Multiples

OCTOBER 2010
THE GLOBAL
BUSINESS SERVICES INDUSTRY
Introducing Global M&A
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.
Global Sector Expertise

Global M&A has created a growing number of specialised sector teams. % of GM A
These groups meet regularly and exchange intelligence and deal ideas Our Sector Teams Deals Done in
constantly. 2009
Most importantly, they co-operate to create seamless cross-border teams Business Services 14%
on joint projects.
Construction & Real Estate 10%
This well established system enables us to deliver a unique level of Consumer Products 10%
advice and support to our clients.
Financial Services & Insurance 8%
Some of this system’s advantages include: Healthcare & Pharmaceuticals 6%
Multinational teams for seamless cross-border co-operation on specific M&A Industrials 13%
projects.
Centralised industry-relevant knowledge on: Leisure & Retai l6%
Public and privileged information on company valuations
M arketing & M edia 5%
Buyers‘ and sellers‘ strategies.
Access to decision makers at groups and investment houses around the world. Packaging 6%
Technology/IT 10%
Other 13%
The Global M&A Business Services Team
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 in
your 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 at
www.globalma.com for more information.
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 (Excluding IT)
APPENDIX: Global M&A deal highlight

Groupe Dynavision/Grande Armée Conseil
Delba Maritima Navegaçao/Bourbon
Cargolux
Sampling of Business Services Deals
The Global M&A Business Services Team
Nicolas Ambrosioni
Financial Analyst
Veronique Zeid-Maurel
Partner
Global M&A Business Services team leader
Section I: Executive Summary
Overview
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 from
the 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.
Comparable 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 outsourced
service 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)
EBITDA / Sales EBIT / Sales
Market Enterprise
Sales EBITDA EBIT
Company Name cap. Value 2009 2008 2007 2006 2005 2009 2008 2007 2006 2005
(Last) (Last) (Last)
(Current) (Current)
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%
Source: Infinancials (25/10/2010)
Comparable Public Company Valuations (Con’t)

Exhibit 2
BPO Public Company Valuation Trends
(€ in millions)
EV/Net Sales EV/EBITDA EV/EBIT PER
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 19,5x
Median 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"

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 Enterprise Value /
Date Target Company Target Description Bidder Company Country Revenue (m€) Sales EBIT EBITDA
Sep-10 FirstAssist Services Holdings UK based company engaged in providing risk managed The Capita Group Plc United Kingdom 20 14 0,7x 30,6x
Limited solutions, employee assistance services and
occupational health services
Sep-10 Pipal Research Corporation US based provider of financial and business research, CRISIL Limited India 6 10 1,6x
corporate intelligence, and quantitative analytics services
Sep-10 Kale Consultants Ltd. (58.6% Indian provider of technology and business solutions Accelya Spain 21 22 1,9x 7,1x 2,9x
Stake)
Aug-10 Zenith Provecta (60% Stake) UK based provider of bespoke fleet management Morgan Stanley Private USA 118 103 1,5x 28,0x
services, concentrating on the provision of innovative Equity
management solutions, and vehicle outsourcing
businesses
Aug-10 Tela Sourcing Inc US and India bassed provider of business process TriZetto Group Inc USA 23
outsourcing (BPO) services to the health care industry
Aug-10 BeCogent Limited Scottland based customer interaction centres and Teleperformance SA France 47 42
providers of outsourced services.
Jun-10 Telegate AG (Livorno and Turin Italy based call centers owned by Telegate AG Contacta SpA Italy 25
Call Centers)
Jun-10 AT&T Japan (domestic network Japan based domestic network outsourcing services Internet Initiative Japan Inc Japan 82
outsourcing services business) business of AT&T Japan LLC
May-10 Dataforce Interact Lmited UK based outsourcing service provider of integrated data- HOV Global Services UK 12
driven CRM solutions of Twenty PLC Holdings Limited
May-10 Adventity Global Services US based full service KPO/BPO firm for the Banking & Sutherland Global Services USA 39 44 1,1x
Financial Services and the Airlines & Travel industry
Apr-10 Ryla Inc US based provider of value-added customer contact Alorica Inc USA 76 53 0,7x
services
Apr-10 WuXi PharmaTech China based pharmaceutical and biotechnology research Charles River Laboratories USA 188 1112 5,9x 30,7x 21,0x
and development outsourcing company Inc
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 US based human resources management business of NorthgateArinso Nederland Netherlands 74
resources management business) Convergys Corporation BV
Feb-10 Integreon Inc (30.00% stake) US based company engaged in business, legal and Actis Capital LLP UK 36
knowledge process outsourcing services with businesses
in China India Philippines South Africa and the UK
Feb-10 Affiliated Computer Services Inc US based provider of business process outsourcing Xerox Corporation USA 4 613 5 029 1,1x 10,4x 6,4x
(BPO) and information technology outsourcing (ITO)
solutions to commercial and government clients
Feb-10 ICT Group, Inc US based outsourcing company Sykes Enterprises USA 306 139 0,5x
Incorporated
Jan-10 CPA Global Limited Channel Islands based legal outsourcing company Intermediate Capital Group UK 173 508 2,9x 9,8x
providing legal support and intellectual property (ICG)
management services to corporations and law firms
Jan-10 Xafinity Group Limited UK based company that provides specialist outsourcing Advent International USA 144 317 2,2x 46,2x 13,7x
and consultancy services regarding pensions, employee Corporation
benefits, and payments expertise
Jan-10 Intelenet UK Services Ltd UK based company which handles the ticketing and Intelenet Global Services India 49
other functions of FirstGroup's UK rail operations Limited
Dec-09 Bellsystem24 Inc Japan based call center management company providing Bain Capital LLC USA 825 748 0,9x 10,4x
CRM, e-CRM and marketing solutions, e-Commerce and
e-Support services
Nov-09 McCamish Systems LLC US based providing business process outsourcing Infosys BPO Ltd India 27 26 0,9x
solutions, and software and services to life insurance and
financial services industries
Nov-09 American Express (back-office unit India based back-office operations of American Express ExlService Holdings Inc USA 20
in India) Business Travel
Exhibit 3
BPO Comparable M&A Transactions (Con’t)
(€ in millions except where mentioned in $) Deal value Enterprise Value /
Oct-09 eTelecare Global Solutions Inc Philippines based provider of business process Stream Global Services Inc USA 214 100 0,5x 10,4x
outsourcing service
Sep-09 Alitalia SpA (three branches of Italy based payroll business Byte Software House SpA Italy 15
payroll business)
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; Italy based company providing sale, marketing, facility Voicity (formerly Omnia Italy 9
Vox2Web SpA management and administrative skills to Omnia Service Center S.p.A.)
Network's clients; Italy based system integrator and
value added reseller for CRM platforms
Sep-09 Voicity (formerly Omnia Service Italy based company providing outsourcing services Alba Rental Srl Italy 20
Center S.p.A.)
Aug-09 IP BPO Holdings Pte Ltd Philippine based provider of business process PCCW Teleservices (Hong Hong Kong 15
outsourcing services formerly owned by IPVG group Kong) Limited
Jul-09 Resolve Business Outsourcing Canada based provider of customized business process Davis + Henderson Income Canada 217 100 0,5x
Income Fund outsourcing solutions (BPO) Fund
Jul-09 Resolve Corporation (Supply Chain Canada based supply chaing management operations of Archway Marketing Services, USA 14
Management division) Resolve Corporation Inc.
Jul-09 eRx Network LLC US based provider of electronic claims management Emdeon Inc USA 19 54 2,7x
services to the retail pharmacy industry
May-09 Cockleshell Limited UK based investment holding company having interest in BCB Holdings Limited Belize 62
business process outsourcing, facilities services,
property services and consumer sectors
Apr-09 Ordina BPO B.V. Netherlands based business process outsourcing Centric Holding B.V. Netherlands 43 24 0,6x
provider
Mar-09 e-Services Group International Inc Jamaica based company providing business process Affiliated Computer Services USA 51 63 1,2x
outsourcing (BPO) services Inc
Mar-09 Kurtzman Carson Consultants LLC US based claims and noticing agent that provides Computershare Limited Australia 75
administrative-support services and technology solutions
to companies undergoing a corporate restructuring
Mar-09 The Phone House (Proprietary) South Africa based call centre of Talk Talk Telecom eTelecare Global Solutions Singapore 4
Limited Group Singapore Pte Ltd
Dec-08 Citigroup Global Services Limited India based provider of BPO services. It offers Tata Consultancy Services India 375
(96.26% stake) transaction processing solutions, customer care solutions Limited
and technology services solutions to the financial
services industry
Dec-08 US Healthcare Holdings Llc US based company engaged in providing outsourcing, Prodigy Health Group Inc USA 19
management and consulting services
Dec-08 eTelecare Global Solutions Inc Philippines based provider of business process EGS Acquisition Co LLC USA 178 161 0,9x 10,4x 6,2x
outsourcing service
Average 1,5x 21,6x 11,2x

Median 0,9x 10,4x 10,1x
The Knowledge Centre’s facilities management comparable public company analysis involves 20
publicly traded facilities management companies (Exhibits 4 and 5).
and EV/EBITDA are 9.9x and 7.2x, respectively.
Exhibit 4
Facilities Management Comparable Company Profit Trends
(€ in millions)
Market Enterprise
Sales EBITDA EBIT
(Current) (Current)
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%

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
Oct-10 IDA Service AS Denmark based providers of service solutions for facility Compass Group Plc UK 20
management, cleaning and canteen
Oct-10 Jackson Lloyd Ltd UK based company engaged in building Mears Group Plc UK 6
maintenance and providing services
Sep-10 POWER SUPPORT Spanish company engaged in the operation and maintenance Fenice Spa Italy 14
of industrial facilities and power generation plants
Sep-10 Skelleftea Energi Underhall Sweden based company engaged in providing maintenance Skelleftea kraft AB Sweden
formerly owned by Vattenfall services to wind, water and heat industry
Sep-10 DTE Rail Services, Inc. US based provider of railcar maintenance, fleet management, FreightCar America, Inc. USA 20 18 0,9x
railroad operations and technology services
Aug-10 Antimite Termite and Pest Control US based pest control company The Terminix International Company USA 23
L.P.
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 STRABAG Property and Facility Germany 27
cleaning and maintenance of green spaces and outdoor Services GmbH
facilities
Jul-10 Mid Western Lifts Services Ltd. Ireland based company engaged in installation, repair, Grupo Orona Spain 25 20 0,8x
refurbishment and maintenance of lifts and escalators
Jul-10 Faceo FM SA France based integrated solutions provider for service sector Vinci SA France 450
maintenance, with activities in engineering, systems
integration and multi-service and multi-technical maintenance
Jun-10 Caverion GmbH Germany based company that offers services in facility YIT Corporation Finland 440 73 0,2x
engineering and facility systems. It provides consulting and
planning, construction and operation of complex air-
Jun-10 Diversco Inc conditioning
US and ventilation
based company systems,
providing cleaningheating and refrigeration ABM Janitorial Services
and maintenance USA 58
specialized contract services and security services
Jun-10 Powerminster Gleeson Services UK based company engaged in providing commercial and Morgan Sindall Group plc UK 8
Ltd residential property maintenance services
Jun-10 SAS Ground Services UK Ltd UK based dvision of SAS Ground Services, the service BBA Aviation Plc UK 25
supplier of airline ground handling inNordic countries
Jun-10 Clockwork Home Services Inc US based company having franchises for the home services Direct Energy LP USA 153
contractor market
Jun-10 Audeca SL Spain based infrastructure, road maintenance and Elecnor SA Spain 39 23 0,6x
environmental services company
Jun-10 Knightsbridge Guarding Limited; UK based provider of security and receptionist services for the Rentokil Initial Plc UK 8
Perception UK LLP corporate sector
Jun-10 Castle Support Services Plc UK based investment holding company with interests in Sulzer (UK) Holdings Ltd UK 146 157 1,1x 7,8x 6,9x
electro-mechanical inspection, maintenance and repair
services
Jun-10 DFM Providers Limited; Dalkia Ireland based provider of facilities management services; Mitie Group Plc UK 29 13 0,4x
Energy & Facilities Ltd Ireland based provider of facilities management services
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 GDF Suez SA France 36
energy management and conservation
Exhibit 6
Facilities Management Comparable M&A Transactions (Con’t)

Apr-10 National Grid Energy Services US based provider of heating, cooling, and water heater repair Homeserve Plc UK 22
(service contract business) services
Mar-10 D&S (Engineering Facilities) UK based provider of facilities management services to blue- T. Clarke Plc UK 18 8 0,5x 21,5x 16,8x
Limited chip UK client list
Mar-10 Euro Environmental Group Limited UK based provider of drain and sewer cleaning, inspection Sovereign Capital Partners LLP UK 22
and repair services
Feb-10 Hurley Corporation Canada based provider of cleaning and facility management Compass Group Canada Ltd Canada 34
services
Dec-09 Sistema-Hals ZAO (40.62% stake) Russia based company engaged in development, asset VTB Bank JSC Russia 79
management and facilities management
Dec-09 RSM Rail Service Management Germany-based train maintenance company EuroMaint AB Sweden 94 18 0,2x
GmbH
Nov-09 Juan Galindo, SL Spain based company which provides electrical installation Grupo Ortiz Spain 5
and maintenance services.
Nov-09 Champions of the West Inc US based facility management company providing services to G4S Plc UK 88 40 0,5x
the US Government
Oct-09 Quala Systems Inc US based company providing tank cleaning and repair QualaWash Holdings LLC USA 9
services
Oct-09 Veris Plc (Property Management Ireland based property management and facilities Aramark Investment Limited Aramark UK Ireland 74 46 0,6x 3,9x
and Facilities Management management Business of Veris Plc, the listed Ireland based Ireland Limited
Business) provider of integrated property services
Sep-09 Veolia Proprete Nettoyage et France based company specalised in industrial cleaning Groupe TFN France 350 120 0,3x
Multiservices SA
Aug-09 Eurogem SAS France based provider of real estate facilities management Groupe TFN France 63 18 0,3x
services formerly owned by Icade
Aug-09 Dalkia Technical Facilities UK based provider of outsourced Technical Facilities Mitie Group Plc UK 280 151 0,5x 11,3x
Management Management and Energy Services
May-09 Mosdachtrest OJSC (58.00% Russian based real estate asset management company AFK Sistema Russia 12 11 1,6x
stake)
Apr-09 Godrej Hicare Ltd Indian company providing pest control services ISS Facilities Services India India 15
Apr-09 Radhakrishna Hospitality Services India based food service & hospitality solutions, integrated Sodexo SA France 70 99 1,4x
Pvt Ltd facilities management and vending solutions
Mar-09 Temple Security Limited UK based provider of contract cleaning, security and LPM Group Ltd UK 21 13 0,6x
maintenance services
Jan-09 Centre Europeen de Domotique et France based company engaged in installation, and Turenne Capital Partenaires France 5
d'Energie (33.00% stake) maintenance of thermodynamic heating equipment.
Dec-08 Zehnacker Holding GmbH (90.00% German company providing building and facility management Sodexo SA France 250 172 0,8x
stake) 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 US based franchisor of commercial cleaning services Gemini Partners Inc ; Webster USA 47
Inc Capital Fund II
Exhibit 6
Facilities Management Comparable M&A Transactions (Con’t)

Sep-08 Taylor Woodrow Construction Ltd UK based company engages in construction, facilities Vinci Plc UK 871 86 0,1x
management, and engineering businesses
Sep-08 Radhakrishna Hospitality Services India based food service & hospitality solutions, integrated Radhakrishna Group India 17
Pvt Ltd (50.00% stake); SHRM facilities management and vending solutions
Food and Allied Services Private
Sep-08 Ltd (50.00%
Eastlake stake)
Group Ltd from Compass UK based provider of workplace interiors and property Work Inc Group Limited UK 40 17 0,4x 18,5x 11,6x
services.
Aug-08 Noonan Services Group Ireland based company providing facilities management and Alchemy Partners LLP UK 90
cleaning services
Aug-08 InStar Services Group, LP US based provider of commercial disaster response and BlackEagle Partners LLC USA 16
reconstruction services formerly onwed by ServiceMaster
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 Temco Service Industries Inc USA 54 20 0,4x
specialized contract services and security services
Jun-08 Synergis Holdings Ltd Hong Kong based investment holding company interested in Hsin Chong Construction Group Ltd Bermuda 35 32 0,9x 14,8x 5,3x
property management and facility management services, British Virgin
security services, cleaning services, laundry services, repair Islands Hong
and maintenance works, trading of related products and Kong
membership programmes
Apr-08 HRI Inc US based provider of critical maintenance services in high Timec Company Inc USA 3
temperature and confined space environments to the heavy
industry
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
Source: MergerMarket
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)
Market Enterprise
Sales EBITDA EBIT
(Current) (Current)
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
405 Inc. 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%
Exhibit 8
Security Services 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
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
0,7x Inc.
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
sept.-10 Reliance Security Group (UK security UK based security services operations Securitas AB Sweden 232 50 0,2x
services operations)
sept.-10 QinetiQ North America Security and US based security and intelligence solutions company ManTech International USA 41 44 1,1x
Intelligence Solutions (S&IS) operating across a range of government sites in the Corporation
United States
sept.-10 SpecTal, LLC; Advanced Concepts, US based companies providing technical and BAE Systems, Inc. USA 232
Inc.; McClendon, LLC professional services to the US intelligence and military
communities
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 Sicli Holding SAS France 19
engaged in the design, supply, installation and providing
maintenance services for electronic products
juil.-10 Legend Group Holding International Singapore based provider of security services Securitas AB Sweden 7 6 0,9x
Pte Ltd
juin-10 Kroll Inc US based risk consulting company engaged in Altegrity Inc USA 944
background screening, drug testing, and surveillance
services, fraud investigations, security services and
technology services
juin-10 Knightsbridge Guarding Limited; UK based providerS of security services for the Rentokil Initial Plc UK 8
Perception UK LLP corporate sector
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 Securitas AB Sweden 107 26,8 0,3x
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.
juin-10 Instalarme Instalarme is a Brazilian electronic software and G4S Plc UK 19 20,6 1,1x
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
juin-10 Bren security The Shri Lanka based company operates in guarding Securitas AB Sweden 2 3,8 2,5x
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 GTCR Golder Rauner LLC USA 256 617 2,4x 22,0x 9,8x
services to residential and commercial subscribers
avr.-10 DynCorp International Inc. US based provider of support to military and civilian Cerberus Capital Management USA 2 970 1238 0,4x 6,3x
government institutions, including aviation support, LP
infrastructure development, security, and logistics
avr.-10 Dan Kontrol Dan Kontrol, with 25 employees, is the largest Securitas AB Sweden 2,6
independent monitoring company in Denmark.
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 India based electronic security systems integration Schneider Electric India Pvt India 30 36 1,2x
(electronic security systems integration business Ltd
business)
Exhibit 9
Security Services Comparable M&A Transactions (Con’t)

mars-10 GE Security Inc US based supplier of security and life safety United Technologies USA 1 486 1502 1,0x
technologies Corporation
mars-10 Secredo Seccredo is a leading Swedish consulting firm in the Securitas AB Sweden 3 1,2 0,5x
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, Securitas AB Sweden 4 1,2 0,3x
mainly in the areas of Johannesburg and Pretoria
janv.-10 Adesta LLC and Adesta LP (formerly Adesta is US-based and provides systems integration G4S Plc UK 75 54 0,7x
McCarthy Group) and project management services for integrated security
systems and communication systems. The business has
three areas of focus related to secure solutions for
déc.-09 critical
Nuclear Security Services Corporation US infrastructure
based – seaports,
risk consulting other solutions
and security critical firm G4S International Holdings Ltd UK 15 15 1,0x
déc.-09 Tecniserv, SA Spain based alarm monitoring company operating in Securitas AB Sweden 5 3,9 0,8x 33,3x 21,2x
three areas: service of own connections portfolio,
installation of new alarm systems and monitoring of third
party connections.
déc.-09 Long Hai Security The Vietnam based company is the market leader in the Securitas AB Sweden 6 1 0,2x
Vietnamese security services market, provides mainly
guarding services and operates throughout Vietnam,
déc.-09 Gordon with its largest
Serbian privatebranches being in Ho
security company withChi Minhemployees,
1 100 City and Securitas AB Sweden 5 3,4 0,6x
a majority of Gordon’s sales is in guarding services.
déc.-09 Grupo Argos Mexican private security company, a majority of the Securitas AB Sweden 5 1,9 0,4x
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 G4S Plc UK 16 6,5
risk mitigation consulting services with 20 m$ revenues
and operations in 14 countries
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 Securitas AB Sweden 7 4,1 0,6x
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 Securitas AB Sweden 11 1,9 0,2x
security personnel and cash transport services (formerly
owned by UTC)
sept.-09 GE Security Inc (Homeland Protection US based Homeland Protection business of GE Security Safran SA France 196 438 2,8x
Business) (81.00% stake) Inc. It develops tomography based detection systems for
hazardous or illicit substances in baggage
sept.-09 Vigilan The Argentina based company is mainly operating in Securitas AB Sweden 10 4,4 0,4x
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 United Technologies Far East Hong Kong 119 133 1,7x 10,2x 9,2x
provider Limited
juil.-09 Mega Italia SpA Italy based provider of installation and maintenance of Sicurglobal SpA Italy 34
alarm systems
juil.-09 U.K. Fire International Limited UK based fire service company providing services Connaught Plc UK 12 14 1,2x
including fire safety compliance inspection, testing and
reporting, fire extinguisher and fire alarm system
servicing
Exhibit 9
Security Services Comparable M&A Transactions (Con’t)

juil.-09 Federal Security Group Ireland based security solutions company formerly Noonan Services Group Ireland 100 15 0,2x
owned by Newcourt Group Plc (Republic)
juil.-09 Groupe Martec France based provider of electronic security and critical Eolane Group France 22
embedded systems to the Defence, Aeronautical, Naval,
Environmental, Industrial and Transport sectors formerly
woned by Eryma SAS
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 QinetiQ Group Plc UK 7 60 8,1x
monitoring services
juil.-09 Konsalnet SA (80.00% stake) Poland based security services firm SGAM Private Equity Eastern France 66 22 0,4x
Europe
juil.-09 Norsergel Vigilancia e Transporte de Brazilian group focused on the secUrity and Prosegur Compania de Spain 85 61 0,7x
Valores Ltda transportation of valuable material and money formerly Sequridad SA
owned by Grupo Nordeste and Macedo Participacoes
juin-09 SAS Ground Services Finland Finland based provider of airline ground services ISS Palvelut Oy Finland 20
formerly owned by SAS AB
juin-09 Worldwide Security S.A. Chilean provider of security and alarm monitoring Securitas AB Sweden 11 8,37 0,7x
services
juin-09 Infratek Vakt AS Norway based company providing security products and Vakt Service AS Norway 9
guard services formerly owned by Infratek ASA
juin-09 Grupo Orus Peru based provider of security and private surveillance Prosegur Compania de Spain 35 19 0,5x
services Sequridad SA
juin-09 Garda World Security (US and Mexico US and Mexico based guarding operations of Garda Andrews International USA 90 31 0,3x 9,8x
Guarding operations) World Security, Canadian provider of security and cash
handling services
mai-09
mars-09 Control Holding
Temple SecurityGroup
LimitedInc.(Cleaning & UK
US based provider
Janitorialofand Engineering
contract Services
cleaning, assets
security and of ABM Industries
LPM Group Ltd Inc USA
UK 21 13 0,6x
maintenance services
mars-09 Setha Industria Eletronica Ltda Brazilian developer and manufacturer of electronic Prosegur Compania de Spain 10 7 0,8x
security systems and industrial communication Sequridad SA
equipment
févr.-09 G4S Holdings SAS France based security solutions firm formerly owned by Neo Securite SAS France 250
G4S.
févr.-09 General Industries Argentina SA Argentina based provider of electronic security services Prosegur Compania de Spain
(GIASA) Sequridad SA
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 Prosegur Compania de Spain 16
security equipments Sequridad SA
févr.-09 Alarm.com US based Internet security service provider ABS Capital Partners; Egis USA 22
Capital Partners
févr.-09 China Security systems Limited Hong Kong based provider of security and alarm Bay Peak 4 Acquisition Corp China
services incorporated in British Vergin Island
janv.-09 Sebival-Seguranca Bancaria Industrial Brazilian providers of cash-in-transit (CIT) and payment Brink’s-Seguranca e Brazil 44 36 0,8x
e de Valores Ltda; Setal Servicos processing services Transporte de Valores Ltda
Especializados, Tecnicos e Auxiliares
Ltda
janv.-09 Detection Logic Fire Protection Inc US based fire, life safety, and security contractor and UTC Fire & Security USA
related services provider

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)

Market Enterprise
Sales EBITDA EBIT
(Current) (Current)
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%
Exhibit 11
Contract Catering 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
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 1 499,3x

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
Dec-09 Mediterranea de Catering SL Spain based catering company Alia Private Equity SCR SA Spain 74 70 0,9x 11,7x 9,5x
Inversiones Ibersuizas SA
Apr-09 Radhakrishna Hospitality India based food service & hospitality solutions, Sodexo SA France 70 99 1,4x
Services Pvt Ltd integrated facilities management and vending
solutions
Oct-09 Vanyera3 SL Spanish catering company Union Castellana de Alimentacion Spain 5

SA
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 Airest Slovakia Gastronomy and Slovakia Austria 8
managing food and beverage activities at Prague Retail sro Airest Terminal &
Airport Catering Business Holding GmbH
Oct-08 Arjan van Dijk Groep (75.00% Netherland based event management services Jaarbeurs Catering Services Netherlands 30
stake) provider.
Sep-08 Centerplate, Inc. US based provider of food and related services, Kohlberg & Company LLC USA 503 150 0,3x 9,5x 4,1x
including concessions, catering and merchandise
services in sports facilities, convention centers and
other entertainment facilities
Sep-08 Fast Food Servis Czech Republic based provider of operator Airest Terminal & Catering Austria 6 15 2,6x 19,6x
activities in Food & Beverage at the airport in Business Holding GmbH
Prague Czech Republic
Aug-08 CAFE Group Capitol Vending US based food service provider; US based local Treat America Food Services Inc USA
vending operation servicing central Indiana
Aug-08 7 Yedi Endustriyel Yemek Turkey based catering company Yemekci Turkey
Jul-08 Qua.ser s.r.l.; Zilch Ristorazione Italy based company engaged in catering services.; Gruppo Gemeaz Cusin Srl Italy
s.r.l. Italy based provider of canteen and refectory
outsourcing services.
Jul-08 CLS Catering Services Limited Canada based provider of catering services in LSG Lufthansa Service Europa Germany 4
(30.00% stake) airlines Afrika GmbH
Jul-08 Olympic Catering SA (55.70% Greece based inflight catering company Alkmini Catering Greece 24
stake)
Jul-08 Lufthansa Airport Service- Germany based catering company which has its SSP Deutschland GmbH Germany 27
Gesellschaft core competencies in food processing, logistics and
service profitably on the ground
Jun-08 Sardunya AS Turkey based catering group ISS Turkey Turkey
Jun-08 Cerfal Lecocq SA SDM France based companies providing food catering Holding SDPL Finorpa France
and event organisation related services.
Exhibit 12
Contract Catering Comparable M&A Transactions (Con’t)

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 Bulutoglu Gida ve Lojistik Turkey 13
business. Hizmetleri AS
Jun-08 SCK DUS GmbH& Co KG Germany based joint venture, created by Air Berlin Gate Gourmet Switzerland GmbH Switzerland
Duesseldorf and SCK Sky Catering Kitchen GmbH USA
Bordverpflegung & Co Service KG Ulm
May-08 Topic Caterers Australian based resources catering company ISS A/S Denmark 20
Apr-08 Polrest SA (formerly Gastropol Poland based catering company and restaurant ISS A/S Denmark 10
Group Sp. z.o.o.) operator.
Apr-08 Aeromeal (majority stake) Russia based provider of airline catering services LSG Lufthansa Service Europa Germany
Afrika GmbH
Mar-08 Cremonini s.p.a. Italian company operating in the food sector. The Luigi Cremonini Italy 2 482 138 0,4x 11,1x 7,0x
business interests include distribution, production
and catering.
Mar-08 Catering Partnership Holdings UK based food services operator Mitie Facilities Services Limited UK 18 9 0,5x
Limited
Mar-08 Accor (GR Brasil Servicos de Brasil based provider of catering services Compass Group Plc UK 383 119 0,6x
Alimentacao) (50.00% stake)
Feb-08 The Oggenfuss Catering by Switzerland based restaurant operator and catering Kofler & Kompanie AG Germany
Wilfinger services GmbH service provider
(Majority Stake)
Jan-08 Redcoral Catering Limited Ireland based coffee shops chain and catering Penninn H F Iceland 16
(Insomnia) (51.00% stake) company
Jan-08 Patman Services Indian provider of facilities management, Aramark Corporation USA
housekeeping, business dining, catering and other
services
Dec-07 Aviapartner Group (catering Belgium based catering business of Aviapartner Gate Gourmet, Inc. Switzerland
activities) Group
Dec-07 Air Czech Catering Czech Republic based catering arm of Czech Alpha Overseas Holdings Limited Italy 26
Airlines
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 ISS A/S Denmark
provider.
Nov-07 Bongrain Gastronomie French providers of catering services and 21 Centrale Partners France 94
organisation of banquets and receptions
Nov-07 Emin Catering (51.00% stake) Turkey based food and catering company. Klueh Service Management Germany 9
Exhibit 12
Contract Catering Comparable M&A Transactions (Con’t)

Oct-07 Airo Catering Services Sweden Sweden based inflight catering company LSG Lufthansa Service Holding AG Germany 16
AB (46.00% stake)
Sep-07 Alpha Flight Services Pty Ltd Australia based provider of of in-flight catering Emirates Airline United Arab
(49.00% stake) services Emirates
Aug-07 Gemeaz Cusin Ristorazione Srl; Italy based catering and food distribution company Barclays Private Equity Limited UK 312 135 0,4x
Scapa Italia Srl (formerly owned by Accor)
Jul-07 Nordic Airlink holding AB Sweden based company engaged in airline Norwegian Air Shuttle ASA Norway 94 6 0,1x
business formerly owned by Finnair Oyj
Jun-07 Groupe Vivae France based contract catering company (formerly Groupe Elior France 92
owned by French PE Quartus)
Jun-07 Brahim's-LSG Sky Chefs Malaysia based investment holding company Tamadam Bonded Warehouse Bhd Malaysia
Holdings Sdn Bhd (51.00% stake) involved in the provision of in-flight catering.
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; Indian airline catering company.; Indian hotel and India Hospitality Corp Cayman Islands 83
SkyGourmet Catering Pvt Ltd restaurant company.
Jun-07 Alpha Airports Group Plc (57.30% UK based company providing catering and retailing Autogrill SpA Italy 848 227 0,4x 12,3x 7,1x
stake) services for airlines and airports
May-07 Selecta Management AG Swiss food and beverage vending services operator Allianz Capital Partners GmbH Germany 705 1129 1,6x
formerly owned by Compass Group
May-07 Chester Boyd Ltd Uk based catering services provider. Charlton House Catering Services UK 15
Ltd.
May-07 Caterhouse Ltd UK based company providing catering services to ISS Mediclean Ltd UK
schools.
Apr-07 Impact Exhibition Management Thailand based company provides exhibition, Juutland Ltd Cayman Islands 159
(42.22% stake) convention space and related services as well as
food, beverage and catering services in connection
with the exhibition and convention facilities.
Mar-07 Saudia Catering (49.00% stake) Saudi Arabia based catering service Al Hokair And Sons Group Ltd Saudi Arabia 168
Newrest Inflight France
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 Autogrill SpA Italy 79 45 0,6x 31,3x 8,9x
focus on food services (formerly owned by PE
Gimv)
Jan-07 USAS Ucak Servisi AS Turkey based catering service operations. THY Do & Co Catering Turkey 36
(Catering Service Service AS
Operations)

Source: MergerMarket Median 0,5x 12,0x 7,1x
The Knowledge Centre’s Human Resources comparable public company analysis involves 20
publicly traded Human Resources Services companies (Exhibits 13 and 14).
Exhibit 13
Human Resources Services Comparable Company Profit Trends
(€ in millions)
Market Enterprise
Sales EBITDA EBIT
(Current) (Current)
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
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 Deltek, Inc. USA 19 44 2,3x
events and training services
Sep-10 Wridgways Australia Limited Australia based company providing removal, packaging, storage, and Santa Fe Holdings Ltd Hong Kong 78 59 0,7x 9,9x 8,6x
relocation solutions
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 Corporate Resource Services Inc USA 5
employment staffing services
Aug-10 FujiStaff Holdings Inc (79.5% Stake) Japan based provider of personnel placement and planned Randstad Holding NV Netherlands 473 162 0,4x 13,3x 11,1x
recruitment services
Aug-10 Rigzone.com, Inc. U.S. based online company specializing in career services for Dice Holdings, Inc. USA 7 43 6,5x 9,8x
professionals in the oil and gas industry, as well as in content, data,
and advertising related to the oil and gas industry
Aug-10 Online Career Center Mexico Inc (40% Mexico based operator of online employment services SEEK Limited Australia 31
Stake)
Jul-10 Medfinders Inc US based provider of nurse staffing services to hospitals and other AMN Healthcare Services Inc USA 169
healthcare facilities
Jul-10 Integrity Interactive Corporation US based compliance and business ethics consultant and training SAI Global Limited Australia 132
services provider
Jul-10 Sharpstream Life Sciences Limited UK based provider of search services for executive to middle On Assignment, Inc. USA 3 4 1,1x
managers in the life sciences industry
Jul-10 Vaughan Systems (55% Stake) Spain based on-site and multimedia English language training AC Capital Premier II Spain 20 14 1,3x
company
Jul-10 Optimark SA (56.46% Stake) Optimark is one of the leading French operators in the field of OC Financial Inc USA 20 9 0,8x 11,7x
commercial presentations, external sales forces, and training.
Jul-10 Medical Staffing Network Inc US based healthcare staffing company and provider of per diem MSN AcquisitionCo, LLC USA 237 67 0,3x 6,0x
nurse staffing services
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 Blackstone Group Holdings LLC USA 132
minute and emergency basis
Jun-10 Wynnwith Group Ltd UK based technical engineering personnel and project design Morson Wynnwith Limited United 79 9 0,1x
solutions provider Kingdom
Jun-10 Ross Education LLC (58% Stake) US based provider of vocational school job training and related JLL Partners USA 195
services
May-10 Melorio Plc UK based company providing vocational training, apprenticeships Pearson Plc UK 66 121 1,8x 7,9x 6,5x
and TtG Plus programs to the information and communications
technology industries
May-10 WorldwideWorker.com Netherlands based company that provides energy jobs for engineers Dice Holdings Inc USA 7
and professionals in the energy sector
Apr-10 The Cambridge Group Ltd US based provider of recruiting, consulting and staffing services for On Assignment Inc USA 8 4 0,5x
physician, pharmaceutical and IT jobs
Apr-10 COMSYS IT Partners Inc US based company specialized IT staffing and project Manpower Inc USA 450 296 0,7x 29,8x 16,2x
implementation services, including Website development and
integration, application programming and development, client/server
development, systems software architecture and design, systems
engineering and systems integration
Mar-10 Trustaff Inc US based national health care staffing company Medical Connections Holdings USA 20
Inc
Exhibit 15
Human Resources Services Comparable M&A Transactions (Con’t)

Feb-10 Brainhunter Inc (formerly TrekLogic Canada based recruiting and staffing firm. It manages post-hire Zylog Systems Limited India 35 34 1,0x
Technologies Inc) activities, including contract management, billing, internal and
external payment processing, payroll administration and financial
reporting
Feb-10 OneClickHR Plc UK based company engaged in the design, production, marketing, ADP Network Services Ltd UK 6 16 2,6x 52,0x 21,2x
and sale of human resources software. The company also provides
consulting services, online HR services, and HR outsourcing and
training services
Feb-10 Hotjobs.com Inc US based online recruitment solutions and software company of Monster Worldwide Inc USA 162
Yahoo! Inc
Feb-10 Tatum LLC US based recruiting and staffing company SFN Group (formerly Spherion USA 84 33 0,4x
Corporation)
Jan-10 MPS Group Incorporated US provider of staffing and consulting services, as well as solutions Adecco SA Switzerland 1 591 772 0,5x 9,3x 7,9x
in the areas of information technology, finance, accounting, law,
engineering and healthcare.
Jan-10 HighCare Detachering BV (Significant Netherland based staffing agency of medical professionals High Care Holding BV Netherlands 5
Stake)
Jan-10 Towers Perrin Forster & Crosby Inc US based provider of human resource and administration consulting Watson Wyatt Worldwide, Inc USA 1245
services, reinsurance intermediary, and actuarial and management
consulting
Jan-10 Fagro Consultancy BV MBO of Netherlands based interim and financial consultancy firm of Fagro Consultancy BV (MBO Netherlands 19 12 0,6x 3,0x 3,0x
Altran Technologies SA Vehicle)
Dec-09 International Resources Group Limited UK based executive search and selection services firm formerly Odgers (MBO Vehicle) UK 79 13 0,2x 2,6x 2,3x
(50.50% stake) onwed by OPD Group Plc
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% Russia based airline pilots training center OAO Aeroflot Russia 12
stake)
Dec-09 HSBC Actuaries and Consultants Limited UK based provider of actuarial, pension scheme administration, Jardine Lloyd Thompson Group UK 40 5 0,1x 3,0x 2,8x
employee benefit and investment consultancy services Plc
Nov-09 New Dynamic Institute (undisclosed stake) China based company providing educational training Matrix Partners China; WI Harper China USA 7
Group Inc
Oct-09 Spring Group Plc UK based company engaged in the provision of recruitment, staffing Adecco SA Switzerland 540 62 0,1x 9,2x 6,5x
and related services formerly onwed by ET Training LLC
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 Yediot Ahronot Israel 6
Headhunter.ru
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 Berlitz International Inc USA 8 7 1,0x
training and human resources development programs to
multinational corporations
Exhibit 15
Human Resources Services Comparable M&A Transactions (Con’t)

Jul-09 FIITJEE Limited (Undisclosed Stake) India based provider of training for IIT-JEE, AIEEE and other Matrix Partners India India 22 15
engineering entrance exams
Jun-09 Educomp Solutions Limited (vocational India based vocational training business Pearson Plc UK 13
training business) (50.00% stake)
Jun-09 Gissings Consultancy Services Limited UK based pension consultants, providing actuarial, advisory, Capita Hartshead UK 11
investment and administration services for UK pension plans
Apr-09 Wall Street English China based provider of English language training to university Pearson Plc UK 110
students and professionals in China, through 39 company-owned
training centers in seven cities including Beijing, Shanghai,
Guangzhou and Shenzhen
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 The Capita Group Plc UK 9 13 1,5x
improvement services formerly onwed by Healthcare Knowledge
Systems International Ltd
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 Cornerstone Equity Investors USA 36 15 0,4x 18,1x 9,6x
information technology, personnel and organization development,
and systems, applications and products (SAP) trends and processes
formerly owned by Logica Plc

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 EBITDA / Sales EBIT / Sales

Market Enterprise
Sales EBITDA EBIT
(Current) (Current)
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 Environnement
168 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 EBITDA / Sales EBIT / Sales

Market Enterprise
Sales EBITDA EBIT
(Current) (Current)
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%

Exhibit 17
Waste Management Public Company Valuation Trends
(€ in millions)
Waste Management EV/Net Sales EV/EBITDA EV/EBIT PE
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
0,7x 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
Environnement
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
1,4x 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
Services
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
Recycling EV/Net Sales EV/EBITDA EV/EBIT PER
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
Date Target Company Target Description Bidder Company Bidder Revenue (€m) Sales EBIT EBITDA
Country
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 Stericycle Inc USA 180
healthcare industry
Sep-10 Cooper Island Investments, L.L.C. Turkey based company having interest in steel dust recycling Befesa Medio Ambiente, SA Spain 7
(51% Stake) plant in Iskenderun
Sep-10 Resta AB Sweden based compnay engaged in collection, transportation, RenoNorden AS Norway 10
sorting, and treatment of waste for municipalities and industrial
customers
Sep-10 Stablex Canada Inc. Canada based industrial waste treatment and disposal US Ecology Inc USA 29 61 2,1x
company
Aug-10 Cork County Council (Waste Ireland based Waste collection business of Cork County Country Clean Recycling Ltd Ireland 10
collection business) Council
Jul-10 Controlled Recovery Inc; U.S. Liquids US based companies engaged in the treatment, recovery and R360 Environmental Solutions USA 193
of Louisiana LP; Calpet / R&G Group disposal of oil and gas wastes, liquid waste management
of Companies services
Jul-10 Alchema Limited; Future Industrial UK based company engaged in supply and recycling of One51 plc Ireland 18
Services Ltd chemical etchant solutions ; UK based provider of waste
management and specialised industrial waste management
services
Jul-10 Global Renewables Australia Pty Ltd Australia based company providing waste management SSP Resources Gloucester Holdings USA 32
(51% Stake) solutions B.V.
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 UK based materials recycling company Viridor Waste Management Ltd UK 29
Limited
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 Brazil based waste management firm operating in Sao Paulo SUMA Group Portugal 45 22 1,0x
Energia SA (50.00% stake) state
Apr-10 Veolia Environnement SA (5.00% France based environmental services company, which is Qatari Diar Real Estate Investment Qatar 34 551 647 0,8x 14,1x 7,5x
stake) involved in water holding, waste management, energy and Company
transport operations
Apr-10 Umwelt-und Entsorgungstechnik AG Austria based recycling operations of Umwelt-und Asamer Holding AG Austria 15
(certain operations) Entsorgungstechnik AG
Mar-10 Ecocentro Soluzioni Ambientali Srl; Italian waste management companies Actelios SpA Italy 13
Esposito Servizi Ecologici Srl
Mar-10 Waterchem Limited UK based company providing water hygiene and water Green Compliance UK 9 11 1,2x
treatment services to facilities management companies,
hospitals, universities and local authorities
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 Sovereign Capital Partners LLP UK 22
repair services
Mar-10 Hudson Valley Waste Holding Inc US based company engaged in collection, processing, and Clairvest Equity Partners III Limited ; Canada 26
(Majority Stake) recycling of nonhazardous solid waste materials Clairvest Group Inc
Feb-10 Western Rubber Group Canada based company recycling scrap rubber tires in raw Laurel Mountain Partners LLC USA 14
materials
Exhibit 18
Waste Management Comparable M&A Transactions (Con’t)

Country
Jan-10 AbitibiBowater Inc (Recycling US based three material recycling facilities at Arlington, Waste Management Recycle USA 8
Division's material recycling facilities) Houston, and San Antonio America
Dec-09 Valdi France based company specialised Eramet S.A. France 25 20 0,8x
in the processing and recycling of non-ferrous metals
Dec-09 Champion City Recovery Transfer US based companies engaged in waste disposal and recycling WCA Waste Corporation USA 23
Station LLC; Sunny Farms Landfill of non hazardous, solid wastes
LLC
Dec-09 The International Metals Reclamation US based recycler of metal bearing wastes Horsehead Holding Corp USA 41 23 0,6x 2,7x
Company Inc
Dec-09 General Environmental Management, US based full-service hazardous waste management and PSC Environmental Services LLC USA 11
Inc. (DE) environmental services firm.
Dec-09 GreenSafe Demanufacturing Inc Canada based company engaged in dismantles old appliances, Bergamo Acquisition Corp USA 33
(60.00% stake) such as fridges and stoves, and recycle the materials, including
plastic, aluminum, copper and steel
Nov-09 Waste Services Inc Canada based integrated solid waste services company IESI-BFC Ltd. (formerly BFI Canada Canada 339 487 1,4x 16,3x 7,8x
providing collection, transfer, landfill disposal and recycling Ltd.)
services for commercial, industrial and residential customers
Oct-09 Veolia Environmental Services Ltd Ireland based commercial waste and recycling business of Greenstar Environmental Ltd UK 50
(commercial waste and recycling Veolia Environmental Services Ltd
operations)
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 US based solid waste collection, recycling and disposal Waste Services Inc Canada 22
and related assets located in Miami- services business
Dade)
Oct-09 DisposAll Waste Services, LLC US based recycling and disposal services business Waste Services Inc Canada 11
(Miami-Dade operations)
Sep-09 Manutencoop Servizi Ambientali SpA Italy based company offering environmental services like waste Aimeri Ambiente Srl Italy 108 48 0,4x 13,3x 4,2x
management and waste disposal
Sep-09 WastePro USA Inc (Undisclosed US based company providing solid waste collection, disposal Roark Capital Group USA 69
Stake) and recycling services
Sep-09 Santa Clara Waste Water US based privately owned wastewater treatment business General Environmental Management USA 5 6 1,2x
Inc
Sep-09 UKAEA Limited UK based company providing nuclear clean-up, waste Babcock International Group Plc UK 35 42 1,2x
management and environmental restoration services. It offers
programme management, decommissioning, waste
Sep-09 EcoSecurities Group Plc Ireland based provider of emission reduction and consulting JPMorgan Chase & Co USA 69 91 1,3x
services, incorporated in Ireland
Aug-09 City Waste Inc US based company engaged in providing waste management Waste Management Inc USA 12
services that includes waste transfer, landfills, disposal and
recycling services
Aug-09 Miljotransport AS Norway based waste management company Franzefoss Bruk AS Norway 12
Aug-09 Transpacific Industries Group Ltd Australian company providing integrated industrial cleaning and Warburg Pincus LLC USA 1 259 181 1,6x 14,3x 9,1x
(20.35% stake) total waste management, with particular focus on the liquid,
solid and hazardous waste management markets
Aug-09 Shanghai Environment Group Co Ltd Chinese waste management company Wheelabrator China Holdings Ltd Hong Kong 99
(40.00% stake)
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 South Korea 11 6 3,7x 31,6x 17,7x
Management Corporation
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 Cimentas Izmir Cimento Fabrikasi Turkey 11
hazardous waste disposal activities Turk AS
Jul-09 Sanipac Inc US based solid waste services company providing waste Waste Connections Inc USA 31
collection, transfer, disposal, inter modal logistics and recycling
services
Exhibit 18
Waste Management Comparable M&A Transactions (Con’t)

Country
Mar-09 Auburndale Recycling Center Inc US based recycler of tires Ridge Recyclers Inc USA 4
Feb-09 CMA Corporation Limited (32.14% Australia based scrap metal group with operations in the Scholz Invest GmbH Germany 303 25 0,5x 12,0x 7,9x
stake) sourcing, supply, processing and exporting of scrap metal
Feb-09 Promotora Ambiental del Sureste SA Mexico based company that provides waste management and Double V Holding SA de CV Mexico 8
DE CV (75.00% stake) recycling services
Feb-09 Lawrence Recycling and Waste UK based provider of waste disposal and recycling services Maven Capital Partners UK LLP; UK;UK 11
Management (50.00% stake) Orbis Partners LLP
Feb-09 Republic Services Inc (Certain US based six municipal solid waste landfills, six collection Waste Connections Inc USA 85 195 2,3x
Assets) operations and three transfer stations across seven markets of
Republic Services Inc
Feb-09 Advanced Manufacturing Control Ireland based company which provides tech solutions to the Ulster Bank Diageo Venture Fund; Ireland 5
Systems Limited (34.39% stake) waste and recycling industry WHEB Venture (Republic);U
K
Feb-09 CMA Corporation Limited (32.14% Australia based scrap metal group with operations in the Scholz Invest GmbH Germany 303 25 0,5x 12,0x 7,9x
stake) sourcing, supply, processing and exporting of scrap metal
Jan-09 Ecolevante SpA; Waste Recycling Italy based companies engaged in waste management and Corvette Srl Italy 82
SpA recycling services.

Source: MergerMarket
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)

Market Enterprise
Sales EBITDA EBIT
(Current) (Current)
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
156
Consultants
13 Inc. 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
0,7xConsultants
0,1x Inc.
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
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 UK URS Corporation USA 393 273 0,7x 11,0x 7,6x
consultancy services in the field of engineering,
management, planning and environment
Sep-10 Axco Insurance Information UK based insurance information and consultancy UK Wilmington Group Plc UK 6 24 3,8x 17,2x
Services Limited service provider
Sep-10 TheMarkets.com LLC US based company that provides web based USA Capital IQ USA 230
research and estimate services
Sep-10 Technical Systems US based consultation and installation company; USA Core Projects & Technologies India 19 15 0,8x
Integrators LLC ; Keenan US based education consulting company Limited
and Keenan Group
Sep-10 Chapman Kelly Inc US based company which provides health care USA HMS Holdings Corp USA 10
cost-containment services
Sep-10 Intrepid Consultants Inc UK based social media analytics and market UK Alterian Plc UK 9
research consultancy
Sep-10 Boyd Exploration Canada based oil and gas exploration advisory Canada RPS Group Plc UK 9 9 1,0x
Consultants Ltd. services provider
Aug-10 inVentiv Health Inc US based commercialisation services provider to USA Thomas H Lee Partners LP USA 746 889 1,2x 12,7x 9,5x
the global pharmaceutical and life sciences
industries
Aug-10 InforMed Direct Limited UK based provider of healthcare communications UK United Drug plc Ireland 8 12 1,4x 8,0x 7,4x
and consultancy services in the pharmaceutical (Republic)
and biotechnology industries
Aug-10 FS Asia Advisory Limited Hong Kong provider of consulting services in the Hong Kong FTI Consulting, Inc. USA 28 63 2,3x
areas of corporate finance, turnaround, corporate
advisory and corporate recovery services
Aug-10 Akimeka, LLC. US based health service information technology USA VSE Corporation USA 30 26 0,9x
consulting company
Aug-10 Cypoint Group AB Sweden based company offering functional Sweden Sigma AB Sweden 10 13 1,4x 6,4x
commitments, consulting services, sourcing and
systems management services
Aug-10 Hughes Trueman Pty Ltd Australia based consultancy firm providing Australia Mott MacDonald Group UK 12
planning, engineering and management services Limited
Aug-10 The Route Development UK based air service development firm UK UBM Aviation UK 8 10 1,3x
Group Limited
Aug-10 Wellsco, Inc. US based telecom engineering service provider USA Infotech Enterprises America USA 9 11 1,3x
Inc
Jul-10 James Lee Witt Associates US based company engaged in providing crisis USA Witt Group Holdings LLC USA 27 18 0,6x 7,0x 6,3x
LLC and emergency management consulting services
Jul-10 Mediterranean Smart Cards Egypt based smart card payment processing Egypt Actis Emerging Markets 3 UK 23
Company services to banks fund
Jul-10 GlobalOptions Group Inc US based Fraud and Special Investigations unit of USA GlobalOptions Services Inc USA 7
(Fraud and Special GlobalOptions Group Inc
Investigations Unit)
Jul-10 Seeds Group France based financial consultancy firm France Morningstar France Holding France 5
SAS
Jun-10 Inspectorate International Ltd UK based commodity inspection and testing UK Bureau Veritas SA France 277 543 2,0x
company
Jun-10 Kroll Inc US based risk consulting company engaged in USA Altegrity Inc USA 944
background screening, drug testing, and
surveillance services, fraud investigations,
security services and technology services
Exhibit 21
Consulting Services Comparable M&A Transactions (Con’t)

Jun-10 Vantis Plc UK based provider of accountancy advice, UK RSM Tenon UK 111 7 0,1x
support to owner-managed businesses and
private individuals
Jun-10 Encore International Limited UK based energy risk consultancy firm UK,Hungary, Lyceum Capital Partners LLP UK 8
Netherlands
Jun-10 Sia Conseil SAS France based management consultancy firm France Sia Holding France 34
Jun-10 Selantic AS Norway-based company offering consultation Norway Actuant Corporation USA 8 14 1,7x
services on marine operations and synthetic fibre
engineering
Jun-10 YMedia (30% Stake) Spain based advertising consultancy firm Spain Ymedia (MBO Vehicle) Spain 6 12 6,6x
Jun-10 Nightingale Associates UK based architects practice specialising in health UK IBI Holdco Limited UK 20 12 0,6x 8,4x
Limited and education
Jun-10 Clear View Retirement Australia based financial services company Australia MMC Contrarian Limited Australia 131
Solutions; MBF Life providing financial advice, products and services
to people nearing their retirment; Australia based
May-10 Daylight Forensic & Advisory life
US insurance company
based fraud risk management firm conducting USA Navigant Consulting Inc USA 32
LLP forensic investigations and advising on regulatory
compliance to corporations
May-10 Norca Ingenieria de Calidad Spain based company specialized in providing Spain Intertek Group Plc UK 4
SL infrastructure risk assessment services for the
energy industry in Spain.
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 USA Alorica Inc USA 76 53 0,7x
contact services
Apr-10 Old Broad Street Research UK based provider of fund research, ratings and UK Morningstar UK Ltd UK 14
Limited investment consulting services
Mar-10 CSM Worldwide Inc US based company providing automotive market USA IHS Inc USA 20
forecasting services and strategic advisory
solutions to the automotive manufacturers,
suppliers and financial organizations
Feb-10 Heggies Pty Limited Australia based acoustics and vibration Australia SLR Management Limited UK 11 12 1,1x
consultancy firm
Feb-10 Emerging Energy Research US based advisory and consulting firm tracking USA IHS Inc USA 13
LLC emerging technologies in global energy markets
Jan-10 Currie & Brown (Australia) Australia based cost and management Australia Amec Plc UK 23
Pty Ltd consultancy firm
Jan-10 Xafinity Group Limited UK based company that provides specialist UK Advent International USA 144 317 2,2x 46,2x 13,7x
outsourcing and consultancy services regarding Corporation
pensions, employee benefits, and payments
expertise
Jan-10 COM S.A (75.00% stake) Peru based provider of consultancy, outsourcing, Peru Indra Sistemas SA Spain 7
and project management services to Information
Technology industry
Jan-10 McKinnon & Clarke Limited UK based company providing consultancy in the UK Lyceum Capital Partners LLP UK 25 25 1,0x
energy, utility and telecoms markets
Jan-10 Towers Perrin Forster & US based provider of human resource and USA Watson Wyatt Worldwide, Inc USA 1245
Crosby Inc administration consulting services, reinsurance
intermediary, and actuarial and management
Dec-09 HSBC Actuaries and UK based provider of actuarial, pension scheme UK Jardine Lloyd Thompson UK 40 5 0,1x 3,0x 2,8x
Consultants Limited administration, employee benefit and investment Group Plc
consultancy services
Exhibit 21
Consulting Services Comparable M&A Transactions (Con’t)

Nov-09 Hill & Associates Consultants Hong Kong based corporate risk management Hong Kong G4S Plc UK 14 5 0,4x
Limited services provider
Nov-09 First Advantage Corporation US based provider of risk mitigation and business USA The First American USA 521 136 1,4x 11,1x 7,7x
(26.00% stake) process solutions Corporation
Nov-09 Archstone Consulting LLC US based strategy, operations and CFO advisory USA The Hackett Group Inc USA 12
consultancy
Nov-09 DiscoverReady, LLC US based provider of outsourced discovery USA Dolan Media Company USA 21
(85.00% stake) management and fixed-fee document review
services
Nov-09 Fitch Group (20.00% stake) US based global rating agency comprised of Fitch USA The Hearst Corporation USA 629 300 2,4x 8,6x
Ratings, Fitch Solutions and Algorithmics
Nov-09 Rapid Reporting Verification US based national provider of IRS tax transcript USA Equifax Inc USA 49
Company LP information and social security number
authentication services
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 UK Sinclair Knight Merz Australia 29
the environmental, products, software and
technology sectors
Oct-09 Baker Energy, Inc. US based provider of operations engineering USA John Wood Group Plc UK 174 26 0,1x
consulting services for the oil and gas industry
Sep-09 IntegriGuard LLC US based company engaged in the prevention USA HMS Holdings Corp USA 4
and detection of fraud, waste, and abuse in the
healthcare system
Sep-09 Tristone Capital Inc Canada based corporate advisory firm providing Canada Macquarie Group Limited Australia 74
investmnet banking, acquisition and divestitures
and global equity capital market services firm in
Jul-09 InforSense Limited UK based analytics company providing business UK ID Business Solutiions Ltd UK 6
intelligence and reporting software
Jul-09 Page Kirkland Group Australia based provider of property consultancy Australia Altus Group Income Fund Canada 19
services
Jul-09 Conics Limited Australia based planning, surveying and Australia RPS Group Plc UK 37
environmental consultancy company
Jul-09 Property & Portfolio US based company providing real estate research USA CoStar Group Inc USA 13 15 1,2x
Research Inc and portfolio strategy services to the institutional
real estate community
Jul-09 Malcolm Pirnie Inc US based provider of engineering, science, and USA Arcadis NV Netherlands 281 159 0,6x
consulting services with exclusive focus in
environmental issues
Jul-09 Sira Certification Service; UK based certification body which provides quality UK CSA International Canada 4 10 2,3x 11,1x
Sira Consulting Limited; Sira and environmental management system, product
Environmental Limited; Sira and personnel certification ; UK based certification
Jun-09 FASE Estudos e Projectos Portugal based company providing consultancy, Portugal GED Iberian Private Equity Spain 18 17 1,0x 6,9x
SA design, project management, engineering and
architecture services
Appendix. Global M&A Deal Highlight
Groupe Dynavision Inc
On 14 April 2010, Global M&A Canada announced that Groupe

Dynavision 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 from
British 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.
Delba Maritima Navegaçao S.A
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 Maritima
Navegação. 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.

Global M&A Deal Highlight
CARGOLUX
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, Cargolux
tonnage 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 utilisation
equated 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 Team
Business Services Team Leader
Véronique Zeid-Maurel is Global M&A Business Services team
leader with18 years experience as M&A deal maker specializing in
cross 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.
FRANCE Education:
Véronique Zeid-Maurel Sorbonne Paris IV, Foreign Languages Applied to Economics
Senior Partner Email: vzeid-maurel@globalma.com
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:
ARGENTINA Certified Public Accountant, Universidad Católica Argentina; Bachelor Degree
Verónica Klammer EN in Business Administration, Universidad Católica Argentina (Valedictorian
1998); Postgraduate Degree in Marketing, Universidad de San Andrés (2004).
Vice President
Email: vklammer@globalma.com
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.
AUSTRALIA
Bill Beerworth Education:
BA LLB (Sydney), LLM SJD (Virginia), MCOM (NSW), MBA
Managing Director (Macquarie)
Email: bbeerworth@globalma.com
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:
AUSTRIA
Bachelor of Business Administration, Webster University, Vienna
Quintin Althann
Associate Email: qalthann@globalma.com
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:
BELARUS
Master’s degree in International Business, Belarusian State
Roman Osipov Economic University; CFA candidate
Director of Investment
and Financial Advisory Email: rosipov@globalma.com
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
BELGIUM Email: broose@globalma.com

Benoit 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
BRAZIL
Email: abaptista@globalma.com
Antonio Baptista
Principal
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 New
York 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 Marítima
Navegação,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.
BRAZIL
Márcio Fiuza Education:
M.Sc. Engineering; MBA Wharton School of the University of Pennsylvania
Partner
Email: mfiuza@globalma.com
Mr. Lariviere’s work experience includes several years for RBC
Royal Bank as corporate credit advisor, as well as institutional
asset 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.
CANADA
Jean-Patrick Education:
Bachelor degree, finance major, University of Mount-Allison
Larivière
Partner Email: jplariviere@globalma.com
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 Central
American Region, Mexico, USA and Europe including leverage
buyouts, management buyouts, mergers, acquisitions, debt
restructuring, strategic alliances and private equity placements.
Education:
CENTRAL AMERICA Masters Degree in Banking and Finance, Giordano Dell’amore
Luis David Institute in Milan, Italy; B.S. in Business Administration,
Universidad Francisco Marroquín, Guatemala
Managing Director
Email: ldavid@globalma.com
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:
CHILE BS and MBA, Babson College, USA
Carlos Taborga
Ibargüen Email: ctaborga@globalma.com
Before founding the Bogota based firm in 2001, Mr. Vargas was a
managing director with ING Barings responsible for the corporate
and 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).
COLUMBIA Education:
Bernardo Vargas MBA, Columbia University; Economics BA and MS candidate,
Universidad de Los Andes, Bogotá, Colombia
Partner
Email: bvargas@globalma.com
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 REPUBLIC
Adam Blecha
Email: ablecha@globalma.com
Managing Partner
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
DENMARK Email: psogaard@globalma.com

Peter 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 corporate
finance, 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
ESTONIA
Email: kpolli@globalma.com
Karla Polli
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
Email: akemppainen@globalma.com
FINLAND
Antti Kemppainen
Partner
Faisal set up the Middle East based company in 1994 having spent
several 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
GULF COUNTRIES
& YEMEN Email: falsayrafi@globalma.com
Faisal Al Sayrafi
CEO & Managing Director
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:
GERMANY University of Erlangen-Nuremberg (MBA)
Christian Kollmann
Email: ckollmann@globalma.com
Partner
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,
HUNGARY Germany
Oliver Martin
Email: omartin@globalma.com
Director
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
ICELAND estate agent
Brynhildur
Bergthorsdottir Email: bbergthorsdottir@globalma.com
Partner
Saiyam has 5 years of experience in the areas of corporate finance
and consulting. At the Indian based company, he reviews sectors
such 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
INDIA Email: sshah@globalma.com

Saiyam 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 within
different sectors. Patrick is a member of the Institute of Chartered
Accountants.
Education:
Masters of Business Studies, University College Dublin
Email: psheehan@globalma.com
IRELAND
Patrick 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.
ISRAEL
Education:
Yair Ephrati
B.A., Economics and Business, Tel Aviv University; M.B.A.,
Managing Director University of Michigan
Email: yephrati@globalma.com
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
ITALY
Email: uzampieri@globalma.com
Ugo 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 Securities
Analysts Association.
Education:
B.A., Tokyo University of Foreign Studies; M.B.A., INSEAD, France
JAPAN
Email: tmajima@globalma.com
Tamotsu Majima
Director
Advisory 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 as
manufacturing, 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.
LATVIA Education:
Andrey Golubchikov B.Sc. degree in Economics and Business Administration, Stockholm
School of Economics in Riga; CFA Level III Candidate, CFA Institute
Associate
Email: agolubchikov@globalma.com
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:
MEXICO BS in Industrial and Systems Engineering, Instituto Tecnológico y de
Martin Plettner Estudios Superiores de Monterrey (ITESM); MBA, Stanford
Rutishauser Graduate School of Business
Partner Email: mplettner@globalma.com
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.
NETHERLANDS Email: dtijsma@globalma.com

Douwe Tijsma
Partner
Mr. Hellum has extensive experience as an advisor within banking
and 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: thellum@globalma.com
NORWAY
Trond 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 Sudamericano
Brokerage House, Member of Banco Sudamericano’s Assets
and Liabilities Committee, Investment Manager of Macrovalores and
Investment Advisor to MAPFRE Compañía de Seguros.
PERU
Education:
Manuel Salazar Economist graduate,Universidad Católica del Perú; Post Graduate
Partner Studies in Finance from ESAN
Email: msalazar@globalma.com
At the Warsau based company, Rafal Nowakowski specializes in

deal origination, transaction structuring, corporate finance and
investment 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:
POLAND MSc in Economics from Poznań Academy of Economics; certificate
Rafal Nowakowski in Corporate Finance & European Law (ERASMUS); INSEAD
alumnus; Securities Representative (SFA) and certified accountant.
Managing Partner
Email: rnowakowski@globalma.com
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
RUSSIA Institute; LL.M., with honors, Northwestern University School of Law
Marina Evans
Partner Email: mevans@globalma.com
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)
SPAIN
Bosco Salaverri
Email: bsalaverri@globalma.com
Founding Partner
Prior to joining the Stockholm based firm, Anders Jonsson held

several positions both in the IT industry and as a consultant to
Private 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).
Email: ajonsson@globalma.com
SWEDEN
Anders 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
SWITZERLAND the business services industry.
Gerhard Willi
Education:
Partner CFA, BA in International Business
Email: gwilli@globalma.com
In 1995, Esin began her career in equity research and worked for
various 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.
TURKEY
Esin Özçelik Ünsal
Email: eozcelik@globalma.com
Director
APPENDIX: The Business Services Team
Mr. Klymenko has over 10 years experience in investment business

and 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 and
execution 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.
UKRAINE Email: vklymenko@globalma.com

Vladimir Klymenko
Investment Banking Director
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 London
based firm in 2002 and since 2003 has led the development of
Noble into a growth market investment bank.
Education:
UK PPE from Oxford University
John Llewellyn-Lloyd
Email: jllewellyn-lloyd@globalma.com
CEO Investment Banking
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 and
Chicago 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<<;
Education
B.S., Miami University; M.B.A, The University of Chicago Graduate
School of Business
USA
Effram E. Kaplan Email: ekaplan@globalma.com
Director & Principal
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.
USA
Randall Miles Education:
Managing Director BBA in Finance, University of Washington
Email: rmiles@globalma.com

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OCTOBER 2010

Global Sector Expertise

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 (Excluding IT)

APPENDIX: Global M&A deal highlight

The results of our analyses are the following:

Source: Infinancials (25/10/2010)

Comparable Public Company Valuations (Con’t)

EV/Net Sales EV/EBITDA EV/EBIT PER

Source: Infinancials (25/10/2010)

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

Source: Infinancials (25/10/2010)

Facilities Management Public Company Valuation Trends

Source: Infinancials (25/10/2010)

Facilities Management Comparable M&A Transactions (Con’t)

Facilities Management Comparable M&A Transactions (Con’t)

Average 0,6x 12,3x 9,1x

Source: Infinancials (25/10/2010)

Source: Infinancials (25/10/2010)

Security Services Comparable M&A Transactions (Con’t)

Security Services Comparable M&A Transactions (Con’t)

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

Average 1,3x 21,9x 11,9x

EBITDA / Sales EBIT / Sales

Source: Infinancials (25/10/2010)

EV/Net Sales EV/EBITDA EV/EBIT PER

Source: Infinancials (25/10/2010)

Oct-09 Vanyera3 SL Spanish catering company Union Castellana de Alimentacion Spain 5

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

Contract Catering Comparable M&A Transactions (Con’t)

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

Contract Catering Comparable M&A Transactions (Con’t)

Average 0,8x 15,9x 6,9x

Source: Infinancials (25/10/2010)

Human Resources Services Public Company Valuation Trends

Source: Infinancials (25/10/2010)

Human Resources Services Comparable M&A Transactions (Con’t)

Human Resources Services Comparable M&A Transactions (Con’t)

Average 1,0x 14,9x 9,1x

Waste Management EBITDA / Sales EBIT / Sales

Recycling EBITDA / Sales EBIT / Sales

Source: Infinancials (25/10/2010)

Recycling EV/Net Sales EV/EBITDA EV/EBIT PER

Source: Infinancials (25/10/2010)

Waste Management Comparable M&A Transactions (Con’t)

Waste Management Comparable M&A Transactions (Con’t)

Average 1,2x 14,3x 8,1x

EBITDA / Sales EBIT / Sales

Source: Infinancials (25/10/2010)

Consulting Services Public Company Valuation Trends

Source: Infinancials (25/10/2010)

Consulting Services Comparable M&A Transactions (Con’t)

Consulting Services Comparable M&A Transactions (Con’t)

On 14 April 2010, Global M&A Canada announced that Groupe

The DynaVision Group is a consulting firm specialized in claiming

Grande Armée Conseil is a leading advisory firm specializing in

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