Mergers and Acquisition Scenario Report

Summary

Other Scenarios:

MSFT - GOOG=20
MSFT - CMCSA=20
GOOG - YHOO=20
CMCSA - YHOO=20

Buyer:	Microsoft Corporation (MSFT)	Last Price:	30.56	Market Cap.:	292.36B
Target:	Yahoo! Inc. (YHOO)	Last Price:	30.98	Market Cap.:	41.77B

Lines of Business Summary:

Microsoft Corporation (MSFT) competes = in=20 2 industries and 123 product/service groups=20
Yahoo! Inc. (YHOO) competes in = 3=20 industries and 36 product/service groups=20
A combined entity will have 7% Product/Service Group = overlap=20
Microsoft Corporation (MSFT) has = 7 and=20 Yahoo! Inc. (YHOO) has 4 = suppliers that=20 rely on a material % of their business. They share 1 in = common.=20

Product Summary:

Overlap & Complementary Sectors

Sector	Buyer	Target	# of Focused Companies
= *Media	=		144
= *Technology		=	1,218
= Services		=	395

3D""=20 - = Sector=20 Pure-Plays. Denotes that the company is focused in the selected sector = and=20 generates nearly all earnings in the sector/product area specified.

3D""=20 - = Sector=20 Participation. Denotes that the company develops products in this line = of=20 business.

Sample Products in Similar Lines of Business	Sample Products in Complementary Lines of = Business
Buyer (Total: 195) n/a	Target (Total: 50) n/a	Buyer MSN Spaces=20 Microsoft Encarta Encyclopedia Series=20 MSN MapPoint=20 Microsoft Streets & Trips Series	Target Yahoo! Autos=20 Yahoo! HotJobs=20 Yahoo! Yellow Pages=20 Yahoo! Groups

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of = Business

Buyer (Total: 195)

n/a

Target (Total: 50)

n/a

Buyer

MSN Spaces=20
Microsoft Encarta Encyclopedia Series=20
MSN MapPoint=20
Microsoft Streets & Trips Series

Target

Yahoo! Autos=20
Yahoo! HotJobs=20
Yahoo! Yellow Pages=20
Yahoo! Groups

Business Relationship Summary:

Top Key Suppliers	Top Key Customers
Buyer (Total: 94) Rackable Systems, Inc. (RACK)=20 Level 3 Communications, Inc. (LVLT)=20 Lionbridge Technologies (LIOX)=20 Transmeta Corporation (TMTA) =	Target (Total: 40) Local.com Corp. (LOCM)=20 Rackable Systems, Inc. (RACK)=20 InfoSpace, Inc. (INSP)=20 Marchex, Inc. (MCHX) =	Buyer (Total: 98) Hewlett-Packard Company (HPQ)=20 Siemens AG (ADR) (SI)=20 Time Warner Inc. (TWX)=20 Dell Inc. (DELL)	Target (Total: 10) General Electric Company (GE)=20 Time Warner Inc. (TWX)=20 News Corporation (NWS)=20 The Walt Disney Company (DIS)=20

Top Key Suppliers

Top Key Customers

Buyer (Total: 94)

Rackable Systems, Inc. (RACK)=20
Level 3 Communications, Inc. (LVLT)=20
Lionbridge Technologies (LIOX)=20
Transmeta Corporation (TMTA) =

Target (Total: 40)

Local.com Corp. (LOCM)=20
Rackable Systems, Inc. (RACK)=20
InfoSpace, Inc. (INSP)=20
Marchex, Inc. (MCHX) =

Buyer (Total: 98)

Hewlett-Packard Company (HPQ)=20
Siemens AG (ADR) (SI)=20
Time Warner Inc. (TWX)=20
Dell Inc. (DELL)

Target (Total: 10)

General Electric Company (GE)=20
Time Warner Inc. (TWX)=20
News Corporation (NWS)=20
The Walt Disney Company (DIS)=20

Key Financial Summary:

Key Metrics

	Buyer	Target
Number of Employees	71,000	11,400
Revenue Per Employee	813,383.4	588,225.6
Total Revenue	14,398.0	1,671.8
Total Expenses	7,809.0	1,502.8
Other=20 Revenue	0.0	0.0
Cost of=20 Revenue =	2,140.0	713.6
SG&A=20 Expense	3,919.0	522.6
Research=20 & Development	1,750.0	239.5
Other = Operating=20 Expense =	0.0	0.0
Operating=20 Income =	6,589.0	169.0
Unusual = Income =	0.0	0.0
LT Debt to = Capital =	0	7.83
Fwd=20 P/E =	20.79	54.19
Fwd=20 P/Rev =	5.79	7.08
Book Value	34,973.0	8,831.6
Curr=20 Portion of LTD/Cap Lease =	0.0	0.0

Fiscal Year: Quarter:	2007 * Jun =	2006 Jun	2005 Jun
Q1	Rev. (M) EPS	10,811.0 0.35	9,741.0 0.29	9,189.0 0.23
Q2	Rev. (M) EPS	12,542.0 0.26	11,837.0 0.34	10,818.0 0.32
Q3	Rev. (M) EPS	14,398.0 0.50	10,900.0 0.29	9,620.0 0.23
Q4	Rev. (M) EPS	* 13,306.7 = 0.39	11,804.0 0.28	10,161.0 0.34
FY	Rev. (M) EPS	* 51,162.5 = 1.49	44,282.0 1.20	39,788.0 1.12

Fiscal Year: Quarter:	2007 * Dec =	2006 Dec	2005 Dec
Q1	Rev. (M) EPS	1,671.8 0.10	1,567.1 0.11	1,173.7 0.14
Q2	Rev. (M) EPS	* 1,301.2 = 0.11	1,575.9 0.11	2,426.7 0.65
Q3	Rev. (M) EPS	* 1,363.5 = 0.13	1,580.3 0.11	1,329.9 0.17
Q4	Rev. (M) EPS	* 1,542.0 =	1,702.4 0.19	1,501.0 0.46
FY	Rev. (M) EPS	* 5,366.8 = 0.52	6,425.7 0.52	5,257.7 1.28

Microsoft Corporation develops, manufactures, licenses and supports a = range=20 of software products for computing devices. The Company's software = products=20 include operating systems for servers, personal computers and = intelligent=20 devices; server applications for distributed computing environments; = information=20 worker productivity applications; business solution applications;=20 high-performance computing applications, and software development tools. = It=20 provides consulting and product support services, and trains and = certifies=20 computer system integrators and developers. It has seven segments: = Client,=20 Server and Tools, Information Worker, Microsoft Business Solutions, MSN, = Mobile=20 and Embedded Devices, and Home and Entertainment. In April 2006, = Microsoft Game=20 Studios, a part of Microsoft Corporation, purchased United Kingdom-based = Lionhead Studios. In July 2006, it acquired Softricity Inc., Winternals = Software=20 LP and Whale Communications Ltd. In October 2006, the Company acquired = Colloquis=20 Inc.

Target

Yahoo! Inc. (Yahoo!) is a global Internet brand. To its global users, = it=20 provides owned and operated online properties and services. To its = advertisers,=20 it provides tools and marketing solutions. Many of Yahoo!'s services are = free to=20 its users. It generates revenue by providing marketing services to = businesses=20 across the majority of its properties and by establishing paying = relationships=20 with users of its premium offerings. The Company's offerings to users = and=20 businesses fall into five categories: Search; Marketplace; Information = and=20 Entertainment; Communications, Communities and Front Doors, and = Connected Life.=20 The majority of its offerings are available globally in more than 20 = languages.=20 On June 12, 2006, it acquired an approximate 10% interest in Gmarket = Inc., a=20 retail e-commerce provider in South Korea. During the year ended = December 31,=20 2006, Yahoo! acquired Jumpcut, providing an online service for creating, = editing, and sharing videos.

Deal Summary

Scenario 1:=20: Buyer's Share Price: 30.56; Target's Share Price: = 30.98;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 2:=20: Buyer's Share Price: 30.56; Target's Share Price: = 34.08;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 3:=20: Buyer's Share Price: 30.56; Target's Share Price: = 37.18;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 4:=20: Buyer's Share Price: 30.56; Target's Share Price: = 40.27;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;

Deal Scenarios Analytics

	Scenario 1	Scenario 2	Scenario 3	Scenario 4
Financial Analysis
Financing Value	43.94B	48.33B	52.72B	57.12B
Required for deal
Stock	43.94B	48.33B	52.72B	57.12B
Cash	0	0	0	0
Debt	0	0	0	0
Shares
New Shares to be Issued	1.44B	1.58B	1.73B	1.87B
New Shares Outstanding F.D	11.30B	11.44B	11.59B	11.73B
Taxes
New Tax Rate	0.31	0.31	0.31	0.31
EPS
Old FD EPS	1.41	1.41	1.41	1.41
New FD EPS	1.30	1.29	1.27	1.25
Goodwill and Synergy
Goodwill/Intangibles	35.10B	39.50B	43.89B	48.29B
Total Synergy Required for Accretion	1.69B	1.99B	2.28B	2.57B
Pro Forma % Ownership
Buyer's	87.28%	86.18%	85.11%	84.07%
Seller's	12.72%	13.82%	14.89%	15.93%
Accretion/Dilution
Per Share	-0.10	-0.12	-0.14	-0.15
% Change	-7.36%	-8.53%	-9.66%	-10.77%
Total Consideration
Cash as % of Total Consideration to increase $0.01 EPS	30.59%	30.08%	29.90%	30.02%
Synergy to increase $0.01 EPS	163.69M	165.77M	167.86M	169.94M

Key Ratios

	Buyer	Target	Scenario 1	Scenario 2	Scenario 3	Scenario 4
Gross Margin=20 % =	80.66	58.28	78.05	78.05	78.05	78.05
Operating=20 Margin % =	37.16	13.92	34.46	34.46	34.46	34.46
Quick = Ratio =	1.7	2.31	1.73	1.73	1.73	1.73
Current=20 Ratio =	1.98	2.55	2.01	2.01	2.01	2.01
Coverage = Ratio =	0.08	0.11	-0.08	-0.08	-0.08	-0.08
Total Assets	63,891.0	11,309.0	75,200.0	75,200.0	75,200.0	75,200.0
Return on Equity %	39.62	7	33.58	33.58	33.58	33.58
Return on Assets %	21.69	5.47	19.41	19.41	19.41	19.41
Cash+ ST Inv. = Per=20 Share	2.86	1.65	2.61	2.61	2.61	2.61
Total Debt	0.0	749.8	749.8	749.8	749.8	749.8
Total Debt to Equity %	0	8.49	1.71	1.71	1.71	1.71
Total Debt to Tangible Equity %	0	13.78	-5.86	-5.86	-5.86	-5.86
Debt = to Asset=20 % =	0.00	6.63	1.00	1.00	1.00	1.00

Product = Details

Sector	Buyer	Target
= *Media	=
= Electronic Media	=
= Electronic Publishers=20 Companies engaged in the distribution of = electronic media=20 to end users via the internet. These companies either produce and = publish=20 their own content, or license information and features from = content=20 syndicators.	=	=20
= Financial Data=20 Services offered electronically which provide = research and=20 execution capability on a variety of financial instruments, = including=20 equities, derivatives, and bonds. Content offered via datafeeds = are placed=20 here also.		=20
= Web Navigation=20 Websites that aid in finding information on the = World Wide=20 Web. Tools such as portals, directories, and search engines help=20 individuals to navigate through the Internet's vast network of = computers,=20 and to more easily find specific information.	=
= Entertainment/Programming	=
= Television Cable and Broadcast Networks=20 Television Cable and Broadcast = Networks.	=
= *Technology		=20
= Hardware	=
= Commercial Electronics=20 The Commercial Electronics sector encompasses=20 electronics-based products used to either facilitate business = operations,=20 or directly contribute to company revenue.	=
= Communications Equipment=20 The Communications Equipment sector encompasses = a broad=20 range of access, transport, and connectivity equipment and = devices, which=20 span across a diverse set of markets including enterprise = networking, home=20 networking, satellite, wireless (terrestrial), wireline wide area=20 networking, and cable (CATV).	=
= Computer Hardware=20 The Computer Hardware sector includes corporate, = consumer,=20 and industrial computer systems, and related peripherals, = components, and=20 power management products.	=
= Consumer Electronics=20 The Consumer Electronics sector encompasses a = broad field=20 of electronics that include products such as TVs, VCRs, radios, = hi-fi=20 stereo, home theater, handheld and software-based games, as well = as other=20 electronic devices intended for home or mobile use.	=
= Software		=20
= Design/Engineering=20 Software used in professional design and = development=20 applications, including the design of integrated circuits,=20 creating/editing multimedia productions, and creating web-based or = stand-alone software applications.	=
= Enterprise Management=20 Software designed to maximize the efficiency and = productivity with which the enterprise is run. Includes Customer=20 Relationship Management (CRM) and Enterprise Resource Planning = (ERP)=20 software.	=
= Home/Office=20 Personal productivity and entertainment software = targeted=20 toward consumer and business users.		=20
= IT Infrastructure=20 Software, employed typically by the IT = department of an=20 enterprise, which ensures that computer based systems perform = efficiently=20 and securely.	=
= Industry-Specific=20 Software that has functionality specific to a = vertical=20 industry.	=
= Technology Services	=	=20
= Information Technology (IT)=20 IT Services includes the design, development,=20 implementation, support, or management of computer-based = information=20 systems particularly software applications, networking equipment, = and=20 computer hardware. This also includes services specifically = tailored=20 towards all aspects of computing, data storage, communications, = and=20 services concerning the development and deployment of applications = and=20 systems for business that cover the entire business = enterprise.	=	=20
= Telecommunications Services=20 The Telecommunications Services subsector = encompasses=20 services designed to promote or enhance the transmission of voice, = data,=20 and video over various communications mediums, including cable, = satellite,=20 wireless (terrestrial-based), and wireline.	=	=20
= Services		=20
= Consumer Services		=20
= Personal Services=20 Personal Services.		=20

3D""=20 - = Sector=20 Pure-Plays. Denotes that the company is focused in the selected sector = and=20 generates nearly all earnings in the sector/product area specified.

3D""=20 - = Sector=20 Participation. Denotes that the company develops products in this line = of=20 business.

Product = Details

Sector	Buyer	Target
= *Media	=
= Electronic Media	=
= Electronic Publishers	=	=20
= Blogs=20 Websites which enable users to create blogs = (Short for=20 weblog, which is essentially a journal that is available on the=20 internet). Buyer Products: MSN Spaces	=
= Classifieds and Directories		=20
= Automotive=20 Websites which advertise cars for sale, along = with=20 additional resources, such as financing assistance and = reviews. Target Products: Yahoo! Autos		=20
= Career=20 Resource which allows job seekers to find = suitable=20 employment positions. Target Products: Yahoo! HotJobs		=20
= Directory=20 Web-based business/individual directories. = Includes=20 white/yellow pages. Target Products: Yahoo! Yellow Pages		=20
= Event Planning/Social Networking=20 Websites which offer social networking, as well = as event=20 invitation services. Target Products: Yahoo! Groups=20 Yahoo! Photos		=20
= Personals=20 Websites which serve to pair individuals seeking = romantic=20 relationships. Target Products: Yahoo! Personals		=20
= Real Estate=20 Websites which advertise rental properties, as = well as=20 properties for sale. Includes moving referral services. Target Products: Yahoo! Real Estate		=20
= Community Sites		=20
= Adolescents=20 Websites that target the adolescent = market. Target Products: Yahoo! Kids		=20
= Children=20 Websites targeted toward young children. Target Products: Yahoo! Kids		=20
= Entertainment		=20
= Games=20 Gaming news/information portals catering to = gaming=20 enthusiats. Target Products: Yahoo! Games		=20
= Movies=20 Specialty entertainment sites that focus on = providing the=20 latest information on movies released domestically. These sites = can=20 provide basic descriptions of movie plots, starring roles, movie = rating,=20 running time, screenings and show times. Target Products: Yahoo! Movies		=20
= Music=20 Websites which offer music content, including = downloads,=20 news, and karoake. These sites are devoted to keeping track of = music=20 artist, their new albums, music charts and up-coming concert = dates. Target Products: Yahoo! Music		=20
= Sports=20 Destination sites that provide news and updates = on=20 domestic and international sporting events. Target Products: Yahoo! Sports		=20
= Reference	=	=20
= Encyclopedia=20 These destination sites provide quick access to=20 information on a variety of topics. Buyer Products: Microsoft Encarta Encyclopedia Series	=
= General News/Commentary=20 General news/opinion articles that are collated = from=20 various sources throughout the internet and made available to end=20 users. Target Products: Yahoo! News		=20
= Healthcare=20 Healthcare news syndicators provide web sites = with news=20 and information that deals with the branches of the healthcare = industry.=20 The information can be on specific diseases, new drugs/medicines,=20 alternative therapies, etc. Target Products: Yahoo! Health		=20
= Maps=20 Web sites that provide online maps and driving=20 directions. Buyer Products: MSN MapPoint=20 Microsoft Streets & Trips Series Target Products: Yahoo! Maps	=	=20
= Shopping Guides		=20
= General=20 Websites which offer product and price = comparisons across=20 several consumer categories, including clothing, electronics, and=20 jewelry. Target Products: Yahoo! Shopping		=20
= Technology=20 Web sites that give consumers advice and pricing = information focused specifically on technology products. Target Products: Yahoo! Tech		=20
= Video/Audio		=20
= Audio		=20
= Music Downloads=20 Service which allows users to listen and = download music=20 from the internet to a local hard drive. Target Products: Yahoo! Music Engine=20 Yahoo! Music Unlimited=20 Yahoo! LAUNCHcast Radio		=20
= Audio/Video		=20
= General=20 Online video channel that provides general = entertainment=20 and information without a specific emphasis. These services are = similar to=20 television stations that provide a variety of programs. Target Products: Yahoo! TV=20 Yahoo! Video		=20
= Financial Data		=20
= Retail Financial Content and Research=20 Financial Content targeted toward consumers. = Frequently=20 free, some content is available on a subscription basis. Target Products: Yahoo! Finance		=20
= Web Navigation	=
= Directory=20 Directories provide information grouped in broad = categories, which allow a user to find topics related to various = subjects=20 such as sports, news, entertainment, arts and culture, etc. Unlike = spidering search engines (like Google), directories are compiled = by human=20 editors who approve listings. Buyer Products: MSN.com Target Products: Yahoo.com	=	=20
= Portal=20 Portals are destination sites that aid users in = navigating=20 the World Wide Web. Incorporating both Search Engines and = Directories,=20 these sites act as all-inclusive starting points for the web, = usually=20 offering additional services such as news, shopping, = e-mail/instant=20 messaging, online games, and clubs/groups. Buyer Products: MSN.com Target Products: Yahoo.com	=
= Search Engines	=	=20
= General=20 A web site that employs 'bots' to search the = internet.=20 Search engines take the information obtained by these bots and use = it to=20 create a searchable index of the internet. Target Products: Overture.com Content Match=20 Yahoo! Kids Search=20 AltaVista.com Search=20 Yahoo.com Search=20 AllTheWeb.com=20 AltaVista Toolbar		=20
= Multimedia Engines=20 Multimedia search engines provides internet = users with the=20 ability to search for audio, video or image throughout the = internet. Target Products: AllTheWeb.com Pictures=20 AllTheWeb.com Video=20 AltaVista.com Video=20 AltaVista.com Images=20 AltaVista.com MP3/Audio=20 Yahoo! Video=20 AllTheWeb.com Audio		=20
= Pay-Per-Performance=20 Services whereby advertisers bid for higher = placement of=20 listings within search results. The greater the amount paid, the = higher=20 the priority given to the link when specific keywords are used in = a query.=20 Many modern search engines provide both paid and traditionally = determined=20 listings within the same results. Buyer Products: MSN Search Target Products: Yahoo! Search Marketing=20 Inktomi	=	=20
= Specialty Engines=20 Services catering to specific and focused areas = of=20 inquiry, and designed to exclude results outside of this focus. = These=20 products often integrate access to proprietary content as well as = general=20 search results. Target Products: Yahoo! Answers		=20
= Entertainment/Programming	=
= Television Cable and Broadcast Networks	=
= Domestic	=
= Cable Networks	=
= English Format	=
= News=20 Programming focused on the presentation of = information=20 about specific and timely events. Buyer Products: MSNBC	=
= *Technology		=20
= Hardware	=
= Commercial Electronics	=
= Electronic Security	=
= Identification Equipment	=
= Identification Processing Systems	=
= Fingerprint	=
= Scanners=20 Input devices capable of scanning an = individual's=20 fingerprint for identification purposes. Buyer Products: Fingerprint Reader	=
= Communications Equipment	=
= Local Area Networking (LAN)	=
= Wireless (WLAN/Wi-Fi)	=
= Access Points	=
= 802.11b (11 Mbps)=20 Access points that support up to 11 Mbps (2.4 = Ghz IEEE=20 802.11b) connections. Buyer Products: Broadband Networking Wireless Base Station =	=
= 802.11g/a (54 Mbps)=20 Access points that support up to 54 Mbps = connections. This=20 level contains Access Points that utilizes either the 2.4 Ghz = (IEEE=20 802.11g) frequency range or the 5 Ghz (IEEE 802.11a) frequency=20 range. Buyer Products: Broadband Networking Wireless Base Station =	=
= Network Adapters/Network Interface Cards (NIC) =	=
= 802.11b (11 Mbps)=20 Network Adapters/NICs that support up to 11 Mbps = (2.4 Ghz=20 IEEE 802.11b) connections. Buyer Products: Broadband Wireless Notebook Adapter=20 Broadband Wireless USB Adapter	=
= 802.11g/a (54 Mbps)=20 Network Adapters/NICs that support up to 54 Mbps = connections. This level contains Network Adapters/NICs that = utilizes=20 either the 2.4 Ghz (IEEE 802.11g) frequency range or the 5 Ghz = (IEEE=20 802.11a) frequency range. Buyer Products: Broadband Wireless Notebook Adapter=20 Broadband Wireless PCI Adapter=20 Broadband Wireless USB Adapter	=
= Computer Hardware	=
= Peripherals	=
= Human Interface	=
= Gaming Controls=20 Human interface controllers designed to enhance = gameplay=20 experience. Includes hand-held game pads, joysticks, flightsticks, = steering wheels, pedals, and targeting devices. Buyer Products: SideWinder Freestyle Pro=20 SideWinder Force Feedback Wheel Series=20 SideWinder Game Pad Series=20 SideWinder Precision Racing Wheel Series=20 SideWinder Precision Series=20 SideWinder Joysticks=20 SideWinder Force Feedback Series	=
= Home/Office Productivity	=
= Keyboards=20 Alphanumeric character input devices. Includes = keyboards=20 that are ergonomically enhanced to reduce user stress, keyboards = with=20 programmable extra keys, built-in pointing devices, and wireless=20 keyboards. Buyer Products: Wireless Laser Desktop 6000=20 Natural Keyboard Series=20 MultiMedia Keyboard=20 Wireless Optical Desktop Keyboards=20 Internet Keyboard Series	=
= Pointing Devices=20 Input devices used to control an on-screen = pointer for=20 efficient point-and-click, scroll, drag-and-drop, draw, and window = manipulating operations. Buyer Products: Laser Mouse 6000=20 Trackball Explorer=20 Notebook Optical Mouse=20 Basic Mouse=20 Laptop Wheel Mouse Series=20 IntelliMouse Series=20 Optical Mouse Series	=
= Consumer Electronics	=
= Audio	=
= Personal Stereo	=
= Audio Players	=
= MP3 Players	=
= Hard Drive=20 MP3 Players which utilize a hard drive for = storage. Buyer Products: Zune Media Players	=
= Electronic Gaming	=
= Peripherals=20 Devices such as keypads, joysticks and other = controllers=20 and products, sometimes used in conjunction with video game=20 consoles. Buyer Products: Xbox Series Controllers/Racing Wheel & Accessories=20	=
= Video Game Consoles=20 Video game console-based systems that use game = cartridges=20 or discs and connect with a television unit. Buyer Products: Xbox Series Gaming Consule	=
= Software		=20
= Design/Engineering	=
= Design Automation	=
= Mapping and Geographic Information Systems = (GIS)=20 Software that dynamically creates maps and can = either=20 locate an object or location on those maps, or compute driving = directions=20 between two points. Companies providing digital map information = are also=20 included. Buyer Products: MapPoint	=
= Multimedia	=
= Graphics Arts	=
= Image Creation/Editing=20 Software used to create or edit digital still = images for=20 use in print or online. Includes both raster (bitmap) and vector = editing=20 tools. May include minor functionality for producing animated = images and=20 interactive content, but excludes software which is specific to = this=20 purpose. Buyer Products: Microsoft Digital Image Series	=
= Layout/Publishing=20 Professional software used for the creation of = print=20 publications. These applications allow for the visual arrangement = of text=20 and graphic elements within a variety of formats, as well as for=20 preparation of files for the requirements of high level printing=20 equipment. May include functionality for conversion of documents = for use=20 on the web. Buyer Products: Microsoft Office Publisher=20 Microsoft Expression Series	=
= Software Development	=
= Administrative Tools	=
= Change Management=20 Software used to manage change (e.g. version = control) in=20 the software development process. Buyer Products: Visual SourceSafe	=
= Planning/Design=20 Software tools used to streamline the planning = and design=20 of large scale software development efforts. Buyer Products: Visual Studio 2005 Series	=
= Development Environments	=
= General	=
= Proprietary Programming Languages=20 Software development tools that use a = proprietary software=20 language. Buyer Products: Visual FoxPro=20 Office XP Developer	=
= Standard Programming Languages=20 Software development environments that permit = programming=20 using any number of widely-used standard programming languages = such as=20 Basic, C, C++, Java, COBOL, and Fortran. Buyer Products: ASP.NET=20 Visual C# .NET=20 Visual C++ .NET=20 .NET Framework=20 Visual J# .NET=20 Visual Studio.NET=20 Visual Basic .NET	=
= Website Development	=
= E-Commerce	=
= Marketplace=20 Site development software that focuses on sites = that=20 perform one-to-one or one-to-many transactions. Buyer Products: Microsoft Commerce Server	=
= Website Authoring/Publishing=20 Software used to create non-transactive = Websites. Buyer Products: Content Management Server=20 Microsoft Office Live Series=20 Microsoft Commerce Server=20 Microsoft Office FrontPage	=
= Enterprise Management	=
= Asset Management	=
= Capital/Fixed=20 Software that inventories, tracks, and helps = manage the=20 use of capital assets. Buyer Products: Microsoft Dynamics Series	=
= Information Technology=20 Software that inventories, tracks, and monitors = the use of=20 IT assets, such as software applications and hardware. Buyer Products: Systems Management Server (SMS)	=
= Business Intelligence	=
= Executive Information Systems=20 Software that provides summarized business = information to=20 improve executive decisions through data modeling forecasting, and = simulation. Includes features such as balanced scorecards and = "what if"=20 analysis for profitability and performance. Buyer Products: Microsoft Dynamics Series	=
= Query/Report=20 Software that allows users to make simple = queries and also=20 provide the results in report form. Buyer Products: Microsoft Dynamics Series	=
= Content Management	=
= Document Management	=
= Creation/Management=20 Software which creates electronic = forms/documents, either=20 from multiple data sources, or independently. Includes=20 routing/distribution, search, viewing, and storage = capabilities. Buyer Products: Microsoft Office OneNote=20 Microsoft Office InfoPath	=
= Information Portals=20 Enterprise Content Management software, designed = to enable=20 sharing of and access to, corporate information across the=20 enterprise. Buyer Products: Microsoft Office SharePoint Server=20 Microsoft Commerce Server=20 Microsoft Office SharePoint Designer=20 Microsoft Dynamics Series	=
= Customer Relationship Management (CRM)	=
= Marketing	=
= Analytics=20 Tools used for analyzing market trends, customer = behavior,=20 profitability, and overall marketing effectiveness. Buyer Products: Microsoft Dynamics Series	=
= Automation/Management=20 Enterprise applications that perform the core = services=20 associated with marketing, including market segmentation and list=20 management capabilities. Buyer Products: Microsoft Dynamics Series	=
= Online Marketing=20 Solutions designed to leverage the Internet as a = targeted=20 marketing tool. Buyer Products: Microsoft Dynamics Series	=
= Telemarketing=20 Software primarily used in contact centers for = improving=20 the effectiveness of telemarketing campaigns. Buyer Products: Microsoft Dynamics Series	=
= Sales Force Automation (SFA)	=
= Analytics=20 Tools used for analyzing customer sales data, = measuring=20 sales effectiveness, and managing sales related financials. Buyer Products: Microsoft Dynamics Series	=
= Automation/Management=20 Enterprise applications that perform the core = services=20 associated with sales force automation, including contact = management,=20 marketing encyclopedia, sales analysis, customer tracking, and = territory=20 management. Buyer Products: Microsoft Dynamics Series	=
= Mobile/Field Sales=20 Software which enables mobile sales force = personnel to=20 access sales data. Buyer Products: Microsoft Dynamics Series	=
= Service	=
= Analytics=20 Tools used for measuring service effectiveness = and to=20 ensure efficient use of a service organization's resources. Buyer Products: Microsoft Dynamics Series	=
= Automation/Management=20 Enterprise applications that perform the core = functions=20 associated with customer service, including service level = compliance and=20 complaint management. Buyer Products: Microsoft Dynamics Series	=
= Mobile/Field Service=20 Software which enables mobile service personnel = to access=20 service data. Buyer Products: Microsoft Dynamics Series	=
= Enterprise Resource Planning (ERP)	=
= Business Planning/Control	=
= Business Process Automation/Monitoring=20 Software used to identify bottlenecks and to = streamline=20 business processes. Buyer Products: Microsoft Office Visio=20 Microsoft BizTalk Server	=
= Project Management=20 Software that is designed specifically to manage = project=20 workflow and organization. Includes functions such as task = assignment,=20 progress reporting, information dissemination, and project = costing. Buyer Products: Microsoft Dynamics Series=20 Enterprise Project Management - Project Server 2003=20 Microsoft Office Project Server=20 Microsoft Office Project	=
= Financial/Compliance	=
= Financial Management/Automation=20 ERP Software used for financial management tasks = such as=20 budgeting, strategic planning, and reporting. Includes enterprise=20 procurement software. Buyer Products: Microsoft Dynamics Series	=
= General Ledger/Accounting=20 Software that performs general accounting = functions, such=20 as balance sheet, income, and cash flow calculations. Buyer Products: Microsoft Office Accounting=20 Microsoft Dynamics Series	=
= Payment Processing=20 Software that manages payment processing=20 functionality. Buyer Products: Microsoft Dynamics Series	=
= Human Resources	=
= Benefit/Payroll Management=20 Software that aids in the management of the = workforce,=20 performing functions such as benefit and payroll management. Buyer Products: Microsoft Dynamics Series	=
= Employee Directory=20 Software used to manage an organization's list = of=20 employees or members. Buyer Products: Microsoft Dynamics Series	=
= Employee Training=20 Software designed to enable enterprise training = and=20 continuing education programs. Buyer Products: Microsoft Dynamics Series	=
= Performance Management=20 Software which enables organizations to track = and enhance=20 the performance of its employees. Buyer Products: Microsoft Dynamics Series	=
= Recruitment=20 Software applications that track and manage = contacts for=20 employee recruitment. Buyer Products: Microsoft Dynamics Series	=
= Supply Chain	=
= Channel Partner Management=20 Software, including sourcing and catalog = management, which=20 helps improve supply chain efficiency through improved partner=20 communication and control. Buyer Products: Microsoft Dynamics Series	=
= Inventory/Transportation/Order Management=20 Software used to manage sales orders, = transportation,=20 inventory, and warehousing. Buyer Products: Microsoft Dynamics Series	=
= Management=20 Supply chain management software, covering = critical supply=20 chain components, such as transportation/warehousing, demand = management,=20 procurement, MRO (Maintenence, Repair, and Operating equipment) = and=20 channel partner management. Buyer Products: Microsoft Dynamics Series	=
= Security	=
= Identification	=
= Identification Cards=20 Software that stores and manages personnel data = for use in=20 card-based identification systems. Buyer Products: Alacris Inc.	=
= Home/Office		=20
= Educational	=
= School Level	=
= K-12=20 Educational software that is designed to teach = general=20 skills similar to those taught in kindergarten through secondary=20 school. Buyer Products: Microsoft Student=20 Microsoft Encarta Encyclopedia Series	=
= Games	=	=20
= Console Games	=
= Action/Adventure=20 Console gaming software that focuses primarily = upon=20 real-time/time-based action. Buyer Products: Microsoft Game Studios - Alan Wake=20 Microsoft Game Studios - Shadowrun=20 Microsoft Game Studios - Too Human=20 Microsoft Game Studios - Crackdown=20 Microsoft Game Studios - Kung Fu Chaos=20 Microsoft Game Studios - Sneakers=20 Microsoft Game Studios - Shenmue Series=20 Microsoft Game Studios - MechAssault Series=20 Microsoft Game Studios - Blinx Series=20 Microsoft Game Studios - Whacked!=20 Microsoft Game Studios - Nightcaster=20 Microsoft Game Studios - Halo Series=20 Microsoft Game Studios - Fuzion Frenzy=20 Microsoft Game Studios - Blood Wake=20 Microsoft Game Studios - Azurik: Rise of Perathia=20 Microsoft Game Studios - Oddworld Series=20 Microsoft Game Studios - Brute Force=20 Microsoft Game Studios - Tao Feng: Fist of the Lotus=20 Microsoft Game Studios - Midtown Madness 3=20 Microsoft Game Studios - Voodoo Vince=20 Microsoft Game Studios - Grabbed by the Ghoulies=20 Microsoft Game Studios - Gears of War=20 Microsoft Game Studios - Kameo: Elements of Power=20 Microsoft Game Studios - Perfect Dark Circle=20 Microsoft Game Studios - Conker: Live & Reloaded=20 Microsoft Game Studios - Forza Motorsport Series=20 Microsoft Game Studios - Counter-Strike=20 Microsoft Game Studios - Crimson Skies: High Road to Revenge =	=
= Family/Children=20 Console entertainment software that is designed = for=20 families or young children. Buyer Products: Microsoft Game Studios - Viva Pinata=20 Microsoft Game Studios - Xbox Music Mixer =	=
= Role-Playing Games=20 Console gaming software focused on the player's = assumption=20 of a character and the development of that character. Buyer Products: Microsoft Game Studios - Mass Effect=20 Microsoft Game Studios - Sudeki=20 Microsoft Game Studios - Fable=20 Microsoft Game Studios - Jade Empire=20 Microsoft Game Studios - Fable: The Lost Chapters =	=
= Sports=20 Console gaming software focused on a sport or = sporting=20 event such as baseball, football, racing, etc. Buyer Products: Microsoft Game Studios - RalliSport Challenge Series=20 Microsoft Game Studios - Quantum Redshift=20 Microsoft Game Studios - Project Gotham Racing Series=20	=
= Online Games=20 Web sites that allow visitors to engage in video = games for=20 fun or prizes. Excludes betting/gambling games. Buyer Products: Zone.com Target Products: Yahoo! Games	=	=20
= PC Games	=
= Action/Adventure=20 Personal Computer gaming software that focuses = primarily=20 upon real-time/time-based action. Buyer Products: Microsoft Game Studios - Shadowrun=20 Microsoft Game Studios - Freelancer=20 Microsoft Game Studios - MechWarrior Series=20 Microsoft Game Studios - Halo Series=20 Microsoft Game Studios - MechCollection=20 Microsoft Game Studios - Train Simulator=20 Microsoft Game Studios - Combat Flight Simulator Series=20	=
= Family/Children=20 Personal Computer entertainment software that is = designed=20 for families or young children. Buyer Products: Microsoft Game Studios - Zoo Tycoon Series=20 Microsoft Game Studios - Bicycle Board Games=20 Microsoft Game Studios - Bicycle Casino Games=20 Microsoft Game Studios - Bicycle Card Games =	=
= Puzzle=20 Personal Computer gaming software focused on a = puzzle,=20 strategy or the replication of a board game. This product level = also=20 includes casino games. Buyer Products: Microsoft Game Studios - Return of Arcade Anniversary = Edition=20	=
= Role-Playing Games=20 Personal Computer gaming software focused on the = player's=20 assumption of a character and the development of that = character. Buyer Products: Microsoft Game Studios - Flight Simulator Series=20 Microsoft Game Studios - Classic Flight Collection=20 Microsoft Game Studios - Dungeon Siege	=
= Sports=20 Personal Computer gaming software focused on a = sport or=20 sporting event such as baseball, football, racing, etc. Buyer Products: Microsoft Game Studios - RalliSport Challenge Series=20 Microsoft Game Studios - Racing Madness Series =	=
= Strategy=20 Personal Computer gaming software focused on the = execution=20 of a strategy - often turn-based. Buyer Products: Microsoft Game Studios - Kings & Myths=20 Microsoft Game Studios - Rise of Nations=20 Microsoft Game Studios - Age of Empires Series=20 Microsoft Game Studios - Mech Commander Series=20 Microsoft Game Studios - Age of Mythology=20 Microsoft Game Studios - Impossible Creatures =	=
= Handheld/Smart Phone	=
= Applications	=
= Browsers=20 Web browsers specifically designed for Handhelds = and Smart=20 Phones. Buyer Products: Pocket Internet Explorer	=
= Games/Entertainment=20 Games for handhelds and smart phones, as well as = other=20 phone specific features, such as wallpapers. Buyer Products: Entertainment Pack for Windows CE	=
= Operating Systems	=
= Handhelds=20 Operating system designed for handhelds. Buyer Products: Windows XP Ultra-Mobile PC=20 Windows XP Tablet PC Edition=20 Windows Mobile	=
= Smart Phone=20 Operating system designed for smart phones, = which is a=20 phone with a microprocessor, memory, screen and built-in modem. = The smart=20 phone combines some of the capabilities of a PC in a handset = device. Buyer Products: Windows Mobile	=
= Multimedia	=
= Audio	=
= Player=20 Applications which can download, edit, and = playback music=20 and sound files, as well as 'burning' and 'ripping' CD's, by = converting CD=20 files to MP3 format, and vice versa. Buyer Products: Windows Media Player Series	=
= Video	=
= Editing=20 Software-based editing systems used to create = and modify=20 web and home videos. Buyer Products: Microsoft Windows Movie Maker	=
= Encoding=20 Software which encodes video and audio to a = format=20 compatible with a specific streaming software format, e.g. Real = Player, or=20 Media Player. Buyer Products: Windows Media Encoder	=
= Photo=20 Software-based editing systems that are designed = to modify=20 photographs. Buyer Products: Microsoft Picture It! Series=20 Microsoft Plus!	=
= Player=20 Client-side software that decodes and plays = downloaded or=20 streaming video files as well as 'burning' and 'ripping' = DVD's. Buyer Products: Windows Media Player Series	=
= Productivity	=	=20
= Communications	=	=20
= Conferencing/Collaboration Tools	=
= Online Conference/Meeting=20 Software which allows enables remote meetings or = conferences. The software allows the application to be marked up = at any of=20 the remote locations enabling all users see the same screen = effects.=20 Functionalities include electronic whiteboard, messaging, bulletin = boards,=20 and group scheduling. Buyer Products: Microsoft Live Communications Server=20 Microsoft Office Communicator=20 Microsoft Exchange Conference Server Series=20 Microsoft Office Groove	=
= Messaging	=	=20
= Chat/Instant Messaging=20 Software that allows users to send and receive = text=20 communications either in a real-time forum (chat) or as batch = messages=20 that are conveyed instantly (instant messaging). Buyer Products: MSN Target Products: Yahoo Messenger	=	=20
= E-mail Client=20 E-mail messaging platforms, which act as the = interface for=20 people to send and receive e-mail messages. Buyer Products: Microsoft Office Outlook	=
= Web Browsers=20 Software used to navigate the internet. Buyer Products: Windows Live=20 Internet Explorer	=
= Document Creation	=
= Desktop Databases=20 Database software which resides on the desktop = for=20 personal use. Buyer Products: Microsoft Office Access	=
= Linguistics=20 Software that provides grammar/spelling check = and=20 translation functionality. Buyer Products: Microsoft Proofing Tools	=
= Presentation=20 Software applications that enable end-users to = quickly and=20 easily integrate and create presentations using word, excel, = etc. Buyer Products: Microsoft Office PowerPoint	=
= Spreadsheets=20 Software which provides sophisticated = calculation and=20 rudimentary database functionality based on a two dimensional = array of=20 values. Buyer Products: Microsoft Office Excel	=
= Suites=20 Integrated software packages that incorporate = multiple=20 office productivity software functions, including word processing, = spreadsheet, database, and graphics applications. Buyer Products: Microsoft Office Series=20 Microsoft Works Series	=
= Word Processing=20 Software that provides creation and editing of = text=20 documents. Buyer Products: Microsoft Office Word	=
= Personal Information Management	=
= Finance=20 Software which provides personal finance = information=20 management. Buyer Products: Microsoft Money Series	=
= Speech Conversion	=
= Text-to-Speech=20 Software that allows the computer to recognize = text from a=20 document and verbalize it. Buyer Products: Microsoft Speech Server	=
= System Software	=
= Desktop Utilities=20 Software that adds functionality to the GUI or = file=20 management capabilities of desktop operating systems, including = memory=20 management, operation automation, virus checking and removal, and=20 diagnostics. Buyer Products: Windows Desktop Search	=
= Operating Systems=20 Single-installation operating systems designed = for desktop=20 computers. Buyer Products: Windows 98=20 Windows Vista=20 Windows XP Series=20 Windows Me=20 Windows 95	=
= IT Infrastructure	=
= Communications	=
= Data	=
= Messaging Servers/Systems=20 Server software stores, manages, and accesses = text-based=20 messages such as e-mail and fax. Buyer Products: Microsoft Exchange Server	=
= Data Storage	=
= Database	=
= Database Management Systems (DBMS)	=
= Relational=20 System software that stores data in a relational = table.=20 Includes Client/Server, Embedded, and Mainframe systems. Buyer Products: Microsoft SQL Server	=
= Storage Administration	=
= Data Availability=20 Software designed to ensure availability of = information=20 stored on either a single system or a storage network. Includes=20 protection, replication, mirroring, backup, restoration and = clustering=20 software. Buyer Products: Windows Storage Server	=
= Media Device Management=20 Software used to manage storage media via = various=20 technologies such as computer output to laser disc (COLD), direct = access=20 storage device (DASD), and Redundant Array of Inexpensive Disks=20 (RAID). Buyer Products: Microsoft Data Protection Manager	=
= Enterprise Application Integration = (EAI)/Middleware	=
= Adaptors/Integration Brokers=20 Software that allows disparate applications to = exchange=20 data through adaptors and industry standard interfaces such as = object=20 request brokers (ORB). Does not include application-specific = APIs. Buyer Products: Microsoft Host Integration Server	=
= Network	=
= Network Administration	=
= Network Management=20 Software that performs one or more of the many = functions=20 involved in managing a network, such as configuration, = provisioning, and=20 trouble management. Buyer Products: Microsoft Identity Integration Server=20 Windows Server=20 Systems Management Server	=
= Network Security	=
= Access Policy	=
= Firewalls=20 Network security software that forms a 'wall' = between an=20 internal network and the Internet, preventing unauthorized access = to the=20 internal network. Buyer Products: Microsoft Forefront	=
= Virtual Private Network=20 Software that enables network participants to = send and=20 receive data across a shared or public internetwork in a manner = that=20 emulates the security properties of a private link. Buyer Products: Microsoft Virtual PC	=
= Filtering	=
= Anti-Virus=20 Filtering software that searches for and = neutralizes=20 computer viruses in files. Includes anti-Spyware software. Buyer Products: Microsoft Antigen	=
= E-mail=20 Filtering software that can identify and prevent = the=20 transfer of unsolicited bulk e-mails, also known as spam. Buyer Products: Sybari Software Advanced Spam Manager	=
= Web Content=20 Filtering software that prevents access to = restricted=20 websites based on criteria set by the administrator. Buyer Products: Microsoft Internet Security and Acceleration Server=20	=
= Support Utilities	=
= System Performance/User Productivity = Enhancement=20 Miscellaneous IT infrastructure support = utilities used to=20 improve system capabilities and/or user efficiency. Buyer Products: Microsoft Operations Manager=20 Windows Small Business Server	=
= Operating Systems	=
= Embedded=20 Hardware-embedded operating systems, providing = greater=20 control and allowing for fewer resource requirements Buyer Products: WIndows Automotive=20 Windows XP Embedded=20 Windows Embedded CE=20 Windows Embedded for Point of Service	=
= Enterprise Desktop=20 Desktop operating systems suitable for = enterprise-wide=20 deployment in a highly networked environment, generally allowing = for=20 central management. Buyer Products: Windows XP Series=20 Windows 2003 Server Series	=
= Server/Cluster=20 Operating systems designed to operate on single = servers or=20 networked server clusters. Buyer Products: Windows Server Update Services=20 Systems Management Server=20 Windows 2003 Server Series=20 Microsoft Virtual Server=20 Windows Server	=
= Industry-Specific	=
= Government/Public Service	=
= Educational Institutions	=
= Curriculum Design/Management=20 Software that helps teachers develop curriculums = that meet=20 teaching goals and government regulations. Buyer Products: Microsoft Class Server	=
= Manufacturing	=
= Enterprise Resource Planning	=
= Business/Cost Management=20 Software for the management of manufacturing = business=20 processes in general or cost accounting and analysis. Buyer Products: Microsoft Dynamics Series	=
= Product Lifecycle Management=20 Software that provides storage and access = management for=20 product and process data. Product data includes information such = as=20 physical dimensions and assembly processes. Buyer Products: Microsoft Dynamics Series	=
= Manufacturing Management	=
= Planning/Scheduling/Analysis	=
= Performance Monitoring/Analysis=20 Software used to monitor and analyze the = performance of=20 manufacturing components, such as programmable logic controllers = (PLCs)=20 and instrumentation. Buyer Products: Microsoft Dynamics Series	=
= Supply Chain Execution=20 Software that assists manufacturers in = optimizing their=20 manufacturing supply chain. Include capacity planning and = scheduling=20 operations. Buyer Products: Microsoft Dynamics Series	=
= Media/Entertainment	=
= Interactive Television=20 Software that enables additional information to = be=20 provided to television viewers on an on-demand basis. The content = is=20 delivered through a cable set-top box and generally involves an = Internet=20 connection. Buyer Products: Microsoft TV	=
= Retail	=
= Marketing/Sales=20 Software that helps retail businesses plan and = execute=20 sales and marketing programs. Includes product marketing software; = decision support software used for retail store planning; and = analysis=20 operations such as estimating purchasing patterns, = sales/profitability=20 analysis, and space management. Buyer Products: Microsoft Point of Sale=20 Microsoft Retail Management Systems	=
= Operations Management=20 Software that manages operations information = specific to=20 the retail industry. Functions managed include supply chain = management and=20 accounting. Buyer Products: Microsoft Retail Management Systems=20 Microsoft Point of Sale	=
= Technology Services	=	=20
= Information Technology (IT)	=	=20
= Internet/Online Services	=	=20
= Development/Design Services	=	=20
= Domain Services=20 Internet services involving the registration and = management of alphanumeric domain names to Internet Protocol (IP)=20 addresses. For example, the domain name www.reveredata.com is = registered=20 to IP address 66.106.163.210. Buyer Products: Online Services - Domain Names Target Products: Yahoo! Small Business Services - Domains =	=	=20
= E-Commerce Service Providers	=	=20
= Internet Merchant Services=20 Technologies and services which provide the = store hosting=20 and/or payment processing infrastructure for Electronic Commerce=20 storefronts such as credit card acceptance, shopping carts, = procurement=20 services, etc. Buyer Products: Microsoft Commerce Manager Target Products: Yahoo! Small Business Services - Merchant Solutions=20	=	=20
= Hosting Services	=	=20
= Application Service Providers (ASPs)	=
= Enterprise Applications=20 Hosted services in which enterprise-class = software=20 applications are accessed using a thin client. The application = logic is=20 run on a remote machine and the host retains ownership of both the = software and the server hardware. Includes Customer Relationship=20 Management (CRM), Enterprise Resource Planning (ERP), and Human = Resource=20 Management (HRM) applications. Buyer Products: FolderShare	=
= Messaging=20 Hosted services that provide enterprises with = messaging=20 functions such as e-mail, calendaring, fax, and unified = messaging. Buyer Products: FrontBridge Active Message Continuity=20 FrontBridge Message Archive	=
= Web Hosting Services	=	=20
= Managed Hosting=20 Service in which the Web hosting company = provides the=20 connectivity and the hardware, and the client company provides = only the=20 Web content. Buyer Products: Microsoft Web Hosting Target Products: Yahoo! Small Business Services - Web Hosting=20 Yahoo! GeoCities	=	=20
= Network Security Services	=
= Message Filtering=20 Outsourced security services that filter e-mail = and other=20 incoming messages for viruses or other unwanted content. Buyer Products: FrontBridge Message Security Services	=
= Telecommunications Services	=	=20
= Wireline Services	=	=20
= Domestic	=	=20
= Data Services	=	=20
= Internet Service Providers (ISP)	=	=20
= DSL=20 Digital Subscriber Line. Accessed via a phone = line, but=20 which, in most cases, allows calls to be made using the same phone = line=20 while connected to the internet. While speeds are dependant on the = distance of the connection to the providers central office, speeds = are=20 typically far greater than Dial-Up, and range from 1.5 Mbps = upwards. Buyer Products: MSN Broadband Target Products: SBC Yahoo! DSL	=	=20
= Dial-up=20 Internet service provided over an analog modem. = Speeds are=20 limited to 56 Kbps. Buyer Products: MSN Dial-Up=20 MSN Narrowband Internet Access Target Products: SBC Yahoo! Dial	=	=20
= International		=20
= Americas		=20
= Canada		=20
= Data Services=20 Service by which data is transported over = various=20 networks. Data services can also integrate voice and video = communications.=20 Service is offered in Canada. Target Products: Rogers Yahoo! Hi-Speed Internet		=20
= Europe		=20
= Western Europe		=20
= Data Services=20 Service by which data is transported over = various=20 networks. Data services can also integrate voice and video = communications.=20 Includes TV over IP Service. Service is offered in European = countries west=20 of Poland, Czech Republic, Slovakia, and Slovenia. Western Europe = also=20 includes Norway, Sweden, Finland, and Greece. Target Products: BT Yahoo! Dial Up Internet=20 BT Yahoo! Broadband		=20
= Services		=20
= Consumer Services		=20
= Personal Services		=20
= Other Personal Services		=20
= Online Photo Printing=20 Service which allows users to upload, share, and = print=20 photos. Target Products: Yahoo! Photos		=20

3D""=20 - = Sector=20 Pure-Plays. Denotes that the company is focused in the selected sector = and=20 generates nearly all earnings in the sector/product area specified.

3D""=20 - = Sector=20 Participation. Denotes that the company develops products in this line = of=20 business.

Relationship = Details

Key = Competitors

	Name	Dir	Rel. Revenue %	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value =
Overlap
	= Google=20 Inc.	=	n/a	146,691.228	42.06	35.85	12.21	12.20	8.93
= Comcast=20 Corporation	=	n/a	83,682.886	28.82	34.48	3.13	2.73	n/a
= Time=20 Warner Inc.	=	n/a	80,592.593	12.81	22.16	1.78	1.69	n/a
= France=20 Telecom (ADR)	=	n/a	77,912.760	12.16	11.38	1.11	1.10	n/a
= eBay Inc.=20	=	n/a	46,575.104	37.12	29.59	7.34	6.38	12.60
= Electronic=20 Arts Inc.	=	n/a	16,013.712	188.37	131.44	5.13	5.17	5.47
= Naspers=20 Limited (ADR)	=	n/a	8,230.420	20.03	n/a	3.39	n/a	8.03
= The=20 Washington Post Co.	=	n/a	7,317.256	22.62	21.58	1.87	1.70	5.30
= VeriSign,=20 Inc.	=	n/a	6,375.865	9.30	29.10	4.17	4.19	9.39
= R.H.=20 Donnelley Corporation	=	n/a	5,894.431	n/a	50.21	3.11	2.17	n/a
= Dow Jones=20 & Company, Inc.	=	n/a	4,673.727	13.44	37.43	2.51	2.21	n/a
= Baidu.com,=20 Inc. (ADR)	=	n/a	4,294.855	93.99	68.48	33.84	21.27	24.33
= The New=20 York Times Company	=	n/a	3,729.102	n/a	23.46	1.14	1.13	n/a
= WebMD=20 Health Corp.	=	n/a	3,042.173	669.08	100.24	11.98	8.28	13.16
=20 Interactive Data Corp.	=	n/a	2,794.430	28.18	27.48	4.43	4.22	11.98
=20 ValueClick, Inc.	=	n/a	2,766.073	38.73	33.86	4.73	4.00	8.98
= aQuantive,=20 Inc.	=	n/a	2,412.575	44.72	44.99	5.46	4.21	9.60
=20 priceline.com Incorporated	=	n/a	2,362.445	32.57	23.09	2.10	1.74	n/a
=20 NetEase.com, Inc. (ADR)	=	n/a	2,323.166	14.44	15.70	8.29	7.85	6.18
=20 Morningstar, Inc.	=	n/a	2,192.798	42.36	34.31	6.96	5.42	19.95
= SINA=20 Corporation (USA)	=	n/a	1,904.491	47.71	42.47	8.95	7.67	6.41
Buyer
	=20 International Business Machines Corp.	=	n/a	152,877.793	15.88	15.21	1.65	1.59	12.18
= Google=20 Inc.	=	n/a	146,691.228	42.06	35.85	12.21	12.20	8.93
Target
	= Microsoft=20 Corporation	=	n/a	292,361.667	21.10	20.79	5.90	5.79	9.73
= Google=20 Inc.	=	n/a	146,691.228	42.06	35.85	12.21	12.20	8.93

3D""=20 - = Defined by=20 the Company 3D""=20 - = Defined by=20 Others

Dependent=20 Suppliers

	Name	Dir	Rel. Revenue %	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value =
Overlap
	= Rackable=20 Systems, Inc.	=	34.00%	338.349	29.49	-22.31	0.94	0.86	1.17
= Keynote=20 Systems, Inc.	=	12.00%	248.669	n/a	-289.00	4.32	3.75	2.33
= News=20 Corporation	=	n/a	74,680.312	22.38	22.32	2.79	2.68	9.87
= Akamai=20 Technologies, Inc.	=	n/a	7,567.032	116.25	47.71	15.86	11.68	10.70
= NAVTEQ=20 Corporation	=	n/a	3,597.694	32.72	29.46	6.19	4.87	6.45
= Equinix,=20 Inc.	=	n/a	2,614.870	n/a	-422.05	8.51	7.37	6.42
=20 Macrovision Corporation	=	n/a	1,258.128	38.08	24.70	5.08	4.39	4.13
= Quantum=20 Corporation	=	n/a	544.880	n/a	34.25	0.58	0.52	n/a
= Sonic=20 Solutions	=	n/a	349.553	19.77	19.97	2.27	2.25	3.70
= Autobytel=20 Inc.	=	n/a	156.242	n/a	-5.47	1.41	1.42	4.82
= Hollywood=20 Media Corporation	=	n/a	154.555	16.23	n/a	1.33	1.22	9.33
= Digital=20 Music Group, Inc.	=	n/a	36.953	n/a	n/a	6.64	n/a	1.41
Buyer
	= Rackable=20 Systems, Inc.	=	34.00%	338.349	29.49	-22.31	0.94	0.86	1.17
= Level 3=20 Communications, Inc.	=	30.90%	8,547.039	n/a	-9.53	2.37	2.02	n/a
Target
	= Local.com=20 Corp.	=	48.00%	41.843	n/a	n/a	2.94	n/a	7.51
= Rackable=20 Systems, Inc.	=	26.00%	338.349	29.49	-22.31	0.94	0.86	1.17
= InfoSpace,=20 Inc.	=	10.00%	802.146	n/a	-257.40	2.18	2.97	1.42
= Marchex,=20 Inc.	=	7.00%	555.249	201.61	47.00	4.35	3.75	6.96
= Cisco=20 Systems, Inc.	=	n/a	168,577.335	26.04	22.52	5.28	4.84	11.02
= Time=20 Warner Inc.	=	n/a	80,592.593	12.81	22.16	1.78	1.69	n/a
= News=20 Corporation	=	n/a	74,680.312	22.38	22.32	2.79	2.68	9.87
= The Walt=20 Disney Company	=	n/a	73,436.103	16.92	19.83	2.09	2.04	38.11
= Sony=20 Corporation (ADR)	=	n/a	54,021.321	50.51	58.33	0.80	0.76	2.19
= CBS=20 Corporation	=	n/a	23,655.225	14.33	18.11	1.64	1.65	n/a
= Reuters=20 Group PLC (ADR)	=	n/a	15,680.148	25.83	24.25	3.07	2.38	n/a

3D""=20 - = Defined by=20 the Company 3D""=20 - = Defined by=20 Others

Key = Customers

	Name	Dir	Rel. Revenue %	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value =
Overlap
	= Time=20 Warner Inc.	=	n/a	80,592.593	12.81	22.16	1.78	1.69	n/a
= Sony=20 Corporation (ADR)	=	n/a	54,021.321	50.51	58.33	0.80	0.76	2.19
= Rogers=20 Communications Inc. (USA)	=	n/a	25,224.079	35.88	34.80	3.06	2.84	n/a
= Blue Coat=20 Systems, Inc.	=	n/a	544.808	n/a	75.83	3.42	3.01	31.22
= PetMed=20 Express, Inc.	=	n/a	268.592	19.24	18.97	1.73	1.69	5.42
Buyer
	=20 Hewlett-Packard Company	=	n/a	117,201.617	17.98	16.16	1.25	1.16	8.56
= Siemens AG=20 (ADR)	=	n/a	109,938.745	24.73	16.50	0.95	0.97	7.48
= Time=20 Warner Inc.	=	n/a	80,592.593	12.81	22.16	1.78	1.69	n/a
= Dell Inc.=20	=	n/a	58,289.615	22.30	21.64	1.02	1.00	n/a
= Sony=20 Corporation (ADR)	=	n/a	54,021.321	50.51	58.33	0.80	0.76	2.19
= eBay Inc.=20	=	n/a	46,575.104	37.12	29.59	7.34	6.38	12.60
= DIRECTV=20 Group, Inc.	=	n/a	29,597.884	20.84	19.12	2.01	1.79	21.84
= Rogers=20 Communications Inc. (USA)	=	n/a	25,224.079	35.88	34.80	3.06	2.84	n/a
= Toshiba=20 Corporation (USA)	=	n/a	24,109.484	28.04	n/a	0.43	n/a	2.75
= Reed=20 Elsevier NV (ADR)	=	n/a	15,192.665	24.68	n/a	2.85	n/a	7.71
Target
	= General=20 Electric Company	=	n/a	382,205.166	18.29	16.82	2.31	2.20	15.40
= Time=20 Warner Inc.	=	n/a	80,592.593	12.81	22.16	1.78	1.69	n/a
= News=20 Corporation	=	n/a	74,680.312	22.38	22.32	2.79	2.68	9.87
= The Walt=20 Disney Company	=	n/a	73,436.103	16.92	19.83	2.09	2.04	38.11
= Sony=20 Corporation (ADR)	=	n/a	54,021.321	50.51	58.33	0.80	0.76	2.19
= Rogers=20 Communications Inc. (USA)	=	n/a	25,224.079	35.88	34.80	3.06	2.84	n/a
= InfoSpace,=20 Inc.	=	n/a	802.146	n/a	-257.40	2.18	2.97	1.42
= Blue Coat=20 Systems, Inc.	=	n/a	544.808	n/a	75.83	3.42	3.01	31.22
= PetMed=20 Express, Inc.	=	n/a	268.592	19.24	18.97	1.73	1.69	5.42
= Viewpoint=20 Corporation	=	n/a	30.452	n/a	-7.50	1.77	n/a	27.09

3D""=20 - = Defined by=20 the Company 3D""=20 - = Defined by=20 Others

Key = Partners

	Name	Dir	Rel. Revenue %	Market Cap.	P/E Ratio (TTM)	Fwd P/E	P/R Ratio (TTM)	Fwd P/Rev	Price To Tang. Book Value =
Overlap
	= General=20 Electric Company	=	n/a	382,205.166	18.29	16.82	2.31	2.20	15.40
= Vodafone=20 Group Plc (ADR)	=	n/a	153,113.477	n/a	12.68	2.55	2.44	11.34
= Intel=20 Corporation	=	n/a	127,238.996	23.90	20.32	3.61	3.42	3.89
=20 Hewlett-Packard Company	=	n/a	117,201.617	17.98	16.16	1.25	1.16	8.56
= Nokia=20 Corporation (ADR)	=	n/a	103,973.143	18.05	16.98	1.84	1.60	6.84
= Time=20 Warner Inc.	=	n/a	80,592.593	12.81	22.16	1.78	1.69	n/a
= News=20 Corporation	=	n/a	74,680.312	22.38	22.32	2.79	2.68	9.87
= The Walt=20 Disney Company	=	n/a	73,436.103	16.92	19.83	2.09	2.04	38.11
= BT Group=20 plc (ADR)	=	n/a	52,343.063	10.08	14.45	1.30	1.33	18.89
= eBay Inc.=20	=	n/a	46,575.104	37.12	29.59	7.34	6.38	12.60
= Rogers=20 Communications Inc. (USA)	=	n/a	25,224.079	35.88	34.80	3.06	2.84	n/a
= Adobe=20 Systems Incorporated	=	n/a	24,302.297	44.62	30.52	9.46	8.09	9.68
=20 IAC/InterActiveCorp	=	n/a	10,290.398	49.58	22.99	1.60	1.50	18.57
= The=20 Washington Post Co.	=	n/a	7,317.256	22.62	21.58	1.87	1.70	5.30
=20 AutoNation, Inc.	=	n/a	4,371.042	14.22	12.62	0.23	0.23	6.01
= CheckFree=20 Corporation	=	n/a	3,064.553	24.32	18.86	3.33	3.12	5.20
= Warner=20 Music Group Corp.	=	n/a	2,602.363	289.18	81.71	0.77	0.74	n/a
= aQuantive,=20 Inc.	=	n/a	2,412.575	44.72	44.99	5.46	4.21	9.60
= Fossil,=20 Inc.	=	n/a	2,037.251	31.12	19.80	1.84	1.40	4.56
= SINA=20 Corporation (USA)	=	n/a	1,904.491	47.71	42.47	8.95	7.67	6.41
= Websense=20 Inc.	=	n/a	1,073.928	33.46	41.40	6.01	5.18	10.59
Buyer
	= General=20 Electric Company	=	n/a	382,205.166	18.29	16.82	2.31	2.20	15.40
= Wal-Mart=20 Stores, Inc.	=	n/a	198,952.927	17.63	15.16	0.57	0.52	4.16
Target
	= General=20 Electric Company	=	n/a	382,205.166	18.29	16.82	2.31	2.20	15.40
= Microsoft=20 Corporation	=	n/a	292,361.667	21.10	20.79	5.90	5.79	9.73

3D""=20 - = Defined by=20 the Company 3D""=20 - = Defined by=20 Others

Financials

Scenario 1:=20: Buyer's Share Price: 30.56; Target's Share Price: = 30.98;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 2:=20: Buyer's Share Price: 30.56; Target's Share Price: = 34.08;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 3:=20: Buyer's Share Price: 30.56; Target's Share Price: = 37.18;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;=20
Scenario 4:=20: Buyer's Share Price: 30.56; Target's Share Price: = 40.27;=20 Deal: 100.00%/0.00%/0.00%; Cost of Cash/Debt: = 5.00%/6.00%; Years=20 to Amortize Acquired Intangibles: 7;

	Buyer	Target	Scenario 1	Scenario 2	Scenario 3	Scenario 4
Income Statement
Operating = Items
Revenue	49,555.0	6,530.5	56,085.5	56,085.5	56,085.5	56,085.5
Other = Revenue =	0.0	0.0	0.0	0.0	0.0	0.0
Total Revenue	49,555.0	6,530.5	56,085.5	56,085.5	56,085.5	56,085.5
Cost of=20 Revenue =	9,586.0	2,724.8	12,310.8	12,310.8	12,310.8	12,310.8
SG&A=20 Expense	13,870.0	2,065.6	15,935.6	15,935.6	15,935.6	15,935.6
Depreciation=20 & Amortization =	0.0	121.0	121.0	121.0	121.0	121.0
Research=20 & Development	7,034.0	710.3	7,744.3	7,744.3	7,744.3	7,744.3
Interest=20 Expense	0.0	0.0	0.0	0.0	0.0	0.0
Other = Operating=20 Expense =	0.0	0.0	0.0	0.0	0.0	0.0
Unusual Expense=20 (Income) =	649.0	0.0	649.0	649.0	649.0	649.0
Total Expenses	31,139.0	5,621.7	36,760.7	36,760.7	36,760.7	36,760.7
Operating=20 Income =	18,416.0	908.8	19,324.8	19,324.8	19,324.8	19,324.8
Non Operating = Items
Interest=20 Expense (Inc.), Net Non-Oprtng	1,499.0	103.5	1,602.5	1,602.5	1,602.5	1,602.5
Gain/Loss On=20 Sale Of Assets =	160.0	15.2	175.2	175.2	175.2	175.2
Other, = Net =	0.0	38.4	38.4	38.4	38.4	38.4
Income Before Taxes =	20,075.0	1,065.8	21,140.8	21,140.8	21,140.8	21,140.8
Income Taxes	6,217.0	447.4	6,547.1	6,547.1	6,547.1	6,547.1
Income After Taxes =	13,858.0	618.4	14,593.8	14,593.8	14,593.8	14,593.8
Minority Interest (IS) =	0.0	0.7	n/a	n/a	n/a	n/a
Equity in Affiliates =	0.0	114.8	n/a	n/a	n/a	n/a
Net Income - = Excl. Xord.=20 Items	13,858.0	734.0	14,709.3	14,709.3	14,709.3	14,709.3
Net Income - = Incl. Xord.=20 Items	13,858.0	734.0	14,709.3	14,709.3	14,709.3	14,709.3
Income Avail. to = Common =	13,858.0	734.0	14,709.3	14,709.3	14,709.3	14,709.3
Share Items
Basic Avg. Shares=20 Outstanding	9,725.0	1,418.2	11,162.7	11,306.5	11,450.3	11,594.0
Basic EPS - = Excl. Xord.=20 Items	1.42	0.52	1.32	1.30	1.28	1.27
Basic EPS - = Incl. Xord.=20 Items	1.42	0.52	1.32	1.30	1.28	1.27
Full Dilution = Adjustment	0.0	0.0	n/a	n/a	n/a	n/a
Fully Diluted Shares = Outstanding=20	9,862.0	1,418.2	11,299.7	11,443.5	11,587.3	11,731.0
F.D. = EPS - Excl.=20 Xord. Items =	1.41	0.52	1.30	1.29	1.27	1.25
F.D. = EPS - Incl.=20 Xord. Items =	1.41	0.52	1.30	1.29	1.27	1.25
Dividends Per Common = Share	0.40	0.00	n/a	n/a	n/a	n/a
Balance Sheet
Assets
Cash and=20 Equivalents =	7,611.0	1,309.1	8,920.1	8,920.1	8,920.1	8,920.1
ST=20 Investments	20,625.0	1,036.8	21,661.8	21,661.8	21,661.8	21,661.8
Accounts=20 Receivable =	8,454.0	893.2	9,347.2	9,347.2	9,347.2	9,347.2
Inventory =	1,750.0	0.0	1,750.0	1,750.0	1,750.0	1,750.0
Prepayments and=20 Advances =	0.0	335.5	335.5	335.5	335.5	335.5
Other=20 Current Assets =	4,343.0	0.0	4,343.0	4,343.0	4,343.0	4,343.0
Current Assets =	42,783.0	3,574.6	46,357.6	46,357.6	46,357.6	46,357.6
Accum=20 D&A =	0.0	0.0	0.0	0.0	0.0	0.0
PPE, Net =	3,923.0	1,127.6	5,050.6	5,050.6	5,050.6	5,050.6
Goodwill & = Intangibles	4,916.0	3,388.9	43,409.9	47,803.5	52,197.2	56,590.8
Long Term Investments =	9,624.0	2,709.8	12,333.8	12,333.8	12,333.8	12,333.8
Other Assets	0.0	0.0	0.0	0.0	0.0	0.0
Other LT Assets =	2,645.0	508.2	3,153.2	3,153.2	3,153.2	3,153.2
Total Assets	63,891.0	11,309.0	75,200.0	75,200.0	75,200.0	75,200.0
Liabilities
Accounts Payable	2,843.0	141.0	2,984.0	2,984.0	2,984.0	2,984.0
Payable/Accrued	0.0	0.0	0.0	0.0	0.0	0.0
Accrued Expenses	1,878.0	929.3	2,807.3	2,807.3	2,807.3	2,807.3
ST=20 Debt =	0.0	0.0	0.0	0.0	0.0	0.0
Other (Current) = Liabilities	16,906.0	331.1	17,237.1	17,237.1	17,237.1	17,237.1
Current Liab. =	21,627.0	1,401.3	23,028.3	23,028.3	23,028.3	23,028.3
LT=20 Debt =	0.0	749.8	749.8	749.8	749.8	749.8
Total LT Debt =	0.0	749.8	749.8	749.8	749.8	749.8
Minority Interest (BS) =	0.0	8.2	8.2	8.2	8.2	8.2
Other LT Liab. =	7,291.0	318.0	7,609.0	7,609.0	7,609.0	7,609.0
Total Liabilities =	28,918.0	2,477.4	31,395.4	31,395.4	31,395.4	31,395.4
Shareholders = Equity
Common Stock	60,827.0	0.0	60,827.0	60,827.0	60,827.0	60,827.0
Additional Paid in = Capital	0.0	0.0	0.0	0.0	0.0	0.0
Retained Earnings =	-25,854.0	0.0	-25,854.0	-25,854.0	-25,854.0	-25,854.0
Other Equity	0.0	8,831.6	8,831.6	8,831.6	8,831.6	8,831.6
Total Equity =	34,973.0	8,831.6	43,804.6	43,804.6	43,804.6	43,804.6
Total Liab. & = Equity =	63,891.0	11,309.0	75,200.0	75,200.0	75,200.0	75,200.0
Shares = Outstanding =	9,572.0	1,356.5	11,009.7	11,153.5	11,297.3	11,441.0
Cash Flow
Operating Cash = Flow
CF Net Income	13,858.0	734.0	14,709.3	14,709.3	14,709.3	14,709.3
CF Depreciation	1,320.0	328.1	1,648.1	1,648.1	1,648.1	1,648.1
CF Amortization	0.0	237.9	237.9	237.9	237.9	237.9
CF Deferred Taxes =	1,078.0	-10.2	1,067.8	1,067.8	1,067.8	1,067.8
Other Non-Cash Items =	1,198.0	375.4	1,573.4	1,573.4	1,573.4	1,573.4
Change in Working = Capital	-779.0	-237.2	-1,016.2	-1,016.2	-1,016.2	-1,016.2
Total Cash From = Operating=20 Activities	16,675.0	1,427.9	18,220.3	18,220.3	18,220.3	18,220.3
Investing Cash Flow = (not=20 calculated)
Capital Expenditures =	-2,189.0	-665.4	n/a	n/a	n/a	n/a
Other Investing Cash = Flows	10,942.0	528.6	n/a	n/a	n/a	n/a
Total Cash From = Investing=20 Activities	8,753.0	-136.8	n/a	n/a	n/a	n/a
Financing Cash Flow = (not=20 calculated)
Dividends Paid	-3,770.0	0.0	n/a	n/a	n/a	n/a
Purchase Or Sale of = Stock	-18,529.0	-1,964.0	n/a	n/a	n/a	n/a
Purchase and = Retirement of Debt=20	0.0	0.0	n/a	n/a	n/a	n/a
Other Financing Cash = Flow	54.0	542.8	n/a	n/a	n/a	n/a
Total Cash From = Financing=20 Activities	-22,245.0	-1,392.9	n/a	n/a	n/a	n/a
Exchange Rate Effects =	77.0	48.7	n/a	n/a	n/a	n/a
Net Change in Cash =	3,260.0	-53.0	n/a	n/a	n/a	n/a
Cash Taxes Paid	4,800.0	66.0	n/a	n/a	n/a	n/a

Accretion/Dilution Matrices

Cash as Percentage of the Total Consideration

	Consideration 0 - $43,936.61	Consideration 1 - $48,330.27	Consideration 2 - $53,163.30	Consideration 3 - $58,479.63
Cash %	Proforma = EPS	Acc./Dil.	Acc./Dil. %	Proforma = EPS	Acc./Dil.	Acc./Dil. %	Proforma = EPS	Acc./Dil.	Acc./Dil. %	Proforma = EPS	Acc./Dil.	Acc./Dil. %
0%	1.30	-0.10	-0.07%	1.29	-0.12	-0.09%	1.27	-0.14	-0.10%	1.25	-0.16	-0.11%
10%	1.30	-0.10	-0.07%	1.29	-0.12	-0.08%	1.27	-0.13	-0.10%	1.25	-0.15	-0.11%
20%	1.31	-0.10	-0.07%	1.29	-0.11	-0.08%	1.27	-0.13	-0.09%	1.26	-0.15	-0.11%
30%	1.31	-0.09	-0.07%	1.30	-0.11	-0.08%	1.28	-0.13	-0.09%	1.26	-0.15	-0.10%
40%	1.31	-0.09	-0.06%	1.30	-0.11	-0.08%	1.28	-0.12	-0.09%	1.26	-0.14	-0.10%
50%	1.32	-0.09	-0.06%	1.30	-0.10	-0.07%	1.29	-0.12	-0.09%	1.27	-0.14	-0.10%

Proforma Effect of Operating Synergies

	Consideration 0 - $43,936.61	Consideration 1 - $48,330.27	Consideration 2 - $53,163.30	Consideration 3 - $58,479.63
Synergies $	Proforma = EPS	Acc./Dil.	Acc./Dil. %	Proforma = EPS	Acc./Dil.	Acc./Dil. %	Proforma = EPS	Acc./Dil.	Acc./Dil. %	Proforma = EPS	Acc./Dil.	Acc./Dil. %
$0.0	1.30	-0.10	-0.07%	1.29	-0.12	-0.09%	1.27	-0.14	-0.10%	1.25	-0.16	-0.11%
$206.6	1.31	-0.09	-0.06%	1.30	-0.11	-0.08%	1.28	-0.13	-0.09%	1.26	-0.14	-0.10%
$413.1	1.33	-0.08	-0.06%	1.31	-0.09	-0.07%	1.29	-0.11	-0.08%	1.27	-0.13	-0.09%
$619.7	1.34	-0.07	-0.05%	1.32	-0.08	-0.06%	1.30	-0.10	-0.07%	1.29	-0.12	-0.09%
$826.2	1.35	-0.05	-0.04%	1.34	-0.07	-0.05%	1.32	-0.09	-0.06%	1.30	-0.11	-0.08%
$1032.8	1.36	-0.04	-0.03%	1.35	-0.06	-0.04%	1.33	-0.08	-0.05%	1.31	-0.10	-0.07%

Mergers and Acquisition Scenario Report

Other Scenarios:

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of = Business

Buyer (Total: 195)

Target (Total: 50)

Buyer

Target

Business Relationship Summary:

Top Key Suppliers

Top Key Customers

Buyer (Total: 94)

Target (Total: 40)

Buyer (Total: 98)

Target (Total: 10)

Key Financial Summary:

Key Metrics

Buyer

Target

Buyer

Target

Buyer

Target

Deal Scenarios Analytics

Key Ratios

Buyer Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Buyer Products:

Target Products:

Target Products:

Buyer Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Target Products:

Buyer Products:

Target Products:

Buyer Products:

Target Products:

Target Products:

Target Products:

Buyer Products:

Target Products:

Target Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products:

Buyer Products: