1. JULY 19, 2011 – LOS ANGELES

2. Opening Remarks Today’s Workshop Format Introducing our Distinguished Panelists: AGENDA JULY 19, 2011 – LOS ANGELES The CFO Essentials SingerLewak’s POV TM Gale Moore, CPA - SingerLewak LLP Kathy Griggs – J2 Global Communications Lawrence M. Braun - Sheppard Mullin Bradley Nii - B. Riley Jim Pitrat, CPA - SingerLewak LLP

3. OUR PANEL JULY 19, 2011 – LOS ANGELES Jim Pitrat, SingerLewak LLP Jim Pitrat leads SingerLewak’s Assurance & Advisory practice where he oversees firm-wide assurance & advisory initiatives. Jim has experience with both private and publicly traded companies and has also advised on cost management, internal controls, corporate restructurings, and mergers and acquisitions. Jim has client service responsibilities in the business sectors of investor-backed private companies and public companies. Jim received his Bachelor of Science degree in Business Administration from the University of Arizona in 1993 and his Master’s of Business Administration in 1997. Jim is a member of AICPA, the Los Angeles Venture Association, the Software Council of Southern California and the Association for Capital Growth. Jim has been a guest instructor at California Institute of Technology’s Entrepreneur Program, the University of Arizona Small Business Incubator Program, and USC’s EC2 Incubator Program. He has also spoken on panels for Technology Council of Southern California and the California Society of CPAs. Jim has written for Los Angeles Business Journal, American Venture Magazine, and Zone Magazine. Brad Nii, B. Riley Bradley Nii joined B Riley & Co. in 2010 as a Managing Director in the Firm’s Investment Banking Group. Prior to B Riley, Mr. Nii was Head of the West Coast Sponsor Finance Group at American Capital where he managed a team of investment professionals and a portfolio of mezzanine and minority equity investments. Prior to American Capital, Mr. Nii was a Senior Vice President in the Investment Banking Group at Lehman Brothers, where he was involved in a number of transactions and financings totaling over $100 billion in value in a variety of industry sectors.Prior to joining Lehman Brothers, Mr. Nii was a certified public accountant with Ernst & Young for nine years.

4. OUR PANEL JULY 19, 2011 – LOS ANGELES Lawrence M. Braun, Sheppard Mullin Larry Braun is the former Co-Chairman of the firm’s Corporate Practice Group. In addition to his law degree, Mr. Braun holds an M.B.A. in Finance from the Kellogg School at Northwestern University and has attained the New Jersey C.P.A. Certificate Requirements. Mr. Braun was previously a managing director of the largest private investment banking firm on the west coast. Mr. Braun is resident in the firm’s Los Angeles office where he represents public and private companies in the areas of mergers and acquisitions, corporate finance, securities and general business.Mr. Braun is an advisor to clients ranging from family-owned businesses to multi-national corporations in many diverse industries such as high-tech and computers, health care, consumer goods, aerospace and defense, and grocery and food service. His principal areas of practice are general corporate law, corporate finance and securities law, mergers and acquisition transactions, contractual matters (including licensing and distribution arrangements), healthcare transactions and general business counseling. Gale Moore, SingerLewak LLP Gale Moore is a partner in SingerLewak’s Orange County Assurance & Advisory practice. Gale has more than 20 years of experience specializing in public and real estate-based companies, including Real Estate Investment Trust reporting and compliance. Her background includes assisting companies with capital market transactions, IPOs, and participating on SOX readiness teams in reviewing control documentation, remediation plans, and testing approaches. She was formerly a director with Deloitte & Touche LLP and has experience as a corporate controller, a position that gave her valuable insight into the internal control process.

5. OUR PANEL JULY 19, 2011 – LOS ANGELES Kathy Griggs, J2 Global Communications Kathy oversees all financial accounting and analysis and treasury functions of j2 Global. She joined the company in June 2007, bringing with her over 25 years of experience with public and private technology companies. Prior to joining j2 Global, Kathy had a consulting practice and prior to that, served as Chief Financial Officer of SonicWall, Inc., a publicly held Internet security system manufacturer, as Chief Financial Officer of QAD Inc, an enterprise resource planning software company, and CFO with Borland Software Corporation and Softbank Content Services. She has an MBA from the University of Southern California.

6. OUR PANEL

7. RISKS JIM PITRAT, SINGERLEWAK

8. RISKS JIM PITRAT, SINGERLEWAK SINGERLEWAK’S ESSENTIAL RISKS FOR THE CFO IN THE MID-MARKET 2011

10. FEI CEO’s Top Challenges Survey

12. CFOs EXPECT EARNINGS GROWTH IN 2011

13. Earnings growth expected to jump 18% --compared to 9% in Asia and 10% in Europe

14. Capital expenditures expected to jump 12% in 2011

15. R&D expenditures expected to grow by 4%

16. Over half the companies in the survey expect to build more cash on their balance sheets

18. Some industries identify need for skilled workers (engineering, product development, finance and accounting and sales)

19. CFOs ARE CONCERNED ABOUT INFLATION

20. A 4% inflation would cut earnings growth in half

21. High concern about fuel and commodities

22. 39% OF CFOs FIND BORROWING CONDITIONS HAVE IMPROVED

23. However for companies <100MM, still say credit is tight

24. 39% OF COMPANIES EXPECT TO ACQUIRE ANOTHER COMPANY IN 2011

25. RISKS JIM PITRAT, SINGERLEWAK CEOs 2011 TOP CHALLENGES FOR FINANCIAL EXECUTIVES ECONOMIC RECOVERY AND THE US FISCAL OUTLOOK HEALTH CARE LAW FINANCIAL REGULATORY REFORM GLOBAL CONVERGENCE OF US GAAP AND IFRS PRIVATE COMPANY ACCOUNTING SYSTEM REFORM UNCERTAIN TAX POSITIONS BUSINESS TAXATION PENDING INTERNATIONAL BUSINESS ISSUES CLIMATE CHANGE

26. RISKS JIM PITRAT, SINGERLEWAK SL’s “CFO ESSENTIAL RISKS” FOR 2011 We have identified the following 5 ESSENTIAL RISKS FOR CFOsin the Mid-Market

27. RISKS JIM PITRAT, SINGERLEWAK SL’s “CFO ESSENTIAL RISKS” FOR 2011 (cont’d) We have identified the following 5 ESSENTIAL RISKS FOR CFOsin the Mid-Market

28. RISKS JIM PITRAT, SINGERLEWAK COMPANIES SHOULD DEVELOP AN EFFECTIVE RISK MANAGEMENT PROCESS PLACE RISK MANAGEMENT IMPORTANCE AT BOARD LEVEL IDENTIFIES THE TOTALITY OF RISKS THE ORGANIZATION (NOT JUST FINANCIAL RISKS) ANALYZES AND MEASURES THE SIGNIFICANCE OF EACH RISK EVALUATES THE POTENTIAL COSTS OF THE AVAILABLE RISK RESPONSE STRATEGIES. DETERMINES WHETHER RISKS ARE BEING OVER OR UNDER MANAGED AND PROVIDES FOR THE IDENTIFICATION OF SOLUTIONS

29. CASH FLOW BRAD NII, B. RILEY

31. Sovereign debt situation has led to uncertainty in the market for much of the past quarter. Recent resolutions have caused market to regain some confidence

32. Asia is in a state of disarray with Japan slowly recovering from its catastrophic earthquake and China’s inflation rate at a 3-year high, reaching 6.4% in June according to the CPI index, offset by a strong second quarter GDP growth rate of 9.5%.

33. DOMESTIC INFLUENCES

34. Consumer spending in May was at its weakest pace in 20 months

35. Lower energy prices in recent weeks, from highs experienced in April-May, have played a role in market recovery over past month

36. Housing Prices on the decline as the supply continues to outpace demand for houses both new and existing

37. Unemployment rose 0.1% to 9.2% in June, which is the highest level since December of 2010

39. IPO and Follow-On Equity Offerings are more prevalent in 2011 vs. 2010 with a volume increase of 177.4% and 67.8% respectively

40. Technology and Energy have represented 42 of the 78 IPO’s in 2011

41. ASSET BASED LENDERS

42. Becoming the preferred debt instrument

43. Highly flexible

44. TRADITIONAL DEBT

45. Commercial lenders, SBICs, BDCs and Mezzanine Funds have become active capital providers

46. PRIVATE EQUITY

48. CASH FLOW BRAD NII, B. RILEY INITIAL PUBLIC OFFERINGS Source: Renaissance Capital

50. CONSISTENT FINANCIAL RESULTS

51. TOP LINE GROWTH

52. STRONG OPERATING MARGIN AND FREE CASH FLOW

53. BARRIERS TO ENTRY

54. COMPETITIVE ADVANTAGE

55. REPUTABLE AUDITOR

56. SOX COMPLIANCE

60. Flexible capital but prefer predominantly cash pay

61. SBIC’S ARE HIGHLY ACTIVE IN THE LOWER MIDDLE MARKET

62. Very low cost of capital

63. Abilities to compete with commercial lenders for smaller deals

64. MEZZANINE CAPITAL IN EXCESS SUPPLY

66. Companies that faired well during the recession with strong cash flows are commanding better pricing and higher leverage multiples

68. Pressure on strategics to grow in a stagnant economySource: Capital IQ

69. M&A LARRY BRAUN, SHEPPARD MULLIN

70. M&A LARRY BRAUN, SHEPPARD MULLIN ARE DEALS GETTING DONE?

72. Valuation Multiples

73. Valuation multiples in the U.S. middle market have recovered from the levels experienced in 2009, when valuations reached their lowest levels since 2001 and 2002.

76. Technology

77. Taking advantage of low prices

79. Selling “old” portfolio companies

80. Back in the market

81. Lots of dry powder

84. STATE OF THE M&A MARKET LARRY BRAUN, SHEPPARD MULLIN MARKET IS ACTIVE(cont’d) DEBT MULTIPLES SLOWLY RETURN AVERAGE DEBT MULTIPLES OF MIDDLE MARKET LBO LOANS Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.

85. STATE OF THE M&A MARKET LARRY BRAUN, SHEPPARD MULLIN MARKET IS ACTIVE(cont’d) CAPITAL – EXPECTED RETURNS

86. STATE OF THE M&A MARKET LARRY BRAUN, SHEPPARD MULLIN U.S. MIDDLE MARKET M&A ACTIVITY Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.

88. Total Transactions 37%

89. Deal Value 29%

90. As of March 31, 2011

91. Total deal volume reached $333 Billion vs. $220 billion as of March 31, 2010

94. Acquisitions will increasingly be viewed as a reliable way to capture market share and reduce expenses in this slow growth environment

96. STATE OF THE M&A MARKET LARRY BRAUN, SHEPPARD MULLIN STRATEGIC ACQUIRORS HAVE BEEN ACTIVELY PURSING TRANSACTIONS WITH SOUND STRATEGIC RATIONALES. The higher cost of capital and more difficult financing environment for leveraged buyouts should translate into greater opportunity for strategic acquirors to prevail in M&A processes. U.S. MIDDLE MARKET TRANSACTION COMPOSITION – STRATEGIC VS. SPONSOR DEAL VALUE

98. STRATEGIC BUYERS

99. INTERNATIONAL BUYERS

100. PEGS

101. TROUBLED DEALS

102. SELLER PARTICIPATION

104. HEALTHCARE

105. AEROSPACE AND DEFENSE

106. TECHNOLOGY

108. M&A LARRY BRAUN, SHEPPARD MULLIN WHAT SHOULD YOU DO?

110. “Diligence Yourself”

111. Be honest

112. Credibility is key

113. Common issues

114. IP ownership

115. Employee issues

116. Audit issues

117. Motivate Management

118. Consider a myriad of tax deferral techniques

120. FINANCIAL AUDIT GALE MOORE, SINGERLEWAK FINANCIAL ACCOUNTING AND REPORTING UPDATE EFFECTIVE IN 2011 STILL HOT IN 2011 PROMISED IN 2011

122. Public Years Beginning After 12/15/10

123. Private Years Beginning After 12/15/11

126. FINANCIAL AUDIT GALE MOORE, SINGERLEWAK EFFECTIVE IN 2011 CERTAIN REVENUE ARRANGEMENTS THAT INCLUDE SOFTWARE ELEMENTS MULTIPLE-DELIVERABLE REVENUE ARRANGEMENTS

128. Disclosure Related to Judgments

130. Skepticism Directed at Impairment Analysis

133. Same Disclosure for Multiple Years

135. Minority Interest

136. Acquired Business Audited Financial Statements

138. Balance Sheet Offsetting

140. Fair Value Measurement

142. FASB Consolidation

144. Investment Properties

148. Offices in eight cities worldwide, j2 Global™ network spans more than 4,300 cities in 49 countries on six continents.

149. j2 Global™ markets its services principally under the brands, eFax®, MyFax®, eFax Corporate™, FuseMail®, Onebox®, eVoice®, Campaigner®, Electric Mail®, and KeepItSafe®.

151. Leases recognized on the balance sheet

152. No grandfathering – will apply to all outstanding leases

153. Record all promised payments as a liability with an offsetting right to use asset

154. IMPLICATIONS

155. Buy versus Lease of an asset

156. Impact on financial ratios and related debt covenants

157. Educating users of financial statements

158. TREATMENT

159. Right of use asset = PV of lease payments plus initial direct costs incurred then amortized

161. Physical location in a state

162. Employees in a state

163. Property in the state

164. Solicit business in the state

165. EFFORTS TO EXTEND SALES TAX TO INTERNET BASED BUSINESSES

166. No physical presence required

167. CONSEQUENCES

168. Subscribers in every state but limited presence in a few states

170. OBTAIN CUSTOMERS AND CROSS-SELL OTHER PRODUCTS

171. ACCRETIVE

172. INTEGRATION

174. CONTACT US www.SingerLewak.com 877.754.4557 www.brileyco.com 310.966.1444 www.SheppardMullin.com 858.720.7469 www.j2global.com 323.860.9200