Presentation - World Services Group

M&A: The Year in Review and a Look AheadRecap of 2012 – Valuation Trends: Synergy and Size Still Matter!Middle Market EBITDA Multiples(EV / EBITDA)10.0x9.0x8.7x8.3x8.2x 8.4x8.0x7.9x7.0x6.0x 6.0x6.0x6.8x6.0x 5.9x 6.1x 6.2x5.0x4.0x3.0x2.0x1.0x0.0x2007 2008 2009 2010 2011 2012StrategicFinancialSource: Capital IQ / GF Data * Middle Market = transaction enterprise value between $10 and $250 millionMiddle Market Private Equity EBITDA Multiples(EV / EBITDA)8.0x7.5x7.5x7.0x6.8x6.5x6.0x6.1x5.5x5.5x5.0x4.5x4.0x2007 2008 2009 2010 2011 2012$10 - $25 million $25 - $50 million $50 - $100 million $100 - $250 millionSource: GF Data*Middle Market = transaction enterprise value between $10 and $250 million• Strategic valuation premiums lessened as corporations pulled back and private equity firmscontinued to aggressively deploy their long-committed capital on quality businesses• However, a longer-term perspective and synergy creation allow strategic buyers to affordpremium valuationsCLEVELAND ● COLUMBUS ● DALLAS5