INVESTMENT BANKING PRESENTATION

Preface

The information contained herein was prepared by VRA Partners, LLC (“VRA”) in connection with our engagement to advise the Special

Committee (the “Special Committee”) of the Board of Directors of Logility, Inc. (“Logility” or the “Company”). Pursuant to a press release

dated March 18, 2009, American Software, Inc. (the “Prospective Acquiror) announced its intention to acquire all of the outstanding shares

of Logility’s common stock not already owned by the Prospective Acquiror at a price of $5.10 per share in cash (the “Proposed

Acquisition”). On May 6, 2009, the Special Committee of the Board of Directors of the Prospective Acquiror communicated to the Special

Committee of Logility an increased offer price of $6.35 per share in cash, representing an increase of 24.5% over the initial $5.10 per share

offer. On May 12, 2009, the Special Committee of the Board of Directors of the Prospective Acquiror communicated to the Special

Committee of Logility an increased offer price of $7.02 per share in cash, representing an increase of 37.6% over the initial $5.10 per share

offer and an increase of 10.6% over the first revised $6.35 per share offer. In addition to advising the Special Committee regarding the

Proposed Acquisition, VRA, if appropriate, will render an opinion to the Special Committee with respect to the fairness, from a financial

point of view, to the Company’s shareholders other than American Software, Inc. and any of its affiliates, of the consideration to be received

in the Proposed Acquisition. This information and our analyses are not intended to be, nor should be, relied upon by any other party. Any

disclosure of the contents of this document to third parties by the Special Committee requires VRA’s written consent.

This document was prepared utilizing information provided by Logility and American Software, Inc. and obtained from certain other publicly

available sources. VRA has relied without independent verification upon the accuracy and completeness of the financial and other

information discussed with or reviewed by us for purposes of our analyses except where we have actual knowledge as to the inaccuracy of

incompleteness of such information. With respect to the financial forecasts of Logility provided to or discussed with us, we have assumed,

without independent verification or investigation, that such forecasts have been reasonably prepared on bases reflecting the best currently

available information, estimates and judgments of the management of Logility as to the future financial performance of the Company, and we

express no opinion with respect to such forecasts or the assumptions on which the forecasts are based. VRA has not conducted a physical

inspection of the properties and facilities of the Company and has not made any evaluations or appraisals of the assets or liabilities

(including, without limitation, any potential environmental liabilities), contingent or otherwise, of the Company.

VRA’s analyses must be considered as a whole. Selecting portions of our analyses, without considering all analyses, would create an

incomplete view. Individual estimates of value contained on our analyses are not necessarily indicative of actual value, which may be

significantly more or less favorable than as set forth therein. Estimates of the financial value of reference companies and their securities do

not purport to be appraisals or necessarily reflect the actual values of such companies or their securities. Because such estimates are

inherently subject to uncertainty, VRA does not assume responsibility for their accuracy. Our analyses are necessarily based upon market,

economic and other conditions as they exist on, and can be evaluated as of, the date hereof. It should be understood that, although

subsequent developments may affect these analyses, VRA does not have any obligation to update or revise its analyses.

Transaction Overview

Summary

(1)

As of March 5, 2009.

(2)

Based on offer price of $7.02 per share.

Financials as of 1/31/2009

Financials as of 4/30/2009

Common

Stock

Outstanding

(1)

12,860,145

207,080

Common Stock Shares Outstanding

13,067,225

Price Per Share

$7.02

Implied Equity Value

$91,731,921

Plus: Debt

Less: Cash and Investments

47,309,000

49,579,000

Implied Enterprise Value

$44,422,921

$42,152,921

On March 18, 2009, American Software, Inc. (“ASI” or the “Prospective Acquiror”) publicly announced that it intends to

purchase up to all the outstanding common stock of Logility, Inc. (“Logility” or the “Company”) not currently owned by ASI

at a price per share of $5.10 (the “Proposed Acquisition”) in cash through a tender offer.

On May 6, 2009, the Special Committee of the Board of Directors of the Prospective Acquiror communicated to the Special

Committee of Logility an increased offer price of $6.35 per share in cash, representing a 24.5% increase over the initial $5.10

per share offer.

On May 12, 2009, the Special Committee of the Board of Directors of the Prospective Acquiror communicated to the Special

Committee of Logility an increased offer price of $7.02 per share in cash, representing an increase of 37.6% over the initial

$5.10 per share offer and an increase of 10.6% over the first revised $6.35 per share offer.

ASI is currently the majority shareholder of Logility, controlling approximately 11,300,000 shares, or 87.9%, of the common

shares outstanding of Logility.

If ASI is able to acquire all of the outstanding common stock currently not owned by ASI at the revised proposed price of

$7.02 per share, ASI would acquire 1,560,145 common shares and 207,080 net in-the- money options representing total

consideration of $12,405,921.

The Proposed Acquisition purchase price of $7.02 per share implies the following equity value and enterprise value for the

Company:

Vested

“In-the-Money”

Options

Outstanding,

Net

Exercise

Price

(2)

Transaction Overview

Transaction Structure and Summary Analysis

($ in thousands, except per share data)

Note: Assumes announcement date of March 18, 2009.

(1)

Average closing price for relevant number of days including and preceding March 18, 2009.

(2)

Based on 12,860,145 shares outstanding as of 03/05/2009 plus 126,865 shares from the exercise of in-the-money vested stock options.

(3)

Based on 12,860,145 shares outstanding as of 03/05/2009 plus 184,271 shares from the exercise of in-the-money vested stock options.

(4)

Based on 12,860,145 shares outstanding as of 03/05/2009 plus 207,080 shares from the exercise of in-the-money vested stock options.

(5)

Excludes excess cash and investments of $47,309,000 as of 01/31/2009.

(6)

Excludes excess cash and investments of $49,579,000 as of 04/30/2009.

Initial

First Revised

Second Revised

Proposed Acquisition

Offer Price Per Share

$5.10

$6.35

$7.02

Financials as of 1/31/2009

Financials as of 4/30/2009

'% Premium (Discount) to Closing Share Price of $5.00 on 03/18/2009

2.0%

27.0%

40.4%

% Premium (Discount) to Average Closing Price:

(1)

360 Day

(15.9%)

4.7%

15.7%

180 Day

3.5%

28.8%

42.4%

90 Day

11.4%

38.7%

53.4%

60 Day

10.9%

38.1%

52.6%

30 Day

11.5%

38.8%

53.5%

15 Day

11.6%

38.9%

53.6%

'% Premium (Discount) to 52-Week High ($7.77 on 06/27/2008)

(34.4%)

(18.3%)

(9.7%)

'% Premium (Discount) to 52-Week Low ($3.89 on 03/12/2009)

31.1%

63.2%

80.5%

Market Value

$66,234

(2)

$82,832

(3)

$91,732

(4)

$91,732

(4)

Enterprise Value

$18,925

(5)

$35,523

(5)

$44,423

(5)

$42,153

(6)

Transaction Overview

Transaction Structure and Summary Analysis

Initial

First Revised

Second Revised

Proposed Acquisition

Offer Price Per Share

$5.10

$6.35

$7.02

Financials as of 1/31/2009

Financials as of 4/30/2009

Enterprise Value to:

LTM Total Revenue

0.45

0.84

1.05

1.01

Fiscal 2009 Projected Total Revenue

0.46

0.86

1.08

1.01

Calendar 2009 Projected Total Revenue

0.47

0.87

1.09

1.02

Fiscal 2010 Projected Total Revenue

0.46

0.86

1.08

1.03

LTM Maintenance Revenue

0.81

1.53

1.91

1.83

Fiscal 2009 Projected Maintenance Revenue

0.82

1.54

1.92

1.83

Calendar 2009 Projected Maintenance Revenue

0.82

1.54

1.92

1.83

Fiscal 2010 Projected Maintenance Revenue

0.82

1.53

1.92

1.82

LTM Maintenance Gross Margin

1.04

1.95

2.43

2.34

Fiscal 2009 Projected Maintenance Gross Margin

1.04

1.95

2.44

2.34

Calendar 2009 Projected Maintenance Gross Margin

1.04

1.95

2.44

2.33

Fiscal 2010 Projected Maintenance Gross Margin

1.04

1.94

2.43

2.31

LTM Adjusted EBITDA

2.0

3.7

4.6

4.2

Fiscal 2009 Projected Adjusted EBITDA

2.0

3.7

4.7

4.2

Calendar 2009 Projected Adjusted EBITDA

2.1

3.9

4.9

4.4

Fiscal 2010 Projected Adjusted EBITDA

2.1

4.0

5.0

4.8

LTM Adjusted EBIT

2.1

3.9

4.8

4.5

Fiscal 2009 Projected Adjusted EBIT

2.1

4.0

4.9

4.5

Calendar 2009 Projected Adjusted EBIT

2.2

4.2

5.3

4.8

Fiscal 2010 Projected Adjusted EBIT

2.4

4.4

5.5

5.2

Equity Value to:

LTM Adjusted Net Income

10.7

13.4

14.8

14.6

Fiscal 2009 Projected Adjusted Net Income

11.1

13.8

15.3

14.6

Calendar 2009 Projected Adjusted Net Income

11.2

14.0

15.5

14.7

Fiscal 2010 Projected Adjusted Net Income

11.4

14.3

15.8

Tangible Book Value

1.48

1.85

2.05

1.94

Note: Fiscal represents the year ending April 30. Calendar year represents the 12 months ending January 31.

Note: Adjustments include stock based compensation and amortization of acquisition-related intangibles.

Note: Forward multiples based on management projections provided April 3, 2009.

Overview of Logility

Company Overview

Global provider of collaborative supply chain software that optimizes production, distribution, and inventory management between

trading partners.

Sells two complementary product lines to approximately 1,250 customers worldwide:

Focuses on distribution-intensive industries (retail, consumer goods, soft goods, service parts).

According to management, competitive differentiators include:

Quality of products and domain expertise

Quicker implementation relative to competitors

Quality of customer service

Demand Management

Voyager

Customer typically has more than $1 billion in sales

Approximately 350 active customers

Average sale of $300k for license

Direct

sales

channel

–

gross

margins of 75%

Prolonged

sales

cycle

–

management-level decision

Competitive

market

–

pricing

pressure

Customer typically has less than $1 billion in sales

Approximately 900 active customers

Average sale of $30k for license

Indirect

sales

channel

–

gross

margins

50%

Shorter

sales

cycle

–

operations-level decision

Limited

competition

–

prices

have

been

increasing

Overview of Logility

Company Performance

During

the

last

five

years,

Logility

has

grown

revenue

compounded

annual growth rate of 18.4%; maintenance and license revenues have

grown at a CAGR of approximately 20%.

In early 2008, growth slowed due to economic conditions and

management anticipates flat growth in Fiscal 2009 and 2010.

However, management, as well as industry observers, believe uncertain

economic times can also prompt companies to purchase supply chain

management software to reduce inventory risk and costs.

Preliminary signs of recovery through strong Q3 results and

recent growth in the sales pipeline

DMI is modestly cyclical

Revenue Growth by Type

$10,000

$20,000

$30,000

$40,000

$50,000

2004

2005

2006

2007

2008

License

Services and other

Maintenance

According to management, growth opportunities include:

“Fashion

Forecasting”

–

new

module

providing

blind

forecasting

solution

apparel

customers

New

versions

both

Voyager

and

DMI

soon

released

Further

penetration

chemical

and

oil/gas

industry

verticals

–

potential

acquisition

opportunities

Enter the service parts optimization market

($ in thousands)

Overview of Logility

Relationship with ASI

Logility is currently 87.9% owned by ASI.

ASI financial reporting includes Logility.

Logility and ASI Comparison

($ in thousands, except per share data)

(1)

Represents second revised offer price.

(2)

Based on closing price on May 12, 2009 of $5.11 per share.

Logility

ASI

Financials as of 1/31/2009

Financials as of 4/30/2009

Share Price as of 05/12/2009

$7.02

(1)

$7.02

(1)

$5.13

Market Capitalization

$91,732

$129,692

Debt

Cash and Investments

$47,309

$49,579

$70,321

Enterprise Value

$44,423

$42,153

$59,371

Financial Data:

LTM Revenue

$42,392

$41,669

$80,673

LTM Adjusted EBITDA

$9,685

$9,939

$9,352

LTM Adjusted EBIT

$9,178

$9,409

$7,831

LTM Adjusted Net Earnings

$6,189

$6,301

$3,483

Trading Multiples:

EV/LTM Revenue

1.05x

1.01x

0.74x

EV/LTM EBITDA

4.6x

4.2x

6.3x

EV/LTM EBIT

4.8x

4.5x

7.6x

LTM P/E Ratio

14.8x

14.6x

36.8x

% of 52-Week High

(2)

90.3%

76.3%

Three Month Average Trading Volume

3,150

71,720

Stock

Price

Change

Since

Announcement

Date

(2)

2.3%

14.3%

Dividends Per Share

$0.00

$0.36

($ in millions)

Overview of Logility

Financial Comparison to Publicly Traded Competitors

Financial Profile Comparison to Competitors

Note:

Logility

financials

1/31/2009.

(1)

Excludes capitalized R&D costs.

(2)

Includes both capitalized and expensed R&D costs.

i2 Technologies,

JDA Software

American

Logility, Inc.

Inc.

Group Inc.

Oracle Corp.

SAP AG

Software, Inc.

LTM Revenue

$42.4

$249.6

$379.8

$23,630.0

$15,372.0

$80.7

LTM Maintenance Revenue

$23.2

$85.4

$180.0

$4,601.0

$4,593.0

$28.4

LTM CAPEX

(1)

$0.1

$1.4

$7.4

$539.0

$473.7

$0.9

LTM R&D

(2)

$7.5

$28.7

$52.8

$2,771.0

$2,270.0

$9.5

1 Year Revenue Growth

2.6%

(1.7%)

4.5%

24.6%

3.3%

5.5%

3 Year Revenue CAGR

19.4%

(9.5%)

20.7%

26.0%

15.1%

7.7%

5 Year Revenue CAGR

44.8%

(11.7%)

12.9%

20.1%

11.7%

26.5%

LTM Gross Margin

68.0%

58.7%

63.3%

79.0%

69.3%

53.1%

LTM EBITDA Margin

22.8%

16.1%

24.3%

47.2%

32.2%

11.6%

LTM EBIT Margin

21.7%

14.7%

21.8%

46.0%

27.4%

9.7%

LTM Return-on-Assets (ROA)

9.2%

10.2%

5.2%

13.2%

12.3%

3.1%

LTM Return-on-Equity (ROE)

12.2%

143.3%

0.1%

26.2%

27.1%

4.3%

LTM CAPEX / Revenue

0.2%

0.6%

2.0%

2.3%

3.1%

1.1%

LTM R&D / Revenue

17.8%

11.5%

13.9%

11.7%

14.8%

11.8%

Overview of Logility

Industry Conditions

Supply chain management (“SCM”) applications market represents a

$6.5

billion

industry

expected

grow

CAGR

through

2012

Increasing trend of global sourcing puts emphasis on supply

chain planning

Replacement market is strong

International market penetration (U.S. customers represent 58%

of overall market)

Increased adoption from mid-market companies (40% of the

market consists of companies with +$1 billion sales)

SCM

Application Revenue Estimates

Current economic conditions have impacted the market and have created uncertainty over short-term growth.

2009 and 2010 global IT spending expected to decline 9% and 1%, respectively

There

has been a recent slowdown in industry consolidation activity from prior years. Past notable activity includes:

Infor

made five acquisitions in 2006 and 2007

SAP made four acquisitions in 2006 and 2007

JDA

acquired

Manugistics

2006

addition

one

other

software

business

I2 made two acquisitions in 2006 and 2007

Source: AMR Research, 2008; Goldman Sachs

Market has become increasingly competitive, especially for large implementations where SAP and Oracle mostly compete,

creating pricing pressure on market participants.

Overview of Logility

Ownership Profile

Ownership Breakout

($ in thousands)

Percent of Total

Market

Holder

Shares Outstanding (1)

Value (2)

American Software, Inc.

11,300,000

87.87%

$79,326

Dimensional Fund Advisors LP

349,117

2.71%

2,451

California Public Employees' Retirement System

120,190

0.93%

844

Lapides

Asset Management, LLC

84,930

0.66%

596

Renaissance Technologies Corp.

78,100

0.61%

548

J. Michael Edenfield

51,500

0.40%

362

H. Allan Dow

48,721

0.38%

342

Northern Trust Investments, National Association

23,607

0.18%

166

Spark L.P.

15,149

0.12%

106

The Vanguard Group, Inc.

12,151

0.09%

Northern Trust Investments, N.A.

11,951

0.09%

BNY Mellon Wealth Management

10,093

0.08%

Lotsoff

Capital Management

7,800

0.06%

Barclays Global Investors, National Association

4,442

0.03%

Parker H. Petit

3,000

0.02%

John A. White

2,500

0.02%

Royce & Associates, LLC

1,900

0.01%

AXA Rosenberg Investment Management LLC

1,040

0.01%

SG Asset Management Alternative Investments

700

0.01%

Deutsche Investment Management Americas Inc.

0.00%

Note: Institutional shares are based on holder's most recent 13F filing.

Note: Insider ownership based on Logility DEF 14A filed on July 28, 2008.

(1)Based on a total of 12,860,145 shares outstanding as of March 5, 2009.

(2)Based on the offer price of $7.02

American

Software

88%

Institutions

Insiders

Retail

Overview of Logility

Logility

Change in Ownership Over Time

3/31/2007

6/30/2007

9/30/2007

12/31/2007

3/31/2008

Institution

Change

American Software, Inc.

11,300,000

Dimensional Fund Advisors LP

342,030

342,399

369

334,169

(8,230)

340,427

6,258

350,953

10,526

California Public Employees' Retirement System

45,400

121,490

76,090

121,490

Lapides

Asset Management, LLC

23,000

Renaissance Technologies Corp.

25,500

42,700

17,200

57,300

14,600

68,900

11,600

J. Michael Edenfield

55,000

35,184

(19,816)

35,184

H. Allan Dow

58,721

48,721

(10,000)

48,721

Northern Trust Investments, National Association

27,783

24,007

(3,776)

24,007

Spark L.P.

24,200

38,700

14,500

40,724

2,024

49,200

8,476

41,900

(7,300)

The Vanguard Group, Inc.

11,314

(11,314)

Northern Trust Investments, N.A.

12,238

12,538

300

12,538

BNY Mellon Wealth Management

10,093

Lotsoff

Capital Management

38,300

42,100

3,800

56,000

13,900

31,300

(24,700)

Barclays Global Investors, National Association

4,835

4,442

(393)

4,442

Parker H. Petit

3,000

John A. White

2,500

Royce & Associates, LLC

4,500

AXA Rosenberg Investment Management LLC

1,300

1,200

(100)

3,300

2,100

4,400

1,100

3,900

(500)

SG Asset Management Alternative Investments

700

Deutsche Investment Management Americas Inc.

205

159

Bjurman, Barry & Associates

67,065

213,367

146,302

(213,367)

Credit Suisse Securities (USA) LLC, Investment Arm

10,340

(10,340)

FAF Advisors, Inc.

7,000

Frederick E. Cooper

FrontPoint Partners LLC

19,016

(19,016)

Grantham, Mayo, Van Otterloo & Co. LLC

Morgan Stanley Investment Management Inc.

10,398

(10,323)

(75)

Newton Investment Management Limited

750

QVT Financial LP

Reinhart Partners, Inc.

16,930

45,931

29,001

SSgA

Funds Management Inc.

43,300

State Street Global Advisors, Inc.

47,200

47,593

393

47,593

Technical Financial Services LLC

200

(200)

Teton Advisors, Inc

18,498

(18,498)

UBS Securities LLC, Investment Arm

1,064

(1,064)

100

(100)

265

Wellington Management Company L.L.P.

66,209

51,901

(14,308)

52,302

401

24,302

(28,000)

(24,302)

Wells Fargo Bank, National Association, Asset Management Arm

2,425

Total Institutional Ownership

649,789

697,958

48,169

810,174

112,216

1,034,010

223,836

845,192

(188,818)

Total Institutional Ownership as a % of Total

5.0%

5.4%

6.3%

8.0%

6.5%

Shares Outstanding

Insider Ownership

11,419,221

11,389,405

(29,816)

11,389,405

Insider Ownership as a % of Total Shares Oustanding

88.5%

88.3%

87.9%

88.0%

Stock Price Information for Relevant Quarter:

High Closing Price

$8.14

$11.30

$13.03

$14.85

$12.75

Low Closing Price

$6.96

$8.11

$9.28

$10.96

$5.56

Average Closing Price

$7.52

$9.39

$11.30

$13.17

$9.34

Note: Institutional shares are based on holder's most recent 13F filing.

Note: Insider ownership based on Logility DEF 14A filed on July 28, 2008.

Overview of Logility

Logility Change in Ownership Over Time

6/30/2008

9/30/2008

12/31/2008

3/31/2009

Institution

Change

American Software, Inc.

11,300,000

Dimensional Fund Advisors LP

349,141

(1,812)

348,860

(281)

348,664

(196)

349,117

453

California Public Employees' Retirement System

121,490

120,190

(1,300)

Lapides Asset Management, LLC

27,000

4,000

27,000

34,995

7,995

84,930

49,935

Renaissance Technologies Corp.

74,600

5,700

77,300

2,700

78,100

800

78,100

J. Michael Edenfield

51,500

16,316

51,500

H. Allan Dow

48,721

Northern Trust Investments, National Association

24,007

23,607

(400)

23,607

Spark L.P.

23,600

(18,300)

17,100

(6,500)

15,149

(1,951)

15,149

The Vanguard Group, Inc.

12,151

Northern Trust Investments, N.A.

12,538

12,038

(500)

11,951

(87)

11,951

BNY Mellon Wealth Management

10,093

Lotsoff Capital Management

31,300

21,600

(9,700)

7,800

(13,800)

Barclays Global Investors, National Association

4,442

Parker H. Petit

3,000

John A. White

2,500

Royce & Associates, LLC

1,900

(2,600)

1,900

AXA Rosenberg Investment Management LLC

2,716

(1,184)

1,640

(1,076)

1,040

(600)

1,040

SG Asset Management Alternative Investments

700

Deutsche Investment Management Americas Inc.

1,671

1,466

1,655

(16)

(1,609)

Bjurman, Barry & Associates

Credit Suisse Securities (USA) LLC, Investment Arm

FAF Advisors, Inc.

(7,000)

Frederick E. Cooper

FrontPoint Partners LLC

Grantham, Mayo, Van Otterloo & Co. LLC

200

(200)

Morgan Stanley Investment Management Inc.

20,000

(20,000)

Newton Investment Management Limited

750

(750)

QVT Financial LP

21,015

20,014

(1,001)

(20,014)

Reinhart Partners, Inc.

(45,931)

SSgA Funds Management Inc.

(43,300)

State Street Global Advisors, Inc.

(47,593)

Technical Financial Services LLC

Teton Advisors, Inc

UBS Securities LLC, Investment Arm

577

312

(577)

514

Wellington Management Company L.L.P.

Wells Fargo Bank, National Association, Asset Management Arm

2,425

Total Institutional Ownership

730,165

(115,027)

702,164

(28,001)

676,916

(25,248)

721,216

35,088

Total Institutional Ownership as a % of Total

5.6%

5.4%

5.3%

5.6%

Shares Outstanding

Insider Ownership

11,405,721

16,316

11,405,721

Insider Ownership as a % of Total Shares Oustanding

88.1%

88.5%

88.7%

Stock Price Information for Relevant Quarter:

High Closing Price

$9.00

$7.59

$6.69

$5.30

Low Closing Price

$6.23

$6.15

$4.00

$4.12

Average Closing Price

$7.43

$6.64

$4.98

$4.71

Note: Institutional shares are based on holder's most recent 13F filing.

Note: Insider ownership based on Logility DEF 14A filed on July 28, 2008.

Overview of Logility

Shares Repurchased Over Time

Date

Number LGTY

Shares Purchased

Value

Price

Per Share

November 2003

December 2003

January 2004

February 2004

March 2004

30,000

$154,500

$5.15

April 2004

May 2004

June 2004

35,250

$159,683

$4.53

July 2004

1,700

$7,276

$4.28

August 2004

3,400

$15,164

$4.46

September 2004

120,300

$587,064

$4.88

October 2004

November 2004

December 2004

January 2005

February 2005

March 2005

April 2005

May 2005

June 2005

272,189

$1,633,134

$6.00

July 2005

August 2005

September 2005

October 2005

November 2005

December 2005

January 2006

February 2006

March 2006

April 2006

May2006

June 2006

Date

Number LGTY

Shares Purchased

Value

Price

Per Share

July 2006

August 2006

September 2006

15,000

$111,750

$7.45

October 2006

November 2006

December 2006

January 2007

February 2007

March 2007

April 2007

May 2007

30,000

$337,800

$11.26

June 2007

July 2007

August 2007

September 2007

October 2007

November 2007

December 2007

January 2008

February 2008

March 2008

114,421

$787,216

$6.88

April 2008

May 2008

June 2008

39,620

$296,754

$7.49

July 2008

August 2008

September 2008

27,122

$181,446

$6.69

October 2008

November 2008

December 2008

January 2009

Insiders

12.2%

Institutions

56.5%

Retail

31.3%

Percent of Total

Market

Holder

Shares Outstanding (1)

Value (2)

James C. Edenfield

2,041,587

8.08%

$10,473

Brown Capital Management Inc.

1,903,501

7.53%

$9,765

Renaissance Technologies Corp.

1,598,900

6.32%

$8,202

Barclays Global Investors, National Association

1,229,872

4.86%

$6,309

Thomas L. Newberry

941,724

3.73%

$4,831

Wells Capital Management Incorporated

894,573

3.54%

$4,589

Lombardia Capital Partners, LLC

874,527

3.46%

$4,486

Dimensional Fund Advisors LP

762,518

3.02%

$3,912

Al Frank Asset Management, Inc.

733,297

2.90%

$3,762

Perritt Capital Management, Inc.

676,600

2.68%

$3,471

Wellington Management Company L.L.P.

533,966

2.11%

$2,739

New York State Common Retirement Fund

506,786

2.00%

$2,600

Lapides Asset Management, LLC

450,500

1.78%

$2,311

Tocqueville Asset Management LP

439,446

1.74%

$2,254

The Vanguard Group, Inc.

348,091

1.38%

$1,786

DePrince, Race & Zollo, Inc.

273,745

1.08%

$1,404

State Street Global Advisors, Inc.

268,080

1.06%

$1,375

Bmo Harris Investment Management Inc

257,721

1.02%

$1,322

Eagle Asset Management, Inc.

179,510

0.71%

$921

Fifth Third Asset Management, Inc.

172,950

0.68%

$887

Royce & Associates, LLC

166,200

0.66%

$853

Goldman, Sachs & Co., Asset Management Arm

158,158

0.63%

$811

Northern Trust Global Advisors Inc.

148,231

0.59%

$760

Teachers Insurance and Annuity Association College Retirement Equities Fund

144,750

0.57%

$743

Northern Trust Investments, N.A.

141,172

0.56%

$724

TIAA-CREF Investment Management, LLC

130,601

0.52%

$670

Axiom Asset Management, LLC

99,144

0.39%

$509

Citigroup Inc., Asset Management Arm

84,080

0.33%

$431

BlackRock Investment Management LLC

76,200

0.30%

$391

BNY Mellon Wealth Management

70,680

0.28%

$363

California Public Employees' Retirement System

68,320

0.27%

$350

SG Asset Management Alternative Investments

28,800

0.11%

$148

J. Michael Edenfield

22,308

0.09%

$114

Barclays Global Investors Limited

5,955

0.02%

$31

Deutsche Investment Management Americas Inc.

1,700

0.01%

Wells Fargo Bank, National Association, Asset Management Arm

1,500

0.01%

Overview of Logility

American Software Ownership Profile

Ownership Breakout

Indicates common ownership with Logility

Note: Institutional shares are based on holder's most recent 13F filing.

Note: Insider ownership based on Logility DEF 14A filed on July 28, 2008.

(1)Based on a total of 25,281,077 shares outstanding as of March 10, 2009.

(2)Based on share price as of 5/12/2009.

Overview of Logility

American Software Shares Repurchased Over Time

Date

Number AMSW

Shares Purchased

Value

Price

Per Share

July 2006

August 2006

September 2006

October 2006

November 2006

December 2006

January 2007

February 2007

March 2007

April 2007

May 2007

June 2007

July 2007

August 2007

September 2007

October 2007

November 2007

December 2007

January 2008

February 2008

March 2008

173,664

$982,938

$5.66

April 2008

May 2008

June 2008

86,239

$503,636

$5.84

July 2008

August 2008

September 2008

99,500

$550,235

$5.53

October 2008

November 2008

December 2008

82,500

$338,250

$4.10

January 2009

Date

Number AMSW

Shares Purchased

Value

Price

Per Share

November 2003

40,000

$254,400

$6.36

December 2003

20,000

$122,600

$6.13

January 2004

February 2004

March 2004

April 2004

May 2004

June 2004

July 2004

August 2004

September 2004

October 2004

November 2004

December 2004

January 2005

February 2005

March 2005

April 2005

May 2005

June 2005

July 2005

August 2005

September 2005

October 2005

November 2005

December 2005

January 2006

February 2006

March 2006

April 2006

May2006

June 2006

Logility

Financial Information

Historical Income Statements

($ in thousands, except per share data)

Latest Twelve

Month Period

Fiscal Year Ended April 30,

Ended

Nine Months Ended

2004

2005

2006

2007

2008

1/31/2009

1/31/2008

1/31/2009

Revenues:

License

$6,656

$6,717

$13,889

$16,242

$14,554

$13,097

$10,409

$8,952

Services and other

5,179

5,203

5,796

6,830

7,807

6,049

5,985

4,227

Maintenance

10,991

12,956

17,618

20,691

22,547

23,246

16,636

17,335

Total

revenues

22,826

24,876

37,303

43,763

44,908

42,392

33,030

30,514

Cost of

revenues:

License

4,054

3,965

3,783

5,864

6,007

5,221

4,518

3,732

Services and other

2,632

2,721

3,585

3,697

3,804

3,348

2,898

2,442

Maintenance

1,780

3,031

4,134

4,858

4,943

5,000

3,609

3,666

Write down of capitalized computer

703

1,196

software development costs

Total cost of revenues

8,466

10,420

11,502

14,419

15,950

13,569

12,221

9,840

Gross margin

14,360

14,456

25,801

29,344

28,958

28,823

20,809

20,674

Operating expenses:

Research and development

2,116

3,170

4,747

5,378

5,341

5,227

3,909

3,795

Sales and

marketing

7,239

8,046

10,123

9,778

10,337

10,218

7,279

7,160

General and administrative

3,157

3,715

4,675

5,310

4,625

4,633

3,484

3,492

Provision (recovery)

for doubtful accounts

197

(53)

Amortization of

acquisition-related intangibles

204

350

349

263

262

Total operating expenses

12,557

15,332

19,842

20,823

20,653

20,427

14,935

14,709

Operating income (loss) (EBIT)

1,803

(876)

5,959

8,521

8,305

8,396

5,874

5,965

Investment impairment

(382)

(100)

(281)

Interest income

843

1,228

1,535

Other income (expense),

net

285

397

(95)

375

115

(1,195)

1,451

141

Earnings (loss) before income taxes

1,706

(579)

6,426

10,124

9,955

8,736

7,325

6,106

(Provision) benefit

for

income taxes

(27)

1,587

(4,130)

(3,923)

(3,056)

(2,971)

(2,104)

Net earnings (loss)

$1,706

($606)

$8,013

$5,994

$6,032

$5,680

$4,354

$4,002

Diluted

net

earnings (loss) per common share

$0.13

($0.05)

$0.60

$0.45

$0.43

$0.33

$0.31

EBITDA

$2,250

($412)

$6,621

$9,211

$8,954

$8,903

$6,369

$6,318

Depreciation and amortization

$4,280

$3,064

$2,556

$3,295

$3,090

$2,819

$2,381

$2,110

Less: Capitalized development amortization

(3,833)

(2,600)

(1,894)

(2,605)

(2,441)

(2,312)

(1,886)

(1,757)

Depreciation expense (excl. capitalized development amortization)

$447

$464

$662

$690

$649

$507

$495

$353

Capital expenditures

$86

$415

$196

$269

$197

$69

$189

$61

Additions to capitalized development costs

$3,292

$2,750

$2,423

$2,264

$2,155

$2,312

$1,635

$1,504

Logility Financial Information

Adjustments to Historical Annual Income Statements

($ in thousands, except per share data)

Write down of capitalized computer software development costs

Tax Effected Adjustment to Net Income

Adjustments

Operating

Expenses

Stock-based compensation

Tax Effected Adjustment to Net Income

Amortization of acquisition-related intangibles

Tax Effected Adjustment to Net Income

Total Adjustments to EBITDA and EBIT

Adjusted EBITDA

Adjusted EBIT

Adjustments

Other

Income

Write-down of minority investment

Tax Effected Adjustment to Net Income

Tax Valuation Adjustment

Income Tax Benefit

Total Tax Effected Adjustments to Net Income

Adjusted net earnings (loss)

Adjusted

diluted

net

earnings

(loss)

per

common

Latest Twelve

Month Period

Fiscal Year Ended April 30,

Ended

Nine Months Ended

2004

2005

2006

2007

2008

1/31/2009

1/31/2008

1/31/2009

703

$1,196

703

$725

$711

$377

$378

$433

$277

$332

$223

$229

$282

$165

$218

$204

$350

$349

$263

$262

$204

$350

$207

$212

$227

$156

$172

$907

$350

$727

$1,924

$782

$1,736

$594

$2,250

$495

$6,971

$9,938

$10,878

$9,685

$8,105

$6,912

$1,803

$31

$6,309

$9,248

$10,229

$9,178

$7,610

$6,559

$382

$100

$281

$382

$100

$281

$283

($1,589)

$382

$1,007

($958)

$430

$1,449

$509

$1,315

$389

$2,088

$401

$7,055

$6,424

$7,481

$6,189

$5,669

$4,391

$0.16

$0.03

$0.52

$0.49

$0.56

$0.47

$0.42

$0.34

Adjustments

Cost

Revenues

Consistent with Logility’s earnings press releases, VRA made the following adjustments for stock-based compensation and non-recurring /

one-time items to the Company’s operating results.

Logility

Financial Information

Quarterly Income Statements

($ in thousands, except per share data)

Quarter Ended

4/30/2007

7/31/2007

10/31/2007

1/31/2008

4/30/2008

7/31/2008

10/31/2008

1/31/2009

Revenues:

License

$5,698

$4,677

$3,399

$2,333

$4,145

$2,009

$3,272

$3,671

Services and other

1,940

2,013

2,039

1,933

1,822

1,569

1,387

1,271

Maintenance

5,102

5,275

5,696

5,665

5,911

5,810

5,824

5,701

Total revenues

12,740

11,965

11,134

9,931

11,878

9,388

10,483

10,643

Cost of revenues:

License

1,672

1,634

1,520

1,364

1,489

1,252

1,486

994

Services and other

1,126

1,022

1,023

853

906

902

790

750

Maintenance

1,183

1,080

1,267

1,261

1,334

1,191

1,264

1,211

Write down of capitalized computer

1,196

software development costs

Total cost of revenues

3,981

3,736

3,810

4,674

3,729

3,345

3,540

2,955

Gross margin

8,759

8,229

7,324

5,257

8,149

6,043

6,943

7,688

Operating expenses:

Research and development

1,665

1,352

1,318

1,239

1,432

1,265

1,287

1,243

Sales and marketing

2,468

2,452

2,426

2,402

3,057

2,475

2,248

2,437

General and administrative

1,496

1,337

1,293

854

1,141

1,229

1,129

1,134

Provision (recovery) for doubtful accounts

Amortization of acquisition-related intangibles

Total operating expenses

5,716

5,229

5,124

4,582

5,718

5,057

4,751

4,901

Operating income (loss) (EBIT)

3,043

3,000

2,200

675

2,431

986

2,192

2,787

Investment impairment

Interest income

538

Other income (expense), net

377

409

504

199

156

(44)

Earnings (loss) before income taxes

3,420

3,409

2,704

1,213

2,630

1,142

2,221

2,743

(Provision) benefit for income taxes

(1,532)

(1,562)

(1,031)

(378)

(953)

(448)

(669)

(987)

Net earnings (loss)

$1,888

$1,847

$1,673

$835

$1,677

$694

$1,552

$1,756

Diluted net earnings (loss) per common share

$0.14

$0.13

$0.06

$0.13

$0.05

$0.12

$0.14

EBITDA

$3,217

$3,175

$2,369

$826

$2,585

$1,124

$2,322

$2,893

Depreciation and amortization

$821

$813

$807

$761

$709

$693

$715

$702

Less: Capitalized development amortization

(647)

(638)

(610)

(555)

(585)

(596)

Depreciation expense (excl. capitalized development amortization)

$174

$175

$169

$151

$154

$138

$130

$106

Capital expenditures

$42

$46

$79

$64

$20

$24

$28

Additions to capitalized development costs

$586

$525

$630

$480

$520

$507

$516

$482

Logility

Financial Information

Adjustments to Historical Quarterly Income Statements

Consistent

with

Logility’s

earnings

press

releases,

VRA

made

the

following

adjustments

for

stock-based

compensation

and

non-recurring

one-time items to the Company’s operating results.

($ in thousands, except per share data)

Quarter Ended

4/30/2007

7/31/2007

10/31/2007

1/31/2008

4/30/2008

7/31/2008

10/31/2008

1/31/2009

Adjustments to Cost of Revenues

Write down of capitalized computer software development costs

1,196

Tax Effected Adjustment to Net Income

823

Adjustments to Operating Expenses

Stock-based compensation

100

101

114

108

110

Tax Effected Adjustment to Net Income

$70

$75

$69

Amortization of acquisition-related intangibles

$88

$87

Tax Effected Adjustment to Net Income

$87

$88

$87

$60

$56

$53

$61

$56

Total Adjustments to EBITDA and EBIT

$176

$1,383

$189

$202

$195

$197

Adjusted EBITDA

$3,393

$3,351

$2,545

$2,209

$2,774

$1,326

$2,517

$3,090

Adjusted EBIT

$3,219

$3,176

$2,376

$2,058

$2,620

$1,188

$2,387

$2,984

Adjustments to Other Income

Write-down of minority investment

Tax Effected Adjustment to Net Income

Tax Valuation Adjustment

283

Income Tax Benefit

Total Tax Effected Adjustments to Net Income

$176

$459

$176

$952

$120

$123

$136

$125

Adjusted net earnings (loss)

$2,064

$2,306

$1,849

$1,787

$1,797

$817

$1,688

$1,881

Adjusted diluted net earnings (loss) per common share

$0.16

$0.17

$0.14

$0.13

$0.14

$0.06

$0.13

$0.15

Logility

Financial Information

Forecasted Income Statements

($ in thousands, except per share data)

Fiscal

Calendar

Quarter Ended

Year Ending

Quarter Ended

Year Ending

(1)

7/31/2008

10/31/2008

1/31/2009

4/30/2009

7/31/2009

10/31/2009

1/31/2010

4/30/2010

12/31/2009

Revenues:

Actual

Estimate

License

$2,009

$3,272

$3,671

$3,500

$12,452

$2,250

$2,680

$3,500

$4,000

$12,430

$11,930

Services and other

1,569

1,387

1,271

1,400

5,627

1,400

1,520

1,300

1,280

5,500

5,620

Maintenance

5,810

5,824

5,701

5,752

23,087

5,795

5,780

5,785

5,827

23,187

23,112

Total revenues

9,388

10,483

10,643

10,652

41,166

9,445

9,980

10,585

11,107

41,117

40,662

Cost of revenues:

License

1,252

1,486

994

943

4,675

1,005

1,147

1,211

4,574

4,306

Services and other

902

790

750

793

3,235

904

777

773

793

3,247

Maintenance

1,191

1,264

1,211

1,218

4,884

1,200

1,243

1,220

1,243

4,906

4,881

Write down of capitalized computer

software development costs

Total cost of revenues

3,345

3,540

2,955

2,954

12,794

3,109

3,167

3,204

3,247

12,727

12,434

Gross margin

6,043

6,943

7,688

7,698

28,372

6,336

6,813

7,381

7,860

28,390

28,228

Operating expenses:

Research and development

1,265

1,287

1,243

1,163

4,958

1,074

1,170

1,320

1,462

5,026

4,727

Sales and marketing

2,475

2,248

2,437

2,646

9,806

2,395

2,559

2,726

2,889

10,569

10,326

General and administrative

1,229

1,129

1,134

1,194

4,686

1,255

1,138

1,177

1,184

4,754

4,764

Provision (recovery) for doubtful accounts

100

Amortization of acquisition-related intangibles

349

350

Total operating expenses

5,057

4,751

4,901

5,115

19,824

4,837

4,980

5,335

5,647

20,799

20,267

Operating income (loss) (EBIT)

986

2,192

2,787

2,583

8,548

1,499

1,833

2,046

2,213

7,591

7,961

Investment impairment

Interest income

345

300

1,200

1,245

Other income (expense), net

156

(44)

(220)

(79)

(70)

(280)

(430)

Earnings (loss) before income taxes

1,142

2,221

2,743

2,708

8,814

1,729

2,063

2,276

2,443

8,511

8,776

(Provision) benefit for income taxes

(448)

(669)

(987)

(1,002)

(3,106)

(609)

(727)

(802)

(860)

(2,998)

(3,140)

Net earnings (loss)

$694

$1,552

$1,756

$1,706

$5,708

$1,120

$1,336

$1,474

$1,583

$5,513

$5,636

Diluted net earnings (loss) per common share

$0.05

$0.12

$0.14

$0.13

$0.44

$0.09

$0.10

$0.11

$0.12

$0.42

$0.43

EBITDA

$1,124

$2,322

$2,893

$2,734

$9,073

$1,650

$1,984

$2,241

$2,497

$8,372

$8,609

Depreciation and amortization

$693

$715

$702

$285

$2,395

$535

$660

$2,515

$2,140

Less: Capitalized development amortization

(555)

(585)

(596)

(134)

($1,870)

(384)

(509)

(465)

(376)

(1,734)

(1,492)

Depreciation expense (excl. capitalized development amortization)

$138

$130

$106

$151

$525

$151

$195

$284

$781

$648

Capital expenditures

$20

$24

$28

$20

$92

$20

$80

Additions to capitalized development costs

$507

$516

$482

$400

$1,905

$400

$350

$300

$1,450

$1,550

Note: Forward looking financial information provided by Logility management on April 3, 2009.

(1) Represents the sum of estimated quarters ending 4/30/2009, 7/31/2009, 10/31/2009, and 1/31/2010.

Logility Financial Information

Adjustments to Forecasted Income Statements

($ in thousands, except per share data)

Fiscal

Calendar

Quarter Ended

Year Ending

Quarter Ended

Year Ending

(1)

7/31/2008

10/31/2008

1/31/2009

4/30/2009

7/31/2009

10/31/2009

1/31/2010

4/30/2010

12/31/2009

Actual

Estimate

EBITDA

$1,124

$2,322

$2,893

$2,734

$9,073

$1,650

$1,984

$2,241

$2,497

$8,372

$8,609

Plus: Stock-based compensation

114

108

110

442

113

115

458

453

Adjusted EBITDA

$1,238

$2,430

$3,003

$2,844

$9,515

$1,763

$2,099

$2,356

$2,612

$8,830

$9,062

EBIT

$986

$2,192

$2,787

$2,583

$8,548

$1,499

$1,833

$2,046

$2,213

$7,591

$7,961

Plus: Stock-based compensation

114

108

110

442

113

115

458

453

Adjusted EBIT

$1,100

$2,300

$2,897

$2,693

$8,990

$1,612

$1,948

$2,161

$2,328

$8,049

$8,414

Net earnings

$694

$1,552

$1,756

$1,706

$5,708

$1,120

$1,336

$1,474

$1,583

$5,513

$5,636

Plus: Stock based compensation tax-affected

284

297

291

Adjusted

net

earnings

$763

$1,627

$1,826

$1,775

$5,992

$1,193

$1,410

$1,548

$1,658

$5,810

$5,927

Adjusted

diluted

net

earnings per share

$0.06

$0.12

$0.14

$0.46

$0.09

$0.11

$0.12

$0.13

$0.44

$0.45

Note: Forward looking financial information provided by Logility management on April 3, 2009.

(1) Represents the sum of estimated quarters ending 4/30/2009, 7/31/2009, 10/31/2009, and 1/31/2010.

Logility

Financial Information

Annual Income Statement Analysis

(1)

Provided by management on April 3, 2009.

(2)

Preliminary financials provided by management on May 12, 2009. Subject to change as KPMG is reviewing.

(3)

Excludes stock-based compensation expense and transaction-related expenses incurred in connection with the Proposed Transaction.

Quarter Ended

Fiscal Year Ended

Calendar Year Ending

4/30/2009

Variance

4/30/2009

Variance

12/31/2009

Variance

Revenues:

Estimate (1)

Estimate (2)

Estimate (1)

Estimate (2)

Estimate (1)

Estimate (2)

License

$3,500

$3,912

$412

$12,452

$12,864

$412

$11,930

$12,342

$412

Services and other

1,400

1,591

191

5,627

5,818

191

5,620

5,811

191

Maintenance

5,752

5,652

(100)

23,087

22,987

(100)

23,112

23,012

(100)

Total revenues

10,652

11,155

503

41,166

41,669

503

40,662

41,165

503

Cost of revenues:

License

943

997

4,675

4,729

4,306

4,360

Services and other

793

782

(11)

3,235

3,224

(11)

3,247

3,236

(11)

Maintenance

1,218

1,280

4,884

4,946

4,881

4,943

Write down of capitalized computer

software development costs

Total cost of revenues

2,954

3,059

105

12,794

12,899

105

12,434

12,539

105

Gross margin

7,698

8,096

398

28,372

28,770

398

28,228

28,626

398

Operating expenses:

Research and development

1,163

1,248

4,958

5,043

4,727

4,812

Sales and marketing

2,646

2,503

(143)

9,806

9,663

(143)

10,326

10,183

(143)

General and administrative

1,194

1,429

235

4,686

4,921

235

4,764

4,999

235

Provision (recovery) for doubtful accounts

(14)

(39)

(14)

(39)

100

(39)

Amortization of acquisition-related intangibles

349

350

Total operating expenses

5,115

5,253

138

19,824

19,962

138

20,267

20,405

138

Operating income (loss) (EBIT)

2,583

2,843

260

8,548

8,808

260

7,961

8,221

260

Investment impairment

Interest income

345

339

(6)

345

339

(6)

1,245

1,239

(6)

Other income (expense), net

(220)

(143)

(79)

(2)

(430)

(353)

Earnings (loss) before income taxes

2,708

3,039

331

8,814

9,145

331

8,776

9,107

331

(Provision) benefit for income taxes

(1,002)

(1,124)

(122)

(3,106)

(3,228)

(122)

(3,140)

(3,262)

(122)

Net earnings (loss)

$1,706

$1,915

$209

$5,708

$5,917

$209

$5,636

$5,845

$209

Diluted net earnings (loss) per common share

$0.13

$0.15

$0.02

$0.44

$0.45

$0.02

$0.43

$0.45

$0.02

EBITDA

$2,734

$2,999

$265

$9,073

$9,338

$265

$8,609

$8,874

$265

Depreciation and amortization

$285

$2,395

$2,140

Less: Capitalized development amortization

(134)

(129)

(1,870)

(1,865)

(1,492)

(1,487)

Depreciation expense (excl. capitalized development amortization)

$151

$156

$525

$530

$648

$653

Capital expenditures

$20

$92

$80

Additions to capitalized development costs

$400

$546

$146

$1,905

$2,051

$146

$1,550

$1,696

$146

Adjusted EBITDA

(3)

$2,844

$3,268

$424

$9,515

$9,939

$424

$9,062

$9,486

$424

Adjusted EBIT

(3)

$2,693

$3,112

$419

$8,990

$9,409

$419

$8,414

$8,833

$419

Adjusted Net Earnings

(3)

$1,775

$2,084

$309

$5,992

$6,301

$309

$5,927

$6,236

$309

Adjusted Net Earnings Per Share

(3)

$0.14

$0.16

$0.02

$0.46

$0.48

$0.02

$0.45

$0.48

$0.02

Logility

Financial Information

Annual Income Statement Analysis

Latest Twelve

Month Period

Fiscal Year Ended April 30,

Ended

Nine Months Ended

Fiscal Year Ending April 30

2004

2005

2006

2007

2008

1/31/2009

1/31/2008

1/31/2009

2009

2010

Year-Over-Year Revenue Growth:

Actual

Estimate

License

(16.8)%

0.9%

106.8%

16.9%

(10.4)%

(18.7)%

(1.3)%

(14.0)%

(14.4)%

(0.2)%

Services and other

(13.0)%

0.5%

11.4%

17.8%

14.3%

(24.8)%

25.3%

(29.4)%

(27.9)%

(2.3)%

Maintenance

1.0%

17.9%

36.0%

17.4%

9.0%

6.9%

6.7%

4.2%

2.4%

0.4%

Total revenues

(8.1)%

9.0%

50.0%

17.3%

2.6%

(7.6)%

6.9%

(7.6)%

(8.3)%

(0.1)%

Gross Margin by Service Line:

License

39.1%

41.0%

72.8%

63.9%

58.7%

60.1%

56.6%

58.3%

62.5%

63.2%

Services and other

49.2%

47.7%

38.1%

45.9%

51.3%

44.7%

51.6%

42.2%

42.5%

41.0%

Maintenance

83.8%

76.6%

76.5%

78.1%

78.5%

78.3%

78.9%

78.8%

Total gross margin (excl. write-down)

62.9%

60.9%

69.2%

67.1%

68.0%

66.6%

67.8%

68.9%

69.0%

Operating Expenses as a Percentage of Total Revenue:

Research and development

9.3%

12.7%

12.3%

11.9%

12.3%

11.8%

12.4%

12.0%

12.2%

Sales and marketing

31.7%

32.3%

27.1%

22.3%

23.0%

24.1%

22.0%

23.5%

23.8%

25.7%

General and administrative

13.8%

14.9%

12.5%

12.1%

10.3%

10.9%

10.5%

11.4%

11.6%

Provision (recovery) for doubtful accounts

0.2%

0.8%

(0.1)%

0.0%

0.1%

0.2%

Amortization of acquisition-related intangibles

0.0%

0.8%

0.9%

0.8%

0.9%

0.8%

0.9%

Total operating expenses

55.0%

61.6%

53.2%

47.6%

46.0%

48.2%

45.2%

48.2%

50.6%

EBITDA as a Percentage of Total Revenue

9.9%

(1.7)%

17.7%

21.0%

19.9%

21.0%

19.3%

20.7%

22.0%

20.4%

Adjusted EBITDA as a Percentage of Total Revenue

9.9%

2.0%

18.7%

22.7%

24.2%

22.8%

24.5%

22.7%

23.1%

21.5%

EBIT as a Percentage of Total Revenue

7.9%

(3.5)%

16.0%

19.5%

18.5%

19.8%

17.8%

19.5%

20.8%

18.5%

Adjusted EBIT as a Percentage of Total Revenue

7.9%

0.1%

16.9%

21.1%

22.8%

21.7%

23.0%

21.5%

21.8%

19.6%

Net Earnings as a Percentage of Total Revenue

7.5%

(2.4)%

21.5%

13.7%

13.4%

13.2%

13.1%

13.9%

13.4%

Adjusted Net Earnings as a Percentage of Total Revenue

9.1%

1.6%

18.9%

14.7%

16.7%

14.6%

17.2%

14.4%

14.6%

14.1%

Note: Forward looking financial information provided by Logility management on April 3, 2009.

Logility

Financial Information

Quarterly Income Statement Analysis

Quarter Ended or Ending

4/30/2008

7/31/2008

10/31/2008

1/31/2009

4/30/2009

7/31/2009

10/31/2009

1/31/2010

4/30/2010

Year-Over-Year Revenue Growth:

Actual

Estimate

License

(27.3)%

(57.0)%

(3.7)%

57.4%

(15.6)%

12.0%

(18.1)%

(4.7)%

14.3%

Services and other

(6.1)%

(22.1)%

(32.0)%

(34.2)%

(23.2)%

(10.8)%

9.6%

2.3%

(8.6)%

Maintenance

15.9%

10.1%

2.2%

0.6%

(2.7)%

(0.3)%

(0.8)%

1.5%

1.3%

Total revenues

(6.8)%

(21.5)%

(5.8)%

7.2%

(10.3)%

0.6%

(4.8)%

(0.5)%

4.3%

Gross Margin by Service Line:

License

64.1%

37.7%

54.6%

72.9%

73.1%

55.3%

57.2%

65.4%

69.7%

Services and other

50.3%

42.5%

43.0%

41.0%

43.4%

35.4%

48.9%

40.5%

38.0%

Maintenance

77.4%

79.5%

78.3%

78.8%

79.3%

78.5%

78.9%

78.7%

Total gross margin (excl. write-down)

68.6%

64.4%

66.2%

72.2%

72.3%

67.1%

68.3%

69.7%

70.8%

Operating Expenses as a Percentage of Total Revenue:

Research and development

12.1%

13.5%

12.3%

11.7%

10.9%

11.4%

11.7%

12.5%

13.2%

Sales and marketing

25.7%

26.4%

21.4%

22.9%

24.8%

25.4%

25.6%

25.8%

26.0%

General and administrative

9.6%

13.1%

10.8%

10.7%

11.2%

13.3%

11.4%

11.1%

10.7%

Provision (recovery) for doubtful accounts

0.0%

0.2%

0.3%

0.2%

Amortization of acquisition-related intangibles

0.7%

0.9%

0.8%

0.9%

0.8%

Total operating expenses

48.1%

53.9%

45.3%

46.0%

48.0%

51.2%

49.9%

50.4%

50.8%

EBITDA as a Percentage of Total Revenue

21.8%

12.0%

22.2%

27.2%

25.7%

17.5%

19.9%

21.2%

22.5%

Adjusted EBITDA as a Percentage of Total Revenue

23.4%

14.1%

24.0%

29.0%

26.7%

18.7%

21.0%

22.3%

23.5%

EBIT as a Percentage of Total Revenue

20.5%

10.5%

20.9%

26.2%

24.2%

15.9%

18.4%

19.3%

19.9%

Adjusted EBIT as a Percentage of Total Revenue

22.1%

12.7%

22.8%

28.0%

25.3%

17.1%

19.5%

20.4%

21.0%

Net Earnings as a Percentage of Total Revenue

14.1%

7.4%

14.8%

16.5%

16.0%

11.9%

13.4%

13.9%

14.3%

Adjusted Net Earnings as a Percentage of Total Revenue

15.1%

8.7%

16.1%

17.7%

16.7%

12.6%

14.1%

14.6%

14.9%

Note: Forward looking financial information provided by Logility management on April 3, 2009.

Logility Financial Information

Historical Balance Sheets

($ in thousands)

(1)Estimated as of May 12, 2009.

As of April 30,

As of

2004

2005

2006

2007

2008

1/31/2009

4/30/2009

(1)

Current Assets

Cash and cash equivalents

$10,467

$7,824

$6,128

$16,144

$38,719

$28,752

$31,483

Investments, current

20,364

16,899

20,332

16,172

4,013

6,626

5,842

Trade accounts receivable, billed

3,166

4,228

5,308

7,764

6,897

6,218

5,811

Trade accounts receivable, unbilled

813

1,252

1,777

1,412

1,424

427

1,479

Deferred income taxes

2,922

1,361

Due from American Software, Inc.

1,167

Prepaid expenses and other current assets

466

1,663

1,673

1,995

2,256

2,450

2,323

Total Current Assets

35,276

31,866

38,140

46,015

53,383

44,547

47,011

Investments, noncurrent

996

499

11,931

12,254

Furniture, equipment and purchased software, net

230

472

457

436

401

298

259

Capitalized software development costs

6,406

5,854

6,382

6,042

4,560

4,399

4,816

Goodwill

6,103

5,809

Other intangibles, net

2,138

1,688

1,288

871

590

496

Other assets

456

380

Total other assets

7,092

15,943

14,934

13,642

11,689

23,068

23,676

Total Assets

$42,368

$47,809

$53,074

$59,657

$65,072

$67,615

$70,687

Liabilities

and

Shareholders'

Equity

Current Liabilities

Accounts payable

$131

$352

$346

$275

$543

$371

$306

Accrued compensation and related costs

1,106

972

2,792

2,110

1,282

1,286

2,134

Accrued reseller commissions

1,459

1,013

858

1,127

Other current liabilities

530

2,283

1,751

2,111

965

729

Deferred revenue

5,869

9,696

10,534

11,350

12,622

11,581

12,769

Due to American Software, Inc.

2,458

3,560

2,087

638

650

(928)

Total Current Liabilities

10,094

16,863

17,510

17,305

17,063

15,475

15,407

Deferred income taxes, long term

1,674

1,940

1,620

1,577

Total Liabilities

10,094

16,863

19,184

19,245

18,683

17,052

16,984

Shareholders' Equity

Preferred stock

Common stock

Additional paid-in capital

44,927

44,974

41,539

42,179

43,249

43,898

44,014

Retained earnings

(7,382)

(7,988)

6,019

12,051

16,054

19,077

Treasury stock

(5,271)

(6,040)

(7,674)

(7,786)

(8,911)

(9,389)

Total Shareholders' Equity

32,274

30,946

33,890

40,412

46,389

50,563

53,703

Total Liabilities and Shareholders' Equity

$42,368

$47,809

$53,074

$59,657

$65,072

$67,615

$70,687

Assets

Logility

Financial Information

Cash and Cash Equivalents

($ in thousands)

(1)Logility, Inc. acquired Demand Management, Inc. on September 30, 2004 for $9.5 million in cash.

Fiscal Year Ended April 30,

2005

2006

2007

(1)

Cash and Cash Equivalents

$633

$5,795

$7,824

$5,472

$5,698

$6,286

$6,128

$5,795

$7,531

$11,612

$16,144

Investments, Current

19,863

16,838

16,899

17,931

17,618

19,916

20,332

22,716

22,268

20,275

16,172

Investments, Noncurrent

500

996

1,732

499

Total Cash and Investments

$20,996

$23,133

$25,719

$24,399

$25,048

$26,701

$26,959

$28,511

$29,799

$31,887

$32,316

Quarterly Increase (Decrease)

2,137

2,586

(1,320)

649

1,653

258

1,552

1,288

2,088

429

Cumulative Increase (Decrease)

2,137

4,723

3,403

4,052

5,705

5,963

7,515

8,803

10,891

11,320

Fiscal Year Ended April 30,

2008

2009

Cash and Cash Equivalents

$29,252

$39,672

$41,372

$38,719

$26,133

$25,418

$28,752

$31,483

Investments, Current

6,968

4,013

18,296

12,421

6,626

5,842

Investments, Noncurrent

7,404

11,931

12,254

Total Cash and Investments

$36,220

$39,672

$41,372

$42,732

$44,429

$45,243

$47,309

$49,579

Quarterly Increase (Decrease)

3,904

3,452

1,700

1,360

1,697

814

2,066

2,270

Cumulative Increase (Decrease)

15,224

18,676

20,376

21,736

23,433

24,247

26,313

28,583

Logility Stock Performance and Trading Information

Stock Price Performance and Trading Volume

Price Volume from the Announcement Date to Current

As of 5/12/2009.

Trading Information

5,000

10,000

15,000

20,000

25,000

30,000

$4.50

$4.75

$5.00

$5.25

$5.50

$5.75

3/18

3/22

3/26

3/30

4/3

4/7

4/11

4/15

4/19

4/23

4/27

5/1

5/5

5/9

Logility Trading Volume

Logility Share Price

3/18/2009:

Low -

$5.00

4/6/2009:

High -

$5.48

Trading

Date

High

Low

Volume

5/12/2009

$5.30

$5.04

$5.11

3,200

5/11/2009

5.11

5.04

5.11

330

5/8/2009

5.10

370

5/7/2009

5.16

1,000

5/6/2009

5.11

2,040

5/5/2009

5.11

140

5/4/2009

5.25

5.02

5.14

5,500

5/1/2009

5.14

5.09

5.11

5,780

4/30/2009

5.31

5.10

5.21

1,820

4/29/2009

5.35

5.09

5.15

5,580

4/28/2009

5.09

5.01

5.09

2,660

4/27/2009

5.09

5.00

5.09

300

4/24/2009

5.20

5.06

5.07

1,320

4/23/2009

4/22/2009

5.20

5.19

5.20

1,080

4/21/2009

5.13

4.77

5.06

2,340

4/20/2009

5.25

5.12

3,140

4/17/2009

5.37

5.12

5.22

700

4/16/2009

4/15/2009

5.16

5.11

5.13

2,450

4/14/2009

5.19

5.16

5.19

210

4/13/2009

5.25

5.10

5.15

4,070

4/9/2009

5.25

5.24

5.25

1,650

4/8/2009

5.38

5.11

5.38

2,850

4/7/2009

5.40

5.14

5.40

200

4/6/2009

5.48

5.14

5.48

2,190

4/3/2009

5.48

5.10

5.21

8,400

4/2/2009

5.22

5.00

5.11

5,340

4/1/2009

5.08

4.99

5.08

2,040

3/31/2009

5.22

5.03

5.22

1,620

3/30/2009

5.08

4.98

5.08

710

3/27/2009

5.11

5.08

5.11

1,400

3/26/2009

5.12

5.06

5.12

2,300

3/25/2009

5.22

5.05

5.22

2,670

3/24/2009

5.08

5.03

5.08

1,450

3/23/2009

5.26

5.07

3,460

3/20/2009

5.57

5.24

5.30

2,100

3/19/2009

5.71

4.90

5.09

25,870

3/18/2009

5.00

4.13

5.00

14,900

Logility Stock Performance and Trading Information

American Software Stock Price Performance and Trading Volume

Price Volume from the Announcement Date to Current

As of 5/12/2009.

Trading Information

100,000

200,000

300,000

400,000

500,000

600,000

$3.50

$4.00

$4.50

$5.00

$5.50

$6.00

$6.50

3/18

3/22

3/26

3/30

4/3

4/7

4/11

4/15

4/19

4/23

4/27

5/1

5/5

5/9

American Software Trading Volume

American Software Share Price

3/18/2009:

Low -

$4.49

4/15/2009:

High -

$6.09

Trading

Date

High

Low

Volume

5/12/2009

$5.44

$5.00

$5.13

22,630

5/11/2009

5.37

5.23

5.24

13,100

5/8/2009

5.43

5.07

5.43

44,380

5/7/2009

5.46

5.04

5.06

47,380

5/6/2009

5.40

5.04

5.26

74,490

5/5/2009

5.35

5.04

5.05

35,280

5/4/2009

5.58

5.18

5.25

52,990

5/1/2009

5.62

5.24

5.34

26,080

4/30/2009

5.75

5.34

5.55

46,110

4/29/2009

5.70

4.87

5.57

141,370

4/28/2009

5.30

4.92

5.10

104,960

4/27/2009

5.49

5.02

5.06

72,240

4/24/2009

5.99

5.60

5.63

46,630

4/23/2009

6.07

5.66

5.68

61,880

4/22/2009

6.31

5.82

6.08

63,200

4/21/2009

6.00

5.05

5.97

88,230

4/20/2009

5.97

5.26

5.31

58,610

4/17/2009

6.33

5.54

5.72

52,350

4/16/2009

6.12

5.38

6.11

105,970

4/15/2009

6.10

5.48

6.09

74,200

4/14/2009

5.82

5.40

5.60

41,120

4/13/2009

5.81

5.42

5.81

53,610

4/9/2009

5.84

5.47

5.75

111,570

4/8/2009

5.54

5.16

5.50

58,990

4/7/2009

5.74

5.18

5.19

58,400

4/6/2009

5.87

5.55

5.75

40,530

4/3/2009

5.93

5.66

5.89

43,350

4/2/2009

6.00

5.67

5.87

114,190

4/1/2009

5.56

5.03

5.56

56,850

3/31/2009

5.49

4.50

5.27

540,260

3/30/2009

4.89

4.51

4.55

47,820

3/27/2009

5.23

4.80

4.91

44,380

3/26/2009

5.19

5.01

5.19

62,410

3/25/2009

5.08

4.72

5.02

51,530

3/24/2009

5.19

4.87

4.90

51,460

3/23/2009

5.03

4.62

5.03

105,840

3/20/2009

4.82

4.47

4.67

113,190

3/19/2009

4.67

4.30

4.63

62,540

3/18/2009

4.49

3.95

4.49

52,870

Financial and Trading Data for Reference Publicly Traded Companies

Reference Public Company Analysis

Financial Data

($ in millions)

As of 5/12/2009.

Note: Financial data as of most recent company filings.

(1)Market value of equity plus net debt.

(2)Excludes non-recurring and extraordinary items.

(3)Based on offer price of $7.02.

Equity

Market

Enterprise

Total

Latest Twelve Months

Company Name

Value

(1)

Cash

Debt

Revenue

EBITDA

(2)

EBITDA%

EBIT

(2)

EBIT%

Selected Enterprise Software Companies

Epicor Software Corporation

$328.5

$514.2

$83.2

$268.9

$484.3

$80.7

16.7%

$72.3

14.9%

I2 Technologies, Inc.

238.8

81.1

157.7

0.0

249.6

40.1

16.1%

36.7

14.7%

JDA Software Group Inc.

444.5

381.5

63.0

0.0

379.8

92.2

24.3%

82.7

21.8%

Lawson Software, Inc.

908.0

835.6

317.8

245.4

804.2

106.4

13.2%

90.4

11.2%

Manhattan Associates, Inc.

384.7

295.5

89.2

0.0

309.7

45.6

14.7%

36.1

11.7%

Oracle Corp.

91,595.1

91,539.1

11,294.0

11,238.0

23,630.0

11,144.0

47.2%

10,880.0

46.0%

QAD Inc.

113.2

98.7

31.5

17.0

263.4

7.0

2.7%

(3.2)

SAP AG

49,022.2

49,900.3

3,898.2

4,776.3

15,372.0

4,952.4

32.2%

4,209.0

27.4%

American Software, Inc.

$129.7

$59.4

$70.3

$0.0

$80.7

$9.4

11.6%

$7.8

9.7%

Logility Inc. (as of 1/31/09)

(3)

91.7

44.4

47.3

0.0

42.4

9.7

22.8%

9.2

21.7%

Logility Inc. (as of 4/30/09)

(3)

91.7

42.2

49.6

0.0

41.7

9.9

23.9%

9.4

22.6%

Trading Multiples for Reference Publicly Traded Companies

Reference Public Company Analysis

Trading Multiples

($ in millions, except per share data)

As of 5/12/2009.

Note: Financial data as of most recent company filings.

(1)Excludes non-cash items such as stock-based compensation, non-recurring and extraordinary items.

(2)Represents cash earnings per share as presented in each company’s earnings press release. Calendar year forward looking consensus

estimates provided by Reuters.

(3)Based on offer price of $7.02

Enterprise Value to

5 Year Est.

Market Value

% of 52 Wk.

Enterprise Value to LTM:

Estimated

2009

(2)

LTM Maintenance

P/E

Ratio

(2)

EPS Growth

to Tangible

Company

High

Revenue

EBITDA

(1)

EBIT

(1)

Revenue

EBITDA

Revenue

Gross Profit

LTM

2009

2010

Rate

Book Value

Selected Enterprise Software Companies

59.4%

1.06

6.4

7.1

1.22

8.4

2.67

3.57

8.0

12.3

10.0

12.0%

I2 Technologies, Inc.

74.4%

0.32

2.0

2.2

0.37

0.95

1.08

12.6

17.0

12.3

10.0%

2.09

JDA Software Group Inc.

67.8%

1.00

4.1

4.6

1.09

5.0

2.12

2.84

10.2

11.2

10.1

5.07

Lawson Software, Inc.

63.3%

1.04

7.9

9.2

1.19

7.8

2.48

3.08

15.9

15.8

10.0%

35.86

Manhattan Associates, Inc.

60.2%

0.95

6.5

8.2

1.16

9.6

15.2

20.5

16.8

12.5%

3.75

Oracle Corp.

77.8%

3.87

8.2

8.4

4.03

8.3

12.8

13.0

11.7

14.1%

QAD Inc.

45.5%

0.37

14.1

0.45

9.1

56.6

61.3

2.70

SAP AG

98.3%

3.25

10.1

11.9

3.34

10.7

16.2

16.9

14.2

10.3%

27.46

High

98.3%

3.87

14.1

11.9

4.03

10.7

2.67

3.57

16.2

56.6

61.3

14.1%

35.86

Mean

68.3%

1.14

6.5

7.4

1.26

8.4

2.06

2.64

13.0

15.2

12.5

11.5%

3.40

Median

65.5%

1.02

7.2

8.2

1.17

8.4

2.30

2.96

12.8

16.3

12.3

11.1%

4.41

Low

45.5%

0.32

2.0

2.2

0.37

5.0

0.95

1.08

8.0

11.2

10.0

10.0%

2.09

Excludes Oracle and SAP

High

74.4%

1.06

14.1

9.2

1.22

9.6

2.67

3.57

15.9

56.6

61.3

12.5%

35.86

Mean

61.7%

0.79

5.4

6.3

0.91

8.0

2.06

2.64

12.4

15.3

12.3

11.1%

3.40

Median

61.7%

0.98

6.4

7.1

1.12

8.4

2.30

2.96

12.6

16.4

12.3

11.0%

3.75

Low

45.5%

0.32

2.0

2.2

0.37

5.0

0.95

1.08

8.0

11.2

10.0

10.0%

2.09

American Software, Inc.

76.3%

0.74

6.3

7.6

0.73

4.6

2.09

2.83

36.8

25.5

14.0

17.0%

1.88

Logility

Inc.

(as

1/31/09)

(3)

90.3%

1.05

4.6

4.8

1.09

4.9

1.91

2.43

14.8

15.5

2.05

Logility

Inc.

(as

4/30/09)

(3)

90.3%

1.01

4.2

4.5

1.02

4.4

1.83

2.34

14.6

14.7

1.94

Epicor Software Corporation

Enterprise Value to

Reference Public Company Analysis

Multiple Analysis

As of 5/12/2009.

Note: Financial data as of most recent company filings.

(1)Market value of equity plus net debt.

(2)Excludes non-recurring and extraordinary items.

(3)Financials as of 1/31/2009.

(4)Financials as of 4/30/2009.

Multiples for

Proposed

Peer Companies

Acquisition at

Mean

Median

High

Low

$7.02 / share

(3)

$7.02 / share

(4)

Enterprise Value to Net Sales

LTM

1.14

1.02

3.87

0.32

1.05

1.01

Calendar 2009P

1.26

1.17

4.03

0.37

1.09

1.02

Enterprise Value to LTM Maintenance

Net sales

2.06

2.30

2.67

0.95

1.91

1.83

Gross Profit

2.64

2.96

3.57

1.08

2.43

2.34

Enterprise Value to EBITDA

LTM

6.5

7.2

14.1

2.0

4.6

4.2

Calendar 2009P

8.4

10.7

5.0

4.9

4.4

Enterprise Value to EBIT

LTM

7.4

8.2

11.9

2.2

4.8

4.5

Equity Value to Net Income

LTM

13.0

12.8

16.2

8.0

14.8

14.6

Calendar 2009P

15.2

16.3

56.6

11.2

15.5

14.7

Equity Value to Tangible Book Value

3.40

4.41

35.86

2.09

2.05

1.94

Reference Public Company Analysis

Multiple Analysis –

Excludes SAP and Oracle

As of 5/12/2009.

Note: Financial data as of most recent company filings.

(1)Market value of equity plus net debt.

(2)Excludes non-recurring and extraordinary items.

(3)Financials as of 1/31/2009.

(4)Financials as of 4/30/2009.

Multiples for

Proposed

Peer Companies

Acquisition at

Mean

Median

High

Low

$7.02

(3)

$7.02

(4)

Enterprise Value to Net Sales

LTM

0.79

0.98

1.06

0.32

1.05

1.01

Calendar 2009P

0.91

1.12

1.22

0.37

1.09

1.02

Enterprise Value to LTM Maintenance

Net sales

2.06

2.30

2.67

0.95

1.91

1.83

Gross Profit

2.64

2.96

3.57

1.08

2.43

2.34

Enterprise Value to EBITDA

LTM

5.4

6.4

14.1

2.0

4.6

4.2

Calendar 2009P

8.0

8.4

9.6

5.0

4.9

4.4

Enterprise Value to EBIT

LTM

6.3

7.1

9.2

2.2

4.8

4.5

Equity Value to Net Income

LTM

12.4

12.6

15.9

8.0

14.8

14.6

Calendar 2009P

15.3

16.4

56.6

11.2

15.5

14.7

Equity Value to Tangible Book Value

3.40

3.75

35.86

2.09

2.05

1.94

Reference Public Company Analysis

Implied Valuation

($ in thousands, except per share data)

As of 5/12/2009.

*Excluded

from

mean

–

Not

available

–

Not

meaningful

(1)Financials as of 4/30/2009.

(2)Assumes 13,067,225 fully diluted shares outstanding.

Mean

Implied

Net Debt

Implied

Logility

Peer

Enterprise

Equity

Equity Value

Valuation Metric

Weighting

Financials

(1)

Multiple

Value

4/30/2009

Value

Per Share

(2)

Enterprise Value to Net Sales:

30.0%

LTM

18.0%

$41,669

1.14

$47,653

($49,579)

$97,232

$7.44

Calendar 2009P

12.0%

41,165

1.26

51,793

(49,579)

101,372

7.76

Enterprise Value to Adjusted EBITDA:

35.0%

LTM

21.0%

$9,939

6.5

$64,118

($49,579)

$113,697

$8.70

Calendar 2009P

14.0%

9,486

8.4

79,949

(49,579)

129,528

9.91

Enterprise Value to Adjusted EBIT:

10.0%

LTM

10.0%

$9,409

7.4

$69,408

($49,579)

$118,987

$9.11

Equity Value to Adjusted Net Income

20.0%

LTM

12.0%

$6,301

13.0

$32,164

($49,579)

$81,743

$6.26

Calendar 2009P

8.0%

6,236

15.2

45,329

(49,579)

94,908

7.26

Equity Value to Tangible Book Value

5.0%

$44,754

3.40

$102,751

($49,579)

$152,330

$11.66

Mean

$61,646

$111,225

$8.51

Median

57,956

107,535

8.23

Weighted Mean

59,015

108,594

8.31

High

102,751

152,330

11.66

Low

32,164

81,743

6.26

Reference Public Company Analysis

Implied Valuation –

Excludes SAP and Oracle

($ in thousands, except per share data)

As of 5/12/2009.

*Excluded

from

mean

–

Not

available

–

Not

meaningful

(1)Financials as of 4/30/2009.

(2)Assumes 13,067,225 fully diluted shares outstanding.

Mean

Implied

Net Debt

Implied

Logility

Peer

Enterprise

Equity

Equity Value

Valuation Metric

Weighting

Financials

(1)

Multiple

Value

4/30/2009

Value

Per Share

(2)

Enterprise Value to Net Sales:

30.0%

LTM

18.0%

$41,669

0.79

$33,051

($49,579)

$82,630

$6.32

Calendar 2009P

12.0%

41,165

0.91

37,477

(49,579)

87,056

6.66

Enterprise Value to Adjusted EBITDA:

35.0%

LTM

21.0%

$9,939

5.4

$53,409

($49,579)

$102,988

$7.88

Calendar 2009P

14.0%

9,486

8.0

75,738

(49,579)

125,317

9.59

Enterprise Value to Adjusted EBIT:

10.0%

LTM

10.0%

$9,409

6.3

$59,029

($49,579)

$108,608

$8.31

Equity Value to Adjusted Net Income

20.0%

LTM

12.0%

$6,301

12.4

$28,395

($49,579)

$77,974

$5.97

Calendar 2009P

8.0%

6,236

15.3

45,990

(49,579)

95,569

7.31

Equity Value to Tangible Book Value

5.0%

$44,754

3.40

$102,751

($49,579)

$152,330

$11.66

Mean

$54,480

$104,059

$7.96

Median

49,699

99,278

7.60

Weighted Mean

50,392

99,971

7.65

High

102,751

152,330

11.66

Low

28,395

77,974

5.97

Reference Public Company Analysis

Trading Liquidity Comparison

Price/Share

Float (Millions

Market Value

Average Daily Trading Volume

Average Daily Value Traded

As of 5/12/2009

of Shares)

of Float ($mil)

Last Month

Last 3 Months

Last 6 Months

Last Month

Last 3 Months

Last 6 Months

Epicor Software Corporation

$5.39

47.8

$257.8

312,720

505,600

467,100

$1,616,510

$1,839,370

$1,755,040

I2 Technologies, Inc.

$10.86

16.2

$176.0

189,610

170,160

204,910

$1,725,740

$1,412,360

$1,523,230

JDA Software Group Inc.

$14.21

29.4

$418.5

425,350

335,060

297,360

$5,604,480

$3,980,700

$3,570,530

Lawson Software, Inc.

$5.56

129.1

$717.5

1,189,090

1,178,900

1,373,930

$6,422,910

$5,523,790

$6,113,740

Manhattan Associates, Inc.

$16.68

22.5

$375.2

197,640

210,740

207,540

$3,161,110

$3,252,780

$3,169,200

Oracle Corp.

$18.38

3,772.4

$69,336.6

37,727,580

41,446,520

40,644,550

$718,913,660

$720,764,490

$696,265,830

QAD Inc.

$3.68

9.6

$35.3

44,780

39,740

80,150

$139,910

$112,060

$237,880

SAP AG

$39.99

820.7

$32,823.1

17,250

14,410

17,780

$678,340

$534,370

$631,900

American Software, Inc.

$5.13

22.2

$113.8

60,050

71,720

69,760

$331,670

$349,430

$312,850

Logility Inc.

$5.11

1.5

$7.4

2,010

3,150

2,880

$10,290

$15,590

$13,800

Precedent Merger and Acquisition Transaction Analysis

Summary

Summary of Precedent M&A Transactions

Note: Transactions include change of control premium.

* Excluded

from

mean

–

Not

available

–

Not

meaningful

($ in millions)

Transaction

Date

Enterprise

Enterprise Value as a Multiple of LTM:

Equity

Equity Value as a Multiple of:

Effective

Target

Acquiror

Value

Revenue

EBITDA

EBIT

Value

Net Income

Book Value

02/13/09

mValent, Inc.

Oracle Corp.

02/09/09

Categoric

Software Corporation

CDC Software Corporation

08/28/08

SAT Corporation

Wonderware

Corporation

$52.0

07/27/08

ILOG SA

IBM

227.5

1.18

66.3

301.4

3.14

06/05/08

HighJump

Software, LLC

Battery Ventures

01/29/08

Business Objects SA

SAP AG

6,147.0

4.28

25.0

41.2

5,657.7

75.3

3.00

09/11/07

Catalyst International, Inc.

CDC Corp.

08/17/07

Eclipse Inc.

Activant

Solutions Inc.

100.6

1.96

100.5

2.22

08/14/07

Aldata

Solution Oyj

Symphony Technology Group

163.8

1.46

259.9

169.5

4.62

07/02/07

Cimnet, Inc.

Invensys Systems, Inc.

22.6

4.03

27.2

30.5

18.0

15.9

5.63

06/01/07

Hansen Information Technologies

Infor

Global Solutions

192.3

06/01/07

Workbrain

Corporation

Infor

Global

Solutions

157.2

1.62

507.0

193.9

3.52

05/01/07

Blue Agave Software, Inc.

I2 Technologies, Inc.

04/13/07

Hyperion Solutions Corp.

Oracle Corp.

2,797.2

3.37

20.4

28.1

3,077.3

45.5

4.81

03/14/07

Innovate IT Holding BV

Kewill

Systems plc

24.6

2.74

13.6

02/14/07

Pilot Software, Inc.

SAP AG

01/09/07

Ventyx, Inc.

Vista Equity Partners

212.8

1.74

23.1

158.8

227.7

84.6

4.57

01/08/07

Comergent

Technologies, Inc.

Sterling Commerce, Inc.

155.0

12/18/06

Factory Logic, Inc.

SAP AG

12/01/06

Vis.align, Inc.

CDC Corp.

10/25/06

Click Commerce, Inc.

Illinois Tool Works

289.3

3.92

11.8

16.2

277.8

14.1

2.71

07/31/06

Systems Union Group plc

Extensity, Inc.

380.9

1.87

12.8

397.1

31.7

2.37

07/28/06

SSA Global Technologies

Infor

Global Solutions

1,610.3

2.16

13.1

23.7

1,366.5

93.0

4.61

07/05/06

Manugistics

Group, Inc.

JDA Software Group, Inc.

247.7

1.41

10.0

210.4

1.37

06/05/06

Frictionless Commerce, Inc.

SAP AG

06/01/06

Demantra, Inc.

Oracle Corp.

04/25/06

Intentia

International AB

Lawson Software, Inc.

457.7

1.16

19.6

450.3

3.88

03/31/06

Datastream

Systems, Inc.

Infor

Global Solutions

157.7

1.55

12.7

16.9

205.2

38.0

3.33

03/14/06

Extensity, Inc.

Infor

Global Solutions

743.5

1.68

8.2

9.7

965.4

13.7

3.60

02/21/06

Horizon Companies, Inc.

CDC Corp.

02/21/06

RiverOne, Inc.

I2 Technologies, Inc.

01/31/06

Siebel Systems, Inc.

Oracle Corp.

3,359.2

2.54

19.1

37.8

5,601.0

308.4

2.51

01/29/06

Timera, Inc.

JDA Software Group, Inc.

13.0

2.17

13.0

08/31/05

Evant, Inc.

Manhattan Associates, Inc.

88.7

3.95

50.0

05/24/05

RedPrairie

Corporation

Francisco Partners Management LLC

Precedent Merger and Acquisition Transaction Analysis

Summary

Summary of Precedent M&A Transactions

Note: Transactions include change of control premium.

Excluded

from

mean

–

Not

available

–

Not

meaningful

($ in millions)

Transaction

Date

Enterprise

Enterprise Value as a Multiple of LTM:

Equity

Equity Value as a Multiple of:

Effective

Target

Acquiror

Value

Revenue

EBITDA

EBIT

Value

Net Income

Book Value

04/18/05

MAPICS, Inc.

Infor

Global

Solutions

312.9

1.76

8.0

12.4

347.3

25.7

4.59

04/12/05

Retek, Inc.

Oracle Corp.

540.4

3.10

32.4

91.0

631.4

89.7

6.15

01/07/05

Peoplesoft, Inc.

Oracle Corp.

8,329.6

3.11

22.1

56.3

9,957.3

126.4

3.28

08/26/04

Ross Systems, Inc.

CDC Corp.

71.6

1.49

7.0

14.9

75.4

18.6

5.02

06/18/04

Scala

Business Solutions

Epicor

Software Corp.

81.3

1.17

90.2

10.06

06/07/04

NxTrend

Technology, Inc.

Infor

Global Solutions

02/27/04

Infor

Business Solutions

Infor

Global Solutions (Agilisys)

39.7

0.46

14.9

47.1

1.94

02/25/04

Pivotal Corp.

CDC Corp.

47.3

0.83

57.0

10.38

10/14/03

Streamsoft, LLC

Manhattan Associates, Inc.

08/15/03

EXE Technologies, Inc.

SSA Global Technologies, Inc.

17.9

0.25

48.4

1.85

08/08/03

Made2Manage Systems, Inc.

Battery Ventures

11.7

0.39

26.5

28.2

2.37

07/09/03

ROI Systems, Inc.

Epicor

Software Corp.

20.7

1.20

20.7

02/18/03

J.D. Edwards & Company

Peoplesoft, Inc.

1,710.8

1.93

18.6

51.7

2,063.4

39.0

4.33

02/18/03

Frontstep, Inc.

MAPICS, Inc.

59.6

0.68

11.3

32.5

5.10

01/21/03

Prophet 21, Inc.

Thoma

Bravo et al.

43.3

1.02

6.6

9.5

63.6

20.4

2.13

06/26/02

Inovis, Inc.

Cerberus Capital Management, et al

34.7

05/31/02

Hyprotech

Ltd.

Aspen Technology, Inc.

96.7

1.62

8.1

96.7

09/07/01

E3 Corporation

JDA Software Group, Inc.

54.4

1.32

45.8

04/06/00

Intactix

International, Inc.

JDA Software Group, Inc.

12.3

0.52

8.8

20.5

High

4.28

507.0

158.8

$9,957.3

308.4

10.38

Mean

1.49

14.4

20.0

855.3

20.0

3.56

Median

1.62

16.7

28.1

155.0

38.5

3.56

Low

0.25

6.6

9.5

13.0

13.7

1.37

Excluding transactions over $100 million

High

4.03

27.2

30.5

$96.7

20.4

10.38

Mean

1.13

12.0

18.3

44.9

18.3

4.94

Median

1.18

10.1

14.9

46.4

18.6

5.02

Low

0.25

6.6

9.5

13.0

15.9

1.85

Precedent Merger and Acquisition Transaction Analysis

Implied Valuation

($ in thousands, except per share data)

*Excluded

from

mean

–

Not

available

–

Not

meaningful

(1)Financials as of 4/30/2009.

(2)Assumes 13,067,225 fully diluted shares outstanding.

Mean

Implied

Net Debt

Implied

Logility

Transaction

Enterprise

Equity

Equity Value

Valuation Metric

Weighting

Financials

(1)

Multiple

Value

4/30/09

Value

Per Share

(2)

Enterprise Value to:

LTM Net Sales

30.0%

$41,669

1.49

$62,097

($49,579)

$111,676

$8.55

LTM Adjusted EBITDA

35.0%

$9,939

14.4

$142,994

($49,579)

$192,573

$14.74

LTM Adjusted EBIT

10.0%

$9,409

20.0

$187,933

($49,579)

$237,512

$18.18

Equity Value to:

LTM Adjusted Net Income

20.0%

$6,301

20.0

$76,527

($49,579)

$126,106

$9.65

Book Value at 4/30/2009

5.0%

$53,703

3.56

$141,803

($49,579)

$191,382

$14.65

Mean

$122,271

$171,850

$13.15

Median

141,803

191,382

14.65

Weighted Mean

109,866

159,445

12.20

High

187,933

237,512

18.18

Low

62,097

111,676

8.55

Precedent Merger and Acquisition Transaction Analysis

Implied Valuation –

Transactions Under $100 million

($ in thousands, except per share data)

*Excluded

from

mean

–

Not

available

–

Not

meaningful

(1)Financials as of 4/30/2009.

(2)Assumes 13,067,225 fully diluted shares outstanding.

Mean

Implied

Net Debt

Implied

Logility

Transaction

Enterprise

Equity

Equity Value

Valuation Metric

Weighting

Financials

(1)

Multiple

Value

4/30/09

Value

Per Share

(2)

Enterprise Value to:

LTM Net Sales

30.0%

$41,669

1.13

$47,143

($49,579)

$96,722

$7.40

LTM Adjusted EBITDA

35.0%

$9,939

12.0

$119,158

($49,579)

$168,737

$12.91

LTM Adjusted EBIT

10.0%

$9,409

18.3

$172,457

($49,579)

$222,036

$16.99

Equity Value to:

LTM Adjusted Net Income

20.0%

$6,301

18.3

$65,762

($49,579)

$115,341

$8.83

Book Value at 4/30/2009

5.0%

$53,703

4.94

$215,826

($49,579)

$265,405

$20.31

Mean

$124,069

$173,648

$13.29

Median

119,158

168,737

12.91

Weighted Mean

97,038

146,617

11.22

High

215,826

265,405

20.31

Low

47,143

96,722

7.40

Discounted Cash Flow Analysis

Free Cash Flow Calculation

($ in thousands)

Historical Fiscal Year Ended April 30,

Projected Fiscal Year Ending April 30,

PROJECTED CASH FLOWS

2007

2008

2009

2010

2011

2012

2013

2014

Revenue

$43,763

$44,908

$41,669

$41,117

$42,351

$44,468

$47,581

$50,911

% Growth

2.6%

(7.2%)

(0.1%)

3.0%

5.0%

7.0%

Cost of Revenue

14,419

15,950

12,899

12,727

13,109

13,764

14,728

15,759

Gross Margin

$29,344

$28,958

$28,770

$28,390

$29,242

$30,704

$32,853

$35,153

% of Revenue

67.1%

64.5%

69.0%

Selling,

General

and

Admin.

Expenses

(1)

20,133

20,004

18,831

19,560

19,925

20,698

21,909

23,443

Adjusted

EBITDA

(1)

$9,211

$8,954

$9,939

$8,830

$9,317

$10,005

$10,944

$11,710

% of Revenue

21.0%

19.9%

23.9%

21.5%

22.0%

22.5%

23.0%

Depreciation Expense

690

649

530

781

804

845

904

967

% of Revenue

1.6%

1.4%

1.3%

1.9%

Adjusted EBIT

(2)

$8,521

$8,305

$9,409

$8,049

$8,513

$9,161

$10,040

$10,743

Effective Tax Rate

35.2%

CASH SOURCES

Earnings Before Interest and After Tax

$5,214

$5,514

$5,934

$6,503

$6,959

Depreciation and Amortization Expense

781

804

845

904

967

TOTAL SOURCES

$5,995

$6,319

$6,778

$7,407

$7,926

CASH USES

Capital Expenditures

$80

$100

Increase

(Decrease)

Current

Assets

Excl.

Cash

(128)

287

492

724

774

(Increase)

Decrease

Current

Liabilities

Excl.

Short-Term

Debt

216

(484)

(830)

(1,220)

(1,306)

Increase (Decrease) in Working Capital

(197)

(338)

(497)

(531)

TOTAL USES

$168

($97)

($238)

($397)

($431)

FREE CASH FLOW

$5,827

$6,415

$7,016

$7,804

$8,357

Note: Represents a five year discounted cash flow analysis. Forecasted 2010 financial information represents Logility management estimates. Forecasted 2011 through

2014 estimates reflect forecasted growth expectations in the supply chain management software industry by industry trade publications.

(1) Excludes depreciation expense, amortization (incl. capitalized development amortization) and stock-based compensation expense.

(2) Excludes capitalized development amortization and stock-based compensation expense.

Discounted Cash Flow Analysis

Implied Valuation

($ in thousands, except per share data)

Note:

Represents

five

year

discounted

cash

flow

analysis.

Forecasted

2010

financial

information

represents

Logility

management

estimates.

Forecasted

2011

through

2014 estimates reflect forecasted growth expectations in the supply chain management software industry by industry trade publications.

Discount Rate

15.00%

17.50%

20.00%

22.50%

25.00%

Present Value of Cash Flows:

$23,148

$21,756

$20,493

$19,343

$18,294

Present Value of Terminal Value

4.0 x

$23,287

$20,913

$18,823

$16,979

$15,348

4.5 x

$26,198

$23,527

$21,176

$19,102

$17,267

Exit Multiple

5.0 x

$29,109

$26,141

$23,529

$21,224

$19,185

Firm Value to EBITDA

5.5 x

$32,020

$28,755

$25,882

$23,347

$21,104

6.0 x

$34,931

$31,369

$28,235

$25,469

$23,022

Implied Enterprise Value

4.0 x

$46,435

$42,669

$39,316

$36,323

$33,642

Exit Multiple

4.5 x

$49,346

$45,283

$41,669

$38,445

$35,561

Firm Value to EBITDA

5.0 x

$52,256

$47,897

$44,022

$40,568

$37,479

5.5 x

$55,167

$50,511

$46,375

$42,690

$39,398

6.0 x

$58,078

$53,125

$48,728

$44,812

$41,316

Implied Equity Value

4.0 x

$96,014

$92,248

$88,895

$85,902

$83,221

Exit Multiple

4.5 x

$98,925

$94,862

$91,248

$88,024

$85,140

Firm Value to EBITDA

5.0 x

$101,835

$97,476

$93,601

$90,147

$87,058

5.5 x

$104,746

$100,090

$95,954

$92,269

$88,977

6.0 x

$107,657

$102,704

$98,307

$94,391

$90,895

Implied Equity Value Per Share

4.0 x

$7.35

$7.06

$6.80

$6.57

$6.37

Exit Multiple

4.5 x

$7.57

$7.26

$6.98

$6.74

$6.52

Firm Value to EBITDA

5.0 x

$7.79

$7.46

$7.16

$6.90

$6.66

5.5 x

$8.02

$7.66

$7.34

$7.06

$6.81

6.0 x

$8.24

$7.86

$7.52

$7.22

$6.96

Discounted Cash Flow Analysis

Sensitivity Analysis

(1)

Represents the absolute change in projected revenue growth rate for each year in the projection period. For example, a -1.0% change to base case projected revenue growth rate of

5% results in a 4% revenue growth rate.

(2)

Represents the absolute change in the projected EBITDA margin for each year in the projection period. For example, a -0.50% change to management’s projected EBITDA margin

of 19% results in a 18.5% EBITDA margin.

Equity Value Per Share

Change in

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-10.00%

$5.31

$5.49

$5.67

$5.86

$6.04

$6.22

$6.41

$6.59

$6.77

$6.95

$7.14

-8.00%

$5.41

$5.61

$5.80

$6.00

$6.20

$6.39

$6.59

$6.78

$6.98

$7.17

$7.37

-6.00%

$5.52

$5.73

$5.94

$6.15

$6.36

$6.57

$6.78

$6.99

$7.20

$7.41

$7.62

-4.00%

$5.64

$5.86

$6.09

$6.31

$6.53

$6.76

$6.98

$7.20

$7.43

$7.65

$7.87

-2.00%

$5.76

$6.00

$6.24

$6.48

$6.72

$6.95

$7.19

$7.43

$7.67

$7.91

$8.15

0.00%

$5.89

$6.15

$6.40

$6.65

$6.91

$7.16

$7.42

$7.67

$7.93

$8.18

$8.43

2.00%

$6.03

$6.30

$6.57

$6.84

$7.11

$7.38

$7.65

$7.92

$8.19

$8.47

$8.74

4.00%

$6.17

$6.46

$6.75

$7.04

$7.32

$7.61

$7.90

$8.19

$8.48

$8.77

$9.05

6.00%

$6.32

$6.63

$6.93

$7.24

$7.55

$7.85

$8.16

$8.47

$8.78

$9.08

$9.39

8.00%

$6.48

$6.80

$7.13

$7.46

$7.78

$8.11

$8.43

$8.76

$9.09

$9.41

$9.74

10.00%

$6.64

$6.99

$7.33

$7.68

$8.03

$8.37

$8.72

$9.07

$9.41

$9.76

$10.11

Change in Projected Annual Revenue Growth

EBITDA Margin

(2)

(1)

Valuation Summary

Valuation Ranges

($ in thousands, except per share data)

Enterprise Value

Equity Value

Valuation Methodology

Low

Median

Mean

Wgt. Mean

High

Low

Median

Mean

Wgt. Mean

High

Reference Public Company Analysis

$32,164

$57,956

$61,646

$59,015

$102,751

$81,743

$107,535

$111,225

$108,594

$152,330

Reference Public Company Analysis Excluding

$28,395

$49,699

$54,480

$50,392

$102,751

$77,974

$99,278

$104,059

$99,971

$152,330

SAP and ORCL

Precedent M&A Transaction Analysis

$62,097

$141,803

$122,271

$109,866

$187,933

$111,676

$191,382

$171,850

$159,445

$237,512

Precedent M&A Transaction Analysis

Transactions Under $100 Million

$47,143

$119,158

$124,069

$97,038

$215,826

$96,722

$168,737

$173,648

$146,617

$265,405

Discounted Cash Flow Analysis

$33,642

$44,022

$44,445

$58,078

$83,221

$93,601

$94,024

$107,657

Premiums Paid Analysis:

Majority Shareholder Purchasing Remaining Shares

$25,935

$26,393

$27,817

$31,123

$75,514

$75,972

$77,396

$80,702

Transactions in the Application Software Sector

$28,532

$30,385

$30,350

$32,133

$78,111

$79,964

$79,929

$81,712

Equity Value Per Share

Valuation Methodology

Low

Median

Mean

Wgt. Mean

High

Reference Public Company Analysis

$6.26

$8.23

$8.51

$8.31

$11.66

Reference Public Company Analysis Excluding

$5.97

$7.60

$7.96

$7.65

$11.66

SAP and ORCL

Precedent M&A Transaction Analysis

$8.55

$14.65

$13.15

$12.20

$18.18

Precedent M&A Transaction Analysis

Transactions Under $100 Million

$7.40

$12.91

$13.29

$11.22

$20.31

Discounted Cash Flow Analysis

$6.37

$7.16

$7.20

$8.24

Premiums Paid Analysis:

Majority Shareholder Purchasing Remaining Shares

$5.78

$5.81

$5.92

$6.18

Transactions in the Application Software Sector

$5.98

$6.12

$6.25

Reference Public Company Analysis

Business Descriptions

Company

Business Description

Selected Enterprise Software Companies

Epicor Software Corporation

Designs, develops, markets, and supports enterprise application software solutions and services; its solutions

enable companies to focus on their customers, suppliers, partners, and employees through enterprise-wide

management of resources and information.

I2 Technologies, Inc.

Provides supply chain management solutions worldwide; offers a range of products and solutions for

manufacturing and planning; transportation and distribution management; merchandising, assortment, and

allocation planning; execution, collaboration, and visibility; supplier relationship management; and data

management and business analytics.

JDA Software Group Inc.

Provides enterprise software solutions and offers demand management solutions for forecasting

methodologies; allocation, replenishment, and fulfillment solutions; merchandise planning solutions for

strategic financial and operating planning activities; and merchandise operations systems for

Lawson Software, Inc.

Provides enterprise software; solutions include enterprise financial management, human capital management,

business intelligence, asset management, enterprise performance management, supply chain management,

service management, manufacturing operations, business project management, and industry-tailored

applications.

Manhattan Associates, Inc.

Develops and provides supply chain software solutions for the planning and execution of supply chain

activities worldwide; its solutions enable customers to manage their supply chain ecosystems and utilizes a

service-oriented architecture and collaborative gateways to facilitate supply chain transformations

Oracle Corp.

Engages in the development, manufacture, distribution, servicing, and marketing of database, middleware,

and application software worldwide; provides licenses for database management software, application server

software, business intelligence software, identification and access management software, analytics software,

content management software, development tools, and data integration software.

QAD Inc.

Provides enterprise software applications, professional services, and application support for manufacturing

companies; offers customer-and demand-facing operations and supply chain solutions.

SAP AG

Develops, markets, and sells enterprise application software products; offers industry-specific solutions for

midsize companies; on-demand solution for midsize companies; and SAP Business One, which provides

capabilities for various work involved in managing a small business, such as financials, sales, and customer

support.

managing inventory.

Premiums Paid Analysis

Majority Shareholder Purchasing Remaining Shares

Implied

Total

Transaction

Premium (%)

Date

Transaction

Equity

Percent

Enterprise

1 Day Prior to

5 Days Prior to

30 Days Prior to

Announced

Target

Primary Industry

Acquiror

Value

Repurchased

Value

Announcement

03/25/09

Hearst-Argyle Television Inc.

Broadcasting

Hearst Broadcasting, Inc

$75.9

$421.6

18.0%

$1,205.6

115.3

150.0

157.2

03/23/09

Cox Radio Inc.

Broadcasting

Cox Media Group, Inc.

65.2

302.0

21.6%

707.7

15.1

16.9

-25.8

02/27/09

Vita Food Products Inc.

Packaged Foods and Meats

Individual Investor (Company Director)

3.3

7.7

42.2%

7.7

250.0

400.0

02/26/09

OpenTV Corp.

Application Software

Kudelski SA

128.4

147.5

87.1%

46.3

35.0

27.4

12.5

02/09/09

Galaxy Nutritional Foods Inc.

Packaged Foods and Meats

Mill Road Capital; Galaxy Partners

4.6

9.7

46.9%

6.8

111.8

80.0

44.0

01/27/09

NET2S Group

Internet Software and Services

BT Group plc

2.4

110.3

2.2%

109.7

85.6

58.3

01/15/09

Hiland Holdings GP LP

Oil and Gas Storage and Transportation

Individual Investor (Company Director)

27.1

69.1

39.2%

451.1

21.2

-14.0

29.6

12/09/08

Global Med Technologies Inc.

Application Software

Victory Park Capital Advisors, LLC

32.0

37.4

85.6%

45.4

25.0

57.1

22.2

08/07/08

Confirmit ASA

Application Software

Sebastian Holdings Inc.

5.5

90.4

6.1%

81.5

0.4

0.9

28.6

07/30/08

Zones Inc.

Technology Distributors

Individual Investor (Company CEO)

45.3

92.6

48.9%

97.9

15.9

-6.7

-10.6

07/21/08

Genentech Inc.

Biotechnology

Roche Holdings, Inc.

46,722.4

100,115.3

46.7%

99,217.7

16.1

26.0

27.1

06/26/08

Five Star Products Inc.

Distributors

National Patent Development Corp.

1.7

6.7

24.9%

37.0

33.3

14.3

04/25/08

Tarrant Apparel Group

Apparel, Accessories and Luxury Goods

Company Management

12.7

26.0

49.0%

44.1

28.8

30.8

26.9

03/05/08

Atari, Inc.

Home Entertainment Software

Infogrames Entertainment SA

11.0

22.6

48.6%

31.2

0.0

29.2

03/05/08

Nationwide Financial Services, Inc.

Life and Health Insurance

Nationwide

2,863.0

7,659.0

37.4%

9,550.7

28.3

18.0

19.0

02/28/08

GS AgriFuels Corporation

Industrial Machinery

GreenShift Corporation

1.5

14.5

10.0%

54.3

9.9

19.1

25.0

11/15/07

Atlantic Coast Entertainment Holdings

Casinos and Gaming

Icahn Enterprises, L.P.

12.3

211.2

5.8%

202.6

20.3

22.1

10/22/07

Waste Industries USA Inc.

Environmental and Facilities Services

Mgmt, Macquaire and Goldman Sachs

268.8

538.4

49.9%

702.3

40.2

42.3

32.8

10/03/07

Suntron Corp.

Electronic Manufacturing Services

Blum Capital, Thayer Capital Partners

3.2

31.8

10.2%

51.9

-5.0

5.5

09/07/07

Emerson Radio Corp.

Consumer Electronics

Grande Holdings Ltd.

7.3

106.1

6.8%

87.7

50.5

52.2

08/08/07

Digital Angel Corp.

Electronic Equipment Manufacturers

Applied Digital Solutions Inc.

32.5

72.5

44.8%

85.0

22.1

16.8

07/17/07

Alfa Corp.

Property and Casualty Insurance

Alfa Mutual Insurance Company

832.6

1,767.5

47.1%

2,071.3

44.4

44.6

29.5

05/14/07

Spear & Jackson Inc.

Household Appliances

United Pacific Industries Ltd.

4.3

11.2

38.3%

4.0

78.2

70.5

81.5

04/22/07

Optical Communication Products Inc.

Communications Equipment

Oplink Communications Inc.

78.7

187.8

41.9%

70.9

19.6

20.4

21.3

02/23/07

Refac Optical Group

Specialty Stores

Palisade Capital Management LLC

10.7

106.7

10.0%

106.7

50.4

56.3

52.3

02/22/07

Great American Financial Resources

Life and Health Insurance

American Financial Group Inc.

245.8

1,170.5

21.0%

1,203.3

13.2

15.0

11.8

01/24/07

21st Century Insurance Group

Property and Casualty Insurance

American International Group, Inc.

806.6

1,935.2

41.7%

2,009.7

34.6

31.2

24.9

12/20/06

Crested Corp.

Diversified Metals and Mining

US Energy Corp.

12.4

42.8

29.0%

52.6

14.2

13.2

7.8

10/06/06

NetRatings Inc.

Internet Software and Services

The Nielsen Company B.V.

328.3

757.1

43.4%

610.3

44.0

47.6

41.6

04/27/06

Erie Family Life Insurance Co.

Life and Health Insurance

Erie Indemnity Co.

75.2

302.4

24.9%

346.9

2.4

1.8

1.6

03/17/06

William Lyon Homes

Homebuilding

Individual Investor (Company CEO)

245.9

944.7

26.0%

1,858.4

44.3

50.8

27.4

10/07/05

Micro Therapeutics Inc.

Healthcare Equipment

ev3, Inc.

93.6

312.7

29.9%

309.7

9.8

15.2

7.6

09/06/05

7-Eleven Inc.

Food Retail

IYG Holding Company

1,182.3

4,330.6

27.3%

5,622.5

6.9

34.7

18.0

04/14/05

Rubicon Medical Corporation

Semiconductor Equipment

Boston Scientific Corporation

80.6

82.2

50.0%

113.8

-0.7

0.7

26.1

01/17/05

Unitedglobalcom Inc.

Cable and Satellite

Liberty Global Inc.

3,481.4

7,503.0

46.4%

11,508.8

-0.7

3.2

1.8

08/02/04

Cox Communications Inc.

Broadband Communications

Cox Enterprises, Inc.

8,531.9

22,452.4

38.0%

28,999.5

33.2

31.7

32.4

01/15/04

Phosphate Resource Partners LP

Fertilizers and Agricultural Chemicals

Mosaic Global Holdings Inc.

53.5

110.6

48.4%

684.6

2.7

12.1

24.0

Mean

23.5

24.0

24.8

Median

22.1

26.7

25.0

$ in millions except per share data, * Excluded from mean NA – Not available NM – Not meaningful

Premiums Paid Analysis

Transactions in the Application Software Industry

Implied

Transaction

Premium (%)

Date

Equity

Enterprise

1 Day Prior to

5 Days Prior to

30 Days Prior to

Announced

Target

Acquiror

Value

Announcement

02/26/09

OpenTV Corp.

Kudelski SA

$147.5

$46.3

35.0

27.4

12.5

02/14/09

Retalix Ltd.

NA (not publicly disclosed)

163.1

130.4

32.5

30.7

37.7

12/09/08

Global Med Technologies Inc.

Victory Park Capital Advisors, LLC

37.4

45.4

25.0

57.1

22.2

10/06/08

Guidance Software, Inc.

AccessData Corporation

104.2

70.5

12.8

-1.3

-29.8

09/08/08

Pharsight Corp.

Tripos International

52.2

39.4

37.5

17.5

17.0

09/03/08

Captaris Inc.

Open Text, Inc.

129.3

109.5

30.8

36.4

42.4

08/07/08

Confirmit ASA

Sebastian Holdings Inc.

90.4

81.5

0.4

0.9

28.6

07/15/08

Intervoice Inc.

Convergys Corporation

322.3

269.6

26.9

47.3

29.9

07/09/08

Confirmit ASA

Sebastian Holdings Inc.

93.0

84.1

28.6

29.3

28.6

07/03/08

Financial Objects plc

Temenos UK Ltd.

52.9

43.3

83.2

86.1

76.5

06/18/08

Insightful Corp.

Tibco Software Inc.

24.3

15.3

1.1

-1.6

12.7

06/16/08

Motive Inc.

Lucent Technologies Inc.

61.9

44.8

43.9

26.0

48.7

05/19/08

AmaTech AG

SMARTRAC N.V.

0.7

-7.0

-14.9

-9.1

05/16/08

Diversified Opportunities, Inc.

QRSciences Holdings Ltd.

0.6

0.7

-30.0

-36.4

05/09/08

Confirmit ASA

Sebastian Holdings Inc.

69.7

60.7

0.6

3.6

2.4

05/07/08

Enliven Marketing Technologies

DG FastChannel, Inc.

76.9

79.8

6.4

6.5

6.4

04/09/08

TouchStone Software Corp.

Phoenix Technologies Ltd.

17.9

17.0

18.4

26.5

34.6

03/31/08

Ansoft Corp.

Ansys, Inc.

759.3

826.3

39.3

30.0

34.2

03/23/08

L-1 Secure Credentialing, Inc

L-1 Identity Solutions Inc.

306.3

277.9

44.8

65.1

41.5

03/20/08

Synplicity Inc.

Synopsys Inc.

211.8

215.8

52.1

54.4

85.6

03/17/08

BladeLogic, Inc.

BMC Software Inc.

783.6

810.6

18.6

26.0

60.9

02/20/08

SYS

Kratos Defense & Security Solutions, Inc.

52.4

54.9

65.9

71.3

77.0

01/31/08

Fundtech Ltd.

Clal Industries and Investments

194.9

152.9

13.2

14.7

-6.4

01/16/08

BEA Systems Inc.

Oracle Corp.

7,974.0

7,109.1

24.4

30.8

28.8

12/26/07

Document Sciences Corp.

EMC Corporation

61.5

82.4

79.2

75.6

73.1

10/25/07

BravoSolution US

BravoSolution SpA

4.1

13.3

-46.9

-45.9

-48.4

10/07/07

Business Objects SA

SAP AG

5,657.7

6,147.0

18.2

32.4

35.1

08/28/07

NAVTEQ Corp.

Nokia Inc.

7,706.6

7,611.4

28.8

34.6

46.3

08/13/07

Gensym Corp.

Versata Inc.

18.5

15.5

11.9

6.8

07/20/07

Opsware Inc.

Hewlett-Packard Company

1,507.8

1,626.8

35.1

50.3

42.5

07/18/07

Applix Inc.

Cognos Inc.

286.8

307.8

7.6

5.7

9.8

05/15/07

Agile Software Corp.

Oracle Corp.

480.3

332.5

11.6

10.4

17.7

05/02/07

Cimnet Inc.

Invensys Systems, Inc.

18.0

22.6

-4.7

9.0

13.0

04/26/07

Arkona Inc.

DealerTrack Holdings, Inc.

46.2

59.1

3.8

6.2

04/25/07

Castelle

Captaris Inc.

16.2

10.4

15.2

14.5

24.2

04/11/07

Mobius Management Systems Inc.

Allen Systems Group, Inc.

197.8

165.0

35.3

34.2

37.5

03/31/07

Workbrain Corporation

Infor Global Solutions, Inc.

193.9

157.2

21.6

25.0

34.6

$ in millions except per share data, * Excluded from mean NA – Not available NM – Not meaningful

millions

except

per

data,

Excluded

from

mean

–

Not

available

–

Not

meaningful

Premiums Paid Analysis

Transactions in the Application Software Industry

Implied

Transaction

Premium (%)

Date

Equity

Enterprise

1 Day Prior to

5 Days Prior to

30 Days Prior to

Announced

Target

Acquiror

Value

Announcement

03/22/07

Kronos, Inc.

Hellman & Friedman; JMI Equity

1,767.1

1,777.6

21.8

35.4

35.9

03/14/07

Pitney Bowes Software

Pitney Bowes Inc.

440.8

390.5

54.8

49.2

44.4

03/05/07

CorVu Corp.

Rocket Software, Inc.

19.8

25.0

42.9

14.3

29.0

02/28/07

Hyperion Solutions Corp.

Oracle Corp.

3,077.3

2,797.2

20.7

15.9

25.4

02/11/07

Witness Systems Inc.

Verint Systems Inc.

939.1

935.8

23.5

20.9

29.7

01/26/07

Altiris Inc.

Symantec Corporation

969.8

875.6

23.1

25.6

27.9

11/18/06

Netsmart Technologies Inc.

Bessemer Venture; InSight Venture

108.0

109.1

12.2

26.5

25.4

11/16/06

ACD Systems International Inc.

Management

10.7

1.5

163.6

90.2

100.0

10/23/06

MetaSolv Inc.

Oracle Corp.

209.1

163.9

23.5

19.5

36.7

10/18/06

OpenTV Corp.

Kudelski SA

420.8

361.9

26.3

28.1

20.4

10/14/06

Open Solutions Inc.

Providence Equity; Carlyle Group

769.5

1,283.4

25.5

29.2

34.1

08/31/06

Intergraph Corp.

Hellman & Friedman; JMI Equity; TPG

1,294.3

1,083.2

18.0

20.9

26.6

08/28/06

InterVideo Inc.

Corel Corporation

182.5

95.8

35.4

34.4

33.1

08/09/06

FileNet Corporation

IBM

1,485.4

1,114.5

1.7

10.4

28.1

08/07/06

Reynolds & Reynolds Co.

The Reynolds and Reynolds Company

2,571.4

2,841.2

14.0

13.0

31.2

08/03/06

MRO Software Inc.

IBM

686.9

587.9

19.4

33.5

24.6

07/25/06

Mercury Interactive Corp.

Hewlett-Packard Company

4,638.3

4,322.0

34.5

37.2

46.7

06/05/06

Onyx Software Corp.

Made2Manage Systems, Inc.

88.8

73.9

14.6

11.6

5.0

05/14/06

SSA Global Technologies, Inc.

Infor Global Solutions, Inc.

1,366.5

1,610.3

25.1

24.0

25.8

04/24/06

Manugistics Group Inc.

JDA Software Group Inc.

210.4

247.7

4.2

8.7

16.3

04/11/06

Portal Software Inc.

Oracle Corp.

211.7

217.4

12.6

17.5

39.6

03/10/06

Artemis International Solutions Corp.

Versata Inc.

17.4

28.3

18.5

28.0

14.3

03/01/06

Dassault Systems Enovia Corp.

Dassault Systemes SA

378.8

310.3

19.4

24.1

38.6

02/07/06

Segue Software Inc.

Borland Software Corp.

103.8

98.9

27.9

30.4

27.5

01/04/06

Datastream Systems Inc.

Infor Global Solutions, Inc.

205.2

157.7

15.3

24.4

29.1

12/19/05

NEON Systems Inc.

DataDirect Technologies

59.3

51.3

31.9

26.5

47.6

12/07/05

Versata Inc.

Trilogy Software, Inc.

3.3

0.0

90.6

82.0

11/15/05

Intellisync Corp.

Nokia Corp.

354.3

411.1

-9.5

7.1

23.5

11/06/05

Extensity Inc.

Golden Gate Capital

965.6

743.7

26.2

26.7

21.4

11/03/05

Verity Inc.

Autonomy Corp. plc

484.0

353.4

28.7

36.4

32.4

10/20/05

Captiva Software Corp.

EMC Corporation

297.5

315.8

24.5

32.1

10.2

09/26/05

HPL Technologies Inc.

Synopsys Inc.

12.4

11.4

3.4

0.0

-14.3

09/21/05

CCC Information Services Group Inc.

Investcorp

442.0

634.5

2.6

5.4

10.5

09/12/05

Seibel Systems, Inc.

Oracle Corp.

5,601.0

3,359.2

16.8

28.3

29.4

08/03/05

E.piphany Inc.

SSA Global Technologies, Inc.

325.8

159.6

7.7

11.1

18.3

07/29/05

Extended Systems Inc.

Sybase, Inc.

69.5

61.3

29.7

24.3

39.4

07/29/05

MDSI Mobile Data Solutions Inc.

Vista Equity Partners

67.2

45.6

55.3

62.9

60.0

Premiums Paid Analysis

Transactions in the Application Software Industry

Implied

Transaction

Premium (%)

Date

Equity

Enterprise

1 Day Prior to

5 Days Prior to

30 Days Prior to

Announced

Target

Acquiror

Value

Announcement

07/05/05

Aspect Communications Corp.

Aspect Software, Inc.

714.7

792.8

3.6

1.0

14.1

06/27/05

SeeBeyond Technology Corp.

Sun Microsystems Inc.

364.6

291.6

34.1

33.7

39.3

06/09/05

Niku Corp.

CA, Inc.

321.1

283.3

27.3

33.3

71.4

05/12/05

Infodata Systems Inc.

McDonald Bradley, Inc.

7.4

5.7

-2.5

0.0

-9.5

04/28/05

MDI Achieve Inc.

Logibec Groupe Informatique Ltee

27.0

24.9

31.0

31.8

51.3

04/17/05

Adobe Macromedia Software LLC

Adobe Systems Inc.

3,692.8

3,314.6

25.1

18.1

19.3

04/07/05

Concord Communications Inc.

CA, Inc.

314.5

331.9

71.0

68.0

64.1

03/31/05

Corillian Payment Solutions, Inc.

Corillian Corporation

22.4

21.2

33.6

38.1

3.6

03/20/05

Pinnacle Systems Inc.

Avid Technology Inc.

453.3

361.2

30.2

52.6

51.2

03/13/05

Ascential Software Corp.

IBM

1,324.8

844.1

17.8

16.7

15.6

01/26/05

MAPICS Inc.

Infor Global Solutions, Inc.

375.9

341.2

14.6

14.0

25.3

01/17/05

IMPAC Medical Systems Inc.

Elekta AB

239.8

197.4

21.5

21.2

25.7

01/07/05

JPMorgan Chase Vastera, Inc.

JPMorgan Chase Bank, National Association

126.8

74.9

50.0

14.1

23.0

01/03/05

Tecnomatix Technologies Ltd.

Siemens PLM Software

207.4

224.5

10.6

21.2

32.8

12/16/04

Veritas Software Corp.

Symantec Corporation

12,973.7

11,335.1

9.1

23.1

39.0

12/01/04

Nassda Corp.

Synopsys Inc.

192.2

90.8

63.6

60.9

89.7

08/10/04

Primus Knowledge Solutions, Inc.

Art Technology Group Inc.

28.8

21.7

17.2

15.0

24.5

06/29/04

Inet Technologies Inc.

Tektronix, Inc.

483.7

311.6

13.6

17.0

38.1

06/28/04

Catalyst International Inc.

Comvest Investment Partners

19.7

21.6

78.6

92.3

78.6

05/07/04

Viziqor Solutions

Behrman Capital; Quadrangle Capital

1.8

34.9

-63.6

-60.0

-66.7

04/28/04

Marimba Inc.

BMC Software Inc.

217.5

185.6

62.1

59.6

40.1

04/10/04

SciQuest, Inc.

Trinity Ventures

25.3

14.8

57.2

66.7

58.4

04/06/04

Barra Inc.

MSCI Inc.

859.2

651.8

9.0

17.3

21.2

03/01/04

Landacorp Inc.

SHPS Holdings, Inc.

50.0

35.6

3.0

3.7

-4.0

02/04/04

Novadigm Inc.

Hewlett-Packard Company

138.7

117.0

23.3

33.1

48.7

01/27/04

Sanchez Computer Associates Inc.

Fidelity Information Services, Inc.

175.4

147.1

14.8

39.5

68.4

Mean

25.1

27.5

32.2

Median

22.5

25.8

28.9

$ in millions except per share data, * Excluded from mean NA – Not available NM – Not meaningful