U.S. Technology, Media & Telecom Industry Update

Technology, Telecom & Digital Media Industry Update May 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

The (Cloud) Tipping Point Wall Street and Tech 5/05/2011 Financial services firms have been slower on the adoption of cloud-based services than other industries, largely due to strict compliance requirements. Financial services firms have been turning to existing technology vendors and partners in the financial services end-market, including Thomson Reuters and NYSE Euronext. Much of the transition to hosted solutions is driven by mounting compliance costs and the promise of lower total cost of ownership (TCO), quicker deployments, and ease of management. Read the full article here.

Dollars Flow Back Into Tech Wall Street Journal 4/20/2011 International Business Machines, Inc. (IBM) and Intel Corporation (Intel), largely seen as bellwethers for the technology sector overall, posted outsized quarterly revenue growth and earnings increases. Despite worries that the iPad’s runaway success would erode traditional laptops, Intel saw an increase of 17% in chips for personal computers. IBM continues to focus on four key macro-driven growth initiatives: (i) cloud computing, (ii) business analytics and optimization, (iii) emerging markets, and (iv) infrastructure upgrades. Read the full article here.

Tech Stocks Become Wall Street Darlings Again The Street 5/12/2011 Tech stocks are garnering significant interest due to a confluence of factors, including: (i) strong revenue and earnings growth among bellwether tech stocks, (ii) increasing capital markets activity as evidenced by the 19 tech IPOs this year, and (iii) significant levels of merger & acquisition activity (at highest YTD levels since 2000). Wall Street analysts are at their most bullish on Google (35 buy ratings out of 42 total), Apple (48 buy ratings of 53 total), Qualcomm (35 buy ratings out of 42 total), Oracle (35 buy ratings out of 44 total), and Intel (35 buy ratings out of 53 total). Read the full article here.

Big Data M&A Heats Up Seeking Alpha 5/05/2011 As the amount of data continues to grow exponentially, and the rise of the hosted solutions becomes the norm, there is an ever-increasing focus on capturing, owning, analyzing, and ultimately monetizing data and meta-data. Business analytics and optimization provide a deeper understanding into supplier, customer, and internal operations. Large technology vendors have been very active as they continue to expand their data capabilities. Representative recent transactions include EMC acquiring Greenplum, IBM acquiring Netezza, Hewlett-Packard acquiring Vertica Systems, and Teradata acquiring Aster Data. Read the full article here.

For Microsoft, Skype Opens Vast New Market in Telecom NY Times 5/10/2011 On May 10, Microsoft announced its intention to acquire Skype, the pioneer of P2P internet phone calls, for $8.5 billion, or approximately 9.9x LTM revenue. Founded in 2003, Skype was acquired by eBay in 2005, then later sold to Silver Lake Partners, Andreessen Horowitz, and other investors for $2.9 billion in 2009. Microsoft is hoping to integrate Skype offerings into: (i) Windows Phone technology, (ii) Xbox Kinect, and (iii) Office productivity programs. Read the full article here.

1 Public Market Trading Statistics Bellwethers

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

130% 105% 120%

110% 100%

100% 95% 90%

80% 90%

10 11

10 10

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

03/30/11 04/01/11 04/03/11 04/19/11 04/21/11 04/23/11 04/25/11 04/05/11 04/07/11 04/09/11 04/11/11 04/13/11 04/15/11 04/17/11 04/27/11 04/29/11 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. $ 323,784.5 $ 350.13 96.0% 46.0% 66.0% 3.0x 2.4x 9.7x 7.2x Microsoft Corporation 218,577.3 25.92 83.4% 9.0% 5.4% 2.5x 2.4x 5.7x 5.7x International Business Machines Corporation 206,606.5 170.58 98.6% 6.7% 9.5% 2.1x 2.1x 8.7x 8.4x Oracle Corporation 181,976.2 35.96 99.8% 16.0% 27.3% 5.0x 4.7x 12.7x 9.7x Google Inc. 175,270.1 544.10 84.6% 26.6% 17.7% 4.6x 3.9x 11.8x 9.3x Intel Corporation 124,666.4 23.15 98.8% 22.0% 12.3% 2.4x 2.1x 5.3x 5.0x Samsung Electronics Co. Ltd. 108,516.4 835.75 88.1% 6.9% 2.2% 0.7x 0.8x 3.7x 4.1x Cisco Systems, Inc. 96,850.5 17.52 63.3% 9.1% (0.3%) 1.7x 1.5x 6.4x 5.3x QUALCOMM Inc. 95,313.6 57.09 95.4% 30.1% 34.3% 5.8x 5.0x 14.1x 10.9x Amazon.com Inc. 88,514.5 195.81 99.0% 37.8% 11.5% 2.2x 1.7x 45.6x 29.3x Hewlett-Packard Company 87,357.9 40.37 76.2% 3.2% 10.5% 0.8x 0.7x 5.3x 4.9x SAP AG 76,686.0 64.52 94.3% 14.1% 20.3% 4.1x 3.8x 11.8x 10.9x EMC Corporation 58,311.5 28.34 98.6% 16.9% 11.9% 3.0x 2.7x 13.8x 10.0x eBay Inc. 44,634.7 34.39 97.3% 18.1% 15.5% 3.9x 3.4x 12.7x 9.7x Median $102,683.5 95.7% 16.4% 12.1% 2.7x 2.4x 10.7x 8.9x

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 4.4% 16.0% 19.8% 30.6% 2.7 x 2.4 x 2.1 x 10.7 x 8.9 x 7.8 x Summary Application Software 4.8% 30.7% 16.4% 19.9% 4.1 x 3.7 x 3.5 x 17.7 x 12.5 x 11.2 x Enterprise Resource Planning 5.7% 26.5% 10.0% 25.7% 2.5 x 2.4 x 2.3 x 12.2 x 9.8 x 9.2 x Supply/Demand Chain Management 9.2% 56.8% 23.4% 15.9% 2.3 x 2.1 x 1.9 x 14.3 x 9.9 x 8.1 x Product Lifecycle Management/Technical Design 4.5% 32.7% 13.4% 16.7% 2.6 x 2.4 x 2.2 x 16.6 x 10.6 x 8.2 x CRM/Call Center Management 6.2% 28.0% 18.4% 16.0% 2.7 x 2.5 x 3.3 x 22.2 x 12.3 x 10.8 x Human Capital Management (1.2%) 43.6% 21.1% 11.4% 7.2 x 6.3 x 5.2 x 53.5 x 29.6 x 20.3 x Content Management 1.5% 7.7% 22.2% 32.9% 3.8 x 3.5 x 3.2 x 11.5 x 9.8 x 8.9 x Business Intelligence/Analytics 10.1% 63.9% 18.6% 23.7% 5.6 x 5.2 x 4.7 x 22.5 x 17.0 x 15.0 x Vertical Focused - Education/Government/Non-Profit 14.3% 23.9% 12.2% 18.9% 3.2 x 2.9 x 2.7 x 18.4 x 14.0 x 11.8 x Vertically Focused - Energy and Industrial 1.6% 32.8% (3.1%) 41.2% 7.2 x 6.4 x 5.0 x 17.6 x 13.3 x 13.0 x Vertically Focused - Financial Technology (0.7%) 21.2% 12.4% 29.9% 4.7 x 4.2 x 3.9 x 15.9 x 12.5 x 11.1 x Vertical Focused - Healthcare IT 2.5% 15.7% 23.0% 24.4% 4.6 x 4.0 x 3.5 x 22.0 x 14.8 x 12.4 x Digital Media and Informatics 4.1% 28.4% 12.1% 24.0% 2.9 x 2.7 x 2.6 x 14.1 x 9.7 x 8.6 x Informatics and Data Services 3.0% 20.6% 7.4% 23.6% 2.9 x 2.6 x 2.5 x 10.7 x 9.1 x 8.4 x e-Commerce 10.8% 54.2% 24.6% 17.0% 3.9 x 3.3 x 2.6 x 33.0 x 21.2 x 16.7 x Internet Software and Services (3.1%) 16.2% 12.1% 28.2% 2.5 x 2.3 x 2.1 x 20.5 x 10.6 x 8.1 x Online Content and Search 5.8% 28.6% 24.2% 25.4% 3.4 x 3.7 x 3.3 x 11.4 x 9.3 x 7.7 x Infrastructure Software 5.8% 39.4% 13.7% 21.7% 3.2 x 2.9 x 2.7 x 14.3 x 10.8 x 10.5 x Enterprise IT Management 5.9% 36.9% 13.6% 22.1% 3.3 x 2.9 x 2.6 x 12.7 x 9.8 x 8.1 x Security 7.3% 39.9% 13.6% 28.0% 4.5 x 3.9 x 3.2 x 14.5 x 11.8 x 10.5 x Enterprise Storage 3.8% 43.6% 15.7% 20.3% 3.1 x 2.8 x 2.6 x 15.5 x 11.6 x 10.6 x IT and Tech-Enabled Services 3.8% 13.6% 8.7% 18.1% 1.6 x 1.6 x 1.6 x 9.7 x 8.6 x 7.7 x Data & Transaction Processing 3.9% 15.9% 7.4% 24.9% 2.1 x 2.0 x 1.9 x 9.7 x 8.3 x 7.7 x IT Services 3.3% 5.4% (2.8%) 10.5% 0.7 x 0.6 x 0.6 x 8.0 x 6.1 x 5.5 x Government IT Services 3.8% 13.2% 8.2% 9.5% 0.8 x 0.8 x 0.6 x 8.4 x 8.0 x 6.4 x Onshore BPOs 4.5% 14.0% 5.8% 19.8% 1.6 x 1.6 x 1.6 x 8.7 x 7.8 x 7.2 x Offshore BPOs 3.5% 17.2% 24.5% 20.3% 2.9 x 2.6 x 2.3 x 15.4 x 12.4 x 10.6 x SaaS 6.3% 49.5% 23.3% 14.9% 5.7 x 5.0 x 4.2 x 53.5 x 26.9 x 20.2 x Technology Hardware 1.5% 7.9% 24.3% 18.9% 1.4 x 1.3 x 1.2 x 6.9 x 6.3 x 5.8 x Semiconductor Devices 7.2% 15.5% 28.6% 25.3% 2.4 x 2.2 x 2.0 x 9.4 x 7.6 x 6.8 x Semiconductor Equipment (5.0%) 10.9% 68.0% 25.8% 1.5 x 1.5 x 1.5 x 5.6 x 5.4 x 5.0 x Electronic Manufacturing 1.1% 4.6% 19.0% 5.5% 0.3 x 0.4 x 0.3 x 5.8 x 4.9 x 4.4 x PCs, Servers, and Computing Components (0.7%) 3.5% 12.5% 13.8% 0.7 x 0.8 x 0.7 x 7.6 x 6.7 x 5.8 x Storage and Networking Components 1.5% (11.8%) 12.0% 22.7% 1.6 x 1.4 x 1.2 x 6.6 x 5.9 x 5.5 x Telecommunications 7.2% 38.7% 17.5% 23.1% 2.5 x 2.3 x 2.2 x 10.9 x 9.6 x 8.2 x Network Optimization 0.2% 61.4% 42.6% 18.4% 4.1 x 3.7 x 3.2 x 20.6 x 13.1 x 10.7 x Fiber Optics 13.8% 37.8% 64.0% 15.5% 2.3 x 1.9 x 1.6 x 16.1 x 15.1 x 13.8 x Telecom/Networking Equipment 6.3% 24.1% 19.5% 16.4% 1.7 x 1.5 x 1.4 x 11.1 x 10.5 x 7.9 x Carriers and Content Providers 9.7% 36.5% 2.0% 27.1% 1.9 x 1.8 x 1.7 x 6.6 x 6.3 x 5.6 x Infrastructure Services 3.4% 14.4% 13.7% 60.8% 11.4 x 10.5 x 9.6 x 19.1 x 16.7 x 14.8 x Managed Services 14.7% 87.8% 24.1% 27.9% 4.8 x 4.1 x 3.6 x 12.8 x 10.1 x 8.8 x

NASDAQ 4.2% 13.6%

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

Valuation Current Valuation Versus Historical Five-Year Average Summary 130%

120%

110% Five-Year Average 100%

90%

80%

70%

60% 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 05/10/11 Pending Skype Technologies S.A. Microsoft Corporation $ 8,500.0 9.9 x NA 05/03/11 Pending Varian Semiconductor Equipment Associates Inc. Applied Materials Inc. 4,466.0 4.1 x 14.3 x 05/02/11 Pending Continuous Computing Corporation RadiSys Corporation 119.9 2.1 x NA 04/28/11 Pending SunPower Corporation Total Gas & Power USA S.A.S 2,495.8 1.1 x 8.5 x 04/27/11 Pending LoopNet, Inc. CoStar Group Inc. 654.4 8.2 x 30.3 x 04/27/11 Pending Vital Images Inc. Toshiba Medical Systems Corporation 151.3 2.5 x 94.0 x 04/27/11 Pending Apptis Holdings, Inc. URS Corporation 260.0 0.9 x NA 04/26/11 Pending SAVVIS, Inc. CenturyLink, Inc. 2,962.7 3.0 x 12.9 x 04/26/11 Pending SMART Modular Technologies (WWH) Inc. Silver Lake Partners 571.2 0.7 x 5.9 x 04/23/11 Pending Explore Information Services, L.L.C. Audatex North America, Inc. 520.0 6.8 x 15.3 x 04/20/11 Pending Brooks Auto., Semiconductor Equipment Celestica Inc. 82.0 0.6 x NA 04/06/11 Pending MKS Inc. Parametric Technology Corporation 280.8 4.1 x 21.0 x 04/05/11 05/03/11 Headstrong, Inc. Genpact Ltd. 550.0 2.5 x NA 04/04/11 Pending National Semiconductor Corporation Texas Instruments Inc. 7,026.5 4.5 x 11.9 x 04/01/11 04/04/11 Encore Discovery Solutions, Inc. EPIQ Systems, Inc. 100.0 2.5 x NA 04/04/11 Pending Epicor Software Corporation Apax Partners LLP 951.5 2.1 x 17.5 x 04/01/11 Pending SRA International Inc. Providence Equity Partners LLC 1,795.3 1.1 x 11.9 x 04/01/11 Pending Hypercom, U.S. Payment Systems Business Ingenico SA 54.0 0.9 x NA 03/31/11 03/31/11 JKA Tech. The KEYW Holding Corporation 12.4 1.0 x NA 03/28/11 Pending Spectrum Control Inc. API Technologies Corp. 270.2 1.6 x 9.3 x 03/27/11 Pending GSI Commerce Inc. eBay Inc. 2,139.3 1.6 x 20.5 x 03/24/11 04/12/11 Mortgagebot LLC Davis + Henderson Corporation 231.8 6.1 x 11.5 x 03/20/11 Pending T-Mobile USA Inc. AT&T, Inc. 38,891.0 1.8 x 7.1 x 03/17/11 Pending eLoyalty, Integrated Contact Solutions Unit TeleTech Holdings Inc. 40.9 0.7 x NA 03/11/11 Pending Lawson Software, Inc. Golden Gate Capital; Infor Global Solutions, Inc. 1,779.4 2.4 x 13.2 x 03/11/11 03/11/11 The Richardson Trident Company Inc. Metals USA Inc. 92.6 0.6 x NA 03/09/11 05/09/11 LSI, Engenio External Storage Systems Unit NetApp, Inc. 480.0 0.7 x NA 03/04/11 Pending iWeb Group Inc. Undisclosed Private Equity Fund 63.7 2.1 x 10.5 x 03/03/11 03/03/11 Amcom Software, Inc. USA Mobility, Inc. 163.4 3.2 x 13.6 x 02/28/11 Pending Pulse Electronics Corporation Bel Fuse Inc. 307.2 0.7 x 8.9 x 02/21/11 Pending Tollgrade Communications Inc. Golden Gate Capital 64.7 1.4 x 6.7 x 02/20/11 Pending Zoran Corporation CSR plc 384.1 1.1 x NA 02/13/11 Pending Hughes Communications, Inc. EchoStar Satellite Services, L.L.C. 1,941.5 1.9 x 9.3 x 02/08/11 Pending XETA Technologies Inc. Quagga Corporation 63.9 0.7 x 15.4 x 02/01/11 04/21/11 NaviSite Inc. Time Warner Cable Inc. 327.8 2.5 x 12.3 x 01/27/11 04/11/11 Terremark Worldwide, Inc. Verizon Communications Inc. 1,841.8 5.4 x 22.4 x 01/18/11 04/19/11 Conexant Systems Inc. Golden Gate Private Equity, Inc 291.2 1.3 x 7.8 x 01/18/11 Pending RAE Systems Inc. Vector Capital 98.8 1.1 x 9.3 x 01/14/11 03/03/11 Vocollect, Inc. Intermec, Inc. 197.0 1.7 x 25.3 x 01/05/11 Pending Atheros Communications, Inc. QUALCOMM Incorporated 3,065.6 3.3 x 20.8 x 01/03/11 01/03/11 VIOX Corporation Ceradyne Inc. 49.0 2.2 x NA Median $ 307.2 1.9x 12.6x

Note: Includes domestic transactions over the last four months where implied enterprise value is more than $40 million and revenue multiples are publicly available.

Summary Transaction Volume and Revenue Multiples Transaction Volume by Segment Statistics 140 4.0 x

3.5 x 3.5 x Application 120 Software Telecom 3.0 x

100 2.5 x LTM Multiple Revenue

2.3 x 2.3 x 2.5 x 80 Digital Media and 2.0 x Informatics 60 1.4 x 1.4 x 1.3 x 1.5 x Transaction Volume Transaction Infrastructure 40 Software 1.0 x

20 Technology IT and Tech- 0.5 x Hardware Enabled Services 0 0.0 x SaaS Application Digital Media and Infrastructure IT and Tech-Enabled SaaS Technology Telecom Software Informatics Software Services Hardware

M&A Transaction Volume Median LTM Revenue Multiple

Note: Includes transactions over the last twelve months where implied enterprise value is 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 Statistics Date Company Amount Secondary Perf. Revenue Margin Growth Revenue EBITDA 05/11/11 Jiayuan.com International Ltd. $ 78.1 5.6% (2.8%) $ 25.4 16.6% 171.6% 12.9x 77.5x 05/04/11 Renren Inc. 743.4 19.2% (10.0%) 76.5 19.2% 63.9% 69.8x 363.7x 05/04/11 NetQin Mobile Inc. 89.1 0.0% (39.2%) 22.9 NM 334.7% 12.8x NM 05/03/11 Boingo Wireless, Inc. 77.9 33.3% (13.5%) 80.4 21.6% 22.4% 5.8x 27.0x 05/01/11 SMTP, Inc. 0.1 0.0% 704.0% 2.7 27.2% 76.6% 10.0x 36.5x 04/21/11 21 Vianet Group, Inc. 195.0 0.0% (3.1%) 79.7 NM 73.4% 12.0x NM 04/20/11 Responsys, Inc. 79.4 16.9% 26.5% 94.1 19.9% 41.2% 7.5x 37.8x 04/14/11 Sequans Communications S.A. 77.0 13.4% (2.9%) 83.8 9.8% 328.3% 4.0x 40.8x 04/14/11 Ellie Mae, Inc. 45.0 33.3% 15.8% 43.2 6.6% 18.5% 2.9x 43.6x 03/29/11 Qihoo 360 Technology Co. Ltd 175.6 0.0% 82.9% 57.7 18.0% 78.5% 53.2x 296.3x 03/16/11 Cornerstone OnDemand, Inc. 136.5 28.6% 64.2% 43.7 NM 49.1% 24.7x NM 03/10/11 MagnaChip Semiconductor Corporation 133.0 90.0% 5.2% 770.4 19.8% 37.6% 0.9x 4.3x 02/02/11 Trunkbow International Holdings, Ltd. 20.0 0.0% (23.0%) 24.4 56.8% 81.6% 5.4x 9.5x 02/01/11 NeoPhotonics Corporation 82.5 0.0% (15.6%) 184.1 9.9% 18.8% 2.3x 23.5x 01/28/11 BCD Semiconductor Manufacturing Limited 63.0 27.8% (10.9%) 132.8 18.9% 31.7% 1.8x 9.5x 01/27/11 Interxion Holding NV 264.9 20.2% 15.6% 279.4 37.8% 13.6% 3.8x 10.0x 01/25/11 Demand Media, Inc. 151.3 49.4% (10.9%) 252.9 20.1% 27.5% 6.9x 34.1x 12/14/10 FleetCor Technologies, Inc. 291.5 96.6% 46.1% 424.6 50.0% 24.5% 5.2x 10.3x 12/13/10 Isoftstone Holdings Limited 140.8 32.4% 53.1% 179.6 7.4% 117.7% 3.7x 50.5x 12/09/10 Sky-mobi Limited 58.0 15.5% 51.0% 95.7 12.4% 215.7% 2.3x 18.8x 12/08/10 SemiLEDs Corporation 89.3 0.0% (34.2%) 42.1 48.6% 264.2% 10.5x 21.6x 12/08/10 Youku.com Inc 202.9 0.0% 261.8% 43.1 NM 790.5% 33.7x NM 11/18/2010 Aeroflex Holding Corp. 232.9 0.0% 41.3% 680.9 23.9% 15.7% 1.7x 7.0x 11/16/2010 Bitauto Holdings Limited 127.2 15.1% (23.8%) 59.3 14.9% 69.3% 11.4x 76.3x 11/16/2010 Booz Allen Hamilton Inc. 238.0 0.0% 15.8% 5,323.1 6.3% 22.3% 0.6x 9.6x 11/11/2010 Inphi Corporation 81.6 0.0% 73.3% 79.2 17.8% 84.4% 3.3x 18.7x Median $ 108.2 14.3% 10.4% $ 80.0 19.0% 66.6% 5.6x 25.2x Note: Includes major U.S. exchanges and transactions over the last six months.

Number of Transactions by Tier Percentage of Transactions by Tier

80 100% 90% 70 80% 60 70%

50 60%

40 50% 40% 30 30% 20 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 +

5 Public Market Trading Statistics Application Software

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

140%

130% 105%

120%

110% 100%

100%

90% 95%

80%

70% 90%

10 11

10 10

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

04/01/11 04/03/11 04/09/11 04/11/11 04/17/11 04/19/11 04/25/11 04/27/11 03/30/11 04/05/11 04/07/11 04/13/11 04/15/11 04/21/11 04/23/11 04/29/11 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 $ 4,038.8 $ - $ 0.9 $ 0.1 $ 0.2 $ 2.5 $ 2.4 $ 12.2 $ 9.8 Summary Oracle Corporation $ 181,976.2 $ 35.96 99.8% 16.0% 27.3% 5.0x 4.7x 12.7x 9.7x SAP AG 76,686.0 64.52 94.3% 14.1% 20.3% 4.1x 3.8x 11.8x 10.9x Sage Group plc 6,260.0 4.76 93.4% 3.6% 6.5% 2.7x 2.6x 9.9x 9.7x Lawson Software, Inc. 1,817.6 11.06 84.7% 7.4% 21.0% 2.3x 2.2x 13.0x 9.9x Epicor Software Corporation 741.4 12.50 98.3% 7.7% 23.3% 2.0x 1.9x 16.3x 10.9x Exact Holding NV 739.9 32.43 93.7% 0.3% 6.2% 2.2x 2.0x 9.1x 8.6x Median $ 4,038.8 94.0% 7.6% 20.6% 2.5x 2.4x 12.2x 9.8x

Supply/Demand Chain Management $ 1,385.4 $ - $ 1.0 $ 0.1 $ 0.2 $ 2.3 $ 2.1 $ 14.3 $ 9.9 Ariba Inc. $ 3,121.4 $ 34.77 98.9% 27.2% 28.1% 7.1x 6.3x 105.0x 28.1x JDA Software Group Inc. 1,385.4 32.77 95.1% 10.7% 12.0% 2.2x 2.1x 8.8x 8.0x Manhattan Associates, Inc. 785.8 36.15 97.1% 8.7% 23.2% 2.3x 2.1x 14.3x 9.9x Median $ 1,385.4 97.1% 10.7% 23.2% 2.3x 2.1x 14.3x 9.9x

Product Lifecycle Management/Technical Design Autodesk, Inc. $ 10,336.5 $ 44.98 98.6% 11.6% 16.8% 4.5x 4.1x 22.9x 15.7x Dassault Systemes SA 9,898.3 81.47 93.1% 11.8% 14.5% 3.7x 3.5x 12.3x 11.4x Synopsys Inc. 4,134.2 27.39 93.3% 9.1% 15.0% 2.3x 2.1x 11.7x 7.4x Parametric Technology Corporation 2,861.8 24.27 95.9% 14.1% 27.1% 2.5x 2.2x 18.3x 10.7x Cadence Design Systems Inc. 2,791.6 10.38 99.0% 19.3% 68.3% 2.8x 2.5x 24.4x 10.6x Mentor Graphics Corporation 1,656.4 14.75 89.1% 11.5% 31.4% 1.9x 1.7x 14.9x 8.8x Median $ 3,498.0 94.6% 11.7% 21.9% 2.6x 2.4x 16.6x 10.6x

CRM/Call Center Management Salesforce.com $ 18,556.0 $ 138.60 91.6% 27.0% 22.2% 10.6x 8.4x 109.9x 47.1x Nuance Communications, Inc. 6,221.9 20.70 98.7% 12.3% 1.6% 5.6x 4.7x 27.2x 12.7x Amdocs Ltd. 5,843.8 30.75 95.5% 5.9% 1.3% 1.5x 1.5x 7.9x 6.9x NICE Systems Ltd. 2,410.3 37.87 97.2% 14.5% 27.4% 2.5x 2.2x 15.3x 9.2x Comverse Technology Inc. 1,557.1 7.62 83.0% 27.0% NM 1.0x 0.8x NM 12.3x Verint Systems Inc. 1,271.4 34.23 89.8% 7.6% (12.6%) 2.7x 2.5x 17.1x 11.0x Rightnow Technologies Inc. 1,195.6 36.18 98.6% 22.1% 32.6% 5.7x 5.0x 53.7x 33.8x Median $ 2,410.3 95.5% 14.5% 11.9% 2.7x 2.5x 22.2x 12.3x

6 Public Market Trading Statistics Application Software

Content Management Adobe Systems Inc. $ 16,924.6 $ 33.55 93.6% 8.8% 18.2% 4.0x 3.8x 11.1x 9.3x Open Text Corporation 3,502.9 61.20 91.2% 19.9% 20.5% 3.6x 3.2x 12.0x 10.2x Median $ 10,213.8 92.4% 14.4% 19.3% 3.8x 3.5x 11.5x 9.8x

Business Intelligence/Analytics Teradata Corporation $ 9,439.3 $ 55.92 99.7% 14.8% 16.6% 4.5x 4.1x 19.1x 16.1x Autonomy Corporation plc 6,514.1 26.86 80.0% 12.9% 16.3% 6.8x 6.3x 15.2x 12.4x Informatica Corporation 5,924.6 56.01 99.4% 20.7% 30.0% 7.9x 7.0x 32.5x 25.8x MicroStrategy Inc. 1,513.1 141.30 100.0% 17.3% 27.7% 2.7x 2.6x 25.8x 17.9x Median $ 6,219.3 99.5% 16.0% 22.2% 5.6x 5.2x 22.5x 17.0x

Vertical Focused - Education/Government/Non-Profit Blackboard Inc. $ 1,677.0 $ 48.11 95.7% 19.8% 8.3% 4.0x 3.3x 18.3x 15.1x K12, Inc. 1,242.8 39.37 99.1% 27.8% 36.3% 2.8x 2.3x 24.8x 14.3x Blackbaud Inc. 1,198.3 27.66 96.3% 11.7% 11.2% 3.6x 3.2x 18.5x 13.3x Tyler Technologies, Inc. 794.3 24.79 99.3% 5.6% 6.4% 2.8x 2.6x 15.1x 13.8x Median $ 1,220.5 97.7% 15.8% 9.8% 3.2x 2.9x 18.4x 14.0x

Vertically Focused - Energy and Industrial Ansys, Inc. $ 5,076.0 $ 55.29 97.2% 13.7% 30.5% 7.8x 7.2x 16.0x 11.3x Aveva Group plc 1,815.6 26.71 91.8% 11.8% 16.0% 6.5x 5.4x 19.2x 15.3x Aspen Technology Inc. 1,410.8 14.99 92.9% 20.7% NA 7.2x 6.4x NM NM Median $ 1,815.6 92.9% 13.7% 23.2% 7.2x 6.4x 17.6x 13.3x

Vertically Focused - Financial Technology Intuit Inc. $ 16,811.4 $ 55.56 98.5% 12.0% 22.6% 4.7x 4.2x 15.9x 11.3x MSCI Inc. 4,261.3 35.47 87.0% 38.0% 39.3% 7.9x 5.7x 17.7x 12.6x DST Systems Inc. 2,291.1 49.31 89.1% 14.9% (6.1%) 1.3x 1.6x 6.4x 7.1x SS&C Technologies Holdings, Inc. 1,572.6 20.40 92.9% 10.9% 12.2% 5.4x 4.9x 14.8x 12.5x Advent Software, Inc. 1,426.0 27.23 86.1% 11.3% 10.3% 4.4x 4.1x 22.7x 16.7x Median $ 2,291.1 89.1% 12.0% 12.2% 4.7x 4.2x 15.9x 12.5x

Vertical Focused - Healthcare IT Cerner Corporation $ 10,107.9 $ 120.18 96.3% 13.2% 20.8% 4.8x 4.4x 18.4x 13.8x Allscripts Healthcare Solutions, Inc. 4,096.2 21.54 93.1% 14.3% 22.6% 4.1x 3.0x 28.3x 12.7x Quality Systems Inc. 2,599.8 89.72 99.6% 20.8% 32.5% 7.4x 6.2x 27.0x 18.9x HMS Holdings Corporation 2,347.1 78.71 92.8% 24.2% 26.0% 7.0x 6.0x 25.6x 20.2x athenahealth, Inc. 1,611.4 46.21 91.4% 27.6% 50.2% 5.7x 4.8x 38.5x 23.2x Emdeon Inc. 1,427.1 15.66 93.0% 12.7% 14.1% 2.4x 2.2x 10.2x 8.2x MedAssets, Inc. 938.9 16.02 63.9% 46.6% 47.2% 4.3x 3.1x 17.3x 9.9x Computer Programs & Systems Inc. 650.0 58.75 89.0% 17.8% 37.0% 3.8x 3.5x 17.8x 15.8x Median $ 1,979.3 92.9% 19.3% 29.2% 4.6x 4.0x 22.0x 14.8x

Total Application Software Median $ 2,378.7 94.0% 14.2% 20.9% 4.1x 3.7x 17.7x 12.5x

7 Comparable Transactions Application Software

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 05/08/11 05/08/11 Tekla Oyj Trimble Finland Oy $ 439.6 5.3 x 26.2 x 05/04/11 05/04/11 Entraction Holding AB International Game Technology 88.7 1.7x 17.3x 04/27/11 04/27/11 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 04/26/11 SchoolNet, Inc. Pearson plc 230.0 NA NA 04/23/11 04/23/11 Explore Information Services, L.L.C. Audatex North America, Inc. 520.0 6.8x 15.3x 04/19/11 04/19/11 DadaNet S.p.A. Buongiorno SpA 44.4 0.4x 3.1x 04/12/11 04/12/11 ARGUS Software, Inc. Altus Group Limited 130.0 NA NA 04/06/11 04/06/11 MKS Inc. Parametric Technology Corporation 280.8 4.1x 21.0x 04/04/11 04/04/11 Epicor Software Corporation Apax Partners LLP 951.5 2.1x 17.5x 03/31/11 03/31/11 JKA Tech. The KEYW Holding Corporation 12.4 1.0x NA 03/29/11 04/01/11 Allegient Systems, Inc. Bottomline Technologies Inc. 51.0 NA NA 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 03/11/11 Lawson Software, Inc. Golden Gate Capital; Infor Global Solutions, Inc. 1,779.4 2.4x 13.2x 03/07/11 04/14/11 CaridianBCT, Inc. Terumo Corporation 2,625.0 5.0x 14.4x 03/03/11 03/03/11 Amcom Software, Inc. USA Mobility, Inc. 163.4 3.2x 14.6x 03/03/11 05/09/11 System C Healthcare plc McKesson Corporation 104.9 1.9x 15.7x 03/02/11 04/06/11 Aster Data Systems, Inc. Teradata Corporation 293.5 NA NA 02/22/11 02/22/11 Mentor Graphics Corp. Carl Icahn 1,956.2 2.1x 16.5x 02/22/11 04/04/11 Carefx Corporation Harris Corp. 155.0 NA NA 02/04/11 03/14/11 Inlet Technologies, Inc. Cisco Systems, Inc. 95.0 NA NA 01/28/11 03/21/11 Zebra Enterprise and WhereNet Marine Cargotec Corporation 191.6 NA NA 01/20/11 01/20/11 Dispensing Solutions, Inc. PSS World Medical Inc. 42.0 NA NA 01/18/11 01/18/11 Peresys (Pty) Ltd. IRESS Market Technology Limited 54.2 3.7x 9.5x 01/14/11 03/03/11 Vocollect, Inc. Intermec, Inc. 197.0 1.7x 25.3x 01/13/11 01/31/11 OpenBet Technologies Ltd. Vitruvian Partners LLP 330.0 NA NA 01/11/11 05/13/11 RP Data Ltd. CoreLogic, Inc. 293.6 4.7x 11.8x 12/31/10 01/05/11 InterSwitch Limited Helios Investment Partners; Adlevo Capital 165.0 NA NA 12/23/10 12/30/10 First Advantage, Employer Serv. and Litigation Symphony Technology Group 265.0 NA NA 12/23/10 12/23/10 Capita Secure Information Systems Capita PLC 132.6 0.8x NA 12/23/10 12/29/10 Hyundai Information Technology Co., Ltd. Lotte Data Communication Company 111.7 0.6x 9.3x 12/21/10 01/21/11 Aprimo, Incorporated Teradata Corporation 500.0 NA NA 12/21/10 02/11/11 BI Incorporated GEO Care, Inc. 415.0 NA NA 12/17/10 12/31/10 Enwisen, Inc. Lawson Software Americas, Inc. 75.0 NA NA 12/16/10 12/16/10 GTI Diagnostics, Inc. Gen-Probe Inc. 53.0 NA NA 12/15/10 01/18/11 InfoLogix, Inc. Stanley Black & Decker, Inc. 52.4 0.8x NA 12/14/10 12/14/10 Siemens IT Solutions and Services GmbH Atos Origin SA 1,149.2 NA NA 12/07/10 12/07/10 Focus Solutions Group plc Standard Life plc 64.8 3.7x 12.4x 12/07/10 01/03/11 Medicity Inc. Aetna Inc. 500.0 NA NA 12/04/10 12/16/10 SPADAC Inc. GeoEye, Inc. 46.0 NA NA 11/22/10 11/22/10 Wireless Generation, Inc. News Corp. 430.0 NA NA 11/12/10 03/01/11 Sophis Misys plc 603.9 5.9x NA 11/05/10 01/04/11 MDA MindBox And Marshall & Swift TPG Capital 850.0 NA NA 11/04/10 11/04/10 Latens Systems Limited Pace plc 46.7 NA NA Median $ 164.2 2.2x 14.5x Note: Includes transactions over the last six months where implied enterprise value is more than $40 million. Median statistics include transactions not being displayed. Summary M&A Transaction Volume and Revenue Multiples

Statistics 175 3.5x

150 2.8x 2.8x 3.0x 2.6x

2.5x LTM Multiple Revenue 2.4x 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 8 Note: Includes transactions where implied enterprise value is more than $40 million. Public Market Trading Statistics Digital Media and Informatics

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

140%

130% 105%

120%

110% 100%

100%

90% 95%

80%

70% 90%

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03/30/11 04/01/11 04/03/11 04/05/11 04/21/11 04/23/11 04/25/11 04/27/11 04/07/11 04/09/11 04/11/11 04/13/11 04/15/11 04/17/11 04/19/11 04/29/11 Nasdaq Digital Media and Informatics Nasdaq Digital Media and Informatics

Comparable ($ in millions) Stock Price CY 2011P Multiples Summary LTM 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 Summary Informatics and Data Services Thomson Reuters Corporation $ 33,769.2 $ 40.40 92.2% 3.8% 13.1% 3.1x 3.0x 14.1x 11.1x Experian plc 13,417.6 13.46 98.2% 9.4% 10.3% 3.8x 3.3x 12.6x 10.4x Reed Elsevier plc 10,752.7 8.84 89.3% 1.4% 4.4% NA 0.9x NA 3.2x Moody's Corporation 8,916.1 39.14 98.7% 12.4% 14.8% 4.4x 4.2x 10.6x 9.7x Wolters Kluwer NV 6,969.5 23.33 87.7% 3.4% 6.1% 2.0x 1.9x 8.7x 7.9x IHS Inc. 5,721.4 88.24 98.2% 17.5% 17.1% 5.1x 4.6x 21.6x 15.2x FactSet Research Systems Inc. 5,048.2 109.41 99.3% 13.1% 13.1% 7.1x 6.5x 18.0x 16.1x Equifax Inc. 4,618.9 37.53 94.1% 6.8% 7.8% 2.9x 2.8x 9.2x 8.7x Informa plc 4,165.7 6.95 89.2% 1.9% 4.8% 2.8x 2.6x 10.7x 9.3x Gartner Inc. 4,173.4 42.91 98.9% 13.4% 18.7% 3.3x 3.0x 21.9x 16.2x Dun & Bradstreet Corporation 4,060.2 82.18 94.4% 5.0% 8.3% 2.9x 2.8x 9.9x 8.5x Aegis Group plc 2,940.0 2.34 93.0% 15.2% 19.1% 1.4x 1.2x 14.3x 7.8x Morningstar Inc. 2,895.3 57.60 94.5% 17.6% 18.5% 4.3x 3.8x 15.2x 12.9x United Business Media Limited 2,450.9 10.08 82.9% 11.5% 19.8% 2.3x 2.0x 11.2x 9.0x CoreLogic, Inc. 2,009.6 18.41 87.8% (16.6%) (16.4%) 1.3x 1.4x 9.4x 6.4x NeuStar, Inc. 1,982.5 26.89 96.2% 12.7% 9.8% 2.9x 2.7x 6.6x 6.3x Ipsos SA 1,776.8 52.07 94.6% 9.0% 13.7% 1.3x 1.2x 10.5x 9.2x Fair Isaac Corporation 1,190.2 29.88 93.9% 3.2% 14.4% 2.3x 2.3x 9.6x 8.6x Acxiom Corporation 1,169.8 14.56 74.2% 3.4% (0.4%) 1.2x 1.2x 5.4x 5.1x Forrester Research Inc. 897.3 39.51 98.8% 13.7% 24.1% 2.7x 2.4x 20.0x 14.4x Median $ 4,113.0 94.2% 9.2% 13.1% 2.9x 2.6x 10.7x 9.1x

e-Commerce Amazon.com Inc. $ 88,514.5 $ 195.81 99.0% 37.8% 11.5% 2.2x 1.7x 45.6x 29.3x eBay Inc. 44,634.7 34.39 97.3% 18.1% 15.5% 3.9x 3.4x 12.7x 9.7x priceline.com Incorporated 27,157.4 547.01 98.3% 29.4% 39.5% 7.9x 6.5x 28.7x 21.2x Netflix, Inc. 12,213.1 232.67 91.3% 50.8% 50.8% 5.1x 3.7x 33.2x 24.2x Ctrip.com International Ltd. 6,994.4 48.72 91.6% 30.9% 26.7% 14.3x 11.2x 36.7x 27.7x Expedia Inc. 6,839.5 25.02 83.8% 14.7% 6.1% 1.9x 1.7x 7.8x 6.4x Vistaprint N.V. 2,339.5 54.40 98.0% 23.6% 12.9% 2.8x 2.4x 16.2x 12.8x Shutterfly, Inc. 1,804.9 61.56 92.3% 60.8% 49.8% 5.0x 3.3x 39.4x 17.3x Blue Nile Inc. 832.9 57.00 88.4% 11.2% 5.3% 2.2x 2.1x 33.0x 23.7x Median $ 6,994.4 92.3% 29.4% 15.5% 3.9x 3.3x 33.0x 21.2x

9 Public Market Trading Statistics Digital Media and Informatics

Online Content and Search Google Inc. $ 175,337.2 $ 544.10 84.6% 26.6% 17.7% 4.6x 3.9x 11.8x 9.3x Baidu, Inc. 51,805.4 148.52 95.2% 72.1% 74.2% 36.5x 25.1x 64.9x 43.4x Yahoo! Inc. 23,062.1 17.70 99.2% 0.2% 1.3% 2.6x 3.4x 11.0x 9.2x Rakuten, Inc. 12,114.6 918.78 94.2% 13.9% 17.8% 1.8x 1.6x 7.1x 6.2x Scripps Networks Interactive, Inc. 8,644.4 51.42 95.8% 10.1% 15.3% 4.2x 4.0x 9.8x 8.6x WebMD Health Corporation 3,419.7 57.87 98.9% 18.9% 31.6% 5.7x 5.0x 22.2x 14.0x IAC/InterActiveCorporation 3,251.2 36.11 97.9% 15.8% 29.8% 1.1x 1.0x 9.7x 5.8x Monster Worldwide, Inc. 2,003.3 16.41 63.4% 17.2% 71.6% 2.0x 1.7x 22.0x 9.9x Median $ 10,379.5 95.5% 16.5% 23.8% 3.4x 3.7x 11.4x 9.3x

Total DM and Informatics Median $ 4,169.6 94.0% 13.6% 15.4% 2.9x 2.7x 14.1x 9.7x

10 Comparable Transactions Digital Media and Informatics

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 04/28/11 Pending Shopzilla, Inc. Symphony Technology Group $ 165.0 NA NA 04/28/11 Pending 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 04/26/11 Pending SAVVIS, Inc. CenturyLink, Inc. 2,962.7 3.0 x 12.9 x 04/08/11 Pending Fubon Multimedia Technology Co., Ltd. China Chemical & Pharmaceutical Co. Ltd.; Wealth Media Technology 563.5 Co.,NA Ltd. NA 03/30/11 05/02/11 Radian6 Technologies, Inc. Salesforce.com 350.0 NA NA 03/27/11 Pending GSI Commerce Inc. eBay Inc. 2,139.3 1.6 x 20.5 x 03/23/11 Pending Drugstore.com Inc. Walgreen Co. 402.4 0.9 x 51.4 x 03/21/11 04/25/11 Tiny Prints, Inc. Shutterfly, Inc. 333.0 3.8 x 514.7 x 03/04/11 Pending iWeb Group Inc. Undisclosed Investor 63.7 2.1 x 10.5 x 02/17/11 03/23/11 HauteLook, Inc. Nordstrom Inc. 270.0 2.7 x NA 02/15/11 Pending Kiddicare.com Limited Wm. Morrison Supermarkets plc 113.0 1.9 x NA 02/09/11 03/15/11 Football Fanatics, Inc. GSI Commerce Inc. 276.9 1.5 x NA 02/09/11 04/26/11 Alog Soluções de Tecnologia Ltda. Equinix, Inc.; Riverwood Capital 126.5 NA NA 02/06/11 03/04/11 HuffingtonPost.com LLC AOL, Inc. 315.0 NA NA 02/01/11 04/21/11 NaviSite Inc. Time Warner Cable Inc. 327.8 2.5 x 12.3 x 01/11/11 04/05/11 NetOnNet AB Waldir AB 61.6 0.2 x NM 12/31/10 04/01/11 Purpose U.K. Holdings Limited Dollar Financial UK Limited 195.0 NA 6.1 x 12/22/10 02/11/11 Sonic Solutions Rovi Corporation 643.6 6.2 x 2860.4 x 12/22/10 01/17/11 Legion Interactive, C4 Com. and MessageNet Salmat Ltd. 91.0 NA NA 12/20/10 01/14/11 Private Sale GmbH eBay Inc. 200.0 NA NA 12/15/10 01/03/11 GlobalScholar, Inc. Scantron Corporation 166.6 NA NA 12/08/10 02/08/11 SurePayroll, Inc. Paychex Inc. 115.3 NA NA 11/18/10 01/27/11 Quadrem International Ltd. Ariba Inc. 150.0 NA NA 11/08/10 Pending Quidsi, Inc. Amazon.com Inc. $ 545.0 NA NA Median $ 270.0 2.1x 16.7x Note: Includes transactions over the last six months where implied enterprise value is more than $40 million.

Summary M&A Transaction Volume and Revenue Multiples 5.8x

Statistics 45 6.0x LTM RevenueMultiple 4.5x 30 3.2x 3.2x 3.3x 3.0x 2.9x 3.0x 2.3x 2.2x 2.3x 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 transactions where implied enterprise value is more than $40 million.

11 Public Market Trading Statistics Infrastructure Software

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

140%

130% 105%

120%

110% 100%

100%

90% 95%

80%

70% 90%

10 11

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

Security Symantec Corporation $ 14,997.8 $ 19.65 99.1% 6.5% 10.1% 2.5x 2.4x 9.0x 6.8x Check Point Software Technologies Ltd. 11,402.9 54.93 98.7% 13.0% 13.3% 7.8x 7.2x 14.3x 12.2x VeriSign Inc. 6,230.1 36.98 98.4% 4.3% 12.4% 6.9x 6.3x 14.9x 11.8x Trend Micro Inc. 3,784.5 28.34 72.5% 2.9% 10.7% 1.8x 1.8x 5.7x 5.8x Fortinet Inc. 3,700.3 48.70 99.4% 25.9% 40.7% 9.4x 8.2x 45.6x 35.7x Websense, Inc. 1,030.4 25.79 92.2% 8.5% (13.1%) 3.0x 2.8x 14.5x 10.8x Sourcefire, Inc. 756.9 26.62 81.2% 18.5% 1.1% 4.5x 3.9x 41.9x 23.2x Median $ 3,784.5 98.4% 8.5% 10.7% 4.5x 3.9x 14.5x 11.8x

Enterprise Storage EMC Corporation $ 58,311.5 $ 28.34 98.6% 16.9% 11.9% 3.0x 2.7x 13.8x 10.0x NetApp, Inc. 19,169.8 52.11 85.4% 16.7% 12.2% 3.2x 2.8x 17.3x 13.2x Teradata Corporation 9,439.3 55.92 99.7% 14.8% 16.6% 4.5x 4.1x 19.1x 16.1x Iron Mountain Inc. 6,392.0 31.85 89.7% 2.5% 0.4% 2.9x 2.9x 9.7x 9.7x Brocade Communications Systems, Inc. 2,952.6 6.25 90.8% 9.1% (1.6%) 1.6x 1.5x 9.2x 7.0x CommVault Systems, Inc. 1,717.2 39.39 96.0% 17.0% 21.9% 5.1x 4.4x 40.9x 23.6x Median $ 7,915.6 93.4% 15.7% 12.1% 3.1x 2.8x 15.5x 11.6x

Total Infrastructure Software Median $ 6,392.0 95.8% 13.0% 12.2% 3.2x 2.9x 14.3x 10.8x

12 Comparable Transactions Infrastructure Software

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 05/12/11 Pending Cryptography Research, Inc. Rambus Inc. $ 288.3 NA NA 05/11/11 Pending Beijing Leadsec Technology Co.,Ltd Beijing Venustech Inc. 50.9 NA NA 02/02/11 02/17/11 Metastorm, Inc. Open Text Corp. 182.0 NA NA 01/31/11 03/15/11 Works Applications Co., Ltd. Polaris Capital Group Co. 225.6 0.8 x 8.2 x 01/14/11 Pending Norkom Group Plc BAE Systems (Holdings) Ltd. 223.0 3.5 x 29.4 x 01/07/11 01/28/11 Akorri Networks, Inc. NetApp, Inc. 60.0 NA NA 12/22/10 01/17/11 Legion Interactive, C4 and MessageNet Salmat Ltd. 91.0 NA NA 12/03/10 12/03/10 Widevine Technologies, Inc. Google Inc. 158.0 NA NA 12/02/10 Pending TAT The Astonishing Tribe AB Research In Motion Limited 119.4 NA NA 11/29/10 02/07/11 Voltaire Limited Mellanox Technologies, Ltd. 157.8 2.3 x NA 11/21/10 04/27/11 Novell Inc. Attachmate Corporation 1,017.9 1.3 x 8.7 x 11/08/10 01/14/11 Bakbone Software Inc. Quest Software Inc. 44.4 0.8 x 7.0 x 11/04/10 Pending Accertify, Inc. American Express Company 150.0 NA NA 11/02/10 01/05/11 Art Technology Group Inc. Oracle Corp. 880.7 4.5 x 32.1 x Median $ 157.9 1.8 x 8.7 x Note: Includes transactions over the last six months where implied enterprise value is 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 2.4x 2.4x 2.5x 2.3x 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 transactions where implied enterprise value is 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%

130% 105%

120%

110% 100%

100%

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80%

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Apr Apr

Dec

Aug

Mar

Nov

May

03/30/11 04/01/11 04/19/11 04/21/11 04/23/11 04/25/11 04/03/11 04/05/11 04/07/11 04/09/11 04/11/11 04/13/11 04/15/11 04/17/11 04/27/11 04/29/11 Nasdaq IT and Tech-Enabled Services Nasdaq IT and Tech-Enabled Services

IT Services Accenture plc $ 37,093.4 $ 57.13 98.7% 15.5% 15.0% 1.3x 1.3x 9.1x 8.3x Cap Gemini S.A. 9,321.9 60.69 94.3% 10.9% 23.8% 0.7x 0.6x 8.1x 6.1x Atos Origin SA 4,299.1 61.71 94.4% 30.5% 26.7% 0.7x 0.5x 6.1x 4.7x Logica PLC 3,576.4 2.25 90.2% 3.6% 8.3% 0.7x 0.6x 8.0x 6.9x Sapient Corporation 1,741.4 12.63 93.9% 22.6% 32.9% 1.7x 1.5x 15.8x 12.5x Tieto Oyj 1,319.9 18.47 77.9% 6.7% 13.5% 0.6x 0.6x 5.6x 5.2x Unisys Corporation 1,277.2 29.68 71.8% (4.3%) NA 0.3x 0.3x 3.1x 2.4x Median $ 3,576.4 93.9% 10.9% 19.4% 0.7x 0.6x 8.0x 6.1x

Government IT Services SAIC, Inc. $ 6,219.8 $ 17.40 95.6% 0.7% 0.6% 0.6x 0.6x 6.3x 6.4x CACI International Inc. 1,840.2 61.11 97.4% 11.2% 14.8% 0.6x 0.6x 7.6x 7.1x SRA International Inc. 1,779.9 30.99 99.0% 10.4% 15.2% 1.0x 0.9x 11.4x 9.9x ManTech International Corporation 1,608.3 43.89 93.1% 14.3% 10.8% 0.6x 0.6x 6.8x 6.5x MAXIMUS, Inc. 1,373.4 79.99 96.6% 8.3% 5.3% 1.4x 1.3x 9.2x 8.8x Tyler Technologies, Inc. 794.3 24.79 99.3% 5.6% 6.4% 2.8x 2.6x 15.1x 13.8x Median $ 1,694.1 97.0% 9.3% 8.6% 0.8x 0.8x 8.4x 8.0x

14 Public Market Trading Statistics IT and Tech-Enabled Services

Offshore BPOs Tata Consultancy Services Ltd. $ 51,473.0 $ 26.30 93.3% 26.3% 26.6% 6.0x 5.1x 20.1x 17.2x Infosys Technologies Ltd. 37,523.4 65.68 83.2% 20.4% 8.9% 5.6x 4.9x 17.1x 16.4x Cognizant Technology Solutions 25,222.3 82.90 99.6% 29.7% 28.2% 4.6x 3.9x 21.8x 18.8x Wipro Ltd. 24,830.1 10.18 90.1% 14.9% 10.4% 3.4x 3.0x 15.9x 14.6x HCL Technologies Ltd. 7,847.4 11.76 98.5% 23.7% 21.3% 2.4x 2.0x 19.2x 11.7x Genpact Ltd. 3,557.0 16.09 86.0% 13.6% 19.9% 2.4x 2.2x 12.2x 10.8x Syntel, Inc. 2,282.6 54.68 91.7% 18.4% 7.7% 3.6x 3.2x 14.9x 13.2x Satyam Computer Services Ltd. 2,001.1 1.70 66.1% 10.3% (9.9%) 1.1x 1.1x 13.7x 10.1x Patni Computer Systems Ltd. 1,288.4 9.64 68.4% 13.7% 8.7% 1.3x 1.1x 6.7x 6.1x Exlservice Holdings, Inc. 614.5 20.72 92.1% 22.3% 23.1% 1.8x 1.7x 11.3x 9.8x Median $ 5,702.2 90.9% 19.4% 15.2% 2.9x 2.6x 15.4x 12.4x

Total IT Services Median $ 3,557.0 95.6% 10.3% 11.1% 1.6x 1.6x 9.7x 8.6x

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 05/02/11 Pending Info AG QSC AG $ 118.2 1.0 x 7.4 x 04/27/11 Pending Apptis Holdings, Inc. URS Corporation 260.0 0.9 x NA 04/25/11 Pending Value Team S.p.A. NTT DATA EUROPE GmbH & Co. KG 365.9 0.8 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. 107.4 2.0 x NA 04/05/11 05/03/11 Headstrong, Inc. Genpact Ltd. 550.0 2.5 x NA 04/01/11 04/04/11 Encore Discovery Solutions, Inc. EPIQ Systems, Inc. 100.0 2.5 x NA 04/01/11 Pending SRA International Inc. Providence Equity Partners LLC 1,795.3 1.1 x 11.9 x 04/01/11 Pending Global Oil and Gas Information Technology ServicesWipro Business Ltd. 150.0 NA NA 03/30/11 04/15/11 Pinnacle Wireless Inc. UniTek Global Services, Inc. 50.0 NA NA 03/10/11 03/31/11 Variosecure Networks Inc 1st Holdings, Inc. 80.7 NA NA 02/24/11 04/11/11 CSK Corporation Sumisho Computer Systems Corporation 1,035.8 0.6 x 10.1 x 02/08/11 Pending XETA Technologies Inc. Quagga Corporation 63.9 0.7 x 15.4 x 01/14/11 01/14/11 Cap Vert Finance SAS Atria Capital Partenaires 53.4 NA NA 01/10/11 05/09/11 Patni Computer Systems Limited iGate Global Solutions Ltd. 1,098.6 1.6 x 7.9 x 12/27/10 01/12/11 ASTIB Group Pty Ltd CSE-Uniserve Pty Ltd. 47.5 1.4 x NA 12/23/10 12/29/10 Hyundai Information Technology Co., Ltd. Lotte Data Communication Company 111.7 0.6 x 9.3 x 12/22/10 12/30/10 Presidium Learning, Inc. Blackboard Inc. 58.9 NA NA 12/20/10 12/31/10 Aliquant Corporation Towers Watson & Co. 68.1 2.1 x NA 12/20/10 Pending Synapsis Soluciones y Servicios IT Limitada Riverwood Capital 52.0 0.4 x NA 12/15/10 01/18/11 InfoLogix, Inc. Stanley Black & Decker, Inc. 52.4 0.8 x NA 12/14/10 Pending Accsys, CEB Maintenance and UCS Solutions Business Connexion Group Limited 100.9 NA NA 12/10/10 12/23/10 Touchstone Wireless LP Brightpoint North America L.P 79.9 NA NA 12/01/10 Pending GRV Solutions SA CETIP SA-Balcão Organizado de Ativos 1,187.9 NA NA 11/22/10 12/29/10 PSI Holding Group, Inc. Zensar Technologies, Inc. 66.0 0.6 x NA 11/20/10 12/16/10 Intechra Group LLC Arrow Electronics, Inc. 101.0 1.3 x NA 11/19/10 12/22/10 MTCSC, Inc. ManTech International Corporation 75.1 NA NA 11/15/10 12/20/10 Abraxas Corporation Cubic Corporation 124.0 2.1 x NA 11/04/10 12/01/10 Hosted Solutions, LLC Windstream Corporation 310.0 6.0 x NA 11/04/10 12/18/10 Signature Government Solutions, LLC Global Defense Technology & Systems, Inc. 52.5 1.6 x 17.8 x 11/01/10 12/10/10 TechTeam Global Inc. Stefanini IT Solutions 93.9 0.5 x 17.5 x Median $ 100.0 1.1x 11.0x Note: Includes transactions over the last six months where implied enterprise value is 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 transactions where implied enterprise value is more than $40 million.

16 Public Market Trading Statistics SaaS

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

150% 105% 140%

130%

120% 100%

110%

100% 95% 90%

80%

70% 90%

10 11

10 10

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

03/30/11 04/01/11 04/03/11 04/19/11 04/21/11 04/23/11 04/25/11 04/05/11 04/07/11 04/09/11 04/11/11 04/13/11 04/15/11 04/17/11 04/27/11 04/29/11 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 $ 18,556.0 $ 138.60 91.6% 27.0% 22.2% 10.6x 8.4x 109.9x 47.1x Concur Technologies, Inc. 3,120.2 57.87 99.5% 20.9% 17.6% 8.6x 7.4x 53.5x 26.9x SuccessFactors, Inc. 2,725.5 34.64 85.7% 38.9% (54.1%) 10.3x 8.4x NM 602.7x OpenTable, Inc. 2,620.2 111.29 93.8% 49.7% 59.4% 23.0x 17.4x 91.2x 47.0x NetSuite Inc. 2,286.2 34.61 99.3% 19.8% 12.2% 10.8x 9.5x NM 105.9x Blackboard Inc. 1,677.0 48.11 95.7% 19.8% 8.3% 4.0x 3.3x 18.3x 15.1x athenahealth, Inc. 1,611.4 46.21 91.4% 27.6% 50.2% 5.7x 4.8x 38.5x 23.2x Taleo Corporation 1,484.4 36.27 99.4% 25.9% 25.8% 5.3x 4.5x 46.3x 21.5x Ultimate Software Group, Inc. 1,435.3 56.00 92.7% 18.4% 22.3% 5.8x 5.1x 72.6x 32.4x Rightnow Technologies Inc. 1,195.6 36.18 98.6% 22.1% 32.6% 5.7x 5.0x 53.7x 33.8x Websense, Inc. 1,030.4 25.79 92.2% 8.5% (13.1%) 3.0x 2.8x 14.5x 10.8x MedAssets, Inc. 938.9 16.02 63.9% 46.6% 47.2% 4.3x 3.1x 17.3x 9.9x Constant Contact, Inc. 816.5 27.71 76.3% 25.2% 53.2% 3.8x 3.2x 57.6x 20.2x

Total SaaS Median $ 1,611.4 92.7% 25.2% 22.3% 5.7x 5.0x 53.5x 26.9x

17 Comparable Transactions SaaS

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 03/24/11 04/12/11 Mortgagebot LLC Davis + Henderson Corporation $ 231.8 6.1 x 11.5 x 03/09/11 Pending Ansaldo Energia S.p.A. First Reserve Corporation 1,492.0 NA NA 01/07/11 01/31/11 triVIN, Inc. DealerTrack Holdings, Inc. 131.0 NA NA 12/21/10 01/21/11 Aprimo, Inc. Teradata Corporation 500.0 NA NA 12/21/10 02/11/11 BI Inc. GEO Care, Inc. 415.0 NA NA 12/07/10 12/16/10 3E Company, Inc. Verisk Analytics, Inc. 107.3 NA NA 12/07/10 Pending Focus Solutions Group plc Standard Life plc 64.8 3.7 x 12.4 x 11/22/10 Pending Wireless Generation, Inc. News Corp. 430.0 NA NA 11/02/10 01/05/11 Art Technology Group Inc. Oracle Corp. 880.7 4.5 x 32.1 x Median $ 415.0 4.5x 12.4x Note: Includes transactions over the last six months where implied enterprise value is 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 transactions where implied enterprise value is more than $40 million.

18 Public Market Trading Statistics Tech Hardware

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

140%

130% 105%

120%

110% 100%

100%

90% 95%

80%

70% 90%

10 11

10 10

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

04/01/11 04/05/11 04/09/11 04/15/11 04/19/11 04/23/11 03/30/11 04/03/11 04/07/11 04/11/11 04/13/11 04/17/11 04/21/11 04/25/11 04/27/11 04/29/11 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 $ 124,666.4 $ 23.15 98.8% 22.0% 12.3% 2.4x 2.1x 5.3x 5.0x Texas Instruments Inc. 41,256.3 35.53 96.8% 3.4% (5.4%) 2.7x 2.6x 7.2x 7.6x Broadcom Corporation 18,865.4 35.19 74.3% 11.8% (3.6%) 2.2x 2.1x 13.7x 9.1x Analog Devices Inc. 12,077.3 40.31 96.8% 5.0% 4.5% 3.3x 3.2x 8.5x 8.2x Micron Technology Inc. 11,336.7 11.32 94.7% 7.2% (11.2%) 1.3x 1.2x 3.3x 3.6x Marvell Technology Group Ltd. 9,697.2 15.43 70.1% 1.6% (5.9%) 1.9x 1.8x 6.3x 6.2x Maxim Integrated Products Inc. 8,075.4 27.34 96.1% 9.7% 9.5% 3.1x 2.9x 8.7x 8.3x Advanced Micro Devices Inc. 6,247.2 9.10 93.0% 3.7% (8.5%) 1.0x 0.9x 7.7x 7.1x National Semiconductor Corporation 6,052.6 24.12 99.5% (6.1%) (9.4%) 4.0x 4.2x 10.5x 12.0x LSI Corporation 4,535.0 7.33 97.7% (21.7%) 6.2% 1.5x 1.9x 11.0x 9.4x Cree Inc. 4,460.0 40.74 51.5% (5.2%) (39.6%) 3.4x 3.4x 10.6x 14.1x Cypress Semiconductor Corporation 3,726.0 21.76 90.9% 16.4% 28.4% 3.8x 3.4x 21.0x 12.9x MEMC Electronic Materials Inc. 2,725.8 11.83 78.7% 40.0% 82.6% 1.3x 1.1x 13.9x 6.7x Fairchild Semiconductor International Inc. 2,675.8 20.97 99.9% 8.1% 8.8% 1.6x 1.5x 6.8x 6.2x Microsemi Corporation 2,038.9 23.60 94.6% 47.8% 86.5% 3.2x 2.5x 14.6x 7.1x PMC-Sierra Inc. 1,881.6 8.02 87.2% 9.8% 13.8% 2.4x 2.2x 9.4x 6.7x Semtech Corporation 1,815.7 28.07 99.2% 12.4% 16.1% 3.4x 3.1x 14.6x 10.4x Median $ 6,052.6 94.7% 8.1% 6.2% 2.4x 2.2x 9.4x 7.6x

Semiconductor Equipment Applied Materials Inc. $ 20,701.5 $ 15.69 92.7% 10.0% 17.6% 1.6x 1.5x 6.3x 5.4x KLA-Tencor Corporation 7,370.9 43.90 84.7% 32.6% 52.5% 2.2x 1.9x 5.7x 4.6x Lam Research Corporation 6,014.2 48.31 81.7% 7.2% (3.6%) 1.5x 1.5x 5.3x 5.9x Teradyne Inc. 2,984.6 16.10 83.9% (2.2%) (11.8%) 1.2x 1.3x 3.8x 4.3x Novellus Systems, Inc. 2,866.8 32.10 76.8% 12.6% 17.0% 1.5x 1.5x 5.7x 5.4x MKS Instruments Inc. 1,473.0 28.38 83.8% 9.2% 7.0% 1.1x 1.1x 4.5x 4.3x Amkor Technology, Inc. 1,326.3 6.70 78.9% (0.2%) (8.7%) 0.7x 0.7x 3.1x 3.4x Cabot Microelectronics Corporation 1,135.8 48.86 92.7% 12.3% 28.8% 2.0x 1.8x 8.2x 6.8x Tessera Technologies Inc. 1,010.1 19.76 85.2% 2.0% (14.1%) 1.7x 1.7x 3.3x 5.7x Brooks Automation Inc. 809.0 12.23 83.8% 14.0% 128.8% 0.8x 0.8x 5.6x 3.1x ATMI Inc. 630.1 19.91 93.6% 15.2% 14.2% 1.2x 1.1x 6.3x 5.5x Median $ 1,473.0 83.9% 10.0% 14.2% 1.5x 1.5x 5.6x 5.4x

19 Public Market Trading Statistics Tech Hardware

PCs, Servers, and Computing Components Apple Inc. $ 323,784.5 $ 350.13 96.0% 46.0% 66.0% 3.0x 2.4x 9.7x 7.2x IBM Corporation 206,606.5 170.58 98.6% 6.7% 9.5% 2.1x 2.1x 8.7x 8.4x Samsung Electronics Co. Ltd. 108,516.4 835.75 88.1% 6.9% 2.2% 0.7x 0.8x 3.7x 4.1x Hewlett-Packard Company 87,357.9 40.37 76.2% 3.2% 10.5% 0.8x 0.7x 5.3x 4.9x Dell Inc. 29,497.4 15.47 94.0% 5.0% 13.2% 0.3x 0.3x 4.5x 3.8x Xerox Corporation 14,138.0 10.09 83.5% 5.7% 10.7% 1.0x 0.9x 7.2x 6.4x Lenovo Group Ltd. 5,797.0 0.58 75.0% 12.9% 26.6% 0.0x 0.0x 1.7x 1.5x Pitney Bowes Inc. 5,006.6 24.56 93.2% 0.2% 5.8% 1.6x 1.6x 7.9x 7.0x NCR Corporation 3,141.9 19.81 96.1% 6.8% 40.1% 0.6x 0.5x 11.5x 7.9x Lexmark International Inc. 2,549.3 32.25 67.1% (1.7%) (6.2%) 0.5x 0.5x 2.9x 2.9x Diebold, Inc. 2,206.8 33.80 91.1% 2.0% (7.2%) 0.8x 0.8x 8.8x 8.7x ScanSource, Inc. 965.4 35.75 89.5% 19.2% 24.8% 0.4x 0.3x 8.8x 7.9x Median $ 9,967.5 90.3% 6.2% 10.6% 0.7x 0.8x 7.6x 6.7x

Storage and Networking Components SanDisk Corporation $ 11,758.9 $ 49.33 92.0% 19.3% 3.4% 1.6x 1.4x 4.6x 4.5x Western Digital Corporation 9,249.6 39.80 94.6% (1.9%) (11.7%) 0.7x 0.7x 4.2x 4.2x QLogic Corporation 1,894.9 17.98 89.5% 6.4% 6.3% 2.5x 2.4x 8.6x 7.3x Emulex Corporation 850.4 9.69 74.7% 16.0% (19.3%) 1.5x 1.4x 23.4x 8.3x Median $ 5,572.3 90.7% 11.2% (4.2% ) 1.6x 1.4x 6.6x 5.9x

Total Tech Hardware Median $ 4,335.3 89.5% 8.5% 9.2% 1.4x 1.3x 6.9x 6.3x

20 Comparable Transactions Tech Hardware

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 05/09/11 Pending Icera, Inc. NVIDIA Corporation $ 367.0 NA NA 05/09/11 Pending EMerchants Australia Pty Ltd. Australasia Consolidated Limited 49.9 NA NA 05/08/11 Pending SCsquare Ltd. Broadcom Corp. 41.9 NA NA 05/04/11 Pending Epiq CZ S.r.o. and Mexico and Bulgarian Units Integrated Microelectronics, Inc. 93.8 NA NA 05/04/11 Pending PureEnergy Solutions, Inc. Pure Energy Visions Corp. 74.8 NA NA 05/03/11 Pending Varian Semiconductor Equipment Associates Applied Materials Inc. 4,466.0 4.1 x 14.3 x 04/28/11 Pending Souriau SAS Esterline Technologies Corp. 715.0 NA NA 04/28/11 Pending SunPower Corporation Total Gas & Power USA S.A.S 2,495.8 1.1 x 8.5 x 04/26/11 Pending SMART Modular Technologies (WWH) Inc. Silver Lake Partners 571.2 0.7 x 5.9 x 04/20/11 Pending Brooks Auto., Semiconductor Equipment Celestica Inc. 82.0 0.6 x NA 04/19/11 Pending Samsung, Hard Disk Drive Operations Seagate Technology International 1,494.6 NA NA 04/13/11 Pending Ace Digitech Co. Ltd. Cheil Industries Inc. 504.2 0.9 x 19.2 x 04/11/11 Pending Roth & Rau AG Guoshen Tu, Chairman and CEO 393.4 0.9 x 302.7 x 04/11/11 04/18/11 Stingray Geophysical Limited TGS Nopec Geophysical Co. ASA 80.0 NA NA 04/07/11 04/15/11 CDC Brasil S/A ScanSource do Brasil Participações LTDA 65.5 0.4 x NA 04/06/11 Pending Yageo Corp. Kohlberg Kravis Roberts & Co. 1,294.7 1.4 x 4.7 x 04/04/11 Pending National Semiconductor Corporation Texas Instruments Inc. 7,026.5 4.5 x 11.9 x 04/04/11 Pending Micron Tech., Fabrication Facility Tower Semiconductor Ltd. 140.0 NA NA 04/01/11 Pending Hypercom Corp., U.S. Payment Systems Ingenico SA 54.0 0.9 x NA 03/30/11 Pending Metrologic Group The Carlyle Group 127.7 3.3 x 6.7 x 03/30/11 05/02/11 NEC Elec., Semiconductor Wafer Fabrication TELEFUNKEN Semiconductors GmbH & Co. 53.0 NA NA 03/28/11 Pending Spectrum Control Inc. API Technologies Corp. 270.2 1.6 x 9.3 x 03/20/11 04/05/11 Optichron, Inc. NetLogic Microsystems Inc. 185.5 NA NA 03/16/11 Pending Ralink Technology, Corp. MediaTek Inc. 401.1 1.6 x 10.0 x 03/16/11 03/16/11 Xian Walsin United Technology Co., Ltd. Market Pilot Limited 100.0 NA NA 03/11/11 Pending ABS Global Industries and Services Limited ABB Limited 88.5 NA NA 03/11/11 03/11/11 The Richardson Trident Company Inc. Metals USA Inc. 92.6 0.6 x NA 03/09/11 05/09/11 LSI Corporation, Engenio External Storage NetApp, Inc. 480.0 0.7 x NA 03/09/11 03/09/11 Advent Data Ltd. Werner Dubach, CEO and Chairman 50.9 0.2 x NA 03/07/11 Pending Viviti Technologies Ltd. Western Digital Corp. 4,250.3 0.7 x NA 02/28/11 Pending Pulse Electronics Corporation Bel Fuse Inc. 307.2 0.7 x 8.9 x 02/25/11 Pending Ortek Corporation Riso Kagaku Corporation 46.7 NA NA 02/24/11 03/07/11 CHiL Semiconductor Corporation International Rectifier Corporation 75.0 NA NA 02/23/11 04/29/11 Signature Security Group Pty Ltd. Tyco International Ltd. 171.1 NA NA 02/20/11 Pending Zoran Corporation CSR plc 384.1 1.1 x NA 02/14/11 Pending Top Info S.A.S. Computacenter France S.A. 50.0 0.3 x NA 02/10/11 02/10/11 SiTel Semiconductor BV Dialog Semiconductor Plc 86.5 0.7 x NA 02/07/11 04/15/11 Stream Fund High-Tech Group Corp. Ltd China Solar Energy Holdings Limited 49.7 NA NA 02/07/11 02/07/11 Saffron Media Group Limited HTC Netherlands BV 48.4 NA NA 02/02/11 Pending Suzhou Epson Co., Ltd. Sony (China) Limited 118.1 NA NA 01/31/11 03/09/11 Celestial Semiconductor (Beijing) Co., Ltd. Cavium Networks, Inc. 66.0 NA NA 01/22/11 01/25/11 SpectraLinear, Inc. Silicon Laboratories Inc. 50.0 NA NA 01/21/11 04/04/11 Fairchild Imaging, Inc. BAE Systems, Inc. 94.2 NA NA 01/20/11 Pending EskoArtwork Danaher Corp. 469.8 1.9 x NA 01/19/11 01/19/11 telerob Gesellschaft Sargent Fletcher Inc. 105.2 1.9 x NA 01/18/11 Pending RAE Systems Inc. Vector Capital 98.8 1.1 x 9.3 x Median $ 123.8 1.1x 9.3x Note: Includes transactions over the last six months where implied enterprise value is over $40 million. Median statistics include transactions not being displayed.

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

1.8x 2.0x LTM RevenueMultiple 150 1.7x 1.6x 1.5x 1.5x 1.3x 1.4x 1.5x 100 1.1x 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 transactions where implied enterprise value is more than $40 million. 21 Public Market Trading Statistics Telecom

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

150%

140% 105%

130%

120% 100%

110%

100% 95%

90%

80% 90%

10 11

10 10

- -

Jul

Jan

Jun

Oct

Sep Feb

Apr Apr

Dec

Aug

Mar

Nov

May

03/29/11 03/31/11 04/18/11 04/20/11 04/22/11 04/24/11 04/02/11 04/04/11 04/06/11 04/08/11 04/10/11 04/12/11 04/14/11 04/16/11 04/26/11 04/28/11 Nasdaq Telecom Nasdaq Telecom

Fiber Optics CIENA Corporation $ 2,683.0 $ 28.24 96.6% 25.9% 625.9% 2.3x 1.9x NM 18.6x Finisar Corporation 2,517.8 28.09 60.9% 18.4% 17.2% 2.5x 2.1x 16.1x 11.6x Infinera Corporation 817.5 7.82 60.6% (11.6%) NM 1.2x 1.3x NM NM Median $ 2,517.8 60.9% 18.4% 321.6% 2.3x 1.9x 16.1x 15.1x

Telecom/Networking Equipment Cisco Systems, Inc. $ 96,850.5 $ 17.52 63.2% 9.1% (0.3%) 1.7x 1.5x 6.4x 5.3x QUALCOMM Incorporated 95,313.6 57.09 95.4% 30.1% 34.3% 5.8x 5.0x 14.1x 10.9x LM Ericsson Telephone Co. 48,760.8 15.23 99.0% 11.7% 15.7% 1.2x 1.1x 7.1x 6.7x Nokia Corporation 34,230.3 9.23 67.1% (0.9%) (18.6%) 0.4x 0.4x 4.7x 5.5x Research In Motion Limited 25,305.6 48.54 62.3% 24.4% 4.9% 1.1x 1.0x 4.1x 4.2x Juniper Networks, Inc. 20,432.5 38.33 85.2% 20.8% 26.4% 4.1x 3.6x 18.1x 12.8x Alcatel-Lucent 14,610.8 6.46 97.8% 6.9% 63.2% 0.7x 0.6x 10.3x 6.7x Amphenol Corporation 9,668.6 55.91 94.6% 12.3% 12.7% 2.7x 2.5x 11.7x 11.0x Harris Corporation 6,758.1 53.13 98.0% 10.8% (6.6%) 1.4x 1.3x 6.6x 6.6x Trimble Navigation Limited 5,735.5 46.84 89.6% 19.7% 23.7% 4.2x 3.7x 26.1x 19.9x Polycom, Inc. 5,279.2 59.83 97.0% 23.5% 45.0% 3.7x 3.2x 24.8x 16.2x JDS Uniphase Corporation 4,670.6 20.84 71.6% 21.6% 57.0% 2.5x 2.2x 20.1x 12.6x ADTRAN Inc. 2,668.9 41.27 86.5% 19.8% 32.7% 3.5x 3.2x 12.2x 10.5x Tellabs Inc. 1,780.1 4.90 51.9% (15.9%) (87.3%) 0.5x 0.5x 3.9x 18.2x Netgear Inc. 1,518.5 41.75 95.6% 32.6% 27.3% 1.3x 1.0x 11.1x 8.7x Median $ 9,668.6 89.6% 19.7% 23.7% 1.7x 1.5x 11.1x 10.5x

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 Summary Carriers and Content Providers AT&T, Inc. $ 184,292.6 $ 31.12 97.8% 1.1% 1.0% 1.9x 1.9x 6.3x 5.7x (continued) Verizon Communications Inc. 106,882.6 37.78 97.0% 4.8% 3.1% 1.9x 1.8x 5.7x 5.7x Comcast Corporation 72,502.0 26.21 99.9% 24.1% 16.2% 2.8x 2.5x 7.6x 6.9x DIRECTV 37,306.7 48.59 99.8% 10.6% 10.0% 1.8x 1.7x 7.0x 6.6x Time Warner Cable Inc. 26,283.1 78.13 99.8% 4.4% 4.2% 2.4x 2.3x 6.6x 6.4x Sprint Nextel Corporation 15,497.0 5.18 96.8% 2.8% (3.3%) 0.8x 0.8x 4.7x 5.0x Dish Network Corporation 11,136.6 25.04 99.9% 4.6% 10.9% 1.1x 1.0x 4.2x 4.1x Cablevision Systems Corporation 10,135.9 35.23 92.5% 7.8% 10.5% 3.1x 2.9x 8.9x 8.0x MetroPCS Communications, Inc. 6,021.6 16.83 97.7% 14.5% 17.8% 2.0x 1.9x 7.2x 6.3x Telephone & Data Systems Inc. 3,480.0 33.56 88.5% 0.9% (0.3%) 0.9x 0.9x 4.5x 4.4x Level 3 Communications Inc. 2,658.5 1.56 84.8% 2.5% 2.5% 2.4x 2.3x 10.8x 10.1x Global Crossing Ltd. 1,429.1 23.38 88.2% 6.5% 4.4% 1.0x 1.0x 6.6x 6.2x Clearwire Corporation 1,196.5 4.86 55.1% 122.0% NM 11.5x 6.3x NM NM Vonage Holdings Corporation 1,153.6 5.16 97.4% 0.3% 4.3% 1.5x 1.4x 8.3x 7.9x EarthLink Inc. 904.3 8.22 88.4% 111.4% 46.8% 1.3x 0.7x 4.6x 3.0x Median $ 10,135.9 97.0% 4.8% 4.4% 1.9x 1.8x 6.6x 6.3x

Infrastructure Services American Tower Corporation $ 20,747.7 $ 52.31 92.0% 16.8% 14.8% 12.4x 11.3x 19.6x 16.9x Crown Castle International Corporation 12,447.9 42.86 92.6% 6.6% 9.4% 10.0x 9.7x 16.5x 15.3x SBA Communications Corporation 4,423.9 38.63 86.9% 12.1% 15.0% 11.4x 10.5x 19.1x 16.7x Median $ 12,447.9 92.0% 12.1% 14.8% 11.4x 10.5x 19.1x 16.7x

Managed Services Rackspace Hosting, Inc $ 5,968.9 $ 46.19 99.3% 26.9% 28.5% 7.7x 6.1x 27.6x 18.0x Equinix, Inc. 4,715.0 100.66 93.7% 26.7% 28.8% 4.8x 4.1x 12.1x 9.2x SAVVIS, Inc. 2,263.7 39.36 100.0% 14.2% 26.3% 3.0x 2.8x 12.8x 10.1x Median $ 4,715.0 99.3% 26.7% 28.5% 4.8x 4.1x 12.8x 10.1x

Total Telecom Median $ 5,735.5 92.0% 14.2% 15.0% 2.5x 2.3x 10.9x 9.6x

23 Comparable Transactions Telecom

Date Date Enterprise LTM Multiples Recent M&A Announced Closed Target Acquirer Value (mm) Revenue EBITDA Activity 05/02/11 Pending Continuous Computing Corporation RadiSys Corporation $ 119.9 2.1 x NA 04/20/11 Pending Smoothstone IP Communications, Inc. West Corporation 120.0 NA NA 04/10/11 Pending Global Crossing Ltd. Level 3 Communications Inc. 2,508.5 1.0 x 6.3 x 04/07/11 04/07/11 Jingle Networks, Inc. Marchex, Inc. 61.2 NA NA 03/31/11 04/28/11 Ship Equip AS Inmarsat Plc 159.5 2.8 x NA 03/31/11 Pending Smartlink Network Systems, Digilink Business Schneider Electric India Private Ltd. 112.8 3.2 x NA 03/31/11 Pending Multi-links Telecom Ltd., CDMA Business Visafone Communications Limited NA NA NA 03/29/11 Pending Digital Telecommunications Phils Inc. Philippine Long Distance Telephone Co. NA NA NA 03/24/11 Pending 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 Capital Partners 180.5 1.5 x NA 03/22/11 Pending BelCompany BV Vodafone Libertel NV 170.4 0.7 x NA 03/22/11 Pending Ignis ASA Finisar Corp. 101.8 2.1 x 101.1 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 Prime Rich Holdings Limited 70.5 0.5 x NA 02/24/11 Pending 154 Towers SBA Communications Corp. 70.7 NA NA 02/23/11 03/10/11 Cable & Wireless Bermuda Ltd Bragg Group 70.0 NA NA 02/21/11 Pending Tollgrade Communications Inc. Golden Gate Capital 64.7 1.4 x 6.7 x 02/18/11 Pending Ukrtelecom ESU LLC 1,432.2 NA NA 02/15/11 03/04/11 CyberTech B.V. NICE Systems Ltd. 60.0 NA NA 02/13/11 Pending Hughes Communications, Inc. EchoStar Satellite Services, L.L.C. 1,941.5 1.9 x 9.3 x 02/01/11 Pending DBSD North America, Inc. Dish Network Corp. 1,400.0 NA NA 01/31/11 01/31/11 Benin Telecoms SA Maroc Telecom S.A. 54.0 NA NA 01/31/11 02/04/11 National Telecommum. Group of Companies Rostelecom OAO 1,428.6 NA NA 01/19/11 01/19/11 Nera Networks AS Ceragon (UK) Limited 48.2 NA NA 01/19/11 Pending Sonitel SA LAP Green Network 125.0 NA NA 01/11/11 02/24/11 The Cloud Networks Limited British Sky Broadcasting Group plc 79.5 NA NA 12/31/10 Pending 565 Towers In Brazil American Tower Corp. 420.0 NA NA 12/31/10 12/31/10 Grass Valley, Inc. Francisco Partners Management LLC 80.0 0.2 x NA 12/29/10 12/29/10 Neo-SKY 2002, SA Gala Capital Partners Advisors 41.6 NA 2.6 x 12/26/10 12/26/10 Telmex Colombia S.A. Comunicacion Celular S.A. 880.1 NA NA 12/22/10 12/28/10 Hafslund Fibernett AS EQT Partners AB; EQT V, L.P. 246.3 9.8 x 14.6 x 12/22/10 Pending Oasis Telecom, 729 Towers Helios Towers DRC 45.0 NA NA 12/20/10 Pending QUALCOMM, Spectrum Licenses AT&T, Inc. 1,925.0 NA NA 12/20/10 04/01/11 One Communications Corp. EarthLink Inc. 370.0 NA 4.7 x 12/16/10 Pending Mobyland sp. z.o.o. Narodowy Fundusz Inwestycyjny Midas S.A. 58.6 NA NA 12/08/10 Pending PT Hutchison CP Telecom., 1,000 Towers PT Profesional Telekomunikasi Indonesia 110.0 NA NA 12/06/10 Pending Aster Sp. z o.o. UPC Polska Sp. z o.o. 792.7 NA NA 12/06/10 01/14/11 Ceske Radiokomunikace a.s. Macquarie European Infrastructure Fund 762.0 NA NA 12/06/10 Pending MTN Ghana, 1,876 Communications Sites American Tower Corp. 428.4 NA NA 12/02/10 01/24/11 Invoice Inc. MBK Partners 223.7 0.2 x 4.7 x 12/02/10 02/10/11 The Bahamas Telecom. Company Limited Cable & Wireless Communications Plc 411.8 1.1 x 4.1 x 12/01/10 12/01/10 Starcomms Plc, 407 Base Stations SWAP Technologies and Telecomms Plc 81.4 NA NA 12/01/10 Pending Guangdong Nortel Telecom. Equipment Co. Ericsson (China) Communications Co. Ltd. 50.0 NA NA 11/23/10 12/31/10 GarrettCom, Inc. Belden, Inc. 52.0 1.3 x NA 11/16/10 12/27/10 Sistema Telecom Group Mobile Telesystems OJSC 429.1 NA NA 11/16/10 12/16/10 Trapeze Networks, Inc. Juniper Networks, Inc. 152.1 NA NA 11/10/10 12/17/10 Spiritel plc Daisy Group plc 63.0 1.8 x 28.1 x Median $ 137.5 1.4x 6.7x Note: Includes transactions over the last six months where implied enterprise value is over $40 million. Median statistics include transactions not being displayed.

Summary M&A Transaction Volume and Revenue Multiples

200 3.5x Statistics 3.1x

3.0x LTM RevenueMultiple 150 2.5x 2.1x 2.1x 2.1x 2.1x 1.9x 2.0x 1.8x 2.0x 100 1.5x 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 transactions where implied enterprise value is more than $40 million. 24 Selected HW&Co. TTDM Transactions

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

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 merged with has been acquired by has been acquired by has been acquired by GFI Energy Group a division 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 investment from

25 TTDM Group Overview and Disclosures

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