Management Consulting October 2018 Management Consulting October 2018 Sector Dashboard [4]

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Sectorwatch: Management Consulting October 2018 Management Consulting October 2018 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [15]

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 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. 2

Overview

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

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public companies sector

3 Dashboard

Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 33.2% 0.03 average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 12.5%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 9.2% 1 - year gross profit % compared to gross profit % 0.4% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation Profitability Momentum Median Price / LTM Earnings 19.7x 1 - year EBITDA % compared to EBITDA % average for 0.03% last 3 years Median TEV / LTM EBIT 15.9x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 13.6x

Median TEV / LTM Revenue 1.4x

0x 5x 10x 15x 20x

4 Public Basket

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

CRA International, Inc. 349 393 15% 31% 7% 0.9 12.4 631 623 The Hackett Group, Inc. 585 268 2% 38% 16% 2.2 14.0 1,123 238 Navigant Consulting, Inc. 1,074 951 20% 31% 13% 1.1 8.6 6,008 158 Huron Consulting Group Inc. 1,337 754 3% 36% 12% 1.8 14.8 3,083 244 ICF International, Inc. 1,609 1,254 5% 37% 9% 1.3 14.5 5,500 228 FTI Consulting, Inc. 2,724 1,991 12% 35% 13% 1.4 10.8 4,609 432 Booz Allen Hamilton Holding Corporation 8,385 6,296 7% 24% 10% 1.3 13.5 24,600 256 Accenture plc 93,063 39,573 14% 31% 17% 2.4 13.8 459,000 86

Average 13,641 6,435 9% 33% 12% 1.5 12.8 63,069 283 Median 1,473 1,102 9% 33% 13% 1.4 13.6 5,055 241 share price as of 24Oct18

5 Public Basket Valuation Trends

16x Public EBITDA Multiples over Time

20x 14x 15x

10x 12x 5x

10x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

8x 10.5x TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time

2.0x

4x 1.5x

1.0x

2x 1.2x 0.5x 0.0x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-15 Jan-16 Jan-17 Jan-18

Jan-14 TEV/Revenue - Median TEV/Revenue - Average

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

The Hackett Group, Inc. Accenture plc

ICF International, Inc. The Hackett Group, Inc.

Huron Consulting Group Inc. FTI Consulting, Inc.

FTI Consulting, Inc. Navigant Consulting, Inc.

Accenture plc Huron Consulting Group Inc.

Navigant Consulting, Inc. Booz Allen Hamilton Holding Corporation

CRA International, Inc. ICF International, Inc.

Booz Allen Hamilton Holding Corporation CRA International, Inc.

Median Median

- 10% 20% 30% 40% - 10% 20% 30%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

Navigant Consulting, Inc. CRA International, Inc.

CRA International, Inc. FTI Consulting, Inc.

Booz Allen Hamilton Accenture plc Holding Corporation

FTI Consulting, Inc. Huron Consulting Group Inc.

Booz Allen Hamilton Holding Corporation The Hackett Group, Inc.

ICF International, Inc. ICF International, Inc.

Huron Consulting Group Inc. Navigant Consulting, Inc.

The Hackett Group, Inc. Accenture plc

Median Median

- 10% 20% 30% $- $200 $400 $600 $800

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Accenture plc CRA International, Inc.

Booz Allen Hamilton Holding Corporation FTI Consulting, Inc.

The Hackett Group, Inc. ICF International, Inc.

Huron Consulting Group Navigant Inc. Consulting, Inc.

Navigant Consulting, Inc. Huron Consulting Group Inc.

ICF International, Inc. The Hackett Group, Inc.

Booz Allen Hamilton FTI Consulting, Inc. Holding Corporation

CRA International, Inc. Accenture plc

Median Median

0x 2x 4x 6x 8x 10x 0 20 40 60 80 100 120

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Huron Consulting Accenture plc Group Inc.

The Hackett Group, ICF International, Inc. Inc.

Huron Consulting The Hackett Group, Group Inc. Inc.

FTI Consulting, Inc. Accenture plc

Booz Allen Hamilton Booz Allen Hamilton Holding Corporation Holding Corporation

ICF International, CRA International, Inc. Inc.

Navigant FTI Consulting, Inc. Consulting, Inc.

CRA International, Navigant Inc. Consulting, Inc.

Median Median

0x 2x 4x 6x 0x 10x 20x 30x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

Huron Consulting CRA International, Group Inc. Inc.

ICF International, Inc. Accenture plc

CRA International, Inc. ICF International, Inc.

Accenture plc Booz Allen Hamilton Holding Corporation The Hackett Group, Inc. The Hackett Group, Inc. Booz Allen Hamilton Holding Corporation

FTI Consulting, Inc. FTI Consulting, Inc.

Navigant Navigant Consulting, Inc. Consulting, Inc.

Median Median

0x 10x 20x 30x 40x 0x 10x 20x 30x

11 Valuation

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

16x 45% 16x 25%

38.2% 40% 19.9% 14x 36.8% 14x 34.9% 31.4% 20% 35% 12x 30.7% 35.5% 12x

30% 14.7% 10x 31.0% 10x 13.6% 15% 25% 8x 8x 23.7% 20% 11.7% 10% 6x 6x 15%

4x 4x 1.9% 4.6% 6.6%

10% 3.0% 5%

2x 2x 5% 9x 11x 12x 14x 14x 14x 14x 15x

9x 11x 12x 14x 14x 14x 14x 15x LTMGP%

EBITDA(x) 0x 0%

0x 0%

EBITDA(x)

LTM RGR% LTM

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

12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

3Oct18 TayganPoint Consulting Group, Inc. Grant Thornton LLP - - - - 1Oct18 4Plan Consulting Corp. MNP LLP - - - - 18Sep18 Paradigm Consulting Group Inc. Golden Opportunities Fund Inc. - Class A; Westcap - - - - Management Ltd. 2Aug18 David M Shapiro Disaster Planning & Recovery Consultants, ICF International, Inc. - - - - Inc. 18Jul18 Barkawi Management Consultants GmbH & Co. KG Genpact Limited - - - - 12Jul18 Intellinet Corporation FPT Corporation 50.00 30.00 1.8x - 4Jun18 EVER BE SAS Mercer Limited - - - - 21May18 Aveus, LLC Medecision, Inc. - - - - 30Apr18 Newcomb Anderson McCormick, Inc. Willdan Group, Inc. - - - - 16Apr18 Lenati, LLC ProKarma Inc. - - - - 28Mar18 Ideas at Work (nka:BDO Ideas at Work) BDO Belgium - - - - 29Mar18 C3 Consulting LLC Ankura Consulting Group, LLC - - - - 21Mar18 Cartesian, Inc. Blackstreet Capital Management, LLC 11.50 50.78 0.2x NM 5Feb18 LiquidHub, Inc. Capgemini SE 500.00 247.70 2.0x - 22Jan18 Evidence Strategy AB The North Alliance AS - - - - 9Jan18 RPR Partners, LLP Ernst & Young LLP - - - - 9Nov17 SQS Software Quality Systems AG Assystem Technologies SA 436.24 377.96 1.1x 14.3x 6Dec17 GAP Solutions Inc. System One Holdings, LLC - - - - 3Dec17 Al-Faris National Company for Investment & Export P.L.C. The Arab Palestinian Investment Company 14.12 27.33 - - 30Nov17 Brand Control Co., Ltd. Vector Inc. 9.44 - - - 20Nov17 Bridgepoint Consulting, LLC Addison Group, LLC - - - - 2Nov17 Dominion Consulting Inc. TeraThink Corporation - - - - 29Sep17 Double Consulting s.r.l. SQS Software Quality Systems AG 12.41 7.84 1.8x -

18Aug17 AML RightSource LLC Clarion Capital Partners, LLC - - - -

15Aug17 Evans International Enterprises, Inc. Waterhouse Group, Inc. - - - - 1Jul17 ProService Worldwide (Cyprus) Limited ProLogics (UK) LLP 1.89 - - -

13 Management Consulting October 2018 APPENDIX:

Public Basket

Constituents

Revenue Multiples - CRA International, Inc. Public Basket 1.5x 1.0x

0.5x

CRA International, Inc. 0.0x CRA International, Inc., a consulting company, provides economic, financial, and management consulting services in the United States, the United Kingdom, and internationally. The TEV/Revenue Average company advises clients on economic and financial matters pertaining to litigation and regulatory proceedings; and guides EBITDA Multiples - CRA International, Inc. corporations through critical business strategy and 20x performance-related issues. The company’s consulting 15x services include research and analysis, expert testimony, and 10x support in litigation and regulatory proceedings in the areas of finance, accounting, economics, insurance, and forensic 5x accounting and investigations to corporate clients and 0x attorneys. In addition, its management consulting services comprise strategy development, performance enhancement, corporate strategy and portfolio analysis, estimation of market TEV/EBITDA Average demand, new product pricing strategies, valuation of intellectual property and other assets, assessment of P/E Multiples - CRA International, Inc. competitors' actions, and analysis of new sources of supply. It 80x serves various industries, including agriculture; banking and 60x capital markets; chemicals; communications and media; consumer products; energy; entertainment; financial services; 40x health care; insurance; life sciences; manufacturing; metals, 20x mining, and materials; oil and gas; real estate; retail; sports; 0x telecommunications; transportation; and technology. CRA International, Inc. was founded in 1965 and is headquartered in Boston, Massachusetts. P/E Average

15 Revenue Multiples - The Hackett Group, Inc. Public Basket 3x 2x

The Hackett Group, Inc. 0x The Hackett Group, Inc. operates as a strategic advisory and technology consulting firm primarily in North America and European countries. Its executive advisory programs include TEV/Revenue Average best practice intelligence center, an online searchable repository of best practices, performance metrics, conference EBITDA Multiples - The Hackett Group, Inc. 20x presentations, and associated research; best practice accelerators that provide Web based access to best practices, 15x customized software configuration tools, and best practice 10x process flows; advisor inquiry, an inquiry service used by clients 5x for access to fact-based advice on proven approaches and methods; best practice research, a research that provides 0x insights into the proven approaches; and peer interaction comprising member-led Webcasts, annual best practice conferences, annual member forums, membership performance TEV/EBITDA Average surveys, and client-submitted content. The company’s benchmarking services conduct studies in the areas of selling, P/E Multiples - The Hackett Group, Inc. general and administrative, finance, human resources, 50x information technology, procurement, enterprise performance 40x management, shared service centers, and working capital 30x management. The company was founded in 1991 and is 20x headquartered in Miami, Florida. 10x 0x

Date Key Development Headline 11/7/17 Hackett Group Seeks Acquisitions P/E Average

16 Revenue Multiples - Navigant Consulting, 2.0x Inc. Public Basket 1.5x 1.0x

0.5x

Navigant Consulting, Inc. 0.0x Navigant Consulting, Inc. provides professional services to corporate executives and senior management, corporate counsel, law firms, corporate boards, special committees, and TEV/Revenue Average governmental agencies worldwide. It operates through four segments: Healthcare; Energy; Financial Services Advisory and EBITDA Multiples - Navigant Consulting, Inc. 15x Compliance; and Disputes, Forensics and Legal Technology. The Healthcare segment offers consulting and business process 12x management services to healthcare providers, payers, and life 9x sciences companies. This segment helps clients respond to 6x market legislative changes, such as the shift to an outcome and 3x value-based reimbursements model, ongoing industry 0x consolidation and reorganization, Medicaid expansion, the implementation of a new electronic health records system, and product planning and commercialization expertise. The Energy TEV/EBITDA Average segment provides advisory services to utilities, governmental agencies, manufacturers, and investors. Navigant Consulting, P/E Multiples - Navigant Consulting, Inc. Inc. was founded in 1983 and is headquartered in Chicago, 30x Illinois. 20x

10x Date Key Development Headline 8/23/18 Ankura Consulting Group, LLC completed the acquisition of 0x Thoreau Holdco, LLC and Navigant Consulting (Europe) Ltd. from Navigant Consulting, Inc. (NYSE:NCI). 6/25/18 Navigant Consulting Seeks Acquisitions P/E Average

17 Revenue Multiples - Huron Consulting Group 5x Inc. Public Basket 4x 3x 2x 1x Huron Consulting Group Inc. 0x Huron Consulting Group Inc., a professional services firm, provides advisory, technology, and analytic solutions in the United States and internationally. Its Healthcare segment TEV/Revenue Average provides advisory services in the areas of strategy, care transformation, financial and operational performance, EBITDA Multiples - Huron Consulting Group 20x technology and analytics, and leadership development to Inc. national and regional hospitals, integrated health systems, 15x academic medical centers, community hospitals, and medical 10x groups. The company’s Education segment offers management consulting and technology solutions related to 5x business and technology strategy, financial management, 0x operational and organizational effectiveness, research administration, and regulatory compliance for higher education institutions and academic medical centers. Its Business Advisory TEV/EBITDA Average segment provides enterprise performance management, enterprise resource planning, business intelligence and P/E Multiples - Huron Consulting Group Inc. analytics, customer relationship management, and data 40x management services; and capital advisory, transaction 30x advisory, operational improvement, restructuring and 20x turnaround, valuation, and dispute advisory services. Huron Consulting Group Inc. was founded in 2002 and is 10x headquartered in Chicago, Illinois. 0x

Date Key Development Headline 2/21/18 Huron Announces Collaboration with the Joint Commission Center for Transforming Healthcare to Improve Consumer P/E Average Safety and Quality of Care

18 Revenue Multiples - ICF International, Inc. 2.0x Public Basket 1.5x 1.0x

0.5x ICF International, Inc. 0.0x ICF International Inc. provides management, marketing, technology, and policy consulting and implementation services to government and commercial clients in the United States and TEV/Revenue Average internationally. It also identifies, defines, and implements policies, plans, programs, and business tools through a range of EBITDA Multiples - ICF International, Inc. 20x standard and customized methodologies for its clients; conducts survey research; collects and analyzes various data to 15x understand critical issues and options for its clients; and 10x provides actionable business intelligence, as well as information and data management solutions that allow integrated, and 5x purpose-driven data usage. In addition, the company provides 0x solutions to optimize the customer and citizen experience; and cyber security solutions that support the range of cyber security missions and protect IT infrastructures in the face of relentless TEV/EBITDA Average threats, as well as designs, develops, and implements technology systems that are principal to its clients’ mission or P/E Multiples - ICF International, Inc. business performance. ICF International, Inc. was founded in 30x 1969 and is headquartered in Fairfax, Virginia. 20x

Date Key Development Headline 10x 10/3/18 ICF International, Inc. (NasdaqGS:ICFI) acquired We Are Vista Limited from a group of shareholders. 0x 8/1/18 ICF International, Inc. (NasdaqGS:ICFI) entered into a definitive agreement to acquire David M Shapiro Disaster Planning & Recovery Consultants, Inc. 2/27/18 ICF International, Inc. Mulls Acquisitions P/E Average

19 Revenue Multiples - FTI Consulting, Inc. 2.0x Public Basket 1.5x 1.0x

0.5x FTI Consulting, Inc. 0.0x FTI Consulting, Inc. provides business advisory services to manage change, mitigate risk, and resolve disputes worldwide. The company’s Corporate Finance & Restructuring segment TEV/Revenue Average provides turnaround and restructuring, business transformation, interim management, valuation and financial advisory, EBITDA Multiples - FTI Consulting, Inc. 20x transaction, dispute advisory, and tax services, as well as mergers and acquisitions (M&A), and M&A integration services. 15x Its Forensic and Litigation Consulting segment offers anti- 10x corruption investigations and compliance, and data and 5x analytics, as well as compliance, monitoring, and receivership services; cybersecurity, forensic accounting and advisory, and 0x global risk and investigations practice; and construction solutions, dispute advisory, intellectual property, trial, business insurance claims, and health solutions. The company’s TEV/EBITDA Average Economic Consulting segment provides financial, economic, and econometric consulting services; business and expert P/E Multiples - FTI Consulting, Inc. valuation, and expert testimony services; intellectual property 50x and international arbitration services. FTI Consulting, Inc. was 40x founded in 1982 and is headquartered in Washington, District of 30x Columbia. 20x 10x Date Key Development Headline 0x 9/9/18 Nuix Pty. Ltd. acquired Ringtail Solutions, Inc. from FTI Consulting, Inc. (NYSE:FCN) for $55 million. 5/18/18 Rex Energy Initiates Sale Process 3/5/18 FTI Consulting May Look At Potential Acquisitions P/E Average 11/13/17 FTI Consulting, Inc. Seeks Acquisitions

20 Revenue Multiples - Booz Allen Hamilton 2.0x Holding Corporation Public Basket 1.5x 1.0x

0.5x Booz Allen Hamilton Holding Corporation 0.0x Booz Allen Hamilton Holding Corporation provides management and technology consulting, engineering, analytics, digital, mission operations, and cyber solutions to governments, TEV/Revenue Average corporations, and not-for-profit organizations in the United States and internationally. The company offers consulting EBITDA Multiples - Booz Allen Hamilton 20x solutions for various domains, business strategies, human Holding Corporation capital, and operations. It also provides analytics services, which 15x focuses on delivering transformational solutions in the areas of 10x decision analytics, including operations research and cost estimation; automation; and data science, which include 5x predictive modeling and machine learning, as well as new or 0x emerging areas, such as deep learning and artificial intelligence. Booz Allen Hamilton Holding Corporation was founded in 1914 and is headquartered in McLean, Virginia. TEV/EBITDA Average

P/E Multiples - Booz Allen Hamilton Holding 30x Corporation Date Key Development Headline 5/29/18 Booz Allen Hamilton Seeks Acquisitions 20x 3/23/18 Booz Allen Hamilton Holding Corporation Seeks Acquisitions 2/5/18 Booz Allen Hamilton Seeks Acquisitions 10x 10/30/17 Booz Allen Hamilton Holding Corporation (NYSE:BAH) completed the acquisition of Morphick Inc. 0x 10/19/17 Booz Allen Hamilton Holding Corporation (NYSE:BAH) acquired Morphick Inc.

P/E Average

21 Revenue Multiples - Accenture plc Public Basket 3x 2x

Accenture plc 0x Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology segment provides professional services that help clients TEV/Revenue Average accelerate and deliver digital transformation, and enhance business results through industry-specific solutions for EBITDA Multiples - Accenture plc communications, media, and high tech industries, as well as for 20x software platforms. The company’s Financial Services segment 15x offers services that address profitability pressures, industry 10x consolidation, regulatory changes, and the need to continually 5x adapt to new digital technologies. This segment serves clients in banking, capital markets, and insurance industries. Accenture 0x plc was founded in 1989 and is based in Dublin, Ireland.

TEV/EBITDA Average Date Key Development Headline 10/21/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire P/E Multiples - Accenture plc New Content. 40x 10/20/18 Accenture plc (NYSE:ACN) acquired DAZ Systems, Inc.. 10/18/18 Accenture and ServiceNow Announce Collaboration to Drive 30x Innovation in Europe 20x 10/16/18 Accenture plc (NYSE:ACN) acquired TargetST8. 9/18/18 Accenture Teams with SAP to Develop Cloud Solution to 10x Digitally Transform Oil and Gas Upstream Operations 0x

P/E Average

22 Contact Information 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] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.796.9330 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 281.742.9340 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Nicholas Prendergast, Financial Analyst 704.973.3995 [email protected] Ariail Siggins, Marketing Director 704.981.2908 [email protected] Sydney Larese, Associate 704.973.3998 [email protected] Marty Johnson, Associate 704.973.3999 [email protected] Rory Julyan, Associate 704.981.2520 [email protected] Garth Martin, Associate 704.973.3997 [email protected] Chevonese Dacres, Analyst 704.981.2342 [email protected]