BUSINESS SERVICES INDUSTRY UPDATE FEBRUARY

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1 Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

2 HW&CO. DEAL SPOTLIGHT a portfolio company of has been acquired by Harris Williams & Co. served as the advisor to Veritext Corporation ( Veritext ) in its sale to Pamplona Capital Management, LLC. Veritext is a leading provider of outsourced legal services. The Company is the established leader in providing technologydriven deposition and litigation support services to law firms and corporations around the globe. The transaction represented our second legal services deal in Read about it here. CONTENTS BUSINESS SERVICES UPDATE EQUITY TRADING OVERVIEW ECONOMIC TRENDS M&A MARKET TRENDS PUBLIC COMPARABLES TRENDS WE ARE SEEING INCREASED M&A ACTIVITY IN THE TRAVEL SECTOR An increasing number of businesses in the travel and leisure sector have hit the market including EQT s recently announced take-private of Kuoni Travel, which was valued over $1 billion. It is also rumored that EQT is considering combining the business with TUI AG s Hotelbeds Group, a German-based competitor. The sector has experienced consolidation over the past few years with major players investing in more specialized travel platforms, as well as considering large-scale mergers. Read about it here. We have also observed an increased appetite for travel platforms within the U.S. private equity community, evidenced by ABRY Partner s investment in Direct Travel, a provider or corporate travel services, and Metalmark Capital and Silverhawk Capital Partner s recent acquisition of WorldStrides, a provider of educational travel services. WHAT WE RE READING APOLLO EDUCATION GROUP TO BE TAKEN PRIVATE Apollo Education group, the publicly traded owner of the University of Phoenix, has agreed to be taken private by a group of investors in a $1.1 billion deal. The agreement follows the Company s reported decline in enrollment, heightened federal regulations, and government investigations into the Company. The consortium of investors included the Vistria Group, Apollo Global Management and Najafi Cos. Read about it here. AON HEWITT ACQUIRES MODERN SURVEY Aon Hewitt, a global talent, retirement and health solutions business of Aon plc, announced it has acquired Modern Survey, an employee survey and talent analytics provider. Aon Hewitt acquired the company in order to more effectively understand their workforce and drive business performance by creating an aggregated, holistic view of the employee lifecycle. Read about ithere. AIR ENERGI AND SWIFT WORLDWIDE RESOURCES TO MERGE 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 Marketing and Information Transaction Processing Education and Training Facility CONTACTS Derek Lewis Managing Director dlewis@harriswilliams.com +1 (804) Bob Baltimore Managing Director bbaltimore@harriswilliams.com +1 (804) John Klim Director jklim@harriswilliams.com +1 (804) Marshall Croft Vice President mcroft@harriswilliams.com +1 (804) Josh Garner Vice President jgarner@harriswilliams.com +1 (804) Air Energi and Swift Worldwide Resources have merged to form Airswift Holdings Limited, a platform worth an estimated $1.2 billion. The new entity specializes in global workforce solutions for the energy and infrastructure industries. The combined company will operate in 57 locations with 6,000 employees worldwide, and will offer temporary, permanent, global mobility and managed solutions staffing services. The merger offers a significantly expanded geographic footprint. 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 $4,943 (9.5%) 16.5% 10.2x 18.6x 10.3x 16.3x Consulting 10 1,309 (12.8%) (9.5%) 8.9x 17.6x 8.7x 15.1x Human Resources 17 1,246 (9.3%) (6.1%) 9.0x 16.0x 8.8x 14.3x Insurance, Legal, and Risk 7 8,631 (8.6%) (6.2%) 10.7x 18.8x 10.2x 14.0x Marketing & Information 29 6,309 (7.6%) (2.2%) 12.6x 21.5x 11.1x 17.0x Transaction Processing 9 10,056 (7.2%) 14.2% 13.7x 26.4x 13.7x 18.3x Education & Training (19.2%) (38.8%) 5.8x 13.7x 5.3x 13.8x Business Index 99 $4,943 (9.3%) (6.1%) 10.2x 18.6x 10.2x 15.1x As of February 11, 2016 PUBLIC COMPANY SECTOR PERFORMANCE 1,2 20.0% 16.0x 15.0% 13.7x 14.0x 10.0% 5.0% 0.0% (5.0%) 10.3x 8.8x 10.2x 11.1x 10.2x 9.5x 8.7x 12.0x 10.0x 8.0x EV/2015E EBITDA Multiple (10.0%) (15.0%) 5.3x 6.0x (20.0%) Business Process Outsourcing Transaction Processing Human Resources Business Index Marketing & Information Insurance, Legal, and Risk NM S&P 500 Consulting Education & Training 4.0x 12-month % Change in Stock Price EV/2016E EBITDA Multiple As of February 11, 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 $15.5 $15.0 $14.5 $ % 0.0% (5.0%) $13.5 $13.0 (10.0%) Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 GDP Value Annual Percentage Growth Sources: (1) U.S. Bureau of Economic Analysis Annual Percentage Growth Consumer Confidence % 8.0% 6.0% 4.0% 2.0% Consumer Confidence Unemployment Rate % Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Sources: (2) The Conference Board and U.S. Bureau of Labor Statistics Unemployment Rate NON-FARM PAYROLLS (1-MONTH NET CHANGE) 5 U.S. INITIAL JOBLESS CLAIMS 6 (Payrolls in 000s) (Claims in 000s) Jan 16: , ,000 Jan 16: 378, ,000 0 (200) (400) Initial Claims 500, , , ,000 (600) 100,000 (800) 0 (1,000) Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 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% Dec 15 YOY Change: 0.7% Jan 16: % % % 0.0% % % -3.0% Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Sources: (5) Bureau of Labor Statistics Sources: (6) The Institute for Supply Management PAGE 3

5 M&A MARKET TRENDS SELECT RECENT M&A TRANSACTIONS Date Target Business Description Acquirer Pending GCA Group, Inc. GCA Group, Inc. provides facility services Goldman Sachs Group; Thomas H. Lee Partners 2/9/ Intouch, Inc Intouch, Inc. provides multichannel contact center outsourcing services to small, midsize, and enterprise-level clients Trilantic Capital Management LLC 2/9/2016 Dowling & O'Neil Insurance Agency, Inc. Dowling & O'Neil Insurance Agency, Inc. provides insurance brokerage services to families and business owners The Hilb Group, LLC 2/4/2016 Allant Group, Inc. (nka:allant Group, LLC) Allant Group, Inc. provides cross channel marketing and advertising services Vencap Technologies, LLC 1/29/2016 Veritext Corp. Veritext Corp. provides deposition and litigation support services Pamplona Capital Management 1/28/2016 Marketplace Events LLC Marketplace Events LLC produces consumer shows Sentinel Capital Partners 1/19/2016 Orange Legal Technologies, LLC Orange Legal Technologies, LLC provides electronic discovery litigation, audit, and investigation support services Xact Data Discovery 1/19/2016 Glynlyon, Inc. Glynlyon, Inc. provides Web-based curriculum and e-learning solutions Linsalata Capital Partners 1/11/2016 Parking Solutions, Inc. Parking Solutions, Inc. offers car parking and management services Towne Park, LLC 1/4/2016 Aon Hewitt LLC, RPO Business The RPO Business of Aon Hewitt LLC comprises recruitment process outsourcing solutions PeopleScout Inc. BUSINESS SERVICES M&A VOLUME (BY YEAR) 1,2 3,500 3,189 Number of Deals 3,000 2,500 2,000 1,500 1,000 2,675 2,306 1,860 2,460 2,556 2,789 2,340 2, YTD Undisclosed <$100M >$100M & <$250M >$250M & <$500M >$500M & <$1.0B >$1.0B+ Source: Capital IQ (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 ($ in millions, except per share data) 1/11/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Business Process Outsourcing Tata Consultancy Limited $ % $69,657 $65, % 4.2x 16.5x 4.2x 14.6x Cognizant Technology Solutions Corporation % 34,125 30, % 2.5x 12.4x 2.5x 12.3x Wipro Ltd % 19,762 16, % 2.2x 10.2x 2.2x 10.0x Genpact Limited % 5,045 5, % 2.2x 12.9x 2.2x 12.7x Computershare Limited % 4,164 5, % 2.9x 9.3x 3.0x 10.3x Computer Sciences Corporation % 4,104 4, % 0.4x 4.1x 0.5x 2.8x Convergys Corporation % 2,292 2, % 0.8x 6.6x 0.8x 6.5x WNS (Holdings) Ltd % 1,417 1, % 2.3x 13.3x 2.4x 11.3x Exlservice Holdings, Inc % 1,400 1, % 2.2x 14.6x 2.1x 11.8x TeleTech Holdings Inc % 1,237 1, % 1.0x 7.7x 1.0x 7.8x Sykes Enterprises, Incorporated % 1,226 1, % 0.8x 6.9x 0.8x 7.1x Mean 80.5% $13,130 $12, % 1.9x 10.4x 2.0x 9.7x Median 83.2% $4,104 $4, % 2.2x 10.2x 2.2x 10.3x Consulting Accenture plc $ % $62,308 $59, % 1.9x 11.4x 1.9x 11.6x The Advisory Board Company % 1,924 2, % 3.4x 31.9x 3.1x 14.3x CEB Inc % 1,890 2, % 2.5x 10.5x 2.5x 9.9x FTI Consulting, Inc % 1,380 1, % 1.0x 8.9x 1.0x 8.7x Huron Consulting Group Inc % 1,225 1, % 2.0x 10.2x 1.9x 9.5x Navigant Consulting Inc % % 1.1x 8.0x 1.1x 7.9x ICF International Inc % % 0.9x 8.9x 0.9x 8.7x Resources Connection, Inc % % 0.7x 7.2x 0.7x 7.2x CBIZ, Inc % % 0.9x 8.3x 0.9x 7.9x CRA International Inc % % 0.5x 5.4x 0.5x 3.1x Mean 75.6% $7,133 $7, % 1.5x 11.1x 1.5x 8.9x Median 75.6% $987 $1, % 1.1x 8.9x 1.1x 8.7x Human Resources Randstad Holding NV $ % $10,177 $10, % 0.5x 11.8x 0.5x 10.4x Robert Half International Inc % 5,812 5, % 1.1x 8.8x 1.1x 8.7x ManpowerGroup Inc % 5,622 5, % 0.3x 7.5x 0.3x 7.4x Hays plc % 2,704 2, % 0.5x 10.3x 0.5x 9.6x On Assignment Inc % 2,020 2, % 1.3x 12.9x 1.4x 11.5x Michael Page International plc % 2,005 1, % 1.1x 13.1x 1.2x 11.7x 51job Inc % 1,582 1, % 3.3x 10.8x 3.1x 9.9x Korn/Ferry International % 1,573 1, % 1.2x 8.3x 1.1x 7.1x USG People NV % 1,512 1, % 0.6x 16.9x 0.6x 13.1x Insperity, Inc % 1, % 0.3x 8.8x 0.3x 7.1x TrueBlue, Inc % 990 1, % 0.4x 8.6x 0.5x 8.2x Kforce Inc % % 0.6x 9.2x 0.6x 8.8x SThree Plc % % 0.5x 9.5x 0.5x 9.1x Kelly, Inc % % 0.1x 6.6x 0.1x 5.2x Heidrick & Struggles International Inc % % 0.7x 7.4x 0.7x 6.7x Barrett Business Inc % % 0.4x 7.5x 0.1x 6.7x Mean 78.8% $919 $2, % 0.8x 9.9x 0.8x 8.8x Median 78.5% $1,543 $1, % 0.5x 9.0x 0.5x 8.8x Insurance, Legal, and Risk Marsh & McLennan Companies, Inc. $ % $27,220 $30, % 2.3x 10.7x 2.4x 10.6x Aon plc % 23,669 28, % 2.5x 11.3x 2.4x 11.0x Willis Towers Watson Public Limited Company % 15,805 18, % 4.9x 21.6x 4.8x 22.2x Arthur J Gallagher & Co % 6,654 8, % 1.6x 10.6x 1.6x 10.2x Brown & Brown Inc % 4,273 4, % 3.0x 9.1x 3.0x 9.2x Epiq Systems, Inc % % 1.8x 13.3x 1.7x 8.0x Crawford & Company % % 0.4x 5.5x 0.4x 4.6x EV / LTM EV / 2016E Mean 75.4% $11,192 $13, % 2.4x 11.7x 2.3x 10.8x Median 80.7% $6,654 $8, % 2.3x 10.7x 2.4x 10.2x As of February 11, 2016 PAGE 5

7 PUBLIC COMPARABLES PUBLIC COMPANY PERFORMANCE 1,2 Price at As a % of Market Enterprise EBITDA ($ in millions, except per share data) 1/11/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Marketing & Information Thomson Reuters Corporation $ % $27,169 $34, % 2.8x 13.0x 2.8x 10.1x WPP plc % 26,894 32, % 1.7x 9.0x 1.8x 10.9x Moody's Corporation % 17,963 19, % 5.5x 12.1x 5.5x 11.9x Omnicom Group Inc % 16,873 18, % 1.2x 8.5x 1.2x 8.5x Nielsen Holdings plc % 16,379 23, % 3.8x 15.7x 3.8x 12.7x Alliance Data Systems Corporation % 15,475 31, % 4.9x 19.7x 4.9x 16.6x Experian plc % 15,379 18, % 4.0x 12.6x 4.0x 10.4x Verisk Analytics, Inc % 12,544 15, % 7.9x 16.9x 7.5x 15.8x Publicis Groupe SA % 12,552 14, % 1.4x 7.5x 1.4x 8.1x Equifax Inc % 12,064 13, % 4.9x 14.6x 4.9x 14.3x Wolters Kluwer NV % 9,518 11, % 2.7x 10.7x 2.6x 10.4x The Interpublic Group of Companies, Inc % 8,911 9, % 1.3x 9.5x 1.3x 9.4x IHS Inc % 7,450 9, % 4.3x 16.3x 4.0x 12.6x FactSet Research Systems Inc % 6,212 6, % 6.1x 17.0x 6.1x 16.7x CoStar Group Inc % 5,852 5, % 8.7x 73.8x 8.2x 47.9x Informa plc % 5,707 7, % 3.9x 12.8x 3.9x 12.5x DST Systems Inc % 3,688 4, % 1.5x 9.7x 1.9x 9.4x Dun & Bradstreet Corp % 3,416 4, % 3.0x 10.7x 2.9x 10.1x Morningstar Inc % 3,377 3, % 4.0x 12.6x 3.9x 12.2x UBM plc % 3,314 4, % 3.1x 13.5x 3.0x 11.1x Havas SA % 3,300 3, % 1.5x 9.4x 1.5x 8.9x CoreLogic, Inc % 3,072 4, % 2.9x 12.8x 2.9x 10.2x Fair Isaac Corporation % 2,776 3, % 3.9x 17.0x 3.9x 16.7x Acxiom Corporation % 1,469 1, % 1.4x 8.7x 1.7x 10.0x comscore, Inc % 1,404 1, % 3.6x 56.2x 3.5x 14.1x Viad Corp % % 0.6x 7.4x 0.6x 7.3x Forrester Research Inc % % 1.3x 12.2x 1.3x 12.1x QuinStreet, Inc % NM 0.5x NM 0.5x 14.9x Harte-Hanks Inc % % 0.4x 6.0x 0.4x 5.3x Mean 80.4% $8,420 $10, % 3.2x 15.9x 3.2x 12.8x Median 85.1% $5,852 $6, % 3.0x 12.6x 2.9x 11.1x Transaction Processing Automatic Data Processing, Inc. $ % $36,209 $35, % 3.1x 15.2x 3.1x 15.5x Fidelity National Information, Inc % 19,238 30, % 4.6x 15.1x 4.6x 14.8x Paychex, Inc % 17,116 16, % 5.9x 13.7x 5.9x 13.8x The Western Union Company % 8,524 10, % 1.9x 7.6x 1.9x 7.4x Total System, Inc % 8,364 9, % 3.4x 11.9x 3.4x 11.2x Vantiv, Inc % 7,144 10, % 3.2x 14.1x 6.0x 12.4x Jack Henry & Associates Inc % 6,133 6, % 4.8x 13.6x 4.8x 13.7x Heartland Payment Systems, Inc % 3,359 3, % 1.4x 18.1x 4.6x 16.9x VeriFone Systems, Inc % 2,722 3, % 1.7x 11.8x 1.6x 9.1x EV / LTM EV / 2016E Mean 82.4% $12,090 $13, % 3.3x 13.5x 4.0x 12.8x Median 85.6% $8,364 $10, % 3.2x 13.7x 4.6x 13.7x As of February 11, 2016 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) 1/11/16 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Education & Training Pearson plc $ % $8,048 $11, % 1.5x 13.2x 1.6x 9.0x John Wiley & Sons Inc % 2,397 2, % 1.7x 9.1x 1.7x 7.8x Grand Canyon Education, Inc % 1,694 1, % 2.1x 6.9x 2.1x 6.5x DeVry Education Group Inc % 1,329 1, % 0.6x 4.1x 0.6x 4.1x Scholastic Corporation % 1, % 0.6x 11.5x 0.6x 8.0x Strayer Education Inc % % 1.1x 5.4x 1.1x 5.3x Capella Education Co % % 0.9x 4.2x 0.9x 4.1x GP Strategies Corp % % 0.9x 10.2x 0.9x 11.1x Bridgepoint Education, Inc % % 0.1x 0.9x 0.1x 1.1x K12, Inc % % 0.2x 3.3x 0.2x 1.8x Franklin Covey Co % % 1.4x 10.3x 1.3x 9.4x American Public Education, Inc % % 0.4x 1.9x 0.4x 2.0x Cambium Learning Group, Inc % % 2.2x 13.9x NA NA Universal Technical Institute, Inc % % 0.2x 6.3x 0.2x NA ITT Educational Inc % % 0.2x 1.3x 0.2x 2.1x Lincoln Educational Corporation % % 0.3x 4.7x 0.3x NA Mean 59.9% $1,112 $1, % 0.9x 6.7x 0.8x 5.6x Median 62.5% $355 $ % 0.7x 5.8x 0.6x 5.3x Facility Compass Group PLC $ % $27,092 $31, % 1.2x 12.9x 1.2x 12.5x Sodexo S.A % 14,613 15, % 0.7x 10.1x 0.8x 10.4x Cintas Corporation % 9,225 9, % 2.1x 11.0x 2.1x 11.1x Aramark % 7,696 13, % 0.9x 11.3x 0.9x 10.2x ISS A/S % 6,271 8, % 0.7x 11.2x 0.7x 11.1x Rentokil Initial plc % 4,085 5, % 1.9x 8.3x 2.0x 8.6x EMCOR Group Inc % 2,781 2, % 0.4x 7.5x 0.4x 7.4x Berendsen plc % 2,564 3, % 2.0x 6.3x 2.2x 6.6x MITIE Group PLC % 1,551 1, % 0.5x 8.6x 0.6x 8.4x ABM Industries Incorporated % 1,515 1, % 0.3x 10.9x 0.3x 7.6x FirstService Corporation % 1,268 1, % 1.1x 14.1x 1.1x 13.6x G&K Inc % 1,180 1, % 1.5x 9.7x 1.5x 8.6x Comfort Systems USA Inc % 1,067 1, % 0.7x 10.0x 0.7x 9.5x TRC Companies Inc % % 0.9x 8.9x NA NA Mean 89.1% $7,739 $9, % 1.1x 9.8x 1.1x 9.4x Median 89.9% $5,178 $6, % 0.8x 10.5x 0.8x 9.4x As of February 11, 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. Aerospace, Defense & Government Building Products & Materials Business 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) New York Times Dealbook (8) PR Newswire (9) Wall Street Journal DISCLOSURES Harris Williams & Co. ( and 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. Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. 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