BUSINESS SERVICES INDUSTRY UPDATE AUGUST
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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 WHAT WE RE READING MCGRAW HILL TO ACQUIRE SNL FINANCIAL McGraw Hill, the parent of the Standard & Poor s rating agency, recently announced plans to buy SNL Financial. SNL is a financial data and information company owned by New Mountain Capital. McGraw Hill has offered to pay $2.23 billion for the company, which was valued at $450 million at the time of New Mountain s majority investment in McGraw Hill provides ratings, analytics, data and research to financial institutions and individuals, and competes with Thomson Reuters in providing information related to financial and commodities markets. Read the article here. STERICYCLE, INC. TO ACQUIRE SHRED-IT INTERNATIONAL Stericycle, Inc., a leading national biohazardous waste disposal company, has entered into a definitive agreement to buy Shred-it International for $2.3 billion. Shred-it International provides global secure information destruction services to over 400,000 customer locations in 15 countries. "By combining Shred-it with our business-to-business compliance solutions, we are providing the marketplace with a broader portfolio of services. Stericycle has a lot of experience selecting and integrating acquisitions, and we believe that Shred-it represents one of the most attractive opportunities for our business that we have ever seen said Charlie Alutto, President and CEO of Stericycle. Read the article here. UNEMPLOYMENT RATE REMAINS STEADY AT 5.3% IN JULY According the Bureau of Labor, the unemployment rate was 5.3% for the second month in a row. Coming after the addition of 215,000 jobs, this is tied for the lowest rate since April It is likely to give the Federal Reserve the confidence to raise interest rates after having held the Federal Funds Rate near zero since December Read the article here. MERGER BETWEEN CATAPULT LEARNING AND SPECIALIZED EDUCATION SERVICES Catapult Learning, a leading provider of technology-enabled K-12 services, and Specialized Education (SESI), a premier provider of alternative and special education services, have signed a definitive agreement to merge. The combination will result in the creation of an unrivaled market leader in contracted instructional services in the U.S. This merger reflects the growing trend in school districts to outsource instructional services for struggling and special needs students. Together, the new entity known as Catapult Learning, will have 5,500 employees and over 300,000 students nationwide. Read the article here. 6 REASONS MARKETING IS MOVING IN-HOUSE New research from the Society of Digital Agencies has found that 27% of corporations no longer work with third-party marketing agencies, compared to 13% in The reasons cited for the transition to in-house marketing teams came from interviews with advertising and marketing agencies and interviews with corporations. First, many agencies have become too big and slow for the fast-paced digital world, creating a disconnection with customers. Agencies have also caused frustration by failing to change with the times, often reverting back to advertising, and have proven ineffective in finding new ways to create connections with their target market. Creating a continuous connection with potential customers is critical for corporations, and they are finding that it is easier done in-house than through an agency. Fourth, big data has allowed companies to further personalize marketing campaigns. Outsourcing these discrete relationships is a deterrent from using outside marketing agencies. Fifth, companies want to own this data, and part of protecting it means building internal marketing teams. Finally, agencies are no longer attracting the best marketing talent, a trend that is unlikely to stop if more companies continue to move marketing campaigns in-house. Read the article here. CONTENTS BUSINESS SERVICES UPDATE EQUITY TRADING OVERVIEW ECONOMIC TRENDS M&A MARKET TRENDS PUBLIC COMPARABLES HW&Co. TRANSACTIONS 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) Dave Kennedy Director dkennedy@harriswilliams.com +1 (804) John Klim Director jklim@harriswilliams.com +1 (804) Marshall Croft Vice President mcroft@harriswilliams.com +1 (804) PAGE 1
3 EQUITY TRADING OVERVIEW KEY TRADING STATISTICS 1,2 Sector Number of Companies Median Enterprise Value ($mm) Change in Stock Price LTM Multiples 2015E 3 mos. 12 mos. EV/EBITDA P/E EV/EBITDA P/E Business Process Outsourcing 11 $5,252 (0.5%) 24.4% 12.7x 25.8x 10.4x 16.1x Consulting 10 1, % 7.8% 10.1x 22.0x 8.9x 17.3x Human Resources 17 1, % 26.2% 12.3x 24.2x 10.0x 17.1x Insurance, Legal, and Risk 7 10,306 (1.5%) 11.4% 12.7x 23.5x 10.5x 16.8x Marketing & Information 29 6, % 15.7% 13.7x 22.4x 12.3x 18.2x Transaction Processing 9 9, % 25.5% 14.7x 27.8x 11.5x 20.0x Education & Training (7.2%) (19.5%) 6.1x 15.4x 5.3x 14.8x Business Index 100 $5, % 15.7% 12.7x 23.5x 10.4x 17.1x As of August 14, 2015 PUBLIC COMPANY SECTOR PERFORMANCE 1,2 30.0% 14.0x 25.0% 12.6x 13.0x 20.0% 11.2x 12.0x 12-month % Change in Stock Price 15.0% 10.0% 5.0% 0.0% (5.0%) 10.1x 10.2x 10.2x 10.2x 8.9x 10.5x 11.0x 10.0x 9.0x 8.0x 7.0x EV/2015E EBITDA Multiple (10.0%) 5.7x 6.0x (15.0%) 5.0x (20.0%) Human Resources Business Process Outsourcing Transaction Processing Business Index S&P 500 Consulting Marketing & Information Insurance, Legal, and Risk Education & Training 4.0x 12-month % Change in Stock Price EV/2015E EBITDA Multiple As of August 14, 2015 PAGE 2
4 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 $14.0 $ % 0.0% (5.0%) Annual Percentage Growth Consumer Confidence % 8.0% 6.0% 4.0% 2.0% Unemployment Rate $13.0 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 (10.0%) Consumer Confidence Unemployment Rate 0.0 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan % GDP Value Annual Percentage Growth 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) Initial Claims 800, , , , , , , ,000 0 (1,000) Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Sources: (3) Bureau of Labor Statistics Sources: (4) United States Department of Labor CONSUMER PRICE INDEX 5 ISM NON-MANUFACTURING INDEX 7 YOY Change 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-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 Integro Ltd. Specialist insurance brokerage company Odyssey Investment Partners, LLC Pending Veritas Technologies Corporation Offers data backup and recovery, archiving, ediscovery, storage management, and information availability services The Carlyle Group LP; GIC Pte. Ltd. Pending SNL Financial LC Offers analysis on financial institutions McGraw Hill Financial, Inc. 8/5/2015 Internet Pipeline, Inc. Provides on-demand marketing, selling and processing solutions Thoma Bravo 8/3/ data, Inc. Provides big data discovery and data sharing solutions Advance Communication Corp. 8/1/2015 Kelway Limited Provides IT services and solutions to public and private sectors CDW Corporation 7/31/2015 AEGON Canada ULC Provides life insurance and investment solutions Wilton Re Holdings Limited 7/28/2015 VerticalScope Inc. Develops and operates websites, online communities and forums Torstar Corporation 7/17/2015 Identifix, Inc. Auto repair hotline company Claims Group, Inc. BUSINESS SERVICES M&A VOLUME (BY YEAR) 1,2 3,000 2,500 2,675 2,306 2,460 2,556 2,789 2,340 2,601 3,000 2,500 Number of Deals 2,000 1,500 1,000 1,860 1,519 2,000 1,500 1, YTD Undisclosed <$100M >$100M & <$250M >$250M & <$500M >$500M & <$1.0B >$1.0B+ 0 Source: Capital IQ (1) Represents all announced or closed M&A transactions in the United States and Canada (2) No transaction value provided for undisclosed deals PAGE 4
6 PUBLIC COMPARABLES PUBLIC COMPANY PERFORMANCE 1,2 Price at As a % of Market Enterprise EBITDA ($ in millions, except per share data) 8/14/15 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Business Process Outsourcing Tata Consultancy Limited $ % $5,294,833 $5,063, % 5.2x 20.0x 4.5x 16.1x Wipro Ltd % 1,410,244 1,214, % 2.5x 11.6x 2.3x 10.4x Cognizant Technology Solutions Corporation % 40,942 38, % 3.4x 17.0x 2.9x 14.5x Computer Sciences Corporation % 9,333 9, % 0.8x 9.6x 0.8x 4.7x Computershare Limited % 5,473 6, % 3.4x 12.7x 3.5x 12.6x Genpact Limited % 4,875 5, % 2.2x 13.5x 2.0x 12.7x Convergys Corporation % 2,282 2, % 0.8x 6.5x 0.8x 6.1x WNS (Holdings) Ltd % 1,548 1, % 2.6x 14.1x 2.6x 12.5x TeleTech Holdings Inc % 1,392 1, % 1.1x 8.6x 1.0x 7.8x Exlservice Holdings, Inc % 1,231 1, % 2.0x 15.8x 1.7x 10.1x Sykes Enterprises, Incorporated % 1, % 0.7x 6.2x 0.7x 6.6x Mean 74.2% $615,751 $576, % 2.3x 12.3x 2.1x 10.4x Median 94.1% $4,875 $5, % 2.2x 12.7x 2.0x 10.4x Consulting Accenture plc $ % $64,567 $60, % 2.0x 12.4x 1.9x 11.1x CEB Inc % 2,571 2, % 3.2x 13.8x 3.0x 12.1x The Advisory Board Company % 2,144 2, % 4.0x 43.0x 3.2x 14.7x FTI Consulting, Inc % 1,696 2, % 1.2x 10.4x 1.2x 9.1x Huron Consulting Group Inc % 1,655 2, % 2.6x 15.4x 2.2x 10.5x Navigant Consulting Inc % % 1.1x 7.3x 1.1x 7.6x ICF International Inc % 684 1, % 0.9x 9.9x 0.9x 8.6x Resources Connection Inc % % 0.9x 9.4x 0.8x 8.6x CBIZ, Inc % % 1.0x 8.8x 0.9x 7.7x CRA International Inc % % 0.6x 6.8x 0.6x 4.0x Mean 88.8% $7,542 $7, % 1.8x 13.7x 1.6x 9.4x Median 91.5% $1,204 $1, % 1.2x 10.1x 1.1x 8.9x Human Resources Randstad Holding NV $ % $11,208 $11, % 0.6x 15.2x 0.6x 11.5x Towers Watson & Co % 8,693 8, % 2.2x 10.5x 2.1x 10.2x Robert Half International Inc % 7,696 7, % 1.5x 12.3x 1.4x 10.7x ManpowerGroup Inc % 7,318 7, % 0.4x 9.3x 0.4x 8.9x Hays plc % 2,359 2, % 0.7x 15.1x 0.6x 12.2x On Assignment Inc % 2,071 2, % 1.5x 14.7x 1.3x 10.5x Korn/Ferry International % 1,763 1, % 1.3x 9.9x 1.0x 7.8x 51job Inc % 1,703 (1,836) 30.4% NM NM NM NM Michael Page International plc % 1,660 1, % 1.5x 17.5x 1.4x 13.1x Insperity, Inc % 1,208 1, % 0.4x 11.1x 0.4x 8.5x USG People NV % 1,142 1, % 0.6x 16.0x 0.5x 9.8x TrueBlue, Inc % 1,009 1, % 0.4x 7.9x 0.4x 7.1x Kforce Inc % % 0.7x 13.8x 0.6x 10.1x Kelly, Inc % % 0.1x 9.2x 0.1x 6.6x SThree Plc % % 0.6x 13.2x 0.6x 11.1x Heidrick & Struggles International Inc % % 0.6x 6.2x 0.5x 5.4x Barrett Business Inc % NM 0.4x NM 0.1x 7.3x Mean 98.7% $2,961 $2, % 0.8x 12.1x 0.8x 9.4x Median 94.8% $1,660 $1, % 0.6x 12.3x 0.6x 10.0x Insurance, Legal, and Risk Marsh & McLennan Companies, Inc. $ % $30,824 $33, % 2.6x 12.3x 2.6x 11.4x Aon plc % 28,368 33, % 2.9x 13.3x 2.8x 12.3x Willis Group Holdings Public Limited Company % 8,309 10, % 2.8x 12.7x 2.5x 10.5x Arthur J Gallagher & Co % 8,256 10, % 2.0x 13.9x 1.9x 10.6x Brown & Brown Inc % 4,845 5, % 3.4x 10.4x 3.3x 10.0x Epiq Systems, Inc % % 2.0x 15.0x 1.7x 8.1x Crawford & Company % % 0.5x 6.8x 0.5x 5.1x EV / LTM EV / 2015E Mean 87.3% $11,643 $13, % 2.3x 12.1x 2.2x 9.7x Median 94.6% $8,256 $10, % 2.6x 12.7x 2.5x 10.5x As of August 14, 2015 PAGE 5
7 PUBLIC COMPARABLES PUBLIC COMPANY PERFORMANCE 1,2 Price at As a % of Market Enterprise EBITDA ($ in millions, except per share data) 8/10/15 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA EV / LTM EV / 2015E Marketing & Information Thomson Reuters Corporation $ % $42,038 $49, % 4.0x 18.5x 4.0x 13.9x Moody's Corporation % 22,195 23, % 6.7x 14.6x 6.3x 13.8x Nielsen N.V % 18,914 26, % 4.2x 16.9x 4.1x 13.5x WPP plc % 18,377 20, % 1.8x 10.2x 1.7x 10.1x Omnicom Group Inc % 17,874 21, % 1.4x 9.4x 1.4x 9.3x Alliance Data Systems Corporation % 16,819 30, % 5.2x 19.0x 4.4x 14.9x Publicis Groupe SA % 13,555 16, % 1.9x 10.6x 1.7x 9.2x Verisk Analytics, Inc % 12,940 16, % 8.6x 18.5x 6.9x 14.9x Equifax Inc % 12,354 13, % 5.4x 15.4x 5.0x 14.1x Experian plc % 11,141 14, % 3.0x 9.3x 3.0x 8.8x The Interpublic Group of Companies, Inc % 8,680 9, % 1.3x 9.7x 1.2x 9.0x Wolters Kluwer NV % 8,612 10, % 2.7x 10.8x 2.6x 10.1x IHS Inc % 8,575 10, % 4.6x 19.1x 4.4x 13.7x FactSet Research Systems Inc % 7,088 6, % 7.1x 19.4x 6.5x 17.3x CoStar Group Inc % 6,351 6, % 10.0x 62.1x 8.0x 33.5x Dun & Bradstreet Corp % 4,207 5, % 3.5x 13.4x 3.4x 11.7x DST Systems Inc % 3,855 4, % 1.5x 9.9x 2.1x 9.7x Informa plc % 3,792 4, % 4.0x 12.9x 3.8x 12.0x Morningstar Inc % 3,731 3, % 4.5x 14.3x 4.2x 12.5x CoreLogic, Inc % 3,419 4, % 3.1x 13.6x 3.0x 11.0x Havas % 3,097 3, % 1.6x 10.3x 1.4x 8.7x Fair Isaac Corporation % 2,789 3, % 4.1x 18.2x 3.8x 14.1x comscore, Inc % 2,505 2, % 6.7x 125.5x 5.8x 22.7x UBM plc % 2,310 2, % 3.4x 14.5x 2.9x 10.9x Acxiom Corporation % 1,649 1, % 1.7x 11.9x 2.1x 13.1x Forrester Research Inc % % 1.5x 13.9x 1.4x 14.1x Viad Corp % % 0.6x 6.8x 0.6x NA Harte-Hanks Inc % % 0.7x 6.8x 0.7x 6.3x QuinStreet, Inc % NM 0.6x NM 0.6x 10.6x Mean 96.9% $8,915 $10, % 3.6x 19.1x 3.3x 13.0x Median 95.6% $6,351 $6, % 3.4x 13.7x 3.0x 12.3x Transaction Processing Automatic Data Processing, Inc. $ % $38,658 $37, % 3.4x 16.2x 3.1x 14.9x Fidelity National Information, Inc % 19,787 24, % 3.8x 15.1x 3.6x 11.5x Paychex, Inc % 17,446 16, % 6.2x 14.6x 5.8x 13.5x The Western Union Company % 10,408 12, % 2.2x 8.8x 2.2x 8.9x Total System, Inc % 8,855 9, % 3.8x 15.6x 3.6x 11.3x Vantiv, Inc % 6,637 9, % 3.2x 14.4x 5.5x 11.5x Jack Henry & Associates Inc % 5,768 5, % 4.7x 13.6x 4.4x 12.6x VeriFone Systems, Inc % 3,708 4, % 2.2x 16.3x 2.1x 10.6x Heartland Payment Systems, Inc % 2,306 2, % 1.1x 14.7x 3.4x 12.5x Mean 94.8% $12,619 $13, % 3.4x 14.4x 3.7x 11.9x Median 96.1% $8,855 $9, % 3.4x 14.7x 3.6x 11.5x As of August 14, 2015 PAGE 6
8 PUBLIC COMPARABLES PUBLIC COMPANY PERFORMANCE 1,2 Price at As a % of Market Enterprise EBITDA ($ in millions, except per share data) 8/10/15 52-wk High Cap Value (EV) Margins Revenue EBITDA Revenue EBITDA Education & Training Pearson plc $ % $9,662 $12, % 2.4x 21.2x 2.4x 12.6x John Wiley & Sons Inc % 3,028 3, % 1.8x 9.9x 1.8x 8.6x DeVry Education Group Inc % 1,834 1, % 0.7x 4.7x 0.8x 4.8x Grand Canyon Education, Inc % 1,981 1, % 2.6x 8.4x 2.4x 7.2x Apollo Education Group, Inc % 1, % 0.2x 1.7x 0.3x 2.3x Scholastic Corporation % 1, % 0.6x 10.4x 0.6x 7.9x Capella Education Co % % 1.1x 6.5x 1.1x 5.1x GP Strategies Corp % % 1.0x 10.4x 0.9x 9.2x K12, Inc % % 0.4x 5.9x 0.4x 4.1x Strayer Education Inc % % 1.1x 5.4x 1.1x 5.5x American Public Education, Inc % % 0.8x 3.7x 0.9x 3.8x Bridgepoint Education, Inc % % 0.2x 2.2x 0.2x 4.0x Franklin Covey Co % % 1.4x 11.0x 1.3x 8.0x Universal Technical Institute, Inc % % 0.3x 4.7x 0.3x 6.1x Cambium Learning Group, Inc % % 2.3x 15.7x NA NA ITT Educational Inc % % 0.2x 1.8x 0.3x 2.8x Lincoln Educational Corporation % % 0.2x 3.9x 0.2x 5.9x Mean 65.9% $1,351 $1, % 1.0x 7.5x 0.9x 6.1x Median 65.4% $545 $ % 0.8x 5.9x 0.8x 5.7x Facility Compass Group PLC $ % $17,302 $20, % 1.1x 12.5x 1.1x 12.0x Sodexo S.A % 13,027 14, % 0.8x 11.6x 0.7x 10.0x Cintas Corporation % 9,636 10, % 2.3x 12.3x 2.2x 11.4x ISS A/S % 42,847 57, % 0.8x 12.0x 0.7x 10.8x Aramark % 7,706 13, % 0.9x 11.4x 0.9x 10.0x Rentokil Initial plc % 2,756 3, % 2.0x 8.7x 2.0x 8.2x EMCOR Group Inc % 2,987 2, % 0.5x 8.5x 0.4x 7.4x Berendsen plc % 1,753 2, % 2.1x 6.7x 2.1x 6.3x MITIE Group PLC % 1,135 1, % 0.6x 8.5x 0.6x 8.4x FirstService Corporation % 1,455 1, % 1.4x 26.2x 1.2x 14.9x ABM Industries Incorporated % 1,863 2, % 0.4x 11.6x 0.4x 8.9x G&K Inc % 1,335 1, % 1.7x 10.9x 1.6x 10.1x Comfort Systems USA Inc % 1,049 1, % 0.7x 11.7x 0.6x 9.9x TRC Companies Inc % % 0.7x 7.1x NA NA EV / LTM EV / 2015E Mean 94.8% $10,060 $12, % 1.2x 11.9x 1.2x 9.9x Median 97.0% $5,346 $6, % 1.0x 11.5x 1.0x 10.0x As of August 14, 2015 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 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) Fax: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) Fax: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) Fax: +1 (612) UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) Fax: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California 94105, USA Phone: +1 (415) Fax: +1 (415) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: Fax: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Fax: +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)The Institute for Supply Management (8)Market Watch (9)Bloomberg (10)Forbes (11)Catapult Learning (12)Harvard Business Review 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 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. 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 2014 Harris Williams & Co., all rights reserved. PAGE 10
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