During the quarter, the Software business experienced improved demand across its portfolio of software solutions, especially in the Americas. In particular, there was strong global demand for the company’s Spectrum™ address and data management platform. Our multi-year agreement with Facebook for global location intelligence applications contributed to revenue growth during the quarter and will generate recurring revenue streams in future periods. Overall, the Software EBIT margin improved versus the prior year because of margin leverage on revenue growth and reduced costs associated with on-going productivity initiatives.

Management Services
			1Q 2012		Y-O-Y Change		Change ex Currency
	Revenue		$231 million		(5%)		(4%)
	EBIT		$13 million		(37%)

As expected, revenue for the quarter declined as a result of account contractions and terminations in the prior year and pricing pressure on contract renewals. However, the rate of decline in revenue this quarter moderated versus the previous quarter as the company provides more customized communications management solutions to its enterprise customers. During the quarter, Management Services had improvement in net new written business versus the prior year. EBIT margin declined due to the lower revenue and price compression.

Mail Services
			1Q 2012		Y-O-Y Change		Change ex Currency
	Revenue		$150 million		4%		4%
	EBIT		$32 million		211%

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