Business Services. KPMG Corporate Finance LLC M&A Quarterly Q1 17

Transcription

1 Business Services KPMG Corporate Finance LLC M&A Quarterly Q1 17

2 Contents Consulting & Professional Services M&A Market Engineering & Construction M&A Market Facilities Management & Maintenance Services M&A Market Media & Marketing Services M&A Market GROUP OVERVIEW KPMG Corporate Finance LLC is a leading middle market advisor to the Business Services Market, serving domestic and international clients. Our Business Services team offers a full range of investment banking and advisory services. Our experience covers a broad range of end markets including: Consulting & Professional Services Consumer Services Education & Training Engineering & Construction Facilities Management & Maintenance Industrial Services Information Services Marketing Services Outsourcing & BPO Staffing & HRO Transportation & Logistics M&A Market Appendix CONTACTS Stephen Guy Managing Director & Group Head sguy@kpmg.com +1 (410) David Lazarek Associate dlazarek@kpmg.com +1 (410) Chris Weber Vice President +1 (410) DEAL HIGHLIGHT KPMG Corporate Finance LLC served as the exclusive advisor to Ned Stevens Gutter Cleaning & General Contracting, Inc. on its sale to Incline Equity Partners. has been acquired by Ned Stevens is a leading provider of year-round, full-service gutter cleaning, maintenance, installation, repair, and other closely-aligned exterior residential maintenance services to approximately 80,000 residential customers in 13 states. The Company is headquartered in New Jersey and has a 50 year history under the same family ownership. 2

3 Consulting & Professional Services M&A Market Q Q1 17 $11.2bn Q4 16 $15.7bn During Q1 17, aggregate Global deal value in the sector declined 28.7%, while deal volume increased 5.4% compared to Q % U.S. share of global M&A volume Q1 17 U.S. deal value for the quarter decreased from $9.3bn to $7.4bn, compared to Q4 16, while total deal volume in the U.S. increased 18.7% U.S. M&A volume accounted for 43.5% of global M&A activity during Q1 17, an increase from 38.6% in Q4 16 Sector Performance IT Consulting Customer Engagement / Call Center Management Stock prices in this sub-sector grew by an average of 8.8% during the last twelve months, but underperformed the S&P 500 s rise of 14.7% The sub-sector was trading at an average 10.1x NTM (next twelve months) at the end of Q1 17 Stocks prices in this subsector witnessed growth of 5.8% during the last twelve months The sub-sector is trading at an average 10.3x NTM at the end of Q1 17 Specialty Consulting HR Staffing & Professional Services Stock prices in this subsector were up 37.3% during the past twelve months and have outperformed the S&P 500 by 22.6% The sub-sector was trading at an average 11.0x NTM at the end of Q1 17 Stock prices in this subsector recorded growth of 11.2% over the the last twelve months The sub-sector is trading at an average 10.4x NTM at the end of Q1 17 Marketing & Communications Financial, Billing & Payroll BPO Stock prices in this subsector witnessed a growth of 15.4% over the past twelve months The sub-sector was trading at an average 10.8x NTM at the end of Q1 17 Stock prices in this subsector increased by 16.1% during the last twelve months The sub-sector was trading at an average 12.6x NTM at the end of Q1 17 Notes: M&A growth analysis based on deals closed during the respective periods of Q vs. Q Deal value represents aggregate deal value for disclosed transactions only. The sub-sector performances are based on internally originated lists of public companies viewed as best representing the sub-sectors. Detailed list of these sub-sectors can be found on pages

4 Global Consulting & Professional Services M&A Trend: Q1 15 Q1 17 Deal Value ($MM) $21,000 $17,500 $14,000 $10,500 $7,000 $3,500 $ $17,342 $15,899 $17,429 $12,562 $11,373 $19,167 $15,749 $11,226 $7,851 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($MM) Deal Volume U.S. Consulting & Professional Services M&A Trend: Q1 15 Q Deal Volume Deal Value ($MM) $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $ $17,312 $12,469 $12,119 $9,264 $10,013 $9,268 $7,436 $4,532 $1,240 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($MM) Deal Volume Global NTM Multiples Valuation Multiples Trend: 2007 Q Deal Volume EV / Revenue EV / 2.1x 1.8x 1.5x 1.2x 0.9x 0.6x 0.3x 0.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 1.8x 1.4x 1.7x 1.7x 1.9x Notes: M&A analysis based on deals closed during the respective periods. Deal value represents aggregate deal value for disclosed transactions for the time periods noted on the above graphs. The Consulting & Professional Services valuation trend is based on an internally originated list of public companies viewed as best representing the sector. The list of sector companies can be found on pages Graphs depict enterprise value as multiple of Revenue and, respectively. 1.8x 1.9x 2.0x 1.9x 2.0x 2.0x Q1'17 9.8x 7.1x 10.0x 9.6x 8.0x 8.6x 10.7x 10.3x 10.2x 10.7x 10.8x Q1'17 4

5 Engineering & Construction M&A Market Q Q1 17 $5.2bn Q4 16 $7.7bn Global E&C aggregate deal value was $5.2bn in Q1 17, a decline of 32.1% compared to Q4 16. Deal volume also declined from 246 reported deals in Q4 16 to 216 in Q1 17, a decline of 12.2% $1.2 billion in Q4 16 $1.3 billion in Q1 17 U.S. E&C deal value increased by 14.7%, to $1.3bn in Q1 17 compared to Q4 16. The total number of U.S. transactions increased to 55 in Q1 17, up from 49 in Q % The U.S. accounted for 25.5% of global E&C M&A activity in Q1 17, an increase from 19.9% in Q4 16 Sector Performance Diversified Engineering & Construction Providers Specialty Engineering & Construction Firms Stock prices of public companies included in our index of this subsector grew by 14.0% over the past 12 months, but are still down 13.2% over the past 3 years average 9.3x NTM Valued at an average 9.3x NTM (next twelve months) at the end of Q % in the past 3 years Stock prices of public companies included in our index of this sub-sector increased by 41.9% and 27.7% in the past 12 months and 36 months respectively 41.9% in the past 12 months Construction Contractors Valued at an average of 8.6x NTM at the end of Q1'17 8.6x NTM 14.0% in the past 12 months Stock prices of the public companies included in our index of this sub-sector increased by 18.4% during the past 12 months but are down 13.6% over the past 3 years in the past % months Trading at an average of 7.7x NTM at the end of Q1'17 7.7x NTM Notes: M&A growth analysis based on deals closed during the respective periods of Q1 17 vs. Q4 16. Deal value represents aggregate deal value for disclosed transactions only. The sub-sector performances are based on internally originated lists of public companies viewed as best representing the sub-sectors. The list of public companies selected in each subsector can be found on pages

6 Deal Value ($MM) $15,000 $10,000 $5,000 $0 Global Engineering & Construction M&A Trend: Q1 15 Q $13,992 $6,648 $7,668 $4,105 $5,089 $4,366 $4,205 $4,138 $5,203 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($MM) U.S. Engineering & Construction M&A Trend: Q1 15 Q Deal Volume Deal Value ($MM) $2,000 $1,500 $1,000 $500 $ $1,682 $1,028 $975 $203 $1,162 $1,332 $265 $327 $291 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($MM) Deal Volume Global NTM Multiples Valuation Multiples Trend: 2007 Q Deal Volume EV/Revenue EV/ 1.2x 1.0x 0.8x 0.6x 0.4x 0.2x 0.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 0.9x 0.7x 0.7x 0.8x 0.7x 0.7x 0.6x 0.6x 0.7x 0.7x 0.6x Q1' x 8.1x 8.6x 8.6x 7.1x 6.5x 6.6x 6.6x 6.8x 6.9x 5.4x Q1'17 Notes: M&A analysis based on deals closed during the respective periods. Deal value represents aggregate deal value for disclosed transactions for the time periods noted on the above graphs. The Engineering & Construction valuation trend is based on an internally originated list of public companies viewed as best representing the sector. The list of public companies selected in each sub-sector can be found on pages Graph depicts enterprise value as a multiple of revenue and ; respectively. 6

7 Facilities Management & Maintenance Services M&A Market Q Q1 17 $16.5bn Q4 16 $3.0bn Total global deal value increased from $3.0bn in Q4 16 to $16.5bn in Q1 17, while global deal volume fell 2.2% Q1 17 U.S. M&A deal activity increased 29.2% compared to Q4 16. U.S. deal value for the sector in Q1 17 was $390.2m, compared to $2.2m in Q % U.S. share of global M&A volume Q1 17 The U.S. accounted for 34.8% of global M&A activity in Q1 17, an increase from 26.4% in Q4 16 Sector Performance Overall Performance Security Services In the past 12 months, Facilities Management & Maintenance Services companies have slightly underperformed the S&P 500. The overall index of our selected companies for this sector has witnessed a increase of 13.3%, while the S&P 500 has increased 14.7% 9.9% 8.1x NTM Stock prices in this subsector have underperformed the S&P 500 over the past 12 months and are only up 9.9% over this time period It is trading at an average 8.1x NTM at of the end of Q1 17 Environmental- related services Route-based/facilities management 17.5% Stock prices in this sub-sector grew 17.5% over the past 12 months and were trading at an average 10.6x NTM at the end of Q1'17 Stock prices in this subsector have risen 12.3% over the past 12 months 12.3% 11.4x NTM It is trading at an average 11.4x NTM at the end of Q1 17 Notes: M&A growth analysis based on deals closed during the respective periods. Deal value represents aggregate deal value for disclosed transactions only. The sub-sector performances are based on internally originated lists of public companies viewed as best representing the sub-sectors. The list of public companies selected in each sub-sector can be found on pages

8 Global Facilites Maintenance & Management Services M&A Trend: Q1 15 Q1 17 Deal Value ($MM) $25,000 $20,000 $15,000 $10,000 $5,000 $ $21,495 $14,577 $16,463 $3,233 $3,850 $3,232 $3,419 $4,241 $3,002 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1' Deal Volume Deal Value ($MM) Deal Volume U.S. Facilites Maintenance & Management Services M&A Trend: Q1 15 Q1 17 Deal Value ($MM) $15,000 $10,000 $5, $13, Deal Volume $0 $2,210 $252 $1,620 $2,432 $255 $3,329 $2 $390 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 0 Deal Value ($MM) Deal Volume Global NTM Multiples Valuation Multiples Trend: 2007 Q x EV / Revenue 2.0x 1.5x 1.0x 1.6x 1.2x 1.4x 1.4x 1.4x 1.4x 1.7x 1.6x 1.6x 2.0x 2.0x 0.5x 0.0x Q1'17 EV / 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 8.9x 7.2x 7.5x 7.9x 7.2x 7.3x 9.1x 9.0x 9.0x 9.9x 10.2x 0.0x Q1'17 Notes: M&A analysis based on deals closed during the respective periods. Deal value represents aggregate deal value for disclosed transactions for the time periods noted on the above graphs. The Facilities Management & Maintenance valuation trend is based on an internally originated list of public companies viewed as best representing the sector. The list of public companies selected in each sub-sector can be found on pages

9 Media & Marketing Services M&A Market Q Total global deal value $36.5 billion Global media & marketing services deal value declined from $61.8bn in Q4 16 to $36.5bn in Q1 17, while deal volume increased 12.9% U.S. deal value $17.0 billion U.S. media & marketing services deal value for the quarter declined from $54.4bn in Q4 16 to $17.0bn in Q1 17 Q % Q % U.S. share of global M&A volume U.S. M&A volume increased to 39.0% of global M&A activity in Q1 17 from 36.6% in Q4 16 Sector Performance Data & Information Services Diversified Internet & Digital Media Advertising & Marketing Stock prices in this sub-sector grew by 12.2% during the last twelve months 12.2% 13.2x Trading at an average 13.2x NTM (next twelve months) at the end of Q1 17 (3.7%) Stock prices in this sub-sector witnessed a decline of 3.7% during the past 12 months Trading at an average 11.8x NTM at the end of Q x NTM Data & Information Services Financial and Market Data & Media Internet & Digital Media Content Delivery & Management Stock prices in this sub-sector were up 20.0% during the past twelve months 20.0% Trading at an average 13.6x NTM at the end of Q x NTM Stock prices in this sub-sector were up 3.3% over the last twelve months 3.3% Trading at an average 9.9x NTM at the end of Q1 17 E-commerce Diversified Media Stock prices in this subsector grew 28.4% during the last twelve months 28.4% Trading at an average 12.6x NTM at the end of Q1 17 NTM 12.6x Stock prices in this sub-sector was up 16.0% over the last 12 months 16.0% Trading at an average of 10.1x NTM at the end of Q1 17 NTM 10.1x Internet & Digital Media Content & Services Stock prices in this sub-sector grew by 16.5% during the past twelve months and were trading at an average 13.2x NTM at the end of Q % Notes: M&A analysis based on deals closed during the respective periods of Q vs. Q Deal value represents aggregate deal value for disclosed transactions only. The sub-sector performances are based on internally originated lists of public companies viewed as best representing the sub-sectors. The list of public companies selected in each subsector can be found on pages

10 Global Media & Marketing Services M&A Trend: Q1 15 Q1 17 Deal Value ($B) Deal Value ($B) $150.0 $120.0 $90.0 $60.0 $30.0 $0.0 $120.0 $90.0 $60.0 $30.0 $0.0 1,071 1,054 1,122 1,126 1,051 1, , $125.4 $102.0 $16.2 $49.9 $61.8 $61.8 $32.8 $21.9 $36.5 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($B) Deal Volume U.S. Media & Marketing Services M&A Trend: Q1 15 Q $89.8 $109.8 $54.4 $11.0 $12.0 $30.3 $8.1 $30.8 $17.0 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($B) Deal Volume Global NTM Multiples Valuation Multiples Trend: 2007 Q1 17 1, Deal Volume Deal Volume 4.0x EV/Revenue 3.0x 2.0x 1.0x 2.5x 2.0x 2.5x 2.6x 2.5x 2.5x 3.0x 2.9x 2.7x 3.0x 2.9x EV/ 0.0x 15.0x 10.0x 5.0x Q1' x 12.5x 12.1x 12.1x 11.4x 11.2x 10.2x 10.4x 9.5x 9.8x 8.1x 0.0x Q1'17 Notes: M&A analysis based on deals closed during the respective periods. Deal value represents aggregate deal value for disclosed transactions for the time periods noted on the above graphs. The Media & Marketing Services valuation trend is based on an internally originated list of public companies viewed as best representing the sector. The list of public companies selected in each sub-sector can be found on pages Graphs depict enterprise value as multiple of Revenue and, respectively. 10

11 Transportation & Logistics M&A Market Q Q1 17 Global T&L deal value for $4.8bn Q1 17 was $4.8bn compared to $10.8bn in Q4 16. Deal Q4 16 volume witnessed a decline $10.8bn of 3.5% during the same period. Q % Q % The U.S. accounted for 21.1% of global T&L M&A activity in Q1 17, an increase from 13.4% in Q4 16 Q1 17 Total U.S. T&L deal value in Q1 17 was $628.4m, a significant decline compared to $3.7bn in Q4 16. U.S. T&L M&A activity increased 52.2% in Q1 17 compared to Q4 16 TRUCKING 0.8% Sector Performance Over the past 12 months, stocks in this sub-sector increased marginally by 0.8% The sub-sector is being valued at an average 6.3x NTM (next twelve months) at the end of Q x NTM This sub-sector s stock performance increased 8.1% during the last 12 months MARINE 8.1% AND RAIL RAIL SERVICES Rail stocks increased by 22.1% during the last 12 months 22.1% LOGISTICS PROVIDERS Stocks in this sub-sector were up 10.9% during the last 12 months This sub-sector was trading at an average 8.3x NTM at of the end of Q x Rail stocks were trading at an average 9.9x NTM at the end of Q1'17 Trading at an average 9.8x NTM at the end of Q1'17 Notes: M&A growth analysis based on deals closed during the respective periods of Q vs. Q Deal value represents aggregate deal value for disclosed transactions only. The sub-sector performances are based on internally originated lists of public companies viewed as best representing the sub-sectors. Detailed list of these sub-sectors can be found on pages

12 Global Transportation & Logistics M&A Trend: Q1 15 Q1 17 Deal Value ($MM) $25,000 $20,000 $15,000 $10,000 $5,000 $ $24,678 $20,099 $15,691 $15,438 $16,804 $11,217 $11,968 $10,809 $4,774 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($MM) Deal Volume U.S. Transportation & Logistics M&A Trend: Q1 15 Q Deal Volume Deal Value ($MM) $10,000 $8,000 $6,000 $4,000 $2,000 $ $9,390.2 $8,711.1 $4,991.5 $3,627.3 $3, $3,712.0 $3,683.8 $760.9 $628.4 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Deal Value ($MM) Deal Volume Deal Volume Global NTM Multiples Valuation Multiples Trend: 2007 Q x 2.0x 1.6x 1.6x 1.5x 1.5x 1.7x 1.6x 1.7x 2.0x 2.0x 1.8x 2.1x 2.2x EV / Revenue 1.2x 0.8x 0.4x 0.0x Q1'17 EV / 10.0x 8.0x 6.0x 4.0x 7.4x 6.4x 8.8x 8.1x 7.1x 7.3x 8.8x 9.0x 7.3x 8.6x 8.7x 2.0x 0.0x Q1'17 Notes: M&A analysis based on deals closed during the respective periods. Deal value represents aggregate deal value for disclosed transactions for the time periods noted on the above graphs. The Transportation & Logistics valuation trend is based on an internally originated list of public companies viewed as best representing the sector. The list of public companies selected can be found on pages Graphs depict enterprise value as multiple of Revenue and ; respectively. 12

13 APPENDIX 13

14 Consulting & Professional Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) IT Consulting Accenture plc 74, % 71, , % 5, % 2.0x 11.9x Alliance Data Systems Corporation 13, % 33, , % 1, % 4.3x 15.5x Atos SE 12, % 12, , % 1, % 1.0x 7.5x Cap Gemini S.A. 15, % 16, , % 1, % 1.2x 8.9x CGI Group Inc. 14, % 15, , % 1, % 1.9x 10.0x Cognizant Technology Solutions Corporation 36, % 31, , % 2, % 2.2x 10.7x Computer Sciences Corporation 9, % 11, , % % 1.5x 8.4x Exlservice Holdings, Inc. 1, % 1, % % 1.9x 10.6x Genpact Limited 4, % 5, , % % 2.0x 11.8x HCL Technologies Limited 19, % 17, , % 1, % 2.3x 10.4x Infosys Limited 36, % 31, , % 2, % 2.8x 10.4x Syntel, Inc. 1, % 1, (0.2%) % 2.0x 7.4x Tata Consultancy Services Limited 73, % 68, , % 4, % 3.5x 12.7x Tech Mahindra Limited 6, % 5, , % % 1.2x 7.6x Teradata Corporation 4, % 3, ,322.0 (8.2%) % 1.7x 9.0x Unisys Corporation % ,820.7 (6.4%) % NM NM Wipro Limited 19, % 16, , % 1, % 2.0x 9.4x WNS (Holdings) Ltd. 1, % 1, % % 2.1x 10.0x IT Consulting Mean 87.5% 5.2% 17.9% 2.1x 10.1x IT Consulting Median 90.4% 6.4% 16.7% 2.0x 10.0x Specialty Consulting Booz Allen Hamilton Holding Corporation 5, % 6, , % % 1.1x 11.6x CACI International Inc 2, % 4, , % % 1.0x 10.8x CRA International, Inc % % % 0.7x NM Exponent, Inc. 1, % 1, % % 4.3x 17.1x FTI Consulting, Inc. 1, % 1, , % % 1.0x 8.7x Huron Consulting Group Inc % 1, % % 1.5x 10.0x Learning Tree International, Inc % (11.7%) (6.2) (7.7%) NM NM Navigant Consulting, Inc. 1, % 1, % % 1.2x 8.1x The Hackett Group, Inc % % % 1.8x 10.9x Specialty Consulting 83.9% 6.5% 11.1% 1.6x 11.0x Mean Specialty Consulting Median 87.4% 6.1% 10.8% 1.2x 10.8x Customer Engagement / Call Center Management Convergys Corporation 2, % 2, ,913.6 (1.3%) % 0.7x 5.9x LivePerson, Inc % (6.8%) % 1.7x 18.7x NICE Ltd. 4, % 4, , % % 3.2x 12.3x Nuance Communications, Inc. 5, % 6, , % % 3.3x 10.5x Sykes Enterprises, Incorporated 1, % 1, , % % 0.8x 6.8x Teleperformance SE 6, % 7, , % % 1.7x 10.3x TeleTech Holdings, Inc. 1, % 1, ,275.3 (0.9%) % 1.2x 8.5x Verint Systems Inc. 2, % 3, ,062.1 (6.0%) % 2.8x 12.3x West Corporation 2, % 5, , % % 2.2x 7.7x Customer Engagement / Call Center 88.7% 1.8% 15.1% 2.0x 10.3x Management Mean Customer Engagement / Call Center Management Median 92.6% 0.4% 12.5% 1.7x 10.3x 14

15 Consulting & Professional Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) HR Staffing & Professional Services 51job, Inc. 2, % 1, % % 3.8x 10.8x Adecco Group AG 12, % 13, , % 1, % 0.5x 9.5x AMN Healthcare Services, Inc. 1, % 2, , % % 1.1x 8.9x Aon plc 31, % 36, ,605.0 (0.5%) 2, % 3.7x 15.5x Automatic Data Processing, Inc. 45, % 45, , % 2, % 3.5x 16.6x Barrett Business Services, Inc % % % NM NM Capita plc 4, % 7, , % % 1.3x 9.6x CBIZ, Inc % % % 1.1x 8.8x CDI Corp % (12.3%) (5.9) (0.7%) NM NM Computer Task Group, Incorporated % (12.1%) % NM 9.5x Cornerstone OnDemand, Inc. 2, % 2, % (46.3) (10.9%) 4.4x NM Cross Country Healthcare, Inc % % % 0.6x 11.2x DHI Group, Inc % (12.6%) % 1.2x 5.1x GP Strategies Corporation % % % 0.9x 11.4x Hays plc 2, % 2, , % % NM 9.6x Heidrick & Struggles International, Inc % % % 0.5x 5.4x Hudson Global, Inc % (8.7%) (2.9) (0.7%) NM NM Insperity, Inc. 1, % 1, , % % 0.5x 10.3x Kelly Services, Inc % ,276.8 (4.4%) % NM 8.3x Kforce Inc % , % % 0.5x 9.1x Korn/Ferry International 1, % 1, , % % 1.1x 7.1x ManpowerGroup Inc. 6, % 7, , % % NM 8.6x Marsh & McLennan Companies, Inc. 38, % 41, , % 3, % 3.0x 12.5x PageGroup plc 1, % 1, , % % 1.0x 10.4x On Assignment, Inc. 2, % 3, , % % 1.2x 10.2x Randstad Holding NV 10, % 11, , % 1, % NM 9.6x RCM Technologies, Inc % (5.0%) % NM NM Resources Connection, Inc % (0.8%) % 0.8x 10.1x Robert Half International Inc. 6, % 5, , % % 1.1x 9.8x The Ultimate Software Group, Inc. 5, % 5, % % NM 24.4x TrueBlue, Inc. 1, % 1, , % % NM 9.3x HR Staffing & Professional Services 87.6% 6.5% 8.7% 1.6x 10.4x Mean HR Staffing & Professional Services Median 92.6% 3.2% 7.8% 1.1x 9.6x 15

16 Consulting & Professional Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Marketing & Communications Acxiom Corporation 2, % 2, % % 2.5x 12.9x Carbonite, Inc % % % 2.1x 8.7x Equifax Inc. 16, % 19, , % 1, % NM 15.3x Green Dot Corporation 1, % 1, % % 1.2x 5.4x Harte Hanks, Inc % (2.4%) % NM 12.5x Havas SA 3, % 3, , % % 1.4x 8.5x ipass Inc % % (4.9) (7.7%) 0.9x NM j2 Global, Inc. 4, % 4, % % 4.1x 9.7x MDC Partners Inc % 1, , % % 1.1x 7.6x NeuStar, Inc. 1, % 2, , % % 2.0x NM Omnicom Group Inc. 20, % 22, , % 2, % 1.5x 9.6x Publicis Groupe S.A. 15, % 16, , % 1, % 1.6x 8.7x ServiceSource International, Inc % % (5.5) (2.2%) 1.2x 22.1x The Interpublic Group of Companies, Inc. 9, % 10, , % 1, % 1.3x 8.9x WPP plc 27, % 32, , % 3, % 1.7x 10.1x Marketing & Communications Mean 84.0% 9.8% 15.3% 1.7x 10.8x Marketing & Communications 94.2% 4.0% 14.0% 1.5x 9.6x Median Financial, Billing & Payroll BPO Amadeus IT Group, S.A. 22, % 24, , % 1, % 4.7x 12.4x Amdocs Limited 8, % 8, , % % 2.1x 10.3x Asta Funding, Inc % % % NM NM Broadridge Financial Solutions, Inc. 8, % 9, , % % 2.2x 11.6x CSG Systems International, Inc. 1, % 1, % % 1.8x 7.8x DST Systems, Inc. 3, % 4, , % % 2.0x 9.5x Encore Capital Group, Inc % 3, ,029.3 (8.9%) % 3.1x 8.8x Envestnet, Inc. 1, % 1, % % 2.5x 13.1x Fair Isaac Corporation 4, % 4, % % 4.8x 18.2x Fiserv, Inc. 24, % 29, , % 1, % NM 14.2x Jack Henry & Associates, Inc. 7, % 7, , % % 4.9x 13.9x Paychex, Inc. 21, % 20, , % 1, % NM 14.6x Performant Financial Corporation % (11.3%) % 1.2x 14.0x PRA Group, Inc. 1, % 3, (11.8%) % 3.9x 12.7x Wirecard AG 6, % 5, , % % 4.5x 15.2x Financial, Billing & Payroll BPO 88.5% 8.9% 26.1% 3.1x 12.6x Mean Financial, Billing & Payroll BPO 94.7% 6.1% 27.2% 2.8x 12.9x Median Total Mean 86.9% 6.7% 14.9% 2.0x 10.8x Total Median 92.6% 5.2% 13.6% 1.7x 10.1x Notes: 1. Market Capitalization based on closing share prices as of March 31, Market Capitalization and Share Prices may be based on foreign exchange listed securities and converted to $USD. 3. Indicates percentage of current stock price compared to it s 52 week high. Closing share prices as of March 31, Enterprise Value (EV) equals Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents. 5. equals Earnings before Interest, Taxes, Depreciation, and Amortization. 6. EV/NTM Revenue is the multiple of Enterprise Value and the Next Twelve Months of Revenue. 7. EV/NTM is the multiple of Enterprise Value and the Next Twelve Months of. 16

17 Engineering & Construction Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Diversified Engineering & Construction AECOM 5, % 9, ,471.5 (3.3%) % 0.5x 9.2x Amec Foster Wheeler plc 2, % 4, , % % 0.6x 9.9x ARCADIS NV 1, % 1, ,513.9 (2.6%) % 0.5x 8.4x Balfour Beatty plc 2, % 2, ,547.8 (0.5%) (32.1) (0.4%) 0.3x 11.6x Fluor Corporation 7, % 7, , % % 0.4x 7.7x Hochtief AG 10, % 10, ,015.9 (5.6%) % 0.4x 8.7x Jacobs Engineering Group Inc. 6, % 6, ,667.8 (9.4%) % 0.6x 9.6x KBR, Inc. 2, % 1, ,268.0 (16.2%) % 0.5x 7.2x Quanta Services, Inc. 5, % 5, , % % 0.7x 9.0x SNC-Lavalin Group Inc. 5, % 5, ,306.4 (11.6%) % 0.9x 10.8x Stantec Inc. 2, % 3, , % % 1.3x 10.7x URSUS Spólka Akcyjna % (12.3%) % NA NA Diversified Engineering & 90.1% (0.6%) 4.8% 0.6x 9.3x Construction Mean Diversified Engineering & 88.8% (3.0%) 5.5% 0.5x 9.2x Construction Median Specialty Engineering & Construction Aegion Corporation % ,221.9 (8.4%) % 0.7x 7.1x Chicago Bridge & Iron Company N.V. 3, % 4, ,679.6 (17.4%) % 0.6x 6.5x Clean Harbors, Inc. 3, % 4, ,755.2 (15.9%) % 1.6x 9.9x Dycom Industries Inc. 2, % 3, , % % 1.1x 7.5x Eversource Energy 18, % 28, ,639.1 (4.0%) 2, % 3.6x 10.5x Hill International, Inc % (7.2%) % 0.8x 24.7x IBI Group Inc % % % 0.9x 8.3x Layne Christensen Company % (10.1%) % 0.4x 6.8x McDermott International Inc. 1, % 1, ,636.0 (14.1%) % 0.6x 5.6x MYR Group, Inc % , % % 0.5x 8.1x North American Energy Partners Inc % (24.2%) % 0.9x 4.3x Orion Group Holdings, Inc % % % 0.5x 5.7x Primoris Services Corporation 1, % 1, , % % 0.6x 7.4x Tetra Tech, Inc. 2, % 2, , % % 1.3x 10.6x TRC Companies Inc % % % 0.8x 8.1x Willbros Group Inc % (19.5%) (2.8) (0.4%) 0.3x 7.2x Specialty Engineering & 85.3% (0.6%) 10.4% 0.9x 8.6x Construction Mean Specialty Engineering & Construction Median 86.4% (5.6%) 8.9% 0.8x 7.4x 17

18 Engineering & Construction Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Construction Contractors Aecon Group Inc % , % % 0.3x 6.3x Bird Construction Inc % , % % 0.2x 7.1x Bovis Homes Group PLC 1, % 1, , % % 1.2x 8.3x EMCOR Group Inc. 3, % 3, , % % 0.5x 8.9x Granite Construction Incorporated 1, % 1, , % % 0.6x 8.4x Great Lakes Dredge & Dock Corporation % (10.4%) % 0.8x 6.1x MasTec, Inc. 3, % 4, , % % 0.8x 7.8x Skanska AB (publ) 9, % 9, ,014.4 (5.0%) % 0.6x 10.3x Stuart Olson Inc % (21.0%) % 0.2x 6.9x Tutor Perini Corporation 1, % 2, , % % 0.4x 7.0x Construction Contractors 84.9% 3.7% 6.5% 0.6x 7.7x Mean Construction Contractors 84.2% 8.0% 5.3% 0.5x 7.5x Median Total Mean 86.7% 0.5% 7.6% 0.7x 8.6x Total Median 87.3% (1.6%) 6.2% 0.6x 8.1x Notes: 1. Market Capitalization based on closing share prices as of March 31, Market Capitalization and Share Prices may be based on foreign exchange listed securities and converted to $USD. 3. Indicates percentage of current stock price compared to it s 52 week high. Closing share prices as of March 31, Enterprise Value (EV) equals Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents. 5. equals Earnings before Interest, Taxes, Depreciation, and Amortization. 6. EV/NTM Revenue is the multiple of Enterprise Value and the Next Twelve Months of Revenue. 7. EV/NTM is the multiple of Enterprise Value and the Next Twelve Months of. 18

19 Facilities Management & Maintenance Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Route-based/Facilities Management ABM Industries Incorporated 2, % 2, , % % 0.5x 11.0x Aggreko plc 2, % 3, ,870.6 (2.9%) % 1.8x 5.4x Blancco Technology Group plc % % % 4.2x 14.4x Carillion plc 1, % 1, , % % NM NM Cintas Corporation 13, % 14, , % % 2.3x 11.6x Compass Group PLC 31, % 34, , % 2, % 1.2x 12.9x FirstService Corporation 2, % 2, , % % 1.5x 16.8x HomeServe plc 2, % 2, % % 2.7x 13.7x Iron Mountain Incorporated 9, % 15, , % 1, % 4.1x 12.5x Mears Group plc % , % % 0.5x 9.5x MITIE Group PLC % 1, ,867.8 (4.2%) % NM 9.9x Rentokil Initial plc 5, % 7, , % % 2.5x 11.5x Rollins, Inc. 8, % 7, , % % 4.8x NM Sodexo S.A. 17, % 18, , % 1, % 0.8x 11.1x SP Plus Corporation % (3.2%) % 1.0x 9.7x UniFirst Corporation 2, % 2, , % % 1.6x 9.8x Route-based/Facilities 89.1% 9.9% 14.7% 2.1x 11.4x Management Mean Route-based/Facilities 94.5% 7.2% 14.0% 1.7x 11.3x Management Median Security Services Ascent Capital Group, Inc % 1, % % 3.3x 5.5x dormakaba Holding AG 3, % 3, , % % 1.4x 8.9x G4S plc 5, % 8, , % % 0.8x 9.8x Loomis AB 2, % 2, , % % 1.4x 8.0x Prosegur Compañía de Seguridad, S.A. 3, % 4, ,119.4 (1.4%) % 1.0x 8.2x S-1 Corporation 2, % 2, , % % 1.4x 7.1x SECOM CO., LTD. 15, % 12, , % 1, % 1.6x 7.5x Securitas AB 5, % 7, , % % 0.7x 10.5x Sohgo Security Services Co.,Ltd. 3, % 2, , % % 0.8x 7.4x The Brink's Company 2, % 2, ,020.6 (1.3%) % 1.0x 7.7x Security Services Mean 84.6% 9.6% 17.1% 1.3x 8.1x Security Services Median 90.9% 5.1% 12.9% 1.2x 7.9x 19

20 Facilities Management & Maintenance Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Environmental-related Services Casella Waste Systems, Inc % 1, % % 1.9x 8.7x Clean Harbors, Inc. 3, % 4, ,755.2 (15.9%) % 1.6x 9.9x Covanta Holding Corporation 2, % 4, , % % 2.7x 11.1x Daiseki Co.,Ltd % (12.9%) % 1.6x NM Heritage-Crystal Clean, Inc % (0.7%) % 0.9x 7.1x Newalta Corporation % (37.3%) % 2.1x 10.8x Renewi plc % 1, % % 1.4x 13.2x Republic Services, Inc. 21, % 28, , % 2, % 2.9x 10.4x Sanix Incorporated % (26.8%) % NM NM Stericycle, Inc. 7, % 9, , % % 2.8x 11.3x US Ecology, Inc. 1, % 1, (15.2%) % 2.6x 10.5x Waste Connections, Inc. 15, % 18, , % 1, % 4.2x 13.4x Waste Management, Inc. 32, % 41, , % 3, % 2.9x 10.5x Environmental-related 88.3% (0.2%) 18.5% 2.3x 10.6x Services Mean Environmental-related 91.2% 3.0% 19.3% 2.3x 10.5x Services Median Total Mean 87.7% 6.5% 16.6% 2.0x 10.2x Total Median 91.2% 4.7% 17.4% 1.6x 10.4x Notes: 1. Market Capitalization based on closing share prices as of March 31, Market Capitalization and Share Prices may be based on foreign exchange listed securities and converted to $USD. 3. Indicates percentage of current stock price compared to it s 52 week high. Closing share prices as of March 31, Enterprise Value (EV) equals Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents. 5. equals Earnings before Interest, Taxes, Depreciation, and Amortization. 6. EV/NTM Revenue is the multiple of Enterprise Value and the Next Twelve Months of Revenue. 7. EV/NTM is the multiple of Enterprise Value and the Next Twelve Months of. 20

21 Media & Marketing Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Data & Information Services Diversified Acxiom Corporation 2, % 2, % % 2.5x 12.9x Alliance Data Systems Corporation 13, % 31, , % 1, % 4.3x 15.5x Equifax Inc. 16, % 19, , % 1, % 5.6x 15.3x Experian plc 18, % 22, ,607.0 (0.5%) 1, % 4.6x 13.3x Fair Isaac Corporation 4, % 4, % % 4.8x 18.2x IHS Markit Ltd. 16, % 19, , % % 5.8x 14.5x Informa plc 6, % 8, , % % 3.9x 11.6x NeuStar, Inc. 1, % 2, , % % 2.0x NM Teradata Corporation 4, % 3, ,322.0 (8.2%) % 1.7x 9.0x Thomson Reuters Corporation 31, % 39, ,166.0 (0.8%) 2, % 3.3x 11.1x UBM plc 3, % 3, , % % 3.6x 12.0x Verisk Analytics, Inc. 13, % 15, , % % NM 14.9x Wolters Kluwer N.V. 11, % 14, , % 1, % 2.9x 10.7x Data & Information Services 96.1% 8.5% 27.4% 3.8x 13.2x Diversified Mean Data & Information Services Diversified Median 96.9% 10.8% 27.8% 3.8x 13.1x Data & Information Services Financial and Market Data & Media CoreLogic, Inc. 3, % 4, , % % 2.7x 10.6x CEB Inc. 2, % 3, % % 3.4x 13.1x CoStar Group Inc. 6, % 6, % % 6.9x 24.7x The Dun & Bradstreet Corporation 3, % 5, , % % 3.0x 10.5x FactSet Research Systems Inc. 6, % 6, , % % 5.3x 15.3x Fidelity National Information Services, Inc. 26, % 36, , % 2, % 3.8x 11.7x Forrester Research Inc % % % 1.8x 15.3x Gartner Inc. 8, % 9, , % % 3.4x 17.9x GfK SE 1, % 2, ,566.4 (3.9%) % 1.4x 9.4x Ipsos SA 1, % 1, ,881.9 (0.1%) % 1.0x 8.4x Moody's Corporation 21, % 22, , % 1, % 6.0x 13.0x Morningstar Inc. 3, % 3, % % 4.0x 12.0x MSCI Inc. 8, % 9, , % % NM 16.0x The Advisory Board Company 1, % 2, % % 3.0x 12.1x Data & Information Services 91.3% 9.4% 24.6% 3.5x 13.6x Financial and Market Data & Media Mean Data & Information Services Financial and Market Data & Media Median 91.8% 4.3% 23.0% 3.4x 12.5x Internet & Digital Media Advertising & Marketing Aimia Inc. 1, % 1, ,703.4 (7.0%) % 0.8x 7.2x Alphabet Inc. 579, % 509, , % 29, % 4.7x 11.6x Baidu, Inc. 59, % 54, , % 2, % 4.4x 22.6x Bankrate, Inc % 1, % % 2.0x 7.9x Bazaarvoice, Inc % % (8.4) (4.2%) 1.5x 18.5x Groupon, Inc. 2, % 1, , % % NM 6.9x Harte-Hanks Inc % (2.4%) % NM 12.5x MDC Partners Inc % 1, , % % 1.1x 7.6x Yahoo! Inc. 44, % 39, , % % NM NM Internet & Digital Media 75.8% 5.1% 10.4% 2.4x 11.8x Advertising & Marketing Mean Internet & Digital Media Advertising & Marketing Median 81.1% 4.0% 5.4% 1.7x 9.7x 21

22 Media & Marketing Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Internet & Digital Media Content Delivery & Management Akamai Technologies, Inc. 10, % 10, , % % 4.0x 10.4x Dentsu Inc. 15, % 16, ,180.8 (11.0%) 1, % 2.1x 10.0x Havas SA 3, % 3, , % % 1.4x 8.5x Level 3 Communications, Inc. 20, % 30, ,172.0 (0.7%) 2, % 3.6x 10.1x Mentor Graphics Corp. 4, % 4, , % % 3.1x 12.4x Omnicom Group Inc. 20, % 23, , % 2, % 1.5x 9.6x Publicis Groupe SA 15, % 18, , % 1, % 1.6x 8.7x TiVo Corporation 2, % 2, % % 3.6x 10.7x The Interpublic Group of Companies, Inc. 9, % 10, , % 1, % 1.3x 8.9x WPP plc 27, % 33, , % 3, % 1.7x 10.1x Internet & Digital Media 92.5% 5.5% 21.7% 2.4x 9.9x Content Delivery & Management Mean Internet & Digital Media Content Delivery & Management Median 94.3% 3.5% 19.3% 1.9x 10.0x Internet & Digital Media Content & Services Angie's List, Inc % (6.0%) % 1.2x 12.3x comscore, Inc. 1, % 1, % % 2.2x 9.4x Demand Media, Inc % (9.9%) (23.7) (20.9%) 0.8x NM DHI Group, Inc % (12.6%) % 1.2x 5.1x Facebook, Inc. 410, % 387, , % 14, % NM 16.1x IAC/InterActiveCorp 5, % 6, ,139.9 (2.8%) % 2.0x 10.6x Netflix, Inc. 63, % 64, , % % 5.8x NM Pandora Media, Inc. 2, % 2, , % (238.7) (17.2%) 1.8x NM VeriSign, Inc. 8, % 8, , % % NM 11.1x WebMD Health Corp. 1, % 1, % % 2.8x 8.4x Yelp Inc. 2, % 2, % % 2.4x 13.2x Zillow Group, Inc. 6, % 5, % (2.1) (0.3%) 5.6x 28.2x Zynga, Inc. 2, % 1, (3.0%) (92.5) (12.5%) 2.0x 17.8x Internet & Digital Media Content 80.8% 12.4% 11.4% 2.5x 13.2x & Services Mean Internet & Digital Media Content & Services Median 84.5% 10.8% 5.0% 2.0x 11.7x 22

23 Media & Marketing Services Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) E-commerce Amazon.com, Inc. 423, % 424, , % 11, % 2.5x 21.5x Cimpress N.V. 2, % 3, , % % 1.6x 11.9x Ctrip.com International Ltd. 24, % 26, , % (180.7) (6.5%) 6.7x NM ebay Inc. 36, % 37, , % 3, % 4.1x 10.9x Expedia Inc. 18, % 19, , % 1, % 2.2x 11.8x Liquidity Services, Inc % (4.9%) (10.6) (3.3%) NM NM Live Nation Entertainment, Inc. 6, % 6, , % % 0.8x 10.8x Mercadolibre, Inc. 9, % 9, % % NM NM Rakuten, Inc. 14, % 14, , % 1, % 2.0x 10.4x Shutterfly, Inc. 1, % 1, , % % 1.5x 7.8x Stamps.com Inc. 1, % 2, % % 4.9x 9.8x The Priceline Group Inc. 87, % 90, , % 4, % NM 19.1x E-commerce Mean 90.6% 25.4% 16.2% 2.9x 12.6x E-commerce Median 95.6% 19.0% 12.3% 2.2x 10.9x Diversified Media CBS Corporation 28, % 36, , % 3, % 2.7x 11.6x Comcast Corporation 178, % 229, , % 26, % 2.8x 8.6x Discovery Communications, Inc. 17, % 24, , % 2, % 3.6x 9.8x Meredith Corporation 2, % 3, , % % 2.1x 11.2x News Corporation 7, % 6, ,198.0 (1.6%) % 0.8x 7.2x Scripps Networks Interactive, Inc. 10, % 13, , % 1, % 3.8x 9.3x TEGNA Inc. 5, % 9, , % 1, % 2.8x 8.9x The New York Times Company 2, % 2, ,555.3 (1.5%) % 1.3x 8.9x The Walt Disney Company 179, % 194, , % 16, % 3.5x 11.0x Time Warner Inc. 75, % 97, , % 8, % 3.2x 11.1x Tribune Media Company 3, % 6, , % % 3.2x 13.2x Twenty-First Century Fox, Inc. 59, % 74, , % 6, % 2.6x 10.4x Viacom, Inc. 18, % 30, ,658.0 (3.2%) 2, % 2.4x 9.9x Diversified Media Mean 96.0% 4.2% 26.8% 2.7x 10.1x Diversified Media Median 97.5% 4.3% 24.8% 2.8x 9.9x Total Mean 89.5% 10.3% 20.3% 2.9x 12.1x Total Median 94.1% 6.2% 21.1% 2.7x 11.1x Notes: 1. Market Capitalization amounts are based on closing share prices as of March 31, Share prices and market capitalizations may be based on foreign exchange listed stocks and have been converted into US$. 3. Indicates percentage of current stock price compared to it s 52 week high. Closing share prices as of March 31, Enterprise Value (EV) equals Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents. 5. equals Earnings before Interest, Taxes, Depreciation, and Amortization. 6. EV/NTM Revenue is the multiple of Enterprise Value and the Next Twelve Months of Revenue. 7. EV/NTM is the multiple of Enterprise Value and the Next Twelve Months of. 23

24 Transportation & Logistics Performance Summary by Sub-sector ($MM, except per share data) Company Logistics Providers Market Share Cap (1), (2) Price (2) % 52-Wk High (3) Enterprise Value (4) Last 12 Months (LTM) Rev Revenue Growth (5) Margin EV/NTM Revenue (6) EV/NTM (7) Agility Public Warehousing Company K.S.C.P. 2, % 2, ,031.5 (5.3%) % NM NM Air Transport Services Group, Inc % 1, % % 1.5x 5.3x Atlas Air Worldwide Holdings, Inc. 1, % 3, , % % 1.5x 7.3x C.H. Robinson Worldwide, Inc. 10, % 11, ,144.4 (2.5%) % 0.8x 12.8x Deutsche Post AG 41, % 44, ,019.7 (3.1%) 4, % 0.7x 8.0x DSV A/S 9, % 10, , % % 1.0x 14.6x Echo Global Logistics, Inc % , % % 0.4x 11.2x Expeditors International of Washington, Inc. 10, % 9, ,098.0 (7.8%) % 1.4x 12.3x FedEx Corporation 52, % 63, , % 7, % 1.0x 6.9x Fortress Transportation and Infrastructure Investors LLC 1, % 1, % % 6.6x 12.1x Forward Air Corporation 1, % 1, % % 1.4x 9.7x Hub Group, Inc. 1, % 1, , % % 0.4x 9.0x J.B. Hunt Transport Services, Inc. 10, % 11, , % 1, % 1.6x 9.8x Kuehne + Nagel International AG 16, % 16, ,268.3 (1.2%) 1, % 0.8x 13.8x Landstar System, Inc. 3, % 3, ,169.1 (4.6%) % 1.0x 12.7x Panalpina World Transport (Holding) Ltd. 2, % 2, ,115.3 (11.3%) % 0.5x 13.7x Roadrunner Transportation Systems, Inc % ,972.2 (3.2%) % NM 6.5x Ryder System, Inc. 4, % 9, , % 1, % 1.3x 5.1x TFI International Inc. 2, % 3, ,996.7 (0.1%) % 1.0x 7.4x United Parcel Service, Inc. 93, % 104, , % 7, % 1.6x 9.8x World Fuel Services Corporation 2, % 3, ,015.8 (11.1%) % NM 8.5x Logistics Providers Mean 88.4% 3.1% 12.0% 1.4x 9.8x Logistics Providers Median 90.1% 0.9% 8.2% 1.0x 9.7x Trucking ArcBest Corporation % , % % NM 4.3x Celadon Group, Inc % , % % 0.5x 6.3x Covenant Transportation Group, Inc % (7.4%) % 0.8x 4.9x Heartland Express, Inc. 1, % 1, (16.8%) % 2.6x 8.2x Knight Transportation, Inc. 2, % 2, ,118.0 (5.5%) % 2.1x 9.3x Marten Transport, Ltd % % % 1.1x 5.5x Old Dominion Freight Line, Inc. 7, % 7, , % % 2.2x 9.7x P.A.M. Transportation Services, Inc % % % 0.6x 4.6x Saia, Inc. 1, % 1, ,218.5 (0.2%) % 0.9x 6.9x Swift Transportation Company 2, % 3, ,031.5 (4.7%) % 0.9x 6.9x USA Truck, Inc % (15.5%) % 0.5x 5.9x Werner Enterprises, Inc. 1, % 2, ,009.0 (4.0%) % 1.0x 5.7x YRC Worldwide Inc % 1, ,697.5 (2.8%) % NM 4.0x Trucking Mean 73.6% (3.7%) 14.7% 1.2x 6.3x Trucking Median 76.6% (2.8%) 13.3% 0.9x 5.9x 24

25 Transportation & Logistics Performance Summary by Sub-sector ($MM, except per share data) Last 12 Months (LTM) Market Share % 52-Wk Enterprise Rev EV/NTM EV/NTM Company Cap (1), (2) Price (2) High (3) Value (4) Revenue Growth (5) Margin Revenue (6) (7) Rail and Rail Services American Railcar Industries, Inc % 1, (28.1%) % 2.8x 7.1x Canadian National Railway Company 56, % 64, ,961.3 (4.6%) 4, % 6.7x 12.4x Canadian Pacific Railway Limited 21, % 27, ,639.6 (7.2%) 2, % 5.7x 11.0x CSX Corporation 43, % 53, ,069.0 (6.3%) 4, % 4.7x 10.9x FreightCar America, Inc % (32.2%) % NM NM Genesee & Wyoming Inc. 4, % 6, , % % 3.2x 9.9x Kansas City Southern 9, % 11, ,334.2 (3.5%) 1, % 4.8x 9.7x Norfolk Southern Corporation 34, % 44, ,888.0 (5.9%) 4, % 4.3x 10.1x The Greenbrier Companies, Inc. 1, % 1, ,326.7 (21.2%) % 0.7x 5.3x Trinity Industries, Inc. 4, % 6, ,588.3 (28.2%) 1, % 1.8x 8.5x Union Pacific Corporation 85, % 99, ,941.0 (8.6%) 9, % 4.8x 10.0x Westinghouse Air Brake Technologies Corporation 7, % 8, ,931.2 (11.4%) % 2.4x 14.3x Rail and Rail Services Mean 87.6% (13.1%) 33.4% 3.8x 9.9x Rail and Rail Services Median 87.8% (7.9%) 35.0% 4.3x 10.0x Marine A.P. Møller - Mærsk A/S 34, , % 45, ,464.0 (12.0%) 6, % 1.2x 5.9x Aegean Marine Petroleum Network Inc % 1, ,076.2 (3.7%) % NM 8.6x Costamare Inc % 1, (4.5%) % 4.5x 6.8x Diana Shipping Inc % (27.6%) (17.2) (15.0%) 6.4x NM Kirby Corporation 3, % 4, ,770.7 (17.5%) % 2.6x 11.4x Matson, Inc. 1, % 2, , % % 1.1x 7.3x Nordic American Tankers Limited % 1, (48.1%) % 5.6x 10.8x Rand Logistics, Inc % (21.5%) % 1.8x 5.9x SEACOR Holdings Inc. 1, % 1, (21.2%) % 2.0x 12.8x Wallenius Wilhelmsen Logistics ASA 1, % 2, (17.6%) % 1.1x 5.4x Marine Mean 76.5% (17.1%) 25.4% 2.9x 8.3x Marine Median 91.3% (17.6%) 21.0% 2.0x 7.3x Total Mean 82.6% (5.6%) 19.6% 2.2x 8.7x Total Median 88.3% (4.3%) 14.8% 1.4x 8.5x Notes: 1. Market Capitalization based on closing share prices as of March 31, Market Capitalization and Share Prices may be based on foreign exchange listed securities and converted to $USD. 3. Indicates percentage of current stock price compared to it s 52 week high. Closing share prices as of March 31, Enterprise Value (EV) equals Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents. 5. equals Earnings before Interest, Taxes, Depreciation, and Amortization. 6. EV/NTM Revenue is the multiple of Enterprise Value and the Next Twelve Months of Revenue. 7. EV/NTM is the multiple of Enterprise Value and the Next Twelve Months of. 25

26 Recent Business Services Transactions has been acquired by has completed the divestiture of its global Authentication business to has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by Select transactions represent the corporate finance practices of KPMG International s network of independent member firms and financial due diligence. KPMG Corporate Finance* consistently ranks as a top Global Middle Market Investment Banking Network Thompson Reuters Bloomberg 2016 Worldwide Completed Advisor Ranking No. of deals 1. KPMG * PwC Rothschild & Co Goldman Sacks & Co JP Morgan Morgan Stanley Ernst & Young LLP Lazard BDO Citi Contact Worldwide Completed Advisor Ranking No. of deals 1. KPMG * 4, PwC 3, Goldman Sachs & Co 3, Morgan Stanley 3, JP Morgan 3, Rothschild & Co 2, Ernst & Young LLP 2, Credit Suisse 2, BoA Merrill Lynch 2, Citi 2,529 KPMG Corporate Finance LLC Business Services Coverage Global Mid-Market (Up to $50m) No. of deals 1. KPMG * 1, PwC Nomura Holdings Daiwa Securities Group Stifel Financial Corp Deloitte Sumitomo Mitsui Financial Ernst & Young LLP Houlihan Lokey Inc Rothschild & Co 399 *Represents the global corporate finance practices of KPMG International's network of independent member firms Global Private Equity Mid-Market (> $50M) 2016 No. of deals 1. KPMG PwC Avendus Capital Pvt Ltd Rothschild & Co Goldman Sacks & Co Moelis & Co JP Morgan Daiwa Securities Group Mooreland Partners LLC LionTree Advisors 64 We welcome the opportunity to meet with you, learn more about your firm s objectives, and discuss our people and capabilities. STEPHEN W. GUY Managing Director & Group Head Baltimore, MD T: C: E: sguy@kpmg.com CHRIS WEBER Vice President Baltimore, MD T: C: E: DAVID W. LAZAREK Associate Baltimore, MD T: C: E: dlazarek@kpmg.com 26