Information Services Group Inc. — Director's Dealing 2009

Nov 4, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Information Services Group Inc. (III)
CIK: 0001371489
Period of Report: 2009-11-02

Reporting Person: SEMLER ERIC (10% Owner)
Reporting Person: TCS Capital GP, LLC (10% Owner)
Reporting Person: TCS Capital Investments, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-11-02	Common Stock	S	140000	$3.5528	Disposed	4454300	Indirect
2009-11-03	Common Stock	S	20000	$3.4700	Disposed	4434300	Indirect
2009-11-04	Common Stock	S	71000	$3.32	Disposed	4363300	Indirect

Footnotes

F1: The filing of this Form 4 shall not be construed as an admission that TCS Capital Investments, L.P. ("TCS Offshore"), TCS Capital GP, LLC ("TCS") or Eric Semler, the managing member of TCS, is or was for the purposes of Section 16(a) of the Securities Exchange act of 1934, as amended, or otherwise the beneficial owner of any of the common stock, par value $0.001 per share (the "Common Stock"), of Information Services Group, Inc. (the "Issuer") owned by TCS Capital, L.P., TCS Capital II, L.P., and TCS Offshore (collectively, the "Funds"). Pursuant to Rule 16a-1, the reporting persons disclaim such beneficial ownership beyond their pecuniary interest.

F2: The Funds previously reported ownership of 3,979,300 units of the Issuer (the "Units"). Each Unit consisted of one share of Common Stock and one redeemable common stock purchase warrant (the "Warrants"). Prior to the transaction that required the filing of this Form 4, the Funds converted their Units and now hold directly the Common Stock and Warrants that were underlying the Units.

F3: TCS Offshore holds Common Stock and Warrants for its own account. TCS holds indirectly Common Stock and Warrants for the accounts of the Funds, of which TCS is the general partner. TCS receives an allocation of a portion of net profits from and owns a partnership interest in the Funds. Mr. Semler reports the shares held indirectly by TCS because, as the manager of TCS, at the time of sale, Mr. Semler controlled the disposition and voting of the securities.