SECTORWATCH: BPO January 2018 SECTORWATCH: 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the BPO document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please January 2018 notify 7 Mile Advisors if it was distributed in error. Sector Dashboard . Public Basket Performance . Operational Metrics . Valuation Comparison . Recent Deals . Appendix OVERVIEW Dashboard About Us 7MA provides Investment Banking & Advisory Services to the summary metrics on the sector, with commentary on Business Services and Technology Industries globally. market momentum by comparing the most recent 12- month performance against the last 3-year averages We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Public Basket Performance summary valuation and operating metrics for a basket of comparable public companies Sectorwatch We publish sectorwatch, a review of M&A and operational trends in the industries we focus. Valuation Comparison a more graphical, detailed comparison of valuation Let us know if we can help multiples for the public basket Contact us if there are ways we can assist your M&A or financing strategy. Recent Deals the most recently announced sector deals 3 3 All Rights Reserved to 7 Mile Advisors All Rights Reserved to 7 Mile Advisors Operating Metrics DASHBOARD Median LTM GP Margin % 37.4% Median LTM EBITDA Margin % 18.3% Median LTM Rev. Growth % 5.8% 0% 10% 20% 30% 40% Valuation Median Price / LTM Earnings 23.8x Median TEV / LTM EBIT 18.6x PUBLIC BASKET CONSTITUENTS Median TEV / LTM EBITDA TSE:9715 NYSE:MMS 13.8x NasdaqGS:SYKE NYSE:G NYSE:WNS NasdaqGS:PAYX NasdaqGS:SYNT NYSE:FDC Median TEV / LTM Revenue 2.7x NYSE:DST NasdaqGS:ADP 0x 5x 10x 15x 20x 25x 4 All Rights Reserved to 7 Mile Advisors PUBLIC BASKET VALUATION TRENDS Rev LTM Rev Growth TEV / Rev TEV / Rev / FTE Company TEV $m $m YoY GP % EBITDA % X EBITDA X # FTEs $k transcosmos inc. 996 2,238 8% 17% 4% 0.4 15.0 18,607 120 Sykes Enterprises, Incorporated 1,296 1,556 10% 37% 11% 0.8 7.5 55,525 28 WNS (Holdings) Limited 1,990 671 15% 32% 13% 3.0 23.2 33,968 20 Syntel, Inc. 2,226 922 -6% 38% 27% 2.4 9.1 23,011 40 DST Systems, Inc. 5,454 2,023 31% 21% 20% 2.7 12.6 8,400 241 MAXIMUS, Inc. 4,523 2,451 2% 25% 15% 1.8 12.1 20,400 120 Genpact Limited 7,174 2,684 6% 39% 17% 2.7 16.1 75,000 36 Paychex, Inc. 24,097 3,238 6% 71% 44% 7.4 17.0 13,700 236 First Data Corporation 37,393 7,991 2% 60% 35% 4.7 12.3 24,000 333 Automatic Data Processing, Inc. 52,195 12,542 6% 43% 22% 4.2 19.2 58,000 216 Average 13,734 3,632 8% 38% 21% 3.0 14.4 33,061 139 Median 4,988 2,345 6% 37% 18% 2.7 13.8 23,506 120 share price as of 16Jan18 5 All Rights Reserved to 7 Mile Advisors PUBLICBASKETVALUATIONTRENDS 10x 12x 14x 16x 0x 2x 4x 6x 8x Mar-13 Jun-13 Sep-13 Dec-13 TEV/EBITDA -Average TEV/EBITDA -Median TEV/EBITDA Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 12.0x 2.2x Jun-15 Sep-15 TEV/Revenue -Average TEV/Revenue -Median TEV/Revenue Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 16x 10x 12x 14x 0x 2x 4x 6x 8x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x PublicRevenueMultiples OverTime Mar-13 Mar-13 PublicEBITDAMultiples OverTime Jun-13 Jun-13 Sep-13 TEV/Revenue -Median TEV/Revenue Sep-13 TEV/EBITDA -Median TEV/EBITDA Dec-13 Dec-13 Mar-14 Mar-14 Jun-14 Jun-14 Sep-14 Sep-14 Dec-14 Dec-14 Mar-15 Mar-15 Jun-15 Jun-15 Sep-15 Sep-15 TEV/Revenue -Average TEV/Revenue Dec-15 -Average TEV/EBITDA Dec-15 Mar-16 Mar-16 Jun-16 Jun-16 All Rights Reserved to 7 Mile Advisors Mile 7 to Reserved Rights All Sep-16 Sep-16 Dec-16 Dec-16 Mar-17 Mar-17 Jun-17 Jun-17 Sep-17 Sep-17 6 Dec-17 Dec-17 OPERATIONAL METRICS LTM Gross Profit Margin % LTM EBITDA % DST Systems, Inc. Paychex, Inc. WNS (Holdings) Limited First Data Corporation Sykes Enterprises, Incorporated Automatic Data Processing, Inc. transcosmos inc. Genpact Limited Genpact Limited Syntel, Inc. Paychex, Inc. Sykes Enterprises, Incorporated Automatic Data Processing, Inc. WNS (Holdings) Limited MAXIMUS, Inc. MAXIMUS, Inc. First Data Corporation DST Systems, Inc. Syntel, Inc. transcosmos inc. Median Median (7.0%) - 7.0% 14.0% 21.0% 28.0% 35.0% - 25.0% 50.0% 75.0% 7 All Rights Reserved to 7 Mile Advisors OPERATIONAL METRICS Accounts Receivable Turnover Average Days Sales Outstanding Automatic Data Processing, Genpact Limited Inc. transcosmos inc. First Data Corporation Sykes Enterprises, Syntel, Inc. Incorporated WNS (Holdings) Limited MAXIMUS, Inc. DST Systems, Inc. Paychex, Inc. Paychex, Inc. DST Systems, Inc. MAXIMUS, Inc. WNS (Holdings) Limited Sykes Enterprises, Syntel, Inc. Incorporated First Data Corporation transcosmos inc. Automatic Data Processing, Genpact Limited Inc. Median Median 0 2 4 6 8 - 20 40 60 80 100 8 All Rights Reserved to 7 Mile Advisors VALUATION TEV / LTM Revenue TEV / LTM EBITDA Paychex, Inc. WNS (Holdings) Limited Automatic Data Processing, First Data Corporation Inc. Automatic Data Processing, Paychex, Inc. Inc. WNS (Holdings) Limited Genpact Limited DST Systems, Inc. transcosmos inc. Genpact Limited DST Systems, Inc. Syntel, Inc. First Data Corporation MAXIMUS, Inc. MAXIMUS, Inc. Sykes Enterprises, Syntel, Inc. Incorporated Sykes Enterprises, transcosmos inc. Incorporated Median Median 0x 2x 4x 6x 8x 0x 5x 10x 15x 20x 25x 9 All Rights Reserved to 7 Mile Advisors VALUATION TEV / LTM EBIT Price / LTM Earnings WNS (Holdings) Limited WNS (Holdings) Limited Automatic Data Processing, transcosmos inc. Inc. Automatic Data Processing, Paychex, Inc. Inc. Genpact Limited transcosmos inc. Paychex, Inc. Genpact Limited First Data Corporation First Data Corporation DST Systems, Inc. MAXIMUS, Inc. Sykes Enterprises, MAXIMUS, Inc. Incorporated Sykes Enterprises, DST Systems, Inc. Incorporated Syntel, Inc. Syntel, Inc. Median Median 0x 10x 20x 30x 40x 0x 10x 20x 30x 40x 50x 10 All Rights Reserved to 7 Mile Advisors VALUATION Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate 25x 80% 25x 35% 31.3% 70.7% 70% 30% 20x 60.5% 20x 25% 60% 20% 50% 15x 15x 14.8% 15% 37.1% 37.7% 40% 10.5% 42.9% 10% 10x 10x 5.7% 39.1% 30% 32.2% 8.2% 5% (6.2%) 2.0% 5.9% 5.7% 25.0% 20% 1.7% 0% 5x 21.0% 5x 17.4% 10% -5% 7x 9x 12x 12x 13x 15x 16x 17x 19x 23x 7x 9x 12x 12x 13x 15x 16x 17x 19x 23x EBITDA(x) EBITDA(x) LTM GP% LTM 0x 0% 0x -10% RGR% LTM EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 11 All Rights Reserved to 7 Mile Advisors RECENT TRANSACTIONS Total Transaction Target TEV / TEV / Date Target Buyer Value Revenue Revenue EBITDA 5Dec17 IT Works S.A. Qumak S.A. - - - - 24Nov17 InterGlobe Enterprises Limited Acquire Services Private Limited - - - - 21Nov17 CCC Holding GmbH Ardian; Ardian Expansion Fund IV S L P - - - - 20Nov17 Private Equity Managers SA CKS Inwestycje Sp. Z O.O. - 12.69 - - 14Nov17 Dial800, LLC Swiftreach Networks, Inc. - - - - 13Nov17 Adcorp Holdings Limited Value Capital Partners; Value Active PFP H4 QI Hedge Fund - 1,098.67 - - 9Nov17 NewZoom, Inc. Swyft Inc. - - - - 7Nov17 BrandShop LLC Beringer Capital; Beringer Capital Fund III L.P. - - - - 27Oct17 BPO TAKSA sp. z o.o. Eastside Property S.A. - - - - 26Oct17 TicketBiscuit, LLC Etix, Inc. - - - - 24Oct17 Netcentric AG Cognizant Technology Solutions Corporation - - - - 11Oct17 DXC Technology, U.S. Public Sector KeyPoint Government Solutions, Inc.; Vencore Holding Corp. - - - - Business 11Oct17 WorkFlex Solutions LLC NICE Ltd. - - - - 10Oct17 Administer Partner Administer Oy - - - - 5Oct17 ENSEK Ltd. LDC (Managers) Limited - - - - 28Sep17 John Keells BPO Solutions India Private Personiv - - - - Limited 26Sep17 Mybi Co. Ltd. eB Card Co., Ltd. 32.52 39.11 1.1x 7.1x 25Sep17 Shanghai Wicresoft Co., Ltd. Shanghai Junwei Enterprise Management Consultancy Co., Ltd. 11.55 145.08 0.3x - 22Sep17 C-Log International SA Efalia SAS - - - - 20Sep17 Lyons Consulting Group Inc. Capgemini SE - - - - 19Sep17 System Planet Co., Ltd. ARGO GRAPHICS Inc. - 5.74 - - 18Sep17 Peliton, LLC Aureon Network Services, Inc. - - - - 7Sep17 TandemSeven, Inc. Genpact Limited - - - - 7Sep17 Comconsult Kommunikationstechnik Gmbh Materna GmbH Information & Communications - - - - 6Sep17 Interactive Broadband Consulting Group, LLC Accenture plc - - - - 6Sep17 MATTER INC. Accenture plc - - - - 1Sep17 TMJ, Inc. SECOM CO., LTD. 240.93 300.59 0.8x - 12 All Rights Reserved to 7 Mile Advisors RECENT TRANSACTIONS Total Transaction Target TEV / TEV / Date Target Buyer Value Revenue Revenue EBITDA 1Sep17 Proactive Contact Support B.V. BNP Paribas Fortis Private Equity; Mifratel BVBA - 23.74 - - 29Aug17 CPA Global Limited Leonard Green & Partners, L.P.