The document is a presentation by Goldman Stanley to the board of directors of Aardvark regarding potential acquisitions. It notes that Aardvark's stock price and valuation have risen significantly, giving it over $35 billion in cash. As its cash balance grows, shareholders may pressure it to reinvest the money through acquisitions. The presentation evaluates Aardvark's valuation, identifies two potential "tier 1" acquisition targets over $1 billion that could significantly boost market share (ARM and Research in Motion), and several smaller "tier 2" targets under $1 billion to enhance Aardvark's technology and products.

1. Goldman Stanley
Goldman Stanley, Inc.
Confidential Draft
Project Aardvark
Presentation to the Board of Directors
January 29, 2010

2. Goldman Stanley
Table Of Contents
Executive Summary 3
Aardvark Valuation 5
Potential Acquisitions 11
Process Recommendations 16
Appendix 19
2

3. Goldman Stanley
Executive Summary
3

4. Goldman Stanley
Executive Summary
• As of January 29, 2010, Aardvark’s share price and valuation are at all-time highs,
having more than doubled since early 2009
• As Aardvark’s stock price has soared in value, it has also generated over $35B in
cash & cash-equivalents
• As Aardvark’s cash balance grows, it is likely to face shareholder pressure to re-
invest the cash in its business and to make significant acquisitions
• Given Aardvark’s strong currency and cash balance, it could easily make several
“tuck-in” acquisitions – or larger-scale acquisitions to acquire customers
• Such a strategy would allow Aardvark to capture more of the smartphone, laptop, and
desktop markets, and significantly improve its software offerings
• Given Aardvark’s cash position, such acquisitions could be made with 100% cash –
or in the case of a larger deal, stock could also be used
4

5. Goldman Stanley
Aardvark Valuation
5

6. Goldman Stanley
Valuation Summary
• Aardvark’s current share price of $192.61 far exceeds the value implied by
comparable public companies
• Recent comparable transactions show higher implied valuation ranges due to flurry of
consolidation and hardware M&A activity over 2009
• Discounted Cash Flow Analysis under base-case assumptions shows implied
valuation on-par with Aardvark’s current share price, implying that share price is
justified
• All valuation analysis is based on “base-case” financial projections in line with Wall
Street analyst expectations
• Given Aardvark’s cash balance and high valuation multiples vs. similar public
companies, few competitors are well-positioned to make substantial acquisitions
6

7. Goldman Stanley
Aardvark Valuation Summary
7
$0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 $700.00
Forward EV / EBITDA:
Trailing EV / EBITDA:
Forward EV / Revenue:
Trailing EV / Revenue:
2010E P / E:
2009 P / E:
2010E EV / EBITDA:
2009 EV / EBITDA:
2010E EV / Revenue:
2009 EV / Revenue:
Min to 25th
25th to Median
Median to 75th
75th to Max
Public Company Comparables(1)(2)
Precedent Transactions(1)
Discounted Cash Flow Analysis
11-15% Discount Rate, 5-9x Terminal Multiple:
(1) EBITDA excludes stock-based compensation and non-recurring charges.
(2) Financial data as of January 29, 2010.
($ in Millions Except Per Share Data)

8. Goldman Stanley
Aardvark Comparable Public Companies
Comparable Public Companies – Operating Metrics(1)
Comparable Public Companies – Valuation Multiples(1)(2)
8% 8%
18%
22%
(6%)
25%
14%
7%
29%
39%
4%
31%
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
2010E Revenue Growth
2009A EBITDA Margin
7.6 x
4.4 x
10.6 x
7.3 x
11.5 x
10.7 x
6.8 x
3.7 x
8.4 x
5.1 x 5.5 x
8.6 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
14.0 x
2009 EBITDA Multiple
2010E EBITDA Multiple
8
(1) EBITDA excludes stock-based compensation and non-recurring charges.
(2) Financial data as of January 29, 2010.
($ in Millions Except Per Share Data)
US-Based Hardware & Networking Companies with Over $20 Billion Revenue

9. Goldman Stanley
Aardvark Precedent Transactions
Aardvark - Comparable M&A Transactions Operating Metrics Valuation Multiples
EV / EV / EV / EV /
Equity Enterprise Trailing Forward Trailing Forward Trailing Forward Trailing Forward
Acquirer Name Target Name Date Value Value Revenue Revenue EBITDA(1)
EBITDA(1)
Revenue Revenue EBITDA(1)
EBITDA(1)
Hewlett-Packard Company 3Com 11/11/2009 3,180
$ 2,714
$ 1,265
$ 1,223
$ 152
$ 110
$ 2.1 x 2.2 x 17.8 x 24.6 x
Cisco Systems, Inc. Starent Networks 10/13/2009 2,777 2,386 288 320 154 110 8.3 x 7.5 x 15.5 x 21.6 x
Emerson Electric Co. Avocent 10/6/2009 1,114 1,147 611 542 105 93 1.9 x 2.1 x 10.9 x 12.3 x
EMC Corporation Data Domain 7/8/2009 2,362 2,085 301 375 53 64 6.9 x 5.6 x 39.7 x 32.8 x
Oracle Corporation Sun Microsystems 4/20/2009 7,075 5,392 13,256 12,462 623 559 0.4 x 0.4 x 8.7 x 9.6 x
Brocade Communication Systems, Inc. Foundry Networks 7/21/2008 2,899 2,063 621 633 156 125 3.3 x 3.3 x 13.2 x 16.5 x
Maximum 7,075
$ 5,392
$ 13,256
$ 12,462
$ 623
$ 559
$ 8.3 x 7.5 x 39.7 x 32.8 x
75th Percentile 3,110 2,632 1,104 1,075 155 121 6.0 x 5.0 x 17.3 x 23.9 x
Median 2,838
$ 2,235
$ 616
$ 587
$ 153
$ 110
$ 2.7 x 2.7 x 14.4 x 19.1 x
25th Percentile 2,466 2,068 378 417 117 97 1.9 x 2.1 x 11.5 x 13.4 x
Minimum 1,114 1,147 288 320 53 64 0.4 x 0.4 x 8.7 x 9.6 x
9
(1) Excludes stock-based compensation and non-recurring charges.
Networking & Hardware M&A Transactions Over $1 Billion with US-Based Sellers Since January 1, 2008
($ in Millions Except Per Share Data)

10. Goldman Stanley
Aardvark Discounted Cash Flow Analysis
DCF Assumptions:
Discount Rate: 12.5%
Terminal EBITDA Multiple: 7.0 x
Model Uses “Base Case” Financial
Projections
Mid-Year Convention Used For PV
Of Cash Flows
Aardvark - Cash Flow Projections
FY 2010E FY 2011E FY 2012E FY 2013E FY 2014E
Revenue: $53,631 62,749
$ 69,651
$ 75,919
$ 81,234
$
EBITDA: $16,480 19,282
$ 21,403
$ 23,329
$ 24,962
$
Operating Income: $14,635 17,133
$ 19,030
$ 20,761
$ 22,218
$
Less: Taxes ($4,391) ($5,140) ($5,709) ($6,228) ($6,665)
Plus: Depreciation $918 $1,073 $1,192 $1,299 $1,390
Plus: Amortization $40 $37 $28 $13 $10
Plus: Stock-Based Compensation $888 $1,038 $1,153 $1,256 $1,344
Less: Increase in Working Capital: $2,136 $1,815 $1,374 $1,248 $1,058
Less: Capital Expenditures ($1,430) ($1,673) ($1,857) ($2,024) ($2,166)
Unlevered Free Cash Flow $12,795 14,284
$ 15,211
$ 16,324
$ 17,189
$
Present Value of Free Cash Flow $12,064 11,971
$ 11,332
$ 10,811
$ 10,119
$
Aardvark - Net Present Value Sensitivity - Terminal EBITDA Multiples
Discount Rate
204.96
$ 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0%
4.0 x 170.39
$ 165.99
$ 161.81
$ 157.83
$ 154.03
$ 150.40
$ 146.95
$
5.0 x 187.23
$ 182.09
$ 177.20
$ 172.54
$ 168.11
$ 163.88
$ 159.86
$
6.0 x 204.06
$ 198.18
$ 192.59
$ 187.26
$ 182.19
$ 177.37
$ 172.77
$
7.0 x 220.90
$ 214.27
$ 207.97
$ 201.98
$ 196.28
$ 190.85
$ 185.68
$
8.0 x 237.74
$ 230.37
$ 223.36
$ 216.70
$ 210.36
$ 204.33
$ 198.59
$
9.0 x 254.58
$ 246.46
$ 238.75
$ 231.42
$ 224.44
$ 217.81
$ 211.50
$
Terminal
EBITDA
Multiple
10
($ in Millions Except Per Share Data)

11. Goldman Stanley
Potential Acquisitions
11

12. Goldman Stanley
Potential Acquisitions
• Given Aardvark’s large cash balance, it could make a wide variety of acquisitions –
ranging from small “tuck-in” deals to acquire technology and IP to larger deals driven
by customer or market share acquisition
• Tier 1 Potential Acquisitions
 “Tier 1” acquisition candidates are worth over $1 billion and would significantly
boost Aardvark’s market share or result in substantial revenue or cost synergies
 Leading candidates include ARM, for its chipset technology and integration with
Aardvark’s existing products, and Research in Motion – to capture additional
share in the corporate smartphone market
• Tier 2 Potential Acquisitions
 “Tier 2” acquisition candidates are worth less than $1 billion and would enhance
Aardvark’s core technology and fill in gaps in existing products
 Potential acquisitions include specialized chipset and semiconductor companies
as well as Web 2.0, social media, and mobile software companies
12

13. Goldman Stanley
Potential Acquisition Candidates
Tier 1 Acquisition Candidates
Tier 2 Acquisition Candidates
13

14. Goldman Stanley
Company Profile: ARM
ARM Holdings is a supplier of semiconductor
intellectual property and components of digital
electronic products. It designs and licenses
intellectual property rather than manufacturing and
selling semiconductor chips, and it licenses its IP to
a wide network of hardware, mobile, and
networking companies. It also provides tools to
optimize system-on-chip designs.
Products:
• Processors – ARM provides 32-bit embedded
microprocessors based on a common
architecture that delivers high-performance,
power efficiency, and reduced system cost.
• System IP – Serves as the connection between
processors, memory, and peripherals to ensure
optimum performance.
• Multimedia – ARM provides graphics processors
that enable embedded graphics, audio, and video
applications.
• Physical IP – Provides SoC integrated circuits
and logic, embedded memory, and interface IP.
• Tools – ARM subsidiaries provide compilers,
debuggers, simulators, and other optimization
tools for a wide variety of chip and processor
families.
Key Partners:
Electronic Arts, LSI Logic,
Microsoft, National Semiconductor,
Nokia, NVIDIA, Rambus, Real
Networks, Samsung, and Toshiba.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
Volume
(MM)
Share
Price
14
(1) Financial data as of January 29, 2010.
Headquarters: Cambridge, UK
Employees: 1700
Founded: 1990
Market Cap: $2.5B
Cash: $204M
2009 Revenue: $490M
2009 EPS: $7.85
2010E Revenue: $531M
2010E EPS: $10.97
Warren East CEO
Tudor Brown President
Graham Budd COO
Mike Muller CTO
Tim Score CFO
John Cornish EVP, Systems
Ian Drew EVP, Marketing
Antonio Viana EVP, Sales
ARM Holdings
Financial Information(1):
Management Team:

15. Goldman Stanley
Company Profile: Research In Motion
Research In Motion designs the BlackBerry
smartphone and creates solutions for the worldwide
mobile communications market, including a variety
of software for the BlackBerry device. In addition to
its line of BlackBerry devices, the company also
provides enterprise server software to support
businesses using the device.
Products:
• BlackBerry Pearl 3G – Provides Trackpad and
dedicated media keys as well as SureType
technology and 3G network support.
• BlackBerry Bold – Provides extended battery life
as well as GPS, Wi-Fi, and 3G network support.
• BlackBerry Curve 8500 – Includes Trackpad and
dedicated media keys, easy media sharing, and
2.0 MP camera.
• BlackBerry Tour 9630 – Provides GPS,
worldwide compatibility, and 3.2 MP camera.
• BlackBerry Storm – Features Wi-Fi, SurePress
technology, and 3G network support.
• BlackBerry Curve 8900 – Features thin,
lightweight design as well as GPS and Wi-Fi
support and 3.2 MP camera.
Key Partners:
AT&T, Brightstar, Digital China,
GPXS, Hewlett-Packard, IBM,
Skype, Sprint, Tata Indicom, T-
Mobile, Verizon, Virgin, and
Vodafone,
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
$100.00
Volume
(MM)
Share
Price
15
(1) Financial data as of January 29, 2010.
Headquarters: Waterloo, ON
Employees: 12,000
Founded: 1984
Market Cap: $36B
Cash: $2.5B
2009 Revenue: $13B
2009 EPS: $3.70
2010E Revenue: $17B
2010E EPS: $5.03
Jim Balsillie Co-CEO
Mike Lazaridis Co-CEO
Don Morrison COO
Robin Bienfait CIO
Brian Bidulka CFO
David Yach CTO
Research In Motion
Financial Information(1):
Management Team:

16. Goldman Stanley
Process Recommendations
16

17. Goldman Stanley
Key Recommendations
• We recommend engaging in targeted discussions with the Tier 1 acquisition
candidates and assessing their receptiveness to M&A discussions
• At the same time, Goldman Stanley will reach out to Tier 2 candidates and introduce
Aardvark as a potential acquirer
• M&A process with Tier 1 candidates will take significantly longer due to the scale of
the companies, so we recommend conducting both processes simultaneously
• Depending on responses from Tier 1 and Tier 2 candidates, Goldman Stanley and
Aardvark may do additional research to determine other potential acquisitions and
then approach them
Targeted Buy-Side M&A Broad Buy-Side M&A
< 5 parties 10 – 100 companies
6 months to 1 year Time required is highly variable
Close-ended Iterative process
Higher success probability Lower success probability
17

18. Goldman Stanley
Specialized Negotiations
With One Party
Highly Targeted
Process
• Combination of targeted
discussions plus broader
search conducted in
background maximizes
success probability and
minimizes disruption to
Aardvark
• Additional parties
contacted depend on
responsiveness of Tier 1
and Tier 2 companies
• Interested parties would
sign NDAs and then
proceed into due diligence
and valuation discussions
with Aardvark
RECOMMENDED
Process Recommendation
Broad
Marketing
Broad M&A Process
Targeted
Discussions +
Broader Search
18

19. Goldman Stanley
Appendix
19

20. Goldman Stanley
Aardvark Projected Income Statement
20
Income Statement
FY 2007 FY 2008 FY 2009 FY 2010E FY 2011E FY 2012E FY 2013E FY 2014E
Revenue: $24,578 $37,491 $42,905 $53,631 $62,749 $69,651 $75,919 $81,234
Cost of Goods Sold: $16,282 $24,049 $25,324 $31,655 $37,037 $41,111 $44,811 $47,948
Gross Profit: $8,296 $13,442 $17,581 $21,976 $25,712 $28,540 $31,109 $33,286
Operating Expenses:
Research & Development: $596 $759 $830 $1,038 $1,214 $1,348 $1,469 $1,572
Selling, General & Administrative: $2,724 $3,345 $3,566 $4,458 $5,216 $5,789 $6,311 $6,752
Total Operating Expenses: $3,320 $4,103 $4,397 $5,496 $6,430 $7,137 $7,780 $8,324
Depreciation & Amortization of PP&E: $327 $496 $734 $918 $1,073 $1,192 $1,299 $1,390
Amortization of Intangibles: $0 $0 $0 $40 $37 $28 $13 $10
Stock-Based Compensation: $242 $516 $710 $888 $1,038 $1,153 $1,256 $1,344
Operating Income: $4,407 $8,327 $11,740 $14,635 $17,133 $19,030 $20,761 $22,218
Interest Income: $647 $653 $407 $424 $568 $1,443 $1,780 $3,223
Interest Expense: $0 $0 $0 ($45) ($90) ($90) ($90) ($90)
Other Income & Expense: ($48) ($33) ($81) $0 $0 $0 $0 $0
Pre-Tax Income: $5,006 $8,947 $12,066 $15,014 $17,610 $20,383 $22,450 $25,351
Income Tax Provision: $1,511 $2,828 $3,831 $4,504 $5,283 $6,115 $6,735 $7,605
Net Income: $3,495 $6,119 $8,235 $10,510 $12,327 $14,268 $15,715 $17,746
Earnings Per Share (EPS): $3.93 $6.78 $9.08 $11.59 $13.59 $15.73 $17.33 $19.56
Diluted Shares Outstanding: 889,292 902,139 907,005 907,005 907,005 907,005 907,005 907,005
EBIT(1)
: $4,649 $8,843 $12,450 $15,523 $18,171 $20,183 $22,017 $23,562
EBITDA(1)
: $4,976 $9,339 $13,184 $16,480 $19,282 $21,403 $23,329 $24,962
Levered Free Cash Flow: $4,735 $8,505 $10,311 $13,061 $14,618 $16,158 $17,507 $19,382
Book Value Per Share (BV): $24.17 $34.56 $47.17 $61.94 $78.98 $97.70 $118.76
(1) Excludes stock-based compensation and non-recurring charges.
($ in Millions Except Per Share Data)

21. Goldman Stanley
Operating Statistics Capitalization Projected
Share Equity Enterprise Revenue EBITDA(2)
EPS Revenue EBITDA Margin(2)
Company Name Price(1)
Value Value 2009 2010E 2009 2010E 2009 2010E Growth(3)
2009 2010E
Hewlett-Packard Company 47.07
$ 114,779
$ 124,430
$ 114,552
$ 124,179
$ 16,433
$ 18,186
$ 3.14
$ 3.87
$ 8.4% 14.3% 14.6%
Dell Inc. 12.90 25,241 15,080 51,430 55,380 3,426 4,129 0.79 1.18 7.7% 6.7% 7.5%
Cisco Systems, Inc. 22.47 131,739 106,671 34,807 41,163 10,076 12,774 0.97 1.38 18.3% 28.9% 31.0%
Intel Corporation 19.40 107,224 92,786 32,784 39,941 12,708 18,332 0.41 1.17 21.8% 38.8% 45.9%
Motorola, Inc. 6.15 14,239 10,665 23,457 22,056 926 1,927 (1.70) 0.14 (6.0%) 3.9% 8.7%
Maximum 47.07
$ 131,739
$ 124,430
$ 114,552
$ 124,179
$ 16,433
$ 18,332
$ 3.14
$ 3.87
$ 21.8% 38.8% 45.9%
75th Percentile 22.47 114,779 106,671 51,430 55,380 12,708 18,186 0.97 1.38 18.3% 28.9% 31.0%
Median 19.40
$ 107,224
$ 92,786
$ 34,807
$ 41,163
$ 10,076
$ 12,774
$ 0.79
$ 1.18
$ 8.4% 14.3% 14.6%
25th Percentile 12.90 25,241 15,080 32,784 39,941 3,426 4,129 0.41 1.17 7.7% 6.7% 8.7%
Minimum 6.15 14,239 10,665 23,457 22,056 926 1,927 (1.70) 0.14 (6.0%) 3.9% 7.5%
Aardvark 192.06
$ 176,796
$ 141,401
$ $42,905 53,631
$ $13,184 $16,480 $9.08 11.59
$ 25.0% 30.7% 30.7%
Valuation Statistics Capitalization Enterprise Value / Enterprise Value /
Share Equity Enterprise Revenue EBITDA(2)
P / E Multiple
Company Name Price(1)
Value Value 2009 2010E 2009 2010E 2009 2010E
Hewlett-Packard Company 47.07
$ 114,779
$ 124,430
$ 1.1 x 1.0 x 7.6 x 6.8 x 15.0 x 12.2 x
Dell Inc. 12.90 25,241 15,080 0.3 x 0.3 x 4.4 x 3.7 x 16.4 x 10.9 x
Cisco Systems, Inc. 22.47 131,739 106,671 3.1 x 2.6 x 10.6 x 8.4 x 23.1 x 16.3 x
Intel Corporation 19.40 107,224 92,786 2.8 x 2.3 x 7.3 x 5.1 x 47.2 x 16.6 x
Motorola, Inc. 6.15 14,239 10,665 0.5 x 0.5 x 11.5 x 5.5 x NM 44.6 x
Maximum 47.07
$ 131,739
$ 124,430
$ 3.1 x 2.6 x 11.5 x 8.4 x 47.2 x 44.6 x
75th Percentile 22.47 114,779 106,671 2.8 x 2.3 x 10.6 x 6.8 x 29.1 x 16.6 x
Median 19.40
$ 107,224
$ 92,786
$ 1.1 x 1.0 x 7.6 x 5.5 x 19.7 x 16.3 x
25th Percentile 12.90 25,241 15,080 0.5 x 0.5 x 7.3 x 5.1 x 16.1 x 12.2 x
Minimum 6.15 14,239 10,665 0.3 x 0.3 x 4.4 x 3.7 x 15.0 x 10.9 x
Aardvark 192.06
$ 176,796
$ 141,401
$ 3.3 x 2.6 x 10.7 x 8.6 x 21.2 x 16.6 x
21
(1) Share prices as of January 29, 2010.
(2) Excludes stock-based compensation and non-recurring charges.
(3) Revenue growth from Apple’s FY2009 through FY2010E.
Aardvark Comparable Public Companies
($ in Millions Except Per Share Data)
US-Based Hardware & Networking Companies with Over $20 Billion Revenue

22. Goldman Stanley
Aardvark DCF Analysis – WACC Calculation
22
Discount Rate Calculation - Assumptions
Risk-Free Rate: 4.38%
Equity Risk Premium: 7.00%
Interest Rate on Debt: 9.00%
Comparable Companies - Unlevered Beta Calculation
Levered Equity Unlevered
Name Beta(1)
Debt(1)
Value(1)
Tax Rate Beta
Hewlett-Packard Company 1.04 15,830
$ 114,779
$ 20.0% 0.94
Dell Inc. 1.31 3,793 25,241 27.0% 1.18
Cisco Systems, Inc. 1.23 10,273 131,739 22.0% 1.16
Intel Corporation 1.17 2,224 107,224 33.0% 1.15
Motorola, Inc. 1.87 3,925 14,239 34.0% 1.58
Median 1.23 1.16
Aardvark 1.57
Aardvark - Levered Beta & WACC Calculation
Unlevered Equity Levered
Beta Debt(1)
Value(1)
Tax Rate Beta
Aardvark 1.16 $0 176,796
$ 30% 1.16
Cost of Equity Based on Comparables: 12.50%
Cost of Equity Based on Historical Beta: 15.37%
WACC 12.50%
(1) Financial data as of January 29, 2010.
($ in Millions Except Per Share Data)