Cloud vs. Cloud: Comparing the TCO of Office 365 and Private Clouds

sponsored by Osterman Research, Inc.

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Cloud vs. Cloud: Comparing the TCO

of Office 365 and Private Clouds SPON

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An Osterman Research White Paper

Published March 2012

SPONSORED BY

Cloud vs. Cloud: Comparing the TCO of Office 365 and Private Clouds

©2012 Osterman Research, Inc. 1

Executive Summary The Microsoft stack of core communication and collaboration offerings – Exchange for email and calendaring, SharePoint for content management and collaboration, and Lync for real time communications and telephony – can be provided using three basic delivery models: • The traditional on-premise model using in-house servers, software and IT labor. • A public cloud model, such as Office 365, in which each service is offered for a fee per

user per month and all backend infrastructure is multitenant and located off-premises. • A private cloud model, in which the servers and software are all dedicated per customer

and located in a secure third party data center, but the infrastructure is managed remotely by a service provider for a fee per user per month.

GOAL OF THIS WHITE PAPER The primary purpose of this white paper is to compare and contrast the “Cloud vs. the Cloud” (public vs. private), as well as the traditional, on-premise approach, in terms of their Total Cost of Ownership (TCO), and to explain why key differences exist between them. The paper will work to dispel some of the traditional myths relating to cloud services for communications and collaboration in general and relating to the public cloud (as represented by Office 365), and the rapidly emerging private cloud model. KEY TAKEAWAYS • While some decision makers believe that the cloud can provide cost benefits only for small

organizations, our cost model demonstrates that enterprise-level customers will also achieve significant cost savings. For example, an organization of 5,000 users implementing the basic Microsoft stack of Exchange, SharePoint and Lync will save 19% with a private cloud compared to a conventional on-premise system.

• Conventional wisdom holds that the communications and collaboration public cloud offers

the most cost savings of any delivery model. Here, TCO calculations show the public cloud to be less expensive (21%) than the private cloud when comparing basic capabilities.

• However, most medium-sized and large organizations will require a variety of enterprise-

grade capabilities. When these additional features are factored in, the pendulum swings the other way and the private cloud ends up as less expensive (20%) compared to the public cloud. For example, adding bandwidth, storage and an upgrade to Office 365 E2 make the cost of Exchange in the private cloud significantly less expensive (26%) than when delivered via the public cloud. The cost of providing Lync voice services makes private cloud delivery of Lync also much less expensive (39%) than its public cloud counterpart.

• Cloud delivery is less expensive than on-premise delivery primarily because of the reduced

labor costs associated with the cloud. Moreover, cloud delivery provides the additional benefit of freeing up in-house IT staff members for other tasks that may provide more value to the organization.



IMPORTANT DETAILS IN THE APPENDIX OF THIS WHITE PAPER We encourage readers of this white paper to examine the cost tables included in the Appendix of this white paper. These tables provide the detail that supports the conclusions we offer in this document.

Choosing the Right Delivery and Management Model DELIVERING THE MICROSOFT UC STACK There are three basic delivery models for providing email, collaboration and unified communication services: • On-premise

Servers and other infrastructure elements are deployed, configured and managed on the customer premises and managed by in-house IT staff members. This is the conventional model that has traditionally been used by most Exchange, SharePoint and Lync-enabled organizations.

• Public cloud

A third-party provider (such as Microsoft) manages a data center and customers rent services on fee-per-user/per-month basis. This model is growing in popularity and is used by Office 365 customers, and for many years previous to that by hosted Exchange customers.

• Private cloud

Servers and other infrastructure elements are located in a dedicated co-lo facility but are managed either by the hosting company or remotely by a third party managed service provider. This model is also growing in popularity because it offers a “hybrid” approach: the security and resiliency of the on-premise delivery model combined with the cost and IT labor savings of the cloud model.

What is the Least Expensive Approach? THE COST DIFFERENCES BETWEEN DELIVERY AND MANAGEMENT MODELS CAN BE SUBSTANTIAL As shown on the following pages, the differences in the costs of providing the various solutions in the Microsoft stack can vary substantially based on the delivery model used. For example, the cost of a complete Exchange deployment for 5,000 users is 26% less expensive when delivered via a private cloud compared to the public cloud, and 13% less expensive compared to an on-premise deployment. Similarly, the cost of deploying the entire Microsoft stack of Exchange, SharePoint and Lync – along with additional capabilities like business continuity, add-on storage farms, additional bandwidth, etc. – is 10% less expensive when using a private cloud compared to the public cloud, and 16% less expensive than when using on-premise infrastructure versus a private cloud.



WHY IS THE PRIVATE CLOUD THE LEAST EXPENSIVE APPROACH? The table below provides a comparison of the traditional, on-premise model of delivering services with the public and private cloud approaches. In a nutshell, the private cloud model of delivering and managing the services in the Microsoft stack is less expensive than the public cloud because of two primary factors: • While public cloud providers include a variety of hardware, switching, storage, license fees

and other features in the base price of their offerings, this base price is significantly higher than the fully amortized price of the hardware, software and other infrastructure elements offered in a private cloud deployment.

• When deploying a full-featured enterprise-grade system, some additional features are

typically much more expensive when deployed in a public cloud model. For example, as shown in the Appendix to this white paper, features like adding voice functions to Lync or adding extra bandwidth in an Exchange environment are much more expensive in the public cloud than in a private cloud scenario.

Comparison of Exchange, SharePoint and Lync TCO by Delivery Model

On-Premise Public Cloud Private Cloud

Exchange PROS

• Low amortized cost of Exchange CAL + Server + Software Assurance licensing

• No cost for hardware, storage or deploying infrastructure

• No cost for additional hardware, storage and deployment

• Lowest cost for support

• Low amortized cost of Exchange licensing

• Low cost for support

Exchange CONS

• Higher cost for additional hardware, storage and deployment

• Highest cost for support because of need to manage infrastructure using only in-house personnel

• Much higher costs for additional services, e.g., compliance, archiving, Office 365 upgrade

• Additional costs (not shown) for hardware and software for proxy servers and federation services to support cloud access

• Higher cost for additional hardware, storage and deployment than in the public cloud



Comparison of Exchange, SharePoint and Lync TCO by Delivery Model (concluded)

SharePoint PROS

• Low amortized cost of SharePoint CAL + Server + Software Assurance licensing


• Lowest cost for support

• Low amortized cost of SharePoint licensing

• Low cost for support

SharePoint CONS

• Higher costs for BC/DR • Highest costs for testing

add-on farm • Highest costs for

development add-on farm • Highest costs for support

• High monthly costs for SharePoint Online

• Testing & Development Farms must be rolled out on-premise or in a private cloud.

• Additional costs (not shown) for hardware and software for proxy servers and federation services to support cloud access

• There is a large feature gap between SharePoint Online and SharePoint in the Private Cloud

• Higher costs for BC/DR

Lync PROS

• Much less expensive & more full featured than public cloud for voice services

• Lower overall costs than in the public cloud for a variety of ancillary services


• Lower cost than on-premise for basic services

• As inexpensive as the public cloud for support

Lync CONS

• High costs for support • High monthly costs for Lync Online

• Even using the most functional Lync Online offering, there is still a large feature gap with Lync On-Premise or Lync in the Private Cloud

• Hybrid Deployments are not supported. You must deploy Lync Online or Lync-On Premise.

COMPARING THE COSTS BY SOLUTION AND DELIVERY MODEL For purposes of our cost analysis, we compared the total cost of ownership for Microsoft’s three primary enterprise offerings – Exchange, SharePoint and Lync – using on-premise, public cloud and private cloud deployment models over a 36-month lifecycle. Our analysis focused on an enterprise of 5,000 users. Moreover, we developed a basic or “Required” configuration – that set of infrastructure and services required to support basic functionality for each element of the Microsoft stack – and an enterprise grade or “Additional” set of capabilities, both of which are presented in the charts on the following pages. The analysis and interpretation of Microsoft licensing (for both on-premise and online) is a complex art. As evidence of this complexity the sidebar on the next page calls out one single add-on example in the form of Exchange archiving.



Because of the sophisticated nature of the model and its high level of detail, we have presented the calculations in an Appendix rather than present them in the body of the white paper itself. To the extent that “your mileage may vary”, it is important that the reader uses the conclusions of this whitepaper as directional guidance, not as hard and fast conclusions that will apply in every circumstance. Developing cost models for offerings as complex as those discussed in this white paper requires some level of interpretation and judgment, and so some readers may disagree with aspects of the cost model we have developed here. Moreover, because Microsoft continues to evolve its Office 365 offering, it is important to note that the calculations presented in this white paper reflect the state of Office 365 in the first quarter of 2012, including the price reductions of approximately 20% announced in mid-March 2012. CLOUD vs. CLOUD -- CLEARING UP COMMON MISCONCEPTIONS Two key myths must be dispelled in order to move forward with helpful TCO calculations regarding Exchange, SharePoint and Lync. First, and contrary to the beliefs of many decision makers, the cloud is not just for small organizations. Although Microsoft says that 90%+ of Office 365 deployments are with companies under 50 seats, and even though only about 5% of the total market today is using the cloud for Exchange, our findings clearly demonstrate that cloud-based offerings – whether public or private – are less expensive than on-premise solutions even in large organization deployments. Second, when it comes to Exchange, SharePoint and Lync TCO, not all clouds are created equal. In spite of the power of the Microsoft and Google marketing machines pushing their public cloud services, private cloud offerings are typically less expensive than public cloud offerings for delivering Microsoft email, collaboration and UC solutions at the enterprise level, as shown on the following pages. MICROSOFT EXCHANGE As shown in the following figure, the cost of a full private cloud deployment of Exchange is significantly less expensive than either an on-premise (13%) or public cloud (26%) deployment. The primary savings of the private cloud model comes from two areas:

TCO and Differences for EXCHANGE ARCHIVING Even for native archiving in Exchange there exists some confusing and key differences in cost between Cloud and On-Premise: 1. Microsoft Exchange Online Archiving, a

hosted archiving solution for on-premises Exchange 2010 mailboxes, cannot be used with Office 365.

2. For Exchange Online (in Office 365) the core archiving capability is the same as that provided for on-premise Exchange at $5 per user per month.

3. The Exchange Online Plan 2 license provides advanced archiving features like legal hold.

4. If users need more than 25Gb of storage per user then the E3 license at $24/month is required. This will give users 25Gb of storage for the primary mailbox plus unlimited storage for Personal Archives. The E3 license is also required if single item recovery is needed for longer than 30 days.

5. Use of Personal Archive or retention

policies requires a Microsoft Exchange Online account or Microsoft Exchange Server 2010 account together with Microsoft Exchange Server Enterprise Client Access License (CAL). This requires Exchange Online users to have an enterprise CAL on top of their standard Exchange online monthly fees.

6. Not all Personal Archive features are available without either the Outlook 2010 or OWA client.



• Relative to the public cloud model, private cloud savings come from the relatively low cost of the Exchange Client Access license ($67, or $1.86 per month over three years) compared to the Exchange Online price of $4.00 per month (assuming the E1 plan). Savings for the private cloud would be even more substantial if the public cloud model assumed the Exchange Online E2 plan at $8 per month or even the Office 365 E2 through E4 plans in the base configuration, which are priced at $14 to $22 per month.

• Relative to the on-premise model, the private cloud is much less expensive in terms of IT labor cost per user. Our model assumes that while there will still be costs for help desk and IT support staff when using a private cloud, overall IT costs are lower for the private cloud, largely because little support must be provided by private cloud customers themselves. Moreover, in the private cloud a single operations staff member can monitor multiple customers at once, but in an on-premise environment, operations staff can monitor only a single environment.

It is also important to note that the on-premise model is subject to potentially greater cost increases over time given that labor represents a larger proportion of overall TCO compared to the private cloud model and public cloud models. Microsoft Exchange Monthly Cost per User in a 5,000-User Environment



MICROSOFT SHAREPOINT The private cloud model for managing SharePoint offers a much lower TCO compared to the on-premise delivery model, but the private cloud is more expensive than the public cloud for both the “required” feature set (18%) and only slightly more expensive for the required plus additional capabilities (9%), as shown below. It is important to point out, however, that the only functionality which pushes the private cloud model higher than SharePoint Online for the additional capabilities is a secondary site for Disaster Recovery. Companies looking to implement SharePoint without the extra cost of a DR site can actually do it for a 15% lower cost in a private cloud as with Office365. As with Exchange, the cost of the IT labor required to manage SharePoint varies widely based on the delivery model, with on-premise clearly having the highest labor cost component. This makes the on-premise model the most susceptible to price increases over time as labor rates increase, and it also makes on-premise delivery highly subject to regional labor cost differences. Microsoft SharePoint Monthly Cost per User in a 5,000-User Environment

MICROSOFT LYNC As shown in the following figure, the cost of delivering Microsoft Lync with private cloud delivery is slightly more expensive ($2.37/user/month or 29%) than the public cloud for the



required configuration (not including voice), but substantially less expensive ($14.79 per user per month, or 39%) when additional features are added. As with the other offerings in the Microsoft stack, the cost of the on-premise delivery model is impacted significantly by IT labor costs. For public cloud delivery of Lync, IT labor represents a smaller proportion of the TCO. It is important to note that the largest single cost for public cloud (Office 365) delivery of Lync among the additional enterprise grade capabilities is the provision of Lync Enterprise Voice, Microsoft’s telephony alternative. The cost of Lync Voice is an additional $28.04 which figures out to $16.50 per month per seat more on the client side PLUS and additional $14.02 per month per seat on the server side as shown in the Appendix of this white paper. These costs are compared to $3.00 per seat per month total (client + server) for private cloud and on-premise delivery. This significant differential in cost is due to the fact that Lync Enterprise Voice requires an upgrade to the full E4 version of Office 365 in the Online deployment PLUS the addition of a full on-premise Lync Server, whereas the additional cost in the private cloud is simply the amortized Plus CAL to add voice capabilities. Microsoft Lync Monthly Cost per User in a 5,000-User Environment



TCO ACROSS THE ENTIRE MICROSOFT STACK As shown in the following figure, the entire cost of the Microsoft stack of Exchange, SharePoint and Lync is substantially less expensive when delivered in a private cloud than when delivered via on-premise delivery or using a public cloud. Based on our cost model, private cloud delivery of the complete Microsoft UC stack with all capabilities is 20% less expensive than the public cloud and also 18% less expensive than on-premise delivery. Cost per User of the Entire Microsoft Stack in a 5,000-User Environment

About Azaleos Azaleos Corporation provides managed email, collaboration and unified communications services available in private cloud, on-premise or mixed deployment architectures. Azaleos’ 24x7 managed services for Microsoft Exchange, SharePoint, Active Directory, Lync, and BlackBerry Enterprise Server improve availability, security and performance, while reducing maintenance time and costs. The patented AzaleosX technology platform enables customers to maintain control over servers and data including their location, while uptime, maintenance, and support is proactively handled by certified experts in its network operations centers. Hundreds of companies from Fortune 500



to mid-market enterprises rely on Azaleos to manage their collaboration infrastructures and address issues before users ever know they exist. Azaleos is the largest provider of private cloud, on-premise and hybrid managed services in the communications and collaboration space and the go-to option for organizations who can’t find a fit with Microsoft or Google public cloud solutions. A member of the National Systems Integrator program (NSI), Azaleos is one of Microsoft’s top 34 partners in the United States and a member of both the Microsoft Exchange and SharePoint Technology Adoption Programs For more information visit www.azaleos.com.

Appendix – Cost Model On the following pages are the detailed costs that comprise the model developed for this white paper. We have identified basic or “Required” elements – those infrastructure, labor and other components that are necessary to provide the service; and enterprise grade or “Additional” elements that can provide other types of functionality. As noted earlier, for purposes of this cost analysis we compared the total cost of ownership for Microsoft’s three primary enterprise offerings – Exchange, SharePoint and Lync – using on-premise, public cloud and private could deployment models over a 36-month lifecycle in an environment of 5,000 users. Keep in mind that for the purposes of our calculations we chose to evaluate each application (Exchange, SharePoint and Lync) as standalone deployments versus a combined deployment. In some cases this calculation could lead to higher costs when 2 or 3 applications are combined since we take away potential economies of scale in the workloads. For example by combining hardware (i.e. storage, hardware load balancer, etc.) or by not ‘double charging’ for Exchange unified messaging in the Lync workload section (if the customer already has Exchange licensed), there are ways to decrease costs in the model.



Cost Comparison – Microsoft Exchange

Required On-Premise Public Cloud Private Cloud Exchange Licensing (on-premise, Standard CAL and Server) $1.86 - $1.86

Exchange Online Plan 1 - $4.00 - Windows Server License $0.03 $0.00 $0.03 MSFT Software Assurance (Standard Licensing) $0.95 NA $0.95 Migration $0.03 $0.03 $0.03 Support: Help Desk (on customer premise) $1.75 $1.75 $1.75 Support: Infrastructure (vendor/service) $2.50 Included $1.00 Support: Infrastructure (vendor liaison) - $0.50 - Server Hardware $0.25 NA $0.25 Switching (Network and iSCSI) Hardware $0.56 NA $0.56 Storage Hardware $1.43 NA $1.43 Load Balancer Hardware $0.44 NA $0.44 Deployment $0.15 NA $0.15 Running Total $9.95 $6.28 $8.45

Additional On-Premise Public Cloud Private Cloud Exchange Licensing “Upgrade” (on-premise, Enterprise CAL and Server) $0.99 - $0.99

Exchange Online Plan 2 (Upgrade from P1) - $4.00 - MSFT Software Assurance (Enterprise Licensing) $0.59 NA $0.59 Extra Bandwidth $0.00 $1.00 $0.00 Exchange Client $1.00 $1.00 $1.00 Deployment $0.35 NA $0.35 Sub-Total $2.93 $6.00 $2.93 Running Total $12.88 $12.28 $11.38

Additional On-Premise Public Cloud Private Cloud Office 365 E3 (Upgrade from Exchange Online E2) $0.00 $12.00 $0.00

Archiving (Exchange Personal Archives) $0.00 Included with O365 E3 $0.00

Compliance $2.50 $2.50 $2.50 Filtering (AV/AS) $1.00 Included $1.00 Encryption $1.00 $1.00 $1.00 Sub-Total $4.50 $15.50 $4.50 Running Total $17.38 $27.78 $15.88

Additional Business Continuity --- Disaster Recovery On-Premise Public Cloud Private Cloud

Exchange Licensing $2.85 NA $2.85 Windows Server License $0.03 $0.00 $0.03 Migration $0.03 $0.03 $0.03 HLB Hardware $0.44 $0.00 $0.44 Support: Infrastructure (vendor/service) $2.50 Included 1.00 Server Hardware $0.13 NA $0.13 Deployment $0.15 NA $0.15 Sub-Total $6.13 $0.03 $4.63 GRAND TOTAL $23.51 $27.81 $20.51



Cost Comparison – Microsoft SharePoint

Required – Production On-Premise Public Cloud Private Cloud SharePoint Licensing (Standard CAL and Server) $2.75 - $2.75 SharePoint Online Plan 1 - $4.00 - Software Assurance (Standard) $1.32 NA $1.32 SQL Server License $0.04 $0.00 $0.04 Windows Server License $0.03 $0.00 $0.03 Migration $0.03 $0.03 $0.03 Support: Help Desk $2.17 $2.17 $2.17 Support: Infrastructure $3.65 $0.00 $1.33 Support: Infrastructure (vendor liaison) - $0.75 - Storage: Hardware or Additional Online Costs $0.22 $0.01 $0.22 Server Hardware $0.17 $0.00 $0.17 Deployment $0.03 $0.03 $0.03 Server Cost $0.17 $0.00 $0.17 Running Total $10.58 $6.99 $8.26

Additional Production On-Premise Public Cloud Private Cloud

SharePoint Licensing “Upgrade” (Enterprise CAL and Server)

$2.31 - $2.31

SharePoint Online Plan 2 (Upgrade from P1) - $4.00 - Office Web Apps Upgrade - $6.00 Software Assurance (Enterprise) $1.15 NA $1.15 FAST Search License $0.12 NA $0.12 Server Hardware for FAST $0.25 NA $0.25 Internet Access (Enterprise Server) License $0.23 NA $0.23 Extranet Partner Access License NA $0.02 NA Sub-Total $4.06 $10.02 $4.06 Running Total $14.64 $17.01 $12.32

Additional Business Continuity – Disaster Recovery On-Premise Public Cloud Private Cloud

Deployment $0.03 $0.00 $0.03 SharePoint License (Standard and Enterprise CAL) $5.17 - $5.17 SQL Server License $0.04 $0.00 $0.04 Windows Server License $0.04 $0.00 $0.04 Support: Infrastructure $1.83 $0.00 $0.67 High Availability $2.95 $0.00 $1.14 Storage Hardware $0.22 $0.01 $0.22 Server Hardware $0.17 $0.00 $0.17 Sub-Total $10.45 $0.01 $7.48 Running Total $25.09 $17.02 $19.80



Cost Comparison – Microsoft SharePoint (concluded)

Additional Add-on Farm - Testing On-Premise Public Cloud Private Cloud

Deployment $0.03 $0.03 $0.03 Support: Infrastructure $1.83 $0.67 $0.67 High Availability $2.95 $1.14 $1.14 Storage Hardware $0.22 $0.22 $0.22 Server Hardware $0.17 $0.17 $0.17 SharePoint License (Standard and Enterprise CAL) $5.17 $5.17 $5.17 SQL Server License $0.04 $0.04 $0.04 Windows Server License $0.03 $0.03 $0.03 Sub-Total $10.44 $7.47 $7.47 Running Total $35.53 $24.49 $27.27

Cost Comparison – Microsoft SharePoint (concluded)

Additional Add-on Farm - Development On-Premise Public Cloud Private Cloud

Deployment $0.03 $0.03 $0.03 Support: Infrastructure $1.83 $0.67 $0.67 High Availability $2.95 $1.14 $1.14 Storage Hardware $0.22 $0.22 $0.22 Server Hardware $0.17 $0.17 $0.17 SharePoint License (Standard and Enterprise CAL) $5.17 $5.17 $5.17 SQL Server License $0.04 $0.04 $0.04 Windows Server License $0.03 $0.03 $0.03 Sub-Total $10.44 $7.47 $7.47 GRAND TOTAL $45.97 $31.96 $34.74



Cost Comparison – Microsoft Lync

Required On-Premise Public Cloud Private Cloud Lync Licensing (Standard and Enterprise CAL and Server for IM/P and conferencing) $3.86 $3.86

Lync Online P2 - $5.50 - MSFT Software Assurance (Standard + Enterprise Licensing) $1.93 - $1.93

Windows Server License $0.04 $0.00 $0.04 Migration $0.03 $0.03 $0.03 Support: Help Desk $1.75 $1.75 $1.75 Support: Infrastructure 5.00 - 2.25 Support: Infrastructure (vendor liaison) - $1.00 - Server Hardware $0.20 - $0.20 Load Balancer Hardware $0.44 - $0.44 Deployment $0.15 - $0.15 Running Total $13.40 $8.28 $10.65

Additional On-Premise Public Cloud Private Cloud Lync Licensing “Upgrade” (PLUS License) $3.00 $3.00 Office365 E4 Plan (Upgrade from Lync P2) - $16.50 -- MSFT Software Assurance (PLUS Licensing) $1.47 $1.47 $1.47 Additional Lync Server On Premise Licensing for Enterprise Voice - $3.86 -

Additional Licensing, Hardware, Support and Deployment for On-Premise Lync Server

- $3.83 -

Extra Bandwidth $1.00 $1.00 $1.00

Lync Client NA $0.85 -

Voicemail (via Exchange UM) $2.83

Included with Office365 E4

Plan $2.83

Disaster Recovery $1.00 - $1.00 Deployment $0.35 - $0.35 Headset $2.00 $2.00 $2.00 Sub-Total $11.65 $29.51 $11.65 Running Total $25.05 $37.79 $22.30

Additional On-Premise Public Cloud Private Cloud Archiving $0.00 Not included $0.00 Media Gateway $0.20 - $0.20 SIP Trunk $0.50 - $0.50 Forefront Security for Lync (malware & out of policy content) $0.50 $0.50 $0.50

Sub-Total $1.20 $0.50 $1.20 GRAND TOTAL $26.25 $38.29 $23.50



© 2012 Osterman Research, Inc. All rights reserved. No part of this document may be reproduced in any form by any means, nor may it be distributed without the permission of Osterman Research, Inc., nor may it be resold or distributed by any entity other than Osterman Research, Inc., without prior written authorization of Osterman Research, Inc. Osterman Research, Inc. does not provide legal advice. Nothing in this document constitutes legal advice, nor shall this document or any software product or other offering referenced herein serve as a substitute for the reader’s compliance with any laws (including but not limited to any act, statue, regulation, rule, directive, administrative order, executive order, etc. (collectively, “Laws”)) referenced in this document. If necessary, the reader should consult with competent legal counsel regarding any Laws referenced herein. Osterman Research, Inc. makes no representation or warranty regarding the completeness or accuracy of the information contained in this document. THIS DOCUMENT IS PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND. ALL EXPRESS OR IMPLIED REPRESENTATIONS, CONDITIONS AND WARRANTIES, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE DISCLAIMED, EXCEPT TO THE EXTENT THAT SUCH DISCLAIMERS ARE DETERMINED TO BE ILLEGAL.