.4%) NM 11.8x 1.1x 0.9x 0.7x NEG 27.4x 8.9x 50.0% $27.4 $6.1 IKON Office Solutions Inc. $1,882.3 $4,104.8 $14.90 $17.41 $11.82 85.6% (9.0%) (9.0%) 26.1% 15.0x 13.7x 0.6x 0.6x 0.5x 8.6x 5.9x 7.0x 8.0% $365.8 $824.1 Iron Mountain Inc. $5,557.0 $2,279.2 $27.98 $29.91 $22.64 93.6% 1.5% 1.5% 0.7% 35.5x 29.8x 3.6x 3.1x 2.9x 13.8x 11.8x 10.9x 23.5% $45.4 $2,634.8 Mobile Mini, Inc. $948.5 $253.3 $26.59 $37.12 $24.59 71.6% (1.3%) (1.3%) 7.0% 17.5x 15.6x 4.9x 3.9x 3.5x 11.1x 8.9x 8.0x 20.0% $11.7 $293.5 National Technical Systems Inc. $52.7 $115.2 $6.02 $8.47 $4.87 71.1% (11.9%) (11.9%) 17.6% NA NA 0.7x NA NA 6.7x NA NA NA $1.9 $24.7 Providence Service Corp. $264.4 $177.0 $22.00 $34.50 $21.48 63.8% (12.5%) (12.5%) (23.0%) 16.0x 13.8x 1.3x 1.0x 0.8x 10.2x 7.2x 6.3x 22.7% $40.2 $1.0 RR Donnelley & Sons Co. $8,043.3 $9,237.2 $37.10 $37.48 $28.50 99.0% 4.4% 4.4% 13.8% 13.6x 12.7x 1.1x 1.0x 1.0x 7.4x 6.5x 6.6x 9.6% $250.7 $2,613.4 TechTeam Global Inc. $113.9 $164.4 $11.03 $11.33 $7.07 97.4% (2.0%) (2.0%) 7.4% 21.6x NA 0.6x 0.5x NA 11.4x 7.4x NA 15.0% $26.4 $5.1 United Rentals Inc. $2,088.6 $3,875.0 $25.75 $37.84 $20.25 68.0% 1.3% 1.3% (12.1%) 9.8x 9.3x 1.3x 1.2x 1.1x 4.6x 4.1x 3.8x 10.0% $140.0 $2,957.0 MEAN $3,428.9 85.2% 1.4% 1.4% 9.2% 19.1x 17.4x 1.4x 1.3x 1.3x 9.8x 9.2x 9.0x 16.4% MEDIAN $839.2 92.9% 1.5% 1.5% 7.4% 17.8x 15.8x 1.1x 1.0x 1.1x 10.2x 7.8x 8.0x 14.6% Piper Jaffray & Co. Services Update Tracking Capital Markets and M&A Activity February 1, 2007

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