IT Consulting December 2018 IT Consulting December 2018 Sector Dashboard [4]

Sectorwatch: IT Consulting December 2018 IT Consulting December 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 Median LTM GP Margin % 33.1% -0.001 growth average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating that the market may be flattening or declining Median LTM EBITDA Margin % 15.7%

Pricing / Gross Margin Median LTM Rev. Growth % 8.7% -1.0% 1 - year gross profit % compared to gross profit % average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 21.8x -0.02% 1 - year EBITDA % compared to EBITDA % average for last 3 years Median TEV / LTM EBIT 13.9x 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 2.0x

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

Perficient, Inc. 775 488 4% 35% 12% 1.6 13.6 3,024 161 Reply S.p.A. 1,812 1,120 12% 15% 13% 1.7 13.1 6,456 173 EPAM Systems, Inc. 5,145 1,737 27% 35% 15% 3.0 19.7 25,962 67 CGI Group Inc. 17,273 8,902 6% 31% 17% 2.0 12.1 74,000 120 NTT DATA Corporation 19,005 18,671 7% 25% 15% 1.0 6.7 118,006 158 Capgemini SE 18,691 15,143 3% 26% 12% 1.3 10.1 199,698 76 Cognizant Technology Solutions Corporation 30,755 15,824 10% 39% 21% 1.9 9.3 260,000 61 Infosys Limited 36,435 11,313 8% 35% 27% 3.1 11.7 204,107 55 Accenture plc 83,492 40,295 11% 31% 16% 2.1 12.7 459,000 88 Tata Consultancy Services Limited 96,755 18,484 12% 45% 27% 5.1 18.7 394,998 47 Average 31,014 13,198 10% 32% 17% 2.3 12.8 174,525 101 Median 18,848 13,228 9% 33% 16% 2.0 12.4 158,852 82 share price as of 21Dec18

5 Public Basket Valuation Trends

16x Public EBITDA Multiples over Time

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

10x 12.5x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

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

6x Public Revenue Multiples over Time

3x 4x 2x 2.0x 1x 2x 0x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

Jun-15 Jun-16 Jun-17 Jun-18

Jun-14 TEV/Revenue - Median TEV/Revenue - Average

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

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

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Tata Consultancy Services Tata Consultancy Services Limited Limited

Cognizant Technology Infosys Limited Solutions Corporation

Cognizant Technology EPAM Systems, Inc. Solutions Corporation

Perficient, Inc. CGI Group Inc.

Infosys Limited Accenture plc

Accenture plc EPAM Systems, Inc.

CGI Group Inc. NTT DATA Corporation

Capgemini SE Reply S.p.A.

NTT DATA Corporation Capgemini SE

Reply S.p.A. Perficient, Inc.

Median Median

- 20% 40% 60% - 10% 20% 30%

7 Operational Metrics

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

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

Tata Consultancy Services Perficient, Inc. Limited

Reply S.p.A. NTT DATA Corporation

Accenture plc CGI Group Inc.

Cognizant Technology Accenture plc Solutions Corporation

Infosys Limited Capgemini SE

NTT DATA Corporation EPAM Systems, Inc.

Cognizant Technology CGI Group Inc. Solutions Corporation

Perficient, Inc. Infosys Limited

Tata Consultancy Services Capgemini SE Limited

Median Median

- 10% 20% 30% $- $50 $100 $150 $200

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

CGI Group Inc. Reply S.p.A.

Tata Consultancy Accenture plc Services Limited

NTT DATA Capgemini SE Corporation

Cognizant Infosys Limited Technology…

EPAM Systems, Inc. Perficient, Inc.

Perficient, Inc. EPAM Systems, Inc.

Cognizant Infosys Limited Technology…

NTT DATA Capgemini SE Corporation

Tata Consultancy Accenture plc Services Limited

Reply S.p.A. CGI Group Inc.

Median Median

0x 2x 4x 6x 0 20 40 60 80 100

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Tata Consultancy EPAM Systems, Inc. Services Limited Tata Consultancy Infosys Limited Services Limited

EPAM Systems, Inc. Perficient, Inc.

Accenture plc Accenture plc

CGI Group Inc. Reply S.p.A.

Cognizant CGI Group Inc. Technology…

Reply S.p.A. Infosys Limited

Perficient, Inc. Capgemini SE

Cognizant Capgemini SE Technology…

NTT DATA NTT DATA Corporation Corporation

Median Median

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

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

EPAM Systems, Inc. EPAM Systems, Inc.

Perficient, Inc. Perficient, Inc.

Tata Consultancy Cognizant Services Limited Technology…

NTT DATA Tata Consultancy Corporation Services Limited

Accenture plc Accenture plc

NTT DATA CGI Group Inc. Corporation

Reply S.p.A. CGI Group Inc.

Infosys Limited Capgemini SE

Capgemini SE Reply S.p.A.

Cognizant Infosys Limited Technology…

Median Median

0x 10x 20x 30x 0x 10x 20x 30x 40x 50x

11 Valuation

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

25x 50% 25x 30% 27.3% 44.7% 45%

39.0% 25% 20x 40% 20x

34.7% 35.3% 35% 31.5% 35.4% 30.6% 20%

15x 30% 15x

26.3% 25% 15% 24.6% 12.2% 11.3% 10x 20% 10x 9.6% 10% 15% 7.8% 15.4% 12.2%

5x 10% 5x 7.4% 5%

6.1%

LTM GP% LTM EBITDA(x)

5% EBITDA(x) 4.3%

3.3% LTM RGR% 7x 10x 10x 12x 12x 13x 14x 14x 19x 20x 7x 10x 10x 12x 12x 13x 14x 14x 19x 20x 0x 0% 0x 0%

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

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

6Dec18 The Athene Group Insight Venture Partners LLC; Salesforce Ventures; - - - - Berenson Holdings Llc; Sagewind Capital LLC 5Nov18 Intrigo Systems, Inc. Accenture plc - - - - 1Nov18 BusinessNow/TESM Limited Fruition Partners UK - - - - 9Oct18 COMPAREX AG SoftwareONE AG - 2,907.15 - - 2Oct18 Dev9, LLC Nortal AS - - - - 30Sep18 FusionStorm, Inc. Computacenter plc 90.00 595.50 0.2x - 18Sep18 Advanced Technology Group, Inc. Cognizant Technology Solutions Corporation - - - - 9Aug18 Pillar Technology Group LLC Accenture plc - 52.00 - - 31Jul18 ThinkIT Solutions, LLC NuMSP LLC - - - - 1Aug18 Integrity Consulting Group CompassMSP, LLC - - - - 16Jul18 Basefarm AS Orange Business Services SAS 409.79 117.08 3.5x - 3Jul18 V-NEO Inc. GFT Technologies SE - - - - 2Jul18 K&R Network Solutions, Inc. Winxnet, Inc. - - - - 1Jun18 InfoGuard LLC CloudCover LLC - - - - 23May18 G2 Technology Group Inc. Reliam, Inc. - - - - 21May18 Blue Chip Tek, Inc. Converge Technology Partners Inc. (nka:Converge - - - - Technology Solutions Corp.) 21May18 Tranquilnet, Inc. Protel Communications, Inc. - - - - 16May18 Facilite Informatique Canada Inc CGI Group Inc. 32.77 - - - 2May18 Hedera Consulting BVBA Cognizant Technology Solutions Corporation - - - - 16Apr18 Lenati, LLC ProKarma Inc. - - - - 12Apr18 Actian Corporation HCL Technologies Limited; Sumeru Equity Partners, Inc. 330.00 107.10 3.1x 8.6x 10Apr18 Valorem Consulting Group, LLC Reply S.p.A. - - - - 5Apr18 Telerx Marketing Inc. HCL America, Inc. 60.00 199.00 0.3x - 2Apr18 Southport Services Group, LLC Perficient, Inc. 21.41 17.00 1.3x - 29Mar18 Element Solutions LLC Hinduja Global Solutions UK limited 5.00 8.40 1.0x - 26Mar18 INSIGHT2PROFIT, LLC DFW Capital Partners - - - - 21Mar18 Cynosure, Inc Zensar Technologies, Inc. 59.00 20.00 3.0x - 18Mar18 CSRA Inc. CACI International Inc 10,411.68 5,064.00 2.0x -

13 IT Consulting December 2018 APPENDIX:

Public Basket

Constituents

Perficient, Inc. 0x Perficient, Inc. provides information technology and management consulting services in the United States. The company designs, builds, and delivers solutions using TEV/Revenue Average middleware software products developed by third-party vendors. Its solutions include portals and collaboration, such as EBITDA Multiples - Perficient, Inc. searchable data systems, collaborative systems for process 30x improvement, transaction processing, unified and extended 20x reporting, and other services; and platform implementations services, including application server selection, architecture 10x planning, installation and configuration, clustering for availability, performance assessment and issue remediation, 0x security, and technology migrations. The company also offers management consulting services in the areas of organizational change management, business analytics, project management, TEV/EBITDA Average process excellence, and other; and cloud services comprising architecture, business value and health checks assessments, P/E Multiples - Perficient, Inc. strategy and road maps, and vendor evaluation and selection 60x services. In addition, it provides product configuration digital 45x marketing services, including search engine marketing, user experience and design, and conversion rate optimization; 30x commerce solutions; and content management solutions. 15x

Perficient, Inc. was founded in 1997 and is headquartered in St. 0x Louis, Missouri.

Date Key Development Headline P/E Average 10/28/18 Perficient Inc. (NASDAQ:PRFT) acquired Elixiter Inc.

15 Revenue Multiples - Reply S.p.A. Public Basket 3x 2x

Reply S.p.A. 0x Reply S.p.A. provides consulting, system integration, application management, and business process outsourcing services in Italy and internationally. The company implements solutions based TEV/Revenue Average on communication channels and digital media. It provides Brick Reply, a manufacturing operations management platform for EBITDA Multiples - Reply S.p.A. 30x the management and control of a smart factory; Click Reply, a supply chain execution platform; Definio Reply, a technological 20x platform for collection, analysis, control, processing, and distribution of financial data; Discovery Reply, a platform for the 10x digital media management projects; and Gaia Reply platform for use in the field of mobility and multimedia. The company 0x also offers Hi engage, a commercial contextual marketing solution; Pay Reply platform that provides mobile payment solutions, as well as helps banks, financial institutions and TEV/EBITDA Average telecommunications companies, utilities, and retailers to create and deliver remote and proximity payment services; SideUp P/E Multiples - Reply S.p.A. Reply, a software application for warehouse management; 40x

Starbytes, an online employment service for freelancers and ICT 30x specialists; The company was founded in 1996 and is headquartered in Turin, Italy. 20x 10x

0x Date Key Development Headline 4/9/18 Reply S.p.A. (BIT:REY) acquired a majority stake in Valorem Consulting Group, LLC. P/E Average

16 Revenue Multiples - EPAM Systems, Inc. Public Basket 6x 4x

EPAM Systems, Inc. 0x EPAM Systems, Inc. provides software product development and digital platform engineering services primarily in North America, Europe, Asia, and Australia. It offers software product TEV/Revenue Average development services, including product research, customer experience design, prototyping, program management, EBITDA Multiples - EPAM Systems, Inc. 40x component design and integration, lifecycle software testing, product deployment, end-user customization, performance 30x tuning, product support and maintenance, managed services, 20x and porting and cross-platform migration. The company provides custom application development services, such as 10x business and technical requirement analysis, user experience 0x design, solution architecture creation and validation, development, component design and integration, quality assurance and testing, deployment, performance tuning, TEV/EBITDA Average support and maintenance, legacy applications re- engineering/refactoring, porting and cross-platform migration, P/E Multiples - EPAM Systems, Inc. and documentation. It also offers application testing services, 120x including software application testing, testing for enterprise IT, and consulting services; The company was founded in 1993 and 90x is headquartered in Newtown, Pennsylvania. 60x 30x

0x Date Key Development Headline 10/31/18 EPAM Systems, Inc. (NYSE:EPAM) acquired Think Limited. 9/17/18 EPAM Systems, Inc. Partners with Positive, on Research-Driven Cybersecurity R&D Lab P/E Average

17 Revenue Multiples - CGI Group Inc. Public Basket 3x 2x

CGI Group Inc. 0x CGI Group Inc. provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio TEV/Revenue Average management, quality assurance and testing, modernization, and migration services; agile, business transformation, change EBITDA Multiples - CGI Group Inc. 20x management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business 15x consulting services; business-to-business and customer 10x operations support, purchase management, revenue management, and supplier payment services; and data center 5x facilities and management, technical service desk, printing and 0x document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and TEV/EBITDA Average file sync and share as a service, as well as infrastructure solutions and consulting services. The company was founded in P/E Multiples - CGI Group Inc. 1976 and is headquartered in Montreal, Canada. 30x

20x Date Key Development Headline 12/12/18 NASBA Launches Long-Term Collaboration with CGI for 10x Managed IT Services 11/8/18 CGI Group May Sell Shares 0x 9/19/18 CGI Group Inc. (TSX:GIB.A) entered into a definitive agreement to acquire ckc ag. 9/6/18 GE and CGI Partner to Advance the Digital Grid of the Future 5/15/18 CGI Group Inc. (TSX:GIB.A) acquired Facilite Informatique P/E Average Canada Inc for CAD 42 million.

18 Revenue Multiples - NTT DATA Corporation 2.0x Public Basket 1.5x 1.0x

0.5x NTT DATA Corporation 0.0x NTT DATA Corporation provides consulting, system development, and business information technology (IT) outsourcing services worldwide. The company operates TEV/Revenue Average through four segments: Public & Social Infrastructure, Financial, Enterprise & Solutions, and Global. It offers business consulting EBITDA Multiples - NTT DATA Corporation 15x services, such as business strategy, business process optimization, and organizational change management; and IT 12x consulting services, including IT strategy and governance, 9x information and knowledge management, and program 6x management office consulting services. The company also 3x provides architecture strategy and design, application 0x development and system integration, quality assurance and testing, application management and outsourcing, legacy modernization, mobility, and online services; embedded and TEV/EBITDA Average real-time systems; and application development technologies. NTT DATA Corporation is a subsidiary of Nippon Telegraph P/E Multiples - NTT DATA Corporation and Telephone Corporation. 80x 60x

Date Key Development Headline 40x 11/26/18 NTT DATA Corporation (TSE:9613) entered into an agreement to 20x acquire 55.35% stake in atom technologies Ltd. from 63 moons technologies limited (BSE:526881) for $9.2 million. 0x 5/21/18 NTT DATA Corporation and MapmyIndia Partners to Develop First Large-Scale 3D Map Datasets, Named AW3D India 4/2/18 NEXTY Electronics Corporation and NTT Data Corporation (TSE:9613) agreed to acquire 71.5% stake in Cats Co., Ltd. from P/E Average NTT Data MSE Corporation.

19 Revenue Multiples - Capgemini SE 2.0x Public Basket 1.5x 1.0x

0.5x Capgemini SE 0.0x Capgemini SE provides consulting, technology, outsourcing, and other managed services. The company’s Consulting Services segment offers services to enhance the performance of TEV/Revenue Average organizations based on the knowledge of client industries and processes. Its Technology & Engineering Services segment EBITDA Multiples - Capgemini SE 20x provides assistance and support to internal IT teams of client companies. The company’s Application Services segment 15x designs, develops, implements, and maintains IT applications, 10x including system integration and application maintenance 5x services. Its Other Managed Services segment integrates, manages, and/or develops client’s IT infrastructure systems, as 0x well as provides transaction, on-demand, and/or business process outsourcing services. Capgemini SE was founded in 1967 and is based in Paris, France. TEV/EBITDA Average

P/E Multiples - Capgemini SE Date Key Development Headline 30x 6/21/18 Capgemini Seeks Acquisitions in India 6/6/18 Capgemini SE (ENXTPA:CAP) entered into an agreement to 20x acquire Leidos Cyber, Inc. 6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in 10x Target Industries 3/8/18 Indosuez Wealth Management and Capgemini Collaborate on 0x Wealth Platform 3/7/18 Capgemini Seeks Acquisitions

P/E Average

20 Revenue Multiples - Cognizant Technology 5x Solutions Corporation Public Basket 4x 3x 2x 1x Cognizant Technology Solutions Corporation 0x Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates TEV/Revenue Average through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It EBITDA Multiples - Cognizant Technology 30x offers business, process, operations, and technology consulting Solutions Corporation services; application design and development, and systems 20x integration services; application testing, consulting, and engineering services; and enterprise information management 10x services. The company was founded in 1994 and is headquartered in Teaneck, New Jersey. 0x

Date Key Development Headline 12/10/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) TEV/EBITDA Average agreed to acquire Mustache LLC. 12/4/18 Cognizant Technology Intends To Seek Acquisitions P/E Multiples - Cognizant Technology 10/3/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 50x Solutions Corporation entered into a definitive agreement to acquire Softvision, LLC 40x from Tower Arch Capital. 30x 9/17/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) entered into agreement to acquire Advanced Technology 20x Group, Inc. 10x 8/22/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 0x agreed to acquire SaaSforce Consulting Pvt Ltd.

P/E Average

21 Revenue Multiples - Infosys Limited 5x Public Basket 4x 3x 2x 1x Infosys Limited 0x Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally. It provides business TEV/Revenue Average information technology services, including application development and maintenance, independent validation, EBITDA Multiples - Infosys Limited infrastructure management, and business process management 20x services, as well as engineering services, such as engineering 15x and life cycle solutions; and consulting and systems integration 10x services comprising consulting, enterprise solutions, systems 5x integration, and advanced technologies. Infosys Limited was founded in 1981 and is headquartered in Bengaluru, India. 0x

Date Key Development Headline 12/14/18 An unknown buyer entered into an agreement to acquire an TEV/EBITDA Average unknown minority stake in CloudEndure Ltd. from Infosys Limited (NSEI:INFY) for $15.3 million. P/E Multiples - Infosys Limited 12/13/18 Infosys Announces Joint Venture with Hitachi, Panasonic and 30x Pasona in Japan 11/22/18 Infosys To Seek Acquisitions 20x 11/16/18 Infosys Completes Formation of Joint Venture with Temasek 11/7/18 Nokia and Infosys Establish Strategic Alliance to Support the 10x Digital Transformation of Major Industries and Enterprises 0x

P/E Average

22 Revenue Multiples - Accenture plc 4x Public Basket 3x 2x

1x 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 EBITDA Multiples - Accenture plc business results through industry-specific solutions for 20x communications, media, and high tech industries, as well as for 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 12/19/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire Knowledgent Group Inc. 40x P/E Multiples - Accenture plc 12/12/18 Accenture plc Enters into an Agreement to Form a Strategic Alliance with Zafin Global Holdings Corp 30x 12/11/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire professional services assets from Zafin Labs Technologies Ltd. 20x 12/11/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire 10x Adaptly, Inc. 12/9/18 Accenture plc (NYSE:ACN) acquired PrimeQ Pty Ltd. from 0x Andrew McAdams and four other founders and few families for AUD 31 million. 12/3/18 Accenture plc (NYSE:ACN) completed the acquisition of New P/E Average Content Editora Produtora Ltda. 12/2/18 Accenture plc (NYSE:ACN) acquired Enaxis Consulting LP.

23 Revenue Multiples - Tata Consultancy Public Basket 8x Services Limited 6x

Tata Consultancy Services Limited 0x Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. It offers CHROMA, a cloud-based talent management platform for TEV/Revenue Average enterprises to drive next generation employee experiences across the requisition-to-retire employee lifecycle; ignio, a EBITDA Multiples - Tata Consultancy cognitive automation system for IT operations in enterprises; 40x Services Limited iON, an assessment solution; TAP, an accounts payable 30x platform; and TCS MasterCraft, a digital platform to automate 20x and manage IT processes. Tata Consultancy Services Limited is 10x a subsidiary of Tata Sons Limited. 0x

Date Key Development Headline 12/18/18 Tata Consultancy Services Extends Collaboration with Red Hat to Build Microservices-Based Open Source Solutions and TEV/EBITDA Average Frameworks 11/27/18 Tata Consultancy Services Limited (NSEI:TCS) acquired Assets of P/E Multiples - Tata Consultancy Services BridgePoint Group, LLC. 40x Limited 11/20/18 Tata Consultancy Services Partners with SAP to Build Intelligent Rail Digital Maintenance 30x 11/11/18 Tata Consultancy Services Partners with ENGIE Laborelec to 20x Protect Critical Infrastructures Against Cyber Attacks 11/2/18 Tata To Seek Acquisitions 10x 10/31/18 Tata Consultancy Services Limited (NSEI:TCS) acquired W12 Studios. 0x 10/4/18 Tata Consultancy Services Limited and Institute of Industrial Science, University of Tokyo Signs A Memorandum of Understanding to Collaborate P/E Average

24 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]