U.S. Technology, Media & Telecom Industry Update

Technology, Media & Telecom Industry Update February 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 What We’ve Been Reading

Analytics and the Future of Healthcare Healthcare IT News 01/30/2012 Soaring healthcare costs, stemming from misaligned incentives among stakeholders, are expected to transform the U.S. healthcare system, from a fee-for-service volume-based system to a value-based system. As the industry continues to shift toward “accountable care,” healthcare providers forced to compete on value and service are increasingly embracing data and analytics to integrate a fractured healthcare system. As the healthcare industry becomes less subjective, predictive analytics are increasing efficiencies and reducing costs among healthcare providers while improving the care and course of treatment for healthcare patients. Read the full article here.

Streaming Video Consumption on Mobile Devices, Smart TVs Nearly Doubles in Q4 Venture Beat 2/15/2012 Boosted by the launch of Apple’s iPhone 4S, continued growth of Google’s Android platform, and the holiday season, the number of streaming videos played in Q4 on mobile devices and smart TVs reached nearly twice the number played during the 2011 summer. While viewers continue to watch more TV than streaming video, data trends show that “we are on a clear and irreversible course toward an IP-delivered future.” Amongst streaming viewers, annual growth in share of video plays is projected to reach over 500% for tablets and over 350% for mobile. Read the full article here.

Personalized eCommerce Is Already Here, You Just Don’t Recognize It TechCrunch 2/05/2012 A breed of new startups are marking the beginning of the “Curated Web”, a new eCommerce personalization trend, which is a concept of combining personalized content with innovative interfaces that enable information to be presented in an extremely relevant and accessible format. By combining intuitive interfaces and structured data, innovative companies such as Pinterest are creating the next generation of personalized eCommerce experiences. While previous attempts at eCommerce personalization were unsuccessful because companies missed the key interface element, “Curated Web” companies are defined by their ability to use new interfaces to collect and structure data better than previous algorithmic solutions. Read the full article here.

Five Years From Now, CMOs Will Spend More on IT Than CIOs Do Forbes 2/08/2012 Digital marketing has shifted the landscape of technology spending within businesses. As marketing has become more technology-based and monetizing “Big Data” has become a key competitive differentiator for companies, marketing budgets are expected to outpace IT budgets. B2B and B2C marketing budgets were three times as high as IT budgets as a percentage of revenue in 2011. Gartner analysts expect CMOs to spend more on IT than CIOs by 2017. The expectation is for increased cross-functional collaboration between marketing and IT teams in order to deliver an improved customer experience and create value for the annual technology spend. Read the full article here.

Kleiner Perkins said to Eye “Cloud” Fund GigaOM 2/10/2012 Market Research Media anticipates the cloud computing sector to grow at a 30% CAGR from 2012 to 2020, reaching a total market size of $270 billion. Across the spectrum of traditional software companies, cloud has been a major focus of both internal development and mergers and acquisitions. In addition, venture capital is now focused on the emerging cloud opportunities, including a new fund considered by Kleiner Perkins Caufield & Byers that is dedicated exclusively to funding cloud computing companies. 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 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Feb Feb

Apr

Dec

Aug

Mar

Nov

May

01/16/12 01/18/12 01/20/12 02/01/12 02/03/12 02/05/12 01/08/12 01/10/12 01/12/12 01/14/12 01/22/12 01/24/12 01/26/12 01/28/12 01/30/12 02/07/12

Nasdaq Bellwethers Nasdaq Bellwethers

Summary Apple Inc. $ 444,442.1 $ 476.68 100.0% 63.2% 88.1% 2.7x 2.9x 7.6x 8.5x Microsoft Corporation 257,261.0 30.66 100.0% 9.3% 4.8% 2.9x 2.9x 7.1x 7.1x International Business Machines Corporation 223,822.0 192.95 99.0% 8.1% 11.4% 2.2x 2.2x 9.1x 9.0x Google Inc. 198,284.4 609.85 91.0% 32.3% 23.2% 4.2x 4.2x 11.3x 9.9x Oracle Corporation 144,392.3 28.73 78.7% 16.3% 23.5% 3.5x 3.4x 8.3x 7.4x Intel Corporation 136,720.2 26.85 99.4% 24.2% 13.7% 2.4x 2.4x 5.4x 5.7x Samsung Electronics Co. Ltd. 127,253.6 977.76 96.6% 7.5% 3.1% 0.7x 0.7x 4.2x 4.0x Cisco Systems, Inc. 109,828.9 20.43 91.5% 5.6% 3.8% 1.8x 1.8x 6.6x 6.0x QUALCOMM Inc. 103,971.5 61.47 99.2% 40.5% 48.4% 5.1x 5.1x 12.4x 11.0x Amazon.com Inc. 84,406.0 185.48 75.2% 43.2% (28.2%) 1.6x 1.6x 44.8x 42.6x SAP AG 75,479.9 63.42 99.2% 15.7% 31.4% 3.9x 3.9x 11.5x 10.4x Hewlett-Packard & Company 58,222.5 29.46 59.6% (1.7%) (12.0%) 0.6x 0.6x 4.7x 5.0x EMC Corporation 53,947.3 26.33 91.6% 17.7% 4.4% 2.4x 2.4x 9.5x 9.6x eBay Inc. 42,532.5 33.05 93.5% 26.9% 15.7% 3.1x 3.1x 10.9x 9.5x

Total Comp Set Median $118,541.2 95.1% 17.0% 12.5% 2.5x 2.6x 8.7x 8.7x

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 2011P 2012P LTM 2011P 2012P Trading Bellwethers 8.6% 5.3% 16.2% 31.4% 2.5x 2.6x 2.2x 8.7x 8.7x 7.5x Data and Information Services 8.8% 4.3% 13.3% 22.9% 2.7x 2.6x 2.6x 10.0x 9.5x 8.6x Summary Diversified Information Services 8.6% 6.1% 13.3% 27.9% 2.8x 2.7x 2.6x 9.8x 9.4x 8.5x Lender/Mortgage/Real Estate Data and Processing 8.2% 5.8% 9.5% 17.0% 1.3x 1.6x 1.5x 9.6x 7.6x 6.6x Market Data and Research 14.5% (5.5%) 22.5% 13.3% 1.7x 1.8x 1.8x 13.5x 10.8x 9.5x Financial Data and Media 5.5% 5.7% 13.7% 29.4% 4.1x 4.6x 4.3x 11.7x 10.5x 9.8x Financial Technology 9.7% 16.6% 11.7% 27.2% 3.1x 3.0x 2.8x 10.6x 10.3x 8.9x Financial Software and Solutions 12.4% 11.1% 15.1% 21.1% 4.1x 4.1x 3.7x 12.4x 11.0x 10.1x Transaction and Payment Processing 7.8% 20.6% 10.9% 27.5% 2.4x 2.4x 2.3x 9.4x 9.3x 8.3x Internet & Digital Media 12.8% (1.5% ) 25.8% 21.9% 2.8x 2.9x 2.5x 10.8x 9.9x 8.9x Advertising & Marketing 15.9% 10.7% 59.9% 30.6% 5.1x 5.2x 4.1x 19.6x 19.7x 15.1x Content & Services 16.1% (18.3%) 38.9% 13.4% 3.2x 3.1x 2.7x 10.7x 11.9x 11.2x Content Delivery & Management 17.8% (11.2%) 18.7% 25.6% 2.8x 2.3x 1.8x 10.7x 9.8x 8.0x e-Commerce 11.7% 1.4% 27.3% 16.8% 3.1x 3.1x 2.5x 16.1x 13.4x 11.8x Diversified Media 5.4% 7.4% 5.2% 21.9% 1.7x 1.7x 1.6x 7.7x 7.7x 7.0x IT and Tech-Enabled Services 11.8% (2.4% ) 13.2% 14.9% 1.4x 1.4x 1.3x 9.2x 8.0x 7.3x IT Services 14.5% (17.6%) 17.6% 10.2% 0.6x 0.5x 0.4x 5.6x 5.3x 5.2x Government IT & BPO 8.8% 15.7% 13.2% 9.3% 0.6x 0.6x 0.5x 6.2x 6.5x 6.0x Onshore BPOs 14.8% 3.2% 2.7% 16.3% 1.4x 1.4x 1.4x 8.4x 7.7x 7.4x Offshore BPOs 10.2% (3.7%) 17.7% 18.9% 2.4x 2.4x 1.8x 11.8x 11.9x 9.4x Software – Application 12.2% 14.3% 19.7% 20.3% 3.9x 3.8x 3.5x 15.7x 12.2x 10.2x Enterprise Software 10.8% 12.2% 21.5% 24.9% 3.5x 3.5x 3.3x 11.6x 11.6x 9.7x Product Lifecycle Management/Technical Design 19.8% 13.9% 19.1% 21.4% 3.3x 3.2x 2.9x 14.7x 11.9x 10.0x Customer Engagement/Call Center Management 4.3% 7.7% 11.8% 18.0% 2.3x 2.3x 2.0x 13.7x 8.2x 7.5x Human Capital Management 5.9% 21.9% 28.0% 11.3% 6.9x 6.9x 5.6x 59.5x 28.5x 26.1x Vertically Focused - Public Sector 6.7% 16.2% 13.8% 19.4% 3.9x 3.7x 3.4x 17.1x 15.2x 13.3x Vertically Focused - Healthcare IT 18.2% 19.9% 24.8% 26.7% 5.0x 5.1x 4.4x 18.7x 15.9x 13.5x Software – Infrastructure 13.0% 3.4% 13.6% 22.4% 2.5x 2.5x 2.4x 11.9x 9.9x 8.8x Enterprise IT Management 15.5% (6.3%) 10.9% 23.9% 2.5x 2.5x 2.4x 11.1x 8.7x 8.5x Security 10.0% 12.5% 13.4% 27.5% 5.5x 5.2x 4.3x 12.9x 11.9x 10.2x Enterprise Storage 11.5% 13.8% 21.3% 17.8% 3.3x 3.2x 2.9x 14.8x 12.5x 11.1x Software – SaaS 14.5% 13.0% 30.3% 16.7% 6.4x 6.3x 5.1x 23.3x 21.1x 17.7x Technology Hardware 16.2% (1.8% ) 3.1% 19.0% 1.3x 1.3x 1.3x 6.8x 6.6x 6.6x Semiconductor Devices 19.1% (8.9%) 3.0% 23.3% 2.3x 2.2x 2.1x 9.2x 8.6x 8.5x Semiconductor Equipment 14.5% 2.1% 0.3% 24.0% 1.7x 1.7x 1.5x 6.1x 6.4x 7.2x Electronic Manufacturing 17.9% (6.0%) 5.3% 5.7% 0.3x 0.3x 0.3x 5.8x 5.9x 5.0x PCs, Servers, and Computing Components 11.2% 7.3% 3.8% 13.4% 0.7x 0.7x 0.6x 6.7x 6.3x 5.2x Storage and Networking Components 19.2% (0.2%) 8.5% 22.2% 1.4x 1.4x 1.3x 6.1x 5.5x 4.8x Telecommunications 14.0% (9.8% ) 12.2% 22.7% 1.9x 2.0x 1.8x 10.0x 9.3x 8.0x Network Optimization 18.7% (9.8%) 13.2% 19.8% 4.3x 4.3x 3.9x 13.8x 10.8x 10.6x Fiber Optics 25.0% (19.1%) 20.6% 7.8% 1.5x 1.5x 1.3x 31.7x 19.4x 11.1x Telecom/Networking Equipment 16.2% (19.0%) 9.2% 17.5% 1.5x 1.6x 1.5x 8.7x 8.1x 6.8x Carriers and Content Providers 8.3% (10.8%) 11.2% 25.8% 1.7x 1.7x 1.6x 5.7x 5.6x 5.2x Infrastructure Services 6.7% 14.5% 12.2% 60.8% 11.9x 11.6x 10.2x 19.6x 18.4x 16.1x Managed Services 15.8% 25.4% 30.1% 38.8% 5.3x 5.1x 4.3x 13.1x 11.1x 9.6x NASDAQ 9.0% 6.0%

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% 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 02/08/12 Pending Taleo Corporation Oracle Corporation $ 1,805.5 6.1 x 53.8 x 02/05/12 Pending SureWest Communications Consolidated Communications Holdings Inc. 523.2 2.3 x 6.9 x 01/27/12 Pending RuggedCom Inc. Siemens Canada Limited 387.6 3.6 x 21.0 x 01/23/12 Pending Gennum Corporation Semtech Corp. 479.8 3.5 x 14.1 x 01/23/12 Pending Vaughn Energy Services DHS Services 100.0 2.6 x NA 01/07/12 01/31/12 2nd Story Software, Inc. InfoSpace, Inc. 287.5 3.7 x 7.6 x 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. 232.0 2.1 x 12.2 x 12/14/11 Pending Novellus Systems, Inc. Lam Research Corporation 2,941.8 2.0 x 7.8 x 12/12/11 12/31/11 Ironworks Consulting, LLC ICF Consulting Group, Inc. 100.0 1.8 x NA 12/09/11 Pending March Networks Corporation Shenzhen Infinova Limited 44.8 0.5 x 8.7 x 12/08/11 Pending Blue Coat Systems Inc. Teachers' Private Capital; Thoma Bravo 896.9 1.9 x 13.3 x 12/07/11 Pending DemandTec, Inc. International Business Machines Corp. 426.9 4.8 x 39.9 x 12/07/11 12/07/11 Wiggle Ltd. Bridgepoint Capital Group Ltd 200.0 2.3 x 19.0 x 12/02/11 Pending SuccessFactors, Inc. SAP America, Inc. 3,516.0 12.0 x 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 11/14/11 11/14/11 LesPAC Inc. Mediagrif Interactive Technologies Inc. 72.5 5.7 x NA 11/12/11 01/03/12 Point International AB VeriFone Systems, Inc 770.0 5.5 x NA 11/11/11 12/02/11 Tri-Star Electronics International, Inc. Carlisle Interconnect Technologies Inc. 285.0 3.0 x NA 11/06/11 Pending Tekelec Private Equity Consortia 507.1 1.3 x 11.4 x 11/01/11 12/30/11 INX Inc. Presidio Networked Solutions, Inc. 148.1 0.4 x 41.6 x 10/31/11 12/13/11 interCLICK, Inc. Yahoo! Inc. 250.9 2.0 x 23.6 x 10/27/11 12/23/11 MOSAID Technologies Inc. Sterling Partners 444.8 5.5 x 10.6 x 10/24/11 10/31/11 Albumprinter BV Vistaprint N.V. 65.0 1.8 x 10.8 x 10/23/11 Pending Rightnow Technologies Inc. Oracle Corporation 1,521.4 7.0 x 63.8 x 10/12/11 Pending Genesys Telecommunications Laboratories, Inc. Permira Advisers; Technology Crossover Ventures 1,500.0 3.0 x NA 10/12/11 Pending Cdnetworks Co Ltd KDDI Corp. 195.3 2.0 x NA 10/10/11 10/10/11 Qumu, Inc. Rimage Corp. 52.8 5.1 x NA 10/10/11 11/21/11 BigBand Networks, Inc. Arris Group Inc. 41.9 0.5 x NA 10/10/11 12/21/11 InsWeb Corp., Operating Assets Bankrate, Inc. 56.1 1.1 x 19.3 x 10/07/11 10/18/11 Mobile Complete, Inc. Keynote Systems Inc. 89.8 5.0 x NA 09/28/11 10/31/11 ContentGuard, Inc. Pendrell Corporation 100.0 3.3 x 4.2 x 09/23/11 11/25/11 Group NBT plc HgCapital 136.7 2.8 x 13.6 x 09/22/11 11/10/11 Sage Software Healthcare, Inc. Vista Equity Partners 205.0 1.3 x NA 09/14/11 10/05/11 LitePoint Corporation Teradyne Inc. 580.0 6.7 x 18.6 x 09/11/11 Pending NetLogic Microsystems Inc. Broadcom Corp. 3,441.5 8.5 x 35.5 x 09/01/11 10/21/11 Algorithmics, Inc. OpenPages, Inc. 380.2 2.3 x 34.9 x 08/22/11 08/24/11 Multifamily Technology Solutions, Inc. RealPage, Inc. 74.4 4.4 x NA 08/22/11 Pending Renaissance Learning Inc. PLATO Learning, Inc. 484.6 3.6 x 12.2 x 08/18/11 10/13/11 Autonomy Corp. plc Hewlett-Packard Company 6,250.9 6.7 x 15.3 x 08/17/11 Pending MOSAID Technologies Inc. Wi-Lan Inc. 390.3 4.9 x 9.3 x 08/16/11 09/30/11 Vangent, Inc. General Dynamics Information Technology, Inc. 1,299.1 1.8 x 14.9 x 08/15/11 Pending Motorola Mobility Holdings, Inc. Google Inc. 9,007.2 0.7 x 29.6 x 08/15/11 10/03/11 OMEGA Engineering, Inc. Spectris plc 475.0 2.8 x NA Median $ 287.5 2.8x 14.1x Note: Includes announced domestic transactions over the last six 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

Data and Statistics 100 6.0 x Information Services Financial 90 5% Technology Telecom 5% 4.8 x 5.0 x

80 15% LTM Revenue LTM MultipleRevenue 70 3.8 x 4.0 x 3.2 x Internet & 60 Digital Media 18% 2.7 x 50 2.4 x 3.0 x Technology 40 2.2 x Hardware 23% TransactionVolume 2.0 x 30 1.5 x 1.4 x 1.4 x 20 1.0 x IT and Tech- Enabled Services 10 Software – 9% SaaS Software – 0 0.0 x 3% Data and Financial Internet & IT and Tech- Software – Software – Software – Technology Telecom Infrastructure Software – Information Technology Digital Media Enabled Application Infrastructure SaaS Hardware 5% Application Services Services 17% 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 02/09/12 Synacor, Inc. $ 34.1 20.0% 0.4% $ 80.3 5.7% 21.2% 1.5x 27.3x 02/01/12 Greenway Medical Technologies, Inc. 66.7 19.2% 50.5% 99.0 6.6% 53.1% 5.8x 87.9x 02/01/12 AVG Technologies N.V. 128.0 50.0% (14.6%) 255.5 34.0% 17.6% 4.3x 12.5x 01/24/12 Guidewire Software, Inc. 115.1 0.0% 71.9% 190.2 13.6% 31.4% 5.8x 42.4x 12/15/11 Zynga, Inc. 1,000.0 0.0% 245.4% 1,024.6 18.6% 743.5% 7.3x 39.4x 12/12/11 Jive Software, Inc. 161.3 25.1% 68.8% 69.4 NM 131.5% 17.3x NM 11/18/11 Digital Domain Media Group, Inc. 41.8 0.0% (31.8%) 106.4 NM 66.5% 3.4x NM 11/17/11 Intermolecular, Inc. 96.5 41.1% (19.0%) 52.9 8.1% 96.4% 8.2x 101.8x 11/16/11 Angie's List, Inc. 114.3 28.9% 18.5% 78.7 NM 72.6% 9.7x NM 11/15/11 InvenSense, Inc. 75.0 0.0% 132.3% 129.7 30.6% 63.0% 10.3x 33.7x 11/03/11 Groupon, Inc. 700.0 0.0% 1.5% 1,290.5 NM 8,775.4% 9.3x NM 11/08/11 Imperva Inc. 90.0 5.0% 86.1% 72.0 NM 82.9% 10.1x NM 10/13/11 Ubiquiti Networks, Inc. 105.6 66.0% 60.8% 243.0 33.1% 77.4% 9.8x 29.5x 08/16/11 Tudou Holdings Limited 174.0 7.2% (49.8%) 51.3 NM 292.9% 7.1x NM 08/10/11 Carbonite, Inc. 62.5 14.1% (3.2%) 49.1 NM 157.0% 4.6x NM Median $ 114.3 19.2% 18.5% $ 106.4 13.6% 66.5% 7.3x 39.4x

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 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/18/12 01/20/12 01/22/12 02/03/12 02/05/12 01/08/12 01/10/12 01/12/12 01/14/12 01/16/12 01/24/12 01/26/12 01/28/12 01/30/12 02/01/12 02/07/12

Nasdaq Data and Information Services Nasdaq Data and Information Services

($ 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 Diversified Information Services Summary Thomson Reuters Corporation $ 22,989.4 $ 27.77 66.6% (0.1%) 11.6% 2.2x 2.3x 9.2x 8.2x Experian plc 14,562.9 14.49 99.3% 11.2% 13.4% 3.6x 3.6x 11.3x 10.9x Reed Elsevier plc 10,129.5 8.32 88.7% 3.0% 8.1% NA 0.9x NA 3.0x Verisk Analytics, Inc. 6,674.1 40.81 99.1% 16.0% 16.0% 6.0x 5.8x 13.9x 13.1x IHS Inc. 5,968.3 91.56 96.7% 23.6% 24.5% 4.9x 4.9x 24.2x 16.2x Alliance Data Systems Corporation 5,866.2 117.40 99.9% 14.1% 20.8% 3.9x 3.9x 12.9x 12.6x Wolters Kluwer NV 5,526.0 18.32 77.2% (3.9%) 1.2% 1.7x 1.9x 7.3x 8.0x Equifax Inc. 4,770.6 39.40 98.3% 4.9% 7.0% 2.9x 2.9x 8.9x 8.9x Informa plc 3,905.8 6.50 87.9% 2.9% 6.6% 2.7x 2.7x 10.0x 9.4x NeuStar, Inc. 2,577.7 35.51 91.8% 16.3% 20.8% 4.9x 4.9x 12.0x 10.9x UBM plc 2,189.4 8.99 78.0% 10.8% 17.7% 2.0x 1.9x 9.6x 8.8x Fair Isaac Corporation 1,386.5 38.48 97.3% 2.8% 15.5% 2.6x 2.6x 8.9x 9.8x Acxiom Corporation 1,059.4 13.55 72.0% 3.9% (2.8%) 1.0x 1.0x 5.0x 4.5x Median $ 5,526.0 91.8% 4.9% 13.4% 2.8x 2.7x 9.8x 9.4x

Lender/Mortgage/Real Estate Data and Processing Fidelity National Financial, Inc. $ 3,967.1 $ 18.10 97.6% (8.0%) (1.4%) 0.0x 0.0x 0.3x 0.3x Lender Processing Services, Inc. 1,667.4 19.76 56.7% (13.3%) (29.0%) 1.3x 1.3x 5.5x 6.0x CoreLogic, Inc. 1,488.9 13.98 66.7% (26.4%) (28.4%) 1.3x 1.6x 9.6x 7.6x CoStar Group Inc. 1,463.7 57.77 78.7% 11.2% 5.9% 3.7x 3.6x 21.9x 19.2x LoopNet, Inc. 708.2 17.21 90.8% 9.9% (9.0%) 7.0x 6.9x 33.3x 23.8x Median $ 1,488.9 78.7% (8.0% ) (9.0% ) 1.3x 1.6x 9.6x 7.6x

Market Data and Research Gartner Inc. $ 3,577.5 $ 37.70 86.9% 14.2% 18.9% 2.5x 2.5x 14.7x 13.7x Aegis Group plc 2,998.1 2.62 98.3% (3.7%) 6.1% 1.4x 1.6x 12.2x 9.5x Ipsos SA 1,595.5 35.28 73.6% 20.6% 24.6% 1.1x 1.1x 8.7x 8.3x Forrester Research Inc. 800.4 35.30 88.3% 13.7% 22.4% 2.1x 2.0x 14.9x 12.1x Median $ 2,296.8 87.6% 14.0% 20.7% 1.7x 1.8x 13.5x 10.8x

Financial Data and Media Moody's Corporation $ 8,504.8 $ 38.31 91.4% 12.5% 15.7% 4.0x 4.0x 9.3x 9.2x MSCI Inc. 4,203.0 34.86 85.5% NA NA 6.0x 5.5x NA 11.8x FactSet Research Systems Inc. 4,184.3 92.75 82.5% 13.9% 10.1% 5.3x 5.3x 14.1x 13.7x Dun & Bradstreet Corporation 3,932.5 80.90 92.9% 5.7% 8.1% 2.7x 2.7x 9.4x 8.3x Morningstar Inc. 3,025.6 60.50 94.5% NA NA 4.1x NA 14.0x NA Median $ 4,184.3 91.4% 12.5% 10.1% 4.1x 4.6x 11.7x 10.5x

Total Data and Information Median $ 3,905.8 88.7% 9.9% 10.1% 2.7x 2.6x 10.0x 9.5x

6 Comparable Transactions Data and Information Services

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 12/23/11 12/28/11 De Novo Legal, LLC Epiq Systems Holdings, LLC $ 106.5 NA NA 11/28/11 Pending Systems@Work Pte Ltd. Wirecard AG 78.4 NA NA 11/14/11 11/14/11 LesPAC inc. Mediagrif Interactive Technologies Inc. 71.3 5.7 x NA 11/14/11 Pending Model Metrics, Inc. Salesforce.com 57.6 NA NA 11/08/11 Pending Kobo, Inc. Rakuten, Inc. 315.0 NA NA 10/10/11 Pending MF Honyvem Cerved Group 61.6 2.9 x NA 10/04/11 Pending Gluster, Inc. Red Hat, Inc. 140.0 NA NA 09/19/11 10/26/11 The Fizzback Group Limited NICE Systems Ltd. 80.0 NA NA Median $ 79.2 4.3x NA 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

50 3.7x 4.0x LTM Multiple Revenue

40 2.8x 2.7x 2.7x 2.7x 2.8x 2.5x 3.0x 2.2x 2.4x 30 2.0x 2.0x

20 Transaction Volume Transaction 1.0x 10

0 0.0x 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/08/12 01/16/12 01/22/12 01/30/12 02/05/12 02/07/12 01/10/12 01/12/12 01/14/12 01/18/12 01/20/12 01/24/12 01/26/12 01/28/12 02/01/12 02/03/12

Nasdaq Financial Technology Nasdaq Financial Technology

($ 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 Financial Software and Solutions $ 1,445.2 $ - $ 1.0 $ 0.1 $ 0.2 $ 4.1 $ 4.1 $ 12.4 $ 11.0 Summary Intuit Inc. $ 17,109.7 $ 57.56 97.7% 13.6% 23.5% 4.3x 4.2x 13.0x 11.2x Jack Henry & Associates Inc. 3,017.1 34.77 98.3% 8.5% 12.6% 3.1x 3.1x 9.6x 9.6x Broadridge Financial Solutions Inc. 2,991.7 24.12 97.1% 8.4% 17.7% 1.5x 1.5x 9.2x 8.4x SS&C Technologies Holdings, Inc. 1,478.1 19.10 87.0% 13.2% 15.6% 4.4x 4.2x 11.8x 10.8x Advent Software, Inc. 1,412.2 27.80 87.9% 15.7% 37.0% 4.1x 4.1x 20.1x 13.9x ACI Worldwide, Inc. 1,197.1 35.73 94.2% 10.1% 27.7% 2.3x 2.4x 10.6x 10.7x Financial Engines, Inc. 1,043.5 24.30 83.8% 28.4% 83.7% 6.7x 6.3x 39.9x 22.9x Bottomline Technologies Inc. 1,004.7 27.73 96.9% 26.0% 26.2% 4.1x 4.2x 24.8x 21.2x Median $ 1,445.2 95.6% 13.4% 24.9% 4.1x 4.1x 12.4x 11.0x

Transaction and Payment Processing $ 8,630.8 $ - $ 1.0 $ 0.1 $ 0.1 $ 2.4 $ 2.4 $ 9.4 $ 9.3 Visa, Inc. $ 74,465.6 $ 108.35 99.7% NA NA 7.5x NA 11.8x NA Mastercard Inc. 50,099.8 394.91 99.9% 21.4% 24.4% 6.7x 6.7x 12.3x 12.3x Automatic Data Processing, Inc. 26,780.5 54.59 95.6% 12.5% 8.2% 2.4x 2.5x 11.5x 11.7x Paychex, Inc. 11,470.6 31.65 93.3% 6.7% 11.6% 5.0x 5.0x 11.7x 11.7x Fiserv, Inc. 9,141.0 64.90 98.2% 5.0% 3.4% 2.8x 2.8x 9.1x 8.9x Fidelity National Information Services, Inc. 8,630.8 28.82 85.4% 10.4% 6.9% 2.4x 2.3x 8.6x 7.9x Total System Services, Inc. 4,096.9 21.51 95.9% 4.7% 4.1% 2.2x 2.2x 8.1x 8.2x Global Payments Inc. 4,036.3 51.51 96.0% 20.3% 25.9% 2.0x 2.0x 8.7x 8.5x Wright Express Corporation 2,392.9 61.89 99.6% 44.3% 43.7% 4.8x 4.8x 9.4x 10.0x Heartland Payment Systems, Inc. 975.6 24.72 97.9% 7.4% 40.0% 0.5x 2.1x 10.3x 9.7x Euronet Worldwide Inc. 954.6 18.97 92.3% 11.4% 3.7% 1.0x 1.0x 8.0x 7.6x Median $ 8,630.8 96.0% 10.9% 9.9% 2.4x 2.4x 9.4x 9.3x

Total Financial Technology Median $ 3,017.1 96.0% 11.9% 20.6% 3.1x 3.0x 10.6x 10.3x

8 Comparable Transactions Financial Technology

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 02/07/12 Pending Temenos Group AG Misys plc $ 1,717.5 3.5 x 28.3 x 01/13/12 Pending Buckaroo B.V. Intrum Justitia AB 50.7 NA NA 12/19/11 Pending Orc Group AB Cidron Intressenter AB 250.7 NA NA 11/28/11 Pending Systems@Work Pte Ltd. Wirecard AG 78.4 NA NA 09/28/11 10/28/11 Triple Point Technology, Inc. Welsh, Carson, Anderson & Stowe 500.0 NA NA 09/23/11 09/23/11 eFront SA Francisco Partners Management LLC 57.2 1.5x 12.8x 09/14/11 Pending Fundtech Ltd. BServ, Inc. 308.3 2.0x 15.5x 09/01/11 10/21/11 Algorithmics, Inc. OpenPages, Inc. 380.2 2.3x 34.9x 08/08/11 08/08/11 Plimus, Inc. Great Hill Partners, LLC 115.0 NA NA Median $ 250.7 2.2x 21.9x 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 4.7x 5.0x 4.5x 50 3.9x 4.0x 3.4x 3.5x LTM RevenueMultiple 3.2x 3.5x 40 3.1x 3.0x 3.0x 30 2.5x 1.8x 1.9x 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 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/08/12 01/16/12 01/22/12 01/30/12 02/05/12 02/07/12 01/10/12 01/12/12 01/14/12 01/18/12 01/20/12 01/24/12 01/26/12 01/28/12 02/01/12 02/03/12

Nasdaq Internet & Digital Media Nasdaq Internet & Digital Media

($ 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 Advertising & Marketing $ 11,375.4 $ - $ 0.8 $ 0.3 $ 0.4 $ 5.1 $ 5.2 $ 19.6 $ 19.7 Summary Google Inc. $ 198,284.4 $ 609.85 91.0% 32.3% 23.2% 4.2x 4.2x 11.3x 9.9x Baidu, Inc. 45,684.2 130.89 78.9% 91.3% 98.3% 22.7x 19.9x 40.0x 33.5x Yahoo! Inc. 19,571.9 15.78 83.8% (3.8%) (4.3%) 2.5x 2.8x 8.5x 8.0x Groupon, Inc. 15,677.2 24.58 78.9% NA NA 11.4x 9.3x NM NM Yandex N.V. 7,073.6 21.90 52.1% NA NA 11.7x 9.6x 26.2x 20.9x Bankrate, Inc. 2,407.8 24.08 93.9% NA NA 6.0x 6.1x 19.6x 19.7x ValueClick, Inc. 1,639.3 19.85 99.9% 29.7% 36.1% 3.0x 3.1x 10.8x 9.9x Constant Contact, Inc. 919.3 30.91 85.1% 22.9% 55.5% 3.6x 3.6x 31.9x 22.1x Median $ 11,375.4 84.4% 29.7% 36.1% 5.1x 5.2x 19.6x 19.7x

Content & Services $ 1,560.2 $ - $ 0.6 $ 0.2 $ 0.4 $ 3.2 $ 3.1 $ 10.7 $ 11.9 Zynga, Inc. $ 9,574.0 $ 13.69 94.8% NA NA 8.4x 7.6x 45.4x 34.5x LinkedIn Corporation 7,466.9 76.54 62.4% NA NA 16.2x 13.8x NM 83.3x Netflix, Inc. 6,869.4 124.00 40.7% 47.2% 46.3% 2.0x 2.0x 15.1x 13.4x VeriSign, Inc. 5,822.1 36.52 96.8% 4.3% 18.4% 6.7x 6.7x 12.9x 11.9x IAC/InterActiveCorporation 3,677.2 45.23 94.3% 23.5% 39.8% 1.4x 1.4x 10.3x 8.0x Pandora Media, Inc. 2,246.2 13.92 53.5% NA NA 9.0x 7.8x NM NM AOL, Inc. 1,768.7 18.17 70.0% (7.4%) (48.7%) 0.7x 0.7x 4.3x 4.1x WebMD Health Corp. 1,560.2 27.69 47.3% 4.7% 0.9% 2.2x 2.2x 8.4x 7.2x Ancestry.com Inc. 1,400.9 31.79 69.4% 33.4% 39.8% 3.6x 3.4x 10.7x 9.6x Monster Worldwide, Inc. 896.1 7.28 36.8% 11.5% 71.8% 0.8x 0.8x 6.0x 4.2x Zillow, Inc. 892.1 32.28 53.8% NA NA 14.3x 12.3x NM 74.5x The Active Network, Inc. 855.1 15.15 64.2% NA NA 2.2x 2.1x 30.4x 18.9x Angie's List, Inc. 799.0 16.27 86.8% NA NA 10.2x 9.1x NM NM comScore, Inc. 735.2 22.26 71.2% 33.8% 32.2% 3.2x 3.1x 70.5x 15.6x Dice Holdings, Inc. 570.7 8.75 46.7% 39.9% 49.9% 2.9x 2.9x 7.2x 6.9x Median $ 1,560.2 64.2% 23.5% 39.8% 3.2x 3.1x 10.7x 11.9x

Content Delivery & Management Akamai Technologies, Inc. $ 6,179.6 $ 34.44 63.0% 12.1% 7.5% 4.3x 4.3x 10.7x 9.8x Level 3 Communications Inc. 4,425.0 21.31 53.2% 41.9% 33.6% 2.8x 2.3x 13.7x 10.7x Rovi Corporation 3,681.6 33.47 48.2% 43.2% 28.1% 6.1x 5.4x 15.3x 11.5x Mentor Graphics Corporation 1,594.3 14.57 88.0% 12.3% 28.3% 1.7x 1.7x 10.4x 8.8x EarthLink Inc. 842.8 7.90 85.6% 116.4% 55.7% 1.1x 0.9x 4.3x 3.7x Median $ 3,681.6 63.0% 41.9% 28.3% 2.8x 2.3x 10.7x 9.8x

10 Public Market Trading Statistics Internet & Digital Media

($ 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 e-Commerce Summary Amazon.com Inc. $ 84,406.0 $ 185.48 75.2% 43.2% (28.2%) 1.6x 1.6x 44.8x 42.6x eBay Inc. 42,532.5 33.05 93.5% 26.9% 15.7% 3.1x 3.1x 10.9x 9.5x (continued) priceline.com Inc. 26,801.7 538.37 95.8% 40.2% 68.4% 6.1x 5.8x 18.7x 16.9x Rakuten, Inc. 13,633.4 1,037.98 84.2% 10.9% 12.9% 3.4x 3.2x 13.5x 12.8x Expedia Inc. 4,923.4 33.65 51.2% 5.1% (26.6%) 1.2x 1.3x 4.9x 6.2x Mercadolibre, Inc. 4,147.1 93.95 95.1% 39.7% 37.5% 14.6x 13.4x 40.7x 36.9x Ctrip.com International Ltd. 3,623.6 25.24 49.9% 28.7% 17.2% 5.3x 5.1x 14.8x 13.4x HomeAway, Inc. 2,116.1 26.26 57.4% NA NA 8.9x 8.4x 53.9x 30.9x Live Nation Entertainment, Inc. 1,980.6 10.64 85.5% 7.8% 21.2% 0.6x 0.6x 6.7x 7.2x Vistaprint N.V. 1,491.7 40.42 71.9% 26.7% 3.9% 1.7x 1.7x 11.8x 10.3x Liquidity Services, Inc. 1,194.0 38.96 95.1% 23.9% 63.6% 3.3x 3.2x 19.4x 19.9x OpenTable, Inc. 1,078.3 45.40 38.3% 41.0% 50.1% 7.4x 7.4x 23.2x 20.0x Shutterfly, Inc. 980.7 28.15 42.2% 59.3% 29.3% 1.7x 1.7x 16.1x 10.1x Digital River Inc. 672.4 18.01 45.2% 7.9% 18.3% 0.5x 0.5x 4.0x 2.6x Blue Nile Inc. 582.0 42.93 66.6% 9.3% (9.1%) 1.5x 1.5x 25.1x 19.7x Median $ 2,116.1 71.9% 26.8% 17.7% 3.1x 3.1x 16.1x 13.4x

Diversified Media Walt Disney Company $ 73,970.7 $ 41.27 93.1% 6.5% 14.0% 2.1x 2.0x 8.4x 8.2x Comcast Corporation 74,251.9 27.25 99.9% 50.3% 24.9% 2.4x 2.1x 6.9x 6.6x News Corporation 48,572.0 19.62 99.1% 3.3% 14.4% 1.5x 1.5x 7.7x 7.7x Time Warner Inc. 38,143.7 38.11 97.1% 8.6% 7.1% 1.8x 1.8x 7.6x 7.7x Viacom, Inc. 26,667.2 49.37 93.7% 11.7% 15.8% 2.2x 2.2x 8.2x 8.1x CBS Corporation 19,455.7 29.73 98.8% 2.6% 30.6% 1.7x 1.7x 8.0x 7.9x Liberty Interactive, Inc. 10,765.1 18.24 97.8% 7.9% 2.1% 1.5x 1.4x 8.0x 7.7x Scripps Networks Interactive, Inc. 7,081.0 44.41 82.8% 2.2% 9.4% 3.4x 3.6x 7.9x 7.6x Gannett Co., Inc. 3,607.7 15.14 80.0% (4.0%) (11.7%) 1.1x 1.1x 4.8x 4.8x Meredith Corporation 1,529.6 34.15 91.0% (4.4%) (12.6%) 1.3x 1.3x 7.3x 7.4x The New York Times Company 1,086.7 7.37 62.9% (2.5%) (5.3%) 0.7x 0.7x 4.6x 4.5x Median $ 19,455.7 93.7% 3.3% 9.4% 1.7x 1.7x 7.7x 7.7x

Total Internet & Digital Media Median $ 3,650.4 79.5% 17.6% 19.8% 2.8x 2.9x 10.8x 9.9x

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 01/26/12 Pending Pixelpark AG MMS Germany Holdings GmbH $ 55.6 1.3 x 29.7 x 01/23/12 Pending 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 Pending Cotendo, Inc. Akamai Technologies, Inc. 268.0 NA NA 12/16/11 12/29/11 Webs, Inc. VistaPrint USA, Incorporated 117.5 NA NA 12/07/11 12/07/11 Wiggle Ltd. Bridgepoint Capital Group Ltd 313.7 2.3x 19.0x 11/28/11 Pending Systems@Work Pte Ltd. Wirecard AG 78.4 NA NA 11/14/11 11/14/11 LesPAC inc. Mediagrif Interactive Technologies Inc. 71.3 5.7x NA 11/14/11 Pending Model Metrics, Inc. Salesforce.com 57.6 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 10/31/11 12/13/11 interCLICK, Inc. Yahoo! Inc. 250.9 2.0x 23.6x 10/27/11 11/18/11 SevenTV Walt Disney Co. 612.2 NA NA 10/24/11 10/31/11 Albumprinter BV Vistaprint N.V. 90.6 1.8x 10.8x 10/12/11 Pending Cdnetworks Co Ltd KDDI Corp. 195.3 2.0x NA 10/10/11 12/21/11 InsWeb Corp. Bankrate, Inc. 56.1 1.1x 19.3x 09/28/11 10/31/11 ContentGuard, Inc. Pendrell Corporation 100.0 3.3x 4.2x 09/26/11 Pending QianJun, Inc. Renren Inc. 80.0 NA NA 09/23/11 11/25/11 Group NBT plc HgCapital 211.6 2.8x 13.6x 09/20/11 12/05/11 Ning, Inc. Glam Media, Inc. 150.0 NA NA 09/08/11 09/08/11 Zagat Survey, LLC Google Inc. 151.0 NA NA 08/30/11 09/01/11 EyeWonder, Inc. Digital Generation, Inc. 58.3 NA NA 08/22/11 08/24/11 Multifamily Technology Solutions, Inc. RealPage, Inc. 74.4 4.4x NA 08/15/11 Pending Motorola Mobility Holdings, Inc. Google Inc. 9,007.2 0.7x 29.6x Median $ 117.5 2.3x 19.2x

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 125 5.0x 4.5x 4.6x

4.0x 100 4.0x

3.5x LTM Multiple Revenue 3.2x 3.0x 3.1x 75 2.7x 2.6x 3.0x 2.4x 2.1x

50 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%

110% 120%

105% 110% 100%

100% 95%

90% 90%

80% 85%

11 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/16/12 01/18/12 01/20/12 02/01/12 02/03/12 01/08/12 01/10/12 01/12/12 01/14/12 01/22/12 01/24/12 01/26/12 01/28/12 01/30/12 02/05/12 02/07/12

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

Government IT & BPO SAIC, Inc. $ 4,360.6 $ 12.78 72.4% (3.1%) (28.2%) 0.4x 0.4x 6.1x 6.4x CACI International Inc. 1,571.1 59.31 89.2% 12.7% 24.9% 0.6x 0.6x 6.2x 6.5x MAXIMUS, Inc. 1,518.6 45.01 96.2% 13.5% 15.1% 1.4x 1.4x 9.5x 9.0x ManTech International Corporation 1,334.2 36.25 78.4% 10.8% 14.0% 0.5x 0.5x 5.0x 4.9x Tyler Technologies, Inc. 1,106.5 37.24 99.6% 6.4% 6.0% 3.9x 3.7x 21.7x 19.7x Median $ 1,518.6 89.2% 10.8% 14.0% 0.6x 0.6x 6.2x 6.5x

Onshore BPOs Alliance Data Systems Corporation $ 5,866.2 $ 117.40 99.9% 14.1% 20.8% 3.9x 3.9x 12.9x 12.6x CGI Group, Inc. 5,246.7 20.34 83.5% 8.2% 5.0% 1.5x 1.4x 8.2x 7.7x Computer Sciences Corporation 4,867.8 31.39 55.4% (0.8%) (19.1%) 0.4x 0.4x 19.4x 3.5x DST Systems Inc. 2,300.3 52.16 87.8% 4.1% (9.8%) 1.4x 1.9x 8.4x 8.0x Convergys Corporation 1,568.1 13.05 87.0% 2.6% 3.4% 0.6x 0.6x 4.8x 4.8x Median $ 4,867.8 87.0% 4.1% 3.4% 1.4x 1.4x 8.4x 7.7x

Offshore BPOs Tata Consultancy Services Ltd. $ 48,517.5 $ 24.79 97.7% 31.3% 32.3% 5.4x 5.1x 17.3x 17.0x Infosys Technologies Ltd. 32,176.7 56.31 83.5% 26.6% 16.8% 4.2x 4.3x 13.3x 14.2x Wipro Ltd. 21,598.1 8.84 88.3% 18.7% 8.9% 3.1x 2.9x 15.9x 14.3x Cognizant Technology Solutions 21,374.8 70.75 84.8% 34.1% 30.7% 3.1x 3.1x 15.1x 15.1x HCL Technologies Ltd. 6,579.9 9.51 88.5% 31.9% 32.2% 1.9x 1.8x 11.9x 10.1x Genpact Ltd. 3,499.8 15.74 86.7% 26.5% 21.5% 2.2x 2.2x 11.7x 11.9x Syntel, Inc. 1,979.1 47.32 76.3% 19.8% 1.0% 2.7x 2.6x 11.6x 11.8x Satyam Computer Services Limited 1,699.4 1.44 75.4% 19.5% 35.3% 1.1x 1.0x 7.6x 7.1x Patni Computer Systems Ltd. 1,285.9 9.56 93.6% 10.3% (19.1%) 1.4x 1.4x 9.2x 9.5x Exlservice Holdings, Inc. 766.3 24.60 91.1% 44.3% 50.7% 2.1x 1.9x 11.8x 11.1x Median $ 5,039.8 87.5% 26.5% 26.1% 2.4x 2.4x 11.8x 11.9x

Total IT Services Median $ 2,300.3 87.0% 13.5% 16.2% 1.4x 1.4x 9.2x 8.0x

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 12/12/11 12/31/11 Ironworks Consulting, LLC ICF Consulting Group, Inc. $ 100.0 1.8 x NA 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 11/12/11 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 10/26/11 11/16/11 Worldwide Information Network Systems, Inc. ManTech's Mission, Technology Solutions Group 90.0 NA NA 10/20/11 Pending Tellhow Software Co.,Ltd. Tellhow Sci-Tech Co. Ltd 56.7 NA NA 09/30/11 09/30/11 EDM Group Limited EDM Group Limited 81.5 NA NA 09/05/11 Pending Paracon Holdings Ltd. Adcorp Holdings Ltd. 87.0 0.6 x 7.3 x 08/31/11 09/14/11 Qbranch AB Imtech NV 81.6 1.3 x NA 08/16/11 09/30/11 Vangent, Inc. General Dynamics Information Technology, Inc. 1,299.1 1.8 x 14.9 x 08/14/11 08/14/11 Wireless Logic Ltd. ECI Partners LLP 62.3 NA NA 08/10/11 Pending Quintec S.A. Sonda S.A. 123.6 0.6 x 6.2 x Median $ 95.0 1.5x 11.1x

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 Multiple Revenue 75 1.3x 1.5x 1.3x 1.3x 1.3x 1.2x 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 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 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/08/12 01/16/12 01/22/12 01/30/12 02/05/12 02/07/12 01/10/12 01/12/12 01/14/12 01/18/12 01/20/12 01/24/12 01/26/12 01/28/12 02/01/12 02/03/12

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 Software $ 3,320.7 $ - $ 0.9 $ 0.2 $ 0.2 $ 3.5 $ 3.5 $ 11.6 $ 11.6 Summary Oracle Corporation $ 144,392.3 $ 28.73 78.7% 16.3% 23.5% 3.5x 3.4x 8.3x 7.4x SAP AG 75,479.9 63.42 99.2% 15.7% 31.4% 3.9x 3.9x 11.5x 10.4x Salesforce.com 16,836.8 123.80 77.3% 36.7% 33.5% 7.7x 7.1x NM 42.7x Adobe Systems Inc. 15,851.1 32.10 89.2% 9.8% 3.4% 3.4x 3.5x 9.8x 9.2x Sage Group plc 6,103.0 4.67 95.0% (6.7%) 1.0% 2.9x 2.9x 9.9x 10.4x Informatica Corporation 4,822.8 45.35 72.7% 22.9% 43.1% 5.4x 5.4x 21.3x 18.4x Open Text Corporation 3,484.8 60.22 83.3% 24.2% 20.5% 3.2x 3.2x 11.6x 10.6x NetSuite Inc. 3,156.5 46.50 95.3% 22.7% 26.3% 12.8x 12.8x NM 130.0x Ariba Inc. 2,802.7 28.17 75.8% 32.2% 21.4% 5.4x 5.5x 72.0x 32.4x MicroStrategy Inc. 1,332.1 123.54 69.2% 29.7% (37.8%) 2.0x 2.0x 33.7x 31.8x JDA Software Group Inc. 1,138.7 26.76 76.4% 8.3% 11.7% 1.7x 1.7x 6.8x 6.3x Jive Software, Inc. 967.5 16.38 91.0% NA NA 13.4x 12.3x NM NM Manhattan Associates, Inc. 945.3 46.30 97.4% 10.0% 31.4% 2.6x 2.6x 12.8x 11.6x Deltek, Inc 648.5 9.95 91.5% 27.1% 29.1% 2.3x 2.2x 20.2x 12.2x Median $ 3,320.7 86.2% 22.7% 23.5% 3.5x 3.5x 11.6x 11.6x

Product Lifecycle Management/Engineering Dassault Systemes SA $ 10,447.9 $ 85.56 99.3% 13.0% 20.4% 3.9x 3.9x 12.2x 12.3x Autodesk, Inc. 8,700.0 38.36 83.1% 14.2% 24.2% 3.3x 3.2x 16.0x 11.9x Ansys, Inc. 5,876.3 63.61 98.7% 20.8% 17.7% 8.5x 8.1x 17.4x 15.0x Synopsys Inc. 4,330.3 30.03 99.8% 12.1% 20.6% 2.2x 2.1x 9.8x 7.2x Cadence Design Systems Inc. 3,202.6 11.76 99.3% 23.5% 84.9% 2.6x 2.6x 14.2x 10.7x Parametric Technology Corporation 3,160.7 27.05 99.3% 19.6% 38.9% 2.6x 2.6x 15.1x 11.9x Aspen Technology, Inc. 1,955.6 20.87 99.4% 23.3% NA 8.3x 8.8x NM NM Aveva Group plc 1,843.0 27.16 95.4% 15.7% 8.4% 5.7x 5.4x 18.7x 16.9x Mentor Graphics Corporation 1,594.3 14.57 88.0% 12.3% 28.3% 1.7x 1.7x 10.4x 8.8x Median $ 3,202.6 99.3% 15.7% 22.4% 3.3x 3.2x 14.7x 11.9x

Customer Engagement/Call Center Management Nuance Communications, Inc. $ 8,879.6 $ 29.33 97.9% 19.6% NA 7.0x 6.3x 34.6x NA Amdocs Limited 5,230.0 30.36 94.9% 6.2% (1.5%) 1.3x 1.3x 7.2x 6.5x NICE Systems Ltd. 2,260.5 35.51 95.0% 15.7% 35.8% 2.2x 2.1x 12.8x 8.2x Comverse Technology Inc. 1,307.6 6.25 78.2% 8.3% NM 0.9x 1.0x 10.3x 6.5x Verint Systems Inc. 1,139.3 29.32 77.0% 8.2% 6.6% 2.5x 2.4x 14.5x 8.8x LivePerson Inc. 680.1 12.77 85.4% 21.0% 25.4% 4.7x 4.5x 23.3x 17.9x Median $ 1,784.0 90.1% 12.0% 16.0% 2.3x 2.3x 13.7x 8.2x

15 Public Market Trading Statistics Software – Application

Vertically Focused - Public Sector Blackbaud Inc. $ 1,411.0 $ 32.57 99.6% 14.8% 12.9% 3.7x 3.6x 19.3x 15.2x Tyler Technologies, Inc. 1,106.5 37.24 99.6% 6.4% 6.0% 3.9x 3.7x 21.7x 19.7x Higher One Inc. 862.3 15.23 69.3% 34.4% 32.3% 4.6x 4.4x 12.5x 11.4x K12, Inc. 832.0 22.87 57.5% 38.0% 20.1% 1.2x 1.2x 12.5x 9.3x NIC Inc. 804.2 12.53 86.5% 13.2% 17.2% 4.1x 4.1x 17.1x 17.1x Median $ 862.3 86.5% 14.8% 17.2% 3.9x 3.7x 17.1x 15.2x

Vertically Focused - Healthcare IT Cerner Corporation $ 12,007.5 $ 70.88 95.3% 17.0% 25.1% 5.0x 5.1x 18.7x 15.9x Allscripts Healthcare Solutions, Inc. 4,030.3 21.26 91.9% 15.4% 40.3% 2.9x 2.9x 15.7x 10.8x HMS Holdings Corp. 2,884.2 33.91 97.5% 21.7% 24.4% 7.8x 7.5x 27.1x 25.2x Quality Systems Inc. 2,596.6 44.02 86.8% 25.1% 38.9% 5.9x 5.9x 18.9x 17.9x athenahealth, Inc. 2,324.4 65.80 90.5% 33.0% 49.5% 6.7x 6.7x 42.2x 34.1x MedAssets, Inc. 724.6 12.39 57.8% 42.3% 46.0% 3.0x 2.8x 11.3x 8.6x Computer Programs & Systems Inc. 693.8 63.29 80.1% 17.2% 51.9% 3.9x 3.8x 15.4x 15.4x Median $ 2,596.6 90.5% 21.7% 40.3% 5.0x 5.1x 18.7x 15.9x

Total Application Software Median $ 2,460.5 90.9% 17.5% 24.2% 3.9x 3.8x 15.4x 12.1x

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 02/08/12 Pending Taleo Corporation Oracle Corporation $ 1,810.5 5.9 x 54.0 x 02/07/12 Pending Temenos Group AG Misys plc 1,717.5 3.7x 7.6x 02/07/12 Pending IBS AG Siemens Beteiligungen Inland GmbH 43.9 1.8x 11.5x 02/07/12 Pending CaseCentral, Inc. Guidance Software, Inc. 54.0 NA NA 02/01/12 Pending CDC Software Corporation Vista Equity Partners 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 NA 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 NA NA 12/21/11 Pending Ventelo Holding AB EQT Partners AB; EQT VI Fund 303.1 NA NA 12/20/11 12/20/11 InfoVista SA Thoma Bravo, LLC 63.2 1.4x NA 12/19/11 Pending Orc Group AB Cidron Intressenter AB 250.7 0.3x NA 12/09/11 Pending Workplace Systems International plc LDC Ltd. 60.2 6.2x 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 NA NA 11/30/11 Pending Magma Design Automation Inc. Synopsys Inc. 498.6 NA NA 11/07/11 12/16/11 HealthDataInsights, Inc. HMS Holdings Corp. 400.0 NA NA 10/21/11 Pending Alterian plc SDL plc 103.8 1.8x 81.6x 10/18/11 10/18/11 Pallas Athena B.V. Perceptive Software, Inc. 40.9 NA NA 10/12/11 Pending Genesys Telecommunications Laboratories, Inc. Permira Advisers; Technology Crossover Ventures 1,500.0 3.0x NA 10/04/11 Pending Gluster, Inc. Red Hat, Inc. 140.0 NA NA 09/28/11 10/28/11 Triple Point Technology, Inc. Welsh, Carson, Anderson & Stowe 500.0 NA NA 09/23/11 10/02/11 GMT Corporation Verint Systems Inc. 42.0 NA NA 09/23/11 09/23/11 eFront SA Francisco Partners Management LLC 57.2 1.5x 12.8x 09/22/11 11/10/11 Sage Software Healthcare, Inc. Vista Equity Partners 314.7 1.3x NA 09/14/11 11/30/11 Fundtech Ltd. BServ, Inc. 308.3 2.0x 15.5x 09/01/11 10/21/11 Algorithmics, Inc. OpenPages, Inc. 380.2 2.3x 34.9x 08/18/11 10/13/11 Autonomy Corp. plc Hewlett-Packard Company 10,300.6 11.1x 25.2x 08/13/11 09/30/11 Loquendo S.p.A. Nuance Communications, Inc. 75.5 NA NA Median $ 274.4 2.2x 20.3x 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 3.4x Statistics 175 3.5x

150 2.8x 2.8x 3.0x 2.6x 2.5x

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%

115% 130%

110% 120% 105% 110% 100%

100% 95%

90% 90%

80% 85%

11 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/16/12 01/18/12 01/20/12 02/01/12 02/03/12 02/05/12 01/08/12 01/10/12 01/12/12 01/14/12 01/22/12 01/24/12 01/26/12 01/28/12 01/30/12 02/07/12

Nasdaq Infrastructure Software Nasdaq Infrastructure 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 IT Management Summary Microsoft Corporation $ 257,261.0 $ 30.66 100.0% 9.3% 4.8% 2.9x 2.9x 7.1x 7.1x Hewlett-Packard Company 58,222.5 29.46 59.6% (1.7%) (12.0%) 0.6x 0.6x 4.7x 5.0x VMware, Inc. 39,908.3 94.21 84.5% 33.0% 41.4% 9.5x 9.5x 34.0x 25.0x Citrix Systems, Inc. 13,299.2 71.31 80.6% 19.1% 12.8% 5.4x 5.4x 20.5x 17.8x CA Technologies 12,932.7 26.63 99.4% 5.7% 8.7% 2.5x 2.5x 6.8x 6.7x Red Hat, Inc. 9,286.0 48.08 90.0% 26.8% 27.9% 7.5x 7.5x 33.4x 26.2x BMC Software Inc. 6,375.3 38.82 68.6% 9.8% 17.8% 2.4x 2.4x 7.3x 5.6x TIBCO Software Inc. 4,600.3 28.25 89.8% 23.0% 30.3% 4.7x 4.8x 22.1x 16.4x Compuware Corporation 1,868.8 8.55 69.8% 9.9% (2.6%) 1.9x 1.9x 10.2x 9.9x Quest Software Inc. 1,788.8 21.53 75.6% 12.0% 3.3% 1.8x 1.8x 11.9x 6.9x Progress Software Corporation 1,458.1 23.52 74.7% 0.9% (6.3%) 2.2x 2.2x 8.6x 7.5x Pegasystems Inc. 1,090.7 28.94 60.9% 14.4% (59.5%) 2.5x 2.4x 44.6x 36.4x Median $ 7,830.7 78.1% 10.9% 6.7% 2.5x 2.5x 11.1x 8.7x

Security Symantec Corporation $ 12,947.6 $ 17.75 86.6% 11.4% 9.2% 1.9x 1.9x 6.9x 5.7x Check Point Software Technologies Ltd. 12,058.8 58.09 94.3% 14.8% 19.1% 7.4x 7.4x 13.2x 12.2x VeriSign, Inc. 5,822.1 36.52 96.8% 4.3% 18.4% 6.7x 6.7x 12.9x 11.9x Trend Micro Inc. 4,224.6 32.11 85.5% 2.1% 22.4% 2.1x 2.1x 6.0x 6.1x Fortinet Inc. 3,892.3 25.27 88.5% 35.1% 69.7% 7.7x 7.8x 35.0x 30.4x Sourcefire, Inc. 969.4 33.77 94.1% 22.0% 3.9% 5.5x 5.2x 64.3x 30.9x Websense, Inc. 680.1 17.52 62.7% 9.1% (18.7%) 1.9x 1.8x 9.6x 7.8x Median $ 4,224.6 88.5% 11.4% 18.4% 5.5x 5.2x 12.9x 11.9x

Enterprise Storage EMC Corporation $ 53,947.3 $ 26.33 91.6% 17.7% 4.4% 2.4x 2.4x 9.5x 9.6x NetApp, Inc. 14,263.6 39.78 65.2% 24.1% 21.9% 1.9x 1.8x 11.0x 8.5x Teradata Corporation 9,715.9 58.04 92.6% 22.0% 27.2% 4.2x 4.0x 18.5x 15.3x Brocade Communications Systems, Inc. 2,785.0 6.12 83.8% 2.3% 8.1% 1.5x 1.5x 7.9x 5.9x CommVault Systems, Inc. 2,342.7 53.00 100.0% 29.3% 36.6% 5.5x 5.5x 40.0x 28.8x Fusion-io, Inc. 2,020.6 23.42 56.1% NA NA 5.8x 6.5x 65.7x 66.9x Median $ 6,250.5 87.7% 22.0% 21.9% 3.3x 3.2x 14.8x 12.5x

Total Infrastructure Software Median $ 5,822.1 85.5% 13.2% 11.0% 2.5x 2.5x 11.9x 9.9x

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 01/25/12 Pending 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 11/06/11 Pending iLoop Mobile, Inc. Lenco Mobile Inc. 42.0 NA NA 10/26/11 Pending App-DNA Limited Citrix Systems, Inc. 92.0 NA NA 10/07/11 10/18/11 Mobile Complete, Inc. Keynote Systems Inc. 90.0 4.5 x NA 10/06/11 10/06/11 Swype Inc. Nuance Communications, Inc. 102.5 NA NA 10/06/11 10/06/11 NewBay Software Limited Research In Motion Limited 100.0 NA NA 09/29/11 09/29/11 Adapt Services Limited Lyceum Capital Partners LLP 47.0 NA NA 09/29/11 09/29/11 AEP Networks, Inc. Ultra Electronics Holdings plc 75.0 NA NA 09/29/11 Pending Telmap, Ltd. Intel Corporation 300.0 NA NA 08/08/11 08/08/11 Plimus, Inc. Great Hill Partners, LLC 115.0 NA NA Median $ 92.0 3.7 x NA 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 20 3.1x 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

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%

100% 95%

95% 85% 90%

75% 85%

11 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Sep Feb Feb

Apr

Dec

Aug

Mar

Nov

May

01/16/12 01/18/12 01/20/12 02/01/12 02/03/12 02/05/12 01/08/12 01/10/12 01/12/12 01/14/12 01/22/12 01/24/12 01/26/12 01/28/12 01/30/12 02/07/12

Nasdaq SaaS Nasdaq SaaS

( $ 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 SaaS Summary Salesforce.com $ 16,836.8 $ 123.80 77.3% 36.7% 33.5% 7.7x 7.1x NM 42.7x NetSuite Inc. 3,156.5 46.50 95.3% 22.7% 26.3% 12.8x 12.8x NM NM Concur Technologies, Inc. 3,095.6 56.78 90.7% 21.2% 13.9% 7.6x 7.6x 66.9x 28.5x Qlik Technologies, Inc. 2,446.2 29.26 82.1% 49.3% 21.2% 7.1x 7.1x NM 58.4x athenahealth, Inc. 2,324.4 65.80 90.5% 33.0% 49.5% 6.7x 6.7x 42.2x 34.1x The Ultimate Software Group, Inc. 1,718.2 66.01 91.7% 17.7% 24.2% 6.2x 6.2x 59.5x 38.5x Blackbaud Inc. 1,411.0 32.57 99.6% 14.8% 12.9% 3.7x 3.6x 19.3x 15.2x DealerTrack Holdings, Inc. 1,221.8 29.45 94.8% 42.7% 78.5% 3.6x 3.3x 21.4x 15.8x OpenTable, Inc. 1,078.3 45.40 38.3% 41.0% 50.1% 7.4x 7.4x 23.2x 20.0x Financial Engines, Inc. 1,043.5 24.30 83.8% 28.4% 83.7% 6.7x 6.3x 39.9x 22.9x Jive Software, Inc. 1,004.2 16.38 91.0% NA NA 10.8x 11.0x NM NM Ebix Inc. 961.2 25.98 85.6% 28.0% NA 6.1x 5.8x 13.8x NA Constant Contact, Inc. 919.3 30.91 85.1% 22.9% 55.5% 3.6x 3.6x 31.9x 22.1x Cornerstone OnDemand, Inc. 861.8 17.78 75.7% NA NA 12.7x 10.5x NM NM MedAssets, Inc. 724.6 12.39 57.8% 42.3% 46.0% 3.0x 2.8x 11.3x 8.6x Websense, Inc. 680.1 17.52 62.7% 9.1% (18.7%) 1.9x 1.8x 9.6x 7.8x LivePerson Inc. 680.1 12.77 85.4% 21.0% 25.4% 4.7x 4.5x 23.3x 17.9x

Total SaaS Median $ 1,078.3 85.4% 28.0% 29.9% 6.7x 6.3x 23.2x 22.1x

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 02/08/12 Pending Taleo Corporation Oracle Corporation $ 1,810.5 5.9 x 54.0 x 02/07/12 Pending CaseCentral, Inc. Guidance Software, Inc. 54.0 NA NA 01/27/12 02/14/12 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 10/23/11 Pending Rightnow Technologies Inc. Oracle Corporation 1,521.4 7.0 x 63.8 x 09/14/11 11/30/11 Fundtech Ltd. BServ, Inc. 308.3 2.0 x 15.5 x Median $ 300.0 5.3x 54.0x 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 60 5.9x 6.0x

50 5.0x LTM RevenueMultiple 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 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/08/12 01/12/12 01/16/12 01/20/12 01/24/12 01/10/12 01/14/12 01/18/12 01/22/12 01/26/12 01/28/12 01/30/12 02/01/12 02/03/12 02/05/12 02/07/12

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 $ 136,720.2 $ 26.85 99.4% 24.2% 13.7% 2.4x 2.4x 5.4x 5.7x Texas Instruments Inc. 38,678.7 33.85 92.2% (2.7%) (21.8%) 3.0x 3.0x 9.3x 9.9x Broadcom Corporation 20,524.7 37.66 79.5% 8.8% 3.6% 2.3x 2.2x 15.3x 9.0x Analog Devices Inc. 11,874.8 39.89 92.2% 1.4% (0.2%) 3.1x 3.1x 7.7x 8.2x Marvell Technology Group Ltd. 9,586.9 16.43 74.6% (7.0%) (29.1%) 2.0x 2.1x 8.0x 8.7x Micron Technology Inc. 8,065.5 8.17 68.3% (4.9%) (30.8%) 1.1x 1.1x 3.9x 3.6x Maxim Integrated Products Inc. 8,019.4 27.49 96.6% 6.8% 2.9% 3.1x 3.0x 9.0x 8.9x Advanced Micro Devices Inc. 5,052.7 7.25 75.7% 1.8% (20.4%) 0.7x 0.7x 6.2x 6.1x LSI Corporation 4,536.1 8.05 98.5% (19.9%) 18.3% 1.8x 1.8x 10.9x 7.9x Freescale Semiconductor Holdings I, Ltd. 4,105.4 16.70 79.6% NA NA 2.2x 2.2x 9.2x 9.4x Cree Inc. 3,300.6 28.56 43.3% (0.3%) (48.4%) 2.5x 2.5x 13.1x 12.7x Cypress Semiconductor Corporation 2,832.1 18.37 76.7% 12.1% 38.2% 2.7x 2.7x 14.2x 9.2x Fairchild Semiconductor International Inc. 1,917.8 15.17 72.2% 0.4% (4.7%) 1.1x 1.1x 5.5x 4.9x Semtech Corporation 1,905.2 29.27 96.1% 6.6% 9.9% 3.2x 3.3x 12.3x 11.2x Microsemi Corporation 1,900.7 21.73 91.3% 51.5% 84.3% 2.9x 2.9x 12.3x 8.4x PMC-Sierra Inc. 1,627.2 7.04 76.5% 4.1% 8.5% 1.8x 1.8x 9.4x 5.4x MEMC Electronic Materials Inc. 1,233.0 5.35 35.6% 50.1% 6.2% 0.8x 0.7x 8.5x 8.6x Median $ 4,536.1 79.5% 3.0% 3.3% 2.3x 2.2x 9.2x 8.6x

Semiconductor Equipment Applied Materials Inc. $ 16,825.8 $ 13.00 76.8% (4.8%) (15.6%) 1.1x 1.2x 4.5x 5.2x KLA-Tencor Corporation 8,556.7 51.32 96.7% 29.1% 36.5% 2.3x 2.3x 6.1x 6.0x Lam Research Corporation 5,229.3 43.62 73.8% (5.1%) (30.6%) 1.3x 1.3x 6.4x 6.4x Novellus Systems, Inc. 3,234.7 48.44 97.0% 0.4% (9.4%) 2.0x 2.0x 7.9x 8.2x Teradyne Inc. 3,088.5 16.78 87.4% (11.5%) (27.6%) 1.7x 1.8x 6.8x 6.5x MKS Instruments Inc. 1,672.9 31.90 91.2% (6.6%) (13.1%) 1.3x 1.4x 5.6x 5.9x Cabot Microelectronics Corporation 1,176.6 52.14 98.1% 4.5% (2.6%) 2.0x 2.0x 9.3x 9.2x Amkor Technology, Inc. 1,115.9 6.16 72.6% (4.9%) (25.9%) 0.7x 0.7x 3.3x 3.7x Tessera Technologies Inc. 995.1 19.31 83.3% (14.5%) (47.7%) 2.0x 2.0x 5.1x 9.2x ATMI Inc. 774.3 24.44 97.6% 6.7% (0.8%) 1.7x 1.7x 8.9x 9.4x Brooks Automation Inc. 727.7 11.25 77.1% (5.8%) 12.6% 0.7x 0.8x 4.9x 5.2x Median $ 1,672.9 87.4% (4.9% ) (13.1% ) 1.7x 1.7x 6.1x 6.4x

22 Public Market Trading Statistics Tech Hardware

PCs, Servers, and Computing Components Apple Inc. $ 444,442.1 $ 476.68 100.0% 63.2% 88.1% 2.7x 2.9x 7.6x 8.5x IBM Corporation 223,822.0 192.95 99.0% 8.1% 11.4% 2.2x 2.2x 9.1x 9.0x Samsung Electronics Co. Ltd. 127,253.6 977.76 96.6% 7.5% 3.1% 0.7x 0.7x 4.2x 4.0x Hewlett-Packard Company 58,222.5 29.46 59.6% (1.7%) (12.0%) 0.6x 0.6x 4.7x 5.0x Dell Inc. 32,427.0 18.05 99.6% 0.8% 25.5% 0.4x 0.4x 4.3x 4.2x Xerox Corporation 10,712.1 8.01 66.3% 5.2% 5.8% 0.8x 0.8x 5.7x 5.4x Lenovo Group Ltd. 8,325.2 0.81 98.1% 26.3% 45.8% 0.2x 0.2x 6.6x 6.0x Pitney Bowes Inc. 3,892.9 19.50 74.0% (1.8%) (6.2%) 1.4x 1.4x 6.8x 6.7x NCR Corporation 3,378.9 21.44 99.5% 12.4% 125.2% 0.7x 0.7x 12.1x 7.0x Lexmark International Inc. 2,673.1 37.23 91.8% (1.1%) (0.4%) 0.5x 0.5x 3.1x 3.1x Diebold, Inc. 2,185.5 34.89 94.0% (0.0%) (8.3%) 0.9x 0.8x 10.2x 9.3x ScanSource, Inc. 1,064.1 38.82 97.1% 21.2% 25.0% 0.4x 0.4x 8.8x 9.0x Median $ 9,518.6 96.8% 6.3% 8.6% 0.7x 0.7x 6.7x 6.3x

Storage and Networking Components SanDisk Corporation $ 11,255.5 $ 46.84 87.4% 17.6% 8.7% 1.3x 1.3x 4.0x 3.9x Western Digital Corporation 9,343.2 39.77 95.0% (6.0%) (14.5%) 0.6x 0.6x 3.5x 3.9x QLogic Corporation 1,752.4 17.76 93.5% 2.4% (2.1%) 2.2x 2.2x 8.1x 7.1x Emulex Corporation 949.5 10.99 84.7% 14.1% (22.1%) 1.6x 1.6x 22.6x 9.7x Median $ 5,547.8 90.4% 8.3% (8.3% ) 1.4x 1.4x 6.1x 5.5x

Total Tech Hardware Median $ 3,378.9 87.4% 2.9% (0.3% ) 1.3x 1.3x 6.8x 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 01/23/12 Pending Gennum Corporation Semtech Corp. $ 479.8 NA NA 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 10/27/11 Pending MOSAID Technologies Inc. Sterling Capital Partners 447.1 5.5 x 10.6 x 10/25/11 10/25/11 EM TEST AG Ametek Inc. 94.2 NA NA 10/10/11 Pending VTI Technologies Oy Murata Electronics Europe B.V. 265.8 2.6 x 16.3 x 10/05/11 Pending Beyonics Technology Ltd. Shaw Kwei & Partners 102.5 0.1 x 7.4 x 09/29/11 10/27/11 Sensortechnics GmbH First Sensor AG 91.4 NA NA 09/15/11 12/06/11 Visonic Group Tyco International Ltd. 79.4 1.0 x 35.1 x 09/14/11 10/05/11 LitePoint Corporation Teradyne Inc. 580.0 6.7 x NA 09/14/11 09/14/11 elero Gmbh Nice SpA 44.2 0.6 x NA 09/11/11 Pending NetLogic Microsystems Inc. Broadcom Corp. 3,441.5 8.5 x 35.5 x 08/24/11 08/24/11 Confluence Solar, Inc. GT Advanced Technologies Inc. 80.0 NA NA 08/19/11 09/07/11 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. 385.9 4.9 x 9.3 x 08/15/11 10/03/11 OMEGA Engineering, Inc. Spectris plc 475.0 2.8 x NA 08/10/11 Pending Covalent Materials, Silicon Wafer Division Sino-American Silicon Products 431.4 0.8 x NA Median $ 105.6 2.6x 10.6x 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 130% 115%

120% 110%

110% 105%

100% 100%

90% 95%

80% 90%

70% 85%

11 11 12

11 11

- - -

- -

Jul

Jan

Jun

Oct

Feb Sep Feb

Apr

Dec

Aug

Mar

Nov

May

01/16/12 01/18/12 01/20/12 02/01/12 02/03/12 01/08/12 01/10/12 01/12/12 01/14/12 01/22/12 01/24/12 01/26/12 01/28/12 01/30/12 02/05/12 02/07/12

Nasdaq Telecom Nasdaq Telecom

Fiber Optics Finisar Corporation $ 2,037.3 $ 22.43 48.7% 6.3% (12.9%) 1.9x 1.9x 15.1x 12.9x CIENA Corporation 1,647.5 16.70 57.1% 18.5% 269.6% 1.4x 1.4x 48.2x 26.0x Infinera Corporation 862.2 8.06 72.3% (13.7%) NM 1.5x 1.5x NM NM Median $ 1,647.5 57.1% 6.3% 128.3% 1.5x 1.5x 31.7x 19.4x

Telecom/Networking Equipment Cisco Systems, Inc. $ 109,828.9 $ 20.43 91.5% 5.6% 3.8% 1.8x 1.8x 6.6x 6.0x QUALCOMM Incorporated 103,971.5 61.47 99.2% 40.5% 48.4% 5.1x 5.1x 12.4x 11.0x LM Ericsson Telephone Co. 30,261.3 9.43 64.9% 14.7% 11.6% 0.7x 0.6x 4.5x 4.2x Nokia Corporation 19,090.1 5.15 45.8% (7.8%) (46.6%) 0.3x 0.3x 4.4x 4.5x Juniper Networks, Inc. 12,145.5 23.09 51.3% 10.4% 1.4% 2.0x 2.0x 10.7x 8.1x Amphenol Corporation 9,059.3 54.66 92.5% 10.5% 8.7% 2.5x 2.5x 11.2x 11.2x Research In Motion Limited 8,478.7 16.44 23.7% 8.4% (6.4%) 0.4x 0.4x 1.6x 1.5x Trimble Navigation Limited 6,297.5 51.07 97.3% 26.3% 35.1% 4.1x 4.1x 25.0x 21.7x Harris Corporation 4,848.7 42.58 79.8% 7.4% (7.3%) 1.2x 1.1x 5.8x 5.8x Alcatel-Lucent, S.A. 4,493.8 1.98 33.5% 0.4% 39.8% 0.3x 0.3x 3.1x 3.4x Polycom, Inc. 3,755.3 21.20 61.8% 23.5% 38.3% 2.1x 2.1x 13.1x 11.3x JDS Uniphase Corporation 3,148.8 13.70 47.0% 9.3% 27.6% 1.5x 1.6x 13.0x 9.8x ADTRAN Inc. 2,377.6 37.35 78.3% 20.2% 24.9% 2.6x 2.6x 9.4x 9.3x Netgear Inc. 1,470.5 39.15 86.4% 32.0% 39.7% 0.9x 0.9x 7.9x 7.2x Tellabs Inc. 1,390.5 3.81 52.1% (22.1%) (92.8%) 0.3x 0.3x NM 18.4x Median $ 6,297.5 64.9% 10.4% 11.6% 1.5x 1.6x 8.7x 8.1x

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. $ 177,928.5 $ 30.02 94.0% 1.4% (2.7%) 1.9x 1.9x 7.7x 5.7x Verizon Communications Inc. 107,355.0 37.92 93.7% 4.9% 1.7% 1.8x 1.8x 6.6x 5.6x (continued) Comcast Corporation 74,251.9 27.25 99.9% 50.3% 24.9% 2.4x 2.1x 6.9x 6.6x DIRECTV, Inc. 31,694.7 44.92 84.1% 12.3% 8.7% 1.6x 1.6x 6.2x 6.2x Time Warner Cable Inc. 24,110.1 76.54 94.7% 4.4% 3.8% 2.3x 2.3x 6.2x 6.3x Dish Network Corporation 12,470.5 27.95 85.8% 11.1% 19.9% 1.1x 1.1x 4.2x 4.1x Sprint Nextel Corporation 7,219.9 2.41 37.4% 4.0% (12.1%) 0.6x 0.6x 3.9x 3.9x Level 3 Communications Inc. 4,425.0 21.31 53.2% 41.9% 33.6% 2.8x 2.3x 13.7x 10.7x Cablevision Systems Corporation 4,116.3 14.73 38.7% (6.7%) (12.7%) 1.9x 2.2x 5.7x 6.5x MetroPCS Communications, Inc. 3,474.1 9.59 51.0% 18.9% 10.5% 1.3x 1.3x 4.9x 4.8x Telephone & Data Systems Inc. 2,758.3 26.64 73.3% 3.0% 7.7% 0.7x 0.7x 3.4x 3.2x Clearwire Corporation 881.8 1.95 26.5% 117.8% NM 6.4x 5.6x NM NM EarthLink Inc. 842.8 7.90 85.6% 116.4% 55.7% 1.1x 0.9x 4.3x 3.7x Vonage Holdings Corporation 620.3 2.75 51.0% (1.5%) 7.2% 0.8x 0.8x 4.3x 4.1x Median $ 5,822.5 78.7% 8.0% 7.7% 1.7x 1.7x 5.7x 5.6x

Infrastructure Services American Tower Corporation $ 25,094.7 $ 63.85 100.0% 23.7% 18.0% 13.2x 12.6x 21.8x 19.5x Crown Castle International Corporation 13,839.7 49.26 99.4% 8.7% 12.0% 10.3x 10.3x 16.5x 16.1x SBA Communications Corporation 4,947.4 45.24 97.2% 12.2% 15.1% 11.9x 11.6x 19.6x 18.4x Median $ 13,839.7 99.4% 12.2% 15.1% 11.9x 11.6x 19.6x 18.4x

Managed Services Rackspace Hosting, Inc. $ 6,427.9 $ 49.04 98.2% 31.8% 30.5% 6.7x 6.3x 23.8x 19.1x Equinix, Inc. 6,160.4 129.94 100.0% 31.9% 34.7% 5.3x 5.1x 13.1x 11.1x Interxion Holding NV 955.7 14.52 91.4% 18.0% 22.0% 3.3x 3.2x 8.5x 8.3x Median $ 6,160.4 98.2% 31.8% 30.5% 5.3x 5.1x 13.1x 11.1x

Total Telecom Median $ 4,848.7 77.4% 12.1% 12.0% 1.9x 2.0x 10.0x 9.3x

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 02/05/12 Pending SureWest Communications Consolidated Communications Holdings Inc. $ 523.2 NA NA 02/02/12 Pending Orange Austria Telecommunication GmbH Hutchison 3G Austria GmbH 1,712.2 NA NA 01/31/12 Pending M5 Networks, Inc. ShoreTel, Inc. 159.7 NA NA 01/27/12 Pending RuggedCom Inc. Siemens Canada Limited 387.6 3.6 x 21.0 x 01/20/12 Pending 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 Pending 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 Pending 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 Pending Tekelec Private Equity Consortia 507.1 1.3 x 11.4 x 10/18/11 Pending TeleCable de Asturias, S.A.U. The Carlyle Group 547.5 3.3 x NA 10/12/11 Pending Unitech Wireless Limited Unitech Ltd. 81.7 NA NA 10/10/11 11/21/11 BigBand Networks, Inc. Arris Group Inc. 41.9 0.5 x NA 10/10/11 10/10/11 Qumu, Inc. Rimage Corp. 51.8 5.0 x NA 10/06/11 12/02/11 360networks (USA), Inc. Zayo Group Inc. 345.0 4.5 x 13.2 x 10/05/11 10/05/11 Digitronics Inventioneering Corporation Red Lion Controls, Inc. 72.0 NA NA 09/29/11 10/12/11 Santur Corporation NeoPhotonics Corporation 45.9 NA NA 09/29/11 Pending Telefonia Dialog S.A. Netia SA 275.0 NA NA 09/27/11 09/27/11 Barrow Offshore Wind, Transmission Assets TC Barrow OFTO Ltd. 53.3 NA NA 09/03/11 Pending 1,800 Communications Sites American Tower Corp. 500.0 NA NA 08/15/11 Pending Motorola Mobility Holdings, Inc. Google Inc. 9,007.2 0.7 x 29.6 x Median $ 224.0 1.5x 12.7x 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 3.6x 4.0x

3.5x LTM Multiple Revenue 150 3.0x 2.6x 2.1x 2.1x 2.1x 2.1x 2.5x 1.9x 2.0x 100 1.7x 2.0x 1.5x 1.4x 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

has received a strategic has acquired

investment from

has been acquired by has been recapitalized by

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

has been acquired by has been acquired by

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

has acquired has merged with has received a strategic investment from has been acquired by

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

has been acquired by has been acquired by has received a minority has been acquired by private placement from GFI Energy Group

a division of

28 TMT Group Overview and Disclosures

1001 Haxall Point Our Technology, Telecom & Digital Media (TMT) Group is dedicated to providing superior merger & acquisition 9th Floor and capital markets advisory services to market leading companies. Our extensive industry knowledge and Richmond, VA 23219 transaction leadership experience spans the software, digital media, IT services and communications sectors. Our USA Phone: +1 (804) 648-0072 professionals in Boston, London, and San Francisco have global relationships with leading technology companies Fax: +1 (804) 648-0073 and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations. Two International Place 24th Floor Jeff Bistrong Mike Wilkins Thierry Monjauze Boston, MA 02110 USA Managing Director Managing Director Managing Director th st Phone: +1 (617) 482-7501 Two International Place, 24 Floor 575 Market Street, 31 Floor 63 Brook Street Fax: +1 (617) 482-7503 Boston, MA 02110 San Francisco, CA 94105 London W1K 4HS USA USA United Kingdom Phone: +1 (617) 654-2102 Phone: +1 (415) 217-3411 Phone: +44 20 7518 8901 [email protected] [email protected] [email protected] 1900 East 9th Street 20th Floor Cleveland, OH 44114 Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a USA preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry Phone: +1 (216) 689-2400 Fax: +1 (216) 689-2401 knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, 63 Brook St and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority (FRN #540892). Harris London, W1K 4HS Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. United Kingdom and Europe, respectively. Phone: +44 20 7518 8900 Fax: +44 20 7526 2187 THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN 222 South Ninth Street ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS Suite 3350 DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY Minneapolis, MN 55402 USA STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR Phone: +1 (612) 359-2700 OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE Fax: +1 (612) 359-2701 INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a 1600 Market Street research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is 21st Floor not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in Philadelphia, PA 19103 USA any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Phone: +1 (267) 675-5900 Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates Fax: +1 (267) 675-5901 may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. 575 Market Street 31st Floor Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. San Francisco, CA 94105 The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own USA investment decisions using their own independent advisors as they believe necessary and based upon their specific financial Phone: +1 (415) 288-4260 situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material Fax: +1 (415) 288-4269 may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.