U.S. Technology, Media & Telecom Industry

Technology, Media & Telecom Industry Update May 2012

Member FINRA/SIPC

www.harriswilliams.com Table of Contents Technology, Media & Telecom

What We've Been Reading…………………………………………………………………………………………1

Bellwethers……………………………………………………………………………………………2

TMT Public Market Trading Statistics………………………………………………………………………..…………………..3

Recent TMT M&A Activity…………………………………………………………………………………………….4

Recent U.S. TMT Initial Public Offerings………………………………………………………………………….………………...………..5

Public and M&A Market Overview by Sector

Data and Information Services………………………………………………………………..…………..6

Financial Technology…………………………………………………………………………8

Internet & Digital Media……………………………………………………..…………………..10

IT and Tech-Enabled Services………………………………………………………………..13

Software – Application…………………………………………………….…………………..15

Software – Infrastructure……………………………………………………..…………………..18

Software – SaaS……………………………………………………………………………………………………..20

Tech Hardware……………………………………………………………………..…………………..22

Telecom………………………………………………………………………………………………..25

Selected HW&Co. TMT Transactions…………………………………………………………………………………………..28

TMT Group Overview and Disclosures…………………………………………………………………………………………..29

Note: All market data in the following materials is as of April 30, 2012. What We’ve Been Reading

How The Bush Tax Cuts Could Lead To A Crazy Year For M&A Business Insider 4/30/2012 An increased amount of M&A activity is expected in the remainder of 2012 as potential changes in the capital gains tax policies are motivating firms to exit investments before the end of the year when the Bush Tax Cuts expire. At the end of 2012, capital gains taxes will jump from 15% to 20%, with some speculating it could reach as high as 39%. Both investors and founders looking to maximize their capital gains are being more aggressive in seeking 2012 exits at the right prices. Read the full article here.

Health Care Data Breaches Highlight Need for Security Investment eWeek 4/25/2012 Recent network and data breaches at Emory Healthcare in Atlanta, the South Carolina Department of Health and Human Services, and the Utah Department of Health underscore the need for increased security investment at healthcare organizations. New regulations requiring healthcare organizations to disclose data breaches publicly further support the need to implement proactive security policies. IDC Health Insights recommends investing in software programs providing data mining and intrusion protection, auditing security practices, and limiting data storage to data centers. Read the full article here.

Big-Data Investors Look for the Next Splunk Reuters 4/20/2012 The recent successful IPO of Splunk, Inc has sparked stronger investor interest in the big data space. For a sector that has been growing in “relative obscurity” until recently, the growing realization of the broad applications of big data technologies is spurring investor interest. While most pure-play big data companies are still a few years away, the market should expect to see increased M&A activity in the near term. Read the full article here.

The Post-Cash, Post-Credit-Card Economy New York Times 4/28/2012 A recent Pew Research Center survey shows that approximately two-thirds of the survey respondents, comprised of technologists and social scientists, believe that mobile payment and banking technologies such as the mobile wallet will have substantially replaced both cash and credit cards by the year 2020. A wide variety of technology startups are vying for a piece of this rapidly expanding market, while established players, such as PayPal who posted $118B in total transactions last year, continue to expand their offerings and partnerships. Read the full article here.

Questions for Mobile Computing Technology Review 5/1/2012 Mobile computing is being adopted by consumers at rates never seen before. Last year, smart phones and tablets outsold personal computers for the first time. According to Forrester Research, in the next 4 years more people will access the internet via mobile devices than via personal computers. Hardware distinctions are expected to fade as cloud storage becomes accessible on all devices. These trends raise questions for technology companies evaluating their strategies for the post personal computer era. Read the full article here.

1 Public Market Trading Statistics Bellwethers

Stock Last Twelve Months Last 30 Days Performance 140% 120%

130% 115%

120% 110%

110% 105%

100% 100%

90% 95%

80% 90%

11 12

11 11

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

04/11/12 04/13/12 04/15/12 04/17/12 04/19/12 04/21/12 03/30/12 04/01/12 04/03/12 04/05/12 04/07/12 04/09/12 04/23/12 04/25/12 04/27/12 04/29/12

Nasdaq Bellwethers Nasdaq Bellwethers

Summary Apple Inc. $ 546,057.5 $ 583.98 90.7% 33.2% 43.4% 3.1x 2.6x 8.2x 6.7x Microsoft Corporation 268,953.7 32.02 97.2% 7.1% 10.3% 2.9x 2.8x 7.0x 6.5x International Business Machines Corporation 238,863.5 207.08 98.3% 1.2% 2.5% 2.4x 2.3x 9.5x 9.3x Google Inc. 197,185.0 604.85 90.2% 24.2% 38.3% 3.9x 3.3x 10.6x 8.0x Samsung Electronics Co. Ltd. 160,467.9 1,229.87 98.7% NA NA 1.0x NA 5.8x NA Oracle Corporation 146,268.1 29.40 80.5% 3.6% 22.0% 3.6x 3.5x 8.3x 7.0x Intel Corporation 142,196.7 28.40 98.7% 5.7% 5.7% 2.5x 2.4x 5.8x 5.4x QUALCOMM Inc. 109,422.2 63.83 92.7% 23.4% 28.0% 4.8x 4.2x 13.0x 9.9x Cisco Systems, Inc. 108,553.6 20.16 94.6% 6.5% 23.8% 1.7x 1.6x 6.4x 5.2x Amazon.com Inc. 104,477.0 231.90 94.0% 31.5% 80.9% 1.9x 1.6x 54.4x 31.9x SAP AG 78,988.5 66.36 91.4% 11.4% 2.2% 4.0x 3.7x 11.1x 10.8x EMC Corporation 59,232.8 28.21 94.0% 10.5% 28.7% 2.5x 2.3x 10.6x 8.6x eBay Inc. 52,966.2 41.02 98.0% 20.3% 36.7% 3.7x 3.3x 13.3x 10.2x Hewlett-Packard & Company 48,959.0 24.76 59.3% (1.5%) 3.5% 0.6x 0.6x 4.6x 4.4x

Total Comp Set Median $125,809.4 94.0% 10.5% 23.8% 2.7x 2.6x 8.9x 8.0x

2 TMT Public Market Trading Statistics by Vertical

Stock Price % Change LTM Revenue LTM EBITDA TEV / Revenue Multiple TEV / EBITDA Multiple Comparable Industry Segment 1 Month 12 Month Growth Margin LTM 2012P 2013P LTM 2012P 2013P Trading Bellwethers 0.8% 18.8% 11.6% 32.1% 2.7x 2.6x 2.3x 8.9x 8.0x 6.7x Data and Information Services (0.3% ) 11.9% 10.4% 25.9% 2.9x 2.9x 2.7x 10.1x 9.1x 8.4x Summary Diversified Information Services (0.9%) 23.0% 7.7% 28.2% 3.0x 2.9x 2.7x 9.8x 8.9x 8.4x Lender/Mortgage/Real Estate Data and Processing 2.8% 8.9% 7.2% 19.4% 2.5x 2.4x 2.3x 11.9x 8.0x 7.6x Market Data and Research 0.1% (1.1%) 13.0% 16.5% 2.0x 2.2x 2.0x 11.1x 12.1x 10.5x Financial Data and Media (2.3%) 2.3% 10.6% 37.5% 4.1x 4.6x 4.3x 12.5x 10.3x 9.4x Financial Technology 0.2% 14.1% 13.3% 27.6% 3.3x 2.9x 2.7x 11.3x 9.9x 8.9x Financial Software and Solutions (2.0%) 3.3% 13.4% 26.6% 3.7x 3.3x 3.0x 13.3x 11.0x 10.1x Transaction and Payment Processing 1.7% 22.0% 12.0% 27.6% 2.7x 2.6x 2.5x 10.7x 9.3x 8.4x Internet & Digital Media (2.6% ) (5.6% ) 27.5% 20.0% 2.9x 2.4x 2.1x 10.2x 8.5x 7.7x Advertising & Marketing (9.1%) 0.2% 57.8% 29.6% 5.5x 4.6x 2.8x 18.5x 14.5x 10.3x Content & Services (3.9%) (22.0%) 29.3% 13.9% 2.9x 2.4x 2.1x 9.8x 9.8x 8.8x Content Delivery & Management (7.4%) (13.6%) 20.7% 23.0% 2.9x 1.9x 1.8x 9.7x 8.5x 7.3x e-Commerce 4.8% 2.1% 30.3% 18.1% 3.7x 3.3x 2.8x 19.4x 11.5x 10.2x Diversified Media (2.0%) 1.7% 4.9% 21.9% 1.8x 1.7x 1.7x 7.5x 7.2x 6.8x IT and Tech-Enabled Services (1.4% ) 2.5% 10.2% 15.7% 1.4x 1.4x 1.2x 9.6x 8.6x 7.5x IT Services (4.0%) (11.3%) 15.8% 11.2% 0.6x 1.3x 1.1x 6.5x 8.7x 7.7x Government IT & BPO (1.5%) 5.1% 10.2% 9.9% 0.6x 0.5x 0.5x 9.3x 6.2x 5.9x Onshore BPOs (0.2%) 3.5% 2.6% 15.7% 0.9x 1.0x 1.0x 8.6x 5.7x 4.6x Offshore BPOs 0.1% 4.6% 15.8% 18.4% 2.3x 2.1x 1.8x 11.0x 10.6x 9.7x Software – Application (3.2% ) 8.7% 18.9% 21.2% 3.6x 3.4x 3.1x 14.3x 10.6x 10.4x Enterprise Software (1.9%) 11.5% 18.4% 23.2% 3.6x 3.5x 3.2x 11.0x 10.4x 9.5x Product Lifecycle Management/Technical Design (3.5%) 9.1% 14.6% 21.9% 3.4x 2.3x 2.1x 12.9x 8.3x 7.9x Customer Engagement/Call Center Management (3.2%) 4.5% 11.4% 17.9% 2.4x 2.1x 1.9x 14.7x 8.1x 7.6x Human Capital Management (0.2%) 16.8% 21.0% 10.6% 7.6x 6.0x 4.9x 68.6x 29.1x 23.6x Vertically Focused - Public Sector 0.7% 9.0% 13.6% 19.3% 3.7x 3.3x 2.9x 14.4x 13.0x 10.8x Vertically Focused - Healthcare IT (9.5%) 3.2% 24.8% 27.3% 5.0x 4.2x 3.7x 15.9x 12.5x 10.7x Software – Infrastructure (1.8% ) 6.7% 15.6% 22.4% 3.1x 3.5x 3.2x 11.8x 11.1x 10.1x Enterprise IT Management (0.0%) (0.4%) 14.4% 22.6% 3.0x 2.7x 2.5x 10.3x 9.5x 11.4x Security (2.3%) 18.2% 12.8% 27.5% 7.0x 6.5x 5.5x 12.4x 11.1x 10.1x Enterprise Storage (4.4%) 6.2% 22.2% 17.6% 3.6x 3.3x 2.9x 16.3x 12.4x 11.0x Software – SaaS (4.3% ) 5.9% 34.4% 15.3% 6.9x 5.6x 4.4x 23.5x 18.8x 15.2x Technology Hardware (5.6% ) (5.7% ) 0.9% 17.4% 1.1x 1.2x 1.1x 7.4x 6.6x 5.5x Semiconductor Devices (5.0%) (11.1%) 0.5% 21.9% 2.2x 2.1x 1.8x 9.8x 8.2x 6.9x Semiconductor Equipment (6.8%) (4.2%) (6.5%) 22.1% 1.4x 1.4x 1.2x 6.6x 6.8x 5.6x Electronic Manufacturing (8.3%) (9.8%) 3.3% 5.7% 0.3x 0.3x 0.3x 5.7x 5.0x 4.5x PCs, Servers, and Computing Components (0.6%) 6.4% 3.3% 13.2% 0.8x 0.7x 0.8x 6.9x 6.0x 5.4x Storage and Networking Components (13.8%) (12.4%) 8.6% 23.6% 1.0x 1.0x 0.9x 6.0x 4.8x 3.6x Telecommunications (5.8% ) (9.5% ) 9.8% 22.7% 2.0x 1.9x 1.7x 8.4x 7.9x 6.2x Network Optimization (7.8%) (20.2%) 18.2% 21.3% 3.7x 3.3x 2.8x 10.8x 9.2x 7.8x Fiber Optics (12.9%) (31.9%) 5.5% 7.1% 1.3x 1.2x 1.1x 26.9x 10.8x 9.2x Telecom/Networking Equipment (9.0%) (18.2%) 6.4% 16.6% 1.2x 1.2x 1.2x 7.4x 7.8x 5.8x Carriers and Content Providers (5.3%) (14.3%) 11.1% 25.5% 1.8x 1.8x 1.7x 6.1x 5.7x 5.3x Infrastructure Services 6.1% 31.0% 11.8% 62.7% 13.2x 11.1x 9.8x 21.1x 17.6x 15.1x Managed Services 7.0% 49.2% 27.1% 40.0% 5.7x 5.1x 4.4x 13.7x 11.1x 9.5x NASDAQ (0.8% ) 8.6%

Note: Public comparables exclude companies with market capitalization below $500 million.

Valuation Current Valuation Versus Historical Five-Year Average Summary 120%

Five-Year Average 100%

80%

60%

40%

20%

0% Data and Financial Internet & IT and Software – Software – Software – Technology Telecommunications Information Services Technology Digital Media Tech-Enabled Services Application Infrastructure SaaS Hardware

Note: Based on current TEV/LTM EBITDA versus five-year historical average. 3 Recent TMT M&A Activity

Date Date Enterprise LTM Multiples Summary Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA

Statistics 04/30/12 Pending PLX Technology Inc. Fun World Media, Inc. $ 300.8 2.6 x NA 04/27/12 Pending Demandforce, Inc. Intuit Inc. 423.5 NA NA 04/26/12 Pending Gemcom Software International, Inc. Dassault Systemes SA 360.0 NA NA 04/26/12 Pending Torex Retail Holdings Limited MICROS Systems, Inc. 263.1 NA NA 04/25/12 Pending Archives.com Ancestry.com Inc. 100.0 NA NA 04/24/12 Pending Cray Inc., Interconnect Hardware Assets Intel Corporation 140.0 NA NA 04/23/12 Pending Thomson Reuters, Health Care Business Veritas Capital 1,250.0 NA NA 04/20/12 Pending MU Dynamics, Inc. Spirent Communications Plc. 40.0 NA NA 04/20/12 Pending Kawasaki Microelectronics, Inc. Megachips Corp. 104.2 NA NA 04/18/12 Pending Knology, Inc. WOW! Internet, Cable and Phone 1,488.9 2.9 x 8.3 x 04/17/12 Pending IBM, Point-of-Sale Business Toshiba Tec Corp. 842.3 NA NA 04/16/12 Pending SRS Labs Inc. DTS Inc. 114.4 3.5 x 65.2 x 04/15/12 Pending Openwave, Mediation and Messaging Marlin Equity Partners 55.0 NA NA 04/13/12 Pending Objet Ltd. Stratasys Inc. 606.4 5.0 x 30.2 x 04/10/12 Pending X-Rite, Incorporated Danaher Corp. 629.6 2.7 x 11.1 x 04/09/12 Pending Elo TouchSystems, Inc. The Gores Group LLC 380.0 0.9 x NA 04/09/12 Pending eResearchTechnology, Inc. Genstar Capital, LLC 376.7 2.0 x 9.2 x 04/09/12 Pending Instagram, Inc. Facebook, Inc. 1,000.0 NA NA 04/03/12 Pending DDI Corp. Viasystems Group, Inc. 267.8 1.0 x 7.9 x 04/02/12 Pending Wyse Technology, Inc. Dell Inc. 1,000.0 2.9 x NA 04/02/12 04/10/12 LogLogic, Inc. TIBCO Software Inc. 130.0 NA NA 03/27/12 03/30/12 MSDSonline Inc. ICG Group, Inc. 48.1 3.7 x NA 03/26/12 Pending Comverge, Inc. Bayside Capital, Inc.; H.I.G. Bayside 50.9 0.4 x NA 03/26/12 Pending Opnext, Inc. Oclaro, Inc. 133.5 0.4 x NA 03/24/12 Pending ClairMail, Inc. Monitise plc 174.4 10.0 x NA 03/23/12 03/30/12 MediConnect Global, Inc. Verisk Analytics, Inc. 348.6 6.0 x 15.8 x 03/22/12 Pending Convergys, Information Management NetCracker Technology Corporation 449.0 NA NA 03/22/12 03/22/12 Coolsand Holding Co., Ltd. RDA Microelectronics, Inc. 45.3 NA NA 03/21/12 03/21/12 OMGPOP, Inc. Zynga, Inc. 180.0 NA NA 03/21/12 04/05/12 BroadLight, Inc. Broadcom Corp. 205.0 NA NA 03/19/12 Pending Kiva Systems, Inc. Amazon.com Inc. 775.0 NA NA 03/18/12 Pending AboveNet, Inc. Zayo Group Inc. 2,149.8 4.5 x 11.2 x 03/16/12 03/16/12 Social Hour Inc. PlayPhone, Inc. 51.5 NA NA 03/16/12 Pending NEXX Systems, Inc. Tokyo Electron Ltd. 248.9 3.9 x 36.0 x 03/15/12 Pending NDS Group Ltd. Cisco Systems, Inc. 4,964.8 5.0 x 17.5 x 03/14/12 Pending Radvision Ltd. Avaya Inc. 163.7 2.1 x NA 03/13/12 Pending SonicWALL, Inc. Dell Inc. 1,200.0 4.6 x NA 03/08/12 Pending Quest Software Inc. Insight Venture Partners 1,947.3 2.3 x 12.7 x 03/08/12 Pending GFI Solutions Group, Inc. Private Equity Consortia 111.0 1.3 x NA 03/06/12 04/25/12 Transcend Services, Inc. Nuance Communications, Inc. 318.1 2.5 x 12.2 x Median $ 284.3 2.8x 12.4x Note: Includes announced domestic transactions over the last two months where enterprise value is more than $40 million.

Summary Transaction Volume and Revenue Multiples Transaction Volume by Segment

Data and Statistics 90 6.0 x Information Services Financial 80 5% Technology Telecom 6% 4.8 x 5.0 x 15%

70 LTM Revenue LTM MultipleRevenue

60 3.8 x 4.0 x 3.2 x Internet & Digital Media 50 3.0 x 17% 2.6 x 2.8 x 3.0 x 40 Technology Hardware 2.0 x 22%

TransactionVolume 30 2.0 x 1.5 x 1.4 x 20 IT and Tech- 1.0 x Enabled Services 10 8% Software – SaaS Software – 0 0.0 x 3% Software – Data and Financial Internet & IT and Tech- Software – Software – Software – Technology Telecom Infrastructure 7% Application Information Technology Digital Media Enabled Application Infrastructure SaaS Hardware 17% Services Services Note: Includes closed transactions over the last twelve months where enterprise value is publicly disclosed and more than $40 million. 4 Recent U.S. TMT Initial Public Offerings

($ in millions) IPO Details Financials at IPO (LTM) Trading Multiples Recent IPO Gross Offering % Post-IPO EBITDA 1YR Rev. TEV/LTM TEV/LTM Statistics Date Company Amount Secondary Perf. Revenue Margin Growth Revenue EBITDA 04/24/12 Envivio, Inc. $ 69.8 16.2% 2.8% $ 50.6 4.4% 68.8% 5.3x NM 04/19/12 Proofpoint, Inc. 82.3 18.9% 0.8% 81.8 NM 26.3% 4.7x NM 04/19/12 Infoblox Inc. 120.0 23.4% 27.5% 151.9 NM 48.7% 5.7x NM 04/18/12 Splunk, Inc. 229.5 7.4% 99.7% 121.0 NM 82.6% 26.6x NM 03/28/12 Millennial Media Inc. 132.6 9.8% 45.9% 103.7 NM 116.8% 13.8x NM 03/27/12 Vocera Communications, Inc. 93.6 14.5% 38.4% 79.5 1.5% 40.0% 5.8x NM 03/21/12 ExactTarget, Inc. 161.5 0.0% 42.2% 207.5 NM 54.5% 8.2x NM 03/21/12 Vantiv, Inc. 500.0 0.0% 32.5% 1,622.4 26.9% 39.6% 4.2x 15.7x 03/14/12 M/A-Com Technology Solutions Holdings 114.0 7.4% 4.4% 308.4 18.6% 18.5% 3.4x 18.3x 03/14/12 Demandware, Inc. 88.0 0.0% 70.3% 56.5 3.8% 54.1% 15.1x NM 03/01/12 Yelp, Inc. 107.3 0.7% 52.4% 83.3 NM 74.5% 15.5x NM 02/23/12 Bazaarvoice, Inc. 113.8 5.1% 65.1% 94.0 NM 143.2% 12.2x NM 02/17/12 Brightcove, Inc. 55.0 0.0% 70.5% 63.6 NM 45.4% 8.0x NM 02/09/12 Synacor, Inc. 34.1 20.0% 65.8% 91.1 7.4% 37.5% 2.6x 35.1x 02/01/12 Greenway Medical Technologies, Inc. 66.7 19.2% 54.0% 105.8 5.2% 63.6% 5.4x NM 02/01/12 AVG Technologies N.V. 128.0 50.0% (13.4%) 272.4 29.5% 25.4% 4.0x 13.7x 01/24/12 Guidewire Software, Inc. 115.1 0.0% 109.4% 190.2 13.6% 31.4% 7.4x 54.7x 12/15/11 Zynga, Inc. 1,000.0 0.0% 138.8% 1,024.6 18.6% 743.5% 5.2x 28.1x 12/12/11 Jive Software, Inc. 161.3 25.1% 98.4% 69.4 NM 131.5% 21.0x NM 11/18/11 Digital Domain Media Group, Inc. 41.8 0.0% 0.0% 106.4 NM 66.5% 4.2x NM 11/17/11 Intermolecular, Inc. 96.5 41.1% (33.3%) 52.9 8.1% 96.4% 7.0x 87.0x 11/16/11 Angie's List, Inc. 114.3 28.9% 7.3% 78.7 NM 72.6% 10.2x NM 11/15/11 InvenSense, Inc. 75.0 0.0% 114.4% 129.7 30.6% 63.0% 9.6x 31.2x 11/08/11 Imperva Inc. 90.0 5.0% 93.2% 72.0 NM 82.9% 11.4x NM 11/03/11 Groupon, Inc. 700.0 0.0% (46.5%) 1,290.5 NM 312.4% 5.3x NM Median $ 113.8 7.4% 45.9% $ 103.7 10.9% 63.6% 7.0x 29.6x Note: Includes major U.S. exchanges and transactions for companies located in the U.S. over the last six months.

Number of Transactions by Tier Percentage of Transactions by Tier

60 100%

90% 50 80%

70% 40 60%

30 50%

40% 20 30%

20% 10 10%

0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012 YTD YTD

Tier by Market Capitalization on IPO Pricing Date $0 - $250M $250M - $500M $500M - $1,000M $1,000M - $2,000M $2,000M +

Note: Includes major U.S. exchanges and transactions for companies located in the U.S.

5 Public Market Trading Statistics Data and Information Services

Stock Last Twelve Months Last 30 Days Performance 130% 120%

115% 120%

110% 110%

105%

100% 100%

90% 95%

80% 90%

11 12

11 11

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

04/09/12 04/11/12 04/13/12 04/15/12 04/17/12 04/19/12 03/30/12 04/01/12 04/03/12 04/05/12 04/07/12 04/21/12 04/23/12 04/25/12 04/27/12 04/29/12

Nasdaq Data and Information Services Nasdaq Data and Information Services

($ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P Diversified Information Services Summary Thomson Reuters Corporation $ 24,740.8 $ 29.85 74.8% (5.7%) 5.5% 2.3x 2.4x 9.3x 8.8x Experian plc 15,865.0 15.79 97.0% NA NA 3.9x NA 12.2x NA Reed Elsevier plc 9,963.1 8.28 76.0% NA NA NA 0.8x NA 2.6x Verisk Analytics, Inc. 8,111.3 48.95 98.6% 12.8% 15.6% 6.8x 6.0x 15.5x 13.4x Alliance Data Systems Corporation 6,704.9 128.49 98.3% 11.7% 24.2% 3.9x 3.6x 13.2x 11.1x IHS Inc. 6,644.0 101.07 99.0% 16.5% 84.4% 5.2x 4.7x 26.1x 14.5x Equifax Inc. 5,516.0 45.82 97.0% 8.7% 10.6% 3.1x 3.0x 9.7x 9.0x Wolters Kluwer NV 5,116.9 17.25 78.4% NA NA 1.8x NA 7.3x NA Informa plc 4,045.5 6.73 89.9% NA NA 2.7x NA 9.8x NA NeuStar, Inc. 2,432.2 36.35 94.0% 32.3% 50.1% 4.2x 3.5x 10.1x 7.3x UBM plc 2,335.9 9.57 91.6% 3.3% 5.0% 2.1x 1.9x 9.4x 8.6x Fair Isaac Corporation 1,545.8 42.90 95.3% 1.8% 3.2% 2.9x 2.9x 9.7x 9.7x Acxiom Corporation 1,073.5 13.73 91.2% (4.8%) (4.1%) 1.0x 1.1x 5.1x 5.3x Median $ 5,516.0 94.0% 8.7% 10.6% 3.0x 2.9x 9.8x 8.9x

Lender/Mortgage/Real Estate Data and Processing Fidelity National Information Services, Inc. $ 9,946.4 $ 33.67 99.0% 4.5% 8.4% 2.5x 2.4x 8.6x 8.0x Lender Processing Services, Inc. 2,274.6 26.55 88.5% (3.2%) 15.9% 1.6x 1.7x 8.3x 7.1x CoStar Group Inc. 1,881.0 72.89 99.3% 12.4% 17.2% 5.1x 4.7x 25.8x 22.6x CoreLogic, Inc. 1,779.3 16.70 87.0% 6.1% 106.4% 1.7x 1.7x 11.9x 6.6x LoopNet, Inc. 823.1 19.17 99.1% 11.5% 98.6% 7.9x 7.3x 43.8x 23.7x Median $ 1,881.0 99.0% 6.1% 17.2% 2.5x 2.4x 11.9x 8.0x

Market Data and Research Gartner Inc. $ 4,089.6 $ 43.80 100.0% 10.8% 32.0% 2.8x 2.6x 17.4x 13.2x Aegis Group plc 3,306.7 2.88 97.9% NA NA 1.9x NA 10.1x NA Ipsos SA 1,469.3 32.44 68.7% NA NA 1.3x NA 9.4x NA Forrester Research Inc. 803.6 35.45 88.6% 10.0% 16.7% 2.0x 1.9x 12.2x 10.9x Median $ 2,388.0 93.2% 10.4% 24.4% 2.0x 2.2x 11.1x 12.1x

Financial Data and Media Moody's Corporation $ 9,201.5 $ 40.95 95.1% 9.5% 9.4% 4.1x 3.9x 9.7x 9.1x FactSet Research Systems Inc. 4,710.0 104.86 93.3% 10.5% 12.2% 5.8x 5.4x 15.6x 14.3x MSCI Inc. 4,444.3 36.59 93.8% 7.1% 9.1% 5.7x 5.3x 12.5x 11.4x Dun & Bradstreet Corporation 3,721.9 77.78 89.9% (0.8%) 9.2% 2.6x 2.6x 8.7x 8.0x Morningstar Inc. 2,890.5 57.72 90.2% NA NA 3.8x NA 13.2x NA Median $ 4,444.3 93.3% 8.3% 9.3% 4.1x 4.6x 12.5x 10.3x

Total Data and Information Median $ 4,045.5 93.8% 9.1% 13.9% 2.9x 2.9x 10.1x 9.1x

6 Comparable Transactions Data and Information Services

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/23/12 Pending Thomson Reuters, Health Care Business Veritas Capital $ 1,250.0 NA NA 04/02/12 04/10/12 LogLogic, Inc. TIBCO Software Inc. 130.0 NA NA 03/23/12 03/30/12 MediConnect Global, Inc. Verisk Analytics, Inc. 348.6 6.0 x 15.8 x 02/23/12 Pending GlobeOp Financial Services S.A SS&C Technologies Holdings, Inc. 717.0 3.2 x 11.6 x 01/31/12 03/16/12 JBIS Holdings, Inc. NTT Data Corporation 129.1 0.3 x 20.7 x 01/05/12 01/05/12 Miyowa Inc. Synchronoss Technologies, Inc. 59.0 4.6 x NA 12/23/11 12/28/11 De Novo Legal, LLC Epiq Systems Holdings, LLC 118.7 2.0 x 7.0 x 11/14/11 11/14/11 LesPAC inc. Mediagrif Interactive Technologies Inc. 71.3 5.7 x NA 11/10/11 03/19/12 Bitstream Inc. Monotype Imaging Holdings Inc. 42.5 1.5 x NA Median $ 129.1 3.2x 13.7x Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 60 7.0x

50 6.0x LTM Multiple Revenue 5.0x 40 3.7x 3.2x 4.0x 30 2.8x 2.8x 2.7x 2.7x 2.7x 2.3x 2.2x 2.5x 2.0x 3.0x 20

2.0x Transaction Volume Transaction

10 1.0x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million.

7 Public Market Trading Statistics Financial Technology

Stock Last Twelve Months Last 30 Days

Performance 150% 120%

140% 115% 130% 110% 120%

110% 105%

100% 100% 90% 95% 80%

70% 90%

11 12

11 11

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

03/30/12 04/01/12 04/23/12 04/25/12 04/27/12 04/29/12 04/03/12 04/05/12 04/07/12 04/09/12 04/11/12 04/13/12 04/15/12 04/17/12 04/19/12 04/21/12

Nasdaq Financial Technology Nasdaq Financial Technology

($ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P Financial Software and Solutions $ 1,719.7 $ - $ 0.9 $ 0.1 $ 0.2 $ 3.7 $ 3.3 $ 13.3 $ 11.0 Summary Intuit Inc. $ 17,095.8 $ 57.97 93.0% 8.0% 19.0% 4.2x 3.9x 12.3x 10.4x Jack Henry & Associates Inc. 2,946.8 33.96 96.0% 6.2% 8.1% 3.0x 2.8x 9.4x 8.7x Broadridge Financial Solutions Inc. 2,878.9 23.21 93.1% 6.4% 15.9% 1.4x 1.3x 8.5x 7.3x SS&C Technologies Holdings, Inc. 1,853.7 23.77 97.2% 14.8% 20.8% 5.2x 4.5x 14.1x 11.7x ACI Worldwide, Inc. 1,585.6 39.86 94.9% 50.9% 58.5% 3.1x 2.1x 14.5x 9.1x Advent Software, Inc. 1,377.3 26.98 91.3% 12.0% 8.4% 4.0x 3.5x 12.6x 11.6x Financial Engines, Inc. 1,050.8 22.84 78.8% 26.0% 91.3% 6.3x 5.0x 35.9x 18.8x Bottomline Technologies Inc. 852.5 23.53 78.7% 14.7% 39.2% 3.4x 3.0x 20.7x 14.9x Median $ 1,719.7 93.0% 13.3% 19.9% 3.7x 3.3x 13.3x 11.0x

Transaction and Payment Processing $ 7,277.5 $ - $ 1.0 $ 0.1 $ 0.1 $ 2.7 $ 2.6 $ 10.7 $ 9.3 Visa, Inc. $ 82,670.5 $ 122.98 99.0% 9.7% 13.8% 8.3x 7.6x 13.1x 11.5x Mastercard Inc. 57,202.8 452.27 97.8% 12.7% 14.7% 7.7x 6.9x 14.0x 12.2x Automatic Data Processing, Inc. 27,285.8 55.62 97.4% 6.7% 7.5% 2.4x 2.3x 11.4x 10.8x Paychex, Inc. 11,231.6 30.98 91.9% 6.5% 5.7% 4.7x 4.5x 11.1x 10.7x Fidelity National Information Services, Inc. 9,946.4 33.67 99.0% 4.5% 8.3% 2.5x 2.4x 8.6x 8.0x Fiserv, Inc. 9,650.0 70.29 99.1% 4.6% 12.8% 2.9x 2.8x 9.7x 8.6x Vantiv, Inc. 4,905.1 22.52 99.0% (38.4%) 11.6% 3.6x 6.0x 13.6x 12.4x Total System Services, Inc. 4,442.5 23.52 98.5% 3.3% 18.1% 2.3x 2.3x 9.2x 8.0x Global Payments Inc. 3,647.5 46.43 86.1% 11.8% 9.4% 1.7x 1.6x 7.5x 7.2x Wright Express Corporation 2,479.3 63.82 96.4% 8.8% 18.6% 4.9x 4.5x 10.9x 9.2x Heartland Payment Systems, Inc. 1,186.1 30.47 98.3% (73.1%) 21.3% 0.6x 2.3x 10.6x 9.5x Euronet Worldwide Inc. 1,095.5 21.63 96.1% 9.5% 16.6% 1.0x 1.0x 9.0x 7.7x Median $ 7,277.5 98.1% 6.6% 13.3% 2.7x 2.6x 10.7x 9.3x

Total Financial Technology Median $ 3,297.2 96.2% 8.4% 15.3% 3.3x 2.9x 11.3x 9.9x

8 Comparable Transactions Financial Technology

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 03/26/12 Pending ClairMail, Inc. Monitise plc $ 174.4 10.0 x NA 03/06/12 Pending GlobeOp Financial Services S.A SS&C Technologies Holdings, Inc. 717.0 3.2x 11.4x 02/28/12 Pending Thomson Reuters, Portia Business SS&C Technologies Holdings, Inc. 170.0 NA NA 02/07/12 Pending Temenos Group AG Misys plc 1,569.8 3.3x 35.1x 01/13/12 Pending Buckaroo B.V. Intrum Justitia AB 50.7 NA NA 12/19/11 01/31/12 Orc Group AB Cidron Intressenter AB 250.7 1.8x 9.2x 11/28/11 Pending Systems@Work Pte Ltd. Wirecard AG 78.4 NA NA Median $ 174.4 3.3x 11.4x

Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 60 4.7x 5.0x 4.5x 50 3.9x 4.0x 3.4x 3.4x LTM RevenueMultiple 3.2x 3.2x 3.5x 40 3.1x 3.0x 30 2.5x 1.8x 2.0x 1.7x 2.0x 20

Transaction Volume Transaction 1.5x 1.0x 1.0x 10 0.5x 0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million.

9 Public Market Trading Statistics Internet & Digital Media

Stock Last Twelve Months Last 30 Days

Performance 140% 120%

130% 115%

110% 120% 105% 110% 100% 100% 95% 90% 90%

80% 85%

70% 80%

11 12

11 11

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

03/30/12 04/01/12 04/23/12 04/25/12 04/27/12 04/29/12 04/03/12 04/05/12 04/07/12 04/09/12 04/11/12 04/13/12 04/15/12 04/17/12 04/19/12 04/21/12

Nasdaq Internet & Digital Media Nasdaq Internet & Digital Media

($ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P Advertising & Marketing $ 2,341.6 $ - $ 0.8 $ 0.3 $ 0.4 $ 5.5 $ 4.6 $ 18.5 $ 14.5 Summary Google Inc. $ 197,196.3 $ 604.85 90.2% 24.2% 38.3% 3.9x 3.3x 10.6x 8.0x Baidu, Inc. 46,348.6 132.70 80.0% 54.5% 50.4% 17.1x 12.5x 29.5x 22.0x Yahoo! Inc. 18,938.6 15.54 82.5% (10.4%) 20.4% 2.3x 2.6x 8.7x 7.0x Yandex N.V. 7,722.0 23.72 56.5% 43.0% 43.1% 9.4x 7.4x 21.7x 16.5x Groupon, Inc. 6,940.2 10.71 34.4% 44.6% NM 3.6x 2.5x NM 16.2x Bankrate, Inc. 2,341.6 23.42 90.3% 27.5% 31.1% 5.5x 4.6x 18.5x 14.5x ExactTarget, Inc. 1,741.5 27.01 90.4% 25.7% NA 8.2x 6.5x NM NA ValueClick, Inc. 1,708.0 21.18 97.5% 27.0% 36.6% 2.9x 2.4x 10.2x 7.8x Millennial Media Inc. 1,420.7 18.97 68.0% 190.8% NM 13.5x 4.7x NM 88.1x Bazaarvoice, Inc. 1,126.3 19.81 93.9% 31.8% NM 12.1x 9.2x NM NM Constant Contact, Inc. 735.0 24.17 75.1% 17.6% 114.4% 2.6x 2.3x 24.3x 12.6x Median $ 2,341.6 82.5% 27.5% 38.3% 5.5x 4.6x 18.5x 14.5x

Content & Services $ 1,267.7 $ - $ 0.6 $ 0.2 $ 0.3 $ 2.9 $ 2.4 $ 9.8 $ 9.8 LinkedIn Corporation $ 11,203.0 $ 108.45 88.4% 65.5% 168.5% 20.3x 12.3x NM 62.3x VeriSign, Inc. 6,494.9 41.11 95.5% 13.7% 29.4% 7.3x 6.6x 13.6x 11.2x Zynga, Inc. 6,140.0 8.34 52.4% 23.6% NM 3.8x 3.3x NM 10.8x Netflix, Inc. 4,449.0 80.14 26.3% 13.4% (70.1%) 1.2x 1.1x 12.4x 31.6x IAC/InterActiveCorporation 3,913.2 48.15 94.3% 22.8% 59.0% 1.5x 1.2x 10.8x 6.8x AOL, Inc. 2,340.0 25.04 91.2% (4.0%) (13.8%) 0.9x 1.0x 5.8x 6.7x Pandora Media, Inc. 1,430.8 8.60 33.1% 51.7% NM 4.9x 3.2x NM NM Yelp, Inc. 1,368.7 22.86 71.5% 49.8% NM 16.2x 10.8x NM NM WebMD Health Corp. 1,267.7 22.75 38.9% (9.3%) (17.2%) 1.7x 1.9x 7.2x 8.7x Ancestry.com Inc. 1,137.4 26.70 58.3% 16.0% 17.0% 2.6x 2.3x 7.7x 6.9x Monster Worldwide, Inc. 1,046.4 8.63 46.7% (4.7%) 20.1% 1.0x 1.0x 7.3x 6.0x Zillow, Inc. 1,003.5 34.87 58.1% 55.4% 264.4% 13.8x 8.9x NM 40.8x The Active Network, Inc. 977.2 16.80 71.2% 27.8% 141.0% 2.6x 2.0x 44.5x 18.5x Angie's List, Inc. 795.9 13.95 70.4% 69.6% NM 7.0x 4.8x NM NM comScore, Inc. 703.9 19.92 63.7% 19.6% 461.9% 2.9x 2.4x 64.7x 11.5x Dice Holdings, Inc. 693.8 10.78 57.5% 10.4% 10.3% 3.5x 3.2x 8.5x 7.9x Demand Media, Inc. 664.8 8.31 40.6% 7.4% 61.4% 1.8x 1.7x 9.8x 6.1x Median $ 1,267.7 58.3% 19.6% 29.4% 2.9x 2.4x 9.8x 9.8x

Content Delivery & Management Akamai Technologies, Inc. $ 5,805.3 $ 32.59 79.0% 15.8% 15.1% 4.0x 3.6x 9.7x 8.5x Level 3 Communications Inc. 4,986.0 23.06 57.6% 50.2% 70.7% 2.9x 1.9x 14.6x 8.5x Rovi Corporation 3,072.5 28.64 47.1% 11.6% 52.5% 5.2x 4.6x 15.1x 9.9x Mentor Graphics Corporation 1,587.6 14.45 91.7% 8.4% 36.7% 1.7x 1.5x 9.7x 7.1x EarthLink Inc. 862.4 8.12 96.9% 2.7% (7.2%) 0.9x 0.9x 3.8x 4.2x Median $ 3,072.5 79.0% 11.6% 36.7% 2.9x 1.9x 9.7x 8.5x

10 Public Market Trading Statistics Internet & Digital Media

($ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P e-Commerce Summary Amazon.com Inc. $ 104,477.0 $ 231.90 94.0% 31.5% 80.9% 1.9x 1.6x 54.4x 31.9x eBay Inc. 52,966.2 41.02 98.0% 20.3% 36.7% 3.7x 3.3x 13.3x 10.2x (continued) priceline.com Inc. 37,882.7 760.82 98.2% 27.6% 40.2% 8.2x 6.5x 24.7x 17.6x Rakuten, Inc. 14,651.7 1,115.29 93.9% NA NA 3.4x NA 15.5x NA Expedia Inc. 5,420.2 42.65 64.8% 9.6% 13.2% 1.3x 1.2x 6.8x 6.1x Mercadolibre, Inc. 4,270.8 96.74 92.6% 33.9% 36.8% 13.7x 10.3x 38.4x 28.1x Ctrip.com International Ltd. 3,116.4 21.67 43.1% 21.1% 2.7% 3.9x 3.2x 11.8x 11.5x HomeAway, Inc. 2,134.5 26.05 56.9% 22.8% 100.2% 7.9x 6.8x 43.6x 23.5x Live Nation Entertainment, Inc. 1,690.8 9.06 72.8% 2.6% 5.8% 0.5x 0.5x 6.2x 5.8x Liquidity Services, Inc. 1,634.4 53.33 94.5% 32.0% 59.4% 4.5x 3.4x 26.7x 16.8x Vistaprint N.V. 1,379.5 37.29 66.3% 23.6% 5.7% 1.5x 1.3x 12.5x 10.3x Shutterfly, Inc. 1,086.3 31.16 46.7% 17.5% 100.1% 1.9x 1.6x 19.4x 9.7x OpenTable, Inc. 1,009.0 44.72 37.7% 20.6% 60.0% 6.9x 5.7x 22.8x 14.3x Demandware, Inc. 763.9 27.25 85.2% 24.2% NM 14.9x 12.0x 395.0x NM Digital River Inc. 694.3 18.81 51.5% 1.9% 44.6% 0.6x 0.6x 3.8x 2.6x Median $ 2,134.5 72.8% 22.0% 40.2% 3.7x 3.3x 19.4x 11.5x

Diversified Media Comcast Corporation $ 81,843.8 $ 30.35 99.7% 9.9% 6.6% 2.3x 2.1x 6.8x 6.4x Walt Disney Company 77,268.7 43.11 96.9% 4.9% 11.4% 2.1x 2.0x 8.8x 7.9x News Corporation 47,631.1 19.61 96.1% 1.5% 8.2% 1.5x 1.4x 7.5x 6.9x Time Warner Inc. 36,192.9 37.48 95.5% 1.4% (0.2%) 1.8x 1.7x 7.3x 7.3x Viacom, Inc. 25,057.6 46.39 88.1% (0.7%) 3.1% 2.1x 2.1x 7.8x 7.6x CBS Corporation 21,666.4 33.38 96.6% 5.5% 11.4% 1.9x 1.8x 8.6x 7.7x Liberty Interactive Corporation 10,818.9 18.83 95.1% 5.1% 8.2% 1.4x 1.4x 7.8x 7.2x Scripps Networks Interactive, Inc. 7,712.0 50.22 95.9% 8.9% 5.6% 4.0x 3.7x 8.4x 8.0x Gannett Co., Inc. 3,274.6 13.82 85.0% 0.6% 7.3% 1.0x 1.0x 5.0x 4.5x Meredith Corporation 1,292.5 28.83 79.9% 7.6% 14.7% 1.2x 1.2x 6.9x 6.1x The New York Times Company 933.2 6.31 64.9% (10.7%) (10.3%) 0.6x 0.7x 4.0x 4.4x Median $ 21,666.4 95.5% 4.9% 7.3% 1.8x 1.7x 7.5x 7.2x

Total Internet & Digital Media Median $ 2,341.6 79.9% 18.6% 29.4% 2.9x 2.4x 10.2x 8.5x Note: Public comparables exclude companies with market capitalization below $500 million.

11 Comparable Transactions Internet & Digital Media

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/27/12 Pending Demandforce, Inc. Intuit Inc. $ 423.5 NA NA 04/25/12 Pending Archives.com Ancestry.com Inc. 100.0 NA NA 04/09/12 Pending Instagram, Inc. Facebook, Inc. 1,000.0 NA NA 03/21/12 03/21/12 OMGPOP, Inc. Zynga, Inc. 180.0 NA NA 03/19/12 Pending Kiva Systems, Inc. Amazon.com Inc. 775.0 NA NA 03/16/12 03/16/12 Social Hour Inc. PlayPhone, Inc. 51.5 NA NA 02/16/12 02/16/12 Mobile Theory, Inc. Opera Software ASA 50.0 NA NA 01/23/12 02/29/12 Allrecipes.com, Inc. Meredith Corp. 175.0 NA NA 01/13/12 Pending Buckaroo B.V. Intrum Justitia AB 50.7 NA NA 01/05/12 01/05/12 Miyowa Inc. Synchronoss Technologies, Inc. 59.0 4.6x NA 12/22/11 03/06/12 Cotendo, Inc. Akamai Technologies, Inc. 268.0 NA NA 12/16/11 12/28/11 Webs, Inc. VistaPrint USA, Incorporated 117.9 NA NA 12/07/11 12/07/11 Wiggle Ltd. Bridgepoint Capital Group Ltd 313.7 2.3x 19.0x 12/05/11 12/09/11 Jobs2Web, Inc. SuccessFactors, Inc. 111.9 NA NA 11/30/11 01/13/12 Efficient Frontier, Inc. Adobe Systems Inc. 374.8 NA NA 11/28/11 Pending Systems@Work Pte Ltd. Wirecard AG 78.4 NA NA 11/22/11 11/22/11 VideoSurf, Inc. Microsoft Corporation 100.0 NA NA 11/21/11 11/21/11 Hunch Inc. eBay Inc. 80.0 NA NA 11/14/11 11/14/11 Babble Media, Inc. Disney Online 40.0 NA NA 11/14/11 11/14/11 LesPAC inc. Mediagrif Interactive Technologies Inc. 71.3 5.7x NA 11/14/11 12/16/11 Model Metrics, Inc. salesforce.com, inc 66.9 NA NA 11/12/11 01/03/12 Point International AB VeriFone Systems, Inc 1,049.7 5.5x NA 11/08/11 Pending Kobo, Inc. Rakuten, Inc. 315.0 NA NA Median $ 111.9 5.0x 19.0x

Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 125 6.0x 5.0x 5.0x

100 4.5x LTM Multiple Revenue 4.0x 3.5x 4.0x 75 3.0x 3.2x 3.1x 2.7x 2.6x 3.0x 2.4x 50 2.1x

2.0x Transaction Volume Transaction

25 1.0x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million.

12 Public Market Trading Statistics IT and Tech-Enabled Services

Stock Last Twelve Months Last 30 Days Performance 140% 120%

130% 115%

120% 110%

110% 105%

100% 100%

90% 95%

80% 90%

70% 85%

11 12

11 11

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

04/13/12 04/15/12 04/17/12 04/19/12 04/21/12 04/23/12 03/30/12 04/01/12 04/03/12 04/05/12 04/07/12 04/09/12 04/11/12 04/25/12 04/27/12 04/29/12

Nasdaq IT and Tech-Enabled Services Nasdaq IT and Tech-Enabled Services

Summary Accenture plc $ 41,857.1 $ 64.95 98.6% 7.7% 8.1% 1.3x 1.3x 8.4x 8.0x Atos S.A. 6,254.8 64.38 99.5% NA NA 0.7x NA 6.9x NA Cap Gemini S.A. 6,003.2 39.02 70.2% NA NA 0.4x NA 4.8x NA Logica PLC 2,025.1 1.26 53.4% NA NA 0.4x NA 6.1x NA Sapient Corporation 1,678.8 11.97 73.7% 14.2% 18.5% 1.4x 1.3x 11.1x 9.4x Tieto Oyj 1,259.8 17.61 85.0% NA NA 0.5x NA 4.4x NA EPAM Systems, Inc. 875.0 20.64 87.4% 24.5% 24.8% 2.6x 2.1x 13.6x 10.9x Unisys Corporation 815.6 18.66 56.3% (0.6%) 21.7% 0.1x 0.1x 1.1x 1.0x Median $ 1,851.9 79.4% 10.9% 20.1% 0.6x 1.3x 6.5x 8.7x

Government IT & BPO SAIC, Inc. $ 4,155.5 $ 12.16 68.9% 2.4% 111.2% 0.4x 0.4x 9.9x 4.7x CACI International Inc. 1,619.3 61.13 91.9% 7.7% 2.3% 0.6x 0.5x 6.3x 6.2x MAXIMUS, Inc. 1,493.0 44.25 94.6% 6.8% 5.2% 1.4x 1.3x 9.3x 8.9x Tyler Technologies, Inc. 1,202.7 39.95 96.0% 17.2% 26.1% 3.9x 3.4x 21.7x 17.3x ManTech International Corporation 1,158.9 31.42 67.9% 6.9% (1.7%) 0.4x 0.4x 4.4x 4.5x Median $ 1,493.0 91.9% 6.9% 5.2% 0.6x 0.5x 9.3x 6.2x

Onshore BPOs Alliance Data Systems Corporation $ 6,704.9 $ 128.49 98.3% 11.7% 24.2% 3.9x 3.6x 13.2x 11.1x CGI Group, Inc. 5,773.1 22.42 91.2% 1.8% 9.7% 1.6x 1.5x 8.6x 7.8x Computer Sciences Corporation 4,351.4 28.06 54.6% (0.7%) 456.9% 0.4x 0.4x 19.1x 3.4x DST Systems Inc. 2,401.5 55.98 94.2% (13.9%) 12.9% 0.9x 1.0x 5.4x 4.8x Convergys Corporation 1,552.0 13.37 91.9% (3.8%) (16.3%) 0.5x 0.6x 4.8x 5.7x Median $ 4,351.4 91.9% (0.7% ) 12.9% 0.9x 1.0x 8.6x 5.7x

Offshore BPOs Tata Consultancy Services Ltd. $ 46,243.0 $ 23.63 97.3% NA NA 4.7x NA 15.9x NA Infosys Technologies Ltd. 26,705.7 46.74 74.5% 5.2% 3.6% 3.2x 3.1x 10.2x 10.2x Cognizant Technology Solutions 22,323.3 73.33 87.8% 23.4% 22.0% 3.2x 2.6x 15.8x 12.9x Wipro Ltd. 18,791.5 7.69 89.3% 17.8% 19.0% 2.4x 2.2x 12.5x 11.2x HCL Technologies Ltd. 6,730.5 9.72 97.2% NA NA 1.7x NA 10.8x NA Genpact Ltd. 3,713.5 16.68 91.9% 17.1% 13.3% 2.3x 2.0x 12.4x 11.0x Syntel, Inc. 2,504.9 59.89 94.3% 15.8% 2.7% 3.3x 2.9x 11.0x 11.8x Satyam Computer Services Limited 1,724.2 1.47 82.0% NA NA 1.5x NA 9.6x NA Patni Computer Systems Ltd. 1,429.6 9.64 97.5% 10.3% 13.7% 1.5x 1.4x 9.3x 8.4x Exlservice Holdings, Inc. 869.2 27.68 96.0% 25.6% 23.1% 2.2x 1.7x 12.0x 9.7x WNS Holdings Ltd. 557.4 11.13 85.3% (20.7%) 11.8% 1.2x 1.4x 8.0x 7.6x Median $ 3,713.5 91.9% 16.5% 13.5% 2.3x 2.1x 11.0x 10.6x

Total IT Services Median $ 2,401.5 91.2% 7.7% 13.5% 1.4x 1.4x 9.6x 8.6x Note: Public comparables exclude companies with market capitalization below $500 million. 13 Comparable Transactions IT and Tech-Enabled Services

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 03/23/12 03/30/12 MediConnect Global, Inc. Verisk Analytics, Inc. $ 348.6 6.0 x 15.8 x 03/08/12 Pending GFI Solutions Group, Inc. Private Equity Consortia 111.0 1.3 x NA 02/22/12 Pending Roundarch, Inc. Isobar North America, Inc. 485.0 NA NA 02/22/12 Pending Sygnity Spolka Akcyjna Asseco Poland SA 87.9 0.5 x 12.0 x 02/21/12 Pending ATS Corporation Salient Federal Solutions, Inc. 76.4 0.8 x 7.6 x 12/12/11 12/30/11 Ironworks Consulting, LLC ICF Consulting Group, Inc. 100.4 1.8 x 7.5 x 12/08/11 Pending Inmeta Crayon ASA Norvestor Equity 143.5 NA NA 11/24/11 Pending Nexbis Limited, Substantially All Assets Agathis Capital L.P. 76.8 20.5 x NA 11/14/11 12/16/11 Model Metrics, Inc. salesforce.com, inc 66.9 NA NA 11/12/11 Pending Point International AB VeriFone Systems, Inc 1,049.7 5.5 x NA 11/02/11 Pending mindSHIFT Technologies, Inc. Best Buy Co. Inc. 167.0 NA NA 11/01/11 Pending INX Inc. Presidio, Inc. 148.1 0.4 x 41.6 x Median $ 127.2 1.6x 12.0x

Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 100 2.0x

1.6x 1.6x 1.5x LTM RevenueMultiple 75 1.3x 1.5x 1.3x 1.3x 1.3x 1.2x 1.0x 1.0x 1.1x

50 1.0x Transaction Volume Transaction

25 0.5x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million.

14 Public Market Trading Statistics Software – Application

Stock Last Twelve Months Last 30 Days

Performance 140% 120%

130% 115%

110% 120%

105% 110% 100%

100% 95%

90% 90%

80% 85%

11 12

11 11

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

03/30/12 04/01/12 04/23/12 04/25/12 04/27/12 04/29/12 04/03/12 04/05/12 04/07/12 04/09/12 04/11/12 04/13/12 04/15/12 04/17/12 04/19/12 04/21/12

Nasdaq Application Software Nasdaq Application Software

($ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P Enterprise Software $ 3,254.8 $ - $ 0.9 $ 0.1 $ 0.3 $ 3.6 $ 3.5 $ 11.0 $ 10.4 Summary Oracle Corporation $ 146,268.1 $ 29.40 80.5% 3.6% 22.0% 3.6x 3.5x 8.3x 7.0x SAP AG 78,988.5 66.36 91.4% 11.4% 2.2% 4.0x 3.7x 11.1x 10.8x salesforce.com, inc 21,335.0 155.73 94.5% 31.0% 385.8% 9.0x 6.9x NM 39.4x Adobe Systems Inc. 16,645.0 33.55 93.2% 6.6% 30.4% 3.6x 3.4x 10.6x 8.0x Sage Group plc 5,965.4 4.64 91.3% NA NA 2.9x NA 9.7x NA Informatica Corporation 4,976.5 46.02 73.7% 14.8% 52.3% 5.4x 4.9x 23.4x 16.2x Ariba Inc. 3,640.9 38.20 94.4% 14.6% 269.6% 6.8x 6.2x 78.6x 26.2x Open Text Corporation 3,254.8 55.99 77.4% 10.2% 21.0% 3.0x 2.7x 10.9x 9.0x NetSuite Inc. 3,106.0 44.38 85.7% 26.6% NM 11.7x 9.9x NM NM MicroStrategy Inc. 1,515.1 139.78 78.3% 13.6% 153.0% 2.3x 2.1x 51.3x 20.3x Jive Software, Inc. 1,486.3 23.81 84.6% 43.5% NM 17.1x 11.9x NM NM JDA Software Group Inc. 1,228.9 28.88 82.5% 5.7% 18.3% 1.8x 1.7x 7.4x 6.2x Manhattan Associates, Inc. 1,018.5 50.15 98.3% 12.7% 33.7% 2.6x 2.5x 12.1x 10.4x Deltek, Inc 719.7 10.44 89.7% 8.2% 95.8% 2.4x 2.3x 16.6x 9.9x Exact Holding NV 548.0 24.02 75.8% NA NA 1.7x NA 7.5x NA Median $ 3,254.8 85.7% 12.7% 33.7% 3.6x 3.5x 11.0x 10.4x

Product Lifecycle Management/Engineering Dassault Systemes SA $ 11,854.5 $ 97.02 95.5% NA NA 4.2x NA 13.4x NA Autodesk, Inc. 9,097.1 39.37 85.3% 10.4% 50.3% 3.4x 3.1x 15.9x 10.6x Ansys, Inc. 6,241.0 67.07 99.1% 18.1% 32.5% 8.5x 7.2x 17.7x 13.4x Synopsys Inc. 4,375.3 30.01 96.6% 4.8% 30.4% 2.1x 2.1x 9.5x 7.3x Cadence Design Systems Inc. 3,205.1 11.67 92.6% 11.6% 69.8% 2.5x 2.3x 12.4x 8.2x Parametric Technology Corporation 2,558.0 21.58 74.5% 6.2% 42.2% 2.0x 1.9x 11.6x 8.4x Aspen Technology, Inc. 1,853.4 19.78 90.4% 18.1% NM 7.8x 6.6x NM NM Aveva Group plc 1,831.8 27.04 92.5% NA NA 5.6x NA 19.2x NA Mentor Graphics Corporation 1,587.6 14.45 91.7% 8.4% 36.7% 1.7x 1.5x 9.7x 7.1x Median $ 3,205.1 92.5% 10.4% 39.5% 3.4x 2.3x 12.9x 8.3x

Customer Engagement/Call Center Management Nuance Communications, Inc. $ 7,529.4 $ 24.43 78.4% 29.9% 141.9% 5.9x 4.5x 28.1x 11.6x Amdocs Limited 5,476.7 32.00 98.8% 5.1% 18.8% 1.4x 1.3x 7.6x 6.4x NICE Systems Ltd. 2,464.8 37.90 95.8% 18.3% 88.6% 2.4x 2.0x 15.1x 8.0x Comverse Technology Inc. 1,411.2 6.45 80.7% 4.8% 84.4% 1.0x 1.0x 11.6x 6.3x Verint Systems Inc. 1,179.1 30.24 79.6% 11.4% 73.0% 2.4x 2.2x 14.2x 8.2x LivePerson Inc. 866.2 15.88 90.4% 22.4% 49.4% 5.8x 4.7x 28.4x 19.0x Median $ 1,938.0 85.5% 14.8% 78.7% 2.4x 2.1x 14.7x 8.1x

15 Public Market Trading Statistics Software – Application

Vertically Focused - Public Sector Blackbaud Inc. $ 1,358.8 $ 30.98 91.1% 15.0% 40.9% 3.5x 3.1x 18.3x 13.0x Tyler Technologies, Inc. 1,202.7 39.95 96.0% 17.2% 26.1% 3.9x 3.4x 21.7x 17.3x K12, Inc. 911.1 25.50 64.2% 19.8% 60.7% 1.3x 1.1x 13.8x 8.6x Higher One Holdings, Inc. 892.5 15.77 73.3% 21.6% 33.8% 4.8x 3.9x 13.2x 9.9x NIC Inc. 737.3 11.29 78.0% 13.2% 8.9% 3.7x 3.3x 14.4x 13.2x Median $ 911.1 78.0% 17.2% 33.8% 3.7x 3.3x 14.4x 13.0x

Vertically Focused - Healthcare IT Cerner Corporation $ 13,800.3 $ 81.11 100.0% 19.3% 40.1% 5.5x 4.9x 20.2x 15.3x athenahealth, Inc. 2,597.0 72.45 92.6% 32.1% 75.0% 7.0x 5.7x 46.6x 29.0x Quality Systems Inc. 2,206.1 37.40 73.8% 17.9% 27.8% 5.0x 4.2x 15.9x 12.5x Allscripts Healthcare Solutions, Inc. 2,112.3 11.10 50.6% 4.5% 34.3% 1.5x 1.5x 9.4x 6.7x HMS Holdings Corp. 2,068.8 24.06 68.8% 39.4% 57.0% 5.9x 4.5x 19.7x 13.5x MedAssets, Inc. 729.0 12.61 77.5% 4.8% 16.1% 2.7x 2.6x 9.3x 8.0x Computer Programs & Systems Inc. 659.2 59.59 75.4% 12.5% 16.0% 3.6x 3.2x 14.3x 12.5x Median $ 2,112.3 75.4% 17.9% 34.3% 5.0x 4.2x 15.9x 12.5x

Total Application Software Median $ 2,112.3 89.7% 14.6% 40.9% 3.6x 3.4x 14.3x 10.6x

Note: Public comparables exclude companies with market capitalization below $500 million.

16 Comparable Transactions Software – Application

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/26/12 Pending Gemcom Software International, Inc. Dassault Systemes SA $ 360.0 6.6 x NA 04/26/12 Pending Torex Retail Holdings Limited MICROS Systems, Inc. 263.1 NA NA 04/09/12 Pending eResearchTechnology, Inc. Genstar Capital, LLC 376.7 2.0x 9.2x 04/02/12 04/10/12 LogLogic, Inc. TIBCO Software Inc. 130.0 NA NA 03/24/12 Pending ClairMail, Inc. Monitise plc 174.4 NA NA 03/22/12 Pending Convergys, Information Management NetCracker Technology Corporation 449.0 NA NA 03/15/12 Pending NDS Group Ltd. Scientific-Atlanta, LLC 4,964.8 5.0x 17.5x 03/08/12 Pending Quest Software Inc. Insight Venture Partners 1,947.3 2.3x 12.7x 03/06/12 04/25/12 Transcend Services, Inc. Nuance Communications, Inc. 318.1 2.5x 12.2x 02/29/12 02/29/12 BDGB Enterprise Software (LUX), S.C.A. Lexmark International Technology 148.0 NA NA 02/28/12 Pending eScreen, Inc. Alere Inc. 340.0 2.8x NA 02/24/12 02/24/12 iContact Corporation Vocus Inc. 178.7 NA NA 02/08/12 04/05/12 Taleo Corporation Oracle Corporation 1,805.5 5.7x 60.9x 02/07/12 Pending Temenos Group AG Misys plc 1,565.8 3.7x 7.6x 02/07/12 Pending IBS AG Siemens Beteiligungen Inland GmbH 43.9 1.3x 11.2x 02/07/12 02/21/12 CaseCentral, Inc. Guidance Software, Inc. 54.0 NA NA 02/01/12 04/11/12 CDC Software Corporation Vista Equity Partners; Vista Equity Fund 4 264.8 1.2x 12.1x 01/27/12 02/14/12 Numara Software, Inc. BMC Software Inc. 300.0 NA NA 01/23/12 01/23/12 Autologic Diagnostics Ltd. ISIS Equity Partners LLP; Foresight Group 71.7 3.2x NA 01/16/12 Pending Convio, Inc. Blackbaud Inc. 274.4 3.4x 37.8x 01/12/12 01/31/12 Compliance 360, Inc. SAI Global Limited 42.3 NA NA 01/09/12 01/13/12 LiveOffice LLC Symantec Corporation 115.0 NA NA 01/07/12 01/31/12 2nd Story Software, Inc. InfoSpace, Inc. 287.5 3.7x NA 12/21/11 Pending Ventelo Holding AB EQT Partners AB; EQT VI Fund 303.1 0.6x NA 12/20/11 12/20/11 InfoVista SA Thoma Bravo, LLC 63.2 1.1x NA 12/19/11 Pending Orc Group AB Cidron Intressenter AB 250.7 1.8x NA 12/09/11 Pending Workplace Systems International plc LDC Ltd. 60.2 3.9x NA 12/07/11 Pending DemandTec, Inc. International Business Machines Corp. 426.9 4.8x NA 12/02/11 Pending SuccessFactors, Inc. SAP America, Inc. 3,516.0 12.0x NA 11/30/11 Pending Magma Design Automation Inc. Synopsys Inc. 498.6 3.4x NA 11/07/11 12/16/11 HealthDataInsights, Inc. HMS Holdings Corp. 400.0 NA NA Median $ 287.5 3.3x 12.2x

Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 175 3.5x 3.2x 2.9x 150 2.8x 2.8x 3.0x 2.6x

2.5x LTM Multiple Revenue 2.2x 125 2.2x 2.5x 2.1x 2.1x 100 2.0x

75 1.2x 1.5x

Transaction Volume Transaction 50 1.0x

25 0.5x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million. 17 Public Market Trading Statistics Software – Infrastructure

Stock Last Twelve Months Last 30 Days

Performance 140% 120%

130% 115%

120% 110%

110% 105%

100% 100%

90% 95%

80% 90%

70% 85%

11 12

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- -

Jul

Jan

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Sep Feb

Apr Apr

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May

04/11/12 04/13/12 04/15/12 04/17/12 04/19/12 04/21/12 03/30/12 04/01/12 04/03/12 04/05/12 04/07/12 04/09/12 04/23/12 04/25/12 04/27/12 04/29/12

Nasdaq Infrastructure Software Nasdaq Infrastructure Software

($ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P Enterprise IT Management Summary Microsoft Corporation $ 268,953.7 $ 32.02 97.2% 7.1% 10.3% 2.9x 2.8x 7.0x 6.5x Hewlett-Packard Company 48,959.0 24.76 59.3% (1.5%) 3.5% 0.6x 0.6x 4.6x 4.4x VMware, Inc. 47,700.5 111.72 94.0% 22.1% 71.2% 10.8x 9.3x 41.5x 25.9x Citrix Systems, Inc. 15,894.4 85.61 96.7% 15.6% 39.6% 6.2x 5.6x 24.0x 17.6x CA Technologies 12,830.7 26.42 94.4% 3.9% 5.6% 2.5x 2.4x 6.7x 6.4x Red Hat, Inc. 11,496.3 59.61 95.0% 19.0% 50.4% 9.0x 7.9x 40.6x 28.1x BMC Software Inc. 6,776.0 41.26 73.0% 2.9% 29.6% 2.6x 2.6x 7.8x 6.0x TIBCO Software Inc. 5,357.6 32.90 94.9% 14.9% 45.8% 5.4x 4.9x 23.7x 16.6x Splunk, Inc. 3,141.4 33.95 90.9% 34.4% NA 25.7x 19.1x NM NA Compuware Corporation 1,905.9 8.72 76.1% 5.8% 23.2% 1.9x 1.8x 10.3x 8.4x Progress Software Corporation 1,454.3 23.14 78.0% (4.6%) (13.9%) 2.1x 2.2x 9.4x 9.5x Pegasystems Inc. 1,406.7 37.19 78.2% 19.6% 109.0% 3.1x 2.6x 47.8x 22.9x Median $ 9,136.1 92.5% 11.0% 29.6% 3.0x 2.7x 10.3x 9.5x

Security Check Point Software Technologies Ltd. $ 12,066.1 $ 58.13 89.4% 10.6% 16.2% 7.0x 6.5x 12.4x 11.1x Symantec Corporation 12,061.4 16.54 80.7% 1.5% 22.5% 1.8x 1.7x 6.4x 5.2x VeriSign, Inc. 6,494.9 41.11 95.5% 13.7% 29.4% 7.3x 6.6x 13.6x 11.2x Fortinet Inc. 4,084.2 26.12 90.6% 21.4% 42.2% 7.6x 6.6x 35.6x 25.5x Trend Micro Inc. 4,012.6 30.50 84.3% NA NA 1.8x NA 5.2x NA Sourcefire, Inc. 1,475.6 50.99 97.0% 22.3% 208.8% 8.0x 6.5x 105.9x 34.3x Websense, Inc. 779.7 20.74 74.5% 1.1% 24.1% 2.1x 2.1x 10.8x 8.9x Median $ 4,084.2 89.4% 12.2% 26.8% 7.0x 6.5x 12.4x 11.1x

Enterprise Storage EMC Corporation $ 59,232.8 $ 28.21 94.0% 10.5% 28.7% 2.5x 2.3x 10.6x 8.6x NetApp, Inc. 14,093.1 38.83 68.7% 13.3% 47.3% 1.7x 1.5x 11.1x 7.5x Teradata Corporation 11,741.2 69.78 98.3% 12.2% 33.6% 4.8x 4.2x 21.6x 16.2x Brocade Communications Systems, Inc. 2,541.3 5.54 75.9% 3.9% 23.7% 1.3x 1.2x 6.6x 5.3x Fusion-io, Inc. 2,311.4 25.65 61.5% 35.5% 43.2% 6.2x 5.0x 142.8x 48.8x CommVault Systems, Inc. 2,301.6 52.07 94.0% 15.7% 66.5% 5.3x 4.6x 39.2x 23.5x Median $ 7,141.2 84.9% 12.7% 38.4% 3.6x 3.3x 16.3x 12.4x

Total Infrastructure Software Median $ 6,494.9 90.6% 12.7% 29.6% 3.1x 3.5x 11.8x 11.1x

Note: Public comparables exclude companies with market capitalization below $500 million.

18 Comparable Transactions Software – Infrastructure

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/20/12 Pending MU Dynamics, Inc. Spirent Communications Plc. $ 40.0 NA NA 04/02/12 Pending Wyse Technology, Inc. Dell Inc. 1,000.0 2.9 x NA 04/02/12 04/10/12 LogLogic, Inc. TIBCO Software Inc. 130.0 NA NA 03/13/12 Pending SonicWALL, Inc. Dell Inc. 1,200.0 4.6 x NA 03/08/12 Pending Quest Software Inc. Insight Venture Partners 1,947.3 2.3 x 12.7 x 01/25/12 02/22/12 NovaTech LLC The Weir Group PLC 180.0 NA NA 11/14/11 11/14/11 Mobile Interactive Group Limited Velti Plc 59.0 3.0 x NA Median $ 180.0 2.9 x 12.7 x Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 40 7.0x

5.8x

6.0x LTM RevenueMultiple 30 4.5x 5.0x 4.3x 4.1x

3.6x 4.0x 3.3x 20 2.9x 2.4x 2.4x 2.5x 3.0x

Transaction Volume Transaction 2.0x 10 1.1x 1.0x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million.

19 Public Market Trading Statistics Software – SaaS

Stock Last Twelve Months Last 30 Days Performance 125% 120%

115% 115%

110% 105%

105% 95% 100%

85% 95%

75% 90%

65% 85%

11 12

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Jul

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Sep Feb

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04/11/12 04/13/12 04/15/12 04/17/12 04/19/12 04/21/12 03/30/12 04/01/12 04/03/12 04/05/12 04/07/12 04/09/12 04/23/12 04/25/12 04/27/12 04/29/12

Nasdaq SaaS Nasdaq SaaS

( $ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P SaaS Summary salesforce.com, inc $ 21,335.0 $ 155.73 94.5% 31.0% 385.8% 9.0x 6.9x NM 39.4x NetSuite Inc. 3,106.0 44.38 85.7% 26.9% NM 11.7x 9.8x NM NM Concur Technologies, Inc. 3,083.6 56.56 90.4% 25.7% 156.1% 7.6x 6.0x 66.6x 26.0x athenahealth, Inc. 2,597.0 72.45 92.6% 32.1% 75.4% 7.0x 5.7x 46.6x 28.9x Qlik Technologies, Inc. 2,448.8 28.81 80.9% 28.9% 167.1% 6.7x 5.4x NM 36.6x The Ultimate Software Group, Inc. 2,035.6 77.16 99.2% 23.1% 129.5% 7.0x 6.0x 70.5x 32.2x ExactTarget, Inc. 1,741.5 27.01 90.4% NA NA 8.2x NA NM NA Jive Software, Inc. 1,486.3 23.81 84.6% 43.5% NM 17.1x 11.9x NM NM Blackbaud Inc. 1,358.8 30.98 91.1% 15.0% 40.9% 3.5x 3.1x 18.3x 13.0x DealerTrack Holdings, Inc. 1,251.2 29.83 93.5% 4.8% 74.0% 3.1x 2.9x 20.0x 11.5x Cornerstone OnDemand, Inc. 1,032.9 20.78 88.4% 55.5% NM 13.0x 8.4x NM NM Financial Engines, Inc. 1,050.8 22.84 78.8% 26.0% 91.3% 6.3x 5.0x 35.9x 18.8x OpenTable, Inc. 1,009.0 44.72 38.9% 20.6% 60.0% 6.9x 5.7x 22.8x 14.3x LivePerson Inc. 873.8 15.88 90.4% 22.4% 49.4% 5.9x 4.8x 28.7x 19.2x Websense, Inc. 779.7 20.74 74.5% 1.1% 24.1% 2.1x 2.1x 10.8x 8.9x Demandware, Inc. 763.9 27.25 85.2% 24.2% NM 14.9x 12.0x NM NM Ebix Inc. 745.3 20.45 76.0% 11.2% NA 4.5x 4.1x 10.4x NA Constant Contact, Inc. 734.7 24.17 72.6% 17.5% 110.2% 2.6x 2.3x 24.3x 12.8x MedAssets, Inc. 729.0 12.61 77.5% 4.8% 16.1% 2.7x 2.6x 9.3x 8.0x

Total SaaS Median $ 1,251.2 85.7% 23.7% 75.4% 6.9x 5.6x 23.5x 18.8x

Note: Public comparables exclude companies with market capitalization below $500 million.

20 Comparable Transactions Software – SaaS

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/27/12 Pending Demandforce, Inc. Intuit Inc. $ 423.5 NA NA 03/27/12 03/30/12 MSDSonline Inc. ICG Group, Inc. 48.1 NA NA 02/08/12 04/05/12 Taleo Corporation Oracle Corporation 1,805.5 5.7 x 60.9 x 02/07/12 02/21/12 CaseCentral, Inc. Guidance Software, Inc. 54.0 NA NA 01/27/12 02/03/12 Numara Software, Inc. BMC Software Inc. 300.0 NA NA 01/12/12 01/31/12 Compliance 360, Inc. SAI Global Limited 42.3 NA NA 01/09/12 01/13/12 LiveOffice LLC Symantec Corporation 115.0 NA NA 12/09/11 Pending Workplace Systems International plc LDC Ltd. 60.2 4.0 x NA 12/08/11 Pending DemandTec, Inc. International Business Machines Corp. 426.9 4.8 x NA 12/02/11 Pending SuccessFactors, Inc. SAP America, Inc. 3,516.0 12.0 x NA 11/14/11 Pending Model Metrics, Inc. Salesforce.com 57.6 NA NA Median $ 115.0 5.3x 60.9x Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 60 5.7x 6.0x

50 5.0x LTM Multiple Revenue 4.4x 4.2x 3.8x 3.8x 3.7x 40 4.0x 3.1x 30 2.6x 2.5x 2.5x 3.0x 2.3x

20 2.0x Transaction Volume Transaction 10 1.0x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million.

21 Public Market Trading Statistics Tech Hardware

Stock Last Twelve Months Last 30 Days Performance 130% 120%

115% 120% 110% 110% 105%

100% 100%

95% 90% 90% 80% 85%

70% 80%

11 12

11 11

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Jul

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Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

03/30/12 04/05/12 04/11/12 04/13/12 04/19/12 04/25/12 04/27/12 04/01/12 04/03/12 04/07/12 04/09/12 04/15/12 04/17/12 04/21/12 04/23/12 04/29/12

Nasdaq Tech Hardware Nasdaq Tech Hardware

($ in millions) Stock Price CY 2012P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P Semiconductor Devices Summary Intel Corporation $ 142,196.7 $ 28.40 98.7% 5.7% 5.7% 2.5x 2.4x 5.8x 5.4x Texas Instruments Inc. 36,478.1 31.94 88.8% (0.3%) (12.9%) 2.9x 2.8x 9.0x 9.8x Broadcom Corporation 19,947.0 36.60 89.3% 10.9% 21.0% 2.2x 2.0x 14.5x 12.0x Analog Devices Inc. 11,609.5 38.98 90.1% (3.0%) (5.2%) 3.0x 3.1x 7.9x 8.3x Marvell Technology Group Ltd. 8,795.9 15.01 89.0% 4.3% 7.3% 1.9x 1.8x 8.8x 8.2x Maxim Integrated Products Inc. 8,643.4 29.58 98.8% (0.2%) (1.1%) 3.3x 3.3x 10.2x 9.7x Micron Technology Inc. 6,521.6 6.59 55.7% 0.4% (2.6%) 0.9x 0.9x 3.7x 3.4x Advanced Micro Devices Inc. 5,147.5 7.36 80.3% 4.1% 5.7% 0.8x 0.8x 6.6x 6.6x LSI Corporation 4,570.6 8.04 87.4% 28.5% 114.8% 1.8x 1.5x 12.1x 6.3x Cree Inc. 3,573.0 30.90 68.9% 22.5% 8.9% 2.6x 2.3x 15.1x 13.2x Freescale Semiconductor Holdings I, Ltd. 3,061.4 12.41 59.2% (9.2%) (17.7%) 2.1x 2.1x 9.1x 10.0x Cypress Semiconductor Corporation 2,352.7 15.51 64.8% (13.5%) 11.4% 2.4x 2.7x 15.2x 11.3x Microsemi Corporation 1,882.3 21.52 90.4% 16.9% 50.9% 2.7x 2.5x 11.9x 7.9x Fairchild Semiconductor International Inc. 1,799.3 14.17 67.4% (4.6%) (17.8%) 1.1x 1.1x 6.4x 6.4x Semtech Corporation 1,783.0 27.26 89.5% 17.0% 19.6% 3.0x 2.6x 12.8x 10.7x PMC-Sierra Inc. 1,646.4 7.07 86.4% (6.0%) 11.5% 1.9x 2.0x 9.8x 7.7x MEMC Electronic Materials Inc. 828.6 3.59 29.9% (2.3%) 61.7% 0.8x 0.8x 10.7x 6.6x Median $ 4,570.6 87.4% 0.4% 7.3% 2.2x 2.1x 9.8x 8.2x

Semiconductor Equipment Applied Materials Inc. $ 15,480.6 $ 11.99 75.1% (2.3%) (9.0%) 1.4x 1.5x 6.4x 7.0x KLA-Tencor Corporation 8,723.6 52.14 94.1% 4.8% 5.8% 2.2x 2.1x 6.2x 5.8x Lam Research Corporation 4,990.8 41.67 79.8% 0.4% (16.4%) 1.2x 1.2x 7.4x 6.8x Novellus Systems, Inc. 3,313.6 46.80 92.6% (2.3%) (10.4%) 2.4x 2.3x 11.0x 10.2x Teradyne Inc. 3,210.6 17.21 95.6% 28.6% 41.5% 1.8x 1.4x 7.6x 5.0x MKS Instruments Inc. 1,453.0 27.65 79.0% (6.0%) (34.2%) 1.1x 1.1x 5.0x 6.7x Amkor Technology, Inc. 870.1 5.17 73.9% 5.7% 14.5% 0.7x 0.6x 3.4x 2.9x Tessera Technologies Inc. 811.0 15.64 75.3% (10.5%) (57.4%) 1.4x 1.4x 4.7x 7.6x Cabot Microelectronics Corporation 775.9 34.38 64.7% (0.3%) (2.0%) 1.9x 1.8x 9.4x 8.5x Brooks Automation Inc. 742.5 11.76 89.4% (6.4%) (7.1%) 0.8x 0.9x 6.6x 7.1x ATMI Inc. 670.7 21.01 83.9% 9.8% 11.6% 1.5x 1.3x 8.1x 6.7x Median $ 1,453.0 79.8% (0.3% ) (7.1% ) 1.4x 1.4x 6.6x 6.8x

22 Public Market Trading Statistics Tech Hardware

PCs, Servers, and Computing Components Apple Inc. $ 546,057.5 $ 583.98 90.7% 33.2% 43.4% 3.1x 2.6x 8.2x 6.7x IBM Corporation 238,863.5 207.08 98.3% 1.2% 2.5% 2.4x 2.3x 9.5x 9.3x Samsung Electronics Co. Ltd. 160,467.9 1,229.87 98.7% NA NA 1.0x NA 5.8x NA Hewlett-Packard Company 48,959.0 24.76 59.3% (1.5%) 3.5% 0.6x 0.6x 4.6x 4.4x Dell Inc. 28,844.7 16.37 89.2% 0.6% 2.7% 0.3x 0.3x 3.7x 3.6x Xerox Corporation 10,485.5 7.78 71.3% 1.1% 3.4% 0.8x 0.8x 5.6x 5.4x Lenovo Group Ltd. 9,938.7 0.96 96.8% NA NA 0.2x NA 8.9x NA NCR Corporation 3,729.5 23.50 98.5% 8.6% 138.3% 0.7x 0.7x 12.0x 5.7x Pitney Bowes Inc. 3,429.5 17.13 65.0% (0.8%) 4.2% 1.3x 1.3x 6.5x 6.2x Diebold, Inc. 2,480.9 39.45 91.9% 7.8% 18.3% 0.9x 0.8x 8.4x 8.2x Lexmark International Inc. 2,142.0 30.10 77.8% (4.0%) (5.5%) 0.4x 0.5x 2.7x 2.8x ScanSource, Inc. 903.5 32.96 82.4% 9.2% 5.9% 0.3x 0.3x 7.3x 6.6x Median $ 10,212.1 89.9% 1.2% 3.8% 0.8x 0.7x 6.9x 6.0x

Storage and Networking Components Western Digital Corporation $ 9,117.7 $ 38.81 87.3% 81.2% 157.2% 0.8x 0.5x 4.2x 2.1x SanDisk Corporation 8,968.6 37.00 69.2% (11.0%) (44.0%) 0.9x 1.0x 3.1x 5.1x QLogic Corporation 1,702.0 17.25 90.8% (4.6%) 16.9% 2.2x 2.3x 7.8x 6.7x Emulex Corporation 753.4 8.68 77.6% 8.0% 267.5% 1.1x 1.1x 9.2x 4.5x Median $ 5,335.3 82.5% 1.7% 87.1% 1.0x 1.0x 6.0x 4.8x

Total Tech Hardware Median $ 3,429.5 85.6% 0.4% 5.8% 1.1x 1.2x 7.4x 6.6x Note: Public comparables exclude companies with market capitalization below $500 million.

23 Comparable Transactions Tech Hardware

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/30/12 Pending PLX Technology Inc. Fun World Media, Inc. $ 300.8 2.6 x NA 04/24/12 Pending Cray Inc., Interconnect Hardware Assets Intel Corporation 140.0 NA NA 04/20/12 Pending Kawasaki Microelectronics, Inc. Megachips Corp. 104.2 NA NA 04/17/12 Pending IBM, Point-of-Sale Business Toshiba Tec Corp. 842.3 763.8 x NA 04/16/12 Pending SRS Labs Inc. DTS Inc. 114.4 3.5 x 65.2 x 04/13/12 Pending Objet Ltd. Stratasys Inc. 606.4 5.0 x 30.2 x 04/10/12 Pending X-Rite, Incorporated Danaher Corp. 629.6 2.7 x 11.1 x 04/09/12 Pending Elo TouchSystems, Inc. The Gores Group LLC 380.0 0.9 x NA 04/03/12 Pending DDI Corp. Viasystems Group, Inc. 267.8 1.0 x 7.9 x 03/26/12 Pending Comverge, Inc. Bayside Capital, Inc.; H.I.G. Bayside 50.9 0.4 x NA 03/22/12 03/22/12 Coolsand Holding Co., Ltd. RDA Microelectronics, Inc. 45.3 NA NA 03/21/12 04/05/12 BroadLight, Inc. Broadcom Corp. 205.0 NA NA 03/16/12 Pending NEXX Systems, Inc. Tokyo Electron Ltd. 248.9 3.9 x 36.0 x 02/22/12 02/28/12 Nidec Sankyo, Actuator Division OPTIS Co., Ltd. 84.6 NA NA 02/15/12 Pending SmartSynch, Inc. Itron, Inc. 100.0 NA NA 01/23/12 Pending Gennum Corporation Semtech Corp. 479.9 3.5 x 15.4 x 01/23/12 Pending Vaughn Energy Services DHS Services 100.0 2.6 x NA 01/18/12 01/18/12 Maxim Integrated Products Inc., Certain Assets Microsemi Corp. 44.0 NA NA 01/05/12 Pending Picochip Ltd. Mindspeed Technologies Inc. 105.6 NA NA 12/30/11 Pending Racine Federated, Inc. Badger Meter Inc. 57.3 NA NA 12/30/11 01/06/12 Vista Research, Inc. Aerostar International, Inc. 48.5 3.2 x NA 12/26/11 Pending Optrex Corporation Kyocera Corp. 256.9 NA NA 12/23/11 Pending Tenesol SA SunPower Corporation 165.4 NA NA 12/20/11 12/20/11 Anobit Technologies Ltd. Apple Inc. 400.0 NA NA 12/16/11 Pending Argox Information Co., Ltd. Sato Holdings Corporation 74.3 2.1 x NA 12/15/11 Pending Greatek Electronics Inc. Powertech Technology Inc. 343.1 NA NA 12/14/11 Pending Novellus Systems, Inc. Lam Research Corporation 2,941.8 NA NA 12/09/11 12/16/11 SiliconBlue Technologies, Inc. Lattice Semiconductor Corporation 62.0 NA NA 12/06/11 12/06/11 Alt Telecom Euroset Trade House LLC 70.0 NA NA 12/05/11 12/05/11 Zu Industries Inc. ProLogic, Inc. 76.6 NA NA 11/21/11 Pending Accu-Sort Systems, Inc. Datalogic SpA 135.0 1.5 x 7.6 x 11/18/11 11/18/11 Fairchild Industrial Products Company Rotork plc 75.8 3.6 x NA Median $ 124.7 2.7x 15.4x Note: Includes announced transactions over the last five months where enterprise value is publicly available and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

2.9x Statistics 200 3.0x 2.5x

2.5x LTM Multiple Revenue 150 2.1x 1.8x 2.0x 1.6x 1.6x 1.5x 1.5x 1.3x 1.4x 100 1.3x 1.5x

1.0x Transaction Volume Transaction 50 0.5x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly available and more than $40 million. 24 Public Market Trading Statistics Telecom

Stock Last Twelve Months Last 30 Days

Performance 125% 115%

115% 110%

105% 105%

95% 100%

85% 95%

75% 90%

65% 85%

11 12

11 11

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

04/13/12 04/15/12 04/17/12 04/19/12 04/21/12 04/23/12 03/30/12 04/01/12 04/03/12 04/05/12 04/07/12 04/09/12 04/11/12 04/25/12 04/27/12 04/29/12

Nasdaq Telecom Nasdaq Telecom

Fiber Optics Finisar Corporation $ 1,507.9 $ 16.52 57.5% 10.2% 62.9% 1.4x 1.3x 12.9x 7.9x CIENA Corporation 1,462.1 14.82 51.5% 10.5% 200.0% 1.3x 1.2x 40.8x 13.6x Infinera Corporation 784.1 7.16 79.8% 8.1% NM 1.3x 1.2x NM NM Median $ 1,462.1 57.5% 10.2% 131.5% 1.3x 1.2x 26.9x 10.8x

Telecom/Networking Equipment QUALCOMM Incorporated $ 109,422.2 $ 63.83 92.7% 23.4% 28.0% 4.8x 4.2x 13.0x 9.9x Cisco Systems, Inc. 108,553.6 20.16 94.6% 6.5% 23.8% 1.7x 1.6x 6.4x 5.2x Ericsson 31,820.0 9.91 68.9% 1.3% (10.5%) 0.7x 0.7x 5.3x 5.4x Nokia Corporation 13,326.6 3.59 42.7% (17.2%) (92.2%) 0.2x 0.2x 4.6x 32.5x Juniper Networks, Inc. 11,340.3 21.43 53.0% (0.1%) 6.9% 1.9x 1.8x 11.6x 9.2x Amphenol Corporation 9,440.7 58.14 94.0% 6.2% 7.1% 2.5x 2.4x 11.5x 10.8x Research In Motion Limited 7,362.2 14.29 26.0% (23.9%) (42.0%) 0.3x 0.3x 1.5x 2.0x Trimble Navigation Limited 6,753.3 54.14 96.8% 18.2% 44.2% 4.4x 3.7x 25.3x 17.6x Harris Corporation 5,185.8 45.54 85.3% 2.3% 7.1% 1.2x 1.2x 6.1x 5.7x Alcatel-Lucent, S.A. 3,491.9 1.54 26.0% (1.6%) (23.7%) 0.2x 0.2x 2.3x 2.6x JDS Uniphase Corporation 2,796.8 12.17 54.3% 3.9% 30.1% 1.4x 1.3x 11.7x 9.0x Polycom, Inc. 2,365.6 13.27 38.7% 2.5% 17.4% 1.2x 1.1x 7.5x 6.1x ADTRAN Inc. 1,950.1 30.52 70.0% (6.2%) (20.7%) 2.1x 2.1x 8.4x 9.0x Netgear Inc. 1,459.3 38.50 85.0% 15.4% 17.6% 0.9x 0.8x 7.3x 6.5x Tellabs Inc. 1,377.2 3.77 68.8% (10.1%) NM 0.4x 0.4x NM 7.8x Median $ 6,753.3 68.9% 2.3% 7.1% 1.2x 1.2x 7.4x 7.8x

25 Public Market Trading Statistics Telecom

($ in millions) Stock Price CY 2011P Multiples Summary LTM Comparable Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA Trading Company Capitalization Current Week High Revenue EBITDA LTM CY 2011P LTM CY 2011P Carriers and Content Providers Summary AT&T, Inc. $ 193,346.3 $ 32.91 100.0% 1.5% 23.4% 2.0x 2.0x 7.2x 5.9x Verizon Communications Inc. 114,720.9 40.38 99.8% 3.8% 7.3% 1.8x 1.8x 5.7x 5.4x (continued) Comcast Corporation 81,843.8 30.35 99.7% 9.9% 6.6% 2.3x 2.1x 6.8x 6.4x DIRECTV, Inc. 33,343.3 49.28 92.3% 9.6% 12.5% 1.6x 1.5x 6.6x 5.9x Time Warner Cable Inc. 25,140.2 80.45 96.2% 8.4% 11.1% 2.4x 2.3x 6.8x 6.3x Dish Network Corporation 14,301.4 31.97 89.7% 3.5% (4.2%) 1.2x 1.2x 4.8x 5.0x Sprint Nextel Corporation 7,433.5 2.48 38.4% 4.3% (22.2%) 0.6x 0.6x 3.6x 5.0x Level 3 Communications Inc. 4,986.0 23.06 57.6% 50.2% 70.7% 2.9x 1.9x 14.6x 8.5x Cablevision Systems Corporation 4,045.1 14.82 40.2% 1.1% (1.6%) 2.2x 2.2x 6.5x 6.6x MetroPCS Communications, Inc. 2,651.3 7.30 38.9% 3.8% (2.6%) 1.1x 1.0x 4.1x 4.1x Telephone & Data Systems Inc. 2,635.0 24.29 67.8% 0.6% 2.0% 0.7x 0.7x 3.3x 3.3x EarthLink Inc. 862.3 8.12 96.7% 2.5% (7.4%) 0.9x 0.9x 3.9x 4.2x Clearwire Corporation 719.1 1.46 24.3% 3.9% NM 4.2x 4.4x NM NM Median $ 7,433.5 89.7% 3.8% 4.3% 1.8x 1.8x 6.1x 5.7x

Infrastructure Services American Tower Corporation $ 25,882.1 $ 65.58 100.0% 14.5% 18.3% 13.5x 11.8x 21.6x 18.3x Crown Castle International Corporation 15,910.0 56.61 98.0% 9.0% 13.3% 11.2x 10.5x 17.8x 16.2x SBA Communications Corporation 6,520.4 53.79 100.0% 23.8% 25.9% 13.2x 11.1x 21.1x 17.6x Median $ 15,910.0 100.0% 14.5% 18.3% 13.2x 11.1x 21.1x 17.6x

Managed Services Rackspace Hosting, Inc. $ 7,817.9 $ 58.09 96.8% 29.0% 55.3% 7.6x 5.9x 26.6x 17.2x Equinix, Inc. 7,666.6 164.20 95.2% 18.0% 31.5% 5.7x 5.1x 13.7x 11.1x Interxion Holding NV 1,327.2 20.07 98.9% 15.9% 19.4% 4.7x 3.9x 11.6x 9.6x Median $ 7,666.6 96.8% 18.0% 31.5% 5.7x 5.1x 13.7x 11.1x

Total Telecom Median $ 5,805.3 79.0% 8.1% 16.3% 2.0x 1.9x 8.4x 7.9x

Note: Public comparables exclude companies with market capitalization below $500 million.

26 Comparable Transactions Telecom

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/18/12 Pending Knology, Inc. WOW! Internet, Cable and Phone $ 1,488.9 2.9 x 8.3 x 04/15/12 Pending Openwave, Mediation and Messaging Marlin Equity Partners 55.0 NA NA 03/26/12 Pending Opnext, Inc. Oclaro, Inc. 133.5 0.4 x NA 03/18/12 Pending AboveNet, Inc. Zayo Group Inc. 2,149.8 4.5 x 11.2 x 02/29/12 02/29/12 Cabovisão S.A. Altice One SAS 60.1 NA NA 02/24/12 03/19/12 Lightwire, Inc. Cisco Systems, Inc. 271.0 NA NA 02/20/12 Pending Vividwireless Pty Ltd. SingTel Optus Pty Ltd. 247.5 NA NA 02/20/12 02/22/12 Traffix Systems Ltd. F5 Networks, Inc. 130.0 NA NA 02/05/12 Pending SureWest Communications Consolidated Communications Holdings Inc. 560.3 2.3 x 6.5 x 02/02/12 Pending Orange Austria Telecommunication GmbH Hutchison 3G Austria GmbH 1,712.2 NA NA 01/31/12 03/23/12 M5 Networks, Inc. ShoreTel, Inc. 159.8 NA NA 01/27/12 03/16/12 RuggedCom Inc. Siemens Canada Limited 383.8 3.6 x 21.0 x 01/20/12 02/29/12 QLogic Corp., Certain Assets Intel Corporation 125.0 NA NA 01/01/12 Pending Netmagic Solutions Private Limited NTT Communications Corporation 172.8 NA NA 12/23/11 02/17/12 Orange Communications SA Apax Partners Worldwide LLP 2,130.6 1.5 x NA 12/22/11 01/31/12 Internode Pty. Ltd. iiNet Ltd. 106.3 NA NA 12/20/11 12/31/11 Conference Plus, Inc. Arkadin, Inc. 41.0 1.0 x NA 12/19/11 Pending RuggedCom Inc. Belden CDT (Canada) Inc. 224.0 2.1 x 12.2 x 12/16/11 Pending Advanced Wireless Services Spectrum Licenses Cellco Partnership, Inc. 315.0 NA NA 12/15/11 04/10/12 NextG Networks, Inc. Crown Castle International Corp. 1,000.0 NA NA 11/21/11 11/30/11 TransACT Capital Communications Pty Ltd. iiNet Ltd. 59.0 0.8 x 3.5 x 11/06/11 01/27/12 Tekelec Private Equity Consortia 507.1 1.3 x 11.4 x Median $ 235.8 1.8x 11.2x Note: Includes announced transactions over the last six months where enterprise value is publicly available and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples

Statistics 200 4.0x

3.5x LTM Multiple Revenue 150 3.0x 2.6x 2.3x 2.1x 2.1x 2.1x 2.1x 2.5x 1.9x 2.0x 100 1.7x 2.0x 1.5x 1.5x 1.5x

Transaction Volume Transaction 50 1.0x

0.5x

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions where enterprise value is publicly available and more than $40 million. 27 Selected HW&Co. TMT Transactions

a portfolio company of a portfolio company of a portfolio company of

has received a strategic investment from

has been acquired by has been acquired by has been acquired by

The Mill a portfolio company of a portfolio company of a portfolio company of

has acquired

has been recapitalized by has been acquired by has been acquired by

a portfolio company of a portfolio company of has received a minority investment from has been acquired by

has acquired has merged with

a portfolio company of a portfolio company of a portfolio company of a portfolio company of

has received a strategic has been acquired by investment from has been acquired by has been acquired by GFI Energy Group

a division of

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