HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill

Senior Managing Director [email protected] (813) 383-0205

John McDonald Business Services Senior Managing Director [email protected] M&A Report (813) 383-0206

Q2 2018 Keith Hodgdon Managing Director [email protected] (813) 383-0208

Charlie Hendrick Vice President [email protected] (813) 383-0207

Jeffrey Hendricks Vice President [email protected] (678) 523-3073

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview – Business Services

Commentary Select Public Offerings – Business Services (Q2 2018)

 The HPC Business Services Index increased 12.8% over the 12- Transaction month period ended June 30, 2018, outpacing the S&P, which Offer Date Issuer Industry Sector Transaction Type Value ($mm) increased 11.9%, and lagging behind the NASDAQ which increased 05/03/18 Republic Services, Inc. Environmental & Facilities Services Fixed-Income $789 22.9%. 04/09/18 C.H. Robinson Worldwide, Inc. Logistics Fixed-Income $596

Human Resource & 06/22/18 ManpowerGroup Inc. Fixed-Income $579 Employment Services  The table on the right illustrates select public offerings completed in Q2 2018. Notable initial public offerings include BrightView 06/27/18 BrightView Holdings, Inc. Environmental & Facilities Services IPO $469

Holdings, a commercial landscaping services company, raising 05/23/18 Equifax Inc. Research and Consulting Services Fixed-Income $396 $469 million, and Charah Solutions, an environmental management 05/07/18 Advanced Disposal Services, Inc. Environmental & Facilities Services Fixed-Income $269 services provider, raising $88 million. 06/13/18 Charah Solutions, Inc. Environmental & Facilities Services IPO $88

 The Information Services sector led the industry with respect to 06/14/18 Aqua Metals, Inc. Environmental & Facilities Services Fixed-Income $25

valuation during the second quarter, trading at revenue and Human Resource & 05/25/18 BG Staffing, Inc. Fixed-Income $20 EBITDA multiples of 5.3x and 17.6x respectively. Employment Services

Public Market Performance (LTM) Public Company Market Performance by Sector

130%

22.9%

120% Median Change in Stock Price Enterprise Value / LTM 12.8% Industry Sector 3 Months 12 Months Revenue EBITDA Data Procesing & Outsourced Services 14.0% 21.9% 4.3x 16.6x 110% 11.9% Logistics 0.6% 4.7% 1.3x 11.5x Human Resource & Employment Services 6.4% 32.1% 0.8x 11.8x Research & Consulting Services 9.7% 28.3% 1.5x 13.4x 100% Information Services 8.2% 11.8% 5.3x 17.6x Advertising 2.9% (16.5%) 1.4x 9.2x Enviromental & Facilities Services 3.3% 10.0% 2.4x 12.0x

90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 NASDAQ HPC - Business Services Index

Source: S&P Capital IQ.

HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Annual M&A Activity – Business Services

Commentary Completed U.S. M&A Transactions by Deal Size

 As detailed in the charts below, 1H 2018 Business Services middle- ($ in billions) market M&A activity underperformed compared to 1H 2017, with 1H '17 1H '18 % Change 31 closed transactions during the period, down from 38 the prior Deal Size Volume Value Volume Value Volume Value year period. Less than $100M 24 $0.8 18 $0.8 (25%) 7% $100 - $499M 10 $2.0 12 $2.5 20% 24%  The total value of completed deals was also down in 1H 2018, $500 - $999M 4 $2.6 1 $0.6 (75%) (79%) decreasing 28% to $3.9 billion as compared to $5.4 billion in the Total Middle Market 38 = $5.4 31 $3.9 (18%) (28%) prior year period. % of Total Market

Less than $100M 63% 14% 58% 21%  Despite a decrease in overall middle-market deal activity in the $100 - $499M 26% 37% 39% 65% Business Services industry during 1H 2018, when deals with $500 - $999M 11% 49% 3% 14% undisclosed values are included, deal flow was only down 1% as Total Middle Market 100% 100% 100% 100% compared to the prior year period.

U.S. M&A Activity – Annual Trends: VOLUME U.S. M&A Activity – Annual Trends: VALUE

140 $18 $17.1 129 $16 120 114

110 108 $13.8 104 $14 $13.3 97 100 $12.4 92 $12 inbillions) $11.2 $11.0 $11.4 80 80 $10.5 80 75 $10 $9.0

60 $8

$5.4 $6

Total Transaction Volume Transaction Total 38 $5.2 40 31 $3.9 Total Transaction Value Value ($ Transaction Total $4

20 $2

0 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H '17 1H '18 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H '17 1H '18 Less than $100M $100 - $499M $500 - $999M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion).

HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly M&A Activity – Business Services

Commentary Completed U.S. M&A Transactions by Deal Size

($ in billions)  Middle-market M&A activity in the industry decreased slightly Q2 2017 Q2 2018 % Change during Q2 2018, with 17 deals with reported values, compared to Deal Size Volume Value Volume Value Volume Value 19 during the prior year period. Less than $100M 13 $0.3 10 $0.5 (23%) 56% $100 - $499M 3 $0.4 6 $1.4 100% 232%  Notably, transactions valued between $100 and $500 million $500 - $999M 3 $2.0 1 $0.6 (67%) (72%) doubled compared to Q2 2017, with a corresponding 232% Total Middle Market 19 $2.7 17 $2.5 (11%) (10%) increase in the value of those deals. % of Total Market

Less than $100M 68% 12% 59% 21%  Although middle-market deal flow in the Business Services industry $100 - $499M 16% 15% 35% 57% slowed in Q2 2018, when including deals with undisclosed values, $500 - $999M 16% 73% 6% 22% volume only decreased 6% compared to the prior year period. Total Middle Market 100% 100% 100% 100%

U.S. M&A Activity – Quarterly Trends: VOLUME U.S. M&A Activity – Quarterly Trends: VALUE

30 $5 28

$4.2 25

23 $4

22 $3.6 21 20 19 19 19 $3.1 20 19

inbillions) $2.9 $3 17 17 $2.6 $2.7 $2.7 $2.8 $2.4 $2.5 14 $2.1 $2.0 $2

10 $1.4 Total Transaction Volume Transaction Total

Total Transaction Value Value ($ Transaction Total $1

0 $0 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1'18 Q2'18 Q2 '15 Q3 '15 Q4 '15 Q1'16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1'18 Q2'18 Less than $100M $100 - $499M $500 - $999M

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion).

HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Business Services

Select M&A Transactions (Q2 2018)

Announced Enterprise EV / EV / Date Target Buyer Industry Value ($mm) Revenue EBITDA Data Processing & 06/28/18 Convergys Corp. Concentrix Corp. $2,544.7 0.9x 7.4x Outsourced Services Environmental & 06/20/18 ProAct Services Corp. EWT Holdings III Corp. $132.0 2.4x 11.0x Facilities Services

06/18/18 National CineMedia, LLC Cineworld Group plc Advertising $2,092.0 4.8x 10.9x

Human Resource & 06/07/18 1st Solution USA Optomi, LLC NA NA NA Employment Services

06/07/18 DSC Logistics, Inc. CJ Logistics USA Corp. Logistics $240.1 0.4x NA

06/06/18 Screenvision Cinema Network, LLC ABRY Partners Advertising NA NA NA

Data Processing & 06/05/18 Registrar Corp. Bertram Capital Management NA NA NA Outsourced Services

06/04/18 Integral Ad Science, Inc. Vista Equity Partners Advertising NA NA NA

Research & 05/11/18 Ovation Credit Services, Inc. LendingTree, LLC $20.8 NA NA Consulting Services Human Resource & 05/09/18 Glassdoor, Inc. Recruit Holdings Co., Ltd. $1,200.0 7.0x NA Employment Services Data Processing & 04/24/18 Central Payment Co., LLC Total System Services, Inc. $840.0 NA NA Outsourced Services Research & 05/01/18 RPX Corp. HGGC, LLC $384.9 1.2x 2.0x Consulting Services Human Resource & 04/19/18 Elan Group Inc. AssuredPartners, Inc. NA NA NA Employment Services

04/03/18 MXD Group, Inc. Ryder System, Inc. Logistics $120.0 NA NA

Environmental & 04/03/18 TLC Waste Disposal Services Waste Management, Inc. NA NA NA Facilities Services

Source: S&P Capital IQ.

HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Business Services Sector

U.S. M&A Activity by Business Services: VOLUME % Change

17% 6 Enviromental & Facilities Services 7

6 0% Advertising 6

9 Research & Consulting Services 11% 8

4 Human Resource & Employment Services 1 75%

13 Data Processing & Outsourced Services 7 46%

0 2 4 6 8 10 12 14

1H 2017 1H 2018

U.S. M&A Activity by Business Services: VALUE % Change

($ in millions)

$1.50 51% Enviromental & Facilities Services $0.74

$0.39 Advertising 57% $0.61

$0.57 Research & Consulting Services $1.48 160%

$0.64 Human Resource & Employment Services $0.01 98%

$2.32 Data Processing & Outsourced Services $0.86 63% $0.00 $0.50 $1.00 $1.50 $2.00 $2.50

Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion ). Excludes Logistics.

HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Business Services

Commentary Select Private Equity Transactions (Q2 2018)

Enterprise Announced Date Target Buyer Industry Value ($mm)  Financial sponsors were relatively active across several sectors 06/26/18 Jersey Premier Outdoor Media, LLC Caruth Capital Advertising NA of the Business Services industry in Q2 2018, particularly in Advertising, in which 6 deals were announced. 06/26/18 Market Strategies, Inc. STG Partners Advertising NA

Environmental &  Several notable transactions were announced during the 06/18/18 CLEAResult Consulting, Inc. TPG Growth NA quarter, including ABRY Partners’ acquisition of Screen Vision Facilities Services

Cinema Network, a provider of cinema advertising and film 06/06/18 Screenvision Cinema Network, LLC ABRY Partners Advertising NA distribution services, Vista Equity Partners’ announced

acquisition of Integral Ad Science, an online advertising brand 06/05/18 GlobalTranz Enterprises, Inc. The Jordan Company Logistics NA protection and risk management service provider, and HGGC’s Data Processing & 06/05/18 Registrar Corp Bertram Capital NA acquisition of RPX Corp., a risk management provider, for $550 Outsourced Services million. Environmental & 06/04/18 The Dwyer Group, Inc. Harvest Partners NA Facilities Services

Financial Sponsors Industry Transactions 06/04/18 Integral Ad Science, Inc. Vista Equity Partners Advertising NA

Research & 05/30/18 Dwellworks, LLC TZP Group NA Consulting Services

8 Research & 05/23/18 RIA in a Box LLC Aquiline Capital NA Consulting Services

6 Human Resource & 6 05/07/18 BoardProspects, Inc. Osprey Capital NA Employment Services

Research & 4 4 4 05/01/18 RPX Corp. HGGC $550 4 Consulting Services

Research & Consulting 04/24/18 Meridien Research, Inc. Avego Healthcare Capital NA Services 2 2 2

Total Transaction Volume Transaction Total TMP Worldwide Advertising & 04/23/18 Gemspring Capital Advertising NA Communications, LLC

0 Data Processing & Logistics HR & Employment *Research & Advertising Enviromental & 04/16/18 Lasership, Inc. Greenbriar Equity Group Logistics NA Outsourced Services Services Consulting Services Facilities Services

Environmental & 04/02/18 Specialty Sales, LLC Benford Capital Partners NA Facilities Services

Source: S&P Capital IQ, *Research & Consulting Services includes Information Services.

HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Data Processing and Outsourced Services

130%

 The charts on the following pages detail stock price 21.9% performance by sector for the leading public companies within 120% the Business Services industry for the trailing 12-month period ending June 30, 2018. The shaded section is the most recent 3- 11.9% month period (Q2) for each sector index relative to the S&P 110% 500.

 The industry’s sectors had mixed results throughout the 100% trailing 12-month period. The Human Resource and Employment Services sector was the top performer, up 32.1%, while the Advertising sector had the worst performance, falling 16.5%. 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 Data Processing and Outsourced Services

Logistics Human Resource and Employment Services

130% 140%

32.1% 130% 120%

120% 11.9% 110% 11.9% 110% 4.7%

100% 100%

90% 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 Logistics S&P 500 Human Resources and Employment Services

Source: S&P Capital IQ.

HYDE PARK CAPITAL 8 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Research and Consulting Information Services

140% 120%

130% 28.3% 11.9%

110% 11.8% 120%

11.9% 110% 100%

100%

90% 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 Information Services S&P 500 Research and Consulting

Advertising Environmental and Facilities Services

120% 120%

11.9% 110% 11.9%

110% 100% 10.0%

90% 100% 16.5% 80%

70% 90% Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 S&P 500 Advertising S&P 500 Enviromental and Facilities Services

Source: S&P Capital IQ.

HYDE PARK CAPITAL 9 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Data Processing and Outsourced Services

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Automatic Data Processing, Inc. ADP $134.14 94.8% $59,464 $59,293 $13,326 $5,758 $2,918 43.2% 21.9% 4.4x 20.3x Fidelity National Information Services, Inc. FIS $106.03 98.2% $35,626 $43,940 $8,889 $2,891 $2,558 32.5% 28.8% 4.9x 17.2x First Data Corp. FDC $20.93 94.5% $19,831 $40,806 $8,540 $5,450 $2,997 63.8% 35.1% 4.8x 13.6x Alliance Data Systems Corp. ADS $233.20 83.8% $12,943 $33,616 $7,807 $1,952 $1,773 25.0% 22.7% 4.3x 19.0x Worldpay, Inc. WP $81.78 95.0% $18,253 $26,387 $3,957 $2,981 $1,169 75.3% 29.5% 6.7x 22.6x Paychex, Inc. PAYX $68.35 93.5% $24,709 $24,284 $3,381 $2,363 $1,426 69.9% 42.2% 7.2x 17.0x Total System Services, Inc. TSS $84.52 93.1% $15,602 $19,217 $4,516 $1,447 $1,038 32.0% 23.0% 4.3x 18.5x Genpact Ltd. G $28.93 83.2% $5,652 $6,555 $2,861 $1,068 $415 37.3% 14.5% 2.3x 15.8x WNS (Holdings) Ltd. WNS $52.18 96.8% $2,763 $2,738 $778 $266 $118 34.3% 15.1% 3.5x 23.3x* Convergys Corp. CVG $24.44 91.5% $2,413 $2,469 $2,701 $1,018 $329 37.7% 12.2% 0.9x 7.5x ExlService Holdings, Inc. EXLS $56.61 88.0% $1,992 $1,828 $807 $277 $113 34.3% 14.0% 2.3x 16.2x TTEC Holdings, Inc. TTEC $34.55 79.0% $1,586 $1,811 $1,511 $365 $179 24.2% 11.8% 1.2x 10.1x Sykes Enterprises, Inc. SYKE $28.78 83.4% $1,217 $1,144 $1,638 $591 $162 36.1% 9.9% 0.7x 7.1x

Average 90.4% $15,542 $20,315 $4,670 $2,033 $1,169 42.0% 21.6% 3.7x 15.4x Median 93.1% $12,943 $19,217 $3,381 $1,447 $1,038 36.1% 21.9% 4.3x 16.6x

Logistics Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA United Parcel Service, Inc. UPS $106.23 78.4% $92,579 $110,438 $69,004 $15,017 $9,735 21.8% 14.1% 1.6x 11.3x FedEx Corporation FDX $227.06 82.7% $61,760 $75,080 $65,450 $17,785 $8,343 27.2% 12.7% 1.1x 9.0x XPO Logistics, Inc. XPO $100.18 86.7% $13,259 $17,957 $16,636 $2,461 $1,397 14.8% 8.4% 1.1x 12.9x C.H. Robinson Worldwide, Inc. CHRW $83.66 83.5% $11,797 $12,893 $15,946 $1,249 $907 7.8% 5.7% 0.8x 14.2x Expeditors International of Washington, Inc. EXPD $73.10 93.5% $13,171 $12,153 $7,515 $1,022 $811 13.6% 10.8% 1.6x 15.0x Atlas Air Worldwide Holdings, Inc. AAWW $71.70 95.2% $1,820 $4,087 $2,420 $803 $492 33.2% 20.3% 1.7x 8.3x Air Transport Services Group, Inc. ATSG $22.59 81.6% $1,458 $1,947 $984 $330 $277 33.6% 28.1% 2.0x 7.0x Hub Group, Inc. HUBG $49.80 91.4% $1,666 $1,914 $4,494 $514 $191 11.4% 4.3% 0.4x 10.0x Forward Air Corp. FWRD $59.08 91.2% $1,749 $1,769 $1,188 $294 $153 24.7% 12.9% 1.5x 11.6x Echo Global Logistics, Inc. ECHO $29.25 88.8% $815 $986 $2,269 $390 $65 17.2% 2.9% 0.4x 15.1x

Average 87.3% $20,007 $23,923 $18,591 $3,986 $2,237 20.5% 12.0% 1.2x 11.4x Median 87.8% $6,808 $8,120 $6,004 $913 $652 19.5% 11.8% 1.3x 11.5x

Source: S&P Capital IQ. *Excluded from the average and median calculations.

HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Human Resource and Employment Services

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Robert Half International Inc. RHI $65.10 92.5% $8,027 $7,719 $5,523 $2,279 $609 41.3% 11.0% 1.4x 12.7x ManpowerGroup Inc. MAN $86.06 62.8% $5,762 $6,166 $22,282 $3,643 $951 16.4% 4.3% 0.3x 6.5x ASGN Inc. ASGN $78.19 90.8% $4,142 $5,339 $2,910 $921 $318 31.6% 10.9% 1.8x 16.8x TriNet Group, Inc. TNET $55.94 97.9% $4,030 $4,222 $3,378 $635 $284 18.8% 8.4% 1.2x 14.9x Insperity, Inc. NSP $95.25 93.5% $3,942 $3,730 $3,559 $637 $177 17.9% 5.0% 1.0x 21.0x* Korn/Ferry International KFY $61.93 90.6% $3,468 $3,337 $1,832 $503 $248 27.4% 13.6% 1.8x 13.4x AMN Healthcare Services, Inc. AMN $58.60 85.9% $2,883 $3,335 $2,084 $670 $249 32.2% 12.0% 1.6x 13.4x TrueBlue, Inc. TBI $26.95 91.4% $1,099 $1,183 $2,499 $649 $126 26.0% 5.0% 0.5x 9.4x Kforce Inc. KFRC $34.30 93.3% $871 $973 $1,389 $415 $83 29.9% 6.0% 0.7x 11.7x Kelly Services, Inc. KELY.A $22.45 69.5% $877 $844 $5,508 $972 $104 17.7% 1.9% 0.2x 8.1x Barrett Business Services, Inc. BBSI $96.57 98.7% $749 $719 $940 $586 $35 62.4% 3.7% 0.8x 20.5x* Heidrick & Struggles International, Inc. HSII $35.00 88.1% $659 $573 $672 $200 $69 29.7% 10.2% 0.9x 8.3x Resources Connection, Inc. RECN $16.90 94.2% $527 $534 $654 $246 $51 37.6% 7.8% 0.8x 10.5x Cross Country Healthcare, Inc. CCRN $11.25 76.8% $405 $470 $863 $226 $40 26.2% 4.6% 0.5x 11.8x

Average 87.6% $2,674 $2,796 $3,864 $899 $239 29.6% 7.5% 1.0x 11.5x Median 91.1% $1,991 $2,259 $2,292 $636 $152 28.6% 6.9% 0.8x 11.8x

Research and Consulting Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Accenture plc ACN $163.59 98.8% $107,384 $103,836 $38,574 $12,106 $6,276 31.4% 16.3% 2.7x 16.5x Cognizant Technology Solutions Corp. CTSH $78.99 92.8% $46,525 $43,027 $15,512 $5,997 $3,203 38.7% 20.6% 2.8x 13.4x Booz Allen Hamilton Holding Corp. BAH $43.73 95.4% $6,405 $8,057 $6,296 $1,491 $620 23.7% 9.9% 1.3x 13.0x Acxiom Corp. ACXM $29.95 91.0% $2,428 $2,562 $932 $463 $97 49.7% 10.4% 2.7x 26.8x* FTI Consulting, Inc. FCN $60.48 92.9% $2,293 $2,548 $1,927 $673 $252 34.9% 13.1% 1.3x 10.1x Exponent, Inc. EXPO $48.30 91.8% $2,610 $2,417 $346 $128 $87 37.1% 25.3% 7.0x* 27.7x* ICF International, Inc. ICFI $71.05 93.3% $1,366 $1,603 $1,254 $461 $111 36.8% 8.9% 1.3x 14.4x CBIZ, Inc. CBZ $23.00 99.4% $1,288 $1,468 $902 $117 $105 13.0% 11.7% 1.6x 14.0x Huron Consulting Group Inc. HURN $40.90 93.6% $883 $1,225 $754 $268 $90 35.5% 12.0% 1.6x 13.6x Navigant Consulting, Inc. NCI $22.14 87.7% $1,044 $1,180 $951 $295 $124 31.0% 13.1% 1.2x 9.5x Resources Connection, Inc. RECN $16.90 94.2% $527 $534 $654 $246 $51 37.6% 7.8% 0.8x 10.5x The Hackett Group, Inc. HCKT $16.07 83.5% $514 $515 $268 $102 $42 38.2% 15.6% 1.9x 12.3x CRA International, Inc. CRAI $50.89 86.6% $433 $445 $393 $121 $28 30.7% 7.2% 1.1x 15.8x

Average 92.4% $13,362 $13,032 $5,289 $1,728 $853 33.7% 13.2% 1.7x 13.0x Median 92.9% $1,366 $1,603 $932 $295 $105 35.5% 12.0% 1.5x 13.4x Source: S&P Capital IQ. *Excluded from average and median calculations.

HYDE PARK CAPITAL 11 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Information Services

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Moody's Corp. MCO $170.56 94.8% $33,157 $37,297 $4,530 $3,232 $2,136 71.4% 47.2% 8.2x 17.5x Thomson Reuters Corp. TSX:TRI $40.33 86.8% $28,753 $36,182 $11,412 $3,227 $2,487 28.3% 21.8% 3.2x 14.5x IHS Markit Ltd. INFO $51.59 97.2% $21,188 $25,498 $3,790 $2,388 $1,225 63.0% 32.3% 6.7x 20.8x Verisk Analytics, Inc. VRSK $107.64 97.6% $18,136 $20,781 $2,302 $1,451 $1,045 63.0% 45.4% 9.0x 19.9x Nielsen Holdings plc NLSN $30.93 70.9% $11,048 $19,509 $6,659 $3,816 $1,657 57.3% 24.9% 2.9x 11.8x Equifax Inc. EFX $125.11 85.1% $15,170 $17,532 $3,416 $2,108 $983 61.7% 28.8% 5.1x 17.8x CoStar Group, Inc. CSGP $412.63 97.7% $14,621 $13,655 $1,072 $829 $287 77.3% 26.7% 12.8x* 47.8x* FactSet Research Systems Inc. FDS $198.10 91.1% $7,824 $8,156 $1,331 $686 $432 51.6% 32.4% 6.1x 18.9x CoreLogic, Inc. CLGX $51.90 93.0% $4,332 $6,054 $1,871 $918 $410 49.1% 21.9% 3.2x 14.8x The Dun & Bradstreet Corp. DNB $122.65 91.4% $4,575 $5,728 $1,813 $1,242 $532 68.5% 29.3% 3.2x 10.8x Morningstar, Inc. MORN $128.25 95.0% $5,502 $5,275 $969 $572 $265 59.1% 27.3% 5.4x 19.9x

Average 91.0% $14,937 $17,788 $3,560 $1,861 $1,042 59.1% 30.7% 5.3x 16.7x Median 93.0% $14,621 $17,532 $2,302 $1,451 $983 61.7% 28.8% 5.3x 17.6x

Advertising Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA WPP plc LSE:WPP $15.74 73.1% $19,923 $26,583 $19,935 $4,066 $3,036 20.4% 15.2% 1.3x 8.8x Omnicom Group Inc. OMC $76.27 91.1% $17,634 $21,396 $15,385 $2,806 $2,352 18.2% 15.3% 1.4x 9.1x The Interpublic Group of Companies, Inc. IPG $23.44 90.1% $9,187 $10,930 $8,095 $2,858 $1,166 35.3% 14.4% 1.4x 9.4x Clear Channel Outdoor Holdings, Inc. CCO $4.30 74.8% $1,554 $6,807 $2,685 $1,232 $573 45.9% 21.4% 2.5x 11.9x Outfront Media Inc. OUT $19.45 74.4% $2,704 $5,024 $1,533 $696 $391 45.4% 25.5% 3.3x 12.8x National CineMedia, Inc. NCMI $8.40 97.6% $1,336 $2,512 $451 $321 $203 71.2% 45.0% 5.6x* 12.4x Criteo S.A. CRTO $32.85 61.1% $2,225 $1,767 $2,339 $860 $255 36.8% 10.9% 0.8x 6.9x MDC Partners Inc. MDCA $4.60 37.5% $263 $1,462 $1,485 $471 $162 31.7% 10.9% 1.0x 9.0x

Average 75.0% $6,853 $9,560 $6,489 $1,664 $1,017 38.1% 19.8% 1.7x 10.0x Median 74.6% $2,464 $5,915 $2,512 $1,046 $482 36.0% 15.3% 1.4x 9.2x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

HYDE PARK CAPITAL 12 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Environmental and Facilities Services

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 6/29/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Waste Management, Inc. WM $81.34 90.6% $35,525 $45,276 $14,618 $5,556 $4,093 38.0% 28.0% 3.1x 11.1x Republic Services, Inc. RSG $68.36 97.7% $22,818 $31,019 $10,067 $3,847 $2,792 38.2% 27.7% 3.1x 11.1x Rollins, Inc. ROL $52.58 96.9% $11,467 $11,379 $1,754 $891 $363 50.8% 20.7% 6.5x* 31.4x* Stericycle, Inc. SRCL $65.29 78.4% $5,608 $8,229 $3,549 $1,425 $685 40.2% 19.3% 2.3x 12.0x Covanta Holding Corp. CVA $16.50 95.4% $2,186 $4,613 $1,836 $559 $332 30.4% 18.1% 2.5x 13.9x Advanced Disposal Services, Inc. ADSW $24.78 96.4% $2,214 $4,106 $1,540 $555 $397 36.0% 25.8% 2.7x 10.3x Tetra Tech, Inc. TTEK $58.50 99.4% $3,325 $3,549 $2,182 $396 $248 18.2% 11.4% 1.6x 14.3x BrightView Holdings, Inc. BV $21.95 99.3% $1,692 $3,352 $2,339 $619 $242 26.4% 10.3% 1.4x 13.9x ABM Industries Inc. ABM $29.18 64.7% $1,913 $2,893 $6,292 $673 $281 10.7% 4.5% 0.5x 10.3x US Ecology, Inc. ECOL $63.70 98.5% $1,399 $1,623 $525 $162 $115 31.0% 21.9% 3.1x 14.1x Casella Waste Systems, Inc. CWST $25.61 93.1% $1,082 $1,584 $625 $199 $115 31.8% 18.4% 2.5x 13.8x Team, Inc. TISI $23.10 93.1% $692 $1,067 $1,248 $323 $28 25.9% 2.3% 0.9x 37.6x* SP Plus Corp. SP $37.20 89.2% $839 $933 $843 $178 $96 21.1% 11.4% 1.1x 9.7x

Average 91.8% $6,982 $9,202 $3,647 $1,183 $753 30.7% 16.9% 2.1x 12.2x Median 95.4% $2,186 $3,549 $1,836 $559 $281 31.0% 18.4% 2.4x 12.0x

Source: S&P Capital IQ. *Excluded from the average and median calculation.

HYDE PARK CAPITAL 13 Investment Banking | Mergers & Acquisitions | Capital Raising HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

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