Logility SC 14D9/A Tender offer solicitation (amended)

April 16, 2009

Investment Banking Presentation

Prepared For

The Special Committee of the Board of Directors of

Logility, Inc.

VRA Partners, LLC is a Member FINRA/SIPC.

Exhibit (a)(4)

2

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”)

with

respect

to

the

announcement

of

a

cash

tender

offer

by

American

Software,

Inc.

(“Prospective

Acquiror”)

pursuant

to

a

press

release

dated

March

18,

2009

in

which

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”),

and,

if

appropriate,

to

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.

3

Section

Contents

I.

Transaction Overview

II.

Overview of Logility

III.

Logility

Financial Information

IV.

Logility

Stock Performance and Trading Information

V.

Valuation

A.

Valuation Methodology

B.

Reference Public Company Analysis

C.

Precedent Merger and Acquisition Transaction Analysis

D.

Premiums Paid Analysis

E.

Discounted Cash Flow Analysis

F.

Valuation Summary

Appendices

A.

Reference

Public

Company

Analysis

–

Business

Descriptions

B.

Premiums Paid Analysis

Table of Contents

4

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.

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

proposed

price

of

$5.10

per

share,

ASI

would

acquire

1,560,145

common

shares

and

126,865

net

in-the-money

options

representing

total

consideration

of

$8,603,753.

The

Proposed

Acquisition

purchase

price

of

$5.10

per

share

implies

the

following

equity

value

and

enterprise

value

for

the

Company:

Transaction Overview

Summary

(1)

As of March 5, 2009.

(2)

Based on offer price of $5.10 per share.

Common

Stock

Shares

Outstanding

(1)

12,860,145

Vested

"In-the-Money"

Options

Outstanding,

Net

of

Exercise

Price

(2)

126,865

Common

Stock

Shares

Outstanding

12,987,010

Price

Per

Share

$5.10

Implied

Equity

Value

$66,233,753

Plus:

Debt

as

of

01/31/2009

0

Less:

Cash

and

Investments

as

of

01/31/2009

47,309,000

Implied

Enterprise

Value

$18,924,753

5

Logility

currently has 607,500 options outstanding, including 535,650 vested and 71,800 unvested options:

Transaction Overview

Options Outstanding

Vested Options

Incremental

Vested

Aggregate Exercise

Net Value of Options

Common Share Equivalent

Exercise Price Range

Options

Proceeds

at $5.10/share

at $5.10/share

$1.69-$5.10

413,400

$1,461,326

$647,014

126,865

$5.11-$7.00

12,050

$71,630

0

0

$7.01-$9.00

81,200

$640,694

0

0

$9.01-$11.00

20,000

$200,360

0

0

$11.01-$16.25

9,000

$123,120

0

0

Total

535,650

$2,497,130

$647,014

126,865

Unvested Options

Incremental

Unvested

Aggregate Exercise

Net Value of Options

Common Share Equivalent

Exercise Price Range

Options

Proceeds

at $5.10/share

at $5.10/share

$1.69-$5.10

0

$0

$0

0

$5.11-$7.00

0

$0

0

0

$7.01-$9.00

67,800

$553,506

0

0

$9.01-$11.00

4,000

$43,840

0

0

$11.01-$16.25

0

$0

0

0

Total

71,800

$597,346

$0

0

Total Vested and

607,450

$3,094,476

$647,014

126,865

Unvested

6

Transaction Overview

Transaction Structure and Summary Analysis

($ in thousands)

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)

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

Proposed Acquisition

Current Price Per Share

Offer Price Per Share

As of 04/15/2009

$5.10

$5.13

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

2.0%

2.6%

%

Premium

(Discount)

to

Average

Closing

Price:

(1)

360 Day

(15.9%)

(15.5%)

180 Day

3.5%

4.1%

90 Day

11.4%

12.1%

60 Day

10.9%

11.5%

30 Day

11.5%

12.2%

15 Day

11.6%

12.3%

'% Premium (Discount) to 52-Week High ($9.05 on 04/21/2008)

(43.6%)

(43.3%)

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

31.1%

31.9%

Market Value

(2)

$66,234

$66,623

Enterprise Value

(3)

$18,925

$19,314

7

Transaction

Overview

Transaction

Structure

and

Summary

Analysis

Proposed Acquisition

Current Price Per Share

Offer Price Per Share

As of 04/15/2009

$5.10

$5.13

Enterprise Value to:

LTM Total Revenue

0.45

x

0.46

x

Fiscal 2009 Projected Total Revenue

0.46

0.47

Calendar 2009 Projected Total Revenue

0.47

0.47

Fiscal 2010 Projected Total Revenue

0.46

0.47

LTM Maintenance Revenue

0.81

x

0.83

x

Fiscal 2009 Projected Maintenance Revenue

0.82

0.84

Calendar 2009 Projected Maintenance Revenue

0.82

0.84

Fiscal 2010 Projected Maintenance Revenue

0.82

0.83

LTM Maintenance Gross Margin

1.04

x

1.06

x

Fiscal 2009 Projected Maintenance Gross Margin

1.04

1.06

Calendar 2009 Projected Maintenance Gross Margin

1.04

1.06

Fiscal 2010 Projected Maintenance Gross Margin

1.04

1.06

LTM Adjusted EBITDA

2.0

x

2.0

x

Fiscal 2009 Projected Adjusted EBITDA

2.0

2.0

Calendar 2009 Projected Adjusted EBITDA

2.1

2.1

Fiscal 2010 Projected Adjusted EBITDA

2.1

2.2

LTM Adjusted EBIT

2.1

x

2.1

x

Fiscal 2009 Projected Adjusted EBIT

2.1

2.1

Calendar 2009 Projected Adjusted EBIT

2.2

2.3

Fiscal 2010 Projected Adjusted EBIT

2.4

2.4

Equity Value to:

LTM Adjusted Net Income

10.7

x

10.8

x

Fiscal 2009 Projected Adjusted Net Income

11.1

11.1

Calendar 2009 Projected Adjusted Net Income

11.2

11.2

Fiscal 2010 Projected Adjusted Net Income

11.4

11.5

Tangible Book Value as of 01/31/2009

1.48

x

1.49

x

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.

8

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 of 50%

Shorter sales cycle –

operations-level  decision

Limited competition –

prices have been increasing

9

Overview of Logility

Company Performance

During the last five years, Logility

has grown revenue at a

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

$0

$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 a blind forecasting solution to apparel customers

New versions of both Voyager and DMI

soon to be released

Further penetration of chemical and oil/gas industry verticals –

potential acquisition opportunities

Enter the service parts optimization market

($ in thousands)

10

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)

Logility

ASI

Share Price as of 04/15/2009

$5.13

$6.09

Market Capitalization

$66,234

$153,962

Debt as of 01/31/2009

$0

$0

Cash and Investments as of 01/31/2009

$47,309

$70,321

Enterprise Value

$18,925

$83,641

Financial Data:

LTM Revenue

$42,392

$80,673

LTM Adjusted EBITDA

$9,685

$9,352

LTM Adjusted EBIT

$9,178

$7,831

LTM Adjusted Net Earnings

$6,189

$3,483

Trading Multiples:

EV/LTM Revenue

0.45x

1.04x

EV/LTM EBITDA

2.0x

8.9x

EV/LTM EBIT

2.1x

10.7x

LTM P/E Ratio

10.7x

43.7x

% of 52-Week High

56.4%

85.6%

Three Month Average Trading Volume

3,240

66,660

Stock Price Change Since Announcement Date

2.6%

35.6%

Dividends Per Share

$0.00

$0.36

11

Overview of Logility

ASI

Pro Forma for Logility

Acquisition

($ in thousands, except per share data)

Fiscal Year Ended or Ending April 30,

2007

2008

2009

Actual

Actual

Estimate

Adjusted EBITDA

$12,745

$11,945

Plus: Logility

public company expenses

448

472

462

Pro Forma EBITDA

$13,193

$12,417

$462

Adjusted EBIT

$11,204

$10,441

Plus: Logility

public company expenses

448

472

462

Pro Forma EBIT

$11,652

$10,913

$462

Adjusted Diluted Earnings Per Share

$0.36

$0.30

Adjusted Net Income

$9,169

$8,047

Plus: Logility

public company expenses (tax-affected)

281

305

462

Plus: Elimination of Minority Interest (tax-affected)

486

488

713

Pro Forma Net Income

$9,935

$8,840

$1,174

Pro Forma Diluted Earnings Per Share

$0.39

$0.33

Increase in Diluted Earnings Per Share

$0.03

$0.03

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

Logility

Trading Volume

Logility

Share Price

American Software Share Price

12

Overview of Logility

Logility

and ASI Stock Price Performance

Price Volume Over the Twelve Months Preceding March 18, 2009 (the “Announcement Date”)

4/18/2008:

LGTY

High

-

$9.00

12/23/2008:

LGTY Low

-

$4.00

6/17/2008:

AMSWA

High

-

$6.68

12/01/2008:

AMSWA Low

-

$2.92

40

60

80

100

120

140

160

Logility

Share Price

American Software Share Price

13

Overview of Logility

Logility

and ASI Stock Price Performance

Index Price Performance Over the Twelve Months Preceding the Announcement Date

0

50,000

100,000

150,000

200,000

250,000

300,000

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

Logility

Trading Volume

Logility

Share Price

American Software Share Price

14

Price Volume Over the Three Years Preceding the Announcement Date

Overview of Logility

Logility

and ASI Stock Price Performance

10/18/2007:

LGTY

High

-

$14.85

7/23/2007:

AMSWA

High

-

$13.19

12/23/2008:

LGTY

Low

-

$4.00

12/01/2008:

AMSWA

Low

-

$2.92

15

Index Price Performance Over the Three Years Preceding the Announcement Date

Overview of Logility

Logility

and ASI Stock Price Performance

0

50

100

150

200

250

Logility

Share Price

American Software Share Price

0

50

100

150

200

250

Logility

Share Price

American Software Share Price

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Logility

Trading Volume

Logility

Share Price

American Software Share Price

16

Price Volume from Logility

IPO to the Announcement Date

Overview of Logility

Logility

and ASI Stock Price Performance

12/30/1999:

LGTY

High

-

$21.00

12/29/2000:

LGTY

Low

-

$1.56

3/13/2000:

AMSWA

High

-

$22.25

4/5/2001:

AMSWA

Low

-

$1.13

0

20

40

60

80

100

120

140

160

180

Logility

Share Price

American Software Share Price

17

Index

Price

Performance

from

Logility

IPO

to

the

Announcement

Date

Overview of Logility

Logility

and ASI Stock Price Performance

18

Price Volume Since the Announcement Date

Overview of Logility

Logility

and ASI Stock Price Performance

3/18/2009:

LGTY

Low

-

$5.00

4/6/2009:

LGTY

High

-

$5.48

4/15/2009:

AMSWA

High

-

$6.09

As of 4/15/2009.

0

10,000

20,000

30,000

40,000

50,000

$4.00

$4.25

$4.50

$4.75

$5.00

$5.25

$5.50

$5.75

$6.00

$6.25

Logility

Trading Volume

Logility

Share Price

American Software Share Price

3/18/2009:

AMSWA

Low

-

$4.49

95

100

105

110

115

120

125

130

135

140

Logility

Share Price

American Software Share Price

19

Index Price Performance Since the Announcement Date

Overview of Logility

Logility

and ASI Stock Price Performance

As of 4/15/2009.

20

Overview of Logility

Logility

and ASI Trading Multiples

Enterprise

Value

to

LTM

Total

Revenue

Enterprise

Value

to

LTM

EBITDA

Price to LTM Cash Earnings Per Share

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

ASI

Logility

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

ASI

Logility

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

45.0x

50.0x

ASI

Logility

($ in millions)

21

Overview of Logility

Financial Comparison to Publicly Traded Competitors

Financial Profile Comparison to Competitors

(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

$255.8

$390.3

$23,630.0

$15,454.2

$80.7

LTM Maintenance Revenue

$23.2

$85.4

$182.8

$4,601.0

$4,593.0

$28.4

LTM CAPEX

(1)

$0.1

$1.3

$8.6

$539.0

$473.7

$0.9

LTM R&D

(2)

$7.5

$29.2

$53.9

$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%

(8.8%)

21.8%

26.0%

15.3%

7.7%

5 Year Revenue CAGR

44.8%

(11.3%)

13.5%

20.1%

11.8%

26.5%

LTM Gross Margin

68.0%

57.2%

63.7%

79.0%

68.9%

53.1%

LTM EBITDA Margin

22.8%

15.3%

24.9%

47.2%

32.8%

11.6%

LTM EBIT Margin

21.7%

13.9%

22.5%

46.0%

27.9%

9.7%

LTM Return-on-Assets (ROA)

8.4%

8.0%

5.9%

13.2%

14.4%

3.6%

LTM Return-on-Equity (ROE)

11.8%

151.9%

0.8%

26.2%

28.1%

3.3%

LTM CAPEX / Revenue

0.2%

0.5%

2.2%

2.3%

3.1%

1.1%

LTM R&D / Revenue

17.8%

11.4%

13.8%

11.7%

14.7%

11.8%

22

Overview of Logility

Industry Conditions

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

Market has become increasingly competitive, especially for large

implementations where SAP and Oracle mostly compete,

creating pricing pressure on market participants.

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

in 2006 in addition to one other software business

I2 made two acquisitions in 2006 and 2007

Source: AMR Research, 2008; Goldman Sachs

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

2007

2008

2009

2010

2011

2012

Revenue

Revenue Growth

Supply chain management (“SCM”) applications market

represents a $6.5 billion industry expected to grow at a CAGR

of 7% 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)

23

Overview of Logility

Ownership Profile

Ownership Breakout

($ in thousands)

American

Software

88%

Institutions

5%

Insiders

1%

Retail

6%

Percent of Total

Market

Holder

Shares

Shares Outstanding (1)

Value (2)

American Software, Inc.

11,300,000

87.87%

$57,630

Dimensional Fund Advisors LP

348,664

2.71%

1,778

California Public Employees' Retirement System

121,490

0.94%

620

Renaissance Technologies Corp.

78,100

0.61%

398

J. Michael Edenfield

51,500

0.40%

263

H. Allan Dow

48,721

0.38%

248

Lapides Asset Management, LLC

34,995

0.27%

178

Northern Trust Investments, National Association

23,607

0.18%

120

Lotsoff Capital Management

21,600

0.17%

110

Spark L.P.

15,149

0.12%

77

Northern Trust Investments, N.A.

11,951

0.09%

61

BNY Mellon Wealth Management

10,093

0.08%

51

Barclays Global Investors, National Association

4,442

0.03%

23

Parker H. Petit

4,000

0.03%

20

John A. White

3,500

0.03%

18

Frederick E. Cooper

1,000

0.01%

5

Wells Fargo Bank, National Association, Asset Management Arm

2,425

0.02%

12

Royce & Associates, LLC

1,900

0.01%

10

AXA Rosenberg Investment Management LLC

1,040

0.01%

5

SG Asset Management Alternative Investments

700

0.01%

4

UBS Securities LLC, Investment Arm

514

0.00%

3

Grantham, Mayo, Van Otterloo & Co. LLC

200

0.00%

1

Deutsche Investment Management Americas Inc.

46

0.00%

0

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 $5.10

24

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

Shares

Shares

Change

Shares

Change

Shares

Change

Shares

Change

American Software, Inc.

11,300,000

11,300,000

-

11,300,000

-

11,300,000

-

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

45,400

-

45,400

-

121,490

76,090

121,490

-

Renaissance Technologies Corp.

-

25,500

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

-

35,184

-

35,184

-

H. Allan Dow

58,721

48,721

(10,000)

48,721

-

48,721

-

48,721

-

Lapides Asset Management, LLC

-

-

-

-

-

-

-

23,000

23,000

Northern Trust Investments, National Association

27,783

24,007

(3,776)

24,007

-

24,007

-

24,007

-

Lotsoff Capital Management

-

38,300

38,300

42,100

3,800

      ��      

56,000

13,900

31,300

(24,700)

Spark L.P.

24,200

38,700

14,500

40,724

2,024

49,200

8,476

41,900

(7,300)

Northern Trust Investments, N.A.

12,238

12,238

-

12,538

300

12,538

-

12,538

-

BNY Mellon Wealth Management

10,093

10,093

-

10,093

-

10,093

-

10,093

-

Barclays Global Investors, National Association

4,835

4,835

-

4,442

(393)

4,442

-

4,442

-

Parker H. Petit

3,000

3,000

-

3,000

-

3,000

-

3,000

-

John A. White

2,500

2,500

-

2,500

-

2,500

-

2,500

-

Frederick E. Cooper

-

-

-

-

-

-

-

-

-

Wells Fargo Bank, National Association, Asset Management Arm

2,425

2,425

-

2,425

-

2,425

-

2,425

-

Royce & Associates, LLC

-

-

-

-

-

4,500

4,500

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

700

700

-

UBS Securities LLC, Investment Arm

1,064

-

(1,064)

100

100

-

(100)

265

265

Grantham, Mayo, Van Otterloo & Co. LLC

-

-

-

-

-

-

-

-

-

Deutsche Investment Management Americas Inc.

-

45

45

45

-

46

1

205

159

Bjurman, Barry & Associates

-

-

-

67,065

67,065

213,367

146,302

-

(213,367)

Credit Suisse Securities (USA) LLC, Investment Arm

-

10,340

10,340

-

(10,340)

-

-

-

-

FAF Advisors, Inc.

-

-

-

-

-

-

-

7,000

7,000

FrontPoint Partners LLC

-

-

-

19,016

19,016

-

(19,016)

-

-

Morgan Stanley Investment Management Inc.

10,398

75

(10,323)

-

(75)

-

-

-

-

Newton Investment Management Limited

-

-

-

750

750

750

-

750

-

QVT Financial LP

-

-

-

-

-

-

-

-

-

Reinhart Partners, Inc.

-

-

-

-

-

16,930

16,930

45,931

29,001

SSgA Funds Management Inc.

43,300

43,300

-

43,300

-

43,300

-

43,300

-

State Street Global Advisors, Inc.

47,200

47,200

-

47,200

-

47,593

393

47,593

-

Technical Financial Services LLC

-

-

-

-

-

200

200

-

(200)

Teton Advisors, Inc

-

-

-

18,498

18,498

-

(18,498)

-

-

The Vanguard Group, Inc.

11,314

-

(11,314)

-

-

-

-

-

-

Wellington Management Company L.L.P.

66,209

51,901

(14,308)

52,302

401

24,302

(28,000)

-

(24,302)

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

-

11,389,405

-

11,389,405

-

Insider Ownership as a % of Total Shares Oustanding

88.5%

88.3%

87.9%

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.

25

Overview of Logility

Logility

Change in Ownership Over Time

6/30/2008

9/30/2008

12/31/2008

3/31/2009

Institution

Shares

Change

Shares

Change

Shares

Change

Shares

Change

American Software, Inc.

11,300,000

-

11,300,000

-

11,300,000

-

11,300,000

-

Dimensional Fund Advisors LP

349,141

(1,812)

348,860

(281)

348,664

(196)

348,664

-

California Public Employees' Retirement System

121,490

-

121,490

-

121,490

-

121,490

-

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

-

51,500

-

51,500

-

H. Allan Dow

48,721

-

48,721

-

48,721

-

48,721

-

Lapides Asset Management, LLC

27,000

4,000

27,000

-

34,995

7,995

34,995

-

Northern Trust Investments, National Association

24,007

-

24,007

-

23,607

(400)

23,607

-

Lotsoff Capital Management

31,300

-

31,300

-

21,600

(9,700)

21,600

-

Spark L.P.

23,600

(18,300)

17,100

(6,500)

15,149

(1,951)

15,149

-

Northern Trust Investments, N.A.

12,538

-

12,038

(500)

11,951

(87)

11,951

-

BNY Mellon Wealth Management

10,093

-

10,093

-

10,093

-

10,093

-

Barclays Global Investors, National Association

4,442

-

4,442

-

4,442

-

4,442

-

Parker H. Petit

3,000

-

3,000

-

3,000

-

4,000

1,000

John A. White

2,500

-

2,500

-

2,500

-

3,500

1,000

Frederick E. Cooper

-

-

-

-

-

-

1,000

1,000

Wells Fargo Bank, National Association, Asset Management Arm

2,425

-

2,425

-

2,425

-

2,425

-

Royce & Associates, LLC

1,900

(2,600)

1,900

-

1,900

-

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

-

700

-

700

-

700

-

UBS Securities LLC, Investment Arm

577

312

-

(577)

514

514

514

-

Grantham, Mayo, Van Otterloo & Co. LLC

200

200

200

-

200

-

200

-

Deutsche Investment Management Americas Inc.

1,671

1,466

1,655

(16)

46

(1,609)

46

-

Bjurman, Barry & Associates

-

-

-

-

-

-

-

-

Credit Suisse Securities (USA) LLC, Investment Arm

-

-

-

-

-

-

-

-

FAF Advisors, Inc.

-

(7,000)

-

-

-

-

-

-

FrontPoint Partners LLC

-

-

-

-

-

-

-

-

Morgan Stanley Investment Management Inc.

20,000

20,000

-

(20,000)

-

-

-

-

Newton Investment Management Limited

750

-

-

(750)

-

-

-

-

QVT Financial LP

21,015

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

-

-

-

-

-

-

-

-

The Vanguard Group, Inc.

-

-

-

-

-

-

-

-

Wellington Management Company L.L.P.

-

-

-

-

-

-

-

-

Total Institutional Ownership

730,165

(115,027)

702,164

(28,001)

676,916

(25,248)

676,916

-

Total Institutional Ownership as a % of Total

5.6%

5.4%

5.3%

5.3%

Shares Outstanding

Insider Ownership

11,405,721

16,316

11,405,721

-

11,405,721

-

11,408,721

3,000

Insider Ownership as a % of Total Shares Oustanding

88.1%

88.5%

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.

Insiders

12.2%

Institutions

56.0%

Retail

31.8%

26

Overview of Logility

American Software Ownership Profile

Ownership Breakout

Percent of Total

Market

Holder

Shares

Shares Outstanding (1)

Value (2)

James C. Edenfield

2,041,587

8.08%

$11,760

Brown Capital Management Inc.

1,908,251

7.55%

$10,992

Renaissance Technologies Corp.

1,598,900

6.32%

$9,210

Barclays Global Investors, National Association

1,229,872

4.86%

$7,084

Wells Capital Management Incorporated

977,823

3.87%

$5,632

Thomas L. Newberry

941,724

3.73%

$5,424

Lombardia Capital Partners, LLC

836,824

3.31%

$4,820

Dimensional Fund Advisors LP

761,563

3.01%

$4,387

Al Frank Asset Management, Inc.

733,297

2.90%

$4,224

Perritt Capital Management, Inc.

623,000

2.46%

$3,588

Lapides Asset Management, LLC

542,000

2.14%

$3,122

Wellington Management Company L.L.P.

533,966

2.11%

$3,076

New York State Common Retirement Fund

506,786

2.00%

$2,919

Tocqueville Asset Management LP

449,433

1.78%

$2,589

The Vanguard Group, Inc.

326,406

1.29%

$1,880

State Street Global Advisors, Inc.

268,080

1.06%

$1,544

Bmo Harris Investment Management Inc

257,721

1.02%

$1,484

Fifth Third Asset Management, Inc.

172,950

0.68%

$996

Eagle Asset Management, Inc.

169,510

0.67%

$976

Royce & Associates, LLC

166,200

0.66%

$957

Goldman, Sachs & Co., Asset Management Arm

158,158

0.63%

$911

Northern Trust Global Advisors Inc.

148,231

0.59%

$854

Teachers Insurance and Annuity Association College Retirement Equities Fund

144,750

0.57%

$834

Northern Trust Investments, N.A.

141,172

0.56%

$813

TIAA-CREF Investment Management, LLC

130,601

0.52%

$752

California Public Employees' Retirement System

115,990

0.46%

$668

Axiom Asset Management, LLC

99,144

0.39%

$571

Citigroup Inc., Asset Management Arm

84,080

0.33%

$484

BlackRock Investment Management LLC

75,900

0.30%

$437

Davenport Asset Management

67,810

0.27%

$391

Punch & Associates, Inc.

65,000

0.26%

$374

BNY Mellon Wealth Management

64,494

0.26%

$371

Wells Fargo Bank, National Association, Asset Management Arm

40,698

0.16%

$234

SG Asset Management Alternative Investments

28,800

0.11%

$166

J. Michael Edenfield

22,308

0.09%

$128

UBS Securities LLC, Investment Arm

6,231

0.02%

$36

Barclays Global Investors Limited

5,955

0.02%

$34

Deutsche Investment Management Americas Inc.

1,700

0.01%

$10

Indicates common ownership with Logilit

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 4/15/2009.

27

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

-

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

45

197

(53)

7

-

-

-

-

Amortization of acquisition-related intangibles

-

204

350

350

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

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

$0.45

$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

28

Logility

Financial Information

Adjustments to Historical Annual 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)

29

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

87

88

87

87

88

88

87

87

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

29

(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

$0.14

$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)

(638)

(610)

(555)

(555)

(585)

(596)

Depreciation expense (excl. capitalized development amortization)

$174

$175

$169

$151

$154

$138

$130

$106

Capital expenditures

$42

$46

$79

$64

$8

$20

$24

$28

Additions to capitalized development costs

$586

$525

$630

$480

$520

$507

$516

$482

30

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)

31

Logility

Financial Information

Forecasted Income Statements

($ in thousands, except per share data)

Fiscal

Fiscal

Calendar

Quarter Ended

Year Ending

Quarter Ended

Year Ending

Year Ending

(1)

7/31/2008

10/31/2008

1/31/2009

4/30/2009

4/30/2009

7/31/2009

10/31/2009

1/31/2010

4/30/2010

4/30/2010

12/31/2009

Revenues:

Actual

Actual

Actual

Estimate

Estimate

Estimate

Estimate

Estimate

Estimate

Estimate

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

1,211

4,574

4,306

Services and other

902

790

750

793

3,235

904

777

773

793

3,247

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

-

-

-

25

25

25

25

25

25

100

100

Amortization of acquisition-related intangibles

88

87

87

87

349

88

88

87

87

350

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

345

300

300

300

300

1,200

1,245

Other income (expense), net

156

29

(44)

(220)

(79)

(70)

(70)

(70)

(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

$660

$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

$151

$195

$284

$781

$648

Capital expenditures

$20

$24

$28

$20

$92

$20

$20

$20

$20

$80

$80

Additions to capitalized development costs

$507

$516

$482

$400

$1,905

$400

$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.

32

Logility

Financial Information

Adjustments to Forecasted Income Statements

($ in thousands, except per share data)

Fiscal

Fiscal

Calendar

Quarter Ended

Year Ending

Quarter Ended

Year Ending

Year Ending

(1)

7/31/2008

10/31/2008

1/31/2009

4/30/2009

4/30/2009

7/31/2009

10/31/2009

1/31/2010

4/30/2010

4/30/2010

12/31/2009

Actual

Actual

Actual

Estimate

Estimate

Estimate

Estimate

Estimate

Estimate

Estimate

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

110

442

113

115

115

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

110

442

113

115

115

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

69

75

70

69

284

73

74

74

75

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

$0.14

$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.

33

Logility

Financial Information

Annual Income Statement Analysis

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%

13.4%

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%

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

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Estimate

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%

76.5%

78.1%

78.5%

78.3%

78.9%

78.8%

78.8%

Total gross margin (excl. write-down)

62.9%

60.9%

69.2%

67.1%

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%

12.7%

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%

11.4%

11.6%

Provision (recovery) for doubtful accounts

0.2%

0.8%

(0.1)%

0.0%

0.0%

0.0%

0.0%

0.0%

0.1%

0.2%

Amortization of acquisition-related intangibles

0.0%

0.8%

0.9%

0.8%

0.8%

0.8%

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%

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%

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

34

Logility

Financial Information

Quarterly Income Statement Analysis

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

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

Actual

Actual

Actual

Actual

Estimate

Estimate

Estimate

Estimate

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%

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%

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%

0.0%

0.0%

0.0%

0.2%

0.3%

0.3%

0.2%

0.2%

Amortization of acquisition-related intangibles

0.7%

0.9%

0.8%

0.8%

0.8%

0.9%

0.9%

0.8%

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%

Operating Expenses as a Percentage of Total Revenue:

Year-Over-Year Revenue Growth:

35

Logility

Financial Information

Historical Balance Sheets

($ in thousands)

As of April 30,

As of

2004

2005

2006

2007

2008

1/31/2009

Assets

Current Assets

   Cash and cash equivalents

$10,467

$7,824

$6,128

$16,144

$38,719

$28,752

   Investments, current

20,364

16,899

20,332

16,172

4,013

6,626

   Trade accounts receivable, billed

3,166

4,228

5,308

7,764

6,897

6,218

   Trade accounts receivable, unbilled

813

1,252

1,777

1,412

1,424

427

   Deferred income taxes

-

-

2,922

1,361

74

74

   Due from American Software, Inc.

-

-

-

1,167

-

-

   Prepaid expenses and other current assets

466

1,663

1,673

1,995

2,256

2,450

Total Current Assets

35,276

31,866

38,140

46,015

53,383

44,547

Investments, noncurrent

-

996

499

-

-

11,931

Furniture, equipment and purchased software, net

230

472

457

436

401

298

Capitalized software development costs

6,406

5,854

6,382

6,042

4,560

4,399

Goodwill

-

6,103

5,809

5,809

5,809

5,809

Other intangibles, net

-

2,138

1,688

1,288

871

590

Other assets

456

380

99

67

48

41

Total other assets

7,092

15,943

14,934

13,642

11,689

23,068

Total Assets

$42,368

$47,809

$53,074

$59,657

$65,072

$67,615

Liabilities and Shareholders' Equity

Current Liabilities

   Accounts payable

$131

$352

$346

$275

$543

$371

   Accrued compensation and related costs

1,106

972

2,792

2,110

1,282

1,286

   Accrued reseller commissions

-

-

-

1,459

1,013

858

   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

Due to American Software, Inc.

2,458

3,560

2,087

-

638

650

Total Current Liabilities

10,094

16,863

17,510

17,305

17,063

15,475

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

Shareholders' Equity

   Preferred stock

-

-

-

-

-

-

   Common stock

-

-

-

-

-

-

   Additional paid-in capital

44,927

44,974

41,539

42,179

43,249

43,898

   Retained earnings

(7,382)

(7,988)

25

6,019

12,051

16,054

   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

Total Liabilities and Shareholders' Equity

$42,368

$47,809

$53,074

$59,657

$65,072

$67,615

36

Logility

Financial Information

Historical Balance Sheet Analysis

(1)Excludes cash.

($ in thousands)

Fiscal Year Ended April 30,

As of

2004

2005

2006

2007

2008

1/31/2009

Liquidity

Net Working Capital

(1)

($3,191)

($6,160)

($3,743)

($4,773)

($5,774)

($5,656)

Current Ratio

0.6

x

0.5

x

0.8

x

0.7

x

0.6

x

0.6

x

Working Capital Management

A/R Turnover

7.2

x

5.9

x

7.0

x

5.6

x

6.5

x

6.8

x

Average Days Receivable

50.6

62.0

51.9

64.8

56.1

53.5

Average Days Payable

5.6

12.3

11.0

7.0

12.4

10.0

Cash and Cash Equivalents

$10,467

$7,824

$6,128

$16,144

$38,719

$28,752

Investments, Current

20,364

16,899

20,332

16,172

4,013

6,626

Investments, Noncurrent

-

996

499

-

-

11,931

Total Cash and Investments

$30,831

$25,719

$26,959

$32,316

$42,732

$47,309

37

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,

2008

2009

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Cash and Cash Equivalents

$29,252

$39,672

$41,372

$38,719

$26,133

$25,418

$28,752

Investments, Current

6,968

0

0

4,013

18,296

12,421

6,626

Investments, Noncurrent

-

-

-

-

-

7,404

11,931

Total Cash and Investments

$36,220

$39,672

$41,372

$42,732

$44,429

$45,243

$47,309

Quarterly Increase (Decrease)

3,904

3,452

1,700

1,360

1,697

814

2,066

Cumulative Increase (Decrease)

15,224

18,676

20,376

21,736

23,433

24,247

26,313

Fiscal Year Ended April 30,

2005

2006

2007

Q2

(1)

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

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

500

996

996

1,732

499

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

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

Logility

Trading Volume

Logility

Share Price

38

Logility

Stock Performance and Trading Information

Stock Price Performance and Trading Volume

Price Volume Over the Twelve Months Preceding the Announcement Date

6/18/2008: Fiscal 2008

results announced

9/4/2008: Q1

results

announced

12/4/2008: Q2

results

announced

3/6/2009: Q3

results

announced

3/18/2009: American Software

offers to acquire 11.2% of

Logility

at

$5.10

per

share

3/18/2008:

High -

$9.00

12/23/08:

Low -

$4.00

39

Logility

Stock Performance and Trading Information

Stock Price Performance and Trading Volume

Price Volume Over the Three Years Preceding the Announcement Date

10/18/2007:

High -

$14.85

12/23/2008:

Low -

$4.00

0

100

200

300

400

500

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

Logility

Trading Volume

Logility

Share Price

40

Logility

Stock Performance and Trading Information

Stock Price Performance and Trading Volume

Price Volume from IPO to the Announcement Date

12/30/1999:

High -

$21.00

12/29/2000:

Low -

$1.56

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

Logility

Trading Volume

Logility

Share Price

41

Logility

Stock Performance and Trading Information

Stock Price Performance and Trading Volume

Price Volume from the Announcement Date to Current

As of 4/15/2009.

Trading Information

3/18/2009:

Low -

$5.00

4/6/2009:

High -

$5.48

Trading

Date

High

Low

Close

Volume

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

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

0

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

3/21

3/24

3/27

3/30

4/2

4/5

4/8

4/11

4/14

Logility

Trading Volume

Logility

Share Prce

42

Logility

Stock Performance and Trading Information

American Software Stock Price Performance and Trading Volume

Price Volume from the Announcement Date to Current

As of 4/15/2009.

Trading Information

3/18/2009:

Low -

$4.49

4/15/2009:

High -

$6.09

Trading

Date

High

Low

Close

Volume

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

0

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

3/21

3/24

3/27

3/30

4/2

4/5

4/8

4/11

4/14

American Software Trading Volume

American Software Share Price

43

Logility

Stock Performance and Trading Information

Logility

Versus Major Market Indices

Last Twelve Months Preceding the Announcement Date

Last Three Years Preceding the Announcement Date

(1)

Includes

Epicor

Software

Corp.

(EPIC),

I2

Technologies,

Inc.

(ITWO),

JDA

Software

Group

Inc.

(JDAS),

Lawson

Software,

Inc.

(LWSN),

Manhattan

Associates,

Inc.

(MANH),

Oracle

Corp.

(ORCL),

QAD

Inc.

(QADI)

and

SAP

AG

(SAP).

% Change

Logility

(22.24%)

American Software

(21.91%)

Russell 2000

(38.76%)

NASDAQ

(34.26%)

Enterprise Software (1)

(24.12%)

% Change

Logility

(52.61%)

American Software

(34.93%)

Russell 2000

(43.99%)

NASDAQ

(35.56%)

Enterprise Software (1)

(8.80%)

40

60

80

100

120

140

160

Logility

American Software

Russell 2000

NASDAQ

Enterprise Software (1)

0

50

100

150

200

250

Logility

American Software

Russell 2000

NASDAQ

Enterprise Software (1)

44

Logility

Stock Performance and Trading Information

Logility

Versus Major Market Indices

January 1, 2009 to the Announcement Date

Announcement Date to Current

% Change

Logility

8.22%

American Software

(10.85%)

Russell 2000

(20.21%)

NASDAQ

(10.42%)

Enterprise Software (1)

(13.05%)

% Change

Logility

2.60%

American Software

35.63%

Russell 2000

10.42%

NASDAQ

9.09%

Enterprise Software (1)

14.17%

60

70

80

90

100

110

120

Logility

American Software

Russell 2000

NASDAQ

Enterprise Software (1)

90

95

100

105

110

115

120

125

130

135

140

Logility

American Software

Russell 2000

NASDAQ

Enterprise Software (1)

As of April 15, 2009.

(1)

Includes  Epicor Software Corp. (EPIC), I2 Technologies, Inc. (ITWO), JDA Software Group Inc. (JDAS), Lawson Software, Inc. (LWSN),

Manhattan Associates, Inc. (MANH), Oracle Corp. (ORCL), QAD Inc. (QADI) and SAP AG (SAP).

$1.56 -

$5.44

$5.45 -$9.33

$9.34 -

$13.22

$13.23 -

$17.11

$17.12 -$21.00

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

$4.00 -

$6.17

$6.18 -

$8.34

$8.35 -

$10.51

$10.52 -

$12.68

$12.69 -

$14.85

0

100000

200000

300000

400000

500000

600000

$4.00 -

$5.00

$5.01 -

$6.00

$6.01 -

$7.00

$7.01 -

$8.00

$8.01 -

$9.00

$4.12 -

$4.31

$4.32 -

$4.50

$4.51 -

$4.69

$4.70 -

$4.88

$4.89

-

$5.07

0

10,000

20,000

30,000

40,000

50,000

60,000

45

Logility

Stock Performance and Trading Information

Logility

Trading Distribution

January 1, 2009  to Announcement Date

5.4%

25.9%

34.4%

16.7%

17.6%

Last Three Years Preceding Announcement Date

11.3%

34.9%

24.2%

19.6%

10.1%

Last Twelve Months Preceding Announcement Date

15.3%

6.5%

40.8%

26.1%

11.3%

IPO to Announcement Date

27.7%

25.7%

27.9%

14.0%

4.7%

$5.00 -

$5.09

$5.10 -

$5.19

$5.20 -

$5.28

$5.29 -

$5.38

$5.39 -

$5.48

0

10,000

20,000

30,000

40,000

50,000

60,000

46

Logility

Stock Performance and Trading Information

Logility

Trading Distribution

Announcement Date to Current

64.9%

12.1%

17.0%

2.8%

3.2%

As of 4/15/2009.

47

Valuation Methodology

Summary Financials

The following chart summarizes the financial information used in

VRA’s

valuation analysis:

($ in thousands)

Relevant Period

LTM

Calendar

1/31/2009

2009E

Revenue

$42,392

$40,662

Maintenance Revenue

$23,246

Not used

Adjusted EBITDA

$9,685

$9,062

Adjusted EBIT

$9,178

Not used

Adjusted Net Income

$6,189

$5,927

Book Value

$50,563

Not used

Tangible Book Value

$44,754

Not used

48

Financial and Trading Data for Reference Publicly Traded Companies

Reference Public Company Analysis

Financial Data

($ in millions)

As of 4/15/2009.

Note: Financial data as of most recent company filings.

(1)Market value of equity plus net debt.

(2)Excludes non-recurring and extraordinary items.

Equity

Market

Enterprise

Total

Latest Twelve Months

Company Name

Value

Value

(1)

Cash

Debt

Revenue

EBITDA

(2)

EBITDA%

EBIT

(2)

EBIT%

Selected Enterprise Software Companies

Epicor Software Corporation

269.0

504.7

89.8

325.5

487.9

76.3

15.6%

68.1

14.0%

I2 Technologies, Inc.

181.8

23.1

243.8

85.1

255.8

39.0

15.3%

35.5

13.9%

JDA Software Group Inc.

379.6

346.9

32.7

0.0

390.3

97.4

24.9%

87.7

22.5%

Lawson Software, Inc.

818.2

745.8

317.8

245.4

804.2

106.4

13.2%

90.4

11.2%

Manhattan Associates, Inc.

339.0

250.3

88.7

0.0

337.2

53.8

15.9%

44.3

13.1%

Oracle Corp.

92,641.7

92,585.7

11,294.0

11,238.0

23,630.0

11,144.0

47.2%

10,880.0

46.0%

QAD Inc.

91.7

77.2

31.5

17.0

263.4

7.0

2.7%

(3.2)

NM

SAP AG

36,043.6

36,965.2

2,309.0

3,230.6

15,454.2

5,075.0

32.8%

4,312.0

27.9%

American Software, Inc.

$154.0

$83.6

$70.3

$0.0

$80.7

$9.4

11.6%

$7.8

9.7%

Logility Inc.

66.2

18.9

47.3

0.0

42.4

9.7

22.8%

9.2

21.7%

49

As of 4/15/2009.

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)Represents Management’s projections as of April 3, 2009.

Trading Multiples for Reference Publicly Traded Companies

Reference Public Company Analysis

Trading Multiples

($ in millions, except per share data)

Enterprise Value to

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

Epicor Software Corporation

40.0%

1.03

6.6

7.4

1.10

7.6

2.62

3.50

6.8

7.7

6.8

12.0%

NM

I2 Technologies, Inc.

56.7%

0.09

0.6

0.7

0.10

NA

0.27

0.31

9.7

15.2

11.7

10.0%

1.60

JDA Software Group Inc.

57.5%

0.89

3.6

4.0

0.93

4.0

1.90

2.53

8.2

8.3

7.6

NA

6.43

Lawson Software, Inc.

57.1%

0.93

7.0

8.2

1.06

6.6

2.21

2.75

14.3

14.2

NM

10.0%

32.32

*

Manhattan Associates, Inc.

51.9%

0.74

4.7

5.6

0.96

7.7

NA

NA

10.4

23.5

18.3

12.5%

3.05

Oracle Corp.

78.7%

3.92

*

8.3

8.5

4.06

*

8.5

NA

NA

12.9

13.2

11.9

14.1%

NM

QAD Inc.

36.8%

0.29

11.0

*

NM

0.35

7.1

NA

NA

NM

45.8

*

49.7

*

NA

2.19

SAP AG

72.2%

2.39

7.3

8.6

2.36

8.0

NA

NA

11.7

11.7

10.3

10.3%

11.64

*

High

78.7%

3.92

x

11.0

x

8.6

x

4.06

x

8.5

x

2.62

x

3.50

x

14.3

x

45.8

x

49.7

x

14.1%

32.32

x

Mean

56.4%

0.91

5.4

6.1

0.98

7.1

1.75

2.27

10.6

13.4

11.1

11.5%

3.32

Median

56.9%

0.91

6.8

7.4

1.01

7.6

2.06

2.64

10.4

13.7

11.7

11.1%

4.74

Low

36.8%

0.09

0.6

0.7

0.10

4.0

0.27

0.31

6.8

7.7

6.8

10.0%

1.60

Excludes Oracle and SAP

High

57.5%

1.03

x

11.0

8.2

x

1.10

x

7.7

x

2.62

x

3.50

x

14.3

x

45.8

x

49.7

x

12.5%

32.32

x

Mean

50.0%

0.66

4.5

5.2

0.75

6.6

1.75

2.27

9.9

13.8

11.1

11.1%

3.32

Median

54.3%

0.82

5.6

5.6

0.94

7.1

2.06

2.64

9.7

14.7

11.7

11.0%

3.05

Low

36.8%

0.09

0.6

0.7

0.10

4.0

0.27

0.31

6.8

7.7

6.8

10.0%

1.60

American Software, Inc.

90.6%

1.04

x

8.9

x

10.7

x

1.02

x

6.5

x

2.95

x

3.99

x

43.7

x

30.3

x

16.6

x

17.0%

2.24

x

Logility Inc.

(3)

56.4%

0.45

2.0

2.1

0.47

2.1

0.81

1.04

10.7

11.2

NA

NA

1.48

50

Reference Public Company Analysis

Multiple Analysis

As of 4/15/2009.

Note: Financial data as of most recent company filings.

(1)Market value of equity plus net debt.

(2)Excludes non-recurring and extraordinary items.

Proposed

Multiples for Peer Companies

Acquisition at

Mean

Median

High

Low

$5.10 / share

Enterprise Value to Net Sales

LTM

0.91

x

0.91

x

3.92

x

0.09

x

0.45

x

Calendar 2009P

0.98

1.01

4.06

0.10

0.47

Enterprise Value to LTM Maintenance

Net sales

1.75

x

2.06

x

2.62

x

0.27

x

0.81

x

Gross Profit

2.27

2.64

3.50

0.31

1.04

Enterprise Value to EBITDA

LTM

5.4

x

6.8

x

11.0

x

0.6

x

2.0

x

Calendar 2009P

7.1

7.6

8.5

4.0

2.1

Enterprise Value to EBIT

LTM

6.1

x

7.4

x

8.6

x

0.7

x

2.1

x

Equity Value to Net Income

LTM

10.6

x

10.4

x

14.3

x

6.8

x

10.7

x

Calendar 2009P

13.4

13.7

45.8

7.7

11.2

Equity Value to Tangible Book Value

at 1/31/2009

3.32

x

4.74

x

32.32

x

1.60

x

1.48

x

51

Reference Public Company Analysis

Multiple Analysis –

Excludes SAP and Oracle

As of 4/15/2009.

Note: Financial data as of most recent company filings.

(1)Market value of equity plus net debt.

(2)Excludes non-recurring and extraordinary items.

Proposed

Multiples for Peer Companies

Acquisition at

Mean

Median

High

Low

$5.10 / share

Enterprise Value to Net Sales

LTM

0.66

x

0.82

x

1.03

x

0.09

x

0.45

x

Calendar 2009P

0.75

0.94

1.10

0.10

0.47

Enterprise Value to LTM Maintenance

Net sales

1.75

x

2.06

x

2.62

x

0.27

x

0.81

x

Gross Profit

2.27

2.64

3.50

0.31

1.04

Enterprise Value to EBITDA

LTM

4.5

x

5.6

x

11.0

x

0.6

x

2.0

x

Calendar 2009P

6.6

7.1

7.7

4.0

2.1

Enterprise Value to EBIT

LTM

5.2

x

5.6

x

8.2

x

0.7

x

2.1

x

Equity Value to Net Income

LTM

9.9

x

9.7

x

14.3

x

6.8

x

10.7

x

Calendar 2009P

13.8

14.7

45.8

7.7

11.2

Equity Value to Tangible Book Value

at 1/31/2009

3.32

x

3.05

x

32.32

x

1.60

x

1.48

x

52

Reference Public Company Analysis

Implied Valuation

($ in thousands, except per share data)

Mean

Implied

Net Debt

Implied

Implied

Logility

Peer

Enterprise

at

Equity

Equity Value

Valuation Metric

Weighting

Financials

Multiple

Value

1/31/2009

Value

Per Share

(1)

Enterprise Value to Net Sales:

30.0%

LTM

18.0%

$42,392

0.91

x

$38,566

($47,309)

$85,875

$6.61

Calendar 2009E

12.0%

40,662

0.98

39,878

(47,309)

87,187

6.71

Enterprise Value to Adjusted EBITDA:

35.0%

LTM

21.0%

$9,685

5.4

x

$52,612

($47,309)

$99,921

$7.69

Calendar 2009P

14.0%

9,062

7.1

64,009

(47,309)

111,318

8.57

Enterprise Value to Adjusted EBIT:

10.0%

LTM

10.0%

$9,178

6.1

x

$56,374

($47,309)

$103,683

$7.98

Equity Value to Adjusted Net Income

20.0%

LTM

12.0%

$6,189

10.6

x

$18,260

($47,309)

$65,569

$5.05

Calendar 2009P

8.0%

5,927

13.4

32,157

(47,309)

79,466

6.12

Equity Value to Tangible Book Value

5.0%

$44,754

3.32

x

$101,243

($47,309)

$148,552

11.44

at 1/31/2009

Mean

$50,387

$97,696

$7.52

Median

46,245

93,554

7.20

Weighted Mean

47,200

94,509

7.28

High

101,243

148,552

11.44

Low

18,260

65,569

5.05

As of 4/15/2009.

*Excluded from mean   NA – Not available   NM – Not meaningful

(1)Assumes 12,987,010 fully diluted shares outstanding.

53

Reference Public Company Analysis

Implied Valuation –

Excludes SAP and Oracle

($ in thousands, except per share data)

Mean

Implied

Net Debt

Implied

Implied

Logility

Peer

Enterprise

at

Equity

Equity Value

Valuation Metric

Weighting

Financials

Multiple

Value

1/31/2009

Value

Per Share

(1)

Enterprise Value to Net Sales:

30.0%

LTM

18.0%

$42,392

0.66

x

$28,094

($47,309)

$75,403

$5.81

Calendar 2009E

12.0%

40,662

0.75

30,532

(47,309)

77,841

5.99

Enterprise Value to Adjusted EBITDA:

35.0%

LTM

21.0%

$9,685

4.5

x

$43,455

($47,309)

$90,764

$6.99

Calendar 2009P

14.0%

9,062

6.6

59,820

(47,309)

107,129

8.25

Enterprise Value to Adjusted EBIT:

10.0%

LTM

10.0%

$9,178

5.2

x

$47,567

($47,309)

$94,876

$7.31

Equity Value to Adjusted Net Income

20.0%

LTM

12.0%

$6,189

9.9

x

$13,965

($47,309)

$61,274

$4.72

Calendar 2009P

8.0%

5,927

13.8

34,420

(47,309)

81,729

6.29

Equity Value to Tangible Book Value

5.0%

$44,754

3.32

x

$101,243

($47,309)

$148,552

11.44

at 1/31/2009

Mean

$44,887

$92,196

$7.10

Median

38,938

86,247

6.64

Weighted Mean

40,469

87,778

6.76

High

101,243

148,552

11.44

Low

13,965

61,274

4.72

As of 4/15/2009.

*Excluded from mean   NA – Not available   NM – Not meaningful

(1)Assumes 12,987,010 fully diluted shares outstanding.

54

Precedent Merger and Acquisition Transaction Analysis

Summary

Summary of Precedent M&A

Transactions

($ in millions)

Note: Transactions include change of control premium.

* Excluded from mean   NA – Not available   NM – Not meaningful

55

Precedent Merger and Acquisition Transaction Analysis

Summary

Summary of Precedent M&A

Transactions

($ in millions)

Note: Transactions include change of control premium.

* Excluded from mean   NA – Not available   NM – Not meaningful

56

Precedent Merger and Acquisition Transaction Analysis

Multiple Analysis

Proposed

Multiples for Precedent Transactions

Acquisition at

Mean

Median

High

Low

$5.10 / share

Enterprise Value to:

LTM Net Sales

1.49

x

1.62

x

4.28

x

0.25

x

0.45

x

LTM Adjusted EBITDA

14.4

16.7

507.0

6.6

2.0

LTM Adjusted EBIT

20.0

28.1

158.8

9.5

2.1

Equity Value to:

LTM Adjusted Net Income

20.0

x

38.5

x

308.4

x

13.7

x

10.7

x

Book Value

3.56

3.56

10.38

1.37

1.31

57

Precedent Merger and Acquisition Transaction Analysis

Multiple Analysis –

Transactions Under $100 million

Proposed

Multiples for Precedent Transactions

Acquisition at

Mean

Median

High

Low

$5.10 / share

Enterprise Value to:

LTM Net Sales

1.13

x

1.18

x

4.03

x

0.25

x

0.45

x

LTM Adjusted EBITDA

12.0

10.1

27.2

6.6

2.0

LTM Adjusted EBIT

18.3

14.9

30.5

9.5

2.1

Equity Value to:

LTM Adjusted Net Income

18.3

x

18.6

x

20.4

x

15.9

x

10.7

x

Book Value

4.94

5.02

10.38

1.85

1.31

58

Precedent Merger and Acquisition Transaction Analysis

Implied Valuation

($ in thousands, except per share data)

Mean

Implied

Net Debt

Implied

Implied

Logility

Transaction

Enterprise

at

Equity

Equity Value

Valuation Metric

Weighting

Financials

Multiple

Value

1/31/09

Value

Per Share

(1)

Enterprise Value to:

LTM Net Sales

30.0%

$42,392

1.49

x

$63,175

($47,309)

$110,484

$8.51

LTM Adjusted EBITDA

35.0%

$9,685

14.4

x

$139,340

($47,309)

$186,649

$14.37

LTM Adjusted EBIT

10.0%

$9,178

20.0

x

$183,319

($47,309)

$230,628

$17.76

Equity Value to:

LTM Adjusted Net Income

20.0%

$6,189

20.0

x

$76,560

($47,309)

$123,869

$9.54

Book Value at 1/31/2009

5.0%

$50,563

3.56

x

$132,884

($47,309)

$180,193

$13.87

Mean

$119,056

$166,365

$12.81

Median

132,884

180,193

13.87

Weighted Mean

108,009

155,318

11.96

High

183,319

230,628

17.76

Low

63,175

110,484

8.51

*Excluded from mean   NA – Not available   NM – Not meaningful

(1)Assumes 12,987,010 fully diluted shares outstanding.

59

Precedent Merger and Acquisition Transaction Analysis

Implied Valuation –

Transactions Under $100 million

($ in thousands, except per share data)

Mean

Implied

Net Debt

Implied

Implied

Logility

Transaction

Enterprise

at

Equity

Equity Value

Valuation Metric

Weighting

Financials

Multiple

Value

1/31/09

Value

Per Share

(1)

Enterprise Value to:

LTM Net Sales

30.0%

$42,392

1.13

x

$47,961

($47,309)

$95,270

$7.34

LTM Adjusted EBITDA

35.0%

$9,685

12.0

x

$116,113

($47,309)

$163,422

$12.58

LTM Adjusted EBIT

10.0%

$9,178

18.3

x

$168,223

($47,309)

$215,532

$16.60

Equity Value to:

LTM Adjusted Net Income

20.0%

$6,189

18.3

x

$65,986

($47,309)

$113,295

$8.72

Book Value at 1/31/2009

5.0%

$50,563

4.94

x

$202,578

($47,309)

$249,887

$19.24

Mean

$120,172

$167,481

$12.90

Median

116,113

163,422

12.58

Weighted Mean

95,176

142,485

10.97

High

202,578

249,887

19.24

Low

47,961

95,270

7.34

*Excluded from mean   NA – Not available   NM – Not meaningful

(1)Assumes 12,987,010 fully diluted shares outstanding.

60

Premiums Paid Analysis

Methodology

VRA reviewed premiums paid in certain recently announced merger and acquisition transactions with the following criteria:

Majority Shareholder Purchasing Remaining Shares

—Announcement date between January 1, 2004 and Current

—U.S. based target

Transactions in the Application Software Sector

—Announcement date between January 1, 2004 and Current

—U.S. based target

61

Majority Shareholder Purchasing Remaining Shares

Premiums Paid Analysis

Implied Valuation

($ in thousands, except per share data)

*Excluded

from

mean

NA

-

Not

available

NM

-

Not

meaningful

(1)

Assumes announcement date of March 18, 2009 after trading closed.

(2)

Assumes 12,987,010 fully diluted shares outstanding.

(3)

Closing price on March 18, 2009.

(4)

Closing price on March 12, 2009.

(5)

Closing price on February 5, 2009.

Implied

Logility

Relevant

Mean

Equity Value

Implied

Net Debt at

Implied

Valuation Parameter

(1)

Stock Price

Premium (%)

Per Share

Equity Value

(2)

01/31/09

Enterprise Value

Stock Price 1 Day Prior to Announcement

$5.00

(3)

22.6

%

$6.13

$79,627

($47,309)

$32,318

Stock Price 5 Days Prior to Announcement

$4.69

(4)

22.5

%

$5.75

$74,638

($47,309)

$27,329

Stock Price 30 Days Prior to Announcement

$4.63

(5)

23.7

%

$5.73

$74,390

($47,309)

$27,081

Mean

$5.87

$76,218

$28,909

Median

5.75

74,638

27,329

High

6.13

79,627

32,318

Low

5.73

74,390

27,081

62

Premiums Paid Analysis

Implied Valuation

Transactions in the Application Software Sector

($ in thousands, except per share data)

*Excluded

from

mean

NA

-

Not

available

NM

-

Not

meaningful

(1)

Assumes announcement date of March 18, 2009 after trading closed.

(2)

Assumes 12,987,010 fully diluted shares outstanding.

(3)

Closing price on March 18, 2009.

(4)

Closing price on March 12, 2009.

(5)

Closing price on February 5, 2009.

Implied

Logility

Relevant

Mean

Equity Value

Implied

Net Debt at

Implied

Valuation Parameter

(1)

Stock Price

Premium (%)

Per Share

Equity Value

(2)

01/31/09

Enterprise Value

Stock Price 1 Day Prior to Announcement

$5.00

(3)

25.1

%

$6.25

$81,210

($47,309)

$33,901

Stock Price 5 Days Prior to Announcement

$4.69

(4)

27.5

%

$5.98

$77,631

($47,309)

$30,322

Stock Price 30 Days Prior to Announcement

$4.63

(5)

32.2

%

$6.12

$79,474

($47,309)

$32,165

Mean

$6.12

$79,438

$32,129

Median

6.12

79,474

32,165

High

6.25

81,210

33,901

Low

5.98

77,631

30,322

63

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

$41,166

$41,117

$42,351

$44,468

$47,581

$50,911

% Growth

NA

2.6%

(8.3%)

(0.1%)

3.0%

5.0%

7.0%

7.0%

Cost of Revenue

14,419

15,950

12,794

12,727

13,109

13,764

14,728

15,759

Gross Margin

$29,344

$28,958

$28,372

$28,390

$29,242

$30,704

$32,853

$35,153

% of Revenue

67.1%

64.5%

68.9%

69.0%

69.0%

69.0%

69.0%

69.0%

Selling, General and Admin. Expenses

(1)

20,133

20,004

18,857

19,560

19,925

20,698

21,909

23,443

Adjusted EBITDA

(1)

$9,211

$8,954

$9,515

$8,830

$9,317

$10,005

$10,944

$11,710

% of Revenue

21.0%

19.9%

23.1%

21.5%

22.0%

22.5%

23.0%

23.0%

Depreciation Expense

690

649

525

781

804

845

904

967

% of Revenue

1.6%

1.4%

1.3%

1.9%

1.9%

1.9%

1.9%

1.9%

Adjusted EBIT

(2)

$8,521

$8,305

$8,990

$8,049

$8,513

$9,161

$10,040

$10,743

Effective Tax Rate

35.2%

35.2%

35.2%

35.2%

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

$100

$100

$100

Increase (Decrease) in Current Assets - Excl. Cash

(12)

293

502

738

790

(Increase) Decrease in Current Liabilities - Excl. Short-Term Debt

20

(449)

(771)

(1,134)

(1,213)

Increase (Decrease) in Working Capital

8

(157)

(269)

(395)

(423)

TOTAL USES

$88

($57)

($169)

($295)

($323)

FREE CASH FLOW

$5,907

$6,375

$6,947

$7,702

$8,249

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.

64

Discounted Cash Flow Analysis

Implied Valuation

($ in thousands, except per share data)

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.

Discount Rate

15.00%

17.50%

20.00%

22.50%

25.00%

Present Value of Cash Flows:

$23,030

$21,651

$20,399

$19,260

$18,220

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

$46,317

$42,564

$39,223

$36,240

$33,568

Exit Multiple

4.5 x

$49,228

$45,178

$41,576

$38,362

$35,487

Firm Value to EBITDA

5.0 x

$52,139

$47,792

$43,929

$40,484

$37,406

5.5 x

$55,050

$50,406

$46,282

$42,607

$39,324

6.0 x

$57,960

$53,020

$48,635

$44,729

$41,243

Implied Equity Value

4.0 x

$93,626

$89,873

$86,532

$83,549

$80,877

Exit Multiple

4.5 x

$96,537

$92,487

$88,885

$85,671

$82,796

Firm Value to EBITDA

5.0 x

$99,448

$95,101

$91,238

$87,793

$84,715

5.5 x

$102,359

$97,715

$93,591

$89,916

$86,633

6.0 x

$105,269

$100,329

$95,944

$92,038

$88,552

Implied Equity Value Per Share

4.0 x

$7.21

$6.92

$6.66

$6.43

$6.23

Exit Multiple

4.5 x

$7.43

$7.12

$6.84

$6.60

$6.38

Firm Value to EBITDA

5.0 x

$7.66

$7.32

$7.03

$6.76

$6.52

5.5 x

$7.88

$7.52

$7.21

$6.92

$6.67

6.0 x

$8.11

$7.73

$7.39

$7.09

$6.82

65

Discounted Cash Flow Analysis

Sensitivity Analysis

Equity Value Per Share

Change in

(1)

EBITDA

Margin

(2)

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-10.00%

$4.84

$5.04

$5.23

$5.43

$5.62

$5.82

$6.02

$6.21

$6.41

$6.60

$6.80

-8.00%

$4.97

$5.18

$5.39

$5.60

$5.82

$6.03

$6.24

$6.45

$6.67

$6.88

$7.09

-6.00%

$5.10

$5.33

$5.56

$5.79

$6.02

$6.25

$6.48

$6.71

$6.94

$7.17

$7.40

-4.00%

$5.25

$5.50

$5.75

$6.00

$6.24

$6.49

$6.74

$6.99

$7.24

$7.49

$7.74

-2.00%

$5.41

$5.68

$5.94

$6.21

$6.48

$6.75

$7.02

$7.29

$7.56

$7.82

$8.09

0.00%

$5.58

$5.87

$6.16

$6.45

$6.74

$7.03

$7.32

$7.61

$7.90

$8.19

$8.48

2.00%

$5.75

$6.07

$6.38

$6.69

$7.01

$7.32

$7.63

$7.95

$8.26

$8.57

$8.88

4.00%

$5.95

$6.28

$6.62

$6.96

$7.30

$7.63

$7.97

$8.31

$8.65

$8.98

$9.32

6.00%

$6.15

$6.52

$6.88

$7.24

$7.61

$7.97

$8.33

$8.70

$9.06

$9.42

$9.79

8.00%

$6.37

$6.76

$7.15

$7.54

$7.94

$8.33

$8.72

$9.11

$9.50

$9.89

$10.29

10.00%

$6.60

$7.02

$7.45

$7.87

$8.29

$8.71

$9.13

$9.55

$9.97

$10.39

$10.82

Change

in

Projected

Annual

Revenue

Growth

(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.

66

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

$18,260

$46,245

$50,387

$47,200

$101,243

$65,569

$93,554

$97,696

$94,509

$148,552

Reference Public Company Analysis Excluding

$13,965

$38,938

$44,887

$40,469

$101,243

$61,274

$86,247

$92,196

$87,778

$148,552

SAP and ORCL

Precedent M&A Transaction Analysis

$63,175

$132,884

$119,056

$108,009

$183,319

$110,484

$180,193

$166,365

$155,318

$230,628

Precedent M&A Transaction Analysis

Transactions Under $100 Million

$47,961

$116,113

$120,172

$95,176

$202,578

$95,270

$163,422

$167,481

$142,485

$249,887

Discounted Cash Flow Analysis

$33,568

$43,929

$44,350

$44,350

$57,960

$80,877

$91,238

$91,659

$91,659

$105,269

Premiums Paid Analysis:

Majority Shareholder Purchasing Remaining Shares

$27,081

$27,329

$28,909

$28,909

$32,318

$74,390

$74,638

$76,218

$76,218

$79,627

Transactions in the Application Software Sector

$30,322

$32,165

$32,129

$32,129

$33,901

$77,631

$79,474

$79,438

$79,438

$81,210

Equity Value Per Share

Valuation Methodology

Low

Median

Mean

Wgt. Mean

High

Reference Public Company Analysis

$5.05

$7.20

$7.52

$7.28

$11.44

Reference Public Company Analysis Excluding

$4.72

$6.64

$7.10

$6.76

$11.44

SAP and ORCL

Precedent M&A Transaction Analysis

$8.51

$13.87

$12.81

$11.96

$17.76

Precedent M&A Transaction Analysis

Transactions Under $100 Million

$7.34

$12.58

$12.90

$10.97

$19.24

Discounted Cash Flow Analysis

$6.23

$7.03

$7.06

$7.06

$8.11

Premiums Paid Analysis:

Majority Shareholder Purchasing Remaining Shares

$5.73

$5.75

$5.87

$5.87

$6.13

Transactions in the Application Software Sector

$5.98

$6.12

$6.12

$6.12

$6.25

Reference Public Company Analysis

Business Descriptions

67

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 managing inventory.

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.

68

Premiums Paid Analysis

Majority Shareholder Purchasing Remaining Shares

Implied

Implied

Total

Transaction

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

Value

Repurchased

Value

Announcement

Announcement

Announcement

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

*

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

*

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

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

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

NA

22.1

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

5.5

09/07/07

Emerson Radio Corp.

Consumer Electronics

Grande Holdings Ltd.

7.3

106.1

6.8%

87.7

50.5

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

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

10/07/05

Micro Therapeutics Inc.

Healthcare Equipment

ev3, Inc.

93.6

312.7

29.9%

309.7

9.8

15.2

7.6

01/17/05

Unitedglobalcom Inc.

Alternative Carriers

Liberty Global Inc.

3,481.4

7,503.0

46.4%

11,508.8

-0.7

*

3.2

1.8

01/15/04

Phosphate Resource Partners LP

Fertilizers and Agricultural Chemicals

Mosaic Global Holdings Inc.

53.5

110.6

48.4%

684.6

12.1

24.0

2.7

Mean

22.6

22.5

23.7

%

Median

35.9

35.6

35.8

$ in millions except per share data, * Excluded from mean   NA –

Not available   NM –

Not meaningful

69

Premiums Paid Analysis

Transactions in the Application Software Industry

Implied

Implied

Transaction

Transaction

Premium (%)

Date

Equity

Enterprise

1 Day Prior to

5 Days Prior to

30 Days Prior to

Announced

Target

Acquiror

Value

Value

Announcement

Announcement

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

0.7

-7.0

*

-14.9

*

-9.1

*

05/16/08

Diversified Opportunities, Inc.

QRSciences Holdings Ltd.

0.6

0.7

-30.0

*

-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

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

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

70

Premiums Paid Analysis

Transactions in the Application Software Industry

Implied

Implied

Transaction

Transaction

Premium (%)

Date

Equity

Enterprise

1 Day Prior to

5 Days Prior to

30 Days Prior to

Announced

Target

Acquiror

Value

Value

Announcement

Announcement

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

*

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

$ in millions except per share data, * Excluded from mean   NA –

Not available   NM –

Not meaningful

71

Premiums Paid Analysis

Transactions in the Application Software Industry

Implied

Implied

Transaction

Transaction

Premium (%)

Date

Equity

Enterprise

1 Day Prior to

5 Days Prior to

30 Days Prior to

Announced

Target

Acquiror

Value

Value

Announcement

Announcement

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