Monthly Business & Tech-Enabled Services Sector Summary Report

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Business & Tech-Enabled Services Sector Summary Report April 2017

1 BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $28.1 Billion 879 M&A Volume YTD M&A Transactions YTD Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions $60.0 Announced Date Acquirer Target EV ($MM) $48.5 $50.0 $37.1 3/24/2017 NA $40.0 $31.1 $27.4 $30.0 $24.6 $25.2 3/21/2017 NA $19.1 $19.2 $21.7 $20.0 Volume ($Bn) $10.0 3/20/2017 $205 $0.0 3/20/2017 NA Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 1200 3/6/2017 $110 966 944 964 995 986 1000 901 929 917 873 3/3/2017 NA 800 (Investment) 600 3/3/2017 $125

400 Deal Deal Count 200 2/28/2017 NA 0 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 2/20/2017 $101

(1) Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 2/16/2017 $135 120.0% 2/16/2017 $215 115.0%

110.0% 2/14/2017 NA

105.0% 2/10/2017 $4,800 Benefits Administration and HR BPO Platform 100.0%

1/27/2017 Government IT Services Business $690 95.0%

90.0% 1/19/2017 NA Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

Business & Tech-Enabled Services S&P 500 1/17/2017 $413

Notes: 2 Source: Capital IQ and PitchBook. Market Data as of 4/3/17. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

140% 170%

160%

130% 150%

140% 120%

130%

110% 120%

110%

100% 100%

90% 90%

80%

80% 70% Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17

Key Sector 3 Months 1 Year 3 Years Advertising & Marketing Services 3.3% 7.1% 13.7% Events & Exhibitions 7.8% 15.7% 17.3% Information Services 8.8% 11.8% 38.5% Consulting & Training (8.5%) 15.1% 18.4% HR Services (1.6%) 17.2% 58.2% Staffing & Recruiting 14.4% 29.3% 16.9% IT & BPO Services 5.5% 3.7% 13.0% Customer Care / CRM Services (1.7%) 8.9% 42.7% S&P 500 4.5% 14.2% 24.9% Notes: Source: Capital IQ. Market Data as of 4/3/17. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 3 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Valuation Metrics

EV / 2017E EBITDA EV / 2017E Revenue

14.0x 4.5x 13.0x 12.8x 3.9x 4.0x 12.0x 10.4x 3.5x 3.4x 9.9x 9.9x 9.5x 10.0x 9.2x 3.0x 8.3x

8.0x 2.5x 2.1x 1.9x 6.0x 2.0x 1.7x

1.5x 4.0x 1.1x 1.0x 0.7x 2.0x 0.5x 0.5x

0.0x 0.0x Information HR Services Events & IT & BPO Consulting & Advertising & Staffing & Customer Information Events & HR Services IT & BPO Advertising & Consulting & Customer Staffing & Services Exhibitions Services Training Marketing Recruiting Care / CRM Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 4/3/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 4 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Operational Metrics

2017E EBITDA Margin 2018E / 2017E Rev. Growth

35.0% 9.0% 8.3% 30.8% 8.0% 30.0% 7.4% 26.9% 7.0% 25.0% 5.8% 6.0% 5.6% 5.1% 20.0% 4.6% 17.3% 5.0% 16.6% 4.2%

15.0% 13.7% 4.0% 12.3% 11.5% 3.0% 10.0% 2.2% 6.5% 2.0% 5.0% 1.0%

0.0% 0.0% Information Events & IT & BPO Advertising & HR Services Consulting & Customer Staffing & HR Services IT & BPO Information Consulting & Advertising & Customer Staffing & Events & Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Services Training Marketing Care / CRM Recruiting Exhibitions Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 4/3/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 5 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics

$MM, Except Per Share Data Stock LTM Trading Statistics Operating Metrics Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin 4/3/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E CY 17E CY 18E

Advertising & Marketing Services

WPP plc $21.60 $15.01 $24.04 $27,622 $3,009 $8,109 $33,269 1.9x 1.7x 1.6x 10.6x 10.1x 9.6x 13.7x 12.9x 9.4% 4.4% NA NA 17.0% 17.1% Omnicom Group Inc. 85.70 75.61 89.66 20,099 3,023 4,997 22,773 1.5x 1.5x 1.4x 9.9x 9.6x 9.2x 16.9x 15.6x 1.5% 4.2% 27.0% 27.2% 15.2% 15.2% Dentsu Inc. 54.57 39.71 57.99 15,483 2,076 3,457 17,285 2.4x 2.1x 1.9x 11.0x 9.9x 9.4x 19.1x 17.5x 17.3% 5.3% NA NA 20.7% 20.7% Publicis Groupe S.A. 68.87 61.18 74.09 15,422 2,352 3,495 16,576 1.6x 1.5x 1.5x 8.9x 8.6x 8.1x 13.5x 12.5x 4.9% 3.7% NA NA 17.8% 18.4% Alliance Data Systems Corporation 250.33 185.02 251.26 14,000 1,859 20,949 33,089 4.6x 4.3x 3.9x 22.6x 15.5x 13.7x 13.5x 11.8x 8.3% 10.8% 41.7% 41.6% 27.5% 28.1% The Interpublic Group of Companies, Inc. 24.39 21.67 25.33 9,578 1,101 1,690 10,460 1.3x 1.3x 1.3x 9.5x 8.9x 8.4x 16.7x 15.0x 2.0% 4.2% 38.5% 38.6% 14.7% 15.0% Hakuhodo DY Holdings Inc 12.00 9.45 13.46 4,473 1,086 88 3,644 0.3x 0.3x 0.3x 8.0x 7.4x 7.0x 18.7x 17.1x 8.4% 2.7% 19.7% 19.7% 4.3% 4.4% j2 Global, Inc. 83.00 59.43 90.88 4,000 124 781 4,656 5.3x 4.0x 3.7x 12.6x 9.6x 8.4x 14.3x 12.7x 32.1% 9.2% 83.6% 83.7% 41.8% 44.0% Havas SA 8.91 6.93 9.43 3,739 - (157) 3,582 1.5x 1.4x 1.4x 10.2x 8.5x 8.2x 16.9x 15.9x 6.0% 3.4% NA NA 16.6% 16.7% Meredith Corporation 64.00 43.85 66.25 2,847 44 676 3,478 2.0x 2.1x 2.0x 9.7x 11.1x 10.5x 19.5x 18.2x (1.8%) 2.0% NA NA 18.7% 19.5% Yelp Inc. 32.63 19.22 43.41 2,597 480 - 2,118 3.0x 2.4x 2.0x NM 13.2x 9.8x 31.6x 22.9x 24.8% 20.2% 92.1% 92.2% 18.1% 20.2% Moneysupermarket.com Group PLC 4.10 2.81 4.38 2,239 55 - 2,184 5.6x 5.1x 4.8x 16.1x 13.2x 12.4x 19.4x 17.8x 9.9% 5.7% 73.2% 75.3% 38.6% 39.0% HubSpot, Inc. 61.35 39.01 66.10 2,218 114 1 2,105 7.8x 6.0x 4.8x NM NM NM NM NM 30.0% 25.6% 79.0% 79.7% 1.1% 4.6% GfK SE 52.09 28.23 55.66 1,901 189 510 2,239 1.4x 1.4x 1.4x 13.3x 9.4x 8.6x 20.5x 17.2x 1.2% 3.5% 34.0% 34.6% 15.0% 15.9% Cheil Worldwide Inc. 16.65 13.16 17.68 1,801 356 16 1,472 0.5x 0.5x 0.5x 9.4x 8.2x 7.9x 17.9x 16.5x 9.1% 6.2% 32.8% 32.6% 6.1% 6.0% LendingTree, Inc. 121.80 64.07 130.20 1,442 91 - 1,351 3.5x 2.6x 2.2x 24.5x 14.1x 11.4x 30.5x 24.1x 33.9% 18.6% 96.8% 96.9% 18.6% 19.4% Ipsos SA 30.87 21.16 35.62 1,286 174 752 1,886 1.0x 1.0x 0.9x 9.0x 8.3x 7.7x 10.8x 10.1x 3.8% 2.2% 64.7% 64.9% 11.6% 12.3% Bankrate, Inc. 9.90 6.91 11.90 890 177 296 1,009 2.3x 2.0x 1.8x 10.7x 8.0x 7.2x 14.3x 12.0x 16.3% 9.5% 47.5% 47.6% 24.8% 25.4% MDC Partners Inc. 9.30 2.75 23.90 514 28 936 1,549 1.1x 1.1x 1.0x 10.4x 7.6x 6.6x 19.6x 11.2x 6.4% 4.8% NA NA 13.8% 15.1% YouGov plc 3.34 1.68 3.43 350 19 - 332 2.7x 2.4x NA 26.8x 17.7x NA 25.0x 25.0x 10.8% NA 78.0% NA 13.7% NA QuinStreet, Inc. 3.64 2.61 4.32 165 37 - 128 0.4x 0.4x 0.4x NM 6.3x 4.8x NM NM 2.6% 5.9% 10.9% 16.6% 6.6% 8.2%

Mean 2.5x 2.1x 1.9x 13.0x 10.3x 8.9x 18.6x 16.1x 11.3% 7.6% 54.6% 53.7% 17.3% 18.3% Median 1.9x 1.7x 1.6x 10.5x 9.5x 8.4x 17.9x 15.9x 8.4% 5.1% 47.5% 44.6% 16.6% 16.9%

Events & Exhibitions

UBM plc $9.40 $7.04 $9.70 $3,698 $105 $848 $4,485 4.2x 3.6x 3.6x 15.1x 11.8x 11.6x 15.0x 14.8x 17.5% 0.6% 30.6% 30.9% 30.3% 30.7% Ascential plc 3.99 2.50 4.03 1,598 77 353 1,875 5.1x 4.0x 3.6x 17.6x 12.4x 11.1x 18.2x 16.2x 28.0% 10.9% NA NA 31.9% 32.1% Viad Corp 43.70 27.96 48.30 888 21 249 1,130 0.9x 0.9x 0.9x 9.5x 8.2x 8.0x 17.3x 16.5x 4.2% 2.5% NA NA 11.0% 10.9% GL Events 23.44 15.24 23.44 538 - - 538 0.5x 0.5x 0.5x 4.3x 3.7x 3.7x 13.5x 12.5x 1.2% 1.9% NA NA 14.3% 14.0% ITE Group plc 2.02 1.47 2.26 532 20 97 643 NA 3.7x 3.4x NA 15.6x 14.1x 17.4x 15.6x NA 6.5% 42.5% 43.8% 23.4% 24.4% MCH Group AG 70.33 61.61 76.76 422 182 307 548 1.2x NA NA 6.2x NA NA NA NA NA NA NA NA NA NA Tarsus Group plc 3.55 2.93 3.61 400 20 106 489 5.8x 3.1x 3.8x 21.2x 8.9x 11.7x 10.5x 15.3x 85.0% (18.5%) NA NA 35.1% 32.8%

Mean 3.0x 2.6x 2.6x 12.3x 10.1x 10.0x 15.3x 15.2x 27.2% 0.6% 36.5% 37.3% 24.3% 24.2% Median 2.7x 3.4x 3.5x 12.3x 10.4x 11.4x 16.1x 15.4x 17.5% 2.2% 36.5% 37.3% 26.9% 27.6%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 6 Negative margins considered NM. Market Data as of 4/3/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Information Services

RELX PLC $19.47 $7.87 $19.72 $39,435 $200 $5,980 $45,261 5.3x 4.8x 4.7x 17.7x 13.8x 12.5x 19.3x 17.9x 10.1% 3.9% 64.5% 64.6% 34.9% 37.1% S&P Global Inc. 129.35 95.83 133.08 33,445 2,400 3,564 35,740 6.3x 6.3x 5.9x 14.5x 13.6x 12.8x 21.6x 19.4x 0.8% 5.9% NA NA 46.0% 46.3% Thomson Reuters Corporation 43.10 37.34 44.90 31,195 2,556 7,716 36,838 3.3x 3.3x 3.2x 15.5x 11.1x 10.6x 18.4x 17.0x 1.4% 2.7% NA NA 29.4% 29.9% Moody's Corporation 111.90 87.30 114.03 21,375 2,225 3,363 22,711 6.3x 6.0x 5.7x 13.8x 13.0x 12.2x 21.5x 19.5x 5.2% 5.7% 72.1% NA 46.1% 46.3% Experian plc 20.20 15.21 20.64 18,793 166 3,327 21,968 NA 4.6x 4.3x NA 13.3x 12.5x 21.4x 19.2x NA 6.5% 55.0% 55.0% 34.7% 34.7% IHS Markit Ltd. 41.78 32.78 42.20 16,840 155 3,729 20,472 7.5x 5.8x 5.5x 26.8x 14.7x 13.6x 20.3x 17.5x 29.2% 4.8% 63.3% 64.4% 39.3% 40.7% Equifax Inc. 136.10 110.87 137.76 16,431 129 2,672 19,033 6.1x 5.6x 5.2x 17.0x 15.2x 14.0x 22.5x 20.3x 8.2% 7.2% 64.8% 64.9% 36.8% 37.4% Nielsen Holdings plc 41.87 40.28 55.94 14,970 754 7,931 22,338 3.5x 3.4x 3.2x 13.8x 11.0x 10.4x 15.6x 14.2x 4.5% 4.3% 58.8% 59.2% 30.8% 31.1% Verisk Analytics, Inc. 79.84 75.72 87.40 13,283 139 2,387 15,532 7.8x 7.4x 7.0x 16.6x 14.7x 13.7x 24.2x 22.0x 5.4% 6.2% 65.2% 65.4% 50.3% 50.9% Wolters Kluwer N.V. 41.82 32.66 42.21 12,015 992 3,038 14,066 3.1x 2.9x 2.8x 11.9x 10.7x 10.4x 17.1x 15.9x 6.7% 3.1% 68.7% 68.7% 27.0% 27.2% Gartner, Inc. 108.95 84.54 112.42 9,041 474 694 9,261 3.8x 3.4x 3.1x 23.1x 18.0x 16.0x 33.8x 29.5x 10.8% 11.0% 61.8% 62.4% 19.0% 19.3% MSCI Inc. 96.76 71.51 109.29 8,752 792 2,075 10,035 8.7x 8.1x 7.5x 17.6x 15.9x 14.5x 27.2x 23.4x 7.4% 7.6% 78.3% 78.6% 50.9% 52.2% News Corporation 12.79 10.54 14.68 7,443 1,564 355 6,507 0.8x 0.8x 0.8x 9.7x 7.0x 6.6x 27.8x 22.1x (1.7%) (2.9%) NA NA 11.6% 12.7% TransUnion 37.98 20.43 38.76 6,917 215 2,382 9,194 5.4x 5.0x 4.6x 16.2x 12.7x 11.6x 21.9x 19.8x 8.5% 7.7% 67.0% 67.2% 39.0% 39.7% Informa plc 8.07 5.99 9.50 6,649 61 1,895 8,484 5.1x 3.9x 3.8x 16.2x 11.6x 10.9x 13.7x 12.8x 31.4% 3.0% NA NA 33.6% 34.5% FactSet Research Systems Inc. 164.22 145.48 183.64 6,498 185 365 6,677 5.8x 5.4x 5.0x 16.6x 15.5x 14.3x 22.0x 20.1x 7.7% 8.8% 55.7% 56.8% 34.9% 34.8% The Dun & Bradstreet Corporation 107.91 100.46 141.57 3,982 353 1,617 5,260 3.1x 3.0x 2.9x 11.7x 10.5x 9.9x 15.4x 14.7x 3.7% 3.8% 68.3% 68.0% 28.3% 28.9% Fair Isaac Corporation 127.94 102.77 133.14 3,974 88 621 4,506 5.0x 4.8x 4.5x 21.8x 18.0x 16.6x 24.6x 21.0x 4.4% 5.9% 69.3% 70.6% 26.6% 27.3% CoreLogic, Inc. 40.22 33.41 43.43 3,399 72 1,604 4,932 2.5x 2.7x 2.6x 11.8x 10.5x 9.8x 17.7x 15.8x (4.8%) 2.9% 49.4% 50.7% 25.2% 26.3% Morningstar, Inc. 77.13 67.74 89.09 3,388 304 250 3,335 4.2x 4.0x 3.8x 14.4x 12.0x 11.0x 24.3x 21.8x 5.0% 5.0% 57.5% 57.9% 33.0% 34.5% CEB Inc. 78.85 47.33 79.70 2,528 135 875 3,267 3.4x 3.4x 3.2x 16.3x 13.1x 12.1x 20.8x 19.2x 0.8% 5.8% 64.5% 64.7% 26.0% 26.7% Acxiom Corporation 28.21 19.11 30.40 2,206 138 237 2,305 2.6x 2.5x 2.2x 25.3x 12.7x 10.8x 37.2x 28.6x 4.3% 11.9% 45.1% 45.3% 19.7% 20.8% The Advisory Board Company 46.85 24.85 51.23 1,885 91 585 2,379 3.0x 3.0x 2.8x 19.2x 12.1x 11.1x 24.3x 22.0x 0.0% 4.9% 52.1% 52.5% 24.5% 25.4% Euromoney Institutional Investor PLC 13.07 9.95 15.46 1,403 14 1 1,401 NA 2.6x 2.5x NA 10.1x 9.5x 14.2x 13.1x NA 4.2% NA NA 26.1% 26.7% comScore, Inc. 21.95 20.81 34.85 1,257 147 33 1,143 NA 1.9x 1.6x NA 7.5x 6.3x 11.7x 9.5x NA 18.1% 71.1% NA 25.9% 26.0% National Research Corporation 39.90 32.18 46.37 975 33 4 945 8.6x 7.9x 7.1x 26.7x 23.8x NA 12.4x 11.0x 8.7% 11.3% 58.2% 58.6% 33.3% NA Forrester Research, Inc. 38.20 31.92 44.40 691 138 - 553 1.7x 1.7x 1.6x 13.7x 14.6x 11.8x 32.8x 25.1x 0.9% 6.3% 60.5% 60.8% 11.5% 13.4%

Mean 4.7x 4.2x 4.0x 17.0x 13.2x 11.7x 21.6x 19.0x 6.6% 6.1% 62.3% 61.8% 31.3% 31.9% Median 4.6x 3.9x 3.8x 16.3x 13.0x 11.7x 21.5x 19.4x 5.1% 5.8% 63.9% 63.4% 30.8% 30.5%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 7 Negative margins considered NM. Market Data as of 4/3/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Consulting & Training

FTI Consulting, Inc. $41.16 $33.95 $47.12 $1,657 $216 $366 $1,806 1.0x 1.0x 0.9x 9.2x 8.7x 8.2x 18.0x 16.5x 1.9% 4.2% 33.4% 33.5% 11.2% 11.4% Exponent, Inc. 58.30 45.00 64.80 1,492 174 - 1,319 4.4x 4.2x 4.0x 19.4x 16.7x 14.7x 32.7x 29.9x 4.8% 6.5% 37.6% 39.6% 25.2% 26.9% Navigant Consulting, Inc. 22.50 15.07 27.86 1,055 8 135 1,182 1.3x 1.2x 1.1x 8.3x 8.0x 7.6x 16.9x 15.5x 6.1% 4.5% 32.7% 32.6% 14.9% 15.0% Huron Consulting Group Inc. 41.70 39.15 65.00 885 17 292 1,160 1.6x 1.5x 1.4x 9.1x 9.9x 9.1x 16.3x 14.7x 4.9% 5.5% 34.3% 33.5% 15.4% 15.9% ICF International, Inc. 40.40 34.16 59.55 768 6 259 1,022 0.9x 0.8x 0.8x 9.1x 8.6x 8.1x 13.7x 12.7x 2.7% 3.4% 37.6% 37.8% 9.8% 10.0% CBIZ, Inc. 13.80 9.30 14.26 743 3 193 932 1.2x 1.1x 1.1x 10.6x 9.0x 8.5x 16.8x 15.5x 5.7% 4.3% 13.6% 13.8% 12.3% 12.5% The Hackett Group, Inc. 19.35 13.06 20.69 565 20 7 552 2.1x 1.8x 1.7x 14.0x 10.8x 10.2x 18.7x 16.3x 17.6% 7.1% 38.6% 38.8% 16.7% 16.6% Resources Connection, Inc. 16.40 12.30 19.80 487 64 58 482 0.8x 0.8x NA 9.4x 9.9x NA 19.8x NA 0.6% NA 38.0% NA 8.2% NA GP Strategies Corporation 25.00 19.59 30.00 419 16 63 465 0.9x 0.9x 0.8x 12.2x 11.3x 8.4x 19.0x 14.3x 5.9% 9.1% 16.9% 17.5% 8.0% 9.8% CRA International, Inc. 34.92 18.44 40.00 298 54 - 245 0.8x 0.7x 0.7x 9.2x 4.3x 4.1x 22.1x 20.0x 7.9% 5.8% 29.9% 30.0% 16.3% 16.3% Franklin Covey Co. 20.95 13.45 22.45 289 11 40 319 1.6x 1.6x 1.5x 21.8x 23.9x 15.0x NM NA (0.6%) 9.1% 67.1% 67.4% 6.9% 10.1%

Mean 1.5x 1.4x 1.4x 12.0x 11.0x 9.4x 19.4x 17.3x 5.2% 5.9% 34.5% 34.4% 13.2% 14.4% Median 1.2x 1.1x 1.1x 9.4x 9.9x 8.4x 18.3x 15.5x 4.9% 5.6% 34.3% 33.5% 12.3% 13.7%

HR Services

Automatic Data Processing, Inc. $101.27 $84.36 $105.20 $45,460 $2,746 $2,003 $44,717 3.7x 3.5x 3.3x 16.4x 16.4x 14.6x 26.7x 24.0x 5.7% 6.6% 45.4% 46.0% 21.4% 22.5% Paychex, Inc. 58.44 51.06 63.03 20,994 404 55 20,646 6.7x 6.4x 6.0x 15.8x 14.7x 13.7x 25.4x 23.7x 6.1% 6.1% 70.7% 71.0% 43.2% 43.6% TriNet Group, Inc. 28.25 14.23 30.17 1,929 184 459 2,204 0.7x 0.7x 0.6x 14.4x 10.8x 9.5x 20.6x 17.3x 9.8% 13.9% 71.6% 71.7% 6.1% 6.1% Insperity, Inc. 85.00 50.61 90.55 1,785 288 104 1,602 0.5x 0.5x 0.4x 13.4x 9.8x 8.6x 19.8x 17.3x 12.1% 10.0% 16.7% 16.9% 4.9% 5.1% Barrett Business Services, Inc. 53.10 26.58 66.93 385 56 5 333 0.4x NA NA 10.3x NA NA NA NA NA NA NA NA NA NA

Mean 2.4x 2.8x 2.6x 14.0x 12.9x 11.6x 23.1x 20.6x 8.4% 9.1% 51.1% 51.4% 18.9% 19.3% Median 0.7x 2.1x 1.9x 14.4x 12.8x 11.6x 23.0x 20.5x 7.9% 8.3% 58.0% 58.5% 13.7% 14.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 8 Negative margins considered NM. Market Data as of 4/3/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Staffing & Recruiting

Recruit Holdings Co.,Ltd. $52.32 $28.37 $53.31 $29,135 $2,546 $1,733 $28,365 1.9x 1.5x 1.4x 14.6x 12.4x 10.7x 28.0x 32.9x 25.7% 7.9% 48.0% 47.8% 12.1% 13.0% Adecco Group AG 70.53 44.87 73.02 12,014 1,196 2,127 12,953 0.5x 0.5x 0.5x 10.4x 9.5x 9.1x 13.7x 12.9x 5.4% 3.4% 18.9% 18.9% 5.4% 5.4% Randstad Holding NV 55.59 33.82 62.23 10,154 410 1,245 10,990 0.5x 0.5x 0.4x 10.9x 9.0x 8.6x 12.3x 11.7x 11.5% 3.0% 20.1% 20.1% 5.0% 5.1% ManpowerGroup Inc. 99.59 57.26 103.90 6,736 599 825 7,048 0.4x 0.4x 0.3x 8.5x 8.3x 7.6x 15.2x 13.8x 1.8% 4.4% 17.1% 17.0% 4.2% 4.4% Robert Half International Inc. 46.86 34.34 50.98 5,989 260 1 5,729 1.1x 1.1x 1.0x 9.3x 9.4x 8.9x 17.5x 16.3x 0.5% 3.7% 41.1% 41.2% 11.5% 11.7% Temp Holdings Co., Ltd. 18.67 13.21 19.00 4,365 621 240 4,101 0.8x 0.7x 0.7x 11.4x 9.9x 8.9x 21.4x 18.2x 16.0% 7.8% 23.7% 23.6% 7.3% 7.5% Hays plc 1.94 1.14 2.07 2,805 141 82 2,745 0.5x 0.5x 0.4x 7.3x 9.5x 9.0x 15.4x 15.0x 5.8% 5.2% 18.7% 18.7% 4.7% 4.8% On Assignment, Inc. 46.63 32.05 49.12 2,455 27 640 3,069 1.3x 1.2x 1.1x 12.1x 9.9x 9.0x 16.2x 14.8x 7.2% 7.2% 32.5% 32.5% 11.9% 12.1% Korn/Ferry International 30.30 18.57 32.52 1,732 355 261 1,640 1.1x 1.0x 1.0x 8.3x 6.8x 6.2x 12.8x 11.6x 3.4% 5.9% 29.8% 30.0% 15.0% 15.5% PageGroup plc 5.33 1.95 5.54 1,663 115 - 1,548 1.0x 1.0x 0.9x 11.4x 10.4x 9.6x 18.4x 16.7x 9.4% 3.1% 51.5% 51.4% 9.2% 9.7% TrueBlue, Inc. 26.35 16.50 27.85 1,089 35 138 1,192 0.4x 0.5x 0.5x 8.2x 9.0x 8.1x 14.9x 13.4x (7.8%) 2.3% 25.3% 25.3% 5.2% 5.6% Kelly Services, Inc. 20.88 17.81 23.61 799 30 - 769 0.1x 0.1x 0.1x 8.7x 7.9x 7.3x 13.7x 12.7x (1.0%) 3.1% 17.0% 17.0% 1.9% 2.0% Kforce Inc. 23.00 15.78 26.95 577 1 116 692 0.5x 0.5x 0.5x 9.6x 8.9x 8.3x 14.6x 13.0x 3.8% 4.0% 30.5% 30.3% 5.7% 5.8% Heidrick & Struggles International, Inc. 25.65 16.23 26.50 479 165 - 314 0.5x 0.5x 0.5x 5.8x 5.0x 4.8x 22.6x 20.4x 7.6% 4.4% 31.2% 31.3% 9.9% 10.0%

Mean 0.8x 0.7x 0.7x 9.8x 9.0x 8.3x 16.9x 16.0x 6.4% 4.7% 28.9% 28.9% 7.8% 8.1% Median 0.5x 0.5x 0.5x 9.5x 9.2x 8.7x 15.3x 14.3x 5.6% 4.2% 27.5% 27.7% 6.5% 6.7%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 9 Negative margins considered NM. Market Data as of 4/3/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

IT & BPO Services

International Business Machines Corporation $174.50 $142.50 $182.79 $164,591 $8,527 $42,176 $198,386 2.5x 2.5x 2.5x 10.7x 10.2x 10.1x 12.7x 12.3x (1.6%) (0.1%) 48.6% 48.7% 24.8% 25.1% Tata Consultancy Services Limited 37.08 31.55 42.20 73,064 5,723 38 67,430 3.9x 3.5x 3.2x 14.3x 12.7x 11.9x 17.2x 15.7x 12.0% 11.0% 44.3% 44.0% 27.6% 26.6% Accenture plc 117.64 108.66 126.53 72,947 3,241 27 70,384 2.1x 2.0x 1.9x 12.4x 11.8x 11.0x 19.9x 17.9x 5.2% 6.6% 31.3% 31.4% 16.9% 17.1% Cognizant Technology Solutions Corporation 58.25 45.44 63.23 35,453 5,169 878 31,162 2.3x 2.1x 1.9x 11.7x 10.4x 9.0x 15.9x 13.6x 9.1% 9.2% 39.7% 40.0% 20.4% 21.4% Infosys Limited 15.51 13.85 19.67 35,452 4,487 - 30,965 3.1x 2.8x 2.6x 11.1x 10.3x 9.7x 15.5x 15.0x 10.3% 7.7% 37.8% 37.3% 27.0% 26.6% HCL Technologies Limited 13.32 10.86 13.69 19,003 1,676 99 17,452 2.6x 2.2x 2.1x 11.6x 10.3x 9.9x 14.2x 13.6x 14.6% 7.3% 33.6% 33.3% 21.8% 21.2% Wipro Limited 7.80 6.30 9.33 18,845 4,882 2,302 16,302 2.0x 1.9x 1.8x 10.1x 9.3x 8.9x 14.1x 13.8x 4.4% 8.2% 29.4% 29.5% 20.9% 20.1% Cap Gemini S.A. 91.51 75.75 95.67 14,995 1,984 3,641 16,666 1.3x 1.2x 1.2x 10.0x 8.8x 8.3x 14.6x 13.4x 4.1% 4.6% 26.8% 35.9% 13.8% 14.0% CGI Group Inc. 47.40 39.98 50.13 13,988 234 1,369 15,124 1.9x 1.9x 1.8x 11.2x 9.9x 9.5x 16.8x 15.9x 2.7% 3.0% NA NA 18.7% 19.0% NTT Data Corporation 48.36 41.20 54.48 13,565 1,623 5,270 17,469 1.2x 1.0x 1.0x 7.8x 6.9x 6.7x 28.6x 21.2x 20.9% 4.8% 25.1% 25.1% 14.8% 14.6% Atos SE 122.90 75.05 124.28 12,637 2,240 1,732 12,677 1.0x 1.0x 0.9x 7.6x 7.5x 7.1x 14.4x 13.3x 6.5% 2.4% 54.7% 53.3% 12.8% 13.3% Nomura Research Institute, Ltd. 37.55 26.69 38.05 9,309 1,206 500 8,700 2.4x 2.2x 2.1x 11.8x 10.3x 9.8x 28.3x 20.9x 10.6% 5.1% 33.3% 33.7% 21.3% 21.5% Tech Mahindra Limited 6.97 6.23 8.67 6,786 1,191 191 5,853 1.4x 1.2x 1.1x 9.1x 7.5x 6.8x 12.0x 11.6x 13.7% 7.4% 30.1% 30.9% 16.2% 16.9% Genpact Limited 24.00 22.58 28.52 4,775 425 901 5,256 2.0x 2.0x 1.9x 12.5x 11.4x 10.7x 15.4x 13.9x 3.1% 5.6% 39.5% 39.6% 17.3% 17.6% Capita plc 6.96 5.38 13.73 4,636 1,470 4,261 7,519 1.2x 1.3x 1.3x 9.7x 9.6x 9.0x 10.5x 9.6x (2.8%) 1.6% 23.0% 26.6% 13.4% 14.0% EPAM Systems, Inc. 74.34 54.53 78.40 3,805 362 25 3,468 3.0x 2.5x 2.1x 20.4x 13.7x 11.4x 21.8x 18.4x 20.4% 20.9% 36.8% 37.4% 18.1% 17.9% Conduent Incorporated 16.40 13.10 17.44 3,327 390 1,941 4,878 0.8x 0.8x 0.8x 11.0x 7.2x 6.5x 22.1x 16.9x (3.9%) (1.3%) 15.9% 16.5% 11.0% 12.3% Luxoft Holding, Inc. 62.35 46.58 66.18 2,070 98 1 1,972 2.6x 2.2x 1.8x 20.5x 12.5x 9.6x 19.2x 14.8x 20.3% 22.9% 40.3% 40.7% 17.4% 18.4% MphasiS Limited 8.81 6.53 9.56 1,855 494 53 1,414 1.6x 1.4x 1.3x 9.9x 8.9x 8.1x 13.7x 12.6x 10.4% 8.2% 24.5% 20.9% 16.1% 16.2% Exlservice Holdings, Inc. 45.96 42.00 54.78 1,553 227 46 1,372 2.0x 1.8x 1.7x 13.8x 10.3x 9.0x 17.9x 16.2x 9.1% 9.7% 35.1% 35.6% 17.9% 18.5% WNS (Holdings) Ltd. 28.45 24.82 32.82 1,421 153 - 1,268 2.2x 2.0x 1.8x 14.0x 9.7x 9.5x 20.1x 17.2x 6.0% 14.6% 34.9% 35.3% 21.1% 18.7% Presidio, Inc. 15.63 13.26 15.99 1,418 46 1,195 2,567 0.9x 0.8x 0.8x 13.1x 10.5x 9.8x 11.8x 10.8x 8.6% 5.6% 20.2% 20.4% 8.0% 8.2% Syntel, Inc. 16.58 16.22 50.92 1,387 100 500 1,787 1.8x 1.9x 1.9x 6.6x 7.4x 6.9x 8.7x 7.9x (4.9%) 2.8% 37.8% 37.9% 26.4% 27.4% Globant S.A. 36.09 30.58 47.19 1,249 61 0 1,188 3.7x 3.0x 2.5x 19.8x 16.5x 13.3x 26.6x 21.4x 20.8% 20.3% 40.9% 41.3% 18.5% 19.1% MindTree Limited 7.03 6.15 11.65 1,181 90 1 1,092 1.4x 1.3x 1.1x 10.0x 8.4x 7.2x 14.8x 12.2x 11.6% 12.4% 33.9% 33.8% 15.1% 15.6% Hexaware Technologies Limited 3.30 2.74 4.20 978 64 - 915 1.8x 1.5x 1.4x 10.9x 9.1x 8.3x 14.1x 12.8x 17.0% 10.5% 34.5% 34.1% 16.5% 16.5% Virtusa Corporation 27.89 18.03 38.31 836 215 188 891 1.1x 1.0x 0.9x 23.8x 11.9x 9.7x 16.0x 13.5x 14.0% 8.0% 27.9% 30.4% 8.1% 9.3% Persistent Systems Limited 9.05 7.70 12.02 724 90 0 635 1.5x 1.3x 1.1x 10.1x 7.6x 6.5x 13.6x 11.6x 19.9% 13.1% 36.1% 36.6% 16.6% 17.4% Perficient, Inc. 16.83 14.15 22.66 596 10 32 618 1.3x 1.2x 1.2x 12.4x 8.6x 7.5x 13.7x 11.9x 5.8% 6.8% 32.3% 33.0% 14.5% 15.5%

Mean 2.0x 1.8x 1.6x 12.4x 10.0x 9.0x 16.7x 14.5x 9.2% 8.2% 33.9% 34.4% 17.7% 17.9% Median 1.9x 1.9x 1.8x 11.2x 9.9x 9.0x 15.4x 13.6x 9.1% 7.4% 34.2% 34.7% 17.3% 17.6%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 10 Negative margins considered NM. Market Data as of 4/3/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Customer Care / CRM Services

Teleperformance SE $109.10 $71.01 $114.37 $6,177 $298 $2,057 $7,947 2.1x 1.7x 1.6x 14.6x 10.3x 9.5x 17.8x 16.0x 17.9% 6.5% NA NA 16.9% 17.3% SYNNEX Corporation 110.52 77.54 129.24 4,412 215 1,009 5,206 0.4x 0.3x 0.3x 10.1x 9.3x 8.7x 14.0x 13.4x 7.1% 4.1% 9.6% 9.7% 3.7% 3.8% Convergys Corporation 20.69 20.15 30.92 1,957 151 299 2,104 0.7x 0.7x 0.7x 5.8x 5.8x 5.6x 11.3x 10.6x (0.9%) 1.9% 36.5% 36.3% 12.6% 12.8% TeleTech Holdings, Inc. 29.30 24.45 31.97 1,345 55 217 1,514 1.2x 1.1x 1.1x 9.6x 8.4x 7.8x 18.0x 14.9x 3.8% 4.4% 27.4% 28.2% 13.6% 14.1% Sykes Enterprises, Incorporated 28.56 25.77 31.37 1,205 267 267 1,205 0.8x 0.8x 0.7x 7.4x 6.6x 6.1x 14.2x 12.6x 8.9% 4.6% 35.2% 35.3% 11.5% 11.9% transcosmos inc. 23.81 21.25 29.27 988 254 131 895 0.4x 0.4x 0.4x 9.0x 7.7x 7.0x 14.9x 12.5x 14.2% 6.8% 17.9% 18.2% 5.0% 5.2% Relia, Inc. 9.75 8.10 10.94 672 118 43 597 0.8x 0.6x 0.6x 11.8x 8.3x 7.2x 18.0x 15.4x 17.4% 14.6% 14.2% 15.0% 7.8% 7.9% Atento S.A. 9.05 6.77 14.64 668 195 535 1,007 0.6x 0.6x 0.5x 4.9x 4.5x 4.3x 13.0x 12.0x 3.9% 4.3% NA NA 12.3% 12.3% BELLSYSTEM24 Holdings, Inc. 8.65 6.61 13.35 633 51 696 1,278 1.4x 1.3x 1.2x 13.7x 12.1x 10.9x 12.4x 10.6x 7.9% 7.1% 18.1% 19.0% 10.4% 10.8%

Mean 0.9x 0.8x 0.8x 9.6x 8.1x 7.4x 14.8x 13.1x 8.9% 6.0% 22.7% 23.1% 10.4% 10.7% Median 0.8x 0.7x 0.7x 9.6x 8.3x 7.2x 14.2x 12.6x 7.9% 4.6% 18.1% 19.0% 11.5% 11.9%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 11 Negative margins considered NM. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD)

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Endeavour Capital, Inc. Provides independent expert testimony, litigation and regulatory support, and 3/29/2017 Berkeley Research Group, LLC NA (Investment) strategic advice

Heritage Group, LLC 3/28/2017 Reputation.com, Inc. NA Provides online reputation management solutions for businesses and individuals (Investment)

Publishes and provides open-source intelligence information to senior corporate 3/28/2017 Cision AB Bulletin Intelligence LLC NA and government executives

3/27/2017 Deloitte Digital Day1 Solutions LLC NA Provides cloud consulting, implementation, and managed services and solutions

3/27/2017 Cache Inc. Software Link, Inc. NA Provides Sage software solutions

3/24/2017 Rhone Capital, L.L.C. Garda World Security Corp. NA Provides security and cash services

New Enterprise Associates Develops machine learning automation software for enterprises to help users gain 3/23/2017 DataRobot, Inc. NA (Investment) insights from data scientists

3/23/2017 Accenture plc First Annapolis Consulting, Inc. NA Provides strategic and tactical advisory services focusing on the payments industry

Develops custom software and technology solutions for enterprise clients in the 3/23/2017 Orion Systems Integrators, LLC Vernalis Group, Inc. NA financial services and professional sports industries

FTV Capital; Zodius Advisors India Private Limited India-based provider of syndicated and custom research focused on high-growth 3/22/2017 MarketsandMarkets NA (Investment) and niche markets

Provides security guard services; combined company rebranded as PalAmerican 3/22/2017 Paladin Security Group Ltd. Criterion Security (nka:PalAmerican Security) NA Security

UK-based provider of implementation and deployment services for ServiceNow 3/21/2017 Accenture plc Focus Group Europe Ltd NA software

Provides HR software, online payroll services, and human capital management 3/21/2017 Summit Partners LLP Ascentis Corporation NA solutions

Provides DevOps automation and continuous delivery solutions within the 3/21/2017 Hosting.com, Inc. Stelligent Systems, llc NA Amazon Web Services (AWS) public cloud

Provides portfolio performance measurement, including attribution, multi-asset 3/20/2017 FactSet Research Systems Inc. BI-SAM Technologies S.A. $205 risk, GIPS composites management, and reporting

12 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides public relations software that enables professionals to plan, execute, and 3/20/2017 Cision AB Capitol Acquisition Corp. III NA measure influencer-oriented campaigns in one integrated platform

Boathouse Capital; Spring Capital Partners Provides contract staffing services in the banking/finance, medical, IT, and legal 3/16/2017 Employee Relations Associates, Inc. NA (Investment) industries on a national basis

3/14/2017 Genpact Limited RAGE Frameworks, Inc. NA Provides knowledge-based automation technology and services for enterprises

3/14/2017 Employee Relations Associates, Inc TalentBridge Holdings, LLC NA Provides permanent and temporary staffing services

3/14/2017 Halo Group, LLC Geneva Technical Services, LLC NA Provides IT consulting and staffing services

North Bridge Growth Equity Designs and develops an integrated system of background screening products for 3/13/2017 One Source Technology, LLC NA (Investment) corporations and government entities

Provider of custom learning and development solutions for a wide range of 3/8/2017 Business & Legal Resources, Inc. Navis Learning Corporation NA companies across multiple industries

3/7/2017 Oak Lane Partners, LLC Maintech, Incorporated $18 Provides infrastructure support services for corporate IT enterprises

3/7/2017 Deposition Solutions, LLC Castle Copy Service, Inc. NA Provides records retrieval services

Provides brands with digital performance benchmarking and advice on key 3/6/2017 Gartner, Inc. L2, Inc. NA industry trends via an annual subscription service

Provides technology consulting to healthcare service providers with a focus on 3/6/2017 Tech Mahindra (Americas), Inc. The HCI Group $110 implementation of EHR and EMR software, training, and support services

Norwest Equity Partners Provides professionally managed technology integration services for complex, 3/6/2017 Bailiwick, Inc. NA (Investment) large-scale IT initiatives

General Atlantic LLC 3/3/2017 General Information Services, Inc. NA Provides background screening services (Investment)

3/3/2017 Questel S.A. ITIP Proficiency, LLC NA Provides cost management solutions and services to the IP community

3/3/2017 Euromoney Institutional Investor PLC RISI, Inc. $125 Provides information and data for the global forest products industry

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Japan-based provider of end-to-end mobile applications and embedded software 3/2/2017 Cognizant Technology Solutions Corporation Brilliantservice Co.,Ltd. NA development services

3/2/2017 Cheil Worldwide Inc. Pricing Solutions Ltd. NA Canadian B2B pricing strategy consulting service provider

Consulting firm that provides utility asset management, risk management, grid and 3/1/2017 Accenture plc Davies Consulting LLC NA pipeline network modernization, and emergency management services

2/28/2017 Advent International Corporation CCC Information Services Inc. NA Provides advanced software, workflow tools, and enabling technologies

2/28/2017 Verisk Analytics, Inc. Emergent Network Intelligence Ltd. NA UK-based provider of insurance claims efficiency and fraud detection software

Provides real-time data for monitoring and analyzing commercial driver and motor 2/23/2017 SambaSafety, Inc. Vigillo, LLC NA carrier safety performance

Data analytics company that measures the impact and effectiveness of marketing 2/22/2017 HootSuite Media Inc. LiftMetrix, Inc. NA campaigns on social media

Shamrock Capital Advisors, LLC Mobile media, advertising, and technology company which acquires, manages, and 2/22/2017 Maple Media, LLC NA (Investment) operates mobile applications

German full-service digital agency that specializes in developing and 2/20/2017 Accenture plc SinnerSchrader Aktiengesellschaft $101 implementing digital products, services, and marketing solutions

2/16/2017 Cap Gemini S.A. Idean Enterprises Oy NA Provides digital strategy and user experience design services globally

Provides strategy and growth consulting services to organizations in business, 2/16/2017 Huron Consulting Group Inc. Innosight LLC $135 education, and healthcare sectors

Operates a cloud-based data governance collaborative platform to solve data 2/16/2017 Infogix, Inc. Data3Sixty, Inc. NA problems for financial services and other industries

Leading global provider of digital flight information, aggregating and processing 2/16/2017 Vitruvian Partners LLP OAG Aviation Holdings Limited $215 mission-ciritcal data from thousands of sources for customers worldwide

Engages in the design and development of software applications, games, and the 2/15/2017 Ascendum Solutions LLC Sourcebits, Inc. NA Web

H.I.G. Growth Partners, LLC Provides predictive digital advertising technology and solutions for brands and 2/15/2017 AdTheorent, Inc. NA (Investment) agencies

14 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description SCDM Germany GmbH, Structured Finance Data 2/15/2017 Moody's Corporation NA Provides analytical tools for participants in securitization markets and Analytics Business

Provides real estate document recording services, including mortgage 2/14/2017 MetaSource, LLC Orion Financial Group, Inc. NA assignments, lien releases, and document retrieval services

Provides specialty reimbursement solutions for hospitals and health systems in 2/14/2017 Riverside Partners LLC Medical Reimbursements of America, Inc. NA the U.S.

2/14/2017 RWS Holdings plc LUZ, Inc. $83 Provides language translation services for life sciences

2/13/2017 WILsquare Capital LLC DCM Services, LLC NA Provides data and contact management solutions for the estate recovery market

Aon plc, Benefits Administration and HR Business Comprises a benefits administration platform which provides cloud-based HR 2/10/2017 The Blackstone Group L.P. $4,800 Process Outsourcing Platform management services

VeriSign, Inc., iDefense Security Intelligence Provides cyber intelligence related to vulnerabilities, malicious code, and global 2/9/2017 Accenture plc NA Services Business threats to organizations worldwide

Operates online community that helps homeowners and home improvement 2/9/2017 HomeAdvisor, Inc. HomeStars, Inc. NA companies in finding renovators, repairmen, and retailers in Canada

Endgame, Inc., U.S. Federal Government Services 2/8/2017 Accenture plc NA Endpoint detection and response (EDR) cybersecurity software company Business

Social data and marketing platform that provides tools for real-time social streams, 2/8/2017 Condé Nast CitizenNet, Inc. NA embedding, searching, and ranking

Native ad competitive intelligence specialist that provides brands, agencies, ad 2/8/2017 Market Track, LLC Brandtale Inc. NA tech providers, and publishers with insights to help drive content innovation

Brook Venture Partners; Eagle Private Capital, LLC; Provides consumer and business databases in real estate, insurance, credit 2/7/2017 Cole Information Services, Inc. NA Resolute Capital Partners collections, small business, law enforcement, and home service industries

Provides strategic advisory services focused on growth to the media, advertising, 2/7/2017 Ascential plc Media Link, LLC $207 entertainment, and technology industries

2/7/2017 Webster Capital PharmaLogics Recruiting, LLC NA Recruitment firm for life sciences companies worldwide

Mountaingate Capital 2/6/2017 Elite SEM NA Performance-driven digital marketing agency (Investment)

15 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

2/6/2017 Thomson Reuters Corporation Clarient Global LLC NA Operates a platform to provide KYC and legal entity reference data services

London-based supplier of legal entity data, hierarchies, and identifiers on financial 2/6/2017 Thomson Reuters Corporation Avox Limited NA entities globally

Provides IT services and solutions for the Department of Defense and other civilian 2/6/2017 Salient CRGT, Inc. Information Innovators Inc. NA agencies of the federal government

2/2/2017 GTB Agency, LLC Zubi Advertising Services, Inc. NA Full-service advertising agency that focuses on the Hispanic market in the U.S.

2/2/2017 GP Strategies Corporation McKinney Rogers International Limited NA Provides corporate strategy and consulting services

Pamlico Capital Provides market intelligence, professional events, and media to global restaurant, 2/2/2017 Winsight, LLC NA (Investment) noncommercial foodservice, and convenience retail industries

1/31/2017 Centerfield Media Holdings, LLC Qology Direct, LLC NA Provides performance-based marketing services, fka Saveology.com

Provides life sciences strategy consulting services for the pharmaceutical and 1/31/2017 CRA International, Inc. C1 Consulting LLC NA biotech industries

Provides investment, wealth, and data management solutions and services for 1/31/2017 Accenture plc InvestTech Systems Consulting, LLC NA global investment managers

1/30/2017 The Wicks Group of Companies, L.L.C. Gladson Interactive, Inc. NA Provides syndicated CPG product images and information

Provides compliance and regulatory services to the asset management and 1/30/2017 CIP Capital Compliance Solutions Strategies NA securities industries

Provider of claims outsourcing and loss adjusting services to insurance companies, 1/30/2017 HGGC, LLC Davies Group Limited $112 brokers, managing general agents, and self-insured entities

Offers real-time market data desktops, customizable web-based portals, and a 1/27/2017 FactSet Research Systems Inc. Interactive Data Managed Solutions, LLC NA broad range of mobile solutions for wealth management industry

1/27/2017 Symphony Technology Group Fishbowl Inc. NA Provides a SaaS-based marketing analytics platform for the restaurant industry

Harris Corporation, Government IT Services Provides communications, engineering, and IT solutions for Intelligence, defense, 1/27/2017 Veritas Capital $690 Business and federal civilian customers

16 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Operates branded websites for airline and financial services partners that allow 1/27/2017 Ebates, Inc. Cartera Commerce Inc. NA users to earn rewards by shopping on online stores

MuniServices And Broussard Partners & Associates, Provides services related to revenue enhancement, technology, and consulting for 1/26/2017 Millstein & Co. LLC $92 Inc. And PRA Government Services And RamWare municipal and other government clients in the U.S.

Develops web-based applications for market researchers to analyze and present 1/26/2017 Reimagine Holdings Group MarketSight LLC NA data

German-based provider of consulting and implementation services focused on 1/25/2017 Accenture plc solid-serVision.com GmbH NA ServiceNow

Provides surveys and market research on 500+ apartment markets and submarkets, 1/24/2017 MPF Research Inc. Axiometrics Inc. $75 along with 680 colleges and universities nationwide

Netherlands-based provider of identity management solutions for safe 1/24/2017 Solera Holdings Inc. Digidentity B.V. NA communication between individuals, organizations, and the government

Nielsen Holdings plc, Certain Custom Research Public opinion research firm that focuses on brand management, corporate 1/23/2017 The Stagwell Group; Stagwell Media LLC NA Assets reputation, CPG, public opinion, and consumer experience

Develops a mobile and cross-channel programmatic advertising platform that 1/23/2017 Viant Technology Inc. Adelphic, Inc. NA connects brands with audiences

Provides an innovative approach to modeling casualty catastrophic risk for 1/23/2017 AIR Worldwide Corporation Arium Limited NA organizations and their supply chain

AC Nielsen Company Of Canada, Ad Intelligence Provides actionable data to assist clients with campaign optimization, competitive 1/20/2017 Market Track, LLC NA Service intelligence, and cross-media strategy in Canada

Nielsen Holdings plc, U.S. Market Information and Includes U.S.-based BookScan, PubTrack Digital, PubTrack Higher Education, 1/20/2017 The NPD Group, Inc. NA Research Services for Book Industry Unit PubTrack Christian, Books & Consumers, PubEasy, and PubNet

Sageview Capital LP Leading provider of alternative dispute resolution (ADR) services through its panel 1/20/2017 National Arbitration And Mediation Inc. NA (Investment) of arbitrators and mediators

1/19/2017 Accenture plc Seabury Consulting LLC NA Provides corporate advisory and consulting services to the aviation industry

IDG Capital Partners; China Oceanwide Holdings 1/19/2017 International Data Group, Inc. NA Provides technology media, data, and marketing services to customers worldwide Group Co.,Ltd

IT services company and leading provider of new and pre-owned network 1/18/2017 SMS Systems Maintenance Services, Inc. Curvature LLC NA hardware and IT infrastructure services

17 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides digital and mobile advertising solutions that leverage payment networks 1/18/2017 Augeo Affinity Marketing Inc. Edo Interactive Inc. NA to connect brands with consumers

BV Investment Partners 1/18/2017 C-4 Analytics, LLC NA Provides tech-enabled digital marketing services (Investment)

Provides IT consulting services including accounting and ERP solutions and CRM 1/17/2017 Proviso Capital LLC Cache Inc. NA and HR software

Provides leadership development solutions, including tools, research, coaching, 1/17/2017 Automatic Data Processing, Inc. The Marcus Buckingham Company, Inc NA and training programs

Bain Capital Private Equity, LP; Yonghui 1/17/2017 Daymon Worldwide, Inc. $413 Provides branding, merchandising, and marketing services for retailers Superstores Co., Ltd.

Carrick Capital Partners, LLC Operates as a Web design, development, and operations company with a focus on 1/13/2017 Perfect Sense Digital, LLC NA (Investment) delivering digital experiences for its clients' customers

Evidence-based guideline company that provides healthcare data and guidelines 1/12/2017 MCG Health, LLC Work-Loss Data Institute LLC NA to the workers’ compensation industry

Canada Pension Plan Investment Board 1/11/2017 GlobalLogic Inc. NA Provides full-lifecycle software development services to customers worldwide (48% Stake)

Monitors and analyzes business information for companies worldwide, fka 1/10/2017 The Dun & Bradstreet Corporation Avention, Inc. $150 OneSource Information Services

1/9/2017 Accenture plc Altitude Inc. NA Offers product design, consulting, and innovation services

UK-based provider of consultancy services to clients in pharmaceutical, biotech, 1/9/2017 Huron Consulting Group Inc. Pope Woodhead & Associates Ltd NA and medtech sectors

Data-driven, omni-channel marketing services company that develops and delivers 1/6/2017 Deluxe Corporation First Manhattan Consulting Group LLC $200 direct marketing campaigns

Provides best practice and talent management insights in the U.S., Europe, and 1/5/2017 Gartner, Inc. CEB Inc. $3,301 internationally

Provides sales, marketing, analytical, and retail support services to manufacturers 1/5/2017 Impact Sales, Inc. Harlow-HRK Sales & Marketing, Inc. NA in the grocery industry

The Carlyle Group LP; Carlyle US Equity Provides marketers with a comprehensive view into consumer behavior patterns 1/5/2017 Claritas, LLC NA Opportunity Fund II, L.P; The Indian Hill Group through proprietary segmentation analysis

18 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

1/4/2017 Perficient, Inc. R.A.S. Associates, Inc. NA Operates as a strategy and management consulting company

UK-based producer and provider of automotive technical information for the 1/4/2017 Solera Holdings Inc. Autodata Publishing Group Limited $418 automotive aftermarket worldwide

Provides subscription-based, proprietary U.S. national site selection data and 1/4/2017 Financial Times Group Ltd. GIS Planning, Inc. NA intelligence for economic developers

Provides big data infrastructure, secure cloud engineering, and analytic solutions 1/3/2017 Macaulay-Brown, Inc. Enlighten IT Consulting Inc. NA for federal, state, and local clients

Provides integrated marketing solutions including digital, social, and direct mail 1/3/2017 Platinum Equity, LLC Cox Target Media, Inc. NA for agencies, retailers, brands, and shopper marketers

19 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Operator of entertainment data and technology 12/20/2016 $560 NA NA NA NA company.

12/14/2016 $2,871 6.8x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

12/8/2016 $2,029 39.5x 8.3x 1.3x 1.3x Provider of market research and related services

Provider of business and financial information on public 11/21/2016 NA NA NA NA NA and private companies globally

11/17/2016 $140 (1) NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

Provider of marketing insights and communications 11/17/2016 $90 6.5x 5.9x 0.7x 0.8x services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

Provider of geographic information products and 11/14/2016 NA NA NA NA NA services

10/25/2016 NA NA NA NA NA Provider of marketing research services

Provider of data, research and analysis on private and 10/14/2016 $225 NA NA 7.2x NA public companies

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

9/26/2016 $931 10.2x 9.0x 2.1x 2.1x Provider of business management information services

Notes: 20 Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Publisher of trade magazines and industry-specific web 9/15/2016 $1,558 11.0x NA 4.2x NA sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

Provider of strategic advisory services for healthcare 8/9/2016 $2,382 22.7x 15.9x 6.9x 6.2x organizations

8/8/2016 $1,500 NA NA NA NA Provider of performance marketing services

Provider of intellectual property and scientific 7/11/2016 $3,550 11.0x NA 3.5x NA Intellectual Property & Science Business information services

6/27/2016 $157 NM 8.8x 0.4x 0.5x Provider of online advertising services

Provider of data and research related to digital 6/10/2016 $260 19.3x NA 5.7x NA marketing, media, and commerce

Provider of sales and marketing services for the 6/9/2016 NA NA NA NA NA insurance sector

Provider of information, news and data for the travel 6/7/2016 NA NA NA NA NA and hospitality industries

5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

Provider of information and technology services to the 5/3/2016 $13,171 17.7x 13.9x 4.3x 4.2x global healthcare industry

Provider of risk assessment and decision analytics 4/25/2016 $820 NA NA NA NA services to the global healthcare industry

4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

21 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $6,139 16.1x 11.6x 5.5x 5.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 16.4x 10.6x 3.4x 2.8x Median 11.0x 9.0x 3.1x 2.2x

22 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

12/19/2016 NA NA NA NA NA Provider of recruitment services

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

Provider of information security and compliance 12/6/2016 NA NA NA NA NA management services to enterprise clients

Provider of data-driven benchmarking, outsourcing 12/1/2016 NA NA NA NA NA consulting and network advisory services

Provider of debt collection and business process 11/16/2016 NA NA NA NA NA outsourcing services

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,020 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

Provider of information management and data recovery 10/21/2016 $410 NA NA NA NA services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services

9/29/2016 NA NA NA NA NA Provider of consulting and advisory services

23 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

9/26/2016 $931 10.2x 9.0x 2.1x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services

8/10/2016 NA NA NA NA NA Provider of business process outsourcing services

7/27/2016 $1,009 11.6x 8.8x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services

6/1/2016 NA NA NA NA NA Provider of business process outsourcing services

5/24/2016 $17,000 NA NA NA NA Provider of IT consulting services

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

Provider of global IT and business process outsourcing 4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1x services

Provider of cloud-enabled consulting and 3/30/2016 NA NA NA NA NA implementation services

Provider of information technology and business 3/28/2016 $3,055 NA NA 1.1x NA services

2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

24 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

2/8/2016 $742 8.9x 6.1x 0.8x 0.8x Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 11.4x 8.4x 2.1x 1.3x Median 10.8x 8.3x 1.6x 1.2x

25 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16. GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

and the managers / shareholders A portfolio company of IT Services Business Acquired Received Minority Acquired by Convertible Note Acquired by Equity Investment Sold a majority stake in Investment from Offering Acquired by Acquired by to

We Advised the Sellers We Advised AXIO We Advised the Buyer Financial Advisor We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor We Advised the Seller

Preferred Stock Acquired by Acquired Acquired Acquired by Acquired Acquired Acquired by Preferred Stock

We Advised the Buyer We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller Financial Advisor

Hotel, Rental & Event Production Division Acquired by Acquired by Acquired Acquired by Acquired by Acquired by Acquired Acquired by Acquired by Consortium Led by

We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

Acquired by Acquired Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock Acquired

We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Buyer

Notes: 26 The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction. GCA OVERVIEW Business & Tech-Enabled Services Team

New York Tokyo Milan Frankfurt London th 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome Piazza San Fedele 4 Thurn-und-Taxis-Platz 6 1 Southampton St. New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 20121 Milano 60313 Frankfurt London WC2R0LR United States Japan Italy Germany United Kingdom Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +39 02 76 01 73 40 Phone: +49 69 204 34 6410 Phone:+44 20 7484 4040

Derek Bell Sascha Pfeiffer* Stephen Georgiadis* Akikazu Ida* Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +49 69 204 346 415 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241 Mobile: (914) 953-0689 Mobile: +49 177 741 5643 Mobile: +44 7770 827335 Mobile: +81 (80) 9027-3023 [email protected] [email protected] [email protected] [email protected]

Alessandro Soprano* Adrian Reed* Raiko Stelten* Malte Abrams* Managing Director Managing Director Director Vice President

Phone: +39 02 7601 7340 Phone: +44 845 505 4343 Phone: +49 69 204 346 418 Phone: +49 69 204 346 425 Mobile: +39 348 231 6056 Mobile: +44 7887 626800 Mobile: +49 171 335 0879 Mobile: +49 151 6483 5612 [email protected] [email protected] [email protected] [email protected]

Notes: *Sascha Pfeiffer is a Managing Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. *Stephen Georgiadis, Alessandro Soprano, and Adrian Reed are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation. 27 *Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. *Malte Abrams is a Vice President at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.