Insider Business Services Global M&A October...

Global M&A is one of the world’s leading independent M&A advisory firms. Specialized in the middle market, we provide support and opportunities locally and internationally for clients buying or selling companies as well as financings, corporate restructurings and other corporate finance transactions.

In the last 10 years, we have closed more than 1,500 transactions with an aggregate deal value of more than €30 billion. The Global M&A team has accumulated extensive experience in cross border deals. The main success factors are: local expert knowledge of international markets, discrete and efficient execution and longstanding track record.

The Business Services team understands the challenges of service delivery, typical client demands and the market dynamics in the sector, and has a clear appreciation of how these factors can drive value and the interest of purchasers and investors inyour business. The team is well positioned to advise you on the best ways of creating or unlocking maximum value, and on the best industrial and cultural fit.

Areas of Expertise:• Consultancy Services• Business Process Outsourcing• Catering• Facilities Management• Mechanical & Electrical Maintenance• Security• Recruitment, Contract Staffing & Other HR Services• Waste Management & Recycling

Please visit the Business Services sector area of the Global M&A website atwww.globalma.com for more information.

THE GLOBAL BUSINESS SERVICES INDUSTRY

Introducing Global M&A

Global Sector Expertise

Global M&A has created a growing number of specialised sector teams. These groups meet regularly and exchange intelligence and deal ideas constantly.

Most importantly, they co-operate to create seamless cross-border teams on joint projects.

This well established system enables us to deliver a unique level of advice and support to our clients.

Some of this system’s advantages include:

Multinational teams for seamless cross-border co-operation on specific M&A projects. Centralised industry-relevant knowledge on:

Public and privileged information on company valuationsBuyers‘ and sellers‘ strategies.

Access to decision makers at groups and investment houses around the world.

The Global M&A Business Services Team

Our Sector Teams

Business Services 14%

Construction & Real Estate 10%

Consumer Products 10%

Financial Services & Insurance 8%

Healthcare & Pharmaceuticals 6%

Industrials 13%

Leisure & Retai l6%

Marketing & Media 5%

Packaging 6%

Technology/IT 10%

Other 13%

% of GMA

Deals Done in

2009

OCTOBER 2010

Table of Contents

Section I: Executive Summary

Section II: BPO Companies

Section III: Facilities Management Companies

Section IV: Security Services Companies

Section V: Contract Catering Companies

Section VI: Human Resources Services Companies

Section VII: Waste Management Services Companies

Section VIII: Consulting Services Companies (Excludi ng IT)

APPENDIX: Global M&A deal highlight

Groupe Dynavision/Grande Armée ConseilDelba Maritima Navegaçao/BourbonCargolux

Sampling of Business Services Deals

The Global M&A Business Services Team

Nicolas AmbrosioniFinancial Analyst

Veronique Zeid-MaurelPartner

Global M&A Business Services team leader

Section I: Executive SummaryOverview

In this report, the Global M&A Knowledge Centre together with the Global M&A Business Services Industry team reviews valuations and recent valuation trends for various sub-sectors of the global business services industry. The seven sub-sectors that we have analyzed for this report include: business process outsourcing (BPO), facilities management, security services, waste management, human resources services, consulting and contract catering companies. For the purpose of this paper we have either excluded smaller or larger sub-segments of the industry, where the data samples are either not as statistically significant or are too numerous to manageably analyze. Our analysis uses the seven aforementioned sub-segments merely as a means to categorize the industry in an easily understandable manner. In the report, we examine valuation statistics derived fromthe most common valuation techniques used in the Investment Banking and Private Equity industries, namely comparable public company analysis and comparable transactions analysis. In our comparable company analysis we study the valuation of the industry and its sub-sectors based on operating and financial measurements (e.g., EV/EBITDA or EV/EBIT) of groups of public companies that have similar characteristics (for example, a peer or sub-sector group). Our comparable transaction valuation analysis derives an approximation of value from prices at which entire companies (or significant interests in companies) have been sold by comparing the valuation parameters of the M&A transactions.

The results of our analyses are the following:

• BPO Companies : At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public BPO companies are 11.3x and 7.6x, respectively. The median EV/EBITDA of comparable M&A transactions is 10.1x.

• Facilities Management Companies : At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public facilities management companies are 9.9x and 7.2x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.9x.

• Security Services Companies : At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public security services companies are 9.5x and 6.5x, respectively The median EV/EBITDA of comparable M&A transactions is 9.8x.

• Contract Catering Companies : At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public contract catering companies are 12.4x and 6.9x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.1x.

• Human Resources Services Companies : At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public human resources services companies are 14.8x and 10.9x, respectively. The median EV/EBITDA of comparable M&A transactions is 8.6x.

• Waste Management Companies : At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public waste management companies are 14.6x and 6.2x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.9x.

• Consulting Services Companies – excluding IT : At the end of October 2010, the median EV/EBIT and EV/EBITDA for comparable public consulting services companies are 9.7x and 7.8x, respectively. The median EV/EBITDA of comparable M&A transactions is 7.6x.

Section II: BPO CompaniesComparable Public Company Valuations

The Knowledge Centre’s BPO comparable public company analysis involves 12 publicly traded BPO companies (IT and IT-enabled BPO not included) providing several different outsourcedservice offerings (Exhibits 1 and 2).

The median EBIT and EBITDA margins are 7.0% and 12.3%, respectively. The median EV/EBIT and EV/EBITDA are 11.3x and 7.6 x, respectively.

Exhibit 1

BPO Comparable Company Profit Trends(€ in millions)

Source: Infinancials (25/10/2010)

Comparable Public Company Valuations (Con’t)

Exhibit 2

BPO Public Company Valuation Trends(€ in millions)


Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Apac Customer Services Inc 1,0x 0,2x 0,4x 0,9x 0,4x 6,3x 2,9x 15,9x 38,3x 95,3x 8,4x 7,7x nm nm nm 5,4x 17,2x 11,3x nm nm

Capita Group 2,0x 2,3x 2,3x 2,4x 2,1x 14,3x 14,8x 15,0x 15,5x 13,8x 18,9x 18,3x 18,3x 19,1x 17,0x 24,8x 27,7x 25,6x 26,9x 25,7x

CCA International 0,4x 0,4x 0,4x 0,4x 9,0x 7,5x 5,6x 17,8x 16,2x 10,7x 8,6x nm 27,8x 22,8x 10,7x nm

Convergys Corp. 0,5x 0,4x 0,8x 1,2x 0,9x 8,5x 4,7x 5,8x 8,2x 6,1x nm 9,5x 8,6x 12,5x 10,5x 630,2x nm 12,4x 19,5x 18,1x

Datamatics Global Services Ltd. 0,7x 0,3x 0,8x 1,4x 7,4x 2,7x 11,2x 14,7x 11,4x 3,6x 25,4x 24,1x 8,2x 3,1x 12,6x 16,4x

Fiserv Inc 2,6x 2,0x 3,6x 2,1x 2,0x 8,4x 7,6x 15,5x 10,1x 9,0x 11,3x 11,0x 19,5x 12,8x 11,1x 15,6x 10,0x 20,9x 19,9x 15,2x

Scicom Msc Bhd 1,0x 0,4x 0,8x 7,8x 4,0x 6,9x 14,1x 7,4x 14,4x 15,4x 7,3x 16,6x

Spanco Ltd 0,1x 0,1x 1,2x 1,1x 0,8x 0,7x 8,1x 7,3x 0,8x 0,9x 9,2x 8,4x 2,5x 2,9x 8,6x 12,6x

Startek 0,3x 0,2x 0,4x 0,7x 1,0x 4,2x 4,8x 6,3x 17,0x 6,6x nm nm nm 29,6x 10,6x 23,9x nm nm 40,0x 20,5x

Sykes Enterprises 0,9x 0,7x 0,8x 1,0x 0,8x 7,7x 5,4x 7,1x 9,6x 7,7x 11,0x 7,4x 11,2x 12,3x 14,7x 24,5x 13,0x 18,6x 16,9x 22,5x

Teleperformance SA 0,7x 0,6x 0,8x 0,9x 0,9x 6,1x 4,4x 6,2x 6,8x 6,7x 9,8x 6,1x 9,0x 9,7x 10,1x 14,6x 9,2x 15,0x 19,6x 15,0x

WNS Holdings Ltd. 1,0x 0,7x 1,2x 3,1x 5,1x 5,1x 12,8x 25,3x 22,2x 13,3x 84,9x 40,7x 126,5x 27,4x 68,9x 45,9x

Mean 0,9x 0,7x 1,1x 1,4x 1,1x 7,1x 5,2x 9,8x 14,4x 20,4x 12,4x 8,5x 21,1x 17,8x 12,3x 76,6x 13,1x 21,2x 22,8x 19,5xMedian 0,8x 0,4x 0,8x 1,1x 0,9x 7,6x 4,7x 7,8x 10,1x 8,3x 11,3x 7,6x 12,8x 12,7x 10,9x 19,8x 10,0x 16,6x 19,6x 19,3x

nm = "not meaningful"

PEREV/EBITEV/EBITDAEV/Net Sales

Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Apac Customer Services Inc 204 32 24 222 207 15,9% 7,8% 2,3% 2,4% 0,4% 11,8% 3,0% -4,0% -3,2% -8,0%

Capita Group 2 986 425 322 5 385 6 275 14,2% 15,2% 15,4% 15,5% 15,3% 10,8% 12,3% 12,6% 12,6% 12,4%

CCA International 97 4 2 19 28 4,0% 2,8% 5,6% 6,9% 2,4% 2,2% 1,1% 3,9% 4,5% -1,5%

Convergys Corp. 1 973 120 -62 1 021 1 120 6,1% 9,3% 13,7% 14,6% 15,7% -3,1% 4,6% 9,3% 9,6% 9,1%

Datamatics Global Services Ltd. 42 4 3 31 29 9,2% 11,9% 6,8% 9,2% 15,1% 6,0% 9,0% 3,0% 5,6% 12,2%

Fiserv Inc 2 844 892 660 5 979 8 325 31,4% 26,4% 23,5% 20,8% 22,8% 23,2% 18,3% 18,6% 16,4% 18,4%

Scicom Msc Bhd 31 4 2 29 27 12,7% 10,0% 11,1% 16,2% 19,6% 7,0% 5,4% 5,3% 10,1% 14,0%

Spanco Ltd 195 34 32 83 83 17,5% 11,6% 14,4% 15,6% 19,7% 16,2% 9,9% 12,7% 13,6% 13,5%

Startek 202 15 0 54 39 7,6% 4,2% 7,1% 4,4% 15,5% -0,2% -5,7% -1,7% 2,5% 9,7%

Sykes Enterprises 590 70 49 509 305 11,9% 12,8% 10,8% 10,1% 10,5% 8,3% 9,4% 6,8% 7,9% 5,5%

Teleperformance SA 1 848 207 130 1 302 1 288 11,2% 14,0% 13,6% 13,5% 13,3% 7,0% 10,1% 9,4% 9,5% 8,9%

WNS Holdings Ltd. 433 83 19 307 381 19,2% 14,1% 9,4% 12,4% 15,6% 4,4% 5,4% 1,4% 7,7% 10,0%

Mean 13,4% 11,7% 11,1% 11,8% 13,8% 7,8% 6,9% 6,5% 8,1% 8,7%Median 12,3% 11,8% 11,0% 12,9% 15,4% 7,0% 7,2% 6,1% 8,7% 9,9%

EBITDA / Sales EBIT / Sales


Comparable M&A Transactions

The median EV/EBIT and EV/EBITDA for the comparable BPO M&A transactions are 10.4x and 10.1x, respectively. (NB 5 past years average multiple of 9xEBITDA)

Exhibit 3

BPO Comparable M&A Transactions(€ in millions except where mentioned in $)

Deal value

Date Target Company Target Description Bidder Company Country Revenue (m€) Sales EBIT EBITDA

Sep-10 FirstAssist Services Holdings

Limited

UK based company engaged in providing risk managed

solutions, employee assistance services and

occupational health services

The Capita Group Plc United Kingdom 20 14 0,7x 30,6x

Sep-10 Pipal Research Corporation US based provider of financial and business research,

corporate intelligence, and quantitative analytics services

CRISIL Limited India 6 10 1,6x

Sep-10 Kale Consultants Ltd. (58.6%

Stake)

Indian provider of technology and business solutions Accelya Spain 21 22 1,9x 7,1x 2,9x

Aug-10 Zenith Provecta (60% Stake) UK based provider of bespoke fleet management

services, concentrating on the provision of innovative

management solutions, and vehicle outsourcing

businesses

Morgan Stanley Private

Equity

USA 118 103 1,5x 28,0x

Aug-10 Tela Sourcing Inc US and India bassed provider of business process

outsourcing (BPO) services to the health care industry

TriZetto Group Inc USA 23

Aug-10 BeCogent Limited Scottland based customer interaction centres and

providers of outsourced services.

Teleperformance SA France 47 42

Jun-10 Telegate AG (Livorno and Turin

Call Centers)

Italy based call centers owned by Telegate AG Contacta SpA Italy 25

Jun-10 AT&T Japan (domestic network

outsourcing services business)

Japan based domestic network outsourcing services

business of AT&T Japan LLC

Internet Initiative Japan Inc Japan 82

May-10 Dataforce Interact Lmited UK based outsourcing service provider of integrated data-

driven CRM solutions of Twenty PLC

HOV Global Services

Holdings Limited

UK 12

May-10 Adventity Global Services US based full service KPO/BPO firm for the Banking &

Financial Services and the Airlines & Travel industry

Sutherland Global Services USA 39 44 1,1x

Apr-10 Ryla Inc US based provider of value-added customer contact

services

Alorica Inc USA 76 53 0,7x

Apr-10 WuXi PharmaTech China based pharmaceutical and biotechnology research

and development outsourcing company

Charles River Laboratories

Inc

USA 188 1112 5,9x 30,7x 21,0x

Apr-10 Fortify Infrastructure Services Inc US based remote IT operations management company MphasiS BFL Ltd India 15 12 0,8x

Mar-10 Convergys Corporation (human

resources management business)

US based human resources management business of

Convergys Corporation

NorthgateArinso Nederland

BV

Netherlands 74

Feb-10 Integreon Inc (30.00% stake) US based company engaged in business, legal and

knowledge process outsourcing services with businesses

in China India Philippines South Africa and the UK

Actis Capital LLP UK 36

Feb-10 Affiliated Computer Services Inc US based provider of business process outsourcing

(BPO) and information technology outsourcing (ITO)

solutions to commercial and government clients

Xerox Corporation USA 4 613 5 029 1,1x 10,4x 6,4x

Feb-10 ICT Group, Inc US based outsourcing company Sykes Enterprises

Incorporated

USA 306 139 0,5x

Jan-10 CPA Global Limited Channel Islands based legal outsourcing company

providing legal support and intellectual property

management services to corporations and law firms

Intermediate Capital Group

(ICG)

UK 173 508 2,9x 9,8x

Jan-10 Xafinity Group Limited UK based company that provides specialist outsourcing

and consultancy services regarding pensions, employee

benefits, and payments expertise

Advent International

Corporation

USA 144 317 2,2x 46,2x 13,7x

Jan-10 Intelenet UK Services Ltd UK based company which handles the ticketing and

other functions of FirstGroup's UK rail operations

Intelenet Global Services

Limited

India 49

Dec-09 Bellsystem24 Inc Japan based call center management company providing

CRM, e-CRM and marketing solutions, e-Commerce and

e-Support services

Bain Capital LLC USA 825 748 0,9x 10,4x

Nov-09 McCamish Systems LLC US based providing business process outsourcing

solutions, and software and services to life insurance and

financial services industries

Infosys BPO Ltd India 27 26 0,9x

Nov-09 American Express (back-office unit

in India)

India based back-office operations of American Express

Business Travel

ExlService Holdings Inc USA 20

Enterprise Value /



Exhibit 3

BPO Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $) Deal value


Oct-09 eTelecare Global Solutions Inc Philippines based provider of business process

outsourcing service

Stream Global Services Inc USA 214 100 0,5x 10,4x

Sep-09 Alitalia SpA (three branches of

payroll business)

Italy based payroll business Byte Software House SpA Italy 15

Sep-09 Laguna Medical Systems Inc US based business process outsourcing service provider SPi Global Solutions Philippines USA 6

Sep-09 Omnia Group Service srl;

Vox2Web SpA

Italy based company providing sale, marketing, facility

management and administrative skills to Omnia

Network's clients; Italy based system integrator and

value added reseller for CRM platforms

Voicity (formerly Omnia

Service Center S.p.A.)

Italy 9

Sep-09 Voicity (formerly Omnia Service

Center S.p.A.)

Italy based company providing outsourcing services Alba Rental Srl Italy 20

Aug-09 IP BPO Holdings Pte Ltd Philippine based provider of business process

outsourcing services formerly owned by IPVG group

PCCW Teleservices (Hong

Kong) Limited

Hong Kong 15

Jul-09 Resolve Business Outsourcing

Income Fund

Canada based provider of customized business process

outsourcing solutions (BPO)

Davis + Henderson Income

Fund

Canada 217 100 0,5x

Jul-09 Resolve Corporation (Supply Chain

Management division)

Canada based supply chaing management operations of

Resolve Corporation

Archway Marketing Services,

Inc.

USA 14

Jul-09 eRx Network LLC US based provider of electronic claims management

services to the retail pharmacy industry

Emdeon Inc USA 19 54 2,7x

May-09 Cockleshell Limited UK based investment holding company having interest in

business process outsourcing, facilities services,

property services and consumer sectors

BCB Holdings Limited Belize 62

Apr-09 Ordina BPO B.V. Netherlands based business process outsourcing

provider

Centric Holding B.V. Netherlands 43 24 0,6x

Mar-09 e-Services Group International Inc Jamaica based company providing business process

outsourcing (BPO) services

Affiliated Computer Services

Inc

USA 51 63 1,2x

Mar-09 Kurtzman Carson Consultants LLC US based claims and noticing agent that provides

administrative-support services and technology solutions

to companies undergoing a corporate restructuring

Computershare Limited Australia 75

Mar-09 The Phone House (Proprietary)

Limited

South Africa based call centre of Talk Talk Telecom

Group

eTelecare Global Solutions

Singapore Pte Ltd

Singapore 4

Dec-08 Citigroup Global Services Limited

(96.26% stake)

India based provider of BPO services. It offers

transaction processing solutions, customer care solutions

and technology services solutions to the financial

services industry

Tata Consultancy Services

Limited

India 375

Dec-08 US Healthcare Holdings Llc US based company engaged in providing outsourcing,

management and consulting services

Prodigy Health Group Inc USA 19

Dec-08 eTelecare Global Solutions Inc Philippines based provider of business process

outsourcing service

EGS Acquisition Co LLC USA 178 161 0,9x 10,4x 6,2x

Average 1,5x 21,6x 11,2x

Median 0,9x 10,4x 10,1x

Enterprise Value /

Section III: Facilities Management CompaniesComparable Public Company Valuations

The Knowledge Centre’s facilities management comparable public company analysis involves 20 publicly traded facilities management companies (Exhibits 4 and 5).

The median EBIT and EBITDA margins are 4.7% and 6.3%, respectively. The median EV/EBIT and EV/EBITDA are 9.9x and 7.2x, respectively.

Exhibit 4

Facilities Management Comparable Company Profit Trends(€ in millions)


Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Abm Industries 2 352 85 61 842 942 3,6% 3,5% 3,5% 6,4% 3,3% 2,6% 2,7% 2,8% 5,7% 2,5%

AWC Facility Solutions Bhd 20 2 1 16 16 10,0% -0,5% 15,4% 16,1% 6,7% -9,6% 11,3% 12,2%

Balfour Beatty 9 950 372 244 2 099 1 757 3,7% 3,3% 3,2% 4,1% 4,8% 2,5% 2,2% 2,3% 2,8% 3,8%

Compass Group 14 669 1 206 953 11 191 12 342 8,2% 7,4% 6,8% 6,9% 7,6% 6,5% 5,6% 5,2% 4,8% 2,4%

Connaught 750 51 37 6,8% 5,3% 5,5% 5,1% 4,3% 4,9% 4,9% 4,4% 4,7% 3,3%

Derichebourg 2 432 105 -3 606 1 544 4,3% 6,8% 5,2% 2,4% 3,1% -0,1% 4,3% 2,8% 0,6% 0,6%

Emcor Group 3 871 215 183 1 264 890 5,6% 5,2% 4,0% 2,8% 2,2% 4,7% 4,5% 3,4% 2,4% 1,7%

FirstService Corp. 1 188 81 28 536 910 6,8% 12,8% 7,3% 8,5% 8,4% 2,3% 9,0% 4,8% 6,0% 6,2%

IMPEL SA 259 22 16 104 108 8,3% 10,0% 5,5% 6,0% 8,0% 6,3% 7,8% 3,3% 3,7% 5,6%

Interserve Plc 2 119 93 75 287 332 4,4% 6,4% 7,3% 7,2% 5,3% 3,6% 4,8% 5,8% 2,9% 4,0%

Mears group 522 30 22 286 279 5,8% 5,5% 6,2% 5,8% 5,5% 4,2% 4,1% 5,1% 5,1% 4,8%

Mitie Group 1 927 115 91 820 927 6,0% 6,3% 6,0% 5,8% 6,1% 4,7% 5,2% 5,0% 4,7% 5,1%

Nippon Kanzai 582 34 28 260 206 5,9% 5,4% 6,8% 7,7% 7,6% 4,8% 4,6% 6,3% 7,1% 6,0%

Parkwood 131 5 0 11 14 3,9% 6,1% 7,6% 5,8% 5,5% -0,3% 1,6% 3,4% 2,6% 2,6%

Prodef SA 133 7 4 5,6% 4,9% 4,3% 6,3% 5,7% 3,0% 2,5% 2,4% 3,1% 2,0%

Renaissance Services S.A.O.G. 450 112 74 470 809 24,9% 23,4% 21,6% 15,7% 16,3% 16,4% 15,9% 13,9% 15,6% 15,3%

Rentokil Initial 2 812 445 133 2 063 3 321 15,8% 14,2% 18,8% 20,5% 19,8% 4,7% 3,4% 9,8% 11,8% 12,2%

Sodexo SA 14 681 963 746 7 367 10 356 6,6% 6,6% 6,1% 6,2% 6,1% 5,1% 5,2% 4,8% 4,7% 3,7%

Synergis Holdings Limited 49 3 3 26 18 6,8% 7,4% 7,1% 6,5% 9,5% 5,9% 6,6% 6,5% 5,6% 8,6%

UGL Ltd. 2 938 197 155 1 772 1 936 6,7% 17,9% 21,0% 20,0% 20,0% 5,3% 16,8% 19,7% 18,7% 18,7%

Mean 7,5% 7,9% 8,5% 8,3% 7,9% 4,7% 5,1% 6,1% 6,2% 5,7%Median 6,3% 6,3% 6,5% 6,3% 6,1% 4,7% 4,7% 4,9% 4,8% 4,0%



Comparable Public Company Valuations

Exhibit 5

Facilities Management Public Company Valuation Trends(€ in millions)


Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Abm Industries 0,3x 0,3x 0,4x 0,3x 0,4x 7,8x 8,3x 10,5x 4,6x 10,8x 10,8x 10,7x 13,0x 5,3x 14,0x 15,4x 18,3x 22,4x 10,4x 16,7x

AWC Facility Solutions Bhd 0,7x 0,2x 0,3x 7,1x nm 1,7x 10,6x nm 2,3x 20,5x nm 4,0x

Balfour Beatty 0,2x 0,2x 0,3x 0,4x 0,3x 4,4x 4,8x 9,1x 8,8x 7,2x 6,7x 7,0x 12,5x 12,9x 9,3x 8,3x 8,0x 14,3x 20,9x 14,3x

Compass Group 0,6x 0,6x 0,6x 0,6x 0,5x 7,3x 8,7x 9,3x 9,0x 7,1x 9,3x 11,5x 12,3x 13,0x 22,7x 12,1x 14,3x 11,1x 19,8x 4 452,1x

Connaught 0,9x 1,0x 0,9x 0,7x 0,6x 12,9x 19,0x 15,3x 13,6x 13,9x 17,8x 20,9x 19,5x 14,7x 18,2x 28,1x 32,3x 29,0x 22,5x 32,4x

Derichebourg 0,7x 0,3x 0,5x 0,5x 0,6x 15,1x 4,4x 8,9x 22,6x 19,8x nm 6,9x 16,8x 94,9x 98,2x nm 6,8x 13,5x nm nm

Emcor Group 0,2x 0,2x 0,3x 0,3x 0,2x 4,1x 3,6x 6,4x 11,6x 9,0x 4,8x 4,2x 7,6x 13,9x 11,7x 11,1x 8,1x 12,1x 22,1x 17,5x

FirstService Corp. 0,6x 0,6x 0,7x 0,7x 0,8x 9,5x 4,3x 9,6x 8,7x 9,3x 27,5x 6,2x 14,5x 12,4x 12,6x nm 7,1x 22,6x 23,6x 10,6x

IMPEL SA 0,3x 0,1x 0,3x 0,4x 3,9x 1,4x 6,0x 6,2x 5,1x 1,7x 9,9x 10,1x 9,9x 2,8x 41,3x 20,2x

Interserve Plc 0,1x 0,2x 0,4x 0,4x 0,4x 3,4x 3,4x 5,5x 6,0x 6,6x 4,2x 4,6x 7,0x 14,8x 8,8x 3,5x 5,2x 12,8x nm 13,8x

Mears group 0,4x 0,4x 0,5x 0,9x 0,8x 7,4x 8,2x 8,3x 15,2x 14,6x 10,2x 10,8x 10,0x 17,3x 16,8x 14,9x 15,3x 15,6x 22,0x 23,7x

Mitie Group 0,5x 0,4x 0,6x 0,6x 0,7x 8,8x 6,3x 9,4x 10,3x 10,8x 11,1x 7,7x 11,3x 12,7x 13,0x 14,1x 11,4x 17,0x 19,4x 19,5x

Nippon Kanzai 0,3x 0,3x 0,6x 0,7x 1,2x 5,4x 6,4x 9,4x 9,4x 15,7x 6,5x 7,5x 10,2x 10,2x 20,0x 16,6x 28,1x 25,1x 20,3x 25,2x

Parkwood 0,1x 0,5x 0,4x 0,2x 1,9x 7,2x 7,2x 3,5x nm 15,8x 16,0x 7,5x 3,1x 13,5x 13,1x 8,9x

Prodef SA 0,1x 0,1x 0,2x 1,2x 1,5x 3,6x 2,2x 2,9x 10,3x 7,9x 9,4x 18,8x

Renaissance Services S.A.O.G. 1,6x 1,3x 2,0x 1,2x 6,3x 5,5x 9,3x 7,9x 9,6x 8,1x 14,5x 7,9x 8,2x 6,3x 19,0x 7,0x

Rentokil Initial 1,3x 0,9x 1,4x 2,0x 1,7x 8,0x 6,3x 7,6x 9,6x 8,6x 26,8x 26,1x 14,6x 16,7x 13,9x 43,9x 42,3x 3,3x 12,2x 9,2x

Sodexo SA 0,6x 0,7x 0,7x 0,6x 0,4x 9,6x 10,9x 11,0x 10,2x 7,1x 12,4x 14,0x 14,0x 13,3x 11,7x 15,9x 19,4x 21,7x 20,1x 28,2x

Synergis Holdings Limited 0,4x 0,3x 0,3x 0,3x 0,4x 5,4x 4,1x 4,8x 5,4x 4,3x 6,2x 4,7x 5,3x 6,2x 4,7x 11,0x 8,6x 10,7x 12,7x 9,5x

UGL Ltd. 0,6x 0,4x 0,7x 1,0x 0,9x 8,8x 2,4x 3,1x 5,0x 4,7x 11,1x 2,6x 3,3x 5,4x 5,0x 15,4x 12,0x 15,3x 24,7x 24,7x





The median EV/EBIT and EV/EBITDA for the comparable Facilities Management M&A transactions are 11.2x and 7.9x, respectively. (NB 5 past years average multiple of 10,4xEBITDA)

Exhibit 6

Facilities Management Comparable M&A Transactions(€ in millions except where mentioned in $) Deal value


Oct-10 IDA Service AS Denmark based providers of service solutions for facility

management, cleaning and canteen

Compass Group Plc UK 20

Oct-10 Jackson Lloyd Ltd UK based company engaged in building

maintenance and providing services

Mears Group Plc UK 6

Sep-10 POWER SUPPORT Spanish company engaged in the operation and maintenance

of industrial facilities and power generation plants

Fenice Spa Italy 14

Sep-10 Skelleftea Energi Underhall

formerly owned by Vattenfall

Sweden based company engaged in providing maintenance

services to wind, water and heat industry

Skelleftea kraft AB Sweden

Sep-10 DTE Rail Services, Inc. US based provider of railcar maintenance, fleet management,

railroad operations and technology services

FreightCar America, Inc. USA 20 18 0,9x

Aug-10 Antimite Termite and Pest Control US based pest control company The Terminix International Company

L.P.

USA 23

Aug-10 Swisher International, Inc US based provider of hygiene products and services CoolBrands International Inc Canada 77

Jul-10 Rimex GmbH (70% Stake) Germany based facility management company engaged in

cleaning and maintenance of green spaces and outdoor

facilities

STRABAG Property and Facility

Services GmbH

Germany 27

Jul-10 Mid Western Lifts Services Ltd. Ireland based company engaged in installation, repair,

refurbishment and maintenance of lifts and escalators

Grupo Orona Spain 25 20 0,8x

Jul-10 Faceo FM SA France based integrated solutions provider for service sector

maintenance, with activities in engineering, systems

integration and multi-service and multi-technical maintenance

Vinci SA France 450

Jun-10 Caverion GmbH Germany based company that offers services in facility

engineering and facility systems. It provides consulting and

planning, construction and operation of complex air-

conditioning and ventilation systems, heating and refrigeration

YIT Corporation Finland 440 73 0,2x

Jun-10 Diversco Inc US based company providing cleaning and maintenance

specialized contract services and security services

ABM Janitorial Services USA 58

Jun-10 Powerminster Gleeson Services

Ltd

UK based company engaged in providing commercial and

residential property maintenance services

Morgan Sindall Group plc UK 8

Jun-10 SAS Ground Services UK Ltd UK based dvision of SAS Ground Services, the service

supplier of airline ground handling inNordic countries

BBA Aviation Plc UK 25

Jun-10 Clockwork Home Services Inc US based company having franchises for the home services

contractor market

Direct Energy LP USA 153

Jun-10 Audeca SL Spain based infrastructure, road maintenance and

environmental services company

Elecnor SA Spain 39 23 0,6x

Jun-10 Knightsbridge Guarding Limited;

Perception UK LLP

UK based provider of security and receptionist services for the

corporate sector

Rentokil Initial Plc UK 8

Jun-10 Castle Support Services Plc UK based investment holding company with interests in

electro-mechanical inspection, maintenance and repair

services

Sulzer (UK) Holdings Ltd UK 146 157 1,1x 7,8x 6,9x

Jun-10 DFM Providers Limited; Dalkia

Energy & Facilities Ltd

Ireland based provider of facilities management services;

Ireland based provider of facilities management services

Mitie Group Plc UK 29 13 0,4x

Jun-10 Southeast Service Corporation US based provider of facilities management services Crothall Services Group Inc Canada,USA 107 54 0,5x

May-10 Utilicom Group Limited UK based provider of services in building maintenance and

energy management and conservation

GDF Suez SA France 36

Enterprise Value /



Exhibit 6

Facilities Management Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


Apr-10 National Grid Energy Services

(service contract business)

US based provider of heating, cooling, and water heater repair

services

Homeserve Plc UK 22

Mar-10 D&S (Engineering Facilities)

Limited

UK based provider of facilities management services to blue-

chip UK client list

T. Clarke Plc UK 18 8 0,5x 21,5x 16,8x

Mar-10 Euro Environmental Group Limited UK based provider of drain and sewer cleaning, inspection

and repair services

Sovereign Capital Partners LLP UK 22

Feb-10 Hurley Corporation Canada based provider of cleaning and facility management

services

Compass Group Canada Ltd Canada 34

Dec-09 Sistema-Hals ZAO (40.62% stake) Russia based company engaged in development, asset

management and facilities management

VTB Bank JSC Russia 79

Dec-09 RSM Rail Service Management

GmbH

Germany-based train maintenance company EuroMaint AB Sweden 94 18 0,2x

Nov-09 Juan Galindo, SL Spain based company which provides electrical installation

and maintenance services.

Grupo Ortiz Spain 5

Nov-09 Champions of the West Inc US based facility management company providing services to

the US Government

G4S Plc UK 88 40 0,5x

Oct-09 Quala Systems Inc US based company providing tank cleaning and repair

services

QualaWash Holdings LLC USA 9

Oct-09 Veris Plc (Property Management

and Facilities Management

Business)

Ireland based property management and facilities

management Business of Veris Plc, the listed Ireland based

provider of integrated property services

Aramark Investment Limited Aramark

Ireland Limited

UK Ireland 74 46 0,6x 3,9x

Sep-09 Veolia Proprete Nettoyage et

Multiservices SA

France based company specalised in industrial cleaning Groupe TFN France 350 120 0,3x

Aug-09 Eurogem SAS France based provider of real estate facilities management

services formerly owned by Icade

Groupe TFN France 63 18 0,3x

Aug-09 Dalkia Technical Facilities

Management

UK based provider of outsourced Technical Facilities

Management and Energy Services

Mitie Group Plc UK 280 151 0,5x 11,3x

May-09 Mosdachtrest OJSC (58.00%

stake)

Russian based real estate asset management company AFK Sistema Russia 12 11 1,6x

Apr-09 Godrej Hicare Ltd Indian company providing pest control services ISS Facilities Services India India 15

Apr-09 Radhakrishna Hospitality Services

Pvt Ltd

India based food service & hospitality solutions, integrated

facilities management and vending solutions

Sodexo SA France 70 99 1,4x

Mar-09 Temple Security Limited UK based provider of contract cleaning, security and

maintenance services

LPM Group Ltd UK 21 13 0,6x

Jan-09 Centre Europeen de Domotique et

d'Energie (33.00% stake)

France based company engaged in installation, and

maintenance of thermodynamic heating equipment.

Turenne Capital Partenaires France 5

Dec-08 Zehnacker Holding GmbH (90.00%

stake)

German company providing building and facility management

services.


Oct-08 Padana Everest srl (75.00% stake) Italy based provider of health sector services Servizi Italia Spa Italy 21 18 1,1x 11,2x 4,0x

Sep-08 Jan-Pro Franchising International

Inc

US based franchisor of commercial cleaning services Gemini Partners Inc ; Webster

Capital Fund II

USA 47

Enterprise Value /



Exhibit 6

Facilities Management Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Source: MergerMarket

Deal value


Sep-08 Taylor Woodrow Construction Ltd UK based company engages in construction, facilities

management, and engineering businesses

Vinci Plc UK 871 86 0,1x

Sep-08 Radhakrishna Hospitality Services

Pvt Ltd (50.00% stake); SHRM

Food and Allied Services Private

Ltd (50.00% stake) from Compass

India based food service & hospitality solutions, integrated

facilities management and vending solutions

Radhakrishna Group India 17

Sep-08 Eastlake Group Ltd UK based provider of workplace interiors and property

services.

Work Inc Group Limited UK 40 17 0,4x 18,5x 11,6x

Aug-08 Noonan Services Group Ireland based company providing facilities management and

cleaning services

Alchemy Partners LLP UK 90

Aug-08 InStar Services Group, LP US based provider of commercial disaster response and

reconstruction services formerly onwed by ServiceMaster

BlackEagle Partners LLC USA 16

Jul-08 Equipo Blanco Argentina based company engaged in facility services ISS Holdings AS Denmark 7

Jul-08 Diversco Inc US based company providing cleaning and maintenance

specialized contract services and security services

Temco Service Industries Inc USA 54 20 0,4x

Jun-08 Synergis Holdings Ltd Hong Kong based investment holding company interested in

property management and facility management services,

security services, cleaning services, laundry services, repair

and maintenance works, trading of related products and

membership programmes

Hsin Chong Construction Group Ltd Bermuda

British Virgin

Islands Hong

Kong

35 32 0,9x 14,8x 5,3x

Apr-08 HRI Inc US based provider of critical maintenance services in high

temperature and confined space environments to the heavy

industry

Timec Company Inc USA 3

Mar-08 The Lord Group Limited UK based building and maintenance services provider. Kinetics Group UK 14 6 0,4x 8,4x 7,9x


Median 0,5x 11,2x 7,9x

Enterprise Value /

Section IV: Security Services CompaniesComparable Public Company Valuations

The Knowledge Centre’s security services comparable public company analysis involves 16 publicly traded security services companies (Exhibits 7 and 8).


Exhibit 7

Security Services Comparable Company Profit Trends(€ in millions)

Exhibit 8

Security Services Company Valuation Trends(€ in millions)



Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Brink's Co (The) 2 187 229 145 801 882 10,5% 11,2% 14,4% 12,9% 10,4% 6,6% 7,6% 8,6% 7,1% 4,5%

Central Security Patrols Co Ltd 321 22 10 103 50 6,9% 8,2% 8,2% 8,0% 7,3% 3,1% 4,7% 4,1% 3,9% 3,3%

China Security & Surveillance Technology Inc.405 55 53 225 221 13,5% 15,7% 19,9% 24,7% 23,7% 13,0% 13,4% 17,8% 23,7% 22,9%

Command Security Corp. 108 3 3 17 24 3,2% 2,9% 2,6% 1,5% 0,4% 2,5% 2,3% 2,5% 1,2% 0,0%

G4S plc 7 789 717 465 4 295 6 035 9,2% 9,6% 9,0% 8,6% 8,3% 6,0% 5,9% 6,0% 5,6% 4,8%

Garda World Security Corp 730 80 27 193 578 11,0% 6,2% 8,7% 8,4% 10,4% 3,7% -5,4% 5,5% 6,6% 8,7%

GlobalOptions Group Inc. 71 -1 -3 23 21 -0,9% -3,1% -20,1% -3,5% -36,7% -4,2% -7,3% -31,5% -28,5% -39,0%

IMPEL SA 259 22 16 104 108 8,3% 10,0% 5,5% 6,0% 8,0% 6,3% 7,8% 3,3% 3,7% 5,6%

Loomis AB 1 165 155 80 655 865 13,3% 12,6% 8,2% 11,8% 13,6% 6,8% 6,5% -3,8% -5,2% 7,2%

Mitie Group 1 927 115 91 820 927 6,0% 6,3% 6,0% 5,8% 6,1% 4,7% 5,2% 5,0% 4,7% 5,1%

Niscayah Group AB 741 69 48 449 568 9,3% 5,9% 11,5% 11,8% 11,1% 6,5% -2,9% 9,1% 9,4% 10,8%

Prosegur 2 187 310 234 2 614 2 933 14,2% 12,9% 11,4% 9,1% 11,0% 10,7% 10,0% 8,8% 6,4% 8,2%

Secom 5 251 1 108 737 7 758 7 215 21,1% 17,8% 23,3% 24,6% 23,3% 14,0% 11,0% 14,2% 13,9% 13,0%

Securitas AB 6 090 455 351 2 965 3 896 7,5% 7,1% 6,2% 5,0% 9,4% 5,8% 5,5% 3,1% 2,9% 6,3%

Sohgo Security Services Co 2 234 176 68 754 391 7,9% 7,7% 8,8% 9,5% 8,8% 3,0% 3,1% 4,6% 5,0% 3,7%

Turvatiimi Oyj 27 0 -1 23 26 -0,8% -6,2% -1,2% -6,4% -3,2% -4,0% -12,1% -5,0% -11,0% -6,6%

Mean 8,8% 7,8% 7,6% 8,6% 7,0% 5,3% 3,5% 3,3% 3,1% 3,7%Median 8,8% 7,9% 8,5% 8,5% 9,1% 5,9% 5,3% 4,8% 4,9% 5,4%


Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Brink's Co (The) 0,4x 0,4x 0,9x 1,1x 1,2x 3,9x 3,5x 6,2x 8,6x 11,4x 6,1x 5,3x 10,4x 15,6x 26,2x 5,8x 6,7x 21,1x 5,3x 19,7x

Central Security Patrols Co Ltd 0,2x 0,2x 0,2x 0,4x 0,3x 2,5x 2,1x 3,0x 4,5x 4,1x 5,4x 3,6x 6,1x 9,2x 8,9x 17,0x 11,6x 14,3x 18,5x 17,9x

China Security & Surveillance Technology Inc.0,7x 0,8x 4,1x 4,9x 5,0x 20,5x 5,2x 5,8x 22,9x 7,0x 6,7x 26,3x

Command Security Corp. 0,4x 0,4x 0,4x 12,2x 29,3x 107,6x 15,1x 36,2x 1 199,8x 27,2x 26,2x nm

G4S plc 0,7x 0,7x 0,9x 0,7x 0,7x 8,1x 7,7x 9,9x 8,3x 7,9x 12,5x 12,6x 14,8x 12,8x 13,8x 18,2x 19,1x 21,3x 24,9x 25,3x

Garda World Security Corp 0,8x 0,6x 0,9x 1,2x 2,0x 7,3x 9,8x 10,4x 13,9x 18,8x 21,8x nm 16,6x 17,7x 22,6x nm nm 29,4x 29,2x 29,0x

GlobalOptions Group Inc. 0,2x 0,2x 0,5x nm nm nm nm nm nm nm nm nm

IMPEL SA 0,3x 0,1x 0,3x 0,4x 3,9x 1,4x 6,0x 6,2x 5,1x 1,7x 9,9x 10,1x 9,9x 2,8x 41,3x 20,2x

Loomis AB 0,6x 0,5x 4,8x 4,2x 9,3x 8,2x 11,4x 8,4x

Mitie Group 0,5x 0,4x 0,6x 0,6x 0,7x 8,8x 6,3x 9,4x 10,3x 10,8x 11,1x 7,7x 11,3x 12,7x 13,0x 14,1x 11,4x 17,0x 19,4x 19,5x

Niscayah Group AB 0,9x 0,5x 1,4x 1,8x 9,2x 9,0x 12,2x 15,3x 13,3x nm 15,4x 19,1x 17,0x nm 19,9x 30,2x

Prosegur 1,1x 0,8x 1,0x 1,1x 1,1x 7,8x 6,3x 8,5x 12,0x 9,6x 10,4x 8,1x 11,1x 16,9x 12,8x 14,1x 11,4x 15,3x 26,5x 18,3x

Secom 1,4x 1,2x 1,5x 1,9x 2,1x 6,5x 6,9x 6,6x 7,5x 9,2x 9,7x 11,1x 10,8x 13,3x 16,4x 20,0x 39,4x 18,3x 22,0x 27,9x

Securitas AB 0,5x 0,6x 0,7x 0,8x 0,9x 7,3x 7,9x 11,5x 16,6x 9,7x 9,5x 10,4x 22,6x 28,2x 14,4x 12,1x 9,6x 62,7x 45,6x 16,9x

Sohgo Security Services Co 0,2x 0,3x 0,5x 0,7x 0,7x 3,2x 3,8x 6,1x 7,8x 8,3x 8,2x 9,3x 11,8x 14,8x 19,5x 24,2x 20,1x 18,5x 29,1x 34,4x

Turvatiimi Oyj 1,2x 0,8x 0,8x 1,0x 1,4x nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm






The median EV/EBIT and EV/EBITDA for the comparable Security Services M&A transactions are 22x and 9.8x, respectively. (NB 5 past years average multiple of 9.5xEBITDA)

Exhibit 9

Security Services Comparable M&A Transactions(€ in millions except where mentioned in $)

Deal value


sept.-10 Reliance Security Group (UK security

services operations)

UK based security services operations Securitas AB Sweden 232 50 0,2x

sept.-10 QinetiQ North America Security and

Intelligence Solutions (S&IS)

US based security and intelligence solutions company

operating across a range of government sites in the

United States

ManTech International

Corporation

USA 41 44 1,1x

sept.-10 SpecTal, LLC; Advanced Concepts,

Inc.; McClendon, LLC

US based companies providing technical and

professional services to the US intelligence and military

communities

BAE Systems, Inc. USA 232

août-10 VSG Group Limited UK based security and support services company Compass Group Plc UK 136 99 0,7x 26,9x 17,9x

juil.-10 Zener Electronics Services Unites Arab Emirates based electronics company

engaged in the design, supply, installation and providing

maintenance services for electronic products

Sicli Holding SAS France 19

juil.-10 Legend Group Holding International

Pte Ltd

Singapore based provider of security services Securitas AB Sweden 7 6 0,9x

juin-10 Kroll Inc US based risk consulting company engaged in

background screening, drug testing, and surveillance

services, fraud investigations, security services and

technology services

Altegrity Inc USA 944

juin-10 Knightsbridge Guarding Limited;

Perception UK LLP

UK based providerS of security services for the

corporate sector

Rentokil Initial Plc UK 8

Aug-10 Legion Group plc UK based provider of total security solutions OCS Group UK Limited UK 15

juin-10 Paragon Paragon is specialized in providing high level, armed

security officer services to various government agencies

and facilities under the oversight of the U.S. Federal

Protective Service and the U.S. Government

Department of Defense.

Securitas AB Sweden 107 26,8 0,3x

juin-10 Instalarme Instalarme is a Brazilian electronic software and

hardware integration company, the market leader in the

country’s banking sector and counts all of Brazil’s largest

banks among its clients.

The business, founded in 1975 and acquired by the

G4S Plc UK 19 20,6 1,1x

juin-10 Bren security The Shri Lanka based company operates in guarding

services, mainly for embassies, international non

governmental organizations (NGOs), commercial sites

and residential customers in the Colombo city area.


mai-10 Brink's Home Security Holdings Inc US based manufacturer of security alarms Tyco International Ltd Switzerland 417 1277 3,1x 17,1x 9,0x

avr.-10 Protection One Inc US company providing security alarm monitoring

services to residential and commercial subscribers

GTCR Golder Rauner LLC USA 256 617 2,4x 22,0x 9,8x

avr.-10 DynCorp International Inc. US based provider of support to military and civilian

government institutions, including aviation support,

infrastructure development, security, and logistics

Cerberus Capital Management

LP

USA 2 970 1238 0,4x 6,3x

avr.-10 Dan Kontrol Dan Kontrol, with 25 employees, is the largest

independent monitoring company in Denmark.

Securitas AB Sweden 2,6

mars-10 Civil Biztonsagi Szolgalat Zrt Hungary based security services company Prostasia Zrt Hungary 30

mars-10 SDB Cisco (India) Ltd (60.00% stake) India based security services company ISS A/S Denmark 31 24 1,3x

mars-10 Zicom Electronic Security Systems Ltd

(electronic security systems integration

business)

India based electronic security systems integration

business

Schneider Electric India Pvt

Ltd

India 30 36 1,2x

Enterprise Value /



Exhibit 9

Security Services Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


mars-10 GE Security Inc US based supplier of security and life safety

technologies

United Technologies

Corporation

USA 1 486 1502 1,0x

mars-10 Secredo Seccredo is a leading Swedish consulting firm in the

field of highly qualified risk, crises and security

investigations and services


mars-10 Claw Protection Services, South Africa The South African company is specialized in guarding,

mainly in the areas of Johannesburg and Pretoria


janv.-10 Adesta LLC and Adesta LP (formerly

McCarthy Group)

Adesta is US-based and provides systems integration

and project management services for integrated security

systems and communication systems. The business has

three areas of focus related to secure solutions for

critical infrastructure – seaports, other critical

G4S Plc UK 75 54 0,7x

déc.-09 Nuclear Security Services Corporation US based risk consulting and security solutions firm G4S International Holdings Ltd UK 15 15 1,0x

déc.-09 Tecniserv, SA Spain based alarm monitoring company operating in

three areas: service of own connections portfolio,

installation of new alarm systems and monitoring of third

party connections.

Securitas AB Sweden 5 3,9 0,8x 33,3x 21,2x

déc.-09 Long Hai Security The Vietnam based company is the market leader in the

Vietnamese security services market, provides mainly

guarding services and operates throughout Vietnam,

with its largest branches being in Ho Chi Minh City and

Securitas AB Sweden 6 1 0,2x

déc.-09 Gordon Serbian private security company with 1 100 employees,

a majority of Gordon’s sales is in guarding services.


déc.-09 Grupo Argos Mexican private security company, a majority of the

operations are guarding services.


déc.-09 Dora Security a.s. Czech Republic based security services company Securitas AB Sweden 14 8,7 0,6x

nov.-09 Hill & Associates Hill & Associates, Asia’s leading provider of specialist

risk mitigation consulting services with 20 m$ revenues

and operations in 14 countries

G4S Plc UK 16 6,5

nov.-09 GMCE Gardiennage Moroccan private security company Securitas AB Sweden 0 1,3 13,0x

nov.-09 Ferssa Group French based security services company Securitas AB Sweden 17 3,6 0,2x

oct.-09 Socovig Columbia based provider of security services, mainly

operating in guarding, also has mobile and monitoring

operations. Socovig has approximately 1,100 employees


sept.-09 Guardforce Ltd Hong Kong based security services company, provides

security personnel and cash transport services (formerly

owned by UTC)


sept.-09 GE Security Inc (Homeland Protection

Business) (81.00% stake)

US based Homeland Protection business of GE Security

Inc. It develops tomography based detection systems for

hazardous or illicit substances in baggage

Safran SA France 196 438 2,8x

sept.-09 Vigilan The Argentina based company is mainly operating in

guarding services and alarm monitoring in the south of

Argentina. A majority of the customers are in the

petroleum, energy, retail, industry and bank segments.


août-09 GST Holdings Limited (70.97% stake) China based fire alarm system and solution services

provider

United Technologies Far East

Limited

Hong Kong 119 133 1,7x 10,2x 9,2x

juil.-09 Mega Italia SpA Italy based provider of installation and maintenance of

alarm systems

Sicurglobal SpA Italy 34

juil.-09 U.K. Fire International Limited UK based fire service company providing services

including fire safety compliance inspection, testing and

reporting, fire extinguisher and fire alarm system

servicing

Connaught Plc UK 12 14 1,2x

Enterprise Value /



Exhibit 9

Security Services Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


juil.-09 Federal Security Group Ireland based security solutions company formerly

owned by Newcourt Group Plc

Noonan Services Group Ireland

(Republic)

100 15 0,2x

juil.-09 Groupe Martec France based provider of electronic security and critical

embedded systems to the Defence, Aeronautical, Naval,

Environmental, Industrial and Transport sectors formerly

woned by Eryma SAS

Eolane Group France 22

juil.-09 Grupo Interlabora Spanish security and other support services provider Securitas AB Sweden 8 7,36 0,9x

juil.-09 Cyveillance US based provider of online risk management and

monitoring services

QinetiQ Group Plc UK 7 60 8,1x

juil.-09 Konsalnet SA (80.00% stake) Poland based security services firm SGAM Private Equity Eastern

Europe

France 66 22 0,4x

juil.-09 Norsergel Vigilancia e Transporte de

Valores Ltda

Brazilian group focused on the secUrity and

transportation of valuable material and money formerly

owned by Grupo Nordeste and Macedo Participacoes

Prosegur Compania de

Sequridad SA

Spain 85 61 0,7x

juin-09 SAS Ground Services Finland Finland based provider of airline ground services

formerly owned by SAS AB

ISS Palvelut Oy Finland 20

juin-09 Worldwide Security S.A. Chilean provider of security and alarm monitoring

services


juin-09 Infratek Vakt AS Norway based company providing security products and

guard services formerly owned by Infratek ASA

Vakt Service AS Norway 9

juin-09 Grupo Orus Peru based provider of security and private surveillance

services


Sequridad SA

Spain 35 19 0,5x

juin-09 Garda World Security (US and Mexico

Guarding operations)

US and Mexico based guarding operations of Garda

World Security, Canadian provider of security and cash

handling services

Andrews International USA 90 31 0,3x 9,8x

mai-09 Control Holding Group Inc.(Cleaning & US based Janitorial and Engineering Services assets of ABM Industries Inc USAmars-09 Temple Security Limited UK based provider of contract cleaning, security and

maintenance services

LPM Group Ltd UK 21 13 0,6x

mars-09 Setha Industria Eletronica Ltda Brazilian developer and manufacturer of electronic

security systems and industrial communication

equipment


Sequridad SA

Spain 10 7 0,8x

févr.-09 G4S Holdings SAS France based security solutions firm formerly owned by

G4S.

Neo Securite SAS France 250

févr.-09 General Industries Argentina SA

(GIASA)

Argentina based provider of electronic security services Prosegur Compania de

Sequridad SA

Spain

févr.-09 Moore Security US based security company Securitas AB Sweden 15 4 0,3x

févr.-09 V Valtis France based company manufacturing safety and

security equipments


Sequridad SA

Spain 16

févr.-09 Alarm.com US based Internet security service provider ABS Capital Partners; Egis

Capital Partners

USA 22

févr.-09 China Security systems Limited Hong Kong based provider of security and alarm

services incorporated in British Vergin Island

Bay Peak 4 Acquisition Corp China

janv.-09 Sebival-Seguranca Bancaria Industrial

e de Valores Ltda; Setal Servicos

Especializados, Tecnicos e Auxiliares

Ltda

Brazilian providers of cash-in-transit (CIT) and payment

processing services

Brink’s-Seguranca e

Transporte de Valores Ltda

Brazil 44 36 0,8x

janv.-09 Detection Logic Fire Protection Inc US based fire, life safety, and security contractor and

related services provider

UTC Fire & Security USA



Enterprise Value /



The Knowledge Centre’s contract catering comparable public company analysis involves 5 publicly traded contract catering companies (Exhibits 10 and 11).


Exhibit 10

Contract Catering Comparable Company Profit Trends(€ in millions)

Exhibit 11

Contract Catering Public Company Valuation Trends(€ in millions)



Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Autogrill Finanziaria 5 817 606 251 2 390 4 304 10,4% 10,2% 10,6% 12,3% 4,3% 5,6% 6,9% 7,6%

Catering International serv 160 17 13 115 93 10,4% 11,7% 14,1% 13,7% 5,9% 8,1% 9,3% 11,9% 11,8% 5,2%

Compass Group 14 669 1 206 953 11 191 12 342 8,2% 7,4% 6,8% 6,9% 7,6% 6,5% 5,6% 5,2% 4,8% 2,4%

Fuji Foods Inc 483 28 7 69 151 5,7% 5,3% 5,8% 5,9% 2,5% 1,5% 1,9% 2,5% 2,8% -1,4%

Sodexo SA 14 681 963 746 7 367 10 356 6,6% 6,6% 6,1% 6,2% 6,1% 5,1% 5,2% 4,8% 4,7% 3,7%

Mean 8,3% 8,2% 8,7% 9,0% 5,5% 5,1% 5,5% 6,2% 6,3% 2,5%Median 8,2% 7,4% 6,8% 6,9% 6,0% 5,1% 5,6% 5,2% 4,8% 3,0%


Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Autogrill Finanziaria 0,7x 0,6x 0,8x 1,0x 6,9x 6,0x 8,0x 7,9x 16,6x 10,8x 12,3x 12,8x 60,6x 11,1x 18,7x 23,2x

Catering International serv 0,6x 0,5x 0,7x 0,6x 0,6x 5,3x 4,1x 5,2x 4,1x 10,3x 6,8x 5,1x 6,1x 4,8x 11,7x 16,1x 11,1x 13,6x 9,2x 17,6x

Compass Group 0,6x 0,6x 0,6x 0,6x 0,5x 7,3x 8,7x 9,3x 9,0x 7,1x 9,3x 11,5x 12,3x 13,0x 22,7x 12,1x 14,3x 11,1x 19,8x 4 452,1x

Fuji Foods Inc 0,3x 0,2x 0,2x 0,3x 0,2x 4,4x 3,3x 3,0x 4,4x 9,8x 17,2x 9,2x 6,9x 9,2x nm 15,6x 12,2x 7,8x 8,8x nm

Sodexo SA 0,6x 0,7x 0,7x 0,6x 0,4x 9,6x 10,9x 11,0x 10,2x 7,1x 12,4x 14,0x 14,0x 13,3x 11,7x 15,9x 19,4x 21,7x 20,1x 28,2x

Mean 0,5x 0,5x 0,6x 0,6x 0,5x 6,7x 6,6x 7,3x 7,1x 8,6x 12,4x 10,1x 10,3x 10,6x 15,4x 24,0x 13,6x 14,6x 16,2x 1 499,3xMedian 0,6x 0,6x 0,7x 0,6x 0,5x 6,9x 6,0x 8,0x 7,9x 8,5x 12,4x 10,8x 12,3x 12,8x 11,7x 15,9x 12,2x 13,6x 19,8x 28,2x





The median EV/EBIT and EV/EBITDA for the comparable contract catering M&A transactions are 12.0x and 7.1x, respectively. (NB 5 past years average multiple of 9,5xEBITDA)

Exhibit 12

Contract Catering Comparable M&A Transactions(€ in millions except where mentioned in $)

Deal value


Dec-09 Mediterranea de Catering SL Spain based catering company Alia Private Equity SCR SA

Inversiones Ibersuizas SA

Spain 74 70 0,9x 11,7x 9,5x

Apr-09 Radhakrishna Hospitality

Services Pvt Ltd

India based food service & hospitality solutions,

integrated facilities management and vending

solutions


Oct-09 Vanyera3 SL Spanish catering company Union Castellana de Alimentacion

SA

Spain 5

Dec-08 G2M (50.00% stake) Turkish catering company Actera Group Turkey 96 24 0,5x

Oct-08 Horkram Schulz Food Service AS Denmark based catering company Citti Handelsges mbH & Co. KG Germany 80

Oct-08 ITP services, s.r.o. Czech Republic based company engaged in

managing food and beverage activities at Prague

Airport

Airest Slovakia Gastronomy and

Retail sro Airest Terminal &

Catering Business Holding GmbH

Slovakia Austria 8

Oct-08 Arjan van Dijk Groep (75.00%

stake)

Netherland based event management services

provider.

Jaarbeurs Catering Services Netherlands 30

Sep-08 Centerplate, Inc. US based provider of food and related services,

including concessions, catering and merchandise

services in sports facilities, convention centers and

other entertainment facilities

Kohlberg & Company LLC USA 503 150 0,3x 9,5x 4,1x

Sep-08 Fast Food Servis Czech Republic based provider of operator

activities in Food & Beverage at the airport in

Prague Czech Republic

Airest Terminal & Catering

Business Holding GmbH

Austria 6 15 2,6x 19,6x

Aug-08 CAFE Group Capitol Vending US based food service provider; US based local

vending operation servicing central Indiana

Treat America Food Services Inc USA

Aug-08 7 Yedi Endustriyel Yemek Turkey based catering company Yemekci Turkey

Jul-08 Qua.ser s.r.l.; Zilch Ristorazione

s.r.l.

Italy based company engaged in catering services.;

Italy based provider of canteen and refectory

outsourcing services.

Gruppo Gemeaz Cusin Srl Italy

Jul-08 CLS Catering Services Limited

(30.00% stake)

Canada based provider of catering services in

airlines

LSG Lufthansa Service Europa

Afrika GmbH

Germany 4

Jul-08 Olympic Catering SA (55.70%

stake)

Greece based inflight catering company Alkmini Catering Greece 24

Jul-08 Lufthansa Airport Service-

Gesellschaft

Germany based catering company which has its

core competencies in food processing, logistics and

service profitably on the ground

SSP Deutschland GmbH Germany 27

Jun-08 Sardunya AS Turkey based catering group ISS Turkey Turkey

Jun-08 Cerfal Lecocq SA SDM France based companies providing food catering

and event organisation related services.

Holding SDPL Finorpa France

Enterprise Value /



Exhibit 12

Contract Catering Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


Jun-08 Grupo Servicoin S.A. de C.V Mexico based catering company ISS A/S Denmark

Jun-08 Yedi Turkey based company engaged in catering

business.

Bulutoglu Gida ve Lojistik

Hizmetleri AS

Turkey 13

Jun-08 SCK DUS GmbH& Co KG

Duesseldorf

Germany based joint venture, created by Air Berlin

and SCK Sky Catering Kitchen GmbH

Bordverpflegung & Co Service KG Ulm

Gate Gourmet Switzerland GmbH Switzerland

USA

May-08 Topic Caterers Australian based resources catering company ISS A/S Denmark 20

Apr-08 Polrest SA (formerly Gastropol

Group Sp. z.o.o.)

Poland based catering company and restaurant

operator.

ISS A/S Denmark 10

Apr-08 Aeromeal (majority stake) Russia based provider of airline catering services LSG Lufthansa Service Europa

Afrika GmbH

Germany

Mar-08 Cremonini s.p.a. Italian company operating in the food sector. The

business interests include distribution, production

and catering.

Luigi Cremonini Italy 2 482 138 0,4x 11,1x 7,0x

Mar-08 Catering Partnership Holdings

Limited

UK based food services operator Mitie Facilities Services Limited UK 18 9 0,5x

Mar-08 Accor (GR Brasil Servicos de

Alimentacao) (50.00% stake)

Brasil based provider of catering services Compass Group Plc UK 383 119 0,6x

Feb-08 The Oggenfuss Catering by

Wilfinger services GmbH

(Majority Stake)

Switzerland based restaurant operator and catering

service provider

Kofler & Kompanie AG Germany

Jan-08 Redcoral Catering Limited

(Insomnia) (51.00% stake)

Ireland based coffee shops chain and catering

company

Penninn H F Iceland 16

Jan-08 Patman Services Indian provider of facilities management,

housekeeping, business dining, catering and other

services

Aramark Corporation USA

Dec-07 Aviapartner Group (catering

activities)

Belgium based catering business of Aviapartner

Group

Gate Gourmet, Inc. Switzerland

Dec-07 Air Czech Catering Czech Republic based catering arm of Czech

Airlines

Alpha Overseas Holdings Limited Italy 26

Dec-07 Lsg Sky Chefs Espana SA Spain based provider of catering facilities. Newrest Inflight Espana SA Spain

Dec-07 Holroyd Howe Limited UK based catering company BaxterStorey Limited UK 48

Dec-07 Grupo Rocha Spanish services restaurant and catering service

provider.

ISS A/S Denmark

Nov-07 Bongrain Gastronomie French providers of catering services and

organisation of banquets and receptions

21 Centrale Partners France 94

Nov-07 Emin Catering (51.00% stake) Turkey based food and catering company. Klueh Service Management Germany 9

Enterprise Value /



Exhibit 12

Contract Catering Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)


Deal value


Oct-07 Airo Catering Services Sweden

AB (46.00% stake)

Sweden based inflight catering company LSG Lufthansa Service Holding AG Germany 16

Sep-07 Alpha Flight Services Pty Ltd

(49.00% stake)

Australia based provider of of in-flight catering

services

Emirates Airline United Arab

Emirates

Aug-07 Gemeaz Cusin Ristorazione Srl;

Scapa Italia Srl

Italy based catering and food distribution company

(formerly owned by Accor)

Barclays Private Equity Limited UK 312 135 0,4x

Jul-07 Nordic Airlink holding AB Sweden based company engaged in airline

business formerly owned by Finnair Oyj

Norwegian Air Shuttle ASA Norway 94 6 0,1x

Jun-07 Groupe Vivae France based contract catering company (formerly

owned by French PE Quartus)

Groupe Elior France 92

Jun-07 Brahim's-LSG Sky Chefs

Holdings Sdn Bhd (51.00% stake)

Malaysia based investment holding company

involved in the provision of in-flight catering.

Tamadam Bonded Warehouse Bhd Malaysia

Jun-07 Searcy Tansley & Co Ltd UK based catering group. Alternative Hotel Group UK 57 43 0,8x 5,1x

Jun-07 Mars Restaurants Private Limited;

SkyGourmet Catering Pvt Ltd

Indian airline catering company.; Indian hotel and

restaurant company.

India Hospitality Corp Cayman Islands 83

Jun-07 Alpha Airports Group Plc (57.30%

stake)

UK based company providing catering and retailing

services for airlines and airports

Autogrill SpA Italy 848 227 0,4x 12,3x 7,1x

May-07 Selecta Management AG Swiss food and beverage vending services operator

formerly owned by Compass Group

Allianz Capital Partners GmbH Germany 705 1129 1,6x

May-07 Chester Boyd Ltd Uk based catering services provider. Charlton House Catering Services

Ltd.

UK 15

May-07 Caterhouse Ltd UK based company providing catering services to

schools.

ISS Mediclean Ltd UK

Apr-07 Impact Exhibition Management

(42.22% stake)

Thailand based company provides exhibition,

convention space and related services as well as

food, beverage and catering services in connection

with the exhibition and convention facilities.

Juutland Ltd Cayman Islands 159

Mar-07 Saudia Catering (49.00% stake) Saudi Arabia based catering service Al Hokair And Sons Group Ltd

Newrest Inflight

Saudi Arabia

France

168

Feb-07 Waterfall Services Ltd UK based contract caterers. YFM Group Limited UK 18 6 0,4x

Jan-07 ARAMARK Corp Facilities services and catering buyer group USA $8032 0,7x 13,1x 8,5x

Jan-07 Carestel (95.95% stake) Belgium based catering and hospitality group with a

focus on food services (formerly owned by PE

Gimv)

Autogrill SpA Italy 79 45 0,6x 31,3x 8,9x

Jan-07 USAS Ucak Servisi AS (Catering Service Operations)

Turkey based catering service operations. THY Do & Co Catering Service AS

Turkey 36



Enterprise Value /



The Knowledge Centre’s Human Resources comparable public company analysis involves 20publicly traded Human Resources Services companies (Exhibits 13 and 14).


Exhibit 13

Human Resources Services Comparable Company Profit Trends(€ in millions)


Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Adecco Sa 14 797 379 64 7 328 7 440 2,6% 5,2% 5,7% 4,6% 7,5% 0,4% 3,8% 5,0% 4,0% 3,6%

Ambition Group Ltd. 54 0 -4 17 15 0,7% 0,9% 8,1% 9,8% 7,7% -8,3% -18,7% 7,3% 9,1% 6,8%

CPL Resources 190 5 4 80 38 2,6% 0,5% 8,0% 9,6% 7,2% 2,1% 0,1% 7,7% 9,5% 7,0%

D.L.S.I. 117 2 1 18 26 1,7% 4,0% 4,6% 3,1% 2,6% 1,2% 3,8% 4,3% 3,3% 2,5%

Demos 96 7 4 61 71 7,2% 12,0% 11,1% 10,4% 7,2% 3,7% 8,8% 9,4% 8,8% 4,1%

Groupe CRIT SA 1 128 20 14 205 186 1,8% 3,5% 4,9% 3,8% 4,1% 1,2% 3,1% 4,4% 3,4% 3,6%

Harvey Nash Group 434 4 2 43 38 0,8% 2,7% 2,9% 3,0% 2,9% 0,4% 2,5% 2,7% 2,7% 2,5%

Hays PLC 3 322 69 48 1 753 1 840 2,1% 6,9% 11,3% 10,6% 10,9% 1,5% 6,5% 10,6% 10,2% 10,6%

Hydrogen Group Plc 82 0 -6 36 33 0,5% 3,6% 8,9% 8,8% 9,8% -7,2% 2,2% 7,1% 7,0% 7,7%

InterQuest Group PLC 108 3 2 19 22 3,2% 5,2% 5,3% 5,4% 6,5% 2,0% 4,1% 4,2% 4,2% 5,3%

Matchtech Group Plc 315 14 14 58 60 4,6% 5,6% 5,5% 5,6% 5,1% 4,3% 5,3% 5,3% 5,3% 4,8%

Michael Page Intl 796 36 23 1 659 1 505 4,5% 15,1% 18,9% 16,0% 13,8% 2,8% 14,0% 17,9% 15,0% 12,7%

OPD Group Plc 55 -1 -2 -2,5% 7,1% 10,8% 11,8% 7,5% -3,7% 0,7% 8,5% 10,8% 6,5%

Parity 132 2 1 4 15 1,4% 2,4% 2,6% 0,8% -0,5% 1,0% 2,1% 2,3% 0,5% -4,7%

Poolia AB 127 4 3 53 46 3,3% 7,8% 5,8% 6,5% 2,0% 2,2% 7,3% 5,2% 6,1% -3,2%

Prime People 16 1 1 8 5 4,6% 4,6% 11,0% 10,9% 1,7% 3,2% 3,5% 10,4% 10,3% -1,9%

Robert Walters 334 6 2 265 246 1,8% 6,4% 8,8% 7,7% 6,2% 0,5% 5,5% 8,2% 7,1% 5,5%

SThree Plc 572 16 7 420 374 2,7% 9,2% 10,5% 5,4% 5,0% 1,3% 8,3% 9,8% 4,9% 4,4%

Synergie SA 948 19 16 280 246 2,0% 3,8% 4,0% 3,7% 4,2% 1,7% 3,6% 5,4% 3,4% 3,8%

Work Group Plc 25 -1 -1 4 1 -2,6% 2,6% 9,1% 8,3% 5,0% -3,6% 1,7% 7,5% 5,9% 3,6%

Mean 2,1% 5,5% 7,9% 7,3% 5,8% 0,3% 3,4% 7,2% 6,6% 4,3%Median 2,0% 4,9% 8,0% 7,1% 5,7% 1,2% 3,7% 7,2% 6,0% 4,3%




Exhibit 14

Human Resources Services Public Company Valuation Trends(€ in millions)


Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Adecco Sa 0,5x 0,2x 0,4x 0,5x 0,4x 17,9x 4,6x 6,4x 10,9x 5,6x 106,1x 6,4x 7,2x 12,4x 11,7x 834,6x 8,5x 9,2x 15,7x 16,0x

Ambition Group Ltd. 0,2x nm 0,5x 0,5x 0,4x 28,0x nm 6,7x 4,8x 4,6x nm 0,0x 7,5x 5,2x 5,2x nm nm 11,4x 9,2x 10,2x

CPL Resources 0,2x 0,0x 0,1x 1,2x 0,8x 6,5x 7,7x 1,7x 12,6x 11,7x 8,3x 53,0x 1,8x 12,9x 12,0x 16,8x 78,0x 4,0x 16,0x 15,6x

D.L.S.I. 0,2x 0,2x 0,3x 0,3x 12,1x 3,8x 6,8x 10,6x 17,4x 4,1x 7,3x 10,1x 24,8x 4,0x 8,7x 13,1x

Demos 0,7x 0,7x 1,5x 9,8x 5,8x 13,6x 19,1x 7,8x 16,1x 99,8x 15,4x 35,1x

Groupe CRIT SA 0,2x 0,1x 0,3x 0,4x 0,4x 9,2x 2,7x 5,6x 9,5x 9,0x 13,4x 3,1x 6,2x 10,8x 10,2x 27,3x 4,1x 8,6x 14,3x 13,5x

Harvey Nash Group 0,1x 0,0x 0,1x 0,2x 0,2x 6,3x 1,6x 3,1x 7,0x 6,0x 12,1x 1,8x 3,3x 7,9x 6,9x 30,7x 3,4x 6,1x 12,4x 8,2x

Hays PLC 0,5x 0,5x 0,5x 1,2x 1,2x 24,2x 7,0x 4,6x 11,4x 11,0x 34,4x 7,5x 4,9x 11,8x 11,3x 136,5x 11,2x 6,6x 14,9x 11,4x

Hydrogen Group Plc 0,2x 0,1x 0,6x 43,7x 3,9x 6,3x nm 6,3x 7,8x nm 12,9x 12,7x

InterQuest Group PLC 0,2x 0,2x 0,4x 5,6x 3,1x 7,7x 9,0x 4,0x 9,6x 10,9x 4,2x 10,8x

Matchtech Group Plc 0,1x 0,2x 0,6x 2,5x 4,4x 10,0x 2,6x 4,6x 10,4x 3,7x 6,7x 14,4x

Michael Page Intl 1,5x 0,6x 1,1x 2,3x 1,7x 34,0x 4,1x 5,9x 14,5x 12,2x 53,5x 4,4x 6,3x 15,5x 13,3x 98,6x 7,1x 9,3x 23,0x 18,0x

OPD Group Plc 0,4x 0,0x 0,3x nm 0,6x 2,5x nm 6,1x 3,2x nm nm 6,9x

Parity 0,1x 0,1x 0,2x 0,2x 0,3x 8,3x 2,1x 6,6x 26,6x nm 11,7x 2,4x 7,5x 47,1x nm nm nm 51,6x 34,9x nm

Poolia AB 0,3x 0,1x 0,3x 0,7x 0,5x 9,7x 1,4x 5,1x 11,0x 25,8x 14,7x 1,5x 5,6x 11,7x nm 26,1x 3,3x 7,7x 17,6x nm

Prime People 0,2x nm 0,3x 0,8x 2,0x 3,5x nm 3,0x 7,1x 117,9x 4,9x nm 3,2x 7,5x nm 13,7x 3,2x 4,8x 10,9x nm

Robert Walters 0,5x 0,2x 0,3x 1,0x 0,5x 27,5x 2,6x 3,6x 12,8x 8,0x 92,6x 3,0x 3,9x 13,9x 8,9x 680,5x 6,4x 6,7x 19,7x 15,4x

SThree Plc 0,5x 0,2x 0,5x 1,3x 0,9x 18,5x 2,3x 4,8x 24,6x 18,1x 39,7x 2,6x 5,1x 27,4x 20,2x 63,4x 4,3x 8,0x 44,1x 40,0x

Synergie SA 0,3x 0,1x 0,3x 0,3x 0,4x 12,8x 2,9x 8,5x 9,1x 8,7x 15,0x 3,1x 6,3x 9,9x 9,7x 31,8x 6,1x 10,1x 15,5x 16,0x

Work Group Plc 0,0x 0,0x 0,4x 0,6x nm 1,4x 4,9x 6,9x nm 2,1x 5,9x 9,7x nm 6,9x 9,1x 13,2x






The median EV/EBIT and EV/EBITDA for the comparable Human Resources Services M&A transactions are 11.3x and 8.6x, respectively. (NB 5 past years average multiple of 9.6xEBITDA)

Exhibit 15

Human Resources Services Comparable M&A Transactions(€ in millions except where mentioned in $) Deal value

Date Target Company Target Description Bidder Company Country Revenue (€m) Sales EBIT EBITDA

Sep-10 INPUT, Inc. US based provider of market intelligence, analysis, consulting, and

events and training services

Deltek, Inc. USA 19 44 2,3x

Sep-10 Wridgways Australia Limited Australia based company providing removal, packaging, storage, and

relocation solutions

Santa Fe Holdings Ltd Hong Kong 78 59 0,7x 9,9x 8,6x

Sep-10 Learn.com, Inc. US based provider of SaaS learning management solutions Taleo Corporation USA 99

Sep-10 Insurance Overload Services, Inc. US based company that offers temporary and permanent

employment staffing services

Corporate Resource Services Inc USA 5

Aug-10 FujiStaff Holdings Inc (79.5% Stake) Japan based provider of personnel placement and planned

recruitment services

Randstad Holding NV Netherlands 473 162 0,4x 13,3x 11,1x

Aug-10 Rigzone.com, Inc. U.S. based online company specializing in career services for

professionals in the oil and gas industry, as well as in content, data,

and advertising related to the oil and gas industry

Dice Holdings, Inc. USA 7 43 6,5x 9,8x

Aug-10 Online Career Center Mexico Inc (40%

Stake)

Mexico based operator of online employment services SEEK Limited Australia 31

Jul-10 Medfinders Inc US based provider of nurse staffing services to hospitals and other

healthcare facilities

AMN Healthcare Services Inc USA 169

Jul-10 Integrity Interactive Corporation US based compliance and business ethics consultant and training

services provider

SAI Global Limited Australia 132

Jul-10 Sharpstream Life Sciences Limited UK based provider of search services for executive to middle

managers in the life sciences industry

On Assignment, Inc. USA 3 4 1,1x

Jul-10 Vaughan Systems (55% Stake) Spain based on-site and multimedia English language training

company

AC Capital Premier II Spain 20 14 1,3x

Jul-10 Optimark SA (56.46% Stake) Optimark is one of the leading French operators in the field of

commercial presentations, external sales forces, and training.

OC Financial Inc USA 20 9 0,8x 11,7x

Jul-10 Medical Staffing Network Inc US based healthcare staffing company and provider of per diem

nurse staffing services

MSN AcquisitionCo, LLC USA 237 67 0,3x 6,0x

Jun-10 Intelligence Ltd Japan based recruitment and consulting company Kohlberg Kravis Roberts & Co USA 452 288 0,6x 27,9x

Jun-10 Independent Clinical Services Limited UK based provider of temporary nursing staff on a short term, last

minute and emergency basis

Blackstone Group Holdings LLC USA 132

Jun-10 Wynnwith Group Ltd UK based technical engineering personnel and project design

solutions provider

Morson Wynnwith Limited United

Kingdom

79 9 0,1x

Jun-10 Ross Education LLC (58% Stake) US based provider of vocational school job training and related

services

JLL Partners USA 195

May-10 Melorio Plc UK based company providing vocational training, apprenticeships

and TtG Plus programs to the information and communications

technology industries

Pearson Plc UK 66 121 1,8x 7,9x 6,5x

May-10 WorldwideWorker.com Netherlands based company that provides energy jobs for engineers

and professionals in the energy sector

Dice Holdings Inc USA 7

Apr-10 The Cambridge Group Ltd US based provider of recruiting, consulting and staffing services for

physician, pharmaceutical and IT jobs

On Assignment Inc USA 8 4 0,5x

Apr-10 COMSYS IT Partners Inc US based company specialized IT staffing and project

implementation services, including Website development and

integration, application programming and development, client/server

development, systems software architecture and design, systems

engineering and systems integration

Manpower Inc USA 450 296 0,7x 29,8x 16,2x

Mar-10 Trustaff Inc US based national health care staffing company Medical Connections Holdings

Inc

USA 20

Enterprise Value /



Exhibit 15

Human Resources Services Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


Feb-10 Brainhunter Inc (formerly TrekLogic

Technologies Inc)

Canada based recruiting and staffing firm. It manages post-hire

activities, including contract management, billing, internal and

external payment processing, payroll administration and financial

reporting

Zylog Systems Limited India 35 34 1,0x

Feb-10 OneClickHR Plc UK based company engaged in the design, production, marketing,

and sale of human resources software. The company also provides

consulting services, online HR services, and HR outsourcing and

training services

ADP Network Services Ltd UK 6 16 2,6x 52,0x 21,2x

Feb-10 Hotjobs.com Inc US based online recruitment solutions and software company of

Yahoo! Inc

Monster Worldwide Inc USA 162

Feb-10 Tatum LLC US based recruiting and staffing company SFN Group (formerly Spherion

Corporation)

USA 84 33 0,4x

Jan-10 MPS Group Incorporated US provider of staffing and consulting services, as well as solutions

in the areas of information technology, finance, accounting, law,

engineering and healthcare.

Adecco SA Switzerland 1 591 772 0,5x 9,3x 7,9x

Jan-10 HighCare Detachering BV (Significant

Stake)

Netherland based staffing agency of medical professionals High Care Holding BV Netherlands 5

Jan-10 Towers Perrin Forster & Crosby Inc US based provider of human resource and administration consulting

services, reinsurance intermediary, and actuarial and management

consulting

Watson Wyatt Worldwide, Inc USA 1245

Jan-10 Fagro Consultancy BV MBO of Netherlands based interim and financial consultancy firm of

Altran Technologies SA

Fagro Consultancy BV (MBO

Vehicle)

Netherlands 19 12 0,6x 3,0x 3,0x

Dec-09 International Resources Group Limited

(50.50% stake)

UK based executive search and selection services firm formerly

onwed by OPD Group Plc

Odgers (MBO Vehicle) UK 79 13 0,2x 2,6x 2,3x

Dec-09 Koosharem Corporation US based company that provides temporary staffing services Atlas Acquisition Holdings Corp USA 988 577 0,6x 11,8x

Dec-09 CAE (A320 Training Center) (51.00%

stake)

Russia based airline pilots training center OAO Aeroflot Russia 12

Dec-09 HSBC Actuaries and Consultants Limited UK based provider of actuarial, pension scheme administration,

employee benefit and investment consultancy services

Jardine Lloyd Thompson Group

Plc

UK 40 5 0,1x 3,0x 2,8x

Nov-09 New Dynamic Institute (undisclosed stake) China based company providing educational training Matrix Partners China; WI Harper

Group Inc

China USA 7

Oct-09 Spring Group Plc UK based company engaged in the provision of recruitment, staffing

and related services formerly onwed by ET Training LLC

Adecco SA Switzerland 540 62 0,1x 9,2x 6,5x

Sep-09 StepStone ASA (67.03% stake) Norway based online recruitment company Axel Springer AG Germany 124 82 1,1x 12,5x 8,3x

Aug-09 Alljobs Ltd (75.00% stake) Israel based online jobseeker company formerly onwed by

Headhunter.ru

Yediot Ahronot Israel 6

Aug-09 Air Energi Group Limited UK based recruitment agency for the oil and gas sector Zeus Private Equity LLP UK 35

Jul-09 BPP Holdings Plc UK based provider of professional education Apollo Global Inc USA 173 387 2,2x 17,2x 13,4x

Jul-09 Phoenix Associates Co Ltd Japan based company providing business communication skills

training and human resources development programs to

multinational corporations

Berlitz International Inc USA 8 7 1,0x

Enterprise Value /



Exhibit 15

Human Resources Services Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


Jul-09 FIITJEE Limited (Undisclosed Stake) India based provider of training for IIT-JEE, AIEEE and other

engineering entrance exams

Matrix Partners India India 22 15

Jun-09 Educomp Solutions Limited (vocational

training business) (50.00% stake)

India based vocational training business Pearson Plc UK 13

Jun-09 Gissings Consultancy Services Limited UK based pension consultants, providing actuarial, advisory,

investment and administration services for UK pension plans

Capita Hartshead UK 11

Apr-09 Wall Street English China based provider of English language training to university

students and professionals in China, through 39 company-owned

training centers in seven cities including Beijing, Shanghai,

Guangzhou and Shenzhen

Pearson Plc UK 110

Mar-09 Westaff Inc (49.50% stake) US based recruitment company formerly owned by Delstaff LLC Koosharem Corporation USA 255 8 0,1x

Feb-09 CHKS Limited UK based provider of healthcare intelligence and quality

improvement services formerly onwed by Healthcare Knowledge

Systems International Ltd

The Capita Group Plc UK 9 13 1,5x

Feb-09 Arena Personal AB Sweden based staffing and recruitment company SMTW Personal Holding AB Norway 19 16 0,8x 10,9x 10,6x

Feb-09 Integrata AG (91.04% stake) Germany based provider of training solutions in the fields of

information technology, personnel and organization development,

and systems, applications and products (SAP) trends and processes

formerly owned by Logica Plc

Cornerstone Equity Investors USA 36 15 0,4x 18,1x 9,6x



Enterprise Value /

Section VII: Waste Management Services CompaniesComparable Public Company Valuations

The Knowledge Centre’s Waste Management comparable public company analysis involves 23 publicly traded Waste Management & Recycling companies (Exhibits 16 and & 17).

The median EBIT and EBITDA margins for the Waste Management industry are 11.1% and 23.0%, respectively. The median EV/EBIT and EV/EBITDA for the Waste Management industry are 14.6x and 8.2x, respectively.

The median EBIT and EBITDA margins for the Recycling industry are 2.3% and 4.3%, respectively. The median EV/EBIT and EV/EBITDA for the Recycling industry are 17.2x and 11.3x, respectively.

Exhibit 16

Waste Management & Recycling Comparable Company Profit Trends(€ in millions)


Waste Management

Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Augean plc 35 6 -59 29 36 18,2% 26,4% 31,6% 32,5% 33,2% -169,1% 12,9% -86,8% -24,3% -24,5%

Casella Waste Systems 395 91 34 93 500 23,0% 19,9% 20,4% 20,5% 21,8% 8,6% -3,2% 6,8% 2,5% 9,5%

Clean Harbors Inc 749 103 54 1 307 1 354 13,7% 14,8% 13,0% 13,2% 11,3% 7,2% 9,9% 9,0% 7,9% 7,3%

Covanta Holding Corp. 1 082 278 120 1 749 3 085 25,7% 30,6% 34,7% 38,8% 35,9% 11,1% 18,6% 18,7% 23,4% 22,5%

Fomento Const y Contr(Fcc 12 700 1 461 738 2 305 10 870 11,5% 12,3% 14,6% 14,3% 13,8% 5,8% 6,8% 9,3% 9,2% 9,2%

GPE Groupe Pizzorno Environnement168 27 13 68 123 16,3% 15,0% 16,8% 19,0% 20,2% 7,8% 3,9% 7,0% 9,5% 9,3%

IESI-BFC Ltd. 704 199 89 1 849 2 479 28,3% 27,5% 30,0% 30,6% 30,4% 12,7% 11,5% 11,6% 11,4% 8,5%

Perma Fix Environmental Services 70 10 7 69 77 14,1% 8,9% 10,6% 12,6% 10,7% 9,4% 2,9% 3,1% 7,0% 5,8%

Republic Services Inc 5 720 1 623 1 018 8 419 13 370 28,4% 19,8% 26,9% 26,7% 26,5% 17,8% 7,7% 17,3% 17,1% 16,7%

Seche Environnement 366 95 63 477 724 26,1% 26,7% 27,1% 26,0% 25,2% 17,3% 16,8% 14,2% 16,2% 14,3%

Shanks Group 766 101 40 510 892 13,2% 16,3% 16,8% 15,4% 15,8% 5,2% 9,2% 9,8% 9,2% 8,2%

Stericycle 822 248 218 4 409 5 113 30,2% 28,2% 27,4% 29,0% 31,3% 26,5% 25,0% 24,3% 25,3% 20,5%

Suez Environnement SA 12 296 1 706 783 6 932 13 685 13,9% 14,4% 15,2% 15,8% 15,1% 6,4% 8,0% 8,4% 8,8% 6,9%

US Ecology Inc. 92 22 16 213 189 24,3% 25,9% 24,8% 28,4% 31,9% 17,6% 19,8% 18,7% 21,4% 31,1%

Veolia Environnement SA 34 551 3 409 1 837 10 294 28 059 9,9% 9,4% 11,6% 11,6% 11,9% 5,3% 5,3% 7,3% 7,3% 7,3%

Waste Connections Inc 831 252 156 2 241 2 868 30,3% 29,6% 30,6% 30,0% 32,3% 18,7% 20,2% 21,6% 20,3% 23,3%

Waste Management Inc 8 226 2 130 1 317 12 572 18 326 25,9% 25,9% 26,1% 24,9% 23,4% 16,0% 16,7% 16,7% 14,9% 12,8%

Waste Services Inc 303 69 37 22,7% 18,4% 21,0% 15,4% 14,1% 12,4% 8,8% 9,1% 4,6% 2,8%

WCA Waste Corp. 135 35 15 70 225 26,0% 25,7% 27,4% 28,6% 28,2% 11,3% -11,0% 12,2% 14,0% 14,1%

Mean 21,1% 20,8% 22,5% 22,8% 22,8% 2,5% 10,0% 7,3% 10,8% 10,8%Median 23,0% 19,9% 24,8% 24,9% 23,4% 11,1% 9,2% 9,8% 9,5% 9,3%


Recycling

Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Commercial Metals 4 748 184 76 1 172 1 754 3,9% 5,1% 8,2% 8,9% 8,4% 1,6% 3,8% 6,9% 7,7% 7,2%

Metalico, Inc. 204 19 14 157 237 9,5% 4,0% 10,3% 11,6% 10,5% 6,8% -4,6% 8,9% 9,6% 8,0%

Sims Metal Management Ltd. 5 230 256 155 2 284 2 274 4,9% 3,0% 10,2% 8,4% 9,2% 3,0% -1,2% 9,0% 7,3% 8,1%

Derichebourg 2 432 105 -3 606 1 544 4,3% 6,8% 5,2% 2,4% 3,1% -0,1% 4,3% 2,8% 0,6% 0,6%

Mean 5,7% 4,7% 8,5% 7,8% 7,8% 2,8% 0,6% 6,9% 6,3% 6,0%Median 4,6% 4,5% 9,2% 8,6% 8,8% 2,3% 1,3% 7,9% 7,5% 7,6%


Section VII: Waste Management Services CompaniesComparable Public Company Valuations

Exhibit 17

Waste Management Public Company Valuation Trends(€ in millions)


Waste Management

Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Augean plc 1,4x 1,6x 3,3x 3,8x 4,0x 7,7x 6,2x 10,3x 11,5x 12,1x nm 12,8x nm nm nm nm 13,5x nm nm nm

Casella Waste Systems 1,3x 1,1x 1,4x 1,3x 1,6x 5,8x 5,4x 7,0x 6,3x 7,3x 15,7x nm 21,2x 51,2x 16,8x nm nm nm nm 51,0x

Clean Harbors Inc 1,5x 1,3x 1,1x 1,2x 0,8x 11,1x 8,6x 8,7x 9,2x 7,3x 21,0x 12,9x 12,6x 15,4x 11,3x 42,6x 26,2x 23,9x 20,6x 22,0x

Covanta Holding Corp. 3,0x 3,1x 4,4x 11,7x 10,1x 12,6x 27,2x 16,6x 23,4x 27,6x 24,3x 32,6x

Fomento Const y Contr(Fcc 0,9x 0,8x 1,2x 1,8x 1,0x 8,2x 6,5x 8,3x 12,3x 7,4x 16,3x 11,8x 13,0x 19,0x 11,1x 11,3x 8,8x 9,1x 18,8x 14,8x

GPE Groupe Pizzorno

Environnement0,7x 0,7x 0,9x 1,5x 1,5x 4,5x 4,5x 5,1x 8,1x 7,5x 9,3x 17,5x 12,3x 16,2x 16,3x 15,6x 35,1x 21,5x 29,8x 34,4x

IESI-BFC Ltd. 2,2x 1,7x 2,8x 2,9x 3,3x 7,7x 6,2x 9,4x 9,6x 10,8x 17,2x 14,7x 24,2x 25,7x 38,8x 24,7x 12,9x 48,5x 44,0x 139,7x

Perma Fix Environmental

Services1,4x 1,1x 2,8x 1,4x 1,0x 9,8x 12,6x 26,3x 11,4x 9,0x 14,7x 39,4x 88,4x 20,8x 16,6x 13,2x 36,1x nm 25,6x 20,9x

Republic Services Inc 2,2x 4,6x 2,3x 2,2x 2,3x 7,6x 23,4x 8,6x 8,3x 8,6x 12,1x 59,9x 13,4x 13,0x 13,7x 21,8x 127,1x 20,0x 18,9x 20,5x

Seche Environnement 2,1x 1,7x 3,8x 3,2x 2,5x 8,0x 6,4x 13,9x 12,2x 10,0x 12,0x 10,1x 26,5x 19,6x 17,6x 20,7x 12,0x 48,5x 31,8x 22,2x

Shanks Group 1,1x 0,8x 1,7x 1,8x 1,4x 8,2x 4,9x 9,9x 11,4x 8,7x 20,6x 8,7x 17,1x 19,0x 16,7x 10,7x 20,7x 21,8x 20,3x 13,7x

Stericycle 4,8x 4,8x 6,2x 4,8x 4,8x 15,9x 17,1x 22,7x 16,5x 15,5x 18,1x 19,3x 25,6x 19,0x 23,6x 26,6x 29,9x 43,9x 31,7x 38,7x

Suez Environnement SA 1,2x 1,0x 8,6x 6,9x 18,7x 12,5x 19,6x 11,0x

US Ecology Inc. 2,1x 2,0x 2,5x 2,8x 3,0x 8,6x 7,7x 10,1x 9,9x 9,3x 11,8x 10,0x 13,3x 13,0x 9,6x 22,1x 17,1x 22,1x 21,2x 16,6x

Veolia Environnement SA 0,8x 0,8x 1,4x 1,4x 1,2x 8,6x 8,7x 12,3x 12,1x 10,2x 15,9x 15,5x 19,4x 19,3x 16,7x 19,5x 25,9x 31,8x 31,8x 25,0x

Waste Connections Inc 2,9x 2,9x 3,0x 3,1x 3,1x 9,7x 10,0x 9,7x 10,3x 9,5x 15,7x 14,6x 13,7x 15,2x 13,1x 23,9x 23,9x 20,9x 24,6x 18,9x

Waste Management Inc 2,1x 1,8x 1,9x 2,1x 1,9x 8,0x 7,0x 7,1x 8,3x 8,2x 13,0x 10,9x 11,1x 13,8x 15,0x 16,5x 15,0x 14,0x 17,1x 14,2x

Waste Services Inc 1,9x 1,4x 1,6x 2,1x 1,5x 8,3x 7,5x 7,8x 13,6x 11,0x 15,3x 15,7x 17,9x 45,5x 54,6x 30,0x 30,3x nm nm nm

WCA Waste Corp. 1,6x 1,2x 1,7x 1,7x 2,7x 6,1x 4,5x 6,3x 6,1x 9,5x 14,0x nm 14,1x 12,4x 19,0x nm nm nm 99,8x 37,7x

Mean 1,9x 1,8x 2,4x 2,3x 2,2x 8,6x 8,6x 10,9x 10,4x 9,5x 16,0x 17,8x 21,6x 21,1x 19,4x 21,6x 27,6x 27,6x 31,2x 32,7x

Median 1,6x 1,4x 2,1x 2,1x 1,9x 8,2x 7,0x 9,5x 10,3x 9,3x 15,7x 14,6x 17,1x 19,0x 16,7x 21,2x 23,9x 22,1x 25,1x 22,0x

PEEV/EBITEV/EBITDAEV/Net Sales

Recycling

Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Commercial Metals 0,4x 0,4x 0,4x 0,4x 0,3x 10,3x 7,7x 5,4x 4,3x 3,7x 25,0x 10,4x 6,4x 4,9x 4,4x 91,6x 12,8x 9,6x 7,1x 6,1x

Metalico, Inc. 1,2x 0,2x 1,3x 0,6x 0,6x 12,2x 5,5x 12,8x 4,8x 5,3x 17,2x nm 14,8x 5,8x 6,9x nm nm 23,3x 5,7x 4,3x

Sims Metal Management Ltd. 0,5x 0,6x 1,0x 0,7x 0,7x 9,5x 19,1x 10,1x 7,8x 8,1x 15,7x nm 11,4x 8,9x 9,2x 27,5x nm 17,4x 13,1x 12,7x

Derichebourg 0,7x 0,3x 0,5x 0,5x 0,6x 15,1x 4,4x 8,9x 22,6x 19,8x nm 6,9x 16,8x 94,9x 98,2x nm 6,8x 13,5x nm nm






The median EV/EBIT and EV/EBITDA for the comparable Waste Management M&A transactions are 13.3x and 7.9x, respectively. (NB 5 past years average multiple of 8.1xEBITDA)

Exhibit 18

Waste Management Comparable M&A Transactions(€ in millions except where mentioned in $)

Deal value

Date Target Company Target Description Bidder Company Bidder

Country

Revenue (€m) Sales EBIT EBITDA

Sep-10 Donarbon Limited UK based waste management company AmeyCespa Limited UK 22 58 2,6x 22,2x 16,3x

Sep-10 Healthcare Waste Solutions Inc US based provider of waste management services to the

healthcare industry

Stericycle Inc USA 180

Sep-10 Cooper Island Investments, L.L.C.

(51% Stake)

Turkey based company having interest in steel dust recycling

plant in Iskenderun

Befesa Medio Ambiente, SA Spain 7

Sep-10 Resta AB Sweden based compnay engaged in collection, transportation,

sorting, and treatment of waste for municipalities and industrial

customers

RenoNorden AS Norway 10

Sep-10 Stablex Canada Inc. Canada based industrial waste treatment and disposal

company

US Ecology Inc USA 29 61 2,1x

Aug-10 Cork County Council (Waste

collection business)

Ireland based Waste collection business of Cork County

Council

Country Clean Recycling Ltd Ireland 10

Jul-10 Controlled Recovery Inc; U.S. Liquids

of Louisiana LP; Calpet / R&G Group

of Companies

US based companies engaged in the treatment, recovery and

disposal of oil and gas wastes, liquid waste management

services

R360 Environmental Solutions USA 193

Jul-10 Alchema Limited; Future Industrial

Services Ltd

UK based company engaged in supply and recycling of

chemical etchant solutions ; UK based provider of waste

management and specialised industrial waste management

services

One51 plc Ireland 18

Jul-10 Global Renewables Australia Pty Ltd

(51% Stake)

Australia based company providing waste management

solutions

SSP Resources Gloucester Holdings

B.V.

USA 32

Jul-10 Hoefler Consulting Group US based company that provides pollution prevention services SLR Holdings Limited UK 8 6 0,8x

Jun-10 Reconomy Recycling Solutions

Limited

UK based materials recycling company Viridor Waste Management Ltd UK 29

Jun-10 Greenstar Environmental Limited UK based waste management company Biffa Limited UK 163 164 1,0x 17,8x

Jun-10 Simpro Limited UK based waste management company TEG Group Plc UK 4 6 1,6x 9,5x 5,8x

May-10 SWEEEP Limited (50.00% stake) UK based company specialising in recycling electronics Kuusakoski Oy Finland 6 8 2,6x 13,1x 10,6x

May-10 Geo Vision Solucoes Ambientais e

Energia SA (50.00% stake)

Brazil based waste management firm operating in Sao Paulo

state

SUMA Group Portugal 45 22 1,0x

Apr-10 Veolia Environnement SA (5.00%

stake)

France based environmental services company, which is

involved in water holding, waste management, energy and

transport operations

Qatari Diar Real Estate Investment

Company

Qatar 34 551 647 0,8x 14,1x 7,5x

Apr-10 Umwelt-und Entsorgungstechnik AG

(certain operations)

Austria based recycling operations of Umwelt-und

Entsorgungstechnik AG

Asamer Holding AG Austria 15

Mar-10 Ecocentro Soluzioni Ambientali Srl;

Esposito Servizi Ecologici Srl

Italian waste management companies Actelios SpA Italy 13

Mar-10 Waterchem Limited UK based company providing water hygiene and water

treatment services to facilities management companies,

hospitals, universities and local authorities

Green Compliance UK 9 11 1,2x

Mar-10 Eco Services Korea Co Ltd South Korea based waste management company Corporation KG Ltd South Korea 30

Mar-10 Euro Environmental Group Limited UK based provider of drain and sewer cleaning, inspection and

repair services

Sovereign Capital Partners LLP UK 22

Mar-10 Hudson Valley Waste Holding Inc

(Majority Stake)

US based company engaged in collection, processing, and

recycling of nonhazardous solid waste materials

Clairvest Equity Partners III Limited ;

Clairvest Group Inc

Canada 26

Feb-10 Western Rubber Group Canada based company recycling scrap rubber tires in raw

materials

Laurel Mountain Partners LLC USA 14

Enterprise Value /



Exhibit 18

Waste Management Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


Country


Jan-10 AbitibiBowater Inc (Recycling

Division's material recycling facilities)

US based three material recycling facilities at Arlington,

Houston, and San Antonio

Waste Management Recycle

America

USA 8

Dec-09 Valdi France based company specialised

in the processing and recycling of non-ferrous metals

Eramet S.A. France 25 20 0,8x

Dec-09 Champion City Recovery Transfer

Station LLC; Sunny Farms Landfill

LLC

US based companies engaged in waste disposal and recycling

of non hazardous, solid wastes

WCA Waste Corporation USA 23

Dec-09 The International Metals Reclamation

Company Inc

US based recycler of metal bearing wastes Horsehead Holding Corp USA 41 23 0,6x 2,7x

Dec-09 General Environmental Management,

Inc. (DE)

US based full-service hazardous waste management and

environmental services firm.

PSC Environmental Services LLC USA 11

Dec-09 GreenSafe Demanufacturing Inc

(60.00% stake)

Canada based company engaged in dismantles old appliances,

such as fridges and stoves, and recycle the materials, including

plastic, aluminum, copper and steel

Bergamo Acquisition Corp USA 33

Nov-09 Waste Services Inc Canada based integrated solid waste services company

providing collection, transfer, landfill disposal and recycling

services for commercial, industrial and residential customers

IESI-BFC Ltd. (formerly BFI Canada

Ltd.)

Canada 339 487 1,4x 16,3x 7,8x

Oct-09 Veolia Environmental Services Ltd

(commercial waste and recycling

operations)

Ireland based commercial waste and recycling business of

Veolia Environmental Services Ltd

Greenstar Environmental Ltd UK 50

Oct-09 Kommunekemi a/s Denmark based waste treatment company EQT Infrastructure Fund Sweden 43 35 0,8x 7,9x 4,3x

Oct-09 Republic Services, Inc. (operations

and related assets located in Miami-

Dade)

US based solid waste collection, recycling and disposal

services business

Waste Services Inc Canada 22

Oct-09 DisposAll Waste Services, LLC

(Miami-Dade operations)

US based recycling and disposal services business Waste Services Inc Canada 11

Sep-09 Manutencoop Servizi Ambientali SpA Italy based company offering environmental services like waste

management and waste disposal

Aimeri Ambiente Srl Italy 108 48 0,4x 13,3x 4,2x

Sep-09 WastePro USA Inc (Undisclosed

Stake)

US based company providing solid waste collection, disposal

and recycling services

Roark Capital Group USA 69

Sep-09 Santa Clara Waste Water US based privately owned wastewater treatment business General Environmental Management

Inc

USA 5 6 1,2x

Sep-09 UKAEA Limited UK based company providing nuclear clean-up, waste

management and environmental restoration services. It offers

programme management, decommissioning, waste

Babcock International Group Plc UK 35 42 1,2x

Sep-09 EcoSecurities Group Plc Ireland based provider of emission reduction and consulting

services, incorporated in Ireland

JPMorgan Chase & Co USA 69 91 1,3x

Aug-09 City Waste Inc US based company engaged in providing waste management

services that includes waste transfer, landfills, disposal and

recycling services

Waste Management Inc USA 12

Aug-09 Miljotransport AS Norway based waste management company Franzefoss Bruk AS Norway 12

Aug-09 Transpacific Industries Group Ltd

(20.35% stake)

Australian company providing integrated industrial cleaning and

total waste management, with particular focus on the liquid,

solid and hazardous waste management markets

Warburg Pincus LLC USA 1 259 181 1,6x 14,3x 9,1x

Aug-09 Shanghai Environment Group Co Ltd

(40.00% stake)

Chinese waste management company Wheelabrator China Holdings Ltd Hong Kong 99

Jul-09 Intercontinental Recycling Limited UK based plastics recycling company Viridor Waste Management Ltd UK 9

Jul-09 Chonbuk Envitech (39.00% stake) South korea based wastewater treatment company Environmental Facilities

Management Corporation

South Korea 11 6 3,7x 31,6x 17,7x

Jul-09 Pyros Environmental Limited UK based hazardous waste processing company Tradebe Group Spain 19 12 0,6x

Jul-09 Serhat Atik AS (70.00% stake) Turkey based waste management company engaged in

hazardous waste disposal activities

Cimentas Izmir Cimento Fabrikasi

Turk AS

Turkey 11

Jul-09 Sanipac Inc US based solid waste services company providing waste

collection, transfer, disposal, inter modal logistics and recycling

services

Waste Connections Inc USA 31

Enterprise Value /



Exhibit 18

Waste Management Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)


Deal value


Country


Mar-09 Auburndale Recycling Center Inc US based recycler of tires Ridge Recyclers Inc USA 4

Feb-09 CMA Corporation Limited (32.14%

stake)

Australia based scrap metal group with operations in the

sourcing, supply, processing and exporting of scrap metal

Scholz Invest GmbH Germany 303 25 0,5x 12,0x 7,9x

Feb-09 Promotora Ambiental del Sureste SA

DE CV (75.00% stake)

Mexico based company that provides waste management and

recycling services

Double V Holding SA de CV Mexico 8

Feb-09 Lawrence Recycling and Waste

Management (50.00% stake)

UK based provider of waste disposal and recycling services Maven Capital Partners UK LLP;

Orbis Partners LLP

UK;UK 11

Feb-09 Republic Services Inc (Certain

Assets)

US based six municipal solid waste landfills, six collection

operations and three transfer stations across seven markets of

Republic Services Inc

Waste Connections Inc USA 85 195 2,3x

Feb-09 Advanced Manufacturing Control

Systems Limited (34.39% stake)

Ireland based company which provides tech solutions to the

waste and recycling industry

Ulster Bank Diageo Venture Fund;

WHEB Venture

Ireland

(Republic);U

K

5

Feb-09 CMA Corporation Limited (32.14%

stake)

Australia based scrap metal group with operations in the

sourcing, supply, processing and exporting of scrap metal

Scholz Invest GmbH Germany 303 25 0,5x 12,0x 7,9x

Jan-09 Ecolevante SpA; Waste Recycling

SpA

Italy based companies engaged in waste management and

recycling services.

Corvette Srl Italy 82



Enterprise Value /

Section VIII: Consulting Services – Excluding IT


The Knowledge Centre’s Consulting Services comparable public company analysis involves 28 publicly traded Consulting Services companies (Exhibits 19 and 20).


Exhibit 19

Consulting Services Comparable Company Profit Trends(€ in millions)


Company NameSales

(Last)

EBITDA

(Last)

EBIT

(Last)

Market

cap.

(Current)

Enterprise

Value

(Current)

2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Accenture Plc 16 194 2 371 1 848 23 063 20 228 14,6% 13,9% 13,8% 11,6% 13,5% 11,4% 11,9% 11,6% 10,1% 12,4%

Aea Technology 127 15 12 56 86 11,7% 11,8% 15,0% 34,2% 37,7% 9,4% 10,0% 12,1% 31,8% 0,4%

Akka Technologies SA 333 24 17 151 161 7,1% 9,7% 9,6% 10,8% 10,2% 5,2% 7,8% 8,0% 9,0% 8,6%

Alten SA 857 74 58 762 767 8,6% 13,0% 12,8% 14,9% 16,4% 6,7% 11,7% 11,0% 14,2% 15,3%

Altran Technologies SA 1 404 -17 -72 442 628 -1,2% 8,8% 7,6% 7,6% 7,6% -5,1% 4,9% 4,6% 3,1% 2,0%

Amec 2 822 226 205 3 910 3 076 8,0% 7,7% 5,9% 1,3% 3,1% 7,3% 10,8% 5,7% -3,1% 1,0%

Assystem 613 21 8 261 263 3,4% 8,6% 8,1% 6,5% 8,9% 1,3% 7,0% 5,6% 5,2% 8,3%

Atkins Ws 1 555 175 126 887 570 11,2% 10,1% 9,2% 4,9% 10,3% 8,1% 7,0% 6,7% -3,3% 7,5%

Bureau Veritas 2 648 478 406 5 650 6 331 18,1% 16,9% 14,9% 15,7% 15,3% 14,5% 12,8% 13,9%

Cap Gemini SA 8 371 508 333 5 846 4 578 6,1% 9,4% 7,9% 6,6% 3,6% 4,0% 6,7% 5,7% 4,3% 0,7%

Diamond Management & Technology Consultants Inc.156 13 12 245 202 8,3% -6,7% 8,5% 6,2% 8,2% 7,5% -7,9% 7,7% 5,2% 6,3%

Ginger SA 269 22 16 8,2% 7,2% 7,1% 6,4% 4,6% 6,0% 5,3% 5,1% 4,3% 2,3%

Hyder Consulting 346 27 17 156 152 7,9% 4,0% 7,5% 9,8% 7,3% 4,9% 1,5% 5,3% 7,1% 5,4%

Jelf Group PLC 77 4 -11 58 64 4,7% 14,9% 17,9% 13,6% 12,3% -13,8% 8,0% 8,1% 8,3% 8,4%

Management Consulting Group 307 17 11 121 215 5,7% 4,9% 11,8% 11,4% 11,2% 3,7% -4,3% 10,1% 9,5% 10,4%

Mattioli Woods plc 16 6 5 47 41 34,7% 32,6% 34,0% 35,3% 30,9% 30,9% 28,7% 30,5% 32,8% 28,7%

Ricardo Group 201 27 16 173 182 13,3% 13,3% 12,5% 12,8% 14,3% 7,7% 8,4% 8,0% 7,7% 9,1%

RPS Group 493 69 57 525 562 14,0% 14,4% 15,6% 14,0% 14,1% 11,6% 12,5% 13,2% 12,6% 12,3%

RSM Tenon Group PLC 235 18 9 216 240 7,5% 14,1% 12,1% 10,5% 9,9% 3,8% 9,1% 8,7% 6,2% 5,0%

RWS Holdings Ltd 60 15 14 137 110 24,9% 23,8% 23,0% 21,7% 20,5% 23,3% 22,5% 20,9% 19,4% 17,9%

Sapient 465 43 28 1 239 1 087 9,3% 12,5% 3,0% 2,5% 11,1% 6,1% 9,6% 3,4% -0,3% 6,5%

Scott Wilson Group Plc 375 35 25 9,3% 12,0% 13,5% 12,4% 17,3% 6,6% 7,6% 10,4% 10,3% 15,7%

Sigma Ab 110 6 5 50 52 5,2% 5,8% 6,3% 8,8% 9,0% 4,1% 4,9% 1,8% 7,9% 8,0%

Sms Management 174 27 26 325 303 15,4% 14,5% 14,8% 14,9% 12,9% 15,2% 14,3% 14,6% 14,6% 12,6%

Solving Efeso International S.A. 50 3 2 20 38 6,0% 9,8% 1,5% 6,0% 9,4% 4,3% 9,1% -1,8% 5,1% 7,0%

Vantis 100 -1 -3 -1,5% 13,6% 14,1% 13,2% -3,0% 12,4% 11,2% 9,2%

White Young Green 308 -42 -145 9 106 -13,7% 11,1% 11,0% 10,6% -47,2% 7,6% 7,7% 7,9%

WSP Group 804 69 51 272 345 8,6% 11,5% 10,1% 9,5% 8,9% 6,3% 9,7% 8,1% 7,6% 6,9%

Mean 9,1% 11,5% 11,7% 11,9% 12,5% 5,1% 9,0% 9,2% 9,3% 8,7%Median 8,2% 11,7% 11,4% 10,7% 10,3% 6,2% 8,8% 8,0% 7,9% 8,0%




Exhibit 20

Consulting Services Public Company Valuation Trends(€ in millions)


Company Name 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005

Accenture Plc 0,8x 1,1x 1,3x 1,2x 1,2x 5,8x 8,0x 9,6x 10,4x 8,6x 7,4x 9,4x 11,4x 11,9x 9,4x 14,8x 18,5x 25,1x 25,2x 23,1x

Aea Technology 0,7x 0,6x 1,3x 1,9x 1,1x 5,7x 5,1x 8,8x 5,7x 2,9x 7,1x 6,0x 10,8x 6,1x 265,7x 14,9x 4,2x 10,2x 5,1x nm

Akka Technologies SA 0,4x 0,3x 0,7x 0,8x 0,9x 5,5x 2,9x 7,4x 7,3x 9,3x 7,5x 3,6x 8,9x 8,7x 11,1x 9,8x 5,9x 13,3x 16,1x 20,3x

Alten SA 0,7x 0,6x 1,2x 1,5x 1,7x 8,3x 4,6x 9,2x 10,0x 10,3x 10,6x 5,1x 10,6x 10,5x 11,0x 33,1x 8,8x 19,2x 19,1x 20,4x

Altran Technologies SA 0,5x 0,1x 0,5x 0,8x 1,0x nm 1,6x 7,1x 10,6x 13,4x nm 2,8x 11,7x 26,1x 50,7x nm 34,0x 22,7x 214,1x 4 696,6x

Amec 0,7x 0,3x 0,9x 0,3x 0,3x 9,3x 4,5x 15,0x 25,2x 9,1x 10,3x 3,2x 15,7x nm 29,8x 15,3x 8,3x 8,2x 6,4x 285,8x

Assystem 0,3x 0,2x 0,4x 0,6x 0,8x 7,5x 2,3x 4,5x 9,4x 9,0x 19,8x 2,8x 6,6x 11,8x 9,6x nm 4,3x 11,8x 56,4x 14,6x

Atkins Ws 0,2x 0,2x 0,7x 0,6x 0,7x 2,2x 2,0x 7,8x 13,3x 6,4x 3,0x 2,8x 10,6x nm 8,8x 6,1x 6,1x 11,0x nm 15,0x

Bureau Veritas 1,8x 1,6x 2,4x 9,7x 9,2x 16,3x 11,5x 10,8x 18,9x 15,7x 14,2x 27,4x

Cap Gemini SA 0,4x 0,4x 0,6x 0,7x 0,5x 7,1x 3,9x 7,8x 10,3x 14,2x 10,8x 5,4x 10,8x 15,6x 74,1x 27,3x 8,9x 14,2x 23,4x 31,6x

Diamond Management & Technology Consultants Inc.0,7x 0,1x 0,6x 1,5x 8,9x nm 7,0x 24,4x 9,8x nm 7,6x 29,0x 17,3x nm 8,3x 11,8x

Ginger SA 0,2x 0,2x 0,4x 0,4x 0,4x 2,8x 3,4x 6,0x 6,3x 7,9x 3,8x 4,6x 8,4x 9,3x 15,4x 5,3x 5,6x 13,3x 13,3x 48,8x

Hyder Consulting 0,3x 0,1x 0,7x 0,8x 0,5x 3,9x 2,7x 9,5x 8,0x 6,4x 6,2x 7,3x 13,5x 11,0x 8,7x 8,8x 8,2x 13,8x 14,9x 12,4x

Jelf Group PLC 0,5x 1,3x 1,8x 10,9x 8,7x 10,0x nm 16,1x 22,2x nm 33,0x 58,3x

Management Consulting Group 0,5x 0,4x 0,8x 1,0x 0,6x 9,1x 8,0x 6,8x 8,4x 5,3x 13,9x nm 7,9x 10,1x 5,8x 9,5x nm 8,5x 12,9x 10,1x

Mattioli Woods plc 2,3x 2,6x 4,2x 4,8x 4,6x 6,7x 8,0x 12,5x 13,7x 15,0x 7,5x 9,1x 13,9x 14,7x 16,2x 12,5x 14,6x 19,9x 22,0x 23,4x

Ricardo Group 0,9x 0,6x 0,8x 1,1x 0,8x 6,8x 4,7x 6,6x 8,3x 5,8x 11,6x 7,3x 10,3x 13,9x 9,1x 18,3x 11,9x 13,3x 11,7x 11,4x

RPS Group 1,1x 0,7x 1,9x 2,0x 1,6x 8,0x 4,8x 12,5x 14,0x 11,1x 9,7x 5,6x 14,7x 15,6x 12,7x 13,9x 7,9x 21,8x 23,0x 17,7x

RSM Tenon Group PLC 0,6x 0,7x 0,8x 0,4x 4,5x 5,7x 7,9x 3,9x 6,9x 7,9x 13,4x 7,7x 9,1x 11,6x 23,1x 25,3x

RWS Holdings Ltd 1,9x 2,2x 2,3x 2,3x 2,1x 7,7x 9,4x 10,2x 10,6x 10,3x 8,2x 9,9x 11,2x 11,9x 11,8x 9,0x 14,9x 16,5x 18,7x 19,2x

Sapient 1,3x 0,6x 1,8x 1,3x 1,7x 14,3x 4,5x 59,7x 52,7x 15,4x 21,8x 5,9x 52,6x nm 26,2x 12,5x 9,0x 76,3x 227,0x 27,4x

Scott Wilson Group Plc 0,2x 0,2x 0,5x 1,0x 0,6x 2,6x 1,6x 4,1x 8,4x 3,7x 3,7x 2,5x 5,3x 10,2x 4,0x 5,9x 6,1x 12,2x 24,7x 11,6x

Sigma Ab 0,4x 0,3x 0,5x 1,0x 1,0x 7,9x 4,4x 7,5x 11,1x 11,7x 9,9x 5,2x 26,5x 12,3x 13,1x 13,1x 7,1x nm 19,7x 19,1x

Sms Management 1,5x 1,0x 0,9x 2,0x 1,4x 9,6x 6,9x 6,4x 13,6x 10,7x 9,7x 7,0x 6,5x 13,9x 11,0x 14,3x 10,6x 9,7x 20,8x 16,8x

Solving Efeso International S.A. 0,7x 0,6x 0,8x 1,1x 1,1x 11,2x 5,8x 50,2x 18,2x 11,1x 15,7x 6,3x nm 21,6x 15,1x nm 13,8x nm nm 88,3x

Vantis 0,9x 0,9x 1,7x 2,0x nm 6,3x 11,9x 15,3x nm 7,0x 14,9x 21,8x nm 8,0x 19,0x 37,5x

White Young Green 0,4x 0,8x 1,2x 1,2x nm 7,6x 10,8x 10,8x nm 11,2x 15,4x 14,6x nm 11,8x 21,9x 20,9x

WSP Group 0,3x 0,2x 0,8x 0,9x 0,7x 3,9x 2,2x 7,8x 9,9x 8,3x 5,2x 2,5x 9,7x 12,4x 10,6x 13,5x 3,5x 13,5x 18,5x 16,3x






The median EV/EBIT and EV/EBITDA for the comparable Consulting Services M&A transactions are 9.8x and 7.6x, respectively. (NB 5 past years average multiple of 10.4xEBITDA)

Exhibit 21

Consulting Services Comparable M&A Transactions(€ in millions except where mentioned in $)

Deal value

Date Target Company Target Description Country Bidder Company Country Revenue (€m) Sales EBIT EBITDA

Sep-10 Scott Wilson Group Plc UK based company engaged in providing

consultancy services in the field of engineering,

management, planning and environment

UK URS Corporation USA 393 273 0,7x 11,0x 7,6x

Sep-10 Axco Insurance Information

Services Limited

UK based insurance information and consultancy

service provider

UK Wilmington Group Plc UK 6 24 3,8x 17,2x

Sep-10 TheMarkets.com LLC US based company that provides web based

research and estimate services

USA Capital IQ USA 230

Sep-10 Technical Systems

Integrators LLC ; Keenan

and Keenan Group

US based consultation and installation company;

US based education consulting company

USA Core Projects & Technologies

Limited

India 19 15 0,8x

Sep-10 Chapman Kelly Inc US based company which provides health care

cost-containment services

USA HMS Holdings Corp USA 10

Sep-10 Intrepid Consultants Inc UK based social media analytics and market

research consultancy

UK Alterian Plc UK 9

Sep-10 Boyd Exploration

Consultants Ltd.

Canada based oil and gas exploration advisory

services provider

Canada RPS Group Plc UK 9 9 1,0x

Aug-10 inVentiv Health Inc US based commercialisation services provider to

the global pharmaceutical and life sciences

industries

USA Thomas H Lee Partners LP USA 746 889 1,2x 12,7x 9,5x

Aug-10 InforMed Direct Limited UK based provider of healthcare communications

and consultancy services in the pharmaceutical

and biotechnology industries

UK United Drug plc Ireland

(Republic)

8 12 1,4x 8,0x 7,4x

Aug-10 FS Asia Advisory Limited Hong Kong provider of consulting services in the

areas of corporate finance, turnaround, corporate

advisory and corporate recovery services

Hong Kong FTI Consulting, Inc. USA 28 63 2,3x

Aug-10 Akimeka, LLC. US based health service information technology

consulting company

USA VSE Corporation USA 30 26 0,9x

Aug-10 Cypoint Group AB Sweden based company offering functional

commitments, consulting services, sourcing and

systems management services

Sweden Sigma AB Sweden 10 13 1,4x 6,4x

Aug-10 Hughes Trueman Pty Ltd Australia based consultancy firm providing

planning, engineering and management services

Australia Mott MacDonald Group

Limited

UK 12

Aug-10 The Route Development

Group Limited

UK based air service development firm UK UBM Aviation UK 8 10 1,3x

Aug-10 Wellsco, Inc. US based telecom engineering service provider USA Infotech Enterprises America

Inc

USA 9 11 1,3x

Jul-10 James Lee Witt Associates

LLC

US based company engaged in providing crisis

and emergency management consulting services

USA Witt Group Holdings LLC USA 27 18 0,6x 7,0x 6,3x

Jul-10 Mediterranean Smart Cards

Company

Egypt based smart card payment processing

services to banks

Egypt Actis Emerging Markets 3

fund

UK 23

Jul-10 GlobalOptions Group Inc

(Fraud and Special

Investigations Unit)

US based Fraud and Special Investigations unit of

GlobalOptions Group Inc

USA GlobalOptions Services Inc USA 7

Jul-10 Seeds Group France based financial consultancy firm France Morningstar France Holding

SAS

France 5

Jun-10 Inspectorate International Ltd UK based commodity inspection and testing

company

UK Bureau Veritas SA France 277 543 2,0x

Jun-10 Kroll Inc US based risk consulting company engaged in

background screening, drug testing, and

surveillance services, fraud investigations,

security services and technology services

USA Altegrity Inc USA 944

Enterprise Value /



Exhibit 21

Consulting Services Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


Jun-10 Vantis Plc UK based provider of accountancy advice,

support to owner-managed businesses and

private individuals

UK RSM Tenon UK 111 7 0,1x

Jun-10 Encore International Limited UK based energy risk consultancy firm UK,Hungary,

Netherlands

Lyceum Capital Partners LLP UK 8

Jun-10 Sia Conseil SAS France based management consultancy firm France Sia Holding France 34

Jun-10 Selantic AS Norway-based company offering consultation

services on marine operations and synthetic fibre

engineering

Norway Actuant Corporation USA 8 14 1,7x

Jun-10 YMedia (30% Stake) Spain based advertising consultancy firm Spain Ymedia (MBO Vehicle) Spain 6 12 6,6x

Jun-10 Nightingale Associates

Limited

UK based architects practice specialising in health

and education

UK IBI Holdco Limited UK 20 12 0,6x 8,4x

Jun-10 Clear View Retirement

Solutions; MBF Life

Australia based financial services company

providing financial advice, products and services

to people nearing their retirment; Australia based

life insurance company

Australia MMC Contrarian Limited Australia 131

May-10 Daylight Forensic & Advisory

LLP

US based fraud risk management firm conducting

forensic investigations and advising on regulatory

compliance to corporations

USA Navigant Consulting Inc USA 32

May-10 Norca Ingenieria de Calidad

SL

Spain based company specialized in providing

infrastructure risk assessment services for the

energy industry in Spain.

Spain Intertek Group Plc UK 4

May-10 LPA Group Inc US based transportation consulting firm USA Michael Baker Corporation USA 65 45 0,7x

Apr-10 Ryla Inc US based provider of value-added customer

contact services

USA Alorica Inc USA 76 53 0,7x

Apr-10 Old Broad Street Research

Limited

UK based provider of fund research, ratings and

investment consulting services

UK Morningstar UK Ltd UK 14

Mar-10 CSM Worldwide Inc US based company providing automotive market

forecasting services and strategic advisory

solutions to the automotive manufacturers,

suppliers and financial organizations

USA IHS Inc USA 20

Feb-10 Heggies Pty Limited Australia based acoustics and vibration

consultancy firm

Australia SLR Management Limited UK 11 12 1,1x

Feb-10 Emerging Energy Research

LLC

US based advisory and consulting firm tracking

emerging technologies in global energy markets

USA IHS Inc USA 13

Jan-10 Currie & Brown (Australia)

Pty Ltd

Australia based cost and management

consultancy firm

Australia Amec Plc UK 23

Jan-10 Xafinity Group Limited UK based company that provides specialist

outsourcing and consultancy services regarding

pensions, employee benefits, and payments

expertise

UK Advent International

Corporation

USA 144 317 2,2x 46,2x 13,7x

Jan-10 COM S.A (75.00% stake) Peru based provider of consultancy, outsourcing,

and project management services to Information

Technology industry

Peru Indra Sistemas SA Spain 7

Jan-10 McKinnon & Clarke Limited UK based company providing consultancy in the

energy, utility and telecoms markets

UK Lyceum Capital Partners LLP UK 25 25 1,0x

Jan-10 Towers Perrin Forster &

Crosby Inc

US based provider of human resource and

administration consulting services, reinsurance

intermediary, and actuarial and management

USA Watson Wyatt Worldwide, Inc USA 1245

Dec-09 HSBC Actuaries and

Consultants Limited

UK based provider of actuarial, pension scheme

administration, employee benefit and investment

consultancy services

UK Jardine Lloyd Thompson

Group Plc

UK 40 5 0,1x 3,0x 2,8x

Enterprise Value /



Exhibit 21

Consulting Services Comparable M&A Transactions (Con’t)(€ in millions except where mentioned in $)

Deal value


Nov-09 Hill & Associates Consultants

Limited

Hong Kong based corporate risk management

services provider

Hong Kong G4S Plc UK 14 5 0,4x

Nov-09 First Advantage Corporation

(26.00% stake)

US based provider of risk mitigation and business

process solutions

USA The First American

Corporation

USA 521 136 1,4x 11,1x 7,7x

Nov-09 Archstone Consulting LLC US based strategy, operations and CFO advisory

consultancy

USA The Hackett Group Inc USA 12

Nov-09 DiscoverReady, LLC

(85.00% stake)

US based provider of outsourced discovery

management and fixed-fee document review

services

USA Dolan Media Company USA 21

Nov-09 Fitch Group (20.00% stake) US based global rating agency comprised of Fitch

Ratings, Fitch Solutions and Algorithmics

USA The Hearst Corporation USA 629 300 2,4x 8,6x

Nov-09 Rapid Reporting Verification

Company LP

US based national provider of IRS tax transcript

information and social security number

authentication services

USA Equifax Inc USA 49

Oct-09 Fountains Plc UK based environmental consultant UK Connaught Plc UK 53 15 0,3x 260,6x 8,9x

Oct-09 Enviros Group Ltd UK group of consulting companies operating in

the environmental, products, software and

technology sectors

UK Sinclair Knight Merz Australia 29

Oct-09 Baker Energy, Inc. US based provider of operations engineering

consulting services for the oil and gas industry

USA John Wood Group Plc UK 174 26 0,1x

Sep-09 IntegriGuard LLC US based company engaged in the prevention

and detection of fraud, waste, and abuse in the

healthcare system

USA HMS Holdings Corp USA 4

Sep-09 Tristone Capital Inc Canada based corporate advisory firm providing

investmnet banking, acquisition and divestitures

and global equity capital market services firm in

Canada Macquarie Group Limited Australia 74

Jul-09 InforSense Limited UK based analytics company providing business

intelligence and reporting software

UK ID Business Solutiions Ltd UK 6

Jul-09 Page Kirkland Group Australia based provider of property consultancy

services

Australia Altus Group Income Fund Canada 19

Jul-09 Conics Limited Australia based planning, surveying and

environmental consultancy company

Australia RPS Group Plc UK 37

Jul-09 Property & Portfolio

Research Inc

US based company providing real estate research

and portfolio strategy services to the institutional

real estate community

USA CoStar Group Inc USA 13 15 1,2x

Jul-09 Malcolm Pirnie Inc US based provider of engineering, science, and

consulting services with exclusive focus in

environmental issues

USA Arcadis NV Netherlands 281 159 0,6x

Jul-09 Sira Certification Service;

Sira Consulting Limited; Sira

Environmental Limited; Sira

UK based certification body which provides quality

and environmental management system, product

and personnel certification ; UK based certification

UK CSA International Canada 4 10 2,3x 11,1x

Jun-09 FASE Estudos e Projectos

SA

Portugal based company providing consultancy,

design, project management, engineering and

architecture services

Portugal GED Iberian Private Equity Spain 18 17 1,0x 6,9x



Enterprise Value /

Groupe Dynavision Inc

Appendix. Global M&A Deal Highlight

On 14 April 2010, Global M&A Canada announced that GroupeDynavision inc, a leading Canadian technology consulting firm, completed the sale of 51% interest in the share capital to French group Grande Armée Conseil.

The DynaVision Group is a consulting firm specialized in claiming Scientific Research and Experimental Development (SR&ED) income tax credits. The combined knowledge of the team of experienced research and technical consultants covers a broad spectrum of technologies. Its service a territory extending fromBritish Columbia to Nova Scotia, in both official languages.

Grande Armée Conseil is a leading advisory firm specializing in social and fiscal costs optimization and R&D tax credits with over 200 consultants in France, Spain, Portugal and Canada.

Global M&A Canada advised the sellers on the sale.

On 17 March, 2010 – Global M&A announced that BOURBON has acquired the 50% of the shares it did not already own in its Brazilian subsidiary Delba Marítima Navegação.

This acquisition was made at the request of BOURBON’s historic partner in the joint-venture, who wished to withdraw from Delba MaritimaNavegação. BOURBON is taking this opportunity to consolidate its medium and long-term position in Brazil.In a spirit of continuity, the operational management and organization of the subsidiary remain unchanged.

About Bourbon

BOURBON offers a broad range of offshore oil and gas marine services. Under its Horizon 2012 strategic plan BOURBON intends to become the leader in modern offshore oil and gas marine services by offering the most demanding clients worldwide, a full line of innovative, high performance and new-generation vessels and a modular offer of Inspection, Maintenance and Repair services, with the launch of its new "Subsea Services" Activity. BOURBON also specializes in bulk transport and protects the French coastline for the French Navy. Classified by ICB (Industry Classification Benchmark) in the "Oil Services" sector, BOURBON is listed for trading on Euronext Paris, Compartment A, and is included in the Deferred Settlement Service SRD and in the SBF 120 and Dow Jones Stoxx 600 indices. www.bourbon-online.com

Global M&A Brazil advised Bourbon on the transaction.

Delba Maritima Navegaçao S.A

CARGOLUX

Global M&A Deal Highlight

21 April 2010

Cargolux Release Annual Report As Air Freight Shipping Struggles

After what they are calling the most difficult year in the history of air freight, Cargolux, based in the Grand Duchy and the biggest all cargo fleet air carriers on the continent, have issued a concise report as to their recent performance. With shipping in the sector declining by around 20% last year causing a glut of over capacity the company saw a reduction in fleet utilization and load factors, but, most importantly, a reduction in yields. In 2009, Cargoluxtonnage declined by close to 11%, but yields were down by over 26%. The daily average aircraft utilization dropped 6.7% to 14.34 hours. Total block hours for 2009 decreased by 9.3% to 83,102 and tonnage fell by 10.8% to less than 630,000 tonnes. Freight tonne kilometres where down by 11.3% to 4,800 million while available tonne kilometres reached 6,954 million, a reduction of 9.3%. Load factors declined by 1.6 points to 69%. (All figures include data for Cargolux Airlines International S.A. and Cargolux Italia SpA who lease one aircraft from their parent) the resultant reduction in tonnes sold and the decline in yields resulted in a drop in revenue of 34% to US$ 1.3 billion meaning Cargolux recorded an overall loss of US$153 million. The group retained its existing fleet of 16 B747-400Fs but lower utilisationequated to the equivalent of having two aircraft on the ground during the months of June and July. In September and October, two aircraft were delivered to UPS in a deal that had been concluded before the crisis hit and was intended to facilitate the planned delivery of new B747-8 freighters in 2009. However, by the time those two aircraft left the fleet, the company actually found a need for more capacity, as the markets began to rebound and they found it necessary to lease in up to three extra craft for the last three months of the year. Production delays for the B747-8F have pushed the first delivery to Cargolux from 2009 to late 2010 which they view with mixed emotions. On one hand, the delay helped to preserve much needed cash although the company could have well used the added efficiency, lower fuel consumption, higher range and payload to reduce its operating costs. As a result of the losses incurred and to ensure the survival of the company, a re-capitalization of Cargolux became necessary.

In November 2009, the company implemented a restructuring of its capital structure in a two step transaction. First, shareholder SAirlines (part of the defunct Swissair Group) sold its 33.7% stake to Luxair, BCEE, SNCI (all current shareholders of Cargolux) and, as a new shareholder, the Luxembourg State. Cargolux’ shareholders approved the creation of an authorized capital of US$200 million, giving power to the board to issue new shares. A capital injection of US$100 million took place before year-end.

ZETRA International, Global M&A Switzerland, assisted SAirLines as exclusive M&A advisor in this transaction.

Appendix Sampling of Business Services Deals

APPENDIX: The Global M&A Business Services TeamBusiness Services Team Leader

Business Services Team Members

Verónica Klammer joined the Buenos Aires based company in March 2006. Previously, Ms. Klammer was a banker at Citigroup/Citibank N.A., where she worked for five years, participating in transactions in the areas of debt restructurings, M&A advisory, private and multilateral debt structuring, syndicated loans and acquisition finance such as the purchase of Hylsamex by Grupo Techint. Prior to joining Citibank, Ms. Klammer worked at Accenture for two years as a financial analyst in the Business Consulting Unit

Education:Certified Public Accountant, Universidad Católica Argentina; Bachelor Degree in Business Administration, Universidad Católica Argentina (Valedictorian 1998); Postgraduate Degree in Marketing, Universidad de San Andrés (2004).

Email: [email protected]

ARGENTINAVerónica Klammer EN

Vice President

Quintin Althann is an Associate at the Wien based company. He has significant experience in balance sheet and market analysis as well as in research and consulting activities. He has also assisted numerous acquisitions and other transactions.

Quintin is an active member of the Global M&A Business Services and CEE Teams. Prior to joiningthe company, Quintin worked for Civitas International Management Consultants and the Swiss Private Bank Ehinger & Armand von Ernst.

Education:Bachelor of Business Administration, Webster University, Vienna


AUSTRIAQuintin Althann

Associate

Bill Beerworth is an Investment Banker with a background in Corporate Law. He held a number of senior positions before establishing the Sydney based company 20 years ago, including Executive Director of HSBC Bank Australia and Managing Director of HSBC Bank Australia Corporate Finance and Senior Partner of Mallesons Stephen Jaques, one of Australia’s leading law firms, where he specialised in corporate law, particularly in Mergers & Acquisitions and Equity Capital Markets. Bill has been Chairman or a Director of a number of successful listed companies. He is currently Chairman of Contango Capital Partners Limited, a listed funds management holding company.

Education:BA LLB (Sydney), LLM SJD (Virginia), MCOM (NSW), MBA (Macquarie)


AUSTRALIABill Beerworth

Managing Director

FRANCEVéronique Zeid-Maurel

Senior Partner

Véronique Zeid-Maurel is Global M&A Business Services team leader with18 years experience as M&A deal maker specializing incross border transactions. Selection of cross border deals closed: Acquisition by MBO team of POLYMARK (France/UK, sale & installation of laundry equipment); sale of French subsidiary HONEYWELL Sécurité & Télésurveillance to CERBERUS SIEMENS; sale of TEAMWORKS (IT Services, Austria) to ALTRAN; sale of KNIGHTS SERVICES (cleaning services, Ireland) to PENAUILLE POLYSERVICES; sale of ORION ENGINEERING (high added value engineering advisory services, Netherlands) to ALTEN.

Education:Sorbonne Paris IV, Foreign Languages Applied to Economics


APPENDIX: The Global M&A Business Services Team

Benoit Roose has over 20 years of experience advising on international acquisitions and divestitures. Previous experience in Belgium, Germany, France and North Africa in reorganizing commercial and industrial groups, and in launching new ventures.He is a founder of the Brussels based company

Education:Master of Economics, University of Bonn and Cologne, Germany; Post-Graduate in Business Administration, Solvay Brussels School of Economics and Management, Belgium

Email: [email protected] Roose

Managing Partner

Antonio Baptista founded the Porto Alegre based company in 1994.

Prior to that, he was Vice President of one of the leading Brazilian leather and shoe groups for 18 years. He was also a corporate finance and strategic planning consultant for seven years. Antonio has experience in acquisitions, IPO and corporate finance.

Education:Business Administration, Federal University of Rio Grande do Sul

Email: [email protected] Baptista

Principal

Roman Osipov has six years experience in investment consulting. Roman joined the Minsk based company in 2002 as an analyst. He became head of the Financial Advisory department by the end of 2005. He worked closely on the financial advisory of leading private Belarusian companies, advised EBRD and HeidelbergCement AG. In 2006-2007 Roman was a member of the team responsible for M&A advisory of Delta-Bank (Ukraine), GetIn Holding (Poland), and individual investors in their acquisitions of stakes in Belarusian banks and insurance companies.

Education:Master’s degree in International Business, Belarusian State Economic University; CFA candidate


BELARUSRoman Osipov

Director of Investment and Financial Advisory

Márcio Fiuza is one of the founding partners of the São Paulo based firm. From 1997 through 2001, Mr. Fiuza worked for Bear, Stearns & Co. Inc., one of the leading Wall Street investment banks in NewYork where he was a Vice President at the Global Communications group.

Business Services segment experience include the purchase by Bourbon of the 50% it did not already own in Delba MarítimaNavegação,maritime services to the offshore oil sector in Brazil, valuation of Brazilian contact center company ASK!, buy-side target identification in the collection agencies segment as well as sell-side experience in payroll processing BPO segment.

Education:M.Sc. Engineering; MBA Wharton School of the University of Pennsylvania


BRAZIL Márcio Fiuza

Partner


Carlos Taborga Ibargüen has 20 years of experience in top executive positions and 10 years experience in restructuring and turnarounds. He joined the Santiago based firm in January 2007.Previously, he was CEO of Matreq (Caterpillar Dealership) in Bolivia, General Manager of Ferrocarriles Andinos in Bolivia, General Manager of Morgan Impresores in Chile, and former Undersecretary of Finance in Bolivia. He is a Board member of Empresa Electrica Valle Hermoso.

Education:BS and MBA, Babson College, USA


CHILECarlos TaborgaIbargüen

Luis David joined Guatemala based company in 1998. He has several years of experience in the banking and financial sectors in the Central American region. He is currently on the Board of Directors of GE-BAC (Banco de America Central) and Credomatic. He has been responsible for closing several deals in the CentralAmerican Region, Mexico, USA and Europe including leverage buyouts, management buyouts, mergers, acquisitions, debt restructuring, strategic alliances and private equity placements.

Education:Masters Degree in Banking and Finance, Giordano Dell’amoreInstitute in Milan, Italy; B.S. in Business Administration, Universidad Francisco Marroquín, Guatemala


Mr. Lariviere’s work experience includes several years for RBC Royal Bank as corporate credit advisor, as well as institutionalasset management with UBS Global asset management and Landsbankinn Island.

Prior to joining the Montreal based company, Mr. Lariviere founded AJP financial a boutique financing advisory firm which focused on non traditional banking credit solutions for the Canadian mid-market. Mr. Lariviere has been involved in equity & debt financing as well as M&A transactions for his clients.

Education:Bachelor degree, finance major, University of Mount-Allison


CANADAJean-Patrick Larivière

Partner

Before founding the Bogota based firm in 2001, Mr. Vargas was a managing director with ING Barings responsible for the corporateand investment bank in Colombia. Mr. Vargas joined Baring Securities in 1994 as Head of the Andean Pact Region and was subsequently appointed as President and CEO for the merged operations of Barings and ING Colombia on January 1997. Before joining ING Barings, Mr. Vargas acted as founding CEO of Proexport Colombia and previously he was Head of the External Financing and Foreign Reserves Department at the Colombian Central Bank (Banco de la República).

Education:MBA, Columbia University; Economics BA and MS candidate, Universidad de Los Andes, Bogotá, Colombia


COLUMBIABernardo Vargas

Partner

CENTRAL AMERICALuis David

Managing Director


Prior to joining the Denmark based company, Peter Søgaard was a Director at Booz.Allen & Hamilton Corporate Finance, Director at PricewaterhouseCoopers Financial Advisory Services, Area Manager for Industrialisation Fund for Developing Countries and Vice President of BG Bank Investment Bank.

Education:Master of International Economics and Management, Copenhagen Business School; Bachelor of Law, University of Aarhus

Email: [email protected] Søgaard

Managing Partner

Karla Polli is a founding partner of the Tallin based firm. Immediately prior to establishing the company he was member of Danske Bank’s Corporate Finance team and prior to that member of KPMG Estonia Corporate Finance team. With 11 years of experience in corporatefinance, Karla has advised several M&A and capital raising transactions including some of the biggest private deals ever closed in Estonia.

Education: B.A., Corporate Finance and Economics, Tartu University

Email: [email protected] Polli

Partner

Adam Blecha has been working in the field of M&A since 1994. Before founding his own M&A company, he worked for Corporate Value Associates, an English-French strategic consulting company as well as for Credit Lyonnais (now CALyon), in the internal M&A department in Paris.

Education:Adam Blecha graduated from HEC (Hautes Etudes Commerciales) in Paris


CZECH REPUBLICAdam Blecha

Managing Partner

Antti Kemppainen is a Partner at the Helsinki based company. Previously, he worked at Mandatum & Co since 1998, most recently working as an Associate Director from 2000-2003. He has eleven years of experience in investment banking.

Education:M.Sc. Economics; MBA


FINLAND Antti Kemppainen

Partner


Faisal set up the Middle East based company in 1994 having spentseveral years with Andersen & Co. as the Middle East managing partner for corporate finance. With an extensive network of contacts in the region, Faisal has successfully closed many medium- to large-size transactions for clients in various industry segments, and has particular expertise in the arena of private placements and public offerings.

Education:M.B.A. University of Vermont; M.S., Accounting, University of New Haven; Certifications: CVA, CMEA, CM&AA, ASA, CFC, CPES

Email: [email protected] COUNTRIES & YEMENFaisal Al Sayrafi

CEO & Managing Director

Prior to joining the Budapest based firm in 2003, Oliver Martin spent seven years at ABN AMRO Corporate Finance Budapest, assuming various positions including acting head of the Budapest operation. He has been Director of Raba Automotive Group, a stock exchange listed automotive manufacturing company, since April 2003. Mr. Martin has an extensive track record of executing corporate finance advisory mandates, mainly in the field of cross-border M&A, financial restructuring and capital raising transactions.

Education:Masters Degree in Finance, Technische Universitaet Berlin, Germany


HUNGARYOliver Martin

Director

GERMANYChristian Kollmann

Partner

Christian joined the Düsseldorf based firm in 1995. He led domestic and cross border transactions in various industries, in particular business services, automotive, mechanical engineering and food &beverages. Since 2006 he is head of Global M&A‘s sector team Industrials and an active member of Global M&A’s business services team. Selection of transactions: Acquisition of Skyworks (design and rental of professional access equipment (scaffolds, ladders), acquisition of Edutec (eLearning solutions) by Tertia Group. Sale of internet service provider Topnet to Mobilcom.

Education:University of Erlangen-Nuremberg (MBA)


Brynhildur Bergthorsdottir is a partner at the Reykjavik based company. Brynhildur worked in the advertising industry and as a marketing manager for a number of years. After completing her MBA in 1996, she worked for Innovation Center Iceland as a consultant to SME’s and entrepreneurs. She was GM of the Icelandic Quality Association from 2000-2005. Brynhildur has served as board member of various funds, committees and organizations.

Education:BA, Fine Art and Design, Loretto Heights College, USA; MBA, Bradford Management Center, UK; Licensed Stockbroker and Real estate agent


ICELANDBrynhildurBergthorsdottir

Partner


Saiyam has 5 years of experience in the areas of corporate finance and consulting. At the Indian based company, he reviews sectorssuch as Business Services and Education. He has worked with Crisil Ltd. and has lead assignments in the areas of valuations, financial feasibility, entry strategies and market studies.

Education:Graduate in Commerce, Mumbai University; Masters in Management Studies NMIMS, Mumbai

Email: [email protected] Shah

Senior Associate

Patrick joined the Dublin based firm in 2008. Previously, he was a manager with KPMG’s Manufacturing, Retail and Distribution division and has significant knowledge of firms operating withindifferent sectors. Patrick is a member of the Institute of Chartered Accountants.

Education:Masters of Business Studies, University College Dublin


IRELANDPatrick Sheehan

Manager

The Tel Aviv based firm is led by Yair Ephrati. Mr. Ephrati has been involved in numerous Israeli related transactions in the past years including a Leveraged Buyout of an electronic equipment (rugged computers) importer and manufacturer, acquisition of semiconductor trading company, financing of medical device companies, acquisition search for services company in Asia and strategic partnership for a software company in Bulgaria. Previously, Mr. Ephrati was with McKinsey & Co. in London and New York for three years. At McKinsey, he led teams advising Fortune 100 companies on new market development, acquisitions and strategy.

Education:B.A., Economics and Business, Tel Aviv University; M.B.A., University of Michigan


ISRAELYair Ephrati

Managing Director

Ugo has been with the Milan based firm since 1999. He has advised transactions and executed project management in a wide range of sectors, specialising in project management within Business Services and ICT. He has assisted Italian and foreign companies on domestic and international transactions and has previous experience in a financial advisory boutique.

Education:Master SME, SDA Bocconi, Milan; Degree in Political Science, Turin University

Email: [email protected] Zampieri

Partner


Tamotsu Majima, Director, Advisory Group at the Tokyo and Osaka based group, has been engaged in cross border transactions for more than ten years. Before joining the group in 1998, he worked as securities analyst of Japanese corporations and was also involved in international corporate finance business for ten years at Yamaichi Securities. He is a Chartered Member of the SecuritiesAnalysts Association.

Education:B.A., Tokyo University of Foreign Studies; M.B.A., INSEAD, France

Email: [email protected] Majima

DirectorAdvisory Group

Andrey Golubchikov joined the Riga based firm in 2005 in an Analyst position. Prior to that he worked as an intern in the Latvian state-owned telecommunication operator Lattelekom (2004). At Prudentia, Mr. Golubchikov specializes in M&A, buyout and business restructuring transactions, covering such industries asmanufacturing, wholesale and retail trade, business services, pharmaceuticals and logistics. He was involved in the acquisition of additional share issue of RĪGAS BANKETU SERVISS (contract catering services) by a venture capital fund ZGI FONDS.

Education:B.Sc. degree in Economics and Business Administration, StockholmSchool of Economics in Riga; CFA Level III Candidate, CFA Institute


LATVIAAndrey Golubchikov

Associate

Prior to joining the Mexico based firm in 2002, Mr. Plettner worked for 3 years as manager of Publix, S.A., a graphic design studio, and Star Technologies, S.A., a company active in the design of information systems, businesses he founded in 1996 and 1997, respectively. Previously, Mr. Plettner worked as a trainee in brand management at Procter & Gamble Mexico. During the summer of 2001, Mr. Plettner worked as a consultant at The Boston Consulting Group, where he worked on the merger of two multi-national food companies, and evaluated additional acquisition projects.

Education:BS in Industrial and Systems Engineering, Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM); MBA, Stanford Graduate School of Business


MEXICOMartin PlettnerRutishauser

Partner

Douwe Tijsma has been a partner at the Rotterdam based firm since 1999. Before joining the company, he was CFO of European Packaging Holding with operations in Holland, Germany, France and Poland. He was engaged in an MBO in 1994. Within EPH, he was responsible for acquisition, divestments, turnaround and financial engineering. The company was successfully sold. Since 1999, he has been involved in a large number of buy outs, sale- and buy processes in the Netherlands and internationally as leading partner and transaction manager.

Email: [email protected] Tijsma

Partner


Mr. Hellum has extensive experience as an advisor within bankingand corporate finance. Previous positions include Vice President in DnB, Head of Bergen Bank Securities, Vice President of Bergen Bank, Executive Vice President of Nord og Syd Kredittforsikring, founder/partner in Nordic Merger and Principal in Booz Allen Hamilton.

Education:Law degree, University of Oslo

Email: [email protected] Hellum

Partner

Mr. Salazar has professional expertise in investment banking, capital markets and finance, with 20 years of experience. Mr. Salazar has been involved in numerous deals with a total value in excess of US$ 2 billion. Mr. Salazar also participated in studies on the development of the Peruvian capital market for the Ministry of Economy and Finance and CONASEV. His previous experience includes the position of General Manager of SudamericanoBrokerage House, Member of Banco Sudamericano’s Assetsand Liabilities Committee, Investment Manager of Macrovalores andInvestment Advisor to MAPFRE Compañía de Seguros.

Education:Economist graduate,Universidad Católica del Perú; Post Graduate Studies in Finance from ESAN


PERUManuel Salazar

Partner

At the Warsau based company, Rafal Nowakowski specializes in deal origination, transaction structuring, corporate finance andinvestment advisory services. Prior to becoming a co-founder and partner of HCA, Rafal was a managing director and partner at Innova Capital, a leading Central European private equity firm. In the Business Services sector, Rafal was involved in several transactions including investments, sell and buy sides of companies dealing with IT outsourcing, IT consulting, facility management,electro-nic data storage, cleaning, security and mass print and mail outsourcing.

Education:MSc in Economics from Poznań Academy of Economics; certificate in Corporate Finance & European Law (ERASMUS); INSEAD alumnus; Securities Representative (SFA) and certified accountant.


POLANDRafal Nowakowski

Managing Partner

Marina Evans joined the Moscow based company in 2006 as the head of the legal department. Later on she became a partner and managed the consulting branch of the company, supporting relations with a large number of Russian and international clients from various industries. Prior to joining Meridian, Mrs. Evans gained extensive legal experience providing services to a number of international and Russian companies in the areas of M&A transaction support, corporate and securities laws.

Education:J.D., Tomsk State University; S.J.D., Moscow Foreign Relations Institute; LL.M., with honors, Northwestern University School of Law


RUSSIAMarina Evans

Partner


Bosco Salaverri is a Founding Partner of the Madrid based firm. Previously, he was a Founding Partner of Proyectos Panikkar, S.L. and worked in the Corporate Finance Department of Benito & Monjardín.

At the firm, Bosco is responsible for business origination and is the lead advisor to several Spanish companies.

Education:Graduate in Economics and Business Administration, Universidad Comercial de Deusto (Bilbao)


SPAINBosco Salaverri

Founding Partner

Prior to joining the Stockholm based firm, Anders Jonsson held several positions both in the IT industry and as a consultant toPrivate Equity funds. Anders was the owner and CEO of Oscar Dellert AB, a distributor of IT products, Executive Director Strategic Marketing at ISA International, and CEO of Lap Power Holding. Anders has also been a board member of Information Highway, and is the current Chairman of Academic Work (Recruitment).


SWEDENAnders Jonsson

Partner

Gerhard Willi has 10 years of experience in M&A, succession planning, banking, corporate finance transactions as well as complex restructuring cases. In 2007 his team completed the sale of JobOne, one of the leading Swiss staffing companies, to Randstad, the sale of Jobs.ch the leading Swiss job portal, the sale of ULD management services of Swissport "Unit Pool Ltd" and the sale of Special Security Services operations to Cargologic. Prior business services experience includes the sale of Serimo (FM company) to Bilfinger Berger, the sale of a leading call center to Cyberline AG, and various due diligence support, valuation, turnaround and business plan support for companies in the business services industry.

Education:CFA, BA in International Business


SWITZERLANDGerhard Willi

Partner

In 1995, Esin began her career in equity research and worked forvarious brokerage houses including Finans Yatırım and Caspian Securities. Since 1999, after joining Raymond James Securities as a Director, Esin has concentrated on corporate finance. At the Istanbul based firm she is responsible for business development,origination and execution of corporate finance deals.

Education:Industrial Engineering degree, Middle East Technical University,Ankara; M.B.A. IAL Consortium of International Business Studies,Italy and Clemson University, U.S.A.


TURKEYEsin Özçelik Ünsal

Director

APPENDIX: The Business Services Team

After graduating in PPE from Oxford University, John qualified as a barrister in 1984. He joined Hill Samuel Merchant Bank and became Head of Corporate Finance and a member of the Bank Executive Committee. The team moved to Close Brothers and John became Chief Executive of the enlarged corporate finance group and founded its international business. He was also an Executive Director of Close Brothers Group. He joined the Londonbased firm in 2002 and since 2003 has led the development of Noble into a growth market investment bank.

Education:PPE from Oxford University


UKJohn Llewellyn-Lloyd

CEO Investment Banking

Randall Miles joined the Seattle based firm as a Managing Director in 2009. Randall has over twenty-five years of extensive M&A and executive level experience working with both investment banks and financial technology companies. Prior to joining the firm, Randall was a managing partner with SCM Capital Group, a private M&A advisory and strategic consulting group focused on financial services, software and technology companies. Most recently, Randall served as CEO of Syngence Corporation and acting CEO of Officespace.com. Prior to that, Randall served as chairman and CEO of LionMTS, a publicly traded financial software and services company where he directed the strategic expansion of the company.

Education:BBA in Finance, University of Washington


USARandall Miles

Managing Director

Effram Kaplan focuses on mergers and acquisitions, private placements and financial restructuring with primary industry experience in metals and mining as well as experience in diversified manufacturing and distribution. Before joining the Cleveland andChicago based firm, Effram was a summer associate at McDonald Investments’ Investment Banking group and, prior to, a Manager in Arthur Andersen’s management consulting practice<<;EducationB.S., Miami University; M.B.A, The University of Chicago Graduate School of Business

Email: [email protected] E. Kaplan

Director & Principal

Mr. Klymenko has over 10 years experience in investment businessand consulting. He has worked in private equity funds (Balkan Accession Fund and Euroventures Ukraine) and has been responsible for full investment cycle from origination of deals to exit. He has been involved in valuation, negotiations, structuring andexecution of investment deals, as well as management of portfolio investments in various industry sectors.He managed consulting firm providing services to leading Ukrainian companies and institutional investors.

Email: [email protected] Klymenko

Investment Banking Director

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