Condensed Consolidating Financial Information

Pursuant to the indenture governing the Senior Notes detailed in Note 9. to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, the Company's obligations under the Senior Notes are fully and unconditionally guaranteed, jointly and severally, on a senior basis by substantially all of its existing and future domestic subsidiaries. Pursuant to Regulation S-X, Section 210.3-10(f), the Company is required to present condensed consolidating financial information for subsidiaries that have guaranteed the debt of a registrant issued in a public offering, where the guarantee is full and unconditional, joint and several, and where the voting interest of the subsidiary is 100% owned by the registrant.

The following tables present condensed consolidating balance sheets as of September 30, 2011 and December 31, 2010, and condensed consolidating statements of income for the three and nine months ended September 30, 2011 and 2010, and condensed consolidating statements of cash flow for the nine months ended September 30, 2011 and 2010 for (i) JDA Software Group, Inc. - the parent company and issuer of the Senior Notes, (ii) the guarantor subsidiaries on a combined basis, (iii) the non-guarantor subsidiaries on a combined basis, (iv) elimination adjustments, and (v) total consolidating amounts. The condensed consolidating financial information should be read in conjunction with the consolidated financial statements herein as well as in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on form 10-K for the year ended December 31, 2010.

Unaudited Condensed Consolidating Balance Sheets

September 30, 2011

(in thousands)



	JDA Software Group, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	150,114	$	99,556		$	39,988	$	—		$	289,658
Restricted cash	—		36,247			901		—			37,148
Account receivable, net	—		86,248			32,131		—			118,379
Deferred tax assets—current portion	—		40,081			2,799		—			42,880
Prepaid expenses and other current assets	6,566		18,276			14,313		—			39,155
Total current assets	156,680		280,408			90,132		—			527,220
Non-Current Assets:
Property and equipment, net	—		38,627			6,327		—			44,954
Goodwill	—		226,863			—		—			226,863
Other intangibles, net	—		153,134			—		—			153,134
Deferred tax assets—long-term portion	—		232,578			9,028		—			241,606
Other non-current assets	6,015		231			10,823		—			17,069
Investment in subsidiaries	262,535		32,548			9,863		(304,946		)	—
Inter-company accounts	558,749		(583,530		)	24,781		—			—
Total non-current assets	827,299		100,451			60,822		(304,946		)	683,626
Total Assets	$	983,979	$	380,859		$	150,954	$	(304,946	)	$	1,210,846
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	—	$	6,735		$	1,646	$	—		$	8,381
Accrued expenses and other liabilities	8,489		58,889			29,435		—			96,813
Income taxes payable	—		169			1,483		—			1,652
Deferred revenue—current portion	—		84,491			30,434		—			114,925
Total current liabilities	8,489		150,284			62,998		—			221,771
Non-Current Liabilities:
Long-term debt	273,077		1,417			—		—			273,077
Accrued exit and disposal obligations	—		2,616			2,803		—			4,220
Liability for uncertain tax positions	—		5,147			1,602		—			4,218
Deferred revenue—long-term portion	—		—			—		—			5,147
Total non-current liabilities	273,077		9,180			4,405		—			286,662
Total Liabilities	281,566		159,464			67,403		—			508,433
Stockholders’ Equity	702,413		221,395			83,551		(304,946		)	702,413
Total Liabilities and Stockholders’ Equity	$	983,979	$	380,859		$	150,954	$	(304,946	)	$	1,210,846

Condensed Consolidating Balance Sheets

December 31, 2010

(in thousands)



	JDA Software Group, Inc.		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	133,631		$	37,987		$	—		$	171,618
Restricted cash	—		34,021			834			—			34,855
Account receivable, net	—		79,886			22,232			—			102,118
Income tax receivable	9,098		(8,685		)	(413		)	—			—
Deferred tax assets—current portion	—		41,512			2,241			—			43,753
Prepaid expenses and other current assets	440		18,914			8,369			—			27,723
Total current assets	9,538		299,279			71,250			—			380,067
Non-Current Assets:
Property and equipment, net	—		40,147			7,300			—			47,447
Goodwill	—		226,863			—			—			226,863
Other intangibles, net	—		187,398			—			—			187,398
Deferred tax assets—long-term portion	—		243,837			11,549			—			255,386
Other non-current assets	5,636		135			10,596			—			16,367
Investment in subsidiaries	185,168		49,547			(7,111		)	(227,604		)	—
Inter-company accounts	697,438		(724,996		)	27,558			—			—
Total non-current assets	888,242		22,931			49,892			(227,604		)	733,461
Total Assets	$	897,780	$	322,210		$	121,142		$	(227,604	)	$	1,113,528
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	—	$	18,892		$	2,200		$	—		$	21,092
Accrued expenses and other liabilities	978		54,931			28,029			—			83,938
Income taxes payable	—		(379		)	697			—			318
Deferred revenue—current portion	—		64,265			23,790			—			88,055
Total current liabilities	978		137,709			54,716			—			193,403
Non-Current Liabilities:
Long-term debt	272,695		—			—			—			272,695
Accrued exit and disposal obligations	—		3,997			3,363			—			7,360
Liability for uncertain tax positions	—		4,071			2,802			—			6,873
Deferred revenue—long-term portion	—		9,090			—			—			9,090
Total non-current liabilities	272,695		17,158			6,165			—			296,018
Total Liabilities	273,673		154,867			60,881			—			489,421
Stockholders’ Equity	624,107		167,343			60,261			(227,604		)	624,107
Total Liabilities and Stockholders’ Equity	$	897,780	$	322,210		$	121,142		$	(227,604	)	$	1,113,528

Unaudited Condensed Consolidating Statements of Income

Three Months Ended September 30, 2011

(in thousands)



	JDA Software Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES:
Software licenses	$	—		$	33,073		$	66		$	—		$	33,139
Subscriptions and other recurring revenues	—			3,738			—			—			3,738
Maintenance services	—			47,929			20,332			—			68,261
Product revenues	—			84,740			20,398			—			105,138
Consulting services	—			37,462			22,930			—			60,392
Reimbursed expenses	—			3,763			2,270			—			6,033
Service revenues	—			41,225			25,200			—			66,425
Total revenues	—			125,965			45,598			—			171,563
COST OF REVENUES:
Cost of software licenses	—			1,009			—			—			1,009
Amortization of acquired software technology	—			1,726			—			—			1,726
Cost of maintenance services	—			8,565			5,139			—			13,704
Cost of product revenues	—			11,300			5,139			—			16,439
Cost of consulting services	—			27,004			17,817			—			44,821
Reimbursed expenses	—			3,763			2,270			—			6,033
Cost of service revenues	—			30,767			20,087			—			50,854
Total cost of revenues	—			42,067			25,226			—			67,293
GROSS PROFIT	—			83,898			20,372			—			104,270
OPERATING EXPENSES:
Product development	—			11,352			7,594			—			18,946
Sales and marketing	—			15,781			10,363			—			26,144
General and administrative	(54		)	12,140			3,932			—			16,018
Amortization of intangibles	—			9,562			—			—			9,562
Restructuring charges	—			370			398			—			768
Total operating expenses	(54		)	49,205			22,287			—			71,438
OPERATING INCOME (LOSS)	54			34,693			(1,915		)	—			32,832
Interest expense and amortization of loan fees	(6,248		)	(137		)	(50		)	—			(6,435		)
Interest income and other, net	(108		)	(5,838		)	6,467			—			521
Income tax provision	2,395			(12,146		)	(364		)	—			(10,115		)
Equity in earnings of subsidiaries, net	20,710			1,728			—			(22,438		)	—
NET INCOME (LOSS)	$	16,803		$	18,300		$	4,138		$	(22,438	)	$	16,803

Unaudited Condensed Consolidating Statements of Income

Nine Months Ended September 30, 2011

(in thousands)



	JDA Software Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES:
Software licenses	$	—		$	91,468		$	66		$	—		$	91,534
Subscriptions and other recurring revenues	—			12,582			—			—			12,582
Maintenance services	—			139,672			59,457			—			199,129
Product revenues	—			243,722			59,523			—			303,245
Consulting services	—			118,429			58,640			—			177,069
Reimbursed expenses	—			11,012			6,253			—			17,265
Service revenues	—			129,441			64,893			—			194,334
Total revenues	—			373,163			124,416			—			497,579
COST OF REVENUES:
Cost of software licenses	—			3,139			—			—			3,139
Amortization of acquired software technology	—			5,393			—			—			5,393
Cost of maintenance services	—			26,929			15,433			—			42,362
Cost of product revenues	—			35,461			15,433			—			50,894
Cost of consulting services	—			87,829			51,169			—			138,998
Reimbursed expenses	—			11,012			6,253			—			17,265
Cost of service revenues	—			98,841			57,422			—			156,263
Total cost of revenues	—			134,302			72,855			—			207,157
GROSS PROFIT	—			238,861			51,561			—			290,422
OPERATING EXPENSES:
Product development	—			36,271			22,618			—			58,889
Sales and marketing	—			47,299			30,449			—			77,748
General and administrative	(120		)	43,372			11,168			—			54,420
Amortization of intangibles	—			28,872			—			—			28,872
Restructuring charges	—			1,086			663			—			1,749
Litigation settlement	—			(37,500		)	—			—			(37,500		)
Total operating expenses	(120		)	119,400			64,898			—			184,178
OPERATING INCOME (LOSS)	120			119,461			(13,337		)	—			106,244
Interest expense and amortization of loan fees	(18,499		)	(397		)	(189		)	—			(19,085		)
Interest income and other, net	1,100			(25,718		)	27,290			—			2,672
Income tax provision	6,566			(20,842		)	(3,105		)	—			(17,381		)
Equity in earnings of subsidiaries, net	83,163			(9,911		)	—			(73,252		)	—
NET INCOME (LOSS)	$	72,450		$	62,593		$	10,659		$	(73,252	)	$	72,450

Unaudited Condensed Consolidating Statements of Income

Three Months Ended September 30, 2010

(in thousands)



	JDA Software Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES:
Software licenses	$	—		$	16,276		$	—		$	—		$	16,276
Subscriptions and other recurring revenues	—			5,758			—			—			5,758
Maintenance services	—			45,980			18,206			—			64,186
Product revenues	—			68,014			18,206			—			86,220
Consulting services	—			45,341			20,606			—			65,947
Reimbursed expenses	—			4,247			2,029			—			6,276
Service revenues	—			49,588			22,635			—			72,223
Total revenues	—			117,602			40,841			—			158,443
COST OF REVENUES:
Cost of software licenses	—			1,103			—			—			1,103
Amortization of acquired software technology	—			1,833			—			—			1,833
Cost of maintenance services	—			8,574			4,358			—			12,932
Cost of product revenues	—			11,510			4,358			—			15,868
Cost of consulting services	—			34,722			14,254			—			48,976
Reimbursed expenses	—			4,251			2,025			—			6,276
Cost of service revenues	—			38,973			16,279			—			55,252
Total cost of revenues	—			50,483			20,637			—			71,120
GROSS PROFIT	—			67,119			20,204			—			87,323
OPERATING EXPENSES:
Product development	—			10,933			6,440			—			17,373
Sales and marketing	—			12,692			7,566			—			20,258
General and administrative	—			13,553			3,993			—			17,546
Amortization of intangibles	—			9,966			—			—			9,966
Restructuring charges	—			1,898			2,274			—			4,172
Acquisition-related costs	—			473			—			—			473
Total operating expenses	—			49,515			20,273			—			69,788
OPERATING INCOME (LOSS)	—			17,604			(69		)	—			17,535
Interest expense and amortization of loan fees	(5,975		)	(114		)	(80		)	—			(6,169		)
Interest income and other, net	—			(3,238		)	3,796			—			558
Income tax provision	2,270			(5,517		)	(404		)	—			(3,651		)
Equity in earnings of subsidiaries, net	11,978			1,525			—			(13,503		)	—
NET INCOME (LOSS)	$	8,273		$	10,260		$	3,243		$	(13,503	)	$	8,273

Unaudited Condensed Consolidating Statements of Income

Nine Months Ended September 30, 2010

(in thousands)



	JDA Software Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES:
Software licenses	$	—		$	72,865		$	—		$	—		$	72,865
Subscriptions and other recurring revenues	—			15,851			—			—			15,851
Maintenance services	—			126,747			55,093			—			181,840
Product revenues	—			215,463			55,093			—			270,556
Consulting services	—			113,561			50,643			—			164,204
Reimbursed expenses	—			9,430			4,257			—			13,687
Service revenues	—			122,991			54,900			—			177,891
Total revenues	—			338,454			109,993			—			448,447
COST OF REVENUES:
Cost of software licenses	—			3,020			—			—			3,020
Amortization of acquired software technology	—			5,212			—			—			5,212
Cost of maintenance services	—			26,422			12,770			—			39,192
Cost of product revenues	—			34,654			12,770			—			47,424
Cost of consulting services	—			88,296			36,691			—			124,987
Reimbursed expenses	—			9,430			4,257			—			13,687
Cost of service revenues	—			97,726			40,948			—			138,674
Total cost of revenues	—			132,380			53,718			—			186,098
GROSS PROFIT	—			206,074			56,275			—			262,349
OPERATING EXPENSES:
Product development	—			35,292			18,839			—			54,131
Sales and marketing	—			41,052			24,778			—			65,830
General and administrative	—			43,962			11,082			—			55,044
Amortization of intangibles	—			28,447			—			—			28,447
Restructuring charges	—			10,813			5,665			—			16,478
Acquisition-related costs	—			8,081			—			—			8,081
Total operating expenses	—			167,647			60,364			—			228,011
OPERATING INCOME (LOSS)	—			38,427			(4,089		)	—			34,338
Interest expense and amortization of loan fees	(17,897		)	(363		)	(177		)	—			(18,437		)
Interest income and other, net	—			(17,512		)	18,551			—			1,039
Income tax provision	6,801			(7,805		)	(4,065		)	—			(5,069		)
Equity in earnings of subsidiaries, net	22,967			8,363			—			(31,330		)	—
NET INCOME (LOSS)	$	11,871		$	21,110		$	10,220		$	(31,330	)	$	11,871

Unaudited Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2011

(in thousands)



	JDA Software Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used in) Operating Activities	$	153,368		$	(24,568	)	$	3,820		$	—	$	132,620
Investing Activities:
Change in restricted cash	(2,293		)	—			—			—		(2,293		)
Payment of direct costs related to acquisitions	—			(2,579		)	—			—		(2,579		)
Purchase of property and equipment	—			(5,787		)	(1,838		)	—		(7,625		)
Proceeds from disposal of property and equipment	—			51			—			—		51
Net cash provided by (used in) investing activities	(2,293		)	(8,315		)	(1,838		)	—		(12,446		)
Financing Activities:
Issuance of common stock—equity plans	5,261			—			—			—		5,261
Purchase of treasury stock and other, net	(5,166		)	—			—			—		(5,166		)
Conversion of warrants	671			—			—			—		671
Debt issuance costs	(1,727		)	—			—			—		(1,727		)
Change in inter-company receivable/payable	—			(397		)	397			—		—
Net cash (used in) provided by financing activities	(961		)	(397		)	397			—		(961		)
Effect of exchange rates on cash and cash equivalents	—			(795		)	(378		)	—		(1,173		)
Net increase (decrease) in cash and cash equivalents	150,114			(34,075		)	2,001			—		118,040
Cash and Cash Equivalents, Beginning of Period	—			133,631			37,987			—		171,618
Cash and Cash Equivalents, End of Period	$	150,114		$	99,556		$	39,988		$	—	$	289,658

Unaudited Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2010

(in thousands)



	JDA Software Group, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used in) Operating Activities	$	145,030		$	(128,978	)	$	22,941		$	—	$	38,993
Investing Activities:
Change in restricted cash	277,554			—			—			—		277,554
Purchase of i2 Technologies, Inc.	(431,775		)	218,348			—			—		(213,427		)
Payment of direct costs related to acquisitions	—			(1,669		)	(1,080		)	—		(2,749		)
Purchase of property and equipment	—			(10,110		)	(4,675		)	—		(14,785		)
Proceeds from disposal of property and equipment	—			602			29			—		631
Net cash (used in) provided by investing activities	(154,221		)	207,171			(5,726		)	—		47,224
Financing Activities:
Issuance of common stock—equity plans	13,836			—			—			—		13,836
Purchase of treasury stock and other, net	(4,645		)	—			—			—		(4,645		)
Change in inter-company receivable/payable	—			19,528			(19,528		)	—		—
Net cash provided by (used in) financing activities	9,191			19,528			(19,528		)	—		9,191
Effect of exchange rates on cash and cash equivalents	—			(8,461		)	9,449			—		988
Net increase in cash and cash equivalents	—			89,260			7,136			—		96,396
Cash and Cash Equivalents, Beginning of Period	—			47,170			28,804			—		75,974
Cash and Cash Equivalents, End of Period	$	—		$	136,430		$	35,940		$	—	$	172,370