imperial capital security investor...

I 2014 SECURITY INVESTOR CONFERENCE

Solution Providers to the Enterprise, Residential and Homeland Security Markets

SECURITY INVESTORCONFERENCE

DECEMBER 10-11, 2014

NEW YORK


NEW YORK


NEW YORK

II 2014 SECURITY INVESTOR CONFERENCE

1 2014 SECURITY INVESTOR CONFERENCE

Welcome to the 11th Annual Security Investor Conference

Imperial Capital welcomes attendees to our 11th Annual Security Investor Conference (SIC) at the Waldorf

Astoria New York. This event continues to be the largest investment conference in the Security Industry

with 63 public and privately held companies presenting this year and more than 500 registered attendees.

SIC offers a unique forum and opportunity to hear executive leaders discuss their company’s market

positioning and strategic growth plans to an audience of key investors and industry stakeholders.

This year’s program kicks off with an industry overview in M&A and Capital Markets, Debt Markets and

Commercial Banking areas, with the lunch session featuring a discussion on Public Equities in the Security

Industry. It will conclude with a fireside chat featuring Bob Eck, President and Chief Executive Officer,

Anixter International and Pat Comunale, former Chief Executive Officer Tri-Ed and current President of

Anixter Security Division.

We have compiled a full program today, so please take a few minutes to read through the information in

this packet. It includes a wealth of information about SIC, including an agenda, a list of presenters and

speakers, as well as other valuable resources for you to make the most of your attendance. As you plan out

your day, we encourage you to attend as many presentations as your schedule allows.

Lastly, we would like to thank our sponsors, panelists and presenting companies in advance for helping to

make this conference our most successful yet.

Thank you for joining us. We hope you enjoy your time with us today!

John E. Mack III Michael McManusCo-Head, Investment Banking Group, Managing Director,Head of Security Group Co-Head of Security Group


CONFERENCE AGENDA

THURSDAY, DECEMBER 11, 2014

7:00 AM - 5:00 PM

Security Investor Conference RegistrationPalm Room

9:00 AM - 12:00 PM

Company PresentationsStarlight (North), Metropolitan East & West, Gramercy, Carnegie

1:30 PM - 5:00 PM

Company PresentationsStarlight (North), Metropolitan East & West, Gramercy, Carnegie

5:00 PM

Closing Cocktail ReceptionConrad Suite (4th Floor)

7:30 AM - 8:45 AM

Breakfast & Opening SessionStarlight (Center/North)

M&A and Capital Markets UpdateJohn E. Mack III, Co-Head, Investment Banking Group, Imperial Capital, LLC

Debt Markets & Commercial BankingThomas Pagnani, Managing Director, Capital One Bank

Will Schmidt, Managing Director, CapitalSource

12:00 PM - 1:15 PM

Lunch ProgramStarlight (Center/North)

Security Industry Equity Capital Markets UpdateJeff Kessler, Managing Director, Institutional Research Group, Imperial Capital, LLC

Michael Kim, Vice President, Institutional Research Group, Imperial Capital, LLC

Panel: Anixter Acquisition of Tri-Ed and Related Implications for the Security IndustryPat Comunale, President Global Security Solutions, TRI-ED Distribution

Bob Eck, President and Chief Executive Officer, Anixter International Inc.

John E. Mack, III, Co-Head, Investment Banking Group, Imperial Capital, LLC

2014 SECURITY INVESTOR CONFERENCE 3

ABOUT IMPERIAL CAPITAL

OVERVIEW

Imperial Capital is a full-service investment bank offering a uniquely integrated platform

of comprehensive services to institutional investors and middle market companies. We

offer sophisticated sales and trading services to institutional investors and a wide range of

investment banking advisory, capital markets and restructuring services to middle market

corporate clients. Paired with our proprietary research, we provide best ideas across an

issuer’s capital structure, including debt securities, the hybrid/bank capital marketplace

through our ELP Framework, bank debt, post-reorganization equities, special situations

claims and equity and industry analysis. Our comprehensive and integrated service

platform, expertise across the global capital structure, and deep industry sector knowledge

enable us to provide clients with research-driven ideas, superior advisory services, and

trade execution. We are quick to identify opportunities under any market conditions and

we have a proven track record of offering creative, proprietary solutions to our clients.

Imperial Capital’s market expertise and research coverage include the following sectors:

Aerospace, Defense & Government Services, Airlines & Transportation, Business Services,

Consumer, Energy (Clean & Traditional), Financial Services, General Industrials, Healthcare,

Media & Entertainment, Real Estate, Lodging & Leisure, Security & Homeland Security and

Technology & Telecom.

Imperial Capital has three principal businesses: Investment Banking, Institutional Sales &

Trading and Institutional Research.

INVESTMENT BANKING

We bring in-depth experience to leverage our sales & trading capabilities. Our investment

banking team is dedicated to advising on and implementing creative, value-enhancing

solutions for our corporate and institutional investor clients.

►► Highly specialized talent and services

►► Key services: Debt and Equity Financings, M&A Advisory, Restructuring Advisory

►► Broad expertise with middle market companies

►► Ability to leverage sales and trading expertise into investment banking opportunities

CAPITAL MARKETS OVERVIEW►► Ability to raise funds across the capital structure:

• Senior Secured Debt • High Yield Debt

• Second Lien Debt • Hybrid Debt/Equity Securities

• Convertible Debt • Preferred Equity

• Mezzanine and Subordinated Debt • Common Equity

►► Significant experience in volatile markets

• Transactions ranging from $10 million to $500 million

►► Experts at monetizing illiquid assets such as trade claims

MERGERS & ACQUISITIONS OVERVIEW►► Strong buy-side, sell-side and stressed situations experience

►► Expertise in strategic acquisition of companies through purchase of their debt

►► Ability to provide/arrange acquisition financing for buyers even in tough markets

►► Transactions ranging from $25 million to $1 billion

►► Board advisory/strategic alternatives

LOS ANGELES2000 Avenue of the Stars9th Floor, South TowerLos Angeles, CA 90067

(310) 246-3700 | (800) 929-2299

NEW YORK277 Park Avenue48th FloorNew York, NY 10172

(212) 351-9700 | (800) 371-7087

LONDON Imperial Capital (International) LLPOne Eagle PlaceLondon SW1Y 6AF

+44 (0) 20 7650 5400

BOSTON101 Arch StreetSuite 1762Boston, MA 02110

(617) 478-7600 | (888) 478-9696

CHICAGO200 South Wacker DriveSuite 3100Chicago, IL 60606

(312) 674-4713

HOUSTON1330 Post Oak BlvdSuite 2160Houston, TX 77056

(713) 982-5601

MINNEAPOLIS60 South Sixth StreetSuite 3720Minneapolis, MN 55402

(612) 692-6900 | (888) 692-1660

SAN FRANCISCOOne California StreetSuite 3025San Francisco, CA 94111

(415) 615-4000 | (877) 615-4040

OFFICE LOCATIONS


RESTRUCTURING ADVISORY OVERVIEW►► In and out of court advisory engagements

►► Relationships with lenders, creditors, financial sponsors and insolvency experts

►► Extensive capital markets distribution capabilities, including DIP and rescue financings

►► Experts in valuation and contested situations

►► Post reorganization securities coverage

►► Expert witness testimony

►► Integration of valuation and monetization of trade claims

INSTITUTIONAL SALES & TRADING

Our global sales and trading professionals meet the demand for a new, integrated trading model. We specialize in understanding

and transacting in all components of an issuer’s capital structure. We have an experienced sales force that markets opportunistic

and real-time trading opportunities based on our proprietary research. Our goal is superior execution for our institutional investor

clients, particularly where we can capitalize on market inefficiencies and other unique opportunities identified by our research.

►► Ability to trade across the corporate capital structure:

• High Yield Bonds • Convertible Bonds & Preferred Stock • Structured Products

• Distressed Debt • Common Stock • Options & Warrants

• Hybrid/Preferred Securities • Reorganized & Special Situations Equities • Issuer Repurchases

• Investment Grade Bonds • Bank Debt • Illiquid & Orphaned Securities

INSTITUTIONAL RESEARCH

Imperial Capital’s global institutional research is differentiated by its integrated approach across an issuer’s entire capital structure.

In contrast to the traditional fixed income and equity model, our emphasis is on relative values throughout the capital structure

within industries where we have deep expertise. We provide proprietary investment analyses in fixed income, convertibles and

busted convertibles, equity and preferred stock including:

• Bank Debt • Investment Grade/Crossover Debt • Reorganized Equity

• Second Lien Debt • Hybrid Debt/Equity Securities • Private & Unlisted Equity

• Convertible Debt • High Yield Debt • Listed Common Equity

• Mezzanine & Subordinated Debt • Preferred Equity

We have extensive experience understanding complex capital structures and special situations such as bankruptcies and

restructurings. We deliver timely research and analysis to our clients. In addition to providing recommendations on specific

securities and event-driven opportunities, we also provide valuable insight into important industry trends. We accomplish this

through three distinct research operations: Capital Structure Analysis, Desk Analysis and Industry Analysis.

ABOUT IMPERIAL CAPITAL


SELECT SECURITY TRANSACTIONS

Imperial Capital’s Security team is among the most experienced in the sector, offering superior advisory, and debt or equity capital

markets capabilities in combination with a unique deep understanding of multiple Security markets and value propositions. This

domain knowledge spans across leading-edge technologies and advanced service offerings, covering Government, Consumer and

Enterprise markets. Our team provides Boards and management teams with public and private financing, M&A, strategic advisory

and restructuring services.

Our professionals’ experience extends to the following Security Industry markets:

• Identity solutions (biometrics, credentialing, iDM, provisioning, etc.)

• Nextgen surveillance (Video, Lawful Intercept, Big Data Analytics, etc.)

• Background screening and “reputation management”

• Explosives/bio-/radiological sensors, and other detection technologies

• Location-based technologies (M2M, RFID, GSM, etc.)

• Mobile and BYOD

• Network and Information security

• Systems integration & consulting

• Security monitoring

• Access control

This announcement is not an offer to sell or a solicitation of an offer to buy the securities of these companies. This announcement appears as a matter of record only. Any investments that are offered through Imperial Capital, LLC, a registered broker dealer and member of FINRA and SIPC, are not FDIC insured.

Exclusive Financial Advisor to Swann Communications Pty. Ltd.

WAS ACQUIRED BY:a portfolio company of

Financial Advisor to Tri-Ed

HAS MERGED WITH:

$420,000,000

Financial Advisor to IQinVision andRendered Fairness Opinion

HAS MERGED WITH:

C$555,000,000

Financial Advisor toThe ADT Corporation

A subsidiary of:

HAS ACQUIRED:

Sole Book-Running Manager

SENIOR CONTINGENTCASH PAY NOTES

$115,000,000

Exclusive Financial Advisor toLumidigm, Inc.

A subsidiary of:

WAS ACQUIRED BY:

Exclusive Financial Advisor toInterface Security Systems

Business Segment of:

WAS ACQUIRED BY:

A Portfolio Company of Norwest Venture Partners

Financial Advisor to The ADT Corp.

WERE ACQUIRED BY:

Buisness segments of:

WAS ACQUIRED BY:

$148,500,000

Exclusive Financial Advisor toDevcon Security International Financial Advisor

SENIOR SECURED NOTES

WAS ACQUIRED BY:

Exclusive Financial Advisor toCheckpoint Systems, Inc.

A division of

SENIOR SECURED NOTES

Sole Book-Running Manager

$230,000,000

WAS ACQUIRED BY:

Financial Advisor to SAFE Security

WAS ACQUIRED BY:

Exclusive Financial Advisor to Codebench, Inc.

WAS ACQUIRED BY:

Exclusive Financial Advisor toLOREX Technologies, Inc and

Rendered Fairness Opinion

(TSXV:LOX)

(NasdaqGS:FLIR)

C$58,000,000

WAS ACQUIRED BY:

Exclusive Financial Advisor to Ingersoll-Rand PLC

(NYSE:IR)

(NASDAQ:KTOS)

WAS ACQUIRED BY:

Exclusive Financial Advisor toCheckpoint Systems Inc

CheckView Banking Security Integration Business

A business segment of

HAS BEEN RECAPITALIZED BY:

Rendered Fairness Opinion

WAS ACQUIRED BY:

Financial Advisor to FreightWatch International Ltd.

A subsidiary of

$100,000,000

Exclusive Financial Advisor toVisonic Ltd.

WAS ACQUIRED BY:


IMPERIAL CAPITAL SECURITY TEAM

INVESTMENT BANKING

Prior to joining Imperial Capital, Mr. Mack founded USBX Advisory Services, LLC, where he was the Chief Executive

Officer of this preeminent boutique investment banking firm focused on the Security Industry. Before founding

USBX, Mr. Mack served as Chief Executive Officer and a member of the Board of Directors of Protection One,

Inc., the second largest security alarm monitoring business in North America and a party to approximately 200

M&A/Finance transactions. Mr. Mack earned a B.A. from Stanford University and an M.B.A. from the University

of California at Los Angeles.

John E. Mack IIICo-Head, Investment Banking Group, Head of Security GroupOffice: (310) [email protected]

Mr. McManus is a Managing Director focusing on Homeland Security, Security and Defense M&A and Finance.

Prior to joining Imperial Capital, Mr. McManus served as Managing Director at USBX Advisory Services, LLC,

where he focused on security, homeland security and government services. Mr. McManus brings more than

21 years of investment banking and government service experience with such entities as Donaldson, Lufkin &

Jenrette, Jefferies Quarterdeck and as an Officer in the United States Army. Mr. McManus earned a Bachelor

of Science from the U.S. Military Academy at West Point and an M.B.A. with distinction from the S.C. Johnson

Graduate School of Management at Cornell University.

Michael McManusManaging Director, Co-Head of Security Group, Investment Banking GroupOffice: (310) [email protected]


IMPERIAL CAPITAL SECURITY TEAM

INSTITUTIONAL RESEARCH

Mr. Kessler is a Managing Director in the Institutional Research Group. Mr. Kessler has more than 25 years of

experience covering security industry for the investment community. He joined Imperial Capital in 2008 from

Lehman Brothers where he had served 21 years as the senior security/business services analyst. He was named

in December 2006 by Security Magazine as one of the industry’s “25 Most Influential Leaders.” In addition to

publishing the Security Industry Annual, and Imperial Capital’s Security Monitor, Mr. Kessler co-founded the

Securing New Ground industry conference, which is run by the Security Industry Association and is now in its

17th year. Mr. Kessler earned a Bachelor of Arts degree in political science / economics from McGill University,

a Master of Arts degree in political science/economics from McGill University, and a Master of Science degree in

journalism from Columbia University.

Jeff KesslerManaging Director, Institutional Research GroupOffice: (212) [email protected]

Mr. Kim is a Vice President focused on the Security and Business Services sectors. Mr. Kim brings over a decade

of equity research experience and was previously an investment analyst with 033 Asset Management, a growth

equity hedge fund. Prior to 033, he was a research analyst at Robertson Stephens and Roth Capital Partners,

where he provided equity coverage on the digital media sector. Mr. Kim holds a B.A. in Economics from the

University of California, San Diego.

Michael KimVice PresidentInstitutional Research GroupOffice: (310) [email protected]


SECURITY INVESTOR CONFERENCE

Imperial Capital would like to thank our sponsors whose generous support makes this conference possible.

Security

Subject to credit approval. Products and services offered by Capital One, N.A., Member FDIC. © 2014 Capital One. All rights reserved.

$25,000,000Revolving Credit Facility

Sole Lender Vyanet Security


Documentation and Syndication Agent Ackerman Security Systems


Sole Lender Envysion


Sole Lender Interface Security Systems

Tap into the knowledge of the dedicated Security Lending team of Capital One®. Collectively, our

bankers have managed over $2.5 billion in security industry financings, and are uniquely able to

meet the needs of all types of security service providers with revolving lines of credit and term

loans. As a top-10 U.S. bank, we’ve got you covered, no matter how you look at it.

Tom Pagnani [email protected] (301) 280-2587

John Robuck [email protected] (301) 280-0209

Saam Parsa [email protected] (301) 280-0241

capitalone.com/commercial


PLATINUM SPONSOR

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Will Schmidt, Managing Director, Security314.259.4206 | [email protected] more information, visit capitalsource.com/sic14

CapitalSource is a division of Paci�c Western Bank, Member FDIC.

Quantum Spatial$66,000,000Senior Credit FacilitiesAdministrative Agent & Co-Lead ArrangerSponsor: Arlington Capital

Telular Corporation$112,500,000Senior Credit FacilitiesCo-Syndication AgentSponsor: Avista Capital

ASG Security$302,500,000Senior Credit FacilitiesAdministrative Agent & Lead ArrangerSponsor: Parthenon Capital


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KNOW YOUR DATA

The analyses, including ratings, of Standard & Poor’s and its affiliates are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. Users of ratings or other analyses should not rely on them in making any investment decision. Standard & Poor’s opinions and analyses do not address the suitability of any security. Standard & Poor’s does not act as a fiduciary or an investment advisor except where registered as such. Copyright © 2013 by Standard & Poor’s Financial Services LLC (S&P), a part of McGraw Hill Financial. All rights reserved. STANDARD & POOR’S and S&P are registered trademarks of Standard & Poor’s Financial Services LLC. CAPITAL IQ is a registered trademark of Capital IQ, Inc.

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OPENING SESSION

John E. Mack III, Co-Head Investment Banking Imperial Capital

See bio on page 6.

Thomas Pagnani, Senior Managing Director, Technology and Security Finance Group Commercial & Specialty Finance, Commercial BankingCapital One Bank

Tom Pagnani is Senior Managing Director of the Technology and Security Finance Group within Capital One

Bank’s Commercial and Specialty Finance business. Within the security vertical, the group has a particular

focus on providing senior secured financing in support of sponsor-led buyouts and recapitalizations of middle

market companies that protect life, property and information for the commercial, residential, and government

security markets. Within the technology vertical, the team provides senior financing in support of sponsor-led

buyouts and recapitalizations of middle market technology companies, particularly those with a security and

software orientation.

Prior to joining Capital One in 2011, Tom held a number of positions in the Leverage Finance Group of

CapitalSource (NYSE:CSE), most recently as a Managing Director. Prior to his tenure at CapitalSource, Tom

served as an investment officer with FINOVA Mezzanine Capital (formerly Sirrom Capital), where he was

responsible for identifying, structuring and underwriting senior and subordinated debt facilities. Tom worked

as a corporate attorney where he specialized in representing banks, hedge funds and private equity clients.

He has more than 17 years of debt and equity investment experience and has been involved in more than $6

billion of debt and equity transactions.

Tom graduated with Distinction from the University of Virginia (Phi Beta Kappa) with a B.A. in History, received

an M.B.A. from the Owen Graduate School of Management at Vanderbilt University and a J.D. from Vanderbilt

University’s School of Law.

Will Schmidt, Managing Director CapitalSource

William Schmidt currently holds the position of Managing Director within CapitalSource’s Security Lending

group. His primary responsibilities include developing new client relationships and structuring, underwriting,

and funding transactions within the security and government services markets.

Prior to joining CapitalSource in 2004, Mr. Schmidt had broad financial and operational experience in the

security alarm industry with positions at SLP Capital and Dealers Monitoring Acceptance Corp (DMAC). At SLP

Capital, Mr. Schmidt held the position of Vice President of Dealer Relations, Senior Vice President of Embrasure

and Senior Vice President of the Special Asset group. Prior to SLP Capital, Mr. Schmidt worked at DMAC, initially

as a Regional Sales Manager and later as Director of Dealer Relations. In the latter position, his responsibilities

included managing DMAC’s field service operation as well as managing all aspects of the acquisition of accounts

from the DMAC dealer network. Mr. Schmidt holds a M.B.A from the Weatherhead School of Management at

Case Western Reserve, and he earned his Bachelor of Science in business from Miami University in Oxford,

Ohio.

DEBT MARKETS & COMMERCIAL BANKING

M&A AND CAPITAL MARKETS UPDATE


LUNCH PROGRAM

Jeff Kessler, Managing Director Institutional Research, Imperial Capital

See bio on page 7.

Michael Kim, Vice PresidentInstitutional Research, Imperial Capital

See bio on page 7.

SECURITY INDUSTRY EQUITY CAPITAL MARKETS UPDATE

Physical Security & Identity Solutions Sector Updates

IT & Cyber Security Sector Updates

PANEL - ANIXTER ACQUISITION OF TRI-ED AND RELATED IMPLICATIONS FOR THE SECURITY INDUSTRY

Bob Eck, President and Chief Executive Officer Anixter International Inc.

Bob Eck joined Anixter in 1989 and was named President and Chief Executive Officer in 2008. Prior to that, he

held various positions including Chief Operating Officer, Executive Vice President of Enterprise Cabling and

Security Solutions, Senior Vice President of Supply Chain Solutions and Regional Vice President of Sales.

Bob graduated from Marquette University in 1980, and he holds a bachelor’s degree in economics. Since May

2011, he has served on the Board of Directors for Ryder Systems Inc.

Pat Comunale, President Global Security SolutionsTRI-ED Distribution

Pat Comunale has over 25 years of extensive experience in the security industry holding senior-level leadership

roles in both manufacturing and distribution. In 2005, Pat was part of the management team that acquired

TRI-ED from Tyco. Over the next 5 years, under Pat’s successful leadership as Chief Operating Officer, TRI-ED

experienced double-digit growth, acquired multiple regional distributors, and opened over 20 new locations.

TRI-ED merged with Northern Video Systems in 2010 and Pat took on the role of President and Chief Operating

Officer. In 2012, Pat was named as TRI-ED’s President and Chief Executive Officer. TRI-ED was acquired by Anixter

in 2014 and Pat currently serves as President of Global Security Solutions for TRI-ED, An Anixter Company. Pat

holds a BBA from Iona College and currently resides in Stamford, CT.

John E. Mack III, Co-Head Investment Banking Imperial Capital

See bio on page 6.


CONFERENCE PRESENTERS

COMPANY PRESENTER3VR, Inc. Al Shipp, Chief Executive Officer

Absolute Software Corporation (TSX:ABT)Geoff Haydon, Chief Executive OfficerErrol Olsen, Chief Financial Officer

ACRE LLC Joseph Grillo, Chief Executive Officer

Acuant Inc. Richard Erickson, Chairman

The ADT Corp. (ADT) Michael Geltzeiler, Chief Financial Officer

Agent Video Intelligence Itsik Kattan, Chief Executive Officer

Alarm Capital Alliance Amy Kothari, President & Chief Executive Officer

Allegion Plc (ALLE)Dave Petratis, Chairman, President & Chief Executive OfficerPatrick Shannon, Senior Vice President & Chief Financial Officer

American Science & Engineering Inc. (ASEI)Paul Grazewski, Senior Vice President, Marketing, Strategic Planning & Product Management

Anixter International Inc. (AXE)Bob Eck, President & Chief Executive OfficerLisa Meers, Vice President, Investor Relations

Applied DNA Sciences Inc. (APDN) Dr. James A. Hayward, Chairman, President & Chief Executive Officer

Ascent Capital Group, Inc. (ASCM.A)Bill Fitzgerald, Chief Executive OfficerMike Meyers, Chief Financial Officer

ASG Security Joseph Nuccio, President & Chief Executive Officer

Authentix, Inc. Bernard Bailey, Chairman & Chief Executive Officer

AVG Technologies (AVG) Gary Kovacs, President & Chief Executive Officer

Avigilon Corporation (TSX:AVO)Alexander Fernandes, Founder, President, Chief Executive Officer & Chairman of the Board

The Brink’s Company (BCO) Edward Cunningham, Director-Investor Relations & Corporate CommunicationsJoseph Dziedzic, Chief Financial Officer

Brivo Systems Steve Van Till, President & Chief Executive Officer

Central Security Group Richard Ginsburg, President & Chief Executive Officer

Checkpoint Systems Inc. (CKP)George Babich, President & Chief Executive OfficerJeffrey Richard, Executive Vice President & Chief Financial Officer

Dakota Security Systems, Inc. Eric Yunag, President & Chief Executive Officer

Diebold, Incorporated (DBD) Tony Byerly, Executive Vice President, Electronic Security

Digimarc Corporation (DMRC) Bruce Davis, Chairman & Chief Executive Officer

DSP Group (DSPG) Dror Levy, Chief Financial Officer

DTT, Inc. Sam Naficy, President & Chief Executive Officer

DVTEL, Inc. Yoav Stern, President & Chief Executive Officer

Eagle Eye Networks Dean Drako, President & Chief Executive Officer

Eid Passport, Inc. Sean Sullivan, Chief Financial Officer

Electric Guard Dog, LLC Jack DeMao, Chief Executive Officer

Endgame Nathaniel Fick, Chief Executive Officer

Envysion Matt Steinfort, Chief Executive Officer

FST Biometrics Ltd. Yaron Zussman, Chief Executive Officer, FST America


COMPANY PRESENTERGuidance Software, Inc. (GUID) Barry Plaga, Chief Executive Officer & Chief Financial Officer

Hoyos Labs Corp. Hector Hoyos, Chief Executive Officer & Founder

Identiv, Inc. (INVE) Brian Nelson, Chief Financial Officer

iJET International, Inc. Stephen Foley, Senior Vice President, Global Sales

ImageWare Systems Inc. (IWSY) Jim Miller, Chairman & Chief Executive Officer

IndigoVision Group plc (AIM:IND) Marcus Kneen, Chief Executive Officer

Interface Security Systems, L.L.C. Chuck Moeling, Executive Vice President

Newmark Security plc (AIM:NWT) Marie-Claire Dwek, Chief Executive Officer

NIC Inc. (EGOV)Steve Kovzan, Chief Financial Officer Angela Davied, Director, Corporate Communications & Investor Relations

NICE Systems Ltd. (NICE) Christopher Wooten, Executive Vice President, Security

Novetta Solutions, LLC Peter LaMontagne, Chief Executive Officer

NowForce Assaf Shafran, Chief Executive Officer

OpSec Security Group plc (AIM:OSG)Richard Cremona, Chief Executive OfficerBen Stump, Chief Technology Officer

OSI Systems, Inc. (OSIS) Ajay Vashishat, Vice President, Business Development

Prosegur (PSG-MC) Antonio De Carcer, Head of Investor Relations

Qualys, Inc. (QLYS) Don McCauley, Chief Financial Officer

Quantum SecureAjay Jain, President & Chief Executive OfficerKurt Takahashi, Vice President, Global Sales & Marketing

Qylur Security Systems Inc. Michael Brenner, Chief Financial Officer

Radware Ltd. (RDWR) Meir Moshe, Chief Financial Officer

RSI Video Technologies S.A.S. Patrick Frimat, Chief Executive Officer

SAFE Security Paul Sargenti, President & Chief Executive Officer

SecureNet Technologies, Inc. Andrew Wilson, Chief Executive Officer

Shenzhen Infinova Limited (SZSE:002528) Stephan G. Cannellos, Executive Vice President Strategic Business Development

SuperCom Ltd. (SPCB) Ordan Trabelsi, President North America

Varonis Systems, Inc. (VRNS)Gili Iohan, Chief Financial OfficerDavid Gibson, Vice President - Marketing

Verint Systems Inc (VRNT) Douglas Robinson, Chief Financial OfficerAlan Roden, Senior Vice President, Corporate Development

Verisure Securitas Direct Austin Lally, Group Chief Executive Officer

Viakoo, Inc. Bud Broomhead, Chief Executive Officer & Founder

Vivint, Inc.Alex Dunn, PresidentTodd Pedersen, Chief Executive Officer

Zebra Technologies Corp. (ZBRA) Douglas Fox, Vice President, Investor Relations

Zix Corporation (ZIXI)Mike English, Chief Financial OfficerTodd Kehrli, Investor Relations

CONFERENCE PRESENTERS


COMPANY PROFILES

Source: Company

While this summary is in circulation, Imperial Capital, LLC (“IC”) or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in the case of equity securities and certain debt securities, standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market making activities as of the date hereof, while this summary is in circulation IC may begin or discontinue such market making activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summary has been obtained from sources believed to be reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us, prices in this summary are as of the date hereof. The securities mentioned in this summary involve substantial risk and should generally be purchased only by investors able to accept such risk.

3VR, Inc.

Sector: Security and Business Intelligence

3VR provides video intelligence solutions for real-time security and customer insights enabling organizations to protect employees,

customers and assets as well as improve store operations and shopping experiences. 3VR products include hybrid network video

recorders, video management and investigation software, comprehensive dashboards and reports and a robust suite of video

analytics and APIs. Based in San Francisco, 3VR is one of the fastest growing US-based private companies and is the standard for

hundreds of global customers in Financial Services, Retail, Government, Critical Infrastructure and Hospitality.

Ownership: Private

Number of Employees: 50

Annual Revenues: Does not disclose

475 Brannan Street, Suite 430

San Francisco, CA 94107

(415) 495-5790

www.3VR.com


COMPANY PROFILES

Absolute Software CorporationAbsolute Software Corporation (TSX:ABT) 1600-1055 Dunsmuir Street

12/4/2014 Vancouver, BC V7X 1K8Canada

604-730-9851

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker TSX:ABT FD Shares (Wt Avg) 44.8 2011 2012 2013 2014 LTM YTD 14 YTD 15Latest Close Price $7.70 Market Cap $345.2 Sales $68.0 $74.6 $83.2 $91.0 $92.5 $21.7 $23.252 Week Hi - Low $7.75 - $5.85 Total Debt $0.0 Gross Profit 48.3 54.6 63.1 71.0 72.8 16.7 18.5LTM Stock Performance 3.2% Cash $65.2 SG&A 42.2 42.0 48.8 51.9 52.8 12.3 13.2Float (Shares in mm) 38.7 Preferred $0.0 EBITDA 8.9 11.7 11.7 16.3 17.3 3.3 4.3Short Interest (as % of Float) 0.0% Minority Interest $0.0 EBIT (3.4) 2.6 2.6 7.8 8.6 1.2 2.0Avg. Day Vol - 3 mos (000s) 69.4 Enterprise Value $280.0 Net Income 2.1 (1.4) 1.7 3.6 2.7 1.1 0.3Dividend/sh (latest annualized) $0.28 Book Value of Equity ($12.0)Dividend yield 3.6% Tangible Book Value ($29.7) CFO $12.8 $18.9 $17.5 $15.5 $18.8 $5.4 $8.7

Capex (1.1) (0.9) (0.9) (1.7) (2.4) (0.2) (0.9)Liquidity (mm) 9/30/2014 FCF 11.8 18.0 16.6 13.7 16.4 5.2 7.9Available $0.0 FCF/Share 0.26 0.40 0.37 0.31 0.37 0.12 0.18Liquidity (Available + Cash) $65.2

Source: Historical Financials from Capital IQ and Company Filings

Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 65 2011 2012 2013 2014 LTM YTD 14 YTD 15Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth 2.3% 9.7% 11.6% 9.4% 8.7% 9.7% 7.0%Currency USD Days Payable Out 64 Gross Margin 71.0% 73.2% 75.9% 78.1% 78.7% 77.1% 79.7%Employees 415 Net Work Cap % of Rev -68.1% SG&A / Sales 62.1% 56.4% 58.6% 57.0% 57.1% 56.7% 57.0%Website www.absolute.com Net Fixed Assets % Rev 2.1% EBITDA Margin 13.1% 15.7% 14.1% 17.9% 18.7% 15.2% 18.7%Telephone 604-730-9851 Cash / Share $1.45 EBIT Margin NM 3.5% 3.1% 8.6% 9.3% 5.6% 8.6%Next Earnings Date 2/10/2015 Book Value / Share ($0.27) Net Margin 3.2% NM 2.1% 3.9% 3.0% 5.2% 1.3%

TBV / Share ($0.66) ROIC % 7.0% -5.1% -4.6% -13.8% -14.2% -2.1% -3.3%

Source: Capital IQ and Company Filings Source: Performance Ratios calculated based on historical financials from Capital IQ and Company Filings

Interest As of Scheduled Maturities (from Latest 10K) OperatingCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Leases

Cash 65.2$ 1 - 3 Years $4.1Total Debt - 3 - 5 Years 3.3Net Debt (65.2) 5 Years & Thereafter 0.6Preferred Equity - Total $8.0Minority Interest - Shareholders' Equity (Book) (12.0) Total Capital (12.0)$

Source: Company Filings

Source: Capital IQ and Company Filings.

This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summary has been obtained from sourcesbelieved to be reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us, prices in this summary are as of the date hereof. The securities mentioned inthis summary involve substantial risk and should generally be purchased only by investors able to accept such risk.

While this summary is in circulation, Imperial Capital, LLC ("IC") or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in the case of equity securities and certaindebt securities, standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market making activities as of the date hereof, while this summary is in circulation IC maybegin or discontinue such market making activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

Absolute Software Corporation provides security and management solutions for endpoint computing devices. Its products include Absolute Computrace, Absolute Manage, and Absolute Service.The company’s products also comprise Absolute Manage MDM, Computrace MTM, and Absolute Lojack. In addition, it offers investigations and recovery, professional, and training services. Thecompany markets its products and services through OEM partners, distributors, value added resellers, system integrators, and online and traditional retailers, as well as directly to corporations,healthcare organizations, educational institutions, government organizations, and individual consumers in Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. Absolute SoftwareCorporation was founded in 1993 and is headquartered in Vancouver, Canada.

Notes: - On July 21st, 2014, Abosolute Software Corporation announced that it is proceeding with a normal course issuer bid of up to 3,831,212 common shares of the Company, representing ~10% ofthe public float of the Company.- On May 22nd, 2014, the Company announced they will be first to market with full BYOD support for Mac and Windows computers.


COMPANY PROFILES

Source: Company



ACRE LLC

Sector: Access control, CCTV, Alarm

ACRE LLC’s operating companies provide leading edge products and solutions for the electronic security systems market, with a

focus on access control. Founded in 2012 by industry veterans Joe Grillo and Will West, ACRE seeks to acquire, partner or invest with

specialized players in the electronic security manufacturing industry that are emphasizing the ongoing transition to more open

platform systems. The components and systems provided by ACRE’s family of companies, sold through traditional distribution

channel partners, help secure the highest valued assets of its end user clientele, including both public and private sector entities,

large and small.

Over the past several decades, the electronic security systems manufacturing industry has grown significantly, typically at rates

exceeding those of general economic growth measures such as GDP. There are many drivers for this growth, most of which are

associated with organizations’ sensitivity to the requirement to protect assets from criminal elements, whether related to terror,

inside theft or more traditional crimes.

ACRE’s portfolio includes Mercury Security, the leader in the delivery of innovative and cost-effective access control hardware and

Vanderbilt Industries, global leader in creating state-of-the-art security systems. On 20 October 2014, ACRE announced the signing

of a purchase agreement to acquire Siemens’ Security Products Division. This acquisition is expected to close in Q1 2015.

The worldwide electronic security industry continues to grow despite tough economic climates – particularly with rapid adoption

of video cameras and related systems in a post 9-11 environment – yet a high level of fragmentation remains in the industry. Even

while large conglomerates such as TYCO, Honeywell, United Technologies and Schneider expand with acquisitions, a substantial

number of smaller players survive, if not thrive. This is particularly prevalent for electronic access control systems.

ACRE and its partners believe there are opportunities within this market dynamic that can be leveraged to help move the industry

forward, resulting in a more consolidated, competitive landscape with more standardized and open product offerings that are

desired by end user customers.

Ownership: Private

Number of Employees: N/A

Annual Revenues: N/A

300 State Street

New London, Ct 06320

949.637.0423

www.acre-co.com


COMPANY PROFILES

Source: Company



Acuant Inc.

Sector: Technology Solutions

Acuant Inc. is based in Culver City, California. As a global software and technology company, Acuant provides a broad range of Identity

capture and verification solutions to multiple industries including Security, Healthcare, Financial, e-Commerce, and Government.

Our solutions have been deployed to hundreds of thousands of locations around the world and allow businesses to capture and

process identity information quickly and accurately from documents such as Driver’s Licenses, Passports, and other Government

issued credentials. Acuant’s solutions include software that can be delivered via local, mobile, and Cloud based delivery. These

license models are typically integrated into our Integrated Software Vendor’s (ISV) own Vertical Application Software.

In the Security industry our solutions are integrated with many of the leading access control and visitor management software

solutions, providing the critical capability of reliably, quickly and accurately obtaining consumer identity information at the entry

point.

Acuant’s North American headquarters is in Culver City, CA, with a significant Research and Development organization in Israel.

Ownership: Private Equity Backed



6167 Bristol Parkway, Ste. 330

Culver City, CA 90230

213.867.2662

www.acuantcorp.com


COMPANY PROFILES

The ADT CorporationThe ADT Corp. (ADT) 1501 Yamato Road

12/4/2014 Boca Raton, FL 33431United States

(561) 988-3600

Market Information as of 12/4/2014 Cap Structure (mm) 9/26/2014 Historical Financials ($mm exc per share data)Ticker ADT FD Shares (Wt Avg) 175.0 2011 2012 2013 2014 LTM YTD 13 YTD 14Latest Close Price $36.26 Market Cap $6,345.5 Sales $3,110.0 $3,228.0 $3,309.0 $3,408.0 $3,408.0 $3,309.0 $3,408.052 Week Hi - Low $42.37 - $27.93 Total Debt $5,100.0 Gross Profit 1,771.0 1,854.0 1,931.0 1,951.0 1,951.0 1,931.0 1,951.0LTM Stock Performance -17.6% Cash $66.0 SG&A 1,050.0 1,125.0 1,173.0 1,231.0 1,231.0 1,173.0 1,231.0Float (Shares in mm) 174.0 Preferred $0.0 Adj. EBITDA 1,534.0 1,609.0 1,690.0 1,767.0 1,767.0 1,690.0 1,767.0Short Interest (as % of Float) 20.4% Minority Interest $0.0 EBIT 721.0 729.0 758.0 720.0 720.0 758.0 720.0Avg. Day Vol - 3 mos (000s) 1,727.7 Enterprise Value $11,379.5 Net Income 376.0 394.0 421.0 304.0 304.0 421.0 304.0Dividend/sh (latest annualized) $0.80 Book Value of Equity $3,128.0Dividend yield 2.2% Tangible Book Value ($3,730.0) CFO $1,439.0 $1,493.0 $1,666.0 $1,519.0 $1,519.0 $1,666.0 $1,519.0

Capex (902.0) (1,087.0) (1,206.0) (1,268.0) (1,268.0) (1,206.0) (1,268.0)Liquidity (mm) 9/26/2014 FCF 537.0 406.0 460.0 251.0 251.0 460.0 251.0Available $375.0 FCF/Share 3.07 2.32 2.63 1.43 1.43 2.63 1.43Liquidity (Available + Cash) $441.0

Source: Historical Financials from Capital IQ and Company SEC Filings

Company Info Balance Sheet Metrics 9/26/2014 Performance RatiosSector Security Systems & Services Days Sales Out 10 2011 2012 2013 2014 LTM YTD 13 YTD 14Last Reported Qtr 9/26/2014 Days Inv On Hand 18 YoY Rev Growth 20.0% 3.8% 2.5% 3.0% 3.0% 2.5% 3.0%Currency USD Days Payable Out 51 Gross Margin 56.9% 57.4% 58.4% 57.2% 57.2% 58.4% 57.2%Employees 17,500 Net Work Cap % of Rev -10.6% SG&A / Sales 33.8% 34.9% 35.4% 36.1% 36.1% 35.4% 36.1%Website www.adt.com Net Fixed Assets % Rev 7.8% Adj. EBITDA Margin 49.3% 49.8% 51.1% 51.8% 51.8% 51.1% 51.8%Telephone 561-988-3600 Cash / Share $0.38 EBIT Margin 23.2% 22.6% 22.9% 21.1% 21.1% 22.9% 21.1%Next Earnings Date 1/30/2015 Book Value / Share $17.87 Net Margin 12.1% 12.2% 12.7% 8.9% 8.9% 12.7% 8.9%

TBV / Share ($21.31) ROIC % NM NM NM NM NM NM NM

Source: Capital IQ and Company SEC Filings Source: Performance Ratios calculated based on historical financials from Capital IQ and SEC Filings

Interest As of Scheduled Maturities (from Latest 10K) Interest Capital Operating PurchaseCapitalization Table (in mm) Coupon Expense Maturity 9/26/2014 (in mm) Debt Payments Leases Leases Obligation

Cash 66.0$ 1 - 3 Years $1,128.0 $610.0 $18.0 $156.0 $61.0Revolving Credit Facility 1.61% 6.0 Jun-17 375.0 3 - 5 Years 500.0 368.0 12.0 54.0 - Senior Unsecured Notes 2.25% 16.9 Jul-17 750.0 5 Years & Thereafter 3,450.0 1,216.0 14.0 45.0 - Senior Unsecured Notes 4.13% 20.5 Apr-19 498.0 Total $5,078.0 $2,194.0 $44.0 $255.0 $61.0Senior Unsecured Notes 6.25% 62.6 Oct-21 1,001.0 Senior Unsecured Notes 3.50% 34.9 Jul-22 998.0 Senior Unsecured Notes 4.13% 28.9 Jun-23 700.0 Senior Unsecured Notes 4.88% 36.2 Jul-42 743.0 Capital Lease Obligations and Others NA - Various 35.0 Total Debt 5,100.0 Net Debt 5,034.0 Preferred Equity - Minority Interest - Shareholders' Equity (Book) 3,128.0 Total Capital 8,228.0$

Note: Fiscal year ended Septebmer 26th, 2014 Source: Company SEC Filings

Source: Capital IQ and Company SEC Filings.

This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summary has been obtained from sources believed to bereliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us, prices in this summary are as of the date hereof. The securities mentioned in this summary involvesubstantial risk and should generally be purchased only by investors able to accept such risk.

While this summary is in circulation, Imperial Capital, LLC ("IC") or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in the case of equity securities and certain debtsecurities, standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market making activities as of the date hereof, while this summary is in circulation IC may begin ordiscontinue such market making activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

The ADT Corporation provides monitored security, interactive home and business automation, and related monitoring services in the United States and Canada. The company’s monitored securityand home/business automation offerings include the installation and monitoring of residential and business security, and premises automation systems designed to detect intrusion, control accessand react to movement and environmental conditions and hazards, as well as to address personal emergencies. It also provides various alternate and back-up alarm transmission methods, includingcellular and broadband Internet; monitoring center supported personal emergency response system products and services; and customer service for maintenance and the installation of upgraded oradditional equipment. The company offers its products primarily under the brand ADT and ADT Pulse to residential customers and small business customers. The ADT Corporation was founded in1874 and is headquartered in Boca Raton, Florida.

Notes: - On August 19th, 2014, ADT announced a new relationship with IFTTT and are working together to create new Smart Home Automations. - On July 8th, 2014, The ADT Corporation announced that it has closed the acquisition of Reliance Protectron, Inc. from Reliance Comfort Limited Partnership for CAD $555 million in cash.- On May 9th, 2014, ADT completed its Exchange Offer.


COMPANY PROFILES

Source: Company



Agent Video Intelligence

Sector: Video Analytics Software

Founded in 2003, Agent Video Intelligence (Agent Vi™) is the leading global provider of open architecture, video analytics software.

The comprehensive video analytics solutions offered by Agent Vi extend from real-time video analysis and alerts to video search

and business intelligence applications, and are fully integrated with a range of cameras, encoders and video management systems.

Based on Agent Vi’s unique, patented, Image Processing over IP (IPoIP™) software architecture – which distributes the video analysis

task between the camera and a server – Agent Vi’s solutions can support up to 200 cameras running a full suite of video analytics

functionalities on a single server, while offering superior accuracy and detection performance.

Integrating Agent Vi’s advanced video analytics capabilities into existing or new surveillance networks enables users to benefit from

the true potential of their surveillance networks, transforming them into intelligent tools that respond to the practical challenges

of the 21st century.

Ownership: Private



13 Hamelacha St.

Rosh-Ha’ayin, Israel, 48091

+972.72.220.1500

www.agentvi.com


COMPANY PROFILES

Source: Company



Alarm Capital Alliance

Sector: Security and Alarm Services

Alarm Capital Alliance (“ACA”) helps companies in the electronic security industry unlock the value of their subscriber accounts

through acquisitions of those accounts at competitive multiples. Through our unique business model, companies can sell some,

or all, of their subscriber accounts to generate capital for business growth or liquidity. The sellers may choose to stay in business

and partner with ACA by servicing the accounts they sold, keeping their name and benefiting from referrals and upgrades or they

may choose to sell their entire business. They may also participate in our Independent Dealer Program, which offers the ability to

sell accounts on a regular basis with no minimums. We create strong, equitable partnerships with companies through transactions

that are seamless, transparent, and highly beneficial to both our partners and their customers. Recognizing and appreciating

the customer relationships that companies have worked to build, Alarm Capital Alliance is committed to the ultimate customer

experience. We also advise companies on how to build their businesses into profitable, high-value companies by sharing our

insights from 14 years of looking at different businesses, valuing them, integrating them, and running our electronic security alarm

company.

Ownership: Private


Annual Revenues: $72MM

3803 West Chester Pike, Suite 100

Newtown Square, PA 19073

888.885.8656

www.alarmcapital.com


COMPANY PROFILES

Allegion PlcAllegion Plc (ALLE) Block D Iveagh Court Harcourt Road

12/4/2014 Dublin, Co. Dublin 2Ireland

353 1 254 6200

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker ALLE FD Shares (Wt Avg) 96.9 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $53.57 Market Cap $5,190.9 Sales $1,967.7 $2,021.2 $2,046.6 $2,093.5 $2,112.4 $1,525.9 $1,544.852 Week Hi - Low $58.29 - $40.24 Total Debt $1,279.5 Gross Profit 767.0 809.9 829.0 863.4 873.7 645.2 655.5LTM Stock Performance 22.6% Cash $251.4 SG&A 441.0 450.8 457.4 486.2 520.5 357.2 391.5Float (Shares in mm) 95.6 Preferred $0.0 Adj. EBITDA 375.8 406.3 419.3 410.3 430.1 303.7 323.5Short Interest (as % of Float) 2.4% Minority Interest $36.7 EBIT 328.0 359.3 376.1 384.9 362.7 290.3 268.1Avg. Day Vol - 3 mos (000s) 758.4 Enterprise Value $6,255.7 Net Income 191.8 218.1 219.6 31.0 148.8 21.6 139.4Dividend/sh (latest annualized) $0.32 Book Value of Equity ($30.7)Dividend yield 0.6% Tangible Book Value ($673.7) CFO $207.8 $265.5 $269.2 $223.9 $238.3 $157.6 $172.0



Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 51 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 51 YoY Rev Growth 0.0% 2.7% 1.3% 2.3% 1.9% 1.7% 1.2%Currency USD Days Payable Out 63 Gross Margin 39.0% 40.1% 40.5% 41.2% 41.4% 42.3% 42.4%Employees 8,000 Net Work Cap % of Rev 11.7% SG&A / Sales 22.4% 22.3% 22.3% 23.2% 24.6% 23.4% 25.3%Website www.allegion.com Net Fixed Assets % Rev 10.1% Adj. EBITDA Margin 19.1% 20.1% 20.5% 19.6% 20.4% 19.9% 20.9%Telephone 353 1 254 6200 Cash / Share $2.59 EBIT Margin 16.7% 17.8% 18.4% 18.4% 17.2% 19.0% 17.4%Next Earnings Date 2/19/2015 Book Value / Share ($0.32) Net Margin 9.7% 10.8% 10.7% 1.5% 7.0% 1.4% 9.0%

TBV / Share ($6.95) ROIC % NM 78.7% 84.7% 80.2% 78.8% 61.5% 58.2%


Interest As of Scheduled Maturities (from Latest 10Q) Operating PurchaseCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Debt Leases Obligation

Cash 251.4$ 1 - 3 Years $94.5 $34.7 $124.7Revolver L+ 2.25% - Sep-18 - 3 - 5 Years 410.0 5.5 - Term Loan A Facility L+ 2.00% 9.6 Sep-18 481.2 5 Years & Thereafter 775.0 0.2 - Term Loan B Facility L+ 2.25% 14.9 Sep-20 496.3 Total $1,279.5 $40.4 $124.7Senior Notes L+ 5.75% 17.3 Oct-21 300.0 Other Debt NA NA 2016 2.0 Total Debt 1,279.5 Net Debt 1,028.1 Preferred Equity - Minority Interest 36.7 Shareholders' Equity (Book) (30.7) Total Capital 1,285.5$

Source: Company SEC Filings


This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summary has been obtained from sources believed tobe reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us, prices in this summary are as of the date hereof. The securities mentioned in this summaryinvolve substantial risk and should generally be purchased only by investors able to accept such risk.


Allegion Public Limited Company provides security products and solutions in the Americas, Europe, the Middle East, India, Africa, and the Asia Pacific. It offers mechanical and electronic securityproducts for end-users in commercial, institutional, and residential facilities in the education, healthcare, government, commercial office, and single- and multi-family residential markets. Thecompany’s products include locks, locksets, and key systems; door closers and controls, and exit devices; electronic products and access control systems, including time, attendance, and workforceproductivity and video analytics systems; doors and door frames; and other accessories. It markets and sells its products under the strategic brands, such as CISA, Interflex, LCN, Schlage, and VonDuprin; and other brands, including Briton, Bricard, Kryptonite, and Steelcraft. The company is based in Dublin, Ireland. Allegion Public Limited Company (NYSE:ALLE) operates independently ofIngersoll-Rand Plc as of December 2, 2013.

Notes: - On October 29th, 2014, Allegion announced that Bocom System, one of its strategic brands, won a $25 million dollar project in Wuhu City.- On October 16th, 2014, the Company completed amendment and extension of existing credit facility.- On April 30th, 2014, Allegion acquired Fire & Security Hardware Ptd Limited, a leading Australian electromechanical lock company.


COMPANY PROFILES

American Science & Engineering Inc.American Science & Engineering Inc. (ASEI) 829 Middlesex Turnpike

12/4/2014 Billerica, MA 01821United States978-262-8700

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker ASEI FD Shares (Wt Avg) 7.9 2011 2012 2013 2014 LTM YTD 14 YTD 15Latest Close Price $47.78 Market Cap $378.3 Sales $278.6 $203.6 $186.7 $190.2 $162.0 $86.9 $58.652 Week Hi - Low $74.75 - $43.38 Total Debt $2.2 Gross Profit 129.2 93.1 79.4 76.7 64.4 38.4 26.2LTM Stock Performance -32.3% Cash $116.2 SG&A 42.1 35.6 29.5 31.8 34.2 14.3 16.8Float (Shares in mm) 7.8 Preferred $0.0 Adj. EBITDA 74.6 39.5 32.9 30.6 14.2 17.7 1.3Short Interest (as % of Float) 4.7% Minority Interest $0.0 EBIT 64.4 31.9 26.3 22.8 4.7 14.4 (3.6)Avg. Day Vol - 3 mos (000s) 45.1 Enterprise Value $264.2 Net Income 42.8 21.4 17.5 15.1 3.1 9.6 (2.5)Dividend/sh (latest annualized) $2.00 Book Value of Equity $189.6Dividend yield 4.2% Tangible Book Value $189.6 CFO $33.2 $51.0 $31.2 $32.5 ($22.0) $28.6 ($26.0)

Capex (5.3) (5.2) (3.6) (1.8) (1.5) (1.2) (0.9)Liquidity (mm) 9/30/2014 FCF 27.9 45.8 27.5 30.7 (23.6) 27.4 (26.9)Available $0.0 FCF/Share 3.52 5.79 3.48 3.88 (2.98) 3.46 (3.40)Liquidity (Available + Cash) $116.2


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 69 2011 2012 2013 2014 LTM YTD 14 YTD 15Last Reported Qtr 9/30/2014 Days Inv On Hand 180 YoY Rev Growth 15.1% -26.9% -8.3% 1.9% -10.0% -7.2% -32.6%Currency USD Days Payable Out 30 Gross Margin 46.4% 45.7% 42.5% 40.3% 39.8% 44.1% 44.6%Employees 344 Net Work Cap % of Rev 36.0% SG&A / Sales 15.1% 17.5% 15.8% 16.7% 21.1% 16.5% 28.6%Website www.as-e.com Net Fixed Assets % Rev 6.7% Adj. EBITDA Margin 26.8% 19.4% 17.6% 16.1% 8.8% 20.4% 2.3%Telephone 978-262-8700 Cash / Share $14.68 EBIT Margin 23.1% 15.7% 14.1% 12.0% 2.9% 16.6% NMNext Earnings Date 2/6/2015 Book Value / Share $23.95 Net Margin 15.4% 10.5% 9.3% 7.9% 1.9% 11.1% NM

TBV / Share $23.95 ROIC % 71.4% 50.8% 47.4% 48.9% 6.8% 36.7% -5.2%


Interest As of Scheduled Maturities (from Latest 10Q) Lease Financing Operating Purchase OtherCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Liability Leases Obligation Obligation

Cash 116.2$ 1 - 3 Years $2.2 $0.8 $25.1 $0.0Lease Financing Liability NA - 2016 2.2 3 - 5 Years - - - 0.0 Total Debt 2.2 5 Years & Thereafter - - - 0.0 Net Debt (114.0) Total $2.2 $0.8 $25.1 $0.1Preferred Equity - Minority Interest - Shareholders' Equity (Book) 189.6 Total Capital 191.7$




While this summary is in circulation, Imperial Capital, LLC ("IC") or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in the case of equity securities and certain debt securities,standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market making activities as of the date hereof, while this summary is in circulation IC may begin or discontinue such marketmaking activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

American Science and Engineering, Inc., together with its subsidiaries, develops, manufactures, markets, and sells X-ray inspection and other detection products for homeland security, force protection,public safety, and other defense applications in the United States and internationally. The company offers cargo inspection systems comprising non-intrusive inspection systems primarily for thescreening of trucks, cars, cargo containers, pallets, and air cargo at various locations. Its cargo inspection systems consist of OmniView gantry system, Z Portal system, and Sentry Portal system. Thecompany also provides mobile cargo inspection systems, and parcel and personnel screening inspection systems. In addition, the company provides contract services for the development of customproducts primarily for agencies of the U.S. government; and maintenance, warranty, engineering, and training services. The company was founded in 1958 and is headquartered in Billerica,Massachusetts.

Notes: - On November 12, 2014, AS&E announced that they have been named "Best of What's New" by Popular Science magazine. The prestigious award is given each year to revoluationary new productsand technologies that solve a previously unsolved problem.- On September 18, 2014, the Company announced that they won the ASIS Accolades Award and selected for the best in show, "Judge's Choice" Award, from amongst all ASIS Accolades winners.


COMPANY PROFILES

Anixter International Inc.Anixter International Inc. (AXE) 2301 Patriot Boulevard

12/4/2014 Glenview, IL 60026United States224-521-8000

Market Information as of 12/4/2014 Cap Structure (mm) 10/3/2014 Historical Financials ($mm exc per share data)Ticker AXE FD Shares (Wt Avg) 33.4 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $86.90 Market Cap $2,902.5 Sales $5,274.5 $6,146.9 $6,253.1 $6,226.5 $6,374.9 $4,628.0 $4,776.452 Week Hi - Low $115.84 - $75.81 Total Debt $1,241.9 Gross Profit 1,207.6 1,407.4 1,408.7 1,422.7 1,466.5 1,051.3 1,095.1LTM Stock Performance -3.7% Cash $88.1 SG&A 940.4 1,039.3 1,067.6 1,066.2 1,091.4 792.1 817.3Float (Shares in mm) 27.3 Preferred - EBITDA 301.0 400.1 371.7 383.4 403.1 281.8 301.5Short Interest (as % of Float) 2.7% Minority Interest - EBIT 267.2 368.1 341.1 356.5 375.1 259.2 277.8Avg. Day Vol - 3 mos (000s) 239.3 Enterprise Value $4,056.3 Net Income 108.5 188.2 124.8 200.5 211.8 142.4 153.7Dividend/sh (latest annualized) $5.00 Book Value of Equity $1,171.1Dividend yield 5.8% Tangible Book Value $552.7 CFO $195.2 $145.8 $142.9 $334.5 $205.7 $197.4 $68.6



Company Info Balance Sheet Metrics 10/3/2014 Performance RatiosSector Technology Distributor Days Sales Out 77 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 10/3/2014 Days Inv On Hand 79 YoY Rev Grth 10.4% 16.5% 1.7% -0.4% 3.3% -1.7% 3.2%Currency USD Days Payable Out 60 Gross Margin 22.9% 22.9% 22.5% 22.8% 23.0% 22.7% 22.9%Employees 8,200 Net Work Cap % of Rev 22.7% SG&A / Sales 17.8% 16.9% 17.1% 17.1% 17.1% 17.1% 17.1%Website www.anixter.com Net Fixed Assets % Rev 1.9% EBITDA Margin 5.7% 6.5% 5.9% 6.2% 6.3% 6.1% 6.3%Telephone 224-521-8000 Cash / Share $2.64 EBIT Margin 5.1% 6.0% 5.5% 5.7% 5.9% 5.6% 5.8%Next Earnings Date 1/27/2015 Book Value / Share $35.06 Net Margin 2.1% 3.1% 2.0% 3.2% 3.3% 3.1% 3.2%

TBV / Share $16.55 ROIC % 18.5% 27.0% 22.9% 25.1% 24.0% 17.6% 17.7%


Interest As of Scheduled Maturities (from Latest 10K) Interest Purchase Operating OtherCapitalization Table (in mm) Coupon Expense Maturity 10/3/2014 (in mm) Debt Payments Obligation Leases

Cash $88.1 1 - 3 Years $384.7 $98.1 $539.4 $137.4 $25.8Revolving Lines of Credit 13.0 3 - 5 Years 101.5 44.9 - 41.4 6.7Accounts receivable securitization facility L + 0.95% 1.5 May-15 75.0 5 Years & Thereafter 350.0 6.6 - 43.2 28.7Term Loan NA NA NA 200.0 Total $836.2 $149.6 $539.4 $222.0 $61.2Senior Notes Due 2021 5.125% 20.5 Oct-21 400.0Senior Notes Due 2019 5.625% 19.7 May-19 350.0Senior Notes Due 2015 5.950% 11.9 Mar-15 200.0Other NA NA NA 3.9Total Debt $1,241.9 Net Debt 1,153.8 Preferred Equity - Minority Interest - Shareholders' Equity (Book) 1,171.1 Total Capital $2,413.0



Anixter International Inc., together with its subsidiaries, distributes enterprise cabling and security solutions, electrical and electronic wire and cable products, original equipment manufacturer(OEM) supply fasteners, and other small parts. The company operates in Enterprise Cabling and Security Solutions; Electrical and Electronic Wire and Cable; and OEM Supply segments. Thecompany’s customers include manufacturing, resource extraction, telecommunications, Internet service providers, finance, education, healthcare, transportation, utilities, aerospace and defense,and government, as well as contractors, installers, system integrators, value-added resellers, architects, engineers, and wholesale distributors. Anixter International Inc. distributes its productsprimarily in North America, Europe, Latin America, and the Asia Pacific. The company, formerly known as Itel Corporation, was founded in 1957 and is headquartered in Glenview, Illinois.

Notes: - September 23, 2014, Anixter International Inc. closed an offering of $400 million of 5.125% senior notes due 2021. Anixter International Inc. will fully and unconditionally guarantee the notes, which will be unsecured obligations of Anixter Inc. The netproceeds will be used to repay amounts outstanding under Anixter’s accounts receivable securitization program and to repay borrowings under Anixter’s revolving line of credit. The offering is being made under Anixter Inc.'s shelf registration statement. - September 17, 2014, Anixter International Inc. completed the acquisition of Tri-Ed for a total purchase price of $420 million, subject to working capital, escrow and other customary adjustments. Tri-Ed generated approximately $570 million in sales and $36million in adjusted EBITDA over the trailing twelve months ending June 30, 2014.




COMPANY PROFILES

Applied DNA Sciences Inc.Applied DNA Sciences Inc. (APDN) 50 Health Sciences Drive Suite 215

12/4/2014 Stony Brook, NY 11790USA

631-240-8900

Market Information as of 12/4/2014 Cap Structure (mm) 6/30/2014 Historical Financials ($mm exc per share data)Ticker APDN FD Shares (Wt Avg) 13.6 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $2.08 Market Cap $28.2 Sales $1.0 $1.9 $2.0 $2.8 $1.3 $2.152 Week Hi - Low $11.34 - $2.23 Total Debt - Gross Profit 1.0 1.9 2.0 2.8 1.3 2.1LTM Stock Performance -69.8% Cash $2.0 SG&A 8.4 7.6 11.2 12.8 8.5 10.1Float (Shares in mm) 12.6 Preferred - EBITDA (7.7) (6.2) (9.9) (11.2) (7.7) (9.1)Short Interest (as % of Float) 0.0% Minority Interest - EBIT (8.1) (6.5) (10.1) (11.7) (7.8) (9.4)Avg. Day Vol - 3 mos (000s) 51.9 Enterprise Value $26.2 Net Income (10.5) (7.2) (17.7) (14.7) (14.0) (11.0)Dividend/sh (latest annualized) - Book Value of Equity $0.3Dividend yield - Tangible Book Value (0) CFO ($3.8) ($4.0) ($7.9) ($8.4) ($5.7) ($6.3)

Capex (0) (0.2) (0.6) (0.6) (0.2) (0.2)Liquidity (mm) 6/30/2014 FCF (3.9) (4.1) (8.5) (9.1) (5.9) (6.5)Available - FCF/Share (0.28) (0.30) (0.63) (0.67) (0.44) (0.48)Liquidity (Available + Cash) $2.0

Source: Historical Financials from Capital IQ and Company SEC Filings.

Company Info Balance Sheet Metrics 6/30/2014 Performance RatiosIndustry Electronic Equipment and Instruments Days Sales Out 72 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 6/30/2014 Days Inv On Hand - YoY Rev Grth 86.4% 91.4% 9.8% 75.5% -16.4% 58.8%Currency USD Days Payable Out - Gross Margin 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%Employees 55 Net Work Cap % of Rev -32.8% SG&A / Sales 865.9% 410.6% 550.0% 455.5% 651.5% 486.3%Website www.adnas.com Net Fixed Assets % Rev 23.2% EBITDA Margin NM NM NM NM NM NMTelephone 631-840-8800 Cash / Share $0.15 EBIT Margin NM NM NM NM NM NMNext Earnings Date 12/31/2014 Book Value / Share $0.02 Net Margin NM NM NM NM NM NM

TBV / Share ($0.00) ROIC % NM NM NM NM NM NM

Source: Capital IQ and Company SEC Filings. Source: Performance Ratios calculated based on historical financials from Capital IQ and SEC Filings.

Interest As of Scheduled Maturities (from Latest Form 10K) OperatingCapitalization Table (in mm) Coupon Expense Maturity 6/30/2014 (in mm) Leases

Cash $2.0 Less than 1 Year $0.5Total Debt - 1 - 3 Years 0.7 Net Debt (2.0) 3 - 5 Years - Preferred Equity - Over 5 Years - Minority Interest - Total $1.2Shareholders' Equity (Book) 0.3 Total Capital $0.3

Source: Company SEC Filings.


This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summaryhas been obtained from sources believed to be reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us,prices in this summary are as of the date hereof. The securities mentioned in this summary involve substantial risk and should generally be purchased only by investors able to accept such risk.

While this summary is in circulation, Imperial Capital, LLC ("IC") or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in thecase of equity securities and certain debt securities, standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market makingactivities as of the date hereof, while this summary is in circulation IC may begin or discontinue such market making activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

Applied DNA Sciences, Inc. is a security company with a biotechnology core, providing botanical-DNA based security and authentication solutions in Europe and the United States. The companyoffers SigNature DNA markers for embedding into a range of products, including various inks, dyes, textile treatments, thermal ribbon, thread, varnishes, and adhesives; The company offers itsproducts and solutions for use in the protection of products, brands, and intellectual property of companies, governments, and consumers from theft, counterfeiting, fraud, and diversion. The companywas formerly known as Datalink Systems, Inc. and changed its name to Applied DNA Sciences, Inc. in 2002. The company was founded in 1983 and is headquartered in Stony Brook, New York.

Notes: - November 20, 2014, Applied DNA Sciences announced the closing of underwritten public offering of $9.1 million (2,800,000 shares of common stock, and warrants to purchase up to an aggregate of a 2,800,000 shares ofcommon stock, at an offering price of $3.24 per share and $0.01 per warrant). - August 28, 2014, Applied DNA Sciences annouced a reverse stock split which reduced the number of shares of APDNs outstanding common stock from 836,157,272 to approximately 13,935,954.


COMPANY PROFILES

Ascent Capital Group, Inc.Ascent Capital Group, Inc. (ASCM.A) 5251 DTC Parkway Suite 1000

12/4/2014 Greenwood Village, Colorado 80111303-628-5600

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker ASCM.A FD Shares (Wt Avg) 13.5 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $53.33 Market Cap $722.3 Sales $311.9 $345.0 $451.0 $536.3 $318.3 $403.652 Week Hi - Low $89.04 - $50.24 Total Debt $1,635.2 Gross Profit 271.2 295.0 376.9 443.3 267.3 333.7LTM Stock Performance -36.6% Cash $182.1 SG&A 74.7 73.9 88.3 99.1 64.6 75.4Float (Shares in mm) 12.6 Preferred - Adjusted EBITDA 201.8 238.8 304.5 351.4 218.2 265.1Short Interest (as % of Float) 6.4% Minority Interest - EBIT 29.8 49.2 70.9 81.6 50.3 61.0Avg. Day Vol - 3 mos (000s) 59.1 Enterprise Value $2,175.4 Net Income 19.9 (29.3) (22.4) (48.6) (4.9) (31.1)Dividend/sh (latest annualized) - Book Value of Equity $463.1Dividend yield - Tangible Book Value ($1,480.4) CFO $131.2 $146.8 $212.2 $230.8 $169.7 $188.2

Capex (4.2) (6.1) (9.9) (8.7) (6.3) (5.0)Liquidity (mm) 9/30/2014 FCF 127.0 140.7 202.3 222.1 163.3 183.1Available $147.9 FCF/Share 9.38 10.39 14.94 16.40 12.06 13.52Liquidity (Available + Cash) $330.0

Source: Historical Financials from Capital IQ and Company SEC Filings.

Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosIndustry Specialized Consumer Services Days Sales Out 9 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth 10.6% 30.8% 29.8% 27.4% 26.8%Currency USD Days Payable Out 26 Gross Margin 85.5% 83.6% 82.6% 84.0% 82.7%Employees 1,109 Net Work Cap % of Rev -8.9% SG&A / Sales 21.4% 19.6% 18.5% 20.3% 18.7%Website www.ascentmedia.com Net Fixed Assets % Rev 6.7% EBITDA Margin 69.2% 67.5% 65.5% 68.6% 65.7%Telephone 303-628-5600 Cash / Share $13.45 EBIT Margin 14.3% 15.7% 15.2% 15.8% 15.1%Next Earnings Date 12/31/2014 Book Value / Share $34.19 Net Margin NM NM NM NM NM

TBV / Share ($109.31) ROIC % 1.9% 2.4% 2.4% 2.2% 2.4%

Source: Capital IQ and Company SEC Filings. Source: Performance Ratios calculated based on historical financials from Capital IQ and SEC Filings.

Interest As of Scheduled Maturities (from Latest 10K) Operating OtherCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Debt Leases Obligation

Cash $182.1 Less than 1 Year $9.2 $5.9 $19.9Revolving Facility (1) L + 3.75% 3.7 Dec-17 77.1 1 - 3 Years 18.3 7.6 0.2 Term Loans (1) L + 3.25% 38.1 Mar-18 896.2 3 - 5 Years 899.5 0.4 0.5 Senior Notes 9.13% 53.4 Apr-20 585.3 Thereafter 688.5 2.9 8.9 Convertible Senior Notes 4.00% 3.1 Jul-20 76.7 Total $1,615.5 $16.7 $29.5Total Debt $1,635.2 Net Debt 1,453.1 Preferred Equity - Minority Interest - Shareholders' Equity (Book) 463.1 Total Capital $2,098.4

(1) Subject to a LIBOR floor of 1.00%.Source: Company SEC Filings.


This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summaryhas been obtained from sources believed to be reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us,prices in this summary are as of the date hereof. The securities mentioned in this summary involve substantial risk and should generally be purchased only by investors able to accept such risk.

While this summary is in circulation, Imperial Capital, LLC ("IC") or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in thecase of equity securities and certain debt securities, standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market makingactivities as of the date hereof, while this summary is in circulation IC may begin or discontinue such market making activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

Ascent Capital Group, Inc., through its subsidiary, Monitronics International, Inc., provides security alarm monitoring and related services to residential and business subscribers in the United Statesand Canada. It is involved in monitoring signals arising from burglaries, fires, medical alerts, and other events though security systems at subscribers’ premises, as well as provides customer serviceand technical support. The company also offers a range of residential security services, including hands-free two-way voice communication with the monitoring center, cellular options, and aninteractive service option. In addition, it provides contract monitoring services to other security alarm companies for monitoring their accounts on a wholesale basis. Ascent Capital Group, Inc.markets its services through a network of authorized dealers and is based in Greenwood Village, Colorado.

Notes: - November 10, 2014, Ascent announced the Board of Directors' authorization of an increase of $25 million to its stock repurchase program.


COMPANY PROFILES

Source: Company



ASG Security

Sector: Alarm Monitoring

Headquartered in Beltsville, MD, outside of Washington, DC, ASG Security is a super-regional electronic security and monitoring

company with full-service operations from Boston to South Florida, and throughout the States of Louisiana, Oklahoma and Texas.

Over the past ten years, ASG has significantly expanded its footprint from three offices and 150 employees to 25 offices and 1,200

employees, including more than 300 sales professionals and 400 technicians. Recognized as the 11th largest U.S. electronic security

provider today, ASG designs, installs, monitors and services security systems for the commercial/industrial, government, small

business, and residential market sectors. The company provides a full array of traditional and cloud-based solutions including video

surveillance, access control, monitored fire and intrusion alarm systems, and home automation to more than 200,000 customers.

Ownership: Private



12301 Kiln Court

Beltsville, MD 20705

301.623.4000

www.asgsecurity.com


COMPANY PROFILES

Source: Company



Authentix, Inc.

Sector: Anti-counterfeiting, brand protection, program integrity

Authentix enables brand owners and governments to build market confidence and maximize revenue by authenticating products

to combat counterfeiting, protect brand equity and assure program integrity. We serve clients in the oil and gas, currency, excise

tax, and branded product markets with leading solutions that form the foundation of robust programs to deliver material business

outcomes that contribute to our clients’ success. Headquartered in Dallas, Texas USA, Authentix has offices in the US, UK, Africa,

Manila and the UAE serving clients worldwide.

Ownership: Private

Number of Employees: 140+


4355 Excel Parkway, Suite 100

Addison, YX 75001

469.737.4400

www.authentix.com


COMPANY PROFILES

AVG Technologies N.V.AVG Technologies (AVG) Gatwickstraat 9-39

12/4/2014 Amsterdam, Noord-Holland 1043 GLNetherlands

31 20 522 6210

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker AVG FD Shares (Wt Avg) 52.2 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $19.64 Market Cap $1,025.2 Sales $217.2 $272.4 $356.0 $407.1 $375.8 $305.2 $273.952 Week Hi - Low $21.35 - $15.19 Total Debt - Gross Profit 188.2 241.2 301.6 338.4 320.7 255.4 237.7LTM Stock Performance 12.8% Cash $44.0 SG&A 97.4 134.9 160.9 160.7 153.6 122.6 115.4Float (Shares in mm) 35.4 Preferred - EBITDA 75.1 83.1 106.2 142.5 132.8 106.3 96.5Short Interest (as % of Float) 5.9% Minority Interest - EBIT 67.5 71.3 88.6 117.6 103.6 89.1 75.1Avg. Day Vol - 3 mos (000s) 343.5 Enterprise Value $981.2 Net Income 57.9 100.4 45.8 63.7 62.7 50.9 49.8Dividend/sh (latest annualized) $0.00 Book Value of Equity $31.8Dividend yield - Tangible Book Value ($98.0) CFO $87.9 $82.9 $119.3 $145.2 $106.6 $112.3 $73.6



Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Systems Software Days Sales Out 25 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 6 YoY Rev Grth 19.4% 25.4% 30.7% 14.4% -6.1% 17.0% -10.3%Currency USD Days Payable Out 62 Gross Margin 86.7% 88.5% 84.7% 83.1% 85.3% 83.7% 86.8%Employees 1,013 Net Work Cap % of Rev -40.3% SG&A / Sales 44.8% 49.5% 45.2% 39.5% 40.9% 40.2% 42.1%Website www.avg.com Net Fixed Assets % Rev 4.0% EBITDA Margin 34.6% 30.5% 29.8% 35.0% 35.3% 34.8% 35.2%Telephone 31 20 522 6210 Cash / Share $0.84 EBIT Margin 31.1% 26.2% 24.9% 28.9% 27.6% 29.2% 27.4%Next Earnings Date 2/19/2015 Book Value / Share $0.61 Net Margin 26.7% 36.9% 12.9% 15.7% 16.7% 16.7% 18.2%



Interest As of Scheduled Maturities (from Latest 6K) Operating PurchaseCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Leases Obligation

Cash 44.0$ 1 - 3 Years $14.0 $5.8Long-term Debt - 3 - 5 Years 7.7 0.8Total Debt - 5 Years & Thereafter 6.2 0.2Net Debt (44.0) Total $27.9 $6.8Preferred Equity - Minority Interest - Shareholders' Equity (Book) 31.8 Total Capital 31.8$



This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summary has been obtained from sources believedto be reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us, prices in this summary are as of the date hereof. The securities mentioned in this summaryinvolve substantial risk and should generally be purchased only by investors able to accept such risk.


AVG Technologies N.V. develops and sells Internet security software and online service solutions under the AVG brand name. Its product portfolio includes Internet security, PC performanceoptimization, online backup, mobile security, identity protection, and family safety software. The company sells its products directly through its Website, and through a network of resellers anddistributors to consumer and small business markets worldwide. AVG Technologies N.V. was founded in 1991 and is headquartered in Amsterdam, the Netherlands.

Notes: October 14, 2014, AVG Technologies N.V., shareholders approved AVG's acquisition of privately-held Location Labs. September 3, 2014, AVG Technologies N.V. entered into a commitment letter with Morgan Stanley Senior Funding, Inc., HSBC Securities (USA) Inc., HSBC Bank Plc and HSBC Bank USA, N.A. for senior secured credit facilities in the amount of up to USD 300million. The facilities will primarily be used for the acquisition of Location Labs, as well as other general corporate purposes, including future potential acquisitions.


COMPANY PROFILES

Avigilon CorporationAvigilon Corporation (TSX: AVO) 858 Beatty Street 4th Floor

12/4/2014 Vancounver, British ColumbiaCanada

604-629-5182

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker TSX: AVO FD Shares (Wt Avg) 47.3 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $17.71 Market Cap $837.5 Sales $32.5 $59.1 $100.6 $167.9 $220.6 $119.0 $171.752 Week Hi - Low $34.5 - $13.15 Total Debt - Gross Profit 14.7 27.0 49.6 91.1 125.2 62.5 96.6LTM Stock Performance -46.4% Cash $149.4 SG&A 9.7 18.4 34.0 56.2 79.3 36.7 59.8Float (Shares in mm) 38.1 Preferred - EBITDA 2.8 6.5 12.7 34.6 44.2 22.2 31.8Short Interest (as % of Float) - Minority Interest - EBIT 2.2 5.6 10.5 26.3 31.1 18.8 23.7Avg. Day Vol - 3 mos (000s) 386.1 Enterprise Value $688.1 Net Income 1.0 3.8 7.2 20.3 25.7 14.4 19.8Dividend/sh (latest annualized) - Book Value of Equity $257.7Dividend yield - Tangible Book Value $220.0 CFO ($0.6) ($3.4) $12.4 $10.6 $17.1 $2.9 $9.3

Capex (1.5) (1.3) (2.2) (5.8) (7.3) (4.1) (5.6)Liquidity (mm) 9/30/2014 FCF (2.1) (4.7) 10.1 4.8 9.7 (1.2) 3.7Available $22.0 FCF/Share (0.04) (0.10) 0.21 0.10 0.21 (0.03) 0.08Liquidity (Available + Cash) $171.4


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Electronic Equipment and Instruments Days Sales Out 53 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 87 YoY Rev Grth 91.2% 86.0% 67.0% 77.9% 59.8% 81.0% 56.8%Currency CAD Days Payable Out 59 Gross Margin 45.1% 45.7% 49.3% 54.2% 56.8% 52.5% 56.3%Employees 556 Net Work Cap % of Rev 21.1% SG&A / Sales 30.0% 31.1% 33.8% 33.5% 36.0% 30.8% 34.9%Website www.avigilon.com Net Fixed Assets % Rev 5.0% EBITDA Margin 8.6% 11.0% 12.7% 20.6% 20.0% 18.7% 18.5%Telephone 604-629-5182 Cash / Share $3.16 EBIT Margin 6.9% 9.6% 10.4% 15.7% 14.1% 15.8% 13.8%Next Earnings Date 2/27/2015 Book Value / Share $5.45 Net Margin 3.0% 6.4% 7.2% 12.1% 11.7% 12.1% 11.6%

TBV / Share $4.65 ROIC % 20.9% 27.8% 53.3% 69.8% 54.0% 51.4% 41.1%


Interest As of Scheduled Maturities (from Latest 10K) Lease Trade & AccruedCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) (1) Payments Payables Liabilities

Cash $149.4 1 - 3 Years $9.1 $19.1 $1.6Demand Revolving Credit Facility 0.5% - 12 Months - 3 - 5 Years 2.8 - - Total Debt - 5 Years & Thereafter 2.1 - - Net Debt NM Total $14.0 $19.1 $1.6Preferred Equity - Minority Interest - Shareholders' Equity (Book) 257.7 Total Capital $257.7

(1) Converted from CAD to $USD using an exchange rate of 1 CAD to $1.00312 USD.Source: Company SEC Filings




Avigilon Corporation designs, manufactures, and markets high definition (HD) and megapixel network-based video surveillance systems and equipment for the security market worldwide. Itsproducts include Avigilon Control Center software, a network platform that captures, stores, and manages HD images; HD Internet protocol cameras; analog video encoders; network videorecorders; and license/number plate recognition modules. The company also provides various accessories, including lenses, joystick/keyboard controllers, built-in infrared sensors, night visionenhancement, audio in and audio out, camera enclosures, and outdoor mounting kits for cameras. Its products are used in school campuses, transportation systems, healthcare centers, publicvenues, critical infrastructure, prisons, factories, casinos, airports, financial institutions, government facilities, and retailers. The company sells its products through a network of resellers. AvigilonCorporation was founded in 2004 and is headquartered in Vancouver, Canada.

Notes: - October 1, 2014 - Avigilon Corporation announced that it had been awarded a patent for its High Definition Stream Management (HDSM) Technology.- Jun 10, 2014 - Avigilon Corporation announced that it would welcome Dr. Mahesh Saptharishi, Senior Vice President of analytics and data science, to the Company's executive management team.


COMPANY PROFILES

The Brink's CompanyThe Brink's Company (BCO) 1801 Bayberry Court PO Box 18100

11/24/2014 Richmond, VirginiaUnited States804-289-9600

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker BCO FD Shares (Wt Avg) 49.4 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $21.91 Market Cap $1,082.4 Sales $2,976.2 $3,662.9 $3,735.0 $3,942.2 $3,845.6 $2,902.8 $2,806.252 Week Hi - Low $35.73 - $19.15 Total Debt $494.4 Gross Profit 584.0 696.9 710.7 745.1 716.4 534.7 506.0LTM Stock Performance -34.0% Cash $223.0 SG&A 411.7 508.3 546.7 564.0 562.0 418.0 416.0Float (Shares in mm) 44.9 Preferred $0.0 EBITDA 298.8 330.2 307.3 339.0 309.9 247.9 218.8Short Interest (as % of Float) 7.5% Minority Interest $44.2 EBIT 184.5 195.3 167.0 183.3 153.3 121.3 91.3Avg. Day Vol - 3 mos (000s) 307.1 Enterprise Value $1,398.0 Net Income 57.1 74.5 88.9 56.8 4.2 15.9 (36.7)Dividend/sh (latest annualized) $0.40 Book Value of Equity $632.0Dividend yield 1.8% Tangible Book Value $360.1 CFO $235.3 $247.0 $250.5 $201.5 $169.6 $104.4 $72.5

Capex (137.8) (183.7) (177.9) (177.7) (139.3) (122.2) (83.8)Liquidity (mm) 9/30/2014 FCF 97.5 63.3 72.6 23.8 30.3 (17.8) (11.3)Available $334.0 FCF/Share 1.97 1.28 1.47 0.48 0.61 (0.36) (0.23)Liquidity (Available + Cash) $557.0


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 58 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth -5.1% 23.1% 2.0% 5.5% 0.5% 3.3% -3.3%Currency USD Days Payable Out 19 Gross Margin 19.6% 19.0% 19.0% 18.9% 18.6% 18.4% 18.0%Employees 64,625 Net Work Cap % of Rev 2.2% SG&A / Sales 13.8% 13.9% 14.6% 14.3% 14.6% 14.4% 14.8%Website www.brinks.com Net Fixed Assets % Rev 17.9% EBITDA Margin 10.0% 9.0% 8.2% 8.6% 8.1% 8.5% 7.8%Telephone 804-289-9600 Cash / Share $4.51 EBIT Margin 6.2% 5.3% 4.5% 4.6% 4.0% 4.2% 3.3%Next Earnings Date 1/30/2015 Book Value / Share $12.79 Net Margin 1.9% 2.0% 2.4% 1.4% 0.1% 0.5% NM

TBV / Share $7.29 ROIC % 23.6% 22.9% 18.6% 20.1% 19.9% 12.9% 11.8%


Interest As of Scheduled Maturities (from Latest 10K) Capital Operating Purchase OtherCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Debt Leases LeasesObligations Liabilities

Cash $223.0 1 - 3 Years $26.9 $54.9 $195.5 $18.1 $145.4Unsecured Revolving Credit Facility (1) 1.4% Varies Jan-17 245.0 3 - 5 Years 136.8 16.8 37.9 2.6 41.2Other Unsecured Revolving Credit Facilities Varies Varies Varies 144.0 5 Years & Thereafter 115.0 4.7 43.0 - 322.2Series B Unsecured Private Placement Notes 4.6% Jan-21 52.7 Total $278.7 $76.4 $276.4 $20.7 $508.8Series B Unsecured Private Placement Notes 5.2% 52.7 Total Debt 494.4 Net Debt 271.4 Preferred Equity - Minority Interest 44.2 Shareholders' Equity (Book) 632.0 Total Capital $1,170.6

Source: Company SEC Filings(1) Interest rate equal to LIBOR plus an applicable margin that ranges from 0.9% to 1.575% depending on Company credit rating, was 1.40% at September 30, 2014.




The Brink’s Company, together with its subsidiaries, provides secure transportation, cash management, and other security-related services. Its services comprise cash-in-transit services, such asarmored vehicle transportation of valuables; automated teller machine (ATM) services, including ATM management, cash replenishment, replenishment forecasting, cash optimization, ATM remotemonitoring, service call dispatching, transaction processing, installation services, and first and second line maintenance; network infrastructure services; and secure logistics services for valuables,such as diamonds, jewelry, precious metals, securities, currency, high-tech devices, electronics, and pharmaceuticals. The company also provides cash management services, including moneyprocessing; deploying and servicing ‘intelligent’ safes and safe control devices; integrated check and cash processing; and check imaging services, as well as other cash management services,such as cashier balancing, counterfeit detection, account consolidation, and electronic reporting. In addition, it offers payment services comprising bill payment acceptance and processing services,mobile top-up, prepaid cards, and e-commerce payments services; and commercial security system services, such as design and installation of security systems, which include alarms, motiondetectors, closed-circuit televisions, digital video recorders, access control systems, electronic locks, and turnstiles. Further, the company provides security and guarding services to protect airports,offices, warehouses, stores, and public venues. It serves banks and financial institutions, retailers, government agencies, mints, jewelers, and other commercial operations companies. Thecompany was founded in 1838 and is headquartered in Richmond, Virginia.

Notes: - September 29, 2014 – The Brinks Company announced its sale of its 36% minority interest in Hermes Transporte Blindados S.A., a cash-in-transit (CIT) business in Lima, Peru for approximately$60 million.- January 8, 2013 - The Brinks Company announced that it has entered into an agreement with Net Spend Holdings, Inc. (NASDAQ: NTSP), to sell its Brink's Money prepaid payroll card to U.S.employers.


COMPANY PROFILES

Source: Company



Brivo Systems

Sector: Access Control & Identity Management

Brivo Systems is a worldwide leader of cloud-based physical access control and video surveillance systems. When first introduced

in 2002, Brivo’s Security as a Service model was a disruptive solution, and after a decade of evolution, it still remains at the forefront

of innovation. As a true multi-tenant SaaS solution, Brivo’s services minimize TCO and IT burdens, while dramatically simplifying

deployment and security management. Brivo provides unmatched flexibility and scalability for organizations around the globe,

from SMB to enterprise, across multiple industries including healthcare and life sciences, government, property management and

retail.

Recently awarded Gartner’s “Cool Vendor in Identity and Access Management”, the Company’s Brivo Labs focuses on the Internet

of Things. A leader in the emerging Social Access Management market, Brivo Labs uses social identities to develop innovative

applications that connect virtual communities with physical spaces.

Brivo is a wholly owned subsidiary of The Duchossois Group, a privately held company, headquartered in Elmhurst, Illinois.

Ownership: Private


Annual Revenues: Not Available

7700 Old Georgetown Road, Suite 300

Bethesda, MD 20814

301.664.5242

www.brivo.com


COMPANY PROFILES

Source: Company



Central Security Group

Sector: Monitored Security and Home Automation

Central Security Group (CSG) is the 8th largest residential security monitoring company in the United States and one of the fastest

growing security and home automation platforms in the nation. Serving approximately 200,000 customers in 17 states, its core

services include interactive security, home automation, video monitoring, and energy management. The company has a network

of hundreds of authorized dealers as well as a robust branch network to serve its customers from coast to coast. The company

also operates Guardian Security, Oklahoma’s largest security company for 40 years, and maintains a state-of-the-art monitoring

and customer service center in Tulsa, Okla. Central Security Group has achieved positive net growth every year since its founding

in 1999.

Ownership: Private



2448 E. 81st St., Suite 4300

Tulsa, OK 74137

918.491.3158

CentralSecurityGroup.com


COMPANY PROFILES

Checkpoint Systems Inc.Checkpoint Systems Inc. (CKP) 101 Wolf Drive PO Box 188

12/4/2014 Thorofare, New Jersey 08086United States856-848-1800

Market Information as of 12/4/2014 Cap Structure (mm) 9/28/2014 Historical Financials ($mm exc per share data)Ticker CKP FD Shares (Wt Avg) 42.1 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $13.21 Market Cap $556.0 Sales $716.5 $758.4 $689.9 $689.7 $673.3 $495.4 $478.952 Week Hi - Low $15.88 - $11.545 Total Debt $85.3 Gross Profit 314.4 307.9 269.8 269.1 281.2 193.7 205.8LTM Stock Performance -6.5% Cash $141.5 SG&A 255.0 280.1 245.2 217.6 219.9 162.9 165.2Float (Shares in mm) 41.1 Preferred - EBITDA 74.3 46.6 39.0 60.7 70.8 37.5 47.6Short Interest (as % of Float) 2.3% Minority Interest - EBIT 39.8 10.3 8.6 34.3 45.8 17.4 28.9Avg. Day Vol - 3 mos (000s) 131.4 Enterprise Value $499.8 Net Income 27.7 (83.5) (146.5) (18.9) 0.5 (13.8) 5.7Dividend/sh (latest annualized) - Book Value of Equity $348.2Dividend yield - Tangible Book Value $101.4 CFO $11.7 ($20.1) $62.4 $21.1 $67.2 ($4.2) $41.9

Capex (23.7) (23.0) (12.4) (8.9) (15.8) (6.0) (12.8)Liquidity (mm) 9/28/2014 FCF (12.0) (43.1) 50.0 12.1 51.3 (10.2) 29.1Available $115.0 FCF/Share (0.28) (1.02) 1.19 0.29 1.22 (0.24) 0.69Liquidity (Available + Cash) $256.5


Company Info Balance Sheet Metrics 9/28/2014 Performance RatiosSector Security Systems & Services Days Sales Out 77 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/28/2014 Days Inv On Hand 90 YoY Rev Grth -6.0% 5.9% -9.0% 0.0% -3.1% 1.0% -3.3%Currency USD Days Payable Out 57 Gross Margin 43.9% 40.6% 39.1% 39.0% 41.8% 39.1% 43.0%Employees 4,710 Net Work Cap % of Rev 15.7% SG&A / Sales 35.6% 36.9% 35.5% 31.5% 32.7% 32.9% 34.5%Website www.checkpointsystems.com Net Fixed Assets % Rev 11.3% EBITDA Margin 10.4% 6.1% 5.7% 8.8% 10.5% 7.6% 9.9%Telephone 856-848-1800 Cash / Share $3.36 EBIT Margin 5.6% 1.4% 1.2% 5.0% 6.8% 3.5% 6.0%Next Earnings Date 3/31/2015 Book Value / Share $8.27 Net Margin 3.9% NM NM NM 0.1% NM 1.2%

TBV / Share $2.41 ROIC % 14.8% 3.5% 4.2% 18.2% 25.2% 7.8% 15.9%


Interest As of Scheduled Maturities (Latest 10K) Capital Operating Pension PurchaseCapitalization Table (in mm) Coupon Expense Maturity 9/28/2014 (in mm) Debt Leases Leases Obligation Obligation

Cash $141.5 Less than 1 year $2.0 $0.4 $9.6 $5.0 $1.5Senior Secured Credit Facility (1) Varies Varies Jan-18 85.0 1 - 3 years 3.7 0.7 11.7 10.1 - Bank Overdraf Credit Facility NA NA NA 0.0 3 - 5 years 93.5 0.6 5.3 10.5 - Full Recourse Factoring Liabilities NA NA NA 0.1 Thereafter - - 1.6 27.4 - Capital Leases NA NA NA 0.2 Total $99.1 $1.6 $28.2 $53.0 $1.5Total Debt 85.3 Net Debt (56.2) Preferred Equity - Minority Interest - Shareholders' Equity (Book) 348.2 Total Capital $433.5

(1) Interest rate is the Company's option to pay either (i) a spread ranging from 0.25% - 1.25% over the Base Rate, or (ii) a spread ranging from 1.25% to 2.25% over the LIBOR rate, and in each case fluctuating based on changes in the Company's leverage ratio with the Base Rate being the highest of the Fed Funds rate, the Prime rate or the one month LIBOR rate.Source: Company SEC Filings




Checkpoint Systems, Inc. manufactures and provides technology-driven end-to-end loss prevention, merchandising and labeling solutions to the retail and apparel industry worldwide. The companyoperates in three segments: Shrink Management Solutions, Apparel Labeling Solutions, and Retail Merchandising Solutions. The Shrink Management Solutions segment offers electronic articlesurveillance (EAS) systems, including sensors and deactivation units to prevent merchandise theft in retail stores using radio frequency (RF) and electromagnetic (EM) technology, and electronicarticle surveillance consumables comprising EAS-RF and EAS-EM labels to reduce merchandise theft in retail stores. It also provides Keepers, Spider Wraps, Bottle Security, Cable Loks, and hardtags for in-store application, as well as Showsafe, a line alarm system for protecting display merchandise. In addition, this segment offers physical and electronic store monitoring solutions, such asfire alarms, intrusion alarms, digital video surveillance systems, and central station monitoring for retail environments, and RFID tags and labels. The Apparel Labeling Solutions segment providesapparel labeling solutions consisting of tags and labels to apparel retailers, brand owners, and manufacturers. This segment also offers its Web-based data management services, and suppliescustomized apparel tags and labels. The Retail Merchandising Solutions segment provides hand-held label applicators and tags, promotional displays, and queuing systems. The company marketsits products through direct distribution and reseller channels. Checkpoint Systems, Inc. was founded in 1969 and is based in Thorofare, New Jersey.

Notes: - January 14, 2014 – Checkpoint Systems, Inc. (NYSE: CKP) announced that Kohl's Department Stores has deployed Checkpoint's RFID solutions across select departments in its stores.- May 2, 2013 - Checkpoint Systems, Inc. (NYSE: CKP) announced that it has completed the sale of its U.S. and Canadian CheckView business to an affiliate of Platinum Equity, a California-basedprivate equity firm.


COMPANY PROFILES

Source: Company



Dakota Security Systems, Inc.

Sector: Security Systems Integrator

Dakota Security Systems, Inc. is a leading independent security integration company based in Sioux Falls, SD. The company is focused

on delivering physical and electronic security solutions in high risk and regulated environments. Through a methodical approach of

delivering security results and providing an exceptional level of service, the company has built long terms partnerships with leading

Corporate, Financial, Healthcare, and Industrial clients in the markets they serve. The company has a network of regional office

locations concentrated in the Great Plains states with east and west coast locations in New York and Phoenix. Throughout these

locations, the company employs nearly sixty-five technical field employees, five engineers, ten project management professionals

and twenty client executives to serve a demanding client base.

Dakota Security has a long and consistent track record of financial performance that has led to recognition on SD&I’s Fast 50 list

two years in a row as well as being listed in the top twenty-five of SDM’s Largest System Integrators rankings. This track record

of financial performance is built on a consistent and scalable business model as well as the guiding principles articulated in the

company’s mission statement: Understand security problems, Solve them and Support the Solution. Dakota Security is a privately-

held company which has been delivering security outcomes for nearly forty years. For more information, please visit www.

dakotasecurity.com.

Ownership: Private


Annual Revenues: 25M

2201 East 54th Street North

Sioux Falls, SD 57110

605.271.7000

www.dakotasecurity.com


COMPANY PROFILES

Diebold, IncorporatedDiebold, Incorporated (DBD) 5995 Mayfair Road PO Box 3077

12/4/2014 North Canton, Ohio 44720-8077United States

330-490-4000

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker DBD FD Shares (Wt Avg) 65.3 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $35.50 Market Cap $2,317.9 Sales $2,823.8 $2,835.8 $2,991.7 $2,857.5 $3,001.2 $2,046.0 $2,189.852 Week Hi - Low $41.45 - $31.17 Total Debt $638.6 Gross Profit 721.3 745.1 734.0 668.7 751.2 470.5 552.9LTM Stock Performance 6.6% Cash $374.2 SG&A 452.9 476.3 477.2 445.4 479.8 325.3 359.7Float (Shares in mm) 64.0 Preferred - EBITDA 255.9 251.7 232.6 198.8 239.0 128.8 169.0Short Interest (as % of Float) 10.9% Minority Interest $20.0 EBIT 194.0 190.6 172.8 137.1 182.8 81.4 127.0Avg. Day Vol - 3 mos (000s) 572.4 Enterprise Value $2,602.3 Net Income (20.3) 144.1 73.6 (181.6) 43.0 (140.2) 84.5Dividend/sh (latest annualized) $1.15 Book Value of Equity $621.3Dividend yield 3.2% Tangible Book Value $407.5 CFO $273.4 $215.4 $135.5 $124.2 $72.5 ($59.0) ($110.7)

Capex (51.3) (54.8) (49.7) (35.4) (43.4) (25.6) (33.6)Liquidity (mm) 9/30/2014 FCF 222.1 160.6 85.8 88.8 29.2 (84.7) (144.3)Available $380.1 FCF/Share 3.40 2.46 1.31 1.36 0.45 (1.30) (2.21)Liquidity (Available + Cash) $754.4


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Technology Hardware, Storage and Peripherals Days Sales Out 68 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 81 YoY Rev Grth 3.9% 0.4% 5.5% -4.5% 4.0% -4.9% 7.0%Currency USD Days Payable Out 40 Gross Margin 25.5% 26.3% 24.5% 23.4% 25.0% 23.0% 25.3%Employees 16,000 Net Work Cap % of Rev 14.0% SG&A / Sales 16.0% 16.8% 15.9% 15.6% 16.0% 15.9% 16.4%Website www.diebold.com Net Fixed Assets % Rev 5.4% EBITDA Margin 9.1% 8.9% 7.8% 7.0% 8.0% 6.3% 7.7%Telephone 330-490-4000 Cash / Share $5.73 EBIT Margin 6.9% 6.7% 5.8% 4.8% 6.1% 4.0% 5.8%Next Earnings Date 12/31/2014 Book Value / Share $9.51 Net Margin NM 5.1% 2.5% NM 1.4% NM 3.9%

TBV / Share $6.24 ROIC % 37.0% 37.7% 31.7% 34.9% 31.4% 13.8% 21.9%


Interest As of Scheduled Maturities (from Latest 10K) Operating PurchaseCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Debt Interest Leases Obligation

Cash 374.2$ Less than 1 year $43.8 $16.2 $36.2 $17.4Credit Facility (1) L + 1.48% 4.7 Aug-19 315.0 1 - 3 years 416.7 24.7 43.6 - Uncommitted Lines of Credit 2.91% 2.4 Various 82.8 3 - 5 years 63.6 4.3 16.7 - Senior Notes (1)(2) 5.50% 12.4 Various 225.0 Thereafter - - 16.1 - Industrial Development Revenue Bonds (1) 0.36% 0.0 2017 11.9 Total $524.0 $45.2 $112.6 $17.4Other Debt 4.0 Total Debt 638.6 Net Debt 264.4 Preferred Equity - Minority Interest 20.0 Shareholders' Equity (Book) 621.3 Total Capital 1,279.9$

(1) Represents the weighted average interest rate on outstanding borrowings.(2) Maturity of notes are staggered with $175.0 million maturing in 2016 and $50.0 million maturing in 2018.Source: Company SEC Filings


This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summary has been obtained from sources believedto be reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us, prices in this summary are as of the date hereof. The securities mentioned in thissummary involve substantial risk and should generally be purchased only by investors able to accept such risk.


Diebold, Incorporated provides integrated self-service delivery and security systems and services primarily to the financial, commercial, government, and retail markets worldwide. It offers self-service solutions, including automated teller machines, check-cashing machines, bulk cash recyclers, and bulk check deposit, as well as self-service software solutions consisting of variousapplications that process events and transactions, and self-service support services comprising installation and ongoing maintenance of products, OpteView remote services, availabilitymanagement, branch transformation, and distribution channel consulting, as well as outsourced and managed services, such as remote monitoring, troubleshooting for self-service customers,transaction processing, currency management, maintenance services, and online communication services. The company also provides various security solutions, which include physical securityand facility products, including pneumatic tube systems for drive-up lanes, vaults, safes, depositories, bullet-resistive items, and undercounter equipment, a range of electronic security products,such as digital surveillance, access control systems, biometric technologies, alarms and remote monitoring, and diagnostics, and security monitoring solutions comprising fire, managed accesscontrol, energy management, remote video management, and storage, as well as logical security. In addition, it offers strategic analysis and planning of new systems, systems integration,architectural engineering, consulting and project management services, as well as design and service for electronic security products, and elections equipment, networking, tabulation, anddiagnostic software development, training, support, and maintenance services. Diebold, Incorporated sells its products through its sales personnel, manufacturers’ representatives, anddistributors. The company was founded in 1859 and is headquartered in North Canton, Ohio.

Notes: - September 25, 2014 – Diebold, Incorporated (NYSE: DBD) announced the introduction of Business Data Analytics and Workflow Managment Tools. The Company has expanded the capabilities of its industry-leadingsecurity management portal SecureStat by providing in-depth analyses that enahce security operations and promote enterprise-wide efficiencies.- June 25, 2014 - Diebold, Incorporated (NYSE: DBD) announced it has reached an agreement to acquire Cryptera A/S, one of the world's leading companies in the research and development of secure paymenttechnologies.


COMPANY PROFILES

Digimarc CorporationDigimarc Corporation (DMRC) 9405 SW Gemini Drive

12/4/2014 Beaverton, OR 97008503-469-4800

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker DMRC Common Shares 7.7 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $24.34 Market Cap $187.3 Sales $31.2 $36.0 $44.4 $35.0 $26.6 $28.1 $19.852 Week Hi - Low $37.00 - $17.85 Total Debt - Gross Profit 23.2 28.0 36.6 25.6 16.8 21.1 12.3LTM Stock Performance 30.0% Cash $21.8 SG&A 11.4 14.3 13.3 16.0 17.3 11.5 12.9Float (Shares in mm) 6.4 Preferred $0.1 EBITDA 6.8 7.1 15.5 (0.7) (12.3) 2.2 (9.4)Short Interest (as % of Float) 5.9% Minority Interest - EBIT 6.2 6.4 14.6 (2.6) (14.4) 0.8 (11.0)Avg. Day Vol - 3 mos (000s) 40.8 Enterprise Value $165.5 Net Income 4.2 5.7 8.3 (0.5) (7.9) 0.8 (6.7)Dividend/sh (latest annualized) $0.44 Book Value of Equity $44.8Dividend yield 1.8% Tangible Book Value $36.9 CFO $10.4 $10.3 $15.6 $3.5 ($7.1) $4.7 ($5.9)

Capex (0.8) (0.7) (0.6) (1.6) (1.1) (1.5) (1.0)Liquidity (mm) 9/30/2014 FCF 9.7 9.6 15.0 1.8 (8.2) 3.1 (6.9)Available - FCF/Share 1.25 1.24 1.95 0.24 (1.07) 0.41 (0.90)Liquidity (Available + Cash) $21.8


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Application Software Days Sales Out 61 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth 63.3% 15.7% 23.1% -21.2% -28.9% -19.7% -29.7%Currency USD Days Payable Out 62 Gross Margin 74.6% 77.7% 82.5% 73.3% 63.1% 75.0% 62.1%Employees 149 Net Work Cap % of Rev 13.8% SG&A / Sales 36.6% 39.7% 29.9% 45.6% 65.0% 40.9% 65.0%Website www.digimarc.com Net Fixed Assets % Rev 10.9% EBITDA Margin 21.8% 19.8% 34.9% NM NM 7.9% NMTelephone 503-469-4800 Cash / Share $2.83 EBIT Margin 19.7% 17.7% 32.9% NM NM 2.8% NMNext Earnings Date 2/20/2015 Book Value / Share $5.83 Net Margin 13.4% 15.7% 18.6% NM NM 2.8% NM

TBV / Share $4.79 ROIC % 296.4% 246.6% 481.7% NM NM 16.3% NM



Cash 21.8$ Less than 1 Year 1.1$ Total Debt - 1 - 3 Years 1.9 Net Debt (21.8)$ 3 - 5 Years 0.0 Preferred Equity 0.1 Total 3.0$ Minority Interest - Shareholders' Equity (Book) 44.8 Total Capital 44.9$





Digimarc Corporation provides media identification and management solutions to commercial entities and government customers in the United States and internationally. The company developsintellectual property to differentiate products and technology, mitigate infringement risks, and develop opportunities for licensing. Its patents portfolio covers a range of methods, applications, systemarchitectures, and business processes. The company’s patents are related to various methods for embedding and decoding digital information in video, audio, and images, whether the content isrendered in analog or digital formats. Its solutions are used to identify, track, manage, and protect content, as well as to enable new consumer applications to access networks and information frompersonal computers and mobile devices. The company’s patented inventions are used in various media identification and management products and solutions supporting various media objects,such as movies, music, banknotes, secure credentials, and consumer packaged goods. It provides solutions directly and through its licensees. The company is based in Beaverton, Oregon.

Notes: - On October 3, 2014, Digimarc Corporation announced that it has joined the GS1 US Solution Partner Program. This ensures that retailers can be confident that Digimarc-enabled packagingdelivers accurate product information using the Global Trade Identifier Number ® (GTIN®) to uniquely identify products in the supply chain.


COMPANY PROFILES

DSP Group Inc.DSP Group (DSPG) 161 South San Antonio Road, Suite 10

12/4/2014 Los Altos, CA 94022408-986-4300

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker DSPG Common Shares 21.6 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $10.74 Market Cap $232.1 Sales $225.5 $193.9 $162.8 $151.1 $141.2 $115.7 $105.952 Week Hi - Low $11.48 - $7.90 Total Debt - Gross Profit 87.9 70.1 61.1 59.8 56.5 45.7 42.4LTM Stock Performance 21.5% Cash (1) $24.2 SG&A 31.6 29.4 24.9 23.1 22.4 17.5 16.9Float (Shares in mm) 18.8 Preferred - EBITDA (1) 10.3 (6.3) (1.3) 5.9 6.5 4.8 5.3Short Interest (as % of Float) 2.0% Minority Interest - EBIT (9.7) (20.3) (10.6) 0.1 (0.4) 0.4 (0.0)Avg. Day Vol - 3 mos (000s) 103.6 Enterprise Value $207.9 Net Income (7.4) (16.2) (8.0) 2.7 1.2 2.3 0.9Dividend/sh (latest annualized) - Book Value of Equity $141.6Dividend yield - Tangible Book Value $130.8 CFO $22.3 ($0.6) $10.2 $13.3 $12.0 $5.0 $3.7

Capex (3.5) (2.3) (1.1) (1.1) (1.2) (0.9) (1.0)Liquidity (mm) 9/30/2014 FCF 18.9 (2.9) 9.1 12.1 10.8 4.0 2.7Available - FCF/Share 0.87 (0.13) 0.42 0.56 0.50 0.19 0.13Liquidity (Available + Cash) $24.2


(1) EBITDA excludes stock-based compensation.

(1) Includes $9.7 million of short-term securities, but excludes $93.2 million of long-term securities which the company has indicated are highly liquid.

Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Semiconductors Days Sales Out 62 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 58 YoY Rev Grth 6.3% -14.0% -16.0% -7.2% -8.4% -6.9% -8.5%Currency USD Days Payable Out 61 Gross Margin 39.0% 36.2% 37.6% 39.6% 40.0% 39.5% 40.0%Employees 304 Net Work Cap % of Rev 7.5% SG&A / Sales 14.0% 15.2% 15.3% 15.3% 15.9% 15.2% 15.9%Website www.dspg.com Net Fixed Assets % Rev 2.0% EBITDA Margin 4.6% NM NM 3.9% 4.6% 4.1% 5.0%Telephone 408-986-4300 Cash / Share $1.12 EBIT Margin NM NM NM 0.0% NM 0.3% NMNext Earnings Date 1/30/2015 Book Value / Share $6.55 Net Margin NM NM NM 1.8% 0.9% 2.0% 0.8%

TBV / Share $6.05 ROIC % NM NM NM 0.9% -2.8% 2.7% -0.3%


Interest As of Scheduled Maturities (from Latest 10K) Operating Net ToolsCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Leases Pension Lease

Cash (1) 24.2$ Less Than 1 Year 2.9$ 0.0$ 1.1$ Total Debt - 2 - 3 Years 4.8 0.0 2.2 Net Debt (24.2)$ 4 - 5 Years 3.0 0.0 0.8 Preferred Equity - More Than 5 Years - 1.4 - Minority Interest - Total 10.7$ 1.6$ 4.1$ Shareholders' Equity (Book) 141.6 Total Capital 141.6$

Source: Company SEC Filings(1) Includes $9.7 million of short-term securities, but excludes $93.2 million of long-term securities which the company has indicated are highly liquid.


This summary is for informational purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any security. While the information contained in this summary has been obtained from sources believedto be reliable, we do not represent or guarantee that the summary is accurate or complete, and it should not be relied upon as such. Based on information available to us, prices in this summary are as of the date hereof. The securities mentioned in thissummary involve substantial risk and should generally be purchased only by investors able to accept such risk.


DSP Group, Inc., a fabless semiconductor company, provides wireless chipset solutions for converged communications worldwide. It operates through three segments: Home, Office, andMobile. The company provides a portfolio of wireless chipsets that integrate digital enhanced cordless telecommunications (DECT)/cordless advanced technology—Internet quality, ultra lowenergy, Wi-Fi, public switched telephone network, HDClear intelligent voice enhancement, background noise elimination and speech recognition accuracy enhancement, video, and voice overInternet protocol (VoIP) technologies with application processors. It also enables converged voice, audio, and data connectivity across various consumer and enterprise products, includingconnected multimedia terminals, mobile devices, home automation and security devices, cordless phones, VoIP systems, and home gateways. The company sells its products through a network of distributors, as well as marketing offices and directly to original equipment manufacturers and original design manufacturers who incorporate its products into consumer products for theresidential wireless communications markets; and enterprise products for the office communications markets. DSP Group, Inc. was founded in 1979 and is headquartered in Los Altos,California.

Notes: - On November 5, 2014, DSP Group, Inc. and Yoga Systems, a leading provider of cloud based platform for smart home and IoT, announced a joint ULE (Ultra Low Energy) OTT (Over the Top)reference design for IoT (Internet of Things) solutions. Based on the ULE standard, the joint solution leverages DSP Group's advanced IP/DECT/ULE SoC and firmware, managed by YogaSystems' cloud-based IoT management and rules engine.


COMPANY PROFILES

Source: Company



DTT, Inc.

Sector: Technology

DTT is a private equity backed, full-service provider of video-based surveillance and loss prevention solutions for the hospitality and

specialty retail industries. Our suite of Managed Services offers simplicity & reliability, creating a virtual management presence at

all locations at one time. With DTT, operators can increase employee productivity, improve profit margins, decrease costs of goods

sold, enhance customer satisfaction, ensure transactional integrity, and control labor costs.

DTT currently operates from 2 main offices, one in Los Angeles, CA and the other in Las Vegas, NV.

Ownership: Private


Annual Revenues: Approximately $30 million

1755 N. Main St

Los Angeles, CA 90031

4045 Spencer St.

Las Vegas, NV 89119

800.933.8388

www.dttusa.com


COMPANY PROFILES

Source: Company



DVTEL, Inc.

Sector: Video Surveillance Technology

DVTEL, Inc. is a leading developer of open-standard, end-to-end video surveillance solutions. DVTEL’s advanced technology R&D

department provides enterprise-grade integrated IP video networks available for small, mid-size and enterprise applications –

that are scalable and share unified architecture. Solutions include high-performance, storage-efficient HD IP cameras and video

analytics for outdoor intrusion detection and tracking developed by DVTEL’s research teams. DVTEL partners with leading industry

players to deliver ONVIF-compliant solutions, provide high-quality services, develop custom applications, and seamlessly integrates

third-party products to ensure interoperability and performance. DVTEL’s installations provide field-proven expandability, flexibility,

and functionality in thousands of locations across five continents, while minimizing your investment and cost of ownership.

Founded in 2000, DVTEL has evolved from a single product manufacturer to a global provider of video surveillance products

and solutions, playing a crucial role in the protection of premises, people and infrastructure around the world. The company is

headquartered in Ridgefield Park, New Jersey, and has approximately 200 employees.

Ownership: Private



65 Challenger Road

Ridgefield Park, NJ 07660

201.368.9700

www.dvtel.com


COMPANY PROFILES

Source: Company



Eagle Eye Networks

Sector: Physical Security, Cloud Video Surveillance

Eagle Eye Networks was founded in 2012 by Dean Drako, founder and former President and CEO of Barracuda Networks. Eagle Eye

received a multi-million dollar series B investment in 2014, led by Michael Dell via his private fund MSD Capital. Also investing were

Enrique Salem, former CEO of Symantec, and Austin Ventures.

Eagle Eye Networks delivers the first on-demand cloud based security and operations video management system (VMS) providing

both cloud and on-premise recording.

The Eagle Eye Platform offers secure, encrypted recording, camera management, mobile viewing and alerts – all 100% cloud

managed. The Eagle Eye Cloud Security Camera Video Management System supports a broad array of IP and analog cameras uses

Intelligent Bandwidth Management™, making it easy to deploy at single and multiple sites.

The company also provides a cloud video API for integrations and application development. The API platform uses the Eagle Eye Big

Data Video Framework™, with time based data structures used for indexing, search, retrieval and analysis of the live and archived

video.

Eagle Eye Networks sells through authorized reseller and installation partners.

Ownership: Private



411 Brazos St, #101

Austin, Texas 78701

+1-512-473-0500

www.eagleeyenetworks.com


COMPANY PROFILES

Source: Company



Eid Passport, Inc.

Sector: Identity Solutions

Eid Passport, Inc., headquartered in Hillsboro, Oregon, is a national leader in high-assurance identity management solutions and

the largest provider of recognized vendor credentials for the U.S. military. Our products and services have helped more than 60,000

companies and organizations reduce risk by quickly identifying who they can trust.

Our programs combine registration, identity authentication, background screening, credentialing, and identity management utilizing

biometric and biographic data. By using our advanced biometric technology, organizations can verify an individual’s identity and

determine – with a high degree of certainty – that person is who he or she claims to be.

Eid Passport is best known for the RAPIDGate® Program, a single end-to-end identity management solution for vendors, contractors

and service providers who require authorized access to secure buildings or sensitive corporate resources. This includes more than

150 military and government environments. With nearly 300 employees from coast-to-coast, our company provides all hardware,

software, training, tools, and support services for the RAPIDGate Program. Our service includes the implementation, use, system

maintenance, and lifecycle replacement for all software and hardware – at minimal cost to the government. In addition, we provide

upgrades, personnel to manage the ongoing relationship with the installation, and customer support for the vendor companies

and employees participating in the Program.

Eid Passport is also entering a new multi-billion dollar market with the SureID™ service. This is a secure and standardized high-

assurance identity management solution for organizations that keeps third-party risk in check.

Ownership: Private


Annual Revenues: $39.4 Million

5800 NW Pinefarm Place

Hillsboro, OR 97124

503.924.5300

www.eidpassport.com


COMPANY PROFILES

Source: Company



Electric Guard Dog, LLC

Sector: Perimeter Security

Electric Guard Dog (“EGD”), the #1 Theft Deterrent Service in the U.S., is the market leader in electric security fences. A Security

Partner for 3,000+ commercial and industrial locations in 47 states across the U.S., EGD improves security, provides a safer work

environment for employees, and reduces total security costs.

EGD pioneered the commercial electric security fence market in 1991 after its founder, Bill Mullis, struggled with break-ins at

his Sentry Dogs guard dog business despite the presence of his protective fleet. EGD quickly grew into a multi-faceted security

business over the next two decades as companies in the auto auction, metal recycling, freight, and rental industries began seeing

the results and cost savings that EGD brought them. We’ve grown to become a security partner for market leaders in all of these

core segments.

In 2007, a majority interest in EGD was acquired by Ulysses Management. Seeing the ever-increasing demand for our products and

services, and the opportunity to broaden the reach of the product to new industries, the new ownership group began to put in

place the infrastructure for growth. A key first step in the process was the hiring of CEO Jack DeMao and a new management team.

EGD has grown revenues at a double digit rate every year since 2001, and the business community has taken notice. Among

other honors, we’ve ranked in the top 30 of the SDM 100 for the past 4 years, named to SD&I Magazine’s Fast50 Fastest Growing

Integrators listing, and ranked as one of the Fastest Growing Private Companies in the US by Inc. Magazine..

Ownership: Private



121 Executive Center Drive, Suite 230

Columbia, SC 29210

(803) 786-6333

www.electricguarddog.com


COMPANY PROFILES

Source: Company



Endgame

Sector: Security Intelligence & Analytics

Endgame is delivering the next generation of Security Intelligence & Analytics (SIA). Our core capabilities use data science and

cutting-edge technology to give our federal and commercial customers real-time visibility across their digital domains, and our

ecosystem of applications use that insight to solve a wide array of security problems. Endgame allows you to see what others can’t,

and to take control of your connected world. Endgame was founded in 2008 and has offices in Washington, DC, San Francisco,

CA, San Antonio, TX and Melbourne, FL. Endgame is backed by leading investors including Bessemer Venture Partners, Columbia

Capital, Kleiner Perkins Caufield & Byers, Paladin Capital Group, and Mithril Capital Management.

Ownership: Private



3101 Wilson Blvd. Suite 500

Arlington, VA 22201

703-653-0283

www.endgame.com


COMPANY PROFILES

Source: Company



Envysion

Sector: Video-Based Business Intelligence

Envysion helps companies deliver on their brand promise. Successful brands know their formula—the experience they want their

customers to have, the processes they want their employees to follow, and the economics they expect to achieve. Envysion gives

them the ability to understand whether they are delivering on this formula. Envysion provides what companies need to test,

measure, and make needed changes that impact their customers, their operations and their profitability.

Envysion’s video intelligence platform gives visibility into every store…every location...every day...from anywhere. Envysion provides

the insight into the most important events—so real-time changes can be made. ENVYSION INSIGHTS platform brings operational,

financial and employee metrics together with video and sophisticated analytics to transform them into actionable insights delivered

to decision makers across the organization—no matter where they are—via intuitive, easy-to-use dashboards, business intelligence

reports and video—all via the cloud.

Ownership: Private



400 Centennial Pkwy, Suite 201

Louisville, CO 80027

877.258.9441

www.envysion.com


COMPANY PROFILES

Source: Company



FST Biometrics Ltd.

Sector: Identity Solutions - In Motion Identification

In a world of urbanization, globalization and technology ubiquity, providing a secure access solution is crucial. Many of today’s

solutions require a key, code, identification card or fingerprints. All these options slow down users and interfere with their daily

lives. FST Biometrics believes secure access should not interfere with the pace of life. Our solutions utilize biometric identification

technology to provide non-intrusive and seamless secure access.

Our unique In Motion Identification™ (IMID) technology includes facial recognition and behavioral analytics to swiftly identify those

with access authorization, while preventing entry of the unauthorized. FST Biometrics’ extensive experience developing secure

access solutions means our technology stays ahead of the curve. FST solutions can be seamlessly integrated into pre-existing

solutions and software, working side-by-side to provide the ultimate security and smooth access.

IMID is able to identify authorized individuals from a distance and in-motion. There is no slowing down or stopping for the user,

as our system identifies authorized personnel quickly and efficiently, providing true, secure access, at the speed of life. Our core

software, IMID Access, which serves as the backbone of In Motion Identification™, provides identity management and access

control solutions, advanced visitor management, fraud detection, remote monitoring and much more.

Unlike other systems that require dedicated hardware and software, our IMID Access with In Motion Identification™ is an open

system. It integrates with security and surveillance systems for smooth interoperability. Since our solution is easily implemented

into many pre-existing infrastructures, it can be used in a variety of physical settings.

FST has won many awards, the most recent of which was the Security Products Magazine “2014 New Product of the Year”. Led by

Major General Aharon Ze’evi Farkash, former head the IDF (Israeli Defense Forces) Military Intelligence Directorate, and his strong

management team, FST Biometrics is a global company with headquarters and R&D based in Israel. The company has offices in

the USA, and business partners around the world. FST’s current customers include residential and commercial facilities, financial

institutions and corporate entities. Please visit us at www.fstbm.com.

Ownership: Private

Number of Employees: 30-100


33, Lazarov St. Rishon Lezion

7565435, Israel

+ 972 (0)3 7468300

www.fstbm.com


COMPANY PROFILES

Guidance Software, Inc.Guidance Software, Inc. (GUID) 1055 East Colorado Boulevard

12/4/2014 Pasadena, CA 91106-2375USA

(626) 229-9191

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker GUID FD Shares (Wt Avg) 29.5 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $5.68 Market Cap $167.4 Sales $91.9 $104.6 $129.5 $110.5 $108.4 $82.6 $80.452 Week Hi - Low $11.54 - $5.33 Total Debt $0.1 Gross Profit 67.1 76.2 93.0 73.0 72.9 53.6 53.5LTM Stock Performance -38.6% Cash $15.6 SG&A 49.9 53.4 61.5 58.9 55.9 44.5 41.5Float (Shares in mm) 13.1 Preferred $0.0 EBITDA 0.1 3.9 7.1 (13.6) (7.3) (12.3) (6.0)Short Interest (as % of Float) 4.3% Minority Interest $0.0 EBIT (4.6) (1.6) 0.2 (21.3) (14.9) (18.0) (11.6)Avg. Day Vol - 3 mos (000s) 68.0 Enterprise Value $151.9 Net Income (4.6) (1.6) (2.0) (21.5) (15.0) (18.1) (11.7)Dividend/sh (latest annualized) $0.00 Book Value of Equity $18.8Dividend yield 0.0% Tangible Book Value ($4.1) CFO $5.6 $13.7 $9.4 $2.9 $1.3 ($2.2) ($3.7)

Capex (2.3) (2.1) (4.0) (13.2) (2.8) (11.9) (1.5)Liquidity (mm) 9/30/2014 FCF 3.3 11.6 5.4 (10.4) (1.5) (14.1) (5.2)Available $8.7 FCF/Share 0.11 0.39 0.18 (0.35) (0.05) (0.48) (0.18)Liquidity (Available + Cash) $24.3


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 76 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 22 YoY Rev Grth 22.7% 13.8% 23.8% -14.6% -8.8% -11.4% -2.6%Currency USD Days Payable Out 60 Gross Margin 73.0% 72.8% 71.9% 66.1% 67.2% 65.0% 66.5%Employees 495 Net Work Cap % of Rev -21.0% SG&A / Sales 54.3% 51.1% 47.5% 53.3% 51.6% 53.9% 51.7%Website www.guidancesoftware.com Net Fixed Assets % Rev 14.3% EBITDA Margin 0.2% 3.7% 5.5% NM NM NM NMTelephone 626-229-9191 Cash / Share $0.53 EBIT Margin NM NM 0.2% NM NM NM NMNext Earnings Date 2/6/2015 Book Value / Share $0.64 Net Margin NM NM NM NM NM NM NM

TBV / Share ($0.14) ROIC % 48.0% 11.2% -1.5% 226.3% 204.9% 347.1% 159.2%


Interest As of Scheduled Maturities (from Latest 10K) Capital OperatingCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Leases Leases

Cash 15.6$ 2014 $0.2 $3.6Revolving Credit (1) Prime + 125 - 325 - Aug-17 - 2015 0.1 3.9Capital Lease Obligation N/A - N/A 0.1 2016 0.0 3.3Total Debt 0.1 2017 0.0 3.3Net Debt (15.5) 2018 0.0 3.4Preferred Equity - Thereafter 0.0 16.1Minority Interest - Total $0.3 $33.5Shareholders' Equity (Book) 18.8 Total Capital 18.9$

(1) Interest rate ranges from the Prime Rate plus 1.25% to 3.25% depending on Quick Ratio.Source: Company SEC Filings




Guidance Software, Inc. provides digital investigative solutions in the United States, Europe, Asia, and other regions. The company’s EnCase platform provides an investigative infrastructure thatenables customers to search, collect, and analyze electronically stored information to address human resources matters, litigation matters, allegations of fraud, and suspicious network endpointactivity to defend their organization’s data assets. Its products include EnCase Enterprise, EnCase eDiscovery, EnCase Cybersecurity, EnCase Forensic, and EnCase Portable. The company alsooffers data acquisition forensic hardware products, including forensic duplicators, multiple write blockers, and storage devices. In addition, it offers a cloud-based document review and productionsoftware-as-a-service for corporations and law firms. The company serves government agencies and corporations in various industries, such as financial and insurance services, technology,defense contracting, telecom, pharmaceutical, healthcare, manufacturing, and retail industries directly. Guidance Software, Inc. was founded in 1997 and is headquartered in Pasadena, California.

Notes: November 6, 2014 – Guidance Software announced that CFO Barry Plaga has been appointed as Interim CEO following the departure of Victor Limongelli as President and CEO.

October 14, 2014 – Guidance Software unveiled EnCase Remote Recovery +, a remote data recovery and system diagnostic tool that enables IT help desk professionals to recover deleted filesfrom anywhere on their networks without user disruption.


COMPANY PROFILES

Source: Company



Hoyos Labs Corp.

Sector: Digital Infrastructure

Hoyos Labs, established in April 2013, a digital infrastructure security company with security, computer vision and biometrics and

big data experts. The goal of Hoyos Labs is to develop and deploy enterprise and consumer identity assertion technology platforms

that will conveniently and securely address the identity assertion challenges of today. Headquartered in Puerto Rico, Hoyos Labs

has offices in New York City, Boston, Philadelphia, the UK, Romania, and China.

The HoyosID® Identity Assertion Platform is an end-to-end identity solution made of B2C and B2B components. It is built to serve

enterprises, as well as consumers, helping them log on to their computers, corporate websites or conduct transactions without

requiring the use of usernames or passwords. Logging on would only require a person’s biometrics, acquired through his or her

mobile device. 1U™, the consumer component of the HoyosID® Identity Assertion Platform will be available for download on select

Android or iOS devices.

The HoyosID® Identity Assertion Platform supports the Biometric Open Protocol Standards (BOPS), which was created to

incorporate biometric services and products of other companies. BOPS, is a biometrics-agnostic standard with rules governing

secure communication between a variety of client devices and the trusted server. Liveness Detection is a mechanism put in place

for anti-spoofing prevention. Liveness is what defines whether pattern matching biometrics happened with a live subject or not.

In 2014 Hoyos Labs approached IEEE (Institute of Electrical and Electronics Engineers) and OASIS presenting BOPS as a new

standard for biometric identification. These presentations lead to BOPS being inducted as a standard of the IEEE family and the

OASIS consortium group.

Hector Hoyos, Chief Executive Officer – has been in the biometrics and IT fields since the mid-1980s as the founder and president of

various biometric companies. He co-founded and presided over Biometrics Imagineering Inc., creating state-of-the-art technologies

such as fingerprint, face and iris identification systems and interactive financial transaction systems. Additionally, Hoyos served as

founder and CEO of EyeLock Inc. (formerly Global Rainmakers), an iris-based identity authentication company, inventing the highly

acclaimed HBOX, EyeSwipe and EyeLock iris-based identity authentication products.

Ownership: Private


1095 Wilson Street Suite PT

San Juan, PR 00907 USA

212.231.0011

www.HoyosLabs.com


COMPANY PROFILES

Identiv, Inc.Identiv, Inc. (INVE) 39300 Civic Center Drive Suite 160

12/4/2014 Fremont, CA 94538USA

(949) 250-8888

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker INVE FD Shares (Wt Avg) 10.6 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $11.19 Market Cap $119.1 Sales $84.8 $77.6 $72.4 $75.6 $82.7 $54.7 $61.952 Week Hi - Low $21.31 - $4.861 Total Debt $14.3 Gross Profit 37.4 35.3 32.0 33.6 34.3 24.7 25.4LTM Stock Performance 77.6% Cash $41.1 SG&A 40.6 37.4 33.9 33.2 33.3 25.0 25.1Float (Shares in mm) 9.4 Preferred $0.0 EBITDA (3.3) (2.5) (4.0) (2.6) (2.9) (2.5) (2.9)Short Interest (as % of Float) 4.3% Minority Interest ($1.7) EBIT (8.0) (8.0) (8.9) (5.8) (5.1) (5.5) (4.8)Avg. Day Vol - 3 mos (000s) 276.5 Enterprise Value $90.5 Net Income (9.5) (9.8) (50.3) (34.9) (14.6) (31.9) (11.6)Dividend/sh (latest annualized) $0.00 Book Value of Equity $54.7Dividend yield 0.0% Tangible Book Value $36.7 CFO ($9.3) ($4.9) ($12.9) ($2.4) ($9.6) ($2.1) ($9.3)

Capex (0.8) (1.7) (3.2) (2.1) (1.8) (1.5) (1.2)Liquidity (mm) 9/30/2014 FCF (10.1) (6.6) (16.1) (4.5) (11.4) (3.6) (10.4)Available $25.7 FCF/Share (0.94) (0.62) (1.51) (0.42) (1.07) (0.33) (0.98)Liquidity (Available + Cash) $66.8


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 66 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 74 YoY Rev Grth 105.4% -8.5% -6.8% 4.5% 40.0% -19.5% 13.0%Currency USD Days Payable Out 88 Gross Margin 44.0% 45.4% 44.2% 44.5% 41.5% 45.2% 41.1%Employees 346 Net Work Cap % of Rev 8.5% SG&A / Sales 47.9% 48.2% 46.9% 43.9% 40.3% 45.6% 40.6%Website www.identive-group.com Net Fixed Assets % Rev 6.8% EBITDA Margin NM NM NM NM NM NM NMTelephone 949-250-8888 Cash / Share $3.86 EBIT Margin NM NM NM NM NM NM NMNext Earnings Date 3/20/2015 Book Value / Share $5.14 Net Margin NM NM NM NM NM NM NM

TBV / Share $3.45 ROIC % NM NM NM NM NM NM NM


Interest As of Scheduled Maturities (from Latest 10K) Secured Related Operating PurchaseCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Note Party Leases Commit.

Cash 41.1$ 1 Year $3.8 $1.1 $1.5 $6.6Revolving Credit (1) 5.5% 0.2 Nov-17 4.3 1 - 3 Years 3.5 2.4 1.3 0.1Secured Term Loan (1)(2) 5.5% 0.6 Mar-17 10.0 3 - 5 Years 0.0 2.6 0.4 0.0Total Debt 14.3 5 Years & Thereafter 0.0 3.2 0.0 0.0Net Debt (26.8) Total $7.3 $9.3 $3.1 $6.6Preferred Equity - Minority Interest (1.7) Shareholders' Equity (Book) 54.7 Total Capital 67.3$

(1) Bear interest dependent on cash held with lender; given available balance in excess of $20 million, assumes interest of 5.5% based on the greater of (i) the prime rate plus 2.25% and (ii) 5.50%.(2) $375,000 unamortized discount as of 9/30/14.Source: Company SEC Filings




Identiv, Inc. operates as a security technology company that establishes trust in the connected world, including premises, information and everyday systems. Identiv's trust solutions allowcustomers to gain access to buildings, networks, information, systems and services while ensuring that physical facilities and digital assets are protected. Solutions are implemented usingstandards-driven technology, such as digital certificates, trusted authentication, mobility and cloud services. The foundation of Identiv's trust solutions is a single universal credential that can beused to trust or securely access any resource including premises, information or everyday items. Cloud-based Identiv Trust Services (ITS) provide a secure web portal to issue, manage or revokecredentials without the compleximity and cost of internal deployents. The Company was founded in 1990 and is headquartered in Fremont, California.

Notes: September 18, 2014 – Identiv won the Security Products 2014 Product of the Year Award for its Near Field Communication (NFC) devices. Identiv's Giant NFC tag is the first in its class and deliversconsistent detection over the entire surface area by any NFC-enabled device.

September 16, 2014 – Identiv closed a public offering of 2 million shares of common stock at a public offering price of $15.00 per share.


COMPANY PROFILES

Source: Company



iJET International, Inc.

Sector: Enterprise & Commercial Integration and Monitoring

iJET is an innovative Integrated Risk Management company focused on providing intelligence, technology and operational risk

management solutions that help clients operate globally with confidence. iJET delivers timely, predictive, actionable intelligence

coupled with custom assessments and analysis that enables clients to prepare for, monitor and respond to threats that may

affect their people or assets around the world. We help reduce risks by delivering: up-to-the-minute alerts specific to threats

and events around the world, published 24x7 according to client protocols; assessments that help tailor analysis and reporting

to support strategic business decisions; client bulletins that report on developing events with broad and significant impact;

destination intelligence from around the world; and intelligence subscriptions delivered daily, weekly and monthly to report on

global security and health developments. Our technology brings our clients an automated and unified view of their people and

assets with targeted communications to affected parties. iJET’s award-winning Worldcue® technology solutions automatically alert

hundreds of multinational organizations, millions of travelers and expatriates about disruptive events – before they happen. In

addition, automated notifications are emailed to travelers with pertinent information in an effort to lower their risk. Our Mobile

App provides a quick connection to iJET’s global operations, response and secure evacuation in the event of a crisis. Worldcue®

includes online intelligence, and mapping and dashboards for a global perspective, as well as reports providing up-to-date

intelligence, traveler details and asset status. iJET maintains secure operations centers staged in local areas for event-based support

or communications. iJET’s operations team is an integrated and customized global emergency response service for travelers and

employees. Our proactive approach ensures clients can proactively Prepare, Monitor and Respond, and begins with conducting

assessments, determining operational protocols and communication procedures in effort to mitigate risks and keep people safe.

Our global hotline provides one place to call 24x7 from anywhere in the world. Worldcue® Mobile TRAVELER ensures access to

critical information as well as travel, medical and security assistance available for routine and urgent needs. Proactive monitoring

of critical alerts informs travelers with vital communications. In addition, wellness check-in programs support protocols to confirm

employees are on-time and safe. While drills and exercises ensure policies, protocol and people are ready for broad-scale and live

events.

Ownership: Private


910F Bestgate Road

Annapolis, MD 21401

410.573.3860

www.ijet.com


COMPANY PROFILES

ImageWare Systems Inc.ImageWare Systems Inc. (IWSY) 10815 Rancho Bernardo Road Suite 310

12/4/2014 San Diego, CA 92127USA

(858) 673-8600

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker IWSY FD Shares (Wt Avg) 93.2 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $1.78 Market Cap $165.8 Sales $5.8 $5.5 $4.0 $5.3 $3.8 $4.4 $2.952 Week Hi - Low $3.07 - $1.17 Total Debt $0.0 Gross Profit 3.8 4.1 2.7 4.2 2.9 3.5 2.2LTM Stock Performance 8.5% Cash $0.5 SG&A 4.1 3.7 5.3 5.5 6.1 4.1 4.6Float (Shares in mm) 23.1 Preferred $0.0 EBITDA (2.8) (2.3) (5.7) (5.2) (7.6) (3.4) (5.8)Short Interest (as % of Float) 0.0% Minority Interest $0.0 EBIT (2.8) (2.3) (5.8) (5.3) (7.8) (3.5) (5.9)Avg. Day Vol - 3 mos (000s) 303.3 Enterprise Value $165.3 Net Income (5.0) (3.2) (10.2) (9.8) (7.8) (8.1) (6.0)Dividend/sh (latest annualized) $0.00 Book Value of Equity $1.2Dividend yield 0.0% Tangible Book Value ($2.4) CFO ($2.1) ($2.3) ($5.6) ($4.9) ($6.9) ($2.6) ($4.6)

Capex (0.0) (0.0) (0.2) (0.2) (0.2) (0.1) (0.1)Liquidity (mm) 9/30/2014 FCF (2.1) (2.3) (5.7) (5.0) (7.1) (2.7) (4.7)Available $0.0 FCF/Share (0.02) (0.02) (0.06) (0.05) (0.08) (0.03) (0.05)Liquidity (Available + Cash) $0.5


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 27 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 234 YoY Rev Grth -3.6% -5.8% -27.8% 34.2% -27.4% 44.6% -33.3%Currency USD Days Payable Out 133 Gross Margin 65.6% 74.5% 69.6% 79.4% 74.4% 80.9% 75.0%Employees 61 Net Work Cap % of Rev -55.1% SG&A / Sales 70.1% 68.2% 133.1% 103.8% 157.3% 92.7% 157.7%Website www.iwsinc.com Net Fixed Assets % Rev 6.0% EBITDA Margin NM NM NM NM NM NM NMTelephone 858-673-8600 Cash / Share $0.01 EBIT Margin NM NM NM NM NM NM NMNext Earnings Date 3/30/2015 Book Value / Share $0.01 Net Margin NM NM NM NM NM NM NM

TBV / Share ($0.03) ROIC % 71.6% 63.4% 208.7% 274.1% 411.9% 108.8% 314.7%


Interest As of Scheduled Maturities (from Latest 10K) LeaseCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Obligation

Cash 0.5$ 2014 $0.4Total Debt - 2015 0.4Net Debt (0.5) 2016 0.2Preferred Equity 0 2017 0.2Minority Interest - 2018 & Thereafter 0.0Shareholders' Equity (Book) 1.2 Total $1.2Total Capital 1.2$





ImageWare Systems, Inc. provides identity theft management solutions driven by multi-modal biometrics for user authentication on premises and in the cloud. The company's patented,agnostic, plug-n-play technology promotes interactive communication and Out-of-Band Authentication on mobile platforms. ImageWare's products such as GoCloudID and GoMobile Interactiveenable modular, flexible and scalable identity solutions across a variety of markets, including mobile, wireless, financial services and healthcare. The company's identity management systemallows customers to easily add a secure layer of biometric authentication to a variety of platforms and services. ImageWare was founded in 1987 and is headquartered in San Diego, California.

Notes: September 12, 2014 – ImageWare received the CTIA - Wireless Assocation Emerging Technology Award for its GoMobile Interactive product, taking first place in the Mobile Money, Payments,Banking and Commerce category.

August 28, 2014 – ImageWare signed a three-year agreement with a major international retailer to provide its cloud-based, multi-modal biometric identity management product suite running onthe Fujitsu Trusted S5 Cloud platform.


COMPANY PROFILES

IndigoVision Group plcIndigoVision Group plc (AIM:IND) Charles Darwin House The Edinburgh Technopole

12/4/2014 Edinburgh, Lothian | EH26 OPYUnited Kingdom

44 13 1475 7200

Market Information as of 12/4/2014 Cap Structure (mm) 7/31/2014 Historical Financials (mm exc per share data)Ticker AIM:IND FD Shares (Wt Avg) 7.5 FY2011 FY2012 FY2013 FY2014Latest Close Price $5.78 Market Cap $43.5 Sales $47.6 $47.5 $48.6 $62.852 Week Hi - Low $8.33 - $5.27 Total Debt $0.0 Gross Profit 26.6 28.0 27.5 36.2LTM Stock Performance -3.6% Cash $4.1 SG&A 19.7 18.5 18.9 26.2Float (Shares in mm) 5.7 Preferred $0.0 EBITDA 2.4 4.6 3.6 5.0Short Interest (as % of Float) 0.0% Minority Interest $0.0 EBIT 2.0 4.2 3.1 4.1Avg. Day Vol - 3 mos (000s) 11.1 Enterprise Value $39.4 Net Income 1.0 2.6 2.6 4.1Dividend/sh (latest annualized) $0.19 Book Value of Equity $25.5Dividend yield 3.3% Tangible Book Value $25.4 CFO $3.2 $3.1 $2.1 $6.2

Capex (0.6) (0.4) (0.9) (1.2)Liquidity (mm) 7/31/2014 FCF 2.5 2.7 1.2 5.0Available N/A FCF/Share 0.34 0.36 0.16 0.66Liquidity (Available + Cash) $4.1

Source: Historical Financials from Capital IQ and Company Filings.

Company Info Balance Sheet Metrics 7/31/2014 Performance RatiosSector NextGen Surveillance Days Sales Out 100 FY2011 FY2012 FY2013 FY2014Last Reported Qtr 7/31/2014 Days Inv On Hand 114 YoY Rev Grth 3.1% 4.8% 5.7% 16.3%Currency GBP Days Payable Out 129 Gross Margin 55.9% 59.0% 56.7% 57.6%Employees 115 Net Work Cap % of Rev 22.5% SG&A / Sales 41.4% 39.1% 39.0% 41.8%Website www.indigovision.com Net Fixed Assets % Rev 2.8% EBITDA Margin 5.1% 9.8% 7.3% 8.0%Telephone 44 13 1475 7200 Cash / Share $0.55 EBIT Margin 4.1% 8.8% 6.4% 6.6%Next Earnings Date 2/26/2015 Book Value / Share $3.39 Net Margin 2.2% 5.5% 5.5% 6.6%

TBV / Share $3.37 ROIC % 14.7% 30.8% 20.4% 25.9%

Source: Capital IQ and Company Filings. Source: Performance Ratios calculated based on historical financials from Capital IQ and Company Filings.

As ofCapitalization Table (mm) 7/31/2014

Cash $4.1

Total Debt - Net Debt N/A

Shareholders' Equity (Book) $25.5Total Capital $25.5




IndigoVision Group plc is engaged in the design, development, manufacture, and sale of video security systems for the enterprise market. Its intelligent security systems allow full motion real timevideo to be transmitted worldwide with digital quality and security using local or wide area networks, wireless links, or the Internet. The company provides control center software; video analytics; IPcameras; network video recorders; encoders and decoders; IP video walls; integration solutions; alarm panels; Internet streaming servers; surveillance keyboards; and software development kits. Itoffers IP video security solutions for airport, port, rail, traffic, city, retail, banking, mining, education, casino, police, prison, and government markets. IndigoVision Group plc operates in Europe, theMiddle East, Africa, North America, Latin America, and the Asia Pacific. The company is headquartered in Edinburgh, the United Kingdom.


COMPANY PROFILES

Source: Company



Interface Security Systems, L.L.C.

Sector: Cloud Based Managed Security Services

Interface Security Systems, L.L.C. is a recognized leader and pioneer in the Bundled Managed Security Services Provider industry

in the U.S. helping primarily large multi-site customers SIMPLIFY TO THE POWER OF ONE by combining managed physical and

network security solutions into one highly efficient integrated bundle. Interface manages a broad range of secure, IP based security

solutions for retail, commercial and small business customers as well as remote interactive video surveillance. The company

operates two UL Approved 5-Diamond CSAA Certified Secure Operations Centers and a nationwide service delivery infrastructure.

Interface’s comprehensive bundle offering delivers an integrated customer experience by maintaining privately managed PCI

compliant wide area networks, digital voice and IVR applications, digital video surveillance systems, remote managed video guard

tours, intrusion alarm systems, physical and logical access control systems, managed applications, smart cards, biometrics, visitor

control systems, asset tracking systems, loss prevention and shrinkage control systems, and fire alarm and life safety systems.

Interface Security Systems, L.L.C. was founded in 1995 and is headquartered in Earth City, Missouri. Interface Security Systems,

L.L.C. operates as a subsidiary of Interface Security Systems Holdings, Inc. and is a portfolio company of SunTx Capital Partners.

Ownership: Private, Debt-Only Issuer

Number of Employees: ~700

Annual Revenues: $126.7 Million

Owners: Interface Security Systems Holdings Inc., SunTx Capital Partners

3773 Corporate Center Drive

Earth City, MO 63045

314.595.0100

www.interfacesystems.com


COMPANY PROFILES

Newmark Security plcNewmark Security plc (AIM:NWT) 58 Grosvenor Street

12/4/2014 London, Greater London | W1K 3JBUnited Kingdom

44 20 7355 0070

Market Information as of 12/4/2014 Cap Structure (mm) 4/30/2014 Historical Financials (mm exc per share data)Ticker AIM:NWT FD Shares (Wt Avg) 561.0 FY2011 FY2012 FY2013 FY2014Latest Close Price $0.03 Market Cap $18.1 Sales $21.1 $21.3 $28.5 $32.452 Week Hi - Low $0.04 - $0.02 Total Debt $0.5 Gross Profit 8.9 8.9 12.3 14.0LTM Stock Performance 29.2% Cash $2.4 SG&A 7.5 8.0 8.4 10.9Float (Shares in mm) 242.5 Preferred $0.0 EBITDA 1.9 1.5 4.4 3.7Short Interest (as % of Float) 0.0% Minority Interest $0.1 EBIT 1.3 0.9 3.9 3.1Avg. Day Vol - 3 mos (000s) 655.4 Enterprise Value $16.3 Net Income 1.4 0.3 0.2 1.4Dividend/sh (latest annualized) $0.00 Book Value of Equity $19.6Dividend yield 3.7% Tangible Book Value $11.2 CFO $1.9 $3.4 $4.6 $3.6

Capex (0.3) (0.2) (0.4) (0.5)Liquidity (mm) 4/30/2014 FCF 1.5 3.2 4.2 3.1Available N/A FCF/Share 0.00 0.01 0.01 0.01Liquidity (Available + Cash) $2.4

Source: Historical Financials from Capital IQ and Company Filings.

Company Info Balance Sheet Metrics 4/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 54 FY2011 FY2012 FY2013 FY2014Last Reported Qtr 4/30/2014 Days Inv On Hand 50 YoY Rev Grth -8.3% 3.5% 39.9% 4.7%Currency GBP Days Payable Out 42 Gross Margin 42.0% 41.7% 43.0% 43.2%Employees 147 Net Work Cap % of Rev 7.6% SG&A / Sales 35.6% 37.4% 29.5% 33.6%Website www.newmarksecurity.com Net Fixed Assets % Rev 4.5% EBITDA Margin 9.1% 6.9% 15.3% 11.5%Telephone 44 20 7355 0070 Cash / Share $0.00 EBIT Margin 6.4% 4.3% 13.5% 9.6%Next Earnings Date 8/1/2015 Book Value / Share $0.03 Net Margin 6.8% 1.4% 0.8% 4.5%

TBV / Share $0.02 ROIC % 29.1% 38.1% 166.1% 78.7%

Source: Capital IQ and Company Filings. Source: Performance Ratios calculated based on historical financials from Capital IQ and Company Filings.

Interest As ofCapitalization Table (in mm) Coupon Expense Maturity 4/30/2014

Cash 2.4$

Various Borrowings N/A N/A N/A 0.5 Net Debt N/A

Shareholders' Equity (Book) 19.6 Total Capital 20.1$




Newmark Security PLC primarily designs, manufactures, and supplies products and services for the security of assets and personnel in the United Kingdom, Europe, the United States, andinternationally. It operates through two divisions, Electronic and Asset Protection. The Electronic division designs, manufactures, and distributes access-control systems comprising hardware andsoftware for security installation companies; and workforce management systems hardware for time-and attendance, shop-floor data collection, and access control systems for value-addedresellers. The Asset Protection division is involved in the design, manufacture, installation, and maintenance of fixed and reactive security screens, reception counters, cash management systems,and associated security equipment. It also provides service and maintenance of the equipment, as well as CCTV systems and locks. This segment serves banks and building societies, post offices,police forces, railway companies, local authorities and government departments, petrol outlets, hospitals, convenience stores, retailers, and supermarket chains. The company was formerly knownas Newmark Technology Group PLC and changed its name to Newmark Security Plc in September 2002. Newmark Security Plc was incorporated in 1997 and is based in London, the UnitedKingdom.


COMPANY PROFILES

NIC Inc.NIC Inc. (EGOV) 25501 West Valley Parkway Suite 300

12/5/2014 Olathe, KS 66061United States

877-234-3468

Market Information as of 12/5/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker EGOV FD Shares (Wt Avg) 65.3 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $18.02 Market Cap $1,176.5 Sales $161.5 $180.9 $210.2 $249.3 $266.9 $188.5 $206.152 Week Hi - Low $25.15 - $15.00 Total Debt $0.0 Gross Profit 62.0 72.1 82.6 107.0 113.7 83.0 89.7LTM Stock Performance -26.4% Cash $106.0 SG&A 28.2 29.0 32.4 36.9 33.8 35.8 32.6Float (Shares in mm) 60.4 Preferred $0.0 EBITDA 33.2 42.5 49.6 64.3 79.3 42.1 57.1Short Interest (as % of Float) 2.2% Minority Interest $0.0 EBIT 29.1 38.2 43.7 56.6 71.0 35.9 50.2Avg. Day Vol - 3 mos (000s) 276.8 Enterprise Value $1,070.5 Net Income 18.4 22.9 26.3 32.0 36.9 25.9 30.8Dividend/sh (latest annualized) $0.50 Book Value of Equity $127.2Dividend yield 2.8% Tangible Book Value $125.0 CFO $22.0 $30.6 $28.4 $40.9 $44.1 $31.4 $34.6



Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 84 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth 21.6% 12.0% 16.2% 18.6% 9.0% 22.5% 9.3%Currency USD Days Payable Out 104 Gross Margin 38.4% 39.9% 39.3% 42.9% 42.6% 44.0% 43.5%Employees 773 Net Work Cap % of Rev 3.8% SG&A / Sales 17.5% 16.0% 15.4% 14.8% 12.7% 19.0% 15.8%Website www.nicusa.com Net Fixed Assets % Rev 4.9% EBITDA Margin 20.5% 23.5% 23.6% 25.8% 29.7% 22.3% 27.7%Telephone 877-234-3468 Cash / Share $1.62 EBIT Margin 18.0% 21.1% 20.8% 22.7% 26.6% 19.0% 24.4%Next Earnings Date 2/5/2015 Book Value / Share $1.95 Net Margin 11.4% 12.7% 12.5% 12.9% 13.8% 13.7% 14.9%

TBV / Share $1.91 ROIC % NM 1114.7% 233.7% 278.7% 307.7% 181.9% 217.8%


Interest As of Scheduled Maturities (from Latest 10K) Operating Lease Income TaxCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Obligations Uncertainties

Cash 106.0$ Less Than 1 Year $4,078.0 $0.0Total Debt - 1-3 Years 5,817.0 1,760.0Net Debt (106.0)$ 3-5 Years 3,031.0 0.0Preferred Equity - 5 Years 304.0 0.0Minority Interest - Total $13,230.0 $1,760.0Shareholders' Equity (Book) 127.2 Total Capital 127.2$





NIC Inc. provides eGovernment services that enable governments use the Internet to provide various services to businesses and citizens in the United States. Its Outsourced Portals businessenters into long-term contracts with state and local governments to design, build, and operate Internet-based enterprise-wide portals on their behalf. These portals consist of Websites andapplications that enable businesses and citizens to access government information online and complete transactions, including applying for a permit, retrieving government records, or filing agovernment-mandated form or report. This business also provides consulting, application development, and portal management services to governments. The company’s Other Software &Services business provides software development and services to state and local governments, and federal agencies. It develops and manages the federal motor carrier safety administration’spre-employment screening program for motor carriers using a self-funded and transaction-based business model; and designs and develops online campaign expenditure and ethics compliancesystems for federal and state government agencies. NIC Inc. was founded in 1991 and is headquartered in Olathe, Kansas.

Notes: November 6, 2014 – NIC Inc. announced that it is seeking acquisitions per its CFO Harry Herington.


COMPANY PROFILES

NICE Systems Ltd.NICE Systems Ltd. (NICE) 22 Zarchin Street PO Box 690

12/5/2014 Ra’anana 43107Israel

972 9 775 3030

Market Information as of 12/5/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker NASDAQ:NICE FD Shares (Wt Avg) 60.5 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $47.23 Market Cap $2,856.2 Sales $689.5 $793.8 $879.0 $949.3 $987.7 $679.1 $717.552 Week Hi - Low $50.09 - $37.08 Total Debt $0.0 Gross Profit 420.4 486.5 527.8 584.3 605.9 416.8 438.3LTM Stock Performance 20.8% Cash $205.7 SG&A 254.8 294.7 326.3 336.9 344.2 239.8 247.1Float (Shares in mm) N/A Preferred $0.0 EBITDA 105.0 123.3 141.8 170.5 167.4 124.9 121.6Short Interest (as % of Float) N/A Minority Interest $0.0 EBIT 49.1 59.0 47.5 80.3 89.1 55.6 64.4Avg. Day Vol - 3 mos (000s) 180.3 Enterprise Value $2,650.5 Net Income 48.7 57.3 67.9 55.3 77.2 31.1 53.0Dividend/sh (latest annualized) $0.64 Book Value of Equity $1,172.0Dividend yield 1.4% Tangible Book Value $344.2 CFO $145.0 $154.4 $135.6 $124.3 $164.7 $77.7 $118.1



Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 61 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 14 YoY Rev Grth 18.2% 15.1% 10.7% 8.0% 7.7% 5.9% 5.7%Currency USD Days Payable Out 20 Gross Margin 61.0% 61.3% 60.0% 61.6% 61.3% 61.4% 61.1%Employees 3,576 Net Work Cap % of Rev -13.0% SG&A / Sales 36.9% 37.1% 37.1% 35.5% 34.8% 35.3% 34.4%Website www.nice.com Net Fixed Assets % Rev 4.3% EBITDA Margin 15.2% 15.5% 16.1% 18.0% 16.9% 18.4% 16.9%Telephone 972 9 775 3030 Cash / Share $3.40 EBIT Margin 7.1% 7.4% 5.4% 8.5% 9.0% 8.2% 9.0%Next Earnings Date 2/11/2015 Book Value / Share $19.38 Net Margin 7.1% 7.2% 7.7% 5.8% 7.8% 4.6% 7.4%



Interest As of Scheduled Maturities Operating Purchase CashCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (from Latest 20-F) (in mm) Leases Obligations Obligations

Cash 205.7$ Less Than 1 Year $16.8 $10.9 $27.7Total Debt - 1-3 Years 27.9 4.3 32.2Net Debt (205.7)$ 3-5 Years 21.2 0.1 21.4Preferred Equity - 5 Years 43.3 0.0 43.3Minority Interest - Total $109.2 $15.3 $124.5Shareholders' Equity (Book) 1,172.0 Total Capital 1,172.0$





NICE Systems Ltd. provides software solutions that enable organizations to take action in order to improve customer experience and business results, ensure compliance, fight financial crime, andsafeguard people and assets. The company operates in three segments: Customer Interactions Solutions, Security Solutions, and Financial Crime and Compliance Solutions. Its customer interactionssolutions assists organizations in capturing customer interactions, extracting insights through big data analytics, driving the action in real time, acting upon the voice of the customer, closing the loopacross customer touch points, enhancing employee performance, and optimizing processes for service, sales, marketing, and compliance. The company also offers security solutions that assistorganizations capture, analyze, and leverage Big Data to anticipate, manage, and mitigate security and safety risks, enhance operations, and ensure the safety of the general public. In addition, itprovides public safety solutions; physical security information management solutions; video surveillance solutions; and intelligence solutions to governments, transportation systems, critical infrastructurecustomers, city centers, banks, enterprises, and government agencies. Further, the company offers financial crime and compliance solutions, which include financial crime, risk, and compliance solutionson a single software platform for financial institutions and government regulators. Its platform provide flexible analytics and tools, multi-channel transaction management, domain specific analytics, multi-channel transaction management, and real-time decision and enforcement solutions that enable users to address compliance, fraud, and money-laundering scenarios in real-time. The company sells itssolutions and products directly to customers, as well as indirectly through selected partners worldwide. NICE Systems Ltd. was founded in 1986 and is based in Ra'anana, Israel.

Notes: November 24, 2014 – NICE Systems reported that it has again been recognized as the worldwide leader in DMG Consulting's 2014 Workforce Optimization (WFO) Mid-Year MarketShare Report.


COMPANY PROFILES

Source: Company



Novetta Solutions, LLC

Sector: Cyber Security

Novetta is a leading advanced analytics company that extracts value from the increasing volume, variety and velocity of data.

Novetta means “10 to the 27th power, or a billion, billion, billion” and reflects our big data heritage and ability to solve problems of

massive scale, complexity, and national significance. By mastering scale and speed, our advanced analytics software and solutions

deliver the actionable insights needed to help our customers detect threat and fraud, protect high value networks and improve the

bottom line. We focus on three main areas with product offerings in each:

Cyber Analytics creates a comprehensive, coherent picture from network communications and external threat and enrichment

data to make security teams dramatically more effective at combatting advanced threats. We help ‘network hunters’ operate

much faster to significantly increase the likelihood of discovering hostile actors operating malware on a network.

Identity Analytics helps our customers uncover hidden insights buried in massive amounts of structured and unstructured data

at speed. Our identity analytics offering runs natively on Hadoop, and we excel when clients need to cross-query and explore

large disparate data sets that were never intended to be analyzed together.

Social/Open Source Analytics helps customers extract, manage and understand data from social networks, public websites and

traditional media sources, and thereby tie insights from these varied sources together. This emerging area of analytics allows

organization to view problem sets from a new perspective and understand trends in sentiment and influence.

Our technologies are often disruptive, solving particularly tough problems not addressed by other enterprise offerings. But, we

are committed to open source development, open APIs and standardized hardware helping our customers leverage their existing

enterprise investments. Whether it’s solving a security or intelligence problem of national significance or providing customer

insights that spark business growth, we deliver.

Ownership: Private



7921 Jones Branch Drive

McLean, VA 22102

571-282-3000

www.nowforce.com


COMPANY PROFILES

Source: Company



NowForce

Sector: Security, Campus Security, Public Safety

NowForce offers comprehensive mobile solutions for security, campus security, and public safety organizations, enabling reduced

response times, full situational awareness, and enhanced communications. NowForce offers personal safety and SOS apps, a

cloud-based computer aided dispatch system, and mobile response tools including blue-force tracking. The company’s solutions

make it simple for agencies to locate personnel and people in distress and dispatch the closest available responder to any incident.

NowForce’s customers include campus and private security organizations, federal agencies, and law enforcement, fire and EMS

departments. NowForce is an affordable, user-friendly solution for agencies of any size, available either as Software-as-a-Service

(secured cloud) or as an on-site installation.

Ownership: Private



US Office:

8720 Georgia Avenue, Suite 906

Silver Spring, MD 20910

Tel: (240) 752-9500

Israel Office:

16 Hartum Street

Jerusalem, Israel 91451

Tel: +972-2-565-8700

www.nowforce.com


COMPANY PROFILES

OpSec Security Group plcOpSec Security Group plc (AIM:OSG) 40 Phoenix Road Crowther

12/5/2014 Washington, Tyne and Wear NE38 0ADUnited Kingdom

44 19 1417 5434

Market Information as of 12/5/2014 Cap Structure (mm) 3/31/2014 Historical Financials ($mm exc per share data)Ticker AIM:OSG FD Shares (Wt Avg) 77.5 2011 2012 2013 2014 LTM YTD 13 YTD 14Latest Close Price $0.50 Market Cap $39.0 Sales $64.8 $61.2 $78.5 $92.6 $92.6 $78.5 $92.652 Week Hi - Low $0.80 - $0.47 Total Debt $23.9 Gross Profit 28.7 24.3 31.8 34.5 34.5 31.8 34.5LTM Stock Performance -39.8% Cash $4.3 SG&A 23.7 21.6 27.3 31.8 31.8 27.3 31.8Float (Shares in mm) 34.6 Preferred $0.0 EBITDA 7.9 5.4 7.1 5.7 5.7 7.1 5.7Short Interest (as % of Float) N/A Minority Interest $0.0 EBIT 4.0 1.9 1.6 (1.1) (1.1) 1.6 (1.1)Avg. Day Vol - 3 mos (000s) 2.3 Enterprise Value $58.6 Net Income 2.2 (3.0) (2.6) (3.8) (3.8) (2.6) (3.8)Dividend/sh (latest annualized) $0.00 Book Value of Equity $57.6Dividend yield 0.0% Tangible Book Value ($3.2) CFO $2.9 $0.5 $10.7 $2.2 $2.2 $10.7 $2.2

Capex (1.6) (2.1) (4.4) (3.6) (3.6) (4.4) (3.6)Liquidity (mm) 3/31/2014 FCF 1.3 (1.6) 6.3 (1.4) (1.4) 6.3 (1.4)Available N/A FCF/Share 0.02 (0.02) 0.08 (0.02) (0.02) 0.08 (0.02)Liquidity (Available + Cash) N/A


Company Info Balance Sheet Metrics 3/31/2014 Performance RatiosSector Security Systems & Services Days Sales Out 61 2011 2012 2013 2014 LTM YTD 13 YTD 14Last Reported Qtr 3/31/2014 Days Inv On Hand 52 YoY Rev Grth 15.3% -5.1% 35.1% 7.4% 7.4% 35.1% 7.4%Currency GBP Days Payable Out 60 Gross Margin 44.3% 39.6% 40.5% 37.2% 37.2% 40.5% 37.2%Employees 429 Net Work Cap % of Rev -0.5% SG&A / Sales 36.6% 35.3% 34.7% 34.4% 34.4% 34.7% 34.4%Website www.opsecsecurity.com Net Fixed Assets % Rev 14.0% EBITDA Margin 12.2% 8.7% 9.0% 6.2% 6.2% 9.0% 6.2%Telephone 44 19 1417 5434 Cash / Share $0.06 EBIT Margin 6.1% 3.1% 2.0% NM NM 2.0% NMNext Earnings Date 6/12/2015 Book Value / Share $0.74 Net Margin 3.4% NM NM NM NM NM NM

TBV / Share ($0.04) ROIC % 24.7% NM 10.7% -8.4% -8.4% 10.7% -8.4%


Interest As of Scheduled Maturities (from Latest Annual Report) Redeemable TradeCapitalization Table (in mm) Coupon Expense Maturity 3/31/2014 (in mm) Debt (1) Shares Payables

Cash 4.3$ Less Than 6 Months $3.1 $0.0 $24.8JP Morgan Chase Loan 2.3% 0.3 Apr-19 12.2 6 to 12 Months 1.1 0.9 0.0Revolving Credit Facility N/A N/A N/A 2.0 1 - 2 Years 2.1 0.9 0.0Redeemable Convertible Preferred 7.5% 0.7 Apr-19 9.7 2 - 5 Years 6.1 2.6 0.0Total Debt 23.9 5+ Years 0.5 0.0 0.0Net Debt 19.6 Total $12.9 $1.8 $24.8Preferred Equity - Minority Interest - (1) Net of unamortized arrangement fee.Shareholders' Equity (Book) 57.6 Total Capital 81.5$




While this summary is in circulation, Imperial Capital, LLC ("IC") or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in the case of equity securities and certain debt securities,standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market making activities as of the date hereof, while this summary is in circulation IC may begin or discontinue such marketmaking activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

OpSec Security Group plc, an investment holding company, supplies anti-counterfeiting technologies and services to governments and corporations. The company operates through two segments,American Operations and EMEA Operations. It provides solutions to combat counterfeiting and the related problems of diversion, grey marketing, and online brand abuse. The company alsomanufactures security holograms and optical security devices; develops software; and provides Internet monitoring services. In addition, it offers brand protection solutions, including productauthentication, secure product tracking, consumer engagement, online brand protection, and license management services to licensing, fashion/apparel, electronics, pharmaceuticals, auto/industrial, andconsumer goods industries. Further, the company provides government protection solutions, such as authentication technologies, and proprietary imaging processes and equipment for passport and IDcard security, vehicle identification, tax stamp solutions, security labels, banknote security, security foils, and optical devices. Additionally, it offers transaction card solutions comprising hot stampholograms, holomag magnetic stripes, holographic branding devices, prepaid card solutions, and packaging solutions. The company sells its products and solutions through direct sales force; and anetwork of agents worldwide. OpSec Security Group plc was founded in 1983 and is headquartered in Washington, the United Kingdom.

Notes: None.


COMPANY PROFILES

OSI Systems, Inc.OSI Systems, Inc. (OSIS) 12525 Chadron Avenue

12/4/2014 Hawthorne, California90250

310-978-0516

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker OSIS FD Shares (Wt Avg) 20.5 2011 2012 2013 2014 LTM YTD 13 YTD 14Latest Close Price $71.77 Market Cap $1,473.4 Sales $656.1 $793.0 $802.0 $906.7 $918.9 $206.3 $218.452 Week Hi - Low $76.56 - $69.30 Total Debt $44.1 Gross Profit 239.3 268.6 290.4 305.0 311.3 67.9 74.2LTM Stock Performance -1.3% Cash $37.3 SG&A 142.6 151.7 159.8 166.9 168.8 42.2 44.2Float (Shares in mm) 18.6 Preferred $0.0 EBITDA 69.7 87.5 109.9 147.6 156.6 25.9 35.0Short Interest (as % of Float) 2.1% Minority Interest $0.0 EBIT 51.2 67.3 82.4 93.3 97.5 13.1 17.3Avg. Day Vol - 3 mos (000s) 175.0 Enterprise Value $1,480.2 Net Income 33.4 45.5 44.1 47.9 52.7 6.4 11.2Dividend/sh (latest annualized) $0.00 Book Value of Equity $522.2Dividend yield 0.0% Tangible Book Value $377.1 CFO $40.1 $120.6 $58.7 $129.2 $154.4 $6.2 $31.5

Capex (13.4) (68.5) (157.4) (54.6) (49.8) (8.0) (3.1)Liquidity (mm) 9/30/2014 FCF 26.7 52.1 (98.7) 74.6 104.6 (1.7) 28.3Available $834.8 FCF/Share 1.30 2.54 (4.81) 3.63 5.10 (0.08) 1.38Liquidity (Available + Cash) $872.1


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Homeland Security & Public Safety Days Sales Out 72 2011 2012 2013 2014 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 148 YoY Rev Grth 10.2% 20.9% 1.1% 13.1% 11.2% 13.5% 5.9%Currency USD Days Payable Out 50 Gross Margin 36.5% 33.9% 36.2% 33.6% 33.9% 32.9% 34.0%Employees 5,607 Net Work Cap % of Rev 28.0% SG&A / Sales 21.7% 19.1% 19.9% 18.4% 18.4% 20.5% 20.2%Website www.osi-systems.com Net Fixed Assets % Rev 27.2% EBITDA Margin 10.6% 11.0% 13.7% 16.3% 17.0% 12.6% 16.0%Telephone 310-978-0516 Cash / Share $1.82 EBIT Margin 7.8% 8.5% 10.3% 10.3% 10.6% 6.3% 7.9%Next Earnings Date 1/22/2015 Book Value / Share $25.44 Net Margin 5.1% 5.7% 5.5% 5.3% 5.7% 3.1% 5.2%

TBV / Share $18.37 ROIC % 21.0% 19.6% 15.9% 18.0% 19.2% 2.4% 3.4%


Interest As of Scheduled Maturities (from Latest 10K) Operating PurchaseCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Total Debt Leases Obligation

Cash 37.3$ Less than 1 Year $26.8 $9.6 $45.2Bank Lines of Credit L+ 1.25% 0.4$ May-19 30.0 2-3 Years 4.9 8.6 0.3Long Term Debt Various Various Various 14.1 4-5 Years 3.7 2.0 0.0Total Debt 44.1$ After 5 Years 1.8 0.0 0.0Net Debt 6.8 Total $37.3 $20.2 $45.5Preferred Equity - Minority Interest - Shareholders' Equity (Book) 522.2 Total Capital 566.3$



$0.4$1.1$6.4$8.0



OSI Systems, Inc. designs and manufactures specialized electronic systems and components worldwide. The company’s Security division provides security screening, threat detection, and non-intrusive inspection products and services under the Rapiscan Systems trade name. Its products include baggage and parcel inspection, cargo and vehicle inspection, hold baggage screening,people screening, radiation detection, and trace detection systems. This division also offers various turnkey security screening solutions under the S2 trade name. The company’s Healthcaredivision provides patient monitoring, diagnostic cardiology, anesthesia delivery and ventilation systems, and related accessories under the Spacelabs and Statcorp Medical names for care providersin critical care, emergency, and perioperative areas within hospitals, as well as physician’s offices, medical clinics, and ambulatory surgery centers. Its Optoelectronics and Manufacturing divisionoffers optoelectronic devices for the aerospace and defense, avionics, medical imaging and diagnostic, biochemistry analysis, pharmaceutical, nanotechnology, telecommunications, construction,and homeland security markets under the OSI Optoelectronics name; and electronics manufacturing services to original equipment manufacturers under the OSI Electronics and APlus Productsname. The company was founded in 1987 and is headquartered in Hawthorne, California.

Notes: June 23, 2014 - OSI is awarded a $102 million contract from the U.S. Department of defense for cargo and vehicle inspection systemsMay 29, 2014 - OSI increased its Senior Secured Credit Facility to $450 million

Defined benefitPlan Obligation

$0.2


COMPANY PROFILES

Prosegur Compañía de Seguridad, S.A.Prosegur (PSG-MC) Calle Pajaritos, 24

12/5/2014 Madrid Spain

Market Information as of 12/5/2014 Cap Structure (mm) 9/30/2014 Historical Financials (€mm exc per share data)Ticker CATS:PSG FD Shares (Wt Avg) 434.3 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price € 4.78 Market Cap € 2,075.8 Sales € 2,566.5 € 2,816.0 € 3,669.1 € 3,695.2 € 3,718.2 € 2,753.3 € 2,776.352 Week Hi - Low € 5.50 - € 4.16 Total Debt € 984.1 Gross Profit 652.5 692.5 850.7 864.8 869.3 298.7 303.2LTM Stock Performance 2.6% Cash € 301.4 SG&A 249.9 21.7 498.0 491.9 491.9 0.0 0.0Float (Shares in mm) 162.9 Preferred € 0.0 EBITDA 346.7 365.2 451.2 458.5 463.0 298.7 303.2Short Interest (as % of Float) 0.0% Minority Interest € 0.0 EBIT 263.4 285.8 345.6 352.6 361.2 207.2 215.8Avg. Day Vol - 3 mos (000s) 925.6 Enterprise Value € 2,758.5 Net Income 160.8 167.4 171.9 155.9 158.5 106.0 108.6Dividend/sh (latest annualized) € 0.11 Book Value of Equity € 837.8Dividend yield 2.2% Tangible Book Value -€ 36.1 CFO € 201.4 € 162.7 € 135.9 € 287.4 € 282.1 € 180.0 € 174.7

Capex (70.6) (100.4) (79.7) (119.8) (124.8) (78.5) (83.5)Liquidity (mm) 9/30/2014 FCF 130.8 62.3 56.2 167.7 157.4 101.5 91.2Available € 295.0 FCF/Share 0.30 0.14 0.13 0.39 0.36 0.23 0.21Liquidity (Available + Cash) € 596.4


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 110 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 8 YoY Rev Grth 17.4% 9.7% 30.3% 0.7% -0.6% 2.0% 0.8%Currency EUR Days Payable Out 109 Gross Margin 25.4% 24.6% 23.2% 23.4% 23.4% 10.8% 10.9%Employees 155,272 Net Work Cap % of Rev 7.3% SG&A / Sales 9.7% 0.8% 13.6% 13.3% 13.2% 0.0% 0.0%Website www.prosegur.com Net Fixed Assets % Rev 13.2% EBITDA Margin 13.5% 13.0% 12.3% 12.4% 12.5% 10.8% 10.9%Telephone N/A Cash / Share € 0.69 EBIT Margin 10.3% 10.1% 9.4% 9.5% 9.7% 7.5% 7.8%Next Earnings Date 2/26/2015 Book Value / Share € 1.93 Net Margin 6.3% 5.9% 4.7% 4.2% 4.3% 3.8% 3.9%

TBV / Share -€ 0.08 ROIC % 53.2% 45.4% 42.2% 51.0% 47.5% 26.3% 28.4%


Interest As of Scheduled Maturities (from Annual Report) Syndicated Credit Leasing OtherCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Bonds Loans Loan Accounts Debts Debts

Cash € 301.4 Less Than 1 Year € 13.8 € 82.2 € 31.1 € 42.7 € 9.2 € 71.8Bonds 2.75% € 13.8 Apr-18 500.0 1 - 5 Years 555.0 249.9 130.1 0.0 17.3 86.8Other Borrowings Various Various Various 484.1 Over 5 Years 0.0 4.5 0.0 0.0 0.2 1.6Total Debt € 984.1 Total € 568.8 € 336.6 € 161.2 € 42.7 € 26.7 € 160.2Net Debt 682.7Preferred Equity - Minority Interest - Shareholders' Equity (Book) 837.8Total Capital € 1,821.9





Prosegur Compañía de Seguridad, S.A. provides integrated and specialized security services in Europe, Latin America, and the Asia-Pacific. The company offers consulting services comprisingsecurity auditing and assessment, emergency and evacuation management, security plans, information security, and infrastructure and business continuity services, and manned guardingsolutions. It also provides services for bank branches, including cash in transit, ATM outsourcing, cash machines management, branch forecasting, bank staff outsourcing, and multi-agencyservices. The company was founded in 1976 and is based in Madrid, Spain. Prosegur Compañía de Seguridad, S.A. is a subsidiary of GUBEL, S.L.

Notes:


COMPANY PROFILES

Qualys, Inc.Qualys, Inc. (QLYS) 1600 Bridge Parkway

12/4/2014 Redwood City, California94065

650-801-6100

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker QLYS FD Shares (Wt Avg) 37.1 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $34.35 Market Cap $1,273.7 Sales $65.4 $76.2 $91.4 $108.0 $126.0 $78.9 $97.052 Week Hi - Low $37.29 - $18.00 Total Debt $0.0 Gross Profit 54.2 63.0 73.0 83.3 98.1 60.8 75.6LTM Stock Performance 39.0% Cash $113.4 SG&A 37.2 40.4 49.8 59.3 67.6 43.0 51.2Float (Shares in mm) 22.3 Preferred $0.0 EBITDA 5.8 8.3 10.3 11.9 16.6 9.1 13.9Short Interest (as % of Float) 4.2% Minority Interest $0.0 EBIT 1.2 2.9 3.0 2.3 5.3 2.1 5.0Avg. Day Vol - 3 mos (000s) 263.8 Enterprise Value $1,160.3 Net Income 0.8 2.0 2.3 1.6 4.5 1.6 4.5Dividend/sh (latest annualized) $0.00 Book Value of Equity $119.7Dividend yield 0.0% Tangible Book Value $117.3 CFO $9.9 $17.2 $22.0 $25.1 $35.0 $15.2 $25.1



Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Information Security Days Sales Out 80 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth 13.9% 16.5% 20.0% 18.1% 21.7% 18.2% 22.9%Currency USD Days Payable Out 20 Gross Margin 82.9% 82.6% 79.9% 77.2% 77.8% 77.0% 77.9%Employees 418 Net Work Cap % of Rev -39.0% SG&A / Sales 56.9% 53.0% 54.5% 54.9% 53.6% 54.4% 52.8%Website www.qualys.com Net Fixed Assets % Rev 19.7% EBITDA Margin 8.8% 10.9% 11.3% 11.0% 13.2% 11.6% 14.3%Telephone 650-801-6100 Cash / Share $3.06 EBIT Margin 1.8% 3.8% 3.3% 2.1% 4.2% 2.6% 5.2%Next Earnings Date 2/10/2015 Book Value / Share $3.23 Net Margin 1.3% 2.6% 2.5% 1.5% 3.6% 2.0% 4.6%

TBV / Share $3.16 ROIC % NM -15.3% -13.7% -9.6% -21.6% -11.7% -20.7%


Interest As of Scheduled Maturities (from Latest 10Q) OperatingCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Leases

Cash 113.4$ Less than 1 Year $1.0Total Debt - 1 - 2 Years 5.3Net Debt (113.4) 3 -4 Years 2.3Preferred Equity - 5 Years and thereafter 1.3Minority Interest - Total $10.0Shareholders' Equity (Book) 119.7 Total Capital 119.7$





Qualys, Inc. provides cloud security and compliance solutions to enterprises, government entities, and small and medium-sized businesses in the United States and internationally. The companyoffers QualysGuard cloud suite of solutions, such as Vulnerability Management, Web Application Scanning, Malware Detection Service, Web Application Firewall, Policy Compliance, PCICompliance, and Qualys SECURE Seal. Its integrated suite of security and compliance solutions delivered on its QualysGuard Cloud Platform enables customers to identify their IT assets, collectand analyze large amounts of IT security data, discover and prioritize vulnerabilities, recommend remediation actions, and verify the implementation of such actions. It also provides QualysGuardcore services, including asset tagging and management, reporting and dashboards, questionnaires and collaboration, remediation and workflow, big data correlation and analytics engine, and alertsand notifications, which enable integrated workflows, management and real-time analysis, and reporting across IT security and compliance solutions. The company was founded in 1999 and isheadquartered in Redwood City, California.

Notes:


COMPANY PROFILES

Source: Company



Quantum Secure

Sector: Physical Identity and Access Management

Quantum Secure is headquartered in Silicon Valley, California and entered the market as the leader in Physical Identity and Access

Management (PIAM) enterprise software to address challenges associated with physical identities and their related access lifecycle

management, audit and compliance pressures in a diverse and disjointed physical security infrastructure. Through its SAFE suite of

software, Quantum Secure enables security practitioners to integrate physical security systems, automate processes and simplify

control of employees, visitors and contractors across their organization and maintain compliance, 24/7.

“Physical identity and access management (PIAM) deployments are increasing due to technology and product development,

compliance mandates, a greater desire to manage alternative user populations such as on-premises visitors and contractors, and

a sharp emphasis on timely and secure access.”– Gartner1

Quantum Secure is the fastest growing company in the physical security space with YoY growth of 50% on average in the last 5

years, and has been profitable the last 6 years. With over 100 customers in a variety of verticals, customers include strategic names

such as the new World Trade Center and the Port Authority of New York/New Jersey, Oracle Corporation, Visa International, United

Health Care, AT&T, AMD, Nvidia Corp, the US Dept. of Energy, the US Department of Veterans Affairs, OI Telecom, Pacific Gas &

Electric, Salt River Project, San Francisco International Airport, Phoenix Sky Harbor, Port of Seattle, Toronto Pearson Intl Airport,

Fifth Third Bank, Lawrence Livermore National Laboratory, Adobe Systems, Juniper, Symantec, the US Dept. of Health and Human

Services, Cincinnati’s Children’s Hospital Medical Center, the US Federal Food and Drug Administration, the Empire State Building

and more.

Quantum Secure has offices around the globe, including the United Kingdom, India, United Arab Emirates, Latin America and

offices throughout the United States.

Ownership: Private


Annual Revenues: YoY Growth of 50% on Average

100 Century Center Court, Suite 800

San Jose, CA 95112

www.quantumsecure.com


COMPANY PROFILES

Source: Company



Qylur Security Systems Inc.

Sector: Electronic Equipment and Instruments

Qylur Security Systems Inc. provides security solutions for large scale public venues. It offers security checkpoint systems for

stadiums and amusement parks, public transportation sites, the aviation sector, land mark buildings, casinos, hotels, malls, secure

facilities, and mail and parcel screening facilities; and security-screening kiosks for sports and entertainment venues, monuments,

and transportation hubs. The company was incorporated in 2005 and is based in Palo Alto, California.

Ownership: Private



1015 East Meadow Circle

Palo Alto, CA 94303

Phone: 650.845.2000

Fax: 650.845.2004

www.qylur.com


COMPANY PROFILES

Radware Ltd.Radware Ltd. (RDWR) 22 Raoul Wallenberg Street

12/4/2014 Tel Aviv, Israel 69710Information Security

972 3 766 8666

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker RDWR FD Shares (Wt Avg) 46.6 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $20.51 Market Cap $955.5 Sales $144.1 $167.0 $189.2 $193.0 $213.9 $140.0 $160.952 Week Hi - Low $21.2 - $15.7 Total Debt $0.0 Gross Profit 114.9 133.7 153.5 156.3 174.7 113.3 131.7LTM Stock Performance 20.6% Cash $137.7 SG&A 74.8 79.2 86.3 93.7 106.2 71.1 83.5Float (Shares in mm) 32.4 Preferred $0.0 EBITDA 17.5 28.7 40.8 29.7 31.7 19.4 21.4Short Interest (as % of Float) 0.4% Minority Interest $0.0 EBIT 8.5 18.4 30.9 21.6 25.0 12.0 15.4Avg. Day Vol - 3 mos (000s) 245.7 Enterprise Value $817.7 Net Income 9.6 21.3 31.8 18.1 21.5 12.3 15.8Dividend/sh (latest annualized) $0.00 Book Value of Equity $314.7Dividend yield 0.0% Tangible Book Value $280.9 CFO $41.0 $42.0 $51.5 $30.2 $0.0 $0.0 $0.0

Capex (5.7) (5.7) (9.3) (8.7) 0.0 0.0 0.0Liquidity (mm) 9/30/2014 FCF 35.3 36.3 42.2 21.5 0.0 0.0 0.0Available $0.0 FCF/Share 0.76 0.78 0.91 0.46 0.00 0.00 0.00Liquidity (Available + Cash) $137.7


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Information Security Days Sales Out 50 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 141 YoY Rev Grth 32.3% 15.9% 13.3% 2.0% 12.7% 0.5% 14.9%Currency USD Days Payable Out 74 Gross Margin 79.7% 80.0% 81.1% 81.0% 81.7% 80.9% 81.9%Employees 805 Net Work Cap % of Rev -8.5% SG&A / Sales 51.9% 47.4% 45.6% 48.6% 49.6% 50.8% 51.9%Website www.radware.com Net Fixed Assets % Rev 9.0% EBITDA Margin 12.1% 17.2% 21.6% 15.4% 14.8% 13.8% 13.3%Telephone 972 3 766 8666 Cash / Share $2.96 EBIT Margin 5.9% 11.0% 16.3% 11.2% 11.7% 8.5% 9.5%Next Earnings Date 1/28/2015 Book Value / Share $6.76 Net Margin 6.7% 12.8% 16.8% 9.4% 10.1% 8.8% 9.8%

TBV / Share $6.03 ROIC % NM NM NM NM 2484.0% 522.5% 1527.4%



Cash 137.7$ Less than 1 Year $3.1Public Notes - 2015 1.8 Total Debt - 2016 1.0 Net Debt (137.7) 2017 0.6 Preferred Equity - 2018 & Thereafter 0.1 Minority Interest - Total $6.6Shareholders' Equity (Book) 314.7 Total Capital 314.7$





Radware Ltd. develops, manufactures, and markets application delivery and security solutions for virtual and cloud data centers worldwide. The company offers a wide range of applications andsolutions including Alteon NG, an application delivery solution for Web, cloud, and mobile based applications, Alteon Application Switch application for hardware, virtualized, and applicationdelivery controller virtual appliance, as well as cloud deployment and enterprise cloud and virtual application delivery infrastructure application delivery controller solutions. Radware also offersproducts to help enterprises and carriers optimize and protect their networks. The company primarily sells its products to independent distributors, equipment manufacturers, and systemintegrators. Radware Ltd. was founded in 1996 and is based in Tel Aviv, Israel.

Notes:


COMPANY PROFILES

Source: Company



RSI Video Technologies S.A.S.

Sector: Security Systems & Services

Established in 2000 and headquartered in Strasbourg, France, RSI is the only independent provider of complete alarm systems that

includes battery-operated video verification indoor and outdoor, wireless video motion viewers. RSI is well positioned in Europe

and North America with sales through distribution and direct to larger dealers / integrators and is expanding its sales globally

with local channel partners having generated sales in excess of 50 countries to date. Since inception, The Company has sold over

250,000 video alarm systems.

The Company has spent the last decade building this product suite and infrastructure required to capitalize on the acceleration

in the alarm monitoring industry’s inevitable adoption of wireless, battery operated systems and transitioning to video verified

alarm response. Recognizing that false alarm signals are a significant problem for the alarm industry (upwards of 90%+), the

Company was a first mover to develop a video verification solution combining a passive infrared (PIR) sensor with a video camera

able to transmit video clips to Monitoring Stations resulting in immediate Priority 1 police response (crime in progress) whereas

standard, blind alarms receive Priority 3 (or lower) response. As budgets continue to shrink and completion in the alarm monitoring

industry accelerates with new entrants like Telco and cable providers, management believes its solution will be an integral part of

a differentiated service offering. Underlying this premise is the Company’s success in the European market where it has grown to

be the largest provider of video verification.

Ownership: Private

Number of Employees: ~100


25, rue Jacobi-Netter

Strasbourg, Alsace 67200

France

Phone: 33 3 90 20 66 30

Fax: 33 3 88 29 04 00

www.videofied.com


COMPANY PROFILES

Source: Company



SAFE Security

Sector: Security

SAFE Security is a full service security alarm company that provides intrusion detection, smoke/fire monitoring and skilled customer

service to residential and commercial subscribers across the United States and Canada. SAFE offers the latest in security and

safety equipment technology from national manufacturers, including video and remote access through mobile smart devices and

Z-Wave® for home automation integration. SAFE’s national Dealer and Authorized Service Provider Programs bring participating

independent alarm dealers across the nation a reliable and consistent revenue source. SAFE’s platform also includes redundant,

UL certified central monitoring stations staffed with experienced operators to provide fast, expert response to subscribers. SAFE

also offers training and account management resources for alarm dealers and is well known in the security industry for stability

and integrity.

Founded in 1988, the SAFE Security family of companies now includes SAFE Monitoring Technologies, and California Security Alarms

based in San Ramon CA, and Safeguard Security based in Scottsdale AZ. SAFE has operations in 50 states, Puerto Rico and Canada.

Ownership: Private


Annual Revenues: $55 Million

2440 Camino Ramon, Suite 200

San Ramon, CA 94583

800.669.7779

www.safesecurity.com

www.safedealernet.com


COMPANY PROFILES

Source: Company



SecureNet Technologies, Inc.

Sector: Security and Home Automation Software-as-a-Service

SecureNet Technologies is a software services provider in the security and home automation market, operating under a monthly

recurring revenue model. The company’s services directly benefit several levels of the security market, including but not limited

to security service providers (alarm service wholesalers, dealers, and installers), central monitoring stations, and owners of homes

and businesses.

SecureNet began more than 20 years ago as a systems integrator, working primarily in the security space. Success in that business

led to us eventually operating our own central monitoring station and launching several software development projects to meet

the many needs that weren’t addressed by technologies available at the time.

Today, the SecureNet Platform is a true Security-as-a-Service: a single, powerful customer experience and a unified management

portal that bridges and connects a wide variety of alarm panels, central stations, and products and services in the home automation

space. Our services are enjoyed by hundreds of thousands of people and businesses worldwide.

SecureNet is headquartered in Orlando, Florida, with offices in Sydney, Australia, Austin Texas, and Provo Utah.

Ownership: Private



1135 Townpark Avenue

Lake Mary, Florida 32746

407.965.1655

www.securenettech.com


COMPANY PROFILES

Shenzhen Infinova LimitedShenzhen Infinova Limited (SZSE:002528) Boaan Dsitrict

12/4/2014 Shenzhen, GNG 518110China

86 755 8609 6000

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker SZSE:002528 FD Shares (Wt Avg) 493.5 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $2.20 Market Cap $1,085.3 Sales $73.4 $56.3 $121.5 $158.7 $150.2 $106.3 $99.852 Week Hi - Low $2.60 - $1.61 Total Debt $0.0 Gross Profit 41.4 30.5 58.6 76.8 72.8 54.7 51.6LTM Stock Performance -15.2% Cash $41.1 SG&A 24.5 32.8 62.3 71.2 75.2 49.4 54.3Float (Shares in mm) 108.2 Preferred $0.0 EBITDA 18.8 (0.6) (3.3) 4.5 (4.2) 4.1 (4.6)Short Interest (as % of Float) 0.0% Minority Interest $0.0 EBIT 18.1 (1.8) (6.2) 2.3 (5.9) 1.8 (6.3)Avg. Day Vol - 3 mos (000s) 8,288.7 Enterprise Value $1,044.2 Net Income 17.9 6.8 2.2 10.2 7.7 4.2 1.7Dividend/sh (latest annualized) $0.15 Book Value of Equity $351.2Dividend yield 7.0% Tangible Book Value $296.0 CFO $3.8 ($5.2) $13.6 ($5.3) $4.7 ($6.7) $3.3

Capex (2.3) (2.0) (1.7) (3.6) (4.9) (2.8) (4.1)Liquidity (mm) 9/30/2014 FCF 1.5 (7.1) 11.9 (9.0) (0.2) (9.6) (0.9)Available $0.0 FCF/Share 0.00 (0.01) 0.02 (0.02) (0.00) (0.02) (0.00)Liquidity (Available + Cash) $41.1


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector NextGen Surveillance Days Sales Out 114 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 202 YoY Rev Grth 28.5% -26.7% 113.4% 26.8% -2.9% 42.1% -5.9%Currency CNY Days Payable Out 69 Gross Margin 56.4% 54.2% 48.2% 48.4% 48.4% 51.5% 51.7%Employees 500 Net Work Cap % of Rev 155.9% SG&A / Sales 33.4% 58.2% 51.3% 44.9% 50.1% 46.5% 54.4%Website www.infinova.com.cn Net Fixed Assets % Rev 10.6% EBITDA Margin 25.7% NM NM 2.8% NM 3.8% NMTelephone 86 755 8609 6000 Cash / Share $0.08 EBIT Margin 24.6% NM NM 1.4% NM 1.7% NMNext Earnings Date 3/1/2015 Book Value / Share $0.71 Net Margin 24.3% 12.0% 1.8% 6.5% 5.1% 4.0% 1.8%

TBV / Share $0.60 ROIC % 41.3% -3.0% -9.7% 2.8% -2.4% 2.4% -2.5%


Interest As ofCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014

Cash 41.1$ Total Debt - Net Debt (41.1) Preferred Equity - Minority Interest - Shareholders' Equity (Book) 351.2 Total Capital 351.2$





Shenzhen Infinova Limited provides electronic security products and industry solutions in China and internationally. The company offers digital monitoring systems, analog monitoring systems,multi-task network exchange platforms, optical products, entrance guard systems, and night patrol systems under Infinova brand name; analog monitoring systems under AD brand name; andtraffic monitoring systems. It is also involved in commercial trading and software development activities, as well as provides security technology after-sale services. The company isheadquartered in Shenzhen, China.

Notes:


COMPANY PROFILES

SuperCom Ltd.SuperCom Ltd. (SPCB) 1 Arie Shenkar Street

12/4/2014 Herzliya, Israel4672514

972 9 889 0800

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker SPCB FD Shares (Wt Avg) 13.6 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $11.28 Market Cap $153.9 Sales $7.4 $7.9 $8.9 $8.8 $24.4 $5.9 $21.552 Week Hi - Low $14.15 - $3.81 Total Debt $0.0 Gross Profit 5.3 4.6 7.3 6.9 18.5 5.0 16.6LTM Stock Performance 139.0% Cash $5.5 SG&A 6.4 4.2 3.9 4.3 8.0 2.9 6.5Float (Shares in mm) 9.4 Preferred $0.0 EBITDA (1.4) (0.1) 1.9 1.7 7.4 1.7 7.3Short Interest (as % of Float) 2.9% Minority Interest $0.0 EBIT (1.4) (0.1) 1.8 1.7 7.3 1.7 7.3Avg. Day Vol - 3 mos (000s) 170.3 Enterprise Value $148.4 Net Income (2.0) 1.0 4.8 6.5 8.0 5.6 7.1Dividend/sh (latest annualized) $0.00 Book Value of Equity $29.1Dividend yield 0.0% Tangible Book Value $15.1 CFO ($1.2) ($0.2) $0.0 ($0.6) $0.0 $0.0 $1.6

Capex (0.0) (0.0) (0.0) (0.1) 0.0 0.0 (0.2)Liquidity (mm) 9/30/2014 FCF (1.2) (0.2) (0.0) (0.7) 0.0 0.0 1.4Available $0.0 FCF/Share (0.09) (0.02) (0.00) (0.05) 0.00 0.00 0.10Liquidity (Available + Cash) $5.5


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Security Systems & Services Days Sales Out 103 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand 57 YoY Rev Grth -20.6% 7.2% 12.9% -1.3% 166.9% 3.3% 262.8%Currency USD Days Payable Out 129 Gross Margin 72.2% 58.3% 81.9% 78.5% 75.8% 84.9% 77.2%Employees 58 Net Work Cap % of Rev 35.8% SG&A / Sales 86.5% 53.5% 43.8% 49.2% 32.8% 49.0% 30.5%Website www.supercom.com Net Fixed Assets % Rev 1.9% EBITDA Margin NM NM 20.7% 19.4% 30.2% 28.3% 34.1%Telephone 972 9 889 0800 Cash / Share $0.40 EBIT Margin NM NM 20.3% 18.9% 29.9% 27.9% 33.9%Next Earnings Date 3/23/2015 Book Value / Share $2.13 Net Margin NM 12.9% 53.9% 73.3% 32.8% 94.9% 33.2%

TBV / Share $1.10 ROIC % 51.6% 3.0% 1766.0% 114.2% 79.4% 57.1% 79.3%


Interest As of Scheduled Maturities (from Latest 20F) OperatingCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Leases

Cash 5.5$ Less than 1 Year $0.6Total Debt 0.0 1 - 3 Years 0.6Net Debt (5.5) 3 - 5 Years 0.0Preferred Equity - 5 Years & Thereafter 0.0Minority Interest - Total $1.1Shareholders' Equity (Book) 29.1 Total Capital 29.1$





SuperCom Ltd. provides traditional and digital identity solutions to government, and private and public organizations worldwide. The company offers real-time positioning, tracking, monitoring,and verification solutions enabled by its PureRF wireless hybrid suite of products and technologies that are connected to a Web-based, secure, proprietary, and interactive interface. Its PureRFsuite is a location position system solution based on active RFID tag technology that facilitates commercial customers and governmental agencies to identify, locate, track, monitor, count, andprotect people and objects, including inventory and vehicles. The company was formerly known as Vuance Ltd. and changed its name to SuperCom Ltd. in January 2013. SuperCom Ltd. wasfounded in 1988 and is headquartered in Herzliya, Israel.

Notes:


COMPANY PROFILES

Varonis Systems, Inc.Varonis Systems, Inc. (VRNS) 1250 Broadway 31st Floor

12/4/2014 New York, NYUnited States877-292-8767

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker VRNS FD Shares (Wt Avg) 24.5 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $24.01 Market Cap $588.6 Sales $28.9 $39.8 $53.4 $74.6 $93.3 $48.9 $67.652 Week Hi - Low $56.8 - $17.5 Total Debt $0.0 Gross Profit 26.5 36.3 48.5 68.1 84.2 44.4 60.5LTM Stock Performance N/A Cash $115.3 SG&A 19.9 26.6 35.0 53.0 73.8 36.7 57.5Float (Shares in mm) 8.5 Preferred $0.0 EBITDA (0.9) (3.0) (1.1) (5.0) (14.9) (6.9) (16.7)Short Interest (as % of Float) 16.7% Minority Interest $0.0 EBIT (1.2) (3.4) (1.6) (5.8) (16.0) (7.4) (17.6)Avg. Day Vol - 3 mos (000s) 169.0 Enterprise Value $473.3 Net Income (2.8) (3.8) (4.8) (7.5) (17.6) (9.0) (19.1)Dividend/sh (latest annualized) $0.00 Book Value of Equity $93.1Dividend yield 0.0% Tangible Book Value $93.1 CFO $1.5 $1.3 $1.7 $0.1 ($5.4) $0.8 ($4.6)

Capex (0.6) (0.6) (0.9) (1.3) (2.3) (0.8) (1.7)Liquidity (mm) 9/30/2014 FCF 0.9 0.7 0.8 (1.3) (7.6) (0.0) (6.4)Available $15.0 FCF/Share 0.04 0.03 0.03 (0.05) (0.31) (0.00) (0.26)Liquidity (Available + Cash) $130.3


Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Systems Software Days Sales Out 69 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth 0.0% 37.8% 34.3% 39.7% 38.3% 40.4% 38.2%Currency USD Days Payable Out 86 Gross Margin 91.7% 91.1% 90.8% 91.3% 90.3% 90.8% 89.5%Employees 789 Net Work Cap % of Rev -22.4% SG&A / Sales 69.0% 66.9% 65.5% 71.0% 79.1% 75.1% 85.1%Website www.varonis.com Net Fixed Assets % Rev 2.9% EBITDA Margin NM NM NM NM NM NM NMTelephone 877-292-8767 Cash / Share $4.70 EBIT Margin NM NM NM NM NM NM NMNext Earnings Date 2/6/2015 Book Value / Share $3.80 Net Margin NM NM NM NM NM NM NM

TBV / Share $3.80 ROIC % NM 92.7% 27.4% 66.1% 88.2% 60.5% 96.9%


Interest As of Scheduled Maturities (from Latest 10Q) OperatingCapitalization Table (in mm) Coupon Expense Maturity 9/30/2014 (in mm) Leases

Cash 115.3$ 2014 $0.7Promissory Note 3.1% N/A Mar-15 - 2015 1.9Total Debt - 2016 3.3Net Debt (115.3) 2017 2.6Preferred Equity - 2018 2.7Minority Interest - Thereafter 20.2Shareholders' Equity (Book) 93.1 Total $31.3Total Capital 93.1$





Varonis Systems, Inc. provides software solutions for enterprises to map, analyze, manage, and migrate their unstructured data. Its Metadata Framework technology platform extracts metadata ordata about data, from an enterprise’s IT infrastructure and uses this contextual information to map functional relationships among employees, data objects, content, and usage. It also providesIDU Classification Framework that identifies and tags data based on criteria set in various metadata dimensions, and provides business and IT personnel with actionable intelligence about thisdata and provides recommendations for how to effectively limit access without disrupting workflow. Varonis Systems, Inc. was incorporated in 2004 and is headquartered in New York, New York.

Notes: On March 5, 2014, the Company closed its initial public offering (“IPO”) whereby 5,300,436 shares of common stock were sold by the Company to the public. Upon the closing of the IPO,all shares of the Company’s outstanding convertible preferred stock automatically converted into 15,082,141 shares of common stock, and outstanding warrants to purchase convertible preferredstock automatically converted into warrants to purchase 122,572 shares of common stock.


COMPANY PROFILES

Verint Systems Inc.Verint Systems Inc. (VRNT) 330 South Service Road

12/4/2014 Melville, NY 11747United States631-962-9600

Market Information as of 12/4/2014 Cap Structure (mm) 7/31/2014 Historical Financials ($mm exc per share data)Ticker VRNT FD Shares (Wt Avg) 57.2 2011 2012 2013 2014 LTM YTD 13 YTD 14Latest Close Price $58.75 Market Cap $3,358.0 Sales $726.8 $782.6 $839.5 $907.3 $1,014.3 $427.2 $534.252 Week Hi - Low $60.25 - $36.67 Total Debt $732.0 Gross Profit 497.5 526.7 572.4 613.1 672.2 287.3 346.4LTM Stock Performance 62.2% Cash $226.0 SG&A 297.4 289.4 306.0 324.3 369.3 162.9 207.9Float (Shares in mm) 54.2 Preferred $0.0 EBITDA 115.0 124.4 146.8 163.9 146.8 65.2 48.1Short Interest (as % of Float) 4.3% Minority Interest $9.0 EBIT 73.1 91.0 111.2 125.3 95.6 45.2 15.4Avg. Day Vol - 3 mos (000s) 477.3 Enterprise Value $3,873.0 Net Income 25.6 37.0 54.0 53.8 61.1 8.4 15.7Dividend/sh (latest annualized) $0.00 Book Value of Equity $1,020.4Dividend yield 0.0% Tangible Book Value ($592.7) CFO $70.5 $106.5 $123.4 $178.3 $176.0 $72.7 $70.4



Company Info Balance Sheet Metrics 7/31/2014 Performance RatiosSector Application Software Days Sales Out 72 2011 2012 2013 2014 LTM YTD 13 YTD 14Last Reported Qtr 7/31/2014 Days Inv On Hand 20 YoY Rev Grth 3.3% 7.7% 7.3% 8.1% 18.3% 4.4% 25.0%Currency USD Days Payable Out 62 Gross Margin 68.5% 67.3% 68.2% 67.6% 66.3% 67.2% 64.8%Employees 4,600 Net Work Cap % of Rev -7.2% SG&A / Sales 40.9% 37.0% 36.5% 35.7% 36.4% 38.1% 38.9%Website www.verint.com Net Fixed Assets % Rev 5.5% EBITDA Margin 15.8% 15.9% 17.5% 18.1% 14.5% 15.3% 9.0%Telephone 631-962-9600 Cash / Share $3.95 EBIT Margin 10.1% 11.6% 13.2% 13.8% 9.4% 10.6% 2.9%Next Earnings Date 12/4/2014 Book Value / Share $17.85 Net Margin 3.5% 4.7% 6.4% 5.9% 6.0% 2.0% 2.9%



Interest As of Scheduled Maturities (from Latest 10K) Operating Purchase OtherCapitalization Table (in mm) Coupon Expense Maturity 7/31/2014 (in mm) Debt Leases Obligation Obligation

Cash 226.0$ Less than 1 year $32.6 $15.3 $42.4 $0.2Convertible Senior Notes 1.5% 4.8 Jun-21 321.1 1 - 3 Years 64.4 21.3 3.7 0.3February 2014 Term Loans 3.5% 4.6 Sep-19 130.5 3 - 5 Years 63.3 10.4 - - March 2014 Term Loans 3.5% 9.8 Sep-19 280.4 5 Years & Thereafter 627.4 27.7 - - Total Debt 732.0 Total $787.7 $74.7 $46.1 $0.5Net Debt 506.0 Preferred Equity - Minority Interest 9.0 Shareholders' Equity (Book) 1,020.4 Total Capital 1,761.5$




While this summary is in circulation, Imperial Capital, LLC ("IC") or its affiliates may, from time to time, make purchases or sales for their own accounts of securities of any entity. IC’s market making may constitute, in the case of equity securities and certain debtsecurities, standing ready to make purchases or sales of securities on a regular or continuous basis or quoting markets in debt securities. Notwithstanding IC’s market making activities as of the date hereof, while this summary is in circulation IC may begin or discontinuesuch market making activity for any entity. IC is a member of FINRA (www.finra.org) and SIPC (www.SIPC.org).

Verint Systems Inc. provides Actionable Intelligence solutions and value-added services worldwide. Its Enterprise Intelligence Solutions segment offers customer engagement optimization, securityintelligence, and fraud, risk and compliance through quality monitoring, recording, voice biometrics/fraud detection, voice of the customer analytics, workforce management, and public safety workforceoptimization. The company also provides implementation, training, and maintenance support services. It serves government, law enforcement, transportation, critical infrastructure, and commercialorganizations. The company sells its products primarily under the Impact 360, KANA, RELIANT, VANTAGE, STAR-GATE, ENGAGE, FOCAL-INFO, CYBERVISION, SIC, VIGIA, and Nextiva brands.The company was founded in 1994 and is headquartered in Melville, New York.

Notes:


COMPANY PROFILES

Source: Company



Verisure Securitas Direct

Sector: Home Security

Verisure Securitas Direct is Europe’s leading provider of professionally monitored home alarms and connected services for the

smart home. With more than 1.7 million customers in 14 countries, the company is number one in Europe and growing significantly

in South America.

The core focus is professionally monitored intrusion, fire and SOS alarms, including installation, 24/7 professional monitoring

alarm verification by camera detectors and intervention with callouts.

Verisure Securitas Direct has shown substantial growth in recent years, with a CAGR of 9.4% for the period 2008-2013. Since

launching in 1988, the company has expanded its customer base by maintaining a clear focus on quality customers. Expansion has

been achieved through organic growth and a few selective acquisitions to bolster our position in existing markets.

By bundling services and partnering with companies in complementary segments, the company is steadily extending its reach in

connected smart home services to areas like connected digital door locks, lighting and electrical devices, as well as indoor heating,

cooling and climate supervision. Partners include Panasonic, ASSA ABLOY, Somfy and Anticimex.

Connected services and products are integrated with the alarm system in the Verisure IQ ecosystem. Smart functions interact and

create new opportunities to monitor and control multiple applications simultaneously via the Verisure App.

Verisure Securitas Direct Group CEO is Austin Lally. Lars Nordmark is CFO and Dick Seger is President of Strategic Partnerships &

Alliances. Read more about Verisure Securitas Direct at www.verisure.com.

Ownership: Private

Number of Employees: 7,000

Annual Revenues: EUR 812 Million in 2013

Ångbåtsbron 1, box 392

201 23 Malmö, Sweden

+46 40 25 45 00

www.verisure.com


COMPANY PROFILES

Source: Company



Viakoo, Inc.

Sector: Cloud Service

Viakoo has live product, many happy customers, and a repeatable sales model. A practical application from the Internet of Things.

When video cameras are down, enterprise risk is up.

Viakoo cloud-service ensures operating stability and continuity by analyzing customer-premises video network infrastructure 24x7

and relaying actionable information to the phone app (Apple/Android) and desktop browser.

There are 300M video cameras in the world today. These cameras fail to record properly. They fail a lot. Often the owners don’t

know they have failed. When video is down, enterprise risk is up.

Viakoo is a monthly subscription that automatically detects, diagnoses, and recommends fixes to problems, many of which the

owner is otherwise unaware. Enterprises including eBay, Exelon, and the Port of Long Beach can pay $5/month per camera for this

service.

Customer Problem Security video applications create abnormally large and extreme workloads on computing infrastructure which lead to frequent

failures that cause degraded or missing video. Video is vital for enterprises to mitigate brand risk, limit legal liability, and reduce

adverse economic impact from unplanned events. When video is down, risk is up.

Products & Services Viakoo helps avoid video network disruptions, reduces downtime cost, and mitigates risk. The Viakoo cloud application examines

customer-premises video camera network infrastructure, 24x7, creating a log database that is examined to determine availability,

performance, and quality of video recording. Accurate, actionable information is returned to the customer in the form of advisories,

bulletins, and reports, to the phone app (Apple/Android) and desktop, accessed on-demand through a standard web portal.

Target Market We target maintenance contracts on existing video camera infrastructure. $3.1B Annual Recurring Revenue TAM.

Customers Where the “missing video” buck stops, we find our best customer. This is usually the CEO, CFO, CSO (Chief Security Officer), or CIO,

who have invested in video security to mitigate risk, and are dependent on the continuous flow and proper recording of video. End

users are found in gaming, transportation, healthcare, education, government, manufacturing, retail, and banking.

Ownership: Private



1100 La Avenida Street Bldg B

Mountain View, CA 94043

+1 855 858 3400

www.viakoo.com


COMPANY PROFILES

Source: Company



Vivint, Inc.

Sector: Home Automation and Security

Vivint is a leading provider of smart home technology. Vivint delivers services through a cloud-based platform that integrates a

wide range of wireless features and components to provide simple, affordable home security, energy management and home

automation. Vivint’s Home Automation package and Advanced Security package have received the Consumers Digest “Best

Buy” rating. Dedicated to redefining the home experience with intelligent products and services, Vivint supports nearly 900,000

customers throughout the U.S. and Canada.

Founded in 1999 as APX Alarm, Vivint is headquartered in Provo, Utah, and operates two monitoring stations and numerous sales

and services offices throughout the United States and Canada. Now with more than one million home automation systems sold,

Vivint has become one of the largest home automation providers in North America.

Ownership: Private

Number of Employees: 7,000

Annual Revenues: $501 Million

4931 North 300 West

Provo, Utah 84604

801.377.9111

www.vivint.com


COMPANY PROFILES

Zebra Technologies Corp.Zebra Technologies Corp. (ZBRA) 475 Half Day Road Suite 500

12/4/2014 Lincolnshire, IL 60069United States847-634-6700

Market Information as of 12/4/2014 Cap Structure (mm) (1) 11/5/2014 Historical Financials ($mm exc per share data)Ticker ZBRA FD Shares (Wt Avg) 51.5 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $72.55 Market Cap $3,733.5 Sales $894.4 $983.5 $996.2 $1,038.2 $1,164.5 $753.6 $880.052 Week Hi - Low $87.75 - $50.03 Total Debt $3,250.0 Gross Profit 420.8 486.8 491.6 503.6 582.6 362.6 441.6LTM Stock Performance 40.6% Cash $541.9 SG&A 185.6 209.1 222.1 234.2 248.1 173.5 187.4Float (Shares in mm) 48.4 Preferred $0.0 EBITDA 175.0 202.2 195.8 194.3 256.6 139.4 201.7Short Interest (as % of Float) 1.1% Minority Interest $0.0 EBIT 149.4 184.4 177.5 170.8 229.3 116.1 174.5Avg. Day Vol - 3 mos (000s) 508.9 Enterprise Value $6,441.6 Net Income 101.8 174.6 122.9 134.4 125.8 92.7 84.1Dividend/sh (latest annualized) $0.00 Book Value of Equity $1,076.7Dividend yield 0.0% Tangible Book Value $862.2 CFO $141.8 $78.3 $183.3 $194.8 $187.5 $137.0 $129.7



Company Info Balance Sheet Metrics 9/27/2014 Performance RatiosSector Electronic Equipment and Instruments Days Sales Out 57 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/27/2014 Days Inv On Hand 77 YoY Rev Grth 21.1% 10.0% 1.3% 4.2% 15.7% 1.4% 16.8%Currency USD Days Payable Out 22 Gross Margin 47.0% 49.5% 49.4% 48.5% 50.0% 48.1% 50.2%Employees 2,583 Net Work Cap % of Rev 19.0% SG&A / Sales 20.8% 21.3% 22.3% 22.6% 21.3% 23.0% 21.3%Website www.zebra.com Net Fixed Assets % Rev 9.7% EBITDA Margin 19.6% 20.6% 19.7% 18.7% 22.0% 18.5% 22.9%Telephone 847-634-6700 Cash / Share $10.53 EBIT Margin 16.7% 18.7% 17.8% 16.5% 19.7% 15.4% 19.8%Next Earnings Date 2/13/2015 Book Value / Share $20.92 Net Margin 11.4% 17.8% 12.3% 12.9% 10.8% 12.3% 9.6%

TBV / Share $16.75 ROIC % 40.3% 52.0% 54.1% 51.5% 68.6% 36.5% 52.2%


Interest As of Scheduled Maturities (from Latest 10K) OperatingCapitalization Table (in mm) (1) Coupon Expense Maturity 9/27/2014 (in mm) Leases

Cash 541.9$ 2014 $15.6Senior Notes 7.25% 76.1$ Oct-22 1,050.0 2015 11.8Term Loan L+ 4.0% Variable Oct-21 2,200.0 2016 7.4Total Debt 3,250.0 2017 7.6Net Debt 2,708.1 2018 6.1Preferred Equity - Thereafter 34.8Minority Interest - Total $83.4Shareholders' Equity (Book) 1,076.7 Total Capital 4,326.7$

(1): Presented Pro Forma with debt issued subsequent to the reporting date, but prior to 10Q issuance date.Source: Company SEC Filings




Zebra Technologies Corporation manufactures and sells printers and related products worldwide. Its products include direct thermal and thermal transfer label printers, radio frequency identification(RFID) printer/encoders, dye sublimation card printers, real-time location solutions, and related accessories and support software. Its printing solution applications comprise inventory control, smallpackage delivery, baggage handling, automated warehousing, just-in-time manufacturing, employee time and attendance records, file management systems, patient barcode wrist banding andaccess control systems. In addition, it offers solutions and consulting services that enable businesses locate and track assets and people in real time. It has strategic partnership with Kit Check. Thecompany was founded in 1969 and is headquartered in Lincolnshire, Illinois.

Notes: October 15, 2014 – Zebra closed on its private offering of $1.05 billion in aggregate principal amount of 7.25% senior unsecured notes due in 2022.

October 27, 2014 – Zebra completed its previously announced acquisition of the Enterprise business, a division of Motorola Solutions, Inc.


COMPANY PROFILES

Zix CorporationZix Corporation (ZIXI) 2711 North Haskell Avenue South Suite 2200

12/4/2014 Dalas, TX 75204United States214-370-2000

Market Information as of 12/4/2014 Cap Structure (mm) 9/30/2014 Historical Financials ($mm exc per share data)Ticker ZIXI FD Shares (Wt Avg) 58.5 2010 2011 2012 2013 LTM YTD 13 YTD 14Latest Close Price $3.28 Market Cap $191.9 Sales $33.1 $38.1 $43.4 $48.1 $49.8 $35.8 $37.552 Week Hi - Low $4.94 - $2.9 Total Debt $0.0 Gross Profit 26.6 30.9 35.7 40.5 41.8 30.1 31.4LTM Stock Performance -29.0% Cash $20.3 SG&A 16.4 15.1 19.4 21.6 24.5 16.8 19.6Float (Shares in mm) 48.7 Preferred $0.0 EBITDA 6.4 12.0 10.3 10.8 10.2 6.9 6.3Short Interest (as % of Float) 7.1% Minority Interest $0.0 EBIT 5.1 10.6 8.9 9.3 8.6 5.8 5.1Avg. Day Vol - 3 mos (000s) 326.6 Enterprise Value $171.6 Net Income 41.2 22.6 11.0 10.5 8.0 5.6 3.2Dividend/sh (latest annualized) $0.00 Book Value of Equity $54.7Dividend yield 0.0% Tangible Book Value $52.6 CFO $7.2 $13.2 $12.5 $13.3 $14.1 $9.8 $10.6



Company Info Balance Sheet Metrics 9/30/2014 Performance RatiosSector Internet Software & Services Days Sales Out 19 2010 2011 2012 2013 LTM YTD 13 YTD 14Last Reported Qtr 9/30/2014 Days Inv On Hand - YoY Rev Grth 25.2% 15.4% 13.7% 11.0% 4.8% 13.1% 4.6%Currency USD Days Payable Out 24 Gross Margin 80.4% 81.1% 82.4% 84.2% 84.0% 84.0% 83.7%Employees 162 Net Work Cap % of Rev -40.2% SG&A / Sales 49.5% 39.7% 44.7% 45.0% 49.1% 46.9% 52.3%Website www.zixcorp.com Net Fixed Assets % Rev 7.7% EBITDA Margin 19.5% 31.3% 23.7% 22.4% 20.4% 19.3% 16.8%Telephone 214-370-2000 Cash / Share $0.35 EBIT Margin 15.6% 27.7% 20.6% 19.4% 17.2% 16.3% 13.6%Next Earnings Date 2/17/2015 Book Value / Share $0.94 Net Margin 124.6% 59.1% 25.4% 21.7% 16.1% 15.7% 8.5%




Cash 20.3$ 2014 $1.0Total Debt - 2015 1.3Net Debt (20.3) 2016 1.2Preferred Equity - 2017 1.1Minority Interest - 2018 1.0Shareholders' Equity (Book) 54.7 Thereafter 6.2Total Capital 54.7$ Total $11.7





Zix Corporation provides email encryption, data loss prevention (DLP), and Bring-Your-Own-Device solutions to the healthcare, financial services, insurance, and government sectors in the UnitedStates. The company offers Zix Email Encryption, a software-as-a-service solution that allows an enterprise to use policy-driven rules to determine, which email messages should be sent securely tocomply with regulations or company-defined policies. It also provides ZixDirectory, an email encryption community to share identities, and ZixGateway, an enterprise gateway that automaticallydecrypts the message. In addition, the company sells its email encryption, DLP, and ZixOne services through a direct sales force, and a network of resellers and other distribution partners. Thecompany was formerly known as ZixIt Corporation and changed its name to Zix Corporation in 2002. Zix Corporation was founded in 1983 and is headquartered in Dallas, Texas.

Notes:

We look forward to seeing you next year!

SECURITY INVESTOR CONFERENCE 2015

December 9-10, 2015


ADDITIONAL CONFERENCE DETAILS

Conference Registration & Hours

Registration is located in the Palm Room on the 18th Floor.

Hours: 7:00 AM - 5:00 PM

Name Badges

All conference attendees are required to wear their conference badges at all times during the conference.

Schedule

In order to stay on time, the conference will be synchronized. Please watch the clocks in the main presentation rooms for the

countdown of each time period. A 5-minute break between each presentation will allow ample time for you to get to your next

presentation.

Exhibits

We invite you to visit the sponsor exhibits located in the Palm Room. They will be displayed throughout the day.

Cell Phones & Mobile Devices

As a courtesy to our presenters and speakers, please be sure to set cell phones and pagers to silent mode during the conference.

Coat Check

A coat check will be available throughout the day located near the South Foyer on the 18th floor.

Lost & Found

Please place your business card in the slot provided in your conference bag to help identify the bag in case it is misplaced. Any

found items will be returned to registration.

In Case Of Emergency

To notify hotel emergency staff, please dial “0” from any hotel phone or dial “911” on any outside phone to get emergency assistance.

The number for the Waldorf Astoria is (212) 355-3000.


NOTES


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are subject to change without notice. The securities of the issuers covered by or mentioned

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