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June 2011 Select M&A Transactions and Financial and Stock Market Performance Public Software Companies By Product Category Public SaaS Companies Public Internet Companies By Product Category

Software Equity Group, L.L.C. 12220 El Camino Real, #320 San Diego, CA 92130 p: (858) 509-2800 f: (858) 509-2818 info@softwareequity.com

ABOUT OUR FIRM Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has represented and guided private companies throughout the United States and Canada, as well as Europe, Asia Pacific, Africa and Israel. We have advised public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also represents several of the world's leading private equity firms. We were recently ranked among the top ten investment banks worldwide for application software mergers and acquisitions. Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value. THE SEG SOFTWARE COMPANY MENTORING PROGRAM As part of our informal mentoring program, we are currently guiding and advising some fifty software companies around the globe that are not yet exit candidates, but aspire to be in the next few years. We meet with them periodically, invite them to call whenever theyd like our opinion on an operational issue that might have exit implications later on, and we keep them apprised of M&A activity and fi h i d f i i d financings i their product category. A d the b i in h i d And h best news we d charge f this mentoring advice. I complimentary. I our way of b ildi dont h for hi i d i Its li Its f building value, and relationships. Were looking for a few more such relationships. We begin with an introductory phone call with companies interested in being mentored, followed by a more in-depth telephone conversation. Well then invite qualified candidates to meet personally with four or five members of our team at our San Diego office. During this three to four hour sit-down, well discuss the current market, specifically as it relates to valuations, transactions and trends in your product category. Well assess the strengths and weakness of your financial performance, how that compares to other software companies your size, and how that relates to buyer expectations. Well discuss your market strategy, sales strategy, sales team track record, software and maintenance pricing strategies, equity structure, and a wide array of other factors that can materially impact your salability and valuation down the road. Were a terrific sounding board. Well give you an informed, honest and frank opinion thats what were known for. And well offer informed and insightful observations, ideas and options based on 17 years of working with countless software companies worldwide. If you run a profitable software company with revenue in excess of $10 million, and youre interested in learning more about SEGs complimentary, no obligation mentoring program, please contact Kris Beible at kbeible@softwareequity.com or 858-509-2800. ADDITIONAL RESEARCH For our complimentary current and archived Quarterly Reports from 1Q03, please visit: http://www.softwareequity.com/research_quarterly_reports.aspx For our complimentary current and archived Monthly Flash Reports from July 2008, please visit: http://www.softwareequity.com/research_flash_reports.aspx For our Annual Reports from 2003 through 2010, please visit: http://www.softwareequity.com/research_annual_reports.aspx

CAD CAM CRM EBITDA EV FCF FORWARD HR NASDAQ OS PLM R&D S&P SaaS SEG SG&A SW TTM YoY YTD Computer-aided Design Computer-aided Manufacturing Customer Relationship Management Earnings before Interest, Taxes, Depreciation, and Amortization Enterprise Value Free Cash Flow Current EV / Next Four Quarters' Consensus Financial Estimates Human Resources National Association of Securities Dealers Automated Quotation System Operating System Product Lifecycle Management Research and Development Standard & Poor's Software-as-a-Service Software Equity Group Selling, General, & Administrative Software Trailing Twelve Month Year-over-Year Year-to-date

Date Announced

05/31/2011 05/31/2011 05/31/2011 05/30/2011 05/26/2011 05/24/2011 05/24/2011 05/23/2011 05/23/2011 05/23/2011 05/23/2011 05/23/2011 05/19/2011 05/19/2011 05/18/2011 05/17/2011 05/17/2011 05/16/2011 05/16/2011 05/16/2011 05/16/2011 05/16/2011 05/15/2011 05/12/2011 05/12/2011 05/11/2011 05/11/2011 05/11/2011 05/10/2011 05/10/2011 05/10/2011 05/10/2011 05/10/2011 05/09/2011 05/09/2011 05/09/2011 05/06/2011 05/05/2011 05/04/2011 05/04/2011 05/04/2011 05/04/2011 05/03/2011 05/03/2011 05/03/2011 05/02/2011 05/02/2011 05/02/2011

Acquirer

Software AG (XTRA:SOW) VMware, Inc. (NYSE:VMW) 24 Mobile Advertising Solutions AB Perfect World Co., Ltd. (NasdaqGS:PWRD) Reply! Inc. Twitter, Inc. DealerTrack/AAX, Inc. BUMP Network, Inc. Jive Software, Inc. Software AG (XTRA:SOW) Conduit Ltd. Millennial Media, Inc. Symantec Corporation (NasdaqGS:SYMC) Accelrys Software Inc. Glam Media, Inc. PubMatic, Inc. SPS Commerce, Inc. (NasdaqGM:SPSC) Yahoo! Inc. (NasdaqGS:YHOO) VMware, Inc. (NYSE:VMW) Symphony Technology Group Trimble Navigation Limited (NasdaqGS:TRMB) Thomson Reuters Corporation (TSX:TRI) Autonomy Corp. plc (LSE:AU.) 24 Mobile Advertising Solutions AB Cerner Corporation (NasdaqGS:CERN) Buddy Media, Inc. Thoma Bravo, LLC WebMediaBrands Inc (NasdaqGS:WEBM) Motorola Mobility Holdings, Inc. (NYSE:MMI) Nuance Communications, Inc. (NasdaqGS:NUAN) Cadence Design Systems Inc. (NasdaqGS:CDNS) GetJar Networks Inc. Longtop Financial Technologies Limited (NYSE:LFT) Limelight Networks, Inc. (NasdaqGS:LLNW) AVOS Systems, Inc. Zynga, Inc. 3D Systems Corp. (NYSE:DDD) Quest Software Inc. (NasdaqGS:QSFT) Cap Gemini S.A. (ENXTPA:CAP) International Game Technology (NYSE:IGT) SDL plc (LSE:SDL) Warner Bros. Home Entertainment Group Paychex Inc. (NasdaqGS:PAYX) Electronic Arts Inc. (NasdaqGS:ERTS) Electronic Arts Inc. (NasdaqGS:ERTS) Limelight Networks, Inc. (NasdaqGS:LLNW) Kronos Incorporated Research In Motion Limited (TSX:RIM)

Target

Metismo Ltd. Event Robot, Inc. Spoiled Milk ApS Cryptic Studios, Inc. MerchantCircle, Inc. TweetDeck Inc. eCarList, LLC Bump Mobile Inc Offisync Corp. Terracotta, Inc. Modular Patterns Ltd. Condaptive Clearwell Systems, Inc. Contur Software AB babyworld.com Ltd. ReviNet, Inc. Direct EDI, Inc. 5to1 Holding Corp. (OTCPK:FTOH) Shavlik Technologies, LLC IBS AB (OM:IBS B) Dynamic Survey Solutions Inc. Global Objectives Ltd. Iron Mountain Inc., Key Assets Selatra Limited Resource Systems Spinback, Inc. Tripwire, Inc. Inside Network, Inc. SunUp Digital Systems, Inc. Equitrac Corporation Altos Design Automation, Inc. Infrinity Inc. InfoPower Asia Pacific AcceloWeb Ltd. Tap11, Inc. Sapus Media The3dStudio.com, Inc. RemoteScan Corporation BI Consulting Group, LLC Entraction Holding AB (OM:ENT B) Calamares Group B.V. Flixster, Inc. ePlan Services, Inc Firemint Pty Ltd. Mobile Post Production, Inc. Clickability, Inc. Principal Decision Systems International, Inc. Ubitexx GmbH

$7.0 $4.5 $0.8 $204.4 $86.2 $18.7 $52.5 -

$50.0 $60.0 $45.3 $45.0 $390.0 $13.1 $9.8 $26.4 $28.3 $380.0 $14.9 $157.0 $88.7 $10.0 6.5x 2.2x 33.8x 0.1x 1.7x -

Category Name SEG Software Index Billing & Service Management Business Intelligence Content/Document Management Data Management & Integration Development Tools & Open Source Education & eLearning Electronic Design Automation Engineering, PLM & CAD/CAM Software Enterprise Resource Planning Financial Services Healthcare IT Conglomerates Mobile Solutions/Content Multimedia, Graphics, Digital Media Networking & Networking Performance Mgmt. Security Storage & Systems Management Software Supply Chain Management & Logistics Vertical - Finance Vertical - Other Video Games Workforce & Service Management Market Cap $1,137.3 $920.1 $1,480.5 $12,320.9 $5,373.6 $8,415.8 $318.5 $466.1 $2,765.1 $1,829.1 $1,080.4 $602.9 $173,170.9 $295.7 $671.2 $988.0 $995.5 $14,770.8 $388.2 $1,493.9 $1,016.8 $2,195.1 $813.2 EV $1,035.7 $909.2 $1,340.5 $11,610.5 $4,986.8 $7,555.2 $327.1 $445.3 $2,505.6 $1,759.6 $737.3 $685.0 $164,009.9 $310.1 $638.0 $855.5 $838.5 $14,472.8 $284.1 $1,647.6 $1,014.9 $2,054.7 $1,105.0 TTM Revenue $353.4 $291.2 $304.8 $2,478.4 $733.6 $909.3 $192.1 $139.3 $602.2 $755.2 $251.4 $199.2 $68,615.0 $135.9 $573.6 $161.0 $414.4 $3,067.5 $213.8 $339.7 $315.2 $2,125.1 $415.6 TTM Gross Margin 68.8% 51.4% 79.3% 70.4% 74.4% 78.1% 81.4% 81.7% 83.9% 62.2% 55.2% 62.3% 62.2% 65.6% 66.6% 79.2% 82.7% 76.6% 55.2% 52.8% 56.5% 47.4% 63.5% TTM EBITDA Margin 19.5% 22.4% 10.0% 27.4% 23.3% 29.1% 22.8% 10.4% 20.2% 17.8% 20.4% 23.3% 26.0% 11.9% 20.1% 24.7% 22.1% 21.8% 10.2% 31.6% 18.8% 9.5% 16.2% TTM Revenue Growth EV/ Revenue 14.4% 2.7x 13.1% 2.0x 26.6% 4.4x 16.5% 3.5x 24.5% 3.5x 31.5% 2.7x 12.0% 3.0x 13.2% 2.2x 12.2% 3.8x 10.5% 2.3x 7.4% 2.5x 20.8% 4.0x 13.6% 2.2x 17.7% 2.3x 15.0% 4.1x 23.2% 5.0x 12.3% 2.9x 11.9% 3.1x 7.5% 2.1x 18.1% 4.6x 12.4% 3.2x -1.0% 1.0x 10.6% 2.7x EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 12.9x 2.5x 9.6x 8.2x 1.6x 7.7x 47.9x 3.4x 22.7x 12.1x 2.8x 9.9x 15.5x 3.2x 13.3x 9.7x 3.2x 8.9x 18.7x 2.7x 11.7x 20.7x 1.7x 7.5x 17.0x 3.8x 14.0x 12.0x 2.2x 9.2x 10.7x 2.2x 8.4x 19.0x 2.9x 10.0x 5.9x 2.1x 5.7x 11.9x 1.7x 7.8x 27.4x 3.9x 10.0x 27.2x 4.2x 16.0x 14.3x 2.7x 11.9x 12.5x 2.4x 8.8x 11.7x 2.0x 9.3x 13.2x 4.1x 11.0x 14.2x 3.1x 13.0x 10.6x 1.1x 7.2x 20.0x 2.5x 13.3x YoY Stock Market Return 34.9% 1.5% 89.7% 43.9% 44.1% 48.8% -26.1% 32.6% 46.5% 39.7% 33.4% 19.0% -3.1% 13.0% 29.6% 71.5% 24.1% 47.0% 23.9% 29.3% 39.4% 32.8% 92.0%

Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY)

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

14.4% 19.1% 20.3% 68.8% 19.5% 9.6% 35.6% 13.7%

DOW S&P NASDAQ SEG SW Index

Company Name Amdocs Limited AsiaInfo Holdings, Inc. CSG Systems International, Inc. Evolving Systems, Inc. MIND C.T.I. Ltd. Synchronoss Technologies, Inc. Ticker DOX ASIA CSGS EVOL MNDO SNCR Median: Market Cap $5,651.3 $1,316.7 $624.9 $75.0 $61.8 $1,215.2 $920.1 EV $4,494.8 $1,022.3 $796.2 $58.1 $46.4 $1,035.7 $909.2 TTM Revenue $3,079.6 $398.6 $602.2 $36.2 $19.4 $183.8 $291.2 TTM Gross Margin 35.4% 46.6% 52.0% 65.5% 69.7% 50.9% 51.4% TTM EBITDA Margin 19.3% 25.5% 26.0% 18.1% 32.2% 15.3% 22.4% TTM Revenue Growth EV/ Revenue 7.4% 1.5x 79.5% 2.6x 18.7% 1.3x -7.4% 1.6x 3.5% 2.4x 36.8% 5.6x 13.1% 2.0x EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 7.6x 1.4x 6.8x 10.1x 2.1x 7.9x 5.1x 1.0x 4.5x 8.9x 1.6x 7.7x 7.4x n/a n/a 36.7x 4.5x 17.6x 8.2x 1.6x 7.7x YoY Stock Market Return 6.8% -16.3% -7.0% -3.9% 46.5% 57.0% 1.5%

Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY)

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Billing and Service Management Software Stock Market Return: Jan - May 2011

20%

15%

10%

2.4 2.2 22.6% 84 32 0.7

5%

0%

4.3% -20.1% -219.7% 85.4% -4.0%

-5%

Billing and Service Management S&P NASDAQ SEG SW Index

Company Name Actuate Corporation Informatica Corporation MicroStrategy Incorporated Pegasystems Inc. PROS Holdings Qlik Technologies Ticker BIRT INFA MSTR PEGA PRO QLIK Median: Market Cap $250.3 $6,204.9 $1,565.4 $1,395.6 $449.9 $2,684.1 $1,480.5 EV $208.1 $5,652.2 $1,362.3 $1,318.8 $388.0 $2,507.3 $1,340.5 TTM Revenue $134.5 $683.0 $483.2 $363.9 $75.1 $245.8 $304.8 TTM Gross Margin 83.0% 83.9% 75.7% 60.9% 74.6% 89.0% 79.3% TTM EBITDA Margin 19.6% 24.2% 10.5% 5.9% 7.2% 9.4% 10.0% TTM Revenue Growth EV/ Revenue 12.9% 1.5x 29.7% 8.3x 23.6% 2.8x 31.5% 3.6x 10.3% 5.2x 40.7% 10.2x 26.6% 4.4x EV/ Forward EBITDA EV/ Revenue 7.9x 1.5x 34.2x 7.1x 26.8x 2.5x 61.7x 2.9x 72.0x 3.9x 108.5x 7.8x 47.9x 3.4x Forward EV/ EBITDA 6.7x 25.7x 20.9x 19.5x 24.6x 48.3x 22.7x YoY Stock Market Return 21.2% 127.4% 89.7% 24.9% 154.2% n/a 89.7%

Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY)

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

26.6% -20.5% -35.3% 79.3% 10.0% 7.9% 44.0% 16.6% 35% 30% 25% 20% 15% 2.0 1.8 13.0% 72 25 0.5 10% 5% 0% -5% -10%

Business Intelligence S&P NASDAQ SEG SW Index

Company Name Adobe Systems Incorporated Autonomy Corp. EasyLink Services International EMC IBM Open Text Corporation Ticker ADBE LSE:AU. ESIC EMC IBM OTEX Median: Market Cap $17,469.4 $7,172.4 $121.1 $58,579.0 $204,608.0 $3,734.7 $12,320.9 EV $16,353.0 $6,867.9 $216.0 $57,240.9 $221,690.0 $3,795.5 $11,610.5 TTM Revenue $3,969.0 $896.0 $137.9 $17,732.1 $101,619.0 $987.9 $2,478.4 TTM Gross Margin 89.4% 87.1% 66.8% 59.3% 46.1% 74.0% 70.4% TTM EBITDA Margin 35.8% 45.0% 24.6% 21.8% 24.7% 30.1% 27.4% TTM Revenue Growth EV/ Revenue 31.5% 4.1x 11.4% 7.7x 67.8% 1.6x 20.1% 3.2x 4.9% 2.2x 12.9% 3.8x 16.5% 3.5x EV/ Forward EBITDA EV/ Revenue 11.5x 3.9x 17.0x n/a 6.4x 2.6x 14.8x 2.8x 8.8x 2.1x 12.8x 3.4x 12.1x 2.8x Forward EV/ EBITDA 9.6x n/a n/a 10.3x 8.5x 11.2x 9.9x YoY Stock Market Return 7.9% 16.6% 58.3% 52.9% 34.9% 53.2% 43.9%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Content and Document Management Software Stock Market Return: Jan - May 2011

16.5% 33.7% 102.6% 70.4% 27.4% 14.9% 31.6% 12.2% 25%

20%

15%

10%

5%

-5%

Content and Document Management S&P NASDAQ SEG SW Index

Company Name Guidance Software, Inc. IBM Informatica Corporation Oracle Corporation Pervasive Software Inc. TIBCO Software Inc. Ticker GUID IBM INFA ORCL PVSW TIBX Median: Market Cap $203.3 $204,608.0 $6,204.9 $173,170.9 $103.9 $4,542.3 $5,373.6 EV $178.3 $221,690.0 $5,652.2 $164,009.9 $66.4 $4,321.4 $4,986.8 TTM Revenue $96.1 $101,619.0 $683.0 $34,352.0 $46.5 $784.3 $733.6 TTM Gross Margin 71.4% 46.1% 83.9% 75.3% 86.5% 73.5% 74.4% TTM EBITDA Margin -0.5% 24.7% 24.2% 39.7% 9.2% 22.5% 23.3% TTM Revenue Growth EV/ Revenue 27.1% 1.9x 4.9% 2.2x 29.7% 8.3x 42.1% 4.8x -0.3% 1.4x 21.9% 5.5x 24.5% 3.5x EV/ Forward EBITDA EV/ Revenue n/a 1.7x 8.8x 2.1x 34.2x 7.1x 12.0x 4.3x 15.5x 1.3x 24.5x 4.9x 15.5x 3.2x Forward EV/ EBITDA 169.5x 8.5x 25.7x 8.9x 9.7x 17.0x 13.3x YoY Stock Market Return 36.6% 34.9% 127.4% 51.6% 33.8% 146.2% 44.1%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Data Management and Integration Software Stock Market Return: Jan - May 2011

24.5% 28.2% 30.3% 74.4% 23.3% 12.4% 41.2% 16.5% 25%

20%

15%

10%

5%

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Data Management and Integration S&P NASDAQ SEG SW Index

Company Name Adobe Systems Incorporated BSQUARE Corporation Magic Software Enterprises Ltd. Microsoft Corporation Oracle Corporation Progress Software Corporation Red Hat, Inc. Ticker ADBE BSQR MGIC MSFT ORCL PRGS RHT Median: Market Cap $17,469.4 $68.2 $197.5 $210,903.5 $173,170.9 $1,814.2 $8,415.8 $8,415.8 EV $16,353.0 $47.8 $149.0 $175,351.5 $164,009.9 $1,444.0 $7,555.2 $7,555.2 TTM Revenue $3,969.0 $105.8 $94.4 $68,615.0 $34,352.0 $535.8 $909.3 $909.3 TTM Gross Margin 89.4% 23.2% 41.3% 78.1% 75.3% 85.0% 83.5% 78.1% TTM EBITDA Margin 35.8% 7.9% 16.2% 43.9% 39.7% 29.1% 21.3% 29.1% TTM Revenue Growth EV/ Revenue 31.5% 4.1x 63.7% 0.5x 53.9% 1.6x 15.2% 2.6x 42.1% 4.8x 7.0% 2.7x 21.5% 8.3x 31.5% 2.7x EV/ Forward EBITDA EV/ Revenue 11.5x 3.9x 5.7x n/a 9.7x 1.3x 5.8x 2.4x 12.0x 4.3x 9.3x 2.5x 39.0x 7.1x 9.7x 3.2x Forward EV/ EBITDA 9.6x n/a n/a 5.7x 8.9x 7.1x 23.7x 8.9x YoY Stock Market Return 7.9% 156.6% 143.8% -3.1% 51.6% 27.1% 48.8% 48.8%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Development Tools and Open Source Software Stock Market Return: Jan - May 2011

31.5% 43.6% 51.4% 78.1% 29.1% 12.4% 26.5% 13.0% 15%

10%

5%

0%

-5%

-15%

Development Tools and Open Source S&P NASDAQ SEG SW Index

Company Name Archipelago Learning, Inc. Blackboard Inc. Renaissance Learning, Inc. Rosetta Stone, Inc. Ticker ARCL BBBB RLRN RST Median: Market Cap $279.4 $1,511.6 $342.4 $294.6 $318.5 EV $323.7 $1,622.7 $330.4 $173.9 $327.1 TTM Revenue $63.4 $465.0 $131.4 $252.8 $192.1 TTM Gross Margin 90.8% 68.8% 79.4% 83.5% 81.4% TTM EBITDA Margin 26.9% 18.6% 28.9% -0.5% 22.8% TTM Revenue Growth EV/ Revenue 39.7% 5.1x 18.7% 3.5x 5.2% 2.5x -4.6% 0.7x 12.0% 3.0x EV/ Forward EBITDA EV/ Revenue 19.0x 4.4x 18.7x 2.9x 8.7x 2.4x n/a 0.6x 18.7x 2.7x Forward EV/ EBITDA 20.0x 11.7x 8.0x n/a 11.7x YoY Stock Market Return -26.9% 7.6% -25.3% -46.6% -26.1%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Education and eLearning Software Stock Market Return: Jan - May 2011

12.0% -0.6% -49.3% 81.4% 22.8% 2.8% 52.8% 11.1% 15%

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Education & eLearning S&P NASDAQ SEG SW Index

Company Name Cadence Design Systems, Inc. Magma Design Automation, Inc. Mentor Graphics Corporation PDF Solutions, Inc. Synopsys, Inc. Ticker SCIL LAVA MENT PDFS SNPS Median: Market Cap $58.8 $466.1 $1,505.9 $177.3 $4,010.2 $466.1 EV $46.4 $445.3 $1,609.3 $138.0 $3,169.7 $445.3 TTM Revenue $42.8 $139.3 $964.2 $61.4 $1,470.7 $139.3 TTM Gross Margin 74.0% 86.0% 85.7% 61.1% 81.7% 81.7% TTM EBITDA Margin -9.0% 10.4% 15.5% 7.4% 20.1% 10.4% TTM Revenue Growth EV/ Revenue -25.9% 1.1x 13.2% 3.2x 22.1% 1.7x 14.8% 2.2x 8.8% 2.2x 13.2% 2.2x EV/ Forward EBITDA EV/ Revenue n/a 1.0x 30.7x 2.8x 10.8x 1.6x 30.5x 1.7x 10.7x 2.0x 20.7x 1.7x Forward EV/ EBITDA n/a 9.9x 7.8x 6.2x 7.3x 7.5x YoY Stock Market Return -41.2% 125.9% 46.1% 32.6% 27.6% 32.6%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Electronic Design Automation Software Stock Market Return: Jan - May 2011

13.2% 124.5% 2.2% 81.7% 10.4% -0.1% 43.9% 30.1% 35%

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-5%

Electronic Design Automation S&P NASDAQ SEG SW Index

Company Name ANSYS, Inc. Autodesk, Inc. Cimatron Ltd. Dassault Systmes GSE Systems Inc. Parametric Technology Corporation Stratasys, Inc. Ticker ANSS ADSK CIMT DSY GVP PMTC SSYS Median: Market Cap $5,267.0 $9,876.9 $31.2 $10,290.3 $44.8 $2,765.1 $743.8 $2,765.1 EV $4,870.7 $8,527.1 $18.8 $9,035.3 $25.4 $2,505.6 $699.4 $2,505.6 TTM Revenue $602.2 $2,005.5 $37.1 $2,356.1 $48.3 $1,046.8 $128.4 $602.2 TTM Gross Margin 88.3% 90.0% 83.9% 86.2% 23.7% 69.5% 50.6% 83.9% TTM EBITDA Margin 48.7% 20.2% 11.1% 29.9% -0.3% 13.8% 23.2% 20.2% TTM Revenue Growth EV/ Revenue 12.2% 8.1x 13.8% 4.3x 12.2% 0.5x 32.5% 3.8x 12.0% 0.5x 7.8% 2.4x 24.4% 5.4x 12.2% 3.8x EV/ Forward EBITDA EV/ Revenue 16.6x 7.2x 21.0x 3.8x 4.6x n/a 12.8x n/a n/a 0.5x 17.4x 2.1x 23.5x 4.1x 17.0x 3.8x Forward EV/ EBITDA 13.8x 14.2x n/a n/a n/a 9.8x 16.0x 14.0x YoY Stock Market Return 31.2% 46.9% 141.7% 46.5% -52.5% 41.3% 51.3% 46.5%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Engineering, PLM & CAD/CAM Software Stock Market Return: Jan - May 2011

12.2% 42.1% 44.7% 83.9% 20.2% 11.5% 39.1% 17.9% 16% 14% 12% 10% 8% 2.2 2.0 13.7% 86 70 0.6 6% 4% 2% 0% 14.5% 28.1% -53.4% 26.7% 17.3% -2% -4%

Engineering, PLM & CAD/CAM S&P NASDAQ SEG SW Index

Company Name CDC Software Corporation Deltek Intuit Inc. Lawson Software, Inc. Oracle Corporation QAD Inc. SAP Ticker CDCS PROJ INTU LWSN ORCL QADA SAP Median: Market Cap $133.3 $485.6 $16,330.3 $1,829.1 $173,170.9 $171.2 $73,480.7 $1,829.1 EV $99.0 $612.9 $15,500.3 $1,759.6 $164,009.9 $114.1 $72,580.7 $1,759.6 TTM Revenue $214.7 $295.8 $3,795.0 $755.2 $34,352.0 $228.6 $18,406.0 $755.2 TTM Gross Margin 54.8% 62.2% 83.1% 58.0% 75.3% 57.4% 69.9% 62.2% TTM EBITDA Margin 13.7% 8.8% 32.7% 17.8% 39.7% 7.7% 34.8% 17.8% TTM Revenue Growth EV/ Revenue 5.2% 0.5x 10.5% 2.1x 12.4% 4.1x 4.1% 2.3x 42.1% 4.8x 8.3% 0.5x 20.4% 3.9x 10.5% 2.3x EV/ Forward EBITDA EV/ Revenue 3.4x 0.4x 23.4x 1.6x 12.5x 3.7x 13.1x 2.2x 12.0x 4.3x 6.5x 0.5x 11.3x 3.5x 12.0x 2.2x Forward EV/ EBITDA 3.1x 8.3x 9.7x 10.3x 8.9x n/a 9.5x 9.2x YoY Stock Market Return -43.4% -6.6% 51.0% 35.0% 51.6% n/a 44.5% 39.7%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Enterprise Resource Planning Software Stock Market Return: Jan - May 2011

10.5% 13.4% 16.7% 62.2% 17.8% 6.0% 35.6% 14.1% 18% 16% 14% 12% 10% 8% 1.3 1.0 14.4% 68 49 0.2 6% 4% 2% 0% 15.4% 3.0% 1.0% 32.2% -5.6% -2% -4%

Enterprise Resource Planning S&P NASDAQ SEG SW Index

Company Name ACI Worldwide, Inc. Bottomline Technologies DST Systems, Inc. EPIQ Systems, Inc. Fair Isaac Corporation Fiserv Longtop Financial Technologies NetSol Technologies Inc. S1 Corporation Ticker ACIW EPAY DST EPIQ FICO FISV LFT NTWK SONE Median: Market Cap $1,081.7 $884.8 $2,335.7 $529.7 $1,165.1 $9,265.8 $1,080.4 $85.2 $389.0 $1,080.4 EV $987.8 $737.3 $3,028.1 $621.1 $1,426.8 $12,103.8 $667.8 $107.3 $329.2 $737.3 TTM Revenue $435.2 $176.6 $2,353.5 $251.4 $619.2 $4,173.0 $229.3 $40.4 $215.8 $251.4 TTM Gross Margin 69.7% 55.2% 22.5% 59.0% 69.6% 42.2% 51.9% 72.6% 45.1% 55.2% TTM EBITDA Margin 20.4% 15.4% 19.9% 23.1% 24.1% 30.9% 2.9% 41.8% 3.5% 20.4% TTM Revenue Growth EV/ Revenue 7.4% 2.3x 16.7% 4.2x 5.8% 1.3x 7.6% 2.5x 2.7% 2.3x 2.7% 2.9x 51.0% 2.9x 22.6% 2.7x -6.9% 1.5x 7.4% 2.5x EV/ Forward EBITDA EV/ Revenue 11.1x 2.2x 27.1x 3.5x 6.5x 1.7x 10.7x 1.9x 9.6x 2.2x 9.4x 2.8x 101.2x 2.2x 6.4x 2.2x 43.1x 1.4x 10.7x 2.2x Forward EV/ EBITDA 9.6x 15.4x 5.6x 6.9x 8.4x 8.5x 5.0x n/a 11.4x 8.4x YoY Stock Market Return 69.4% 58.7% 31.2% 30.7% 26.1% 35.7% n/a 97.4% 18.8% 33.4%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

7.4% 12.5% 7.5% 55.2% 20.4% 7.1% 30.3% 12.3% 15%

10%

0%

-10%

Financial Services Software S&P NASDAQ SEG SW Index

Company Name Accelrys Inc. Allscripts Healthcare Solutions Inc. Cerner Corporation Computer Programs and Sys, Inc. eResearchTechnology, Inc. MedAssets Merge Healthcare Omnicell, Inc. Quality Systems, Inc. Simulations Plus, Inc. Vital Images, Inc. Ticker ACCL MDRX CERN CPSI ERT MDAS MRGE OMCL QSII SLP

VTAL

Median:

Market Cap $400.5 $3,825.5 $10,101.1 $694.2 $311.1 $852.8 $511.5 $510.4 $2,511.7 $44.8 $262.5 $602.9

EV $287.3 $4,129.5 $9,591.8 $667.8 $301.3 $1,763.5 $702.2 $328.6 $2,394.0 $36.0 $144.0 $685.0

TTM Revenue $114.8 $1,074.5 $1,910.5 $162.1 $160.8 $428.5 $173.0 $225.4 $353.4 $11.5 $59.8 $199.2

TTM Gross Margin 71.0% 48.8% 82.0% 42.8% 46.0% 74.4% 60.7% 54.1% 63.9% 76.2% 71.8% 62.3%

TTM EBITDA Margin -7.0% 16.1% 26.4% 21.7% 26.5% 25.0% 17.8% 7.2% 28.8% 31.3% 2.7% 23.3%

TTM Revenue Growth EV/ Revenue n/a 2.5x n/a 3.8x 11.7% 5.0x 25.5% 4.1x 75.0% 1.9x 20.5% 4.1x 142.0% 4.1x 4.6% 1.5x 21.1% 6.8x 15.6% 3.1x 2.8% 2.4x 20.8% 4.0x

EV/ Forward EBITDA EV/ Revenue n/a 1.9x 23.8x n/a 19.0x 4.4x 19.0x 3.7x 7.1x 1.7x 16.5x 2.9x 22.8x 2.9x 20.2x 1.3x 23.6x 5.7x 10.0x 2.8x 89.4x 2.2x 19.0x 2.9x

Forward EV/ EBITDA 8.6x n/a 13.8x 15.3x 5.6x 9.1x 12.1x 10.0x 17.2x 6.9x 31.6x 10.0x

YoY Stock Market Return 5.2% 6.9% 43.5% 45.9% -20.2% -35.9% 167.4% 17.6% 45.8% 20.3% 36.4% 19.0%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

20.8% 33.5% 24.0% 62.3% 23.3% 2.0% 37.2% 8.7% 20%

15%

10%

0%

-5%

-15%

Healthcare S&P NASDAQ SEG SW Index

Company Name Cisco Systems, Inc. Hewlett Packard IBM Microsoft Corporation Oracle Corporation Ticker CSCO HPQ IBM MSFT ORCL Median: Market Cap $92,403.1 $80,887.7 $204,608.0 $210,903.5 $173,170.9 $173,170.9 EV $65,828.1 $91,439.7 $221,690.0 $175,351.5 $164,009.9 $164,009.9 TTM Revenue $42,859.0 $127,941.0 $101,619.0 $68,615.0 $34,352.0 $68,615.0 TTM Gross Margin 62.2% 24.4% 46.1% 78.1% 75.3% 62.2% TTM EBITDA Margin 26.0% 14.3% 24.7% 43.9% 39.7% 26.0% TTM Revenue Growth EV/ Revenue 13.6% 1.5x 6.3% 0.7x 4.9% 2.2x 15.2% 2.6x 42.1% 4.8x 13.6% 2.2x EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 5.9x 1.5x 4.9x 5.0x 0.7x 5.0x 8.8x 2.1x 8.5x 5.8x 2.4x 5.7x 12.0x 4.3x 8.9x 5.9x 2.1x 5.7x YoY Stock Market Return -27.5% -18.8% 34.9% -3.1% 51.6% -3.1%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

13.6% 8.9% 9.9% 62.2% 26.0% 16.8% 21.3% 12.8%

20%

15%

10%

2.8 2.4 15.7% 53 45 0.9

5%

0%

12.1% 17.5% 0.9% -54.8% -1.6%

-5%

IT Conglomerates S&P NASDAQ SEG SW Index

Company Name Access AutoNavi Holdings Bitstream Inc. DigitalGlobe, Inc. Glu Mobile, Inc. Gree Motricity Openwave Systems Inc. Opera PCTEL, Inc. Sky-mobi Limited Smith Micro Software, Inc. TeleCommunication Systems, Inc. TeleNav Trunkbow International Holdings Velti Plc Ticker TSE:4813 AMAP BITS DGI GLUU TSE:3632 MOTR OPWV OB:OPERA PCTI MOBI SMSI TSYS TNAV

TBOW VELT

Median:

Market Cap $303.5 $781.1 $60.6 $1,137.3 $274.4 $5,055.4 $431.9 $207.1 $792.5 $120.3 $288.0 $190.5 $283.0 $679.6 $134.7 $580.2 $295.7

EV $16.1 $610.7 $57.2 $1,320.3 $250.0 $4,770.6 $370.3 $124.8 $701.8 $69.5 $208.6 $126.1 $386.2 $468.3 $113.4 $537.7 $310.1

TTM Revenue $254.9 $94.6 $24.7 $322.2 $63.5 $652.0 $136.5 $163.9 $135.2 $71.9 $103.1 $118.4 $388.3 $205.7 $25.5 $129.6 $135.9

TTM Gross Margin 68.0% 68.2% 52.8% 86.5% 74.1% 91.7% 63.3% 62.6% 43.8% 44.7% 31.2% 86.9% 36.3% 81.2% 79.2% 60.5% 65.6%

TTM EBITDA Margin 18.0% n/a -12.5% 48.9% -3.5% 49.4% 3.9% -4.3% 22.0% 0.5% 3.5% 11.9% 11.9% 38.7% 58.4% 15.2% 11.9%

TTM Revenue Growth EV/ Revenue -43.8% 0.1x 52.3% 6.5x 14.1% 2.3x 10.4% 4.1x -16.3% 3.9x 83.5% 7.3x 14.2% 2.7x -12.6% 0.8x 24.4% 5.2x 25.2% 1.0x 24.1% 2.0x 4.5% 1.1x 21.1% 1.0x 32.0% 2.3x 48.6% 4.5x 30.7% 4.1x 17.7% 2.3x

EV/ Forward EBITDA EV/ Revenue 0.4x n/a n/a 4.8x n/a n/a 8.4x 3.7x n/a 4.0x 14.8x n/a 68.8x 2.0x n/a 0.8x 23.6x n/a 186.7x 0.9x 58.1x 1.4x 8.9x 1.3x 8.3x 0.8x 5.9x 2.1x 7.6x n/a 27.3x 2.9x 11.9x 1.7x

Forward EV/ EBITDA n/a 11.9x n/a 6.0x n/a n/a 7.0x 26.4x n/a 9.4x 8.5x n/a 6.3x 6.6x n/a 9.1x 7.8x

YoY Stock Market Return -43.6% n/a -17.7% -12.0% 304.0% 73.4% n/a 13.0% 89.8% 17.5% n/a -46.1% -0.4% 94.8% n/a n/a 13.0%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

17.7% -6.3% 0.2% 65.6% 11.9% 1.6% 34.7% 20.6% 16% 14% 12% 10% 8% 3.1 2.8 20.8% 65 50 0.7 6% 4% 2% 0% 2.0% -7.2% -11.1% 118.7% -59.2% -2% -4%

Mobile Solutions/Content S&P NASDAQ SEG SW Index

Company Name Adobe Systems Incorporated Avid Technology, Inc. Monotype Imaging Holdings Nuance Communications, Inc. RealNetworks, Inc. Rovi Corporation SeaChange International, Inc. Ticker ADBE AVID TYPE NUAN RNWK ROVI SEAC Median: Market Cap $17,469.4 $671.2 $509.6 $6,647.5 $510.6 $6,545.7 $360.3 $671.2 EV $16,353.0 $638.0 $525.7 $6,843.2 $179.2 $7,085.9 $279.8 $638.0 TTM Revenue $3,969.0 $688.9 $111.9 $1,205.8 $360.4 $573.6 $214.2 $573.6 TTM Gross Margin 89.4% 52.6% 93.1% 66.6% 64.6% 86.2% 49.6% 66.6% TTM EBITDA Margin 35.8% 3.4% 40.5% 20.1% 0.5% 42.5% 9.8% 20.1% TTM Revenue Growth EV/ Revenue 31.5% 4.1x 8.8% 0.9x 18.0% 4.7x 15.9% 5.7x -34.5% 0.5x 15.0% 12.4x 3.3% 1.3x 15.0% 4.1x EV/ Forward EBITDA EV/ Revenue 11.5x 3.9x 27.4x 0.9x 11.6x 4.3x 28.3x 4.8x 110.2x 0.5x 29.1x 8.4x 13.3x 1.2x 27.4x 3.9x Forward EV/ EBITDA 9.6x 10.0x 10.1x 12.2x 7.8x 18.6x 6.7x 10.0x YoY Stock Market Return 7.9% 29.6% 44.4% 28.9% 3.9% 55.2% 34.9% 29.6%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Multimedia, Graphics and Digital Media Software Stock Market Return: Jan - May 2011

15.0% 36.4% 94.8% 66.6% 20.1% 4.1% 34.9% 17.4% 18% 16% 14% 12% 10% 8% 2.4 2.2 10.0% 50 41 0.5 6% 4% 2% 0% 11.2% 34.8% 33.6% -6.4% 1.7% -2% -4%

Multimedia, Graphics & Digital Media S&P NASDAQ SEG SW Index

Company Name Allot Communications Ltd. Cisco Systems, Inc. F5 Networks, Inc. NetScout Systems Inc. OPNET Technologies, Inc. Radware Ltd. SolarWinds, Inc. Ticker ALLT CSCO FFIV NTCT OPNT RDWR SWI Median: Market Cap $368.5 $92,403.1 $9,212.6 $988.0 $866.2 $768.2 $1,791.4 $988.0 EV $307.6 $65,828.1 $8,737.3 $855.5 $751.4 $689.9 $1,648.1 $855.5 TTM Revenue $61.7 $42,859.0 $1,031.3 $290.5 $148.0 $149.6 $161.0 $161.0 TTM Gross Margin 71.7% 62.2% 81.5% 78.9% 79.2% 79.7% 94.6% 79.2% TTM EBITDA Margin 10.8% 26.0% 31.2% 24.7% 16.6% 13.2% 46.2% 24.7% TTM Revenue Growth EV/ Revenue 37.5% 5.0x 13.6% 1.5x 41.2% 8.5x 11.6% 2.9x 17.1% 5.1x 23.2% 4.6x 27.1% 10.2x 23.2% 5.0x EV/ Forward EBITDA EV/ Revenue 46.3x 4.2x 5.9x 1.5x 27.2x 6.9x 11.9x 2.6x 30.6x 4.2x 35.0x 4.1x 22.2x 8.3x 27.2x 4.2x Forward EV/ EBITDA n/a 4.9x 17.2x 9.7x 19.4x n/a 16.0x 16.0x YoY Stock Market Return 217.3% -27.5% 61.5% 71.5% 144.4% 94.7% 30.0% 71.5%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Networking/Network Performance Mgmt Software Stock Market Return: Jan - May 2011

23.2% 53.7% 46.4% 79.2% 24.7% 12.8% 41.7% 14.0% 20%

15%

5%

-5%

Networking & Network Performance Management S&P NASDAQ SEG SW Index

Company Name Blue Coat Systems, Inc. Check Point Software Tech Ltd. Commtouch Software Ltd. Sourcefire, Inc. Symantec Corporation Trend Micro VASCO Data Security International Websense, Inc. Ticker BCSI CHKP CTCH FIRE SYMC TSE:4704 VDSI WBSN Median: Market Cap $998.3 $11,400.8 $82.3 $759.5 $14,770.8 $4,016.7 $450.7 $992.8 $995.5 EV $700.5 $10,318.0 $67.9 $620.4 $14,472.8 $2,645.4 $364.7 $976.5 $838.5 TTM Revenue $487.1 $1,134.1 $19.6 $135.5 $6,190.0 $1,154.2 $120.4 $341.6 $414.4 TTM Gross Margin 78.1% 88.2% 83.2% 79.2% 85.0% 82.1% 68.1% 83.7% 82.7% TTM EBITDA Margin 18.7% 54.5% 23.7% 11.3% 26.8% 32.3% 14.6% 20.5% 22.1% TTM Revenue Growth EV/ Revenue -1.8% 1.4x 16.4% 9.1x 24.6% 3.5x 22.4% 4.6x 3.4% 2.3x -1.6% 2.3x 17.5% 3.0x 8.1% 2.9x 12.3% 2.9x EV/ Forward EBITDA EV/ Revenue 7.7x 1.5x 16.7x 8.2x 14.6x 2.8x 40.5x 3.9x 8.7x 2.2x 7.1x n/a 20.7x 2.6x 14.0x 2.7x 14.3x 2.7x Forward EV/ EBITDA 8.0x 14.0x n/a 21.3x 6.1x n/a 20.7x 9.8x 11.9x YoY Stock Market Return 6.9% 79.1% 0.6% 29.4% 38.0% 3.3% 87.4% 18.8% 24.1%

y ) Income Statement Analysis ( (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY)

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12.3% 17.5% 18.5% 82.7% 22.1% 12.2% 47.5% 15.7% 15%

10%

0%

-10%

Security S&P NASDAQ SEG SW Index

Company Name BMC Software, Inc. CA, Inc. Citrix Systems CommVault Systems, Inc. Compuware Corporation EMC FalconStor Software, Inc. IBM Network Appliance, Inc. Oracle Corporation Quest Software, Inc. Symantec Corporation VMWare Ticker BMC CA CTXS CVLT CPWR EMC FALC IBM NTAP ORCL QSFT SYMC VMW Median: Market Cap $9,874.0 $11,842.9 $16,472.1 $1,820.5 $2,224.0 $58,579.0 $205.0 $204,608.0 $20,148.3 $173,170.9 $2,032.0 $14,770.8 $40,824.8 $14,770.8 EV $8,544.9 $10,258.9 $15,549.6 $1,602.2 $2,043.7 $57,240.9 $163.2 $221,690.0 $16,124.0 $164,009.9 $1,707.9 $14,472.8 $37,613.0 $14,472.8 TTM Revenue $2,065.3 $4,429.0 $1,951.3 $314.8 $928.9 $17,732.1 $84.7 $101,619.0 $5,122.6 $34,352.0 $784.1 $6,190.0 $3,067.5 $3,067.5 TTM Gross Margin 76.6% 86.9% 90.7% 87.0% 68.9% 59.3% 73.5% 46.1% 65.0% 75.3% 89.5% 85.0% 82.6% 76.6% TTM EBITDA Margin 32.0% 34.7% 25.2% 12.6% 21.6% 21.8% -8.2% 24.7% 19.5% 39.7% 18.7% 26.8% 21.6% 21.8% TTM Revenue Growth EV/ Revenue 8.1% 4.1x 4.8% 2.3x 17.6% 8.0x 16.1% 5.1x 4.1% 2.2x 20.1% 3.2x -1.0% 1.9x 4.9% 2.2x 30.3% 3.1x 42.1% 4.8x 11.9% 2.2x 3.4% 2.3x 40.3% 12.3x 11.9% 3.1x EV/ Forward EBITDA EV/ Revenue 12.9x 3.8x 6.7x 2.1x 31.6x 7.0x 40.4x 4.4x 10.2x 2.0x 14.8x 2.8x n/a 1.9x 8.8x 2.1x 16.2x 2.4x 12.0x 4.3x 11.7x 1.9x 8.7x 2.2x 56.8x 9.9x 12.5x 2.4x Forward EV/ EBITDA 8.8x 5.9x 22.0x 23.4x 8.4x 10.3x n/a 8.5x 12.0x 8.9x 8.1x 6.1x 26.4x 8.8x YoY Stock Market Return 50.9% 15.6% 100.9% 83.4% 24.4% 52.9% 56.6% 34.9% 45.4% 51.6% 17.3% 38.0% 47.0% 47.0%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Storage and Systems Management Software Stock Market Return: Jan - May 2011

11.9% 11.8% 13.9% 76.6% 21.8% 13.1% 43.0% 12.7% 18% 16% 14% 12% 10% 8% 1.5 1.3 14.1% 68 41 0.3 6% 4% 2% 0% 14.9% 6.5% 21.3% -65.4% -3.9% -2% -4%

Storage and Systems Management S&P NASDAQ SEG SW Index

Company Name American Software, Inc. Ariba, Inc. Aspen Technology, Inc. CDC Software Corporation JDA Software Group Manhattan Associates, Inc. ModusLink Global Solutions, Inc. Retalix Ltd. The Descartes Systems Group Inc. XATA Corporation Ticker AMSW.A ARBA AZPN CDCS JDAS MANH MLNK RTLX TSX:DSG XATA Median: Market Cap $198.9 $3,112.0 $1,557.6 $133.3 $1,397.5 $781.4 $205.6 $353.4 $423.0 $21.4 $388.2 EV $156.9 $2,914.4 $1,462.0 $99.0 $1,444.2 $663.7 $51.2 $216.9 $351.2 $52.9 $284.1 TTM Revenue $79.3 $407.8 $183.8 $214.7 $649.2 $294.9 $905.8 $212.8 $105.0 $65.7 $213.8 TTM Gross Margin 52.8% 63.4% 70.2% 54.8% 59.7% 55.7% 10.4% 40.8% 66.3% 52.2% 55.2% TTM EBITDA Margin 11.7% 7.4% -37.0% 13.7% 25.0% 15.9% 2.6% 8.7% 27.7% 8.7% 10.2% TTM Revenue Growth EV/ Revenue 5.3% 2.0x 27.2% 7.1x -7.8% 8.0x 5.2% 0.5x 49.5% 2.2x 13.5% 2.3x -1.7% 0.1x 9.6% 1.0x 35.2% 3.3x -5.3% 0.8x 7.5% 2.1x EV/ Forward EBITDA EV/ Revenue 16.9x 1.8x 96.8x 6.1x n/a 6.7x 3.4x 0.4x 8.9x 2.1x 14.2x 2.0x 2.2x n/a 11.7x 0.9x 12.1x 3.1x 9.2x n/a 11.7x 2.0x Forward EV/ EBITDA n/a 25.9x n/a 3.1x 7.8x 9.3x n/a n/a 10.8x n/a 9.3x YoY Stock Market Return 32.6% 122.9% 44.4% -43.4% 23.6% 24.2% -38.0% n/a 21.3% n/a 23.9%

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Supply Chain Management & Logistics Software Stock Market Return: Jan - May 2011

7.5% 0.8% 14.4% 55.2% 10.2% 6.4% 29.6% 13.3% 16% 14% 12% 10% 8% 2.1 1.6 19.6% 56 28 0.4 6% 4% 2% 0% 8.1% 55.4% 5.3% -100.4% -14.8% -2% -4%

Supply Chain Management and Logistics S&P NASDAQ SEG SW Index

Company Name Advent Software, Inc. Fundtech Ltd. Jack Henry & Associates, Inc. MSCI, Inc. SS&C Corporation Ticker ADVS FNDT JKHY MSCI SSNC Median: Market Cap $1,465.3 $281.8 $2,696.9 $4,537.6 $1,493.9 $1,493.9 EV $1,332.0 $200.9 $2,886.2 $5,479.0 $1,647.6 $1,647.6 TTM Revenue $292.1 $145.7 $945.5 $662.9 $339.7 $339.7 TTM Gross Margin 71.7% 52.8% 41.3% 70.0% 49.6% 52.8% TTM EBITDA Margin 19.4% 14.5% 31.6% 44.5% 36.7% 31.6% TTM Revenue Growth EV/ Revenue 12.4% 4.6x 16.5% 1.4x 18.1% 3.1x 49.7% 8.3x 19.1% 4.8x 18.1% 4.6x EV/ Forward EBITDA EV/ Revenue 23.5x 4.1x 9.5x 1.2x 9.7x 2.8x 18.6x 5.8x 13.2x 4.4x 13.2x 4.1x Forward EV/ EBITDA 14.0x 7.4x 8.9x 12.7x 11.0x 11.0x YoY Stock Market Return 29.3% 49.4% 30.0% 27.4% 19.8% 29.3%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

18.1% 37.6% 13.1% 52.8% 31.6% 10.2% 25.5% 12.1% 15%

10%

0%

-10%

Vertical - Finance S&P NASDAQ SEG SW Index

Company Name Blackbaud, Inc. Constellation Ebix, Inc. Itron, Inc. Micros Systems PROS Holdings Sapiens International Tyler Technologies, Inc. Ticker BLKB TSX:CSU EBIX ITRI MCRS PRO SPNS TYL Median: Market Cap $1,219.5 $1,635.1 $781.6 $2,080.6 $4,141.6 $449.9 $80.9 $814.2 $1,016.8 EV $1,195.4 $1,662.8 $776.5 $2,525.2 $3,398.9 $388.0 $65.0 $834.4 $1,014.9 TTM Revenue $338.1 $663.6 $140.6 $2,325.3 $981.9 $75.1 $53.6 $292.2 $315.2 TTM Gross Margin 59.4% 57.8% 80.1% 31.2% 55.1% 74.6% 43.9% 44.8% 56.5% TTM EBITDA Margin 19.3% 19.6% 44.2% 14.3% 22.0% 7.2% 14.2% 18.4% 18.8% TTM Revenue Growth EV/ Revenue 8.8% 3.5x 36.7% 2.5x 29.5% 5.5x 29.4% 1.1x 10.5% 3.5x 10.3% 5.2x 14.4% 1.2x 0.6% 2.9x 12.4% 3.2x EV/ Forward EBITDA EV/ Revenue 18.3x 3.2x 12.8x 2.2x 12.5x 4.3x 7.6x 1.1x 15.7x 3.1x 72.0x 3.9x 8.6x n/a 15.5x 2.7x 14.2x 3.1x Forward EV/ EBITDA 13.1x 10.8x 9.3x 7.3x 13.0x 24.6x n/a 14.1x 13.0x YoY Stock Market Return 24.8% n/a 29.6% -23.1% 49.3% 154.2% n/a 56.6% 39.4%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

12.4% 19.8% 32.9% 56.5% 18.8% 10.5% 25.4% 8.7% 25%

20%

15%

10%

5%

-5%

Vertical - Other S&P NASDAQ SEG SW Index

Company Name Activision Blizzard Electronic Arts Inc. Konami Corporation Majesco Entertainment Company TakeTwo Interactive THQ Inc. Ticker ATVI ERTS TSE: 9766 COOL TTWO THQI Median: Market Cap $13,718.5 $8,115.1 $2,969.5 $119.4 $1,420.7 $281.0 $2,195.1 EV $10,359.5 $5,878.1 $2,861.8 $111.6 $1,247.5 $295.4 $2,054.7 TTM Revenue $4,588.0 $3,589.0 $3,113.4 $116.1 $1,136.9 $665.3 $2,125.1 TTM Gross Margin 55.4% 58.2% 26.7% 34.3% 39.4% 59.1% 47.4% TTM EBITDA Margin 25.5% 0.3% 12.9% 10.8% 8.2% 3.6% 9.5% TTM Revenue Growth EV/ Revenue -0.4% 2.3x -1.8% 1.6x -1.6% 0.9x 43.0% 1.0x 43.0% 1.1x -26.0% 0.4x -1.0% 1.0x EV/ Forward EBITDA EV/ Revenue 8.8x 2.6x 489.8x 1.5x 7.1x 0.8x 8.9x 1.0x 13.3x 1.1x 12.3x 0.3x 10.6x 1.1x Forward EV/ EBITDA 6.6x 10.6x 5.4x n/a 26.6x 7.2x 7.2x YoY Stock Market Return 11.5% 47.8% 24.0% 285.9% 41.7% -31.2% 32.8%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

-1.0% 12.6% 36.5% 47.4% 9.5% 4.6% 22.7% 11.9% 20%

15%

10%

5%

0%

-10%

Video Games S&P NASDAQ SEG SW Index

Company Name Callidus Software, Inc. ClickSoftware Technologies Ltd. NICE Systems Ltd. Saba Software, Inc. Verint Ticker CALD CKSW NICE SABA VRNT Median: Market Cap $198.0 $326.6 $2,275.9 $279.9 $1,299.8 $813.2 EV $171.5 $275.3 $1,934.6 $249.0 $2,000.0 $1,105.0 TTM Revenue $74.5 $72.8 $714.8 $116.3 $730.5 $415.6 TTM Gross Margin 42.5% 61.7% 61.4% 65.4% 69.0% 63.5% TTM EBITDA Margin -3.8% 16.3% 16.1% 4.6% 19.3% 16.2% TTM Revenue Growth EV/ Revenue 4.5% 2.3x 11.0% 3.8x 18.4% 2.7x 10.3% 2.1x 4.2% 2.7x 10.6% 2.7x EV/ Forward EBITDA EV/ Revenue n/a 2.1x 23.2x 3.2x 16.8x 2.4x 46.5x 2.0x 14.2x 2.6x 20.0x 2.5x Forward EV/ EBITDA 29.3x 15.3x 9.3x 153.7x 11.4x 13.3x YoY Stock Market Return 83.5% 96.7% n/a 92.0% 31.1% 92.0%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Workforce and Service Mgmt Software Stock Market Return: Jan - May 2011

30%

25%

20%

10%

5%

-5%

Workforce and Service Mgmt S&P NASDAQ SEG SW Index

Company Name Athenahealth Concur Constant Contact Convio Cornerstone OnDemand DealerTrack DemandTec Ellie Mae IntraLinks Holdings Kenexa LivePerson Medidata Solutions Netsuite RealPage Responsys RightNow Salesforce.com SciQuest SoundBite Communications SPS Commerce SuccessFactors Taleo The Ultimate Software Group, Inc. Vocus Zix Corporation Ticker ATHN CNQR CTCT CNVO CSOD TRAK DMAN ELLI IL KNXA LPSN MDSO N RP MKTG RNOW CRM SQI SDBT SPSC SFSF TLEO ULTI VOCS ZIXI Median: Market Cap $1,561.2 $2,694.3 $708.6 $205.9 $918.0 $952.6 $321.1 $139.4 $1,078.5 $835.0 $624.7 $557.9 $2,493.0 $2,048.0 $806.5 $1,093.9 $20,387.6 $360.9 $39.5 $198.7 $2,771.3 $1,533.0 $1,456.8 $544.7 $253.0 $253 0 $835.0 EV $1,467.3 $2,362.6 $594.4 $157.1 $830.0 $895.1 $253.6 $206.8 $1,158.9 $856.9 $557.5 $467.3 $2,386.1 $1,987.1 $858.2 $1,019.2 $20,151.2 $329.6 $5.6 $158.2 $2,403.8 $1,387.3 $1,405.2 $446.0 $229.1 $229 1 $856.9 TTM Revenue $261.0 $317.3 $184.8 $71.3 $49.8 $264.2 $82.4 $45.0 $196.8 $216.7 $114.9 $169.5 $202.3 $204.4 $104.8 $195.7 $1,784.7 $44.9 $38.8 $47.0 $228.8 $253.7 $236.7 $101.5 $34.9 $34 9 $184.8 TTM Gross Margin 61.6% 72.2% 70.9% 62.7% 68.3% 48.4% 64.5% 71.5% 74.8% 64.0% 72.9% 68.9% 69.2% 58.0% 55.1% 70.1% 80.1% 77.5% 59.5% 72.4% 71.2% 66.5% 56.3% 80.3% 80.5% 80 5% 69.2% TTM EBITDA Margin 14.9% 16.7% 6.6% 8.5% -27.1% 13.6% -8.7% 8.0% 16.1% 7.9% 20.6% 19.1% -7.1% 13.3% 18.0% 10.9% 7.8% 18.2% -5.1% 8.7% -8.3% 11.4% 8.1% -0.5% 24.7% 24 7% 8.7% TTM Revenue Growth EV/ Revenue 29.2% 5.6x 18.6% 7.4x 31.6% 3.2x 9.5% 2.2x n/a 16.7x 16.6% 3.4x 4.3% 3.1x 23.3% 4.6x 34.8% 5.9x 36.7% 4.0x 23.7% 4.9x 17.4% 2.8x 19.6% 11.8x 36.6% 9.7x n/a 8.2x 23.3% 5.2x 29.6% 11.3x 19.0% 7.3x -4.5% 0.1x 19.1% 3.4x 40.7% 10.5x 23.5% 5.5x 16.5% 5.9x 17.4% 4.4x 30.9% 30 9% 6.6x 6 6x 23.3% 5.5x EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 37.9x 4.4x 21.7x 44.5x 6.1x 21.6x 48.8x 2.6x 14.4x 25.9x 1.9x 13.1x n/a 10.5x n/a 24.8x 2.7x 13.7x n/a 2.6x 32.9x 57.3x n/a n/a 36.6x 5.2x 15.0x 49.9x 3.1x 19.3x 23.5x 4.0x 16.0x 14.4x 2.5x 10.2x n/a 9.9x 101.6x 73.0x 7.3x 31.4x 45.4x 6.6x 40.3x 47.9x 4.3x 28.5x 145.3x 8.8x 54.6x 40.4x 5.8x 27.2x n/a 0.1x n/a 38.5x 2.7x 28.2x n/a 8.2x n/a 47.9x 4.3x 21.2x 73.8x 5.0x 27.2x n/a 3.8x 21.8x 26.6x 26 6x 5.7x 5 7x 17.3x 17 3x 44.5x 4.4x 21.7x YoY Stock Market Return 80.8% 18.1% 12.1% 19.8% n/a 44.5% 62.7% n/a n/a 122.2% 83.6% 63.6% 168.0% n/a n/a 127.5% 76.0% n/a -21.8% 38.2% 57.5% 49.0% 64.8% 73.9% 62.1% 62 1% 62.7%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

SEG SaaS Index Software Stock Market Return: Jan - May 2011

16% 14% 12% 10% 8%

6% 4% 2% 0%

-2% -4%

SEG SaaS S&P NASDAQ SEG SW Index

Category Name SEG Internet Index Ad Tech & Lead Generation Infastructure Media Retail Search Services Travel Video Games Market Cap $1,188.51 $529.04 $868.54 $1,882.41 $461.45 $1,848.96 $703.99 $7,058.61 $2,329.55 EV $921.85 $458.95 $915.12 $1,811.41 $383.85 $1,337.85 $981.02 $6,754.52 $1,774.13 TTM Revenue $316.31 $151.30 $362.69 $278.81 $327.66 $484.91 $290.70 $1,888.51 $487.06 TTM Gross Margin 63.0% 50.5% 60.5% 50.2% 40.5% 54.5% 75.2% 70.8% 80.1% TTM EBITDA Margin 16.4% 13.9% 14.5% 15.3% 9.0% 10.7% 19.2% 25.7% 43.4% TTM Revenue Growth EV/ Revenue 20.4% 2.8x 26.6% 2.2x 11.8% 3.0x 14.9% 2.4x 17.0% 1.7x 24.6% 1.5x 27.6% 5.0x 37.6% 6.8x 12.7% 4.6x EV/ Forward EBITDA EV/ Revenue 15.6x 2.2x 14.7x 2.2x 19.8x 2.6x 15.6x 2.6x 13.7x 1.6x 9.0x 1.2x 53.5x 2.6x 29.8x 7.1x 8.8x 3.3x Forward EV/ EBITDA 9.9x 8.1x 10.7x 10.9x 9.3x 8.5x 9.3x 21.1x 6.9x YoY Stock Market Return 25.5% 51.7% 25.5% 7.9% 45.6% 28.0% 72.0% 29.9% 33.2%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

SEG Internet Index Software Stock Market Return: Jan - May 2011

20.4% 24.2% 14.0% 63.0% 16.4% 5.8% 34.5% 10.9% 16% 14% 12% 10% 8% 2.7 2.3 12.8% 31 35 0.5 6% 4% 2% 0% 5.7% 11.6% -82.0% 28.4% 21.6% -2% -4%

SEG Internet Index S&P NASDAQ SEG SW Index

Company Name comScore Inc. DG FastChannel, Inc. interCLICK, Inc. Inuvo, Inc. LookSmart, Ltd. MediaMind Technologies QuinStreet SINA Corporation ValueClick, Inc. Ticker SCOR DGIT ICLK INUV LOOK MDMD QNST SINA VCLK Median: Market Cap $894.8 $969.8 $168.4 $22.4 $31.1 $332.5 $725.6 $7,265.1 $1,420.2 $529.0 EV $865.4 $887.1 $167.6 $25.0 $9.9 $231.3 $686.6 $6,461.4 $1,220.4 $459.0 TTM Revenue $191.8 $258.1 $110.8 $51.4 $42.6 $83.7 $397.5 $417.8 $451.6 $151.3 TTM Gross Margin 69.4% 67.6% 43.7% 42.0% 42.6% 94.1% 28.1% 57.3% 72.5% 50.5% TTM EBITDA Margin 7.3% 45.5% 9.6% 3.5% 10.1% 17.7% 18.7% 25.9% 28.2% 13.9% TTM Revenue Growth EV/ Revenue 43.9% 4.5x 26.7% 3.4x 81.5% 1.5x 38.1% 0.5x -17.8% 0.2x 20.2% 2.8x 26.5% 1.7x 13.0% 15.5x 8.7% 2.7x 26.6% 2.2x EV/ Forward EBITDA EV/ Revenue 61.6x 3.4x 7.6x 2.9x 15.8x 1.1x 13.9x n/a 2.3x 0.2x 15.6x 2.2x 9.3x 1.5x 59.7x 12.8x 9.6x 2.3x 14.7x 2.2x Forward EV/ EBITDA 16.5x 6.3x 8.1x n/a 2.7x 9.2x 6.9x 70.5x 7.7x 8.1x YoY Stock Market Return 82.5% -16.7% 67.3% 51.7% 4.0% n/a 11.3% 217.9% 55.2% 51.7%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Internet Ad Tech and Lead Generation Software Stock Market Return: Jan - May 2011

25%

20%

15%

5%

0%

-10%

Internet Ad Tech and Lead Generation S&P NASDAQ SEG Internet Index

Company Name 8x8, Inc. Akamai Technologies, Inc. BroadSoft, Inc. Cbeyond, Inc. ChinaCache International Digital River Inc. EarthLink Inc. Equinix, Inc. GSI Commerce Interactive Intelligence, Inc. Internap Network Services Corp. Keynote Systems Inc. Limelight Networks, Inc. Rackspace Hosting SAVVIS, Inc. Tucows Inc. VeriSign, Inc. Ticker EGHT AKAM BSFT CBEY CCIH DRIV ELNK EQIX GSIC ININ INAP KEYN LLNW RAX SVVS TCX VRSN Median: Market Cap $211.8 $6,335.9 $1,053.8 $449.2 $290.8 $1,290.7 $868.5 $4,749.6 $2,128.6 $678.9 $417.8 $349.6 $642.7 $5,688.9 $2,261.5 $41.7 $5,899.9 $868.5 EV $193.4 $5,772.4 $987.3 $431.9 $359.3 $921.9 $915.1 $6,419.6 $2,345.8 $592.6 $419.8 $263.6 $510.5 $5,690.0 $2,923.7 $38.4 $4,536.9 $915.1 TTM Revenue $70.2 $1,059.5 $107.5 $460.4 $52.4 $362.7 $708.0 $1,334.7 $1,408.9 $179.0 $240.2 $88.7 $197.1 $831.8 $973.4 $86.7 $700.5 $362.7 TTM Gross Margin 67.8% 70.7% 81.2% 68.1% 29.9% 82.0% 60.5% 44.8% 59.0% 69.0% 40.7% 52.3% 55.9% 68.4% 47.3% 24.8% 77.3% 60.5% TTM EBITDA Margin 10.8% 37.7% 17.3% 12.9% 8.0% 12.8% 31.2% 39.4% 7.3% 16.4% 14.2% 14.5% 3.7% 27.9% 23.5% 7.4% 46.5% 14.5% TTM Revenue Growth EV/ Revenue 10.7% 2.8x 19.1% 5.4x 47.2% 9.2x 8.1% 0.9x n/a 6.9x -9.2% 2.5x 3.8% 1.3x 43.2% 4.8x 30.4% 1.7x 30.7% 3.3x -6.1% 1.7x 10.9% 3.0x 46.4% 2.6x 25.5% 6.8x 12.0% 3.0x 6.6% 0.4x 11.6% 6.5x 11.8% 3.0x EV/ Forward EBITDA EV/ Revenue 25.5x 2.5x 14.5x 4.7x 53.1x 7.6x 7.3x 0.9x 85.7x 3.7x 19.8x 2.2x 4.1x 0.7x 12.2x 4.0x 22.9x 1.2x 20.1x 2.8x 12.3x 1.7x 20.4x 2.6x 70.3x 2.2x 24.5x 5.4x 12.8x 2.7x 6.0x 0.4x 13.9x 5.7x 19.8x 2.6x Forward EV/ EBITDA 16.0x 10.4x 35.5x 5.3x 16.7x 9.8x 2.9x 8.9x 11.5x 15.9x 9.2x 11.5x 16.1x 15.8x 9.9x 5.1x 10.7x 10.7x YoY Stock Market Return 158.3% -14.6% n/a -8.1% n/a 18.2% -8.1% 10.2% 3.9% 102.5% 61.1% 114.2% 32.0% 150.0% 109.5% 22.1% 25.5% 25.5%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

11.8% 16.1% 6.3% 60.5% 14.5% 4.4% 38.3% 8.7% 30%

25%

20%

10%

5%

-5%

Internet Infrastructure S&P NASDAQ SEG Internet Index

Company Name AOL, Inc. DemandMedia eHealth, Inc. Google, Inc. Local.com Corp. Marchex Inc. Monster Worldwide, Inc. Netflix The Knot, Inc. TheStreet.com, Inc. WebMD Health Corp. Yahoo! Inc. Youku Ticker AOL DMD EHTH GOOG LOCM MCHX MWW NFLX KNOT TST WBMD YHOO YOKU Median: Market Cap $2,199.5 $1,265.6 $283.6 $170,477.7 $79.8 $289.4 $1,882.4 $14,214.6 $324.1 $109.2 $2,817.5 $21,563.7 $4,808.8 $1,882.4 EV $1,916.3 $1,157.5 $153.3 $138,898.7 $59.6 $249.4 $1,811.4 $14,107.5 $223.1 $57.2 $2,552.1 $18,855.2 $4,550.2 $1,811.4 TTM Revenue $2,303.8 $278.8 $162.0 $31,121.0 $82.3 $102.6 $960.2 $2,387.5 $112.9 $57.8 $558.1 $5,942.0 $71.2 $278.8 TTM Gross Margin 37.8% 50.2% 83.1% 65.0% 43.3% 40.0% 48.4% 37.7% 80.0% 54.8% 65.4% 61.3% 24.5% 50.2% TTM EBITDA Margin 25.2% 17.4% 21.7% 39.1% 8.5% -3.1% 9.1% 15.3% 9.5% -7.8% 25.5% 23.8% -8.7% 15.3% TTM Revenue Growth EV/ Revenue -24.6% 0.8x 35.0% 4.2x 16.6% 0.9x 24.9% 4.5x 28.9% 0.7x 13.2% 2.4x 10.9% 1.9x 34.9% 5.9x 2.5% 2.0x -4.0% 1.0x 22.3% 4.6x -8.3% 3.2x n/a 63.9x 14.9% 2.4x EV/ Forward EBITDA EV/ Revenue 3.3x 0.9x 23.9x 3.4x 4.4x 1.0x 11.4x 3.6x 8.5x 0.7x n/a 1.7x 20.7x 1.6x 38.7x 4.0x 20.9x 1.8x n/a n/a 18.0x 3.9x 13.3x 4.1x n/a 33.5x 15.6x 2.6x Forward EV/ EBITDA 4.6x 12.5x 6.6x 8.7x n/a 11.4x 8.5x 26.8x 12.8x n/a 10.8x 10.9x n/a 10.9x YoY Stock Market Return -0.3% n/a 0.2% 8.9% -49.7% 53.6% 4.3% 143.6% 37.2% 9.6% 4.7% 7.9% n/a 7.9%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

14.9% 24.1% 5.1% 50.2% 15.3% 2.7% 30.3% 12.0% 20%

15%

10%

0%

-5%

-15%

Internet Media S&P NASDAQ SEG Internet Index

Company Name 1-800-FLOWERS.COM, Inc. Amazon.com, Inc. Bitauto Holdings Limited Bluefly, Inc. BlueNile DangDang eBay Inc. IAC/InterActiveCorp Liquidity Services, Inc. Mecox Lane Limited Mercadolibre, Inc. Overstock.com, Inc. PetMed Express, Inc. ZAGG, Inc. Ticker FLWS AMZN BITA BFLY NILE DANG EBAY IACI LQDT MCOX MELI OSTK PETS ZAGG Median: Market Cap $198.4 $88,912.3 $308.6 $65.2 $730.7 $1,533.4 $40,455.5 $3,311.5 $585.1 $198.0 $3,889.4 $337.8 $277.2 $251.6 $461.4 EV $232.0 $82,031.3 $202.8 $57.7 $652.3 $1,284.9 $35,485.4 $2,150.0 $488.9 $97.6 $3,835.5 $278.8 $217.4 $256.6 $383.9 TTM Revenue $668.1 $36,930.0 $76.0 $90.0 $339.0 $385.0 $9,505.8 $1,718.9 $316.3 $226.3 $232.2 $1,091.0 $231.6 $94.3 $327.7 TTM Gross Margin 40.6% 22.4% 67.5% 36.7% 21.6% 21.8% 71.7% 63.0% 41.5% 40.4% 78.0% 17.6% 36.2% 48.9% 40.5% TTM EBITDA Margin 5.0% 4.9% 16.4% -1.2% 6.7% 1.2% 30.6% 11.3% 11.3% 2.7% 36.1% 1.9% 14.9% 22.2% 9.0% TTM Revenue Growth EV/ Revenue -1.0% 0.3x 38.1% 2.2x n/a 2.7x 10.4% 0.6x 8.0% 1.9x n/a 3.3x 6.8% 3.7x 23.4% 1.3x 20.7% 1.5x 19.9% 0.4x 24.6% 16.5x 14.2% 0.3x -2.8% 0.9x 141.6% 2.7x 17.0% 1.7x EV/ Forward EBITDA EV/ Revenue 6.9x 0.3x 45.8x 1.6x 16.3x 2.0x n/a n/a 28.5x 1.7x 280.0x 2.2x 12.2x 3.2x 11.1x 1.1x 13.7x 1.4x 16.0x 0.4x 45.7x 12.3x 13.1x 0.2x 6.3x 0.9x 12.3x 2.5x 13.7x 1.6x Forward EV/ EBITDA 5.6x 27.0x 8.2x n/a 19.5x 244.7x 8.9x 6.5x 9.4x n/a 33.6x 9.1x 7.9x 11.0x 9.3x YoY Stock Market Return 16.1% 56.8% n/a 20.5% 6.6% n/a 45.6% 56.8% 58.1% n/a 69.9% -35.4% -35.0% 337.4% 45.6%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

17.0% 18.4% 5.0% 40.5% 9.0% 3.3% 29.9% 5.7% 20%

15%

10%

5%

0%

-10%

Internet Retail S&P NASDAQ SEG Internet Index

Company Name Baidu.com, Inc. Google Inc. IAC/InterActiveCorp InfoSpace, Inc. Local.com Corp. LookSmart, Ltd. ReachLocal, Inc. Sohu.com Inc. Yandex Ticker BIDU GOOG IACI INSP LOCM LOOK RLOC SOHU YNDX Median: Market Cap $47,337.1 $170,477.7 $3,311.5 $344.4 $79.8 $31.1 $610.3 $3,087.6 $10,745.7 $1,849.0 EV $46,072.9 $138,898.7 $2,150.0 $94.7 $59.6 $9.9 $525.7 $2,473.9 $10,510.8 $1,337.8 TTM Revenue $1,383.3 $31,121.0 $1,718.9 $246.7 $82.3 $42.6 $312.1 $657.7 $493.9 $484.9 TTM Gross Margin 80.0% 65.0% 63.0% 37.0% 43.3% 42.6% 46.0% 73.6% 79.1% 54.5% TTM EBITDA Margin 56.3% 39.1% 11.3% 5.7% 8.5% 10.1% -2.6% 41.6% 47.7% 10.7% TTM Revenue Growth EV/ Revenue 83.7% 33.3x 24.9% 4.5x 23.4% 1.3x 7.1% 0.4x 28.9% 0.7x -17.8% 0.2x 39.3% 1.7x 24.3% 3.8x n/a 21.3x 24.6% 1.5x EV/ Forward EBITDA EV/ Revenue 59.2x 20.9x 11.4x 3.6x 11.1x 1.1x 6.8x 0.4x 8.5x 0.7x 2.3x 0.2x n/a 1.2x 9.0x 3.0x 44.6x n/a 9.0x 1.2x Forward EV/ EBITDA 36.2x 8.7x 6.5x 3.4x n/a 2.7x 35.0x 8.5x n/a 8.5x YoY Stock Market Return 85.4% 8.9% 56.8% 13.0% -49.7% 4.0% 43.0% 82.4% n/a 28.0%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

24.6% 34.9% 68.2% 54.5% 10.7% 6.9% 26.1% 8.0% 20%

15%

10%

5%

0%

-10%

Internet Search S&P NASDAQ SEG Internet Index

Company Name Active Networks Ancestory.com eHealth, Inc. FriendFinder Jiayuan.com International LinkedIn LoopNet, Inc. Qihoo Renren Stamps.com Shutterfly VistaPrint Ticker ACTV ACOM EHTH FFN DATE LNKD LOOP QIHU RENN STMP SFLY VPRT Median: Market Cap $972.2 $1,850.1 $283.6 $115.6 $435.8 $7,709.2 $739.0 $3,013.9 $5,036.3 $178.4 $2,047.5 $2,115.0 $704.0 EV $1,355.4 $1,747.8 $153.3 $606.6 $415.2 $7,603.1 $641.7 $3,021.5 $5,438.0 $155.9 $1,831.2 $1,906.9 $981.0 TTM Revenue $289.1 $327.5 $162.0 $343.3 $25.4 $292.3 $79.9 $70.9 $76.5 $87.4 $319.2 $772.5 $290.7 TTM Gross Margin 55.9% 83.3% 83.1% 68.7% 63.6% 81.8% 83.9% 88.3% 78.3% 72.4% 55.7% 64.8% 75.2% TTM EBITDA Margin 5.2% 32.1% 21.7% 32.0% 16.6% 13.0% 27.0% -12.7% 19.2% 9.2% 12.7% 17.0% 19.2% TTM Revenue Growth EV/ Revenue n/a 4.7x 38.7% 5.3x 16.6% 0.9x 4.1% 1.8x 162.3% 16.3x n/a 26.0x 6.2% 8.0x 91.7% 42.6x 63.9% 71.1x 5.2% 1.8x 24.6% 5.7x 20.5% 2.5x 27.6% 5.0x EV/ Forward EBITDA EV/ Revenue 90.3x n/a 16.6x 4.2x 4.4x 1.0x 5.5x n/a 98.2x n/a 200.8x n/a 29.7x 7.3x n/a 21.2x 370.4x n/a 19.3x 1.7x 45.2x 3.7x 14.5x 2.0x 53.5x 2.6x Forward EV/ EBITDA n/a 11.9x 6.6x n/a n/a n/a 20.8x 76.1x n/a 10.5x 19.3x 10.5x 9.3x YoY Stock Market Return n/a 143.8% 0.2% n/a n/a n/a 68.5% n/a n/a 18.7% 162.4% 5.3% 72.0%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

27.6% 21.4% 24.3% 75.2% 19.2% 6.1% 42.1% 15.5% 25%

20%

15%

5%

0%

-10%

Internet Services S&P NASDAQ SEG Internet Index

Company Name Ctrip Expedia MakeMyTrip Pricelilne Travelzoo Ticker CTRP EXPE MMYT PCLN TZOO Median: Market Cap $6,460.4 $7,656.8 $846.9 $25,577.6 $1,237.0 $7,058.6 EV $5,963.0 $7,546.1 $783.0 $24,464.8 $1,185.1 $6,754.5 TTM Revenue $467.2 $3,452.4 $124.7 $3,309.8 $121.2 $1,888.5 TTM Gross Margin 78.4% 79.4% 36.8% 63.3% 93.4% 70.8% TTM EBITDA Margin 39.1% 24.0% 4.2% 27.4% 25.1% 25.7% TTM Revenue Growth EV/ Revenue 40.7% 12.8x 13.7% 2.2x 49.3% 6.3x 34.5% 7.4x 21.8% 9.8x 37.6% 6.8x EV/ Forward EBITDA EV/ Revenue 32.7x 10.4x 9.1x 1.9x 148.9x 8.6x 26.9x 5.6x 39.0x 6.9x 29.8x 7.1x Forward EV/ EBITDA 24.3x 7.3x 48.9x 17.9x 21.3x 21.1x YoY Stock Market Return 14.2% 29.9% n/a 169.5% 362.4% 29.9%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

37.6% 76.2% 29.6% 70.8% 25.7% 12.0% 36.0% 13.4% 35% 30% 25% 20% 15% 1.9 1.8 7.9% 36 300 0.4 10% 5% 0% -5% 21.3% 75.6% -171.3% 74.5% 132.7% -10% -15%

Internet Travel S&P NASDAQ SEG Internet Index

Company Name ChangeYou Giant Interactive Netease NCSoft Perfect World Shanda Ticker CYOU GA NTES KOSE:A036 PWRD SNDA Median: Market Cap $2,161.3 $1,858.8 $5,990.1 $5,161.8 $1,188.5 $2,497.8 $2,329.5 EV $1,754.8 $915.7 $4,405.0 $5,174.6 $913.8 $1,793.4 $1,774.1 TTM Revenue $352.2 $218.6 $892.4 $582.2 $391.9 $906.5 $487.1 TTM Gross Margin 89.8% 84.9% 67.1% 78.2% 82.0% 59.8% 80.1% TTM EBITDA Margin 65.1% n/a 50.0% 36.8% 36.8% n/a 43.4% TTM Revenue Growth EV/ Revenue 26.7% 5.0x 15.9% 4.2x 41.0% 4.9x -4.6% 8.9x 9.5% 2.3x 8.9% 2.0x 12.7% 4.6x EV/ Forward EBITDA EV/ Revenue 7.7x 4.0x n/a 3.3x 9.9x 4.1x 24.2x n/a 6.3x 2.0x n/a 1.7x 8.8x 3.3x Forward EV/ EBITDA 6.9x 5.3x 8.3x n/a 5.4x 7.4x 6.9x YoY Stock Market Return 55.5% 14.5% 51.9% 61.2% -10.7% 5.8% 33.2%

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

Internet Video Games Software Stock Market Return: Jan - May 2011

12.7% 6.8% -6.0% 80.1% 43.4% 37.1% 23.9% 12.2% 40% 35% 30% 25% 20% 4.3 4.2 26.4% 15 49 1.9 15% 10% 5% 0% -5%

Internet Video Games S&P NASDAQ SEG Internet Index

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions. Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software ondemand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value. Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than eighteen thousand industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. Software Equity Groups senior bankers have keynoted and spoken at more than one hundred software industry conferences and seminars, including Software Business, SoftExpo, Culpepper, VAR Conference, ACETECH, and the Arizona, Colorado, Chicago, Southern California, Denver, San Diego, Washington State and Boulder Software Associations.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports. Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858 509-2800, kbeible@softwareequity.com). CONTACT INFORMATION: Software Equity Group, L.L.C. 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800 f: (858) 509-2818

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ. This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

Copyright 2011 by Software Equity Group, L.L.C., All Rights Reserved

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