Happy New Year

A Message from the CEO of Panorama Software

A very happy new year to everyone. 2006 was a tremendous year for growth and innovation not only for Panorama, but the business intelligence market overall. I wanted to take the opportunity in this first newsletter for 2007 to reflect upon some of the key milestones we achieved as a company. We saw great many changes in 2006. The importance of BI climbed to the #1 priority of CIOs. Companies big and small realized the impact that BI solutions can have on the whole organization. The number of decisions and those accountable for making the decisions that impact the business grew and there are no signs of this slowing or changing. As a BI solutions provider, our focus and attention was to provide the best possible tools and applications to help your organization achieve the best possible results.

Panorama Software today provides one of the most comprehensive and integrated BI solutions in the market. We now support the two fastest growing BI platforms, Microsoft and SAP. Global leaders in financial services, manufacturing, retail and healthcare use Panorama today to enable their information workers to not only have greater access to valuable data, but leveraging this data in new and innovative ways. As we move full steam into 2007, you can look forward to more innovation from Panorama. You will see applications that personalize BI in a whole new way. Panorama will push the BI envelope, rewriting the rules of what is possible when BI is used proactively, including process automation and guided decision making.

Thank you for making 2006 a milestone year for Panorama. We look forward to providing you the best in business intelligence in 2007.

Best,

Eynav Azaria

Chief Executive Officer

Panorama Software