1. ACG Cup - Valuation
MEWS CAPITAL CONSULTING
IT GROUP STRATEGY

2. Team
• MBA/MSF
Candidate, 2017
• Bachelor’s in Political
Science - 2015
• MBA Intern at Pratt
and Whitney in San
Diego, CA
• Previous military
service - US Army
Nathan
McCutcheon
• MBA/MSF
Candidate, 2017
• Bachelor’s in
Accountancy –2013
• Accounting
Supervisor at
Motivate, Inc. in San
Diego, CA
Ike Ekeh
Shreyas
Sreekanth
• MBA Candidate,
2017
• Bachelor’s in
Accounting - 2010
• Previous military
service in the
Premier World
Maritime Service -
USCG
David White
• MBA Candidate,
2017
• Bachelor’s in
Mechanical
Engineering, 2012
• Quality Assurance
at Cap Gemini
India

3. Section 1
EXECUTIVE SUMMARY

4. Executive Summary
Management
Options
Factors
Evaluated
Three-Options
to Consider
• Divest SSIT, then have an IPO of IT
Consulting.
• LBO entire IT Group
• Maintain Status Quo
• IPO of entire IT Group
• Grow SSIT segment to increase IT
Group’s equity value, then have an IPO of
entire IT Group
• Future Expectations
• Equity/Enterprise Value of IT Group
segments
• Overall intrinsic values
• Family’s ability to continue to have a meaningful
stake in future decisions.
• Maximizing value of IT Group
• Create a liquidity event for Company
IPO of Entire ITGroup
• Keeps IT Group together
• Family legacy is protected
• Liquidity event
• Does not maximize value
Divest SSIT, IPO IT Consulting
• Maximizes value of IT Group
• Family legacy is protected (with
split-share plan)
• Relieves IT Group of debt burden
Maintain Status Quo
• Keeps IT Group together
• Does not increase liquidity
• Dream of public company may
not be realized at full-potential

5. Section 2
VALUATION OF IT GROUP

6. IT Group Football Field
Average Equity Value:
$1,505.78 Million
$1,803.64
$1,517.82
$1,047.75
$1,051.62
$2,204.45
$1,855.11
$1,280.59
$1,370.66
$500.00 $1,000.00 $1,500.00 $2,000.00 $2,500.00
DCF Perpetuity
DCF Multiple
Comparable - Companies
Comparable - Precedence
IT Group - Football Field

7. Comparable Companies
Figures in Millions
IT Group Comparable Companies
Company Equity Value Enterprise Value Revenue EBITDA Net Income EV/EBITDA
Perficient Inc. $590.07 $642.38 $450.21 $54.44 $21.86 11.8
Ciber, Inc. $283.60 $295.42 $812.19 $25.46 $7.76 11.6
Acxiom Corporation $1,724.06 $1,752.33 $1,033.37 $157.53 $7.80 11.1
Virtusa Corporation $1,704.59 $1,622.33 $526.86 $69.55 $44.53 23.3
Science Applications International Corporation $2,110.94 $3,078.94 $4,064.00 $281.00 $128.00 11.0
IT Group NA NA $568.98 $95.01 $54.45 NA
All Comps
Mean 1,282.65$ 1,478.28$ 1,377.33$ 117.59$ 41.99$ 13.8
Median 1,704.59$ 1,622.33$ 812.19$ 69.55$ 21.86$ 11.6
Best Comps
Mean 1,177.17$ 1,442.27$ 1,589.94$ 129.60$ 41.36$ 11.4
Median 1,157.07$ 1,197.36$ 922.78$ 105.98$ 14.83$ 11.4
95.01$
11.4X
1,079.78$
Net Debt 84.39$
Equity Value 1,164.17$
-10% 1,047.75$
10% 1,280.59$
Implied Enterprise Value
2014
2014 EBITDA
2014 EV/EBITDA Multiplier

8. Comparable Transactions
Transaction Announced Date
Target
Enterprise Value
EV /
Revenue
EV /
EBITDA
1 4/27/2015 4,453.64$ 3.46 17.9
2 10/5/2015 15.03$ 0.716 6.01
3 12/29/2014 55.80$ 1.65 11.01
4 12/23/2013 203.21$ 0.709 7.35
5 11/5/2013 1,964.82$ 4.03 13.88
6 2/21/2012 76.35$ 0.835 7.63
7 1/27/2012 13.43$ 0.666 14.81
8 12/12/2011 100.35$ 1.84 7.54
9 10/3/2011 20.14$ 0.282 6.91
10 8/16/2011 1,299.07$ 1.82 14.92
11 6/3/2011 140.94$ 1.45 13.87
12 4/1/2011 1,781.52$ 1.02 10.9
13 2/9/2011 63.89$ 0.71 15.37
14 11/4/2010 52.47$ 1.59 17.81
15 11/2/2010 93.92$ 0.49 17.49
Best Company Analysis
Minimum 100.35$ 0.709 7.35
Maximum 1,964.82$ 4.03 14.92
Median 751.14$ 1.635 12.385
Mean 914.99$ 1.8115 11.41
All Companies Included
Minimum 13.43$ 0.3 6.0
Maximum 4,453.64$ 4.0 17.9
Median 93.92$ 1.0 13.9
Mean 688.97$ 1.4 12.2
IT Comparable Transaction
EBITDA 95.01$
Multiple 11.41X
Enterprise Value 1,084.08$
Net Debt 84.39$
Equity Value 1,168.46$
-10% 1,051.62$
10% 1,285.31$

9. DCF
Discounted Cash Flow Analysis for IT Group
Figures in millions, except per share
Historical year ending December 31, Projected year ending December 31,
2012 2013 2014 2015 2016 2017 2018 2019
Sales $437.5 $520.7 $569.0 $624.5 $685.5 $752.4 $826.1 $907.1
Cost of goods sold 347.7 423.4 454.3 496.4 542.4 592.7 659.6 724.2
Gross Profit 89.8 97.3 114.7 128.1 143.0 159.6 166.5 182.8
SG&A 17.6 17.8 18.1 18.2 18.3 18.8 26.3 28.8
EBITDA 72.2 79.5 96.6 109.9 124.7 140.8 140.3 154.0
EBITDA Margin 16.5% 15.3% 17.0% 17.6% 18.2% 18.7% 17.0% 17.0%
Less: Depreciation (1.4) (1.6) (1.8) (2.0) (2.2) (2.4) 4.0 6.3
Less: Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBIT 71.0 78.0 95.0 108.1 122.7 138.6 144.5 160.5
Less: Taxes @ 40.0% (28.4) (31.2) (38.0) (43.2) (49.1) (55.4) (57.8) (64.2)
Tax-effected EBIT 42.6 46.8 57.0 64.8 73.6 83.2 86.7 96.3
Plus: Depreciation and amortization 1.6 1.8 2.0 2.2 2.4 (4.0) (6.3)
Less: Capital expenditures 2.5 4.1 3.4 5.5 6.4 7.9 5.8 6.3
Less: Additions to intangibles 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Increase)/decrease in working capital (11.8) (14.7) (5.8) (6.3) (6.9) (7.6) (8.4)
Unlevered Free Cash Flow $40.7 $47.6 $66.6 $75.9 $86.5 $80.8 $87.9
Operating Assumptions
Sales growth NA 19.0% 9.3% 9.8% 9.8% 9.8% 9.8% 9.8%
Cost of goods sold (as a % sales) 79.5% 81.3% 79.8% 79.8% 79.8% 79.8% 79.8% 79.8%
SG&A (as a % sales) 4.0% 3.4% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
Capital Expenditure Assumptions
CapEx (as a % sales) NA (0.8%) (0.6%) (0.7%) (0.7%) (0.7%) (0.7%) (0.7%)
Depreciation (as a % of CapEx) NA (40.0%) (52.1%) (21.7%) 8.7% 39.1% 69.6% 100.0%
Additions to Intangibles ($ amount) NA $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Amortization ($ amount) NA 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Perpetuity Growth Method
Weighted average cost of capital: 6.6%
Net present value of free cash flow $327.0
Terminal growth rate 2.5%
Terminal value $2,193.2
Present value of the terminal value 1,592.6
Enterprise value $1,919.7
Less: Net debt* 84.4
Equity value $2,004.0
-10% $1,803.64
10% $2,204.45
EBITDA Multiple Method
Weighted average cost of capital: 6.6%
Net present value of free cash flow $327.0
Terminal multiple 11.4x
Terminal value $1,755.8
Present value of the terminal value 1,275.0
Enterprise value $1,602.1
Less: Net debt* 84.4
Equity value $1,686.5
-10% $1,517.82
10% $1,855.11

10. Section 3
VALUATION OF SSIT

11. Football Field SSIT
Average Enterprise Value:
$36.09 Million
$25.00
$33.87
$35.13
$33.50
$34.91
$30.55
$41.39
$42.94
$40.95
$42.67
$20.00 $25.00 $30.00 $35.00 $40.00 $45.00
DCF Perpetuity
DCF Multiple
Comparable - Companies
Comparable - Precedence
LBO
SSIT - Football Field

12. LBO
Leveraged Buyout of SSIT
Figures in millions, except per share Cumulative
Pro Forma
Transaction Assumptions Sources Amount % of Total EBITDA
Current share price $0.00 Cash $6.3 13.9% 1.2x
x Offer price premium 0.0% Bank debt 18.3 40.5% 4.7x
Offer price per share $0.00 Subordinated debt 13.1 28.9% 7.2x
Target diluted shares outstanding 0.000 Sponsor's equity 7.6 16.8% 8.6x
Offer Value $26.3 Total sources $45.3 100.0% 8.6x
+ Debt 18.8
+ Preferred 0.0 Uses Amount % of Total
+ Noncontrolling interest 0.0 Purchase of equity $26.3 57.9%
- Cash & equivalents (6.3) Refinancing of existing debt 18.8 41.5%
Transaction Value $38.8 Transaction expenses @ 1.0% 0.3 0.6%
Total uses $45.3 100.0%
Transaction Multiples Pro Forma IRR Returns Year 4 Year 5 Year 6
Transaction Value / Sales 0.46x 6.9x 99.6% 62.1% 50.2%
Transaction Value / EBITDA 7.4x EBITDA Exit 7.4x 103.3% 64.9% 52.4%
Transaction Value / EBIT 8.5x 7.9x 106.9% 67.5% 54.3%
Pro Forma EBITDA $5.2
Pro Forma Projected year ending December 31,
Credit stats 2014 2015 2016 2017 2018 2019 2020 2021 2022
Senior Debt / EBITDA 3.5x 2.6x 2.2x 1.7x 0.0x 1.0x 0.9x 0.9x 0.9x
Total Debt / EBITDA 6.0x 4.9x 4.3x 3.6x 0.7x 1.7x 1.6x 1.6x 1.6x
EBITDA / Interest -3.3x -3.9x -5.7x -5.8x -16.9x 0.0x 0.0x 0.0x 0.0x
EBITDA - CapEx / Interest -4.9x -5.6x -8.4x -8.8x -12.7x 0.0x 0.0x 0.0x 0.0x

13. DCF
Discounted Cash Flow Analysis for SSIT
Figures in millions, except per share
Historical year ending December 31, Projected year ending December 31,
2012 2013 2014 2015 2016 2017 2018 2019
x Sales $72.4 $78.6 $83.6 $86.9 $91.2 $95.8 $97.3 $98.9
Cost of goods sold 60.7 65.4 70.7 73.7 77.2 80.3 82.3 83.6
Gross Profit 11.7 13.2 12.9 13.1 14.0 15.5 15.0 15.3
SG&A 7.4 7.3 7.7 7.2 7.8 8.5 8.9 9.1
EBITDA 4.4 5.9 5.2 5.9 6.3 7.0 6.1 6.2
EBITDA Margin 6.0% 7.5% 6.3% 6.8% 6.9% 7.3% 6.3% 6.3%
Less: Depreciation (0.6) (0.6) (0.7) (0.7) (0.7) (0.8) (2.4) (2.9)
Less: Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBIT 3.8 5.3 4.6 5.3 5.6 6.3 3.8 3.4
Less: Taxes @ 40.0% (1.5) (2.1) (1.9) (2.1) (2.2) (2.5) (1.5) (1.4)
Tax-effected EBIT 2.3 3.2 2.8 3.2 3.4 3.8 2.3 2.0
Plus: Depreciation and amortization 0.6 0.7 0.7 0.7 0.8 2.4 2.9
Less: Capital expenditures (1.9) (2.9) (2.5) (2.6) (3.0) (2.8) (2.9)
Less: Additions to intangibles 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Increase)/decrease in working capital 0.3 1.1 (0.2) (0.1) (0.1) (0.1) (0.1)
Unlevered Free Cash Flow $2.2 $1.6 $1.2 $1.4 $1.5 $1.7 $2.0
Operating Assumptions
x Sales growth NA 8.5% 6.4% 1.6% 1.6% 1.6% 1.6% 1.6%
Cost of goods sold (as a % sales) 83.8% 83.3% 84.5% 84.5% 84.5% 84.5% 84.5% 84.5%
SG&A (as a % sales) 10.2% 9.3% 9.2% 9.2% 9.2% 9.2% 9.2% 9.2%
Capital Expenditure Assumptions
CapEx (as a % sales) NA 2.4% 3.4% 2.9% 2.9% 2.9% 2.9% 2.9%
Depreciation (as a % of CapEx) NA 33.7% 23.4% 38.7% 54.0% 69.4% 84.7% 100.0%
Additions to Intangibles ($ amount) NA $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Amortization ($ amount) NA 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Perpetuity Growth Method
Weighted average cost of capital: 7.9%
Net present value of free cash flow $6.1
Terminal growth rate 1.6%
Terminal value $31.7
Present value of the terminal value 21.6
Enterprise value $27.8
Less: Net debt* (12.5)
Equity value $15.3
EBITDA Multiple Method
Weighted average cost of capital: 7.9%
Net present value of free cash flow $6.1
Terminal multiple 7.4x
Terminal value $46.1
Present value of the terminal value 31.5
Enterprise value $37.6
Less: Net debt* (12.5)
Equity value $25.1

14. Comparable Company Analysis
Figures in Millions
IT Group Comparable Companies
Company Equity Value Enterprise Value Revenue EBITDA Net Income EV/EBITDA
Alpha & Omega Semiconductor, Ltd. $199.64 $127.55 $321.16 $20.58 -$10.47 6.2
Fairchild Semiconductor International Inc. $1,925.31 $1,880.41 $1,389.60 $210.90 -$50.70 8.9
IXYS Corp. $397.95 $335.08 $326.56 $43.44 $20.68 7.7
Super Micro Computer, Inc. $1,340.57 $1,324.48 $2,067.45 $145.60 $94.70 9.1
SunEdison Semiconductor Limited $450.44 $572.14 $801.70 $79.70 -$116.10 7.2
SSIT NA NA $83.64 $5.24 $1.84 NA
All Comps
Mean $862.78 $847.93 $981.29 $100.04 -$12.38 7.8
Median $450.44 $572.14 $801.70 $79.70 -$10.47 7.7
Best Comps
Mean $743.34 $728.80 $709.75 $88.65 -$39.15 7.5
Median $424.19 $453.61 $564.13 $61.57 -$30.59 7.4
$5.24
7.4X
$39.03
-10% $35.13
10% $42.94
2014
2014 EBITDA
2014 EV/EBITDA Multiplier
Implied Enterprise Value

15. Comparable Transactions
Transaction Announced Date
Target
Enterprise Value
EV /
Revenue
EV /
EBITDA
1 9/22/2015 191.18$ 1.56 7.85
2 8/6/2015 1,171.59$ 1.2 7.87
3 6/5/2015 890.63$ 0.484 4.08
4 4/10/2015 674.58$ 1.3 5.72
5 1/6/2015 754.54$ 1.52 6.46
6 11/24/2014 561.23$ 0.665 5.76
7 10/13/2014 79.27$ 0.775 8.59
8 7/7/2014 365.00$ 2.37 10.25
9 6/30/2014 70.64$ 1.52 6.86
10 4/27/2014 93.37$ 1.5 6.75
11 4/11/2014 1,706.28$ 2.35 6.83
12 3/7/2014 62.42$ 1.32 7.26
13 10/14/2013 87.24$ 0.957 6.76
14 9/27/2013 596.25$ 1.38 9.08
15 7/9/2013 99.77$ 1.23 7.05
Best Company Analysis
Minimum 62.42$ 0.67$ 5.72$
Maximum 754.54$ 1.56$ 9.08$
Median 99.77$ 1.32$ 6.86$
Mean 297.32$ 1.25$ 7.10$
All Companies Included
Minimum 62.42$ 0.48$ 4.08$
Maximum 1,706.28$ 2.37$ 10.25$
Median 365.00$ 1.32$ 6.86$
Mean 493.60$ 1.34$ 7.14$
SSIT Comparable Transaction
EBITDA 5.24$
Multiple 7.1X
Enterprise Value 37.22$
-10% 33.50$
10% 40.95$

16. Section 4
VALUATION OF STANDALONE IT CONSULTING GROUP

17. DCF
Equity Value without SSIT
$100M more than when
combined
*Includes expansion Cost estimates
Discounted Cash Flow Analysis for ITC
Figures in millions, except per share
Historical year ending December 31, Projected year ending December 31, 2014-2019
2012 2013 2014 2015 2016 2017 2018 2019 CAGR
Sales $437.5 $520.7 $569.0 $537.6 $594.2 $656.6 $753.8 $865.3 8.7%
Cost of goods sold 347.7 423.4 454.3 422.7 465.2 512.5 601.8 690.9
Gross Profit 89.8 97.3 114.7 115.0 129.0 144.1 151.9 174.4 8.7%
SG&A 17.8 18.1 18.2 11.1 11.1 10.9 24.2 27.7
EBITDA 72.0 79.2 96.5 103.9 117.9 133.2 127.8 146.7 8.7%
EBITDA Margin 16.5% 15.2% 17.0% 19.3% 19.8% 20.3% 17.0% 17.0%
Less: Depreciation 1.4 1.6 1.8 1.3 1.4 1.6 (3.7) (6.0)
Less: Amortization 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBIT 70.6 77.6 94.7 102.6 116.5 131.6 131.4 152.7 10.0%
Less: Taxes @ 40.0% (28.2) (31.0) (37.9) (41.0) (46.6) (52.6) (52.6) (61.1)
Tax-effected EBIT 42.4 46.6 56.8 61.6 69.9 79.0 78.9 91.6 10.0%
Plus: Depreciation and amortization (1.6) (1.8) (1.3) (1.4) (1.6) 3.7 6.0
Less: Capital expenditures (2.5) (4.1) (3.4) (3.0) (7.5) (8.3) (5.3) (6.0)
Less: Additions to intangibles 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Increase)/decrease in working capital (39.9) (46.7) 21.2 (16.1) (17.7) (27.7) (31.7)
Unlevered Free Cash Flow $0.9 $4.8 $78.5 $44.9 $51.4 $49.6 $59.9 65.3%
Operating Assumptions
Sales growth NA 19.0% 9.3% 7.8% 14.8% 14.8% 14.8% 14.8%
Cost of goods sold (as a % sales) 79.5% 81.3% 79.8% 79.8% 79.8% 79.8% 79.8% 79.8%
SG&A (as a % sales) 4.1% 3.5% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
Capital Expenditure Assumptions
CapEx (as a % sales) NA 0.8% 0.6% 0.7% 0.7% 0.7% 0.7% 0.7%
Depreciation (as a % of CapEx) NA (40.0%) (52.1%) (21.7%) 8.7% 39.1% 69.6% 100.0%
Additions to Intangibles ($ amount) NA $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Amortization ($ amount) NA 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Perpetuity Growth Method
Weighted average cost of capital: 6.6%
Net present value of free cash flow $194.0
Terminal growth rate 3.3%
Terminal value $1,851.8
Present value of the terminal value 1,346.0
Enterprise value $1,540.0
Less: Net debt* 84.4
Equity value $1,624.4

18. Section 5
MANAGEMENT OPTIONS

19. Management Consideration
0
2
4
6
8
10
12
IPO (Current Structure) Divest SSIT Status Quo Divest SSIT, IPO ITC (Class B Shares)
Option Analysis
Liquidity Event Long-Term Ownershitp Growth Rate

20. Section 6
OUR RECOMMENDATION

21. Recommendation
Divest SSIT
• Divesting SSIT will create a liquidity event equivalent to $40M
• Remove heavy debt burden created by 55% Debt – 45% Equity structure
• Gives IT Consulting best shot at highest IPO offering
IPO
• IPO with IT Consulting
• Generate a liquidity event, and return value to shareholder
• Without SSIT, valuation $100M higher
Class B
Shares
• Create a dual-class share structure
• Class-B shares allow owner to maintain voting majority
• Able to pass down to heir or family (non-transferable outward)

22. Section 7
APPENDIX AND SUPPORTING DOCUMENTATION

23. IT Group Income Statement
Fiscal Year Ended December 31,
2011 2012 2013 2014 2015E 2016P 2017P
Sales $395.5 $437.5 $520.7 $569.0 $624.5 $685.5 $752.4
% Growth 10.6% 19.0% 9.3% 9.8% 9.8% 9.8%
Cost of Goods Sold 328.4 347.7 423.4 454.3 496.4 542.4 592.7
Gross Profit $67.1 $89.8 $97.3 $114.7 $128.1 $143.0 $159.6
Gross Profit Margin 17.0% 20.5% 18.7% 20.2% 20.5% 20.9% 21.2%
Selling General & Admin Exp. $17.6 $17.8 $18.1 $18.2 $18.3 $18.8 $19.4
Depreciation & Amortization 1.2 1.4 1.6 1.8 2.0 2.2 2.4
Other Operating Expenses/(Income) - - - - - - -
Total Operating Expenses $18.8 $19.2 $19.7 $20.0 $20.3 $21.0 $21.8
Operating Income $48.3 $70.6 $77.6 $94.7 $107.8 $122.0 $137.9
Operating Margin 12.2% 16.1% 14.9% 16.6% 17.3% 17.8% 18.3%
Interest Expense, Net 2.5 2.6 2.6 2.5 3.3 3.3 3.3
Other (Income) / Expenses 1.5 1.5 1.5 1.5 1.5 1.5 1.5
EBT $44.3 $66.5 $73.6 $90.8 $103.0 $117.3 $133.1
Income Taxes
(1)
17.7 26.6 29.4 36.3 41.2 46.9 53.2
Net Income Available to Common $26.6 $39.9 $44.1 $54.5 $61.8 $70.4 $79.8
Plus: Taxes $17.7 $26.6 $29.4 $36.3 $41.2 $46.9 $53.2
Plus: Interest Expense 2.5 2.6 2.6 2.5 3.3 3.3 3.3
Plus: Depreciation & Amortization 1.2 1.4 1.6 1.8 2.0 2.2 2.4
Adjusted EBITDA $48.1 $70.5 $77.8 $95.0 $108.4 $122.7 $138.8
Adjusted EBITDA Margin 12.2% 16.1% 14.9% 16.7% 17.3% 17.9% 18.4%
Capital Expenditures $3.2 $2.5 $4.1 $3.4 $5.5 $6.4 $7.9
(1) Assuming 40% tax rate.

24. IT Group Balance Sheet
Fiscal Year Ended December 31,
2011 2012 2013 2014
Current Assets
Cash and Equivalents $40.5 $55.1 $83.1 $115.2
Accounts Receivable 60.7 75.8 92.5 113.4
Inventory 16.0 16.9 17.2 17.9
Total Current Assets $117.2 $147.8 $192.9 $246.5
Property and Equipment $12.6 $16.9 $22.4 $26.9
Land 8.6 8.1 8.4 9.1
Other Long-Term Assets 8.0 11.3 8.9 10.2
Total Assets $146.4 $184.1 $232.6 $292.7
Liabilities
Accounts Payable $17.8 $14.6 $15.9 $17.7
Accrued Exp. 41.5 43.0 46.0 49.5
Current Portion of Long Term Debt 11.6 12.7 12.3 10.3
Other Current Liabilities 4.4 2.6 3.5 5.1
Total Current Liabilities $75.3 $72.9 $77.7 $82.6
Long-Term Debt 20.0 20.2 19.7 20.5
Total Liabilities $95.3 $93.1 $97.4 $103.1
Net Stockholder's Equity $51.1 $91.0 $135.2 $189.6
Total Liabilities And Stockholders' Equity $146.4 $184.1 $232.6 $292.7

25. SSIT Income Statement
Fiscal Year Ended December 31,
2011 2012 2013 2014 2015E 2016P 2017P
Sales $65.5 $72.4 $78.6 $83.6 $86.9 $91.2 $95.8
% Growth 10.6% 8.5% 6.4% 3.9% 5.0% 5.0%
Cost of Goods Sold 55.2 60.7 65.4 70.7 73.7 77.2 80.3
Gross Profit $10.3 $11.7 $13.2 $12.9 $13.1 $14.0 $15.5
Gross Profit Margin 15.7% 16.2% 16.7% 15.5% 15.1% 15.4% 16.2%
Selling General & Admin Exp. $6.2 $7.4 $7.3 $7.7 $7.2 $7.8 $8.5
Depreciation & Amortization 0.5 0.6 0.6 0.7 0.7 0.7 0.8
Other Operating Expenses/(Income) - - - - - - -
Total Operating Expenses $6.8 $8.0 $7.9 $8.4 $7.9 $8.5 $9.3
Operating Income $3.5 $3.8 $5.2 $4.6 $5.2 $5.5 $6.2
Operating Margin 5.4% 5.2% 6.7% 5.5% 6.0% 6.1% 6.5%
Interest Expense, Net 1.2 1.5 1.6 1.5 1.1 1.2 1.1
Other (Income) / Expenses 0.0 (0.1) 0.0 0.0 0.0 0.0 0.0
EBT $2.3 $2.4 $3.7 $3.1 $4.1 $4.3 $5.1
Income Taxes
(1)
0.9 1.0 1.5 1.2 1.7 1.7 2.1
Net Income Available to Common $1.4 $1.4 $2.2 $1.8 $2.5 $2.6 $3.1
Plus: Taxes $0.9 $1.0 $1.5 $1.2 $1.7 $1.7 $2.1
Plus: Interest Expense 1.2 1.5 1.6 1.5 1.1 1.2 1.1
Plus: Depreciation & Amortization 0.5 0.6 0.6 0.7 0.7 0.7 0.8
Adjusted EBITDA $4.1 $4.5 $5.9 $5.2 $5.9 $6.3 $7.0
Adjusted EBITDA Margin 6.2% 6.1% 7.5% 6.3% 6.8% 6.9% 7.3%
Capital Expenditures $1.5 $1.9 $2.9 $2.5 $2.6 $3.0 $3.7
(1) Assuming 40% tax rate.

26. SSIT Balance Sheet
Fiscal Year Ended December 31,
2011 2012 2013 2014
Current Assets
Cash and Equivalents $5.3 $5.8 $6.4 $6.3
Accounts Receivable 6.0 6.6 7.2 7.7
Inventory 13.1 15.2 14.9 15.1
Total Current Assets $24.5 $27.6 $28.5 $29.0
Property and Equipment $8.9 $9.5 $13.3 $16.7
Land 3.3 3.4 3.4 3.5
Other Long-Term Assets 4.2 6.7 6.1 4.8
Total Assets $40.9 $47.3 $51.3 $54.0
Liabilities
Accounts Payable $6.0 $6.4 $6.7 $7.4
Accrued Exp. 9.2 10.9 11.0 11.7
Other Current Liabilities 0.4 0.0 0.2 0.6
Total Current Liabilities $15.6 $17.3 $17.9 $19.6
Long-Term Debt 15.2 18.4 19.7 18.8
Total Liabilities $30.8 $35.7 $37.6 $38.4
Net Stockholder's Equity $10.1 $11.5 $13.7 $15.6
Total Liabilities And Stockholders' Equity $40.9 $47.3 $51.3 $54.0

27. Comparable Capitalization
Comparable Company Analysis - Capitalization
($ in millions)
Total Market
Ticker Company Debt Capitalization Cash
AOSL Alpha & Omega Semiconductor, Ltd. $0.8 $199.6 $72.9
FCS Fairchild Semiconductor International Inc. 198.0 1,925.3 243.1
IXYS IXYS Corp. 54.0 398.0 116.9
SMCI Super Micro Computer, Inc. 94.8 1,340.6 110.9
SEMI SunEdison Semiconductor Limited 212.5 450.4 90.8
Total Market
Ticker Company Debt Capitalization Cash
PRFT Perficient Inc. $61.0 $590.1 $8.7
CBR Ciber, Inc. 30.0 283.6 18.2
ACXM Acxiom Corporation 209.2 1,724.1 180.9
VRTU Virtusa Corporation - 1,704.6 178.5
SAIC Science Applications International Corporation 1,131.0 2,110.9 163.0

28. Comparable Company Multiples
Comparable Company Multiples
(figures in millions except per share amount)
SSIT Comparable Companies Shares LTM LTM LTM LTM
Company Ticker Stock Price Outstanding Debt Cash Sales EBITDA EBIT Earnings
Alpha & Omega Semiconductor, Ltd. AOSL $8.88 22.5 $0.8 $72.9 $321.2 $20.6 ($6.3) ($10.5)
Fairchild Semiconductor International Inc. FCS 16.68 115.4 198.0 242.9 1,389.6 210.9 73.6 (50.7)
IXYS Corp. IXYS 12.46 31.9 54.0 116.9 326.6 43.4 28.1 20.7
Super Micro Computer, Inc. SMCI 28.21 47.5 94.8 110.9 2,067.5 145.6 136.6 94.7
SunEdison Semiconductor Limited SEMI 10.75 41.9 212.5 90.8 801.7 79.7 (30.8) (116.1)
IT Group Comparable Companies Shares LTM LTM LTM LTM
Company Ticker Stock Price Outstanding Debt Cash Sales EBITDA EBIT Earnings
Perficient Inc. PRFT $16.72 35.3 $61.0 $8.7 $450.2 $54.4 $35.6 $21.9
Ciber, Inc. CBR 3.57 79.4 30.0 18.2 812.2 25.5 19.7 7.8
Acxiom Corporation ACXM 22.12 77.9 209.2 180.9 1,033.4 157.5 67.7 7.8
Virtusa Corporation VRTU 57.43 29.7 - 82.3 526.9 69.6 56.2 44.5
Science Applications International Corporation SAIC 45.86 46.0 1,131.0 163.0 4,064.0 281.0 246.0 128.0

29. Comparable Performance
Comparable Company Multiples
($ in millions)
LTM Operating Indications LTM Margins 2-Year Compound Annual Growth Rate
SSIT Comparable Companies Gross Net CapEx Gross Net
Company Revenue Profit EBITDA EBIT Income CapEx % of Rev. Profit EBITDA EBIT Income Revenues EBITDA EBIT Net Income
Alpha & Omega Semiconductor, Ltd. $321.2 $57.4 $20.6 ($6.3) ($10.5) $25.1 7.8% 17.9% 6.4% -2.0% -3.3% -0.7% -15.3% NM NM
Fairchild Semiconductor International Inc. 1,389.6 456.3 210.9 73.6 (50.7) $64.9 4.7% 32.8% 15.2% 5.3% -3.6% -0.3% 13.2% 63.3% NM
IXYS Corp. 326.6 102.4 43.4 28.1 20.7 $6.9 2.1% 31.4% 13.3% 8.6% 6.3% 6.5% 24.6% 45.7% 111.0%
Super Micro Computer, Inc. 2,067.5 323.3 145.6 136.6 94.7 $40.0 1.9% 15.6% 7.0% 6.6% 4.6% 31.2% 80.3% 90.8% 83.6%
SunEdison Semiconductor Limited 801.7 85.5 79.7 (30.8) (116.1) $105.9 13.2% 10.7% 9.9% -3.8% -14.5% -7.7% 2.2% NM NM
Low $321.2 $57.4 $20.6 ($30.8) ($116.1) $6.9 1.9% 10.7% 6.4% -3.8% -14.5% -7.7% -15.3% 45.7% 83.6%
High 2,067.5 456.3 210.9 136.6 94.7 105.9 13.2% 32.8% 15.2% 8.6% 6.3% 31.2% 80.3% 90.8% 111.0%
Median 801.7 102.4 79.7 28.1 (10.5) 40.0 4.7% 17.9% 9.9% 5.3% -3.3% -0.3% 13.2% 63.3% 97.3%
Mean 981.3 205.0 100.0 40.2 (12.4) 48.6 5.9% 21.7% 10.4% 2.9% -2.1% 5.8% 21.0% 66.6% 97.3%
LTM Operating Indications LTM Margins 2-Year Compound Annual Growth Rate
IT Group Comparable Companies Gross Net CapEx Gross Net
Company Revenue Profit EBITDA EBIT Income CapEx % of Rev. Profit EBITDA EBIT Income Revenues EBITDA EBIT Net Income
Perficient Inc. $450.2 $151.9 $54.4 $35.6 $21.9 $3.5 0.8% 33.7% 12.1% 7.9% 4.9% 14.5% 12.9% 5.8% 3.8%
Ciber, Inc. 812.2 211.7 25.5 19.7 7.8 $6.6 0.8% 26.1% 3.1% 2.4% 1.0% -3.6% 7.3% 11.4% NM
Acxiom Corporation 1,033.4 228.6 157.5 67.7 7.8 $60.0 5.8% 22.1% 15.2% 6.5% 0.8% -2.0% -8.7% -18.3% -60.8%
Virtusa Corporation 526.9 189.1 69.6 56.2 44.5 $15.6 3.0% 35.9% 13.2% 10.7% 8.5% 20.8% 21.7% 22.8% 18.9%
Science Applications International Corporation 4,064.0 372.0 281.0 246.0 128.0 $18.0 0.4% 9.2% 6.9% 6.1% 3.1% -5.4% -1.9% -6.6% -6.4%
Low $450.2 $151.9 $25.5 $19.7 $7.8 $3.5 0.4% 9.2% 3.1% 2.4% 0.8% -5.4% -8.7% -18.3% -60.8%
High 4,064.0 372.0 281.0 246.0 128.0 60.0 5.8% 35.9% 15.2% 10.7% 8.5% 20.8% 21.7% 22.8% 18.9%
Median 812.2 211.7 69.6 56.2 21.9 15.6 0.8% 26.1% 12.1% 6.5% 3.1% -2.0% 7.3% 5.8% -1.3%
Mean 1,377.3 230.7 117.6 85.0 42.0 20.8 2.2% 25.4% 10.1% 6.7% 3.6% 4.9% 6.3% 3.0% -11.1%

30. Comparable – Balance Sheet Stats
Comparable Company Analysis - Balance Sheet Statistics
($ in millions)
SSIT Comparable Companies Total Net Income Net Income Current Quick Inventory A/R A/P Net Working
Company Assets ROA ROE Ratio Ratio Turnover Days Days Capital
Alpha & Omega Semiconductor, Ltd. $308.5 -1.2% -4.0% 2.9 1.8 4.0 41.1 55.4 $44.6
Fairchild Semiconductor International Inc. 1,590.5 2.8% -4.3% 3.3 1.7 3.4 39.3 43.0 288.8
IXYS Corp. 388.0 4.5% 7.6% 3.0 1.9 2.5 45.4 23.0 101.0
Super Micro Computer, Inc. 1,082.0 8.9% 16.7% 2.1 1.0 4.3 43.4 47.6 462.9
SunEdison Semiconductor Limited 1,082.5 -1.6% -17.6% 1.5 0.8 6.1 48.7 57.5 33.6
Max $1,590.5 8.9% 16.7% 3.3 1.9 6.1 48.7 57.5 $462.9
Min 308.5 -1.6% -17.6% 1.5 0.8 2.5 39.3 23.0 33.6
Mean 890.3 2.7% -0.3% 2.6 1.4 4.1 43.6 45.3 186.2
Median 1,082.0 2.8% -4.0% 2.9 1.7 4.0 43.4 47.6 101.0
IT Group Comparable Companies Total Net Income Net Income Current Quick Inventory A/R A/P Net Working
Company Assets ROA ROE Ratio Ratio Turnover Days Days Capital
Perficient Inc. $450.8 5.0% 6.9% 3.1 2.9 NA 92.9 16.7 $77.2
Ciber, Inc. 500.4 2.4% 2.6% 2.0 1.8 NA 84.5 14.9 92.0
Acxiom Corporation 1,152.6 3.4% 0.3% 2.0 1.7 NA 51.6 20.6 38.3
Virtusa Corporation 522.7 7.1% 10.7% 4.3 3.9 NA 74.3 10.9 79.2
Science Applications International Corporation 2,158.0 8.6% 34.2% 1.4 1.2 NA 58.4 37.4 183.0
Max $2,158.0 8.6% 34.2% 4.3 3.9 NA 92.9 37.4 $183.0
Min 450.8 2.4% 0.3% 1.4 1.2 NA 51.6 10.9 38.3
Mean 956.9 5.3% 10.9% 2.6 2.3 NA 72.3 20.1 94.0
Median 522.7 5.0% 6.9% 2.0 1.8 NA 74.3 16.7 79.2

31. Comparable Transactions
Comparable Company Analysis - Comparable Transactions
($ in millions)
Announced Target EV / EV /
Transaction Date Enterprise Value Revenue EBITDA
Transaction 1 09/22/15 191.2 1.56 x 7.9 x
Transaction 2 08/06/15 1,171.6 1.20 x 7.9 x
Transaction 3 06/05/15 890.6 0.48 x 4.1 x
Transaction 4 04/10/15 674.6 1.30 x 5.7 x
Transaction 5 01/06/15 754.5 1.52 x 6.5 x
Transaction 6 11/24/14 561.2 0.67 x 5.8 x
Transaction 7 10/13/14 79.3 0.78 x 8.6 x
Transaction 8 07/07/14 365.0 2.37 x 10.3 x
Transaction 9 06/30/14 70.6 1.52 x 6.9 x
Transaction 10 04/27/14 93.4 1.50 x 6.8 x
Transaction 11 04/11/14 1,706.3 2.35 x 6.8 x
Transaction 12 03/07/14 62.4 1.32 x 7.3 x
Transaction 13 10/14/13 87.2 0.96x 6.8x
Transaction 14 09/27/13 596.3 1.38x 9.1x
Transaction 15 07/09/13 99.8 1.23x 7.1x
Min $62.4 0.5x 4.1x
Max 1,706.3 2.4x 10.3x
Median 278.1 1.3x 6.9x
Mean 493.6 1.3x 7.1x
Comparable Company Analysis - Comparable Transactions (IT
Group)
($ in millions)
Announced Target EV / EV /
Transaction Date Enterprise Value Revenue EBITDA
Transaction 1 04/27/15 $4,453.6 3.46 x 17.9 x
Transaction 2 10/05/15 15.0 0.72 x 6.0 x
Transaction 3 12/29/14 55.8 1.65 x 11.0 x
Transaction 4 12/23/13 203.2 0.71 x 7.4 x
Transaction 5 11/05/13 1,964.8 4.03 x 13.9 x
Transaction 6 02/21/12 76.4 0.84 x 7.6 x
Transaction 7 01/27/12 13.4 0.67 x 14.8 x
Transaction 8 12/12/11 100.4 1.84 x 7.5 x
Transaction 9 10/03/11 20.1 0.28 x 6.9 x
Transaction 10 08/16/11 1,299.1 1.82 x 14.9 x
Transaction 11 06/03/11 140.9 1.45 x 13.9 x
Transaction 12 04/01/11 1,781.5 1.02 x 10.9 x
Transaction 13 02/09/11 63.9 0.71 x 15.4 x
Transaction 14 11/04/10 52.5 1.59 x 17.8 x
Transaction 15 11/02/10 93.9 0.49 x 17.5 x
Min $13.4 0.3x 6.0x
Max 4,453.6 4.0x 17.9x
Median 93.9 1.0x 13.9x
Mean 689.0 1.4x 12.2x

32. WACC Analysis - SSIT
Comparable Company WACC Analysis
(dollars in millions) Debt to Preferredto Equity to
Preferred Market Value Total Debt Total Total Total
Debt Stock of Equity Capitalization to Equity Capitalization Capitalization Capitalization
Alpha & Omega Semiconductor, Ltd. $0.8 $0.0 $199.6 $200.4 0.4% 0.4% 0.0% 99.6%
Fairchild Semiconductor International Inc.198.0 0.0 1,925.3 2,123.3 10.3% 9.3% 0.0% 90.7%
IXYS Corp. 54.0 0.0 398.0 451.9 13.6% 11.9% 0.0% 88.1%
Super Micro Computer, Inc. 94.8 0.0 1,340.6 1,435.4 7.1% 6.6% 0.0% 93.4%
SunEdison Semiconductor Limited 212.5 0.0 450.4 662.9 47.2% 32.1% 0.0% 67.9%
All Companies Included
Median $94.8 $0.0 $450.4 $662.9 10.3% 9.3% 0.0% 90.7%
Mean 112.0 0.0 862.8 974.8 15.7% 12.1% 0.0% 87.9%
Best Companies Included
Median 126.0 0.0 424.2 557.4 0.1 0.1 0.0 0.9
Mean 116.3 0.0 743.3 859.6 0.2 0.1 0.0 0.9
Levered Unlevered Equity Risk Size Risk Cost of Cost of Cost of
Beta Beta Premium (1)
Premium (2)
Equity Debt Preferred WACC
Alpha & Omega Semiconductor, Ltd. 1.45 1.45 6.00% 5.82% 17.1% 4.2% 0.0% 17.1%
Fairchild Semiconductor International Inc. 1.67 1.57 6.00% 1.60% 14.2% 4.5% 0.0% 13.1%
IXYS Corp. 1.81 1.68 6.00% 2.56% 16.0% 5.5% 0.0% 14.5%
Super Micro Computer, Inc. 1.51 1.45 6.00% 1.50% 13.2% 3.9% 0.0% 12.4%
SunEdison Semiconductor Limited 1.66 1.30 6.00% 2.56% 15.1% 4.3% 0.0% 11.1%
Median 1.66 1.45 15.1% 4.3% 0.0% 13.1%
Mean 1.62 1.49 15.1% 4.5% 0.0% 13.7%
Best Companies Included
Median 1.7 1.5 0.1 0.0 0.2 0.0 0.0 0.1
Mean 1.6 1.5 0.1 0.0 0.2 0.0 0.0 0.1

33. WACC Analysis - ITGroup
Comparable Company WACC Analysis
(dollars in millions) Debt to Preferredto Equity to
Preferred Market Value Total Debt Total Total Total
Debt Stock of Equity Capitalization to Equity Capitalization Capitalization Capitalization
Perficient Inc. $61.0 $0.0 $590.1 $651.1 10.3% 9.4% 0.0% 90.6%
Ciber, Inc. 30.0 0.0 283.6 313.6 10.6% 9.6% 0.0% 90.4%
AcxiomCorporation 209.2 0.0 1,724.1 1,933.3 12.1% 10.8% 0.0% 89.2%
Virtusa Corporation 0.0 0.0 1,704.6 1,704.6 0.0% 0.0% 0.0% 100.0%
Science Applications International Corporation 1,131.0 0.0 2,110.9 3,241.9 53.6% 34.9% 0.0% 65.1%
All Companies Included
Median $61.0 $0.0 $1,704.6 $1,704.6 10.6% 9.6% 0.0% 90.4%
Mean 286.2 0.0 1,282.7 1,568.9 17.3% 12.9% 0.0% 87.1%
Best Companies Included
Median 135.1 0.0 1,157.1 1,292.2 0.1 0.1 0.0 0.9
Mean 357.8 0.0 1,177.2 1,535.0 0.2 0.2 0.0 0.8
Levered Unlevered Equity Risk Size Risk Cost of Cost of Cost of
Beta Beta Premium Premium Equity Debt Preferred WACC
Perficient Inc. 0.28 0.26 6.00% 2.56% 6.8% 2.6% 0.0% 6.3%
Ciber, Inc. 1.61 1.51 6.00% 5.82% 18.1% 4.5% 0.0% 16.6%
AcxiomCorporation 0.68 0.63 6.00% 1.60% 8.3% 5.5% 0.0% 7.7%
Virtusa Corporation 1.31 1.31 6.00% 1.60% 12.0% 4.3% 0.0% 12.0%
Science Applications International Corporation 0.81 0.61 6.00% 1.60% 9.0% 4.3% 0.0% 6.8%
All Companies Included
Median 0.81 0.63 9.0% 4.3% 0.0% 7.7%
Mean 0.94 0.87 10.9% 4.2% 0.0% 9.9%
Best Companies Included
Median 0.74 0.62 0.1 0.0 0.1 0.0 0.0 0.1
Mean 0.84 0.76 0.1 0.0 0.1 0.0 0.0 0.1