Monthly Business & Tech-Enabled Services Sector Summary Report

BUSINESS AND TECH-ENABLED SERVICES SECTOR REPORT

March 2018

1 BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $94.4 Billion 788 M&A Volume YTD M&A Transactions YTD Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions 100 $94.4 Announced Date Acquirer Target EV ($MM) 80 3/29/2018 NA 60 $48.5 $45.1 $45.5 $37.1 3/29/2018 NA 40 $31.1 $24.6 $27.4 $26.9 $19.1 $19.2 $21.7 Volume ($Bn) Volume $14.9 20 3/28/2018 $4,000 (Sig. M inority Stake) 0 3/26/2018 NA Q1 '15Q2 '15Q3 '15Q4 '15Q1 '16Q2 '16Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18 (Investment)

1200 3/21/2018 NA 966 944 964 995 986 1000 901 929 917 875 894 797 788 788 800 3/21/2018 NA 600 3/19/2018 $1,180

Deal Count Deal 400 200 3/15/2018 $383 0 Q1 '15Q2 '15Q3 '15Q4 '15Q1 '16Q2 '16Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18 3/15/2018 NA

(1) Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 3/14/2018 NA (Investment) 125.0% 3/13/2018 $205 120.0% 115.0% 3/13/2018 NA 110.0%

105.0% 3/12/2018 $108

100.0% 3/6/2018 $564 95.0% 90.0% 3/5/2018 NA Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18

Business & Tech-Enabled Services S&P 500 3/1/2018 NA (Investment)

Notes: 2 Source: Capital IQ and PitchBook. Market Data as of 4/2/18. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations. GCA OVERVIEW Business & Tech-Enabled Services Team

New York Tokyo Milan London Frankfurt Mumbai th 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome Piazza San Fedele 4 1 Southampton St. Thurn-und-Taxis-Platz 6 146, Maker Chambers 6 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 20121 Milano London WC2R0LR 60313 Frankfurt Nariman Point, Mumbai 400 021 United States Japan Italy United Kingdom Germany India Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +39 02 76 01 73 40 Phone:+44 20 7484 4040 Phone: +49 69 204 34 6410 Phone: +91-22-6106-9000

Derek Bell Stephen Georgiadis * Akikazu Ida * Sascha Pfeiffer * Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241 Phone: +49 69 204 346 415 Mobile: (914) 953-0689 Mobile: +44 77770 827335 Mobile: +81 (80) 9027-3023 Mobile: +49 177 741 5643 [email protected] [email protected] [email protected] [email protected]

Tobias Schultheiss * Alessandro Soprano * James Craven * Sameer Jindal * Managing Director Managing Director Managing Director Managing Director

Phone: +49 69 204 346 416 Phone: +39 08 7601 7340 Phone: +44 207 484 4083 Phone: +91 22 6106 9001 Mobile: +49 160 534 6278 Mobile: +39 348 231 6056 Mobile: +44 7884 314 630 Mobile: +91 90 0441 4205 [email protected] [email protected] [email protected] [email protected]

For a complete list of GCA’s global offices, visit www.gcaglobal.com.

Notes: *Stephen Georgiadis and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation. 3 *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. *Sameer Jindal is a Managing Director at GCA India Investment Advisors, a wholly-owned subsidiary of GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

150% 175%

140%

150% 130%

120%

125%

110%

100% 100%

90%

80% 75% Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18

Key Sector 3 Months 1 Year 3 Years Advertising & Marketing Services (3.6%) 0.4% 2.1% Events & Exhibitions 9.1% 36.6% 57.2% Information Services (0.6%) 19.5% 43.3% Consulting & Training 5.9% 15.4% 27.7% HR Services (3.1%) 13.8% 46.7% Staffing & Recruiting 2.1% 34.5% 56.3% IT & BPO Services 1.2% 16.7% 22.0% Customer Care / CRM Services (6.8%) 24.7% 57.2% S&P 500 (4.2%) 14.6% 29.5% Notes: Source: Capital IQ. Market Data as of 4/2/18. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 4 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Valuation Metrics

EV / 2018E EBITDA EV / 2018E Revenue

16.0x 5.0x 14.0x 13.7x 4.5x 4.3x 14.0x 13.1x

4.0x 3.7x 12.0x 10.8x 3.5x 9.8x 10.0x 9.3x 3.0x 8.7x 3.0x 8.0x 8.0x 2.5x 2.0x 2.0x 6.0x 1.4x 1.5x 4.0x 1.0x 1.0x 0.7x 0.6x 2.0x 0.5x

0.0x 0.0x Information HR Services Events & IT & BPO Consulting & Staffing & Advertising & Customer Information Events & HR Services IT & BPO Advertising & Consulting & Customer Staffing & Services Exhibitions Services Training Recruiting Marketing Care / CRM Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 4/2/18. Figures reflect median values, except for HR services, which reflects mean values. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 5 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Operational Metrics

2018E EBITDA Margin 2019E / 2018E Rev. Growth

35.0% 10.0% 31.8% 9.0% 8.6% 30.0% 8.0% 24.7% 7.0% 25.0% 7.0% 21.6% 5.8% 6.0% 5.6% 5.5% 20.0% 17.0% 17.0% 4.9% 5.0% 4.7% 4.2% 15.0% 12.0% 4.0% 10.7% 10.0% 3.0% 6.1% 2.0% 5.0% 1.0%

0.0% 0.0% Information Events & HR Services Advertising & IT & BPO Consulting & Customer Staffing & HR Services IT & BPO Information Consulting & Advertising & Customer Staffing & Events & Services Exhibitions Marketing Services Training Care / CRM Recruiting Services Services Training Marketing Care / CRM Recruiting Exhibitions Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 4/2/18. Figures reflect median values, except for HR services, which reflects mean values. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 6 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics

$MM, Except Per Share Data Stock LTM Trading Statistics Operating Metrics Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin 4/2/18 Low High Value Equiv. Debt Value CY 17A CY 18E CY 19E CY 17A CY 18E CY 19E CY 18E CY 19E 18E/17A 19E/18E CY 18E CY 19E CY 18E CY 19E

Advertising & Marketing Services

WPP plc $15.91 $15.20 $24.92 $19,836 $3,232 $9,292 $26,529 1.3x 1.2x 1.2x 8.3x 7.5x 7.3x 9.6x 9.2x 3.6% 2.8% NA NA 16.5% 16.5% Omnicom Group Inc. 71.27 65.32 86.71 16,411 3,796 4,964 18,298 1.2x 1.2x 1.1x 7.8x 7.6x 7.2x 12.7x 11.9x 3.5% 2.9% 25.4% 25.6% 15.2% 15.7% Publicis Groupe S.A. 69.61 64.03 84.89 15,745 2,890 3,758 16,616 1.4x 1.4x 1.4x 7.7x 8.0x 7.7x 12.1x 11.5x 1.2% 2.7% 38.0% 38.0% 17.6% 17.9% Dentsu Inc. 43.64 40.81 61.74 12,303 2,715 4,089 14,182 1.7x NA NA 8.3x NA NA NA NA NA NA NA NA NA NA Alliance Data Systems Corporation 208.00 205.61 278.33 11,536 4,190 25,818 33,164 4.3x 4.0x 3.6x 19.1x 15.1x 13.8x 9.2x 8.1x 7.4% 9.7% 44.4% 44.9% 26.5% 26.5% The Interpublic Group of Companies, Inc. 22.67 18.30 26.01 8,716 791 1,373 9,584 1.2x 1.2x 1.1x 8.5x 7.9x 7.6x 13.2x 12.2x 3.4% 3.1% 36.2% 36.3% 14.9% 15.0% Hakuhodo DY Holdings Inc 13.71 12.13 16.00 5,110 1,186 83 4,206 0.4x 0.3x NA 7.9x NA NA NA NA 9.8% NA 20.3% NA NA NA HubSpot, Inc. 107.50 58.45 124.45 4,070 504 298 3,864 10.3x 8.0x 6.4x NM NM NM NM NM 28.8% 24.2% 81.8% 82.4% 8.7% 10.6% LendingTree, Inc. 321.95 116.70 404.40 3,942 369 238 3,812 6.2x 4.9x 3.9x 44.8x 25.5x 19.5x NM 42.4x 27.1% 24.2% 96.9% 97.0% 19.0% 20.1% j2 Global, Inc. 77.12 70.27 91.48 3,785 351 1,002 4,436 4.0x 3.6x 3.4x 10.8x 9.0x 8.0x 12.6x 11.4x 9.3% 7.6% 84.5% 84.5% 40.3% 42.1% Yelp Inc. 40.71 26.93 48.40 3,398 821 - 2,577 3.0x 2.7x 2.3x NM 14.1x 11.1x 34.4x 27.0x 12.6% 16.4% 92.6% 92.6% 19.2% 20.9% Meredith Corporation 52.70 50.63 72.25 2,358 35 697 3,019 1.8x 0.7x 0.7x 9.2x 3.7x 2.8x 9.1x NA 149.6% (1.3%) NA NA 19.6% 26.4% Moneysupermarket.com Group PLC 4.03 3.39 5.18 2,160 47 - 2,113 4.7x 4.4x 4.2x 13.6x 11.9x 11.3x 17.4x 16.2x 7.0% 5.9% 73.2% 73.1% 37.1% 37.0% Cheil Worldwide Inc. 18.14 16.67 21.17 1,962 350 12 1,634 0.5x 0.5x 0.5x 9.0x 7.9x 7.4x 16.1x 14.5x 5.5% 4.4% 31.4% 31.8% 6.2% 6.4% Ipsos SA 39.27 31.03 43.84 1,637 167 724 2,215 1.0x 1.0x 1.0x 8.8x 8.7x 8.1x 11.5x 10.6x 2.4% 3.9% 65.3% 65.4% 11.6% 12.0% QuinStreet, Inc. 12.51 3.36 14.65 578 42 - 536 1.6x 1.4x 1.3x 47.4x 16.7x 12.8x 48.7x 31.3x 12.9% 9.5% 14.5% 16.0% 8.5% 10.1% YouGov plc 5.35 3.44 5.48 564 30 - 534 3.4x 3.1x 2.8x 25.0x 17.8x 15.2x 26.6x NA 7.3% 10.3% 63.9% 64.5% 17.6% 18.7% MDC Partners Inc. 6.95 6.53 12.26 406 46 883 1,364 0.9x 0.9x 0.8x 7.8x 6.3x 5.7x 9.7x 7.8x 4.9% 5.1% NA NA 13.6% 14.3%

Mean 2.7x 2.4x 2.2x 15.3x 11.2x 9.7x 17.4x 16.5x 17.4% 8.2% 54.9% 57.8% 18.3% 19.4% Median 1.7x 1.4x 1.3x 8.9x 8.7x 8.0x 12.6x 11.9x 7.3% 5.5% 54.1% 64.5% 17.0% 17.2%

Events & Exhibitions

UBM plc $13.18 $8.98 $13.45 $5,187 $105 $800 $5,927 4.4x 4.3x 4.2x 14.9x 14.3x 13.3x 18.9x 17.9x 1.1% 4.0% 31.1% 32.0% 30.2% 31.3% Ascential plc 5.86 4.27 5.91 2,345 62 429 2,712 5.3x 4.7x 4.3x 18.7x 15.2x 13.7x 22.0x 19.4x 14.4% 7.6% NA NA 30.7% 31.6% Emerald Expositions Events, Inc. 19.00 18.19 24.56 1,383 11 555 1,927 5.6x 5.2x 5.0x 13.1x 12.2x 11.6x 15.4x 14.4x 7.6% 4.5% 71.7% 71.9% 42.8% 43.3% Viad Corp 52.15 42.05 61.85 1,065 54 209 1,241 0.9x 0.9x 0.9x 9.0x 8.1x 7.7x 19.1x 17.6x 1.8% 2.2% NA NA 11.6% 11.9% GL Events 30.08 24.63 36.29 699 - - 699 0.6x 0.6x 0.6x 4.3x 4.0x 3.8x 13.5x 13.3x 8.3% 0.7% NA NA 14.1% 14.7% ITE Group plc 2.19 2.08 2.77 586 31 98 683 NA 3.0x 2.9x NA 15.7x 14.2x 18.1x 15.7x NA 3.8% 38.2% 39.0% 19.1% 20.4% Tarsus Group plc 4.21 3.84 4.72 475 30 146 597 3.8x 4.6x 3.3x 11.5x 13.9x 9.1x 17.9x 10.5x (18.0%) 37.7% NA NA 32.9% 36.5% MCH Group AG 50.47 46.39 87.07 303 119 253 439 0.9x 0.7x 0.7x 7.7x 6.3x 6.3x 17.5x 16.5x 19.7% 9.1% NA NA 11.7% 10.7%

Mean 3.1x 3.0x 2.7x 11.3x 11.2x 10.0x 17.8x 15.6x 5.0% 8.7% 47.0% 47.6% 24.1% 25.0% Median 3.8x 3.7x 3.1x 11.5x 13.1x 10.3x 18.0x 16.1x 7.6% 4.2% 38.2% 39.0% 24.7% 25.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 7 Negative margins considered NM. Market Data as of 4/2/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Information Services

S&P Global Inc. $186.63 $127.60 $197.76 $46,538 $2,791 $3,569 $48,723 8.0x 7.6x 7.1x 16.6x 15.3x 14.3x 21.9x 19.7x 6.1% 6.1% 72.7% 72.7% 49.4% 49.9% RELX PLC 20.58 19.65 25.06 40,806 150 6,604 47,288 4.8x 4.5x 4.3x 15.7x 12.9x 12.3x 17.5x 16.4x 5.8% 4.0% 52.8% 53.0% 35.0% 35.1% Moody's Corporation 158.66 110.82 171.68 30,321 1,183 5,541 34,891 8.3x 7.4x 7.0x 17.5x 15.3x 14.2x 20.6x 18.6x 11.9% 6.1% 70.1% 70.4% 48.6% 49.2% Thomson Reuters Corporation 38.65 38.14 48.65 27,423 972 7,272 34,221 3.0x 3.0x 2.9x 13.6x 9.9x 10.0x 14.9x 14.0x 1.3% 3.7% NA NA 30.2% 28.7% Experian plc 21.60 20.06 23.99 19,572 122 3,587 23,047 NA 4.8x 4.5x NA 14.0x 13.2x 20.6x 19.4x NA 6.3% 57.0% 57.0% 34.1% 34.1% IHS Markit Ltd. 47.52 41.43 50.00 18,166 156 4,280 22,298 6.2x 5.8x 5.4x 19.9x 14.6x 13.5x 20.9x 18.4x 7.6% 5.8% 63.3% 64.0% 39.3% 40.4% Verisk Analytics, Inc. 101.59 75.60 106.07 16,764 146 3,009 19,627 9.1x 8.3x 7.8x 19.9x 17.1x 15.8x 25.4x 22.9x 10.1% 6.9% 63.5% 63.8% 48.6% 49.1% Wolters Kluwer N.V. 53.14 43.50 55.36 14,783 1,226 3,710 17,272 3.3x 3.2x 3.1x 11.9x 12.0x 11.4x 18.2x 16.8x 0.3% 3.6% 69.2% 69.2% 27.1% 27.5% Equifax Inc. 114.95 89.59 147.02 13,808 336 2,704 16,241 4.8x 4.7x 4.4x 14.6x 13.7x 12.6x 19.4x 17.9x 3.9% 5.7% 64.2% 64.4% 33.9% 34.9% MSCI Inc. 145.94 95.01 159.98 13,117 890 2,078 14,305 11.2x 10.0x 9.1x 21.7x 18.3x 16.4x 27.8x 24.1x 12.6% 9.2% 79.3% 79.5% 54.6% 55.6% Nielsen Holdings plc 30.83 30.65 43.61 10,995 656 8,441 18,978 2.9x 2.8x 2.7x 11.2x 9.3x 8.6x 11.7x 10.3x 4.4% 3.5% 56.9% 57.3% 29.9% 31.2% Gartner, Inc. 116.06 107.70 142.16 10,542 539 3,279 13,282 NM 3.2x 2.9x NM 17.1x 15.2x 29.8x 25.1x NM 10.9% 62.3% 62.7% 18.7% 19.0% TransUnion 55.65 37.56 61.42 10,233 137 2,465 12,656 6.5x 5.9x 5.5x 18.0x 15.2x 13.9x 24.1x 21.4x 10.4% 7.6% 67.4% 67.9% 38.9% 39.7% News Corporation 15.41 12.19 17.29 8,985 1,856 281 7,708 0.9x 0.9x 0.9x 9.4x 7.9x 7.4x 27.5x 24.3x 0.7% 0.2% NA NA 11.7% 12.5% Informa plc 10.09 8.86 10.86 8,314 74 1,930 10,185 4.3x 4.1x 4.0x 13.5x 12.3x 11.0x 14.9x 14.3x 3.5% 3.2% NA NA 33.7% 36.5% FactSet Research Systems Inc. 196.15 155.09 217.36 7,655 265 575 7,964 6.3x 5.8x 5.4x 18.6x 17.2x 16.0x 22.5x 20.4x 8.8% 6.8% 52.3% 53.9% 33.7% 33.9% Fair Isaac Corporation 163.17 125.71 179.58 4,907 94 664 5,477 5.8x 5.4x 5.0x 25.4x 19.9x 18.4x 25.7x 22.1x 7.0% 7.0% 69.5% 70.3% 27.1% 27.4% The Dun & Bradstreet Corporation 114.92 101.17 130.95 4,262 442 1,678 5,514 3.2x 3.1x 3.0x 12.0x 10.6x 10.2x 14.0x 13.4x 1.9% 2.5% 67.1% 67.2% 29.4% 29.7% Morningstar, Inc. 94.75 68.43 103.46 4,027 353 180 3,853 4.2x NA NA 16.4x NA NA NA NA NA NA NA NA NA NA CoreLogic, Inc. 44.19 38.50 49.30 3,603 119 1,754 5,238 2.8x 2.8x 2.8x 13.6x 11.1x 10.4x 17.0x 15.3x (0.2%) 2.0% 48.4% 48.6% 25.6% 26.7% Euromoney Institutional Investor PLC 17.19 14.40 19.08 1,846 6 227 2,079 NA 3.5x 3.5x NA 12.9x 12.6x 16.0x 15.7x NA (0.1%) NA NA 27.0% 27.7% Acxiom Corporation 23.28 18.60 32.93 1,831 178 230 1,883 2.1x 2.0x 1.8x 23.0x 9.9x 8.5x 23.9x 18.7x 6.7% 7.5% 48.7% 49.0% 19.8% 21.5% comScore, Inc. 23.87 20.96 31.00 1,305 38 8 1,276 3.2x 3.1x 3.0x NM NM 37.5x NM NA 0.6% 4.2% 55.0% NA 5.6% 8.0% National Research Corporation 49.83 39.00 58.16 1,221 35 1 1,188 10.1x 9.3x NA 30.6x 27.8x NA NA NA 8.7% NA 58.5% NA 33.5% NA Forrester Research, Inc. 41.10 36.95 47.75 743 134 - 608 1.8x 1.7x 1.6x 17.4x 15.2x 11.0x 29.1x 22.0x 5.0% 6.4% 60.1% 60.9% 11.3% 14.7%

Mean 5.1x 4.7x 4.3x 17.2x 14.3x 13.7x 21.1x 18.7x 5.6% 5.2% 61.9% 62.9% 31.1% 31.9% Median 4.5x 4.3x 4.0x 16.6x 14.0x 12.6x 20.8x 18.7x 5.8% 5.8% 62.8% 63.9% 31.8% 31.2%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 8 Negative margins considered NM. Market Data as of 4/2/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Exponent, Inc. $77.20 $56.95 $81.15 $1,989 $196 $0 $1,793 5.4x 5.1x 4.8x 22.9x 20.0x 18.0x 31.7x 28.9x 6.7% 7.2% 35.0% 35.8% 25.5% 26.5% FTI Consulting, Inc. 48.34 31.65 50.81 1,765 190 396 1,971 1.1x 1.1x 1.0x 10.5x 9.2x 8.8x 19.3x 17.4x 2.7% 4.2% 33.5% 33.0% 11.6% 11.6% ICF International, Inc. 59.55 40.20 62.00 1,109 12 206 1,303 1.1x 1.0x 1.0x 11.6x 10.6x 9.9x 16.1x 14.7x 3.1% 5.0% 37.5% 37.6% 9.7% 9.9% CBIZ, Inc. 18.20 13.45 19.65 993 1 182 1,174 1.4x 1.3x 1.2x 13.1x 10.9x 10.1x 17.3x 15.4x 5.8% 5.6% NA NA 12.0% 12.2% Navigant Consulting, Inc. 18.78 14.62 24.47 846 8 133 971 1.0x 1.0x 1.0x 7.7x 7.7x 7.3x 14.5x 13.2x 3.2% 3.5% 30.7% 30.9% 13.0% 13.3% Huron Consulting Group Inc. 37.80 29.53 46.85 812 17 343 1,138 1.6x 1.5x 1.5x 10.9x 12.6x 11.2x 16.9x 15.2x 1.3% 4.7% 33.4% 35.9% 12.2% 13.0% Resources Connection, Inc. 15.15 12.05 17.00 475 56 48 467 0.8x 0.7x 0.7x 10.1x 9.8x 8.7x 15.8x 14.4x 17.0% 3.3% 37.7% 38.1% 6.9% 7.5% The Hackett Group, Inc. 15.56 13.24 20.36 455 18 19 457 1.7x 1.5x 1.5x 11.1x 9.0x 8.3x 14.0x 12.8x 11.9% 5.5% 38.0% 39.1% 17.2% 17.7% CRA International, Inc. 52.52 31.77 54.17 440 54 - 386 1.0x 1.0x 0.9x 15.1x NA NA 24.5x 21.8x 6.0% 6.8% 29.9% 30.3% NA NA Franklin Covey Co. 26.25 17.35 31.20 364 8 49 405 2.1x 1.9x 1.7x NM 26.7x NA NM NA 12.2% 9.4% 68.8% 69.6% 7.0% NA GP Strategies Corporation 21.80 20.30 31.25 362 24 69 407 0.8x 0.8x 0.7x 12.9x 7.9x 6.2x 15.1x 10.3x 3.6% 7.8% 17.1% 17.7% 9.8% 11.4% Information Services Group, Inc. 4.16 2.99 4.63 182 28 114 268 1.0x 0.9x 0.9x 11.1x 7.5x 6.8x 11.9x 10.1x 6.5% 6.1% 41.3% 41.7% 12.4% 12.9%

Mean 1.6x 1.5x 1.4x 12.5x 12.0x 9.5x 17.9x 15.9x 6.7% 5.8% 36.6% 37.2% 12.5% 13.6% Median 1.1x 1.0x 1.0x 11.1x 9.8x 8.8x 16.1x 14.7x 5.9% 5.6% 35.0% 35.9% 12.0% 12.6%

HR Services

Automatic Data Processing, Inc. $113.30 $95.50 $125.24 $50,222 $1,777 $2,002 $50,448 3.9x 3.7x 3.4x 18.5x 17.4x 15.6x 25.5x 22.6x 7.4% 6.8% 43.5% 43.4% 21.1% 22.0% Paychex, Inc. 60.32 54.20 73.10 21,671 421 58 21,308 6.6x 6.1x 5.7x 15.1x 14.9x 14.3x 22.8x 21.1x 8.1% 6.2% 70.0% 69.8% 40.9% 40.1% TriNet Group, Inc. 45.02 27.27 49.00 3,154 336 423 3,241 1.0x 3.8x 3.5x 13.8x 10.5x 9.5x 17.4x 17.0x (73.9%) 8.1% 74.4% 74.5% 36.2% 36.8% Insperity, Inc. 67.60 34.88 72.60 2,839 356 104 2,588 0.8x 0.7x 0.6x 18.0x 13.1x 11.5x 22.3x 19.5x 12.4% 11.0% 17.2% 17.2% 5.3% 5.5% Barrett Business Services, Inc. 81.20 44.52 89.87 593 61 4 537 0.6x 0.5x 0.5x 15.2x 12.4x 10.3x 18.7x 16.2x 11.8% 11.0% 3.0% 3.0% 4.2% 4.6%

Mean 2.6x 3.0x 2.8x 16.1x 13.7x 12.2x 21.3x 19.3x (6.8%) 8.6% 41.6% 41.6% 21.6% 21.8% Median 1.0x 3.7x 3.4x 15.2x 13.1x 11.5x 22.3x 19.5x 8.1% 8.1% 43.5% 43.4% 21.1% 22.0%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 9 Negative margins considered NM. Market Data as of 4/2/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Staffing & Recruiting

Recruit Holdings Co.,Ltd. $24.72 $17.28 $27.12 $41,295 $3,218 $1,782 $39,904 2.1x 1.8x 1.7x 15.8x 15.0x 12.6x 27.1x 22.7x 14.0% 7.9% 46.4% 46.5% 12.2% 13.5% Randstad Holding NV 65.72 59.18 73.25 12,019 396 1,623 13,247 0.5x 0.4x 0.4x 10.6x 8.8x 8.3x 11.9x 11.3x 6.8% 3.3% 20.0% 20.0% 5.0% 5.2% Adecco Group AG 71.21 69.15 83.88 11,808 1,155 2,351 13,014 0.5x 0.4x 0.4x 9.0x 8.3x 7.9x 11.8x 11.2x 5.7% 3.2% 18.3% 18.3% 5.2% 5.3% ManpowerGroup Inc. 113.63 97.15 136.93 7,517 689 948 7,858 0.4x 0.3x 0.3x 8.7x 7.9x 7.4x 12.6x 12.3x 10.2% 4.9% 16.5% 16.4% 4.3% 4.4% Robert Half International Inc. 57.48 42.92 60.59 7,021 295 1 6,728 1.3x 1.2x 1.1x 11.6x 10.9x 10.2x 17.6x 16.2x 6.0% 5.2% 41.3% 41.4% 11.0% 11.3% Persol Holdings Co., Ltd. 28.75 18.72 29.50 6,723 703 954 7,096 1.2x 0.8x 0.7x 17.6x 13.4x 11.8x 28.8x 24.2x 51.6% 7.2% 23.7% 23.5% 6.0% 6.3% ASGN Incorporated 82.52 44.66 86.13 4,306 34 575 4,846 1.8x 1.5x 1.3x 17.1x 12.4x 11.2x 19.6x 17.7x 25.9% 11.2% 31.3% 31.0% 11.9% 11.8% Hays plc 2.65 2.18 2.90 3,837 155 108 3,791 0.5x 0.5x 0.5x 11.5x 9.8x 9.2x 16.0x 14.5x 8.5% 4.3% 18.7% 18.8% 4.8% 5.0% Korn/Ferry International 50.69 29.84 52.17 2,865 391 241 2,718 1.6x 1.5x 1.4x 12.6x 9.8x 8.8x 17.2x 15.5x 7.2% 4.0% 33.7% 34.5% 15.2% 16.2% PageGroup plc 7.54 5.72 7.95 2,334 129 - 2,205 1.2x 1.1x 1.0x 12.6x 10.3x 9.6x 17.4x 16.2x 10.5% 5.0% 55.0% 54.0% 10.4% 10.7% Kelly Services, Inc. 28.75 20.27 30.99 1,105 33 10 1,083 0.2x 0.2x 0.2x 10.0x 8.5x 7.6x 12.2x 10.6x 5.1% 3.4% 17.9% 18.0% 2.3% 2.4% TrueBlue, Inc. 25.95 19.30 29.50 1,031 29 119 1,121 0.4x 0.4x 0.4x 9.0x 8.6x 8.1x 11.8x 10.8x 2.3% 3.2% 25.2% 25.4% 5.1% 5.2% Kforce Inc. 26.35 16.75 29.35 656 0 120 776 0.6x 0.5x 0.5x 10.2x 8.7x 7.9x 12.4x 11.0x 3.9% 4.6% 30.0% 30.1% 6.3% 6.7% Heidrick & Struggles International, Inc. 30.40 17.90 32.65 572 208 - 364 0.6x 0.6x 0.5x 6.5x 5.5x 5.0x 19.7x 18.1x 4.4% 4.8% 30.4% 30.5% 10.2% 10.7%

Mean 0.9x 0.8x 0.8x 11.6x 9.9x 9.0x 16.9x 15.2x 11.6% 5.2% 29.2% 29.2% 7.9% 8.2% Median 0.6x 0.6x 0.5x 11.1x 9.3x 8.6x 16.6x 15.0x 7.0% 4.7% 27.6% 27.7% 6.1% 6.5%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 10 Negative margins considered NM. Market Data as of 4/2/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

IT & BPO Services

International Business Machines Corporation $150.07 $139.13 $176.33 $138,240 $12,582 $46,858 $172,647 2.2x 2.2x 2.1x 10.4x 8.9x 8.7x 10.8x 10.6x 1.3% 0.3% 47.5% 47.7% 24.3% 24.6% Accenture plc 147.98 114.82 165.58 95,164 3,598 29 92,350 2.6x 2.3x 2.2x 15.8x 13.6x 12.6x 21.9x 20.0x 11.1% 6.6% 31.5% 31.6% 17.1% 17.3% Tata Consultancy Services Limited 44.71 34.62 50.08 85,592 5,729 12 79,932 4.2x 4.0x 3.7x 15.9x 15.2x 14.0x 20.3x 18.2x 5.6% 9.1% 43.1% 43.5% 26.4% 26.2% Cognizant Technology Solutions Corporation 79.21 57.50 85.10 46,580 5,056 873 42,397 2.9x 2.6x 2.4x 14.0x 12.3x 10.7x 17.4x 15.4x 9.6% 8.8% 39.0% 39.5% 21.3% 22.5% Infosys Limited 17.47 13.22 18.76 37,977 3,615 - 34,362 3.2x 3.0x 2.8x 11.9x 11.5x 10.6x 16.6x 15.4x 5.4% 7.3% 36.8% 36.6% 26.4% 26.7% DXC Technology Company 99.48 67.76 107.85 28,420 2,926 8,540 34,399 NA 1.4x 1.4x NA 6.8x 6.7x 11.2x 10.5x NM (1.0%) 26.1% 27.1% 21.0% 21.6% HCL Technologies Limited 15.05 12.24 15.99 20,956 843 92 20,206 2.7x 2.5x 2.2x 11.7x 10.9x 10.0x 15.4x 14.0x 8.2% 9.5% 34.0% 33.9% 22.6% 22.4% Capgemini SE 124.51 104.38 133.92 20,863 2,387 4,057 22,538 1.5x 1.4x 1.3x 11.6x 10.2x 9.6x 16.6x 15.2x 3.4% 5.3% 30.0% 32.2% 14.0% 14.0% Wipro Limited 4.45 3.72 5.14 20,035 4,532 2,067 17,607 2.1x 2.0x 1.9x 10.4x 9.9x 9.7x 15.3x 14.8x 1.5% 6.1% 29.5% 29.7% 20.5% 19.8% CGI Group Inc. 57.09 47.80 59.79 16,218 191 1,521 17,548 2.0x 2.0x 1.9x 12.1x 10.8x 10.3x 17.3x 16.1x 1.4% 3.2% NA NA 18.3% 18.6% NTT Data Corporation 10.36 9.46 13.42 14,529 1,890 5,261 18,203 1.0x 0.9x 0.9x 7.2x 6.1x 5.9x 22.3x 18.7x 9.6% (0.5%) 24.6% 25.1% 14.7% 15.3% Atos SE 136.69 127.52 166.58 14,368 2,714 2,345 14,676 1.0x 0.9x 0.9x 7.7x 6.7x 6.5x 12.7x 11.6x 1.7% 2.5% 52.2% 51.0% 14.1% 14.3% Nomura Research Institute, Ltd. 47.70 36.20 52.69 10,717 1,036 519 10,307 2.5x 2.2x 2.2x 12.5x 11.0x 10.4x 24.7x 22.8x 13.1% 4.3% 34.3% 34.6% 20.3% 20.8% Tech Mahindra Limited 9.84 5.48 10.02 9,640 1,397 242 8,560 1.8x 1.7x 1.6x 13.0x 10.7x 9.4x 16.0x 14.5x 5.3% 5.0% 29.5% 30.1% 16.1% 17.4% Genpact Limited 31.50 23.34 34.79 6,095 509 1,220 6,810 2.5x 2.3x 2.1x 16.0x 13.6x 12.4x 18.2x 16.2x 8.4% 7.9% 38.5% 38.6% 16.9% 17.2% EPAM Systems, Inc. 112.20 73.49 125.88 5,951 583 25 5,394 3.7x 3.0x 2.4x 25.7x 16.8x 13.6x 27.4x 22.6x 25.2% 21.3% 36.9% 37.1% 17.7% 17.9% Conduent Incorporated 18.35 14.95 20.32 3,862 658 2,061 5,265 0.9x 0.9x 0.9x 7.6x 7.3x 6.8x 17.6x 15.0x (5.0%) 0.7% 18.1% 18.5% 12.5% 13.4% MphasiS Limited 13.01 8.03 14.33 2,514 444 60 2,130 2.2x 2.0x 1.8x 13.7x 12.1x 10.7x 17.8x 15.9x 8.4% 12.6% 27.7% 27.5% 16.4% 16.5% WNS (Holdings) Limited 44.73 27.69 48.26 2,250 208 103 2,145 3.0x 2.8x 2.5x 23.4x 12.2x 10.6x 29.5x 27.7x 9.0% 10.9% 33.7% 34.7% 22.6% 23.4% Syntel, Inc. 25.16 15.82 27.72 2,087 123 359 2,323 2.5x 2.5x 2.4x 9.4x 10.0x 9.6x 13.5x 12.8x 0.9% 2.1% 36.6% 36.8% 25.0% 25.5% Mindtree Limited 12.41 6.68 13.42 2,035 136 39 1,938 2.3x 2.1x 1.9x 18.1x 14.5x 12.3x 23.1x 19.3x 9.9% 12.0% 34.1% 33.8% 14.6% 15.4% Hexaware Technologies Limited 6.37 3.06 6.45 1,891 84 - 1,807 2.9x 2.7x 2.3x 17.8x 15.9x 14.0x 21.9x 19.8x 10.2% 13.4% 33.9% 33.9% 16.7% 16.8% ExlService Holdings, Inc. 55.00 45.05 64.34 1,881 265 61 1,677 2.2x 2.0x 1.8x 15.0x 11.2x 9.9x 19.9x 18.0x 10.8% 9.0% 35.0% 35.3% 17.7% 18.3% Globant S.A. 49.94 33.56 54.84 1,758 62 6 1,702 4.1x 3.4x 2.8x 33.0x 19.9x 16.4x 31.5x 25.7x 21.7% 19.9% 38.5% 38.6% 17.0% 17.2% Presidio, Inc. 15.34 12.75 19.74 1,410 21 884 2,274 0.8x 0.8x 0.7x 10.5x 9.6x 8.2x 10.8x 9.1x 7.4% 6.7% 21.0% 21.4% 7.9% 8.7% Virtusa Corporation 46.97 25.72 52.88 1,382 293 130 1,315 1.4x 1.1x 1.0x 19.8x 13.9x NA 21.9x 17.8x 24.8% 12.2% 29.2% 29.9% 7.8% NA Luxoft Holding, Inc. 40.00 39.15 67.85 1,353 69 1 1,284 1.5x 1.3x 1.1x 13.8x 8.5x 6.7x 13.2x 10.2x 12.7% 14.7% 37.7% 38.2% 15.3% 16.9% Persistent Systems Limited 10.53 8.58 13.48 842 134 0 708 1.5x 1.4x 1.2x 9.9x 8.2x 7.1x 14.5x 12.6x 10.1% 12.4% 35.0% 35.7% 16.6% 17.2% Perficient, Inc. 22.33 16.20 24.30 777 6 55 826 1.7x 1.7x 1.6x 15.5x 10.8x 9.9x 15.0x 13.6x 1.9% 4.6% 36.3% 36.4% 15.9% 16.6% ConvergeOne Holdings, Inc. 9.19 7.95 9.95 641 13 572 1,199 1.3x 0.8x 0.8x 16.0x 7.7x 7.0x 9.1x 7.9x 59.5% 5.6% 30.2% 30.5% 10.6% 11.1%

Mean 2.2x 2.0x 1.8x 14.5x 11.2x 10.0x 18.1x 16.1x 10.1% 7.7% 33.8% 34.1% 17.6% 18.4% Median 2.2x 2.0x 1.9x 13.7x 10.8x 9.9x 17.4x 15.4x 8.4% 7.0% 34.1% 34.6% 17.0% 17.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 11 Negative margins considered NM. Market Data as of 4/2/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Customer Care / CRM Services

Teleperformance SE $155.02 $123.15 $159.20 $8,954 $342 $1,934 $10,560 2.1x 2.0x 1.9x 13.7x 11.4x 10.6x 19.3x 17.4x 5.3% 6.5% NA NA 17.5% 17.7% SYNNEX Corporation 96.80 96.06 141.94 3,882 378 1,816 5,320 0.3x 0.3x 0.3x 7.9x 7.2x 6.7x 9.6x 9.0x 13.7% 3.5% 9.0% 9.0% 3.8% 3.9% Convergys Corporation 22.07 20.60 26.66 2,022 207 269 2,084 0.7x 0.8x 0.8x 5.8x 6.3x 6.1x 13.1x 12.8x (5.4%) 0.2% 37.4% 37.5% 12.4% 12.8% TTEC Holdings, Inc. 30.45 28.65 43.75 1,397 74 344 1,673 1.1x 1.1x 1.1x 9.0x 8.0x 7.6x 15.6x 14.6x 2.8% 4.0% 25.6% 26.5% 13.8% 13.9% Sykes Enterprises, Incorporated 28.18 25.77 34.49 1,199 344 275 1,130 0.7x 0.7x 0.6x 6.6x 6.4x 5.8x 14.1x 12.3x 6.9% 4.4% 34.1% 34.5% 10.4% 11.1% transcosmos inc. 26.49 21.53 31.39 1,099 236 124 1,016 0.4x 0.4x 0.4x 11.6x 9.4x 8.2x 21.9x 17.5x 14.1% 10.0% 17.9% 18.2% 4.1% 4.3% BELLSYSTEM24 Holdings, Inc. 14.01 8.57 15.35 1,031 49 697 1,691 1.7x 1.5x 1.4x 16.0x 14.0x 12.7x 17.5x 15.6x 10.4% 8.7% 18.8% 19.1% 10.7% 10.9% Relia, Inc. 12.59 9.61 14.26 868 124 24 768 0.8x 0.7x 0.7x 13.1x 9.1x 8.2x 23.8x 21.1x 12.4% 6.3% 14.7% 15.0% 7.8% 8.1% Atento S.A. 8.05 7.60 12.90 595 163 511 943 0.5x 0.5x 0.5x 4.7x 4.2x 4.0x 9.4x 8.1x 2.2% 4.9% NA NA 11.5% 11.4%

Mean 0.9x 0.9x 0.8x 9.8x 8.5x 7.8x 16.0x 14.3x 6.9% 5.4% 22.5% 22.8% 10.2% 10.5% Median 0.7x 0.7x 0.7x 9.0x 8.0x 7.6x 15.6x 14.6x 6.9% 4.9% 18.8% 19.1% 10.7% 11.1%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 12 Negative margins considered NM. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

UK-based provider of free access to credit reports and scores 3/15/2018 $383 NA NA 7.0x NA and consumer finance matching solutions

Provides environmental risk information services and 3/13/2018 $205 NA NA 2.8x NA solutions serving the property due diligence industry Two main units are CEIC and EMIS, which provide global 2/12/2018 $181 12.0x NA NA NA financial information from the macro and micro perspectives, Global Market Intelligence Division with a focus on data for emerging markets Offers critical news, information, and analytics enabling 1/30/2018 $20,000 10.4x NA 3.3x NA transactions and connecting communities of trading, Financial & Risk Business (55% stake) investment, financial, and corporate professionals Public relations, webcasting, and webhosting products, 1/29/2018 $335 13.4x NA 1.7x NA including GlobeNewswire, Media Intelligence, and Influencers PR Solutions & Digital Media Services Database

Provides context-based business security and fraud prevention 1/29/2018 $830 NA NA NA NA solutions for businesses in various industries worldwide

1/17/2018 $6,057 14.8x 14.5x 4.4x 4.4x Organizes business-to-business events worldwide

Provides eCommerce analytics, with proprietary 12/22/2017 $219 NA NA NA NA technology, for consumer product companies

12/18/2017 $476 5.8x NA 1.0x NA Largest direct mail production provider in North America

Provides market and cost intelligence solutions to 11/30/2017 $200 NA NA NA NA energy companies

Provides marketing tools to retailer and brand clients for 11/27/2017 $456 NM 19.6x 2.2x 2.2x understanding consumer voice

11/22/2017 NA NA NA NA NA Provider of data and analytics for capital markets

Provides under-banked consumer risk management and identity 11/14/2017 NA NA NA 2.4x NA verification services to alternative financial services industry

Global leader in consumer and business-to-business 10/12/2017 NA NA NA NA NA digital research data for business decisions

Leader in sales intelligence and acceleration for 10/5/2017 $70 NM NA 2.7x NA businesses selling to the public sector

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Japan-based advertising agency and provider of 10/2/2017 $1,188 16.5x 16.6x 0.4x 0.4x animation programs

Provides predictive analytics and marketing automation 9/26/2017 $558 NA NA NA NA technology for the automotive industry

Provides digital video brand advertising solutions in the 9/5/2017 $113 11.2x NA 0.7x NA U.S. and internationally

Provides research, technology, and data-enabled 8/29/2017 $1,300 6.3x 6.4x 1.6x 1.6x services to healthcare sector worldwide

Provides research and advice to academic, business, and 8/29/2017 $1,550 NA NA NA NA student leaders at Universities

Provides a data management platforms for display 8/28/2017 $105 NM NM 0.7x 1.0x advertising and in-store ad campaign solutions

Provides merchant risk intelligence for acquirers, 7/27/2017 $112 NA NA NA NA commercial banks, and payment systems

Provides health information through websites, mobile 7/24/2017 $2,617 14.4x 10.8x 3.7x 3.6x platforms, and publications

Predictive marketing company that uses AI to anticipate 7/18/2017 $147 NM NM 0.4x 0.3x people's need for products and services

7/5/2017 NA NA NA NA NA Provides assisted living referral services

Operates as a publisher, aggregator, and distributor of 7/3/2017 $1,435 14.2x 11.1x 3.0x 2.8x personal finance content on the Internet

Marketing solutions and search platform provider and 6/30/2017 NA NA NA NA NA publisher of the Real Yellow Pages and YP.com

Owns and operates a Website that enables customers to 6/20/2017 NA NA NA NA NA shop for energy rates

Provides identity theft detection, protection, and 6/16/2017 $63 NM NA 5.6x NA resolution services

6/5/2017 NA NA NA NA NA Provides B2B data and data-driven marketing services

14 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides location-driven insights and mobile advertising 6/5/2017 $200 NA NA NA NA intelligence

5/15/2017 $3,293 22.0x NA 11.6x NA Provides business intelligence and company information

Provides advertising, digital, and communications 5/11/2017 $4,309 11.4x 10.0x 1.7x 1.6x services

Provides hospitality, merchandise, ticket sales, 5/3/2017 $700 NA NA NA NA (Investment) sponsorship, and experiential services Provides subscription-based advertising, brand, and 4/17/2017 NA NA NA NA NA pricing intelligence solutions

Operates as a savings destination with digital offers for 4/10/2017 $464 15.1x 8.2x 1.6x 1.5x online and in-store purchases

Provides analytics and services to engage with shoppers 4/4/2017 NA NA NA NA NA and patients and optimize results

Includes the Experian Marketing Suite, CheetahMail, and 4/3/2017 $400 NA NA NA NA Mail Publisher Email/Cross-Channel Marketing Bus. Provides agricultural market intelligence to farmers, 4/3/2017 $900 17.0x NA 4.2x NA agribusinesses, and commodity traders

3/20/2017 $205 NA NA 7.3x NA Provides portfolio performance measurement

Cision provides public relations software (reverse 3/20/2017 NA NA NA NA NA merger)

Provides information and data for the global forest 3/3/2017 $125 16.2x NA 4.2x NA products industry

Provides software, workflow tools, and technologies to 2/28/2017 NA NA NA NA NA the automotive repair industry

2/20/2017 $104 17.0x 14.0x 1.9x 1.7x German full-service digital agency

2/16/2017 $215 NA NA NA NA Leading global provider of digital flight information

15 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides technology media, data, and marketing 1/19/2017 NA NA NA NA NA services to customers worldwide

Performance marketing network serving online 1/10/2017 $45 NA NA 3.2x NA merchants

Monitors and analyzes business information for 1/10/2017 $150 NA NA 2.5x NA companies worldwide

Provides data-driven, omni-channel marketing services 1/6/2017 $200 NA NA 2.8x 2.4x for clients in the financial services sector

Provides best practice and talent management insights 1/5/2017 $3,300 18.5x 13.3x 3.5x 3.4x in the U.S., Europe, and internationally

Provides marketers with a comprehensive view into 1/5/2017 NA NA NA NA NA consumer behavior patterns

UK-based producer and provider of technical 1/4/2017 $418 NA NA NA NA information for the automotive aftermarket

Provides integrated marketing solutions including 1/3/2017 NA NA NA NA NA digital, social, and direct mail

Operator of entertainment data and technology 12/20/2016 $560 NA NA NA NA company.

12/14/2016 $2,886 6.9x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

Market research company that publishes data on 12/8/2016 $2,015 11.6x 8.3x 1.3x 1.3x consumer confidence and products

Provider of business and financial information on public 11/21/2016 $144 NA NA NA NA and private companies globally

11/17/2016 $140 (1) NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

Notes: 16 Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provider of marketing insights and communications 11/17/2016 $90 6.5x 5.9x 0.7x 0.8x services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

Provider of geographic information products and 11/14/2016 NA NA NA NA NA services

10/25/2016 NA NA NA NA NA Provider of marketing research services

Provider of data, research and analysis on private and 10/14/2016 $225 NA NA 7.2x NA public companies

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

Publisher of trade magazines and industry-specific web 9/15/2016 $1,558 11.0x NA 4.2x NA sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

Provider of strategic advisory services for healthcare 8/9/2016 $2,393 22.8x 16.0x 6.9x 6.2x organizations

8/8/2016 $1,500 21.1x NA 3.2x NA Provider of performance marketing services

Provider of intellectual property and scientific 7/11/2016 $3,550 11.0x NA 3.5x NA information services Intellectual Property & Science Business

6/27/2016 $158 NM 8.9x 0.4x 0.5x Provider of online advertising services

Provider of data and research related to digital 6/10/2016 $260 19.3x NA 5.7x NA marketing, media, and commerce

17 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provider of sales and marketing services for the 6/9/2016 NA NA NA NA NA insurance sector

Provider of information, news and data for the travel 6/7/2016 NA NA NA NA NA and hospitality industries

5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

Provider of information and technology services to the 5/3/2016 $13,267 17.9x 14.0x 4.3x 4.2x global healthcare industry

Provider of risk assessment and decision analytics 4/25/2016 $820 NA NA NA NA services to the global healthcare industry

4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $7,303 19.1x 13.8x 6.6x 6.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

18 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 14.4x 11.7x 3.3x 2.4x Median 14.2x 11.1x 2.8x 2.1x

19 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides Guidewire platform implementation services 3/21/2018 $33 NA NA 1.7x NA to P&C insurance carriers

Provides title insurance and real estate transaction 3/19/2018 $1,180 10.5x 8.1x 0.6x 0.6x services Provides IT solutions and professional services to its U.S. 2/12/2018 $9,871 11.7x 12.0x 1.9x 1.8x government customers to modernize legacy systems, and protect and enhance networks and assets

2/6/2018 $400 10.5x NA NA NA Formerly SHL, provides talent assessment solutions Talent Assessment Business

Digital customer engagement firm that specializes in 2/5/2018 NA NA NA 2.0x NA developing and delivering compelling customer experiences

Provides cybersecurity, cloud, DevOps, IT modernization and 1/31/2018 $775 11.5x NA 1.3x NA advanced science and engineering solutions to government enterprises Provides technology-based information processing and 1/11/2018 $5,650 13.1x 12.2x 2.8x 2.6x servicing solutions worldwide

Provider of litigation support services including electronic 12/22/2017 $185 NA NA NA NA discovery, data management and managed review services

12/11/2017 NA NA NA NA NA Bankruptcy claims and noticing agency in the U.S.

Provides claim management, loss adjusting, and risk solutions 12/6/2017 NA NA NA NA NA to insurers, brokers, and risk managers

Reverse merger with SPAC to become a Nasdaq-listed 12/1/2017 NA NA NA NA NA public company

Provides software development, engineering, and 11/30/2017 $2,000 10.4x NA 2.9x NA product design services Provides advisory services in valuation, M&A, compliance and 11/1/2017 $1,750 NA NA NA NA regulatory consulting, disputes and investigations, real estate, restructuring, and tax Global IT consulting and next-generation software 10/30/2017 $250 NA NA NA NA services company with focus on telecom sector (65% Stake) Provider of clearance and protection solutions for 10/23/2017 $140 NA NA 2.4x NA trademark and intellectual property professionals

20 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides underwriting, claims administration, and 10/18/2017 $2,497 NA NA NA NA marketing services worldwide

Czech Republic-based provider of translation, 10/18/2017 $320 11.8x NA 2.0x NA localization, and testing services

Provides IT managed services, infrastructure solutions, 10/3/2017 $998 NA NA NA NA consulting, and products to SMBs and Fortune 1000 companies

Enterprise IT company providing advisory services, 9/28/2017 NA NA NA NA NA security, hosting and technology solutions Provides managed cloud, agile software development, DevOps, 9/18/2017 $180 NA NA NA NA systems engineering, and IT services to the U.S. federal government

Provides proxy advisory and corporate governance solutions to 9/7/2017 $720 NA NA NA NA financial market participants

8/29/2017 $3,100 15.5x NA NA NA Provides IP and legal support services worldwide

Provides PEO services to small and medium-sized 8/21/2017 NA NA NA NA NA businesses

Provides data, applications, analytics, and consulting 8/7/2017 $530 NA NA 2.6x NA services to life sciences companies

Provides engineering, IT and staffing solutions 7/31/2017 $154 NM NA 0.2x NA worldwide

Provides integrated workforce management solutions to 7/17/2017 NA NA NA NA NA manage their temporary staffing and outside service

Operates as a PEO that provides workforce solutions for 7/12/2017 NA NA NA NA NA businesses in the U.S.

Canada-based provider of IT services and data center 7/10/2017 $199 6.9x NA 0.3x NA solutions in North America and the U.K.

Independent integrator of Microsoft Dynamics 365 for 7/5/2017 $152 NA NA NA NA mid-market and enterprise customers

Provides IT solutions to defense, intelligence, 7/3/2017 $293 10.4x 9.6x 0.9x 0.8x healthcare, and government agencies worldwide

21 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides HR SaaS solutions that connect job seekers and 6/19/2017 $627 NA NA 0.9x NA employers in the U.S. and internationally

6/19/2017 $886 NA NA NA NA UK-based IT training and learning solutions company

Provides IT and infrastructure solutions for businesses in 6/13/2017 $1,675 NA NA NA NA North America

Technology distributor of security, collaboration, 6/6/2017 $830 15.8x NA 0.2x NA networking, and data center products

Provides travel visa and passport services to 6/1/2017 NA NA NA NA NA corporations, travel companies and individuals

5/25/2017 NA NA NA NA NA Provides enterprise managed solutions

5/22/2017 $330 NA NA NA NA Provider of specialized BPO services

5/18/2017 $93 NA NA 0.3x NA Provides IT and related staffing services

Provides subscription-based enterprise support services 5/16/2017 $837 NM NM 5.2x 3.8x for Oracle, SAP, and other software products

Provides technology solutions that streamline the claims 5/15/2017 NA NA NA NA NA management process

Provides outsourced services to the pharmaceutical, 5/10/2017 $4,600 15.4x NA 2.1x NA biotechnology, and healthcare industries

Provides communication and network infrastructure 5/9/2017 $4,955 7.6x 7.6x 2.2x 2.1x services

Provides technology-based educational, curriculum, and 4/14/2017 $2,000+ NA NA NA NA assessment solutions

4/7/2017 NA NA NA NA NA Develops contingent workforce management solutions

Provides infrastructure design, engineering, and project 4/3/2017 $2,702 11.6x 10.7x 1.0x 1.0x management consultancy services

22 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

4/3/2017 $288 NA NA 0.7x NA Provides IT and BPO services

Provides technology consulting to healthcare service 3/6/2017 $110 NA NA 0.9x NA providers

2/16/2017 $135 NA NA NA NA Provides strategy and growth consulting services

Benefits administration platform which provides cloud- 2/10/2017 $4,800 12.1x NA 2.1x NA based HR management services Benefits Administration & HR Platform

1/27/2017 $690 NA NA 0.7x NA Provides communications, engineering, and IT solutions Government IT Services Business Provides full-lifecycle software development services to 1/11/2017 $1,500 NA NA NA NA customers worldwide (48% stake)

12/19/2016 NA NA NA NA NA Provider of recruitment services

Provides managed hosting and cloud computing 12/14/2016 NA NA NA NA NA services, with strong AWS focus

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

Provider of information security and compliance 12/6/2017 NA NA NA NA NA management services to enterprise clients

Provider of data-driven benchmarking, outsourcing 12/1/2016 NA NA NA NA NA consulting and network advisory services

Provider of debt collection and business process 11/16/2016 NA NA NA NA NA outsourcing services

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,030 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

23 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provider of information management and data recovery 10/21/2016 $410 NA NA NA NA services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services

9/29/2016 NA NA NA NA NA Provider of consulting and advisory services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services

8/10/2016 NA NA NA NA NA Provider of business process outsourcing services

7/27/2016 $1,023 11.7x 8.9x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services

24 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

6/1/2016 NA NA NA NA NA Provider of business process outsourcing services

5/24/2016 $8,642 5.1x NA 0.5x NA Provider of IT consulting services

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

Provider of global IT and business process outsourcing 4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1x services

Provider of cloud-enabled consulting and 3/30/2016 NA NA NA NA NA implementation services

Provider of information technology and business 3/28/2016 $3,055 NA NA 1.1x NA services

2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

2/8/2016 $741 9.1x 6.1x 0.8x 0.8x Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 11.3x 9.2x 1.7x 1.6x Median 11.4x 9.0x 1.4x 1.2x

25 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD)

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Content-focused leader in integrated marketing, cross-channel strategy 3/29/2018 Accenture plc Meredith Xcelerated Marketing NA development and creative execution

3/29/2018 Investcorp Bank B.S.C. ICR, LLC NA Provides strategic communications and advisory services

Management consulting firm with strong strategy and operational consulting 3/29/2018 Ankura Consulting Group, LLC C3 Consulting LLC NA capabilities

Provides for the design, creation, deployment and management of digital signage 3/28/2018 Spectrio, LLC 10 Foot Wave, LLC NA media networks

3/28/2018 TravelClick, Inc. Digital Alchemy, LLC NA Provides CRM and e-mail marketing solutions to hotels, resorts, and spas

Credit Karma, Inc. Provides credit scoring, reporting and monitoring services to consumers for 3/28/2018 Silver Lake $4,000 (Significant Minority Stake) optimizing their credit and personal finances ($500MM investment)

Japan-based healthcare communications firm focused on medical content for promotional 3/27/2018 Omnicom Health Group Inc. Elsevier Japan KK NA materials and educational programs directed at doctors and patients

Dba Brilliant Partners, provides search, staffing, and recruitment services to 3/27/2018 Silver Oak Services Partners, LLC CBN Management, LLC NA accounting, finance, and IT industries

3/26/2018 Brite Media Group LLC Mesmerize, LLC. NA Point-of-care media company focused on educating health-conscious consumers

3/26/2018 DFW Capital Partners INSIGHT2PROFIT, LLC NA Provides data-driven pricing and compensation plans to B2B companies

The Chertoff Group 3/26/2018 ZP Group NA Provides cyber strategy, consulting, technology and compliance services (Investment)

Peak Rock Capital Legal discovery technology company; deal included acquisition of the LexisNexis 3/26/2018 CloudNine NA (Investment) eDiscovery product suite

3/23/2018 Infogix, Inc. Lavastorm Analytics, Inc. NA Operates as an agile data management and analytics software company

Provides a predictive analytics solution that accurately forecasts individualized 3/22/2018 NIKE, Inc. Zodiac Inc. NA customer lifetime value based on real-time sales data

3/21/2018 Quad/Graphics, Inc. Rise Interactive, Inc. NA Digital marketing agency specializing in media, analytics and customer experience

26 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

3/21/2018 Randall-Reilly, LLC Smart Rhino Labs LLC NA Provides recruiting services in the trucking industry

3/21/2018 Zensar Technologies, Inc. Cynosure, Inc $33 Provides Guidewire platform implementation services to P&C insurance carriers

3/21/2018 GI Partners, LLC Advanced Discovery Inc. and Consilio LLC NA Provide ediscovery and risk management software and services

Owns and operates a cloud-based enterprise social data platform that enables 3/19/2018 Meltwater News US Inc. Datasift Inc. NA social data aggregation and filtration

Provides end-to-end Know Your Business Partner technology and digital 3/19/2018 Dow Jones & Company, Inc. Complete Electronic Risk Compliance Limited NA compliance tools for international businesses

3/19/2018 Fidelity National Financial, Inc. Stewart Information Services Corporation $1,180 Provides title insurance and real estate transaction services

3/16/2018 Valassis Communications Inc. The Flyer Inc. NA Direct mail local shopper in Southeast Florida and the Tampa Bay market

Parthenon Capital Partners Provides commercialization strategy consulting and analytics services for life 3/16/2018 Trinity Partners NA (Investment) sciences companies to bring innovative treatments to market

3/16/2018 Alithya Group Inc. Edgewater Technology, Inc. NA Provides digital transformation consulting services

Operates a cloud-based platform for managing and publishing rich product 3/15/2018 Gladson Interactive, Inc. WebCollage, Inc. NA information across a network of retailer sites globally

Germany-based provider of environmental, social and governance (ESG) ratings 3/15/2018 Institutional Shareholder Services Inc. Oekom Research AG NA and data

3/15/2018 Gladson Interactive, Inc. FSE Inc. NA Leading product data management and syndication provider

UK-based provider of free access to credit reports and scores and consumer 3/15/2018 Experian plc Clear Score Technology Ltd. $383 finance matching solutions

Innovation design firm with four practices: Strategy, Physical/Digital Design, 3/15/2018 EPAM Systems, Inc. Continuum LLC NA Technology and Made Real Lab

Provides Disaster Recovery-as-a-Service (DRaaS) and cloud hosting solutions for complex 3/15/2018 InterVision Systems, LLC Bluelock, LLC NA environments, and sensitive data to help companies mitigate risk

27 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Transaction will result in the combination of two BPO companies, StarTek and Aegis, with 3/15/2018 Aegis Limited StarTek, Inc. NA over 50,000 employees in 12 countries across five continents

The Carlyle Group L.P. 3/14/2018 DiscoverOrg, LLC NA Provides sales and marketing intelligence (Investment)

Shamrock Capital Advisors, LLC 3/13/2018 Wpromote, Inc. NA Provides online marketing services (Investment)

Provides environmental risk information services and solutions serving the 3/13/2018 Battery Ventures; Silver Lake Environmental Data Resources, Inc. $205 property due diligence industry

Provides a range of investigative, intelligence, financial, security, and technology 3/13/2018 Duff & Phelps Corporation Kroll, Inc. NA services worldwide

Provides revenue cycle management solutions for hospitals, physicians, and other 3/12/2018 Cognizant Technology Solutions Corporation Bolder Healthcare Solutions LLC $108 healthcare professionals

3/8/2018 Comvest Partners Engage2Excel, Inc. NA Provides managed employee reward and recognition programs

3/7/2018 Health & Safety Institute, Inc. Vivid Learning Systems, Inc. NA Provides online safety training

3/6/2018 Penske Media Corporation SheKnows, LLC NA Operates a women’s lifestyle digital media platform

3/6/2018 Opus Events Agency LLC CRG Events NA Experiential events agency

Provides analytics, artificial intelligence, machine learning, and data visualization systems 3/6/2018 S&P Global Inc. Kensho Technologies, Inc. $564 to global banks and investment institutions [$20 million revenue business]

3/6/2018 U.S. Legal Support, Inc. Gramann Reporting, Ltd. NA Court reporting agency

3/6/2018 United Language Group, Inc. viaLanguage, Inc. NA Provides language translation, localization, and e-learning solutions

Adaptive learning, assessment, and study-planning solution used by U.S. medical 3/5/2018 Wolters Kluwer Health, Inc. Firecracker Inc. NA students

Provides online education and learning management solutions for multifamily 3/5/2018 Stone Point Capital LLC Grace Hill, Inc. NA housing professionals worldwide

28 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

3/5/2018 Deposition Solutions, LLC Automated Records Collection, LLC NA Dba Legal Monkeys, provides records retrieval services to law firms

TZP Group 3/1/2018 FreshAddress, Inc. NA Email marketing database services provider (Investment)

The Carlyle Group L.P. 3/1/2018 Corporate Finance Group, Inc. NA Provides accounting, reporting, and tax advisory services (Investment)

Pamlico Capital 3/1/2018 Silverline NA Salesforce platinum consulting partner (Investment)

Provides of direct mail and related marketing services to SMBs and franchises that 2/27/2018 Clearview Capital Mudlick Mail NA operate in the consumer services sector

Designs, underwrites, and markets membership-based legal expense plans in the 2/27/2018 Stone Point Capital LLC LegalShield NA U.S. and Canada

Provides IT infrastructure software in the areas of systems and network 2/26/2018 H.I.G. Capital, LLC HelpSystems, LLC NA management, BI, and security and compliance for customers worldwide

2/26/2018 GlobalData Plc Research Views Limited $150 Provides energy, construction and financial research services

2/21/2018 Anexinet Corp. Propelics, Inc. NA Provides IT strategy and application delivery services

Offers enterprise e-learning solutions for career, compliance and certification 2/20/2018 PWP Growth Equity 360training.com, Inc. NA needs

Provdes business intelligence and big data analytics of global supply chain activity and 2/20/2018 S&P Global Market Intelligence Inc. Panjiva, Inc. NA relationships through its Global Trade Intelligence Platform

Dba Vision Internet Providers, provides Website development, hosting, and digital 2/15/2018 Granicus Inc. Vision Technology Solutions, LLC NA solutions for government agencies

Provides omni-channel direct marketing services to a clients in the banking, 2/15/2018 Main Street Capital Direct Marketing Solutions, Inc. (DMS) NA alternative lending, technology and telecom sectors

Provides access to over 50 billion B2B and B2C data records for use in marketing, 2/15/2018 LiveRamp, Inc. Pacific Data Partners LLC NA sales, and analytics

Provides neighborhood data and data-enabled turnkey products to the real estate 2/15/2018 ATTOM Data Solutions Onboard Informatics LLC NA industry

29 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Oncology Solutions, LLC Offers oncology consulting services, including strategy, performance, 2/15/2018 The Chartis Group, LLC NA (nka:Chartis Oncology Solutions) program/care design and physician alignment

ConvergeOne, Inc. (nka:ConvergeOne Holdings, Specializes in unified communications, contact center, and voice and data 2/15/2018 Arrow Systems Integration, Inc. $31 Inc.) technologies

US Public Sector Business of With 1,500 partners and staff, helps governments and multilateral agencies solve complex 2/14/2018 Veritas Capital Fund Management, LLC NA PricewaterhouseCoopers LLP business problems, improve processes and manage risk

2/13/2018 Dentsu Aegis Network Ltd. Character SF, LLC NA Branding and design agency

Digital platform that allows clients to view, sort and analyze competitor 2/13/2018 Nielsen Media Research Limited Advertising Intelligence Division of Ebiquity plc $36 advertising, linking ad creative and ad spend in more than 90 countries

2/13/2018 Frontier Strategy Group Inc. Ducker Worldwide, LLC NA B2B research and consulting firm

Global Market Intelligence Division of Euromoney Two main units are CEIC and EMIS, which provide global financial information from the 2/12/2018 CITIC Capital Partners; Caixin Global Limited $181 Institutional Investor PLC macro and micro perspectives, with a focus on data for emerging markets

Provides IT solutions and professional services to its U.S. government customers to 2/12/2018 General Dynamics Corporation CSRA Inc. $9,871 modernize legacy systems, and protect and enhance networks and assets

Bold Orange Company, LLC Great Lakes Scrip Center operates a fundraising tool for non-profit organizations 2/12/2018 Great Lakes Scrip Center, LLC NA (Backed by Mountaingate Capital) and retailers

Consulting firm providing comprehensive enterprise hybrid cloud adoption 2/8/2018 Unitas Global, LLC Solinea, Inc. NA strategies

2/7/2018 The Knowland Group Competitive Marketing Exchange (CMX) NA Provides event space marketing intelligence for hotels

BestReviews LLC Operates an online product review site that helps users to make purchasing decisions 2/7/2018 tronc, Inc. $85 (60% stake) providing recommendations based on testing and researching of consumer products

Provides direct-to-patient communications, marketing, education and patient 2/6/2018 Omnicom Health Group Inc. Snow Companies NA research initiatives

2/6/2018 Exponent Private Equity LLP Talent Assessment Business of CEB Inc. $400 Formerly SHL, provides talent assessment solutions

2/5/2018 Lieberman Research Worldwide, Inc. Strativity Group, LLC NA Provides customer experience strategy design and implementation services

30 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Digital customer engagement firm that specializes in developing and delivering 2/5/2018 Capgemini SE LiquidHub, Inc. NA compelling customer experiences

Provides innovative software engineering, cyber security, real-time and 2/5/2018 Fulcrum IT Services, LLC PTR Group, LP NA embedded systems engineering solutions

Provides consulting services for configure, price, quote (CPQ), customer lifecycle 2/2/2018 Simplus CirrusOne LLC NA management, (CLM), billing, and customer success solutions

Provides financial due diligence services including buy-side and sell-side due diligence, 2/2/2018 CBIZ, Inc. Laurus Transaction Advisors LLC NA forensic due diligence, and post-acquisition dispute resolution

2/2/2018 General Information Services, Inc. Backtrack Inc. NA Provides employment background screening services

Strategic innovation, design and digital consultancy that helps companies improve 1/31/2018 Ernst & Young LLP Citizen Inc. NA business function and customer experience

Provides cybersecurity, cloud, DevOps, IT modernization and advanced science 1/31/2018 On Assignment, Inc. ECS Federal, Inc. $775 and engineering solutions to government enterprises

The Blackstone Group L.P.; GIC Pte. Ltd.; Canada F&R Business of Thomson Reuters Corporation Offers critical news, information, and analytics enabling transactions and connecting 1/30/2018 $20,000 Pension Plan Investment Board (55% stake) communities of trading, investment, financial, and corporate professionals

Public Relations Solutions and Digital Media Public relations, webcasting, and webhosting products, including GlobeNewswire, 1/29/2018 West Corporation $335 Services Businesses of Nasdaq, Inc. Media Intelligence, and Influencers Database

Provides context-based business security and fraud prevention solutions for 1/29/2018 LexisNexis Risk Solutions Inc. ThreatMetrix Inc. $830 businesses in various industries worldwide

Consulting firm providing business integration, change management, and leading- 1/29/2018 IMPAQ, LLC Maher & Maher NA edge training solutions The Carlyle Group L.P.; WestView Capital Partners; Provides tech-enabled services and software to help law firms, corporations, government 1/29/2018 LDiscovery, LLC NA Revolution Growth agencies and consumers solve complex data challenges (Investment)

1/29/2018 Driven, Inc. Update Legal, Inc. NA Provides legal recruiting and placement services in the U.S.

Provides SAP functional and technical services for energy and utilities, facilities, 1/24/2018 OEP Capital Advisors, L.P. Rizing, LLC NA life sciences, oil and gas, and transportation industries

1/23/2018 GoDaddy Inc. Main Street Hub, Inc. $175 Develops and operates an online marketing platform for local businesses

31 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Offers a software platform that provides automated, integrated cloud migration along 1/23/2018 Deloitte Digital ATADATA LLC NA with discovery, application mapping, mirroring, and migration for enterprise workloads

Provides compliance and ethics advice and support services for health care, financial, 1/22/2018 Ankura Consulting Group, LLC Aegis Compliance & Ethics Center, LLP NA energy, manufacturing, retail, government, and other industries

Provides a cloud-based platform that enables enterprises to procure, manage and 1/22/2018 Automatic Data Processing, Inc. Work Market Inc. NA compensate labor for projects from unified talent pools worldwide

MidOcean Partners Provides specialized outsourced human capital and niche consulting to the life 1/22/2018 The Planet Group Limited NA (Investment) sciences and diversified energy & engineering markets

1/22/2018 Hilltop Consultants, Inc. SumaTech Consulting, LLC NA Provides managed IT services to law firms

1/19/2018 GPB Capital Holdings, LLC MatrixOneSource Inc. NA Florida-based PEO serving 700+ companies in the Southeast

Provides sales and marketing intelligence solutions to help broadcasters, dotcoms, ad tech Frontier Capital, LLC 1/17/2018 MediaRadar, Inc NA companies, magazines, and newspapers improve advertisement sales and client (Investment) management

1/17/2018 Informa plc UBM plc $6,057 Organizes business-to-business events worldwide

Boathouse Capital Provides financial industry information, and develops financial analysis and risk 1/17/2018 Sageworks, Inc. NA (Investment) management solutions for private companies

Boathouse Capital Discovers, designs, builds, deploys, and manages enterprise cloud and hybrid cloud 1/17/2018 Unitas Global, LLC NA (Investment) solutions, and provides IT and operations outsourcing services

NewSpring Capital Technology consulting firm with expertise in design thinking, embedded 1/16/2018 Pillar Technology Group LLC NA (Investment) solutions, and highly-complex software development

Spectrum Equity Management, L.P. Operates an online platform for law firms to find and connect with expert witness 1/16/2018 The Expert Institute Group, LLC NA (Investment) candidates

1/12/2018 Kantar Retail Company Mash Strategy Limited NA Provides brand strategy and growth consultancy services

1/11/2018 Internet Brands, Inc. Avvo, Inc. NA Operates an online legal marketplace that connects consumers and lawyers

Provides technology-based information processing and servicing solutions 1/11/2018 SS&C Technologies Holdings, Inc. DST Systems, Inc. $5,650 worldwide

32 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides 3D visualization, animation, visual effects, and post-production solutions 1/10/2018 Accenture plc Mackevision Medien Design GmbH Stuttgart NA for automotive OEMs, agencies, and film production

Provides test development and test delivery solutions for organizations 1/10/2018 Baring Private Equity Asia Prometric Inc. $1,000 worldwide

1/9/2018 Endeavor, LLC One Sixty Over Ninety, Inc. NA Branding and creative services agency

1/9/2018 Millpond Equity Partners, LLC Ninjathat Inc. NA Providesf digital marketing services for SMBs

Northlane Capital Partners, LLC Provides sales intelligence content used by business development professionals who target 1/9/2018 List Partners, Inc. NA (Investment) national advertisers and their agencies across the U.S. and the U.K.

Keystone Capital, Inc. 1/9/2018 Arbour Group, LLC NA Provides regulatory compliance services for the global life sciences industry (Investment)

Egis Capital Partners LLC Provides digital transformation consulting and life cycle management services for 1/9/2018 Mission Critical Partners, Inc. NA (Investment) the public safety sector

1/8/2018 Finn Partners, Inc. The Brighter Group NA UK-based PR and marketing firm focused on the travel and tourism sector

LaSalle Capital Digital marketing agency that provides affiliate marketing services to advertisers by 1/8/2018 Gen3 Marketing, LLC NA (Investment) optimizing positioning of their products and services on third-party websites

TV Brand Effect Assets of The Nielsen Company 1/8/2018 Research Horizons LLC NA Offers memorability and quality tracking platform for advertising campaigns (US), LLC

Provides a media management platform for high profile film, TV, music, and sports 1/8/2018 Viacom, Inc. WhoSay Inc. NA personalities to manage their interactions via social and mainstream media

Cybersecurity firm that provides testing, assessment, consulting, and specialized 1/8/2018 Cyxtera Technologies Immunity, Inc. NA security products for enterprises and government agencies

1/5/2018 Cision CEDROM-Sni NA Canada-based digital media monitoring and analytics solutions specialist

Provides managed IT consulting and support services with a focus on on the legal, 1/5/2018 Hilltop Consultants, Inc. Strategic Integration Partners, LLC NA accounting, and financial markets

Provides value-added IT and business consulting services for clients in the 1/4/2018 RFE Investment Partners ThreeBridge Solutions, LLC NA Midwest

33 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Fka ePrize, marketing solutions agency that provides a rich consumer engagement 1/3/2018 Dentsu Aegis Network, Ltd. / Merkle Inc. HelloWorld, Inc. NA platform

Identity and Access Management Business of Provides advisory, strategy, implementation, and managed services for organizations that 1/3/2018 KPMG LLP NA Cyberinc need to transform their enterprise or consumer identity capabilities

34 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18. GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

Investment in Acquired by Acquired by Acquired by Acquired by Investment in Acquired by Acquired by Acquired by

We Advised NorthEdge We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller

Acquired by A portfolio company of A portfolio company of Acquired by Received Minority Acquired Acquired by Management and Acquired by Acquired by Investment from A portfolio company of Acquired by Acquired by

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised AXIO We Advised the Seller We Advised the Buyer Financial Advisor We Advised the Seller

Sold IT Services Business Convertible Note Equity Investment Acquired by Acquired Acquired Preferred Stock Acquired Acquired by Offering to

We Advised the Sellers Financial Advisor Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Buyer Financial Advisor We Advised the Buyer We Advised the Seller

Hotel, Rental & Event Production Division Acquired by Acquired by Acquired by Acquired Acquired by Acquired by Acquired Acquired by Acquired by Consortium Led by

We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer

Notes: 35 The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.