Sectorwatch: April 2020 Management Consulting April 2020 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 • Commentary on market momentum by valuation 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 sector companies

3 Dashboard

Operating Metrics

Revenue Growth Momentum Median LTM GP Margin % 34.3% 1 - year revenue growth compared to revenue growth 2.6% average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this Median LTM EBITDA Margin % 11.2% amount, indicating that market momentum is increasing

Median LTM Rev. Growth % 10.3% Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % 0% 10% 20% 30% 40% 0.3% average for last 3 years Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation

Median Price / LTM Earnings 22.9x Profitability 1 - year EBITDA % compared to EBITDA % average for Median TEV / LTM EBIT 16.2x -1.1% last 3 years Current EBITDA margin is less than the average of the last 3 years EBITDA Median TEV / LTM EBITDA 12.1x margins, which may signal further consolidation Median TEV / LTM Revenue 1.6x

0x 10x 20x 30x

4 Public Basket

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

The Hackett Group, Inc. 414 261 -1% 37% 15% 1.6 9.7 1,143 228 CRA International, Inc. 426 451 8% 30% 10% 0.9 6.7 779 579 Inc. 1,350 877 10% 34% 11% 1.5 12.1 3,750 234 ICF International, Inc. 1,596 1,479 11% 36% 9% 1.1 9.4 7,000 211 FTI Consulting, Inc. 4,996 2,353 16% 35% 15% 2.1 12.4 5,567 423 Holding 12,379 7,274 11% 24% 10% 1.7 15.5 26,100 279 Corporation plc 110,189 44,656 6% 31% 16% 2.5 14.4 492,000 91

Average 18,764 8,193 9% 32% 12% 1.6 11.5 76,620 292 Median 1,596 1,479 10% 34% 11% 1.6 12.1 5,567 234 share price as of 24Apr20

5 Public Basket Valuation Trends

Public EBITDA Multiples over Time 20x 20x 15x 10x 5x 0x

15x

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Dec-19 Dec-15 Dec-16 Dec-17 Dec-18

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

TEV/EBITDA - Median TEV/EBITDA - Average

10x 11.8x Public Revenue Multiples over Time 2.0x 1.5x 1.0x 5x 0.5x 0.0x

1.3x

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Dec-16 Dec-17 Dec-18 Dec-15 Dec-19

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 0x

TEV/Revenue - Median TEV/Revenue - Average

Jun-19 Jun-15 Jun-16 Jun-17 Jun-18

Mar-16 Mar-18 Mar-17 Mar-19 Mar-20

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

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 Inc. Huron Consulting Group Inc.

Booz Allen Hamilton Holding Accenture plc Corporation

CRA International, Inc. CRA International, Inc.

Booz Allen Hamilton Holding ICF International, Inc. 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.

Booz Allen Hamilton Holding FTI Consulting, Inc. Corporation

Booz Allen Hamilton Holding ICF International, Inc. Corporation

Huron Consulting Group Huron Consulting Group Inc. Inc.

The Hackett Group, Inc. CRA International, Inc.

Accenture plc ICF International, Inc.

The Hackett Group, Inc. Accenture plc

Median Median

(5%) - 5% 10% 15% $- $200 $400 $600 $800

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Accenture plc CRA International, Inc.

Booz Allen Hamilton Holding FTI Consulting, Inc. Corporation

The Hackett Group, Inc. ICF International, Inc.

Huron Consulting Group Inc. Huron Consulting Group Inc.

ICF International, Inc. The Hackett Group, Inc.

Booz Allen Hamilton Holding FTI Consulting, Inc. Corporation

CRA International, Inc. Accenture plc

Median Median

0x 1x 2x 3x 4x 5x 6x 0x 20x 40x 60x 80x 100x120x

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Booz Allen Hamilton Holding Accenture plc Corporation

FTI Consulting, Inc. Accenture plc

Booz Allen Hamilton FTI Consulting, Inc. Holding Corporation

The Hackett Group, Huron Consulting Group Inc. Inc.

Huron Consulting The Hackett Group, Inc. Group Inc.

ICF International, Inc. ICF International, Inc.

CRA International, CRA International, Inc. Inc.

Median Median

0x 1x 2x 3x 0x 4x 8x 12x 16x 20x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

Huron Consulting Group Inc. Huron Consulting Group Inc.

Booz Allen Hamilton Holding Booz Allen Hamilton Holding Corporation Corporation

Accenture plc FTI Consulting, Inc.

FTI Consulting, Inc. Accenture plc

ICF International, Inc. The Hackett Group, Inc.

CRA International, Inc. ICF International, Inc.

The Hackett Group, Inc. CRA International, Inc.

Median Median

0x 10x 20x 30x 0x 5x 10x 15x 20x 25x 30x

11 Valuation

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

18x 18% 18x 40% 37.4%

35.5% 16% 34.3% 16x 16x 35% 16.0% 34.8% 31.3% 14% 14x 14x 30% 10.5% 12% 10.3% 30.3% 12x 12x 11.0% 10% 25%

10x 23.8% 10x 8% 8.1% 5.7% 20% 6% 8x 8x

15% 4% 6x 6x 2% 10% 4x 4x

0%

LTM GP% LTM

EBITDA(x) EBITDA(x) 2x 5% 2x RGR% LTM (1.4%) -2% 7x 9x 10x 12x 12x 14x 16x 7x 9x 10x 12x 12x 14x 16x 0x 0% 0x -4%

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

12 Recent Transactions

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

23Apr20 HumanCapient Consulting Sdn Bhd Sino Hua-An International Berhad 3.33 - - - 19Mar20 Strativa, Inc. Avasant LLC - - - - 12Mar20 Wuhan Huazi Enterprise Management Consulting Co., Ltd. Beijing Franshion Yicheng Properties Limited 974.59 - - - 11Mar20 Talavant, Inc. Baker Tilly Virchow Krause, LLP - 3.80 - - 3Mar20 Delphos International, Ltd. APQ Global Limited 3.50 3.70 0.9x - 19Feb20 Kalypso LP Rockwell Automation, Inc. - - - - 22Jan20 Duff & Phelps Corporation Stone Point Capital LLC; Further Global Capital Management, 4,200.00 - - - L.P. 20Dec19 Conway MacKenzie, Inc. Riveron Consulting, LP - - - - 18Dec19 Maven Wave Partners LLC SE - - - - 18Dec19 Net eSolutions Corporation NTT DATA Services, LLC - - - - 17Dec19 Purple Square Management Partners B.V. Ctac N.V. - 5.58 - - 2Dec19 Apis Group Pty Ltd Accenture plc - - - - 11Nov19 Presence of IT, Inc. Workforce Insight, LLC - - - - 31Oct19 Bow & Arrow Limited Accenture Interactive - - - - 29Oct19 Shanghai Dingqun Enterprise Management Consulting Sinopharm Holding GuoDa Drug Store Co., Ltd. 132.22 - - - Co., Ltd. 23Oct19 Revel Consulting, Inc. Infogain Corporation - - - - 2Oct19 Anthony Hodges Consulting Limited Arthur J. Gallagher & Co. - - - - 22Mar19 Hangzhou Yihui Business Consulting Co., Ltd. Shanghai Xuxiao Enterprise Management Co., Ltd. 53.40 - - - 18Sep19 Hangzhou Yihui Business Consulting Co., Ltd. Shanghai Xuxiao Enterprise Management Co., Ltd. 40.83 - - - 25Jul19 PowerData Solutions SL Devoteam SA - 2.19 - - 3Sep19 Westney Consulting Group, Inc. McKinsey & Company, Inc. - - - -

5Jun19 Torres Advanced Enterprise Solutions, LLC Bootstrap Capital, LLC - - - - 22Jul19 Frank & Company, p.c. Prager Metis CPAs, LLC - - - - 19Jul19 W Group INC. Wavestone SA 30.50 26.10 1.2x - 28Jun19 Changxing Lincheng Enterprise Management Consulting Noblelift Intelligent Equipment Co.,Ltd. 53.73 - - - Co., Ltd. 26Jun19 Auriemma Consulting Group, Inc. CNL Strategic Capital, LLC 44.50 - - -

13 Management Consulting April 2020 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 - The Hackett Group, Inc. Public Basket 3x

2x

The Hackett Group, Inc. 1x The Hackett Group, Inc. operates as a strategic advisory 0x and technology primarily in North America and European countries. Its executive advisory programs include best practice intelligence center, an online TEV/Revenue Average searchable repository of best practices, performance EBITDA Multiples - The Hackett Group, Inc. metrics, conference presentations, and associated research; 30x best practice accelerators that provide Web based access to best practices, customized software configuration tools, and 20x best practice process flows; advisor inquiry, an inquiry service used by clients for access to fact-based advice on 10x proven approaches and methods; best practice research, a research that provides insights into the proven approaches; 0x and peer interaction comprising member-led Webcasts, annual best practice conferences, annual member forums, membership performance surveys, and client-submitted TEV/EBITDA Average content. The company’s benchmarking services conduct P/E Multiples - The Hackett Group, Inc. studies in the areas of selling, general and administrative, 60x finance, human resources, information technology, procurement, enterprise performance management, shared 40x service centers, and working capital management. The company was founded in 1991 and is headquartered in 20x Miami, Florida. 0x Date Key Development Headline 5/7/19 The Hackett Group Intends To Seek Acquisitions

P/E Average

15 Revenue Multiples - CRA International, Inc. Public Basket 2.0x 1.5x

1.0x CRA International, Inc. 0.5x 0.0x CRA International, Inc., a consulting company, provides economic, financial, and management consulting services in the , the United Kingdom, and internationally. TEV/Revenue Average The company advises clients on economic and financial matters pertaining to litigation and regulatory proceedings; EBITDA Multiples - CRA International, Inc. and guides corporations through critical business strategy 20x and performance-related issues. The company’s consulting 16x services include research and analysis, expert testimony, 12x and support in litigation and regulatory proceedings in the 8x areas of finance, accounting, economics, insurance, and 4x forensic accounting and investigations to corporate clients 0x and attorneys. In addition, its management consulting services comprise strategy development, performance enhancement, corporate strategy and portfolio analysis, estimation of market demand, new product pricing TEV/EBITDA Average strategies, valuation of intellectual property and other P/E Multiples - CRA International, Inc. assets, assessment of competitors' actions, and analysis of 80x new sources of supply. It serves various industries, including agriculture; banking and capital markets; chemicals; 60x communications and media; consumer products; energy; 40x entertainment; financial services; health care; insurance; 20x life sciences; manufacturing; metals, mining, and materials; oil and gas; real estate; retail; sports; telecommunications; 0x transportation; and technology. CRA International, Inc. was founded in 1965 and is headquartered in Boston, Massachusetts. P/E Average

16 Revenue Multiples - Huron Consulting Group Public Basket 4x Inc. 3x

2x Huron Consulting Group Inc. 1x Huron Consulting Group Inc., a firm, 0x provides advisory, technology, and analytic solutions in the United States and internationally. Its Healthcare segment provides advisory services in the areas of strategy, care TEV/Revenue Average transformation, financial and operational performance, EBITDA Multiples - Huron Consulting Group technology and analytics, and leadership development to 20x Inc. national and regional hospitals, integrated health systems, 15x academic medical centers, community hospitals, and medical groups. Its Business Advisory segment provides 10x enterprise performance management, enterprise resource 5x planning, business intelligence and analytics, customer relationship management, and data management services; 0x and capital advisory, transaction advisory, operational improvement, restructuring and turnaround, valuation, and dispute advisory services. Huron Consulting Group Inc. was TEV/EBITDA Average founded in 2002 and is headquartered in Chicago, Illinois. P/E Multiples - Huron Consulting Group Inc. 100x Date Key Development Headline 80x 10/29/19 Huron Announces Partnership with Medically Home Group, 60x Inc 40x 20x 0x

P/E Average

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

1.0x ICF International, Inc. 0.5x 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 internationally. It also identifies, defines, and TEV/Revenue Average implements policies, plans, programs, and business tools EBITDA Multiples - ICF International, Inc. through a range of standard and customized methodologies 20x for its clients; conducts survey research; collects and 15x analyzes various data to understand critical issues and options for its clients; and provides actionable business 10x intelligence, as well as information and data management 5x solutions that allow integrated, and purpose-driven data usage. ICF International, Inc. was founded in 1969 and is 0x headquartered in Fairfax, Virginia.

Date Key Development Headline TEV/EBITDA Average 1/13/20 ICF International, Inc., Incentive Technology Group Llc - M&A Call P/E Multiples - ICF International, Inc. 2/26/19 ICF To Seek Acquisitions 30x

20x

10x

0x

P/E Average

18 Revenue Multiples - FTI Consulting, Inc. Public Basket 3x 2x

1x FTI Consulting, Inc. 0x FTI Consulting, Inc. provides business advisory services to manage change, mitigate risk, and resolve disputes worldwide. The company’s Corporate Finance & TEV/Revenue Average Restructuring segment provides turnaround and restructuring, business transformation, interim EBITDA Multiples - FTI Consulting, Inc. management, valuation and financial advisory, transaction, 20x dispute advisory, and tax services, as well as mergers and 15x acquisitions (M&A), and M&A integration services. Its Forensic and Litigation Consulting segment offers anti- 10x corruption investigations and compliance, and data and 5x analytics, as well as compliance, monitoring, and 0x receivership services; cybersecurity, forensic accounting and advisory, and global risk and investigations practice; and construction solutions, dispute advisory, intellectual property, trial, business insurance claims, and health TEV/EBITDA Average solutions. FTI Consulting, Inc. was founded in 1982 and is P/E Multiples - FTI Consulting, Inc. headquartered in Washington, District of Columbia. 60x Date Key Development Headline 8/7/19 FTI Consulting, Inc. (NYSE:FCN) completed the acquisition of 40x Andersch AG Wirtschaftsprüfungsgesellschaft. 6/27/19 FTI Consulting, Inc. (NYSE:FCN) entered into a definitive 20x agreement to acquire Andersch AG Wirtschaftsprüfungsgesellschaft. 0x 11/30/18 FTI Consulting May Seek Acquisitions

P/E Average

19 Revenue Multiples - Booz Allen Hamilton Public Basket 3x Holding Corporation 2x

1x

Booz Allen Hamilton Holding Corporation 0x Booz Allen Hamilton Holding Corporation provides management and technology consulting, engineering, analytics, digital, mission operations, and cyber solutions to TEV/Revenue Average governments, corporations, and not-for-profit organizations in the United States and internationally. The company offers EBITDA Multiples - Booz Allen Hamilton consulting solutions for various domains, business 30x Holding Corporation strategies, human capital, and operations. It also provides analytics services, which focuses on delivering 20x transformational solutions in the areas of decision analytics, 10x including operations research and cost estimation; automation; and data science, which include predictive 0x modeling and machine learning, as well as new or emerging areas, such as deep learning and artificial intelligence. Booz Allen Hamilton Holding Corporation was founded in 1914 and TEV/EBITDA Average is headquartered in McLean, Virginia.

P/E Multiples - Booz Allen Hamilton Holding 40x Corporation 30x

20x

10x

0x

P/E Average

20 Public Basket Revenue Multiples - Accenture plc 4x

3x

2x Accenture plc 1x

Accenture plc provides consulting, technology, and 0x outsourcing services worldwide. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, and TEV/Revenue Average enhance business results through industry-specific solutions EBITDA Multiples - Accenture plc for communications, media, and high tech industries, as well 30x as for software platforms. The company’s Financial Services segment offers services that address profitability pressures, 20x industry consolidation, regulatory changes, and the need to continually adapt to new digital technologies. This segment 10x serves clients in banking, capital markets, and insurance industries. Accenture plc was founded in 1989 and is based 0x in Dublin, Ireland.

Date Key Development Headline TEV/EBITDA Average 4/19/20 Accenture plc (NYSE:ACN) agreed to acquire Gekko Mentions légales. P/E Multiples - Accenture plc 40x 4/14/20 Accenture plc (NYSE:ACN) entered into an agreement to acquire NIKE Group S.p.A. 30x 4/6/20 Accenture plc (NYSE:ACN) acquired Revolutionary Security LLC. 20x 4/1/20 Accenture plc (NYSE:ACN) acquired Yesler, Inc. 10x 3/27/20 Accenture and the Digital Dollar Foundation Announce Partnership 0x

P/E Average

21 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]

Mark Landry, Managing Director 561.972.0609 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Ben Garber, Vice President 412.626.7898 [email protected]

Nicholas Prendergast, Vice President 704.973.3995 [email protected]

Garth Martin, Vice President 704.973.3997 [email protected]

Ariail Barker, Director, Sales & Marketing 704.981.2908 [email protected]

Emily Halstenberg, Marketing & Sales Coordinator 704.409.9912 [email protected]

Marty Johnson, Senior Associate 704.973.3999 [email protected]

Sydney Scadden, Senior Associate 704.973.3998 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Daniel Kim, Associate 704.912.4584 [email protected]

Olufunke Abass, Associate 704.285.8171 [email protected]

Robin Siegel, Analyst 704.490.4714 [email protected]

22