Bogut Proposal and Key Considerations 4 CONFIDENTIAL | DRAFT Key Considerations • Does Bogut’s proposal form the basis for further discussions? – Evaluate proposal versus standalone plan – Should the Board conclude to engage with Bogut, how should the company respond? • Make a counter proposal • Ask Bogut to rebid • Does it make sense to reach out to other parties? – Are there any motivated potential strategic acquirors of Curry? – Would Larry Ellison support a sale of the company to a party other than Bogut? – Ensure confidentiality and minimize leak risk • Requested an exclusivity period ending June 26, 2016 Exclusivity • Approval of a majority of the shares of Curry not owned by Larry Ellison, his children or any of their controlled entities or affiliates (approximately 49% of shares outstanding) • Approval by Curry’s Special Committee Shareholder Vote • Per Share Price: $100.00 per share • Consideration Type: All cash • Fully Diluted Equity Value: $8.4 billion Bogut Proposal

Illustrative Transaction Statistics ($MM) Note: Current market prices as of June 2, 2016. (1) Closing share price the day prior to submission of Bogut proposal. (2) Common shares outstanding from Curry 10-Q for the period ended March 31, 2016. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuances in connection with the acquisition of a professional services firm. (3) Balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. (4) Represents cash settlement of 2018 Convertible Notes of $310MM face value. Value based on a conversion price of $116.10. Make whole premium assumes a close date of September 30, 2016. Additional shares based on indenture dated June 4, 2013. 5 CONFIDENTIAL | DRAFT Illustrative Share Price: Curry Current $83.57 June 1, 2016 Bogut Proposal Illustrative Curry Transaction Statistics $102.50 $105.00 $107.50 $110.00 $112.50 $115.00 $117.50 $120.00 $122.50 $125.00 $100.00 Implied Transaction Premium Statistic Premium to Current Price $83.57 0% 20% 23% 26% 29% 32% 35% 38% 41% 44% 47% 50% Premium to May 31, 2016 Price (1) 79.31 5% 26% 29% 32% 36% 39% 42% 45% 48% 51% 54% 58% Premium to June 1, 2016 Bogut Proposal 100.00 (16%) 0% 2% 5% 8% 10% 13% 15% 18% 20% 23% 25% Premium to 30-Day Average Price 78.30 7% 28% 31% 34% 37% 40% 44% 47% 50% 53% 56% 60% Premium to 60-Day Average Price 73.27 14% 36% 40% 43% 47% 50% 54% 57% 60% 64% 67% 71% Premium to LTM High Share Price 99.73 (16%) 0% 3% 5% 8% 10% 13% 15% 18% 20% 23% 25% Premium to LTM Low Share Price 53.11 57% 88% 93% 98% 102% 107% 112% 117% 121% 126% 131% 135% Premium to LTM Average Share Price 81.27 3% 23% 26% 29% 32% 35% 38% 41% 45% 48% 51% 54% Implied Valuation & Multiples Fully-Diluted Shares (2) 84.0 Fully-Diluted Equity Value $7,018 Plus: Note Payable to Oracle (3) 5 Plus: Market Value of Convertible Notes (4) 310 Plus: Make Whole Premium (4) - Less: Cash (3) (378) Fully-Diluted Enterprise Value 6,956 Premium to Current Enterprise Value 0% 84.2 $8,423 5 310 19 (378) 8,380 20% 84.3 84.3 84.3 84.4 84.4 84.4 84.4 84.5 84.5 84.5 $8,637 $8,851 $9,065 $9,279 $9,493 $9,706 $9,920 $10,134 $10,348 $10,562 5 5 5 5 5 5 5 5 5 5 310 310 310 310 310 310 314 320 327 334 22 25 29 33 37 41 41 38 36 34 (378) (378) (378) (378) (378) (378) (378) (378) (378) (378) 8,597 8,813 9,032 9,250 9,468 9,685 9,903 10,120 10,339 10,558 24% 27% 30% 33% 36% 39% 42% 45% 49% 52%

Illustrative Transaction Statistics (CONTINUED) ($MM) 8.2x 8.7x 8.9x 10.2x Note: Current market prices as of June 2, 2016. (1) Common shares outstanding from Curry 10-Q for the period ended March 31, 2016. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuances in connection with the acquisition of a professional services firm. (2) Balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. (3) Represents cash settlement of 2018 Convertible Notes of $310MM face value. Value based on a conversion price of $116.10. Make whole premium assumes a close date of September 30, 2016. Additional shares based on indenture dated June 4, 2013. Value shown represents make whole value above principal value. (4) Based on mean Wall Street consensus analyst research estimates as of June 2, 2016. (5) LTM represents the 12-month period ended March 31, 2016. NTM represents the 12-month period ending March 31, 2017. (6) Based on Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. 6 CONFIDENTIAL | DRAFT Illustrative Share Price: Curry Current $83.57 June 1, 2016 Bogut Proposal Illustrative Curry Transaction Statistics $102.50 $105.00 $107.50 $110.00 $112.50 $115.00 $117.50 $120.00 $122.50 $125.00 $100.00 Implied Valuation & Multiples Fully-Diluted Equity Value (1) $7,018 Fully-Diluted Enterprise Value (2)(3) 6,956 $8,423 8,380 $8,637 $8,851 $9,065 $9,279 $9,493 $9,706 $9,920 $10,134 $10,348 $10,562 8,597 8,813 9,032 9,250 9,468 9,685 9,903 10,120 10,339 10,558 Street Estimates (4) Revenue Multiples Statistic NTM Rev Mults : LTM (3/31/16) (5) $793 8.8x CY16E 967 7.2 Ariba 7.8x 10.6x 8.7 EloquaSuccessFactors DemandwareConcur 10.8x 11.1x 11.4x 11.7x 11.9x 12.2x 12.5x 12.8x 13.0x 13.3x 8.9 9.1 9.3 9.6 9.8 10.0 10.2 10.5 10.7 10.9 NTM (3/31/17) (5) 1,029 6.8 8.1 8.4 8.6 8.8 9.0 9.2 9.4 9.6 9.8 10.0 10.3 CY17E 1,229 5.7 LFCF Multiples LTM (3/31/16) (5) $52 135.0x CY16E 89 79.0 NTM (3/31/17) (5) 107 65.5 CY17E 124 56.7 6.8 162.0x 94.8 78.6 68.1 7.0 7.2 7.4 7.5 7.7 7.9 8.1 8.2 8.4 8.6 166.1x 170.2x 174.3x 178.4x 182.5x 186.7x 190.8x 194.9x 199.0x 203.1x 97.2 99.6 102.0 104.4 106.8 109.3 111.7 114.1 116.5 118.9 80.6 82.6 84.6 86.6 88.6 90.5 92.5 94.5 96.5 98.5 69.8 71.5 73.3 75.0 76.7 78.5 80.2 81.9 83.6 85.4 Preliminary Management Forecast (6) Revenue Multiples Statistic CY16E $960 7.2x CY17E 1,218 5.7 LFCF Multiples CY16E $88 80.0x CY17E 113 62.0 8.7x 6.9 96.1x 74.4 9.0x 9.2x 9.4x 9.6x 9.9x 10.1x 10.3x 10.5x 10.8x 11.0x 7.1 7.2 7.4 7.6 7.8 8.0 8.1 8.3 8.5 8.7 98.5x 100.9x 103.4x 105.8x 108.3x 110.7x 113.1x 115.6x 118.0x 120.4x 76.3 78.2 80.1 82.0 83.8 85.7 87.6 89.5 91.4 93.3

Curry Long-Term Trading Performance December 20, 2007 (Since IPO) to June 2, 2016 Price $140.00 NTM Rev Mult. 2010 2011 2012 2013 2014 2015 2016YTD $27.11 47.73 67.30 111.56 119.63 107.87 83.57 $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 69.91 8.5x 12.5 14.3 19.3 18.2 13.3 8.0 4.0x 7.1 9.7 12.5 10.0 7.6 4.8 5.7x 9.6 12.1 16.0 13.0 9.9 6.3 17.5x $120.00 15.0x Bogut 6/1/16 Proposal: $100.00 $100.00 12.5x Price: $83.57 $80.00 10.0x $60.00 7.5x NTM Rev Mult: 6.8x $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: Capital IQ. 8 CONFIDENTIAL | DRAFT Current $83.57 6.8x Curry Trading Overview Price NTM Rev Mult High Low Average High Low Average

Curry Short-Term Trading Performance January 2, 2015 to June 2, 2016 NTM Rev Mult. Price $110.00 13.0x Price Reaction: (8%) Bogut 6/1/16 Proposal: $100.00 $100.00 11.5x $90.00 10.0x Price: $83.57 $80.00 8.5x $70.00 7.0x Announced Q3’15 Revenue of NTM Rev Mult: 6.8x $60.00 5.5x $50.00 4.0x Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Source: Capital IQ. 9 CONFIDENTIAL | DRAFT January 29, 2015: Announced Q4’14 Revenue of $158M vs. guided revenue of $154M - July 23, 2015: Announced Q2’15 Revenue of $177M vs. guided revenue of $156M vs. street $170M - $172M vs. street April 28, 2016: expectations of $172M. Announced Q1’16 Revenue of Price Reaction: +8% $217M vs. guided revenue of $212M - 214M vs. street expectations of $213M. expectations of $155M January 28, 2016: Announced Q4’15 Revenue of $206M vs. guided revenue of $202M - 205M vs. street Price Reaction: +4% expectations of $205M. April 23, 2015: Announced Q1’15 Revenue of $165M vs. guided revenue of $160M - Price Reaction: +6% $162M vs. street expectations of $162M. Announced acquisition of Bronto Software for $200M. October 22, 2015: Price Reaction: (5%) $193M vs. guided revenue of $192M - $194M vs. street expectations of $193M. Price Reaction: (7%)

Summary ofPreliminary Curry Management Plan ($MM, except for per share prices) Calendar Year '15A - '21E 210 268 327 390 468 561 25% 62 79 100 126 159 198 25% 82 84 86 89 91 94 14% 14% 16% 19% 21% 24% 88 113 181 278 408 573 50% Note: Non-GAAP financials exclude stock-based compensation, amortization of intangibles and other non-recurring items. Source: Based on Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. 10 CONFIDENTIAL | DRAFT Annual Financials 2014A 2015A 2016E 2017E 2018E 2019E 2020E 2021ECAGR Recurring$448$593 Non-Recurring109148 Revenue$556$741 $751$949$1,206$1,539$1,957$2,46227% $960$1,218$1,533$1,929$2,425$3,02326% % Growth34%33% 30%27%26%26%26%25% Non-GAAP Gross Profit398521 % Margin72%70% Research and Development78103 Sales and Marketing252343 General and Administrative3953 Total Operating Expenses369499 % of Revenue66%67% Non-GAAP Operating Income2922 6518301,0621,3691,7542,20527% 68%68%69%71%72%73% 12516520726032740826% 4215246437979821,18523% 6087699511,1831,4681,79124% 63%63%62%61%61%59% 446111118528541463% % Margin5%3% 5%5%7%10%12%14% Non-GAAP Net Income2918 % Margin5%2% Non-GAAP EPS$0.32$0.22 % Growth23%(31%) Average Shares7880 37529917026739167% 4%4%6%9%11%13% $0.45$0.62$1.15$1.92$2.93$4.1863% 101%39%85%68%52%43% Memo: Cash Flow from Operations$75$100 % Margin13%14% Capital Expenditures(24)(50) Levered Free Cash Flow5150 $138$174$253$368$520$71239% (50)(60)(72)(91)(112)(139) % Margin9%7% 9%9%12%14%17%19% Revenue Mix: Recurring80%80% Non-Recurring20%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 Plan 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: 65% $2,425 Management 2015A – 2021E CAGR: 26% Management 2015A – 2021E CAGR: 63% $0.46 '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 Historical 2012A – 2015A CAGR: (1%) Historical 2012A – 2015A CAGR: 6% S R: 63% S R: 48% Management 2015A – 2021E CAGR: 63% Management 2015A – 2021E CAGR: 50% $124 $163 $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 Note: Non-GAAP financials exclude stock-based compensation, amortization of intangibles and other non-recurring items. 11 (1) (2) Based on Wall Street mean consensus analyst research estimates as of June 2, 2016. CONFIDENTIAL | DRAFT Curry Management to Qatalyst in February 2016. Based on Preliminary Curry Management Plan provided by Legend treet 2015A – 2018E CAG $42 $42 $51 $50 $573 $408 $278 $181 $89 $88 $113 treet 2015A – 2018E CAG $22 $24 $29 $22 $414 $285 $185 $111 $69 $44 $94 $61 7% 6% 5% 3% 14% 12% 10% 7% 6% 5% 6% 5% 4% Non-GAAP Operating Margin (%) Non-GAAP Operating Profit ($MM) Levered Free Cash Flow ($MM) treet 2015A – 2018E CAG $0.26 $0.26 $0.32 $0.22 $2.93 $1.92 $1.15 $0.73 $0.99 $0.45 $0.62 treet 2015A – 2018E CAG $741 $556 $309 $415 $1,929 $1,533 $1,229 $967$1,527 $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) Prelim. Curry Mgmt Plan (2)

Comparison ofCurry Street and Preliminary Curry Management Plan (CONTINUED) ($MM, except per share amounts) 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 Wall Street consensus analyst research estimates as of June 2, 2016. (2) Based on Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. 12 CONFIDENTIAL | DRAFT Q2 2 Prelim. Street (1) Mgmt (2) 016E Mgmt from Street CY2 Prelim. Street (1) Mgmt (2) 016E Mgmt from Street CY2 Prelim. Street (1) Mgmt (2) 017E Mgmt from Street $ % $ % $ % Revenue$231$231 $00% $967$960 (7)(1%) $1,229$1,218 ($11)(1%) Annual Growth30%30% Non-GAAP Gross Profit160155 Gross Margin69%67% Non-GAAP Operating Income43 Operating Margin2%1% Non-GAAP Net Income31 Net Margin1%0% 9 bps (5)(3%) (234 bps) (1)(23%) (38 bps) (1)(56%) (62 bps) 30%30% 674651 70%68% 4344 4%5% 3737 4%4% (93 bps) (22)(3%) (183 bps) 13% 15 bps (1)(2%) (4 bps) 27%27% 860830 70%68% 6961 6%5% 6152 5%4% (22 bps) (30)(4%) (187 bps) (8)(11%) (58 bps) (9)(14%) (67 bps) Non-GAAP EPS$0.03$0.01 ($0.02)(56%) $0.46$0.45 ($0.01)(2%) $0.73$0.62 ($0.11)(15%) Annual Growth47%(36%) WASO 80.3 81.8 Cash Flow from Operations$29$26 % of Revenue12%11% - 1.52% (2)(8%) (100 bps) 106%101% 81.782.0 $142$138 15%14% (474 bps) 0.40% ($4)(3%) (35 bps) 59%39% 83.984.2 $184$174 15%14% (2,023 bps) 0.40% ($11)(6%) (74 bps) Levered Free Cash Flow16--- 8988 (1)(1%) 124113 (10)(8%) LFCF Margin7%-- 9%9% (5 bps) 10%9% (77 bps) Curry Annual Financial Results Curry Quarterly Financial Results Q2 2016E Management Guidance Revenue: $229MM - $231MM Non-GAAP EPS: $0.02 - $0.03 CFO: $27MM - $29MM 2016E Management Guidance Revenue: $955MM - $975MM Non-GAAP EPS: $0.42 - $0.47 CFO: $140MM - $145MM

Summary of Selected Analyst Estimates ($MM, except per share amounts) Valuation Methodologies(2) Broker Recommendations 05/18/16 Barclays Hold 74.00 5.0x CY17E Revenue 05/18/16 Deutsche Bank Buy 95.00 6.0x CY17E Revenue 05/18/16 Nomura Hold 95.00 DCF 05/17/16 Pacific Crest Hold - - 04/30/16 FBN Buy 100.00 DCF 04/29/16 BTIG Hold - DCF 04/29/16 DA Davidson (1) Buy 130.00 8.3x CY17E Revenue / DCF 04/29/16 JP Morgan Buy 94.00 6.5x CY17E Revenue 04/29/16 MKM Buy 92.00 7.0x CY16E Billings 04/29/16 Piper Jaffray Hold 81.00 5.2x CY17E Revenue 04/29/16 Societe Generale Sell 76.00 5.5x CY17E Revenue 04/29/16 William Blair Buy - - 04/28/16 Stifel Hold - - Note: Statistics exclude stock-based compensation expense and amortization of intangibles. 13 (1) DA Davidson price target based on 12-18 month price target. CONFIDENTIAL Brokers using multiple valuation methodologies included multiple times. | DRAFT (2) DA Davidson (1) JMP FBN Canaccord Deutsche Bank Nomura FBR JP Morgan RBC SunTrust MKM Credit Suisse Mitsubishi BNP Paribas Piper Jaffray Macquarie Societe Generale Barclays Mizuho BAML Morgan Stanley $130 $100 $100 $100 $95 $95 $94 $94 $93 $93 $92 $90 $87 $82 $81 $76 $76 $74 $70 $70 $60 Median $92.00 Mean88.19 Max$130.00 Min60.00 Bogut 6/1/16 Proposal represents a ~9% premium to the median price target 04/28/16CanaccordBuy100.006.6x CY17E Revenue / 61.0x CY17E LFCF 04/29/16SunTrustBuy93.007.0x CY16E Revenue / DCF 04/29/16Raymond JamesSell--04/29/16Morgan StanleySell60.0018.0x Discounted CY21E FCF 04/29/16MitsubishiBuy87.001.7x CY17E Price / Earnings / Growth 04/29/16FBRBuy94.006.0x CY17E Revenue 04/29/16Credit SuisseBuy90.006.8x CY16E Revenue Price Targets Current Price: $83.57 04/29/16BAMLSell70.004.6x CY17E Revenue 05/17/16RBCBuy93.006.0x CY17E Revenue 05/17/16MizuhoHold70.004.5x CY17E Revenue 05/18/16JMPBuy100.006.3x CY17E Revenue 05/18/16BNP ParibasHold82.006.5x CY16E Revenue Sell 15% Buy 50% Hold 35% DCF 7 LFCFRevenue 116 1 BrokerPrice DateCompanyRec.TargetValuation Methodology 05/19/16MacquarieHold$76.004.9x CY17E Revenue

Summary of Selected Analyst Estimates (CONTINUED) ($MM, except per share amounts) 05/18/16 Barclays 966 1,209 - 30% 25% - 5% 6% - 0.47 0.77 - 9% 8% - 05/18/16 Deutsche Bank 974 1,248 - 31% 28% - 4% 5% - 0.48 0.79 - - - - 05/18/16 Nomura 972 1,224 1,538 31% 26% 26% 5% 6% 6% 0.47 0.68 0.88 9% 9% 8% 05/17/16 Pacific Crest 965 1,224 - 30% 27% - 4% 5% - 0.44 0.66 - 9% 10% - 04/30/16 FBN 965 1,231 - 30% 28% - 4% 5% - 0.44 0.71 - - - - 04/29/16 BTIG 965 1,220 - 30% 26% - 4% 5% - 0.44 0.67 - - - - 04/29/16 DA Davidson 966 1,240 - 30% 28% - 4% 6% - 0.45 0.78 - 9% 11% - 04/29/16 JP Morgan 958 1,171 - 29% 22% - 5% 7% - 0.43 0.54 - 9% 9% - 04/29/16 MKM 966 1,218 - 30% 26% - 4% 6% - 0.47 0.72 - 9% 11% - 04/29/16 Piper Jaffray 965 1,224 - 30% 27% - 4% 5% - 0.46 0.73 - 9% 10% - 04/29/16 Societe Generale 967 1,222 1,521 30% 26% 24% - - - - - - 9% 10% - 04/29/16 William Blair 965 1,212 - 30% 26% - 4% 5% - 0.45 0.71 - - - - 04/28/16 Stifel 964 1,233 - 30% 28% - 4% 8% - 0.46 0.95 - 10% 11% - Note: Statistics exclude stock-based compensation expense and amortization of intangibles. 14 (1) Based on Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. CONFIDENTIAL | DRAFT Median $966 $1,228 $1,525 30%27%24%4%5%6%$0.46 $0.73 $0.93 9%10%11% Mean 967 1,229 1,527 30%27%24%4%6%6%0.46 0.73 0.99 9%10%11% Max $974 $1,281 $1,561 31%32%27%5%8%8%$0.48 $0.95 $1.31 10%12%13% Min 958 1,171 1,492 29%22%22%4%4%4%0.43 0.54 0.77 8%9%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% 04/28/16 Canaccord 970 1,228 - 31% 27% - 5% 6% - 0.47 0.79 - 9% 11% - 04/29/16 SunTrust 965 1,242 - 30% 29% - 4% 5% - 0.46 0.66 - 8% 9% - 04/29/16 Raymond James 972 1,239 - 31% 28% - 4% 5% - 0.45 0.69 - 10% 10% - 04/29/16 Morgan Stanley 970 1,220 1,492 31% 26% 22% 4% 5% 6% 0.45 0.69 0.98 9% 11% 13% 04/29/16 Mitsubishi 970 1,246 - 31% 28% - 4% 5% - 0.45 0.76 - - - - 04/29/16 FBR 967 1,229 - 31% 27% - 5% 6% - 0.48 0.85 - - - - 04/29/16 Credit Suisse 973 1,281 - 31% 32% - 4% 5% - 0.47 0.74 - 9% 12% - 04/29/16 BAML 966 1,227 1,525 30% 27% 24% 4% 4% 4% 0.45 0.59 0.77 9% 10% 10% 05/17/16 RBC 968 1,236 - 31% 28% - 4% 5% - 0.46 0.76 - 9% 10% - 05/17/16 Mizuho 960 1,195 - 29% 25% - 5% 6% - 0.45 0.75 - 10% 10% - 05/18/16 JMP 970 1,268 - 31% 31% - 4% 6% - 0.46 0.72 - 9% 10% - 05/18/16 BNP Paribas 973 1,230 - 31% 26% - - - - - - - 8% 9% - Revenue Rev. Growth % Operating Margin Earnings Per Share LFCF (% of Revenue) Date Company CY16E CY17E CY18E CY16E CY17E CY18E CY16E CY17E CY18E CY16E CY17E CY18E CY16E CY17E CY18E 05/19/16 Macquarie $966 $1,228 1,561 30% 27% 27% 4% 6% 8% $0.44 $0.72 1.31 10% 11% 12%

CY16E Operating Statistics of Selected Companies 30% 30% 27% 26% 25% 24% 21% 17% 70% 68% 64% 1% 1% 24% 20% 10% 10% 9% 9% Source: Capital IQ, company filings, and Wall Street research as of June 2, 2016. (1) Based on Wall Street mean consensus analyst research estimates as of June 2, 2016. 18 (2) Based on Preliminary Curry Management Plan provided by CONFIDENTIAL | DRAFT Curry Management to Qatalyst in February 2016. CY16E LFCF Margin CY16E Op. Margin CY16E Gross Margin CY15A-CY16E Revenue Growth Legend Median: 10%Median: 31% 31%31% 9%9% Curry CurryNOWCRMLNKDCSODULTIWDAYADBERHT Street(1)Mgmt(2) Median: 7% 21%14%12% Median: 28 32%23 % % 4%5% (4%) Curry CurryULTICRMNOWCSODWDAYLNKDADBERHT Street(1)Mgmt(2) Median: 74%Median: 86% 87%77%75%72%72%87%86% Curry CurryLNKDCRMNOWCSODWDAYULTIADBERHT Street(1)Mgmt(2) 36%34%Median: 27%Median: 19% Curry CurryNOWWDAYCSODULTILNKDCRMADBERHT Street(1)Mgmt(2) Selected SaaS Selected Large-Cap High Growth Software

CY17E Operating Statistics of Selected Companies 31% 30% 27% 27% 24% 22% 21% 20% 20% 70% 68% 64% 24% 5% 4% 0% 14% 13% Source: Capital IQ, company filings, and Wall Street research as of June 2, 2016. (1) Based on Wall Street mean consensus analyst research estimates as of June 2, 2016. 19 (2) Based on Preliminary Curry Management Plan provided by CONFIDENTIAL | DRAFT Curry Management to Qatalyst in February 2016. CY17E LFCF Margin CY17E Op. Margin CY17E Gross Margin CY16E-CY17E Revenue Growth Legend Median: 14% 25%20% Median: 31% 32%31% 10%9% 12%11% Curry CurryNOWCRMLNKDCSODWDAYULTIADBERHT Street(1)Mgmt(2) Median: 10% 22%16%15% Median: 29 35% % 6%5% Curry CurryULTINOWCRMCSODWDAYLNKDADBERHT Street(1)Mgmt(2) Median: 75%Median: 87% 87%77%77%74%73%87%87% Curry CurryLNKDCRMNOWWDAYCSODULTIADBERHT Street(1)Mgmt(2) Median: 23% Median: 18% 15% Curry CurryWDAYNOWCSODULTICRMLNKDADBERHT Street(1)Mgmt(2) Selected SaaS Selected Large-Cap High Growth Software

CY16E / NTM Trading Statistics of Selected Companies 8.7x 7.9x 7.2x 6.9x 5. 5.8x 84.4x 51.0x 41.6x 36.2x – 8x 65.5x 62.3x – Source: Capital IQ, company filings, and Wall Street research as of June 2, 2016. Multiples greater than 100.0x or negative noted as dashes. 20 (1) Based on Wall Street mean consensus analyst research estimates as of June 2, 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 75.0x73.2xMedian: 37.1x Median: 21. 25.3x 18 .2x 37.1x36.9x31.3x CurryCurry @ $100ULTILNKDCSODNOWCRMWDAYADBERHT Street(1) Per Share (1) 94.8xMedian: 51.0x Median: 24.9x 28.7x21.0x 79.0x 60.8x CurryCurry @ $100ULTICSODLNKDNOWCRMWDAYADBERHT Street(1) Per Share (1) Median: 7.4x 10.2x9.3x Median: 7.2x 8.4x 9x 7x 4. CurryCurry @ $100WDAYNOWULTICRMCSODLNKDADBERHT Street(1) Per Share (1) Selected SaaS Selected Large-Cap High Growth Software

Illustrative Future Trading Based on Preliminary Curry Management Plan ($MM, except per share amounts) Premium / (Discount) to Current (3): 4.0x 5.1x $58.94 43.6x $73.41 35.0x $90.55 28.9x $111.89 25.1x $136.83 22.5x $58.94 (29%) $65.25 (22%) $71.54 (14%) $78.58 (6%) $85.42 2% Implied LFCF Multiple: 5.0x 6.3x $73.44 54.3x $90.87 43.5x $111.94 35.8x $137.42 31.0x $167.68 27.8x $73.44 (12%) $80.77 (3%) $88.45 6% $96.52 15% 5.7x 7.2x $82.85 61.4x $102.42 49.1x $125.80 40.4x $154.23 34.9x $188.09 31.3x $82.85 (1%) $91.04 9% $99.39 19% Curry & Salesforce Current CY17E Rev Multiple 6.0x 7.6x $87.67 65.1x $108.33 51.9x $132.82 42.8x $162.83 37.0x $198.54 33.1x $87.67 5% $96.30 15% 7.0x 8.9x $101.91 75.8x $125.50 60.4x $153.57 49.7x $188.24 42.9x $229.40 38.4x (1) Based on Preliminary Curry Management Plan provided by Curry Management to Qatalyst in 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 Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. In-the-money convertible debt treated on a net share basis. Common shares outstanding from Curry 10-Q for the period ended March 31, 2016. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuances in connection with the acquisition of a professional services firm. Balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. (3) Current Curry share price of $83.57 as of June 2, 2016. 22 CONFIDENTIAL | DRAFT $101.91 $111.56 $121.34 $132.21 $143.21 22% 33% 45% 58% 71% $104.95 $114.36 $123.95 26% 37% 48% $108.32 $117.43 30% 41% $104.68 25% Present Value Per Share (Discounted at 12.5%) Current 1-Year 2-Year 3-Year 4-Year CY17E CY18E CY19E CY20E CY21E Future Value Per Share (2) Current 1-Year 2-Year 3-Year 4-Year CY17E CY18E CY19E CY20E CY21E Illustrative Implied CY17E Rev CY16E Rev Multiple 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% 14% 88 113 181 278 408 573 50% 9% 9% 12% 14% 17% 19% Shading represents values greater than Bogut’s 6/1/16 Proposal of $100.00 per share

Illustrative Future Trading Sensitivity 2 3 Preliminary Curry Management Plan (2) Revenue: Revenue Growth: Operating Income: Operating Margin: LFCF: LFCF Margin: $168.30 Range of CY17E Revenue Multiples $104.75 7.0x $102.79 $101.91 Current: 5.7x $88.46 $85.42 $78.58 $78.18 $75.50 $71.72 $71.54 $69.11 $68.18 $65.02 $65.25 4.0x $60.61 $59.46 $58.94 7.0x Revenue Multiple: Implied LFCF Multiple: $102.79 75.8x $125.05 60.4x $146.35 49.8x $171.69 43.0x $201.77 38.5x $101.91 75.8x $125.50 60.4x $153.57 49.7x $188.24 42.9x $229.40 38.4x $104.75 75.8x $132.85 60.4x $167.78 49.7x $212.46 42.8x $269.59 38.2x 5.7x Revenue Multiple: Implied LFCF Multiple: $83.57 61.4x $102.04 49.1x $119.96 40.5x $140.84 35.1x $165.71 31.5x $82.85 61.4x $102.42 49.1x $125.80 40.4x $154.23 34.9x $188.09 31.3x $85.15 61.4x $108.55 49.0x $137.30 40.4x $173.86 34.8x $220.71 31.2x 4.0x Revenue Multiple: Implied LFCF Multiple: $59.46 43.6x $73.15 35.0x $86.30 29.0x $102.12 25.2x $120.94 22.7x $58.94 43.6x $73.41 35.0x $90.55 28.9x $111.89 25.1x $136.83 22.5x $60.61 43.6x $77.74 34.9x $98.95 28.8x $125.95 25.0x $160.04 22.4x Note: 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 Preliminary Curry Management provided by Curry Management to Qatalyst in February 2016. In-the-money convertible debt treated on a net share basis. Common shares outstanding and balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuance in connection with the acquisition of a professional services firm. 23 (1) Revenue growth based on mean consensus analyst research estimates | DRAFT as of June 2, 2016. CONFIDENTIAL (2) Based on Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. Future Value Per Share Present Value Per Share (Discounted at 12.5%) $83.57 $90.71 $94.78 $98.91 $103.45 $82.85 $91.04 $99.39 $108.32 $117.43 $85.15 $96.49 $108.48 $122.11 $137.79 $149.21 $143.21 $132.21 $132.57 $125.96 $120.58 $121.34 $115.63 $118.09 Proposal: $100.00 $111.15 $111.56 Bogut 6/1/16 $99.91 $1,253$1,628$2,117$2,752$3,577 30%30%30%30%30% 30% $63$118$203$324$489 5%7%10%12%14% 68% $116$192$305$463$678 9%12%14%17%19% 54% $1,218$1,533$1,929$2,425$3,023 27%26%26%26%25% 26% $61$111$185$285$414 5%7%10%12%14% 63% $113$181$278$408$573 9%12%14%17%19% 50% $1,229$1,527$1,833$2,199$2,639 27%24%20%20%20% 24% $62$110$176$259$361 5%7%10%12%14% 60% $114$180$264$370$500 9%12%14%17%19% 47% Current2-Year3-Year4-Year5-Year '15A-'21E CAGR CY17ECY18ECY19ECY20ECY21E Current2-Year3-Year4-Year5-Year '15A-'21E CAGR CY17ECY18ECY19ECY20ECY21E Current2-Year3-Year4-Year5-Year '15A-'21E CAGR CY17ECY18ECY19ECY20ECY21E Sensitivity 1Extrapolated Street Revenue Sensitivity (1)

Summary of Preliminary Curry Management Plan 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 $744 – 34 5% (4) 13% 29 4% (37) 5% 21 57% 48 6% 61 8% – $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% 44% Source: Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. 24 CONFIDENTIAL | DRAFT Curry Standalone Financial Performance'15A-'Q2-'Q4Terminal'21E CY2016E CY2017E CY2018E CY2019E CY2020E CY2021ECAGR

Illustrative Preliminary Discounted Cash Flow Based on Preliminary Curry Management Plan ($MM, except per share amounts) Implied Perpetuity Growth Rate PV of Unlevered FCF (Q2'16E - CY2020E) PV of Terminal Value (CY2021E & Beyond) 5.3% $795 7,803 6.0% $795 9,363 6.5% $795 10,924 7.5% $749 7,084 8.2% $749 8,501 8.7% $749 9,918 9.7% $707 6,444 10.4% $707 7,733 10.9% $707 9,022 Implied Enterprise Value Plus: PV of Federal NOLs and Tax Credits (CY2021E & Beyond) (1) Plus: Cash (2) Less: Debt (2) Implied Equity Value $8,598 189 378 (315) 8,849 $10,159 189 378 (315) 10,410 $11,719 189 378 (315) 11,970 $7,834 159 378 (315) 8,055 $9,250 159 378 (315) 9,472 $10,667 159 378 (315) 10,889 $7,152 135 378 (315) 7,349 $8,440 135 378 (315) 8,637 $9,729 135 378 (315) 9,926 Premium/(Discount) to Current (4) 9% 28% 46% (1%) 16% 33% (9%) 6% 22% Note: Assumes mid-period discounting convention. (1) Based on Federal NOL and tax credits of $1,169MM as of December 31, 2020 per Curry Management. (2) Balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. In-the-money convertible debt treated on a net share basis. (3) Common shares outstanding from 10-Q for the period ended March 31, 2016. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuances in connection with the acquisition of a professional services firm. (4) Based on Curry price of $83.57 as of June 2, 2016. 25 CONFIDENTIAL | DRAFT Implied Price Per Share - Assuming ~16% Dilution (3) $90.93 $106.70 $122.27 $82.91 $97.22 $111.54 $75.77 $88.79 $101.81 % of Enterprise Value in Terminal Value 91% 92% 93% 90% 92% 93% 90% 92% 93% Discount Rate: Terminal NTM UFCF Multiple: Implied Terminal NTM Revenue Multiple: Illustrative Present Value as of March 31, 2016 9.5% 11.75% 25.0x 30.0x 35.0x 25.0x 30.0x 35.0x 4.0x4.8x5.6x4.0x4.8x5.6x 14.0% 25.0x 30.0x 35.0x 4.0x4.8x5.6x Summary of Valuation Assumptions - Unlevered free cash flow projections and terminal value discounted to March 31, 2016 (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 14.0% - 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 ~16% cumulative dilution through issuance of equity awards over the projected period

Illustrative Preliminary DCF Sensitivity Premium / (Discount) to Bogut 6/1/16 Proposal ($MM, except per share amounts) $71.59 (28%) $80.38 (20%) $91.08 (9%) $83.69 (16%) $94.15 (6%) $95.78 (4%) $65.15 (35%) $73.30 (27%) $83.05 (17%) $76.26 (24%) $85.80 (14%) $97.43 (3%) $87.24 (13%) $98.29 (2%) $59.44 (41%) $66.92 (33%) $75.90 (24%) $69.65 (30%) $78.38 (22%) $88.98 (11%) $79.66 (20%) $89.74 (10%) $80.93 (19%) $94.78 (5%) $73.79 (26%) $86.37 (14%) $98.94 (1%) $67.38 (33%) $78.89 (21%) $90.33 (10%) $94.61 (5%) $86.26 (14%) $96.82 (3%) $78.84 (21%) $88.47 (12%) $92.38 (8%) Note: Assumes mid-period discounting convention. (1) Based on Preliminary Curry Management Plan provided by Curry Management to Qatalyst in February 2016. (2) Balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. In-the-money convertible debt treated on a net share basis. Common shares outstanding from 10-Q for the period ended March 31, 2016. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuances in connection with the acquisition of a professional services firm. 26 CONFIDENTIAL | DRAFT $100.23 $117.90 $135.09 0% 18% 35% $109.73 $128.82 $147.72 10% 29% 48% $120.26 $141.08 $161.89 20% 41% 62% $103.88 $119.20 4% 19% $113.77 $130.26 14% 30% $106.20 $124.60 $142.69 6% 25% 43% $105.92 6% $101.14 $116.03 1% 16% $111.00 $127.05 11% 27% '15A-21E CAGR: 30% CY21E Revenue: $3,577 CY21E Op Margin: 11% CY21E Op Margin: 14% CY21E Op Margin: 17% $90.93 (9%) $106.70 $122.27 7% 22% $82.91 $97.22 (17%) (3%) $111.54 12% $75.77 $88.79 (24%) (11%) $101.81 2% $103.03 $121.01 $138.60 3% 21% 39% $93.93 $85.82 (6%) (14%) $100.80 $115.78 1% 16% $110.39 $126.53 10% 27% $108.63 9% Prelim Mgmt Forecast (1) '15A-21E CAGR: 26% CY21E Revenue: $3,023 CY21E Op Margin: 11% Prelim Mgmt Forecast (1) CY21E Op Margin: 14% CY21E Op Margin: 17% $102.06 2% $111.80 12% $106.92 $122.55 7% 23% $107.92 8% '15A-21E CAGR: 24% CY21E Revenue: $2,639 CY21E Op Margin: 11% CY21E Op Margin: 14% CY21E Op Margin: 17% Revenue SensitivityOp. Margin Sensitivity Discount Rate: Terminal NTM UFCF Multiple: Illustrative Present Value as of March 31, 2016 (2) 9.5% 11.75% 25.0x 30.0x 35.0x 25.0x 30.0x 35.0x 14.0% 25.0x 30.0x 35.0x Shading represents values greater than Bogut’s 6/1/16 Proposal of $100.00 per share

Selected SaaS Transactions ($MM) 05/31/16 Marketo (1) Vista Equity Partners 1,789 1,700 7.5 5.9 - - 64% 68% 5% 139% 28% (7%) 04/18/16 Cvent Vista Equity Partners 1,647 1,502 8.0 6.5 - - 69% 66% (2%) 90% 23% 1% 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 50.9 26.8 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% 5% 11/02/10 Art Technology Group Oracle 1,032 850 4.4 3.9 35.5 25.7 46% 35% 25% 95% 14% 15% 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. (1) Represents 1-day and 20-day unaffected premiums as of May 9, 2016 and April 12, 2016, respectively. (2) LTM revenue pro forma for acquisition of Plateau. (3) 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. (4) Reflects Bogut proposal submitted on June 1, 2016. (5) Based on Wall Street consensus estimates as of June 2, 2016. Common shares outstanding from Curry 10-Q for the period ended March 31, 2016. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuances in connection with the acquisition of a professional services firm. Balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. 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 September 30, 2016. Additional shares based on indenture dated June 4, 2013. 27 CONFIDENTIAL | DRAFT Legend Median:7.5x6.2x37.7x32.7x35%42%7%104%19%6% Mean:7.26.0 41.239.137%46%10%124%19%6% Max:12.6x10.2x65.9x78.6x69%89% 37%370%28%22% Min:2.6 2.3 20.116.2 4%10%(25%) 35% 9%(9%) Implied Curry Statistics @ $100.00 per share (4)(5):$8,423$8,38010.6x8.1x-78.6x20%30%0%88%30%7% 09/15/09 OmnitureAdobe1,8371,7355.14.751.344.124%52%(1%)183%9%11% 07/01/11 Blackboard (3)Providence Equity1,6381,7503.73.2 20.1 16.2 4%10%(8%)36%17%17% 12/03/11 SuccessFactors (2)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%) 11/02/15 Constant ContactEndurance International1,105924 2.6 2.3 26.8x24.2x23%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% 05/18/16 inContactNICE1,0599734.23.6--55%50%30%121%17%(4%) FD FD Transaction multiples Premium NTM LTM Annc. Equity Ent. Revenue LFCF LTM Rev. LFCF Date Target Acquiror Value Value LTM NTM LTM NTM 1-Day 20-Day High Low Growth Margin 06/01/16 DemandwareSalesforce$3,030$2,83411.2x8.9x--56%69%(1%)167%26%0% Max Statistic Min Statistic

Implied Curry Valuation at Selected Transaction Multiples 9/18/14 Concur SAP 7,768 8,286 12.6 10.2 - - 118.36 124.28 - - 5/22/12 Ariba SAP 4,609 4,437 8.8 7.8 65.9 33.5 84.22 96.18 41.59 43.49 (1) Common shares outstanding and balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuances in connection with the acquisition of a professional services firm. Represents cash settlement of 2018 Convertible Notes of $310MM face value. Value based on a conversion price of $116.10. Make whole premium assumes a close date of September 30, 2016. Additional shares based on indenture dated June 4, 2013. (2) LTM revenue pro forma for acquisition of Plateau. 28 CONFIDENTIAL | DRAFT Median: 10.2x 8.7x 65.9x 56.1x $96.48 $106.49 $41.59 $71.78 Mean: 10.5 8.8 65.9 56.1 99.53 107.32 41.59 71.78 Selected Public SaaS Transaction Median 7.5x 6.2x 37.7x 32.7x $71.48 $76.56 $24.44 $42.44 Bogut 6/1/16 Proposal (1) $8,423 $8,380 10.6x 8.1x 162.0x 78.6x $100.00 $100.00 $100.00 $100.00 12/3/11 SuccessFactors (2) SAP 3,748 3,499 10.2 8.7 - 78.6 96.48 106.49 - 100.08 12/20/12 Eloqua Oracle 971 885 9.8 8.2 - - 93.19 100.94 - - Selected High Multiple SaaS Transactions 6/1/16 Demandware Salesforce $3,030 $2,834 11.2x 8.9x - - $105.37 $108.71 - - FD FD Equity Enterprise Date Target Acquiror Value Value Transaction Multiples Implied Curry Transaction Share Price (1) Revenue LFCF LTM NTM LTM NTM Revenue LFCF LTM NTM LTM NTM

Selected Public Enterprise Software Transactions Selected Public Enterprise Software Transactions >$1Bn Transaction Value (N=67) 12.0x 10.0x SuccessFactors 8.0x 6.0x Solera Sybase 4.0x 2.0x 0.0x $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Source: Company press releases, Company filings, 451 Group and Wall Street Research. (1) Common shares outstanding and balance sheet items from Curry 10-Q for the period ended March 31, 2016. Cash adjusted for $9.7MM acquisition of a professional services firm. RSUs and options schedule from Curry 10-K for the period ended December 31, 2015. RSUs adjusted for equity issuance in connection with the acquisition of a professio nal services firm. Assumes cash settlement of 2018 Convertible Notes of $310MM face value. Value based on a conversion price of $116.10. Make whole premium assumes a close date of September 30, 2016. Additional share s based on indenture dated June 4, 2013. CONFIDENTIAL | DRAFT 29 Enterprise Value ($MM) OpswareConcur DemandwareAutonomy Eloqua Ariba Responsys ExactTarget Curry @ $100.00 / Share(1) Marketo WebEx Veritas BEA Systems McAfeePeoplesoft BMC Software Transactions SaaS Transactions NTM Revenue Multiple

Selected Statistics of Potential Partners ($MM) Source: Capital IQ. Note: Prices as of June 2, 2016. (1) Per Salesforce Bank of America Commitment Letter dated May 31, 2016. CONFIDENTIAL | DRAFT 31 Selected Financial Metrics CY16E Operating Metrics FD EquityFD Ent.CashFinancial CY16E Multiples '15-16EGrossOperating ValueValueBalanceDebtRevP/ELFCFRevenue% GrowthMarginMargin Key Contacts $531,472$461,416$75,264$5,2086.5x22.2x26.6x$71,19917%63%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) $423,853$356,400$114,018$46,5653.8x19.6x17.6x$92,6665%64%30% 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) $165,770$157,393$48,950$40,1064.2x14.3x12.6x$37,326(0%)80%43% 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) $97,742$103,573$5,272$11,1034.2x18.1x22.1x$24,4458%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) $58,797$56,878 $3,715$1,797 6.9x84.9x36.2x$8,25224%77%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) Expected to finance its $2.8Bn acquisition of Demandware with cash and new term loan facility of $500MM(1) $28,661$28,020$1,641$1,0005.8x27.8x23.0x$4,8128%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 - - - - - - - - - - - - - 01/26/14 DeepMind 400 400 - - - - - - - - - - - - - 06/11/13 Waze 1,150 1,150 - - - - - - - - - - - - - 07/01/10 ITA Software 700 700 - - - - - - - - - - - - - 07/09/07 Postini 625 625 8.9 - - - - - - - - - - - - 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. 32 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 ### 42.0x 63% 84% 10% 90% 14 days 3 33% 04/13/07 DoubleClick 3,100 3,100 10.3 - - - - - - - - - - - - 11/09/09 AdMob 681 681 34.1 - - - - - - - - - - - - 08/15/11 Motorola Mobility 12,550 9,224 0.7 0.6 - 42.0 63% 84% 10% 90% No Exclusive 14 3 33% 01/13/14 Nest Labs 3,200 3,200 13.6 - - - - - - - - - - - - 06/10/14 Skybox Imaging 500 500 - - - - - - - - - - - - - 11/06/15 Bebop $380 $380 - - - - - - - - - - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Prem. 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 • Marc Brown leads M&A execution on larger • Closer integration of Corporate historically been exclusively Business Unit larger team of corporate development and approvals required ($MM) 02/03/16 TouchType (Swiftkey) 250 250 - - - - - - - - - - - - - 01/20/15 Equivio 200 200 - - - - - - - - - - - - - 09/03/13 Nokia (Devices and Services) 4,988 4,988 0.3 - - - - - - - - - - - - 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. 33 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 13.6 10.3 - - 133% 158% 132% 233% No 4 Parties 56 3 - Median 10.3x 7.8x - - 88% 116% 68% 170% 56 days 2 05/10/11 Skype 7,918 8,500 9.9 - - - - - - - - - - - - 06/25/12 Yammer 1,200 1,200 60.0 - - - - - - - - - - - - 09/15/14 Mojang (Minecraft) 2,500 2,500 - - - - - - - - - - - - - 09/08/15 Adallom 250 250 - - - - - - - - - - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Prem. to Unaff. Stock Price (1) Transaction History Revenue P/E LTM Existing Parties Process # of Prem. to LTM NTM LTM NTM 1-Day 20-Day High Low Partner? Contacted Length Bids 1st Offer 02/24/16 Xamarin $400 $400 10.7x - - - - - - - - - - - - Summary of Selected Recent Acquisitions Typical M&A Process: •New decision-making process being put in place with Satya Nadella and Amy Hood driving strategic direction transactions Development going forward, having focused •Diligence process in larger deals involves business unit team members •Formal process with committees and 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 Global Business Units and Corporate Development group with aid of transaction sponsor and back-office • Doesn’t expect to move on price from initial bid by much make aggressive decisions more quickly than most • Studying new technology markets where Oracle can solution (storage, networking) ($MM) 04/28/16 Textura 741 662 7.6 6.1 - 60.5 31% 40% (15%) 97% No Auction 148 3 8% 06/23/14 Micros Systems 5,259 4,604 3.4 3.2 27.6 24.4 18% 31% 15% 62% No 3 Parties 95 3 6% 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% No Exclusive 79 3 5% 10/18/11 Endeca 1,075 1,075 8.6 - - - - - - - - - - - - 04/16/10 Phase Forward 715 608 2.8 2.5 32.7 28.8 30% 32% (0%) 67% No Exclusive 44 3 6% 01/16/08 BEA Systems 8,340 7,092 4.8 4.2 35.2 23.3 42% 46% 17% 78% No Unsolicited 209 2 14% 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% 03/22/05 Retek 669 567 3.3 3.2 58.4 45.4 88% 86% 31% 231% No Bidding War 145 2 25% 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. 12/13/04 PeopleSoft 10,504 8,826 3.3 3.1 39.0 32.7 11% 17% 11% 66% No Unsolicited 555 6 9% Median 4.0x 3.3x 37.1x 38.4x 30% 34% 9% 94% 96 days 3 6% 09/12/05 Siebel Systems 5,919 3,677 2.8 2.8 66.6 59.2 17% 29% 1% 44% No Exclusive 96 7 (10%) 05/15/07 Agile Software 504 309 2.4 2.2 - - 14% 17% 7% 59% No Auction 251 3 (6%) 04/20/09 Sun Microsystems 7,085 5,340 0.4 0.4 - - 91% 89% (43%) 236% Yes Auction 55 1 0% 11/02/10 Art Technology Group 1,032 850 4.4 3.9 31.6 25.0 46% 35% 25% 95% No Exclusive 28 1 0% 10/24/11 RightNow 1,840 1,599 7.4 6.2 - 55.8 20% 38% 10% 117% No Exclusive 96 3 8% 12/20/12 Eloqua 971 885 9.8 8.2 - - 31% 34% (5%) 82% No Exclusive 127 2 4% 12/20/13 Responsys 1,679 1,572 8.1 6.9 - - 38% 66% 35% 370% No 2 Parties 24 3 13% 12/22/14 Datalogix - - - - - - - - - - - - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Prem. 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 05/02/16 Opower $621 $532 3.6x 3.3x - - 30% 51% (18%) 70% Yes Exclusive 56 2 8% 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, • All deals executed in centralized corporate development functions - Will re-bid 2 – 3 times generally • Streamlined approval process led by Co-Presidents and Doug Kehring • Well-developed and efficient M&A process – able to competitors combine software and hardware to offer a disruptive

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. 35 LTM revenue multiple pro forma for acquisition of Plateau Systems. Included in mean and median calculations. CONFIDENTIAL | DRAFT 10/07/07 Business Objects (4) 6,019 5,166 3.5 3.0 31.3 23.6 20% 34% 20% 60% Yes Exclusive 82 1 - 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 Prem. 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

Key Contacts and M&A History John Somorjai (SVP, Corporate Development and Strategy) Chris Hecht (VP, Corporate Development) Alex Dayon (President, Products) ($MM) 12/23/15 SteelBrick 360 360 - - - - - - - - - - - - - 06/04/13 ExactTarget 2,671 2,570 7.9 6.5 - - 53% 56% 36% 88% Yes 2 Parties 42 3 30% 03/30/11 Radian6 326 326 9.3 - - - - - - - - - - - - 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 36 Median 10.2x 7.7x - - 54% 63% 17% 127% 42 days 3 30% 12/08/10 Heroku 249 249 - - - - - - - - - - - - - 06/04/12 Buddy Media 689 689 21.2 - - - - - - - - - - - - 07/11/14 RelateIQ 392 352 - - - - - - - - - - - - - 06/01/16 Demandware $3,030 $2,834 11.2x 8.9x - - 56% 69% (1%) 167% - - - - - FD FD Annc. Equity Enterprise Date Target Value Value Transaction Multiples Prem. 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 •Pioneer in cloud computing and market leadership in sales, service, and marketing •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

Key Contacts and M&A History ($MM) 424 424 - - - - - - - - 04/27/12 Demandforce - - - - - 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. 37 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. 11/30/06 Digital Insight 1,354 1,261 5.3x 4.8x 37.5x 31.5x 18% 30% 2% 76% Yes 2 Parties 127 2 5% 05/27/14 Check $360 $360 - - - - - - - - - - - - - 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)