Architecture Engineering & Environmental Services

Architecture Engineering & Environmental Services Earnings Call Synopsis / Q3 2018 Results

1 Content

Summary Deal Spotlight Earnings Call Overview / Players In The Industry

The 7MA team has completed over 120 transactions in professional and technical services. We provide pragmatic advice, sector expertise, and innovative processes to help clients adeptly navigate the decision tree. Our high-touch processes with senior-led deal teams is the cornerstone of the 7MA process.

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* Deal executed by 7 Mile Advisors Principal while in another firm

3 We are pleased to present our review and synopsis of results and earnings call commentary for Q3 2018. This summary includes the most recent financial results for key publicly traded companies in the Architecture, Engineering & Environmental Services sector for the period July – September 2018.

M&A Indicators:

+ Despite a recent decline in the overall equities market, including among AEC firms, Multiples remain relatively strong with publicly traded AEC companies averaging nearly 13.0x EBITDA, compared to the long-term average since 2014 of 11.4x.

+ Overall transaction volume remains steady with approximately 40 industry deals announced over the last 60 days.

+ Private equity remains keen on the sector with multiple new platform investments and add-on acquisitions announced recently.

Recent 7 Mile Advisors Articles:

+ Technology and Delivery Models Are Reshaping Construction + Neil Churman Sits Down With Environmental Business Journal + Aerial Data Acquisition—What We’re Seeing from Above

4 Content

Summary Deal Spotlight Earnings Call Overview / Players In The Industry

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 5 • Ajax Building Corporation, one of the leading construction management firms in the Southeastern U.S., has joined the Structure Tone family of companies. • The move allows Ajax to access Structure Tone’s global network and resources and expands Structure Tone’s reach into the Southeast U.S. • The deal follows Structure Tone ownership restructuring in partnership with Global Infrastructure Solutions ("GIS") in 2017 to extend company ownership to all management and employees. GIS is comprised of engineering and construction executives that are committed to facilitating seamless ownership transitions and accelerating growth strategies. • The transaction extends Structure Tone’s reach in the Southeastern U.S. and brings a diversified set of project types including higher and K-12 education, city, county and state government, healthcare, and historic restoration. Ajax Building Corporation brings capabilities in both ground-up and interior construction projects and adds over 200 employees across Florida, Georgia, and South Carolina.

• RS&H, an employee-owned architecture, engineering, and consulting firm in the United States, acquired Tsiouvaras Simmons Holderness (TSH), a Colorado-based transportation engineering and consulting firm. • The transaction provides RS&H with a substantial presence in the Colorado market, which the firm has served through its Aerospace & Defense, Aviation, and Corporate Practices since 2005. • TSH brings an excellent reputation for innovative planning and design of complex infrastructure projects as well as construction project management, administration, and field observation.

6 Content

Summary Deal Spotlight Earnings Call Overview / Players In The Industry

Private equity remains focused on the AEC industry, with ENR Top 500 Design Firm, Kleinfelder, announcing a deal with Wind Point Partners. Oaktree Capital Management has been active in the sector, acquiring Stantec’s construction services business, which came over as part of its acquisition of MWH Global, and separately, investing in Montrose Environmental Group. Additionally, in two separate add-on deals, Atlas Technical Consultants (backed by Bernhard Capital Partners) acquired SCST and E-Technologies Group (backed by Falfurrias Capital Partners) acquired Glenmount Global Solutions.

Nearly across the board, backlog and profitability among AEC firms remains high with a positive outlook for 2019. Uncertainty remains about a long-term U.S. infrastructure plan and recent declines in oil prices, but at a macro level, the industry appears to be on steady footing as 2018 heads toward a close.

8 Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k

Willdan Group, Inc. 396 250 -6% 34% 8% 1.6 21.1 631 396 RPS Group plc 542 843 4% 25% 10% 0.7 6.7 5,340 158 NV5 Global, Inc. 893 397 31% 49% 12% 2.3 18.0 1,653 240 Arcadis NV 1,647 3,683 -4% 18% 6% 0.5 7.6 26,162 141 Stantec Inc. 3,278 2,701 2% 52% 9% 1.2 13.4 22,000 123 Tetra Tech, Inc. 3,505 2,201 8% 17% 11% 1.6 14.9 17,000 129 WSP Global Inc. 5,814 6,048 15% 18% 8% 1.0 13.0 42,000 144 AECOM 7,954 20,156 11% 3% 4% 0.4 9.4 87,000 232 SNC-Lavalin Group Inc. 8,415 8,076 21% 19% 10% 1.1 11.1 52,448 154 Jacobs Engineering Group Inc. 10,791 14,985 50% 19% 6% 0.7 12.3 74,400 201 Average 4,323 5,934 13% 25% 8% 1.1 12.8 32,863 192 Median 3,392 3,192 9% 19% 8% 1.0 12.7 24,081 156

Public Rev & EBITDA Multiples Over Time 16x

14x

12x

10x 8x 11.4x 6x

4x 0.9x 2x

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-15 Jan-16 Jan-17 Jan-18

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Feb-15 Feb-16 Feb-17 Feb-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Aug-14 Aug-15 Aug-16 Aug-17 Aug-18

Nov-14 Nov-15 Nov-16 Nov-17 Nov-18

May-14 May-15 May-16 May-17 May-18

TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

9 LTM Revenue Growth % LTM Gross Profit Margin % LTM EBITDA %

Jacobs Engineering NV5 Global, Inc. Stantec Inc. Group Inc.

Tetra Tech, Inc. NV5 Global, Inc. NV5 Global, Inc.

SNC-Lavalin Group RPS Group plc Willdan Group, Inc. Inc. SNC-Lavalin Group WSP Global Inc. RPS Group plc Inc.

SNC-Lavalin Group Stantec Inc. AECOM Inc.

Jacobs Engineering WSP Global Inc. Tetra Tech, Inc. Group Inc.

Willdan Group, Inc. RPS Group plc WSP Global Inc.

Arcadis NV Stantec Inc. Arcadis NV

Jacobs Engineering Arcadis NV Tetra Tech, Inc. Group Inc.

AECOM AECOM Willdan Group, Inc.

Median Median Median

- 20% 40% 60% - 5% 10% 15% (20%) - 20% 40% 60%

Average Rate: 13% Average Rate: 25% Average Rate: 8%

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

10 TEV / LTM Revenue TEV / LTM EBITDA Price / LTM Earnings

Jacobs Engineering NV5 Global, Willdan Group, Inc. Group Inc. Inc.

Tetra Tech, NV5 Global, Inc. Stantec Inc. Inc.

Willdan Group, Tetra Tech, Inc. Inc. AECOM

Stantec Inc. Stantec Inc. Willdan Group, Inc.

SNC-Lavalin WSP Global Inc. Group Inc. WSP Global Inc. WSP Global Jacobs Engineering Inc. Group Inc. NV5 Global, Inc. Jacobs SNC-Lavalin Group Engineering… Inc. SNC-Lavalin Group Inc. RPS Group plc AECOM

Tetra Tech, Inc. Arcadis NV Arcadis NV

Arcadis NV AECOM RPS Group plc

Median Median Median

0x 1x 2x 3x 0x 10x 20x 30x 0x 20x 40x 60x

Average: 1.1x Average: 12.8x Average: 32.8x

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

11 Market Performance (LTM) 130%

120%

Commentary 110% Hundreds “This was an exciting year at Jacobs. We accelerated our profitable growth 100% strategy with the acquisition of CH2M and continued to transform the 90% portfolio with the announced sale of our ECR business…”— Steven J. 80% Demetriou, CEO 70% Highlights For the quarter ended September 28, 2018:

• The performance of Aerospace, Technology, Environmental and Nuclear NYSE:JEC - Share Pricing ^SPX - Share Pricing (ATEN) business continued to significantly outpace the growth of the market. Key to this performance were a number of long-term contract Revenue by Segment

wins with the U.S. government, including the Missile Agency and Special Energy, Operations Command, which have created a base of recurring revenue. Chemicals & Resources ATEN • The Buildings, Infrastructure and Advanced Facilities (BIAF) line of 28% 31% business has shown a track record of consistent strong performance. Revenue and margins have increased from both higher value engagements, improving project execution. From a macro standpoint, Jacobs continues to see a robust pipeline of global opportunities driven by the major trends of urbanization and population growth, leading to an increasing need to invest in upgrading supporting infrastructure. BIAF • The recent announced divestiture of Jacobs' Energy, Chemicals and 41% Resources business to WorleyParsons is expected to close in the first half of 2019. The divestiture is consistent with Jacobs' strategy and the News company believes this is the right time to make this change to its • WorleyParsons Limited entered into a definitive portfolio, which allows Jacobs to focus on its ATEN and BIAF businesses. agreement to acquire Energy, Chemicals and • A five-year sub-contract for the U.S. Air Force was awarded to provide Resources business of Jacobs Engineering Group software development and sustainment for the Air Force Financial Inc. for $3.3 billion on October 21, 2018. Systems Office, bringing Jacobs’ software engineering capabilities to three • Jacobs Signs Three-Year, Multi-Site core applications. Jacobs was also awarded a 10-year sole-source Maintenance and Construction Contract with classified contract for continuity of senior government officials Mosaic Fertilizer, LLC communications, which attest to the Company’s capabilities in telecommunications, IT, and cybersecurity.

Source: Q3 Earnings Report, CIQ, PR

12 Market Performance (LTM) 115% 110% 105%

Commentary 100% Hundreds “It has now been more than a year since we acquired Atkins, and I can 95% 90% proudly say that the integration was successful, enhancing and diversifying 85% our services, delivering $124 million of cost synergies, and we are starting 80% to realize revenue synergies.”— Neil Bruce, CEO, President and Director 75% 70%

Highlights For the quarter ended September 30, 2018: TSX:SNC - Share Pricing ^SPX - Share Pricing • SNC-Lavalin formed two important joint ventures in the quarter. First, CDI, a new U.S. JV between SNC-Lavalin and Holtec, to pursue nuclear Revenue by Segment Mining & Other reactor decommissioning work in the U.S. CDI has already been awarded Metallurgy 3% three major decommissioning contracts worth hundreds of millions. These 7% Engineering, are long-term contracts where SNC-Lavalin expects work to start once Design and the assets are transferred to Holtec. Secondly, Linxon is a new JV Project Management Oil & Gas between SNC-Lavalin and ABB for the execution of turnkey electrical AC 31% 26% substation projects. Linxon already recorded $400 million in backlog. • SNC-Lavalin's Oil & Gas sector had a good quarter, with an 8% segment EBIT and new award bookings of $800 million. The company Infrastructure Nuclear 22% Clean Power 8% continues to see positive market segment sentiment due to good 3% fundamentals across the service chain for the upstream, midstream, and downstream services. Customers are increasingly optimistic, News driving strong demand for oil and gas services that are expected to be • The Northwestern Mutual Life Insurance booked in the next 9 to 12 months. There are also observations of Company and Harbert Management Corporation signs of recovery in CapEx, especially in upstream and LNG. completed the acquisition of 6.3% stake in • The infrastructure sector had another good quarter, with a 21% Astoria Project Partners II LLC from SNC-Lavalin increase in revenues. The Montreal Light Rail project had a good start Group Inc. for $41.4 million on October 24, with SNC-Lavalin currently working on advance works, such as design, 2018. demolition, site investigation, and mobilization. The Eglinton project in • SNC-Lavalin Group Inc. completed the Toronto is advancing well, and the Confederation Line project in acquisition of 51% stake in Linxon Pvt Ltd from Ottawa is on track to open later this year. ABB Ltd on September 1, 2018.

Source: Q3 Earnings Report, CIQ, PR

13 Market Performance (LTM) 115% 110% 105% Commentary 100% Hundreds 95% “We are proud of these many accomplishments. However, our adjusted 90% EBITDA for the fourth quarter and full year was below our expectations due 85% to the timing of AECOM Capital asset sales, which we now expect in 2019, 80% 75% and execution challenges on a handful of projects in the Construction 70% Services segment.”— Michael S. Burke, Chairman and CEO Highlights For the quarter ended September 30, 2018: NYSE:ACM - Share Pricing ^SPX - Share Pricing • AECOM is currently evaluating a plan to exit more than 30 countries. This is part of an ongoing review of AECOM’s geographic exposure with a focus Revenue by Segment on prioritizing its investments and attention toward its largest and Management highest-growth markets where AECOM’s competitive advantages are Services greatest. All of these actions hone AECOM’s focus on its most profitable 19% Design & Consulting end markets, reduce its risk profile and enhanced the consistency of its Services financial performance, including AECOM’s industry-leading cash flow. 41% • In the AMEA region, volume in AECOM’s largest market, the U.K., was below expectations. Uncertainty around the mid- and long-range impacts of Brexit continued to impact the market ahead of the March 29 separation date from the EU. AECOM has taken decisive actions to Construction Services prepare for this slowdown and now has a better cost structure and 40% maintained key capabilities to respond as market conditions improve. • In Construction Services, AECOM continues to make strong progress News on the Alliant Gas power plant. It is approximately 80% complete and • AECOM reveals 10% revenue hike but plans exit remains on schedule and on budget. from 30 countries. Record revenues posted for • In Building Construction, AECOM achieved its target for a 4th FY18 as firm hints at construction project consecutive year of double-digit organic revenue growth led by its core difficulties and withdrawal from dozens of its New York and Los Angeles metro markets. AECOM and Walsh joint smaller markets venture was selected for the $7b redevelopment of Terminal 1 at JFK • Waldorf Astoria New York Enters Second Phase of Airport in NYC, which will increase AECOM’s Building Construction Construction with AECOM Following Completion backlog to a new record. of Demolition and Pre-Construction Efforts

Source: Q3 Earnings Report, CIQ, PR

14 Market Performance (LTM) 140% 130% Commentary 120% “On the M&A front, the pending acquisition of Louis Berger represents a Hundreds 110% significant step forward in our ambition to become a top-tier global player. 100% This transaction which is aligned with our 2015-2018 Strategic Plan, is 90% expected to close by the end of the year, and will be financed using new 80% term loans.” 70% — Alexandre L'Heureux, President and Chief Executive Officer Highlights

For the quarter ended September 30, 2018: TSX:WSP - Share Pricing ^SPX - Share Pricing • In Australia, WSP will be playing a key role in bringing the biggest investment in public school infrastructure in New South Wales to life. This Revenue Backlog project will require the demolition of existing buildings and the (CAD Million) construction of a new high school, primary school, preschool, and $6,600.0 external area. WSP services will cover NEV fire protections, fire $6,500.0 $6,400.0 engineering, specialist lighting, sustainability, and acoustic services. $6,300.0 • In the U.K., WSP was awarded a substantial multidisciplinary scope of $6,200.0 $6,100.0 work contract with the new commercial landmarks at 100 Leadenhall $6,000.0 $6,509.1 Street, which is slated to become the third-tallest building in London. $5,900.0 $5,800.0 $5,963.9 WSP’s services will span NEV, energy, and sustainability, project $5,700.0 management, and vertical transportation expertise, which is a good $5,600.0 example of WSP revenue synergy strategy. Q3 2018 Q3 2017 • During the quarter, WSP won a contract with the Toronto Transit News Commission for the Yonge Subway Extension Project in Markham, where • WSP Global Inc. entered into an agreement to WSP will provide design services for 2 of the extensions 5 new stations. acquire Berger Group Holdings, Inc. for $400 • WSP 2019-2021 strategic plan — The company is now consolidating all the million on July 28, 2018. WSP Global intends to strategies and feedback received from its bottom-up strategic planning restructure international operations of Berger process to ensure that the global strategy will be aligned with the region’s Group Holdings. respective markets, sectors, growth potential, and local and global trends • WSP USA was selected by Sound Transit to shaping and in certain cases, transforming the industry. perform design-build project management • WSP launched its first edition of the WSP Global Cities Index, which services for the Downtown Redmond Link explores how cities are identifying and responding to the challenges they Extension in Redmond, Washington. will be facing in the coming 2 decades and beyond. Source: Q3 Earnings Report, CIQ, PR, Presentation

15 Market Performance (LTM) 160% 150% Commentary 140% 130% “We are focused on the future and confident that the leading science solutions Hundreds 120% that we provide for essential services in water, environment and infrastructure 110% are highly differentiated and highly valued in the markets that we serve.” 100% 90% — Dan Batrack, Chairman and CEO 80% 70% Highlights For the quarter ended September 30, 2018:

• Tetra Tech’s backlog reached an all-time high with not only the highest NasdaqGS:TTEK - Share Pricing ^SPX - Share Pricing number, but the highest quality of the book of business that it’s had in the history of the company. Tetra Tech’s focus on differentiated consulting and engineering service is providing the company with a very high-value, high- Revenue Backlog margin business that the company believes is quite unique in the entire ($ Million) $2,680.0 industry. $2,660.0 • Tetra Tech had very strong orders across a broad base of its clients, including $2,640.0 $2,620.0 the United States Federal clients in areas such as the Army Corps of $2,600.0 $2,580.0 Engineers, the U.S. Navy, the Federal Aviation Administration, and the U.S. $2,560.0 $2,664.0 Agency for International Development. $2,540.0 $2,520.0 • Over the next 2 years, the number of proposed offshore wind projects are $2,500.0 $2,541.0 $2,480.0 expected to double and add another 5GW of capacity along the shorelines of $2,460.0 the United States. Tetra Tech continues to lead in environmental management Q3 2018 Q3 2017 as reported by Engineering News-Record for 10 consecutive years. • Over the past year, Tetra Tech tripled the size of its high-end sustainable News infrastructure design revenues with the acquisitions of Glumac engineering • Hylan acquired Western Utility and Tetra group in the United States and Norman Disney & Young in Australia, both of Tech Utility Construction of Tetra Tech, Inc. which took place in 2018. Tetra Tech operations based in the U.S. and on June 30, 2018. Under the terms of the Australia now have the ability to support clients worldwide in designing net- agreement, TUC has rebranded as Hylan zero buildings. West. • Tetra Tech has a leadership role in the state and local water infrastructure • U.S. Army Corps of Engineers Awards Tetra market. The company has held the number one rankings with Engineering Tech $60M Contract for Architect-Engineer News-Record in water for 15 years in a row. Tetra Tech’s water-related Services services and the municipal infrastructure and emergency response have resulted in the company achieving nine consecutive quarters of double-digit Source: Q3 Earnings Report, CIQ, PR growth for its state and local work.

16 Market Performance (LTM)

115% 110% Commentary 105% 100% “Our Consulting Services results demonstrate the strength of our core Hundreds 95% business, and with the divestiture of our Construction Services business, we 90% look forward to focusing wholly on our primary area of expertise.” 85% 80% — Gordon Johnston, President 75% 70%

Highlights For the quarter ended September 30, 2018: TSX:STN - Share Pricing ^SPX - Share Pricing • Stantec closed the sale of its Construction Services group which completes the strategic review the company embarked on earlier this Revenue by Segment year. With the divestiture of the construction business, Stantec looks (CAD Million) $1,000.0 forward to focusing solely on its consulting business. The divestiture of $900.0 Construction Services mitigates future construction risks and allows $800.0 $700.0 Stantec to restore its focus as a design-only firm. $600.0 • Demand for midstream work continues to increase in Canada, and that's $500.0 $400.0 $877.2 leading to growth in Stantec’s Oil & Gas sector. It also contributed to $300.0 improvements in its Environmental Services business operating unit. $200.0 Stantec’s Canadian Community Development sector is seeing the benefits $100.0 $59.2 $- of increased urban development—the growth is partially offset by the soft Consulting Service Construction housing market in Alberta. Services • The Latin American mining sector continues to improve for Stantec and News the company is winning work as a result. During the quarter Stantec was • Stantec Inc. completed the acquisition of Peter awarded the design services for a water treatment plant in Argentina that Brett Associates LLP on September 7, 2018. serves a lithium line. • Stantec Inc. completed the acquisition of True • Stantec closed the acquisition of Peter Brett Associates in the U.K. during Grit Engineering on October 5, 2018. A staff of the 3Q. Shortly after the quarter, on October 5, Stantec acquired True 55 people joined Stantec upon closing. Grit Engineering. True Grit is a 55% infrastructure engineering project • Stantec Inc. signs letter of intent to acquire management environmental services firm based in Thunder Bay, Ontario. Wood & Grieve Engineers Limited on October 9, Then on October 9, Stantec signed a letter of intent to acquire Wood 2018. The transaction is subject to due diligence Grieve Engineers based in Perth, Australia—expect to close acquisition in and expected to close in January, 2019. Q1 '19. Source: Q3 Earnings Report, CIQ, PR

17 Market Performance (LTM) 190%

170%

Commentary 150% Hundreds “We once again saw growth in all of our service verticals, and we are 130% enthusiastic about the strategic investments we are making to further grow 110% our infrastructure and energy business throughout the United States. The 90% flat and dynamic organization we have in place allows us to provide maximum support and the highest level of service…”— Dickerson Wright, 70% Chairman and CEO Highlights For the quarter ended September 29, 2018: NasdaqCM:NVEE - Share Pricing ^SPX - Share Pricing • NV5 added this year over $100 million in run rate revenue through acquisitions that will be fully recognized in 2019. NV5’s most recent Revenue by Segment acquisition, CHI Engineering, provides engineering, procurement, ($Million) construction management services to the liquefied natural gas, petroleum $70.0 gas, and natural gas industries. The acquisition will complement NV5’s $60.0 rapidly growing power group in the West and drive the expansion of $50.0 energy services nationwide. $40.0 $30.0 $64.1 • NV5’s current pipeline for acquisition is the fullest the company has seen. $41.4 $20.0 NV5’s opportunities are not only internally generated, but more and more $10.0 targets are being brought to it. NV5 continues to see opportunities that $- will densify its existing service lines and deliver high organic growth and Infrastructure, Building, profit margin above industry standards. Engineering and Technology & Support Services Sciences • NV5’s infrastructure group has expanded into the Southeast with the acquisition of CALYX, a 200-person infrastructure engineering and survey News company with offices in North Carolina, South Carolina, and Georgia. NV5 • NV5 Expands Energy Market Services with $55 was selected for the North Carolina Department of Transportation 2019 to Million Acquisition of CHI Engineering Services, 2020 location and surveys limited services contract for $17 million. Inc. • NV5 also continues to integrate technology while delivering high-value • NV5 Acquires 200-Person, Southeastern services. The company’s drone survey service is providing a Infrastructure Company, CALYX Engineers and differentiating technology and was used to collect survey data on over Consultants. 300 acres of the Brooklyn Navy Yard. Using conventional techniques, the • NV5 Awarded $10 Million Citywide Engineering task would have taken several weeks, but was completed in Design Services Agreement with New York City approximately four hours using NV5 drone-based photogrammetry Department of Transportation. technology. Source: Q3 Earnings Report, CIQ, PR

18 Market Performance (LTM) 160% 150% 140% Commentary 130% “We anticipate completing our acquisition of Lime Energy in the 4Q, which Hundreds 120% 110% will significantly expand and diversify our client base and geographic 100% presence across the United States. As a larger company, we believe we will 90% be more competitive across the entire landscape of the energy efficiency 80% services market and improve our positioning for anticipated upcoming 70% program expansions in California and the Northeastern United States.”— Thomas Brisbin, CEO Highlights NasdaqGM:WLDN - Share Pricing ^SPX - Share Pricing For the quarter ended September 28, 2018: • The acquisition of Lime Energy is an outstanding fit, given the similarities Revenue by Segment in Willdan’s business model, customer base, service offering and ($Million) corporate cultures. The acquisition will provide important scale and $60.0 improved diversification, from both a client base and geographic $50.0 perspective. Willdan believes it will be more competitive across the entire $40.0

landscape of the energy efficiency services market and improve its $30.0 positioning for upcoming program expansions in California and the $50.1 $20.0 northeastern United States. $10.0 • Willdan recently won two design build projects in Colorado, with a $21.3 $- combined value of $17 million. These projects will focus on improving Energy Engineering & energy efficiency, upgrading aging infrastructure and modernizing Consulting educational facilities in Colorado. Willdan will be fully responsible for the delivery of the projects, including design, construction management and News post-project support services. • Willdan Completes Acquisition of Lime Energy. • SoCalGas awarded Willdan a contract to implement natural gas energy Under the terms of the agreement, Willdan efficiency projects for small and medium-sized lodging customers. Willdan acquired all of the outstanding shares of capital sees more opportunities emerging around natural gas and the company’s stock of Lime Energy for $120 million in cash, proven track record in electrical engineering/energy efficiency programs, exclusive of customary holdbacks and positions Willdan well to capitalize on this growing area of demand. adjustments. • Willdan continues to see growth with Integral Analytics. Salt River, the • Salt River Project selects Willdan’s LoadSEER largest provider of electricity in Phoenix, recently selected Willdan’s Software to support planning, grid LoadSEER software to assist with its grid modernization strategy. modernization, and DER Integration. Source: Q3 Earnings Report, CIQ, PR

19 Company Name Revenue ($M) Revenue YOY% change Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 71.4 59.8 54.6 64.2 69.0 3.4% -16.7% -20.1% 11.7% 17.6%

RPS Group plc 0.0 190.7 202.9 236.3 234.3 0.0% 2.9% 2.9% 4.8% 4.8%

Arcadis NV 0.0 925.0 976.8 943.1 928.2 0.0% -3.8% -3.8% -4.8% -4.8%

NV5 Global, Inc. 104.2 104.0 94.5 94.0 91.3 14.2% 24.2% 47.6% 49.1% 51.9%

Tetra Tech, Inc. 552.7 532.8 544.8 534.0 498.5 14.4% 4.1% 11.3% 0.6% 0.0%

Stantec Inc. 697.6 690.2 679.8 641.9 682.5 5.7% 2.2% 0.7% -1.9% -2.2%

WSP Global Inc. 1,491.2 1,540.3 1,481.7 1,558.4 1,309.6 17.8% 18.0% 16.9% 8.7% 5.4%

SNC-Lavalin Group Inc. 1,982.7 1,921.3 1,885.5 2,326.7 2,106.4 -2.6% 30.6% 31.5% 32.0% 21.4%

Jacobs Engineering Group Inc. 4,142.6 3,935.0 2,750.3 2,653.9 2,514.8 65.3% 70.9% 7.8% 0.5% -6.6%

AECOM 5,305.9 4,790.9 4,910.8 4,856.4 4,561.5 12.9% 8.2% 12.7% 12.3% 3.5%

Average 1,434.8 1,469.0 1,358.2 1,390.9 1,299.6 13% 14% 11% 11% 9%

Median 625.2 807.6 828.3 792.5 805.4 9% 6% 10% 7% 4%

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

20 Company Name GM% EBITDA% Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 32.7% 38.7% 35.8% 31.1% 29.4% 9.3% 8.9% 5.6% 6.8% 7.7%

RPS Group plc 0.0% 10.4% 10.4% 37.6% 37.6% 0.0% 11.8% 11.8% 8.3% 8.3%

Arcadis NV 0.0% 17.1% 17.1% 18.0% 18.0% 0.0% 6.3% 6.3% 6.6% 6.6%

NV5 Global, Inc. 48.0% 48.7% 49.3% 48.3% 51.2% 13.7% 12.8% 10.9% 12.2% 14.3%

Tetra Tech, Inc. 19.2% 17.2% 17.3% 18.9% 18.1% 12.2% 10.3% 10.8% 12.4% 11.4%

Stantec Inc. 51.0% 51.2% 52.2% 52.9% 53.7% 10.2% 9.2% 10.2% 7.4% 12.0%

WSP Global Inc. 19.1% 18.1% 17.3% 16.5% 20.3% 9.6% 8.3% 6.9% 5.6% 9.4%

SNC-Lavalin Group Inc. 9.6% 8.8% 9.6% 23.2% 9.6% 10.8% 8.8% 9.5% 9.7% 9.4%

Jacobs Engineering Group Inc. 18.7% 19.7% 17.7% 17.9% 18.3% 7.6% 7.4% 6.3% 5.6% 6.7%

AECOM 3.6% 2.9% 3.2% 3.5% 3.8% 4.2% 3.8% 3.8% 3.9% 4.6%

Average 20% 23% 23% 27% 26% 8% 9% 8% 8% 9%

Median 19% 18% 17% 21% 19% 9% 9% 8% 7% 9%

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

21 Company Name EPS Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 0.35 0.36 0.24 0.35 0.31

RPS Group plc 0.00 0.05 0.05 (0.09) (0.09)

Arcadis NV 0.00 0.23 0.25 0.25 0.25

NV5 Global, Inc. 0.62 0.69 0.39 1.06 0.55

Tetra Tech, Inc. 0.59 0.51 0.81 0.60 0.52

Stantec Inc. (0.12) 0.26 0.25 0.08 0.32

WSP Global Inc. 0.65 0.49 0.37 0.23 0.57

SNC-Lavalin Group Inc. 0.53 0.36 0.34 0.23 0.47

Jacobs Engineering Group Inc. 1.05 0.34 0.02 0.77 0.74

AECOM 0.37 (0.75) 0.69 0.55 0.64

Average 0.4 0.3 0.3 0.4 0.4

Median 0.5 0.3 0.3 0.3 0.5

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

22 Company Name Stock Price (USD Value) Stock Price % Change Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 33.96 30.97 28.35 23.94 32.46 9.7% 9.2% 18.4% -26.2% 6.3%

RPS Group plc - 3.37 3.58 3.68 3.87 - 0.2% -6.3% -5.6% 10.1%

Arcadis NV - 18.04 19.65 22.88 21.55 - -3.1% -16.3% 4.5% 15.2%

NV5 Global, Inc. 86.70 69.30 55.75 54.15 54.65 25.1% 24.3% 3.0% -0.9% 28.6%

Tetra Tech, Inc. 68.30 58.50 48.95 48.15 46.55 16.8% 19.5% 1.7% 3.4% 1.7%

Stantec Inc. 24.86 25.71 24.65 28.04 27.71 -5.0% 6.4% -9.6% 1.5% 6.1%

WSP Global Inc. 54.69 52.63 46.02 47.77 41.53 2.1% 16.6% -1.0% 15.4% -3.5%

SNC-Lavalin Group Inc. 40.75 44.14 43.87 45.49 45.12 -9.3% 2.6% -0.8% 1.2% 0.6%

Jacobs Engineering Group Inc. 76.50 63.49 59.15 65.96 58.27 20.5% 7.3% -10.3% 13.2% 7.1%

AECOM 32.66 33.03 35.63 37.15 36.81 -1.1% -7.3% -4.1% 0.9% 13.9%

Average 52.3 39.9 36.6 37.7 36.9 7% 8% -3% 1% 9%

Median 47.7 38.6 39.7 41.3 39.2 6% 7% -3% 1% 7%

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

23 Company Name EV/EBITDA EV/Revenue Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 16.3x 15.0x 13.3x 12.0x 16.5x 1.2x 1.0x 0.9x 0.8x 1.0x

RPS Group plc - 10.0x 10.0x 10.1x 10.6x - 1.0x 1.0x 1.1x 1.2x

Arcadis NV - 9.2x 9.3x 12.2x 11.9x - 0.6x 0.6x 0.7x 0.6x

NV5 Global, Inc. 23.6x 18.0x 16.2x 17.4x 21.2x 3.0x 2.2x 2.0x 2.1x 2.4x

Tetra Tech, Inc. 16.1x 15.0x 13.1x 12.9x 13.0x 1.8x 1.7x 1.4x 1.4x 1.4x

Stantec Inc. 13.0x 12.9x 11.8x 12.5x 12.1x 1.3x 1.3x 1.2x 1.3x 1.3x

WSP Global Inc. 15.0x 15.6x 14.0x 13.9x 12.4x 1.1x 1.1x 1.0x 1.1x 0.9x

SNC-Lavalin Group Inc. 12.0x 14.4x 15.1x 17.7x 17.7x 1.1x 1.3x 1.3x 1.4x 1.2x

Jacobs Engineering Group Inc. 13.2x 13.4x 15.1x 11.7x 10.2x 0.9x 0.9x 1.0x 0.7x 0.7x

AECOM 10.2x 9.7x 9.5x 9.6x 9.5x 0.4x 0.4x 0.5x 0.5x 0.5x

Average 14.9x 13.3x 12.8x 13.0x 13.5x 1.4x 1.2x 1.1x 1.1x 1.1x

Median 14.1x 13.9x 13.2x 12.3x 12.2x 1.2x 1.1x 1.0x 1.1x 1.1x

For the most recent reporting periods as of 12.1.18 Source: Capital IQ

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This report is for your information only and is not an oﬀer to sell, or a solicitation of an oﬀer to buy, the securities or instruments named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that provided this report to them, if they desire further information. The information in this report has been obtained or derived from publicly available sources but neither 7 Mile Advisors, LLC nor 7M Securities, LLC represents that this information is accurate or complete. Any information contained in this report is subject to change without notice.

25 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.796.9330 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 281.742.9340 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Nicholas Prendergast, Financial Analyst 704.973.3995 [email protected] Ariail Siggins, Marketing Director 704.981.2908 [email protected] Sydney Larese, Associate 704.973.3998 [email protected] Marty Johnson, Associate 704.973.3999 [email protected] Rory Julyan, Associate 704.981.2520 [email protected] Garth Martin, Associate 704.973.3997 [email protected] Chevonese Dacres, Analyst 704.981.2342 [email protected]