Sectorwatch: Management Consulting April 2020 Management Consulting April 2020 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix [15] 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of • Commentary on market momentum by valuation multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public sector companies 3 Dashboard Operating Metrics Revenue Growth Momentum Median LTM GP Margin % 34.3% 1 - year revenue growth compared to revenue growth 2.6% average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this Median LTM EBITDA Margin % 11.2% amount, indicating that market momentum is increasing Median LTM Rev. Growth % 10.3% Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % 0% 10% 20% 30% 40% 0.3% average for last 3 years Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation Median Price / LTM Earnings 22.9x Profitability 1 - year EBITDA % compared to EBITDA % average for Median TEV / LTM EBIT 16.2x -1.1% last 3 years Current EBITDA margin is less than the average of the last 3 years EBITDA Median TEV / LTM EBITDA 12.1x margins, which may signal further consolidation Median TEV / LTM Revenue 1.6x 0x 10x 20x 30x 4 Public Basket Rev TEV / LTM Growth EBITDA TEV / EBITDA Rev / Company TEV $m Rev $m YoY GP % % Rev X X # FTEs FTE $k The Hackett Group, Inc. 414 261 -1% 37% 15% 1.6 9.7 1,143 228 CRA International, Inc. 426 451 8% 30% 10% 0.9 6.7 779 579 Huron Consulting Group Inc. 1,350 877 10% 34% 11% 1.5 12.1 3,750 234 ICF International, Inc. 1,596 1,479 11% 36% 9% 1.1 9.4 7,000 211 FTI Consulting, Inc. 4,996 2,353 16% 35% 15% 2.1 12.4 5,567 423 Booz Allen Hamilton Holding 12,379 7,274 11% 24% 10% 1.7 15.5 26,100 279 Corporation Accenture plc 110,189 44,656 6% 31% 16% 2.5 14.4 492,000 91 Average 18,764 8,193 9% 32% 12% 1.6 11.5 76,620 292 Median 1,596 1,479 10% 34% 11% 1.6 12.1 5,567 234 share price as of 24Apr20 5 10x 15x 20x Public Basket Valuation Trends Public Basket Valuation 0x 5x Jun-15 Sep-15 Dec-15 TEV/EBITDA- Average TEV/EBITDA- Median Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 11.8x Sep-17 1.3x Dec-17 TEV/Revenue - Average TEV/Revenue - Median Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 0.0x 0.5x 1.0x 1.5x 2.0x 10x 15x 20x 0x 5x Public Revenue Multiples over Time Time over Multiples Revenue Public Time over Multiples EBITDA Public Jun-15 Jun-15 Sep-15 Sep-15 TEV/Revenue - Median Dec-15 TEV/EBITDA- Median Dec-15 Mar-16 Mar-16 Jun-16 Jun-16 Sep-16 Sep-16 Dec-16 Dec-16 Mar-17 Mar-17 Jun-17 Jun-17 Sep-17 Sep-17 Dec-17 Dec-17 TEV/Revenue - Average Mar-18 TEV/EBITDA- Average Mar-18 Jun-18 Jun-18 Sep-18 Sep-18 Dec-18 Dec-18 Mar-19 Mar-19 Jun-19 Jun-19 Sep-19 Sep-19 Dec-19 Dec-19 Mar-20 Mar-20 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % The Hackett Group, Inc. Accenture plc ICF International, Inc. The Hackett Group, Inc. FTI Consulting, Inc. FTI Consulting, Inc. Huron Consulting Group Inc. Huron Consulting Group Inc. Booz Allen Hamilton Holding Accenture plc Corporation CRA International, Inc. CRA International, Inc. Booz Allen Hamilton Holding ICF International, Inc. Corporation Median Median - 10% 20% 30% 40% - 5% 10% 15% 20% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s CRA International, Inc. FTI Consulting, Inc. Booz Allen Hamilton Holding FTI Consulting, Inc. Corporation Booz Allen Hamilton Holding ICF International, Inc. Corporation Huron Consulting Group Huron Consulting Group Inc. Inc. The Hackett Group, Inc. CRA International, Inc. Accenture plc ICF International, Inc. The Hackett Group, Inc. Accenture plc Median Median (5%) - 5% 10% 15% $- $200 $400 $600 $800 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Accenture plc CRA International, Inc. Booz Allen Hamilton Holding FTI Consulting, Inc. Corporation The Hackett Group, Inc. ICF International, Inc. Huron Consulting Group Inc. Huron Consulting Group Inc. ICF International, Inc. The Hackett Group, Inc. Booz Allen Hamilton Holding FTI Consulting, Inc. Corporation CRA International, Inc. Accenture plc Median Median 0x 1x 2x 3x 4x 5x 6x 0x 20x 40x 60x 80x 100x120x 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Booz Allen Hamilton Holding Accenture plc Corporation FTI Consulting, Inc. Accenture plc Booz Allen Hamilton FTI Consulting, Inc. Holding Corporation The Hackett Group, Huron Consulting Group Inc. Inc. Huron Consulting The Hackett Group, Inc. Group Inc. ICF International, Inc. ICF International, Inc. CRA International, CRA International, Inc. Inc. Median Median 0x 1x 2x 3x 0x 4x 8x 12x 16x 20x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Huron Consulting Group Inc. Huron Consulting Group Inc. Booz Allen Hamilton Holding Booz Allen Hamilton Holding Corporation Corporation Accenture plc FTI Consulting, Inc. FTI Consulting, Inc. Accenture plc ICF International, Inc. The Hackett Group, Inc. CRA International, Inc. ICF International, Inc. The Hackett Group, Inc. CRA International, Inc. Median Median 0x 10x 20x 30x 0x 5x 10x 15x 20x 25x 30x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 18x 18% 18x 40% 37.4% 35.5% 16% 34.3% 16x 16x 35% 16.0% 34.8% 31.3% 14% 14x 14x 30% 10.5% 12% 10.3% 30.3% 12x 12x 11.0% 10% 25% 10x 23.8% 10x 8% 8.1% 5.7% 20% 6% 8x 8x 15% 4% 6x 6x 2% 10% 4x 4x 0% LTM GP% LTM EBITDA(x) EBITDA(x) 2x 5% 2x RGR% LTM (1.4%) -2% 7x 9x 10x 12x 12x 14x 16x 7x 9x 10x 12x 12x 14x 16x 0x 0% 0x -4% EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 23Apr20 HumanCapient Consulting Sdn Bhd Sino Hua-An International Berhad 3.33 - - - 19Mar20 Strativa, Inc. Avasant LLC - - - - 12Mar20 Wuhan Huazi Enterprise Management Consulting Co., Ltd. Beijing Franshion Yicheng Properties Limited 974.59 - - - 11Mar20 Talavant, Inc. Baker Tilly Virchow Krause, LLP - 3.80 - - 3Mar20 Delphos International, Ltd. APQ Global Limited 3.50 3.70 0.9x - 19Feb20 Kalypso LP Rockwell Automation, Inc. - - - - 22Jan20 Duff & Phelps Corporation Stone Point Capital LLC; Further Global Capital Management, 4,200.00 - - - L.P. 20Dec19 Conway MacKenzie, Inc. Riveron Consulting, LP - - - - 18Dec19 Maven Wave Partners LLC Atos SE - - - - 18Dec19 Net eSolutions Corporation NTT DATA Services, LLC - - - - 17Dec19 Purple Square Management Partners B.V. Ctac N.V. - 5.58 - - 2Dec19 Apis Group Pty Ltd Accenture plc - - - - 11Nov19 Presence of IT, Inc. Workforce Insight, LLC - - - - 31Oct19 Bow & Arrow Limited Accenture Interactive - - - - 29Oct19 Shanghai Dingqun Enterprise Management Consulting Sinopharm Holding GuoDa Drug Store Co., Ltd. 132.22 - - - Co., Ltd. 23Oct19 Revel Consulting, Inc. Infogain Corporation - - - - 2Oct19 Anthony Hodges Consulting Limited Arthur J. Gallagher & Co. - - - - 22Mar19 Hangzhou Yihui Business Consulting Co., Ltd. Shanghai Xuxiao Enterprise Management Co., Ltd. 53.40 - - - 18Sep19 Hangzhou Yihui Business Consulting Co., Ltd. Shanghai Xuxiao Enterprise Management Co., Ltd. 40.83 - - - 25Jul19 PowerData Solutions SL Devoteam SA - 2.19 - - 3Sep19 Westney Consulting Group, Inc. McKinsey & Company, Inc. - - - - 5Jun19 Torres Advanced Enterprise Solutions, LLC Bootstrap Capital, LLC - - - - 22Jul19 Frank & Company, p.c. Prager Metis CPAs, LLC - - - - 19Jul19 W Group INC. Wavestone SA 30.50 26.10 1.2x - 28Jun19 Changxing Lincheng Enterprise Management Consulting Noblelift Intelligent Equipment Co.,Ltd. 53.73 - - - Co., Ltd. 26Jun19 Auriemma Consulting Group, Inc. CNL Strategic Capital, LLC 44.50 - - - 13 Management Consulting April 2020 APPENDIX: Public Basket Constituents 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.