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1 Business Services QUARTERLY DIALOGUE FIRST QUARTER 2013 The Business Services Sector enjoyed a strong first quarter of 2013, with the NCA Business Services Index increasing by 14.3%, significantly outperforming the broader S&P 500 market index which increased by 9.5%. The sector was led by staffing and HR services companies, which are projected to benefit from the implementation of the Affordable Care Act as employers look to reduce full time employees and outsource support services. In fact, many professional staffing stocks reached highs not seen since In general, demand remains strong for IT related services including software management, data analytics and online marketing services. While stock market valuations were approaching new highs, overall merger & acquisition activity remained modest with no mega-deals announced during the quarter. Of note, while strategic acquirers continue to make tuck-in acquisitions, recent M&A activity continues to be highlighted by private equity firms making platform acquisitions. Recent private equity transactions announced during the quarter include the following: Contents Market Overview 2 Stock Performance 3 Industry Developments 4 Selected M&A Transactions 5 Valuation Metrics by Sector 10 MidOcean Partners purchase of System One Holdings, LLC (engineering staffing) Veronis Suhler and Ares Capital purchase of Cast & Crew Entertainment Services, LLC (payroll services for entertainment industry) Sterling Partners purchase of Ad Venture Interactive (interactive marketing services) CIP Capital acquisition of CoAdvantage Corporation (PEO) The Riverside Company acquisition of Alchemy Systems, LP (food safety consulting) Georgia Oak Partners acquisition of TeamOne Logistics (logistics support) We expect to see transaction volume in the business services sector accelerate in 2013 as economic growth gains momentum and implementation of various regulatory initiatives drives demand for consulting and outsourcing services. Navigant Capital Advisors is the dedicated corporate finance business unit of Navigant (NYSE: NCI). Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes, Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in highly regulated industries. We welcome your comments and hope that you find our Quarterly Dialogue informative. Gregory Hagood Edward R. Casas Managing Director Senior Managing Director Navigant Capital Advisors Head of Navigant Capital Advisors [email protected] [email protected] INVESTMENT BANKING RESTRUCTURING VALUATION & FINANCIAL RISK MANAGEMENT Realizing Value Delivering Results Atlanta Chicago New York Investment banking, private placement, merger, acquisition and divestiture services offered through Navigant Capital Advisors, LLC. Member FINRA/SIPC.

2 Business Services: Market Overview Value to EBITDA LTM Annual Revenue Growth Temporary Help Services Trends Net Change in U.S. Employment Page 2 of 12

3 Business Services: Stock Performance NCA Business Services Universe vs. S&P 500 Business Process Outsourcing vs. S&P 500 HR Services vs. S&P 500 Information Services vs. S&P 500 IT Consulting vs. S&P 500 Professional Staffing vs. S&P 500 Marketing Services vs. S&P 500 Specialty Consulting vs. S&P 500 Page 3 of 12

4 Business Services: Notable Industry Developments Industry Development With the U.S. seeing a national increase in job openings, professional staffing such as IT, engineering, finance & accounting and various scientific industries are likely to benefit. A tighter labor supply should help staffing companies with placement for permanent positions. The temporary employment penetration is currently 1.91% (comparable to 2006 level of 1.96%), after temp job growth slowed down slightly in February (4.4%). The national unemployment rate decreased slightly to 7.6% in March, compared to 7.7% in February. Weekly initial jobless claims are a broad measure of the labor market s health. The four-week moving average of the seasonally adjusted data has correlated well with soft labor markets in the past. In the latest weekly survey of March 30, 2013, initial claims decreased to 316,948. The number fell from 557,724 at the beginning of the year. The historical average for the series is 364,000. It is becoming more difficult for IT services companies to identify potential new customers with sufficient size and growth potential that can justify spending on improved service breadth and scale in consulting and infrastructure services. For example, for larger transactions over $100 million, the overall percentage remained flat, with only eight out of the 23 deals involving U.S. targets in 2012, compared to 15 out of 33 in Small business indicators are important to consider when analyzing the human resources outsourcing sector. Recent indicators suggest that small businesses saw improvement during February. The National Federation of Independent Business (NFIB) small business optimism index increased to 90.8 in February from 88.9 in January. Capital expenditures were still below the historical average even after a slight improvement in February, indicating that companies were more concerned about maintaining cash flow than investing in productivity improvements. Analysts continue to remain optimistic about IT/BPO companies. There is a continued push for productivity driven by macro challenges, and it is now extending beyond the IT enterprise. As a result, BPO companies are seeing their business improve. At the same time there are also growth focused IT spending drivers present for the first time in more than a decade. The market is seeing new corporate IT buyers emerge, benefiting vendors with a well-developed consulting frontend. The Bureau of Labor and Statistics (BLS) reported that payrolls increased 88,000 in March after a 268,000 in February. Temp payrolls showed another month of growth in February (4.4% compared to the prior year) after a 5.8% growth in January. Temp growth remains one of the fastest growing employment segments. With several key uncertainties such as the sequester, the Affordable Care Act, the debt ceiling, etc. weighing on hiring manager decisions, temp hiring is expected to remain a preferred source of talent, and therefore a tailwind for staffers and HR companies in the United States. Analysts are somewhat skeptical of the growth prospects and profitability of offshore service outsourcing companies. However, there are opportunities still available in new services and functions, new verticals, and new geographies. In particular, demand is expected to increase due to regulatory spending, potentially producing higher penetration in BPO, infrastructure services, Europe, and the public sector. Page 4 of 12

5 Business Services: Selected M&A Transactions Transaction Date Sector Target Buyer 3/19/2013 Business Process SOURCECORP, Citi Venture Capital Outsourcing International; HandsOn3, LLC; HOVs LLC Value ($ in millions) Revenue EBITDA N/A N/A N/A India-based HOV Services, Ltd. (NSE:HOVS) (BSE:HOVS), one of the largest end-to-end BPO companies providing healthcare, finance and accounting, e- content management, presentment and HRO services, is merging with SOURCECORP,, a portfolio company of Apollo Management V, L.P. SOURCECORP is a Texas-based BPO services and specialty consulting services company. Shareholders of HOVS and SOURCECORP will each control 50% of the combined equity. The merger brings together two highly-recognized companies and creates one of the largest BPO professional services consulting companies with approximately $481 million in revenue. The company will have a global workforce of more than 14,200 associates serving more than 50% of the Fortune 100 companies. The merger subsequently closed on May 3, /12/2013 Business Process W Squared, CHS Health Services, N/A N/A N/A Outsourcing Chs Health Services, acquired W Squared W Squared, provides business process outsourcing solutions for start-ups and established companies. CHS Health Services, provides onsite health care solutions. 2/ HR Services Associated Payroll Consultants, Advantage Payroll Services, N/A N/A N/A Advantage Payroll Services, acquired Associated Payroll Consultants in a stock transaction. Associated Payroll Consultants, provides payroll services to businesses in the United States. Advantage Payroll Services, provides payroll processing, tax filing, and human resources management services to small to medium-sized businesses and accounting professionals. 1/7/2013 HR Services Ovation Payroll, Heartland Payment Systems, $44 N/A N/A Heartland Payment Systems, (NYSE:HPY) acquired Ovation Payroll from Trillium Lakefront Partners III Fund, L.P. of Trillium Group, LLC for $44 million. Ovation Payroll provides payroll solutions for businesses. Heartland Payment Systems, provides bankcard payment processing services. 1/4/2013 HR Services CoAdvantage, CIP Capital N/A N/A N/A Compass Investment Partners Fund, L.P., a fund of Compass Partners Asset Management LLC, acquired CoAdvantage, from Aldine Capital Fund, L.P. of Aldine Capital Partners,, Madison Capital Partners and other shareholders. CoAdvantage, provides human resources outsourcing and benefit administration solutions for small and medium-sized businesses. 1/3/2013 HR Services Bersin & Associates, LLC Deloitte Consulting, LLP N/A N/A N/A Deloitte Consulting LLP acquired substantially all of the assets of Bersin & Associates, LLC. Bersin & Associates, LLC delivers research-based people strategies to leaders and their organizations. 1/22/2013 Information FishNet Consulting, Investcorp Bank B.S.C. $200 N/A N/A Services Investcorp Bank B.S.C. (BAX:INVCORP) acquired a majority stake in FishNet Consulting, from Lake Capital for approximately $200 million. FishNet Consulting,, doing business as FishNet Security,, provides information security solutions for businesses. 3/13/2013 IT Services Apollo Health Street, Ltd. Sutherland Global Services, $183 N/A N/A Sutherland Global Services, completed the acquisition of Apollo Health Street Ltd., a developer of IT-based solutions for healthcare organizations The acquisition will position the combined organization as a leading healthcare service provider with comprehensive IT and business process integrated solutions and consolidate its presence as a dominant player in the $38 billion U.S. healthcare business process outsourcing. 2/6/2013 IT Services Channel Intelligence, Google, $125 N/A N/A (NasdaqGS:GOOG) Google (NasdaqGS:GOOG) agreed to acquire Channel Intelligence,, a provider of technology services that drive online purchases. Google, a technology company, builds products and provides services to organize the information and make it universally accessible and useful. Page 5 of 12

6 Business Services: Selected M&A Transactions (cont.) Transaction Date Sector Target Buyer Value ($ in millions) Revenue EBITDA 1/10/2013 IT Services Technology Solutions Group, Teletech Holdings, N/A N/A N/A TeleTech Holdings, (NasdaqGS:TTEC) acquired Technology Solutions Group,. Technology Solutions Group, designs and implements custom communication solutions and systems for large enterprises, and small and medium-sized businesses. TeleTech Holdings,, together with its subsidiaries, provides customer experience management solutions. 3/29/2013 Marketing Services Brand Matter, LLC Sequential Brands Group, $82 N/A N/A Sequential Brands Group, (OTCPK:SQBG) acquired Brand Matter, LLC for $81.9 million in cash and stock. Brand Matter, LLC, a diversified brand management and licensing company, engages in the acquisition, development, and licensing of consumer-branded intellectual property. Sequential Brands Group, owns, promotes, markets, and licenses a portfolio of consumer brands to retailers, wholesalers, and distributors. 3/12/2013 Marketing Services CSC Digital Brand Services Corporation Service Company, $ x N/A Corporation Services Company acquired Melbourne IT Digital Brand Services Inc from Melbourne IT (ASX:MLB) for approximately AUD 150 million. CSC Digital Brand Services offers online brand monitoring and protection services. Corporation Service Company, provides legal and financial services for corporations, law firms, financial institutions, and private equity firms worldwide. 1/10/2013 Marketing Services Triad Retail Media, LLC Rockbridge Growth Equity, N/A N/A N/A LLC / Falcon Investment Advisors, LLC Rockbridge Growth Equity, LLC and Falcon Investment Advisors, LLC acquired an unknown majority stake in Triad Retail Media, LLC. Triad Digital Media, LLC creates, manages, and operates online advertising and media programs for retailer and ecommerce websites. 1/8/2013 Marketing Services Ad Venture Interactive, Sterling Partners N/A N/A N/A Sterling Partners along with Michael Platt, Founder and Chairman of PlattForm acquired Ad Venture Interactive, from Arlington Capital Partners and its fund Arlington Capital Partners II, L.P. Ad Venture Interactive provides interactive lead generation, online marketing, search engine marketing, media placement, creative, print and video production, direct marketing, and print media services. 2/20/2013 Professional Staffing SOS Staffing Services, Elwood Staffing Services, N/A N/A N/A Elwood Staffing Services,, a staffing company for services for light-industrial and clerical facilities, completed the acquisition of SOS Staffing Services,, a provider of staffing and consulting services to companies and organizations in the western U.S. The combination of the two companies creates an entity that rivals some of the staffing industry's largest players. With combined annual revenue of more than $750 million, the company will now rank in the top 10 of all U.S. commercial staffing companies, the top 20 of all U.S. staffing companies, and just outside the top 50 of all global staffing companies. 2/14/2013 Professional Nurse Travel Division of Medical Solutions, LLC $31 N/A N/A Staffing On Assignment Medical Solutions, a leading national healthcare staffing company completed the acquisition of OA Nurse Travel from On Assignment, (NYSE:ASGN). With this transaction, the company will employ over 1,000 traveling nurses and become the third-largest travel nurse staffing company, according to Staffing Industry Analysts 2012 findings. This acquisition will enable the company to offer significantly more assignment locations across the country for traveling nurses and it provides a much larger base of highly skilled and qualified nurses to fill the needs of its hospital clients more quickly and efficiently. 2/6/2013 Professional Staffing MDT Personnel and MDT Personnel Contracts and MDT Staffing and Disaster Recovery Support Labor Ready Holdings, $48 N/A N/A Labor Ready Holdings, acquired substantially all of the assets of MDT Personnel and MDT Personnel Contracts and MDT Staffing and Disaster Recovery Support from Michael D. Traina for $48 million. MMDT Personnel and MDT Personnel Contracts and MDT Staffing and Disaster Recovery Support represents the combined operations of Disaster Recovery Support, LLC, MDT Personnel Contracts, LLC, MDT Personnel, LLC, and MDT Staffing, LLC in their sale to Labor Ready Holdings, Page 6 of 12

7 Business Services: Selected M&A Transactions (cont.) Transaction Date Sector Target Buyer Value ($ in millions) Revenue EBITDA 2/4/2013 Professional TrueBlue, MDT Personnel $48 N/A N/A Staffing (NYSE:TBI) TrueBlue, (NYSE:TBI), the leading provider of blue-collar staffing acquired MDT Personnel, a temporary staffing provider with 105 branches and 15 on-site locations across 25 states. MDT Personnel is the third-largest general labor staffing firm in the U.S. and supplies blue-collar labor to industries similar to those served by TrueBlue, including construction, event staffing, disaster recovery, hospitality, and manufacturing. TrueBlue will expand the size of its general labor business by integrating MDT s operations with those of Labor Ready. 1/3/2013 Professional System One Holdings, MidOcean Partners $70 N/A N/A Staffing LLC MidOcean Partners and the management of System One Holdings acquired System One Holdings, LLC from Veronis Suhler Stevenson and its fund VSS Structured Capital Fund II, L.P. for $70 million. System One Holdings, LLC provides technical outsourcing solutions to energy, oil and gas, renewable, engineering, information technology, commercial, legal, and scientific sectors. 1/4/2013 Professional Staffing TeamOne Contract Services, LLC Georgia Oak Partners N/A N/A N/A Georgia Oak Partners has made an investment in TeamOne Contract Services LLC, a provider of employee services, including workforce staffing for warehouses. TeamOne Contract Services LLC doing business as TeamOne Logistics, handles the recruitment, training and development of workers and generates roughly $50 million in revenue and operates across 26 states. Georgia Oak is partnering with the existing management of TeamOne Logistics, including the company s president Jerry Gray, who founded the company in /3/2013 Professional Staffing All Systems Holding, LLC MidOcean Partners $70 N/A N/A MidOcean Partners ("MidOcean"), a leading middle-market private equity firm, announced that it has made a significant equity investment in All Systems Holding LLC ("System One"). Headquartered in Pittsburgh, PA, System One was formed in 2008 through a management buyout and has grown to become a leading provider of managed staffing and technical outsourcing solutions. MidOcean's investment has been made in partnership with the Company's current management team 3/18/2013 Specialty Consulting C2 Group, LLC FTI Consulting, N/A N/A N/A FTI Consulting, (NYSE:FCN) acquired C2 Group, LLC, a provider of government affairs consulting services. FTI Consulting,, together with its subsidiaries, operates as a business advisory firm enabling organizations to protect enterprise values in complex economic, legal, and regulatory, environments worldwide. 3/1/2013 Specialty Consulting JACAM Chemicals, LLC Canadian Energy Services & Technology Corp. $ x 9.5x Canadian Energy Services & Technology Corp. (TSX:CEU) acquired the assets of JACAM Chemicals, LLC for approximately $240 million in cash and stock. JACAM Chemicals, LLC, a testing laboratory, offers research services to diagnose field problems for petrochemical industry. Canadian Energy Services & Technology Corp. engages in designing and implementing drilling fluid systems. 3/1/2013 Specialty Consulting Blazerfish LLC / Teledata Tech Solutions / Momentum Mobility Quadrant 4 Systems Corp. (OTCQB: QFOR) N/A N/A N/A Quadrant 4 Systems Corporation (OTCPK:QFOR) acquired certain assets from BlazerFish LLC, Teledata Technology Solutions, and Momentum Mobility. Quadrant 4 Systems Corporation provides software as a service based technology product. QFOR is continuing to reorganize its business activates into market-segment subsidiaries with its focus on social media, mobility, analytics and cloud-based technologies and solutions ("SMAC" solutions). With the acquisition of these new assets that include several proprietary technology platforms, client contracts and employee base, QFOR will continue to offer highly differentiated SMAC solutions aimed at the healthcare, retail/logistics and financial services vertical industries. 2/20/2013 Specialty Consulting Oracle ERP KPMG, LLP N/A N/A N/A KPMG LLP entered into an agreement to acquire the Oracle Resource Planning practice of The Hackett Group, (NasdaqGM:HCKT). The Oracle Resource Planning Practice offers Oracle enterprise resource planning (ERP) implementation services. This transaction broadens KPMG s existing ERP capabilities, while further enhancing the firm s Oracle consulting services. Page 7 of 12

8 Business Services: Selected M&A Transactions (cont.) Transaction Date Sector Target Buyer 2/11/2013 Specialty Mashlogic, Groupon, Consulting (NasdaqGS:GRPN) Value ($ in millions) Revenue EBITDA N/A N/A N/A Groupon, (NasdaqGS:GRPN) acquired MashLogic, a provider of internet consulting services. Groupon, operates as a local commerce marketplace that connects merchants to consumers by offering goods and services at a discount. For over a year, Groupon has been acquiring companies to strengthen its engineering and tech talent in its Palo Alto, California offices. 1/11/2013 Specialty Monitor Group, LP Deloitte Consulting, LLP $116 N/A N/A Consulting Deloitte Consulting, LLP entered into an agreement to acquire the Monitor Company Group, LP, a provider of strategy consulting services to corporations, governments, and non-profit institutions worldwide. Page 8 of 12

9 Business Services: Valuation Metrics by Sector Market Value to: Stock 52 - Week % of 52 Cap Value LTM LTM NTM Ticker Company Name Price High Low Week High ($ mm) ($ mm) Sales EBITDA EBITDA P/E Business Process Outsourcing CVG Convergys Corporation % 1, , x 5.3x 4.9x 70.2x EXLS Exlservice Holdings, % 1, x 11.3x 9.5x 25.6x G Genpact Ltd % 4, , x 13.0x 11.5x 23.4x IRM Iron Mountain % 6, , x 11.7x 11.3x 34.9x PRGX PRGX Global, % x 6.8x 4.6x 32.1x PRSC Providence Service Corp % x 7.2x 6.2x 28.6x SRT StarTek, % x 13.1x 3.8x NM SYKE Sykes s, Incorporated % x 5.4x 4.8x 16.9x TTEC TeleTech Holdings % 1, , x 7.4x 6.8x 16.9x WNS WNS (Holdings) Ltd % x 9.5x 8.5x 41.8x [1] Covergys Corporation is excluded from P/E calculations. Mean 1.3x 9.1x 7.2x 27.5x HR Services JOBS 51job % 1, , x 15.9x 13.6x 23.3x ADP Automatic Data Processing, % 31, , x 15.7x 0.0x 23.2x BBSI Barrett Business Services % x 15.3x 11.7x 30.9x CNQR Concur Technologies, % 3, , x 83.9x 27.8x NM DHX Dice Holdings, % x 8.2x 7.3x 16.7x NSP Insperity, % x 5.1x 5.2x 18.2x MWW Monster Worldwide, % x 3.9x 3.4x 9.5x PAYX Paychex, % 12, , x 12.4x 11.7x 22.6x SABA Saba Software, % x NM 50.6x NM TW Towers Watson & Co % 5, , x 7.8x 7.4x 18.0x [2] Concur Techologies, is excluded from LTM EBITDA calculations Mean 2.9x 10.5x 9.8x 20.3x [3] Saba Software, is excluded from NTM EBITDA calculations. Information Services ABCO The Advisory Board Company % 1, , x 28.5x 18.8x 85.3x SCOR comscore, % x 28.5x 10.9x NM CPRT Copart, % 4, , x 13.7x 11.6x 23.6x CEB Corporate Executive Board Co % 1, , x 16.1x 11.2x 51.9x CSGP CoStar Group % 3, , x 47.0x 26.4x 291.2x TRAK Dealertrack Technologies, % 1, , x 22.4x 10.8x 62.6x DNB Dun & Bradstreet Corp % 3, , x 8.3x 7.8x 13.0x EFX Equifax % 6, , x 12.9x 10.4x 25.6x FDS FactSet Research Systems % 3, , x 12.7x 11.1x 21.7x FICO Fair Isaac Corporation % 1, , x 10.4x 8.8x 18.6x FORR Forrester Research % x 12.4x 16.6x 30.9x IT Gartner % 5, , x 18.5x 13.9x 31.5x IHS IHS % 6, , x 21.4x 13.0x 43.3x INWK InnerWorkings % x 21.3x 13.4x 40.3x LQDT Liquidity Services, % x 9.0x 7.1x 21.1x MORN Morningstar % 3, , x 14.8x 0.0x 33.3x RBA Ritchie Bros. Auctioneers Incorporated % 2, , x 14.5x 12.6x 28.9x [4] CoStar Group is excluded from P/E calculations. Mean 3.7x 18.4x 12.0x 35.4x Page 9 of 12

10 Business Services: Valuation Metrics by Sector (cont.) Market Value to: Stock 52 - Week % of 52 Cap Value LTM LTM NTM Ticker Company Name Price High Low Week High ($ mm) ($ mm) Sales EBITDA EBITDA P/E IT Consulting ACN Accenture plc % 49, , x 10.2x 8.9x 17.7x CBR Ciber, % x 10.7x 8.2x NM CTSH Cognizant Technology Solutions Corporation % 23, , x 13.4x 11.6x 22.3x CTGX Computer Task Group % x 13.6x 10.8x 21.8x DST DST Systems % 3, , x 9.0x 8.2x 10.0x IGTE igate Corporation % 1, , x 8.1x 7.4x 21.6x PRFT Perficient % x 9.7x 7.0x NM SAPE Sapient Corp % 1, , x 10.1x 7.4x 26.1x SNX SYNNEX Corp % 1, , x 5.2x 5.0x 9.4x SYNT Syntel, % 2, , x 10.7x 10.4x 15.0x Mean 1.5x 10.1x 8.5x 18.0x Professional Staffing SWX:ADEN Adecco S.A % 9, , x 9.9x 9.5x 21.5x AHS AMN Healthcare Services % x 12.9x 11.4x 44.7x CDI CDI Corp % x 6.7x 6.2x 17.3x CCRN Cross Country Healthcare, % x 60.7x 14.4x NM KELY.A Kelly Services, % x 7.0x 6.0x 14.3x KFRC Kforce % x 22.7x 8.2x NM MAN ManpowerGroup % 4, , x 7.8x 7.8x 23.0x ASGN On Assignment % 1, , x 13.4x 10.8x 27.9x ENXTAM:RAND Randstad Holding NV % 5, , x 12.9x 10.0x 187.9x RCMT RCM Technologies % x 9.5x 0.0x 23.9x RECN Resources Connection % x 7.9x 7.3x 22.3x RHI Robert Half International % 5, , x 12.0x 10.8x 24.9x TBI TrueBlue, % x 9.5x 8.6x 25.0x [5] Cross Country Healthcare, is excluded from EV/EBITDA calculations. [6] Randstad Holding NV is excluded from the P/E calculations Mean 0.6x 11.0x 8.5x 24.5x Marketing Services ACXM Acxiom Corporation % 1, , x 7.0x 7.0x 26.2x FMCN Focus Media Holding Ltd % 3, , x 8.7x 5.8x 14.9x HPOL Harris Interactive % x 8.2x 0.0x 32.5x HHS Harte-Hanks % x 5.9x 5.7x NM VCI Valassis Communications % 1, , x 5.5x 5.2x 9.9x VCLK ValueClick, % 2, , x 11.0x 8.7x 23.6x VVI Viad Corp % x 7.0x 6.6x 103.7x [7] Viad Corp is exluded from P/E calculations Mean 1.5x 7.6x 5.6x 21.4x Specialty Consulting CBZ CBIZ, % x 8.6x 7.1x 10.1x CRAI CRA International % x 7.1x 5.2x NM EXPO Exponent % x 9.0x 8.8x 20.3x FCN FTI Consulting, % 1, , x 8.2x 7.7x NM HURN Huron Consulting Group % , x 8.8x 8.0x 25.2x MMS MAXIMUS, % 2, , x 15.8x 11.8x 34.9x NCI Navigant Consulting % x 7.1x 6.6x 14.2x HCKT The Hackett Group, % x 7.9x 5.7x 9.1x Mean 1.3x 9.0x 7.6x 19.0x OVERALL BUSINESS SERVICES SECTOR Mean 1.8x 10.8x 8.5x 23.7x Page 10 of 12

11 Notes Sources: Capital IQ, Bloomberg, company 10-K, 10-Q and 8-K SEC filings, annual reports, press releases, Bureau of Labor Statistics and others as indicated. Any public companies chosen for the NCA Business Services Universe are companies commonly used for industry information to show performance within a sector. They do not include all public companies that could be categorized within the sector and were not created as benchmarks; they do not imply benchmarking and do not constitute recommendations for a particular security and/or sector. The charts and graphs used in this report have been compiled by Navigant Capital Advisors solely for purposes of illustration. For further information on our Business Services, please contact: Edward R. Casas, Head of Navigant Capital Advisors, , [email protected] Greg Hagood, Navigant Capital Advisors, , [email protected] To view all of Quarterly Dialogues or to make changes to your subscription(s), please go to About Navigant Capital Advisors Navigant Capital Advisors is the dedicated corporate finance business unit of Navigant (NYSE: NCI). Navigant Capital Advisors serves the investment banking and private equity, restructuring and valuation needs of companies, private equity groups, lenders and other creditor constituencies. The firm arranges private placements of debt and equity, advises on mergers and acquisitions, as well as initiates divestitures for the owners of businesses across a broad range of industries. The firm also represents borrowers, secured lenders and other creditor constituencies in connection with financial and operating restructurings. Finally, we provide transactional valuations, fairness opinions and other financial reporting and compliance services to companies and their boards. Offices Atlanta, GA* Austin, TX Boston, MA Boulder, CO Burlington, MA Chicago, IL* Dallas, TX Denver, CO Detroit, MI Dubai Evanston, IL* Fairfield, CT Hong Kong Houston, TX Irvine, CA Lawrenceville, NJ London Los Angeles, CA Miami, FL Montreal, Quebec New York, NY* Ottawa, Ontario Palo Alto, CA Philadelphia, PA Phoenix, AZ Princeton, NJ Quebec City, Quebec Rancho Cordova, CA San Francisco, CA Seattle, WA Tampa, FL Toronto, Ontario Vienna, VA Washington, DC Westbury, NY *Broker-dealer offices registered with FINRA. NCA gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authors and are subject to change. NCA makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. (Officers, directors and employees of Navigant Consulting, and its subsidiaries may have positions in the securities of the companies discussed.) This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not be construed as such. NCA or its affiliates may from time to time provide investment banking or related services to these companies. Like all NCA employees, the authors of this publication receive compensation that is affected by overall firm profitability Navigant Capital Advisors, LLC. All rights reserved. Navigant Capital Advisors, LLC (Member FINRA, SIPC) is a wholly owned broker/dealer of Navigant Consulting, Navigant Consulting is not a certified public accounting firm and does not provide audit, attest, or public accounting services. See for a complete listing of private investigator licenses. Page 11 of 12

12 Navigant Capital Advisors Recent Representative Engagements Page 12 of 12