ACG CUP

IT Staffing Inc. Historical Balance Sheet($ in millions)

Fiscal Year Ended December 31,2009 2010 2011

Actual Actual Actual

CURRENT ASSETSCash and cash equivalents $ 8.7 $ 19.2 $ 36.6 Added back the 2 years of DividendsAccounts receivable, net 23.1 25.6 34.2 Other current assets 0.4 4.5 3.7

Total current assets 32.2 49.3 74.5

LONG-TERM ASSETSFixed assets, net 1.6 1.9 2.3 Other assets 0.5 0.6 0.6

Total long-term assets 2.0 2.5 2.9

Total assets $ 34.3 $ 51.8 $ 77.4

CURRENT LIABILITIESAccounts payable $ 3.3 $ 2.3 $ 3.0 Accrued expenses 0.7 0.5 0.7 Accrued payroll 2.5 3.5 4.3

Total current liabilities 6.5 6.3 8.1

LONG-TERM LIABILITIESOther liabilities 0.2 0.2 0.3

Total long-term liabilities 0.2 0.2 0.3

Total liabilities $ 6.7 $ 6.6 $ 8.4

Shareholders' equity $ 27.5 $ 45.2 $ 69.1 Added back the 2 years of Dividends

Total liabilities & shareholders' $ 34.3 $ 51.8 $ 77.4

Profit Margin 0.11522393701Asset Turnover 2.62536911593Equity Multiplier 1.12091851898

ROE 0.33908386644

D/E 0.107874494831-Tax 0.625Unlevered Beta 1.29 Levered Beta 1.37871447

Added back the 2 years of Dividends

Added back the 2 years of Dividends

IT Staffing Inc. Historical and Projected Income Statements($ in millions) 24.2%

Fiscal Year Ended December 31,2009 2010 2011

Actual Actual Actual

Revenue $ 131.8 $ 161.2 $ 203.3 % Growth 3.9% 22.3% 26.1%

Direct costs of services 91.4 105.1 129.0 Gross profit $ 40.4 $ 56.1 $ 74.3

Gross margin 30.7% 34.8% 36.6%

23.2 28.1 36.4 17.6% 17.4% 17.9%

Depreciation and amortization 0.3 0.4 0.5 Operating income $ 16.9 $ 27.5 $ 37.4

Operating Margin 12.9% 17.1% 18.4%

Interest expense (income) (0.0) (0.0) (0.0)Cash Interest Rate 0.5% 0.4% 0.3%

Earnings before taxes 17.0 27.6 37.5 6.37 10.34 14.06

Net income $ 10.6 $ 17.2 $ 23.4

Supplemental Items Tax = 37.5% 37.5% 37.5%EBITDA $ 17.26 $ 27.95 $ 37.94 Capex 0.8 0.7 0.8

(1) Projected tax rate @ 40%

EBIT 16.9 27.5 37.4 EBIT Growth 62.556% 35.935%EBIT/Rev 12.855% 17.086% 18.418%NI/Rev 8.049% 10.691% 11.522%EBITDA Growth 61.963% 35.730%NI Growth 62.439% 35.911%

Selling, general and administrative expenses (Includes additional 700k for Officers' Salaries

Tax expense (1)

IT Staffing Inc. Historical and Projected Income Statements

Fiscal Year Ended December 31,2012 2013 2014 2015

Projected Projected Projected Projected

$ 235.8 $ 259.9 $ 280.8 $ 299.3 16.0% 10.2% 8.1% 6.6%

150.2 166.6 178.6 189.4 $ 85.6 $ 93.3 $ 102.2 $ 109.8

36.3% 35.9% 36.4% 36.7%

42.0 47.3 52.2 56.9 17.8% 18.2% 18.6% 19.0%

0.6 0.6 0.7 0.7 $ 43.0 $ 45.4 $ 49.3 $ 52.2

18.3% 17.5% 17.6% 17.5%

(0.1) (0.1) (0.1) (0.2)0.3% 0.3% 0.3% 0.3%

43.1 45.4 49.4 52.4 17.2 18.2 19.8 21.0 $ 25.9 $ 27.3 $ 29.7 $ 31.4

$ 43.6 $ 46.0 $ 50.0 $ 53.0 1.0 1.1 1.2 1.3

2 Year CAGR

49.246%

48.847%49.175%

Weighted Average Cost of Capital($ in millions)

PreferredDebt Stock

Hudson Highland Group Inc. 7.7 - Kforce Inc. 61.1 - Randstad Holding NV 2,319.0 - Robert Half International Inc. 1.7 - Robert Walters plc 18.8 - Median $ 18.79 $ - Mean 481.65 -

Levered UnleveredBeta Beta

Hudson Highland Group Inc. 1.69 1.64 Kforce Inc. 1.53 1.42 Randstad Holding NV 1.32 1.04 Robert Half International Inc. 1.45 1.45 Robert Walters plc 0.96 0.91 Median 1.45 1.42 Mean 1.39 1.29

Market Assumptions

Risk Free Rate 4.50%Equity Risk Premium 5.75% 4.75% 6.75%Tax Rate 40.0%

CAPM =Rf +B (MRP) 11.93% 10.64%### 13.22%

Weighted Average Cost of Capital

Debt to Preferred toMarket Value Total Debt Total Total

of Equity Capitalization to Equity Capitalization Capitalization 154.0 161.7 5.0% 4.7% 0.0% 472.2 533.3 12.9% 11.5% 0.0% 5,133.8 7,452.8 45.2% 31.1% 0.0% 3,782.4 3,784.1 0.0% 0.0% 0.0% 223.3 242.1 8.4% 7.8% 0.0% $ 472.20 $ 533.34 8.4% 7.8% 0.0%

1,953.14 2,434.79 14.3% 11.0% 0.0%

Equity Risk Size Risk Cost of Cost of Cost ofPremium Premium Equity Debt Preferred

5.75% 4.45% 18.7% 6.3% 0.0%5.75% 2.49% 15.8% 3.0% 0.0%5.75% 0.85% 13.0% 2.8% 0.0%5.75% 0.85% 13.7% 9.0% 0.0%5.75% 2.85% 12.9% 6.3% 0.0%

13.7% 6.3% 0.0%14.8% 5.5% 0.0%

Weighted Average Cost of Capital

Equity toTotal

Capitalization95.3%88.5%68.9%

100.0%92.2%92.2%89.0%

WACC18.0%14.2%9.5%

13.7%12.2%13.7%13.5%

Free Cash Flow Valuation Downside($ in millions)

Fiscal Year Ended December 31,2009 2010

Actual Actual

Revenue $ 131.8 $ 161.2 % Growth 3.9% 22.3%

Direct costs of services 91.4 105.1 Gross profit $ 40.4 $ 56.1

Gross margin 30.7% 34.8%

Selling, general and administrative expenses 23.2 28.1 17.6% 17.4%

Depreciation and amortization 0.3 0.4 Operating income $ 16.95 $ 27.55

Operating Margin 12.9% 17.1%

Interest expense (income) (0.0) (0.0)Cash Interest Rate 0.5% 0.4%

Earnings before taxes 17.0 27.6 6.4 10.3

Net income $ 10.6 $ 17.2

Supplemental Items Tax = 37.5% 37.5%EBITDA $ 17.26 $ 27.95 Capex 0.8 0.7

(1) Projected tax rate @ 40%(1) Discount Rate (Rf + B(MRP)) 11.93% 10.64% 13.22%

Income Approach 2009 2010

DCF MethodEBIT 16.95 27.55 Taxes Rate 37.5% 37.5%Taxes 6.35 10.33 NOPAT 10.59 17.22 NOA (Total Assets)-(Total Liabilities-Total Debt) 27.55 45.22 Increase in NOA 17.67 FCFF (0.46)

CAPM11.93% Free Cash Flow Growth 2% 3% 4%

ITS Terminal Value $ 227.33 $ 255.27 $ 290.27 ITS Enterprise Value $ 201.26 $ 219.06 $ 241.36 Multiple to 2011 Rev 1.0 1.1 1.2 Multiple to 2011 EBITDA 5.3 5.8 6.4 Multiple to 2011 EBIT 5.4 5.9 6.4 Multiple to 2011 NI 8.6 9.4 10.3

10.64% Free Cash Flow Growth Post 2015 2% 3% 4%ITS Terminal Value $ 261.19 $ 298.27 $ 346.52 ITS Enterprise Value $ 232.40 $ 257.15 $ 289.35 Multiple to 2011 Rev 1.1 1.3 1.4

Tax expense (1)

C48

Pei: Use Gordon Growth Model

C55


Multiple to 2011 EBITDA 6.1 6.8 7.6 Multiple to 2011 EBIT 6.2 6.9 7.7 Multiple to 2011 NI 9.9 11.0 12.4

13.22% Free Cash Flow Growth Post 2015 2% 3% 4%ITS Terminal Value $ 201.13 $ 222.97 $ 249.56 ITS Enterprise Value $ 177.19 $ 190.48 $ 206.66 Multiple to 2011 Rev 0.9 0.9 1.0 Multiple to 2011 EBITDA 4.7 5.0 5.4 Multiple to 2011 EBIT 4.7 5.1 5.5 Multiple to 2011 NI 7.6 8.1 8.8

Operating Income Based ValuationCAPM11.93% 2009 2010 2011

EBIT $ 16.95 $ 27.55 $ 37.44 NOPAT $ 10.59 $ 17.22 $ 23.40 NOA $ 27.55 $ 45.22 $ 69.08 ROPI $ 13.93 $ 18.01 PV(ROPI) $ 18.01 PV of Horizon ROPI

10.64% 2009 2010 2011EBIT $ 16.95 $ 27.55 $ 37.44 NOPAT $ 10.59 $ 17.22 $ 23.40 NOA $ 27.55 $ 45.22 $ 69.08 ROPI $ 14.29 $ 18.59 PV(ROPI) $ 18.59 PV of Horizon ROPI


CAPM11.93% Growth Rate 2% 3% 4%

Terminal ROPI $ 16.94 $ 17.10 $ 17.27 PV of Terminal ROPI $ 108.66 $ 122.01 $ 138.73 ITS Enterprise Value $ 177.32 $ 190.67 $ 207.39

10.64% Growth Rate 2% 3% 4%Terminal ROPI $ 18.17 $ 18.34 $ 18.52 PV of Terminal ROPI $ 140.31 $ 160.23 $ 186.15 ITS Enterprise Value $ 208.97 $ 228.89 $ 254.81


C62


Free Cash Flow Valuation Downside

Fiscal Year Ended December 31,2011 2012 2013 2014 2015

Actual Projected Projected Projected Projected

$ 203.3 $ 233.8 $ 254.8 $ 273.9 $ 290.4 26.1% 15.0% 9.0% 7.5% 6.0%

129.0 149.6 164.6 178.1 190.2 $ 74.3 $ 84.17 $ 90.21 $ 95.88 $ 100.18

36.6% 36.0% 35.4% 35.0% 34.5%

36.4 42.1 46.1 49.9 53.1 17.9% 18.0% 18.1% 18.2% 18.3%

0.5 0.6 0.7 0.8 0.9 $ 37.44 $ 41.48 $ 43.39 $ 45.22 $ 46.18

18.4% 17.7% 17.0% 16.5% 15.9%

(0.0) (0.1) (0.1) (0.1) (0.2)0.3% 0.3% 0.3% 0.3% 0.3%

37.5 41.5 43.5 45.4 46.4 14.1 16.6 17.4 18.1 18.5 $ 23.4 $ 24.9 $ 26.1 $ 27.2 $ 27.8

37.5% 40.0% 40.0% 40.0% 40.0% $ 37.94 $ 42.08 $ 44.09 $ 46.02 $ 47.04 0.8 1.0 1.2 1.3 1.4

2011 2012 2013 2014 2015

Projected 37.44 41.48 43.39 45.22 46.18

37.5% 40.0% 40.0% 40.0% 40.0% 14.04 16.59 17.35 18.09 18.47 23.40 24.89 26.03 27.13 27.71 69.08 79.45 86.60 93.09 98.68 23.86 10.36 7.15 6.49 5.59 (0.46) 14.53 18.88 20.64 22.12

5% 6% $ 335.36 $ 395.68 $ 270.10 $ 308.53 1.3 1.5 7.1 8.1 7.2 8.2 11.5 13.2

5% 6% $ 411.88 $ 505.42 $ 332.97 $ 395.39 1.6 1.9

H13

Pei: Decrease margin due to competition

H16

Pei: Increased cost margin due to competition

I17

Pei: Depr begin to increase due to increase investment in capex

8.8 10.4 8.9 10.6 14.2 16.9

5% 6% $ 282.61 $ 324.81 $ 226.77 $ 252.46 1.1 1.2 6.0 6.7 6.1 6.7 9.7 10.8

2012 2013 2014 2015 $ 41.48 $ 43.39 $ 45.22 $ 46.18 $ 24.89 $ 26.03 $ 27.13 $ 27.71 $ 79.45 $ 86.60 $ 93.09 $ 98.68 $ 16.65 $ 16.55 $ 16.80 $ 16.60 $ 14.87 $ 13.21 $ 11.98 $ 10.58

$ 68.66 2012 2013 2014 2015

$ 41.48 $ 43.39 $ 45.22 $ 46.18 $ 24.89 $ 26.03 $ 27.13 $ 27.71 $ 79.45 $ 86.60 $ 93.09 $ 98.68 $ 17.54 $ 17.58 $ 17.92 $ 17.81 $ 15.86 $ 14.36 $ 13.24 $ 11.89

$ 73.94 2012 2013 2014 2015

$ 41.48 $ 43.39 $ 45.22 $ 46.18 $ 24.89 $ 26.03 $ 27.13 $ 27.71 $ 79.45 $ 86.60 $ 93.09 $ 98.68 $ 15.76 $ 15.53 $ 15.69 $ 15.40 $ 13.92 $ 12.12 $ 10.81 $ 9.38

$ 63.64

5% 6% $ 17.43 $ 17.60 $ 160.28 $ 189.09 $ 228.94 $ 257.75

5% 6% $ 18.70 $ 18.88 $ 221.26 $ 271.51 $ 289.92 $ 340.17

5% 6% $ 16.17 $ 16.33 $ 119.75 $ 137.63 $ 188.41 $ 206.29

Free Cash Flow Valuation($ in millions)


Actual Actual

Revenue $ 131.8 $ 161.2 % Growth 3.9% 22.3%








Net income $ 10.6 $ 17.2




DCF Method 1EBIT 16.95 27.55 Taxes Rate 37.5% 37.5%Taxes 6.35 10.33 NOPAT 10.59 17.22 NOA (Total Assets)-(Total Liabilities-Total Debt) 27.55 45.22 Increase in NOA 17.67 FCFF (0.46)

CAPM11.93% Free Cash Flow Growth Post 2015 2% 3% 4%


10.64% Free Cash Flow Growth Post 2015 2% 3% 4%ITS Terminal Value $ 296.01 $ 338.03 $ 392.72 ITS Enterprise Value $ 259.30 $ 287.34 $ 323.84 Multiple to 2011 Rev 1.3 1.4 1.6 Multiple to 2011 EBITDA 6.8 7.6 8.5

Tax expense (1)

C42

Pei Wong: Cash and debts are considered financing activities, and therefore not inculded here.

C48


C55


Multiple to 2011 EBIT 6.9 7.7 8.6 Multiple to 2011 NI 11.1 12.3 13.8










C62


Free Cash Flow Valuation



$ 203.3 $ 235.8 $ 259.9 $ 280.8 $ 299.3 26.1% 16.0% 10.2% 8.1% 6.6%

129.0 150.2 166.6 178.6 189.4 $ 74.3 $ 85.6 $ 93.3 $ 102.2 $ 109.8

36.6% 36.3% 35.9% 36.4% 36.7%

36.4 42.0 47.3 52.2 56.9 17.9% 17.8% 18.2% 18.6% 19.0%

0.5 0.6 0.6 0.7 0.7 $ 37.44 $ 43.04 $ 45.36 $ 49.29 $ 52.23

18.4% 18.3% 17.5% 17.6% 17.5%

(0.0) (0.1) (0.1) (0.1) (0.2)0.3% 0.3% 0.3% 0.3% 0.3%

37.5 43.1 45.4 49.4 52.4 14.06 17.2 18.2 19.8 21.0 $ 23.4 $ 25.9 $ 27.3 $ 29.7 $ 31.4

37.5% 40.0% 40.0% 40.0% 40.0% $ 37.94 $ 43.6 $ 46.0 $ 50.0 $ 53.0 0.8 1.0 1.1 1.2 1.3

2011 2012 2013 2014 2015

Projected 37.44 43.04 45.36 49.29 52.23

37.5% 40.0% 40.0% 40.0% 40.0% 14.04 17.22 18.14 19.72 20.89 23.40 25.83 27.21 29.58 31.34 69.08 80.14 88.31 95.43 101.70 23.86 11.05 8.18 7.12 6.27 (0.46) 14.77 19.04 22.46 25.07

5% 6% $ 380.07 $ 448.43 $ 302.10 $ 345.66 1.5 1.7 8.0 9.1 8.1 9.2 12.9 14.8

5% 6% $ 466.79 $ 572.80 $ 373.27 $ 444.01 1.8 2.2 9.8 11.7

10.0 11.9 15.9 19.0

5% 6% $ 320.28 $ 368.11 $ 253.08 $ 282.19 1.2 1.4 6.7 7.4 6.8 7.5 10.8 12.0

2012 2013 2014 2015 $ 43.04 $ 45.36 $ 49.29 $ 52.23 $ 25.83 $ 27.21 $ 29.58 $ 31.34 $ 80.14 $ 88.31 $ 95.43 $ 101.70 $ 17.59 $ 17.66 $ 19.04 $ 19.96 $ 15.71 $ 14.09 $ 13.58 $ 12.72

$ 74.11 2012 2013 2014 2015

$ 43.04 $ 45.36 $ 49.29 $ 52.23 $ 25.83 $ 27.21 $ 29.58 $ 31.34 $ 80.14 $ 88.31 $ 95.43 $ 101.70 $ 18.48 $ 18.69 $ 20.18 $ 21.19 $ 16.70 $ 15.27 $ 14.90 $ 14.14

$ 79.61 2012 2013 2014 2015

$ 43.04 $ 45.36 $ 49.29 $ 52.23 $ 25.83 $ 27.21 $ 29.58 $ 31.34 $ 80.14 $ 88.31 $ 95.43 $ 101.70 $ 16.69 $ 16.62 $ 17.90 $ 18.72 $ 14.75 $ 12.97 $ 12.34 $ 11.40

$ 68.87

5% 6% $ 20.95 $ 21.15 $ 192.64 $ 227.27 $ 266.76 $ 301.39

5% 6% $ 22.25 $ 22.46 $ 263.25 $ 323.04 $ 342.87 $ 402.65

5% 6% $ 19.66 $ 19.85 $ 145.55 $ 167.29 $ 214.42 $ 236.16

Free Cash Flow Valuation Upside($ in millions)


Actual Actual

Revenue $ 131.8 $ 161.2 % Growth 3.9% 22.3%








Net income $ 10.6 $ 17.2




DCF ValuationEBIT 16.95 27.55 Taxes Rate 37.5% 37.5%Taxes 6.35 10.33 NOPAT 10.59 17.22 NOA (Total Assets)-(Total Liabilities-Total Debt) 27.55 45.22 Increase in NOA 17.67 FCFF (0.46)

CAPM11.93% Free Cash Flow Growth 2% 3% 4%


10.64% Free Cash Flow Growth Post 2015 2% 3% 4%ITS Terminal Value $ 311.58 $ 355.85 $ 413.45 ITS Enterprise Value $ 267.26 $ 296.80 $ 335.25 Multiple to 2011 Rev 1.3 1.5 1.6 Multiple to 2011 EBITDA 7.0 7.8 8.8

Tax expense (1)

C17

Pei: Depr. does not increase drastically due to relative little competition in the industry, which cause less capex

C48


C55


Multiple to 2011 EBIT 7.1 7.9 9.0 Multiple to 2011 NI 11.4 12.7 14.3










C62


Free Cash Flow Valuation Upside



$ 203.3 $ 248.0 $ 295.2 $ 348.3 $ 407.5 26.1% 22.0% 19.0% 18.0% 17.0%

129.0 156.3 185.9 219.4 256.7 $ 74.3 $ 91.77 $ 109.21 $ 128.86 $ 150.77

36.6% 37.0% 37.0% 37.0% 37.0%

36.4 44.1 52.5 62.0 72.5 17.9% 17.8% 17.8% 17.8% 17.8%

0.5 0.6 0.6 0.7 0.7 $ 37.44 $ 47.04 $ 56.03 $ 66.17 $ 77.50

18.4% 19.0% 19.0% 19.0% 19.0%

(0.0) (0.1) (0.1) (0.1) (0.2)0.3% 0.3% 0.3% 0.3% 0.3%

37.5 47.1 56.1 66.3 77.7 14.1 18.8 22.4 26.5 31.1 $ 23.4 $ 28.3 $ 33.7 $ 39.8 $ 46.6

37.5% 40.0% 40.0% 40.0% 40.0% $ 37.94 $ 47.62 $ 56.67 $ 66.87 $ 78.24 0.8 1.0 1.1 1.2 1.3

2011 2012 2013 2014 2015

Projected 37.44 47.04 56.03 66.17 77.50

37.5% 40.0% 40.0% 40.0% 40.0% 14.04 18.81 22.41 26.47 31.00 23.40 28.22 33.62 39.70 46.50 69.08 84.28 100.30 118.35 138.47 23.86 15.20 16.01 18.05 20.12 (0.46) 13.02 17.60 21.65 26.38

5% 6% $ 399.85 $ 471.77 $ 312.25 $ 358.08 1.5 1.8 8.2 9.4 8.3 9.6 13.3 15.3

5% 6% $ 491.50 $ 603.23 $ 387.34 $ 461.92 1.9 2.3 10.2 12.2

10.3 12.3 16.5 19.7

5% 6% $ 337.01 $ 387.35 $ 260.85 $ 291.49 1.3 1.4 6.9 7.7 7.0 7.8 11.1 12.4

2012 2013 2014 2015 $ 47.04 $ 56.03 $ 66.17 $ 77.50 $ 28.22 $ 33.62 $ 39.70 $ 46.50 $ 84.28 $ 100.30 $ 118.35 $ 138.47 $ 19.98 $ 23.56 $ 27.74 $ 32.38 $ 17.85 $ 21.05 $ 24.79 $ 28.93

$ 110.63 2012 2013 2014 2015

$ 47.04 $ 56.03 $ 66.17 $ 77.50 $ 28.22 $ 33.62 $ 39.70 $ 46.50 $ 84.28 $ 100.30 $ 118.35 $ 138.47 $ 20.87 $ 24.65 $ 29.04 $ 33.91 $ 18.87 $ 20.14 $ 21.44 $ 22.63

$ 101.68 2012 2013 2014 2015

$ 47.04 $ 56.03 $ 66.17 $ 77.50 $ 28.22 $ 33.62 $ 39.70 $ 46.50 $ 84.28 $ 100.30 $ 118.35 $ 138.47 $ 19.09 $ 22.47 $ 26.45 $ 30.85 $ 16.86 $ 17.53 $ 18.22 $ 18.78

$ 88.82

5% 6% $ 34.00 $ 34.33 $ 312.59 $ 368.78 $ 423.22 $ 479.42

5% 6% $ 35.61 $ 35.95 $ 421.31 $ 516.99 $ 531.94 $ 627.62

5% 6% $ 32.40 $ 32.70 $ 239.85 $ 275.67 $ 350.48 $ 386.30

Company Comparisons Valuation($ in millions) LTM Operating Indications

Gross NetCompany Revenue Profit EBITDA EBIT IncomeHudson Highland Group Inc. 930.1 352.6 20.4 13.9 8.8 Kforce Inc. 1,083.9 339.6 61.4 48.6 26.4 Randstad Holding NV 21,163.9 3,869.3 886.3 542.7 448.7 Robert Half International Inc. 3,655.1 1,429.2 272.3 220.4 132.1 Robert Walters plc 766.1 276.6 27.6 24.4 15.8

Min $ 766.1 $ 276.6 $ 20.4 $ 13.9 $ 8.8 Max $ 21,163.9 $ 3,869.3 $ 886.3 $ 542.7 $ 448.7 Median $ 1,083.9 $ 352.6 $ 61.4 $ 48.6 $ 26.4 Mean $ 5,519.8 $ 1,253.4 $ 253.6 $ 170.0 $ 126.4

ITS $ 203.3 $ 74.3 $ 37.9 37.4 $ 23.4

Shares EnterpriseEquity Value: Stock Price Outstanding MV Equity Debt Cash Value

Hudson Highland Group Inc. 4.68 32.9 $ 153.97 $ 7.68 $ 22.48 $ 139.17 Kforce Inc. 12.46 37.9 $ 472.23 $ 61.14 $ 1.03 $ 532.35 Randstad Holding NV 30.04 170.9 $ 5,133.84 $ 2,318.97 $ 319.77 $ 7,133.03 Robert Half International Inc. 26.45 143.0 $ 3,782.35 $ 1.70 $ 242.70 $ 3,541.35 Robert Walters plc 2.90 77.0 $ 223.30 $ 18.79 $ 35.90 $ 206.19

Return Multipliers: EV/Sales EV/EBITDA EV/EBIT on Equity

Hudson Highland Group Inc. 0.1496 6.831 10.018 9.3%Kforce Inc. 0.4912 8.665 10.963 11.1%Randstad Holding NV 0.3370 8.048 13.143 12.0%Robert Half International Inc. 0.9689 13.005 16.064 16.1%Robert Walters plc 0.2691 7.468 8.456 17.3%Std Deviation 0.318745665 2.445308486 2.958906927 3.381445966Min 0.1496 6.831 8.456 9.336Std Dev -1 0.1244 6.3579 8.7700 9.7954Mean 0.4432 8.803 11.729 13.177Std Dev +1 0.7619 11.2485 14.6878 16.5583Max 0.9689 13.005 16.064 17.303

Return ITS Valuation EV/Sales EV/EBITDA EV/EBIT on Equity

Min 30.42028 259.16146 316.64089 644.98915Std Dev -1 25.29557 241.21509 328.38506 676.69659Mean 90.09657 333.98838 439.17932 910.29797Std Dev +1 154.89756 426.76168 549.97358 1143.89936Max 196.97447 493.40060 601.52075 1195.36875Sum (min:max) 497.68445 1754.52721 2235.69960 4571.25183 2264.79077(Sum-Avg)^2 3122664.756 260368.9013 846.2964563 5319762.613 8703642.567% of Sum of Row 49 0.358776769 0.029914935 9.72347E-05 0.611211062 11 - Row 50 0.641223231 0.970085065 0.999902765 0.388788938 3Weight of Row 51 to Sum 21% 32% 33% 13%

ITS Valuation w/ WeightsMin 6.502062472 83.80288769 105.5367001 83.58821626 279.4299Std Dev -1 5.406703248 77.99971931 109.4510424 87.69738261 280.5548Mean 19.25733746 107.9990477 146.3788714 117.9712608 391.6065Std Dev +1 33.10797167 137.9983761 183.3067005 148.2451391 502.6582Max 42.10153503 159.5468499 200.4874215 154.9153831 557.0512

Mean ITS Valuation = 391.6065

Company Comparisons ValuationLTM Margins 2-Year Compound Annual Growth Rate

Gross Net Return Profit EBITDA EBIT Income Revenues EBITDA EBIT Net Income on Equity

37.9% 2.2% 1.5% 0.9% 13.5% NM NM NM 9.3%31.3% 5.7% 4.5% 2.4% 8.2% 18.1% 30.5% NM 11.1%18.3% 4.2% 2.6% 2.1% 9.3% 28.3% 50.3% NM 12.0%39.1% 7.4% 6.0% 3.6% 5.4% 24.1% 41.7% 45.1% 16.1%36.1% 3.6% 3.2% 2.1% 24.2% 44.9% 61.9% 80.6% 17.3%

18.28% 2.19% 1.49% 0.95% 5.42% 18.13% 30.47% 45.09% 9.34%39.10% 7.45% 6.03% 3.61% 24.21% 44.94% 61.92% 80.65% 17.30%36.10% 4.19% 3.18% 2.12% 9.28% 26.21% 45.98% 62.87% 12.02%32.55% 4.62% 3.55% 2.23% 12.11% 28.87% 46.08% 62.87% 13.18%

36.6% 18.66% 18.42% 11.52% 24.2% 48.8% 46.32% 49.18% 33.91%

EnterpriseValue

$ 139.17 $ 532.35 $ 7,133.03 $ 3,541.35 $ 206.19

780666.19 65092.225 211.57411 1329940.7

Comparable Transactions($ in millions)

TargetTransaction Enterprise Value Revenues EBITDA1 732.22 2088.95 71.952 153.65 623.34 17.153 1157.86 1742.60 58.844 83.50 806.79 5.575 162.44 1163.43 27.136 71.79 135.95 12.107 128.60 603.30 20.698 1824.29 579.76 86.389 44.47 51.06 3.7510 55.28 67.77 4.1911 840.75 372.97 53.21Standard DeviationLow $ 44.5 $ 51.1 $ 3.8 High $ 1,824.3 $ 2,089.0 $ 86.4 Median $ 153.7 $ 603.3 $ 20.7 Mean $ 477.7 $ 748.7 $ 32.8 Valuations Low Mean HighEV/Revenue 0.103496572838037 0.848478988338486 3.14662963985097Revenue 203.3 203.3 203.3Implied Enterprise Value 21.040853257973 172.495778329214 639.709805781703Weight 0.4 0.5 0.4EV/EBITDA 5.34421907107581 12.1739215513119 21.1193563324844EBITDA 37.9393 37.9393 37.9393Implied Enterprise Value 202.755930603267 461.870061911686 801.253595705024Weight 0.6 0.5 0.6Enterprise Value 130.069899665149 317.18292012045 736.636079735696EV/EBITDA 3.42836846397137 8.36027338723831 19.4161747774918EV/Revenue 0.63979291522454 1.56017176645573 3.62339439122329

Comparable Transactions

EV/Revenue EV/EBITDA EBITDA Margin0.35 10.18 3.44%0.25 8.96 2.75%0.66 19.68 3.38%0.10 14.99 0.69%0.14 5.99 2.33%0.53 5.93 8.90%0.21 6.22 3.43%3.15 21.12 14.90%0.87 11.86 7.34%0.82 13.19 6.18%2.25 15.80 14.27%

5.3442190710.103496573 5.344219071 0.69%

3.14662964 21.11935633 14.90%0.528061787 11.85866667 3.44%0.848478988 12.17392155 6.15%

Offers($ in millions)

StaffCoPurchase 100%

Cash 220StaffCo Equity 140

Total Offer 360Corporate Value Based on Offer 360

H G E% 2013 EBITDA Estimate 100 97.5 95 92.5 90

Purchase 40%Cash 95 95 95 95 95Term Loan Senior 60 60 60 60 60Term Loan Subordinate 20 20 20 20 20Cash Offer 15 12.5 10 7.5 5

Total Offer 190 187.5 185 182.5 180Corporate Value Based on Offer 475 468.75 462.5 456.25 450

Owner's ShareDebt = 80 48

142 139.5 137 134.5 132355 348.75 342.5 336.25 330

Offers

87.5 85

95 9560 6020 20

2.5 0177.5 175

443.75 437.5

129.5 127323.75 317.5

Earnout Vesting Schedule($ in millions)

$ Value Low2013

100.0% $46.0 $15.0 Projected97.5% $44.9 $12.5

Low Projection - $ 44.09 $10 $ 254.8 95.0% $43.7 $10.0 9.0%92.5% $42.6 $7.590.0% $41.4 $5.0 164.6 87.5% $40.3 $2.5 $ 90.21 85.0% $39.1 $0.0 35.4%

46.1 18.1%

0.7 $ 43.39

17.0%

(0.1)0.3%

43.5 17.4 $ 26.1

40.0% $ 44.09 1.2

% of Management 2013 EBITDA

Estimate

Implied 2013 EBITDA Achieved

J16

Pei: Depr begin to increase due to increase investment in capex

Earnout Vesting Schedule

Mid2013

Projected

$ 259.9 10.2%

166.6 $ 93.3

35.9%

47.3 18.2%

0.6 $ 45.36

17.5%

(0.1)0.3%

45.4 18.2 $ 27.3

40.0% $ 46.0 1.1

New WACC After H G E Buyout($ in millions) 2011 2012 2012

Actual Low MidGrowth Rate 15% 16%

CURRENT ASSETSCash and cash equivalents $ 36.6 $ 42.12 $ 42.49 Accounts receivable, net 34.2 39.29 39.63 Other current assets 3.7 4.31 4.35

Total current assets 74.5 85.72 86.46

LONG-TERM ASSETSFixed assets, net 2.3 19% 2.70 2.70 Goodwill 78.38 78.39 Other assets 0.6 19% 0.75 0.75

Total long-term assets 2.9 81.83 81.84

Total assets $ 77.4 $ 167.55 $ 168.31

CURRENT LIABILITIESAccounts payable $ 3.0 $ 3.49 $ 3.52 Accrued expenses 0.7 0.84 0.84 Accrued payroll 4.3 4.97 5.02

Total current liabilities 8.1 9.30 9.38

LONG-TERM LIABILITIESTerm Loan (LIBOR + 7) 60.00 60.00 Subordinate Loan (2% PIK) 20.40 20.40 Other liabilities 0.3 11% 0.29 0.29

Total long-term liabilities 0.3 80.70 80.70

Total liabilities $ 8.4 90.00 90.08

Shareholders' equity $ 59.1 77.55 78.23

Total liabilities & shareholders' equity $ 67.4 $ 167.55 $ 168.31

169.571161 170.3165483 167.55 168.3064069

Change in Goodwill (2.02) (2.01)

Tax Rate 40%RFR 4.50%Equity Risk Premium 5.75%Unlevered Beta 1.29CAPM 11.93%

D/E 1.16049395 1.15152381-Tax 60% 60%

Levered Beta 2.19093639 2.183984884CAPM 17.10% 17.06%

Term Loan (LIBOR + 7) 8.50% 0.75Subordinate Loan (2% PIK) 14% 0.25

Cost (D) 5.93% 5.93%D/V 47.99% 47.77%E/V 52.01% 52.23%

B13

Brandon: Amount Paid for company less Book Value (up to borrowed amount)

F27

Brandon: Includes 3 quarters of PIK to show as of Dec 31, 2012.

H27


WACC 11.736% 11.740%

2012High

21%

44.32 41.34 4.54 90.19

2.70 78.44 0.75 81.89

$ 172.08

$ 3.68 0.88 5.23 9.79

60.00 20.40 0.29 80.70

90.48

$ 81.60

$ 172.08

174.043483172.082716 (1.96)

1.10889704 1 Month LIBOR Rate 0.2860% 3 Month LIBOR Rate 0.56

6 Month LIBOR Rate 0.792.15095085 1 Year LIBOR Rate 1.11

16.87%

5.93%46.72%53.28%

J27


11.755%

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