January 2011

Year End
Newsletter
Featuring:
2010 Government Services M&A Recap
2011 Government Services M&A Outlook
2010 Public Company Performance
IPO Markets Thaw

www.aronsoncapitalpartners.com | 301.231.6200 P | 301.231.7630 F | info@aronsoncapitalpartners.com | 805 King Farm Boulevard, Suite 300 | Rockville, Maryland 20850

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER 1

2010 Government Services M&A Recap

M &A activity in the government services sector rebounded to have a strong year in 2010 following the 2009 lull. With
98 deals closed or announced, 2010 deal volume was up 46% over 2009, returning to pre-recession levels. The increase
was primarily driven by shifting federal spending priorities and threatened expiration of the Bush tax cuts, which were ultimately
extended through 2012. The M&A markets also benefited from a recovering economy and improved financing terms.

100
While deal volume on the whole is on the rise, we saw the hot areas of interest narrow 80

Deal Value
significantly throughout 2010. Niche, high-end cyber security and intelligence-
60 107
focused companies accounted for the majority of 2010 M&A activity and commanded 93 98
40 81
premium valuations compared to their generalist information technology and 67
20
professional services counterparts. The hottest segments in 2010 were Cyber Security,
Intel/C4ISR and OCI–driven divestitures. 0
2006 2007 2008 2009 2010

2010 TOP CYBER SECURITY DEALS

Cyber Security EV/TTM EV/TTM
Cyber Security M&A in Enterprise Revenue EBITDA
Date Buyer Target Target Business Description Value ($M) Multiple Multiple
2010 was dominated by
Delivers cross-domain operating
privately held, nimble system and cyber security software
Trusted Computer Solutions,
mid-sized companies. As 11/4/10 Raytheon Co.
Inc. (TCS)
that enables organizations to share NA NA NA
information securely across multiple
the federal government classification levels
continues to experience Provider of large scale data fusion
GTCR Golder Rauner, LLC
cyber attacks from terrorist 9/29/10 Novii Design, LLC systems, cyber solutions and high-end NA NA NA
[Six3 Systems, Inc.]
enterprise architectures to the IC
groups and nation states,
Delivers cyber security and
this sector remains ripe 9/13/10
Global Defense Technology
Zytel Corp
mission systems in support of critical
$26.8 1.3 x 9.0 x
& Systems, Inc. intelligence, counterterrorism, and
for consolidation as larger cyber warfare missions
contractors align their Provides real-time network traffic and
capabilities with federal analytics software used to protect
7/30/10 Boeing Co. Narus, Inc. against cyber attacks and persistent NA NA NA
spending priorities. threats aimed at large Internet
Protocol networks
Specializes in cyber security solutions,
software engineering, data
Applied Signal
4/28/10 Seismic LLC management, and systems $25.0 1.7 x NA
Technology, Inc.
engineering and integration services
for the US DoD & IC
Provides services management and
Science Applications
CloudShield Technologies, infrastructure security solutions to
2/10/10 International Corporation NA NA NA
Inc. service providers and national
(SAIC)
governments worldwide
Designs and manufactures state-of-
the-art signals acquisition and analysis
2/1/10 CACI International, Inc. SystemWare, Inc. systems enabling users to monitor and NA NA NA
detect physical and cyber security
threats

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER 2

2010 Government Services M&A Recap (continued)

2010 TOP INTEL/C4ISR DEALS
Intel/C4ISR EV/TTM EV/TTM
Enterprise Revenue EBITDA
Intel/C4ISR continues to be Date Buyer Target Target Business Description Value ($M) Multiple Multiple
a hot M&A segment due Specializes in the collection and
to the number of available Pending Raytheon Co.
Applied Signal processing of communications signals to
$490.0 2.2 x 16.0 x
Technology, Inc. support tactical and strategic
acquisition targets that intelligence missions
focus on the areas of Supplier to US intelligence and defense
new spending priority. L-1 Identity Solutions communities focusing on intelligence
Pending BAE Systems Plc (Intelligence Services and counterintelligence, homeland $303.0 1.3 x 9.3 x
During 2010, specific sub– Group) security, and support to military
segments of acquisition operations
priority included agile web Provides imagery and geospatial
services, including digital maps, that
development, intelligence 11/1/10 CACI International, Inc. TechniGraphics, Inc.
form the basis for intelligence analysis
NA NA NA
data collection and and military operational planning
exploitation, multi–INT data National security and intelligence
services firm serving US federal
fusion, data visualization, 8/27/10 AECOM Technology Group McNeil Technologies, Inc. $355.0 1.4 x NA
government clients in the DOD, DHS,
geospatial intelligence, and and IC
mobile device computing. For Information technology provider and full
example, CACI completed 8/18/10 CGI Group, Inc. Stanley, Inc. spectrum systems integrator to the US $1,074.0 1.2 x 11.3 x
DoD, IC, and Federal Civilian customers
two acquisitions in the 2nd
Designs and produces systems and
half of 2010 to fulfill its 8/5/10 Boeing Co. Argon ST, Inc. $775.0 2.1 x 17.7 x
sensors for the C4ISR markets
capability gap in the growing Provider of IT, information management,
geospatial intelligence National Interest Security and management technology consulting
3/2/10 IBM Corp. NA NA NA
Company, LLC (NISC) services and solutions for the IC, DoD,
priority market. DHS, DOE, and FHIT community
Provides operational analysis, lessons
learned, simulation, wargaming, and
The Analysis Group, LLC
2/25/10 KEYW Corp. program management to national $62.0 1.3 x NA
(TAG)
security agencies with hard-to-solve
problems

2010 TOP DIVESTITURES

Divestitures EV/TTM EV/TTM
Enterprise Revenue EBITDA
As anticipated, the Federal
Date Buyer Target Target Business Description Value ($M) Multiple Multiple
Government’s increasing
Full-service systems and software
sensitivity to OCI’s pushed Mission Solutions engineering provider with expertise in
large tier-1 primes to review Pending ASRC Federal Holding Co. Engineering (MSE) engineering complex and large-scale NA NA NA
(CSC Business Unit) systems and incorporating open-source
their portfolios and decide technology
which side of the OCI divide Provider of mission-critical systems
Enterprise Integration
to commit to. Following 11/23/10 Veritas Capital engineering/integration and risk $815.0 1.3 x 12.5 x
Group (Lockheed)
mitigation services to the IC
Northrop Grumman’s
QinetiQ plc [North Provides integrated security solutions to
2009 divestiture of TASC, ManTech International America’s Security and the DoD and the IC
10/8/10 $60.0 1.1 x NA
2010 witnessed similar Corp. Intelligence Solutions
(S&IS)]
divestiture activity, with
IT solutions company that provides
public companies purging TechTeam Government systems integration, enterprise
Jacobs Engineering
their portfolios of any OCI 10/5/10 Solutions (TechTeam application integration, and ERP $43.0 NA NA
Group
Global Inc. Subsidary) implementation support to DHS, US
potential. Army, and US Army Corps of Engineers
Provides SETA services including
Court Square Capital CAS, Inc. systems engineering and analysis
9/8/10 $235.0 NA NA
Partners (ITT Business Unit) support for theater missile defense for a
wide range of military applications
GD Advanced Information Develops and builds small- and medium-
4/2/10 Orbital Science Corp. Systems (GDIT class satellites for US Air Force, US $55.0 NA NA
Subsidiary) Navy, NASA, MDA and others

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER 3

2011 Government Services M&A Outlook

D espite federal budget pressures, increased competition, protests and delayed procurements, and rumors of insourcing, M&A
activity in 2011 will be fueled by strategic buyers’ interests in realigning their portfolios with long–term spending priorities.
Strategic buyers, faced with lower organic growth rates, continue to analyze their portfolios and acquire firms that fill capability
gaps to position them in high priority markets that create additional financial growth in profitable areas. Therefore, we expect 2011
government services deal volumes to be consistent with 2010 – and the following sectors will experience the lion’s share of this
activity in 2011:

CYBER SECURITY CRITICAL INFRASTRUCTURE PROTECTION

The Federal Government continues to fall well short of its
cyber personnel targets, causing agencies to rely heavily on
contractors to fulfill this government-wide mission-critical
need. Considering the Government’s track record of failing to
draw top talent away from the more lucrative private sector,
this trend of heavy cyber contractor reliance will continue
into 2011 and beyond, fueling M&A.
The 2009 National Infrastructure Protection Plan
consolidated a wide range of efforts to protect and secure
the nation’s critical infrastructure and key resources into one
program. Nonetheless, the U.S. energy grid and other critical
infrastructure systems remain highly vulnerable to terrorist
threats. Encompassing aspects of cyber security and cloud
computing, contractors with infrastructure protection
capabilities and long-standing relationships with DHS /
DOE will be prime acquisition targets in 2011.

SMART POWER DATA FUSION

There is an evolving shift towards smart power, as the
Pentagon realizes the need for an increased civilian role
in promoting the stability, security, and reconstruction of
post-conflict areas. International development is a key
element of U.S. national security, as nation-building
activities boost political stability, reduce regional conflicts,
and weaken terrorist networks. Contractors with significant
exposure to defense cuts will target firms with soft power
capabilities as U.S. military forces begin to transition out of
the Middle East.
Intelligence operations have transitioned from the monitoring
of large military forces to the tracking and locating of specific
individuals in remote areas. The IC is currently faced with an
overabundance of information collected through thousands
of satellites, sensors, UAV’s, and ISR platforms manufactured
throughout the past decade. The IC is therefore challenged to
find technologies and solutions that assimilate and transform
this abundance of data into actionable intelligence in real-time
so that decision makers in theatre can fulfill mission
requirements.

VIRTUALIZATION/CLOUD COMPUTING
Cloud computing is fundamental to the Obama Administra-
tion’s technology strategy – requiring more efficiency out of
IT as a whole – by expanding usability and accessibility while
reducing costs. Consistent with OMB’s 25 Point Plan, agen-
cies will be implementing a “Cloud First” policy, requiring a
significant amount of contractor support in the near term.

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER 4

2010 Public Company Performance: Tier 1 Firms

HIGHLIGHTS L-3 Communications Holdings, Inc. (NYSE:LLL) $70.84 6 1 8.9%
• Significant YTD price decresases in light of revenue and earnings growth falling
• Tier 1 defense contractors trailed the
short of estimates, analyst downgrades, and reduced guidance driven by
S&P by 16.6% in 2010
procurement and funding delays
• Uncertainty regarding the continued • Revenue for Iraq support work is down as troop withdrawals continue
role of the armed forces in overseas
wars persists • Lost the recompete of the $5 billion Special Operations Forces Support Activity
(SOFSA) contract, awarded to Lockheed Martin (3% of L-3’s 2009 sales)
• Federal deficit is placing significant
pressure on spending and • Declining revenue in the company’s government services segment and lower
procurements in certain areas forecasted margins in the C3ISR Segment
Secretary Gates intends to slash
$100B of defense spending by 2015
• Congressional stalemates have Northrop Grumman Corp. (NYSE:NOC) $65.15 5 16.7%
resulted in delays for budget approvals • Strong earnings growth through Q2 2010 due to large ID/IQ wins, growth in
and a continuing resolution margins, and share repurchases
• Intense competition is driving tighter • Key wins on $2.6B DHS HQ IT and Air Force’s $2.3B advanced targeting
pricing and narrower margins pods ID/IQs
Larger contractors are pursuing
smaller contracts • Performance driven by revenue growth in Aerospace Systems and Technical
Services segments

• TASC divestiture complete, reducing OCI concerns

120

115 • Currently evaluating strategic alternatives for $6B shipbuilding segment, which has
12.78% historically constrained margins
110

105

100 SAIC, Inc. (NYSE:SAI) $16.04 6 15.3%

-3.85%
95 • Sub-par revenue and earnings performance throughout the year, driven by
unexpected delays and a longer cycle for the conversion of awards to revenue
90

85 • Disavowed 6-9% long term growth goals due to federal budget uncertainty

80 • Development of cyber security and healthcare IT capabilities through M&A

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 activity (Cloud Shield Technologies, SET Corp.), combined with key contract
wins (UNITeS follow-on, I3P EAST), may provide upside going into 2011
Tier 1 Index: GD, HRS, ITT, LLL, LMT, NOC, RTN, SAI

$ in millions, except per share price TIER 1 FIRMS

Stock Price TTM TTM TTM EV/TTM EV/TTM
Firm 12/31/2010 Market Cap Enterprise Value Revenue EBITDA Margin EBITDA Revenue
General Dynamics Corp. $69.97 $26,431 $28,127 $31,763 $4,388 13.8% 6.4 x 0.9 x
Harris Corp. $45.15 $5,792 $6,877 $5,409 $1,174 21.7% 5.9 x 1.3 x
ITT Corp. $52.79 $9,692 $10,513 $10,888 $1,557 14.3% 6.8 x 1.0 x
L-3 Communications $70.84 $8,018 $11,697 $15,633 $1,962 12.5% 6.0 x 0.7 x
Lockheed Martin Corp. $69.87 $25,162 $27,022 $45,978 $4,903 10.7% 5.5 x 0.6 x

Northrop Grumman Corp. $65.15 $19,023 $21,009 $35,075 $3,732 10.6% 5.6 x 0.6 x

Raytheon Co. $46.09 $16,802 $17,565 $24,965 $3,021 12.1% 5.8 x 0.7 x

SAIC, Inc. $16.04 $5,967 $6,234 $11,031 $1,052 9.5% 5.9 x 0.6 x

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER 5

2010 Public Company Performance: Mid-Tier Firms

HIGHLIGHTS Dynamics Research Corp. (NASDAQ:DRCO) $13.35 5 25.8%
• 2010 quarterly earnings up significantly over 2009, driven by a strong pipeline,
• Mid-Tier services firms have tracked
high win rate (nearly 100% in Q1), and growing strategic capabilities in
the S&P and out-performed traditional
priority areas like cyber security and healthcare IT
Tier-1 contractors by 12% in 2010
• Continued profit from awards on key ID/IQ vehicles, including EAGLE,
• IT services firms positioned to benefit PPMSS, TEAMS, DESP II, and LMSS
from the government’s emphasis on • Placed on Net-Cents II (November); pursuing EAGLE II through
“doing more with less” Kadix Systems, Inc.
• Insourcing policies have poorly • Management is being selective of acquisition opportunities, particularly those
impacted certain areas (SETA, from divestitures of large contractors with OCI concerns
acquisitions support)
Obama’s federal hiring freeze may
inhibit the trend ManTech International Corp. (NASDAQ:MANT) $41.68 6 1 3.8%
• Contract awards have slowed in the • Significant management changes: Larry Prior abruptly resigns as President and
face of changing acquisition policies, COO in July; CEO George Pedersen assumes president role; segment heads
oversight, and regulations assume COO responsibilities for segment operations

• Positive outlook for intelligence agency • Sensor Technologies, Inc. acquired in January for $242 million in order to broaden
C4ISR capabilities and reach deeper into the high-end intelligence and defense
support ($80B market) modernization,
market; additional acquisitions include QinetiQ’s S&IS segment and MTCSC Inc.
logistics systems, and cyber security
• Profitability declines attributed to a more competitive environment and the impact
of the STI acquisition
120

115
12.78% NCI, Inc. (NASDAQ:NCIT) $23.40 6 15.4%
110 • NCI announced its plans in May to increase its internal investment and resources
8.01%
105 to fund long-term growth; these investments will cause a short-term decline in
100 profitability, causing NCI to reduce EPS guidance
95 • Lower margin BRAC work is also negatively impacting overall margins
90
• Judith Bjornaas resigned as CFO in December to accept an SVP position with
85 ManTech
80
Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 • Raised $200 million of public debt to fund working capital and strategic
acquisitions necessary to reach management’s stated goal of $1 billion in revenue
Mid-Tier Index: CACI, DRCO, GTEC, ICFI, MANT, NCIT, SRX
in the next three to five years

$ in millions, except per share price MID-TIER FIRMS

Stock Price TTM TTM TTM EV/TTM EV/TTM
Firm 12/31/2010 Market Cap Enterprise Value Revenue EBITDA Margin EBITDA Revenue
CACI International, Inc. $53.74 $1,617 $1,969 $3,244 $256 7.9% 7.7 x 0.6 x
Dynamics Research Corp. $13.35 $134 $135 $268 $26 9.5% 5.3 x 0.5 x
Global Defense Technology $17.11 $156 $148 $206 $14 7.0% 10.3 x 0.7 x
ICF International, Inc. $26.06 $506 $605 $746 $65 8.7% 9.3 x 0.8 x
ManTech International Corp. $41.68 $1,516 $1,567 $2,448 $230 9.4% 6.8 x 0.6 x

NCI, Inc. $23.40 $317 $351 $535 $42 7.8% 8.5 x 0.7 x

SRA International, Inc. $21.61 $1,234 $1,144 $1,673 $149 8.9% 7.7 x 0.7 x

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER 6

IPO Markets Thaw

S
imilar to M&A activity, government services industry IPOs also accelerated in 2010. A year after Global Defense Technology &
Systems, Inc. (GTEC) tested the IPO waters, Booz Allen Hamilton Holding Corp (Booz) & KEYW Holding Corp (KEYW)
followed with successful offerings. This was the first time that multiple government services companies went public in the same year
since 2006 (SAIC & DynCorp) – a feat we expect will be repeated in coming years as the public markets continue to stabilize.
Though the companies share some similarities, a comparison of the KEYW & Booz IPO’s provides insightful analysis on current
government services valuation dynamics. Compared to Booz, KEYW achieved a significantly higher IPO valuation due to the
Company’s niche cyber security capabilities, IC-focused customer set, rapid revenue growth and expanding profitability outlook.
The exhibit below provides a comparison:

KEYW BOOZ ALLEN HAMILTON

KEYW Holdings Corp (KEYW) provides hardware and Booz Allen Hamilton (BAH) provides management and
software development and system integration services to technology consulting services to the U.S. government
the Intelligence Community (IC) in the defense, intelligence and civil markets

Background: Founded by Len Moodispaw in August Background: Founded by Edwin Booz in 1914, the
2008, formerly of Essex Corp. KEYW has since public sector portion of the company was acquired in
completed nine acquisitions. The company went public 2008 through a leveraged buyout by the Carlyle Group
on 10/1/2010 and is using the IPO proceeds to pay off for over $2.5B. Booz went public on 11/17/2010, using
existing debt and to fund additional acquisitions. the proceeds to pay off existing debt.

Primary Customers: Specific focus on the NSA, other Primary Customers: Broad customer base across the
IC agencies, and the DoD DoD, IC, and Federal Civilian agencies

Core Capabilities: Mission critical cyber security and
cyber superiority solutions and products that support
the collection, processing, analysis and use of
intelligence data and information in cyber space
Core Capabilities: Broad base of management and
technology consulting services, including strategy and
process improvement, business analytics, cyber technol-
ogies, systems engineering and integration, and acquisi-
tion and program management

IPO Metrics1: IPO Metrics1:

Revenue: $115M Revenue: $5,323M
Estimated Net IPO Proceeds: $76M Estimated Net IPO Proceeds: $217M
EV/Revenue: 2.0x EV/Revenue: 0.6x
EV/EBITDA: 26.9x EV/EBITDA: 8.4x
Stock performance since IPO (at 12/31/2010): +47% Stock performance since IPO (at 12/31/2010): +14%

1
IPO metrics are calculated by ACP as of the respective IPO offering date based on information included in the prospectus.

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER 7

IPO Markets Thaw (continued)

KEYW’s positioning within faster growing markets with significant barriers to entry (e.g, security clearances) resulted in a premium
valuation compared to Booz. As evidenced by recent M&A transactions in the space, niche cyber security firms focused on the
IC (and in particular, the NSA) demand premium valuations compared to their more general counterparts with broad DoD and
Federal Civilian customer sets. These broader IT-focused firms are more susceptible to budgetary headwinds, intense competition,
and insourcing threats, resulting in reduced values. KEYW also continues to execute on its M&A growth strategy with acquisitions,
closing deals with Sycamore. US, Inc. and Everest Technology Solutions since the IPO filing. This demonstrated execution has
driven the company’s valuation even higher since filing, as shown below:

KEYW Performance Since Filing:

Until the aforementioned
IPO’s, the universe of
publicly traded government
services firms was quickly
diminishing. Stanley,
Argon, L-1 Identity
Solutions (pending) and
Applied Signal Technology
(pending) all announced
transactions during 2010 –
a significant consolidation
for the market as a whole.
BAH Performance Since Filing: Going forward, we expect
the universe of public
buyers to once again
expand through new IPOs,
driven by more stringent
OCI’s and a public market
environment that is more
receptive to IPO’s.

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER | ACP OVERVIEW 8

Who Is Aronson Capital Partners?

A ronson Capital Partners is a leading financial advisor to government services and technology firms. We exercise our specialized
domain expertise in the Defense, Intelligence, and Federal Civilian markets to achieve exceptional results for our clients. In
addition to completing more than 40 transactions in the federal sector, our principals have decades of executive level, hands-on
experience in the industry – a key differentiator that leads to success.

aronson capital partners leadership:

n Larry Davis Larry has completed over 30 M&A transactions with aggregate deal value in excess of $1B. Larry is a widely recognized
301.231.6225 expert and is a frequent speaker at industry events and a sought after advisor to owners of emerging growth companies.
ldavis@aronsoncapitalpartners.com Prior to founding ACP, Larry was a CFO of a middle-market federal IT firm for 15 years.

n
Phil McMann Phil has extensive M&A experience in the federal sector, particularly in the Intelligence and Defense markets. He has
301.231. 6202 completed notable transactions including: Zytel, Seismic, DDK, i2S, RavenWing, AEPCO, and TMS. Prior to joining
pmcmann@aronsoncapitalpartners.com ACP, Phil was a finance executive at a NY-based private equity fund.

n John Saunders John has completed over 50 M&A transactions with aggregate deal value in excess of $2.5B. John has also raised over
301.231. 6209 $1B in equity and debt capital in public and private transactions. He has 15 years executive experience with a $2B federal
jsaunders@aronsoncapitalpartners.com contractor.

facts about a CP :
n Established in 1999, with over n Focused exclusively on the government services and technology sector
40 completed transactions n 90%+ success rate
n
Completed 10 transactions n Principals have closed nearly 100 transactions worth more than $3.5B
in the past two years in aggregate value

capabilities:
Aronson Capital Partners is a full service investment bank providing mergers & acquisitions, corporate finance, and financial
advisory services. We complete a variety of transactions that are tailored to shareholder objectives, including sell- and buy-side M&A,
management buyouts, ESOPs, and recapitalizations. Our principals leverage their close relationships with a wide array of key decision
makers of strategic buyers, private equity firms, and middle-market lenders to complete transactions. These relationships provide
options and flexibility for our clients.

mergers & acquisitions: corporate finance: financial advisory:

n
Sell–Side M&A n
Recapitalizations & Restructurings n
Internal Capital Transaction Advisory
n
Buy–Side M&A n
Common & Preferred Equity n
Independent Corporate Valuations
n
Private Equity Platform Acquisitions n
Senior Debt n
Fairness Opinions
n
Management & Leveraged Buyouts n
Subordinated Debt n
Strategic Alternatives Assessments
n
Divestitures n
Convertible Debt
n
Asset Sales n
Private Equity Investments
n
Minority Equity Investments

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
 YEAR END NEWSLETTER | TRANSACTIONS 9

Recent Transactions
April 28, 2010

has acquired

The undersigned served as the exclusive financial advisor

to Applied SignalTechnology, Inc. in this transaction

April 16, 2009

has been acquired by

The undersigned served as the exclusive financial advisor

to 24/7 Solutions, Inc. in this transaction

June 6, 2008
February 27, 2009

Confidential
Seller has completed a recapitalization transaction
and acquired certain holdings of

Grosvenor Special Ventures IV, L.P.

has been acquired by
and other shareholders

Financing for this transaction was provided by

The undersigned served as the exclusive financial advisor to the

The undersigned served as the exclusive financial advisor confidential seller in this transaction The undersigned served as the exclusive financial advisor
to McMunn Associates, Inc. in this transaction to Ideas to Solutions, Inc. (i2S) in this transaction

December 31, 2007

Advanced Engineering & Planning Corp., Inc.

has been acquired by

The undersigned served as the exclusive financial advisor to

Advanced Engineering & Planning Corp., Inc. in this transaction

© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)