BUSINESS SERVICES

INDUSTRY UPDATE │ APRIL 2016

www.harriswilliams.com

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0 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

HW&CO. DEAL SPOTLIGHT

CONTENTS TRUE PARTNERS REPURCHASES SHARES FROM PRIVATE EQUITY SPONSOR . BUSINESS SERVICES UPDATE . EQUITY TRADING OVERVIEW The senior leadership team of True Partners Consulting, a tax and business advisory . ECONOMIC TRENDS firm, has repurchased its shares from Waud Capital Partners. Waud initially invested . M&A MARKET TRENDS in the business in 2006, and had been the majority owner for the past ten years. . PUBLIC COMPARABLES Twenty-five Managing Directors from True Partners were involved in the repurchase, and plan to continue to execute on the growth plan supported by GROUP OVERVIEW the private equity firm. The Company anticipates growth in its federal and state tax groups, as well as expanded advisory service offerings, according to CEO Cary Harris Williams & Co. is a leading McMillan. Read about it here. advisor to the business services market. Our significant experience covers a broad range ATC GROUP SERVICES ACQUIRES DEXTER FIELD SERVICES of end markets, industries, and business models. This particular ATC Group, an environmental consulting and industrial hygiene firm owned by report focuses on trends and Bernhard Capital Partners, has bought Dexter Field Services. Dexter provides leak metrics in the following areas: detection, repair, and monitoring services. . Business Process Outsourcing Dexter has more than 150 employees across the U.S. “The addition of Dexter, . Consulting combined with our recent acquisition of Sage Environmental Consulting, will better . Human Resources position ATC to drive growth and deliver the excellent and increasingly broad . Insurance, Legal, and Risk portfolio of environmental services our customers have come to expect“, said Services Bobby Toups, ATC’s CEO. Read about it here. . Marketing and Information Services . Transaction Processing JACOBS ENGINEERING ACQUIRES THE VAN DYKE TECHNOLOGY GROUP . Education and Training . Facility Services Jacobs Engineering has acquired the Van Dyke Technology Group, a provider of information systems engineering and cybersecurity services, specializing in identity and access management, threat mitigation and other cybersecurity solutions for CONTACTS enterprise networks and cloud-based IT environments. Derek Lewis Managing Director Jacobs Engineering provides a wide variety of technical, professional, and [email protected] construction services across the globe. The Van Dyke Technology Group will +1 (804) 915-1118 complement Jacobs’ current IT and data security solutions. Read about it here. Bob Baltimore Managing Director [email protected] +1 (804) 915-1129 RENDS WE ARE EEING T S John Klim Director [email protected] CONTINUED CONSOLIDATION IN THE INSURANCE INDUSTRY +1 (804) 915-0136 Marshall Croft Vice President The uptick in M&A activity in the insurance industry has continued, particularly [email protected] among regional insurance brokers as they continue to build national scale. This +1 (804) 915-0161 trend has been demonstrated by the five acquisitions announced by the Hilb Group in 2016, including the company’s recent announcement of the acquisition Josh Garner of Clark-Mortenson Insurance, a major regional provider of insurance and financial Vice President [email protected] services in the Northeast. Read about it here. +1 (804) 915-0167

Aetna has announced intentions to acquire Humana, possibly to keep up with Anthem and Cigna. Aetna has agree to purchase Humana for $37 billion. The pending merger of Anthem and Cigna is valued at $47 billion. The two proposed mergers represent significant additional consolidation in the domestic health insurance markets. Read about it here.

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PAGE | 1 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

EQUITY TRADING OVERVIEW

KEY TRADING STATISTICS1,2

Median Change in Stock Price LTM Multiples 2016E Number of Sector Enterprise Companies Value ($mm) 3 mos. 12 mos. EV/EBITDA P/E EV/EBITDA P/E

Business Process Outsourcing 11 $5,455 6.7% (0.5%) 11.3x 20.4x 11.0x 16.8x

Consulting 10 1,235 6.6% (0.4%) 9.2x 20.1x 8.9x 16.7x

Human Resources 17 1,494 3.9% (0.4%) 9.1x 17.2x 9.0x 13.9x

Insurance, Legal, and Risk Services 7 9,936 20.3% (1.2%) 12.2x 21.4x 11.4x 16.9x

Marketing & Information Services 29 6,393 12.9% (0.6%) 13.9x 25.1x 12.0x 18.2x

Transaction Processing 9 11,495 15.1% (1.0%) 15.2x 29.6x 14.5x 21.0x

Education & Training 16 352 11.7% 0.2% 7.2x 16.9x 5.0x 15.4x

Business Services Index 99 $5,455 11.7% (0.5%) 11.3x 20.4x 11.0x 16.8x

As of April 18, 2016

PUBLIC COMPANY SECTOR PERFORMANCE1,2

5.0% 16.0x 14.5x

14.0x 0.0%

12.1x EV/2015E Multiple EV/2015E EBITDA 11.5x 12.0x 11.1x 11.1x (5.0%) 10.6x

9.1x 10.0x 8.9x (10.0%)

8.0x

month % Change % Change Stock in month Price

- 12 (15.0%) 6.0x 5.0x

(20.0%) 4.0x Business Transaction Human Business Marketing & Insurance, S&P 500 Consulting Education & Process Processing Resources Services Information Legal, and Training Outsourcing Index Services Risk Services

As of April 18, 2016 12-month % Change in Stock Price EV/2016E EBITDA Multiple

PAGE | 2 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

ECONOMIC TRENDS

A SNAPSHOT OF KEY ECONOMIC INDICATORS

U.S. GDP GROWTH3 CONS. CONFIDENCE AND UNEMPLOYMENT RATE4,5

(In trillions of chained 2009 dollars) 120.0 14.0%

$16.5 10.0% 12.0% 100.0 $16.0

nulPretg Growth Percentage Annual 10.0% 5.0% $15.5 80.0 Rate Unemployment 8.0% $15.0 60.0

0.0% GDP $14.5 6.0% 40.0 $14.0 4.0%

(5.0%) Consumer Confidence $13.5 20.0 2.0% Consumer Confidence Unemployment Rate $13.0 (10.0%) Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 0.0 0.0% Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 GDP Value Annual Percentage Growth

Sources: (1) U.S. Bureau of Economic Analysis Sources: (2) The Conference Board and U.S. Bureau of Labor Statistics

NON-FARM PAYROLLS (1-MONTH NET CHANGE)5 U.S. INITIAL JOBLESS CLAIMS6

(Payrolls in 000s) (Claims in 000s)

600 Mar–16: 800,000 Mar–16: 215 260,000 400 700,000

200 600,000 500,000 0 400,000 (200)

300,000 InitialClaims (400) 200,000

(600) 100,000

(800) 0

(1,000) Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Sources: (3) Bureau of Labor Statistics Sources: (4) United States Department of Labor

CONSUMER PRICE INDEX5 ISM NON-MANUFACTURING INDEX7

6.0% 70.0 Mar–16: Mar–16 YOY 54.5 5.0% Change: 1.0% 60.0 4.0%

3.0% 50.0

2.0% 40.0

1.0%

30.0 YOY ChangeYOY 0.0%

-1.0% 20.0

-2.0% 10.0

-3.0% Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 0.0 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

Sources: (5) Bureau of Labor Statistics Sources: (6) The Institute for Supply Management

PAGE | 3 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

M&A MARKET TRENDS

SELECT RECENT M&A TRANSACTIONS

Date Target Business Description Acquirer

4/14/2016 Gotham Digital Science LLC Provides information security solutions Stroz Friedberg, LLC

4/14/2016 HALO Branded Solutions, Inc. Offers a suite of corporate branding products and solutions Audax Group, Inc.

4/13/2016 Dexter ATC Field Services Provider of leak detection, repair and monitoring services ATC Group Services, LLC

Clark-Mortenson provides personal, home, life, and health insurance 4/12/2016 Clark-Mortenson Agency, Inc. The Hilb Group, LLC products

4/5/2016 Tregin Solutions, Inc. Offers research and consulting services Duff & Phelps Corporation

Corporate Consulting Services, Corporate Consulting Services is an insurance brokerage and human 4/4/2016 Marsh & McLennan Agency LLC Ltd. resource consulting

Levine Leichtman Capital 3/15/2016 Brass Smith, Inc. Brass Smith, Inc. provides products for the food service environments. Partners

Goldman Sachs Group; 3/2/2016 GCA Services Group, Inc. GCA Services Group, Inc. provides facility services Thomas H. Lee Partners

Icon Identity Solutions, Inc., a brand implementation company, designs, 2/29/2016 Icon Identity Solutions, Inc. Merit Capital Partners manufactures, installs, and maintains signs

BUSINESS SERVICES M&A VOLUME (BY YEAR)1,2

3,500 3,189

2,789 3,000 2,675 2,556 2,601 2,460 2,500 2,306 2,340

1,860 2,000

1,500

Number of Deals 1,000 799

500

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

Undisclosed <$100M >$100M & <$250M >$250M & <$500M >$500M & <$1.0B >$1.0B+

Source: Capital IQ (1) Represents all announced or closed M&A transactions in the United States and Canada (2) No transaction value provided for undisclosed deals

PAGE | 4 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

PUBLIC COMPANY PERFORMANCE1,2

Price at As a % of Market Enterprise EBITDA EV / LTM EV / 2016E ($ in millions, except per share data) 4/18/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA

Business Process Outsourcing Tata Consultancy Services Limited $37.86 91.0% $74,600 $70,792 25.4% 4.5x 17.7x 4.5x 15.7x Cognizant Technology Solutions Corporation 60.07 86.1% 36,590 32,928 19.9% 2.7x 13.3x 2.7x 13.2x Wipro Ltd. 8.85 94.7% 21,740 18,589 21.6% 2.5x 11.4x 2.5x 11.1x Genpact Limited 28.04 99.8% 5,901 6,250 16.9% 2.5x 15.0x 2.5x 14.7x Computer Sciences Corporation 33.43 47.0% 4,616 5,455 10.7% 0.5x 4.5x 0.5x 3.1x Computershare Limited 7.61 75.4% 4,172 5,554 30.6% 2.9x 9.3x 3.0x 10.2x Convergys Corporation 27.57 99.0% 2,663 2,787 12.9% 0.9x 7.3x 0.9x 7.5x Exlservice Holdings, Inc. 52.16 98.6% 1,729 1,580 15.8% 2.5x 15.9x 2.5x 14.5x WNS (Holdings) Ltd. 32.49 94.5% 1,664 1,515 17.3% 2.7x 15.8x 2.9x 13.5x TeleTech Holdings Inc. 27.49 89.4% 1,326 1,366 12.7% 1.1x 8.3x 1.1x 8.3x Sykes Enterprises, Incorporated 29.14 88.3% 1,237 1,072 11.8% 0.8x 7.0x 0.8x 7.1x Mean 87.6% $14,203 $13,444 17.8% 2.1x 11.4x 2.2x 10.8x Median 91.0% $4,172 $5,455 16.9% 2.5x 11.4x 2.5x 11.1x Consulting Accenture plc $114.82 98.5% $71,624 $68,615 16.7% 2.2x 13.0x 2.2x 13.5x CEB Inc. 64.21 70.1% 2,096 2,544 22.5% 2.7x 12.2x 2.7x 10.8x FTI Consulting, Inc. 36.41 79.2% 1,473 1,818 11.2% 1.0x 9.1x 1.0x 8.8x The Advisory Board Company 33.05 54.7% 1,374 1,855 13.4% 2.4x 18.1x 2.4x 10.9x Huron Consulting Group Inc. 57.87 74.1% 1,206 1,460 22.3% 2.1x 9.4x 1.7x 9.1x Navigant Consulting Inc. 15.77 87.9% 747 911 14.4% 1.1x 7.6x 1.1x 7.8x ICF International Inc. 37.22 90.0% 706 1,010 9.6% 0.9x 9.3x 0.9x 9.0x Resources Connection, Inc. 14.33 76.6% 527 430 9.6% 0.7x 7.5x 0.7x 7.5x CBIZ, Inc. 10.22 88.6% 537 743 11.2% 1.0x 8.8x 1.0x 8.3x CRA International Inc. 19.99 63.5% 178 140 7.7% 0.5x 6.0x 0.5x 2.9x Mean 78.3% $8,047 $7,953 13.9% 1.5x 10.1x 1.4x 8.9x Median 77.9% $976 $1,235 12.3% 1.1x 9.2x 1.1x 8.9x Human Resources Randstad Holding NV $54.96 74.7% $10,009 $10,189 4.6% 0.5x 10.7x 0.5x 9.9x ManpowerGroup Inc. 82.97 85.7% 5,989 6,114 4.1% 0.3x 7.8x 0.3x 7.9x Robert Half International Inc. 45.34 75.5% 5,876 5,652 12.4% 1.1x 8.9x 1.1x 8.9x Hays plc 1.88 76.0% 2,696 2,779 4.4% 0.5x 10.8x 0.5x 9.8x On Assignment Inc. 37.80 74.1% 2,011 2,743 10.6% 1.3x 12.5x 1.3x 11.4x Michael Page International plc 5.98 73.8% 1,849 1,709 9.3% 1.1x 11.7x 1.1x 10.9x 51job Inc. 32.22 85.3% 1,900 1,308 30.3% 4.1x 13.6x 4.1x 12.9x Korn/Ferry International 30.26 77.7% 1,733 1,664 14.2% 1.4x 10.1x 1.4x 9.2x USG People NV 19.70 99.9% 1,598 1,744 4.0% 0.6x 15.6x 0.6x 13.2x Insperity, Inc. 52.34 95.0% 1,113 833 3.5% 0.3x 9.1x 0.3x 7.3x TrueBlue, Inc. 26.90 85.4% 1,108 1,324 5.4% 0.5x 9.1x 0.5x 9.0x Kelly Services, Inc. 19.53 99.0% 739 752 1.6% 0.1x 8.4x 0.1x 6.7x SThree Plc. 4.57 80.1% 586 577 5.1% 0.5x 8.8x 0.5x 8.5x Kforce Inc. 19.46 66.3% 528 611 6.2% 0.5x 7.5x 0.5x 7.2x Heidrick & Struggles International Inc. 24.69 80.6% 456 265 9.2% 0.5x 5.4x 0.5x 5.0x Barrett Business Services Inc. 29.68 56.0% 214 227 5.4% 0.3x 5.8x 0.1x NA Mean 80.3% $927 $2,406 8.1% 0.9x 9.7x 0.8x 9.2x Median 78.9% $1,665 $1,494 5.4% 0.5x 9.1x 0.5x 9.0x Insurance, Legal, and Risk Services Marsh & McLennan Companies, Inc. $62.32 99.7% $32,490 $35,530 22.0% 2.8x 12.5x 2.8x 12.4x Aon plc 104.30 99.1% 28,170 33,272 21.8% 2.9x 13.1x 2.8x 12.9x Willis Towers Watson Public Limited Company 107.80 81.5% 16,366 19,100 22.5% 5.0x 22.3x 4.9x 22.3x Arthur J Gallagher & Co. 44.94 90.6% 7,960 9,936 15.3% 1.9x 12.2x 1.8x 11.4x Brown & Brown Inc. 35.52 98.9% 4,923 5,619 33.1% 3.4x 10.2x 3.4x 10.4x Epiq Systems, Inc. 15.51 83.8% 584 944 15.5% 1.9x 12.0x 1.9x 8.9x Crawford & Company 6.16 68.5% 325 496 7.5% 0.4x 5.7x 0.4x 5.0x Mean 88.9% $12,974 $14,985 19.7% 2.6x 12.6x 2.6x 11.9x As of April 18, 2016 Median 90.6% $7,960 $9,936 21.8% 2.8x 12.2x 2.8x 11.4x

PAGE | 5 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

PUBLIC COMPANY PERFORMANCE1,2

Price at As a % of Market Enterprise EBITDA EV / LTM EV / 2016E ($ in millions, except per share data) 4/18/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Marketing & Information Services Thomson Reuters Corporation $40.60 93.1% $30,792 $38,444 21.3% 3.1x 14.8x 3.1x 11.2x WPP plc 23.71 99.0% 30,674 35,409 17.5% 2.0x 11.2x 2.0x 12.0x Omnicom Group Inc. 84.30 99.4% 20,136 22,103 14.6% 1.5x 10.0x 1.5x 10.0x Nielsen Holdings plc 52.70 98.4% 19,071 26,058 24.3% 4.2x 17.4x 4.2x 14.0x Moody's Corporation 97.79 85.9% 19,057 20,226 45.5% 5.8x 12.7x 5.8x 12.6x Experian plc 17.96 99.1% 17,240 20,580 31.9% 4.4x 13.8x 4.4x 11.5x Publicis Groupe SA 70.43 78.4% 15,587 17,653 18.0% 1.7x 9.4x 1.7x 10.0x Equifax Inc. 116.18 99.1% 13,791 14,893 34.3% 5.6x 16.3x 5.6x 16.2x Verisk Analytics, Inc. 78.15 95.3% 13,116 16,143 45.7% 7.8x 17.1x 7.8x 16.3x Alliance Data Systems Corporation 214.77 68.8% 12,738 28,748 23.4% 4.5x 19.1x 4.4x 15.0x Wolters Kluwer N.V. 40.27 99.2% 11,748 13,690 26.3% 3.0x 11.4x 3.0x 12.1x The Interpublic Group of Companies, Inc. 23.58 99.1% 9,521 9,773 13.5% 1.3x 9.5x 1.3x 9.4x IHS Inc. 123.48 91.4% 8,326 11,263 26.2% 5.1x 19.4x 4.8x 15.3x Informa plc 9.89 96.6% 6,409 7,729 30.8% 4.3x 14.0x 4.3x 13.7x FactSet Research Systems Inc. 153.90 86.8% 6,291 6,393 35.6% 6.0x 16.8x 6.2x 16.9x CoStar Group Inc. 181.34 81.1% 5,896 5,829 12.8% 8.2x 63.8x 8.2x 47.5x DST Systems Inc. 115.41 85.7% 3,904 4,377 14.3% 1.5x 10.8x 2.0x 9.9x The Dun & Bradstreet Corporation 106.34 79.4% 3,852 5,310 26.1% 3.2x 12.4x 3.2x 11.0x Morningstar Inc. 88.04 98.4% 3,778 3,564 32.3% 4.5x 14.0x 4.5x 14.0x UBM plc 8.46 96.9% 3,744 4,481 25.8% 3.9x 15.3x 3.2x 12.0x Havas SA 8.08 86.5% 3,372 3,277 15.9% 1.4x 8.7x 1.4x 8.4x Fair Isaac Corporation 106.23 97.3% 3,333 3,862 23.0% 4.5x 19.8x 4.6x 19.2x CoreLogic, Inc. 35.53 84.0% 3,138 4,385 21.2% 2.9x 13.5x 2.9x 10.4x comScore, Inc. 29.63 45.6% 1,679 1,565 10.1% 4.2x 42.1x 4.2x 16.8x Acxiom Corporation 21.06 89.9% 1,637 1,651 16.2% 1.6x 9.7x 1.9x 11.2x Forrester Research Inc. 34.43 91.3% 613 512 10.3% 1.6x 15.8x 1.6x 15.7x Viad Corp 29.53 89.8% 598 670 7.4% 0.6x 8.3x 0.6x 7.9x Harte-Hanks Inc. 2.67 33.8% 166 226 7.4% 0.5x 6.2x 0.5x 5.7x QuinStreet, Inc. 3.54 51.9% 160 124 NM 0.4x NM 0.4x 13.5x Mean 86.3% $9,323 $11,343 22.6% 3.4x 16.2x 3.4x 13.8x Median 91.3% $6,291 $6,393 22.1% 3.2x 13.9x 3.2x 12.1x

Transaction Processing Automatic Data Processing, Inc. $90.15 99.1% $41,239 $40,412 20.7% 3.6x 17.3x 3.6x 17.7x Fidelity National Information Services, Inc. 64.06 87.0% 20,808 31,634 25.6% 4.8x 18.8x 4.8x 15.6x Paychex, Inc. 52.87 96.5% 19,040 18,712 42.7% 6.5x 15.2x 6.6x 15.5x The Western Union Company 19.99 87.5% 9,907 11,809 25.4% 2.2x 8.5x 2.1x 8.4x Total System Services, Inc. 49.67 87.6% 9,098 10,146 24.0% 3.7x 15.2x 3.7x 12.0x Vantiv, Inc. 54.90 99.3% 8,583 11,495 22.5% 3.6x 16.2x 6.9x 14.4x Jack Henry & Associates Inc. 82.41 95.6% 6,499 6,544 35.0% 5.0x 14.4x 5.0x 14.5x Heartland Payment Systems, Inc. 103.82 99.8% 3,841 4,266 6.6% 1.6x 24.0x 5.2x 19.1x VeriFone Systems, Inc. 28.27 72.0% 3,115 3,862 14.2% 1.9x 13.4x 1.9x 10.6x Mean 91.6% $13,570 $15,431 24.1% 3.6x 15.9x 4.4x 14.2x Median 95.6% $9,098 $11,495 24.0% 3.6x 15.2x 4.8x 14.5x

As of April 18, 2016

PAGE | 6 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

PUBLIC COMPARABLES

PUBLIC COMPANY PERFORMANCE1,2

Price at As a % of Market Enterprise EBITDA EV / LTM EV / 2016E ($ in millions, except per share data) 4/18/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA

Education & Training Pearson plc $11.92 58.3% $9,673 $10,800 15.7% 1.6x 10.4x 1.5x 8.4x John Wiley & Sons Inc. 48.34 80.3% 2,785 3,214 17.5% 1.9x 10.6x 1.9x 8.4x Grand Canyon Education, Inc. 43.52 95.0% 2,040 2,015 31.6% 2.6x 8.2x 2.6x 8.1x Scholastic Corporation 37.00 79.9% 1,263 928 5.9% 0.6x 9.5x 0.6x 7.8x DeVry Education Group Inc. 17.32 43.3% 1,094 916 15.2% 0.5x 3.2x 0.5x 3.2x Capella Education Co. 50.77 73.7% 596 480 17.2% 1.1x 6.5x 1.1x 5.3x Strayer Education Inc. 48.10 75.3% 515 409 20.3% 0.9x 4.6x 0.9x 4.6x Bridgepoint Education, Inc. 9.99 91.4% 460 158 8.1% 0.3x 3.5x 0.3x 3.9x GP Strategies Corp. 25.16 70.3% 421 462 8.6% 0.9x 10.9x 0.9x 11.4x K12, Inc. 10.12 57.4% 394 247 5.3% 0.3x 5.1x 0.3x 2.8x American Public Education, Inc. 20.74 64.9% 333 227 22.4% 0.7x 3.1x 0.7x 3.2x Franklin Covey Co. 14.92 71.3% 213 243 13.3% 1.2x 8.9x 1.2x 8.1x Cambium Learning Group, Inc. 4.44 74.4% 203 296 16.4% 2.0x 12.4x NA NA Universal Technical Institute, Inc. 4.09 39.6% 99 92 3.2% 0.3x 8.0x 0.3x 4.7x ITT Educational Services Inc. 2.85 43.1% 68 171 15.6% 0.2x 1.3x 0.2x 1.9x Lincoln Educational Services Corporation 2.41 75.3% 57 77 8.9% 0.4x 4.5x 0.3x NA Mean 68.3% $1,263 $1,296 14.1% 1.0x 6.9x 0.9x 5.9x Median 72.5% $440 $352 15.4% 0.8x 7.2x 0.7x 5.0x

Facility Services Compass Group PLC $18.28 98.7% $30,039 $34,065 9.1% 1.3x 14.1x 1.3x 13.6x Sodexo S.A. 104.71 95.8% 15,676 17,430 7.1% 0.8x 11.1x 0.8x 11.5x Cintas Corporation 90.01 95.4% 9,631 10,567 19.2% 2.2x 11.5x 2.3x 12.0x Aramark 33.76 96.3% 8,167 13,631 8.2% 1.0x 11.7x 1.0x 10.6x ISS A/S 38.80 96.4% 7,130 8,753 6.3% 0.8x 11.9x 0.8x 11.6x Rentokil Initial plc 2.50 96.6% 4,553 6,040 23.1% 2.3x 10.1x 2.3x 9.9x EMCOR Group Inc. 48.46 92.5% 2,940 2,772 5.4% 0.4x 7.7x 0.4x 7.7x Berendsen plc 16.81 95.5% 2,872 3,430 31.7% 2.3x 7.3x 2.3x 7.0x ABM Industries Incorporated 32.67 96.1% 1,833 2,058 2.9% 0.4x 14.1x 0.4x 9.6x FirstService Corporation 42.92 94.3% 1,545 1,701 8.0% 1.3x 16.9x 1.3x 16.3x G&K Services Inc. 73.39 96.6% 1,460 1,689 15.3% 1.8x 11.6x 1.8x 10.3x MITIE Group PLC 4.01 82.4% 1,406 1,746 6.3% 0.5x 7.9x 0.5x 7.9x Comfort Systems USA Inc. 32.81 93.7% 1,220 1,175 7.1% 0.7x 10.4x 0.7x 10.8x TRC Companies Inc. 8.27 67.2% 257 366 10.2% 0.9x 8.4x NA NA Mean 95.8% $8,438 $10,045 12.1% 1.3x 11.6x 1.3x 11.0x Median 95.9% $5,841 $7,396 8.1% 1.1x 11.6x 1.1x 11.0x

As of April 18, 2016

PAGE | 7 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

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PAGE | 8 BUSINESS SERVICES INDUSTRY UPDATE │ APRIL 2016

HARRIS WILLIAMS & CO.

SOURCES

(1) S&P Capital IQ

(2) Thompson Reuters

(3) U.S. Bureau of Economic Analysis

(4) The Conference Board

(5) U.S. Bureau of Labor Statistics

(6) U.S. Department of Labor

(7) PR Newswire

(8) Business Wire

(9) Insurance Journal

(10) Reuters

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Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

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