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Q4 2014 Recent Lincoln News Lincoln International Human Capital Services Index . December 2014: Lincoln has a record year, completing more than 135 transactions in 2014 LTM Relative Stock Price Performance October 2014: Lincoln represents a group of . 130.0% 12.4% international investors and lenders in the sale of TimePartner Group to funds managed by 120.0% 6.0% AUCTUS Capital Partners AG and 110.0% Management; TimePartner Group is a leading 4.7% German provider of temporary staffing services 100.0% 2.3% with ~8,000 employees and ~100 branches 90.0% . October 2014: Lincoln acts as the exclusive sell -0.6% 80.0% -side advisor to CareerArc Group in its sale of -2.8% Internships.com to Chegg, Inc.; 70.0% Internships.com is the world’s largest internship -14.7% marketplace bringing students, employers and 60.0% higher education institutions together in one centralized location HR Administrative Services HR Professional Services HR Technology Services Specialty Consulting Services Staffing Services Training Services S&P 500 . September 2014: Lincoln advises Capita in its acquisition of Eclipse Legal, a provider of case Note: Stock price performance for HR Administrative Services does not include TriNet Group, Inc., as its IPO took place in March 2014 management software and services to over 20,000 legal professionals Historical Enterprise Value / EBITDA Valuation Performance Market Intelligence 16.0x 13.5x 13.4x 13.3x 14.0x 13.1x 12.7x . 12/29/2014: Paychex, a provider of payroll and 12.7x 12.6x 12.4x 12.3x 12.3x 12.2x 12.1x 11.9x 11.8x other outsourcing solutions, announced that the 11.2x 12.0x 10.9x company is actively seeking acquisitions 9.6x 9.4x 9.3x 10.0x 9.3x 8.8x 8.8x 8.7x 8.7x . 12/4/2014: Xchanging, a provider of BPO, 8.6x 8.0x procurement and technology services, reported the Competition & Markets Authority, 6.0x a regulatory body in the UK, chose to refer the 4.0x pending acquisition of Agencyport for review, which is expected to take up to six months and 2.0x could prevent the deal from closing 0.0x Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 . 12/3/2014: Primus Capital announced a major growth investment in SkillSurvey, a provider of HR Administrative Services HR Professional Services Specialty Consulting Services Staffing Services Training Services cloud-based talent assessment software Note: Excludes HR Technology Services, as companies within that subsector typically trade as a multiple of revenue solutions to help human capital management Note: Q4 ‘13 multiples for HR Administrative Services do not include TriNet Group, Inc., as its IPO took place in March 2014 professionals manage the talent lifecycle . 11/30/2014: Serco Global Services, a subsidiary of Serco Group plc and a provider Selected M&A Transaction Recap of BPO services, is likely to be sold to a UK- based BPO firm or a consortium of private equity firms, according to Mint, a global Date Target Company Target Description Acquiring Company Announced SKILLED Group Limited Staffing and workforce management services Programmed Maintenance Services business publication Announced Panasonic Excel Staff Co., Ltd. Temporary staffing services Tempstaff Co., Ltd. 11/14/2014: Fusion Alliance, a provider of Announced Xerox IT Outsourcing Business IT outsourcing solutions Atos SE Announced Onward Healthcare, Inc. Healthcare staffing services AMN Healthcare, Inc. technology consulting services, will be Announced Sandra Hartog & Associates, Inc. Talent management consulting services BTS USA, Inc. evaluating acquisitions in several new markets Dec-14 Avantas, LLC Healthcare staffing services AMN Healthcare Services Inc. after its recent merger with Quick Solutions Dec-14 Concur Technologies, Inc. Integrated expense management solutions SAP America, Inc. Dec-14 Veredus Corporation IT staffing services Hays plc . 11/05/2014: Monster Worldwide, a provider Dec-14 Neumann Leadership Holding GmbH Executive search services CTPartners Executive Search Inc. online employment solutions, reports Salvatore Nov-14 The Titan Group LLC HR consulting services Arthur J Gallagher & Co. Iannuzzi has resigned as CEO and that Nov-14 UniConsult Integrated Business Services Outplacement and career transition services Right Management Spain, S.L.U. Nov-14 Legal eDiscovery Business of Hudson Information management services Document Technologies, Inc. Timothy Yates been appointed to succeed him Nov-14 Quick Solutions, Inc. IT consulting services Fusion Alliance, Inc. 10/29/2014: Huron Consulting, a provider of Nov-14 IBM Delivery Services, S.A.S. IT consulting services Proservia S.A. Nov-14 Evolv, Inc. Workforce optimization solutions Cornerstone OnDemand, Inc. operational and financial consulting services, Nov-14 Incepture Inc. Staffing and managed services ZeroChaos, LLC views deploying capital to make acquisitions as Oct-14 Premier Physician Services, Inc. Healthcare staffing services Team Health Holdings, Inc. its highest priority Oct-14 Humando SARL Temporary staffing services Adecco France S.A.S. Oct-14 Threshold Consulting Services, Inc. IT consulting services Huron Consulting Group Inc. Q4 2014 www.lincolninternational.com Human Capital Services MARKET UPDATE Lincoln International 1 Lincoln International Human Capital Services Index (Continued) Stock % of 52 Week Market Enterprise LTM YoY Revenue EBITDA Enterprise Value / LTM Company Name Price High Cap Value Revenue EBITDA Growth Margin Revenue EBITDA HR Administrative Services Aon plc $ 94.83 96.7% $ 27,040 $ 32,142 $ 11,929 $ 2,410 1.2% 20.2% 2.7x 13.2x Automatic Data Processing, Inc. 83.37 96.3% 40,189 39,657 12,418 2,614 5.7% 21.0% 3.2x 15.2x Barrett Business Services Inc. 27.40 26.8% 195 113 606 (50) 13.7% (8.2%) 0.2x NM Capita plc 16.85 86.6% 11,149 13,997 7,096 970 9.9% 13.7% 2.2x 15.8x Insperity, Inc. 33.89 93.5% 859 633 2,319 65 2.8% 2.8% 0.3x 9.8x Paychex, Inc. 46.17 95.8% 16,766 16,237 2,633 1,124 9.3% 42.7% 6.2x 14.4x TriNet Group, Inc. 31.28 95.4% 2,177 2,629 2,072 171 26.0% 8.3% 1.3x 15.4x Xchanging PLC 2.42 81.0% 592 446 1,062 103 (6.6%) 9.7% 0.5x 4.7x HR Professional Services CTPartners Executive Search Inc. $ 15.19 64.0% $ 110 $ 126 $ 165 $ 15 26.5% 9.1% 0.8x 8.4x Heidrick & Struggles International Inc. 23.05 96.5% 421 292 491 40 6.3% 8.2% 0.6x 7.2x Hudson Global, Inc 3.10 71.5% 102 92 682 (5) 3.3% (0.7%) 0.1x NM Korn/Ferry International 28.76 87.7% 1,449 1,174 1,001 130 11.7% 13.0% 1.2x 8.9x Resources Connection Inc. 16.45 97.2% 626 526 579 48 4.1% 8.3% 0.9x 11.0x Towers Watson & Co. 113.17 85.9% 7,936 7,630 3,550 652 (1.1%) 18.4% 2.1x 11.7x HR Technology Services Cornerstone OnDemand, Inc. 35.20 56.9% 1,885 1,882 242 (38) 30.7% (15.8%) 7.8x NM Dice Holdings, Inc. 10.01 87.1% 532 618 253 72 18.6% 28.2% 2.4x 8.6x LinkedIn Corporation 229.71 94.4% 28,525 26,266 2,023 226 32.3% 11.2% 13.0x NM Monster Worldwide, Inc. 4.62 54.4% 410 586 783 73 (3.1%) 9.3% 0.7x 8.0x The Ultimate Software Group, Inc. 146.82 85.4% 4,165 4,064 482 69 17.5% 14.2% 8.4x NM Workday, Inc. 81.61 70.1% 15,261 13,916 703 (160) 72.2% (22.7%) 19.8x NM Specialty Consulting Services Accenture plc $ 9.15 97.1% $ 56,098 $ 52,185 $ 30,539 $ 4,820 6.4% 15.8% 1.7x 10.8x Altran Technologies S.A. 9.50 92.4% 1,661 1,838 2,307 218 2.6% 9.5% 0.9x 9.5x Atos SE 80.25 92.7% 9,209 9,167 11,638 1,244 (1.9%) 10.7% 0.9x 8.3x Cap Gemini S.A. 72.00 96.4% 11,429 11,305 13,913 1,359 0.1% 9.8% 0.9x 9.4x CRA International Inc. 30.32 93.3% 289 246 304 30 9.0% 9.8% 0.8x 8.3x FTI Consulting, Inc. 38.63 90.5% 1,585 2,117 1,747 217 5.7% 12.4% 1.2x 9.7x Huron Consulting Group Inc. 68.39 93.9% 1,495 1,631 830 165 15.1% 19.8% 2.0x 9.9x ICF International Inc. 40.98 92.4% 795 903 1,003 89 5.7% 8.9% 0.9x 10.1x Navigant Consulting Inc. 15.37 79.2% 745 899 745 117 1.4% 15.7% 1.2x 7.7x Staffing Services Adecco S.A. $ - 86.3% $ 12,412 $ 13,813 $ 25,003 $ 1,231 (6.9%) 4.9% 0.6x 11.6x AMN Healthcare Services Inc. 19.60 96.4% 914 1,051 1,005 84 (0.7%) 8.4% 1.0x 12.5x CDI Corp. 17.71 93.8% 347 307 1,133 37 4.2% 3.3% 0.3x 8.3x Cross Country Healthcare, Inc. 12.48 92.4% 390 448 539 11 22.9% 2.1% 0.8x NM Hays plc 2.27 92.4% 3,219 3,317 6,292 251 2.7% 4.0% 0.6x 14.5x Kelly Services, Inc. 17.02 65.0% 642 679 5,524 59 2.0% 1.1% 0.1x 11.7x Kforce Inc. 24.13 97.6% 738 750 1,259 62 9.3% 4.9% 0.6x 12.1x ManpowerGroup Inc.
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