M&a Report

Piper Jaffray & Co.

Services Update

Tracking Capital Markets and M&A Activity in Technology, Business & Learning Services

John Lonnquist Jerry Will Kevin Jakuc john.a.lonnquist@pjc.com jerome.t.will@pjc.com kevin.m.jakuc@pjc.com 612 303-6308 612 303-6309 612 303-6211 Biggest Movers Since November 1, 2006

Firm Value / LTM EBITDA 7.8x 10.0x 11.0x 20.4x NA 9.9x 10.0x 10.1x 12.0x 9.6x 12.1x 9.6x 9.9x 10.6x 11.7x 7.7x 8.8x 12.5x 13.6x 11.2x

Top 10 Gainers Ticker HHGP PRGX VCLK JOBS CLK SGRP SRVY MKT TEAM ASF Company Hudson Highland Group Inc. PRG-Schultz International Inc. ValueClick Inc. 51job Inc. Clark Inc. Spar Group Inc. Greenfield Online Inc. MarkeTVision Direct, Inc. TechTeam Global Inc. Administaff Inc. Sector Human Resource and Employment Services Diversified Commercial and Professional Services Internet Software and Services Human Resource and Employment Services Insurance Brokers Advertising Internet Software and Services Asset Management and Custody Banks IT Consulting and Other Services Human Resource and Employment Services Price 11/30/06 $11.69 $5.24 $18.80 $13.33 $12.51 $1.00 $10.17 $0.07 $8.90 $34.45 % Chg Last Month 52.7% 49.8% 32.3% 31.3% 31.1% 30.0% 25.0% 24.3% 22.7% 22.1% % of 52-Week High 63.0% 80.1% 99.7% 54.9% 95.1% 59.1% 91.2% 47.6% 94.2% 71.3%

December 1, 2006

Technology, Business & Learning Services Index Summary

Financial information per Capital IQ. Estimates as of 11/30/06

Sector Technology Services Diversified IT Svcs. / IT Outsourcing IT Consulting & Systems Integration Government Technology Services Offshore IT Services Apps & Infra Mgmt Solutions Business Services Information Services Publishing Specialty Consulting Advertising Marketing Services Marketing Research CRM Services HR Services Staffing Engineering Services Distribution Other Business Services Learning Services Learning Svcs. - Postsecondary Learning Svcs. - Corporate Training Learning Svcs. - Pre K-12 S&P 500 NASDAQ Composite Dow Jones Industrials

% Chg Last 4 Weeks 2.7%...