STAFFING & TALENT MANAGEMENT Q BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY TAMPA CONTACTS

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1 STAFFING & TALENT MANAGEMENT CONTACTS John Ferrara Founder, President (617) Daniel Schultz Director of Business Development (617) MERGERS AND ACQUISITIONS Strengthening macroeconomic conditions and changing perceptions of temporary staffing solutions has led to a boom for mergers and acquisitions in the staffing and talent management space. Low unemployment, rising consumer confidence and steadily growing GDP are strong indicators of a healthy industry and the outlook for this sector moving forward. According to Staffing Industry Analysts, the industry is expected to grow 6% through 2015 and 5% in 2016 to reach $139.1 billion. Merger and acquisition activity thus far in 2015 has not reached the historic levels achieved in 2014, but there strong deal volume in the sector. As smaller niche players enter the market, the industry is projected to grow in the number of operators through 2020 despite sustained levels of M&A activity. OUTLOOK The outlook for the staffing and talent management industry remains very positive in the foreseeable future. Macroeconomic factors, the most important drivers and indicators of industry performance, are all positioned for a strong period of growth. Technology and globalization will continue to play a key role in the evolution of the industry, as automation will drastically change many positions that are key to success in the staffing and talent management sector. The search for key talent and scarce skills will become increasingly competitive as industry operators looks to boost margins by adding value rather than competing on price. It is important to note that Capstone expects the Browning-Ferris legal decision, a decision that gives unions new options for organization workers, to have an impact on the growth of the temporary staffing industry. However, the larger implications of this legislature is still unknown, and may not be felt in the short term. Staffing & Talent Management Industry: M&A Transaction Volume BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY TAMPA YTD Sources: Capstone LLC research, Capital IQ, Thomson Reuters YTD: 10/01/15

2 NOTABLE STAFFING AND TALENT MANAGEMENT TRANSACTIONS Staffing & Talent Management Several notable transactions were completed or announced in the staffing and talent management industry through Selected transactions through the third quarter are outlined below, followed by a more comprehensive list in the following table. DHR International acquires CT (February 2015) DHR International will add 17 offices and 250 employees to its ranks with its acquisition of executive search firm CT. We re very excited about welcoming CT employees and clients to DHR. This process performed with extensive diligence and more than 200 phone calls between employees of both firms, said Geoffrey Hoffmann, CEO of DHR International. The value system and culture of DHR aligns well with those of CT employees, which is always a critical component to a successful integration. Through our diligence, it became abundantly clear that the combined organization will be better able to serve clients in the unique culture that has propelled the success of both companies for so many years: client service, collaboration, an entrepreneurial and team based approach with a global reach. The addition of CT employees will further strengthen our ability to serve our clients on a global scale with the client centric focus that the foundation of DHR s success. I want to thank the employees of DHR and CT for their support, time and hard work in making this acquisition a reality. On Assignment acquires Creative Circle (May 2015) On Assignment, a provider of professional staffing solutions, has acquired Creative Circle LLC at an enterprise value of $600 million. Creative Circle is one of the largest digital/creative staffing firms in North America and provides digital, marketing, advertising, and creative talent to both creative agencies and marketing departments of leading companies. Technology has accelerated digital innovation and the way consumers access content. As such, our clients are faced with the need to remain competitive by transforming their business models to effectively respond to consumer demand for digital information and services on a real time basis, said Peter T. Dameris, On Assignment s President and Chief Executive Officer. By working together, we can do more for our clients to accelerate their transformation to a digital platform by providing our respective clients with a more complete solution in the technology and digital/creative space. Envision Healthcare acquires VISTA Staffing (February 2015) Envision healthcare has acquired VISTA Staffing at an enterprise value of $123 million. VISTA is a provider of locum tenens staffing and offers physician search and consulting services to hospitals. We staff thousands of clinicians each year so joining forces with the very talented team of one of the largest locum tenens physician staffing firms in the nation was a logical move, said William A. Sanger, Chairman, President and Chief Executive Officer of Envision. We are dedicated to being pioneers in each area of healthcare we operate and that includes the staffing of our workforce. VISTA s business practices and systems will be key differentiators for us as we develop a comprehensive multi-specialty staffing practice for all levels of clinicians. Sources: Creative Circle, DHR International, Business Wire Capstone LLC 2

3 SELECT M&A TRANSACTIONS Date Target Acquirer Target Business Description 09/02/15 Medical Beecken Petty O'Keefe and Heritage 09/02/15 PeopleShare Trivest 09/02/15 08/29/15 08/25/15 08/20/15 Priority Personnel Bay Staffing Hospital Physician Lutz Surgical The Hamilton-Ryker Atrium Schumacher Private Investor Enterprise Value ($mm) Revenue EV / LTM Provides healthcare staffing Provides staffing services primarily in the commercial and financial sectors. EBITDA Offers temporary and long-term staffing. Provides administrative and professional recruitment services to customers in the San Francisco Bay Area. Offers emergency medicine management and staffing services in the United States. Provides specialized outsourced surgical CF CF CF 08/10/15 OnPoint Catapult Staffing Provides staffing services in Chicago. 08/03/15 Argus Event Staffing 08/03/15 S.E. Scher 07/31/15 Agile Resources 07/29/15 The York Companies 07/24/15 HW Staffing 07/13/15 Belcan 07/08/15 07/06/15 Lighthouse Placement Complete Staffing 07/02/15 TransForce 07/01/15 07/01/15 06/30/15 Eveready Staffing and Training P. Murphy And Associates Towers Watson & Co. Archbrook Capital Management The Service Companies General Employment Enterprises Elwood Staffing Main Street Capital AE Industrial Staffing 360 Provides front-of-house staffing solutions in the United States. Provides hospitality staffing Provides staffing services to the information technology (IT) sector. Offers staffing and recruiting Offers temporary, permanent and related staffing Provides engineering, staffing and other workforce solutions to clients worldwide. Provides staffing services for engineering and technical professionals. CF CF CF Active Temporaries Provides staffing solutions for general labors. Palladium Equity Chartwell Staffing Intelliswift Software Willis 06/26/15 I.T. Engineering Fahrenheit IT 06/24/15 CGI Staffing Cotton Companies Provides driver staffing solutions and the Department of Transportation (DOT) compliance solutions. Provides staffing solutions for light industrial sectors. Provides integrated information technology staffing assistance for companies. Provides human capital and financial consulting Provides technical staffing solutions supporting a range of industries in the United States. Provides professional level recruiting and human resource services to employers. $7, x 11.0x 06/22/15 S & B Staffing H. W. Temps Provides staffing 06/22/15 Future Healthcare of America F3 & Associates 06/05/15 Creative Circle On Assignment Provides home healthcare and healthcare staffing services in Wyoming and Montana. Connects advertising, marketing, creative and interactive professionals with companies. $ x - 05/26/15 4TechWork Safe Security Provides information technology staffing 05/26/15 Kingwood Personnel Murray Resources Offers permanent and temporary placement staffing Capstone LLC 3

4 SELECT M&A TRANSACTIONS (CONTINUED) Date Target Acquirer Target Business Description 05/22/15 05/20/15 05/19/15 Advanced Medical Personnel CT Executive Search Dental Connections 05/18/15 DMR Advisory Clearview Capital DHR International Benco Dental Supply O'Neill Consulting Provides occupational, physical and speech therapy staffing solutions. Provides retained executive search services worldwide. Enterprise Value ($mm) Revenue EV / LTM EBITDA $ x 6.4x Offers recruitment and staffing for dental practices. Provides executive search and organizational advisory 05/13/15 Staffing as a Mission Clayton Associates Provides general staffing 05/05/15 Academy Design & Technical Staffing Integrity Trade Provides recruiting and staffing services in Florida. 05/04/15 W. A. Hynes & Company Kavaliro Staffing Provides staffing services to healthcare providers, finance and insurance companies. 05/01/15 Elite Management American Physician Provides staffing services in accounting/finance, administration and operations. 05/01/15 The Hiring Insiders MACHINELOGIC Offers technical IT recruiting 04/30/15 Premier Legal Staffing Intelliswift Software 04/28/15 Atterro 04/21/15 Three Sixty Digital Talent Advantage Resourcing America Newport Strategic Search 04/20/15 Source4 Nautic 04/16/15 04/10/15 04/06/15 04/01/15 DAVIS Transportation Kable Staffing Resources Emergency Medicine Scribe Systems Harris Andrew Search 04/01/15 Scribe 02/13/15 Therapy Staff 02/13/15 02/12/15 02/12/15 Venture Profiles Corporation Essex Consulting Ruby Crest Emergency Medicine TransForce TSJ Staffing Scribeamerica Operates as an executive search company and offers legal staffing solutions in various scientific fields. Offers specialty staffing, contingent workforce solutions and recruitment Engages in recruiting and placing senior management in the modern marketing and data analytics fields. Provides substitute staffing services for school districts. Provides drivers and transportation-related personnel for short or long term temporary hire. Operates as a temporary commercial staffing agency in the mid-west region. Provides scribe staffing services to hospitals and physicians groups in the United States. $ x 3.8x The Bolton Provides executive search General Employment Enterprises Aequor Healthcare BANK W Holdings Butler America Team Health Holdings 02/09/15 EmployBridge Eastern Staffing 02/01/15 02/01/15 01/20/15 Emergency Physicians of St. Louis VISTA Staffing Precision Professionals Provides emergency department medical scribes for physicians. Provides therapist recruiting and staffing services to the healthcare industry. Places and recruits finance/accounting professionals in New England. Provides talent acquisition and transition coaching Staffs and manages hospital emergency department for Northeastern Nevada Regional Hospital. Provides staffing solutions in the commercial and professional sectors across the United States. $ CEP America Provides emergency physicians staffing to hospitals. Envision Healthcare Provides locum tenens physician staffing and permanent physician search $ x - CRMPoint.net Provides IT search Capstone LLC 4

5 CAPSTONE PARTNERS: STAFFING & TALENT MANAGEMENT TRANSACTIONS Capstone s professionals have completed several transactions in the staffing & talent management sector, including business sales, debt financing, and the provision of valuation advisory and acquisition Capstone has represented clients across various specialties including staffing, onboarding support, on-site workforce management solutions, corporate training and consulting. This focus allows Capstone to provide staffing & talent management companies with real-time transaction feedback and immediate access to key decision makers among acquirers and investors. CONFIDENTIAL corporate sale (IN PROCESS) has recapitalized with has recapitalized with Temporary Staffing has has acquired debt financing CERTIFIED IT I.T. & ITRICITY FREEDOM DATA NORTHERN HEALTHCARE CAPITAL valuation & financial advisory ARIES GROUP INC. camdenvale Has been Has Has been acquired been by by Capstone LLC 5

6 THE STAFFING & TALENT MANAGEMENT THE STAFFING TEAM INDUSTRY TEAM John Ferrara, Founder & President (617) John Ferrara serves as the Managing Partner of Capstone, responsible for the firm s investment and merchant banking operations, as well as managing client transactions. During his tenure as Managing Partner, Capstone has completed three acquisitions to expand the firm s presence from Boston to include seven offices internationally, culminating in the Global Investment Banking Boutique of the Year award in Over his 25+ year career in mergers & acquisitions, venture capital and management consulting, John has executed well over 150 transactions and related engagements. His entrepreneurial endeavors have included serving as a founding member of seven financial service practices and a principal shareholder in five start-up businesses. Prior to 2002, when he acquired the practice he initially founded from Arthur Andersen to form Capstone, John served as a Regional Managing Partner with Andersen Corporate Finance LLC. While with Andersen, John held various national and global leadership positions. He started his career in Lehman Brothers' M&A group in New York, London and Riyadh, later becoming a founding member of Rodman & Renshaw's M&A practice in New York. After a break to compete in Australia's semi-professional baseball league, John joined The Deloitte Consulting in Los Angeles to focus on turnaround and interim management engagements. John recognized as Investment Banker of the Year in 2012, Deal Maker of the Year in 2010 and received the 40 Under 40 award for entrepreneurial excellence in He is the founder of the Spirit Triumph Cancer Foundation, author of the children s book "Beyond the Waterspout" and former owner in the Holyoke Sox, a baseball franchise in the NECBL. John earned his MBA from The Anderson School at UCLA and the London School of Economics. He holds dual BA degrees from Wesleyan University and is qualified as a General Securities Principal. Daniel Schultz, Director of Business Development dschultz@capstonellc.com (617) Dan oversees Capstone s national business development and industry coverage activities, working closely with current and prospective clients of the firm on matters related to corporate sales, recapitalizations, mergers & acquisitions and growth financings. In his role, Dan is able to deliver specific market intelligence to clients regarding M&A, financing, strategic, industry and competitive trends. Prior to spearheading the firm s business development and market initiatives, he was a Vice President in Capstone s M&A group, managing numerous successful transactions across a variety of industries. Dan also gained hands-on transaction experience as an investment banker at Headwaters MB. He started his career with Ernst & Young s National Professional AABS practice in New York and later worked in Assurance and Advisory Business in the Denver office. Dan received a BE in Biomedical Engineering with a Business Minor from Vanderbilt University. He earned an MBA and a Master of Accountancy from the Daniels College of Business at the University of Denver. Capstone LLC 6

7 CAPSTONE S OFFICE LOCATIONS BOSTON 176 Federal Street 3rd Floor Boston, MA (617) CHICAGO 200 South Wacker Drive Suite 3100 Chicago, IL (312) LONDON 42 Brook Street London W1K 5DB United Kingdom +44 (0) LOS ANGELES Avenida de la Carlota Suite 600 Laguna Hills, CA (949) PHILADELPHIA 1515 Market Street 12th Floor Philadelphia, PA (215) SAN DIEGO High Bluff Drive Suite 200 San Diego, CA (858) SILICON VALLEY 228 Hamilton Avenue 3rd Floor Palo Alto, CA (650) TAMPA 1550 W Cleveland Street Suite 10 Tampa, FL (813) ABOUT CAPSTONE PARTNERS Capstone LLC is a premier investment banking firm dedicated to serving the corporate finance needs of middle market business owners, investors and creditors. The firm provides M&A, corporate restructuring, private placement and financial advisory Headquartered in Boston, Capstone has offices in Chicago, London, Los Angeles, Philadelphia, San Diego, Silicon Valley and Tampa with an international presence that spans 450+ professionals in close to 40 countries. For more information about our expertise, please visit World Class Wall Street Expertise. Built for the Middle Market Capstone LLC. All rights reserved.