Epicor, Inc.

Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: EPIC
VALUATION MEASURES Market Cap (intraday)5: Enterprise Value (31-Mar-10) :
3

EPIC 584.12M 256.24M 106.86M 740.83M 409.62M 58.28M 220.54M 1.81 12.71

NetSuite, Inc. Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: N
VALUATION MEASURES

N 919.42M 1.18M 96.36M 817.30M 166.54M -11.05M 110.44M 4.91 -73.98

584.12M 740.83M N/A

1

Market Cap (intraday)5: Enterprise Value (31-Mar-10) :

3

919.42M 817.30M N/A

1

Trailing P/E (ttm, intraday): Forward P/E (fye 31-Dec-11) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

Trailing P/E (ttm, intraday): 15.17 Forward P/E (fye 31-Dec-11) : PEG Ratio (5 yr expected): 1.44 1.88 1.81 12.71 Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

80.78 6.87 5.48 8.66 4.91 -73.98

N/A

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year Fiscal Year Ends: Most Recent Quarter (mrq): Profitability Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness Return on Assets (ttm): Return on Equity (ttm): Income Statement Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm):

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year

31-Dec 31-Dec09

Fiscal Year Ends: Most Recent Quarter (mrq): Profitability

31-Dec 31-Dec-09

-0.30% 4.78%

Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness

-13.99% -12.92%

1.64% -0.42%

Return on Assets (ttm): Return on Equity (ttm): Income Statement

-6.52% -21.80%

409.62M 7.08 -8.20% 220.54M

Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm):

166.54M 2.69 3.80% 110.44M

EBITDA (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

58.28M -0.02 334.40%

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet

-11.05M -23.30M -0.38 N/A

Net Income Avl to Common (ttm): -1.24M

106.86M 1.75 256.24M N/A 1.41 5.14

Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement

96.36M 1.52 1.18M N/A 1.56 1.67

51.58M 46.08M

Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

4.76M 7.56M

Salesforce.com, Inc. Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: CRM
VALUATION MEASURES Market Cap (intraday)5: Enterprise Value (31-Mar-10) :
3

CRM 9.47B 470.93M 1.24B 8.82B 1.31B 158.55M 1.05B 6.75 55.61

Ness Technologies, Inc. Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: NSTC
VALUATION MEASURES

NSTC 241.56M 73.15M 69.29M 251.93M 547.35M 15.79M 136.56M 0.46 15.96

9.47B 8.82B 118.17

1

Market Cap (intraday)5: Enterprise Value (31-Mar-10) :

3

241.56M 251.93M N/A

1

Trailing P/E (ttm, intraday): Forward P/E (fye 31-Jan-12) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

Trailing P/E (ttm, intraday): Forward P/E (fye 31-Dec-11) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

45.67 1.89 7.34 9.19 6.75 55.61

11.91 2.05 0.45 0.71 0.46 15.96

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year Fiscal Year Ends: Most Recent Quarter (mrq): Profitability Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness Return on Assets (ttm): Return on Equity (ttm): Income Statement Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm): 1.05B 1.31B

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year

31-Jan 31-Jan-10

Fiscal Year Ends: Most Recent Quarter (mrq): Profitability

31-Dec 31-Dec-09

6.18% 8.83%

Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness

-9.58% -0.11%

3.66% 9.41%

Return on Assets (ttm): Return on Equity (ttm): Income Statement Revenue (ttm):

-0.05% -13.42%

547.35M 14.18 N/A 136.56M

10.49 22.30%

Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm):

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

158.55M 80.72M 0.63 48.30%

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet

15.79M -49.85M -1.36 N/A

1.24B 9.77 470.93M N/A 1.88 8.21

Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement

69.29M 1.81 73.15M N/A 1.37 9.15

270.91M 175.37M

Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

60.22M 38.34M

Oracle Corp. Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: ORCL
VALUATION MEASURES Market Cap (intraday)5: Enterprise Value (31-Mar-10) :
3

ORCL 128.94B 15.72B 17.49B 126.31B 24.18B 11.32B 18.46B 5.23 11.16

SAP AG Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: SAP
VALUATION MEASURES

SAP 57.26B N/A N/A 56.87B N/A N/A 10.20B NaN N/A

128.94B 126.31B 22.98

1

Market Cap (intraday)5: Enterprise Value (31-Mar-10) :

3

57.26B 56.87B N/A

1

Trailing P/E (ttm, intraday): Forward P/E (fye 31-May-11) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

Trailing P/E (ttm, intraday): Forward P/E (fye 31-Dec-11) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

13.6 1.11 5.3 4.44 5.23 11.16

15.44 1.32 N/A N/A NaN N/A

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year Fiscal Year Ends: Most Recent Quarter (mrq): Profitability Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness Return on Assets (ttm): Return on Equity (ttm): Income Statement Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm):

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year

31-May 28-Feb-10

Fiscal Year Ends: Most Recent Quarter (mrq): Profitability

31-Dec 31-Dec09

23.42% 38.28%

Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness

16.38% N/A

11.09% 21.81%

Return on Assets (ttm): Return on Equity (ttm): Income Statement

12.71% 22.34%

24.18B 4.83 17.40% 18.46B

Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm):

N/A N/A -8.80% 10.20B

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

11.32B 5.66B 1.12 -10.50%

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet

N/A N/A N/A -15.10%

17.49B 3.49 15.72B N/A 1.68 5.75

Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement

N/A N/A N/A N/A 1.54 0

8.18B 8.09B

Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

N/A N/A

CA, Inc. Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: CA
VALUATION MEASURES Market Cap (intraday)5: Enterprise Value (31-Mar-10) :
3

CA 12.21B 1.55B 2.62B 11.11B 4.29B 1.48B 3.67B 2.59 7.51

Adobe Systems, Inc. Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: ADBE
VALUATION MEASURES

ADBE 18.54B 1.49B 2.67B 17.52B 3.02B 982.31M 2.65B 5.81 17.84

12.21B 11.11B 16.59

1

Market Cap (intraday)5: Enterprise Value (31-Mar-10) :

3

18.54B 17.52B 52.63

1

Trailing P/E (ttm, intraday): Forward P/E (fye 31-Mar-11) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

Trailing P/E (ttm, intraday): Forward P/E (fye 27-Nov-11) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm) :
3

12.62 1.26 2.84 2.4 2.59 7.51

16.76 1.25 6.2 3.62 5.81 17.84

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year Fiscal Year Ends: Most Recent Quarter (mrq): Profitability Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness Return on Assets (ttm): Return on Equity (ttm): Income Statement Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm): 3.67B 4.29B

Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year

31-Mar 31-Dec-09

Fiscal Year Ends: Most Recent Quarter (mrq): Profitability

27-Nov 5-Mar-10

17.69% 30.60%

Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness

11.84% 23.19%

7.35% 16.32%

Return on Assets (ttm): Return on Equity (ttm): Income Statement Revenue (ttm):

6.33% 7.30%

3.02B 5.76 9.20% 2.65B

8.32 8.30%

Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm):

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

1.48B 758.00M 1.42 23.60%

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet

982.31M 357.23M 0.67 -18.70%

2.62B 5.05 1.55B N/A 1.31 9.75

Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement

2.67B 5.1 1.49B N/A 3.53 9.87

1.37B 727.25M

Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

1.01B 828.49M

Intuit Ticker Market Cap Debt Cash Enterprise Value Revenue EBITDA Gross Profit EV/Rev: EV/EBITDA: INTU
VALUATION MEASURES Market Cap (intraday)5: Enterprise Value (31-Mar-10) :
3

INTU 10.77B 998.00M 946.00M 10.84B 3.26B 976.73M 2.51B 3.33 11.1

10.77B 10.84B 24.51

1

Trailing P/E (ttm, intraday): Forward P/E (fye 31-Jul-11) : PEG Ratio (5 yr expected): Price/Sales (ttm): Price/Book (mrq): Enterprise Value/Revenue (ttm)3: Enterprise Value/EBITDA (ttm)3: FINANCIAL HIGHLIGHTS Fiscal Year Fiscal Year Ends: Most Recent Quarter (mrq): Profitability Profit Margin (ttm): Operating Margin (ttm): Management Effectiveness Return on Assets (ttm): Return on Equity (ttm): Income Statement Revenue (ttm): Revenue Per Share (ttm): Qtrly Revenue Growth (yoy): Gross Profit (ttm):

15.25 1.23 3.31 4.76 3.33 11.1

31-Jul 31-Jan10

14.12% 21.21%

9.42% 19.77%

3.26B 10.19 8.30% 2.51B

EBITDA (ttm): Net Income Avl to Common (ttm): Diluted EPS (ttm): Qtrly Earnings Growth (yoy): Balance Sheet Total Cash (mrq): Total Cash Per Share (mrq): Total Debt (mrq): Total Debt/Equity (mrq): Current Ratio (mrq): Book Value Per Share (mrq): Cash Flow Statement Operating Cash Flow (ttm): Levered Free Cash Flow (ttm):

976.73M 424.04M 1.4 34.10%

946.00M 3.01 998.00M N/A 1.42 7.23

974.36M 719.53M

Comparable Public Company Analysis

Enterprise Software and Services
($ in millions) Company Name Epicor, Inc. NetSuite, Inc. Salesforce.com, Inc. Ness Technologies, Inc. Oracle Corp. SAP AG CA, Inc. Adobe Systems, Inc. Intuit Mean Median Ticker EPIC N CRM NSTC ORCL SAP CA ADBE INTU Market Enterprise Cap (1) Value 584.1 919.4 9,470.0 241.6 128,940.0 57,260.0 12,210.0 18,540.0 10,770.0 740.8 817.3 8,820.0 251.9 126,310.0 56,870.0 11,110.0 17,520.0 10,840.0 Trailing Twelve Month TTM Revenue 409.6 166.5 1,310.0 547.4 24,180.0 10,670.0 4,290.0 3,020.0 3,260.0 $5,317.1 $3,020.0 TTM EBITDA 58.3 (11.1) 158.6 15.8 11,320.0 2,640.0 1,480.0 982.3 976.7 $1,957.8 $976.7 Gross Profit $220.5 $110.4 $1,050.0 $136.6 $18,460. 0 $10,200. 0 $3,670.0 $2,650.0 $2,510.0 $4,334. 2 $2,510. 0

$26,548.3 $25,920.0 $10,770.0 $10,840.0

Raw Data Pulled from Data Sheet ($ in millions) Company Name Epicor, Inc. NetSuite, Inc. Salesforce.com, Inc. Ness Technologies, Inc. Oracle Corp. SAP AG CA, Inc. Adobe Systems, Inc. Intuit Mean Median Ticker EPIC N CRM NSTC ORCL SAP CA ADBE INTU Market Cap (1) 584.12M (9.47B ) (128.94B ) (57.26B ) (12.21B ) (18.54B ) (10.77B ) #DIV/0! #VALUE! Enterprise Value 740.83M (8.82B ) (126.31B ) (56.87B ) (11.11B ) (17.52B ) (10.84B ) #DIV/0! #VALUE! Trailing Twelve Month TTM Revenue TTM EBITDA Gross Profit 220.54M 110.44M 1.05B 136.56M 18.46B 10.20B 3.67B 2.65B 2.51B #DIV/0! #VALUE !

(919.42M ) (817.30M ) (241.56M ) (251.93M )

409.62M 58.28M (166.54M (-11.05M ) ) (1.31B ) (158.55M ) (547.35M (15.79M ) ) (24.18B ) (11.32B ) (N/A ) (4.29B ) (N/A ) (1.48B )

(3.02B ) (982.31M ) (3.26B ) (976.73M ) #DIV/0! #VALUE! #DIV/0! #VALUE!

DATA CURRENT AS OF: 3/31/2010

Margins Gross EBITDA Margin Margin 53.8% 66.3% 80.2% 24.9% 76.3% 95.6% 85.5% 87.7% 77.0% 71.9% 77.0% 14.2 % (6.6)% 12.1 % 2.9 % 46.8 % 24.7 % 34.5 % 32.5 % 30.0 % 21.2% 24.7%

EV as a Multiple of TTM Revenu TTM e EBITDA 1.8 4.9 6.7 0.5 5.2 5.3 2.6 5.8 3.3 4.0 4.9 12.7 nmf 55.6 16.0 11.2 21.5 7.5 17.8 11.1 19.2 14.3

Margins Gross EBITDA Margin Margin ### #VALUE! ### #VALUE! ### #VALUE! ### #VALUE! ### #VALUE! ### #VALUE! ### #VALUE! ### #VALUE! ### #VALUE! ### ###

EV as a Multiple of TTM Revenu TTM e EBITDA 1.8 4.9 6.8 0.5 5.2 NaN 2.6 5.8 3.3 3.9 4.1 12.7 -74.0 55.6 16.0 11.2 N/A 7.5 17.8 11.1 7.2 11.9