Advent Software (ADVS)

Seasonality

        We experience seasonality in our license bookings. We believe that this seasonality in our bookings results primarily from customer budgeting cycles and expect this seasonality to continue in the future. The fourth quarter of the year typically has more licensing activity. This can result in term license bookings and perpetual license fee revenue being the highest in the fourth quarter, followed by lower bookings and perpetual license revenue in the first quarter of the following year.

        We also experience seasonality in our operating cash flows and expect this seasonality to continue in the future. We experience lower operating cash flows in the first quarter of the year as we make payments of our year-end liabilities including payables, bonuses, commissions and payroll taxes. Conversely, we experience relatively stronger operating cash flows in the fourth quarter of the year since we traditionally have more licensing activity in the fourth quarter of the year and bill annually at the anniversary of the contract signing date, resulting in higher collections during the fourth quarter.

        For additional information regarding factors that affect the timing of the recognition of software license revenue, see "Management's Discussion and Analysis of Financial Condition and Results of Operations / Critical Accounting Policies and Estimates / Revenue Recognition."

Seasonality

        We experience seasonality in our license bookings. We believe that this seasonality results primarily from customer budgeting cycles and the annual nature of some Assets Under Administration (AUA)

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and Assets Under Management (AUM) contracts, and expect this seasonality to continue in the future. The fourth quarter of the year typically has more licensing activity, although the increase was less pronounced at the end of 2008 than in 2007. This can result in term license bookings and perpetual license fee revenue being the highest in the fourth quarter, followed by lower bookings and perpetual license revenue in the first quarter of the following year. We expect the impact of this seasonality upon revenues will continue to decrease in the future as we move more of our licenses to a term model, under which we generally recognize revenue from term licenses ratably over the period of the contract term which is typically three years.

        We also experience seasonality in our operating cash flows and expect this seasonality to continue in the future. We experience lower operating cash flows in the first quarter of the year as we make payments of our year-end liabilities including payables and bonuses, commissions and payroll taxes. Conversely, we experience relatively stronger operating cash flows in the fourth quarter of the year as we generally bill and collect for term agreements in equal installments in advance of each annual period.

        For additional information regarding factors that affect the timing of the recognition of software license revenue, see "Management's Discussion and Analysis of Financial Condition and Results of Operations / Critical Accounting Policies and Estimates / Revenue Recognition."

Seasonality

        We experience seasonality in our license bookings. We believe that this seasonality results primarily from customer budgeting cycles
and the annual nature of some Assets Under Administration (AUA)

5

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and
Assets Under Management (AUM) contracts, and expect this seasonality to continue in the future. The fourth quarter of the year typically has more licensing activity, although the increase was less
pronounced at the end of 2008 than in 2007. This can result in term license bookings and perpetual
license fee revenue being the highest in the fourth quarter, followed by lower bookings and perpetual license revenue in the first quarter of the following year. We expect the impact of this
seasonality upon revenues will continue to decrease in the future as we move more of our licenses to a term model, under which we generally recognize revenue from term licenses ratably over the period
of the contract term which is typically three years.

        We
also experience seasonality in our operating cash flows and expect this seasonality to continue in the future. We experience lower operating cash flows in the first quarter of the
year as we make payments of our year-end liabilities including payables and bonuses, commissions and payroll taxes. Conversely, we experience relatively stronger operating cash flows in
the fourth quarter of the year as we generally bill and collect for term agreements in equal installments in advance of each annual period.

        For
additional information regarding factors that affect the timing of the recognition of software license revenue, see "Management's Discussion and Analysis of Financial Condition and
Results of Operations / Critical Accounting Policies and Estimates / Revenue Recognition."

Seasonality

        We experience seasonality in our licensing. We believe that this seasonality results primarily from customer budgeting cycles and the annual nature of some Assets Under Administration (AUA) contracts, and expect this seasonality to continue in the future. The fourth quarter of the year typically has more licensing activity. That can result in term license bookings and perpetual license fee revenue

5

being the highest in the fourth quarter, followed by lower bookings and perpetual license revenue in the first quarter of the following year. We expect the impact of this seasonality will continue to decrease in the future as we move more of our licenses to a term model, under which we generally recognize revenue from term licenses ratably over the period of the contract term which is typically three years.

        For additional information regarding factors that affect the timing of the recognition of software license revenue, see "Management's Discussion and Analysis of Financial Condition and Results of Operations / Critical Accounting Policies and Estimates / Revenue Recognition."

Seasonality

        We experience seasonality in our licensing. We believe that this seasonality results primarily from customer budgeting cycles and the annual nature of some Assets
Under Administration (AUA) contracts, and expect this seasonality to continue in the future. The fourth quarter of the year typically has more licensing activity. That can result in term license
bookings and perpetual license fee revenue

5

being
the highest in the fourth quarter, followed by lower bookings and perpetual license revenue in the first quarter of the following year. We expect the impact of this seasonality will continue to
decrease in the future as we move more of our licenses to a term model, under which we generally recognize revenue from term licenses ratably over the period of the contract term which is typically
three years.

        For
additional information regarding factors that affect the timing of the recognition of software license revenue, see "Management's Discussion and Analysis of Financial Condition and
Results of Operations / Critical Accounting Policies and Estimates / Revenue Recognition."