Business Services *
| Target/Offeror | Acquiror/Transaction Type | Transaction Description |
| ALPHANET SOLUTIONS, INC. | COMMON STOCK | Co-manager to AlphaNet Solutions in their initial public offering of $23,100,000. |
| ALPHANET SOLUTIONS, INC. | COMMON STOCK | Co-manager to AlphaNet Solutions in their $33,000,000 follow-on offering. |
| AVIS RENT A CAR SYSTEM, LLC | SENIOR NOTES | Placement agent to AVIS in their $100,000,000 senior notes offering. |
| CARNEGIE GROUP, INC. | COMMON STOCK | Co-manager to Carnegie Group in their initial public offering of $18,400,000. |
| CARNEGIE GROUP, INC. | LOGICA PLC | Financial advisor to Carnegie Group and rendered a fairness opinion regarding their sale to Logica PLC of Great Britain. |
| CENTIMARK | ESOP VALUATION | Financial advisor to CentiMark in their valuation for an employee stock ownership plan. |
| CLOVERLEAF GROUP | MATTHEWS INTERNATIONAL | Financial advisor to Matthews International and assisted in the negotiations of their acquisition of the assets of iDL, Inc. and Big Red Rooster, collectively known as the Cloverleaf Group. |
| FEDEX CORPORATION | SENIOR NOTES | Lead manager to Federal Express in their senior notes offering of $100,000,000. |
| FEDEX CORPORATION | SENIOR NOTES | Lead manager to Federal Express in their senior notes offering of $100,000,000. |
| FEDEX CORPORATION | REVENUE BOND | Manager to Federal Express in their revenue bond offering of $94,500,000. |
| FEDEX CORPORATION | COMMON STOCK | Co-manager to Federal Express in their follow-on offering of $90,000,000. |
| FEDEX CORPORATION | COMMON STOCK | Co-manager to Federal Express in their follow-on offering of $75,000,000. |
| FEDEX CORPORATION | COMMON STOCK | Co-manager to Federal Express in their follow-on offering of $45,000,000. |
| FLYING TIGER | FEDEX CORPORATION | Financial advisor to FedEx Corporation in their acquisition of Flying Tiger. |
| H.B. MAYNARD & COMPANY | ACCENTURE LTD. | Financial advisor to H.B. Maynard & Company and assisted in negotiations of their sale to Accenture Ltd. |
| LANDSTAR SYSTEM, INC. | SENIOR CREDIT FACILITY | Placement agent to Landstar for their $120,000,000 senior credit facility. |
| LANDSTAR SYSTEM, INC. | SENIOR SUBORDINATED NOTES | Placement agent to Landstar in their $40,000,000 senior subordinated notes offering. |
| LANDSTAR SYSTEM, INC. | RECAPITALIZATION | Financial advisor to Landstar in their equity recapitalization. |
| MASTECH CORP. | COMMON STOCK | Co-manager to Mastech in their initial public offering of $82,800,000. |
| NATIONAL UNDERGROUND STORAGE | IRON MOUNTAIN | Financial advisor to National Underground Storage and assisted in the negotiations of their sale to Iron Mountain. |
| RAYMOND INTERNATIONAL INC. | KELSO AND CO. | Financial advisor to Raymond International, rendered a fairness opinion and assisted in the negotiations regarding of their sale to Kelso and Co. |
| SOCRATES, INC. | FINANCIAL ADVISORY | Financial advisory services to SOCRATES, INC. |
| SCOTSMAN, INC. | WILLIAMS, INC. | Financial advisor to Scotsman, Inc. and assisted in the negotiations of their sale to Williams, Inc. |
| TELECHECK, INC. | TELECHECK SERVICES | Financial advisor to TeleCheck and assisted in the negotiations of the sale of their assets to TeleCheck Services. |
| UBICS, INC. | COMMON STOCK | Lead manager to UBICS in their $23,000,000 initial public offering. |
*Transactions completed by Raptor Partners’ professionals, including those completed at other firms.