SECTORWATCH: IT Consulting February 2018 SECTORWATCH

SECTORWATCH: IT Consulting February 2018 SECTORWATCH:

IT Consulting 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the February 2018 document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

. Sector Dashboard

. Public Basket Performance

. Operational Metrics

. Valuation Comparison

. Recent Deals

. Appendix OVERVIEW

Dashboard

summary metrics on the sector, with commentary on About Us market momentum by comparing the most recent 12- 7MA provides Investment Banking & Advisory Services to the month performance against the last 3-year averages Business Services and Technology Industries globally.

We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we Public Basket Performance help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. summary valuation and operating metrics for a basket of comparable public companies

Sectorwatch We publish sectorwatch, a review of M&A and operational trends in the industries we focus. Valuation Comparison

a more graphical, detailed comparison of valuation multiples for the public basket Let us know if we can help Contact us if there are ways we can assist your M&A or financing strategy.

Recent Deals the most recently announced sector deals

Revenue Growth Momentum Median LTM GP Margin % 32.7% 1 - year revenue growth compared to revenue growth -5.8% average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 15.4% Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % 0.2% average for last 3 years Median LTM Rev. Growth % 6.8% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power 0% 7% 14% 21% 28% 35%

Profitability Momentum Valuation -0.4% 1 - year EBITDA % compared to EBITDA % average for last 3 years Median Price / LTM Earnings 25.6x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBIT 18.1x

PUBLIC BASKET CONSTITUENTS NYSE:ACN TSE:9613 Median TEV / LTM EBITDA 14.6x NSEI:TCS TSX:GIB.A NasdaqGS:CTSH NYSE:EPAM NSEI:INFY BIT:REY Median TEV / LTM Revenue ENXTPA:CAP PRFT 2.5x

Rev LTM Rev Growth TEV / Rev TEV / Rev / FTE Company TEV $m $m YoY GP % EBITDA % X EBITDA X # FTEs $k

Perficient, Inc. 739 458 -5% 34% 11% 1.6 14.5 2,728 168

Reply S.p.A. 2,390 976 12% 16% 13% 2.2 17.2 6,015 162

EPAM Systems, Inc. 5,716 1,365 23% 37% 14% 4.2 29.1 22,383 61

CGI Group Inc. 17,547 8,760 3% 30% 17% 2.0 11.8 71,000 123

NTT Data Corporation 20,530 17,528 20% 25% 14% 1.1 7.9 111,664 157

Capgemini SE 24,372 14,483 1% 27% 13% 1.5 12.1 193,077 75

Infosys Limited 35,462 10,703 6% 35% 27% 3.3 12.3 200,364 53

Cognizant Technology Solutions Corporation 42,091 14,444 9% 39% 20% 2.9 14.6 260,200 56

Tata Consultancy Services Limited 88,740 18,907 3% 46% 27% 4.7 17.6 387,223 49

Accenture plc 96,233 35,858 7% 32% 16% 2.7 16.4 425,000 84

Average 33,382 12,348 8% 32% 17% 2.6 15.4 167,965 99

Median 22,451 12,574 7% 33% 15% 2.5 14.6 152,371 80 share price as of 01Feb18

12x 4x 2x 11.9x

10x 0x

Feb-14 Feb-15 Feb-16 Feb-17 Feb-18

Aug-13 Aug-14 Aug-15 Aug-16 Aug-17

Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

May-14 May-15 May-16 May-17 8x May-13 TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples Over Time 4x 2.5x

1.9x 2.0x 2x 1.5x

0x 1.0x

Feb-14 Feb-15 Feb-16 Feb-17 Feb-18

Aug-13 Aug-14 Aug-15 Aug-16 Aug-17

Nov-14 Nov-15 Nov-16 Nov-17

Nov-13 0.5x

May-13 May-14 May-15 May-16 May-17

TEV/EBITDA - Median TEV/Revenue - Median 0.0x

TEV/EBITDA - Average TEV/Revenue - Average

Feb-14 Feb-15 Feb-16 Feb-17 Feb-18

Aug-13 Aug-14 Aug-15 Aug-16 Aug-17

Nov-17 Nov-13 Nov-14 Nov-15 Nov-16

May-17 May-13 May-14 May-15 May-16

TEV/Revenue - Median TEV/Revenue - Average

LTM Revenue Growth % LTM Gross Profit Margin %

Tata Consultancy Services Limited EPAM Systems, Inc. Cognizant Technology Solutions NTT Data Corporation Corporation

Reply S.p.A. EPAM Systems, Inc.

Cognizant Technology Solutions Infosys Limited Corporation

Accenture plc Perficient, Inc.

Infosys Limited Accenture plc

Tata Consultancy Services Limited CGI Group Inc.

CGI Group Inc. Capgemini SE

Capgemini SE NTT Data Corporation

Perficient, Inc. Reply S.p.A.

Median Median

(5.0%) - 5.0% 10.0% 15.0% 20.0% 25.0% - 10.0% 20.0% 30.0% 40.0% 50.0%

Accounts Receivable Turnover Average Days Sales Outstanding

NTT Data Corporation Reply S.p.A.

Accenture plc Capgemini SE

CGI Group Inc. Tata Consultancy Services Limited

Cognizant Technology Infosys Limited Solutions Corporation

EPAM Systems, Inc. Perficient, Inc.

Perficient, Inc. EPAM Systems, Inc.

Cognizant Technology Solutions Infosys Limited Corporation Tata Consultancy Services CGI Group Inc. Limited

Capgemini SE Accenture plc

Median Median

0.0 1.1 2.2 3.3 4.4 5.5 - 20 40 60 80 100 120

LTM Revenue per Full Time Employee x 000's LTM EBITDA %

Perficient, Inc. Infosys Limited

Tata Consultancy Services Reply S.p.A. Limited Cognizant Technology NTT Data Corporation Solutions Corporation

CGI Group Inc. CGI Group Inc.

Accenture plc Accenture plc

Capgemini SE EPAM Systems, Inc.

EPAM Systems, Inc. NTT Data Corporation

Cognizant Technology Reply S.p.A. Solutions Corporation

Infosys Limited Capgemini SE

Tata Consultancy Services Perficient, Inc. Limited

Median Median

$- $35 $70 $105 $140 $175 - 6.0% 12.0% 18.0% 24.0% 30.0%

TEV / LTM Revenue TEV / LTM EBITDA

Tata Consultancy Services EPAM Systems, Inc. Limited

EPAM Systems, Inc. Tata Consultancy Services Limited Infosys Limited Reply S.p.A. Cognizant Technology Solutions Corporation Accenture plc

Accenture plc Cognizant Technology Solutions Corporation Reply S.p.A. Perficient, Inc. CGI Group Inc. Infosys Limited Perficient, Inc.

Capgemini SE Capgemini SE

CGI Group Inc. NTT Data Corporation

Median Median

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 0x 6x 12x 18x 24x 30x

TEV / LTM EBIT Price / LTM Earnings

EPAM Systems, Inc. EPAM Systems, Inc.

Perficient, Inc. Perficient, Inc.

Tata Consultancy Services NTT Data Corporation Limited

Accenture plc Accenture plc

NTT Data Corporation Reply S.p.A.

Cognizant Technology Reply S.p.A. Solutions Corporation

Cognizant Technology Tata Consultancy Services Solutions Corporation Limited

Capgemini SE CGI Group Inc.

Infosys Limited Capgemini SE

Median Median

0x 7x 14x 21x 28x 35x 0x 10x 20x 30x 40x 50x

Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate

35x 50% 35x 23.3% 25% 46.2%

45% 19.5% 30x 30x 20% 38.6% 40% 35.0% 25x 31.7% 35% 25x 15% 36.6% 12.2% 29.8% 33.7% 30% 20x 20x 8.9% 10% 26.8% 25% 6.1% 15x 25.0% 15x 7.4% 5% 20% (4.9%) 3.3% 15% 2.9% 10x 16.3% 10x 1.0% 0% 10% 5x 5x -5% 5%

8x 12x 12x 12x 14x 15x 16x 17x 18x 29x 8x 12x 12x 12x 14x 15x 16x 17x 18x 29x

EBITDA(x)

LTM GP% LTM EBITDA(x)

0x 0% 0x -10% RGR% LTM

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

Date Target Buyer Total Transaction Value Target Revenue TEV / Revenue TEV / EBITDA

18Jan18 Sysorex Arabia, LLC Sysorex Consulting, Inc. 1.04 - - -

3Jan18 knowledgeprice.com, Sabiedriba ar ierobezotu Sapiens International Corporation N.V. - - - - atbildibu 18Dec17 Alexander Open Systems, Inc. (nka:AOS, a ConvergeOne, Inc. - - - - ConvergeOne Company) 15Dec17 Ningbo Baida Network Technology Co., Ltd Shanghai Fukong Interactive Entertainment 206.80 - - - Co.,Ltd 7Dec17 Paragon Solutions, Inc. CGI Group Inc. 60.58 - - - 16Nov17 Netserve365, LLC Magna5 LLC - - - - 11Oct17 Corus Group, LLC Converge Technology Partners Inc. - - - - 2Oct17 Forsythe Technology, Inc. Sirius Computer Solutions, Inc. - 1,000.00 - - 20Sep17 Lyons Consulting Group, LLC Capgemini SE - - - - 6Sep17 Interactive Broadband Consulting Group, LLC Accenture plc - - - - 22Aug17 Summa Technologies, Inc. CGI Group Inc. - - - - 18Jul17 Annese & Associates, Inc. ConvergeOne, Inc. - - - - 7Jul17 InfoTrellis Inc. Mastech Digital, Inc. 55.00 22.00 - -

1Jul17 Tribridge, Inc. UXC Eclipse (USA) Inc. 152.00 - - - 2Jul17 NCI, Inc. H.I.G. Capital, LLC; HIG Middle Market LBO 289.24 325.44 0.9x 9.6x Fund II 27Jun17 Eveo Communication Group, Inc. LiquidHub, Inc. - - - - 13Jun17 TMG Health, Inc. Cognizant Technology Solutions Corporation - - - - 8Jun17 Elite Analytics LLC Aviana Global Technologies, Inc. - - - - 2Jun17 SolutionsIQ, Inc. Accenture plc - - - - 25May17 TriCore Solutions, LLC Rackspace Hosting, Inc. - - - - 16May17 OneCloud Consulting Inc. ePlus Technology, inc. 13.30 - - - 15May17 Media Hive Accenture plc - - - - 8May17 Jibe Consulting, Inc. The Hackett Group, Inc. 20.00 - - - 8May17 Lochbridge, Inc. Digital Management, Inc. - - - - 7May17 The Monkeys Pty Limited Accenture plc - - - - 1May17 Tomont Solutions Inc. KPMG LLP (Canada) - - - - 1May17 AIM Consulting Group, LLC Addison Group, LLC - - - - 19Apr17 Computer Technology Solutions, Inc. CGI Group Inc. - - - - 13Apr17 Siinapse - - - - - 4Apr17 smartpoint IT consulting GmbH Bechtle AG - 6.40 - - 13 All Rights Reserved to 7 Mile Advisors RECENT TRANSACTIONS

Date Target Buyer Total Transaction Value Target Revenue TEV / Revenue TEV / EBITDA

3Apr17 GFB EDV Consulting und Services GmbH Trimetis AG - - - -

3Apr17 Premier IT Global Services Ltda. Quality Software S.A. 9.95 - - -

30Mar17 Keystone Logic Solutions Private Limited Zensar Technologies Limited 20.44 12.75 1.6x - 30Mar17 SDGblue, LLC Crowe Horwath LLP - - - - 27Mar17 Software Link, Inc. Cache Inc. - - - - 13Mar17 Stelligent Systems, llc Hosting.com, Inc. - - - - 20Mar17 Ciber, Inc., Infor Practice Infor (US), Inc. 15.00 - - - 10Mar17 ATCG Solutions, LLC AMERI Holdings, Inc. 8.78 - - - 24Jan17 Ciber Oy - 0.25 - - - 1Mar17 Brilliantservice Co.,Ltd. Cognizant Technology Solutions Corporation - - - - 1Mar17 Virtual Clarity Limited Computer Sciences Corporation (nka:DXC - - - - Technology Company) 28Feb17 HKM Consulting, LLC cPrime Inc. - - - - 31Jan17 BroadTech Solutions, Inc. Pineland Computer Services Inc. - - - -

17Feb17 zData Inc. Atos SE - - - - 16Feb17 TCube Solutions, Inc. Cap Gemini S.A. (nka:Capgemini SE) - - - - 6Feb17 Information Innovators Inc. Salient CRGT, Inc. - - - - 3Feb17 Sunpark Consulting Group, Inc. NetAccess Systems, Inc. - - - - 1Feb17 ACS Inc. TÜV SÜD America Inc. - - - - 1Feb17 Saturn Infotech, Inc. Jade Global, Inc. - - - - 31Jan17 InvestTech Systems Consulting, LLC Accenture plc - - - - 19Jan17 Arismore SAS Accenture plc - - - - 4Jan17 Verdazo Analytics Inc. Pason Systems Inc. - - - - 3Jan17 teamix GmbH Proact IT Group AB (publ) 9.38 36.46 0.3x -

Appendix: Public Basket Constituents Revenue Multiples - Perficient, Inc. PUBLIC BASKET CONSTITUENTS 3.0x Perficient, Inc. 2.0x 1.0x Perficient, Inc. provides information technology and management consulting services in the United States. The company designs, builds, 0.0x and delivers solutions using middleware software products developed by third-party vendors. Its solutions include platform implementations services, including application server selection, architecture planning, installation and configuration, clustering for availability, performance TEV/Revenue Average assessment and issue remediation, security, and technology migrations; and portals and collaboration, such as searchable data EBITDA Multiples - Perficient, Inc. systems, collaborative systems for process improvement, transaction 24x processing, unified and extended reporting, and other services. The company also offers management consulting services in the areas of 18x organizational change management, business analytics, project 12x management, process excellence, and other; and cloud services comprising architecture, business value and health checks 6x assessments, strategy and road maps, and vendor evaluation and selection services. In addition, it provides enterprise social solutions 0x consisting of ideation and crowdsourcing, mobile apps, employee onboarding, partner and vendor collaboration, user and customer support, expert location/Q&A, and others; and digital marketing TEV/EBITDA Average services, including search engine marketing, user experience and design, and conversion rate optimization. Perficient, Inc. was founded in P/E Multiples - Perficient, Inc. 1997 and is headquartered in St. Louis, Missouri. 55x 44x Date Key Development Headline 33x 6/22/17 Perficient, Inc. (NasdaqGS:PRFT) acquired Clarity 22x Consulting, Inc. for $9.4 million. 11x 1/3/17 Perficient, Inc. (NasdaqGS:PRFT) acquired substantially all 0x of the assets of R.A.S. Associates, Inc. for $13.5 million.

P/E Average 16 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Reply S.p.A. PUBLIC BASKET CONSTITUENTS 3.0x 2.4x Reply S.p.A. 1.8x 1.2x Reply S.p.A. provides consulting, system integration, application 0.6x management, and business process outsourcing services in Italy and 0.0x internationally. The company implements solutions based on communication channels and digital media. It provides Brick Reply, a manufacturing operations management platform for the management and control of a smart factory; Click Reply, a supply chain execution TEV/Revenue Average platform; Definio Reply, a technological platform for collection, analysis, control, processing, and distribution of financial data; Discovery Reply, EBITDA Multiples - Reply S.p.A. a digital asset management platform for the digital media management 24 projects; and Gaia Reply platform for use in the field of mobility and multimedia. The company also offers Hi engage, a commercial 18 contextual marketing solution; Pay Reply platform that provides mobile 12 payment solutions, as well as helps banks, financial institutions and telecommunications companies, utilities, and retailers to create and 6 deliver remote and proximity payment services; SideUp Reply, a software application for warehouse management; Starbytes, an online 0 employment service for freelancers and ICT specialists; TamTamy, a software solution to create and develop enterprise social networks and communities; and Ticuro Reply platform that measures and interprets TEV/EBITDA Average personal health information and daily activities. In addition, it provides cloud-based ERP, brand engagement, digital agency, IoT advanced P/E Multiples - Reply S.p.A. incubator, financial risk management, enterprise content management, 30 customer experience, SAP cloud, and e-commerce solutions; digital touch point solutions; and custom business applications and process 24 integration solutions. Reply S.p.A. serves automotive, defense and 18 aerospace, energy and utilities, financial services, logistics and 12 manufacturing, public sector and healthcare, retail and consumer products, and telco and media industries. The company was founded in 6 1996 and is headquartered in Turin, Italy. Reply S.p.A. is a subsidiary of 0 Alika S.r.l.

EPAM Systems, Inc. 3.0x

EPAM Systems, Inc. provides product development and software 1.5x engineering solutions worldwide. The company offers software product 0.0x development services, including product research, customer experience design and prototyping, program management, component design and integration, lifecycle software testing, product deployment and end-user customization, performance tuning, product support and maintenance, TEV/Revenue Average and managed services, as well as porting and cross-platform migration. It also provides custom application development services, such as EBITDA Multiples - EPAM Systems, Inc. business and technical requirement analysis, user experience design, 35 solution architecture creation and validation, development, quality 28 assurance and testing, legacy applications re-engineering/refactoring, porting, and cross-platform migration and documentation. In addition, 21 the company offers software application testing services, including test 14 automation tools and frameworks; testing for enterprise IT, such as test 7 management, automation, functional and non-functional testing, and defect management; and consulting services. Further, it provides 0 enterprise application platform services comprising requirements analysis and platform selection, customization, cross-platform migration, implementation, integration, and support and maintenance. TEV/EBITDA Average Additionally, the company offers application maintenance and support services, such as incident management, fault investigation diagnosis, P/E Multiples - EPAM Systems, Inc. work-around provision, application bug fixes, release management, 75 enhancements, and third-party maintenance; and infrastructure management services, including application, database, network, server, 60 storage, and systems operations management, as well as incident 45 notification and resolutions. The company was founded in 1993 and is 30 headquartered in Newtown, Pennsylvania. 15 Date Key Development Headline 0 11/2/17 EPAM Systems Seeks Acquisitions

P/E Average 18 All Rights Reserved to 7 Mile Advisors Revenue Multiples - CGI Group Inc. PUBLIC BASKET CONSTITUENTS 3.0 2.4 CGI Group Inc. 1.8 1.2 CGI Group Inc. provides information technology and business process 0.6 services in Canada and internationally. It offers application development 0.0 and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business TEV/Revenue Average consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier EBITDA Multiples - CGI Group Inc. payment services; and data center facilities and management, technical 20 service desk, printing and document management, remote 16 infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core 12 storage, and file sync and share as a service, as well as infrastructure 8 solutions and consulting services. The company was founded in 1976 4 and is headquartered in Montreal, Canada. 0

Date Key Development Headline 12/6/17 CGI Group Inc. (TSX:GIB.A) acquired Paragon Solutions, TEV/EBITDA Average Inc.

11/8/17 CGI Group Seeks Acquisitions P/E Multiples - CGI Group Inc. 200 8/22/17 CGI Group Inc. (TSX:GIB.A) acquired Summa 160 Technologies, Inc. 120 5/11/17 CGI Group Inc. (TSX:GIB.A) completed the acquisition of ECommerce Systems, Inc. 80 40 5/3/17 CGI Group Mulls Acquisitions 0

NTT Data Corporation 1.0

NTT DATA Corporation provides consulting, system development, and 0.5 business information technology (IT) outsourcing services worldwide. It 0.0 offers business consulting services, such as business strategy, business process optimization, and organizational change management; and IT consulting services, including IT strategy and governance, information and knowledge management, and program TEV/Revenue Average management office consulting services. The company also provides architecture strategy and design, application development and system EBITDA Multiples - NTT Data Corporation integration, quality assurance and testing, application management and 12 outsourcing, legacy modernization, mobility, and online services; embedded and real-time systems; and application development 9 technologies. In addition, it offers enterprise application services 6 comprising SAP, Oracle, and Microsoft application services; and enterprise resource planning, customer relationship management, 3 supply chain management, business intelligence, and enterprise portal solutions. NTT DATA Corporation is a subsidiary of Nippon Telegraph 0 and Telephone Corporation.

Date Key Development Headline TEV/EBITDA Average 8/31/17 DigitalGlobe, Inc. and NTT Data Corporation Extends Strategic Partnership to Use the DigitalGlobe GBDX P/E Multiples - NTT Data Corporation Platform to Create AW3D Vector Building Models 75 7/30/17 NTT Data Corporation (TSE:9613) completed acquisition of 60 51% stake in Mhi Information Systems Co., Ltd. from 45 Mitsubishi Heavy Industries, Ltd. (TSE:7011). 30 7/26/17 DTS Corporation (TSE:9682) completed the acquisition of 15 remaining 49.97% stake in DataLinks Corporation 0 (JASDAQ:2145) from a group of sellers. 5/31/17 NTT DATA Expands Business Alliance with MarkLogic P/E Average 20 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Capgemini SE PUBLIC BASKET CONSTITUENTS 1.8 Capgemini SE 1.2 0.6 Capgemini SE provides consulting, technology, and outsourcing services. It operates through Consulting Services, Technology & 0.0 Engineering Services, Application Services, and Other Managed Services segments. The company offers consulting services in the areas of digital transformation, strategy and transformation, supply chain management, finance transformation, people and performance, TEV/Revenue Average CIO strategy and transformation, accelerated solutions environment, and big data and analytics, as well as marketing, sales, and services. It EBITDA Multiples - Capgemini SE also designs, develops, and implements technology projects; and 15 provides system integration, and IT application development and 12 maintenance services. In addition, the company integrates, manages, and/or develops client’s IT infrastructure systems, transaction services, 9 on-demand services, and/or business process outsourcing services; 6 and offers professional technology services for applications, 3 engineering, testing, and operations. Capgemini SE was founded in 1967 and is based in Paris, France. 0

Date Key Development Headline TEV/EBITDA Average 9/25/17 Capgemini Seeks Investments

9/19/17 Capgemini SE (ENXTPA:CAP) agreed to acquire Lyons P/E Multiples - Capgemini SE Consulting Group. 35 7/6/17 Capgemini SE (ENXTPA:CAP) agreed to acquire Radi 28 Software Do Brasil Ltda. from McDonald's Corporation 21 (NYSE:MCD). 14 5/22/17 Tradeshift Holdings Inc. completed the acquisition of IBX 7 Business Network from Cap Gemini S.A. (ENXTPA:CAP). 0 3/22/17 Cap Gemini S.A. (ENXTPA:CAP) agreed to acquire Itelios.

P/E Average 21 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Infosys Limited 6.0 PUBLIC BASKET CONSTITUENTS 5.0 4.0 Infosys Limited 3.0 2.0 Infosys Limited, together with its subsidiaries, provides consulting, 1.0 technology, and outsourcing services in North America, Europe, India, 0.0 and internationally. It provides business information technology services, including application development and maintenance, independent validation, infrastructure management, and business TEV/Revenue Average process management services, as well as engineering services, such as engineering and life cycle solutions; and consulting and systems integration services comprising consulting, enterprise solutions, EBITDA Multiples - Infosys Limited systems integration, and advanced technologies. The company’s 18 products include Finacle, a banking solution that provides analytics, 15 core banking, consumer e-banking, corporate e-banking, Islamic 12 banking, mobile banking, origination, payments, SME enable, treasury, 9 wealth management, and youth banking solutions. Its products also 6 comprise Infosys Mana, a knowledge-based AI platform. Infosys Limited 3 was founded in 1981 and is headquartered in Bengaluru, India. 0

Date Key Development Headline 9/17/17 Infosys Limited (NSEI:INFY) agreed to acquire CMA TEV/EBITDA Average Systems FZ-LLC from CMA CGM S.A. for $1. 9/10/17 Infosys Limited (NSEI:INFY) completed the acquisition of P/E Multiples - Infosys Limited Brilliant Basics Holding Limited from Anand Verma, 30 Founder and CEO and the Management of Brilliant Basics. 24 9/8/17 Infosys Limited Seeks Acquisitions 18 8/2/17 Infosys Limited (NSEI:INFY) entered into a definitive 12 agreement to acquire Brilliant Basics Holding Limited from 6 Anand Verma, Founder and CEO and the Management of Brilliant Basics for £7.5 million. 0 6/9/17 Infosys Denies Any Stake Sale In The Company P/E Average

22 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Cognizant Technology PUBLIC BASKET CONSTITUENTS 5.5 Solutions Corporation 4.4 Cognizant Technology Solutions Corporation 3.3 2.2 Cognizant Technology Solutions Corporation provides information 1.1 technology (IT), operations and technology consulting, infrastructure, 0.0 and business process services worldwide. The company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. Its consulting and technology TEV/Revenue Average services include strategy consulting, business and operations consulting, technology strategy and change management, and program management consulting services; application design and development; EBITDA Multiples - Cognizant Technology systems integration; and application testing, consulting, and engineering 24 Solutions Corporation services, as well as enterprise information management services. The company also develops, licenses, implements, and supports proprietary 18 and third-party software products for the healthcare industry, including 12 solutions for health insurance plans, third party benefit administrators, and healthcare providers. In addition, it provides outsourcing services, 6 such as application maintenance services; IT infrastructure services; and business process services comprising clinical data management, 0 pharmacovigilance, equity research support, commercial operations, and order management services, as well as related services, including TEV/EBITDA Average platform-based services. Cognizant Technology Solutions Corporation was founded in 1994 and is headquartered in Teaneck, New Jersey.

P/E Multiples - Cognizant Technology Solutions Date Key Development Headline 40 Corporation

10/25/17 Cognizant Technology Solutions Corporation 30 (NasdaqGS:CTSH) agreed to acquire Zone Ltd from Business Growth Fund plc and others. 20

10/23/17 Cognizant Technology Solutions Corporation 10 (NasdaqGS:CTSH) entered into an agreement to acquire Netcentric AG. 0

P/E Average

Tata Consultancy Services Limited 4.0

2.0 Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. It offers CHROMA, a cloud-based 0.0 talent management platform for enterprises to drive next generation employee experiences across the requisition-to-retire employee lifecycle; ignio, a cognitive automation system for IT operations in TEV/Revenue Average enterprises; iON, an assessment solution; TAP, an accounts payable platform; and TCS MasterCraft, a digital platform to automate and manage IT processes. The company also provides customer EBITDA Multiples - Tata Consultancy Services Limited intelligence and insight solutions to deliver personalized retail, banking, 30 and communications experiences; Intelligent Urban Exchange, an 24 enterprise software to accelerate smart city transportation, water, and 18 energy programs for cities; OPTUMERA, a digital merchandising suite; and TCS BaNCS, a financial platform. In addition, it offers advanced 12 drug development platforms; ERP on cloud platform provides cloud- 6 based solution for enterprise operations; HOBS, a pre-integrated end- 0 to-end platform for telecom business and operations support systems; and TCS Cloud Plus solutions. Tata Consultancy Services Limited is a subsidiary of Tata Sons Limited. TEV/EBITDA Average

Date Key Development Headline P/E Multiples - Tata Consultancy Services Limited 10/26/17 Tata Consultancy Services and ACORD Collaborate on 40 Digital Transformation Enhancements for the Insurance Industry 32 24 10/25/17 National University Signs Pact with Tata Consultancy 16 Services to Enhance Filipinos' Employability Skills 8 6/12/17 Tata Consultancy Services Collaborates with Intel 0 Corporation to Drive Digital Transformations

P/E Average

24 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Accenture plc 3.0 PUBLIC BASKET CONSTITUENTS 2.5 2.0 Accenture plc 1.5 1.0 Accenture plc provides consulting, technology, and outsourcing 0.5 services worldwide. Its Communications, Media & Technology segment 0.0 provides professional services that help clients accelerate and deliver digital transformation, and enhance business results through industry- specific solutions for communications, media, and high tech industries, TEV/Revenue Average as well as for software platforms. The company’s Financial Services segment offers services that address profitability pressures, industry consolidation, regulatory changes, and the need to continually adapt to EBITDA Multiples - Accenture plc new digital technologies. This segment serves clients in banking, capital 24 markets, and insurance industries. Its Health & Public Service segment provides research-based insights and offerings, including consulting 16 services and digital solutions to help clients deliver social, economic, and health outcomes. This segment serves healthcare payers and 8 providers, as well as government departments and agencies, public service organizations, educational institutions, and non-profit 0 organizations. The company’s Products segment helps clients enhance their performance in distribution, sales, and marketing; in research and development, and manufacturing; and in business functions, such as TEV/EBITDA Average finance, human resources, procurement, and supply chain. Accenture plc was founded in 1989 and is based in Dublin, Ireland. P/E Multiples - Accenture plc 40 Date Key Development Headline 12/13/17 Accenture plc (NYSE:ACN) entered into an agreement to 32 acquire Rothco. 24 16 8 0

P/E Average

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC. Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312-373-3737 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected] Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected] Rory Julyan, Associate 704.899.5960 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected] Charlotte | Los Angeles | Tampa | Houston | Chicago