Sectorwatch: Software Engineering April 2019 Software Engineering April 2019 Sector Dashboard [4]

Sectorwatch: Software Engineering April 2019 Software Engineering April 2019 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 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 33.7% -1.2% 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 % 16.5% Pricing / Gross Margin Median LTM Rev. Growth % 9.3% 1 - year gross profit % compared to gross profit % -0.9% 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 20.6x 1 - year EBITDA % compared to EBITDA % average for 1.5% last 3 years Median TEV / LTM EBIT 15.6x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 13.9x Median TEV / LTM Revenue 2.5x 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 R Systems International Limited 52 101 18% 32% 8% 0.5 6.8 2,753 37 Persistent Systems Limited 543 472 9% 31% 17% 1.2 7.0 8,265 57 Luxoft Holding, Inc. 1,891 904 3% 37% 11% 2.1 19.9 12,898 70 Globant S.A. 2,824 522 26% 39% 18% 5.4 29.8 8,384 62 EPAM Systems, Inc. 8,613 1,843 27% 36% 15% 4.7 30.5 30,156 61 Wipro Limited 20,874 8,456 8% 29% 19% 2.5 13.2 170,000 50 Capgemini SE 22,229 15,110 5% 27% 13% 1.5 11.7 211,313 72 Infosys Limited 41,159 11,799 8% 34% 25% 3.5 13.9 - NA Tata Consultancy Services Limited 110,196 21,139 19% 45% 27% 5.2 19.4 - NA Average 23,153 6,705 14% 35% 17% 3.0 16.9 49,308 58 Median 8,613 1,843 9% 34% 17% 2.5 13.9 8,384 61 share price as of 22Apr19 5 16x 10x 12x 14x Public Basket Valuation Trends Public Basket Valuation 0x 2x 4x 6x 8x Jul-14 Oct-14 TEV/EBITDA- Average TEV/EBITDA- Median Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 12.8x 3.0x Oct-16 Jan-17 TEV/Revenue - Average TEV/Revenue - Median Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Public Public Time over Multiples EBITDA Public 10x 15x 20x 0x 5x 0x 1x 2x 3x 4x 5x Jul-14 Jul-14 TEV/Revenue - Median Oct-14 Oct-14 TEV/EBITDA- Median Jan-15 Multiples Revenue Jan-15 Apr-15 Apr-15 Jul-15 Jul-15 Oct-15 Oct-15 Jan-16 Jan-16 Apr-16 Apr-16 Jul-16 Jul-16 Oct-16 Oct-16 Jan-17 Jan-17 TEV/Revenue - Average Apr-17 TEV/EBITDA- Average Apr-17 Jul-17 Jul-17 Oct-17 Oct-17 Jan-18 Time over Jan-18 Apr-18 Apr-18 Jul-18 Jul-18 Oct-18 Oct-18 Jan-19 Jan-19 Apr-19 Apr-19 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % Tata Consultancy Services Tata Consultancy Services Limited Limited Globant S.A. Infosys Limited Luxoft Holding, Inc. Wipro Limited EPAM Systems, Inc. Globant S.A. Infosys Limited Persistent Systems Limited R Systems International EPAM Systems, Inc. Limited Persistent Systems Limited Capgemini SE Wipro Limited Luxoft Holding, Inc. R Systems International Capgemini SE Limited 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. Capgemini SE Globant S.A. Luxoft Holding, Inc. Tata Consultancy Services Limited Globant S.A. R Systems International Limited EPAM Systems, Inc. Persistent Systems Limited Infosys Limited Persistent Systems Limited Wipro Limited Wipro Limited Capgemini SE R Systems International Limited Luxoft Holding, Inc. Median Median - 10% 20% 30% $- $20 $40 $60 $80 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Globant S.A. Wipro Limited R Systems International Limited Capgemini SE EPAM Systems, Inc. Infosys Limited Persistent Systems Limited Luxoft Holding, Inc. Tata Consultancy Services Tata Consultancy Limited Services Limited Luxoft Holding, Inc. Persistent Systems Limited Infosys Limited EPAM Systems, Inc. R Systems Capgemini SE International Limited Median Median 0x 2x 4x 6x 0 20 40 60 80 100 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Globant S.A. EPAM Systems, Inc. Tata Consultancy Services Globant S.A. Limited EPAM Systems, Inc. Luxoft Holding, Inc. Tata Consultancy Services Infosys Limited Limited Wipro Limited Infosys Limited Luxoft Holding, Inc. Wipro Limited Capgemini SE Capgemini SE Persistent Systems Limited Persistent Systems Limited R Systems International R Systems International Limited Limited Median Median 0x 1x 2x 3x 4x 5x 6x 0x 10x 20x 30x 40x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Globant S.A. Globant S.A. Luxoft Holding, Inc. Luxoft Holding, Inc. EPAM Systems, Inc. EPAM Systems, Inc. Tata Consultancy Services Limited Capgemini SE Wipro Limited Infosys Limited Infosys Limited Wipro Limited Capgemini SE Persistent Systems Limited Persistent Systems Limited R Systems International R Systems International Limited Limited Median Median 0x 10x 20x 30x 40x 0x 20x 40x 60x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 35x 50% 35x 30% 27.1% 45.0% 26.3% 45% 30x 30x 39.4% 25% 40% 35.6% 25x 25x 32.2% 37.3% 35% 31.4% 18.1% 19.0% 20% 33.7% 30% 20x 20x 29.5% 25% 15% 27.1% 3.0% 15x 15x 20% 10% 15% 7.5% 10x 10x 9.3% 10% 7.9% 5x 5% 5x 5.4% 5% LTM GP% LTM EBITDA(x) EBITDA(x) 7x 7x 12x 13x 14x 19x 20x 30x 30x 7x 7x 12x 13x 14x 19x 20x 30x 30x RGR% LTM 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 24Apr19 Link Software S.r.l. TXT e-solutions S.p.A. 11.98 - - - 15Mar19 Omni Resources, Inc. Saggezza Inc. - - - - 3Mar19 Xiamen Kuaiyou Network Technology Co., Ltd. Hangzhou Gaoxin Rubber & Plastic Materials Co., Ltd. 37.27 - - - 21Jan19 New Sports Group Limited China Goldjoy Group Limited 854.34 241.23 3.7x 67.8x 7Jan19 InterGlobe Technologies Private Limited Apollo Global Management, LLC; ICICI Venture Funds 22.92 - - - Management Company Limited; AION Capital Partners Ltd; Goldman Sachs Asia Strategic Pte. Ltd. 6Jan19 Luxoft Holding, Inc. DXC Technology Company 2,072.15 904.44 2.2x 20.6x 20Dec18 DevOps Research and Assessment LLC Alphabet Inc. - - - - 11Dec18 4th Source, LLC AN Global - - - - 1Nov18 Assembla, LLC IDERA, Inc. - - - - 12Oct18 Nexii Labs Inc. GSS Infotech, Inc. 1.36 1.80 0.8x - 8Oct18 Perfecto Mobile Ltd. Perforce Software Inc. 200.00 - - - 2Oct18 Dev9, LLC Nortal AS - - - - 17Sep18 Kinex Inc. Planned Systems International, Inc. - - - - 13Aug18 iQuest GmbH & Co KG Allgeier SE - 34.24 - - 9Aug18 Pillar Technology Group LLC Accenture plc - 52.00 - - 9Aug18 Mindtribe Product Engineering Inc. Accenture plc - - - - 1Aug18 POSTIS, LLC Fluence Automation, LLC - - - - 24Jul18 KWR Technologies Limited Aprose Solutions Limited - - - - 11Jul18 CA, Inc. Broadcom Inc. 21,776.02 4,148.00 4.4x 16.4x 28Jun18 Adelante S.r.l. Wiit S.p.A. 12.52 8.11 1.5x 12.0x 31May18 Altran-Beyondsoft (Beijing) Technologies Co., Ltd. Altran China Limited 5.13 22.28 0.8x - 24May18 QUALITEST UK 4 LIMITED QualiTest Ltd. 4.81 - - - 21May18 GlobalLogic Inc. Canada Pension Plan Investment Board 2,000.00 - - - 2Apr18 CATS CO.,LTD. NTT DATA Corporation; NEXTY Electronics Corporation - - - - 20Mar18 Goyello Group B.V.

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