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Financial Highlights

[Charts for Revenues, Operating and Net Income]

Year Ended December 31,199419951996
(In thousands, except statistical and per share data)

Revenues $09,699$14,589$24,963
Operating income $01,487$01,784$04,082
Net income (1) $00,956$01,288$02,806
Net income per share (1) $000.15$000.20$000.43
December 31, 199419951996
Stockholders' equity $01,120$02,047$33,762
Deferred revenue $07,098$11,359$17,816
Agreement value (2) $10,235$17,818$30,034
Client companies (3) N/A799885

( 1) Pro forma to give effect to income tax adjustments that would have been made had the Company been taxed throughout the periods as a C corporation. (2) Agreement value, as measured by the Company, represents the annualized subscription fees for all core research and advisory services contracts in effect at a given point in time, without regard to the remaining duration of such contracts. (3) Client companies represents the total number of companies with which Forrester conducts business at a given point in time. Forrester may provide multiple services to more than one business unit of the client company.

Forrester Annual Report 96 Index: