BUSINESS SERVICES INDUSTRY UPDATE JUNE
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- Jonah Parsons
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1 Investment 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 and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
2 HW&CO. DEAL SPOTLIGHT TRANZACT TO BE ACQUIRED BY CLAYTON, DUBILIER & RICE TRANZACT is a provider of turn-key, direct-to-consumer marketing services to US insurance carriers. The Company leverages and integrates sophisticated digital, data and direct marketing solutions that combined with licensed sales execution capabilities deliver new policy holders to carriers seeking to manage larger numbers of customers. The Company is being sold by Veronis Suhler Stevenson, who purchased it in 2007 for $185 million. Read about it here. KRW INSURANCE TO BE ACQUIRED BY ARTHUR J. GALLAGHER & CO. KRW Insurance Agency is a retail insurance broker providing commercial property and casualty, risk management, employee benefits and personal lines insurance and consulting services to clients in the United States. The Company specializes in coverage for the construction and maintenance industries. "For over 70 years, KRW has focused on developing its depth of industry expertise, strong market relationships and quality client service," said J. Patrick Gallagher, Jr., Chairman, President and CEO or Arthur J. Gallagher & Co. Read about it here. MANPOWER GROUP ACQUIRES CIBER Ciber is a leading global information technology consulting, services, and outsourcing company. Manpower has announced the acquisition of Ciber s Dutch division in order to bolster the Manpower s IT service offering. Jilko Andringa, President ManpowerGroup Northern Europe, said rapid technological advances mean the best IT professionals are more in-demand than ever. This move allows us to broaden our offerings and bring even more IT talent to our clients so they can achieve their business objectives in this rapidly changing competitive environment. Read about it here. EPIQ AND ACTIVIST VILLERE ENTER BOARD COMPOSITION SETTLEMENT AGREEMENT Epiq (NASDAQ: EIPQ) is a leading global provider of integrated technology solutions and services for the legal profession. On May 7 th, the Company announced that it has reached an agreement with activist investor St. Denus J. Villere & Company regarding the composition of the board of directors. Following the report, Epiq suiter P2 Capital Partners said that it had re-engaged in talks with the Company regarding a possible transaction. Read about it here. OPEN TEXT TO ACQUIRE RECOMMEND CONTENTS BUSINESS SERVICES UPDATE EQUITY TRADING OVERVIEW ECONOMIC TRENDS M&A MARKET TRENDS PUBLIC COMPARABLES GROUP OVERVIEW Harris Williams & Co. is a leading advisor to the business services market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas: Business Process Outsourcing Consulting Human Resources Insurance, Legal, and Risk Services Marketing and Information Services Transaction Processing Education and Training Facility Services CONTACTS Derek Lewis Managing Director [email protected] +1 (804) Bob Baltimore Managing Director [email protected] +1 (804) John Klim Director [email protected] +1 (804) Marshall Croft Vice President [email protected] +1 (804) Josh Garner Vice President [email protected] +1 (804) Open Text Corporation (NASDAQ: OTEX), a global leader in Enterprise Information Management, announced that it has entered into a definitive agreement to acquire privately held Recommind, Inc., a provider of ediscovery, and information analytics. They offer SaaS and managed services solutions. The acquisition is expected to expand Open Text s expertise in cloud and developing and using analytics to solve concrete and expensive business problems. Read about it here. PAGE 1
3 12-month % Change in Stock Price BUSINESS SERVICES EQUITY TRADING OVERVIEW KEY TRADING STATISTICS 1,2 Sector Number of Companies Median Enterprise Value ($mm) Change in Stock Price LTM Multiples 2016E 3 mos. 12 mos. EV/EBITDA P/E EV/EBITDA P/E Business Process Outsourcing 11 $5, % 2.1% 11.7x 20.8x 10.9x 16.7x Consulting 10 1, % 6.5% 10.2x 20.3x 10.3x 17.4x Human Resources 17 1, % (0.0%) 9.6x 16.2x 9.7x 13.3x Insurance, Legal, and Risk Services 7 9, % 3.9% 12.1x 21.9x 10.5x 16.1x Marketing & Information Services 29 6, % 3.4% 13.7x 25.2x 13.0x 17.3x Transaction Processing 9 11, % (1.5%) 14.8x 27.6x 14.1x 19.2x Education & Training (1.5%) 1.8% 6.3x 12.6x 4.9x 16.0x Business Services Index 99 $5, % 2.1% 11.7x 20.8x 10.5x 16.7x As of June 9, 2016 PUBLIC COMPANY SECTOR PERFORMANCE 1,2 10.0% 16.0x 14.1x 5.0% 13.0x 14.0x 0.0% (5.0%) (10.0%) 10.9x 9.7x 10.5x 10.5x 10.6x 10.3x 12.0x 10.0x 8.0x EV/2016E EBITDA Multiple (15.0%) 4.9x 6.0x (20.0%) Business Transaction Process Processing Outsourcing Human Resources Business Services Index Marketing & Insurance, Information Legal, and Services Risk Services S&P 500 Consulting Education & Training 4.0x 12-month % Change in Stock Price EV/2016E EBITDA Multiple As of June 9, 2016 PAGE 2
4 YOY Change BUSINESS SERVICES ECONOMIC TRENDS A SNAPSHOT OF KEY ECONOMIC INDICATORS U.S. GDP GROWTH 3 CONS. CONFIDENCE AND UNEMPLOYMENT RATE 4,5 (In trillions of chained 2009 dollars) % GDP $ % $16.0 $ % $ % $14.5 $14.0 (5.0%) $13.5 $13.0 Dec-07 Dec-09 Dec-11 Dec-13 (10.0%) Dec-15 Annual Percentage Grow th Consumer Confidence % % 8.0% % % % % Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Consumer Confidence Unemployment Rate Unemployment Rate Sources: (1) U.S. Bureau of Economic Analysis Sources: (2) The Conference Board and U.S. Bureau of Labor Statistics NON-FARM PAYROLLS (1-MONTH NET CHANGE) 5 U.S. INITIAL JOBLESS CLAIMS 6 (Payrolls in 000s) (Claims in 000s) (200) (400) (600) (800) (1,000) May 16: 38 Initial Claims 700, , , , , , ,000 0 May 16: 267,000 Sources: (3) Bureau of Labor Statistics Sources: (4) United States Department of Labor CONSUMER PRICE INDEX 5 ISM NON-MANUFACTURING INDEX 7 6.0% 5.0% 4.0% Apr 16 YOY Change: 1.1% May 16: % % 1.0% 0.0% -1.0% -2.0% -3.0% Sources: (5) Bureau of Labor Statistics Sources: (6) The Institute for Supply Management PAGE 3
5 Number of Deals BUSINESS SERVICES M&A MARKET TRENDS SELECT RECENT M&A TRANSACTIONS Date Target Business Description Acquirer 06/09/2016 MG LLC MG LLC provides marketing consulting services. The company was founded on 2003 and is headquartered in Fort Lee, NY. Clayton Dubilier & Rice Holdings LP 06/07/2016 Business Resource Group, Inc. Business Resource Group, Inc. provides process consulting, technology deployment and operational outsourcing services. Jones Lang LaSalle, Inc. 06/07/2016 Elemica, Inc. Elemica, Inc. provides supply a chain operating network for the process industries. Thoma Bravo LLC 06/07/2016 Northstar Travel Media LLC Northstar Travel Media LLC publishes directories, periodicals, and destination information services. Wasserstein & Co. LP 06/02/2016 Flex-Pay Business Services, Inc. 06/02/2016 SleeveCo, Inc. 06/02/2016 Sage Tree LLC 06/02/2016 Recommind, Inc. 06/01/2016 OnRamp Technologies LLC Flex-Pay Business Services, Inc. provides payroll processing services. Its services include payroll, time and attendance and optional services.. SleeveCo, Inc. manufactures shrink sleeve and stretch sleeve labels. Its services include graphics and prepress, equipment support, technical services, and customer services. Sage Tree LLC operates as an ecommerce channel. It specialized in online sales, e-commerce, website development, channel management, and sales representation. Recommind, Inc. develops and sells software for electronic discovery, information governance, enterprise search, and content categorization. OnRamp Technologies LLC provides online retail intelligence, channel management, and brand protection solutions. CBIZ, Inc. Fort Dearborn Co.; KRG Capital LLC Leonard Green & Partners LP Open Text Corp. Market Track LLC; Aurora Capital Group LP BUSINESS SERVICES M&A VOLUME (BY YEAR) 1,2 4,500 4,000 3,500 3,000 2,500 2,830 2,475 2,153 2,624 2,924 3,057 2,740 3,431 3,815 2,000 1,500 1,459 1, YTD Undisclosed <$100M >$100M & <$250M >$250M & <$500M >$500M & <$1.0B >$1.0B+ Source: FactSte (1) Represents all announced or closed M&A transactions in the United States and Canada (2) No transaction value provided for undisclosed deals PAGE 4
6 PUBLIC COMPARABLES PUBLIC COMPANY PERFORMANCE 1,2 Price at As a % of Market Enterprise EBITDA EV / LTM EV / 2016E ($ in millions, except per share data) 6/8/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Business Process Outsourcing Tata Consultancy Services Limited $ % $77,181 $72, % 4.4x 15.6x 4.6x 16.3x Cognizant Technology Solutions Corporation Class A % 37,334 33, % 2.7x 13.1x 2.7x 13.8x Wipro Limited % 20,153 17, % 2.3x 10.6x 2.4x 10.9x Computer Sciences Corporation % 7,270 8, % 1.0x 8.6x 1.0x 5.7x Genpact Limited % 5,935 6, % 2.6x 14.2x 2.6x 14.9x Computershare Limited % 4,285 5, % 2.9x 11.7x 2.9x 10.7x Convergys Corporation % 2,739 2, % 1.0x 6.9x 1.0x 7.7x ExlService Holdings, Inc % 1,761 1, % 2.5x 14.4x 2.6x 16.5x WNS (Holdings) Limited Sponsored ADR % 1,610 1, % 2.5x 13.9x 2.6x 12.6x TeleTech Holdings, Inc % 1,332 1, % 1.1x 8.0x 1.1x 8.4x Sykes Enterprises, Incorporated % 1,312 1, % 0.9x 7.4x 0.9x 7.3x Mean 90.2% $14,628 $13, % 2.2x 11.3x 2.2x 11.3x Median 90.0% $4,285 $5, % 2.5x 11.7x 2.6x 10.9x Consulting Accenture Plc $ % $74,923 $71, % 2.1x 13.9x 2.3x 13.8x CEB Inc % 2,140 2, % 2.7x 11.5x 2.7x 10.4x FTI Consulting, Inc % 1,782 2, % 1.2x 10.3x 1.2x 10.5x Advisory Board Company % 1,442 1, % 2.5x 13.6x 2.5x 11.2x Huron Consulting Group Inc % 1,309 1, % 2.2x 10.2x 2.4x 11.8x ICF International, Inc % 801 1, % 1.0x 10.3x 1.0x 10.2x Navigant Consulting, Inc % % 1.0x 7.9x 1.2x 8.2x Resources Connection, Inc % % 0.8x 8.7x 0.8x 8.5x CBIZ, Inc % % 1.0x 9.1x 1.0x 8.9x CRA International, Inc % % 0.7x 8.6x 0.7x 5.0x Mean 85.3% $8,454 $8, % 1.5x 10.4x 1.6x 9.8x Median 88.4% $1,055 $1, % 1.1x 10.2x 1.2x 10.3x Human Resources Randstad Holding NV $ % $9,880 $10, % 0.5x 10.2x 0.5x 10.2x ManpowerGroup Inc % 5,732 5, % 0.3x 7.4x 0.3x 7.5x Robert Half International Inc % 5,413 5, % 1.0x 8.1x 1.0x 8.2x Hays plc % 2,819 2, % 0.5x 9.9x 0.5x 10.3x On Assignment, Inc % 2,042 2, % 1.2x 11.3x 1.3x 11.4x Michael Page International PLC % 1,898 1, % 1.1x 10.8x 1.1x 11.3x 51job Inc Sponsored ADR % 1,769 1, % 3.4x 11.4x 3.6x 10.3x Korn/Ferry International % 1,740 1, % 1.4x 12.0x 1.4x 9.2x USG People NV % 1,617 1, % 0.6x 15.2x 0.7x 13.4x Insperity, Inc % 1,592 1, % 0.5x 11.8x 0.5x 12.1x TrueBlue, Inc % 864 1, % 0.4x 6.8x 0.4x 6.8x Kelly Services, Inc. Class A % % 0.1x 8.1x 0.1x 6.2x SThree plc % % 0.5x 9.4x 0.5x 9.7x Kforce Inc % % 0.5x 7.8x 0.5x 7.6x Heidrick & Struggles International, Inc % % 0.5x 6.3x 0.5x 5.5x Barrett Business Services, Inc % % 0.3x 4.8x 0.0x NA Towers Watson & Co. Class A % 0 (406) 21.3% NM NM NA NA Mean 78.2% $924 $2, % 0.8x 9.5x 0.8x 9.3x Median 75.6% $1,679 $1, % 0.5x 9.6x 0.5x 9.7x As of June 8, 2016 PAGE 5
7 PUBLIC COMPARABLES PUBLIC COMPANY PERFORMANCE 1,2 Price at As a % of Market Enterprise EBITDA EV / LTM EV / 2016E ($ in millions, except per share data) 6/8/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Insurance, Legal, and Risk Services Marsh & McLennan Companies, Inc. $ % $34,704 $38, % 3.0x 13.4x 3.0x 13.6x Aon plc % 29,080 34, % 3.0x 14.0x 3.0x 13.8x Willis Towers Watson Public Limited Company % 17,863 20, % 4.2x 19.0x 5.4x 25.1x Arthur J. Gallagher & Co % 8,477 9, % 1.7x 12.1x 1.7x 10.5x Brown & Brown, Inc % 5,098 5, % 3.3x 10.0x 3.4x 10.2x Epiq Systems, Inc % % 1.7x 10.9x 1.8x 8.8x Crawford & Company Class B % % 0.5x 5.4x 0.5x 5.9x Mean 93.4% $13,746 $15, % 2.5x 12.1x 2.7x 12.5x Median 96.8% $8,477 $9, % 3.0x 12.1x 3.0x 10.5x Marketing & Information Services Thomson Reuters Corporation $ % $32,084 $40, % 3.4x 12.0x 3.3x 12.1x WPP Plc % 30,045 34, % 1.9x 11.8x 1.9x 11.8x Omnicom Group Inc % 20,297 23, % 1.5x 10.4x 1.5x 10.4x Nielsen Holdings Plc % 19,732 26, % 4.3x 15.5x 4.4x 14.5x Moody's Corporation % 19,638 21, % 6.1x 13.8x 6.0x 13.1x Experian PLC % 18,567 21, % 4.7x 13.5x 4.8x 14.0x Publicis Groupe SA % 15,701 17, % 1.6x 8.9x 1.7x 9.7x Equifax Inc % 14,991 17, % 6.6x 20.2x 6.7x 19.5x Verisk Analytics Inc % 13,440 16, % 7.7x 15.9x 7.9x 16.5x Alliance Data Systems Corporation % 13,190 30, % 4.6x 16.3x 4.7x 17.4x Wolters Kluwer NV % 12,245 14, % 3.0x 11.9x 3.1x 12.3x Interpublic Group of Companies, Inc % 9,754 10, % 1.4x 10.4x 1.4x 10.0x IHS Inc. Class A % 8,086 11, % 5.0x 19.2x 5.0x 15.7x CoStar Group, Inc % 6,922 6, % 9.1x 54.5x 9.6x 50.2x FactSet Research Systems Inc % 6,526 6, % 6.2x 17.5x 6.3x 17.4x Informa Plc % 6,305 7, % 4.1x 12.9x 4.3x 13.4x Dun & Bradstreet Corporation % 4,654 6, % 3.7x 13.2x 3.6x 12.8x DST Systems, Inc % 4,007 4, % 1.6x 11.0x 2.3x 10.5x UBM PLC % 3,836 4, % 3.9x 14.4x 3.2x 12.1x Morningstar, Inc % 3,611 3, % 4.4x 14.0x 4.4x NA Fair Isaac Corporation % 3,580 4, % 4.8x 20.8x 4.9x 17.2x Havas SA % 3,565 3, % 1.5x 10.5x 1.5x 9.6x CoreLogic, Inc % 3,442 4, % 2.9x 12.5x 3.0x 10.9x comscore, Inc % 1,849 1, % 4.8x 67.6x 4.7x 18.3x Acxiom Corporation % 1,718 1, % 2.0x 15.1x 1.9x 11.4x Forrester Research, Inc % % 1.7x 16.5x 1.8x 16.3x Viad Corp % % 0.7x 10.2x 0.7x 10.1x QuinStreet, Inc % NM 0.5x NM 0.5x 14.0x Harte-Hanks, Inc % % 0.3x 4.9x 0.3x 3.4x Mean 89.2% $9,633 $11, % 3.6x 17.0x 3.6x 14.5x Median 95.6% $6,526 $6, % 3.7x 13.7x 3.3x 13.0x Transaction Processing Automatic Data Processing, Inc. $ % $39,732 $38, % 3.4x 16.1x 3.4x 16.5x Fidelity National Information Services, Inc % 24,608 35, % 4.7x 15.7x 5.3x 17.3x Paychex, Inc % 19,850 19, % 6.8x 15.8x 6.8x 16.1x Total System Services, Inc % 9,869 10, % 3.8x 13.1x 4.3x 13.2x Western Union Company % 9,710 11, % 2.2x 9.4x 2.1x 8.4x Vantiv, Inc. Class A % 8,351 11, % 3.5x 14.8x 6.7x 14.1x Jack Henry & Associates, Inc % 6,740 6, % 5.1x 14.8x 5.2x 14.9x VeriFone Systems, Inc % 2,351 3, % 1.5x 10.7x 1.5x 9.2x Heartland Payment Systems, Inc % % 0.2x 1.4x 0.6x 2.0x As of June 8, 2016 Mean 91.8% $13,468 $15, % 3.5x 12.4x 4.0x 12.4x Median 95.8% $9,710 $11, % 3.5x 14.8x 4.3x 14.1x PAGE 6
8 PUBLIC COMPARABLES PUBLIC COMPANY PERFORMANCE 1,2 Price at As a % of Market Enterprise EBITDA EV / LTM EV / 2016E ($ in millions, except per share data) 6/8/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Education & Training Pearson PLC $ % $10,141 $10, % 1.6x 7.7x 1.7x 8.8x John Wiley & Sons, Inc. Class A % 3,098 3, % 2.0x 9.2x 2.0x 9.9x Grand Canyon Education, Inc % 1,986 1, % 2.3x 7.2x 2.4x 7.5x Scholastic Corporation % 1, % 0.7x 11.5x 0.6x 9.2x DeVry Education Group Inc % 1, % 0.4x 2.5x 0.4x 2.5x Capella Education Company % % 1.1x 5.4x 1.2x 5.2x Strayer Education, Inc % % 1.0x 4.7x 1.0x 4.6x K12 Inc % % 0.3x 2.8x 0.3x 3.1x American Public Education, Inc % % 1.0x 4.4x 1.0x 4.3x GP Strategies Corporation % % 0.9x 10.9x 0.9x 10.9x Bridgepoint Education, Inc % % 0.1x 1.5x 0.1x 1.5x Franklin Covey Co % % 1.2x 8.0x 1.2x 8.0x Cambium Learning Group, Inc % % 2.2x 8.5x NA NA Universal Technical Institute, Inc % % 0.2x 10.4x NA NA ITT Educational Services, Inc % % 0.2x 1.1x 0.2x 1.3x Lincoln Educational Services Corporation % % 0.4x 3.8x 0.2x 3.5x Mean 70.8% $1,315 $1, % 1.0x 6.2x 0.9x 5.7x Median 74.5% $458 $ % 0.9x 6.3x 0.9x 4.9x Facility Services Compass Group Plc $ % $31,089 $35, % 1.3x 14.1x 1.3x 14.4x Sodexo SA % 16,974 17, % 0.8x 11.4x 0.8x 11.5x Cintas Corporation % 10,181 11, % 2.3x 12.1x 2.4x 12.1x Aramark % 8,193 13, % 0.9x 10.9x 0.9x 10.4x ISS A/S % 7,519 9, % 0.8x 11.8x 0.8x 12.3x Rentokil Initial plc % 4,893 6, % 2.4x 10.1x 2.5x 10.8x Berendsen plc % 3,062 3, % 2.3x 7.4x 2.4x 7.4x EMCOR Group, Inc % 2,953 2, % 0.4x 7.9x 0.4x 7.9x ABM Industries Incorporated % 1,950 2, % 0.4x 15.0x 0.4x 10.2x FirstService Corp % 1,660 1, % 1.9x 20.2x 1.4x 17.7x G&K Services, Inc., Class A % 1,507 1, % 1.8x 11.6x 1.8x 11.4x MITIE Group PLC % 1,467 1, % 0.5x 8.0x 0.5x 8.2x Comfort Systems USA, Inc % 1,228 1, % 0.8x 10.5x 0.8x 11.2x TRC Companies, Inc % % 0.7x 7.5x NA NA Mean 97.6% $8,847 $10, % 1.4x 12.1x 1.3x 11.5x Median 98.5% $6,206 $7, % 1.1x 11.6x 1.1x 11.2x As of June 8, 2016 PAGE 7
9 OUR FIRM Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy, Power & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston Two International Place 24th Floor Boston, Massachusetts Phone: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California Phone: +1 (415) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 8
10 HARRIS WILLIAMS & CO. BUSINESS SERVICES SOURCES (1) S&P Capital IQ (2) Thompson Reuters (3) U.S. Bureau of Economic Analysis (4) The Conference Board (5) U.S. Bureau of Labor Statistics (6) U.S. Department of Labor (7) Mergermarket (8) PR Newswire (9) Insurance Journal (10) Milwaukee Business Journal (11) The Street DISCLOSURES Harris Williams & Co. ( is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Investment 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 authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS. The information and views contained in this report were prepared by Harris Williams & Co. ( Harris Williams ). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams prior written consent. Copyright 2016 Harris Williams & Co., all rights reserved. PAGE 10
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