In public markets, for the second straight reporting period the FOCUS Carrier-Focused Telecom Technology Index (CFTTI) experienced a strong gain. The CFTTI jumped 13.9% in our spring reporting period, which outpaced the 2.5% gain in the S&P 500 and the 5.8% gain in the NASDAQ by a wide margin. Unlike our last reporting period, however, gains were concentrated primarily in the Large Cap sub sector. The CFTTI also enjoyed a strong gain for the full year period and is up 24.3% compared to last year. This was well ahead of the 14.8% gain in the S&P 500, and roughly on par with the 24.9% gain in the NASDAQ. Sec- tor multiples continued to climb and closed out the period at 2.0x revenue and 12.9x EBITDA. These both compare favorably to year-ago multiples of 1.6x revenue and 10.5x EBITDA.

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