No Slide Title

Technology, Telecom & Digital Media Industry Update September 2011

Member FINRA/SIPC

This report has been prepared by Harris Williams & Co. Ltd and approved by Sturgeon Ventures LLP in accordance with Conduct Of Business rules COBS 4 of the FSA Handbook. Harris Williams & Co. Ltd is an authorized representative of Sturgeon Ventures LLP which is Authorized and Regulated by the Financial Services Authority. This report is being made by Harris Williams & Co Ltd. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Lt. Harris www.harriswilliams.com Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively. Table of Contents Technology, Telecom & Digital Media

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

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

TTDM Public Market Trading Statistics………………………………………………………………………..…………………..3

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

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

Public and M&A Market Overview by Sector

Application Software…………………………………………………….…………………..6

Digital Media and Informatics………………………………………………..…………………..9

Infrastructure Software……………………………………………………..…………………..12

IT and Tech-Enabled Services………………………………………………………………..14

SaaS……………………………………………………………………………………………………..17

Tech Hardware……………………………………………………………………..…………………..19

Telecom………………………………………………………………………………………………..22

Selected HW&Co. TTDM Transactions…………………………………………………………………………………………..25

TTDM Group Overview and Disclosures…………………………………………………………………………………………..26 What We’ve Been Reading

Technology Deals Back to Pre-Recession Levels Financial Times 8/23/2011 Deal volume in the technology and telecom industry has totaled $323.3 billion for the first eight months of 2011, close to the pre-recession deal volume level of $338.8 billion completed through August 2008. Fueled by an accelerating pace of change in the technology industry, excess cash on balance sheets, and low-growth in core business offerings, companies are using M&A to transform themselves. Additionally, cross-border transactions have increased due to US technology companies looking to utilize their large hoards of “dead” cash, foreign cash reserves that are heavily taxed if returned to the US. Deal flow in August continued to steamroll forward with the announcement of Google’s $12 billion acquisition of Motorola Mobility and HP’s bid for Autonomy. Read the full article here.

Deal-Making Spotlight Swings to Data Analysis New York Times 8/19/2011 Hewlett-Packard announced an enormous 64% premium in its offer to Autonomy, a premium necessary for the cost of transforming itself from a hardware manufacturer into an enterprise software company. The enterprise software market is among the fastest-growing and most profitable portions of the software industry. A successful acquisition of Autonomy is a key component to HP’s transformation and thus explains HP’s willingness to pay more than 10 times Autonomy’s estimated revenue for next year. Analysts believe that a counterbid is unlikely from other companies as potential bidders would be more likely to target smaller companies that own different slices of the enterprise software market in the near future. Read the full article here.

Drowning in Data: Is Software the Solution? Network Computing 9/8/2011 According to IDC, the amount of data that enterprises manage is doubling every two years, and the resulting investments in cloud, hardware, and software by enterprises have increased by 50% since 2005 to reach $4 trillion. In particular, new product introductions, simplified pricing and bundling, and ongoing modernization of data protection are expected to be the main growth drivers for the six dominant vendors, collectively accounting for 94.2% of the market: EMC, Symantec, IBM, NetApp, Hitachi, and Hewlett-Packard. Read the full article here.

Global Ad Spending in Video Games to Top $7.2B in 2016 GamesBeat 9/12/2011 Research firm DFC Intelligence has noted that the video game market is underutilized as an advertising medium. DFC estimates that global video game revenues will increase from $67 billion in 2010 to $81 billion in 2016. As a result, advertising revenue is forecast to experience strong growth as well, doubling between 2010 and 2014 to reach $2 billion. Lead DFC analyst Michael Goodman stated, “Video games have reached beyond adolescent males into a mainstream entertainment medium that touches every segment of the population.” Read the full article here.

No Bear Market for M&A in August The 451 Group 9/1/2011 Amplified by Google and HP’s blockbuster transactions, deal volume in August was the second highest monthly total since the “Great Recession” of 2008. For the fourth month in a row, more than 300 deals have closed, a level one-third higher than a year previous. Additionally, aggregate deal value for August amounted to 2-3 times higher than typical spending over the past year. This all occurred during a month in which volatility in the U.S. stock market spiked and the Nasdaq dropped 7%. Read the full article here. 1 Public Market Trading Statistics Bellwethers

Stock Last Twelve Months Last 30 Days Performance 140% 110%

130% 105%

120% 100%

110% 95%

100% 90%

90% 85%

80% 80%

10 11 11

10 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Sep Feb

Apr

Dec

Aug

Mar

Nov

May

08/12/11 08/14/11 08/30/11 09/01/11 09/03/11 09/05/11 09/07/11 08/16/11 08/18/11 08/20/11 08/22/11 08/24/11 08/26/11 08/28/11 09/09/11 09/11/11 Nasdaq Bellwethers Nasdaq Bellwethers

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 Bellwethers Summary Apple Inc. $ 352,239.0 $ 379.94 93.9% 59.0% 77.6% 2.8x 2.3x 8.6x 7.2x Microsoft Corporation 216,913.3 25.89 87.9% 9.6% 7.9% 2.4x 2.3x 5.6x 5.5x International Business Machines Corporation 193,974.7 162.42 87.5% 8.7% 9.9% 2.0x 1.9x 8.0x 7.9x Google Inc. 171,169.3 530.12 82.4% 28.8% 20.1% 4.1x 3.7x 10.7x 8.8x Oracle Corporation 135,320.7 26.75 73.3% 16.6% 26.3% 3.4x 3.3x 8.4x 6.9x Intel Corporation 106,490.3 20.28 84.6% 23.7% 14.1% 1.9x 1.7x 4.3x 4.1x Amazon.com Inc. 98,304.2 216.56 95.2% 43.1% 2.0% 2.3x 1.9x 50.3x 36.0x Samsung Electronics Co. Ltd. 93,607.9 719.31 76.9% NA NA 0.5x NA 3.2x NA Cisco Systems, Inc. 88,498.0 16.09 65.4% 4.7% 4.8% 1.4x 1.4x 5.4x 4.5x QUALCOMM Inc. 86,181.0 51.39 85.9% 36.9% 36.7% 4.9x 4.3x 12.4x 9.7x SAP AG 57,637.2 48.45 77.1% 14.1% 20.1% 2.9x 3.0x 8.3x 8.7x Hewlett-Packard Company 44,865.7 22.58 45.7% (0.8%) (8.0%) 0.5x 0.5x 3.2x 3.5x EMC Corporation 44,664.8 21.63 75.3% 17.8% 15.2% 2.1x 2.0x 9.5x 7.2x eBay Inc. 37,915.3 29.42 83.2% 26.3% 14.6% 3.3x 2.9x 11.0x 8.7x

Total Comp Set Median $ 95,956.0 82.8% 17.8% 14.6% 2.3x 2.3x 8.4x 7.2x

2 TTDM 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 2011P 2012P LTM 2011P 2012P Trading Bellwethers (1.6% ) 12.0% 21.2% 31.0% 2.3 x 2.3 x 2.0 x 8.4 x 7.2 x 6.4 x Summary Application Software 1.5% 17.8% 17.5% 20.6% 3.2 x 3.0 x 2.8 x 14.4 x 10.4 x 9.3 x Enterprise Resource Planning (4.0%) 3.8% 24.4% 31.7% 2.6 x 3.1 x 2.9 x 8.2 x 7.8 x 7.0 x Supply/Demand Chain Management (0.6%) 27.4% 32.5% 17.3% 2.0 x 1.9 x 1.7 x 11.6 x 8.8 x 7.5 x Product Lifecycle Management/Technical Design 0.1% 3.4% 15.6% 18.3% 2.0 x 1.7 x 1.6 x 10.2 x 7.5 x 6.2 x CRM/Call Center Management 1.3% 22.8% 17.4% 16.2% 2.4 x 2.2 x 2.1 x 12.8 x 9.5 x 8.6 x Human Capital Management (4.5%) 2.0% 28.7% 13.1% 5.2 x 4.7 x 3.8 x 35.1 x 22.7 x 15.5 x Content Management 0.8% (6.8%) 13.3% 28.6% 2.8 x 2.7 x 2.5 x 7.8 x 6.6 x 6.7 x Business Intelligence/Analytics 5.2% 31.2% 20.9% 23.4% 4.3 x 3.4 x 3.1 x 21.7 x 16.3 x 13.5 x Vertical Focused - Education/Government/Non-Profit 0.2% 18.9% 14.8% 17.2% 2.8 x 2.6 x 2.4 x 15.8 x 12.2 x 10.2 x Vertically Focused - Energy and Industrial 4.6% 30.7% 13.5% 39.9% 6.8 x 6.4 x 5.3 x 14.9 x 11.8 x 168.5 x Vertically Focused - Financial Technology (0.1%) 0.3% 13.9% 33.2% 3.6 x 3.4 x 3.1 x 10.8 x 9.3 x 8.6 x Vertical Focused - Healthcare IT 8.8% 44.1% 28.6% 25.2% 4.6 x 4.3 x 3.8 x 18.1 x 15.3 x 13.1 x Digital Media and Informatics (2.6% ) 6.7% 20.1% 24.1% 2.4 x 2.3 x 2.3 x 10.4 x 8.4 x 7.3 x Informatics and Data Services (2.6%) (5.1%) 11.9% 23.3% 2.3 x 2.2 x 2.0 x 8.5 x 7.0 x 6.7 x e-Commerce 1.7% 37.9% 38.9% 16.8% 4.1 x 3.3 x 2.4 x 24.6 x 18.3 x 13.1 x Internet Software and Services (7.0%) (12.3%) 16.1% 33.6% 2.4 x 2.4 x 2.3 x 7.0 x 6.6 x 5.6 x Online Content and Search (3.5%) 14.3% 27.3% 25.9% 3.6 x 3.3 x 3.0 x 10.7 x 7.9 x 6.8 x Social Networking (4.3%) NA 112.3% 10.3% 11.6 x 8.3 x 5.9 x 93.5 x 63.7 x 33.0 x Infrastructure Software (7.5% ) 7.9% 14.3% 22.2% 2.7 x 2.7 x 2.3 x 10.2 x 9.7 x 8.7 x Enterprise IT Management (7.6%) 1.4% 11.4% 22.7% 2.5 x 2.4 x 2.3 x 8.4 x 6.7 x 5.4 x Security (5.4%) 14.5% 12.6% 27.1% 4.5 x 4.7 x 4.0 x 11.7 x 10.5 x 9.3 x Enterprise Storage (9.5%) 13.1% 19.5% 18.0% 2.9 x 2.9 x 2.8 x 10.1 x 9.7 x 9.1 x IT and Tech-Enabled Services (5.2% ) (1.3% ) 13.4% 17.2% 1.3 x 1.7 x 1.6 x 7.8 x 7.2 x 6.4 x Data & Transaction Processing (3.6%) 4.6% 11.1% 24.3% 1.8 x 1.8 x 1.6 x 7.8 x 7.2 x 6.4 x IT Services (9.3%) (17.3%) 17.6% 10.1% 0.4 x 1.1 x 0.9 x 4.3 x 6.7 x 6.1 x Government IT Services (5.2%) 7.8% 9.3% 9.4% 0.5 x 0.5 x 0.5 x 5.7 x 5.6 x 5.3 x Onshore BPOs (2.3%) 6.7% 4.2% 18.0% 1.3 x 1.3 x 1.2 x 7.1 x 7.0 x 6.4 x Offshore BPOs (5.9%) (5.5%) 25.7% 20.1% 2.3 x 2.1 x 1.9 x 10.9 x 11.3 x 9.1 x SaaS (3.6% ) 18.2% 28.7% 15.6% 5.2 x 4.7 x 3.8 x 34.8 x 24.7 x 16.2 x Technology Hardware (2.5% ) 6.1% 18.6% 20.4% 0.8 x 0.9 x 0.8 x 4.8 x 5.0 x 4.5 x Semiconductor Devices (0.8%) 12.6% 18.5% 25.0% 2.0 x 1.8 x 1.7 x 7.3 x 6.3 x 5.9 x Semiconductor Equipment (3.0%) 8.8% 36.3% 26.9% 0.8 x 0.8 x 0.9 x 3.1 x 3.9 x 3.9 x Electronic Manufacturing (5.5%) 0.1% 19.2% 5.3% 0.2 x 0.2 x 0.2 x 4.4 x 3.8 x 3.4 x PCs, Servers, and Computing Components (2.8%) 3.1% 7.3% 13.7% 0.5 x 0.5 x 0.5 x 6.4 x 6.6 x 5.7 x Storage and Networking Components (1.5%) (8.2%) 10.0% 22.0% 1.0 x 0.9 x 0.8 x 4.4 x 4.2 x 3.2 x Telecommunications 0.6% (2.0% ) 21.4% 22.6% 1.7 x 1.7 x 1.5 x 6.1 x 6.2 x 5.5 x Network Optimization (8.1%) (23.9%) 28.4% 18.0% 2.4 x 2.2 x 2.0 x 6.7 x 5.9 x 6.7 x Fiber Optics 14.2% 2.3% 36.7% 14.8% 1.3 x 1.3 x 1.1 x 11.4 x 15.6 x 10.3 x Telecom/Networking Equipment 0.6% (4.4%) 25.5% 16.5% 1.4 x 1.4 x 1.3 x 5.6 x 6.7 x 4.9 x Carriers and Content Providers 1.2% 4.7% 5.1% 26.8% 1.6 x 1.5 x 1.4 x 5.6 x 5.3 x 5.0 x Infrastructure Services 5.1% 1.6% 13.0% 61.6% 10.7 x 10.1 x 9.2 x 17.8 x 16.1 x 14.3 x Managed Services (0.5%) 31.1% 41.3% 38.2% 4.3 x 3.9 x 3.3 x 10.7 x 8.6 x 7.3 x

NASDAQ (1.0% ) 10.5% Note: Public comparables exclude companies with market capitalization below $500 million.

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

100%

Five-Year Average 80%

60%

40%

20%

0% Application Software Digital Media and Infrastructure Software IT and Tech-Enabled SaaS Technology Hardware Telecommunications Informatics Services Note: Based on current TEV/LTM EBITDA versus five-year historical average. 3 Recent TTDM M&A Activity

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

Statistics 09/01/11 Pending Algorithmics, Inc. International Business Machines Corp. $ 387.0 2.4 x 35.5 x 08/22/11 08/24/11 Multifamily Technology Solutions, Inc. RealPage, Inc. 74.4 4.6 x NA 08/22/11 Pending Renaissance Learning Inc. PLATO Learning, Inc. 443.7 3.3 x 11.2 x 08/18/11 Pending Autonomy Corp. plc Hewlett-Packard Company 6,250.9 6.7 x 15.3 x 08/16/11 Pending Vangent, Inc. General Dynamics Corp. 1,319.5 1.8 x 14.8 x 08/15/11 Pending Renaissance Learning Inc. Permira Advisers Ltd. 424.7 3.1 x 10.7 x 08/15/11 Pending OMEGA Engineering, Inc. Spectris plc 475.0 2.8 x NA 08/15/11 Pending Motorola Mobility Holdings, Inc. Google Inc. 8,969.9 0.7 x 29.5 x 08/04/11 Pending Emdeon Inc. The Blackstone Group; Hellman & Friedman 3,288.9 3.2 x 13.3 x 07/31/11 Pending PAETEC Holding Corp. Windstream Corporation 2,178.0 1.3 x 7.8 x 07/26/11 Pending S1 Corporation ACI Worldwide, Inc. 436.0 1.9 x 35.5 x 07/25/11 Pending Paradigm Holdings Inc. CACI International Inc. 61.5 1.5 x 29.6 x 07/19/11 Pending Insider Guides, Inc. Quepasa Corp. 100.0 4.2 x 20.4 x 07/13/11 07/13/11 Global 360, Inc. Open Text Corp. 260.0 2.9 x NA 07/11/11 Pending Radiant Systems Inc. NCR Corp. 1,154.1 3.3 x 22.3 x 07/05/11 07/05/11 Aegis Lightwave, Inc. II-VI Inc. 52.0 2.0 x NA 07/05/11 Pending Travelex Global Business Payments, Inc. Western Union Co. 606.0 4.3 x 13.6 x 06/30/11 Pending Blackboard Inc. Providence Equity Partners LLC 1,751.9 3.8 x 20.2 x 06/29/11 Pending Apache Design Solutions, Inc. Ansys, Inc. 287.0 6.3 x 32.6 x 06/29/11 Pending Interactive TKO, Inc. CA Technologies 330.0 8.5 x NA 06/28/11 07/01/11 OneNeck IT Services, Corporation TDS Hosted & Managed Services, LLC 95.0 2.6 x NA 06/16/11 07/14/11 Texas Advanced Optoelectronic Solutions, Inc. Austriamicrosystems AG 329.9 4.1 x NA 06/15/11 Pending MediaMind Technologies Inc. DG FastChannel, Inc. 422.7 5.0 x 28.5 x 06/14/11 Pending Telcordia Technologies, Inc. LM Ericsson Telephone Co. 1,150.0 1.6 x NA 06/12/11 Pending EMS Technologies Inc. Honeywell International Inc. 494.0 1.4 x 12.7 x 06/10/11 Pending Gerber Scientific Inc. Vector Capital 286.9 0.6 x 17.8 x 06/02/11 07/05/11 High Performance Technologies, Inc. Dynamics Research Corp. 143.0 1.5 x 12.0 x 06/01/11 Pending Stream Global Services, Inc. Trillium Capital, LLC 578.3 0.7 x 8.3 x 05/28/11 Pending Agilysys Europe Technology Solutions OnX Enterprise Solutions Ltd. 64.0 0.1 x NA 05/26/11 Pending Advanced Analogic Technologies, Inc. Skyworks Solutions Inc. 192.8 2.1 x NA 05/24/11 07/06/11 eCarList, LLC DealerTrack/AAX, Inc. 45.3 6.5 x NA 05/17/11 06/10/11 SiGe Semiconductor, Inc. Skyworks Solutions Inc. 284.6 2.8 x 47.8 x 05/15/11 Pending Integral Systems Inc. Kratos Defense & Security Solutions, Inc. 255.1 1.3 x NA 05/10/11 06/10/11 CVI Melles Griot, Inc. IDEX Corporation 400.0 2.2 x NA 05/10/11 Pending Skype Global S.à r.l. Microsoft Corporation 9,082.4 10.6 x 47.1 x Median $ 400.0 2.8x 19.0x Note: Includes announced domestic transactions over the last four months where enterprise value is more than $40 million and revenue multiples are publicly available.

Summary Transaction Volume and Revenue Multiples Transaction Volume by Segment

Statistics 160 4.5 x 4.1 x Application Software 140 4.0 x Telecom 22% 19% 3.5 x

120 LTM MultipleRevenue 2.7 x 3.0 x 100 2.4 x Digital 2.2 x 2.5 x Media and 80 Informatics 2.0 x 9% 60 1.4 x 1.3 x 1.3 x 1.5 x Infrastructure TransactionVolume 40 1.0 x Software 5% 20 Technology 0.5 x IT and Tech- Hardware Enabled 0 0.0 x 31% SaaS Services Application Digital Media Infrastructure IT and Tech- SaaS Technology Telecom 3% 11% Software and Informatics Software Enabled Hardware Services

M&A Transaction Volume Median LTM Revenue Multiple

Note: Includes closed transactions over the last twelve months where enterprise value is publicly disclosed and more than $40 million. 4 Recent U.S. TTDM 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 Date Company Amount Secondary Perf. Revenue Margin Growth Revenue EBITDA Statistics 07/26/11 Tangoe, Inc. $ 87.7 14.5% 25.9% $ 84.2 7.7% 36.0% 6.0x 77.8x 07/19/11 Zillow, Inc. 69.2 0.0% 84.7% 44.9 2.8% 156.7% 22.3x NM 06/28/11 HomeAway, Inc. 216.0 25.9% 49.9% 183.7 17.1% 52.8% 19.9x 116.1x 06/16/11 Bankrate, Inc. 300.0 37.5% 5.5% 285.2 32.6% 123.5% 7.3x 22.5x 06/14/11 Pandora Media, Inc. 234.9 59.1% (35.1%) 167.2 NM 203.0% 9.8x NM 06/08/11 Fusion-io, Inc. 233.7 12.6% 3.2% 136.4 NM 1,244.2% 11.9x NM 05/25/11 The Active Network, Inc. 165.0 25.3% (4.0%) 289.1 5.2% 19.0% 4.0x 77.6x 05/25/11 Freescale Semiconductor Holdings I, Ltd. 783.0 0.0% (38.0%) 4,632.0 23.1% 25.6% 2.0x 8.7x 05/18/11 LinkedIn Corporation 352.8 38.4% 83.8% 292.3 13.0% 143.3% 26.9x 207.5x 05/03/11 Boingo Wireless, Inc. 77.9 33.3% (39.8%) 82.9 21.9% 26.2% 4.3x 19.8x 04/20/11 Responsys, Inc. 79.4 16.9% 7.3% 104.8 18.0% 57.3% 6.3x 34.8x 04/14/11 Ellie Mae, Inc. 45.0 33.3% (12.2%) 45.0 8.0% 23.3% 3.9x 48.9x 03/16/11 Cornerstone OnDemand, Inc. 136.5 28.6% (3.4%) 43.7 NM 49.1% 15.8x NM 03/10/11 MagnaChip Semiconductor Corporation 133.0 90.0% (39.7%) 770.4 19.8% 37.6% 0.5x 2.7x Median $ 150.8 27.2% (0.1% ) $ 151.8 17.1% 51.0% 6.8x 41.9x Note: Includes major U.S. exchanges and transactions for companies located in the United States 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 2005 2006 2007 2008 2009 2010 2011 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 United States.

5 Public Market Trading Statistics Application Software

Stock Last Twelve Months Last 30 Days Performance 150% 110%

140% 105% 130% 100% 120%

110% 95%

100% 90% 90% 85% 80%

70% 80%

10 11 11

10 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Feb Sep

Apr

Dec

Aug

Mar

Nov

May

08/14/11 08/16/11 08/22/11 08/24/11 09/01/11 09/09/11 08/12/11 08/18/11 08/20/11 08/26/11 08/28/11 08/30/11 09/03/11 09/05/11 09/07/11 09/11/11 Nasdaq Application Software Nasdaq Application Software

($ 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 Enterprise Resource Planning $ 31,408.4 $ - $ 0.8 $ 0.2 $ 0.2 $ 2.6 $ 3.1 $ 8.2 $ 7.8 Summary Oracle Corporation $ 135,320.7 $ 26.75 73.3% 16.6% 26.3% 3.4x 3.3x 8.4x 6.9x SAP AG 57,637.2 48.45 77.1% 14.1% 20.1% 2.9x 3.0x 8.3x 8.7x Sage Group plc 5,179.6 3.93 81.4% NA NA 2.3x NA 8.2x NA Exact Holding NV 570.0 24.98 76.5% NA NA 1.6x NA 7.0x NA Median $ 31,408.4 76.8% 15.4% 23.2% 2.6x 3.1x 8.2x 7.8x

Supply/Demand Chain Management $ 1,035.2 $ - $ 0.7 $ 0.1 $ 0.2 $ 2.0 $ 1.9 $ 11.6 $ 8.8 Ariba Inc. $ 2,500.9 $ 26.79 72.1% 30.6% 22.2% 5.1x 4.8x 70.1x 23.0x JDA Software Group Inc. 1,035.2 24.34 69.5% 10.1% 10.5% 1.6x 1.5x 6.6x 5.9x Manhattan Associates, Inc. 725.8 34.31 86.4% 10.0% 25.4% 2.0x 1.9x 11.6x 8.8x Median $ 1,035.2 72.1% 10.1% 22.2% 2.0x 1.9x 11.6x 8.8x

Product Lifecycle Management/Technical Design Dassault Systemes SA $ 8,650.6 $ 71.25 83.1% NA NA 2.9x NA 9.7x NA Autodesk, Inc. 6,114.2 26.72 57.9% 13.5% 23.9% 2.2x 2.1x 10.8x 7.5x Synopsys Inc. 3,634.5 25.23 86.0% 10.2% 14.7% 1.7x 1.7x 8.3x 5.9x Cadence Design Systems Inc. 2,428.7 9.03 81.5% 21.8% 75.7% 2.2x 2.1x 17.1x 8.6x Parametric Technology Corporation 1,902.5 16.20 64.0% 18.0% 31.4% 1.7x 1.6x 11.6x 7.5x Mentor Graphics Corporation 1,123.1 10.23 61.8% 11.6% 33.1% 1.2x 1.2x 7.6x 6.1x Median $ 3,031.6 72.8% 13.5% 31.4% 2.0x 1.7x 10.2x 7.5x

CRM/Call Center Management Salesforce.com $ 16,766.8 $ 123.74 77.3% 35.1% 29.8% 8.2x 7.2x 138.8x 40.2x Nuance Communications, Inc. 5,393.6 17.65 77.0% 14.3% 9.3% 4.6x 4.1x 21.7x 10.5x Amdocs Ltd. 4,880.8 26.98 84.3% 6.2% (1.1%) 1.2x 1.2x 6.3x 5.7x NICE Systems Ltd. 1,803.1 28.59 80.9% 15.9% 36.2% 1.5x 1.4x 9.5x 5.6x Comverse Technology Inc. 1,425.0 6.95 84.4% 5.4% NM 1.0x 1.0x 11.9x 7.4x Rightnow Technologies Inc. 1,061.7 31.93 87.0% 22.6% 23.7% 4.7x 4.3x 46.1x 31.7x Verint Systems Inc. 1,047.4 27.00 70.9% 8.4% (9.5%) 2.4x 2.2x 12.8x 9.5x Median $ 1,803.1 80.9% 14.3% 16.5% 2.4x 2.2x 12.8x 9.5x

Human Capital Management Concur Technologies, Inc. $ 2,077.1 $ 38.47 66.1% 20.4% 18.8% 5.2x 4.7x 35.1x 16.6x SuccessFactors, Inc. 1,814.6 21.75 53.8% 55.3% 43.2% 6.2x 5.0x NM 128.3x Ultimate Software Group, Inc. 1,262.2 48.81 80.8% 18.5% 21.2% 4.9x 4.5x 57.3x 28.7x Taleo Corporation 1,056.5 25.57 66.8% 35.1% 45.5% 3.3x 2.8x 25.4x 12.6x Cornerstone OnDemand, Inc. 583.0 12.13 51.6% NA NA 9.3x 6.9x NM NM Median $ 1,262.2 66.1% 27.7% 32.2% 5.2x 4.7x 35.1x 22.7x 6 Public Market Trading Statistics Application Software

Business Intelligence/Analytics Autonomy Corporation plc $ 9,675.5 $ 39.80 98.7% NA NA 10.3x NA 23.4x NA Teradata Corporation 8,260.2 49.08 78.3% 20.4% 19.5% 3.7x 3.4x 16.7x 13.8x Informatica Corporation 4,158.4 38.98 62.4% 23.4% 37.7% 5.0x 4.6x 20.2x 16.3x MicroStrategy Inc. 1,133.0 105.79 59.2% 30.0% (28.5%) 1.8x 1.7x 23.1x 22.9x Median $ 6,209.3 70.4% 23.4% 19.5% 4.3x 3.4x 21.7x 16.3x

Vertical Focused - Education/Government/Non-Profit Blackboard Inc. $ 1,552.0 $ 44.17 87.9% 20.0% 9.8% 3.5x 3.1x 21.2x 14.2x Blackbaud Inc. 1,012.4 23.37 76.9% 15.1% 13.1% 2.8x 2.6x 14.4x 10.9x K12, Inc. 929.0 26.02 65.5% 27.6% 35.1% 1.9x 1.6x 16.3x 10.4x Tyler Technologies, Inc. 780.8 24.58 89.2% 5.6% 8.9% 2.7x 2.6x 15.2x 13.4x Median $ 970.7 82.4% 17.5% 11.4% 2.8x 2.6x 15.8x 12.2x

Vertically Focused - Energy and Industrial Ansys, Inc. $ 4,723.2 $ 51.21 89.1% 19.3% 13.5% 6.8x 6.2x 13.8x 11.8x Aveva Group plc 1,617.9 23.85 83.7% NA NA 4.9x NA 16.0x NA Aspen Technology Inc. 1,505.1 16.01 89.5% 23.6% NA 7.0x 6.6x NM NM Median $ 1,617.9 89.1% 21.4% 13.5% 6.8x 6.4x 14.9x 11.8x

Vertically Focused - Financial Technology Intuit Inc. $ 14,227.2 $ 46.80 82.9% 13.1% 22.5% 3.6x 3.4x 10.8x 9.2x MSCI Inc. 3,876.6 32.18 78.9% 38.5% 43.5% 7.3x 5.3x 16.4x 11.4x DST Systems Inc. 1,996.4 42.90 72.2% 10.9% (6.9%) 0.5x 0.7x 3.2x 3.0x SS&C Technologies Holdings, Inc. 1,234.2 15.68 71.4% 12.8% 15.5% 3.9x 3.7x 10.6x 9.3x Advent Software, Inc. 1,160.6 22.20 70.2% 14.6% 27.9% 3.6x 3.4x 17.2x 12.1x Median $ 1,996.4 72.2% 13.1% 22.5% 3.6x 3.4x 10.8x 9.3x

Vertical Focused - Healthcare IT Cerner Corporation $ 10,870.1 $ 64.30 94.4% 14.2% 21.6% 5.0x 4.7x 18.9x 14.8x Allscripts Healthcare Solutions, Inc. 3,239.6 17.24 74.5% 14.5% 30.6% 2.8x 2.5x 16.8x 9.7x Quality Systems Inc. 2,661.2 90.84 95.6% 23.5% 35.7% 6.8x 6.2x 22.6x 18.8x athenahealth, Inc. 2,117.4 60.52 94.9% 31.9% 57.7% 7.1x 6.2x 42.0x 29.5x HMS Holdings Corporation 2,115.8 24.97 88.3% 24.6% 28.2% 5.9x 5.3x 21.3x 17.8x Emdeon Inc. 1,712.9 18.78 99.7% 12.9% 12.6% 2.6x 2.5x 11.1x 9.3x Computer Programs & Systems Inc. 739.2 66.82 84.5% 22.3% 57.1% 4.1x 3.9x 17.4x 15.8x MedAssets, Inc. 576.9 9.80 43.6% 42.4% 42.9% 3.1x 2.6x 11.1x 8.1x Median $ 2,116.6 91.4% 22.9% 33.1% 4.6x 4.3x 18.1x 15.3x

Total Application Software Median $ 1,949.4 77.2% 17.3% 22.4% 3.2x 3.0x 14.4x 10.4x Note: Public comparables exclude companies with market capitalization below $500 million.

7 Comparable Transactions Application Software

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 09/01/11 Pending Algorithmics, Inc. International Business Machines Corp. $ 387.0 2.4 x 35.5 x 08/18/11 Pending Autonomy Corp. plc Hewlett-Packard Company 10,300.6 11.1x 25.2x 08/13/11 Pending Loquendo S.p.A. Nuance Communications, Inc. 75.5 NA NA 08/04/11 Pending Emdeon Inc. The Blackstone Group; Hellman & Friedman 3,304.8 3.1x 13.1x 08/04/11 Pending Sungard Higher Education, Inc. Datatel, Inc. 1,775.0 NA NA 08/02/11 Pending Carnegie Learning, Inc. Apollo Group Inc. 75.0 NA NA 07/26/11 08/11/11 Seismic Micro-Technology, Inc. IHS Inc. 500.0 NA NA 07/13/11 07/13/11 Global 360, Inc. Open Text Corp. 260.0 2.9x NA 07/11/11 Pending Multimodal Technologies, Inc. MedQuist Holdings Inc. 132.6 NA NA 07/10/11 Pending Vetstreet Vicar Operating, Inc. 146.0 NA NA 06/30/11 Pending Blackboard Inc. Providence Equity Partners LLC 1,767.1 3.7x 22.3x 06/29/11 08/01/11 Apache Design Solutions, Inc. Ansys, Inc. 287.0 6.3x 32.6x 06/28/11 Pending Medical Present Value, Inc. Experian plc 185.0 NA NA 06/26/11 Pending Fundtech Ltd. S1 Corporation 228.4 1.6x 10.8x 06/22/11 07/26/11 Portico Systems, Inc. McKesson Health Solutions LLC 90.0 NA NA 06/16/11 06/16/11 SVOX AG Nuance Communications, Inc. 123.1 NA NA 06/14/11 Pending Telcordia Technologies, Inc. LM Ericsson Telephone Co. 1,150.0 1.6x NA 06/13/11 06/17/11 Health Risk Partners LLC Verisk Analytics, Inc. 60.0 NA NA 06/09/11 Pending Fundamo Limited Visa, Inc. 110.0 NA NA 06/07/11 07/19/11 Mamut ASA Visma ASA 161.8 1.7x 13.6x 05/15/11 06/02/11 Iron Mountain Inc., Digital Division Autonomy Corp. plc 380.0 NA NA 05/10/11 06/15/11 Equitrac Corporation Nuance Communications, Inc. 157.0 NA NA 05/08/11 06/30/11 Tekla Oyj Trimble Finland Oy 426.8 4.9x 22.5x 05/04/11 06/23/11 Entraction Holding AB International Game Technology 88.7 1.7x 17.3x 04/27/11 06/15/11 Vital Images, Inc. Toshiba Medical Systems Corporation 151.3 2.5x 94.0x 04/27/11 04/27/11 Bloodhound Technologies, Inc. Verisk Analytics, Inc. 82.0 NA NA 04/26/11 05/31/11 SchoolNet, Inc. Pearson plc 230.0 NA NA 04/23/11 06/14/11 Explore Information Services, L.L.C. Audatex North America, Inc. 520.0 6.8x 15.3x 04/19/11 06/01/11 DadaNet S.p.A. Buongiorno SpA 44.4 0.4x 3.1x 04/12/11 06/01/11 ARGUS Software, Inc. Altus Group Limited 130.0 NA NA 04/06/11 05/31/11 MKS Inc. Parametric Technology Corporation 280.8 4.1x 21.0x 04/04/11 05/13/11 Epicor Software Corporation Apax Partners LLP 951.5 2.1x 17.5x 03/29/11 04/01/11 Allegient Systems, Inc. Bottomline Technologies Inc. 52.8 3.7x 17.7x 03/28/11 03/28/11 Access UK Ltd. Lyceum Capital Partners LLP 80.2 1.8x 9.1x 03/24/11 04/12/11 Mortgagebot LLC Davis + Henderson Corporation 231.8 6.1x 11.5x 03/16/11 03/16/11 Intercim, LLC Dassault Systemes SA 44.5 NA NA 03/11/11 07/05/11 Lawson Software, Inc. Golden Gate Capital; Infor Global Solutions, Inc. 1,779.4 2.4x 13.2x Median $ 185.0 2.7x 17.4x 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 175 3.5x

150 2.8x 2.8x 3.0x 2.6x 2.5x

2.5x LTM Multiple Revenue 125 2.2x 2.5x 2.1x 2.1x 2.0x 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 YTD Transaction Volume Median LTM Revenue Multiple Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million. 8 Public Market Trading Statistics Digital Media and Informatics

Stock Last Twelve Months Last 30 Days Performance 150% 110%

140% 105% 130% 100% 120%

110% 95%

100% 90% 90% 85% 80%

70% 80%

10 11 11

10 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Feb Sep

Apr

Dec

Aug

Mar

Nov

May

08/12/11 08/14/11 08/16/11 09/01/11 09/03/11 09/05/11 09/07/11 09/09/11 08/18/11 08/20/11 08/22/11 08/24/11 08/26/11 08/28/11 08/30/11 09/11/11 Nasdaq Digital Media and Informatics Nasdaq Digital Media and Informatics

($ 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 Informatics and Data Services Summary Thomson Reuters Corporation $ 23,670.6 $ 28.29 67.6% 1.2% 11.5% 2.3x 2.3x 10.4x 8.4x Experian plc 10,630.0 10.85 81.5% NA NA 2.9x NA 9.3x NA Reed Elsevier plc 9,056.9 7.45 79.3% 2.6% 3.0% NA 0.8x NA 2.7x Moody's Corporation 6,746.7 29.50 70.4% 14.1% 19.3% 3.1x 3.0x 7.2x 6.9x Wolters Kluwer NV 4,993.7 16.55 67.7% NA NA 1.6x NA 6.8x NA IHS Inc. 4,863.0 74.96 83.4% 23.3% 20.9% 4.2x 3.8x 18.1x 12.8x FactSet Research Systems Inc. 3,828.6 83.54 74.3% 13.4% 9.7% 5.2x 4.8x 13.2x 12.4x Equifax Inc. 3,734.7 30.51 76.5% 4.5% 6.1% 2.4x 2.3x 7.4x 7.2x Gartner Inc. 3,252.0 33.69 77.6% 14.1% 20.5% 2.4x 2.3x 15.8x 12.4x Informa plc 3,112.0 5.18 70.1% NA NA 2.3x NA 8.5x NA Dun & Bradstreet Corporation 3,077.9 62.57 71.9% 5.1% 6.0% 2.3x 2.2x 7.7x 6.9x Morningstar Inc. 2,852.9 56.41 88.1% NA NA 4.0x NA 13.4x NA Aegis Group plc 2,415.2 1.92 69.2% NA NA 1.2x NA 10.1x NA NeuStar, Inc. 1,731.1 23.60 84.4% 13.0% 11.8% 2.3x 2.2x 5.4x 5.0x UBM plc 1,601.9 6.58 57.1% 10.3% 17.2% 1.6x 1.6x 7.7x 7.1x CoreLogic, Inc. 1,214.2 11.41 54.4% (16.4%) (35.3%) 1.1x 1.1x 8.7x 6.8x Ipsos SA 1,058.5 30.90 61.1% NA NA 0.8x NA 6.2x NA Fair Isaac Corporation 909.4 23.55 74.0% 2.8% 18.3% 1.9x 1.8x 7.5x 6.6x Acxiom Corporation 825.1 10.12 53.7% 4.1% (3.1%) 0.9x 0.9x 4.3x 3.9x Forrester Research Inc. 717.8 31.63 79.1% 15.2% 23.4% 1.8x 1.7x 14.0x 10.1x Median $ 3,095.0 72.9% 7.7% 11.6% 2.3x 2.2x 8.5x 7.0x

e-Commerce Amazon.com Inc. $ 98,304.2 $ 216.56 95.2% 43.1% 2.0% 2.3x 1.9x 50.3x 36.0x eBay Inc. 37,915.3 29.42 83.2% 26.3% 14.6% 3.3x 2.9x 11.0x 8.7x priceline.com Incorporated 26,321.9 528.87 94.1% 39.9% 64.0% 6.9x 5.8x 23.6x 17.3x Netflix, Inc. 11,035.2 210.05 68.9% 52.0% 57.0% 4.1x 3.3x 27.0x 20.9x Expedia Inc. 8,128.9 29.64 90.1% 18.0% 7.1% 2.0x 1.9x 8.4x 7.1x Ctrip.com International Ltd. 5,418.1 37.74 71.0% 28.7% 22.9% 9.3x 8.4x 24.6x 21.0x HomeAway, Inc. 3,234.1 40.15 87.8% NA NA 18.0x 15.9x 107.4x 57.1x Shutterfly, Inc. 1,801.2 52.12 78.1% 63.3% 53.9% 5.0x 3.6x 52.2x 18.3x Vistaprint N.V. 1,118.5 27.86 49.5% 24.6% (0.9%) 1.1x 1.0x 6.4x 6.1x Median $ 8,128.9 83.2% 34.3% 18.8% 4.1x 3.3x 24.6x 18.3x

9 Public Market Trading Statistics Digital Media and Informatics

Online Content and Search Google Inc. $ 171,169.3 $ 530.12 82.4% 28.8% 20.1% 4.1x 3.7x 10.7x 8.8x Baidu, Inc. 50,327.4 144.23 86.9% 83.9% 86.9% 29.8x 22.7x 52.5x 39.0x Yahoo! Inc. 18,004.8 14.26 75.7% 0.3% (10.4%) 1.9x 2.3x 7.4x 7.2x Rakuten, Inc. 14,889.1 1,134.08 97.2% NA NA 4.0x NA 16.3x NA Yandex N.V. 9,373.2 29.02 69.1% NA NA 15.4x 13.6x 34.2x 30.2x Scripps Networks Interactive, Inc. 6,402.4 39.58 73.8% 2.7% 10.2% 3.2x 3.3x 7.2x 6.9x IAC/InterActiveCorporation 3,359.5 39.54 90.3% 19.0% 40.0% 1.3x 1.2x 10.6x 6.6x WebMD Health Corporation 1,931.5 32.92 56.2% 10.3% 17.4% 2.7x 2.7x 10.5x 7.9x Bankrate, Inc. 1,571.0 15.71 83.2% NA NA 4.9x 4.3x 15.5x 14.2x Monster Worldwide, Inc. 993.7 8.09 31.2% 14.4% 73.8% 0.9x 0.8x 8.2x 4.6x Demand Media, Inc. 640.4 7.63 27.9% NA NA 1.8x 1.7x 8.8x 6.3x Responsys, Inc. 583.5 12.40 68.2% NA NA 4.3x 3.8x 23.2x 23.0x Median $ 4,880.9 74.7% 14.4% 20.1% 3.6x 3.3x 10.7x 7.9x

Social Networking LinkedIn Corporation $ 7,969.4 $ 82.78 67.5% NA NA 21.2x 14.8x 158.6x 110.4x The Active Network, Inc. 779.9 14.39 61.0% NA NA 2.0x 1.9x 28.3x 17.0x Median $ 4,374.6 $ 48.59 64.2% NA NA 11.6x 8.3x 93.5x 63.7x

Total DM and Informatics Median $ 3,305.8 72.8% 14.1% 17.4% 2.4x 2.3x 10.4x 8.4x

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

10 Comparable Transactions Digital Media and Informatics

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 08/03/11 Pending Network Solutions, LLC Web.com Group, Inc. $ 755.5 NA NA 07/19/11 Pending Insider Guides, Inc. Quepasa Corp. 100.0 4.2 x 20.4 x 07/19/11 08/04/11 Vovici Corporation Verint Systems Inc. 76.4 NA NA 07/05/11 Pending Travelex Global Business Payments, Inc. Western Union Co. 975.3 4.3 x 13.6 x 06/14/11 07/29/11 Prosodie SA Cap Gemini S.A. 552.8 2.2 x NA 05/30/11 Pending Meetic S.A. Match.com, L.L.C. 436.4 1.6 x 7.9 x 05/26/11 Pending MerchantCircle, Inc. Reply! Inc. 60.0 NA NA 05/23/11 05/23/11 Modular Patterns Ltd. Conduit Ltd. 45.0 NA NA 05/12/11 Pending Home Loan Center, Inc. Discover Bank 55.9 NA NA 04/28/11 06/02/11 Shopzilla, Inc. Symphony Technology Group 165.0 NA NA 04/28/11 06/03/11 Tretti AB CDON Group AB 50.3 0.6 x 11.2 x 04/27/11 Pending LoopNet, Inc. CoStar Group Inc. 654.4 8.2 x 30.3 x 04/08/11 Pending Fubon Multimedia Technology Co., Ltd. Wealth Media Technology Co., Ltd. 563.5 NA NA 03/30/11 05/02/11 Radian6 Technologies, Inc. salesforce.com Canada Corporation 350.0 NA NA 03/27/11 06/17/11 GSI Commerce Inc. eBay Inc. 2,139.3 1.6 x 20.5 x 03/23/11 06/03/11 Drugstore.com Inc. Walgreen Co. 402.4 0.9 x 51.4 x 03/21/11 04/25/11 Tiny Prints, Inc. Shutterfly, Inc. 357.2 4.1 x NA Median $ 357.2 2.2x 20.4x 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 5.8x

45 6.0x LTM RevenueMultiple 4.5x 30 3.2x 3.2x 3.3x 3.0x 2.9x 3.0x 2.3x 2.2x 2.2x 1.8x 15

Transaction Volume Transaction 1.5x

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

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

11 Public Market Trading Statistics Infrastructure Software

Stock Last Twelve Months Last 30 Days Performance 170% 110%

160% 105% 150% 100% 140% 95% 130%

120% 90%

110% 85% 100% 80% 90% 75% 80%

70% 70%

10 11 11

10 11

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- -

Jul

Jan

Jun

Oct

Sep Feb Sep

Apr

Dec

Aug

Mar

Nov

May

08/12/11 08/14/11 08/30/11 09/01/11 09/03/11 09/05/11 09/07/11 08/16/11 08/18/11 08/20/11 08/22/11 08/24/11 08/26/11 08/28/11 09/09/11 09/11/11 Nasdaq Infrastructure Software Nasdaq Infrastructure Software

Security Symantec Corporation $ 12,041.5 $ 16.25 79.3% 11.5% 13.2% 1.8x 1.8x 6.8x 5.1x Check Point Software Technologies Ltd. 10,794.6 52.00 84.6% 14.6% 15.5% 6.9x 6.5x 12.6x 11.0x VeriSign, Inc. 4,883.8 29.35 77.8% 3.9% 11.8% 5.6x 5.3x 11.7x 10.0x Trend Micro Inc. 3,793.5 28.84 77.5% NA NA 1.8x NA 5.5x NA Fortinet Inc. 2,671.6 17.45 61.1% 28.5% 46.3% 5.9x 5.4x 27.4x 23.2x Sourcefire, Inc. 785.2 27.54 84.0% 18.9% 1.8% 4.5x 4.1x 49.6x 24.4x Websense, Inc. 729.1 18.32 65.5% 8.6% (9.5%) 2.0x 2.0x 10.3x 7.3x Median $ 3,793.5 77.8% 13.0% 12.5% 4.5x 4.7x 11.7x 10.5x

Enterprise Storage EMC Corporation $ 44,664.8 $ 21.63 75.3% 17.8% 15.2% 2.1x 2.0x 9.5x 7.2x NetApp, Inc. 13,373.6 36.30 59.5% 26.1% 31.6% 1.8x 1.6x 10.1x 7.2x Teradata Corporation 8,260.2 49.08 78.3% 20.4% 19.5% 3.7x 3.4x 16.7x 13.8x Iron Mountain Inc. 6,445.8 31.73 88.7% (0.9%) (0.6%) 2.9x 2.9x 9.7x 9.7x Brocade Communications Systems, Inc. 1,952.7 3.98 54.5% 1.2% (0.1%) 1.1x 1.1x 6.0x 4.7x Fusion-io, Inc. 1,613.7 19.38 52.4% NA NA 7.1x 5.7x 98.1x 100.1x CommVault Systems, Inc. 1,432.7 32.18 67.7% 26.5% 29.8% 3.5x 3.2x 25.5x 17.1x Median $ 6,445.8 67.7% 19.1% 17.4% 2.9x 2.9x 10.1x 9.7x

Total Infrastructure Software Median $ 5,664.8 70.6% 13.1% 12.5% 2.7x 2.7x 10.2x 9.7x

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

12 Comparable Transactions Infrastructure Software

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 08/08/11 08/08/11 Plimus, Inc. Great Hill Partners, LLC $ 115.0 NA NA 07/21/11 Pending iGware Inc. Acer Inc. 395.0 NA NA 07/19/11 07/19/11 Zeus Technology Limited Riverbed Technology, Inc. 140.0 NA NA 07/11/11 08/22/11 Radiant Systems Inc. NCR Corp. 1,139.1 3.1 x 20.7 x 07/01/11 07/01/11 dynaTrace software GmbH Compuware Corporation 231.4 8.9 x NA 06/29/11 08/16/11 Interactive TKO, Inc. CA Technologies 330.0 8.5 x NA 06/16/11 08/17/11 Bridgewater Systems Corporation Amdocs Ltd. 131.5 1.5 x 4.5 x 05/23/11 07/12/11 AWR Corporation National Instruments Corporation 51.0 NA NA 05/18/11 06/24/11 Clearwell Systems, Inc. Symantec Corporation 390.0 NA NA 05/12/11 06/03/11 Cryptography Research, Inc. Rambus Inc. 288.3 NA NA Median $ 259.8 5.8 x 12.6 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 4.3x 4.1x 5.0x

3.6x 4.0x 20 3.1x 2.4x 2.4x 2.5x 3.0x

2.0x Transaction Volume Transaction 10 1.1x 1.0x

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

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

13 Public Market Trading Statistics IT and Tech-Enabled Services

Stock Last Twelve Months Last 30 Days Performance 150% 110%

140% 105% 130% 100% 120%

110% 95%

100% 90% 90% 85% 80%

70% 80%

10 11 11

10 11

- - -

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Jul

Jan

Jun

Oct

Sep Feb Sep

Apr

Dec

Aug

Mar

Nov

May

08/12/11 08/14/11 08/30/11 09/01/11 09/03/11 09/05/11 08/16/11 08/18/11 08/20/11 08/22/11 08/24/11 08/26/11 08/28/11 09/07/11 09/09/11 09/11/11 Nasdaq IT and Tech-Enabled Services Nasdaq IT and Tech-Enabled Services

IT Services Accenture plc $ 32,234.0 $ 50.02 78.6% 18.8% 18.8% 1.1x 1.1x 7.1x 6.7x Cap Gemini S.A. 4,884.8 31.75 53.7% NA NA 0.3x NA 4.1x NA Atos Origin SA 2,931.4 42.08 70.0% NA NA 0.4x NA 3.7x NA Logica PLC 2,084.2 1.29 54.8% NA NA 0.4x NA 5.2x NA Sapient Corporation 1,377.4 9.90 60.9% 27.3% 38.4% 1.2x 1.1x 10.9x 8.9x Tieto Oyj 909.3 12.72 58.3% NA NA 0.4x NA 4.3x NA Unisys Corporation 682.5 15.81 38.3% (5.3%) NA 0.2x 0.2x 2.1x 1.5x Median $ 2,084.2 58.3% 18.8% 28.6% 0.4x 1.1x 4.3x 6.7x

Government IT Services SAIC, Inc. $ 4,330.6 $ 12.70 72.0% (3.8%) (6.1%) 0.4x 0.5x 4.7x 5.0x CACI International Inc. 1,518.0 49.95 75.1% 12.2% 19.5% 0.5x 0.5x 5.7x 5.6x ManTech International Corporation 1,199.1 32.64 70.6% 14.0% 11.1% 0.4x 0.4x 4.6x 4.5x MAXIMUS, Inc. 1,164.8 33.75 78.9% 11.2% 13.0% 1.1x 1.0x 7.1x 6.7x Tyler Technologies, Inc. 780.8 24.58 89.2% 5.6% 8.9% 2.7x 2.6x 15.2x 13.4x Median $ 1,199.1 75.1% 11.2% 11.1% 0.5x 0.5x 5.7x 5.6x

Onshore BPOs Automatic Data Processing, Inc. $ 23,656.3 $ 48.31 87.6% 11.6% 8.7% 2.2x 2.2x 10.3x 10.2x Paychex Inc. 9,498.7 26.19 77.2% 6.2% 9.0% 4.2x 4.1x 10.1x 9.8x CGI Group, Inc. 4,745.4 18.02 73.8% 9.8% 7.2% 1.3x 1.3x 7.1x 7.0x Alliance Data Systems Corporation 4,603.5 90.41 89.1% 13.0% 20.1% 3.7x 3.5x 13.1x 11.1x Computer Sciences Corporation 4,325.9 27.90 49.3% (0.0%) (14.1%) 0.3x 0.3x 2.7x 2.7x DST Systems Inc. 1,996.4 42.90 72.2% 10.9% (6.9%) 0.5x 0.7x 3.2x 3.0x Convergys Corporation 1,149.7 9.58 63.9% 1.4% 4.3% 0.5x 0.5x 4.3x 4.0x Median $ 4,603.5 73.8% 9.8% 7.2% 1.3x 1.3x 7.1x 7.0x

14 Public Market Trading Statistics IT and Tech-Enabled Services

Total IT Services Median $ 2,708.6 72.9% 10.8% 10.1% 1.3x 1.7x 7.8x 7.2x

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

15 Comparable Transactions IT and Tech-Enabled Services

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 09/05/11 Pending Paracon Holdings Ltd. Adcorp Holdings Ltd. $ 87.0 0.6 x 7.3 x 08/31/11 Pending Qbranch AB Imtech NV 81.6 NA NA 08/16/11 Pending Vangent, Inc. General Dynamics Corp. 1,299.1 1.8 x 14.9 x 08/14/11 08/14/11 Wireless Logic Ltd. ECI Partners LLP 57.4 NA NA 08/10/11 Pending Quintec S.A. Sonda S.A. 123.1 0.7 x 11.4 x 08/08/11 08/08/11 Data Electronics Group Limited Telecity Group plc 143.0 NA NA 07/05/11 07/05/11 AIVE SpA Cap Gemini S.A. 62.0 NA NA 06/28/11 07/01/11 OneNeck IT Services, Corporation TDS Hosted & Managed Services, LLC 95.0 2.6 x NA 06/13/11 Pending Cambridge Solutions, Ltd. Xchanging Technology Services India Private Ltd. 71.7 2.6 x NA 06/10/11 07/11/11 Web Money Corp. KDDI Corp. 172.3 0.2 x 11.5 x 06/02/11 07/05/11 High Performance Technologies, Inc. Dynamics Research Corp. 143.0 1.5 x 12.0 x 05/31/11 Pending Telvent Git S.A. Schneider Electric España, S.A. 1,917.4 1.8 x 11.4 x 05/28/11 08/01/11 Agilysys Technology Solutions Group OnX Enterprise Solutions Ltd. 64.0 0.1 x NA 05/15/11 07/28/11 Integral Systems Inc. Kratos Defense & Security Solutions, Inc. 255.1 1.3 x NA 05/02/11 Pending Info AG QSC AG 122.4 1.0 x 8.6 x 04/26/11 06/02/11 Apptis Holdings, Inc. URS Corporation 260.0 0.9 x NA 04/26/11 07/15/11 SAVVIS, Inc. CenturyLink, Inc. 2,962.7 3.0 x 12.9 x 04/25/11 05/17/11 Value Team S.p.A. NTT DATA EUROPE GmbH & Co. KG 365.9 0.9 x NA 04/15/11 04/15/11 Right Document Solutions Limited Capita PLC 65.3 NA NA 04/11/11 Pending ioko365 Ltd. KIT digital, Inc. 99.1 1.4 x 6.9 x 04/05/11 05/03/11 Headstrong, Inc. Genpact Ltd. 550.0 2.5 x 24.9 x 04/01/11 04/04/11 Encore Discovery Solutions, Inc. EPIQ Systems, Inc. 100.0 2.4 x NA 04/01/11 06/13/11 Global Oil and Gas IT Services Business Wipro Ltd. 150.0 NA NA 03/31/11 07/20/11 SRA International Inc. Providence Equity Partners 1,781.5 1.0 x 10.9 x 03/30/11 04/15/11 Pinnacle Wireless Inc. UniTek Global Services, Inc. 50.0 NA NA Median $ 123.1 1.4x 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 100 2.0x 1.6x 1.6x

1.5x LTM RevenueMultiple 75 1.5x 1.3x 1.3x 1.3x 1.2x 1.0x 1.0x 1.0x 50 1.0x

Transaction Volume Transaction 25 0.5x

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

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

16 Public Market Trading Statistics SaaS

Stock Last Twelve Months Last 30 Days Performance 180% 110% 170% 105% 160%

150% 100%

140% 95% 130% 90% 120%

110% 85% 100% 80% 90%

80% 75%

10 11 11

10 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Feb Sep

Apr

Dec

Aug

Mar

Nov

May

08/12/11 08/14/11 08/30/11 09/01/11 09/03/11 09/05/11 09/07/11 08/16/11 08/18/11 08/20/11 08/22/11 08/24/11 08/26/11 08/28/11 09/09/11 09/11/11 Nasdaq SaaS Nasdaq SaaS

Total SaaS Median $ 1,267.7 66.8% 27.2% 26.8% 5.2x 4.7x 34.8x 24.7x

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

17 Comparable Transactions SaaS

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 07/01/11 07/01/11 dynaTrace software GmbH Compuware Corporation $ 231.4 8.9 x NA 06/30/11 Pending Blackboard Inc. Providence Equity Partners LLC; Providence Equity Partners 1,767.1 VI, L.P. 3.7 x 22.3 x 06/26/11 Pending Fundtech Ltd. S1 Corporation 231.5 1.6 x 11.0 x 05/24/11 07/06/11 eCarList, LLC DealerTrack/AAX, Inc. 45.3 6.5 x NA 05/13/11 05/13/11 RP Data Ltd. CoreLogic, Inc. 293.6 4.7 x 11.8 x 04/26/11 06/29/11 Plateau Systems, LTD. SuccessFactors, Inc. 290.0 NA NA 03/30/11 05/02/11 Radian6 Technologies, Inc. salesforce.com 340.7 NA NA 03/24/11 04/12/11 Mortgagebot LLC Davis + Henderson Corporation 231.8 6.1 x 11.5 x Median $ 260.9 5.4x 11.6x 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 5.0x 4.4x

3.8x LTM RevenueMultiple 3.8x 3.7x 4.0x 45 3.5x 3.1x 2.6x 2.5x 2.5x 3.0x 2.3x 30 2.0x

Transaction Volume Transaction 15 1.0x

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

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

18 Public Market Trading Statistics Tech Hardware

Stock Last Twelve Months Last 30 Days Performance 150% 110%

140% 105% 130% 100% 120%

110% 95%

100% 90% 90% 85% 80%

70% 80%

10 11 11

10 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Feb Sep

Apr

Dec

Aug

Mar

Nov

May

08/14/11 08/18/11 08/22/11 09/01/11 09/05/11 09/09/11 08/12/11 08/16/11 08/20/11 08/24/11 08/26/11 08/28/11 08/30/11 09/03/11 09/07/11 09/11/11 Nasdaq Tech Hardware Nasdaq Tech Hardware

($ 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 Semiconductor Devices Summary Intel Corporation $ 106,490.3 $ 20.28 84.6% 23.7% 14.1% 1.9x 1.7x 4.3x 4.1x Texas Instruments Inc. 30,361.8 26.28 71.6% (4.0%) (15.8%) 1.9x 2.0x 5.4x 6.1x Broadcom Corporation 17,687.1 33.06 69.8% 11.8% 2.7% 2.0x 1.9x 13.2x 8.0x Analog Devices Inc. 9,830.5 32.83 75.9% 4.3% 6.2% 2.4x 2.4x 5.8x 6.0x Marvell Technology Group Ltd. 8,716.0 14.39 65.4% (1.3%) (17.9%) 1.8x 1.7x 6.4x 6.6x Maxim Integrated Products Inc. 7,075.5 24.00 84.4% 8.7% 6.7% 2.6x 2.5x 7.1x 7.3x Micron Technology Inc. 6,711.6 6.69 55.9% 3.0% (21.4%) 0.7x 0.8x 2.0x 2.3x National Semiconductor Corporation 6,301.4 24.88 99.8% (5.9%) (13.3%) 4.1x 4.2x 10.9x 12.6x Advanced Micro Devices Inc. 4,638.8 6.71 70.0% 4.0% (6.3%) 0.7x 0.7x 5.8x 4.8x LSI Corporation 3,763.8 6.57 84.9% (17.9%) 4.7% 1.1x 1.4x 8.0x 7.1x Cree Inc. 3,702.5 31.99 43.9% (0.0%) (45.3%) 2.6x 2.5x 9.4x 12.1x Freescale Semiconductor Holdings I, Ltd. 2,840.3 11.57 55.2% NA NA 2.0x 2.0x 8.4x 8.1x Cypress Semiconductor Corporation 2,733.8 15.90 66.4% 16.2% 36.0% 2.5x 2.3x 13.6x 8.3x Fairchild Semiconductor International Inc. 1,574.3 12.33 58.7% 3.0% 1.0% 0.8x 0.9x 3.7x 3.7x MEMC Electronic Materials Inc. 1,532.4 6.65 44.2% 56.5% 66.9% 0.8x 0.7x 7.4x 5.0x Semtech Corporation 1,475.5 22.26 75.5% 10.4% 13.1% 2.4x 2.3x 9.1x 7.9x PMC-Sierra Inc. 1,468.4 6.26 68.0% 9.3% 9.4% 1.6x 1.5x 7.0x 4.9x Microsemi Corporation 1,388.9 16.02 64.2% 50.4% 79.7% 2.0x 1.7x 8.3x 5.1x Median $ 4,201.3 68.9% 4.3% 4.7% 2.0x 1.8x 7.3x 6.3x

Semiconductor Equipment Applied Materials Inc. $ 14,308.4 $ 10.86 64.1% (4.3%) (13.2%) 0.8x 1.0x 3.1x 4.1x KLA-Tencor Corporation 6,080.5 36.41 70.2% 32.4% 46.5% 1.5x 1.5x 3.8x 3.7x Lam Research Corporation 4,603.6 37.19 62.9% (3.1%) (26.6%) 1.0x 1.1x 3.6x 5.2x Teradyne Inc. 2,200.7 11.82 61.6% (11.4%) (26.1%) 0.7x 0.8x 2.3x 3.0x Novellus Systems, Inc. 1,994.2 28.64 68.5% 1.0% (3.3%) 1.0x 1.1x 3.7x 4.4x MKS Instruments Inc. 1,198.2 22.84 67.5% (3.0%) (6.0%) 0.8x 0.8x 3.0x 3.4x Amkor Technology, Inc. 888.7 4.49 52.9% (2.2%) (17.6%) 0.6x 0.6x 2.6x 3.0x Cabot Microelectronics Corporation 864.1 37.08 70.4% 6.9% 7.3% 1.3x 1.3x 5.2x 5.3x Tessera Technologies Inc. 651.3 12.71 54.8% (13.5%) (58.6%) 0.4x 0.5x 0.8x 2.9x Brooks Automation Inc. 560.2 8.48 58.1% (2.6%) NA 0.3x 0.4x 2.2x NA ATMI Inc. 524.6 16.56 77.7% 13.0% 10.4% 0.8x 0.8x 4.5x 4.2x Median $ 1,198.2 64.1% (2.6% ) (9.6% ) 0.8x 0.8x 3.1x 3.9x

19 Public Market Trading Statistics Tech Hardware

PCs, Servers, and Computing Components Apple Inc. $ 352,239.0 $ 379.94 93.9% 59.0% 77.6% 2.8x 2.3x 8.6x 7.2x IBM Corporation 193,974.7 162.42 87.5% 8.7% 9.9% 2.0x 1.9x 8.0x 7.9x Samsung Electronics Co. Ltd. 93,607.9 719.31 76.9% NA NA 0.5x NA 3.2x NA Hewlett-Packard Company 44,865.7 22.58 45.7% (0.8%) (8.0%) 0.5x 0.5x 3.2x 3.5x Dell Inc. 25,888.4 14.19 80.6% 2.0% 23.3% 0.3x 0.3x 3.1x 3.0x Xerox Corporation 10,679.3 7.52 62.3% 5.6% 9.8% 0.8x 0.8x 6.0x 5.4x Lenovo Group Ltd. 6,612.6 0.64 87.4% NA NA 0.0x NA 0.9x NA Pitney Bowes Inc. 3,885.2 19.22 72.9% (1.1%) (4.3%) 1.4x 1.4x 6.9x 6.7x NCR Corporation 2,625.3 16.69 79.6% 9.4% 36.9% 0.4x 0.4x 8.8x 6.6x Lexmark International Inc. 2,428.3 30.64 63.7% (1.2%) (2.2%) 0.4x 0.4x 2.6x 2.5x Diebold, Inc. 1,747.7 27.22 73.3% 3.3% (9.2%) 0.7x 0.6x 7.7x 7.4x ScanSource, Inc. 779.0 28.71 71.8% 19.5% 21.6% 0.3x 0.3x 6.7x 6.7x Median $ 8,645.9 75.1% 4.5% 9.9% 0.5x 0.5x 6.4x 6.6x

Storage and Networking Components SanDisk Corporation $ 9,573.8 $ 40.02 74.7% 18.1% 5.5% 1.1x 1.0x 3.1x 3.0x Western Digital Corporation 6,729.9 28.86 68.9% (0.5%) (9.8%) 0.4x 0.4x 2.5x 2.3x QLogic Corporation 1,421.9 13.68 72.7% 4.1% (1.1%) 1.7x 1.7x 5.8x 5.3x Emulex Corporation 589.0 6.67 51.4% 12.0% (28.2%) 0.9x 0.9x 18.3x 5.7x Median $ 4,075.9 70.8% 8.1% (5.4% ) 1.0x 0.9x 4.4x 4.2x

Total Tech Hardware Median $ 3,504.1 68.5% 4.1% 2.7% 0.8x 0.9x 4.8x 5.0x Note: Public comparables exclude companies with market capitalization below $500 million.

20 Comparable Transactions Tech Hardware

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 08/24/11 08/24/11 Confluence Solar, Inc. GT Advanced Technologies Inc. $ 80.0 NA NA 08/19/11 08/19/11 Sisgraph Ltda. Hexagon AB 2,130.0 146.1 x NA 08/19/11 Pending Jiangsu Talesun Solar Co., Ltd. Zhongli Science And Technology Group Co., Ltd. 147.8 NA NA 08/17/11 Pending MOSAID Technologies Inc. Wi-Lan Inc. 346.6 4.2 x 8.1 x 08/15/11 Pending OMEGA Engineering, Inc. Spectris plc 475.0 2.8 x NA 08/10/11 Pending Covalent Materials, Silicon Wafer Division Sino-American Silicon Products 405.3 0.8 x NA 08/08/11 Pending Chip One Stop Inc. Arrow Electronics, Inc. 73.3 1.6 x 11.1 x 08/03/11 Pending Techmosa International Incorporation WT Microelectronics Co., Ltd. 101.0 0.3 x 12.0 x 08/01/11 Pending Elematec Corporation Toyota Tsusho Corp. 307.5 0.2 x 5.6 x 07/28/11 07/28/11 Martek Power, Inc. Cooper Bussmann, Inc. 186.0 NA NA 07/25/11 07/25/11 CONTROP Precision Technologies Ltd. Aeronautics Defense Systems Ltd. 125.5 2.0 x NA 07/18/11 07/18/11 SensorDynamics AG Maxim Integrated Products Inc. 164.0 NA NA 07/08/11 Pending GDC Technology Limited The Carlyle Group 90.8 1.2 x NA 07/07/11 Pending Ophir Optronics Ltd. Newport Corp. 250.3 2.2 x NA 07/07/11 Pending Alpha Crystal Technology Corporation Tera Xtal Technology Corporation 98.3 NA NA 07/06/11 Pending Spicers Limited Unipapel S.A. 268.8 0.4 x 5.5 x 07/06/11 Pending S3 Graphics Co., Ltd. HTC Corporation 300.0 NA NA 07/05/11 07/05/11 Aegis Lightwave, Inc. II-VI Inc. 52.0 2.0 x NA 07/01/11 Pending Silver Age Holdings Limited JA Solar Holdings Co., Ltd. 171.5 NA NA 06/29/11 Pending VisEra Technologies Company OmniVision Technologies Inc. 45.0 NA NA 06/27/11 Pending TCL Optoelectronics Technology Co., Ltd. TCL Multimedia Technology Holdings Ltd. 94.6 NA NA 06/22/11 Pending ElektronikGruppen BK AB Kamic AB 47.4 0.3 x 6.5 x 06/16/11 07/14/11 Texas Advanced Optoelectronic Solutions, Inc. Austriamicrosystems AG 329.9 4.1 x NA 06/14/11 08/01/11 DTW Sp. z o.o. SMA Solar Technology AG 48.5 0.5 x NA 06/14/11 06/14/11 Omicron NanoTechnology GmbH Oxford Instruments plc 46.9 0.9 x NA 06/10/11 Pending Gerber Scientific Inc. Vector Capital 286.9 0.6 x 17.8 x 06/07/11 07/26/11 exceet Group AG Helikos SE (nka:Exceet Group SE) 333.2 1.9 x 12.8 x 05/30/11 Pending Luminous Power Technologies Pvt. Ltd. Schneider Electric India Private Ltd. 419.5 1.7 x NA 05/27/11 Pending Samsung Electronics Co., Ltd., Cell Business Samsung SDI Co. Ltd. 148.4 NA NA 05/26/11 Pending Advanced Analogic Technologies, Inc. Skyworks Solutions Inc. 192.8 2.1 x NA 05/19/11 07/29/11 Landis+Gyr AG Toshiba Corporation 2,300.0 1.4 x 10.7 x 05/19/11 07/22/11 AES Laboratoire Groupe S.A. BioMérieux S.A. 261.0 2.4 x NA 05/18/11 05/18/11 BridgeCo Inc. Standard Microsystems Corp. 68.9 NA NA 05/17/11 06/10/11 SiGe Semiconductor, Inc. Skyworks Solutions Inc. 284.6 2.8 x 47.8 x 05/16/11 05/25/11 Pliant Technology, Inc. SanDisk Corp. 327.0 NA NA 05/16/11 Pending Juli New Energy Co., Ltd. Juli Sling Co., Ltd. 130.6 NA NA 05/10/11 06/10/11 CVI Melles Griot, Inc. IDEX Corporation 400.0 2.2 x NA 05/10/11 05/10/11 Qimonda Dresden GmbH, Facilities Infineon Technologies Dresden GmbH 144.4 NA NA 05/09/11 06/13/11 Icera, Inc. NVIDIA Corporation 367.0 NA NA 05/08/11 05/23/11 SCsquare Ltd. Broadcom Corp. 41.9 NA NA 05/04/11 07/29/11 Epiq CZ S.r.o. and Mexico and Bulgarian Units Integrated Microelectronics, Inc. 63.9 0.5 x NA 05/03/11 Pending PureEnergy Solutions, Inc. Pure Energy Visions Corp. 40.4 NA NA 05/03/11 Pending Varian Semiconductor Equipment Associates Applied Materials Inc. 4,466.0 4.1 x 14.3 x Median $ 171.5 1.8x 11.1x Note: Includes announced transactions over the last four months where enterprise value is publicly available and more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples 2.5x Statistics 200 2.5x 2.1x

1.8x 2.0x LTM RevenueMultiple 150 1.6x 1.6x 1.5x 1.5x 1.4x 1.4x 1.5x 1.2x 100 1.0x

Transaction Volume Transaction 50 0.5x

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

Note: Includes closed transactions where enterprise value is publicly available and more than $40 million. 21 Public Market Trading Statistics Telecom

Stock Last Twelve Months Last 30 Days Performance 160% 110%

150% 105%

140% 100%

130% 95%

120% 90%

110% 85%

100% 80%

90% 75%

80% 70%

10 11 11

10 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Feb Sep

Apr

Dec

Aug

Mar

Nov

May

08/12/11 08/14/11 08/30/11 09/01/11 09/03/11 09/05/11 08/16/11 08/18/11 08/20/11 08/22/11 08/24/11 08/26/11 08/28/11 09/07/11 09/09/11 09/11/11 Nasdaq Telecom Nasdaq Telecom

Fiber Optics Finisar Corporation $ 1,829.3 $ 20.19 43.8% 7.3% (10.8%) 1.7x 1.7x 11.4x 11.1x CIENA Corporation 1,242.1 12.82 43.8% 19.1% 313.7% 1.3x 1.2x NM 20.0x Infinera Corporation 814.3 7.69 59.6% (12.0%) NM 1.2x 1.3x NM NM Median $ 1,242.1 43.8% 7.3% 151.4% 1.3x 1.3x 11.4x 15.6x

Telecom/Networking Equipment Cisco Systems, Inc. $ 88,498.0 $ 16.09 65.4% 4.7% 4.8% 1.4x 1.4x 5.4x 4.5x QUALCOMM Incorporated 86,181.0 51.39 85.9% 36.9% 36.7% 4.9x 4.3x 12.4x 9.7x LM Ericsson Telephone Co. 31,725.5 9.90 68.1% 12.9% 12.8% 0.6x 0.7x 3.9x 4.3x Nokia Corporation 21,410.0 5.77 49.9% (8.6%) (51.3%) 0.3x 0.3x 3.7x 6.1x Research In Motion Limited 15,701.4 30.14 43.3% 10.2% (7.2%) 0.6x 0.6x 2.3x 2.7x Juniper Networks, Inc. 11,586.9 21.74 48.3% 14.0% 9.1% 1.9x 1.8x 8.8x 7.1x Amphenol Corporation 7,372.7 43.39 73.4% 12.2% 11.4% 2.0x 2.0x 9.0x 8.8x Alcatel-Lucent 6,804.2 3.00 49.2% 4.6% 60.7% 0.3x 0.3x 3.8x 3.8x Harris Corporation 4,711.0 39.19 73.4% 7.2% (7.5%) 1.1x 1.1x 5.2x 5.4x Trimble Navigation Limited 4,366.7 35.56 68.0% 24.9% 32.6% 3.0x 2.6x 18.3x 13.9x Polycom, Inc. 3,885.8 21.97 64.1% 24.2% 42.1% 2.4x 2.2x 15.1x 11.4x JDS Uniphase Corporation 2,898.8 12.71 43.6% 13.0% 26.4% 1.4x 1.4x 10.7x 9.2x ADTRAN Inc. 1,908.6 29.62 62.1% 21.6% 35.4% 2.2x 2.0x 7.5x 6.7x Tellabs Inc. 1,488.7 4.08 50.5% (18.6%) (88.5%) 0.3x 0.3x 5.4x 11.7x Netgear Inc. 959.6 25.60 56.5% 33.5% 17.2% 0.6x 0.6x 5.6x 5.2x Median $ 6,804.2 62.1% 12.9% 12.8% 1.4x 1.4x 5.6x 6.7x

22 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. $ 165,216.9 $ 27.88 87.3% 1.4% 0.8% 1.8x 1.8x 5.8x 5.2x Verizon Communications Inc. 99,792.8 35.25 90.5% 5.0% 5.0% 1.8x 1.7x 5.5x 5.4x (continued) Comcast Corporation 58,116.3 21.14 77.8% 49.0% 26.5% 2.2x 1.8x 6.2x 5.5x DIRECTV 30,646.3 41.51 77.7% 12.3% 12.8% 1.6x 1.5x 5.9x 5.7x Time Warner Cable Inc. 20,041.0 61.63 76.2% 4.6% 4.2% 2.1x 2.0x 5.7x 5.6x Dish Network Corporation 10,889.5 24.41 75.0% 10.9% 23.1% 1.0x 1.0x 3.9x 3.6x Sprint Nextel Corporation 10,181.0 3.40 52.7% 3.5% (5.5%) 0.7x 0.7x 4.0x 4.1x Cablevision Systems Corporation 4,548.6 15.97 41.9% (6.4%) (7.3%) 2.0x 2.2x 5.8x 6.3x MetroPCS Communications, Inc. 3,778.9 10.44 55.6% 19.7% 13.9% 1.4x 1.3x 5.2x 4.8x Level 3 Communications Inc. 2,709.0 1.52 56.9% 2.9% 8.7% 2.6x 2.5x 11.5x 10.4x Telephone & Data Systems Inc. 2,418.8 23.41 61.8% 2.2% 6.5% 0.7x 0.7x 3.2x 3.0x Global Crossing Ltd. 1,472.0 24.02 57.3% 6.0% (0.5%) 1.0x 1.0x 6.8x 6.8x EarthLink Inc. 764.1 7.09 76.3% 115.6% 52.5% 1.3x 0.9x 4.7x 3.6x Vonage Holdings Corporation 675.3 3.00 55.7% (0.5%) 5.7% 0.9x 0.9x 5.0x 4.6x Clearwire Corporation 633.7 2.55 28.9% 115.3% NM 7.8x 5.7x NM NM Median $ 4,548.6 61.8% 5.0% 6.1% 1.6x 1.5x 5.6x 5.3x

Infrastructure Services American Tower Corporation $ 20,698.1 $ 52.30 92.0% 22.2% 17.6% 11.8x 10.8x 19.1x 16.6x Crown Castle International Corporation 11,873.7 41.46 89.6% 7.8% 11.0% 9.6x 9.4x 15.5x 14.7x SBA Communications Corporation 4,021.2 36.07 81.2% 12.4% 14.8% 10.7x 10.1x 17.8x 16.1x Median $ 11,873.7 89.6% 12.4% 14.8% 10.7x 10.1x 17.8x 16.1x

Managed Services Rackspace Hosting, Inc $ 4,576.3 $ 35.09 75.5% 30.8% 30.0% 5.1x 4.5x 18.2x 13.6x Equinix, Inc. 4,263.3 90.64 84.7% 31.4% 33.3% 4.3x 3.9x 10.7x 8.6x Interxion Holding NV 786.1 11.98 75.4% 17.5% 21.2% 2.5x 2.5x 6.5x 6.3x Median $ 4,263.3 75.5% 30.8% 30.0% 4.3x 3.9x 10.7x 8.6x

Total Telecom Median $ 4,142.2 58.5% 12.1% 12.8% 1.7x 1.7x 6.1x 6.2x Note: Public comparables exclude companies with market capitalization below $500 million.

23 Comparable Transactions Telecom

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 09/03/11 Pending Unison Site Management, Communications Sites American Tower Corp. $ 500.0 NA NA 08/15/11 Pending Motorola Mobility Holdings, Inc. Google Inc. 8,969.9 0.7 x 29.5 x 08/01/11 Pending Vizada SAS Astrium N.V. 960.0 NA NA 07/28/11 Pending ITIS Holdings plc Inrix, Inc. 51.1 1.9 x 12.5 x 07/22/11 Pending Network Norway AS Tele2 Sverige AB 268.0 0.9 x 77.3 x 07/15/11 Pending Colombia Movil S.A., Towers American Tower Corp. 182.0 NA NA 07/08/11 Pending AES Communications Rio de Janeiro S.A. Tim Celular S.A. 302.2 NA NA 06/27/11 Pending Outremer Telecom AXA Private Equity 367.8 1.4 x 5.5 x 06/16/11 Pending Teltronic S.A. Unipersonal Private Equity Consortia 56.6 0.6 x NA 06/14/11 Pending Terrestar Networks, Inc. Dish Network Corp. 1,325.0 NA NA 06/13/11 Pending Telecommunications Management Time Warner Cable Inc. 260.0 NA NA 06/12/11 Pending EMS Technologies Inc. Honeywell International Inc. 494.0 1.4 x 12.7 x 06/08/11 Pending B.net Hrvatska d.o.o. VIPnet d.o.o 135.5 3.3 x 11.3 x 06/01/11 Pending Hewlett-Packard Company, Visual Business Polycom, Inc. 89.0 NA NA 05/30/11 06/30/11 Metroweb S.p.A. Private Equity Consortia 626.8 8.5 x NA 05/20/11 Pending Modelabs SA BigBen Interactive 73.2 0.2 x 2.9 x 05/19/11 Pending Versatel AG Kohlberg Kravis Roberts & Co. 929.4 0.9 x 4.1 x 05/11/11 05/18/11 OnFone ApS TDC A/S 60.0 NA NA 05/10/11 Pending Skype Global S.à r.l. Microsoft Corporation 9,082.4 10.6 x 47.1 x 05/10/11 05/10/11 SCT Telecom SAS Backbone SAS; TIP Gestion SAS 142.2 1.4 x NA 05/02/11 07/08/11 Continuous Computing Corporation RadiSys Corporation 119.9 2.1 x NA 04/20/11 06/06/11 Smoothstone IP Communications, Inc. West Corporation 120.0 NA NA 04/10/11 Pending Global Crossing Ltd. Level 3 Communications Inc. 2,649.5 1.0 x 6.6 x 04/07/11 04/07/11 Jingle Networks, Inc. Marchex, Inc. 66.8 3.4 x NA 03/31/11 04/28/11 Ship Equip AS Inmarsat Plc 159.5 2.8 x NA 03/31/11 05/13/11 Smartlink Network Systems Limited Schneider Electric India Private Ltd. 112.8 3.2 x NA 03/24/11 06/13/11 Vivo Participacoes S.A. Telecomunicacoes de Sao Paulo S.A. - TELESP 16,035.4 1.5 x 5.0 x 03/23/11 Pending Sascar Tecnologia E Segurança Automotiva S/A GP Investments; GP Capital Partners V 180.5 1.5 x NA 03/22/11 03/31/11 BelCompany BV GP Capital Partners 170.4 0.7 x NA 03/22/11 05/09/11 Ignis ASA Finisar Corp. 99.6 2.1 x 259.1 x 03/20/11 Pending T-Mobile USA Inc. AT&T, Inc. 38,891.0 1.8 x 7.1 x 03/18/11 Pending Foxconn Precision Electronics (Taiyuan) Co., Ltd. Prime Rich Holdings Limited 70.5 0.5 x NA Median $ 181.2 1.5x 11.3x 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 3.5x

3.0x

2.6x LTM RevenueMultiple 150 2.5x 2.1x 2.1x 2.1x 2.1x 1.9x 2.0x 1.7x 2.0x 1.5x 100 1.4x 1.5x

1.0x Transaction Volume Transaction 50 0.5x

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

Note: Includes closed transactions where enterprise value is publicly available and more than $40 million. 24 Selected HW&Co. TTDM Transactions

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

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

has been acquired by has received a minority has been acquired by has been acquired by private placement from

25 TTDM Group Overview and Disclosures

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