ABC Logo

ABC - Valuation Model

Basic Inputs Legend

Project Name ABC 1234 Hardcode input

1234 Calculation

Financial year end December

Current year 2021
Currency USD
Units Thousands
ABC - Index
Valuation Summary Football Field Analysis

Income Statement Balance Sheet

DCF WACC

GPC - Beta

GPC GPC Description

GPC - Valuation Comps GPC - Operating Comps

Relative Rankings Comps GTM

GTM - Multiples Relative Analysis Transactions

Cost Approach - NAV

ABC - Valuation Summary
In Thousands of USD

Methodology Notes Indicated Enterprise Value Weightage Concluded Enterprise Value

Income Approach: Discounted Cash Flows

Gordon Growth 185,200.0 33% 61,733.3
H-Model 194,140.0 0% 0.0
Exit Multiple 254,630.0 0% 0.0

Market Approach
Precedent Transactions: 2021 EBITDA 227,010.0 33% 75,670.0
Public Comparables: 2021 EBITDA 222,200.0 33% 74,066.7

Cost Approach: NAV Method 21,836.9 0% 0.0

Enterprise Value - Rounded 211,470.0

Implied EBITDA Multiple

EV/2020 EBITDA 13.2x
EV/2021 EBITDA 12.1x

Enterprise Value - Rounded 211,470.0

Add: Cash 20,465.6

Less: Debt 71,009.1

Equity Value - Rounded 160,900.0

[a] Reflects an equal weighting of the Discounted Cash Flow Method, Public Comparables and Precedent Transactions Method.
ABC - Football Field Analysis
In Thousands of USD
Valuation High - Low Toggle 10.0%

Valuation Methodology Valuation Valuation - High Valuation - Low Difference

DCF - Gordon Growth 185,200 203,720 166,680 37,040

GPC - 2021 EBITDA 227,010 249,711 204,309 45,402
GTM - 2021 EBITDA 222,200 244,420 199,980 44,440
Cost Approach 21,837 24,021 19,653 4,367

DCF - Gordon Growth 166,680 203,720

GPC - 2021 EBITDA 204,309 249,711

GTM - 2021 EBITDA 199,980 244,420

Cost Approach 19,653 24,021

0 100,000 200,000 300,000 400,000

Market Data Currency USD
Valuation Date 12/17/2020
Tax Rate 26.0%

ABC - Income Statement

In Thousands of USD
Income Statement 2015 2016 2017 2018 2019 YTD 2020 2020 [a] 2021 2022 2023 2024 2025

Revenue [b] 24,000.0 27,000.0 33,000.0 35,000.0 51,000.0 47,000.0 64,000.0 68,480.0 73,273.6 78,402.8 83,890.9 89,763.3
Growth 12.5% 22.2% 6.1% 45.7% 25.0% 25.5% 7.0% 7.0% 7.0% 7.0% 7.0%
Total Revenue 24,000.0 27,000.0 33,000.0 35,000.0 51,000.0 47,000.0 64,000.0 68,480.0 73,273.6 78,402.8 83,890.9 89,763.3

Total Operating Costs 18,000.0 23,000.0 34,000.0 28,000.0 41,000.0 36,000.0 48,000.0 51,017.6 54,222.5 57,626.0 61,240.4 65,078.4
as % of Revenue 75.0% 85.2% 103.0% 80.0% 80.4% 76.6% 75.0% 74.5% 74.0% 73.5% 73.0% 72.5%

EBITDA [b] 6,000.0 4,000.0 (1,000.0) 7,000.0 10,000.0 11,000.0 16,000.0 17,462.4 19,051.1 20,776.7 22,650.6 24,684.9
Margin 25.0% 14.8% n.m. 20.0% 19.6% 23.4% 25.0% 25.5% 26.0% 26.5% 27.0% 27.5%

Depreciation and Amortization 500.0 600.0 900.0 1,200.0 4,500.0 6,000.0 8,400.0 9,587.2 10,258.3 10,976.4 11,744.7 12,566.9
Depreciation 200.0 200.0 300.0 600.0 800.0 1,000.0 1,300.0 1,369.6 1,465.5 1,568.1 1,677.8 1,795.3
as % of Revenue 0.8% 0.7% 0.9% 1.7% 1.6% 2.1% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Amortization 300.0 400.0 600.0 600.0 3,700.0 5,000.0 7,100.0 8,217.6 8,792.8 9,408.3 10,066.9 10,771.6
as % of Revenue 2.1% 2.2% 2.7% 3.4% 8.8% 12.8% 13.1% 12.0% 12.0% 12.0% 12.0% 12.0%

EBIT 5,500.0 3,400.0 (1,900.0) 5,800.0 5,500.0 5,000.0 7,600.0 7,875.2 8,792.8 9,800.3 10,905.8 12,118.0
Margin 22.9% 12.6% n.m. 16.6% 10.8% 10.6% 11.9% 11.5% 12.0% 12.5% 13.0% 13.5%

Source: Financial Statements for FY 2015-2020 and YTD 2020 provided by Management. Projections reflects company's long-term plan.

[a] Management provided financial information as of December 31, 2020 as financial information as of the Valuation Date was not available at the time of the analysis. Management represented that there were no material changes between December 31, 2020 and the
Valuation Date.

[b] Management estimated 7.0% organic revenue growth and annual 0.5% EBITDA margin improvements for the discrete projection period through year 2025.
ABC Financial Projections
In Thousands of USD
Key Metrics 2015 2016 2017 2018 2019 YTD 2020 2020 [a] 2021 2022 2023 2024 2025
Capital Expenditure [b] n.a. - 2,000.0 1,000.0 2,000.0 4,000.0 5,000.0 2,568.0 2,747.8 2,940.1 3,145.9 3,366.1
as % of Revenue n.a. 0.0% 6.1% 2.9% 3.9% 8.5% 7.8% 3.8% 3.8% 3.8% 3.8% 3.8%

Debt-free Cash-free Working Capital [b] (7,569.2) (6,144.0) (3,231.4) (3,282.3) (1,889.4) (5,844.1) (3,119.5) 1,362.6 1,458.0 1,560.1 1,669.3 1,786.1
as % of Revenue (31.5%) (22.8%) (9.8%) (9.4%) (3.7%) (12.4%) (4.9%) 2.0% 2.0% 2.0% 2.0% 2.0%
Normalized Change in Working Capital n.a. (1,425.2) (2,912.6) 50.9 (1,392.9) n.a. 1,230.1 (89.1) (95.4) (102.1) (109.2) (116.8)

Balance Sheet 2015 2016 2017 2018 2019 YTD 2020 2020 [a]
(Amount in USD thousands)

Assets
Cash 16,423.2 13,832.0 13,527.1 16,841.5 17,480.8 22,216.9 20,465.6
Accounts Receivable 12,000.0 13,000.0 12,000.0 7,000.0 9,000.0 12,000.0 12,000.0
Prepaids 1,000.0 1,000.0 1,000.0 1,000.0 2,000.0 1,000.0 2,000.0
Other Current Assets - - - - - 1,000.0 1,000.0
Total Current Assets 29,423.2 27,832.0 26,527.1 24,841.5 28,480.8 36,216.9 35,465.6
WIP AdReview System - - - - 1,000.0 - -
Gross Fixed Assets 1,000.0 1,000.0 3,000.0 4,000.0 6,000.0 10,000.0 11,000.0
Accumulated Depreciation (500.0) (700.0) (1,000.0) (2,000.0) (4,000.0) (5,000.0) (5,000.0)
Net Fixed Assets 500.0 300.0 2,000.0 2,000.0 2,000.0 5,000.0 6,000.0
Gross Goodwill 3,000.0 6,000.0 6,000.0 6,000.0 38,000.0 81,000.0 82,000.0
Amortization of Goodwill (1,000.0) (1,000.0) (2,000.0) (2,000.0) (6,000.0) (11,000.0) (13,000.0)
Net Goodwill 2,000.0 5,000.0 4,000.0 4,000.0 32,000.0 70,000.0 69,000.0
Investments 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Due from Related Parties - - - - 100.0 - -
Due from Others 100.0 100.0 100.0 - 100.0 - -
Other Assets 100.0 100.0 100.0 100.0 100.0 400.0 400.0

Total Assets 32,223.2 33,432.0 32,827.1 31,041.5 63,880.8 111,716.9 110,965.6

Liabilities & Equity

Liabilities
Total Accounts Payable 550.0 1.2 - - - 0.0 513.7
Accrued 12b1 Fees 16,834.6 14,722.9 12,025.1 7,873.0 7,610.5 10,627.0 10,294.3
Total Other Liabilities 3,184.6 5,419.9 4,206.4 3,409.3 5,278.9 9,217.1 7,311.6
Short Term Loans 2,360.0 4,250.0 - - 30,824.8 71,600.4 71,009.1
Total Current Liabilities 22,929.2 24,394.0 16,231.4 11,282.3 43,714.1 91,444.5 89,128.6

Equity 9,294.1 9,038.0 16,595.7 19,759.2 20,166.6 20,272.5 21,836.9

Total Liabilities Equity 32,223.25 33,431.98 32,827.10 31,041.51 63,880.76 111,716.93 110,965.56

Check - - - - - - -

Source: Financial Statements for FY 2015-2020 and YTD 2020 provided by Management. Projections reflects company's long-term plan.

[a] Management provided December 31, 2020 Balance Sheet as Balance Sheet as of the Valuation Date was not available at the time of the analysis. Management represented that there were no material changes between December 31, 2020 and the Valuation
Date.

[b] Management considered 3.75% of revenue as capital expenditure and 2.0% of revenue as working capital for the discreet projection period through year 2025.
Discounted Cashflow Method
Forecast Forecast Forecast Forecast Forecast
In Thousands of USD Notes
Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Assumptions
Date of Valuation 17-Dec-20
First Forecast Year 31-Dec-21
WACC 10.0%
Tax Rate 26.0%
Transition Period (H-Model) 3.0 Years
Short-Term Growth Rate 7.0%
Terminal Growth Rate 2.5%
Movement of the Sensitivity Table 1.0%

Income Statement
Total Revenue 68,480.0 73,273.6 78,402.8 83,890.9 89,763.3
Growth 7.0% 7.0% 7.0% 7.0% 7.0%
EBITDA 17,462.4 19,051.1 20,776.7 22,650.6 24,684.9
Margin 25.5% 26.0% 26.5% 27.0% 27.5%
Depreciation 1,369.6 1,465.5 1,568.1 1,677.8 1,795.3
% of Revenue 2.0% 2.0% 2.0% 2.0% 2.0%

Free Cash Flow - Build up

Operating Income 16,092.8 17,585.7 19,208.7 20,972.7 22,889.6
Margin 23.5% 24.0% 24.5% 25.0% 25.5%

Income Taxes 4,184.1 4,572.3 4,994.3 5,452.9 5,951.3

Net Operating Profit After Taxes 11,908.7 13,013.4 14,214.4 15,519.8 16,938.3
(+) Depreciation 1,369.6 1,465.5 1,568.1 1,677.8 1,795.3
(–) Capital Expenditures 2,568.0 2,747.8 2,940.1 3,145.9 3,366.1
% of Revenue 3.8% 3.8% 3.8% 3.8% 3.8%
(+) Change in Net Working Capital (89.1) (95.4) (102.1) (109.2) (116.8)
% Change in Revenue 2.0% 2.0% 2.0% 2.0% 2.0%
Unlevered Free Cash Flow 10,621.1 11,635.7 12,740.3 13,942.5 15,250.6
Adjustments - - - - -
Adjustments Unlevered Free Cash Flow 10,621.1 11,635.7 12,740.3 13,942.5 15,250.6

Year Fraction 0.52 1.54 2.54 3.54 4.54

Discount Factor [a] 0.95 0.86 0.79 0.71 0.65
PV of Future Cash Flow 10,108.1 10,048.3 10,002.0 9,950.8 9,894.9

Implied Enterprise Value

Gordon Growth % of Total EV WACC Terminal Growth
185,200 0.5% 1.5% 2.5% 3.5% 4.5%
Sum of PV of Unlevered FCF 50,004.2 27% 8.0%
Terminal Value 208,425.3 9.0%
PV of Terminal Value 135,230.2 73% 10.0%
11.0%
Implied Enterprise Value (Rounded) 185,200.0 12.0%

Implied Enterprise Value

H-Model % of Total EV WACC Terminal Growth
194,140 0.5% 1.5% 2.5% 3.5% 4.5%
Sum of PV of Unlevered FCF 50,004.2 8.0%
Terminal Value 222,150.9 9.0%
PV of Terminal Value 144,135.6 10.0%
11.0%
Implied Enterprise Value (Rounded) 194,140.0 12.0%

Exit Multiple % of Total EV

Implied Enterprise Value
Sum of PV of Unlevered FCF 50,004.2 20% WACC Exit Multiple
254,630 12.9x 13.2x 13.4x 13.7x 13.9x
Exit Multiple - EV/EBITDA 13.4x 8.0%
Terminal Value 330,777.8 9.0%
PV of Terminal Value 204,627.1 80% 10.0%
11.0%
Implied Enterprise Value (Rounded) 254,630.0 12.0%

[a] Calculated utilizing the "mid-year convention" which assumes that cash flows will be received evenly throughout the projection period rather than at the end of the period.
Weighted Average Cost of Capital (WACC)
Variables Notes
β Relevered Beta 0.8x As of Dec 17, 2020
Rmp Equity Risk Premium 5.5%
Rf Risk Free Rate 1.5% As of Dec 17, 2020
α Company Specific Risk Premium 5.0%
Rc Country Specific Risk Premium 0.0%

Rs Small Company Risk Premium 3.7% Micro-cap 9th-10th Decile, Duff

and Phelps Handbook
Dpt Pretax Cost of Debt 5.5%
T Estimated Tax Rate 26.0%
We Percentage of Equity 60.0%
Wd Percentage of Debt 40.0%

Ke After-Tax Cost of Equity [(Rmp x β) + Rf + Rs + Rc +α ] 14.4%

Kd After-Tax Cost of Debt [Dpt x (1 - T)] 4.1%

Weighted Average Cost of Capital (Rounded) [(We x Ke) + (Wd x Kd)] 10.0%
Guideline Public Companies - Beta
Tax rate 26.0% Target D/E Ratio 0.70

Company Considered Beta Unlevered Relevered Considered

Y=1, N= 0 Debt/Equity 5 Year Beta Beta Beta
Computershare Limited 1 1.48 1.19 0.57 0.86 0.86
Link Administration Holdings Limited 1 0.61 0.91 0.63 0.95 0.95
Intertrust N.V. 1 1.38 0.67 0.33 0.50 0.50
Sanne Group plc 0 0.97 0.21 0.12 0.18 n.a
Equiniti Group plc 1 0.74 0.52 0.34 0.51 0.51
STM Group Plc 1 0.09 1.10 1.04 1.57 1.57
Booz Allen Hamilton Holding Corporation 1 2.85 0.81 0.26 0.39 0.39
Tetra Tech, Inc. 1 0.55 0.88 0.62 0.95 0.95
FTI Consulting, Inc. 1 0.35 0.43 0.34 0.51 0.51
Huron Consulting Group Inc. 1 0.60 0.84 0.58 0.89 0.89
ICF International, Inc. 1 0.75 0.58 0.38 0.57 0.57
CBIZ, Inc. 1 0.39 0.58 0.45 0.69 0.69
CRA International, Inc. 1 0.95 1.44 0.84 1.28 1.28

Average 0.90 0.78 0.50 0.76 0.81

Median 0.74 0.81 0.45 0.69 0.77

Max 2.85 1.44 1.04 1.57 1.57

75th Percentile 0.97 0.91 0.62 0.95 0.95
25th Percentile 0.55 0.58 0.34 0.51 0.51
Min 0.09 0.21 0.12 0.18 0.39
 Market Approach - Public Comparables
In Thousands of USD

Particulars Notes Financial Metric Trading Multiples Indicated Weight Concluded

Enterprise Value Enterprise Value

2021 EBITDA [a] 17,462.4 12.7x 222,201.3 100% 222,201.3

Implied Enterprise Value [b] 222,200.0

[a] Selected multiples are applied to ABC's 2021 EBITDA as it considered to be normalized indicator of performance for the Company.

[b] The EBITDA multiple is selected at the median of the range established by the guideline companies based on the following factors: (i) size - on a revenue
and EBITDA basis, ABC's size is below the median of the guideline company range, implying a lower multiple; (ii) growth - ABC's projected revenue growth is
between median and third quartile range of the guideline companies, implying a little higher multiple; (iii) profitability - ABC's projected EBITDA margin is
near the third quartile range of guideline companies, implying a higher multiple.
Guideline Public Companies - Business Description
Computershare Limited provides issuer service, mortgage service, employee equity plans, communication, business, stakeholder relationship management,
Link Administration
and technology Holdings
services Limited the
in Australia, provides
United technology-enabled
States, the United Kingdom, administration Canada, solutions
Asia, and for internationally.
companies, large asset
The owners,issuer
company’s and trustees
servicesworldwide.
comprise the
Company Business
The company
provision of Description
operates
registry through Retirement
maintenance corporate&actions, Superannuation
stakeholder Solutions
relationship (RSS);management,
Corporate Markets corporate (CM);governance,
Banking & Credit and related Management
services;(BCM);mortgage Fund services
Solutions
and property
Sanne Group(FS);plc and
rental, Technology
and tenant
provides &bond
alternative Operations
protection
asset and(T&O) segments.
service;
corporate employee The RSS
administration sharesegment
plans and
services provides
voucher
worldwide. coreservices
member
The and operates
include
company employer
administrationadministration
through and
EMEA,relatedservices;
services
Asia-Pacific and a range
for
&
Fund Services and Technology of value-added
employee
Mauritius, share
Channel services,
andIslands,
option including
plans,
and North integrated
and America
childcare clearing
voucher
segments. house, financial
administration
It offers planning
alternativeservices; and
asset and advice,
business
services direct investment
services
comprising privateoptions,
comprise thefund
debt andadministration,
provisiontrustee services.
of bankruptcy, Theclass
capital CM action,
markets,
segment
and corporate
depositary, offers shareholder
andtrustloanadministration
agency management
and security services. and analytics,
Its communication
trustee servicesand stakeholder
to banks, services engagement,
andservices
insurance utilities share
companies, and
operations unit
and asset registry,
consist ofthe
managers; employee
document share
composition
real estate plans, and
and company
printing, secretarial
intelligent
Intertrust
support N.V.
services, provides
as well corporate,
as insolvency fund, capital
solutions. market,
The BCM private
segment wealth
provides loan in Western
origination and Europe,
servicing, Americas,
debt work-out, andfund and
compliance,
corporate
internationally. and The company
regulatory
Computershare Limited mailing,
offers inboundreal
administration,
formation process
and estate automation,
accounting,scanning,
implementation; domiciliation, and management,
and complementary electronic delivery;
services; and and equity
private
trustee; technology
legalfundand services
administration, consist of
tax compliance; the provision
corporate
regulatory of software
administration,
and andinaccounting
share
portfolio registry
and and
monitoring
oversight
Equiniti
financialGroup services
services. plc, to retail
together
The company banks,
withwas investment
its subsidiaries,
founded banks, private
provides equity
administration funds, andpayment
and other investors.
services The FS segment
worldwide. The offers
company fundcompliance;
management,
operates in five third-party
segments:
services;
reporting and
administration,
Investment
hedge
services; andand
Solutions,
fund
transfer
administration
liquidation
Intelligent agency services.
services
Solutions, Ittoin
services,also
Pension
1978
as
asset
andas
well
provides
managers
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asin
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and
an Abbotsford,
US,a and
alternative
secretarial,
variety
Australia.
investment
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of investment
Interest Income.
fund
performance
Itfunds.
offersThe
manager. The
and segment
T&O
registration reward company
management,
services, provides
also provides
including process
services
sharefor
AIFMD
agent,
the
compliant
and
development
registration,
depositary
treasury services,
management such as
services, safekeeping
as and verification of documentation and assets; trustee/fund safe custody services; maintenance of comprehensive
Link Administration Holdings Limited and maintenance
corporate
asset actions
registers; of
and proprietary
operational IPOs, company
oversight IT well as payroll
systems
secretarial,
ensuring
services.
andcompliance
platforms;
and insider In
back
with
addition,
office
listfund
management the company
support
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services; offers anddepositary,
employee
and applicable value-added
laws
ManCo,
services, such
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services as of
regulations; data
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cash analytics,
and fund
digital
share plans,
monitoring solutions,and
andexecutive
document and
administration
digital communications.
discretionary services.
share plans, Further,
The andcompany it provides
trustee agency,
was founded
services; corporate
in 2005 andadministration,
andsub-custodian
boardroom isliaison
headquartered
advisory services investor
in reporting,
Sydney, listing,
Australia. administration, and process agency and
tracking;
services; and and business
regular document
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family governance, and philanthropy to privatecomprising
and charitable equity,
trust, real
company
private
estate, debt, secretarial,
andreal estate,
treasury
proxy
and and solicitation
asset
investment
and
classservices.
fund stewardship,
managers.
It servesInand
investor
addition,relations
it offers services.
independent The and company alsoagency
specialist provides andcustomer
security engagement
trusteeequity servicessolutions, including
for syndicated expert
loans and assessment,
bonds issuances; complaints handling software,
and accounting and N.V.
Intertrust N.V. multinational
resourcing corporations,
solutions; remediation financial institutions,
solutions; creditreal estate and private funds, ultra-high net worth individuals, and threats;
family offices. Intertrust
administration,
was founded in and
1952 waterfall
and is modelling
headquartered services,
in asservicing,
well as the
Amsterdam,
software,
support and sourcing
various
Netherlands.
solutions;
carried interest solutions
arrangements. forFurther,
financialthe crimecompany provides case management
outsource and
covert
fiduciary,management
administration, systems; data solutions;
and regulatory servicesinternational
to internationalpayment solutions;institutions,
corporates, and bereavement investorservices.groups,In addition,
asset managers, it offersandpension
high netadministration
worth individuals
solutions; CompendiaTouch,
and their families. The company a pension schemeknown
was formerly administration
as Albumsystem; Group plc SuperVal,
and changed an actuarial
its name valuation
to Sanne platform
Group usedplc inby consulting
March 2015. firms
Sanneand Grouppension
plc was
Sanne Group plc industry
founded actuaries;
in 1988 and RetireMe App, a retirement
is headquartered planning
in Saint Helier, app; rewards and benefits solutions; HR, payroll, and appraisal systems; and life and pensions
Jersey.
solutions. Further, the company provides investment administration, executive and employee share dealing, and personal investments services;
Equiniti Group plc shareowner services, including annual meeting and corporate actions; and Equity Compensation Services, such as ESPP, options, RSUs, performance
STM
awards, Group
andPlc, stock together
appreciationwith itsrights. subsidiaries,
Equinitiprovides
Group plc various financialinservices
was founded 2007 and in isGibraltar,
based inMalta, Crawley, Jersey, Spain, the
the United United Kingdom, and internationally.
Kingdom.
It operates
Booz in four segments:
Allen Hamilton Holdingbusiness Corporate Trustee
Corporation provides Services,
management Pensions, and Life Assurance,
technology and Otheranalytics,
consulting, Services.engineering,
The company offersmission
digital, retirement, estate and
operations, and cyber
FTI Consulting,
succession Inc. provides advisory services It to manage change, mitigate risk,operates
and resolve disputes worldwide. Its Corporate Finance and&solutions
STM Group Plc Tetra
solutionsTech,
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Inc. provides
governments,
segment
and consulting
wealth
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provides
structuring
business
and and services.
engineering
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transformation,
also
services provides
worldwide.
organizations
transactions,
life in
assurance
The thecompany
turnaround, United solutions,
States and
restructuring,
trust and
through trustee,
Government
internationally.
and bankruptcy
company
The company
services.
management,
Services
The
Group
offers
company’s
international
(GSG)
consultingForensic
tax,
and
andvarious
for residency and citizenship
Commercial/International
domains, business services.
Services
strategies, GroupSTMhumanGroup
(CIG) PLC was
segments.
capital, and founded
The GSG segment
operations. in 1989It alsoand
offers is headquartered
early
provides data
analytics collectionin London,
services, andwhich the focuses
United
monitoring, Kingdom.
data analysis
on delivering and information
transformational
Litigation
technology, Consulting
science segment offers anti-corruption/anti-money laundering investigations and compliance, and data and analytics, as well as compliance,
Consulting
solutions
ICF in the
International,
monitoring, andand Inc.and
areas of engineering
decision
provides
receivership management,
services;
appliedincluding
analytics, research,
marketing,
cybersecurity,
engineering
operations
technology,
forensic accounting
design,
research and andandconstruction
policy costconsulting
advisory,
management,
estimation;
and and automation;
globalimplementationand operations
and data
risk certification, services
and investigations
and
scienceto maintenance
that include
government
practice; and
services;
predictive
and and
commercial
construction
climate
modeling
clients change
and
in the machine
United energy
States management
learning,
and as
internationally. consulting,
well as new The as
or emerging well
company as greenhouse
areas,
researchessuch ascritical gas
deep inventory
learning
policy, assessment,
andexport
industry, artificial intelligence.
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This segment dispute
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federal, trial,
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Booz Allen Hamilton Holding Corporation economicimplement,
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integrated serves
and
company’s
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and offers
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Tetrainformation
Tech, Inc. was
Tetra Tech, Inc. purpose-driven
governance, data
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and In addition,
security, and the company
contract provides
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well as Radiance customer
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segment
foundedsolutions
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headquartered in Pasadena, California.
provides advice services relatingthe torange
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FTI Consulting, Inc. engages
District
CBIZ, ofits
Inc.
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Columbia.
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ICF International, Inc. CRA International,
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toFairfax,
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CBIZ, Inc. expert
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Huron Consulting Group Inc. and other assets, assessment of competitors' actions, and analysis of new sources of supply.inThe company serves various industries, including agriculture,
organizations. Huron Consulting Group Inc. was incorporated in 2002 and is headquartered Chicago, Illinois.
banking and capital markets, chemicals, communications and media, consumer products, energy, entertainment, financial services, health care, insurance,
CRA International, Inc. life sciences, manufacturing, oil and gas, real estate, retail, sports, telecommunications, transportation, and technology, as well as metals, mining, and
materials. The company was incorporated in 1965 and is headquartered in Boston, Massachusetts.

Source: Capital IQ
Market Approach - Valuation Comps
Market cap EV EV/ Sales EV / EBITDA EV / EBIT P/E
Companies
($m) ($m) 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2021E 2022E
Fund Services and Technology
Computershare Limited 6,284 8,084 3.6x 3.6x 3.5x 13.8x 13.2x 12.4x 18.9x 17.0x 15.9x 34.8x 30.6x
Link Administration Holdings Limited 2,282 2,900 3.2x 3.0x 2.9x 14.1x 12.2x 11.0x 25.9x 24.0x 17.5x 62.5x 39.5x
Intertrust N.V. 1,455 2,536 3.6x 3.6x 3.4x 9.7x 8.9x 8.3x 10.9x 9.9x 9.1x 21.0x 16.4x
Sanne Group plc 1,182 1,339 5.7x 5.1x 4.6x 17.5x 15.3x 13.9x 20.2x 17.5x 15.8x 35.4x 27.2x
Equiniti Group plc 541 976 1.5x 1.4x 1.4x 7.6x 6.7x 6.2x 14.3x 11.4x 10.2x 16.0x 16.0x
STM Group Plc 23 4 nm nm nm nm nm nm nm nm nm 1.2x 0.9x

Consulting
Booz Allen Hamilton Holding Corporation 12,279 13,770 1.7x 1.6x 1.5x 16.7x 16.1x 15.2x 18.7x 17.9x 16.8x 25.5x 24.0x
Tetra Tech, Inc. 6,316 6,727 2.9x 2.7x 2.6x 24.8x 23.3x 21.7x 27.9x 25.9x 23.8x 35.6x 32.2x
FTI Consulting, Inc. 3,784 3,992 1.6x 1.5x 1.5x 12.5x 11.1x 9.8x 14.4x 12.2x 10.5x 18.0x nm
ICF International, Inc. 1,457 1,991 1.4x 1.3x 1.2x 14.5x 13.4x 12.4x 20.3x 17.6x 15.9x 27.9x 24.2x
CBIZ, Inc. 1,390 1,665 1.7x 1.7x 1.6x 12.7x 11.9x 11.5x 16.0x 15.0x 15.6x 19.9x 19.1x
Huron Consulting Group Inc. 1,149 1,405 1.7x 1.6x 1.5x 16.3x 13.7x 11.7x nm 20.3x 17.5x 33.0x 30.4x
CRA International, Inc. 403 572 1.1x 1.1x 1.1x 11.6x 11.1x nm 17.1x 15.8x 14.1x 22.3x 19.2x

Average 2,964.9 3,535.4 2.5x 2.3x 2.2x 14.3x 13.1x 12.2x 18.6x 17.0x 15.2x 27.2x 23.3x
Median 1,455.4 1,990.9 1.7x 1.6x 1.6x 13.9x 12.7x 11.7x 18.7x 17.2x 15.9x 25.5x 24.1x

Max 12,278.6 13,769.9 5.7x 5.1x 4.6x 24.8x 23.3x 21.7x 27.9x 25.9x 23.8x 62.5x 39.5x
75th Percentile 3,784.4 3,992.0 3.3x 3.2x 3.0x 16.4x 14.1x 13.2x 20.3x 18.5x 17.0x 34.8x 30.4x
25th Percentile 1,149.0 1,339.1 1.6x 1.5x 1.4x 12.3x 11.1x 10.4x 15.2x 14.3x 13.2x 19.9x 18.4x
Min 22.6 3.7 1.1x 1.1x 1.1x 7.6x 6.7x 6.2x 10.9x 9.9x 9.1x 1.2x 0.9x

Source: Capital IQ
Market Approach - Operating Comps

Sales growth EBITDA margin EBIT margin Net income margin CAGR 20E-22E Capex as % of Net Working
Companies
Sales Capital as % of Depreciation
% of Sales
as
2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E Sales EBITDA EBIT NI Sales

Fund Services and Technology

Computershare Limited (5.0%) 1.9% 1.9% 26.3% 26.9% 28.1% 19.1% 20.9% 21.8% 8.5% 10.2% 11.4% 1.9% 5.3% 9.0% 17.9% 0.9% 9.0% 0.0%
Link Administration Holdings Limited (0.4%) 3.7% 6.2% 22.4% 24.9% 26.0% 12.2% 12.7% 16.4% (10.5%) 4.9% 7.2% 5.0% 13.0% 21.6% NM 2.6% (15.1%) 4.7%
Intertrust N.V. 14.0% 2.3% 4.3% 37.8% 39.9% 41.1% 33.3% 36.1% 37.5% 15.6% 17.0% 20.8% 3.3% 7.6% 9.5% 19.1% 0.0% (2.2%) 5.4%
Sanne Group plc 10.9% 12.7% 9.4% 32.6% 33.2% 33.3% 28.2% 28.9% 29.3% 12.9% 14.3% 17.0% 11.0% 12.3% 13.0% 27.4% 1.2% 13.4% 0.0%
Equiniti Group plc (10.8%) 4.2% 3.7% 19.5% 21.2% 22.1% 10.4% 12.6% 13.6% 7.0% 8.9% 8.6% 3.9% 10.6% 18.8% 15.0% 0.9% 2.0% 2.6%
STM Group Plc 4.7% 7.2% 6.3% 15.2% 18.5% 21.1% 11.0% 14.2% 16.7% 7.2% 8.7% 10.7% 6.7% 25.8% 31.6% 30.6% 0.3% (13.7%) 6.1%

Consulting
Booz Allen Hamilton Holding Corporation 9.3% 7.6% 5.8% 10.4% 10.0% 10.0% 9.2% 9.0% 9.0% 6.7% 6.3% 6.3% 6.7% 4.9% 5.5% 3.7% 1.4% 3.7% 1.1%
Tetra Tech, Inc. (5.3%) 6.6% 5.4% 11.7% 11.7% 11.9% 10.4% 10.5% 10.8% 7.4% 7.6% 8.0% 6.0% 7.0% 8.4% 10.6% 0.5% 7.8% 0.0%
FTI Consulting, Inc. 4.4% 5.4% 6.3% 13.0% 13.9% 14.9% 11.3% 12.6% 13.8% 7.9% 8.6% 0.0% 5.8% 13.4% 17.2% NM 1.7% 12.5% 0.0%
ICF International, Inc. (0.6%) 6.8% 5.8% 9.3% 9.5% 9.7% 6.7% 7.2% 7.5% 4.1% 4.6% 4.9% 6.2% 8.2% 13.0% 16.4% 1.3% 9.5% 1.4%
CBIZ, Inc. 1.0% 5.0% 1.8% 13.6% 13.9% 14.2% 10.8% 11.0% 10.4% 8.0% 8.3% 8.5% 3.4% 5.5% 1.5% 6.7% 1.4% 15.8% 0.0%
Huron Consulting Group Inc. (3.6%) 2.5% 6.0% 10.2% 11.8% 13.1% (3.0%) 8.0% 8.7% (2.4%) 4.9% 5.0% 4.2% 17.9% NM NM 1.0% 2.5% 2.9%
CRA International, Inc. 10.6% 3.6% 0.8% 9.9% 10.0% 0.0% 6.7% 7.0% 7.8% 4.8% 5.0% 5.7% 2.2% NA 9.9% 11.9% 4.1% 5.7% 2.5%

Average 2.2% 5.3% 4.9% 17.8% 18.9% 18.9% 12.8% 14.7% 15.6% 5.9% 8.4% 8.8% 5.1% 11.0% 13.2% 15.9% 1.3% 3.9% 2.1%
Median 1.0% 5.0% 5.8% 13.6% 13.9% 14.9% 10.8% 12.6% 13.6% 7.2% 8.3% 8.0% 5.0% 9.4% 11.4% 15.7% 1.2% 5.7% 1.4%

Max 14.0% 12.7% 9.4% 37.8% 39.9% 41.1% 33.3% 36.1% 37.5% 15.6% 17.0% 20.8% 11.0% 25.8% 31.6% 30.6% 4.1% 15.8% 6.1%
75th Percentile 9.3% 6.8% 6.2% 22.4% 24.9% 26.0% 12.2% 14.2% 16.7% 8.0% 8.9% 10.7% 6.2% 13.1% 17.6% 18.8% 1.4% 9.5% 2.9%
25th Percentile (3.6%) 3.6% 3.7% 10.4% 11.7% 11.9% 9.2% 9.0% 9.0% 4.8% 5.0% 5.7% 3.4% 6.6% 8.8% 10.9% 0.9% 2.0% 0.0%
Min (10.8%) 1.9% 0.8% 9.3% 9.5% 0.0% (3.0%) 7.0% 7.5% (10.5%) 4.6% 0.0% 1.9% 4.9% 1.5% 3.7% 0.0% (15.1%) 0.0%
 Market Approach - Relative Rankings
In Millions of USD

Comps Size - 2020 Revenue 2020 Revenue Comps Size - 2021 Projected Revenue 2021 Revenue

Booz Allen Hamilton Holding Corporation 7,950.5

7,950.5 Booz Allen Hamilton Holding Corporation 8,553.5

8,553.5
FTI Consulting, Inc. 2,455.2

2,455.2 FTI Consulting, Inc. 2,586.7

2,586.7
Tetra Tech, Inc. 2,321.1

2,321.1 Tetra Tech, Inc. 2,474.5

2,474.5
Computershare Limited 2,234.3

2,234.3 Computershare Limited 2,276.6

2,276.6
ICF International, Inc. 1,469.7

1,469.7 ICF International, Inc. 1,568.9

1,568.9
CBIZ, Inc. 957.5

957.5 CBIZ, Inc. 1,005.5

1,005.5
Link Administration Holdings Limited 918.9

918.9 Link Administration Holdings Limited 953.0

953.0
Huron Consulting Group Inc. 845.5

845.5 Huron Consulting Group Inc. 866.5

866.5
Intertrust N.V. 695.0

695.0 Intertrust N.V. 711.2

711.2
Equiniti Group plc 656.4

656.4 Equiniti Group plc 683.8

683.8
CRA International, Inc. 499.2

499.2 CRA International, Inc. 517.1

517.1
Sanne Group plc 234.6

234.6 Sanne Group plc 264.3

264.3
ABC 64.0

64.0 ABC 68.5

68.5
STM Group Plc 32.2

32.2 STM Group Plc 34.5

34.5

Guideline Company Median 918.9 Guideline Company Median 953.0

Comps Size - 2020 EBITDA 2020 EBITDA Comps Size - 2021 Projected EBITDA 2021 EBITDA

Booz Allen Hamilton Holding Corporation 823.1

823.1 Booz Allen Hamilton Holding Corporation 854.1

854.1
FTI Consulting, Inc. 586.5

586.5 FTI Consulting, Inc. 611.9

611.9
Tetra Tech, Inc. 318.3

318.3 Tetra Tech, Inc. 360.1

360.1
Computershare Limited 270.7

270.7 Computershare Limited 288.8

288.8
ICF International, Inc. 262.8

262.8 ICF International, Inc. 284.0

284.0
CBIZ, Inc. 205.9

205.9 CBIZ, Inc. 236.9

236.9
Link Administration Holdings Limited 136.9

136.9 Link Administration Holdings Limited 148.7

148.7
Huron Consulting Group Inc. 130.6

130.6 Huron Consulting Group Inc. 145.3

145.3
Intertrust N.V. 127.9

127.9 Intertrust N.V. 140.0

140.0
Equiniti Group plc 86.2

86.2 Equiniti Group plc 102.5

102.5
CRA International, Inc. 76.5

76.5 CRA International, Inc. 87.8

87.8
Sanne Group plc 49.3

49.3 Sanne Group plc 51.5

51.5
ABC 16.0

16.0 ABC 17.5

17.5
STM Group Plc 4.9

4.9 STM Group Plc 6.4

6.4

Guideline Company Median 136.9 Guideline Company Median 148.7

 Market Approach - Precedent Transactions
In Thousands of USD

Particulars Notes Financial Metric Transaction Indicated Weight Concluded

Multiples Enterprise Value Enterprise Value

2021 EBITDA [a] 17,462.4 13.0x 227,011.2 100% 227,011.2

Implied Enterprise Value (Rounded) [b] 227,010.0

[a] Selected multiples are applied to ABC's 2021 EBITDA as it considered to be normalized indicator of performance for the Company.

[b] The EBITDA multiple is selected between the lower quartile and median of the range established by the target companies based on the following factors: (i) size
- on a revenue and EBITDA basis, ABC is between the median and third quartile of range established by the target companies, implying a little higher multiple; (ii)
profitability - ABC's EBITDA margin is near the median range of the target companies; (iii) embedded control premium in the transaction multiples, implying a lower
multiple selection.
Market Approach - Transaction Comps
In Millions of USD
Target Financials Transaction Multiple
Acquiror Target Target Description Date Announced Implied EV LTM EBITDA EV / LTM
NES Financial Corp. provides technology-enabled solutions and services for the efficient back and middle office administration of LTM Revenue LTM EBITDA Margin Revenue EV / LTM EBITDA
complex financial transactions serving private equity, commercial real estate, and Fortune 1000 clientele. The company offers fund
Private Equity Administrators administration, loan servicing, specialized EB-5 administration, and 1031 tax deferred exchange services. It offers Fund Administration,
Sanne Group plc
Aps aSpecialises
unified andinautomated
providing administration
boutique fundplatform administration and depositary
that provides services to to
access and visualization alternative
key informationfund structures.
about the fund The and business
enables is 12/7/2020 $36.7 $8.0 $2.5 31.4% 4.6x 14.6x
headquartered
to administrate in Denmark and has operations andinmanagement
Sweden and Guernsey, with over 55 employees
Bridge Consulting large Limitedand small
provides funds; and
business EB-5 solutions, including
consulting subscription
services escrow,services
for the financial drawdown industry.administration,
The companyfund was
administration,
founded in 2005immigration and is based workflow,
in Dublin, loan administration,
Ireland. As of Februaryand fund accounting.
15, 2021, Bridge The company
Consulting also offers
Limited operates1031asexchange
a subsidiary solutions,
of MJ
MJ Hudson Group plc Bridge Consulting Limited such as best practices; and forward, reverse, program, and specialty exchanges. NES Financial Corp. was formerly known as Nationwide 10/14/2020 $14.1 $4.8 $0.6 12.6% 3.0x 23.5x
Hudson
Viteos Group
Capital plc.
Market Services Limited provides securities processing and fund administration and consulting services to the global
Exchange Services Corp. and changed its name to NES Financial Corp. in November 2010. The company was founded in 1990 and is
capital
based in markets
San Jose, industry. Its processing
California with a locationservicesinaddress
Rockland, a variety of mid and
Massachusetts. Asback-office
of April 29, requirements for large Corp.
2020, NES Financial financial institutions
operates as a
JTC PLC NES Financial Corp. and intermediaries. 4/2/2020 $116.1 $13.2 $9.3 70.5% 8.8x 12.5x
subsidiary of JTC PLC.The company provides its services to various intermediaries in the capital markets, including asset managers,
broker-dealers, investment banks, and financial information service providers. Viteos Capital Market Services Limited was incorporated
Intertrust N.V. Viteos Fund Services in 2003 and is headquartered in Somerset, New Jersey, with a delivery center in Bengaluru, India; and customer-centric hubs in the 6/17/2019 $330.0 $52.0 NA NA 6.3x 17.3x
United States. As of June 17, 2019, Viteos Capital Market Services Limited operates as a subsidiary of Intertrust N.V.
DST Systems, Inc. provides technology-based information processing and servicing solutions. It operates through domestic financial
JTC PLC Exequtive services,
Exequtiveinternational
Partners S.A.financial services, and
offers corporate and healthcare services The
fiduciary services. segments.
company Thewasdomestic
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in 2013 services
and is segment
based in provides
Luxembourg investor,
City,
Corporate Partners
& PrivateS.A.
Clients investment,
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As of March 26, 2019,and asset distribution
Exequtive Partners S.A. services
operates to companies
as a subsidiary in the financial
of JTC PLC. services industry to support direct and
3/26/2019 $38.4 NA $2.8 NA NA 13.6x
and Throgmorton Business of As ofprovides
IPES June 28,sales
intermediary 2019,
fund of Corporate
mutual funds,
administration, & Private Clients
alternative
depositary and Throgmorton
investments,
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and outsourced Business
brokerageof Link
services Asset
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the private andequity (UK)industry.
retirementLimited was
plans.TheItsacquired
servicesby
company Apexa
include
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Apex Fund Services Link Asset Services (UK) Fund Services
transaction (Bermuda)
processing; ltd. Corporate
account opening&including
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and Clients
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of of Link Asset
trades,investment
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cash; corporate Limited comprises
actions; asset
regulatory
range of fund administration services, fund launching andand accounting, processing, investor relations, carried 1/31/2019 NA $102.5 $26.3 25.6% 3.1x 12.0x
(Bermuda) ltd Limited TMF Orange
administration
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services
complianceB.V., through
business. The
functions; its asset
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tax locatedprovides
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United
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international administrative
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segment The offers
company engages
investor and inpolicyholder
assisting its
interest,with
clients outsourcing,
their compliance,
financial reportingbanking,
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depositary services; and depositary services that provideaccounts
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including safekeepingservices on tax
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various
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of private
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fund,fund managers, and
ABRY Partners Millenium Trust providing
Financial localplatform
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also provides fund
of funds, services
insurers,
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buyout
secretarial
company
funds, offering
providers,
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legal
asniche
capital alternative
as provides
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to institutions,
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funds;
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advisors
and offers accounting and and
individuals
administration
of corporate
recordkeeping
services forfor clients
special in the
purpose 1/4/2019 $1,700.0 NA NA NA 11.1x 17.9x
wealth
vehicles, management
trusts, and
management retirement
companies, savingsand industries/markets.
carry vehicles. Apex ItsFund
healthcare
and services
Corporate segmentlegal
Services
and
offers
(Guernsey)
compliance
software
Limited was
procedures
applications
formerly to
comprising
provide organization and recording of board and shareholders’ meetings; and domiciliary andoutcomes
management services, including local
Apex Fund Services
IPES known ashealthcare
Ipes (Guernsey)
representatives
organizations
and directors Limited. with
The
toofconduct
pharmacy,
company
business
healthcare
wasinfounded
a particular
administration,
in 1998 and is based
jurisdiction.
and
in Sthealth
In addition, Peter thePort, Guernsey
company
optimization
with additional
engages in the
solutions
officesfor
provision in
of 6/6/2018 NA NA $13.5 NA NA 15.0x
(Bermuda) ltd information
London,resource,
United processing,
Kingdom; quality
Luxembourg; care,andcost management,
Jersey. and payment integrity needs; and healthcare solutions, including claims
human
adjudication, benefit payroll processing,
management, andmanagement,
care management reporting
business services that
intelligence, andinclude local employer
other ancillary services.filings, preparing
The company was employment
founded in
SS&C Technologies Holdings, contracts,
1968 and and tailoring employee
is headquartered in Kansasguidelines to local requirements,
City, Missouri with additionalasoffices well asinproviding
Australia,training
Canada, assistance
China, Hong and maintaining
Kong, India,personal Ireland,
DST Systems, Inc. confidential information in Thailand,
compliance 1/11/2018 $5,482.9 $2,193.1 $409.2 18.7% 2.5x 13.4x
Inc. Luxembourg,
Frankel Loughran SouthStarr Africa,
& Vallone LLP andwith
the relevant
providesUnited legislation
Kingdom.
accounting DST
andand market Inc.
Systems,
business practice.
operates
advisory Itservices.
serves corporates,
as a subsidiary financial
The firmofoffers institutions,
SS&C auditing,
Technologies, private
Inc.
compilation,
equity and
financial real estate
statement funds, family
preparation, offices, andreconciliation,
bookkeeping, private clients, as well
payroll as investment
management, and fund
cash and sovereign
flow reporting wealth
and fund
analysis clients. The
advisory
CVC Capital Partners Limited; TMF Orange Holding B.V. company Additionally,
services. has operations in Europe,
it provides tax the Middle East,
compliance, Africa, Belgium,
outsourced the Netherlands,
controller, check writing, and Luxembourg,
transaction as well
coding, as countries
forecasts in the Asia
and projections, 10/27/2017 $2,032.3 $548.8 $120.7 22.0% 3.7x 16.8x
CVC Capital Partners VII, LP Pacific
and taxregion, and North
transaction andand South America.
advisory services. The Thecompany
firm alsowas founded
offers fundinadministration
2013 and is based in Amsterdam,
services, the Netherlands.
which includes fund and partner
accounting,
Elian Fiduciary portfolio
Services accounting,
(Jersey) Limited operations providesand corporate,
cash management,fund, and wealth,
private reports capital,
generation. and Further,
due it provides
diligence services.taxIt returnoffers
Link Group Capita Asset Services Provides fund
preparation, estate solutions, shareholder
and trust planning, solutions,
nettoworth corporate & Private Client Solutions, and Banking & Debt Solutions 6/26/2017 $1,128.7 $384.4 $87.4 22.7% 2.9x 12.9x
incorporation and administration services trusts,analysis, asset special
partnerships, allocation review,
purpose and family
vehicles, officecorporate
and other services. The company
entities catersfor
established to
professional
capital market services, media, manufacturing,
transactions. The company provides transportation,serviceshealthcare,
in the areas and mergers and acquisitions
of performance and reward advisory firms. Frankel
management, Loughran
international
Frankel Loughran Starr & Starr & Vallone LLP was founded in 1995 andrealis based in Garden City,compliance,
New York. Asfamily of November 1, 2016, succession,
Frankel Loughran Starr &
Sanne Group plc finance,
Sorato debt, B.V.
Trust hedge isasafund,
trust private
company equity,
thatGroup estate,
provides depositary, office,tobusiness philanthropy, 10/3/2016 $65.1 $17.8 $5.0 28.1% 3.6x 13.0x
Vallone LLP Vallone LLP operates
investment, liquidity, IDacheck,
subsidiary
and of Sanne
client check aspects, plc. corporate
as well
and management
as trust,
services
company,domiciliation,
and foundation
clients in the Netherlands
administration aspects. financial,
and
It serves
internationally. It provides company formation, corporate director, corporate management, corporate,
aircraft finance,
accounting, and transportation,
tax complianceenergy services.andThe utility, telecommunication,
company was founded waste in 1992 andand renewable, social infrastructure,
is headquartered in Berkel en natural resource,
Rodenrijs, the
Sanne Group plc Sorato Trust B.V. and private equity sectors worldwide. Elian Fiduciary Services (Jersey) Limited was formerly known 8/5/2016 $2.2 NA $0.3 NA NA 7.4x
Netherlands. As of December 1, 2016, Sorato Trust B.V. operates as a subsidiary of Sanne Group plc. as Ogier Fiduciary Services (Jersey)
Limited. The company is based in St Helier, Jersey with additional offices in Bahrain, the British Virgin Islands, the Cayman Islands,
Elian Fiduciary Services Dublin, Guernsey, Hong Kong, Jersey, London, Luxembourg, and Tokyo. As of September 23, 2016, Elian Fiduciary Services (Jersey)
Intertrust N.V. 6/6/2016 NA NA NA NA NA 12.3x
(Jersey) Limited Limited operates as a subsidiary of Intertrust N.V.
IDS Fund Services Holdings IDS Fund Services Holdings (PTY) Limited is headquartered in South Africa. As of June 1, 2016, IDS Fund Services Holdings (PTY) Limited
Sanne Group plc 3/14/2016 $17.9 $7.3 $1.7 23.4% 2.5x 10.5x
(PTY) Limited operates as a subsidiary of Sanne Group plc.
Kaufman Rossin Fund
ALPS Fund Services, Inc. Kaufman Rossin Fund Services, LLC was acquired by ALPS Fund Services, Inc. 12/23/2015 $95.0 $26.0 NA NA 3.7x NA
Services, LLC

Source: Capital IQ, Pitchbook, Merger Market and Press Releases

 Market Approach - Precedent Transactions
Target Financials Transaction Multiple

LTM LTM EV / LTM EV / LTM

Acquiror Target Target Description Date Announced Implied EV Revenue EBITDA Revenue EBITDA
Sanne Group plc Private Equity Specialises in providing boutique fund administration and depositary services to alternative fund structures. The business is headquartered in Denmark and has 12/7/2020 $36.7 $8.0 $2.5 4.6x 14.6x
MJ Hudson Group plc Administrators
Bridge Consulting ApsLimited operations
Bridge in Sweden
Consulting and provides
Limited Guernsey, with over
business and55management
employees consulting services for the financial services industry. The company was founded in 2005 and is based 10/14/2020 $14.1 $4.8 $0.6 3.0x 23.5x
JTC PLC NES Financial Corp. in Dublin,
NES Ireland.
Financial Corp.Asprovides
of February 15, 2021, Bridgesolutions
technology-enabled Consulting andLimited
servicesoperates
for the as a subsidiary
efficient back andof MJ Hudson
middle Group
office plc.
administration of complex financial transactions 4/2/2020 $116.1 $13.2 $9.3 8.8x 12.5x
Intertrust N.V. Viteos Capital Market servingCapital
Viteos privateMarket
equity,Services
commercial realprovides
Limited estate, and Fortuneprocessing
securities 1000 clientele.
and fundTheadministration
company offersand fund administration,
consulting servicesloan servicing,
to the specialized
global capital EB-5industry.
markets administration,
Its 6/17/2019 $330.0 $52.0 $0.0 6.3x NA
Services Limited and 1031 tax
processing deferred
services exchange
address services.
a variety of mid It offers
and Fund Administration,
back-office requirements a unified
for was
largeand automated
financial administration platform that provides access and visualization toto key
JTC PLC Exequtive Partners S.A. Exequtive
information Partners
about theS.A. offers
fund corporate
and enables and fiduciary
to administrate services. Thesmall
largemanagers,
and companyfunds; andfounded ininstitutions
EB-5 investment
solutions, and isand
2013 including intermediaries.
based in Luxembourg
subscription
The
escrow,
company
City,
drawdown
provides
Luxembourg. Asitsofservices
March 26,
administration, 3/26/2019 $38.4 $0.0 $2.8 NA 13.6x
various
2019, intermediaries
Exequtive Partners in the
S.A. capital
operates markets,
as a includingofasset
subsidiary JTC PLC. broker-dealers, banks, and financial information service providers. ViteosfundCapital
Apex Fund Services Corporate & Private As of June
Market 28, 2019,
Services Corporate
Limited & Private Clients
was incorporated in 2003 and Throgmorton
and is headquartered Business of Link Asset
in Somerset, New Services
Jersey,(UK)
withLimited wascenter
a delivery acquired by Apex Fund
in Bengaluru, India;Services (Bermuda) ltd.
and customer-centric 1/31/2019 $0.0 $102.5 $26.3 3.1x 12.0x
(Bermuda) ltd LLC
ABRY Partners, Clients and Throgmorton
Millennium Trust Corporate & Private Clients and Throgmorton Business of Link Asset Services (UK) Limited comprises asset administration
Millennium Trust Company, LLC, a financial services company, provides administrative and custodial services to individuals, advisors, and institutional clients. The services business. The asset is located in 1/4/2019 $1,700.0 $0.0 $0.0 NA NA
Business ofLLC
Company, Link Asset United Kingdom.
company focuses on providing custody services to individual accounts. It offers custody services to a range of alternative assets, including futures, hedge funds,
Apex Fund Services Apex Fund
Services and
(UK) Corporate
Limited Apex Fund and Corporate Services (Guernsey) Limited provides fund administration, depositary oversight, and outsourced services to the private equity industry. The 6/6/2018 $201.2 $38.0 $13.5 5.3x 15.0x
(Bermuda) ltd Services (Guernsey) promissory
company notes,
offers real estate,
a range of fund mortgages/deed of trust, precious
administrationinformation
services, including metals,
fund private equity,
launching and private stock,
accounting, and LPs/LLCs;
investment and traditional
processing, investor assets, such
relations, as stocks,
carried interest,bonds,
SS&C Technologies DST Systems, Inc. DST Systems,
mutual Inc. provides
funds,compliance,
EFTs, exchange technology-based
traded funds, and certificates processing
of deposit. and
The servicing
company solutions. It operates
alsoprovide
provides through
administrative domestic
andfor financial
custodial services,
services international
for self directed financial
individual 1/11/2018 $5,671.1 $2,218.2 $491.1 2.6x 11.5x
Holdings, Inc. Limited outsourcing,
services, andHolding
healthcare banking, and depositary services; and depositary services that a range of functions non-custody assets, including safekeeping of
CVC Capital Partners TMF Orange Holding B.V. TMF
assetsOrange
and asset B.V.,services
verification. through segments.
It administers
The domestic
its subsidiary,
various provides
types
financial
compliance services segment provides
and fund,
administrative investor,
including services.
investment,
The company advisor/intermediary,
engages in assisting
capitalitsfunds,
and asset
clients distribution
withfunds,
their financial 10/27/2017 $2,032.3 $548.8 $120.7 3.7x 16.8x
Limited; CVC Capital services
reporting toand
companies in the financial
tax3,compliance services
obligations, industry
including toof
preparing
privatedirect
support equity and intermediary fund
salesofoffunds,
mutual buyout
funds, funds, venture
alternative investments, listed
securities and debt
brokerage
Link Administration Capita Asset Services As of November
accounts, and 2017, Capita
retirement plans. Asset Services
Its services Businesses
include wasstatutory
transaction acquired
processing;
accounts and tax filings;
by Link Administration and providing
Holdings Limited.local and group management, and consolidated 6/23/2017 $1,131.1 $6,241.2 $91.7 0.2x 12.3x
Partners VII,
Holdings LP
Limited Businesses (nka:Link Asset reporting in accordance with relevant accounting standards. It also providesaccount
corporate opening and
secretarial maintenance; reconciliation
and legal administration of trades,
services, suchpositions, and cash; corporate
as the management of
Sanne Group plc Frankel Loughran Starr & Frankel
corporateLoughran
legal and Starr & Valloneprocedures
compliance LLP provides accounting
comprising and business
organization andadvisory
recording services.
of board The firm
and offers auditing,
shareholders’ compilation,
meetings; financial statement
and domiciliary preparation,
and management services, 10/3/2016 $65.1 $17.8 $5.0 3.6x 13.0x
Services)LLP
Vallone bookkeeping, reconciliation, payroll that
management, and cash flow reporting andservices
analysis toadvisory
Sanne Group plc Sorato Trust B.V. Sorato Trust B.V. is a trust company provides corporate and management clients services. Additionally,
in the Netherlands andit internationally.
provides tax compliance,
It providesoutsourced
company 8/5/2016 $2.2 $0.0 $0.3 NA 7.4x
controller, check
formation, writing,
corporate transaction
director, corporatecoding, forecasts and
domiciliation, projections,corporate,
management, and tax transaction
financial,and and advisory
accounting, services.
and tax The firm services.
compliance also offers fund
The administration
company was founded services,
in
Intertrust N.V. Elian Fiduciary Services Elian
whichFiduciary
includes Services
fund and(Jersey)
partner Limited provides
accounting, corporate,
portfolio fund, private wealth,
and capital, due diligence services. It offers incorporation and administration 6/6/2016 $0.0 $0.0 $0.0 NA 12.3x
(Jersey) Limited 1992 and
services istrusts,
headquartered in Berkel enpurpose
Rodenrijs, the accounting,
Netherlands. operations
As of December cash management,
1, 2016, Sorato and reports
forTrust B.V. generation.
operates Further, itofprovides
as a subsidiary tax return
Sanne Group plc.
Sanne Group plc IDS Fund Services Holdings IDS Fundto Services partnerships,
Holdings (PTY)special Limited vehicles,
is headquartered and other corporate
in South Africa. As of entities
June 1,established
2016, IDS Fund capital market
Services transactions.
Holdings The company
(PTY) Limited operatesprovides services
as a subsidiary ofin 3/14/2016 $17.9 $7.3 $1.7 2.5x 10.5x
(PTY) Limited the areas
Sanne Groupof performance
plc. and reward management, international finance, debt, hedge fund, private equity, real estate, depositary, compliance, family office, business
ALPS Fund Services, Inc. Kaufman Rossin Fund Kaufman Rossin
succession, Fund Services,
philanthropy, LLC was
investment, acquired
liquidity, ID by ALPSand
check, Fund Services,
client check Inc.
aspects, as well as trust, company, and foundation administration aspects. It serves aircraft 12/23/2015 $95.0 $26.0 $0.0 3.7x NA
Services, LLC
 Market Approach - Relative Analysis Transactions
In Millions of USD

Notes Enterprise Value LTM Revenue LTM EBITDA LTM EBITDA Margin EV/LTM Revenue EV/LTM EBITDA

Max 5,482.9 2,193.1 409.2 70.5% 8.8 x 23.5 x

Third quartile 1,128.7 243.4 41.6 28.1% 4.1 x 14.8 x
Average 850.7 305.3 56.6 28.3% 4.1 x 13.9 x
Median 95.0 26.0 7.2 23.4% 3.6 x 13.4 x
Bottom quartile 36.7 10.6 2.3 22.0% 2.9 x 12.7 x
Min 2.2 4.8 0.3 12.6% 2.5 x 7.4 x

ABC [a] NA 64.0 16.0 25.0% NA NA

[a] Normalized LTM information is not available as of the Valuation Date. Based thereon, 2020 Revenue and EBITDA numbers are considered as Management represented that there were no material
changes between December 31, 2020 and LTM data as of the Valuation Date.
 Cost Approach - Net Asset Value
In Thousands of USD

Particulars [a] Fair Value

Non-Current Assets
Property, Plant & Equitpment 6,000.0
Goodwill 69,000.0
Investments and Other Assets 500.0

Current Assets 35,465.6

Less:
Current Liabilities 89,128.6
Non-Current Liabilities -

Net Asset Value $21,836.9

[a] Management provided December 31, 2020 Balance Sheet as Balance Sheet as
of the Valuation Date was not available at the time of the analysis. Management
represented that there were no material changes between December 31, 2020
and the Valuation Date.