ABOUT THE DATA · The information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where

2

ABOUT THE DATAThe information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target isheadquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industrygroup and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to theinformation to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted.

ABOUT THE DATAThe information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target isheadquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industrygroup and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to theinformation to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted. 3

Public Companies' Trading Metrics | Business ServicesAs of: 12/31/2019

Category / Company

USD in millions except per share priceLast Equity Enterprise EBITDAPrice Value Value Margin 2018A LTM NTM 2018A LTM

Last Sale PriceMarket CapitalizationTotal Enterprise ValueLTM EBITDA Margin %CY - 1 TEV/Total RevenuesLTM TEV/Total RevenuesNTM TEV/Forward Total RevenueCY - 1 TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA

Valuation Statistics Multiples Data

EV / Revenue (x) EV / EBITDA (x)

NTM

4Source: S&P Capital IQ; ArkMalibuEV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful

Automation EngineeringAlten SA 126.25 4,252 4,429 9.9% 1.2 1.6 1.4 11.0 15.7Altran Technologies S.A. 15.89 4,045 5,902 12.2% 1.4 1.7 1.6 11.7 13.8Capgemini SE 122.21 20,439 23,464 12.9% 1.3 1.5 1.4 10.2 11.8EPAM Systems, Inc. 212.16 11,666 11,043 15.7% 3.2 5.1 4.2 21.4 32.5Genpact Limited 42.17 8,011 9,140 16.0% 2.1 2.7 2.4 14.8 16.8HCL Technologies Limited 7.98 21,661 22,018 22.8% 2.2 2.4 2.1 9.3 10.6

Median 82.19 9,838 10,092 14.3% 1.7 2.0 1.8 11.4 14.8

Education ServicesAdtalem Global Education Inc. 34.97 1,888 2,347 19.7% 2.2 1.9 2.1 9.8 9.5K12 Inc. 20.35 797 682 5.9% 0.9 0.7 0.7 17.3 11.5Laureate Education, Inc. 17.61 3,850 5,696 15.5% 1.3 1.7 1.7 7.6 11.1Lincoln Educational Services Corporation 2.70 68 128 3.3% 0.4 0.5 0.5 13.0 14.5

Median 18.98 1,343 1,515 10.7% 1.1 1.2 1.2 11.4 11.3

Education TrainingChegg, Inc. 37.91 4,586 4,698 9.8% 10.3 12.3 9.6 233.7 126.1Graham Holdings Company 638.99 3,396 3,795 14.5% 1.2 1.3 NM 7.3 9.0New Oriental Education & Technology Group Inc.121.25 19,210 17,340 16.5% 2.4 5.2 4.1 18.2 34.0Pearson plc 8.44 6,571 8,771 14.2% 1.9 1.6 1.7 13.2 10.6Strategic Education, Inc. 158.90 3,413 3,091 21.5% 4.1 3.2 3.0 31.4 14.5TAL Education Group 48.20 28,522 28,107 14.1% 6.3 9.5 7.2 41.9 69.4

Median 84.73 5,579 6,734 14.3% 3.2 4.2 4.1 24.8 24.3

Engineering ServicesAECOM 43.13 6,775 9,306 4.6% 0.4 0.5 0.5 8.4 9.3Arcadis NV 23.32 2,068 2,805 7.3% 0.4 0.7 0.7 7.4 10.5Babcock International Group PLC 8.34 4,213 6,848 12.3% 0.8 1.2 1.1 6.2 8.5EMCOR Group, Inc. 86.30 4,846 4,990 6.0% 0.4 0.6 0.5 7.0 9.2

8.1

5.08.18.1

12.710.09.2

23.413.29.0

11.3

NM

34.1NM23.38.9

11.445.023.3

8.88.17.08.6


Category / Company





NTM


Fluor Corporation 18.88 2,646 2,879 -0.6% 0.2 0.2 0.2 5.9 NMJacobs Engineering Group Inc. 89.83 11,970 12,794 7.3% 0.7 1.0 0.9 11.2 13.8John Wood Group PLC 5.28 3,556 6,073 5.5% 0.7 0.6 0.6 13.5 9.8KBR, Inc. 30.50 4,322 5,137 6.8% 0.6 0.9 0.8 7.6 11.9MasTec, Inc. 64.16 4,824 6,345 10.9% 0.7 0.9 0.8 7.7 7.6SNC-Lavalin Group Inc. 23.09 4,054 5,143 0.6% 1.0 0.7 0.7 10.6 107.1Stantec Inc. 28.30 3,141 4,302 10.9% 1.2 1.5 1.4 12.8 14.0Tetra Tech, Inc. 86.16 4,703 4,870 9.9% 1.4 2.0 1.9 12.8 20.6WSP Global Inc. 68.36 7,242 9,027 8.0% 0.9 1.3 1.6 11.8 16.5

Median 30.50 4,322 5,143 7.3% 0.7 0.9 0.8 8.4 11.2

Environmental ServicesAdvanced Disposal Services, Inc. 32.87 2,939 4,831 23.7% 2.6 3.0 2.8 10.4 12.5Casella Waste Systems, Inc. 46.03 2,199 2,809 18.2% 2.7 3.9 3.5 14.8 21.3Clean Harbors, Inc. 85.75 4,786 6,216 15.2% 1.3 1.8 1.8 8.8 12.1Covanta Holding Corporation 14.84 1,940 4,535 16.3% 2.2 2.4 2.4 12.2 14.4Heritage-Crystal Clean, Inc 31.37 727 778 9.1% 1.3 1.8 1.7 11.9 19.8Republic Services, Inc. 89.63 28,605 37,487 27.5% 3.1 3.7 3.5 11.4 13.5US Ecology, Inc. 57.91 1,825 2,181 20.3% 3.0 3.6 2.1 13.3 17.5Veolia Environnement S.A. 26.61 14,759 30,010 10.8% 0.8 1.0 1.0 7.1 8.8Waste Connections, Inc. 90.79 23,941 27,952 30.9% 4.8 5.3 4.9 15.1 17.1Waste Management, Inc. 113.96 48,347 59,270 28.0% 3.3 3.8 3.7 11.7 13.8

Median 51.97 3,862 5,523 19.3% 2.7 3.3 2.6 11.8 14.1

Facility & Field ServicesABM Industries Incorporated 37.71 2,511 3,276 5.1% 0.5 0.5 0.5 9.9 9.8Aeon Delight Co., Ltd. 36.12 1,803 1,287 6.4% 0.4 0.5 0.4 8.4 7.5Aramark 43.40 10,845 17,334 8.1% 0.9 1.1 1.0 10.0 13.2Cintas Corporation 269.08 27,904 30,591 22.5% 3.0 4.3 4.1 14.5 19.0Compass Group PLC 25.03 39,752 44,395 8.4% 1.3 1.3 1.3 13.4 15.8

11.57.0

10.07.3

5.7

12.611.7

9.96.6

7.89.0

16.510.78.6

10.816.111.210.412.212.39.56.7

15.8

10.717.813.3


Category / Company





NTM


EMCOR Group, Inc. 86.30 4,846 4,990 6.0% 0.4 0.6 0.5 7.0 9.2GDI Integrated Facility Services Inc. 26.08 558 707 4.9% 0.5 0.7 0.6 11.4 15.1ISS A/S 24.01 4,434 7,196 6.9% 0.6 0.6 0.6 10.1 9.2Mitie Group plc 1.92 694 1,041 5.2% 0.3 0.3 0.4 6.3 6.5Rentokil Initial plc 6.00 11,046 12,923 18.5% 3.1 3.8 3.5 15.5 19.6Rollins, Inc. 33.16 10,858 11,277 19.8% 6.5 5.8 5.3 31.4 29.1ServiceMaster Global Holdings, Inc. 38.66 5,243 6,689 19.4% 2.3 3.3 3.0 11.0 17.0Sodexo S.A. 118.56 17,299 19,969 6.7% 0.8 0.8 0.8 10.8 12.0SP Plus Corporation 42.43 943 1,740 13.2% 0.9 1.9 1.8 7.0 14.6Stericycle, Inc. 63.81 5,815 8,930 19.9% 1.7 2.7 2.7 9.4 13.3UniFirst Corporation 201.98 3,826 3,441 18.7% 1.5 1.9 1.8 8.6 10.4

Median 38.19 5,045 6,942 8.2% 0.9 1.2 1.2 10.1 13.3

Marketing ServicesDentsu Group Inc. 34.74 9,648 13,614 16.7% 1.2 1.4 1.3 6.6 8.5Hakuhodo DY Holdings Inc 16.27 6,072 5,916 4.5% 0.4 0.4 0.4 7.4 9.6The Interpublic Group of Companies, Inc. 23.10 8,957 13,967 16.2% 1.2 1.6 1.6 8.1 10.0MDC Partners Inc. 2.78 201 1,581 11.0% 0.9 1.1 NM 8.9 10.1Omnicom Group Inc. 81.02 17,641 22,745 15.6% 1.3 1.5 1.5 8.5 9.8Publicis Groupe S.A. 45.29 10,732 13,420 19.8% 1.6 1.3 1.2 8.6 6.7WPP plc 14.12 17,552 26,851 10.5% 1.0 1.3 1.7 6.7 12.0

Median 23.10 9,648 13,614 15.6% 1.2 1.3 1.4 8.1 9.8

Professional ServicesBarrett Business Services, Inc. 90.46 678 569 6.3% 0.4 0.6 0.6 10.1 9.6CBIZ, Inc. 26.96 1,465 1,791 12.7% 1.4 1.9 1.8 11.8 15.0GP Strategies Corporation 13.23 225 361 4.4% 0.6 0.6 0.6 10.6 14.6IBI Group Inc. 4.47 140 292 10.2% 0.7 0.8 1.0 6.7 8.0Willdan Group, Inc. 31.78 360 478 5.5% 1.5 1.2 1.0 19.6 21.6

Median 26.96 360 478 6.3% 0.7 0.8 1.0 10.6 14.6

11.0

8.68.9

8.610.39.16.9

16.526.115.610.814.314.811.2

9.3NM9.55.19.39.1

11.513.48.08.28.08.2


Category / Company





NTM


Safety & SecurityG4S plc 2.89 4,464 7,349 6.8% 0.6 0.7 0.7 9.1 10.5Prosegur Compañía de Seguridad, S.A. 4.13 2,472 3,523 11.7% 0.8 0.7 0.7 7.0 6.4Securitas AB 17.28 6,307 8,452 6.7% 0.7 0.7 0.7 10.6 10.8

Median 4.13 4,464 7,349 6.8% 0.7 0.7 0.7 9.1 10.5

Specialty ConsultingBooz Allen Hamilton Holding Corporation 71.13 9,985 11,666 10.1% 1.2 1.6 1.5 12.4 16.3CACI International Inc 249.99 6,260 8,188 9.4% 1.0 1.6 1.4 10.4 16.8CRA International, Inc. 54.47 422 575 9.5% 0.8 1.3 1.2 11.1 13.7FTI Consulting, Inc. 110.66 4,043 4,261 14.8% 1.3 1.9 1.9 9.6 12.7Huron Consulting Group Inc. 68.72 1,493 1,818 12.8% 1.8 2.1 2.0 15.3 16.7ICF International, Inc. 91.62 1,723 2,117 9.2% 1.1 1.5 1.4 13.0 15.8

Median 81.38 2,883 3,189 9.8% 1.2 1.6 1.5 11.7 16.0

Technology ServicesArrow Electronics, Inc. 84.74 6,902 10,352 3.9% 0.3 0.4 0.4 6.7 9.0Avnet, Inc. 42.44 4,285 5,752 3.7% 0.3 0.3 0.3 6.9 8.1CDW Corporation 142.84 20,523 24,165 7.7% 1.0 1.4 1.3 12.6 17.8Datatec Limited 2.37 489 769 2.4% 0.1 0.2 0.2 7.5 6.9ePlus inc. 84.29 1,139 1,314 7.4% 0.8 0.9 0.8 10.8 12.2Insight Enterprises, Inc. 70.29 2,478 3,466 4.0% 0.3 0.5 0.4 7.0 12.2PC Connection, Inc. 49.66 1,307 1,224 4.4% 0.3 0.4 0.4 7.3 9.9Tech Data Corporation 143.60 5,087 5,767 2.0% 0.1 0.2 0.2 5.6 7.9

Median 77.29 3,381 4,609 3.9% 0.3 0.4 0.4 7.1 9.4

8.97.3

15.2

7.35.8

13.8

8.9

9.3

11.516.05.0

11.28.79.87.0

13.512.413.316.214.2

Documents

ABOUT THE DATA · The information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where