Netsuite SC 13E3 Going private transaction

Exhibit (c)(1)

Project Warriors Materials for Discussion DRAFT Preliminary | Subject to Further Review and Evaluation February 22, 2016

Agenda 2 CONFIDENTIAL | DRAFT •Curry Trading and Financial Summary •Illustrative Preliminary Curry Valuation Analyses •Detail on Potential Partners •Appendices -Additional Detail on Curry -Price and Multiple Evolution of Selected Companies -Additional Financial Information -Illustrative Cost of Capital Calculation

 Curry Trading and Financial Summary

Curry Long-Term Trading Performance December 20, 2007 (Since IPO) to February 19, 2016 NTM Rev Mult. Price $140.00 2010 2011 2012 2013 2014 2015 2016YTD $27.11 47.73 67.30 111.56 119.63 107.87 82.38 $12.13 25.34 38.51 65.94 71.42 79.28 53.11 $17.44 33.92 52.62 89.16 93.48 92.72 67.31 8.0x 11.8 13.5 18.2 17.2 12.5 7.5 3.7x 6.7 9.2 11.8 9.4 7.2 4.5 5.3x 9.1 11.4 15.0 12.2 9.4 5.9 17.5x $120.00 15.0x $100.00 12.5x $80.00 10.0x Price: $56.25 $60.00 7.5x NTM Rev Mult: 4.8x $40.00 5.0x $20.00 2.5x $0.00 0.0x Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Source: CapitalIQ. 4 CONFIDENTIAL | DRAFT Current $56.25 4.8x Curry Trading Overview Price NTM Rev Mult High Low Average High Low Average

Curry Short-Term Trading Performance January 2, 2015 to February 19, 2016 ev Mult. Price $110.00 13.0x Price Reaction: (8%) Price Reaction: +8% January 28, 2016: $100.00 11.5x $206M vs. guided revenue of $90.00 10.0x $80.00 8.5x $70.00 7.0x Price Reaction: (5%) Price: $56.25 $60.00 5.5x NTM Rev Mult: 4.8x $50.00 4.0x Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Source: CapitalIQ. 5 CONFIDENTIAL | DRAFT January 29, 2015: Announced Q4’14 July 23, 2015: Revenue of $158M vs. Announced Q2’15 Revenue of guided revenue of $154M - $177M vs. guided revenue of October 22, 2015: Announced Q3’15 Revenue of NTM R $156M vs. street$170M - $172M vs. street $193M vs. guided revenue of $192M - $194M vs. street expectations of $193M. Price Reaction: (7%) expectations of $155Mexpectations of $172M. Announced Q4’15 Revenue of $202M - 205M vs. street expectations of $205M. Price Reaction: +6% April 23, 2015: Announced Q1’15 Revenue of $165M vs. guided revenue of $160M - $162M vs. street expectations of $162M. Announced acquisition of Bronto Software for $200M.

Relative Trading Performance Source: Capital IQ. Current prices as of February 19, 2016. 6 (1) Curry price indexed to first trading day closing price of $35.50. CONFIDENTIAL | DRAFT +81% NOW ULTI +409% ULTI +65% CRM +45% +282% CRM +45% Nasdaq +19% DWRE WDAY +8% Nasdaq +71% LNKD +1% (14%) CSOD Curry +58% (18%) Curry (8%) Nasdaq ULTI +443% (13%) ULTI CRM (19%) +243% Curry CSOD (23%) (27%) WDAY (32%) Curry +232% CRM NOW (35%) DWRE (37%) Nasdaq +95% (49%) LNKD Since 2013 (January 2, 2013) Since 2016 (January 4, 2016) Since 2010 (January 4, 2010) Since Curry IPO (December 20, 2007)(1)

Performance vs. Expectations Actual vs. Guidance Actual vs. Guidance ($0.2) $0.9 $2.7 ($1.7) ($1.1) $0.5 ($4.8) ($3.5) ($MM) 1% (1%) 1% (1%) 1% (1%) 2% 2% Performance Source: ThomsonOne and Company filings. 7 CONFIDENTIAL | DRAFT Non-GAAP EPS Revenue ($MM) $0.02 $120.9 $0.02 $120.0 $0.06 $123.0 $0.03 $131.9 $0.03 $131.0 $0.06 $131.8 $0.04 $141.6 $0.04 $141.0 $0.11 $143.7 $0.10 $155.4 $0.09 $155.0 $0.10 $157.9 $0.05 $161.5 $0.05 $161.0 $0.11 $164.8 $0.02 $172.2 $0.04 $171.0 $0.02 $177.3 Legend $0.02 $193.4 $0.02 $193.0 $0.03 $192.8 $0.04 $204.6 $0.04 $203.5 $0.05 $206.2 Curry Price4%(4%)11%(8%)(5%)8%(7%)6% Reaction NASDAQ Guidance vs. Expectations Revenue Non-GAAP($0.02)($0.05)($0.01)($0.04)($0.03)($0.02)($0.02)($0.06) EPS 25% $0.01 100% $0.02 11% $0.01 120% $0.06 214% $0.08 151% $0.04 280% $0.04 (43%) ($0.02) 1% $2.7 (0%) ($0.2) 2% $2.9 2% $3.8 2% $2.7 1% $0.8 2% $3.0 4% $6.3 Q4’15 Q2’15 Q1’15 Q3’15 Q4’14 Q2’14 Q1’14 Q3’14 CY2015 CY2014 Consensus Estimates Guidance (Based on midpoint of range) Actuals

Summary Forecast of Preliminary Curry Management ($MM, except for per share prices) Calendar Year '15A - '21E 210 268 327 390 468 561 25% 421 524 643 797 982 1,185 23% 608 769 951 1,183 1,468 1,791 24% 4% 4% 6% 9% 11% 13% 82 84 86 89 91 94 14% 14% 16% 19% 21% 23% 50% 88 109 177 270 401 564 Note: Non-GAAP financials exclude stock-based compensation, amortization of intangibles and other non-recurring items. Source: Based on Curry Management as of February 2016. 8 CONFIDENTIAL | DRAFT Annual Financials 2014A2015A2016E 2017E 2018E 2019E 2020E2021E CAGR Recurring $448$593 Non-Recurring 109148 Revenue $556$741 $751$949$1,206$1,539$1,957$2,46227% $960$1,218$1,533$1,929$2,425 $3,023 26% % Growth 34%33% 30%27%26%26%26%25% Non-GAAP Gross Profit398521 % Margin 72%70% Research and Development 78103 Sales and Marketing 252343 General and Administrative 3953 Total Operating Expenses 369499 % of Revenue66%67% Non-GAAP Operating Income 2922 6518301,062 1,369 1,754 2,20527% 68%68%69%71%72%73% 12516520726032740826% 627910012615919825% 63%63%62%61%61%59% 446111118528541463% % Margin 5%3% 5%5%7%10%12%14% Non-GAAP Net Income 2918 % Margin 5%2% Non-GAAP EPS $0.32 $0.22 % Growth 23%(31%) Average Shares 78 80 37529917026739167% $0.45 $0.62 $1.15$1.92$2.93 $4.18 63% 101%39%85%68%52%43% Memo: Cash Flow from Operations $75$100 % Margin 13%14% Capital Expenditures (24)(50) Levered Free Cash Flow 5150 $138$169$249$361$514$70338% (50)(60)(72)(91)(112)(139) % Margin 9%7% 9%9%12%14%17%19% Revenue Mix: Recurring 80%80% Non-Recurring 20%20% 78%78%79%80%81%81% 22%22%21%20%19%19% Operating Expense - % of Revenue: Research and Development 14% 14% Sales and Marketing 45% 46% General and Administrative 7% 7% 13%14%13%13%13%13% 44%43%42%41%41%39% 6%7%7%7%7%7% Summary of Assumptions • Bookings growth drives revenue – model assumes that bookings growth decreases in the projection period (25% in CY2016E down to 22% in terminal year) • Slight increase in recurring bookings as a percentage of total bookings from 52% up to 58% • Improvements in both recurring (85.4% to 86.7%) and non-recurring (4.8% to 12.5%) gross margins during the projection period • Slight improvement in sales productivity over the projection period ($0.88 in CY2016E down to $0.85 in terminal year) • Other operating expense line-items largely held flat as a percentage of revenue

Comparison ofCurry Street and Preliminary Curry Management Forecast Actuals Forecast Actuals Forecast Actuals Forecast $4.18 Historical 2012A – 2015A CAGR: 34% Historical 2012A – 2015A CAGR: (5%) $3,023 S R: 27% S R: 53% $2,425 Management 2015A – 2021E CAGR: 26% Management 2015A – 2021E CAGR: 63% $0.45 $0.43 '12A '13A '14A '15A '16E '17E '18E '19E '20E '21E '12A '13A '14A '15A '16E '17E '18E '19E '20E '21E '12A '13A '14A '15A '16E '17E '18E '19E '20E '21E Actuals Forecast Forecast Actuals Forecast Actuals $564 Historical 2012A – 2015A CAGR: (1%) Historical 2012A – 2015A CAGR: 6% S R: 50% S R: 43% Management 2015A – 2021E CAGR: 63% Management 2015A – 2021E CAGR: 50% $401 $119 $147 $41 '12A '13A '14A '15A '16E '17E '18E '19E '20E '21E '12A '13A '14A '15A '16E '17E '18E '19E '20E '21E '12A '13A '14A '15A '16E '17E '18E '19E '20E '21E Note: Non-GAAP financials exclude stock-based compensation, amortization of intangibles and other non-recurring items. 9 (1) (2) Based on mean consensus analyst research estimates as of February 19, 2016. CONFIDENTIAL | DRAFT Based on Curry Management as of February 2016. Legend treet 2015A – 2018E CAG $42 $42 $51 $50 $270 $177 $88 $85 $109 treet 2015A – 2018E CAG $22 $24 $29 $22 $414 $285 $185 $111 $44 $67 $61 $74 7% 6% 5% 3% 14% 12% 10% 7% 6% 5% 4% 5% 5% Non-GAAP Operating Margin (%) Non-GAAP Operating Profit ($MM) Levered Free Cash Flow ($MM) treet 2015A – 2018E CAG $0.26 $0.26 $0.32 $0.22 $2.93 $1.92 $1.15 $0.69 $0.62 $0.79 treet 2015A – 2018E CAG $741 $556 $309 $415 $1,929 $1,533 $1,221 $962$1,511 $1,218 $960 34% 34% 33% 31% 30% 30% 27% 26% 26% 26% 25% 27% 24% Revenue Growth (%) Non-GAAP Earnings Per Share ($) Revenue ($MM) Historical Street (1) Curry Management (2)

Comparison ofCurry Street and Preliminary Curry Management Forecast (CONTINUED) ($MM, except per share amounts) 2016E Note: Non-GAAP financials exclude stock-based compensation, amortization of intangibles and other non-recurring items. Numbers may not add due to rounding. (1) Based on mean consensus analyst research estimates as of February 19, 2016. (2) Based on Curry Management as of February 2016. 10 CONFIDENTIAL | DRAFT Q1 Prelim. Street (1) Mgmt (2) Mgmt from Street CY2 Prelim. Street (1) Mgmt (2) 016E Mgmt from Street CY2 Prelim. Street (1) Mgmt (2) 017E Mgmt from Street $ % $ % $ % Revenue$214$216 $21% $962$960 (1)(0%) $1,221$1,218 ($4)(0%) Annual Growth30%31% Non-GAAP Gross Profit150149 Gross Margin70%69% Non-GAAP Operating Income46 Operating Margin2%3% Non-GAAP Net Income34 Net Margin1%2% 108 bps (1)(1%) (122 bps) 246% 79 bps 153% 63 bps 30%30% 675651 70%68% 4144 4%5% 3537 4%4% (20 bps) (23)(3%) (233 bps) 26% 25 bps 14% 15 bps 27%27% 859830 70%68% 6761 6%5% 5952 5%4% (19 bps) (29)(3%) (219 bps) (6)(9%) (46 bps) (6)(11%) (50 bps) Non-GAAP EPS$0.03$0.05 $0.0252% $0.43$0.45 $0.024% $0.69$0.62 ($0.07)(11%) Annual Growth(72%)(58%) WASO 80.9 81.4 Cash Flow from Operations$24$22 % of Revenue11%10% 1,451 bps 0.51% (3)(11%) (137 bps) 93%101% 82.182.0 $138$138 14%14% 796 bps (0)(0%) $00% 6 bps 62%39% 84.484.2 $180$169 15%14% (2,289 bps) (0)(0%) ($11)(6%) (83 bps) Levered Free Cash Flow12--- 8588 33% 119109 (11)(9%) LFCF Margin5%-- 9%9% 32 bps 10%9% (87 bps) Curry Annual Financial Results Curry Quarterly Financial Results Q1 2016E Management Guidance Revenue: $212MM - $214MM Non-GAAP EPS: $0.02 - $0.03 CFO: $22MM - $24MM 2016E Management Guidance Revenue: $950MM - $970MM Non-GAAP EPS: $0.40 - $0.45 CFO: $135MM - $140MM

Summary of Selected Analyst Estimates ($MM, except per share amounts) 01/30/16 FBN Buy 90.00 DCF DCF 01/29/16 Barclays Hold 97.00 6.0x CY17E Revenue 01/29/16 DA Davidson (1) Buy 130.00 8.3x CY17E Revenue / DCF 2 01/29/16 FBR Buy 90.00 7.0x CY16E Revenue 01/29/16 JP Morgan Buy 89.00 7.5x CY16E Revenue 01/29/16 Morgan Stanley Sell 71.00 26.0x Discounted CY21E LFCF Price Targets 01/29/16 Nomura Hold 95.00 DCF 01/29/16 Raymond James Sell - - 01/29/16 SIG Hold 70.00 6.0x CY16E Revenue 01/29/16 Stifel Hold - - 01/29/16 William Blair Buy - - 01/28/16 Canaccord Hold 100.00 6.6x CY17E Revenue / 61.0x CY17E LFCF 01/28/16 Mizuho Hold 67.00 4.0x CY17E Billings Note: Statistics exclude stock-based compensation expense and amortization of intangibles. (1) DA Davidson price target based on 12-18 month price target. 11 CONFIDENTIAL | DRAFT (2) Brokers using multiple valuation methodologies included multiple times. DA (1) JMP Canaccord Barclays Nomura FBN FBR JPM CS MKM DB RBC SunTrust BNP PJ MS BAML SIG Stephens Mizuho Benchmark $130.00 $100.00 $100.00 $97.00 $95.00 $90.00 $90.00 $89.00 $85.00 $82.00 $80.00 $80.00 $77.00 $75.00 $72.00 $71.00 $70.00 $70.00 $70.00 $67.00 $65.00 01/28/16Pacific CrestHold--Median$80.00 Mean83.57 Max$130.00 Min65.00 01/28/16Credit SuisseBuy85.007.0x CY16E Revenue 01/28/16BTIGHold-DCF 01/29/16SunTrustBuy77.006.0x CY16E Revenue / DCF 01/29/16StephensHold70.004.5x CY17E Revenue 01/29/16RBCBuy80.005.3x CY17E Revenue 01/29/16Piper JaffraySell72.001.3x CY16E CFO / CFO Growth 01/29/16NeedhamHold--Current Price: $56.25 01/29/16MKMBuy82.006.0x CY16E Billings 01/29/16JMPBuy100.006.3x CY17E Revenue 01/29/16Deutsche BankBuy80.005.0x CY17E Revenue 01/29/16BNP ParibasHold75.006.0x CY16E Revenue 01/29/16BAMLSell70.004.6x CY17E Revenue Valuation Methodologies(2) Other 1 5 Revenue 15 2 Broker Recommendations Sell 15%Buy 41% Hold 44% BrokerPrice DateCompanyRec.TargetValuation Methodology 02/01/16BenchmarkHold$65.005.4x CY16E Revenue

Summary of Selected Analyst Estimates (CONTINUED) ($MM, except per share amounts) 01/30/16 FBN 961 1,221 - 30% 27% - 4% 5% - 0.42 0.67 - - - - 01/29/16 Barclays 957 1,213 - 29% 27% - 5% 7% - 0.43 0.80 - 9% 10% - 01/29/16 DA Davidson 962 1,235 - 30% 28% - 4% 6% - 0.44 0.85 - 9% 10% - 01/29/16 FBR 964 - - 30% - - 4% - - 0.44 - - - - - 01/29/16 JP Morgan 951 1,163 - 28% 22% - 5% 7% - 0.41 0.51 - 9% 8% - 01/29/16 Morgan Stanley 967 1,217 1,489 30% 26% 22% 4% 4% 5% 0.41 0.57 0.80 9% 10% 11% 01/29/16 Nomura 969 1,221 1,528 31% 26% 25% 4% 5% 5% 0.45 0.62 0.80 9% 9% 8% 01/29/16 Raymond James 961 1,227 - 30% 28% - 4% 5% - 0.43 0.69 - 9% 10% - 01/29/16 SIG 961 1,230 - 30% 28% - 4% 5% - 0.43 0.66 - 9% 9% - 01/29/16 Stifel 963 1,226 - 30% 27% - 4% 6% - 0.40 0.69 - 9% 11% - 01/29/16 William Blair 957 1,201 - 29% 26% - 4% 5% - 0.41 0.70 - - - - 01/28/16 Canaccord 965 1,223 - 30% 27% - 5% 6% - 0.44 0.78 - 9% 11% - 01/28/16 Mizuho 959 1,188 - 29% 24% - 4% 6% - 0.43 0.71 - 9% 9% - Note: Statistics exclude stock-based compensation expense and amortization of intangibles. (1) Based on Curry Management as of February 2016. 12 CONFIDENTIAL | DRAFT 01/28/16 Pacific Crest 960 1,224 - 30% 27% - 4% 5% - 0.42 0.66 - 9% 10% - Median $961 $1,221 $1,515 30%27%24%4%5%5%$0.43 $0.69 $0.80 9%10%10% Mean 962 1,221 1,511 30%27%24%4%6%5%0.43 0.69 0.79 9%10%10% Max $969 $1,272 $1,528 31%31%25%6%7%5%$0.45 $0.85 $0.80 9%12%11% Min 951 1,163 1,489 28%22%22%4%4%4%0.40 0.51 0.76 7%8%8% Curry Preliminary Management (1) $960 $1,218 $1,533 30%27%26%5%5%7%$0.45 $0.62 $1.15 9%9%12% 01/28/16 Credit Suisse 969 1,272 - 31% 31% - 4% 6% - 0.44 0.84 - 9% 12% - 01/28/16 BTIG 959 1,220 - 29% 27% - 4% 5% - 0.43 0.70 - - - - 01/29/16 SunTrust 961 1,237 - 30% 29% - 4% 5% - 0.44 0.71 - 8% 11% - 01/29/16 Stephens 961 1,197 - 30% 25% - 4% 5% - 0.44 0.62 - - - - 01/29/16 RBC 961 1,229 - 30% 28% - 4% 5% - 0.42 0.72 - 9% 8% - 01/29/16 Piper Jaffray 964 1,219 - 30% 26% - 4% 5% - 0.42 0.70 - 9% 10% - 01/29/16 Needham 955 - - 29% - - 4% - - 0.42 - - - - - 01/29/16 MKM 959 1,208 - 29% 26% - 4% 5% - 0.42 0.65 - 7% - - 01/29/16 JMP 969 1,268 - 31% 31% - 6% 7% - 0.44 0.71 - 9% 11% - 01/29/16 Deutsche Bank 965 1,237 - 30% 28% - 4% 5% - 0.44 0.75 - - - - 01/29/16 BNP Paribas 967 1,222 - 30% 26% - - - - - - - 8% 9% - 01/29/16 BAML 960 1,219 1,515 29% 27% 24% 4% 4% 4% 0.42 0.58 0.76 9% 10% 10% Revenue Rev. Growth %Operating MarginEarnings Per Share LFCF (% of Revenue) Date Company CY16E CY17E CY18E CY16ECY17ECY18ECY16ECY17ECY18ECY16E CY17E CY18E CY16ECY17ECY18E 02/01/16 Benchmark $963 $1,221 - 30% 27% - 5% 7% - $0.44 $0.75 - - - -

 Illustrative Preliminary Curry Valuation Analyses

Long-Term NTM Revenue Multiples Over Time January 4, 2010 to February 19, 2016 2010 2011 2012 2013 2014 2015 2016YTD 5.3x 9.1 11.4 15.0 12.2 9.4 65.9 7.2x 7.8 6.2 6.65 6.6 6.8 65.9 - 13.1 10.5 13.4 9.9 8.9 6.31 - - 26.5 25.3 20.7 13.2 8.76 - - 13.7 12.8 12.6 11.5 8.86 3.7x 4.9 6.4 7.9 7.6 7.7 6.87 - - 89.2 10.6 12.5 8.14 45.0 - 98.9 98.9 10.7 87.9 5.31 4.20 NTM Rev Mult. 20.0x 17.5x 15.0x 12.5x 10.0x WDAY: 7.7x NOW: 6.7x ULTI: 6.1x CRM: 5.5x Curry: 4.8x LNKD: 3.8x DWRE: 3.6x CSOD: 3.4x 7.5x 5.0x 2.5x 0.0x Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Source: CapitalIQ. 14 CONFIDENTIAL | DRAFT Current 4.78x 5.65x 3.78x 7.37x 6.87x 6.21x 3.56x 3.64x Average NTM Revenue Multiples Curry CRM LNKD WDAY NOW ULTI DWRE CSOD

Short-Term NTM Revenue Multiples Over Time January 2, 2015 to February 19, 2016 Q1'CY15 Q2'CY15 Q3'CY15 Q4'CY15 Q1'CY16TD 11.0x 9.8 8.9 7.9 5.9 6.4x 7.1 6.8 7.0 5.9 10.7x 9.0 7.7 8.3 6.1 15.4x 14.3 11.9 11.4 8.6 12.2x 11.8 10.9 11.2 8.6 7.5x 7.6 7.7 8.0 6.7 9.0x 9.3 8.5 6.7 5.0 5.4x 4.9 5.4 4.9 4.0 NTM Rev Mult. 17.5x 15.0x 12.5x 10.0x WDAY: 7.7x NOW: 6.7x ULTI: 6.1x CRM: 5.5x Curry: 4.8x LNKD: 3.8x DWRE: 3.6x CSOD: 3.4x 7.5x 5.0x 2.5x Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Source: CapitalIQ. 15 CONFIDENTIAL | DRAFT Current4.8x5.5x3.8x7.7x6.7x6.1x3.6x3.4x Average NTM Revenue Multiples Curry CRM LNKD WDAY NOW ULTI DWRE CSOD

Salesforce Multiple and Price Evolution June 23, 2004 (Since IPO) to February 19, 2016 1 14 1 NTM Rev Mult 11.0x NTM LFCF Mult 75.0x NTM Rev. Growth 100% Revenue ($MM) $176 $310 $497 $749 $1,077 $1,306 $1,657 $2,267 $3,050 $4,071 $5,374 $6,649 $8,083 Revenue Growth 84% 29% 76% 23% 60% 18% 51% 21% 44% 16% 21% 17% 27% 22% 37% 19% 35% 18% 33% 14% 32% 16% 24% 18% 22% 18% Price ($) LFCF Margin $100.00 $80.00 9.0x 60.0x 80% $60.00 7.0x 45.0x 60% $40.00 5.0x 30.0x 40% $20.00 3.0x 15.0x 20% $310 $0.00 1.0x 0.0x 0% FY'2006FY'2007FY'2008FY'2009FY'2010FY'2011FY'2012FY'2013FY'2014 FY'2015 FY'2016 Source: Capital IQ. Note: Revenue based on the fiscal year ended January 31. 16 CONFIDENTIAL | DRAFT Based on 28 analysts available since Q3’FY16 announcement. Brokers using multiple valuation methodologies included multiple times. (1) Legend $1,657 $2,267 $3,050 $4,071 $5,374 $6,649 $1,306 $1,077 $749 $497 Avg. NTM Rev. Mult. 7.3x 6.2x 6.9x 6.5x 5.4x 3.8x 7.2x 7.8x 6.2x 6.5x 6.6x 6.8x 5.9x - - 32.6 38.2 29.5 29.2 44.1 40.9 36.0 43.2 44.1 40.5 35.3 69% 61% 51% 44% 36% 18% 19% 28% 30% 30% 27% 22% 22% 5.5x 32.5 22% Avg. NTM LFCF Mult. Avg. NTM Rev. Growth Salesforce Trading Overview 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD Current FY05A FY06A FY07A FY08A FY09A FY10A FY11A FY12A FY13A FY14A FY15A FY16E FY17E Valuation Methodologies(1) DCF 6 P/ERevenue 2 UFCF LFCF 8 Share Price NTM Revenue Multiple NTM LFCF Multiple NTM Revenue Growth Revenue

Concur Multiple and Price Evolution January 2, 2004 to (Last Trading Day Before Announcement) September 18, 2014 NTM Rev Mult 10.0x NTM LFCF Mult 140.0x NTM Rev. Growth 70% Revenue ($MM) $57 $72 $97 $129 $215 $248 $293 $349 $440 $546 $703 Price ($) Revenue Growth LFCF Margin (0%) 0% 27% 35% 33% 15% 67% 24% 15% 20% 18% 21% 19% 14% 26% 14% 24% 5% 29% 4% $140.00 1% 1% $120.00 9.0x 120.0x 60% $100.00 8.0x 100.0x 50% $80.00 7.0x 80.0x 40% $60.00 6.0x 60.0x 30% $40.00 5.0x 40.0x 20% $20.00 4.0x 20.0x 10% $0.00 3.0x 0.0x 0% FY'2004 FY'2005 FY'2006 FY'2007 FY'2008 FY'2009 FY'2010 FY'2011 FY'2012 FY'2013 FY'2014 Source: Capital IQ. Note: Revenue based on the fiscal year ended September 30. 17 CONFIDENTIAL | DRAFT Legend $215 $248 $293 $349 $440 $546 $703 $129 $97 $72 $57 FY04A FY05A FY06A FY07A FY08A FY09A FY10A FY11A FY12A FY13A FY14A Concur Trading Overview Last Trading Day 20042005200620072008200920102011201220132014 Before Announcement Avg. NTM Rev. Mult. 5.0x4.1x4.9x6.0x6.3x4.8x6.4x5.8x6.5x7.4x7.3x --48.249.737.527.537.141.965.4 127.1 237.3 17%24%32%31%35%17%19%22%25%27%23% 7.4x 197.6x 23% Avg. NTM LFCF Mult. Avg. NTM Rev. Growth Share Price NTM Revenue Multiple NTM LFCF Multiple NTM Revenue Growth Revenue

Impact ofMarket Movement On SaaS Multiples 5.9x - 4.5 - $2,578.47 - 5.2x (11%) 3.5 (22%) $2,161.68 (16%) 3.8x (27%) 3.4 (3%) $1,845.38 (15%) 5.0x 31% 3.5 1% $2,349.89 27% 6.0x 21% 3.3 (5%) $2,677.44 14% 6.5x 8% 3.2 (2%) $2,965.56 11% 7.9x 7.4x 6.2x (15%) 3.9 6% $4,945.55 13% 4.7x (24%) 3.9 (1%) $4,530.92 (8%) C hang e 20% (6%) 3.4 5% $3,541.29 19% 3.7 8% $4,375.10 24% March 19, 2014 NTM Rev Mult. Stocks fall after Janet Yellen delivers first Fed press 10.0x October 31, 2007 Prior Nasda 8.0x 6.0x 4.0x 2.0x Jan Source: Capital IQ. All multiples are undiluted. SaaS index includes: ATHN, BNFT, BV, CNQR (prior to acquisition), CRM, CSOD, CTCT (prior to acquisition), CVT, DWRE, ECOM, HUBS, JIVE, LNKD, LOGM, MKTO, N, NEWR, NOW, PFPT, RP, TRAK (prior to acquisition), ULTI, VEEV, WDAY, ZEN. 18 Large Cap index includes: MSFT, ORCL, SAP. CONFIDENTIAL | DRAFT conference announcing potential rate hikes “something in the order of six months” after bond buying ends q peak SaaS (52%) (59%) (19%) 7% 58% 5% Large Cap NASDAQ June 29, 2012 ServiceNow IPO October 12, 2012 Workday IPO -07Jan-09Jan-11Jan-13Jan-15 to Current 10/31/2007 3/19/2014 Price $6,000.00 $4,500.00 $3,000.00 $1,500.00 $0.00 NTM Rev Mult. Price 6.0x $5,000.00 5.5x$4,800.00 5.0xNasdaq:$4,600.00 (8%) 4.5x$4,400.00 Large 4.0xCap: (4%) $4,200.00 SaaS: (36%) 3.5x$4,000.00 01/04/1601/19/1602/03/1602/18/16 Since January 4, 2016 (YTD) Since January 3, 2007 3.8x 3.9x $4,504.43 SaaS Y/Y Large Cap Y/Y Change January 3, 2007 to February 19, 2016 NASDAQ Y/Y Change Average NTM Revenue Multiple 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Current

Operating Statistics of Selected Companies 7% 30% 30% 27% 27% 25% 23% 22% 20% 15% 70% 68% 64% 32% 24% 21% 14% 12% 3% 2% 1% 32% 30% Source: Capital IQ, company filings, and Wall Street research as of February 19, 2016. 19 (1) (2) Based on mean consensus analyst research estimates as of February 19, 2016. Based on Curry Management as of February 2016. CONFIDENTIAL | DRAFT CY16E LFCF Margin CY16E Op. Margin CY16E Gross Margin CY15E-CY16E Revenue Growth Legend Median: 10% 24%18% Median: 31% 9%9% 12%10%9%8% (0%) CurryCurryNOWCRMCSODULTILNKDWDAYDWRERHTADBE Street(1)Mgmt(2) Median: 3%Median: 28% 4%5% (5%) CurryCurryULTICRMNOWDWRECSODWDAYLNKDADBERHT Street(1)Mgmt(2) Median: 74%Median: 87% 87%78%75%74%73%72%87%87% CurryCurryLNKDCRMNOWDWRECSODWDAYULTIADBERHT Street(1)Mgmt(2) 35%34%Median: 27%Median: 1 CurryCurryNOWWDAYDWRECSODULTILNKDCRMADBERHT Street(1)Mgmt(2) Selected SaaS Selected Large-Cap High Growth Software

Trading Statistics of Selected Companies 6.9x 6.1x 5.2x 5. 9x – 2x 30.9x 26.6x 25.6x – Source: Capital IQ, company filings, and Wall Street research as of February 19, 2016. Multiples greater than 100.0x or negative noted as dashes. 20 (1) Based on mean consensus analyst research estimates as of February 19, 2016. CONFIDENTIAL | DRAFT Unlevered Free Cash Flow estimates based on LFCF estimates adjusted for interest expense. (2) NTM UFCF Multiple (2) CY16E LFCF Multiple CY16E Revenue Multiple Legend 62.9xMedian: 30.9x Median: 19. 22.5x 15 .9x 46.9x 39.8x – CurryULTILNKDCRMNOWCSODWDAYDWREADBERHT Street(1) 64.8xMedian: 30.2x Median: 20. 24.3x 17 .6x 54.8x 49.2x 30.2x29.3x29.3x – CurryULTILNKDNOWCRMCSODWDAYDWREADBERHT Street(1) Median: 5.2x 7.1x6.7x Median: 6.0x 1x 4.8x 4x 3.8x3.6x3. CurryWDAYNOWULTICRMLNKDDWRECSODADBERHT Street(1) Selected SaaS Selected Large-Cap High Growth Software

Change in Trading Statistics Since January 4, 2016 %- (33%) Median (1/4/2016): 7.2x Current Median: 5.2x - (27%) Median (1/4/2016): 7.1x Current Median: 6.0x - (16%) Median As of 1/4/2016: 46.9x Current Median: 30.2x - (35%) Median (1/4/2016): 24.7x Current Median: 20.9x - (15%) %- (32%) Median As of 1/4/2016: 48.6x Current Median: 30.9x - (36%) Median (1/4/2016): 23.0x Current Median: 19.2x - (16%) %- (33%) Source: Capital IQ, company filings, and Wall Street research as of February 19, 2016. Multiples greater than 100.0x or negative noted as dashes. Does not incorporate impact of change in capitalization. Current estimates based on mean consensus analyst research estimates as of February 19, 2016. 1/4/2016 estimates based on mean consensus analyst research estimates as of (1) 21 January 4, 2016. CONFIDENTIAL | DRAFT (2) Unlevered Free Cash Flow estimates based on LFCF estimates adjusted for interest expense. NTM UFCF Multiple (2) CY16E LFCF Multiple CY16E Revenue Multiple 70.4x 80.8x 7.1x 46.9x 54.8x 4.8x 74.7x 68.3x 10.0x 62.9x 64.8x 7.1x 91.2x 91.6x 10.6x 39.8x 49.2x 6.7x 38.5x 46.2x 7.2x 30.9x 30.2x 6.1x 48.6x 35.8x 6.5x 26.6x 29.3x 5.2x 46.1x 46.9x 7.6x 25.6x 29.3x 3.8x – – 6.2x – – 3.6x – – 4.5x – – 3.4x Legend 25.9x 27.7x 7.9x 22.5x 24.3x 6.9x 20.0x 21.8x 6.4x 15.9x 17.6x 5.1x CurryULTILNKDCRMNOWCSODWDAYDWREADBERHT Street(1) CurryULTILNKDNOWCRMCSODWDAYDWREADBERHT Street(1) CurryWDAYNOWULTICRMLNKDDWRECSODADBERHT Street(1) 1/4/2016Current Selected SaaS Selected Large-Cap High Growth Software

Illustrative Future Trading Based on Preliminary Curry Management Forecast ($MM, except per share amounts) Premium / (Discount) to Current (3): 3.0x (37%) $35.69 33.6x $44.93 35.0x $55.90 27.5x $69.39 23.0x $86.35 19.9x $106.92 18.0x $35.69 (37%) $39.94 (29%) $44.17 (21%) $48.74 (13%) $53.91 (4%) $59.33 5% Implied LFCF Multiple: 4.0x (16%) $47.34 44.5x $59.22 46.3x $73.11 36.2x $90.48 30.1x $112.17 25.9x $137.59 23.4x $47.34 (16%) $52.64 (6%) 4.8x 0% $56.17 52.8x $69.87 54.8x $86.18 42.8x $106.50 35.6x $131.31 30.5x $160.69 27.5x $56.17 (0%) Curry Current CY16E Revenue Multiple 5.0x 5% $58.89 55.5x $73.24 57.5x $90.31 44.9x $111.56 37.3x $137.32 32.0x $167.99 28.8x CRM Current CY16E Revenue Multiple: 5.2x 6.0x $70.25 66.4x $87.27 68.7x $107.52 53.6x $132.14 44.4x $162.34 38.0x $198.38 34.1x CRM 1/4/2016 CY16E 26% Revenue Multiple: 6.5x 7.0x 47% $81.60 77.4x $101.30 79.9x $124.46 62.3x $152.58 51.5x $187.37 44.1x $228.77 39.5x Curry 1/4/2016 CY16E Revenue Multiple: 7.1x (1) Based on Curry Management as of February 2016. (2) Assumes future cash balance based on cumulative free cash flow up until the year preceding the analysis. Assumes no issuance or pay down of debt. Assumes dilution estimates from Curry Management as of February 2016. In-the-money convertible debt treated on a net share basis. Based on Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. Balance sheet items from Curry 8-K for the period ended December 31, 2015. (3) Current Curry share price of $56.25 as of February 19, 2016. 22 CONFIDENTIAL | DRAFT $81.60 $90.04 $98.34 45% 60% 75% $107.16 $116.98 $126.95 91% 108% 126% $70.25 $77.57 $84.95 $92.81 25% 38% 51% 65% $101.35 $110.09 80% 96% $58.89 $65.11 $71.36 $78.35 $85.73 $93.22 5% 16% 27% 39% 52% 66% $62.11 $68.09 $74.80 $81.97 $89.17 10% 21% 33% 46% 59% $57.76 $63.54 $70.03 $76.35 3% 13% 24% 36% Present Value Per Share (Discounted at 12.5%) Current 1-Year 2-Year 3-Year 4-Year 5-Year CY16E CY17E CY18E CY19E CY20E CY21E Future Value Per Share (2) Current 1-Year 2-Year 3-Year 4-Year 5-Year CY16E CY17E CY18E CY19E CY20E CY21E Illustrative CY16E Revenue Multiple % Premium / (Discount) to Current Multiple Curry Financial Projections (1) '15A-'21E CY15A CY16E CY17E CY18E CY19E CY20E CY21E CAGR Revenue $741 % Growth 33% Non-GAAP Operating Income 22 Operating Income Margin 3% Levered Free Cash Flow 50 LFCF Margin 7% $960 $1,218 $1,533 $1,929 $2,425 $3,023 26% 30% 27% 26% 26% 26% 25% 44 61 111 185 285 414 63% 5% 5% 7% 10% 12% 12% 88 109 177 270 401 564 50% 9% 9% 12% 14% 17% 19% Shading represents values greater than Curry’s current share price(3) Shading represents values greater than $100 per share

Illustrative Future Trading Sensitivity 2 3 Preliminary Curry Management Forecast (2) Sensitivity Revenue: Revenue Growth: Operating Income: Operating Margin: LFCF: LFCF Margin: $149.14 Range of CY16E $131.99 $126.95 Revenue Multiples $116.98 $117.05 $104.08 7.0x $81.73 $81.60 $81.87 $69.30 Current: 4.8x $60.70 $59.33 $53.91 Current Price: $56.25 $53.17 $51.87 $48.81 $48.74 $46.72 $46.05 $44.17 $43.57 $41.04 $40.06 $39.94 3.0x $35.75 $35.69 $35.81 7.0x Revenue Multiple: Implied LFCF Multiple: $81.73 77.4x $101.60 79.9x $122.74 62.3x $143.95 51.6x $169.17 44.2x $199.16 39.7x $81.60 77.4x $101.30 79.9x $124.46 62.3x $152.58 51.5x $187.37 44.1x $228.77 39.5x $81.87 77.4x $104.11 79.9x $131.72 62.2x $166.66 51.4x $211.42 43.9x $268.76 39.3x 4.8x Revenue Multiple: Implied LFCF Multiple: $56.25 52.8x $70.08 54.8x $84.98 42.8x $100.44 35.6x $118.87 30.7x $140.36 27.7x $56.17 52.8x $69.87 54.8x $86.18 42.8x $106.50 35.6x $131.31 30.5x $160.69 27.5x $56.35 52.8x $71.79 54.7x $91.29 42.7x $116.41 35.5x $147.79 30.4x $188.18 27.3x 3.0x Revenue Multiple: Implied LFCF Multiple: $35.75 33.6x $45.07 35.0x $55.14 27.5x $65.56 23.1x $78.19 20.0x $93.48 18.2x $35.69 33.6x $44.93 35.0x $55.90 27.5x $69.39 23.0x $86.35 19.9x $106.92 18.0x $35.81 33.6x $46.17 35.0x $59.13 27.4x $75.71 22.9x $97.23 19.8x $124.88 17.9x Assumes future cash balance based on cumulative free cash flow up until the year preceding the analysis. Assumes no issuance or pay down of debt. Assumes dilution estimates from Curry Management as of February 2016. In-the-money convertible debt treated on a net share basis. Based on Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. Balance sheet items from Curry 8-K for the period ended December 31, 2015. 23 (1) (2) Revenue growth based on mean consensus analyst Based on Curry Management as of February 2016. CONFIDENTIAL | DRAFT research estimates as of February 19, 2016. Future Value Per Share Present Value Per Share (Discounted at 12.5%) $56.25 $62.29 $67.14 $70.54 $74.21 $77.89 $56.17 $62.11 $68.09 $74.80 $81.97 $89.17 $56.35 $63.81 $72.13 $81.76 $92.27 $104.43 $110.52 $101.10 $90.31 $90.04 $92.54 $105.61 $107.16 $96.98 $98.34 $963 $1,253 $1,628 $2,117 $2,752 $3,577 30% 30% 30% 30% 30% 30% 30% $44 $63 $118 $203 $324 $489 5% 5% 7% 10% 12% 14% 68% $88 $112 $188 $297 $455 $667 9% 9% 12% 14% 17% 19% 54% $960 $1,218 $1,533 $1,929 $2,425 $3,023 30% 27% 26% 26% 26% 25% 26% $44 $61 $111 $185 $285 $414 5% 5% 7% 10% 12% 14% 63% $88 $109 $177 $270 $401 $564 9% 9% 12% 14% 17% 19% 50% $962 $1,221 $1,511 $1,813 $2,176 $2,611 30% 27% 24% 20% 20% 20% 23% $44 $62 $109 $174 $256 $357 5% 5% 7% 10% 12% 14% 59% $88 $109 $174 $254 $360 $487 9% 9% 12% 14% 17% 19% 46% Current 1-Year 2-Year 3-Year 4-Year 5-Year '15A-'21E CAGR CY16E CY17E CY18E CY19E CY20E CY21E Current 1-Year 2-Year 3-Year 4-Year 5-Year '15A-'21E CAGR CY16E CY17E CY18E CY19E CY20E CY21E Current 1-Year 2-Year 3-Year 4-Year 5-Year '15A-'21E CAGR CY16E CY17E CY18E CY19E CY20E CY21E 1Extrapolated Street Revenue Sensitivity (1)

Summary of Preliminary Curry Management Forecast Cash Flow Projections ($MM) 26% Revenue % Growth Non-GAAP Operating Income % Margin Less: Taxes Effective Tax Rate NOPAT % Margin Less: Capital Expenditures % of Revenue Plus: Depreciation % of Capital Expenditures Plus: Decrease in Working Capital % of Revenue Unlevered Free Cash Flow % of Revenue % Growth $960 30% 44 5% (6) 13% 38 4% (50) 5% 33 65% 62 7% 83 9% 72% $1,218 27% 61 5% (8) 13% 53 4% (60) 5% 42 70% 79 7% 115 9% 39% $1,533 26% 111 7% (10) 9% 100 7% (72) 5% 54 75% 100 7% 182 12% 59% $1,929 26% 185 10% (13) 7% 172 9% (91) 5% 72 80% 125 7% 279 14% 53% $2,425 26% 285 12% (17) 6% 268 11% (112) 5% 95 85% 158 7% 409 17% 47% $3,023 25% 414 14% (116) 28% 298 10% (139) 5% 125 90% 196 7% 480 16% 17% 63% 58% 47% 24 CONFIDENTIAL | DRAFT Curry Standalone Financial Performance'15A-Terminal'21E CY2016E CY2017E CY2018E CY2019E CY2020E CY2021ECAGR

Illustrative Preliminary Discounted Cash Flow Based on Preliminary Curry Management Forecast ($MM, except per share amounts) Implied Perpetuity Growth Rate PV of Unlevered FCF (CY2016E - CY2020E) PV of Terminal Value (CY2021E & Beyond) 5.3% $799 7,628 6.0% $799 9,153 6.5% $799 10,679 7.8% $745 6,814 8.5% $745 8,176 9.0% $745 9,539 10.2% $697 6,102 10.9% $697 7,322 11.4% $697 8,542 Implied Enterprise Value Plus: PV of Federal NOLs and Tax Credits (CY2021E & Beyond) (1) Plus: Cash (2) Less: Debt (2) Implied Equity Value $8,427 184 379 (316) 8,674 $9,952 184 379 (316) 10,199 $11,478 184 379 (316) 11,725 $7,559 152 379 (316) 7,773 $8,922 152 379 (316) 9,136 $10,284 152 379 (316) 10,499 $6,798 126 379 (316) 6,986 $8,019 126 379 (316) 8,207 $9,239 126 379 (316) 9,427 Premium/(Discount) to Current (4) 58% 86% 113% 42% 67% 91% 28% 50% 72% Note: Assumes mid-period discounting convention. (1) Based on Federal NOL and tax credits of $1,168MM as of December 31, 2020. (2) Based on Curry 8-K for the period ended December 31, 2015. In-the-money convertible debt treated on a net share basis. (3) Based on common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. (4) Based on Curry price of $56.25 as of February 19, 2016. 25 CONFIDENTIAL | DRAFT Implied Price Per Share - Assuming ~17% Dilution (3) $89.02 $104.43 $119.73 $79.92 $93.69 $107.45 $71.97 $84.30 $96.63 % of Enterprise Value in Terminal Value 91% 92% 93% 90% 92% 93% 90% 91% 92% Discount Rate: Terminal NTM UFCF Multiple: Terminal NTM Revenue Multiple: Illustrative Present Value as of December 31, 2015 9.5% 12.0% 25.0x 30.0x 35.0x 25.0x 30.0x 35.0x 4.0x 4.8x 5.6x 4.0x 4.8x 5.6x 14.5% 25.0x 30.0x 35.0x 4.0x 4.8x 5.6x Summary of Valuation Assumptions - Unlevered free cash flow projections and terminal value discounted to December 31, 2015 (mid-period convention) - Cash flow excludes impact of stock based compensation, amortization of intangibles, restructuring and other non-recurring items - Portion of Federal NOLs and R&D tax credits used to shield taxes over projection period with the remaining balance valued separately - Weighted average cost of capital range of 9.5% to 14.5% - Terminal value calculated using NTM UFCF multiple range of 25.0x – 35.0x terminal year (CY21E) UFCF of $480MM - Assumes, per Curry Management, current Curry shareholders incur ~17% cumulative dilution through issuance of equity awards over the projected period

Illustrative Preliminary DCF Sensitivity Delta From Preliminary Management Forecast ($MM, except per share amounts) $69.39 (19.63) $77.88 (11.14) $88.24 (0.77) $81.08 (23.35) $91.19 (13.24) $103.56 (0.87) $92.78 (26.95) $104.50 (15.22) $118.78 (0.94) $62.30 (17.62) $69.93 (9.99) $79.22 (0.69) $72.75 (20.94) $81.82 (11.87) $92.90 (0.78) $83.19 (24.26) $93.71 (13.74) $106.58 (0.87) $56.14 (15.83) $62.99 (8.97) $71.34 (0.62) $65.49 (18.80) $73.64 (10.66) $83.59 (0.70) $74.85 (21.78) $84.29 (12.34) $95.84 (0.78) $79.24 (9.77) $92.78 (11.65) $106.33 (13.40) $71.15 (8.77) $83.24 (10.44) $95.34 (12.12) $64.09 (7.88) $74.92 (9.38) $85.75 (10.88) $100.85 11.83 $118.50 14.07 $135.69 15.96 $90.52 10.60 $106.36 12.67 $122.01 14.55 $81.48 9.52 $95.67 11.37 $109.85 13.22 $92.61 3.59 $103.95 14.93 $117.77 28.75 $108.64 4.21 $122.00 17.57 $138.11 33.68 $124.40 4.67 $139.69 19.96 $158.45 38.72 $83.15 3.23 $93.31 13.39 $105.72 25.81 $97.46 3.78 $109.60 15.92 $124.21 30.53 $111.78 4.32 $125.60 18.14 $142.38 34.93 $74.88 2.91 $84.00 12.03 $95.14 23.17 $87.70 3.40 $98.59 14.29 $111.92 27.63 $100.51 3.89 $113.18 16.56 $128.32 31.70 Note: Assumes mid-period discounting convention. (1) Based on Curry Management as of February 2016. (2) Based on Curry 8-K for the period ended December 31, 2015. In-the-money convertible debt treated on a net share basis. Based on common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. 26 CONFIDENTIAL | DRAFT CY21E Op Margin: 17% CY21E Op Margin: 14% CY21E Op Margin: 11% '15A-21E CAGR: 30% CY21E Revenue: $3,577 CY21E Op Margin: 17% $89.02 $104.43 $119.73 $79.92 $93.69 $107.45 $71.97 $84.30 $96.63 Prelim Mgmt Forecast (1) CY21E Op Margin: 14% CY21E Op Margin: 11% Prelim Mgmt Forecast (1) '15A-21E CAGR: 26% CY21E Revenue: $3,023 CY21E Op Margin: 17% CY21E Op Margin: 14% CY21E Op Margin: 11% '15A-21E CAGR: 23% CY21E Revenue: $2,611 Revenue SensitivityOp. Margin Sensitivity Discount Rate: Terminal NTM UFCF Multiple: Illustrative Present Value as of December 31, 2015 (2) 9.5% 12.0% 25.0x 30.0x 35.0x 25.0x 30.0x 35.0x 14.5% 25.0x 30.0x 35.0x

Illustrative Revenue Growth and Mix Sensitivity '15A - '21E Note: Non-GAAP financials exclude stock-based compensation, amortization of intangibles and other non-recurring items. (1) Based on Curry Management as of February 2016. 27 CONFIDENTIAL | DRAFT ($MM) 2015A 2016E 2017E 2018E 2019E 2020E 2021E CAGR Management Case Assumptions (1) Revenue Growth 33.2% 29.6% 26.8% 25.9% 25.8% 25.7% 24.7% 26.4% Recurring % of Total Revenue 80.0% Gross Margin 85.7% 78.2% 78.0% 78.6% 79.8% 80.7% 81.4% 85.4% 85.8% 86.3% 86.5% 86.6% 86.7% Non-Recurring % of Total Revenue 20.0% Gross Margin 8.3% 21.8% 22.0% 21.4% 20.2% 19.3% 18.6% 4.8% 5.6% 6.4% 9.5% 12.5% 12.5% Operating Expenses - % of Revenue 67.3% 63.3% 63.1% 62.0% 61.4% 60.6% 59.3% Illustrative Scenarios Revenue $741 % Growth 33.2% Operating Income $22 % Margin 2.9% $953 $1,199 $1,498 $1,869 $2,331 $2,882 25.4% 28.6% 25.8% 24.9% 24.8% 24.7% 23.7% $36 $51 $96 $165 $257 $373 60.6% 3.7% 4.2% 6.4% 8.8% 11.0% 12.9% Revenue $741 % Growth 33.2% Operating Income $22 % Margin 2.9% $960 $1,218 $1,533 $1,929 $2,425 $3,023 26.4% 29.6% 26.8% 25.9% 25.8% 25.7% 24.7% $44 $61 $111 $185 $285 $414 63.4% 4.6% 5.0% 7.2% 9.6% 11.8% 13.7% Revenue $741 % Growth 33.2% Operating Income $22 % Margin 2.9% $968 $1,237 $1,570 $1,990 $2,522 $3,169 27.4% 30.6% 27.8% 26.9% 26.8% 26.7% 25.7% $52 $72 $126 $206 $315 $457 66.2% 5.4% 5.8% 8.0% 10.4% 12.5% 14.4% Senstivity '15A - '21E CAGR increased 1% Recurring Rev Mix increased 1% Prelim Mgmt Forecast (1) Senstivity '15A - '21E CAGR reduced 1% Recurring Rev Mix reduced 1%

Illustrative Impact to Preliminary DCF Based on Revenue Growth and Mix Sensitivity Delta From Preliminary Management Forecast ($MM, except per share amounts) $82.22 $96.43 $110.63 $73.79 $86.48 $99.16 $66.44 $77.80 $89.16 (6.79) (8.00) (9.10) (6.13) (7.21) (8.29) (5.53) (6.50) (7.47) $96.16 $112.86 $129.16 $86.36 $101.28 $116.19 $77.78 $91.14 $104.50 7.15 8.44 9.43 6.44 7.59 8.74 5.81 6.84 7.88 Note: Assumes mid-period discounting convention. Numbers may not add due to rounding. (1) Based on Curry Management as of February 2016. (2) Based on Curry 8-K for the period ended December 31, 2015. In-the-money convertible debt treated on a net share basis. Based on common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. 28 CONFIDENTIAL | DRAFT Senstivity '15A - '21E CAGR increased 1%Recurring Rev Mix increased 1% '15A-21E CAGR: 27.4%CY21E Op Margin: 14.4% Prelim Mgmt Forecast (1) '15A-21E CAGR: 26.4%CY21E Op Margin: 13.7% $89.02 $104.43 $119.73 $79.92 $93.69 $107.45 $71.97 $84.30 $96.63 Senstivity '15A - '21E CAGR reduced 1%Recurring Rev Mix reduced 1% '15A-21E CAGR: 25.4%CY21E Op Margin: 12.9% Discount Rate: Terminal NTM UFCF Multiple: Illustrative Present Value as of December 31, 2015 (2) 9.5% 12.0% 25.0x 30.0x 35.0x 25.0x 30.0x 35.0x 14.5% 25.0x 30.0x 35.0x

Selected SaaS Transactions ($MM) 06/04/13 ExactTarget Salesforce 2,671 2,570 7.9 6.5 - - 53% 56% 36% 88% 22% (6%) 08/27/12 Kenexa IBM 1,359 1,302 4.0 3.3 51.0 - 42% 89% 37% 219% 22% 8% 02/09/12 Taleo Oracle 2,056 1,940 6.3 5.3 - 46.1 18% 25% 9% 109% 18% 4% 10/24/11 RightNow Oracle 1,840 1,599 7.4 6.2 - 64.4 20% 38% 10% 117% 19% 8% 11/02/10 Art Technology Group Oracle 1,032 850 4.4 3.9 39.3 24.1 46% 35% 25% 95% 14% 14% 03/15/07 WebEx Cisco 3,163 2,818 7.4 6.1 37.7 31.8 23% 21% 19% 99% 21% 22% Source: Company press releases, Company filings, 451 Group and Wall Street research. Note: '-' = Not meaningful or not available. Multiples greater than 100.0x or negative considered not meaningful. * Denotes SaaS transactions. (1) LTM revenue pro forma for acquisition of Plateau. (2) Blackboard previously announced its retainer of a financial advisor in response to receiving acquisition offers; unaffected 1-day and 20-day premiums as of April 18, 2011 and March 22, 2011 were 21% and 27% respectively. (3) Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. Balance sheet items from Curry 8-K for the period ended December 31, 2015. Assumes cash settlement of 2018 Notes of $310MM face value. Value based on a conversion price of $116.10. Make whole premium assumes a close date of June 30, 2016. Additional shares based on indenture dated June 4, 2013. Value shown represents make whole value above notes' principal value. Based on mean consensus analyst research estimates as of February 19, 2016. 29 CONFIDENTIAL | DRAFT Legend Median:7.4x6.2x39.3x33.5x26%36%10%101%18%8% Mean:7.05.941.740.430%41%10%122%17%8% Max:12.6x10.2x65.9x78.6x53%89%37%370%23%22% Min:2.62.320.116.24%10%(25%)35%9%(9%) Implied Curry Price Based on Median Statistic (3):$67.01$72.37$17.89$25.30Curry Statistic (3):30%7% 09/15/09 OmnitureAdobe1,8371,7355.14.751.344.124%52%(1%)183%9%11% 07/01/11 Blackboard (2)Providence Equity1,6381,7503.73.2 20.1 16.2 4%10%(8%)36%17%17% 12/03/11 SuccessFactors (1)SAP3,7483,49910.28.7-78.6 52%47%(1%)105%17%8% 05/22/12 AribaSAP4,6094,4378.87.8 65.9 33.520%32%13%103%13%14% 12/20/12 EloquaOracle9718859.88.2--31%34%(5%)82%19%(9%) FD FDTransaction multiplesPremiumNTMLTM Annc.EquityEnt.RevenueLFCFLTMRev.LFCF DateTargetAcquirorValueValueLTMNTMLTMNTM1-Day 20-DayHighLowGrowth Margin 11/02/15 Constant ContactEndurance International$1,105$924 2.6x 2.3x 26.8x25.2x23%29%(25%)35%12%12% 09/18/14 ConcurSAP7,7688,286 12.6 10.2 --28%36%1%70%23%6% 12/20/13 ResponsysOracle1,6791,5728.16.9--38%66%35%370%18%6% Max Statistic Min Statistic

Illustrative Transaction Statistics ($MM) Premium to Current Price Premium to 20 Day Average Price Premium to 30 Day Average Price Premium to LTM High Share Price Premium to LTM Low Share Price Premium to LTM Average Share Price $56.25 61.50 65.85 100.91 53.11 88.18 0% (9%) (15%) (44%) 6% (36%) 7% (2%) (9%) (41%) 13% (32%) 16% 6% (1%) (36%) 22% (26%) 24% 14% 6% (31%) 32% (21%) 33% 22% 14% (26%) 41% (15%) 42% 30% 21% (21%) 51% (9%) 51% 38% 29% (16%) 60% (4%) 60% 46% 37% (11%) 69% 2% 69% 54% 44% (6%) 79% 8% 78% 63% 52% (1%) 88% 13% 87% 71% 59% 4% 98% 19% 96% 79% 67% 9% 107% 25% 104% 87% 75% 14% 117% 30% 113% 95% 82% 19% 126% 36% Fully-Diluted Shares (2) Fully-Diluted Equity Value Plus: Note Payable to Oracle (3) Plus: Market Value of Convertible Notes (4) Plus: Make Whole Premium (4) Less: Cash (3) Fully-Diluted Enterprise Value Premium to Current Enterprise Value 82.5 $4,640 6 310 - (379) 4,578 0% 82.6 $4,957 6 310 0 (379) 4,895 7% 82.8 $5,380 6 310 0 (379) 5,318 16% 82.9 $5,803 6 310 0 (379) 5,741 25% 83.0 $6,226 6 310 0 (379) 6,164 35% 83.1 $6,649 6 310 0 (379) 6,586 44% 83.2 $7,072 6 310 0 (379) 7,009 53% 83.3 $7,494 6 310 6 (379) 7,438 62% 83.3 $7,917 6 310 13 (379) 7,868 72% 83.4 $8,340 6 310 20 (379) 8,298 81% 83.5 $8,763 6 310 27 (379) 8,727 91% 83.5 $9,186 6 310 35 (379) 9,159 100% 83.6 $9,609 6 310 44 (379) 9,590 109% 83.6 $10,031 6 320 41 (379) 10,020 119% Revenue Multiples Statistic $741 CY15A / LTM 6.2x 6.6x 7.2x 7.7x 8.3x 8.9x Responsys 6.9x 9.5x 10.0x Ariba 7.8x 10.6x Eloqua 8.2x 11.2x 11.8x 12.4x 12.9x Concur 10.2x 13.5x Taleo 5.3x RightNow ExactTarget SuccessFactors 8.7x 6.2x 6.5x CY16E / NTM CY17E LFCF Multiples 962 1,221 4.8 3.7 5.1 4.0 5.5 4.4 6.0 4.7 6.4 5.0 6.8 5.4 7.3 5.7 7.7 6.1 8.2 6.4 8.6 6.8 9.1 7.1 9.5 7.5 10.0 7.9 10.4 8.2 CY15A / LTM CY16E / NTM CY17E $50 85 119 92.6x 54.8 38.8 99.0x 58.5 41.5 107.4x 63.5 45.0 115.8x 68.5 48.6 124.3x 73.5 52.1 132.7x 78.5 55.6 141.2x 83.4 59.2 149.6x 88.4 62.7 158.0x 93.4 66.3 166.5x 98.4 69.8 174.9x 103.4 73.3 183.4x 108.4 76.9 191.8x 113.4 80.4 200.3x 118.4 84.0 Note: Current market prices as of February 19, 2016. (1) Assumes 'out-of-the-money' convertible debt treated as debt and ‘in-the-money’ convertible debt treated as equity. (2) Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. (3) Balance sheet items from Curry 8-K for the period ended December 31, 2015. (4) Represents cash settlement of 2018 Notes of $310MM face value. Value based on a conversion price of $116.10. Make whole premium assumes a close date of June 30, 2016. Additional shares based on indenture dated June 4, 2013. Value shown represents make whole value above notes' principal value. (5) Based on mean consensus analyst research estimates as of February 19, 2016. 30 CONFIDENTIAL | DRAFT Street Estimates (5) Implied Valuation & Multiples Illustrative Share Price: Curry Current (1) Illustrative Curry Transaction Statistics $56.25 $60.00$65.00$70.00$75.00$80.00$85.00$90.00$95.00$100.00$105.00$110.00$115.00$120.00 Implied Transaction PremiumStatistic

Illustrative Transaction Statistics (CONTINUED) ($MM) Fully-Diluted Equity Value (2) Fully-Diluted Enterprise Value (3) (4) $4,640 4,578 $4,957 4,895 $5,380 5,318 $5,803 5,741 $6,226 6,164 $6,649 6,586 $7,072 7,009 $7,494 7,438 $7,917 7,868 $8,340 8,298 $8,763 8,727 $9,186 9,159 $9,609 9,590 $10,031 10,020 Revenue Multiples Statistic $741 960 1,218 CY15A / LTM CY16E / NTM CY17E LFCF Multiples 6.2x 4.8 3.8 6.6x 5.1 4.0 7.2x 5.5 4.4 7.7x 6.0 4.7 8.3x 6.4 5.1 8.9x 6.9 5.4 9.5x 7.3 5.8 10.0x 7.7 6.1 10.6x 8.2 6.5 11.2x 8.6 6.8 11.8x 9.1 7.2 12.4x 9.5 7.5 12.9x 10.0 7.9 13.5x 10.4 8.2 CY15A / LTM CY16E / NTM CY17E $50 88 109 92.6x 52.9 42.8 99.0x 56.5 45.7 107.4x 61.4 49.6 115.8x 66.2 53.5 124.3x 71.0 57.4 132.7x 75.8 61.3 141.2x 80.6 65.2 149.6x 85.5 69.0 158.0x 90.3 72.9 166.5x 95.1 76.8 174.9x 99.9 80.7 183.4x 104.8 84.6 191.8x 109.6 88.5 200.3x 114.4 92.4 Note: Current market prices as of February 19, 2016. (1) Assumes 'out-of-the-money' convertible debt treated as debt and ‘in-the-money’ convertible debt treated as equity. (2) Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. (3) Balance sheet items from Curry 8-K for the period ended December 31, 2015. (4) Represents cash settlement of 2018 Notes of $310MM face value. Value based on a conversion price of $116.10. Make whole premium assumes a close date of June 30, 2016. Additional shares based on indenture dated June 4, 2013. Value shown represents make whole value above notes' principal value. (5) Based on Curry Management as of February 2016. 31 CONFIDENTIAL | DRAFT Preliminary Management Forecast (5) Illustrative Share Price: Curry Current (1) Illustrative Curry Transaction Statistics $56.25 $60.00$65.00$70.00$75.00$80.00$85.00$90.00$95.00$100.00$105.00$110.00$115.00$120.00 Implied Valuation & Multiples

 Detail on Potential Partners

Selected Statistics of Potential Partners ($MM) Sources: Capital IQ. Prices as of February 19, 2016. (1) Cash is pro forma for disclosed acquisitions. 33 CONFIDENTIAL | DRAFT Selected Financial Metrics Debt / CY16EE Operating Metrics FD Equity FD Ent. Cash Financial CY15E CY16E Multiples '15-16E Gross Operating Value Value Bal. (1) Debt EBITDA Rev P/E LFCF Revenue % Growth Margin Margin Key Contacts $518,091 $450,245 $73,066 $5,220 0.2x 6.3x 20.8x 27.4x $71,749 18% 70% 41% Larry Page (CEO, Alphabet) Sundar Pichai (CEO, Google) Ruth Porat (CFO, Google) David Drummond (SVP, Alphabet Corporate Development) Don Harrison (VP, Alphabet Corporate Development) Diane Greene (SVP, Google Enterprise Business) $421,053 $352,268 $114,135 $45,350 1.8x 3.7x 18.3x 17.0x $94,320 7% 64% 31% Satya Nadella (CEO) Amy Hood (EVP and CFO) Marc Brown (Managing Director, Corporate Development; Global Head, M&A) Qi Lu (EVP, Applications and Services Engineering) Scott Guthrie (EVP, Cloud and Enterprise) Kurt DelBene (EVP, Corporate Strategy and Planning) Brad Smith (President and Chief Legal Officer) Bob Kelly (Corp Vice President, M&A Strategy and Business Development) $159,023 $149,036 $52,335 $41,940 2.4x 3.9x 13.6x 12.5x $37,769 1% 80% 44% Larry Ellison (Executive Chairman and CTO) Safra Catz (Co-CEO) / Mark Hurd (Co-CEO) Thomas Kurian (President) Doug Kehring (EVP, Chief of Staff and Head of Corporate Development) $93,385 $99,084 $5,457 $11,156 1.4x 4.0x 17.2x 20.4x $24,531 6% 71% 30% Bill McDermott (CEO) Hasso Plattner (Co-Founder and Chairman, Supervisory Board) Luka Mucic (CFO, COO) Arlen Shenkman (North American CFO) Monty Gray (SVP and Head of Corporate Development) $42,650 $42,206 $2,301 $1,857 1.6x 5.2x 63.0x 29.3x $8,083 22% 78% 14% Marc Benioff (CEO) Parker Harris (Co-Founder) John Somorjai (SVP, Corporate Development and Strategy) Mark Hawkins (EVP and CFO) Chris Hecht (VP, Corporate Development) Burke Norton (Chief Legal Officer) Alex Dayon (President, Products) $26,635 $26,998 $887 $1,250 0.8x 5.7x 26.3x 24.5x $4,735 5% 85% 32% Brad Smith(Chairman and CEO) Scott Cook (Founder and Chairman of the Executive Committee) Neil Williams (EVP and CFO) Andrew Westergren (SVP, Chief Corporate Strategy and Development Officer)

Key Contacts and M&A History Ruth Porat (CFO, Google) Don Harrison (VP, Alphabet Corporate Development) • Strong position stemming from search enables Google to extend into adjacent markets • Massive scale through clusters of data centers gives Google an array of opportunities in the enterprise • Acquisition of Motorola Mobility indicates Google’s desire to protect its IP and vertically integrate • Revamp social strategy as Google lacks the mindshare of its competitors ($MM) 06/20/14 Dropcam 555 555 - - - - - - - - - - - - - 01/13/14 Nest Labs 3,200 3,200 13.6 - - - - - - - - - - - - 08/15/11 Motorola Mobility 12,550 9,224 0.7 0.6 78.4 42.0 63% 84% 10% 90% No Exclusive 14 3 33% 10/09/06 YouTube 1,650 1,650 - - - - - - - - - - - - - Source: Note: (1) Company press releases, Company filings and Wall Street Research. '-' = Not publicly available or not meaningful. Multiples greater than 100.0x considered not meaningful. 34 Unaffected premium indicates premium based on day CONFIDENTIAL | DRAFT prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed. Median 10.3x 0.6x 78.4x 42.0x 63% 84% 10% 90% 14 days 3 days 04/13/07 DoubleClick 3,100 3,100 10.3 - - - - - - - - - - - - 06/11/13 Waze 1,100 1,100 - - - - - - - - - - - - - 06/10/14 Skybox Imaging 500 500 - - - - - - - - - - - - - 11/06/15 Bebop $380 $380 - - - - - - - - - - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Premium to Unaff. Stock Price (1) Transaction History Revenue P/E LTM Existing Type of Process # of Prem. to LTM NTM LTM NTM 1-Day 20-Day High Low Partner? Process Length Bids 1st Offer Summary of Selected Recent Acquisitions Key Contacts:Larry Page (CEO, Alphabet) Sundar Pichai (CEO, Google) David Drummond (SVP, Alphabet Corporate Development) Diane Greene (SVP, Google Enterprise Business) Strengths • Google has successfully employed the Android platform to build a comprehensive mobile ecosystem • Has strengthened its position in enterprise by providing familiar Google technology to business settings Strategic Priorities • Further enhance Android operating system for users and developers • Continue to pursue its mission of organizing the world’s information through search, mobile and local M&A Process • Weekly M&A committee meetings to review all deals • Larry, Sergey and David Drummond very influential, while Eric Schmidt continues to account for one vote • Bottoms-up, “build vs. buy” approach is used to assess opportunities • Interesting technology and product fit / vision within Google is critical • A “must-own,” competitive asset will prompt Google to accelerate process significantly (e.g., YouTube, AdMob, Motorola) and do / pay what it takes to win, especially against key competitors • Hesitant to deliver term sheet until confident it will not be shopped • Employs a DCF-based valuation; synergies can be used to justify premiums

Key Contacts and M&A History Satya Nadella and Amy Hood driving strategic transactions of corporate development and business unit team required ($MM) 09/03/13 Nokia (Devices and Services) 4,988 4,988 0.3x - - - - - - - - - - - - 04/09/12 AOL Patents 1,056 1,056 - - - - - - - - - - - - - 01/08/08 Fast Search & Transfer 1,219 1,081 6.4 5.2 - - 42% 74% 4% 107% Yes - - Exclusive 1 Source: Note: (1) Company press releases, Company filings and Wall Street Research. '-' = Not publicly available or not meaningful. Multiples greater than 100.0x considered not meaningful. 35 Unaffected premium indicates premium based on day CONFIDENTIAL | DRAFT prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed. 05/18/07 aQuantive 6,380 6,064 12.3 9.3 97.8 82.1 85% 108% 93% 233% No Auction 56 3 - Median 8.2x 7.3x 97.8x 82.1x 64% 91% 49% 170% 56 days 2 05/10/11 Skype 7,918 8,500 9.9 - - - - - - - - - - - - 06/25/12 Yammer 1,200 1,200 - - - - - - - - - - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Premium to Unaff. Stock Price (1) Transaction History Revenue P/E LTM Existing Type of Process # of Prem. to LTM NTM LTM NTM 1-Day 20-Day High Low Partner? Process Length Bids 1st Offer 09/15/14 Mojang $2,500 $2,500 - - - - - - - - - - - - - Summary of Selected Recent Acquisitions Typical M&A Process: •New decision-making process being put in place with direction •Marc Brown leads M&A execution on larger •Closer integration of Corporate Development going forward, having historically been exclusively Business Unit focused •Diligence process in larger deals involves larger team members •Formal process with committees and approvals Key Contacts:Satya Nadella (CEO) Amy Hood (EVP and CFO) Marc Brown (Managing Director, Corporate Development; Global Head, M&A) Qi Lu (EVP, Applications and Services Engineering) Scott Guthrie (EVP, Cloud and Enterprise) Kurt DelBene (EVP, Corporate Strategy and Planning) Brad Smith (President and Chief Legal Officer) Bob Kelly (Corp Vice President, M&A Strategy and Business Development) Strengths • Leading market position in operating system, productivity, and data center software • Leading enterprise ecosystem with over 600,000 distribution partners • Large war chest available for strategic priorities with over $114Bn in cash and approximately $23Bn in annual free cash flow Strategic Priorities • Changing Microsoft into a mobile-first, cloud-first company • Accessing, analyzing, and leveraging data from any data source across applications and endpoints • Providing a platform to build consumer-quality and next-generation applications • Redefining and positioning productivity as a window for other enterprise applications • Re-intermediating and empowering IT organizations in an increasingly distributed IT environment • Driving Azure workloads and repositioning Azure as a high-end cloud platform

Key Contacts and M&A History functions Doug Kehring make aggressive decisions more quickly than most combine software and hardware to offer a disruptive ($MM) No 3 6% 06/23/14 Micros Systems $5,259 $4,604 3.4x 3.2x 27.6x 24.4x 18% 31% 15% 62% 3 Parties 95 02/04/13 Acme Packet 2,099 1,714 6.0 6.0 46.3 71.3 22% 22% (19%) 95% No Exclusive 157 3 4% 02/09/12 Taleo 2,056 1,940 6.3 5.3 44.7 44.1 18% 25% 9% 109% Exclusive 79 3 5% No 10/18/11 Endeca 1,075 1,075 8.6 - - - - - - - - - - - - 04/20/09 Sun Microsystems 7,085 5,340 0.4 0.4 - - 91% 89% (43%) 236% No Auction 55 2 0% 03/01/07 Hyperion Solutions 3,287 2,839 3.4 3.0 30.8 26.4 21% 23% 16% 94% No Exclusive 83 3 9% Source: Note: (1) Company press releases, Company filings and Wall Street Research. '-' = Not publicly available or not meaningful. Multiples greater than 100.0x considered not meaningful. 36 Unaffected premium indicates premium based on day CONFIDENTIAL | DRAFT prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed. 09/12/05Siebel Systems5,9193,6772.82.866.659.217%29%1%44%NoExclusive967(3%) Median5.5x4.4x39.9x35.3x22%31%9%95%95 days35% 01/16/08BEA Systems8,2307,3504.94.435.223.324%29%3%78%No Unsolicited209214% 11/02/10Art Technology Group1,0328504.43.931.625.046%35%25%95%NoExclusive2810% 10/24/11RightNow1,8401,5997.46.275.455.820%38%10% 117%NoExclusive9638% 12/20/12Eloqua9718859.88.2--31%34%(5%)82%NoExclusive12724% 12/20/13Responsys1,6791,5728.16.9--38%66%35% 370%No2 Parties24313% 12/22/14Datalogix ---------------FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Premium to Unaff. Stock Price (1)Transaction History RevenueP/E LTMExistingType ofProcess# of Prem. to LTM NTMLTM NTM1-Day 20-DayHighLowPartner?ProcessLengthBids 1st Offer Summary of Selected Recent Acquisitions Key Contacts:Larry Ellison (Executive Chairman and CTO) Safra Catz (Co-CEO) / Mark Hurd (Co-CEO) Thomas Kurian (President) Doug Kehring (EVP, Chief of Staff and Head of Corporate Development) Strengths • Leading database, middleware and application software products by market share • Aggressive, experienced and coordinated direct sales force • Attractive and expansive customer base • One single-instance back-office organization • Acquisition is a core competency and seen as key driver for growth Strategic Priorities • Having recently consolidated the e-commerce/B2C/Retail space (Responsys, RightNow, Endeca, Inquira, FatWire, ATG), CRM, and HCM, Oracle will continue to embrace the cloud for collaboration, horizontal and vertical applications • Recent transactions have focused on augmenting their strength in both their data and marketing cloud businesses • Drive enterprise IT agenda through tight integration of applications, analytics, infrastructure and systems • Propensity for SaaS vendors with an enterprise customer base in order to leverage existing Oracle brand and cross-sell products • RightNow / Taleo highlight need to offer fresh functionality to protect maintenance streams from CRM and Workday Typical M&A Process: • Idea generation from Larry Ellison, Executive Suite, Global Business Units and Corporate Development • All deals executed in centralized corporate development group with aid of transaction sponsor and back-office • Doesn’t expect to move on price from initial bid by much - Will re-bid 2 – 3 times generally • Streamlined approval process led by Co-Presidents and • Well-developed and efficient M&A process – able to competitors • Studying new technology markets where Oracle can solution (storage, networking)

Key Contacts and M&A History Luka Mucic (CFO, COO) Monty Gray (SVP and Head of Corporate Development) • Stable and recurring revenue stream from mission-critical software and recent SaaS acquisitions • Platform / hardware neutrality vs. competitors (i.e. vendor stack solution lock in) ($MM) 03/26/14 Fieldglass (2) 1,000 1,000 11.8 9.5 - - - - - - Yes - - - - 05/22/12 Ariba 4,609 4,437 8.8 7.8 48.9 42.1 20% 32% 13% 103% No Exclusive 58 3 17% 05/12/10 Sybase 6,505 5,766 4.8 4.5 25.0 24.4 56% 38% 35% 119% Yes Exclusive 62 2 7% Source: Company press releases, Company filings and Wall Street research. Note: '-' = Not publicly available or not meaningful. Multiples greater than 100.0x considered not meaningful. (1) (2) (3) Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed. Transaction size and LTM revenue projections are based on 451 Group estimates and June 30, 2014 Interim Report. 37 LTM revenue multiple pro forma for acquisition of Plateau Systems. Included in mean and median calculations. CONFIDENTIAL | DRAFT 10/07/07 Business Objects 6,019 5,090 3.7 2.9 31.3 23.6 20% 34% 20% 60% Yes Exclusive 82 1 0% Median 10.2x 8.3x 31.3x 24.4x 28% 36% 13% 103% 62 days 3 17% 12/03/11 SuccessFactors (3) 3,748 3,499 10.2 8.7 - - 52% 47% (1%) 105% No Exclusive 67 3 18% 06/05/13 Hybris (2) 1,341 1,341 10.7 - - - - - - - Yes - - - - 09/18/14 Concur $7,768 $8,286 12.6x 10.2x - - 28% 36% 1% 70% Yes Exclusive 60 3 17% FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Premium to Unaff. Stock Price (1) Transaction History Revenue P/E LTM Existing Type of Process # of Prem. to LTM NTM LTM NTM 1-Day 20-Day High Low Partner? Process Length Bids 1st Offer Summary of Selected Recent Acquisitions Key Contacts:Bill McDermott (CEO) Hasso Plattner (Co-Founder and Chairman, Supervisory Board) Arlen Shenkman (North American CFO) Strengths • Large enterprise customer base; spans all major verticals and geographies • Global sales force with deep relationships with Fortune 500 and SMB customers Strategic Priorities • Three-pronged strategy of on-premise, on-demand and on-device • HANA in-memory database and analytics offering • Increase competitiveness vs. other large technology ecosystems (particularly Oracle) as well as alternative enterprise software providers (CRM) • Extend presence within mid-market with BBD • Mobility platform (with Sybase acquisition) to proliferate existing software to mobile platforms Typical M&A Process: •Management has stated the intent to use M&A as a strategic driver of future growth •Ability to pay significant premia for assets deemed strategic (i.e. Business Objects, Sybase, SuccessFactors, Ariba, Concur) •M&A requires approval of Executive Committee and Board Committee •Hasso Plattner is very involved in strategic direction of Company and acquisitions •Concerned about competing with Oracle over strategic assets in enterprise application and infrastructure software

Illustrative Pro Forma Income Statement Based on Curry and SAP Street Estimates ($MM) Source: Curry and SAP projections based on mean consensus analyst research estimates as of February 19, 2016. Note: Does not reflect the potential impact of certain purchase accounting and financial transaction variables including (among others): equity compensation expense, excess purchase price treatment, depreciation and amortization of intangibles, tax charges/benefits and other non-recurring/transaction items. 38 CONFIDENTIAL | DRAFT Total Revenue Annual Growth Non-GAAP Gross Profit Gross Margin Total Operating Expenses % of Revenue Non-GAAP Operating Income Operating Margin Levered Free Cash Flow LFCF Margin Curry Street CY2016ECY2017E SAP Street CY2016ECY2017E $25,493 $27,246 7%7% $18,135 $19,515 71%72% $10,671 $11,668 42%43% $7,464 $7,848 29%29% $4,664 $5,172 18%19% $962 $1,221 30%27% $675 $859 70%70% $633 $792 66%65% $41 $67 4%6% $85 $119 9%10% $24,531 $26,025 7%6% $17,460 $18,656 71%72% $10,038 $10,876 41%42% $7,423 $7,780 30%30% $4,579 $5,052 19%19% Pro Forma Combined CY2016E CY2017E

Illustrative Transaction Sources & Uses Cash Debt $379 316 $5,457 11,156 $5,836 11,473 ($MM, except per share amounts) Purchase of Curry FD Shares Outstanding (1) Retire Note Payable to Oracle (4) Retire Existing Curry Convertible Debt (2) Make Whole Premium (2) Transaction Expenses (3) Total $5,803 6 310 0 120 $6,240 $6,226 6 310 0 129 $6,671 $6,649 6 310 0 138 $7,102 $7,072 6 310 0 146 $7,534 $7,494 6 310 6 155 $7,972 $7,917 6 310 13 163 $8,410 $8,340 6 310 20 172 $8,849 SAP Equity Issued Combined Balance Sheet Cash (4) New Debt Raised Total $0 0 6,240 $6,240 $0 0 6,671 $6,671 $0 0 7,102 $7,102 $0 0 7,534 $7,534 $0 0 7,972 $7,972 $0 0 8,410 $8,410 $0 0 8,849 $8,849 Per Share Cash Consideration Per Share Stock Consideration % Cash / % Stock Exchange Ratio $70.00 0.00 100% / 0% 0.000x $75.00 0.00 100% / 0% 0.000x $80.00 0.00 100% / 0% 0.000x $85.00 0.00 100% / 0% 0.000x $90.00 0.00 100% / 0% 0.000x $95.00 0.00 100% / 0% 0.000x $100.00 0.00 100% / 0% 0.000x Total Debt Cash Net Debt $17,396 5,836 11,560 $17,827 5,836 11,991 $18,259 5,836 12,423 $18,690 5,836 12,854 $19,128 5,836 13,292 $19,566 5,836 13,730 $20,005 5,836 14,169 Leverage Statistics Pro Forma CY15E EBITDA (5) $8,103 8,103 8,103 8,103 8,103 8,103 8,103 Ownership Shares Issued 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Note: Market data current as of February 19, 2016. Current Curry share price of $56.25 as of February 19, 2016. Current SAP share price of $77.40 as of February 19, 2016. (1) Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. (2) Convertible Debt detail from Curry Convertible Debt indenture dated June 4, 2013. Assumes a close date of June 30, 2016. (3) Assumes 1% transaction advisory fees and 1% financing fees on new debt. (4) Curry balance sheet items from Curry 8-K for the period ended December 31, 2015. SAP balance sheet items from SAP Interim Report for the period ended December 31, 2015. (5) Curry actuals based on Curry 8-K for the period ended December 31, 2015. SAP projections based on consensus analyst research dated February 19, 2016. 39 CONFIDENTIAL | DRAFT Curry Primary % Ownership 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Curry FD % Ownership 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Debt / CY15E EBITDA 2.1x 2.2x 2.3x 2.3x 2.4x 2.4x 2.5x Net Debt / CY15E EBITDA 1.4 1.5 1.5 1.6 1.6 1.7 1.7 Implied Pro Forma Capital Structure Implied Consideration Sources of Funds Uses of Funds 100% Cash Funded with New Debt $70.00 $75.00 $80.00 $85.00 $90.00 $95.00 $100.00 24%33%42%51%60%69%78% Illustrative Share Price: Implied Premium to Current: Illustrative Transaction Sources and Uses Combined Firepower Curry SAP Combined

Illustrative Pro Forma Earnings Impact Based on Curry and SAP Street Estimates ($MM, except per share amounts) Pro Forma Net Income (+) SAP Street Net Income (1) (+) Curry Street Net Income (1) (-) After-tax New Interest Expense (2) Pro Forma Net Income Effective Tax Rate (3) Pro Forma Diluted Shares Outstanding $5,318 $35 (187) $5,166 25% $5,318 35 (200) $5,153 25% $5,318 35 (213) $5,140 25% $5,318 35 (226) $5,127 25% $5,318 35 (239) $5,114 25% $5,318 35 (252) $5,101 25% $5,318 35 (265) $5,088 25% SAP Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 1,180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 Pro Forma Net Income (+) SAP Street Net Income (1) (+) Curry Street Net Income (1) (-) After-tax New Interest Expense (2) Pro Forma Net Income Effective Tax Rate (4) Pro Forma Diluted Shares Outstanding $5,708 $59 (187) $5,579 25% $5,708 59 (200) $5,566 25% $5,708 59 (213) $5,554 25% $5,708 59 (226) $5,541 25% $5,708 59 (239) $5,527 25% $5,708 59 (252) $5,514 25% $5,708 59 (265) $5,501 25% SAP Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 1,181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 Note: Market data current as of February 19, 2016. (1) Curry and SAP estimates based on mean consensus analyst research estimates as of February 19, 2016. (2) Assumes a 4.0% cost of debt, and 0.5% cost of cash foregone. Assumes no debt repayment during the projection period. (3) Assumes a 25% blended tax rate (Curry tax rate of 10% and SAP tax rate of 25%). (4) Assumes a 25% blended tax rate (Curry tax rate of 10% and SAP tax rate of 25%). 40 CONFIDENTIAL | DRAFT Illustrative CY17E Pro Forma EPS Impact Illustrative CY16E Pro Forma EPS Impact Pro Forma Diluted EPS $4.72 $4.71 $4.70 $4.69 $4.68 $4.67 $4.66 From Standalone EPS of $4.83(0.11) (0.12) (0.13) (0.14) (0.15) (0.16) (0.18) % Accretion (Dilution)(2%)(2%)(3%)(3%)(3%)(3%)(4%) Pre-Tax Synergies / (Cushion) to Breakeven $172 $189 $206 $223 $241 $258 $276 Pro Forma Diluted EPS $4.38 $4.36 $4.35 $4.34 $4.33 $4.32 $4.31 From Standalone EPS of $4.50(0.13) (0.14) (0.15) (0.16) (0.17) (0.18) (0.19) % Accretion (Dilution)(3%)(3%)(3%)(4%)(4%)(4%)(4%) Pre-Tax Synergies / (Cushion) to Breakeven $203 $220 $237 $254 $272 $289 $307 Illustrative Share Price: Implied Premium to Current: Illustrative Pro Forma Earnings Impact 100% Cash Funded with New Debt $70.00 $75.00 $80.00 $85.00 $90.00 $95.00 $100.00 24%33%42%51%60%69%78%

Illustrative Pro Forma LFCF Impact Based on Curry and SAP Street Estimates ($MM, except per share amounts) Pro Forma LFCF (+) SAP Street LFCF (1) (+) Curry Street LFCF (1) (-) After-tax New Interest Expense (2) Pro Forma LFCF Effective Tax Rate (3) Pro Forma Diluted Shares Outstanding $4,579 $85 (187) $4,477 25% $4,579 85 (200) $4,464 25% $4,579 85 (213) $4,451 25% $4,579 85 (226) $4,438 25% $4,579 85 (239) $4,425 25% $4,579 85 (252) $4,412 25% $4,579 85 (265) $4,399 25% SAP Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 1,180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 1180.7 0.0 1180.7 Pro Forma LFCF (+) SAP Street LFCF (1) (+) Curry Street LFCF (1) (-) After-tax New Interest Expense (2) Pro Forma LFCF Effective Tax Rate (4) Pro Forma Diluted Shares Outstanding $5,052 $119 (187) $4,985 25% $5,052 119 (200) $4,972 25% $5,052 119 (213) $4,959 25% $5,052 119 (226) $4,946 25% $5,052 119 (239) $4,933 25% $5,052 119 (252) $4,920 25% $5,052 119 (265) $4,907 25% SAP Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 1,181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 1181.2 0.0 1181.2 Note: Market data current as of February 19, 2016. (1) Curry and SAP estimates based on mean consensus analyst research estimates as of February 19, 2016. (2) Assumes a 4.0% cost of debt, and 0.5% cost of cash foregone. Assumes no debt repayment during the projection period. (3) Assumes a 25% blended tax rate (Curry tax rate of 10% and SAP tax rate of 25%). (4) Assumes a 25% blended tax rate (Curry tax rate of 10% and SAP tax rate of 25%). 41 CONFIDENTIAL | DRAFT Illustrative CY17E Pro Forma LFCF / Share Impact Illustrative CY16E Pro Forma LFCF / Share Impact Pro Forma Diluted LFCF / Share $4.22 $4.21 $4.20 $4.19 $4.18 $4.17 $4.15 From Standalone LFCF / Share of $4.28(0.06) (0.07) (0.08) (0.09) (0.10) (0.11) (0.12) % Accretion (Dilution)(1%)(2%)(2%)(2%)(2%)(3%)(3%) Pre-Tax Synergies / (Cushion) to Breakeven $90 $107 $125 $142 $159 $177 $195 Pro Forma Diluted LFCF / Share $3.79 $3.78 $3.77 $3.76 $3.75 $3.74 $3.73 From Standalone LFCF / Share of $3.88(0.09) (0.10) (0.11) (0.12) (0.13) (0.14) (0.15) % Accretion (Dilution)(2%)(3%)(3%)(3%)(3%)(4%)(4%) Pre-Tax Synergies / (Cushion) to Breakeven $136 $154 $171 $188 $206 $223 $241 Illustrative Share Price: Implied Premium to Current: Illustrative Pro Forma LFCF Impact 100% Cash Funded with New Debt $70.00 $75.00 $80.00 $85.00 $90.00 $95.00 $100.00 24%33%42%51%60%69%78%

Key Contacts and M&A History John Somorjai (SVP, Corporate Development and Strategy) Chris Hecht (VP, Corporate Development) Alex Dayon (President, Products) •Pioneer in cloud computing and market leadership in sales, service, and marketing ($MM) 7/11/2014 RelateIQ 392 352 - - - - - - - - No - - - - 21.2 13.8 - - 06/04/12 Buddy Media 689 689 - - - - No - - - - Source: Company press releases, Company filings and Wall Street Research. Note: '-' = Not publicly available or not meaningful. Multiples greater than 100.0x considered not meaningful. (1) (2) Unaffected premium indicates premium based on day prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed. PaaS market size per Forrester, service market size per Gartner, marketing automation size per IDC, and data and analytics market size per Gartner. CONFIDENTIAL | DRAFT 42 Median 9.3x 6.5x - - 53% 56% 36% 88% 03/30/11 Radian6 326 326 9.3 3.8 - - - - - - Yes - - - - 06/04/13 ExactTarget 2,671 2,570 7.9x 6.5x - - 53% 56% 36% 88% Yes 2 Parties 42 3 30% 12/23/2015 SteelBrick $360 $360 - - - - - - - - Yes - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Premium to Unaff. Stock Price (1) Transaction History Revenue P/E LTM Existing Type of Process # of Prem. to LTM NTM LTM NTM 1-Day 20-Day High Low Partner? Process Length Bids 1st Offer Summary of Selected Recent Acquisitions Key Contacts:Marc Benioff (CEO) Parker Harris (Co-Founder) Mark Hawkins (EVP and CFO) Burke Norton (Chief Legal Officer) Strengths •Expected to do $6.6Bn of revenue in 2015, making it by far the largest cloud company •Salesforce has expanded from its core platform into other markets: PaaS ($10Bn in 2015), service ($28Bn by 2015), marketing automation ($7Bn in 2015), and data and analytics ($16Bn in 2015).2 •Salesforce has evolved its vision from automating the sales process to becoming a broader productivity, data management, and application infrastructure platform for companies ranging from SMBs to the largest enterprises Strategic Priorities •Significant focus on building out a complete marketing and CRM suite, primarily through acquisitions •Building and extending the Marketing Cloud •Intense focus on platform build-out and positioning with audiences ranging from SMBs to enterprises •Accelerating growth areas such as Service Cloud and increasing diversification into areas such as analytics and data management •Strengthen relationships with third party developers through ongoing investment in Force.com and Heroku Typical M&A Process: •Marc Benioff drives the vision of the Company and all acquisition ideas are approved through his office –He coordinates closely with John Somorjai in the decision-making process •John Somorjai leads the corporate development team and has access to the office of the CEO •Corporate development team works with operations and sales teams to identify potential new expansion opportunities •Focused on extending platform capabilities, Social Enterprise, data integration and marketing suite

Illustrative Pro Forma Income Statement Based on Curry and Salesforce Street Estimates ($MM) Source: Curry and Salesforce projections based on mean consensus analyst research estimates as of February 19, 2016. Note: Does not reflect the potential impact of certain purchase accounting and financial transaction variables including (among others): equity compensation expense, excess purchase price treatment, depreciation and amortization of intangibles, tax charges/benefits and other non-recurring/transaction items. 43 CONFIDENTIAL | DRAFT Total Revenue Annual Growth Non-GAAP Gross Profit Gross Margin Total Operating Expenses % of Revenue Non-GAAP Operating Income Operating Margin Levered Free Cash Flow LFCF Margin Curry Street CY2016ECY2017E Salesforce Street CY2016ECY2017E $9,045 $10,914 22%21% $6,965 $8,435 77%77% $5,809 $6,879 64%63% $1,156 $1,556 13%14% $1,540 $1,967 17%18% $962 $1,221 30%27% $675 $859 70%70% $633 $792 66%65% $41 $67 4%6% $85 $119 9%10% $8,083 $9,692 22%20% $6,290 $7,575 78%78% $5,175 $6,087 64%63% $1,114 $1,488 14%15% $1,455 $1,847 18%19% Pro Forma Combined CY2016E CY2017E

Illustrative Transaction Sources & Uses Cash Debt $379 316 $2,301 1,857 $2,680 2,173 Purchase of Curry FD Shares Outstanding (1) Retire Note Payable to Oracle (4) Retire Existing Curry Convertible Debt (2) Make Whole Premium (2) Transaction Expenses (3) Total $5,803 6 310 0 82 $6,201 $6,649 6 310 0 90 $7,055 $7,494 6 310 6 99 $7,916 $8,340 6 310 20 107 $8,784 $5,803 6 310 0 58 $6,177 $6,649 6 310 0 66 $7,031 $7,494 6 310 6 75 $7,892 $8,340 6 310 20 83 $8,760 Salesforce Equity Issued Combined Balance Sheet Cash (4) New Debt Raised Total $1,646 2,180 $2,374.7 $6,201 $2,501 2,180 $2,374.7 $7,055 $3,361 2,180 $2,374.7 $7,916 $4,229 2,180 $2,374.7 $8,784 $5,803 374 0 $6,649 383 0 $7,494 397 0 $8,340 420 0 $6,177 $7,031 $7,892 $8,760 Per Share Cash Consideration Per Share Stock Consideration % Cash / % Stock Exchange Ratio $50.14 19.86 72% / 28% 0.320x $49.91 30.09 62% / 38% 0.484x $49.64 40.36 55% / 45% 0.650x $49.29 50.71 49% / 51% 0.816x $0.00 70.00 0% / 100% 1.126x $0.00 80.00 0% / 100% 1.287x $0.00 90.00 0% / 100% 1.448x $0.00 100.00 0% / 100% 1.609x Total Debt Cash Net Debt $4,231 500 3,731 $4,231 500 3,731 $4,231 500 3,731 $4,231 500 3,731 $1,857 2,306 (449) $1,857 2,297 (440) $1,857 2,282 (426) $1,857 2,260 (403) Leverage Statistics Pro Forma CY15E EBITDA (5) $1,209 1,209 1,209 1,209 1,209 1,209 1,209 1,209 Ownership Shares Issued 26.5 40.2 54.1 68.1 93.4 107.0 120.6 134.2 Note: Market data current as of February 19, 2016. Current Curry share price of $56.25 as of February 19, 2016. Current Salesforce share price of $62.14 as of February 19, 2016. (1) Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. (2) Convertible Debt detail from Curry Convertible Debt indenture dated June 4, 2013. Assumes a close date of June 30, 2016. (3) Assumes 1% transaction advisory fees and 1% financing fees on new debt. (4) Curry balance sheet items from Curry 8-K for the period ended December 31, 2015. Salesforce balance sheet items from Salesforce 10-Q for the period ended October 31, 2015. Assumes pro forma minimum cash balance of $500MM. (5) Curry actuals based on Curry 8-K for the period ended December 31, 2015. Salesforce projections based on consensus analyst research dated February 19, 2016. 44 CONFIDENTIAL | DRAFT Curry Primary % Ownership 3.8% 5.7% 7.5% 9.3% 12.3% 13.9% 15.4% 16.8% Curry FD % Ownership 3.7% 5.5% 7.3% 9.0% 12.0% 13.5% 14.9% 16.4% Total Debt / CY15E EBITDA 3.5x 3.5x 3.5x 3.5x 1.5x 1.5x 1.5x 1.5x Net Debt / CY15E EBITDA 3.1 3.1 3.1 3.1 (0.4) (0.4) (0.4) (0.3) Implied Pro Forma Capital Structure Implied Consideration Sources of Funds ($MM, except per share amounts) Illustrative Transaction Sources and Uses Illustrative Share Price: Implied Premium to Current: Max 3.5x Leverage Scenario 100% Stock Scenario $70.00 $80.00 $90.00 $100.00 24%42%60%78% $70.00 $80.00 $90.00 $100.00 24%42%60%78% Uses of Funds Combined Firepower Curry Salesforce Combined

Illustrative Pro Forma Earnings Impact Based on Curry and Salesforce Street Estimates ($MM, except per share amounts) Pro Forma Net Income (+) Salesforce Street Net Income (1) (+) Curry Street Net Income (1) (-) After-tax New Interest Expense (2) Pro Forma Net Income Effective Tax Rate (3) Pro Forma Diluted Shares Outstanding $691 $35 (77) $649 35% $691 35 (77) $649 35% $691 35 (77) $649 35% $691 35 (77) $649 35% $691 35 (1) $725 35% $691 35 (1) $725 35% $691 35 (1) $725 35% $691 35 (1) $725 35% Salesforce Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 700.2 26.5 726.7 700.2 40.2 740.5 700.2 54.1 754.3 700.2 68.1 768.3 700.2 93.4 793.6 700.2 107.0 807.2 700.2 120.6 820.8 700.2 134.2 834.4 Pro Forma Net Income (+) Salesforce Street Net Income (1) (+) Curry Street Net Income (1) (-) After-tax New Interest Expense (2) Pro Forma Net Income Effective Tax Rate (4) Pro Forma Diluted Shares Outstanding $939 $59 (77) $920 34% $939 59 (77) $920 34% $939 59 (77) $920 34% $939 59 (77) $920 34% $939 59 (1) $996 34% $939 59 (1) $996 34% $939 59 (1) $996 34% $939 59 (1) $996 34% Salesforce Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 725.2 26.5 751.7 725.2 40.2 765.4 725.2 54.1 779.3 725.2 68.1 793.3 725.2 93.4 818.6 725.2 107.0 832.2 725.2 120.6 845.8 725.2 134.2 859.4 Note: Market data current as of February 19, 2016. (1) Curry and Salesforce estimates based on mean consensus analyst research estimates as of February 19, 2016. (2) Assumes a 4.5% cost of debt, and 0.5% cost of cash foregone. Assumes no debt repayment during the projection period. (3) Assumes a 35% blended tax rate (Curry tax rate of 10% and Salesforce tax rate of 36%). (4) Assumes a 34% blended tax rate (Curry tax rate of 10% and Salesforce tax rate of 36%). 45 CONFIDENTIAL | DRAFT Illustrative CY17E Pro Forma EPS Impact Illustrative CY16E Pro Forma EPS Impact Pro Forma Diluted EPS $1.22 $1.20 $1.18 $1.16 $1.22 $1.20 $1.18 $1.16 From Standalone EPS of $1.29(0.07) (0.09) (0.11) (0.13) (0.08) (0.10) (0.12) (0.14) % Accretion (Dilution)(5%)(7%)(9%)(10%)(6%)(8%)(9%)(10%) Pre-Tax Synergies / (Cushion) to Breakeven $81 $108 $135 $163 $97$124 $151 $178 Pro Forma Diluted EPS $0.89 $0.88 $0.86 $0.84 $0.91 $0.90 $0.88 $0.87 From Standalone EPS of $0.99(0.09) (0.11) (0.13) (0.14) (0.07) (0.09) (0.10) (0.12) % Accretion (Dilution)(9%)(11%)(13%)(14%)(7%)(9%)(11%)(12%) Pre-Tax Synergies / (Cushion) to Breakeven $104 $125 $146 $167 $89$110 $130 $151 Illustrative Share Price: Implied Premium to Current: Illustrative Pro Forma Earnings Impact Max 3.5x Leverage Scenario 100% Stock Scenario $70.00 $80.00 $90.00 $100.00 24%42%60%78% $70.00 $80.00 $90.00 $100.00 24%42%60%78%

Illustrative Pro Forma LFCF Impact Based on Curry and Salesforce Street Estimates ($MM, except per share amounts) Pro Forma LFCF (+) Salesforce Street LFCF (1) (+) Curry Street LFCF (1) (-) After-tax New Interest Expense (2) Pro Forma LFCF Effective Tax Rate (3) Pro Forma Diluted Shares Outstanding $1,455 $85 (77) $1,463 35% $1,455 85 (77) $1,463 35% $1,455 85 (77) $1,463 35% $1,455 85 (77) $1,463 35% $1,455 85 (1) $1,539 35% $1,455 85 (1) $1,539 35% $1,455 85 (1) $1,539 35% $1,455 85 (1) $1,539 35% Salesforce Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 700.2 26.5 726.7 700.2 40.2 740.5 700.2 54.1 754.3 700.2 68.1 768.3 700.2 93.4 793.6 700.2 107.0 807.2 700.2 120.6 820.8 700.2 134.2 834.4 Pro Forma LFCF (+) Salesforce Street LFCF (1) (+) Curry Street LFCF (1) (-) After-tax New Interest Expense (2) Pro Forma LFCF Effective Tax Rate (4) Pro Forma Diluted Shares Outstanding $1,847 $119 (77) $1,890 34% $1,847 119 (77) $1,890 34% $1,847 119 (77) $1,890 34% $1,847 119 (77) $1,890 34% $1,847 119 (1) $1,966 34% $1,847 119 (1) $1,965 34% $1,847 119 (1) $1,965 34% $1,847 119 (1) $1,965 34% Salesforce Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 725.2 26.5 751.7 725.2 40.2 765.4 725.2 54.1 779.3 725.2 68.1 793.3 725.2 93.4 818.6 725.2 107.0 832.2 725.2 120.6 845.8 725.2 134.2 859.4 Note: Market data current as of February 19, 2016. (1) Curry and Salesforce estimates based on mean consensus analyst research estimates as of February 19, 2016. (2) Assumes a 4.5% cost of debt, and 0.5% cost of cash foregone. Assumes no debt repayment during the projection period. (3) Assumes a 35% blended tax rate (Curry tax rate of 10% and Salesforce tax rate of 36%). (4) Assumes a 34% blended tax rate (Curry tax rate of 10% and Salesforce tax rate of 36%). 46 CONFIDENTIAL | DRAFT Illustrative CY17E Pro Forma LFCF / Share Impact Illustrative CY16E Pro Forma LFCF / Share Impact Pro Forma Diluted LFCF / Share $2.51 $2.47 $2.42 $2.38 $2.40 $2.36 $2.32 $2.29 From Standalone LFCF / Share of $2.55(0.03) (0.08) (0.12) (0.17) (0.15) (0.19) (0.22) (0.26) % Accretion (Dilution)(1%)(3%)(5%)(6%)(6%)(7%)(9%)(10%) Pre-Tax Synergies / (Cushion) to Breakeven $38$92$146 $200$182 $235$288$341 Pro Forma Diluted LFCF / Share $2.01 $1.98 $1.94 $1.90 $1.94 $1.91 $1.87 $1.84 From Standalone LFCF / Share of $2.08(0.06) (0.10) (0.14) (0.17) (0.14) (0.17) (0.20) (0.23) % Accretion (Dilution)(3%)(5%)(7%)(8%)(7%)(8%)(10%)(11%) Pre-Tax Synergies / (Cushion) to Breakeven $72$116 $160 $205$169 $213 $256$300 Illustrative Share Price: Implied Premium to Current: Illustrative Pro Forma LFCF Impact Max 3.5x Leverage Scenario 100% Stock Scenario $70.00 $80.00 $90.00 $100.00 24%42%60%78% $70.00 $80.00 $90.00 $100.00 24%42%60%78%

Key Contacts and M&A History ($MM) 1,354 1,261 5.3x 4.8x 37.5x 31.5x 11/30/06 Digital Insight 18% 30% 2% 76% Yes 2 Parties 127 2 5% Source: Note: (1) Company press releases, Company filings and Wall Street Research. '-' = Not publicly available or not meaningful. Multiples greater than 100.0x considered not meaningful. 47 Unaffected premium indicates premium based on day CONFIDENTIAL | DRAFT prior to rumors of a potential transaction, or premium based on day prior to transaction announcement if no substantial rumors existed. 04/27/12 Demandforce $424 $424 - - - - - - - - - - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Premium to Unaff. Stock Price (1) Transaction History Revenue P/E LTM Existing Type of Process # of Prem. to LTM NTM LTM NTM 1-Day 20-Day High Low Partner? Process Length Bids 1st Offer Summary of Selected Recent Acquisitions Key Contacts:Brad Smith(Chairman and CEO) Scott Cook (Founder and Chairman of the Executive Committee) Neil Williams (EVP and CFO) Andrew Westergren (SVP, Chief Corporate Strategy and Development Officer)

Illustrative Pro Forma Income Statement Based on Curry and Intuit Street Estimates ($MM) Source: Curry and Intuit projections based on mean consensus analyst research estimates as of February 19, 2016. Note: Does not reflect the potential impact of certain purchase accounting and financial transaction variables including (among others): equity compensation expense, excess purchase price treatment, depreciation and amortization of intangibles, tax charges/benefits and other non-recurring/transaction items. 48 CONFIDENTIAL | DRAFT Total Revenue Annual Growth Non-GAAP Gross Profit Gross Margin Total Operating Expenses % of Revenue Non-GAAP Operating Income Operating Margin Levered Free Cash Flow LFCF Margin Curry Street CY2016ECY2017E Intuit Street CY2016ECY2017E $5,697 $6,475 9%14% $4,685 $5,334 82%82% $3,107 $3,463 55%53% $1,579 $1,871 28%29% $1,173 $1,714 21%26% $962 $1,221 30%27% $675 $859 70%70% $633 $792 66%65% $41 $67 4%6% $85 $119 9%10% $4,735 $5,253 5%11% $4,011 $4,475 85%85% $2,473 $2,671 52%51% $1,537 $1,804 32%34% $1,089 $1,595 23%30% Pro Forma Combined CY2016E CY2017E

Illustrative Transaction Sources & Uses Cash Debt $379 316 $887 1,250 $1,266 1,566 Purchase of Curry FD Shares Outstanding (1) Retire Note Payable to Oracle (4) Retire Existing Curry Convertible Debt (2) Make Whole Premium (2) Transaction Expenses (3) Total $5,803 6 310 0 100 $6,219 $6,649 6 310 0 108 $7,073 $7,494 6 310 6 117 $7,934 $8,340 6 310 20 125 $8,802 $5,803 6 310 0 58 $6,177 $6,649 6 310 0 66 $7,031 $7,494 6 310 6 75 $7,892 $8,340 6 310 20 83 $8,760 Intuit Equity Issued Combined Balance Sheet Cash (4) New Debt Raised Total $1,157 866 4,197 $6,219 $2,011 866 4,197 $7,073 $2,872 866 4,197 $7,934 $3,740 866 4,197 $8,802 $5,803 374 0 $6,649 383 0 $7,494 397 0 $8,340 420 0 $6,177 $7,031 $7,892 $8,760 Per Share Cash Consideration Per Share Stock Consideration % Cash / % Stock Exchange Ratio $56.04 13.96 80% / 20% 0.144x $55.80 24.20 70% / 30% 0.249x $55.52 34.48 62% / 38% 0.355x $55.16 44.84 55% / 45% 0.461x $0.00 70.00 0% / 100% 0.720x $0.00 80.00 0% / 100% 0.823x $0.00 90.00 0% / 100% 0.926x $0.00 100.00 0% / 100% 1.029x Total Debt Cash Net Debt $5,447 400 5,047 $5,447 400 5,047 $5,447 400 5,047 $5,447 400 5,047 $1,250 891 359 $1,250 883 367 $1,250 868 382 $1,250 846 404 Leverage Statistics Pro Forma CY15E EBITDA (5) $1,556 1,556 1,556 1,556 1,556 1,556 1,556 1,556 Ownership Shares Issued 11.9 20.7 29.5 38.5 59.7 68.4 77.1 85.8 Note: Market data current as of February 19, 2016. Current Curry share price of $56.25 as of February 19, 2016. Current Intuit share price of $97.19 as of February 19, 2016. (1) Common shares outstanding from Curry 10-Q for the period ended September 30, 2015. RSUs and options schedule from Curry 10-K for the period ended December 31, 2014. (2) Convertible Debt detail from Curry Convertible Debt indenture dated June 4, 2013. Assumes a close date of June 30, 2016. (3) Assumes 1% transaction advisory fees and 1% financing fees on new debt. (4) Curry balance sheet items from Curry 8-K for the period ended December 31, 2015. Intuit balance sheet items from Intuit 10-Q for the period ended October 31, 2015. Assumes pro forma minimum cash balance of $400MM. (5) Curry actuals based on Curry 8-K for the period ended December 31, 2015. Intuit projections based on consensus analyst research dated February 19, 2016. 49 CONFIDENTIAL | DRAFT Curry Primary % Ownership 4.3% 7.3% 10.1% 12.7% 18.4% 20.6% 22.6% 24.5% Curry FD % Ownership 4.2% 7.0% 9.7% 12.3% 17.9% 20.0% 22.0% 23.8% Total Debt / CY15E EBITDA 3.5x 3.5x 3.5x 3.5x 0.8x 0.8x 0.8x 0.8x Net Debt / CY15E EBITDA 3.2 3.2 3.2 3.2 0.2x 0.2x 0.2x 0.3x Implied Pro Forma Capital Structure Implied Consideration Sources of Funds ($MM, except per share amounts) Illustrative Transaction Sources and Uses Illustrative Share Price: Implied Premium to Current: Max 3.5x Leverage Scenario 100% Stock Scenario $70.00 $80.00 $90.00 $100.00 24%42%60%78% $70.00 $80.00 $90.00 $100.00 24%42%60%78% Uses of Funds Combined Firepower Curry Intuit Combined

Illustrative Pro Forma Earnings Impact Based on Curry and Intuit Street Estimates ($MM, except per share amounts) Pro Forma Net Income (+) Intuit Street Net Income (1) (+) Curry Street Net Income (1) (-) After-tax New Interest Expense (2) Pro Forma Net Income Effective Tax Rate (3) Pro Forma Diluted Shares Outstanding $1,007 $35 (128) $914 34% $1,007 35 (128) $914 34% $1,007 35 (128) $914 34% $1,007 35 (128) $914 34% $1,007 35 (1) $1,041 34% $1,007 35 (1) $1,041 34% $1,007 35 (1) $1,041 34% $1,007 35 (1) $1,041 34% Intuit Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 272.2 11.9 284.1 272.2 20.7 292.9 272.2 29.5 301.8 272.2 38.5 310.7 272.2 59.7 332.0 272.2 68.4 340.7 272.2 77.1 349.4 272.2 85.8 358.1 Pro Forma Net Income (+) Intuit Street Net Income (1) (+) Curry Street Net Income (1) (-) After-tax New Interest Expense (2) Pro Forma Net Income Effective Tax Rate (4) Pro Forma Diluted Shares Outstanding $1,174 $59 (129) $1,103 33% $1,174 59 (129) $1,103 33% $1,174 59 (129) $1,103 33% $1,174 59 (129) $1,103 33% $1,174 59 (1) $1,231 33% $1,174 59 (1) $1,231 33% $1,174 59 (1) $1,231 33% $1,174 59 (1) $1,231 33% Intuit Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 266.0 11.9 277.9 266.0 20.7 286.7 266.0 29.5 295.5 266.0 38.5 304.5 266.0 59.7 325.7 266.0 68.4 334.4 266.0 77.1 343.1 266.0 85.8 351.8 Note: Market data current as of February 19, 2016. (1) Curry and Intuit estimates based on mean consensus analyst research estimates as of February 19, 2016. (2) Assumes a 4.5% cost of debt, and 0.5% cost of cash foregone. Assumes no debt repayment during the projection period. (3) Assumes a 34% blended tax rate (Curry tax rate of 10% and Intuit tax rate of 34%). (4) Assumes a 33% blended tax rate (Curry tax rate of 10% and Intuit tax rate of 34%). 50 CONFIDENTIAL | DRAFT Illustrative CY17E Pro Forma EPS Impact Illustrative CY16E Pro Forma EPS Impact Pro Forma Diluted EPS $3.97 $3.85 $3.73 $3.62 $3.78 $3.68 $3.59 $3.50 From Standalone EPS of $4.41(0.44) (0.56) (0.68) (0.79) (0.63) (0.73) (0.83) (0.91) % Accretion (Dilution)(10%)(13%)(15%)(18%)(14%)(17%)(19%)(21%) Pre-Tax Synergies / (Cushion) to Breakeven $184 $242$301 $360$309$366$424$481 Pro Forma Diluted EPS $3.22 $3.12 $3.03 $2.94 $3.14 $3.06 $2.98 $2.91 From Standalone EPS of $3.70(0.48) (0.58) (0.67) (0.76) (0.56) (0.64) (0.72) (0.79) % Accretion (Dilution)(13%)(16%)(18%)(20%)(15%)(17%)(19%)(21%) Pre-Tax Synergies / (Cushion) to Breakeven $207$256$305$355$282$330$379$427 Illustrative Share Price: Implied Premium to Current: Illustrative Pro Forma Earnings Impact Max 3.5x Leverage Scenario 100% Stock Scenario $70.00 $80.00 $90.00 $100.00 24%42%60%78% $70.00 $80.00 $90.00 $100.00 24%42%60%78%

Illustrative Pro Forma LFCF Impact Based on Curry and Intuit Street Estimates ($MM, except per share amounts) Pro Forma LFCF (+) Intuit Street LFCF (1) (+) Curry Street LFCF (1) (-) After-tax New Interest Expense (2) Pro Forma LFCF Effective Tax Rate (3) Pro Forma Diluted Shares Outstanding $1,089 $85 (128) $1,045 34% $1,089 85 (128) $1,045 34% $1,089 85 (128) $1,045 34% $1,089 85 (128) $1,045 34% $1,089 85 (1) $1,172 34% $1,089 85 (1) $1,172 34% $1,089 85 (1) $1,172 34% $1,089 85 (1) $1,172 34% Intuit Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 272.2 11.9 284.1 272.2 20.7 292.9 272.2 29.5 301.8 272.2 38.5 310.7 272.2 59.7 332.0 272.2 68.4 340.7 272.2 77.1 349.4 272.2 85.8 358.1 Pro Forma LFCF (+) Intuit Street LFCF (1) (+) Curry Street LFCF (1) (-) After-tax New Interest Expense (2) Pro Forma LFCF Effective Tax Rate (4) Pro Forma Diluted Shares Outstanding $1,595 $119 (129) $1,585 33% $1,595 119 (129) $1,585 33% $1,595 119 (129) $1,585 33% $1,595 119 (129) $1,585 33% $1,595 119 (1) $1,713 33% $1,595 119 (1) $1,713 33% $1,595 119 (1) $1,713 33% $1,595 119 (1) $1,713 33% Intuit Standalone WASO (1) (+) Shares Issued in Transaction Pro Forma Shares Pro Forma Accretion / Dilution 266.0 11.9 277.9 266.0 20.7 286.7 266.0 29.5 295.5 266.0 38.5 304.5 266.0 59.7 325.7 266.0 68.4 334.4 266.0 77.1 343.1 266.0 85.8 351.8 Note: Market data current as of February 19, 2016. (1) Curry and Intuit estimates based on mean consensus analyst research estimates as of February 19, 2016. (2) Assumes a 4.5% cost of debt, and 0.5% cost of cash foregone. Assumes no debt repayment during the projection period. (3) Assumes a 34% blended tax rate (Curry tax rate of 10% and Intuit tax rate of 34%). (4) Assumes a 33% blended tax rate (Curry tax rate of 10% and Intuit tax rate of 34%). 51 CONFIDENTIAL | DRAFT Illustrative CY17E Pro Forma LFCF / Share Impact Illustrative CY16E Pro Forma LFCF / Share Impact Pro Forma Diluted LFCF / Share $5.70 $5.53 $5.36 $5.21 $5.26 $5.12 $4.99 $4.87 From Standalone LFCF / Share of $6.00(0.29) (0.47) (0.63) (0.79) (0.74) (0.87) (1.00) (1.13) % Accretion (Dilution)(5%)(8%)(11%)(13%)(12%)(15%)(17%)(19%) Pre-Tax Synergies / (Cushion) to Breakeven $121 $200$279$360$359$437$515 $593 Pro Forma Diluted LFCF / Share $3.68 $3.57 $3.46 $3.36 $3.53 $3.44 $3.36 $3.27 From Standalone LFCF / Share of $4.00(0.32) (0.43) (0.54) (0.64) (0.47) (0.56) (0.64) (0.73) % Accretion (Dilution)(8%)(11%)(13%)(16%)(12%)(14%)(16%)(18%) Pre-Tax Synergies / (Cushion) to Breakeven $137 $190 $243$297$234$286$339$391 Illustrative Share Price: Implied Premium to Current: Illustrative Pro Forma LFCF Impact Max 3.5x Leverage Scenario 100% Stock Scenario $70.00 $80.00 $90.00 $100.00 24%42%60%78% $70.00 $80.00 $90.00 $100.00 24%42%60%78%