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BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016www.harriswilliams.comInvestment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016HW&CO. DEAL SPOTLIGHTHarris Williams & Co. served as the exclusive advisor to Prosci onits recent investment from Leeds Equity Partners.a portfolio company ofhas been acquired anagement solutions though training sessions, advisory services,and licensed access to its online tools and intellectual property.As organizations increasingly embrace Change Managementprincipals, Prosci poised to benefit as the industry’s undisputedleader. Prosci has certified over 30,000 change leadersworldwidethroughthe ProsciChangeManagementCertification Program.WHAT WE’RE READINGVACO ACQUIRES PIVOT POINT CONSULTING AND GREYTHORNVaco's healthcare IT division, Vaco Healthcare, acquired Pivot Point Consulting, ahealthcare IT consulting services provider and Greythorn, a healthcare IT staffingprovider. The acquisitions broaden Vaco’s expertise in EHR implementation,training, optimization, legacy and go-live support, project management andstrategic advisory services. The new firms bring together more than 50 employeesand 250 consultants across the nation. Read about it here.ADECCO TO ACQUIRE BEELINE IQNAVIGATORThe Adecco Group [VTX: ADEN] and GTCR announced the merger of Beeline andIQNavigator, bringing together two of the leading Vendor Management Systems(VMS). The combination of Beeline and IQNavigator leverages thecomplementary providers strengths of both companies, creating a leader inindependent technology providers for extended workforce managementsolutions. Read about it here.JLL ACQUIRES INTEGRA REALTY RESOURCESJLL (NYSE:JLL) acquired the Dallas affiliate of Integra Realty Resources, a New YorkCity-based network of independent US commercial real estate valuation,counseling and advisory firms. This acquisition bolsters JLL's Valuation & AdvisoryServices in the United States, building upon the foundation JLL established with theaddition of the Houston affiliate of IRR in October. Read about it here.THE HILB GROUP (“THG”) TO ACQUIRE ENDEAVOR INSURANCE SERVICESCONTENTS BUSINESS SERVICES UPDATEEQUITY TRADING OVERVIEWECONOMIC TRENDSM&A MARKET TRENDSPUBLIC COMPARABLESGROUP OVERVIEWHarris Williams & Co. is a leadingadvisor to the business servicesmarket. Our significantexperience covers a broad rangeof end markets, industries, andbusiness models. This particularreport focuses on trends andmetrics in the following areas: Business Process OutsourcingConsultingHuman ResourcesInsurance, Legal, and RiskServicesMarketing and InformationServicesTransaction ProcessingEducation and TrainingFacility ServicesCONTACTSDerek LewisManaging Directordlewis@harriswilliams.com 1 (804) 915-1118Bob BaltimoreManaging Directorbbaltimore@harriswilliams.com 1 (804) 915-1129John KlimDirectorjklim@harriswilliams.com 1 (804) 915-0136Marshall CroftVice Presidentmcroft@harriswilliams.com 1 (804) 915-0161Josh GarnerVice Presidentjgarner@harriswilliams.com 1 (804) 915-0167With this acquisition, THG will expand its footprint into South Carolina withEndeavor's three offices located throughout the state. All of Endeavor'semployees, including President John Adair and Chief Financial Officer RodFountain, are joining THG and will continue to operate under their existing name.Endeavor Insurance Services specializes in group health and employee benefits.Read about it here.www.harriswilliams.comPAGE 1

BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016EQUITY TRADING OVERVIEWKEY TRADING STATISTICS1,2Number ofCompaniesSectorChange in Stock PriceMedianEnterpriseValue ( mm)3 mos.12 mos.2016E2017EEV/EBITDAP/EEV/EBITDAP/EBusiness Process Outsourcing11 3817.6%21.3%11.0x21.4x10.5x18.4xHuman ance, Legal, and Risk ing & Information action ation & Training1556327.5%25.8%7.9x23.7x8.4x19.6xBusiness Services Index95 5,2604.3%14.6%11.5x21.2x10.5x17.3xAs of December 15, 2016PUBLIC COMPANY SECTOR x0.0%EV/2016E EBITDA Multiple12-month % Change in Stock usiness ProcessOutsourcingTransactionProcessingHuman Resources Business ServicesIndexMarketing &InformationServices12-month % Change in Stock PriceInsurance, Legal,and Risk ServicesS&P 500ConsultingEducation &TrainingEV/2017E EBITDA MultipleAs of December 15, 2016PAGE 2

BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016ECONOMIC TRENDSA SNAPSHOT OF KEY ECONOMIC INDICATORSU.S. GDP GROWTH3CONS. CONFIDENCE AND UNEMPLOYMENT RATE4,5 16 .05.0%GDP 15 .5 15 .00.0% 14 .5 14 .0(5 .0% ) 13 .5 13 0%20.02.0%0.0Nov-08Nov-10Nov-12Nov-14Consume r Co nfide nce0.0%Nov-16Unemployment RateSources: (2) The Conference Board and U.S. Bureau of Labor Statistics(Payrolls in 000s)400100 .060.0NON-FARM PAYROLLS (1-MONTH NET CHANGE)560014.0%80.0(1 0.0 %)Sep-16Sources: (1) U.S. Bureau of Economic Analysis120 .0U nemploy ment Rat e10.0%Annual Percent age Grow t h 16 .5Consumer Confidence(In trillions of chained 2009 dollars)U.S. INITIAL JOBLESS CLAIMS6(Claims in tial Claims2000(2 00)(4 00)(6 00)500,000400,000300,000200,000100,000(8 00)0(1 ,00 0)Sources: (3) Bureau of Labor StatisticsSources: (4) United States Department of LaborCONSUMER PRICE INDEX5ISM NON-MANUFACTURING INDEX76.0%5.0%YOY Change4.0%3.0%2.0%1.0%Nov–16 YOYChange: –16:57.210.00.0Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16Sources: (5) Bureau of Labor StatisticsSources: (6) The Institute for Supply ManagementPAGE 3

BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016M&A MARKET TRENDSSELECT RECENT M&A TRANSACTIONSDateBusiness DescriptionTargetAcquirer12/14/16ProsciProvider of change management solutionsLeeds Equity12/12/2016Lionbridge Technologies, Inc.Provider of marketing solutionsH.I.G. Capital12/08/2016LearnSmartProvider of information technology and security training servicesVector Solutions, Inc.12/06/2016Optiv Security, Inc.Provider of cyber and information security solutionsKKR & Co.12/01/2016Pivot Point Consulting, LLCProvider of healthcare IT consultingVaco (Quad-CManagement, Inc.)12/01/2016Greythorn, Inc.Provider of recruitment servicesVaco (Quad-CManagement, Inc.)12/01/2016Endeavor Insurance Services, Inc.Provider of employee benefits consulting servicesThe Hilb Group; (ABRYPartners)12/01/2016Presidio Benefits Group, Inc.Provider of employee benefits consulting servicesMarsh & McLennanCos., Inc.11/29/2016Upshot, Inc.Provider of promotional marketing servicesAdvantage Sales &Marketing (LeonardGreen & Partners)11/17/2016Nuspire Corp.Provider of network management, monitoring, and security servicesStafford & CompanyInsurance Ltd.11/09/2016Nashco Consulting Ltd.Provider of consultancy servicesAccenture PlcBUSINESS SERVICES M&A VOLUME (BY YEAR)1,24,0003,5993,500Number of 09 100M20102011 100M & 250M2012 250M & 500M20132014 500M & 1.0B20152016 YTD 1.0B Source: FactSet; as of December 15, 2016(1) Represents all announced or closed M&A transactions in the United States and Canada(2) No transaction value provided for undisclosed dealsPAGE 4

BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016PUBLIC COMPARABLESPUBLIC COMPANY PERFORMANCE1,2( in millions, except per share data)Price atAs a % ofMarketEnterpriseEBITDA12/15/1652-wk HighCapValue (EV)MarginsEV / LTMRevenueEV / 2016EEBITDARevenueEBITDABusiness Process OutsourcingTata Consultancy Services Limited 33.30Cognizant Technology Solutions Corporation Class A 56.80Wipro Limited6.88Computer Sciences Corporation61.37Computershare Limited9.00Genpact Limited24.12Convergys Corporation24.77ExlService Holdings, Inc.50.37TeleTech Holdings, Inc.31.15WNS (Holdings) Limited Sponsored ADR26.55Sykes Enterprises, 1%91.9%97.8%80.9%93.7% 3541,266 .2xMeanMedian88.0%89.5% 13,028 4,842 12,305 x % 77,2591,9351,9241,3071,2661,1391,042729659298 5x11.9x10.5x9.4x6.7xMeanMedian91.1%96.5% 8,756 1,203 8,498 x 6.3%91.0%84.2%87.0%85.4%99.7%89.1%74.1%98.7%83.9% 0883618493461451 .1x12.3x7.6x7.2x8.5x7.6xNA6.6xMeanMedian89.6%89.1% 1,436 1,694 3,776 ultingAccenture PlcCEB Inc.FTI Consulting, Inc.Advisory Board CompanyNavigant Consulting, Inc.Huron Consulting Group Inc.ICF International, Inc.CBIZ, Inc.Resources Connection, Inc.CRA International, Inc.Human ResourcesWillis Towers Watson Public Limited CompanyRandstad Holding NVRobert Half International Inc.ManpowerGroup Inc.Hays plcOn Assignment, Inc.51job Inc Sponsored ADRKorn/Ferry InternationalInsperity, Inc.TrueBlue, Inc.Kelly Services, Inc. Class AKforce Inc.SThree plcBarrett Business Services, Inc.Heidrick & Struggles International, Inc.As of December 15, 2016PAGE 5

BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016PUBLIC COMPARABLESPUBLIC COMPANY PERFORMANCE1,2( in millions, except per share data)Insurance, Legal, and Risk ServicesMarsh & McLennan Companies, Inc.Aon plcWillis Towers Watson Public Limited CompanyArthur J. Gallagher & Co.Brown & Brown, Inc.Crawford & Company Class BMarketing & Information ServicesThomson Reuters CorporationWPP PlcOmnicom Group IncMoody's CorporationExperian PLCNielsen Holdings PlcPublicis Groupe SAIHS Markit Ltd.Equifax Inc.Verisk Analytics IncAlliance Data Systems CorporationWolters Kluwer NVInterpublic Group of Companies, Inc.Informa PlcFactSet Research Systems Inc.CoStar Group, Inc.Dun & Bradstreet CorporationFair Isaac CorporationDST Systems, Inc.UBM PLCHavas SAMorningstar, Inc.CoreLogic, Inc.Acxiom CorporationcomScore, Inc.Viad CorpForrester Research, Inc.QuinStreet, Inc.Harte-Hanks, Inc.Transaction ProcessingAutomatic Data Processing, Inc.Fidelity National Information Services, Inc.Paychex, Inc.Global Payments Inc.Western Union CompanyVantiv, Inc. Class ATotal System Services, Inc.Jack Henry & Associates, Inc.VeriFone Systems, Inc.Price atAs a % ofMarketEnterpriseEBITDA10/26/1652-wk HighCapValue (EV)MarginsEV / LTMRevenueEV / 2016EEBITDARevenueEBITDA 1%99.0%93.0% 35,34929,56916,7349,0526,295640 .2x12.1x7.5xMeanMedian94.2%96.7% 16,273 12,893 18,424 8x 2%83.8%85.3%98.2%75.5%95.9%100.2%77.2%40.5% 383,5243,4473,4303,2273,2012,1061,86392378217593 edian86.9%87.3% 9,483 6,614 11,715 x 94.7%98.2%88.4%95.9%97.0%86.5%98.4%61.0% 44,55825,38821,96710,85610,3479,4178,9886,9962,013 1x8.5xMeanMedian91.1%95.9% 15,614 10,347 17,966 2xAs of December 15, 2016PAGE 6

BUSINESS SERVICESINDUSTRY UPDATE DECEMBER 2016PUBLIC COMPARABLESPUBLIC COMPANY PERFORMANCE1,2( in millions, except per share data)Education & TrainingPearson PLCJohn Wiley & Sons, Inc. Class AGrand Canyon Education, Inc.DeVry Education Group Inc.Scholastic CorporationCapella Education CompanyStrayer Education, Inc.K12 Inc.Bridgepoint Education, Inc.GP Strategies CorporationAmerican Public Education, Inc.Franklin Covey Co.Cambium Learning Group, Inc.Lincoln Educational Services CorporationITT Educational Services, Inc.Facility ServicesCompass Group PlcSodexo SACintas CorporationAramarkISS A/SRentokil Initial plcEMCOR Group, Inc.ABM Industries IncorporatedG&K Services, Inc., Class ABerendsen plcFirstService CorpComfort Systems USA, Inc.MITIE Group PLCTRC Companies, Inc.Price atAs a % ofMarketEnterpriseEBITDA10/26/1652-wk HighCapValue (EV)MarginsEV / LTMRevenueEV / 2016EEBITDARevenueEBITDA .7%97.8%99.2%94.9%95.5%86.1%92.4%83.0%66.6%1.0% 4531 5x3.8x10.5xNA4.2x1.0xMeanMedian85.4%94.9% 1,499 681 1,600 56316.8%15.9%1.3x1.0x7.8x7.9x1.3x1.0x7.8x8.4x 98.8%88.2%98.4%55.1%86.5%97.9%56.4%100.0% 7391,6561,273958330 x13.8x4.8x17.8x11.5x5.9xNAMeanMedian88.1%90.1% 8,859 5,515 10,420 As of December 15, 2016PAGE 7