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PUBLIC TRADING COMPANY SUMMARY 6 ($17 - $41 Million) TRADING MULTIPLES ($ in Millions, except per share) TRADING MULTIPLES ($ in Millions, except per share) TRADING MULTIPLES ($ in Millions, except per share) TRADING MULTIPLES ($ in Millions, except per share) TRADING MULTIPLES ($ in Millions, except per share) EV / EBITDA Price / EPS Price / EPS Price / EPS EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue EV / EBITDA Price / EPS EV / Revenue EV / Revenue Price / EPS EV / Revenue EV / EBITDA Enterprise Price Price Enterprise Price Enterprise Price Enterprise Price Enterprise 2011E (02/15/11) (02/15/11) 2011E 2011E 2011E 2012E 2012E 2012E 2012E (02/15/11) 2012E 2012E Market Cap. Market Cap. Market Cap. Value (EV) 2012E Value (EV) Value (EV) 2012E 2011E 2011E 2012E 2011E 2011E 2011E Company Nam Company Nam Company Nam (02/15/11) Market Cap. Value (EV) 2011E 2012E 2011E 2012E 2011E 2012E 2012E 2012E (02/15/11) Market Cap. 2011E Value (EV) 2011E Company Nam 2012E 2011E Company Name e e e e Educational Software Publishers Educational Software Publishers Educational Software Publishers Educational Software Publishers Educational Software Publishers NM 7.9 x $13.13 $13.13 0.58 x 0.58 x 26.3 x 0.53 x 0.53 x Rosetta Stone Inc. $13.13 $ 275.5 $ 153.3$ 153.3 0.58 x 0.53 x 7.9 x 7.2 x NM 26.3 x 26.3 x 7.2 x 7.2 x $ 153.3 0.58 x Rosetta Stone Inc. $ 275.5$ 275.5 0.53 x 7.9 x 7.9 x 153.3 Rosetta Stone Inc. 26.3 x 275.5 $13.13 NM 7.2 x NM Rosetta Stone Inc. Rosetta Stone Inc.ACTED] $13.13 0.53 x 26.3 x $ 7.9 x $ 275.5 7.2 x [RED 0.58 x $ 153.3 $ NM $ 316.3 8.2 8.2 $ 332.7 Renaissance Learning, Inc. 332.7 Renaissance Learning, Inc. 12.3 Renaissance Learning, Inc. $11.36 $ 332.7$ 332.7 $ 316.3$ 316.3 2.32 2.19 8.2 7.7 7.7 13.5 13.5 12.3 12.3 Renaissance Learning, Inc. 2.19 13.5 7.7 12.3 316.3 2.32 [REDACTED] 8.2 2.32 2.32 2.19 7.7 2.19 13.5 $11.36 $11.36 $11.36 2.32 12.3 13.5 8.2 $ $ 332.7 $11.36 $ 316.3 Renaissance Learning, Inc. $ 2.19 7.7 [REDACTED] NM $ 41.1 NM 0.95 0.95 0.95 41.1 NM 1.00 Scientific Learning Corporation 56.1 Scientific Learning Corporation Scientific Learning Corporation 1.00 NM NM NM Scientific Learning Corporation $3.00 $ 56.1 $ 41.1$ 41.1 1.00 0.95 NM NM NM NM 1.00 NM NM $ 56.1$ 56.1 NM NM $3.00 $3.00 NM $3.00 NM NM $3.00 $ 41.1 NM Scientific Learning Corporation NM $ 1.00 NM 0.95 $ $ 56.1 $5.23 $5.23 $5.23 0.82 0.82 0.82 4.1 4.1 0.75 0.75 0.75 DynaVox, Inc, DynaVox, Inc, 0.75 $ $ 82.6 $ 82.6 4.1 15.4 15.4 15.4 DynaVox, Inc, [REDACTED] $5.23 $ 49.1 49.1 $ 82.6$ 82.6 0.82 0.75 4.5 4.5 4.1 32.7 15.4 4.5 4.5 $ 49.1 4.5 15.4 82.6 DynaVox, Inc, DynaVox, Inc, 0.82 $ 32.7 $5.23 4.1 $ 49.1$ 49.1 32.7 32.7 32.7 K12 Inc K12 Inc [REDACTED] $33.06 $ 1,034.8 $ 1,041.1$ 1,041.1 2.01 1.67 17.5 17.5 14.6 68.9 68.9 34.8 34.8 68.9 K12 Inc 2.01 $33.06 68.9 2.01 2.01 $33.06 34.8 K12 Inc 1,041.1 $33.06 17.5 1.67 1.67 1.67 14.6 1,034.8 $ 1,041.1 17.5 $ 1,034.8$ 1,034.8 34.8 14.6 14.6 $ 2.01 34.8 $ 1,041.1 17.5 $33.06 14.6 68.9 $ $ 1,034.8 1.67 K12 Inc [REDACTED] 3.0 3.0 $ 69.1$ 69.1 18.9 0.18 91.1 0.18 0.18 Encore Softw are Inc (Navarre) $1.89 $ 69.1 $ 91.1 0.18 0.18 3.0 3.0 3.1 18.9 27.0 $ 91.1$ 91.1 27.0 27.0 Encore Softw are Inc (Navarre) 3.1 3.1 18.9 18.9 0.18 0.18 Encore Softw are Inc (Navarre) 0.18 69.1 $1.89 $1.89 27.0 Encore Softw are Inc (Navarre) $1.89 3.1 3.1 $ 91.1 $1.89 $ 27.0 $ 69.1 $ 0.18 3.0 Encore Softw are Inc (Navarre) 0.18 18.9 7.3 x 8.2 x 33.5 x 23.2 x 1.04 x 33.5 x 7.3 x 8.2 x 1.04 x 1.04 x Mean Mean 1.15 x 1.04 x 8.2 x 8.2 x 7.3 x 7.3 x 33.5 x 33.5 x 23.2 x 23.2 x 23.2 x Mean Mean 1.15 x 1.15 x 1.15 x 7.3 x 23.2 x Mean 1.04 x 8.2 x 33.5 x 1.15 x 7.9 7.9 25.8 0.85 Median 25.8 25.8 26.3 26.3 26.3 0.85 0.91 0.91 7.2 0.91 0.85 0.85 0.91 Median 0.91 0.85 7.9 7.9 7.2 25.8 25.8 26.3 26.3 Median Median 7.9 Median 7.2 7.2 7.2 Educational Content/Instructional/Media Providers Educational Content/Instructional/Media Providers Educational Content/Instructional/Media Providers Educational Content/Instructional/Media Providers Educational Content/Instructional/Media Providers $ 10,980.8$ 10,980.8 10,980.8 $39.00 $39.00 3.53 x 8.1 x $39.00 8.1 x 8.1 x 14,132.8 $ 14,132.8 3.23 x 8.9 x 14.1 x 17.2 x Discovery Communications 3.23 x 3.23 x 14.1 x 14.1 x Discovery Communications Discovery Communications $39.00 $ 10,980.8 $ 14,132.8$ 14,132.8 3.53 x 3.23 x 8.9 x 8.9 x 8.1 x 17.2 x 17.2 x 14.1 x 3.53 x 3.53 x Discovery Communications 17.2 x 8.9 x $39.00 8.1 x $ 14,132.8 $ 14.1 x 8.9 x $ $ 10,980.8 17.2 x Discovery Communications 3.53 x 3.23 x [REDACTED] $ 146.1 $ NA $ 146.1$ 146.1 NM $3.33 $3.33 NA NA NA NA NA NA NA $3.33 299.1 NM NA 1.65 1.65 1.65 1.65 NM NM $3.33 NM NA NA NA $ 299.1 NM Cambium Learning Group, Inc. Cambium Learning Group, Inc. $3.33 $ 146.1 146.1 $ 299.1$ 299.1 1.65 NA NM NA NM NA Cambium Learning Group, Inc. Cambium Learning Group, Inc. $ 299.1 NM $ Cambium Learning Group, Inc. NM [REDACTED] NM 12.8 0.69 22.4 12.8 12.8 NM NM 0.64 NM 0.69 0.69 11.9 0.69 0.64 0.64 11.9 $ $ 22.4$ 22.4 The Princeton Review , Inc NM The Princeton Review , Inc $ 138.4$ 138.4 $ 138.4 $ 138.4 $ 22.4 The Princeton Review , Inc $0.42 $ 22.4 $ 138.4 0.69 0.64 12.8 12.8 11.9 11.9 NM NM $0.42 NM NM The Princeton Review , Inc NM The Princeton Review , Inc $0.42 $0.42 $0.42 0.64 11.9 [REDACTED] 1.95 x 1.95 x 1.95 x 1.95 x 14.1 x 14.1 x 14.1 x Mean 1.93 x 1.93 x 1.93 x 17.2 x 17.2 x 14.1 x 17.2 x 17.2 x 10.8 x 10.8 x Mean 1.95 x 1.93 x 1.93 x 10.8 x 10.8 x 10.0 x 10.0 x 17.2 x 14.1 x Mean Mean Mean 10.0 x 10.8 x 10.0 x 10.0 x 10.0 Median 1.93 Median 14.1 17.2 Median 1.65 1.93 10.8 10.8 10.0 10.0 17.2 17.2 14.1 14.1 1.65 1.65 1.93 10.8 10.0 10.0 10.8 10.8 17.2 1.93 1.93 Median Median 17.2 1.65 14.1 1.65 14.1 Packaged Application Software Providers Packaged Application Software Providers Packaged Application Software Providers Packaged Application Software Providers Packaged Application Software Providers 18.2 x 18.2 x 18.2 x 18.2 x 20.8 x 20.8 x 20.8 x 4.07 x $ 15,555.7$ 15,555.7 4.07 x 4.07 x 11.2 x 3.72 x 15,449.7 $ 15,555.7 $ $ 15,449.7$ 15,449.7 Intuit Inc. [REDACTED] $51.06 $ $ 15,449.7 $ 15,555.7 15,555.7 4.07 x 4.07 x 3.72 x 3.72 x 12.2 x 12.2 x 11.2 x 11.2 x 20.8 x 20.8 x 18.2 x 12.2 x Intuit Inc. Intuit Inc. Intuit Inc. $51.06 $51.06 $51.06 12.2 x 12.2 x $51.06 3.72 x 3.72 x $ 15,449.7 Intuit Inc. 11.2 x 11.2 x 12.8 12.8 12.8 14.5 14.5 14.5 3.36 $ 3.36 3.36 $ 16,413.1 10.9 10.9 10.9 $ 16,413.1 10.9 3.36 $ 15,287.9 3.72 15,287.9 $ 3.72 $ 15,287.9$ 15,287.9 16,413.1 3.72 3.72 9.8 Adobe Systems Incorporated Adobe Systems Incorporated Adobe Systems Incorporated $32.43 9.8 9.8 $32.43 9.8 $32.43 $32.43 Adobe Systems Incorporated $32.43 $ 16,413.1$ 16,413.1 $ 15,287.9 3.72 3.36 10.9 9.8 14.5 14.5 12.8 12.8 Adobe Systems Incorporated [REDACTED] Rovi Corporation $55.55 $ $ 5,971.1 5,971.1 $ 5,984.7 7.42 6.37 16.9 14.5 23.3 23.3 18.8 18.8 14.5 $ 5,984.7 16.9 [RE 7.42 Rovi CorporationDACTED] Rovi Corporation 14.5 7.42 $ 5,984.7$ 5,984.7 Rovi Corporation $ 5,984.7 7.42 7.42 Rovi Corporation 6.37 $55.55 6.37 6.37 6.37 16.9 16.9 $55.55 16.9 $55.55 $55.55 14.5 14.5 $ 5,971.1$ 5,971.1 18.8 18.8 18.8 23.3 23.3 23.3 $ 5,971.1 $25.41 $ 181,863.0 $ 181,863.0 [REDACTED] $ $25.41 $ 213,444.0 $25.41 $25.41 $ 213,444.0 $ 213,444.0 2.45 5.9 5.9 2.45 10.0 2.45 2.45 5.5 5.5 5.5 5.5 5.9 5.9 9.2 9.2 10.0 10.0 Microsoft Corporation Microsoft Corporation Microsoft Corporation $25.41 $ 213,444.0$ 213,444.0 $ 181,863.0$ 181,863.0 2.61 2.45 5.9 5.5 10.0 9.2 9.2 Microsoft Corporation 181,863.0 9.2 Microsoft Corporation 2.61 2.61 10.0 2.61 2.61 14.8 x 14.8 x 14.8 x 11.5 x 11.5 x 11.5 x 17.2 x 17.2 x 17.2 x 10.2 x 10.2 x 14.8 x 11.5 x 10.2 x 10.2 x 3.98 x Mean 4.45 x 4.45 x Mean 4.45 x 3.98 x 11.5 x 10.2 x 17.2 x 17.2 x 14.8 x Mean Mean Mean 3.98 x 3.98 x 3.98 x 4.45 x 4.45 x 15.5 3.90 3.90 3.90 3.54 3.54 3.54 Median Median Median 3.90 3.54 11.5 11.5 10.5 10.5 17.6 17.6 15.5 15.5 3.90 Median Median 3.54 17.6 17.6 17.6 10.5 15.5 15.5 11.5 11.5 11.5 10.5 10.5