Management Consulting February 2019 Management Consulting February 2019 Sector Dashboard [4]

Sectorwatch: Management Consulting February 2019 Management Consulting February 2019 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [15]

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 % 4% average for last 3 years 32.9% 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 % 11.1%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 8.7% 0.4% 1 - year gross profit % compared to gross profit % 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 Median Price / LTM Earnings 23.8x 1 - year EBITDA % compared to EBITDA % average for -0.9% last 3 years Median TEV / LTM EBIT 16.6x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 12.4x

Median TEV / LTM Revenue 1.4x

0x 10x 20x 30x

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. 352 418 13% 31% 9% 0.9 11.5 - NA The Hackett Group, Inc. 458 265 0% 38% 16% 1.7 10.9 1,246 212 Navigant Consulting, Inc. 699 673 -28% 29% 9% 1.0 11.9 - NA Huron Consulting Group Inc. 1,391 795 9% 34% 12% 1.7 14.6 2,445 325 ICF International, Inc. 1,555 1,338 9% 36% 9% 1.2 13.0 5,500 243 FTI Consulting, Inc. 2,816 2,028 12% 35% 13% 1.4 10.6 4,700 431 Booz Allen Hamilton Holding Corporation 8,956 6,559 7% 24% 10% 1.4 13.4 24,600 267 Accenture plc 98,880 40,295 11% 31% 16% 2.5 15.1 459,000 88

Average 14,388 6,546 4% 32% 12% 1.5 12.6 62,186 261 Median 1,473 1,067 9% 33% 11% 1.4 12.4 3,573 255 share price as of 26Feb19

5 Public Basket Valuation Trends

16x Public EBITDA Multiples over Time

20x 14x 15x 10x 12x 5x 0x

10x

Feb-15 Feb-16 Feb-17 Feb-18 Feb-19

Aug-14 Aug-15 Aug-16 Aug-17 Aug-18

Nov-14 Nov-15 Nov-16 Nov-17 Nov-18

May-15 May-14 May-16 May-17 May-18

8x 10.7x TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time

2x 4x 2x 1x 1.2x 2x 1x 0x

Feb-15 Feb-16 Feb-17 Feb-18 Feb-19

Aug-18 Aug-14 Aug-15 Aug-16 Aug-17

Nov-14 Nov-15 Nov-16 Nov-17 Nov-18

May-17 May-14 May-15 May-16 May-18

Feb-15 Feb-16 Feb-17 Feb-18 Feb-19

Aug-14 Aug-15 Aug-16 Aug-17 Aug-18

Nov-14 Nov-15 Nov-16 Nov-17 Nov-18

May-17 May-15 May-16 May-18 May-14 TEV/Revenue - Median TEV/Revenue - Average

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.

FTI Consulting, Inc. FTI Consulting, Inc.

Huron Consulting Group Huron Consulting Group Inc. Inc.

Booz Allen Hamilton Accenture plc Holding Corporation

CRA International, Inc. ICF International, Inc.

Navigant Consulting, Inc. Navigant Consulting, Inc.

Booz Allen Hamilton CRA International, Inc. Holding Corporation

Median Median

- 10% 20% 30% 40% - 5% 10% 15% 20%

7 Operational Metrics

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

CRA International, Inc. FTI Consulting, Inc.

FTI Consulting, Inc. Huron Consulting Group Inc. Accenture plc

Booz Allen Hamilton Holding Corporation ICF International, Inc.

Huron Consulting Group ICF International, Inc. Inc.

Booz Allen Hamilton Holding Corporation The Hackett Group, Inc.

The Hackett Group, Inc.

Accenture plc Navigant Consulting, Inc.

Median Median

(30%) (20%) (10%) - 10% 20% $- $100 $200 $300 $400 $500

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Booz Allen Hamilton Navigant Consulting, Inc. Holding Corporation

Accenture plc CRA International, Inc.

The Hackett Group, Inc. FTI Consulting, Inc.

Huron Consulting Group ICF International, Inc. Inc.

FTI Consulting, Inc. The Hackett Group, Inc.

CRA International, Inc. Accenture plc

Booz Allen Hamilton Holding Navigant Consulting, Inc. Corporation

Median Median

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

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Accenture plc Accenture plc

Huron Consulting Huron Consulting Group Inc. Group Inc.

The Hackett Group, Booz Allen Hamilton Inc. Holding Corporation

ICF International, FTI Consulting, Inc. Inc.

Booz Allen Hamilton Navigant Holding Corporation Consulting, Inc.

ICF International, CRA International, Inc. Inc.

Navigant The Hackett Group, Consulting, Inc. Inc.

CRA International, FTI Consulting, Inc. Inc.

Median Median

0x 1x 2x 3x 0x 5x 10x 15x 20x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

Huron Consulting Group Huron Consulting Group Inc. Inc.

Navigant Consulting, Inc. Navigant Consulting, Inc.

ICF International, Inc. CRA International, Inc.

CRA International, Inc. Accenture plc

Accenture plc

ICF International, Inc. Booz Allen Hamilton Holding Corporation

FTI Consulting, Inc. FTI Consulting, Inc.

The Hackett Group, Inc. The Hackett Group, Inc.

Median Median

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

11 Valuation

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

16x 12.9% 15% 16x 45% 12.2% 11.3% 8.5% 8.9% 10% 38.2% 14x 40% 14x 35.9% 34.4% 7.2% 5% 35% 12x 12x 34.5% 0% 30% 0.5% 10x 31.5% 10x 30.8% -5% 28.7% 25%

8x 23.9% 8x -10% 20% -15% 6x 6x 15% -20% 4x 10% 4x -25%

2x 5% 2x

(28.4%) -30%

LTM GP% LTM EBITDA(x) EBITDA(x) 11x 11x 12x 12x 13x 13x 15x 15x

11x 11x 12x 12x 13x 13x 15x 15x RGR% LTM 0x 0% 0x -35%

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

12 Recent Transactions

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

20Feb19 PWGL Inc KPMG LLP (Canada) - - - - 19Feb19 Julhiet and SterWen - - 67.99 - - 14Feb19 Silver Planet Oy Gofore Oyj 15.89 8.13 1.5x - 11Feb19 Independence Consulting Company Point B, Inc. - - - - 5Feb19 The Good Brand Works Ltd Anthesis Consulting Group PLC - - - - 1Feb19 Integratto Inc. Management Solutions Co.,Ltd. - 1.96 - - 31Jan19 Healthtech Inc. Nordic Consulting Partners, Inc. - - - - 9Jan19 X'ian Yongheng Management Consulting Partnership - 0.24 - - - Enterprise (Limited Partnership) 22Jan19 Montgomery Coscia Greilich LLP Baker Tilly Virchow Krause, LLP - - - - 17Jan19 eTERA Consulting, LLC HAYSTACKID LLC - - - - 15Jan19 SandPoint Consulting, Inc. Valuize Consulting - - - - 1Jan19 Dougherty & Associates, Inc. Concept Plus, LLC - - - - 20Dec18 Knowledgent Group Inc. Accenture plc - - - - 18Dec18 Linn Thurber LLP Ernst & Young LLP - - - - 17Dec18 PT Surya Cipta Investama PT. Cahaya Investama 13.38 - - - 6Dec18 Aptimen Managers Taplow Consulting France SAS - - - - 20Aug18 Milestep Capital Management (Hengqin) Co., Ltd. - - - - - 10Dec18 Pöyry PLC ÅF AB (publ) 718.45 634.88 0.9x 8.9x 7Dec18 iSolutions, Inc. Emerson Electric Co. - - - - 5Dec18 Economics Partners, LLC Ryan, LLC - - - - 3Dec18 Enaxis Consulting LP Accenture plc - - - -

3Dec18 Colicchio Consulting, LLC Cushman & Wakefield, Inc. - - - - 27Nov18 Assets of BridgePoint Group, LLC Tata Consultancy Services Limited - - - - 27Nov18 Taylor Consulting and Contracting, LLC Albireo Energy, LLC - - - - 23Nov18 Qufu Changyong Corporate Management Consulting Chongqing Yuecheng Zhiyuan Education Technology Co., 13.21 - - - Company Limited Ltd. 6Nov18 Qufu Changyong Corporate Management Consulting - - - - - Company Limited

13 Management Consulting February 2019 APPENDIX:

Public Basket

Constituents

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. 14 Revenue Multiples - CRA International, Inc. 1.5x Public Basket 1.2x 0.9x 0.6x 0.3x 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 for access to fact-based advice on proven approaches and 5x 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

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 4x Inc. Public Basket 3x 2x

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 30x technology and analytics, and leadership development to Inc. national and regional hospitals, integrated health systems, 20x academic medical centers, community hospitals, and medical groups. Its Business Advisory segment provides enterprise 10x performance management, enterprise resource planning, business intelligence and analytics, customer relationship 0x management, and data management services; and capital advisory, transaction advisory, operational improvement, restructuring and turnaround, valuation, and dispute advisory TEV/EBITDA Average services. Huron Consulting Group Inc. was founded in 2002 and is headquartered in Chicago, Illinois. P/E Multiples - Huron Consulting Group Inc. 40x

30x

20x

10x

P/E Average

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 16x understand critical issues and options for its clients; and 12x provides actionable business intelligence, as well as information 8x and data management solutions that allow integrated, and 4x 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. 15x transaction, dispute advisory, and tax services, as well as mergers and acquisitions (M&A), and M&A integration services. 12x Its Forensic and Litigation Consulting segment offers anti- 9x corruption investigations and compliance, and data and 6x analytics, as well as compliance, monitoring, and receivership 3x 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. FTI Consulting, Inc. was TEV/EBITDA Average founded in 1982 and is headquartered in Washington, District of Columbia. P/E Multiples - FTI Consulting, Inc. 60x

Date Key Development Headline 45x 11/30/18 FTI Consulting May Seek Acquisitions 30x 9/9/18 Nuix Pty. Ltd. acquired Ringtail Solutions, Inc. from FTI Consulting, Inc. (NYSE:FCN) for $55 million. 15x 5/18/18 Rex Energy Initiates Sale Process 0x 3/5/18 FTI Consulting May Look At Potential Acquisitions

P/E Average

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 30x solutions for various domains, business strategies, human Holding Corporation capital, and operations. It also provides analytics services, which 20x focuses on delivering transformational solutions in the areas of decision analytics, including operations research and cost 10x estimation; automation; and data science, which include 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 Date Key Development Headline 40x 1/7/19 Genpact Limited (NYSE:G) acquired riskCanvas Holdings, LLC Corporation from Booz Allen Hamilton Holding Corporation (NYSE:BAH). 30x 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

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 TEV/Revenue Average segment provides professional services that help clients 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 0x banking, capital markets, and insurance industries. Accenture plc was founded in 1989 and is based in Dublin, Ireland.

TEV/EBITDA Average

Date Key Development Headline 2/26/19 Accenture plc and nCino, Inc. Expand Alliance Scope to Help P/E Multiples - Accenture plc Financial Institutions in Asia-Pacific and EMEA Accelerate Their 40x Digital Transformations 2/14/19 Accenture, Qualcomm Technologies, Inc. and Kellogg Company 30x Collaborate to Develop and Pilot a Solution 20x 2/13/19 Accenture plc (NYSE:ACN) completed the acquisition of Orbium Holding AG. 10x 2/6/19 Accenture plc (NYSE:ACN) completed the acquisition of 0x professional services assets from Zafin Labs Technologies Ltd. 2/4/19 Accenture Plc, Microsoft Corporation and Avanade Announce the Launch of the Accenture Microsoft Business Group P/E Average

22 CONTACT INFO

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] Mark Landry, Managing Director 561.972.0609 [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] Dennis Fox, Associate 704.706.9168 [email protected] Steve Buffington, Associate 704.960.1828 [email protected]