Miro S. ParizekMiro S. ParizekManaging DirectorManaging Director

October 2, 2007

2007 – Mid Year Global Update

Agenda

§ Opening Remarks - Corum

§ M&A Market Overview

§ Current Trends

§ Valuations

§ Top Buyers & Active Sectors

§ Corum Q3 M&A Briefing Release

Corum GroupExperience makes the difference

Corum GroupExperience makes the difference

Corum Group

§§ M&A specialists since 1985M&A specialists since 1985

§§ Software and IT experts Software and IT experts –– mostly former CEOsmostly former CEOs

§§ Dominant North American and European presenceDominant North American and European presence

§§ 200+ transactions completed200+ transactions completed

§§ $6 billion in wealth created$6 billion in wealth created

§§ Majority of crossMajority of cross--border transactionsborder transactions

§§ Host of Host of Selling Up Selling Out,Selling Up Selling Out, Merger & Acquisitions workshopMerger & Acquisitions workshop

§§ Sponsor of Sponsor of World Financial SymposiumsWorld Financial Symposiums conferences conferences

§§ Publisher of industryPublisher of industry--leading M&A researchleading M&A research

M&A - Primary Source of Liquidity

$0$100$200$300$400$500$600$700$800$900

$1,000$1,100$1,200$1,300$1,400$1,500$1,600$1,700

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007YTD

In B

illio

ns

M&A Dollar Volume IPO Amount Raised

In Dollar Volume – US all industries

Source: Dealogic, IPO Central

Surge in M&A Continues

Source: Thomson Financial

M&A Market – All Industries

First half 2007 –M&A up 53% worldwide$2.5 trillion in worldwide M&A

Europe –$1.02 trillion in 2007 YTD

U.S. –$1.03 trillion in 2007 YTD

2006 –$3.7 trillion in worldwide M&A

M&A Market M&A Market –– All IndustriesAll Industries

First half 2007 –M&A up 53% worldwide$2.5 trillion in worldwide M&A

Europe –$1.02 trillion in 2007 YTD

U.S. –$1.03 trillion in 2007 YTD

2006 –$3.7 trillion in worldwide M&A

M&A Market – Software and IT

$350 billion in 2007 YTD

Q2:07 transaction volumes outpacingvolumes from Q2:06

M&A Market M&A Market –– Software and ITSoftware and IT

$350 billion in 2007 YTD

Q2:07 transaction volumes outpacingvolumes from Q2:06

Surge in M&A – Deal Drivers

§ Enormous liquidity (equity and debt)

§ Strong stock markets

§ Recovery in IPO market

§ Analysts favorable to acquisitions

§ Private Equity in 25% of deals

§ Converging market sectors

§ Heavy competition for market leadership

§ Greater number of buyers from all over the world

Global M&A Activity§ Cross-border transactions increasing

§ During the 1H:07 Europe equaled the U.S. in deal volume for the first time in four years

§ European deal activity up 73% in 1H:07

§ Non-US and non-European buyers are now making up nearly 20% of Global M&A activity

Global Marketplace

Currently almost 60% of CorumCurrently almost 60% of Corum’’s transactions are crosss transactions are cross--borderborder

Cross Border 58%

Intra-Country42%

A trend we believe will continueA trend we believe will continue

Corum Transactions 2007

Human capital management solutions

Stepstone – NorwayExecuTRACK – Germany

Networking and lobby services for game publishers & developers

Activision – U.S.DemonWare – Ireland

HR information systems for middle market enterprises

BPO Management Services – U.S.Human Resource Microsystems – U.S.

Business application automation and batch integration technology vendor

Carlyle Group – U.K.AppWorx – U.S.

Corum Transactions 2007

Provider of estimating and earth measuring software for contractors

Maxwell – U.S.Quest – U.S.

Value-added distributor of voice, data and converged communications solutions

Westcon –U.S./South AfricaCRANE – UK

Visualization and collaboration software for the A/E/C market-place

Autodesk – U.S.NavisWorks – UK

Corum Transactions 2007

Provider of payment processing software and services

Purepay – U.S.Creditron – Canada

Electronic invoicing and legal spend management solutions

DataCert – U.S.CorpraSoft – U.S.

MRP solutions for the flat glass industry

KYRO – FinlandAlbat + Wirsam – Germany

Valuation Multiples

2.32.7 2.7

2.9

6.7

3.0

2.0 1.5 1.5 1.6 1.8 2.1 2.3 2.2 2.52.6 2.9 2.95 3.11

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

P/S

Mul

tiple

1H:9

8

2H:9

8

1H:9

9

2H:9

9

1H:0

0

2H:0

0

1H:0

1

2H:0

1

1H:0

2

2H:0

2

1H:0

3

2H:0

3

1H:0

4

2H:0

4

1H:0

5

2H:0

5

1H:0

6

2H:0

6

1H:0

7

M&A Transaction Multiples M&A Transaction Multiples –– Software IndustrySoftware Industry

Public Valuation Multiples

TTM EV/S Multiples

Increased

Decreased

Sector Q2:06 Q3:06 Q4:06 Q1:07 Q2:07 Y on Y Q to Q

Digital Media 2.82 x 2.74 x 2.59 x 1.92 x 2.07 x

Enterprise Applications 4.27 x 4.35 x 4.43 x 3.87 x 3.98 x

Business Intelligence 2.15 x 2.87 x 3.03 x 3.13 x 3.25 x

Enterprise Content Management 1.46 x 1.89 x 2.15 x 2.07 x 2.37 x

Supply Chain Management 1.58 x 1.60 x 1.89 x 2.10 x 2.29 x

Enterprise Infrastructure 2.36 x 2.40 x 2.77 x 2.86 x 2.88 x

Legacy Extension / SOA 2.59 x 1.36 x 1.70 x 2.18 x 2.56 x

Software Development Tools 1.44 x 1.88 x 1.71 x 2.00 x 2.22 x

Storage 2.43 x 2.66 x 2.98 x 3.68 x 3.29 x

Gaming 1.44 x 2.25 x 2.47 x 2.54 x 2.24 x

Internet Infrastructure 3.57 x 4.03 x 3.63 x 3.83 x 3.91 x

Internet Pure Play 3.34 x 4.00 x 3.78 x 3.41 x 3.23 x

IT Services 0.78 x 0.84 x 0.80 x 0.80 x 0.89 x

Security 3.00 x 2.94 x 3.36 x 3.15 x 3.69 x

Wireless 2.28 x 2.07 x 2.34 x 1.46 x 1.75 x

Vertical Market - Engineering 2.71 x 2.69 x 3.06 x 3.40 x 3.29 x

Vertical Market - Financial Services 3.26 x 3.53 x 3.17 x 3.28 x 3.12 x

Vertical Market - Government 1.21 x 1.24 x 1.13 x 1.16 x 1.15 x

Vertical Market - Healthcare 1.98 x 2.69 x 2.36 x 2.28 x 2.53 x

Vertical Market - Other 2.63 x 1.75 x 2.02 x 1.19 x 2.71 x

Vertical Market - Telecom 2.02 x 2.12 x 2.10 x 1.33 x 1.52 x

Top Buyers 1H:07

Strategic BuyersStrategic Buyers

Google 8

Cisco Systems 7

Oracle 5

Sungard Data Systems 5

Bentley Systems 4

CDC Software 4

Domin-8 Enterprise Solutions 4

First Data Corporation 4

Microsoft Corporation 4

Nuance Communications 4

SAP AG 4

Battery Ventures

Carlyle Group

Hellman & Friedman

Kohlerg Kravis Roberts & Co.

Francisco Partners

Vector Capital

*Partial List

Active Private Equity Firms*Active Private Equity Firms*

75+ strategic buyers with 2 or 3 transactions75+ strategic buyers with 2 or 3 transactions

Active Sectors

Sectors with strong transaction volumesSectors with strong transaction volumes

§ Enterprise Infrastructure

§ Internet – Infrastructure and Pure Plays

§ IT Services

§ Vertical market applications

Corum Briefing - Sample

Market Headlines:

“Mobile Banking Catching On in US Slowly”Computerworld - May 2007

“Online Back Security Worsens”Techworld - June 2007

“Banking, Fin Sectors Leaders In IT Spend”Economic Times India – June 2007

“Banking Solutions Chase $ Dream”Economic Times India – June 2007

Vertical Market – Financial Services

Public Peer Group (In $U.S. millions – except share prices) Stock Stock Market Enterprise

Symbol Company Price Value Value P/E EV/EBITDA EV/S P/E EV/SADVS Advent Software Inc. $32.55 $884.6 $865.9 12.15 x 30.42 x 4.60 x 87.97 x 3.65 xEPAY Bottomline Technologies Inc. $12.35 $302.7 $242.7 N/A 29.45 x 2.17 x 23.75 x 1.87 xCKFR CheckFree Corporation $40.20 $3,530.0 $3,310.0 29.34 x 11.97 x 3.59 x 19.05 x 2.85 xFISV Fiserv Inc. $56.80 $9,550.0 $10,250.0 22.27 x 10.41 x 2.19 x 17.26 x 1.95 xJKHY Jack Henry & Associates Inc. $25.75 $2,310.0 $2,340.0 23.62 x 11.59 x 3.61 x 20.28 x 3.16 xORCC Online Resources Corp. $10.98 $287.2 $340.4 N/A 14.54 x 3.22 x 21.96 x 2.26 xSONE S1 Corporation $7.99 $492.6 $422.7 25.77 x 22.66 x 2.15 x 22.83 x 1.95 xTSS Total System Services Inc. $29.51 $5,830.0 $5,450.0 22.70 x 9.64 x 3.03 x 20.78 x 3.03 x

Median Valuation Multiples 23.16 x 13.25 x 3.12 x 21.37 x 2.56 x

Trailing Multiple Forward Multiple

3.12 x

Corum’s Briefing Sample (cont.)

Vertical Market – Financial Services

M & A T ran sa ct ion s

T NS Ac qu ires D ia le ct P a ym en t Te ch no lo g ie s T ran s ac tio n N etw or k S er vic es , a g lo ba l c o m m un ic at io ns a nd n etw ork se rv ices p ro vide r, ha s ac q uired D ia le c t P ay m en t T e ch no lo g ies , a priva te ly o w n ed in te rn ation a l p a ym e nts p ro ce s s in g tech no lo gy c om pa ny h ea dq ua rte re d in Au st ral ia . D ia lec t Pa ym e nt Te c hn olog ie s ’ p re m ie r In te rne t p a ym e nt g ate w a y give s TN S e ntr y into the larg e ‘c a rd no t p re se nt ’ ( Intern e t a nd c al l cen ter tra nsac t io ns ) m a rket , w h ich is c ur ren tly e xp erie nc in g sign if ic an t g ro w th w o rld w id e . T his elec tro nic tra ns a ct io ns e ng in e ad d s a k e y elem e nt to T N S ’ s e rv ic es s u ite th at is us ab le in al l g eo g rap hies . Th rou g h the a cq u is ition , TN S also e nters re la tio ns h ip s w ith n e w k e y c u stom e rs pr im a rily in the A sia/Pac if ic re g io n, in clud in g c red it, d eb it an d A T M c ard p rov ide rs an d re ta ile rs . An no un c em e nt D ate: Ju ne 1 9, 20 0 7 D e al V a lu e: $ 4.2 m ill io n

Cyb erSo u rce to Ac q uire Au th orize .Ne t C y be rS o ur ce C o rp ora tion , lea d ing p ro vide r o f elec tro nic pa ym e nt a nd risk m an ag em e nt solu tion s is a cq ui rin g A utho rize .N e t H oldin g s, In c. , a lea ding p ro vide r o f IP -b ased p a ym e nt so lution s . T he a cq u is it ion join s tw o h ig hly co m p lem en tar y b u sine s se s , p os it io ning C y be rS ou rce to fur the r c a pital iz e on th e gr ow ing w e b-b as e d pa ym e n t o pp ortun it y. B o th c om p an ie s ar e lea de rs in e n ab ling e -c om m erce b us in es s es to a cce pt on line p aym en ts for go od s an d se rv ic es . C o lle c tive ly , the c om p an ie s p roce ss e d ap pro x im a tely 1.1 b ill io n t ra ns ac tion s in 2 00 6 , re pr esen ting $ 65 b il lio n of e -c om m e rce. T he a cqu is ition w i ll en a ble C y be rS o ur ce to p ro vide lea ding p a ym en t so lu tion s to a ll se g m en ts o f th e e-c o m me rce in du st ry . An no un c em e nt D ate: Ju ne 1 8, 20 0 7 D e al V a lu e: $ 56 5 m il lio n (S to c k an d c ash) Se ller R eve nu e: $ 98 .5 m il lion T TM

Contact Information

Corum Group International S.Corum Group International S.àà.r.l.r.l

Miro S. ParizekManaging DirectorGeneral Guisan – Quai 30CH-8002 ZurichSwitzerland

+41 44 251 82 65

www.corumgroup.comwww.corumgroup.com

Corum Group Ltd.Corum Group Ltd.

10500 NE 8th Street, Suite 1500Bellevue, WA 98004USA

+1 425-455-8281