Information Services Group Inc. — Director's Dealing 2011

Jan 10, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Information Services Group Inc. (III)
CIK: 0001371489
Period of Report: 2011-01-01

Reporting Person: TCS Global Equity Master Fund, L.P. (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1280423	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Warrant (Right to Buy)	$6	2011-01-31	Common Stock (2324800)		Direct

Footnotes

F1: TCS Global Equity Master Fund, L.P. ("TCS Global") became the beneficial owner of the common stock, par value $0.001 per share ("Common Stock"), and the redeemable common stock purchase warrants (the "Warrants") of Information Services Group, Inc. (the "Issuer") as a result of a pro rata in-kind distribution of the Common Stock and Warrants and in-kind recontribution (the "Transfer"). The Transfer did not result in a change in the pecuniary interest held by TCS Capital GP, LLC ("Capital GP") and Eric Semler. Capital GP and Eric Semler disclaim beneficial ownership of the Common Stock and the Warrants except to the extent of their pecuniary interest therein.

F2: Prior to the Transfer, the Common Stock and Warrants were held by TCS Capital, L.P. ("TCS I"), TCS Capital II, L.P. ("TCS II"), TCS Capital Investments, L.P. ("TCS Offshore," and collectively, the "Capital Funds") and TCS Select, L.P. ("Select Fund," and together with the Capital Funds, the "Funds"). Capital GP serves as the general partner of the Capital Funds and TCS Global with Eric Semler serving as the managing member of Capital GP. Capital GP receives an allocation of a portion of the net profits from and owns a partnership interest in each of the Capital Funds and TCS Global. TCS Select GP, LLC ("Select GP") serves as the general partner of the Select Fund. Semler Chutorian LLC ("Semler LLC") is the managing member of Select GP with Eric Semler serving as the managing member of Semler LLC. Eric Semler owns a partnership interest in the Select Fund.

F3: On the date of the Transfer, TCS I, TCS II and the Select Fund made a pro rata in-kind distribution of the Common Stock and the Warrants to Capital GP and Select GP, respectively, and to the applicable limited partners of each of TCS I, TCS II and Select Fund. Capital GP then made an in-kind recontribution of the Common Stock and Warrants to TCS Global. Select GP made further in-kind distributions of the Common Stock and Warrants up through Semler LLC to Eric Semler who then made an in-kind recontribution of the Common Stock and Warrants through Capital GP to TCS Global. The limited partners of TCS I, TCS II and Select Fund receiving a pro rata in-kind distribution of the Common Stock and the Warrants made in-kind recontributions to TCS Global through a limited partner of TCS Global. TCS Offshore did not participate in the Transfer and currently holds Common Stock and Warrants of the Issuer.