Environmental and Safety Solutions Industry Update │ August 2013 Harris Williams & Co. Environmental and Safety Solutions │August 2013

MONTHLY SPOTLIGHT CONTENTS MONTHLY SPOTLIGHT Four Important Trends for Global Air Quality and Pollution Solutions WHAT WE’RE READING Despite several decades of tightening air quality and pollution regulations in many RELEVANT HW&CO. TRANSACTIONS PUBLIC MARKETS developed countries, there remains a major global focus on the subject with a variety of PUBLIC COMPARABLES implications for governments, businesses, investors, and individuals. Although daily, NOTABLE M&A ACTIVITY weekly, and monthly reports out of China dominate the headlines with respect to air M&A TRANSACTION DETAIL pollution issues, there are a variety of important global considerations that will either directly support or supplement investor returns across certain of our focus sectors, OUR PRACTICE including engineering, construction, and consulting as well as test, measurement, and control. This month, we present several considerations for various market participants Harris Williams & Co. is a leading advisor regarding global air quality and pollution developments. to the environmental and safety solutions M&A market. Our Environmental and 1 Climate Change Will Dominate Shifts in Global Air Emissions Standards Safety Solutions Practice includes experience across a broad range of sectors, Efforts to significantly reduce greenhouse gas (GHG) emissions, particularly carbon including products and services that meet dioxide, are inevitable and will have a considerable impact on virtually every area of environmental and safety demands for a economic activity in coming decades, with dramatic effects for particular industries and variety of end markets. sectors. The open question on the topic pertains mostly to how quickly major policies around the world will develop to affect meaningful and permanent reductions in GHG E&S Sectors emissions (not “if” such policies will eventually occur). The atmosphere’s carbon  Building Products dioxide level reached 400 parts per million (ppm) for the first time in May of this year  Consumer Products and Services with projected emission rates (assuming no policy changes) on pace to reach 450ppm  Energy Efficiency and Renewable over the next 20 to 30 years, a level widely viewed as the threshold for avoiding Energy extremely dangerous climate change scenarios (i.e. well above 2 degrees Celsius  Engineering, Construction, and warming through the latter half of the 21st century). The longer the world delays Consulting (ECC) implementation of policy around significant GHG reductions to approach zero  Remediation, Cleaning, and emissions over the long-term, the more compressed the time period over which these Abatement reductions and their myriad economic impacts will occur.  Safety Equipment A Ticking Time Bomb - Carbon Dioxide Concentration in the Atmosphere  Security and Alarms A Ticking Time Bomb – Carbon Dioxide Concentration (1959-2040) in the Atmosphere (1959 – 2040P)  Test, Measurement, and Control  Traffic, Automotive, and Emergency CO2 Parts per Million (PPM)  Waste Management and Recycling 500  Water and Wastewater 450 ppm = Upper-Bound “Safe” Limit 450 CONTACTS 400 ppm = Approximate Current Level Patrick Hanraty | Managing Director 400 [email protected] +1 (267) 675-5915 350 Bob Baltimore | Managing Director [email protected] 300 280 ppm = Pre-Industrial Level +1 (804) 915-0129 Brian Lucas | Managing Director 250 [email protected] 1959 1968 1977 1986 1995 2004 2013E 2022P 2031P 2040P +1 (804) 932-1323 Historical David Allebach | Vice President [email protected] Projected (Constant Rate of Growth) +1 (267) 675-5920 Projected (Linearly Increasing Rate of Growth) Marshall Croft | Vice President [email protected] Source: U.S. Department of Commerce | National Oceanic & Atmospheric Administration | NOAA Research. +1 (804) 915-0161

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MONTHLY SPOTLIGHT (CONT.) To be updated

While many of the most significant policy actions are yet to come, there are multiple U.S. Population with Unhealthy regulations, systems, and initiatives in place laying the foundation for future Air Quality (2013) developments. First, Europe’s recent efforts to bolster the continent’s struggling Emissions Trading System represent an ongoing commitment across the E.U. to a market-based approach to reducing emissions. Second, China is pressing ahead with plans to introduce pilot carbon-trading schemes in seven cities and provinces with the ultimate goal of establishing provincial carbon budgets and a national carbon-trading 42% system by 2025 to advance meaningful and permanent reductions in emissions. Third, although the U.S. is a long way away from the implementation of any broad-based carbon or other GHG reduction scheme, a number of recent affected and proposed measures focused on lowering emissions will have important impacts across the economy. These include regulations that will double the average fuel economy for cars and trucks by 2025, GHG reporting standards for larger existing and most new fixed 8% sources of emissions, and GHG emissions thresholds for new power plants (President Obama’s recent climate change strategy unveiled in June also proposed aggressive standards for existing power plants). Fourth, the U.S. and China announced in April Population in Counties with One Form their mutual recognition of anthropogenic climate change and their intentions for of Harmful Pollutants bilateral cooperation and initiatives on the issue. In July, the two countries agreed to five Population in Counties with Three new action initiatives with the goal of reducing GHG emissions and air pollution by Forms of Harmful Pollutants tackling the largest sources of emissions in both countries, including a focus on reducing Source: American Lung Association. emissions from heavy-duty and other vehicles and improving GHG data collection and management. Over 131.8 million Americans live in 254 counties with unhealthy 2 Knowledge of the Health Impacts of Air Pollution Continue to Evolve levels of one form of air pollutant. Despite a fundamental understanding of the negative health effects from air pollution Global Annual Deaths Caused that formed the catalyst for the creation of major air quality and pollution laws in the by Outdoor Air Pollution developed world several decades ago, the frontier of this knowledge continues to evolve at a rather alarming pace. Several recent studies highlight this trend:

i According to the American Lung Associations’ State of the Air 2013 report, 42% of the population in the U.S. still lives in counties that have unhealthful levels of 2.1mm ozone or short-term or year-round particle pollution, while 8% of the population still lives in counties with unhealthful levels of all three pollutants.

ii A recent study published in the July 12 issue of the journal Environmental Research Letters estimates that 2.1 million deaths are caused worldwide each year as a result of ambient fine particulate matter. These pollutants are linked with early death from 470K heart and lung diseases. The study estimates that an additional 470,000 annual deaths are associated with human sources of ozone.

Global Annual Deaths Caused by Fine Particulate Matter Global Annual Deaths Caused by Ozone Pollution Source: Mother Nature Network.

Over 2.5 million people are killed each year around the world as a result of air pollution.

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MONTHLY SPOTLIGHT (CONT.) To be updated

iii A study published in a recent volume of the journal Environmental Health Perspectives determined that women’s exposure to high levels of air pollution during pregnancy significantly increased risks of having a child with autism. According to one of the study’s authors, “Women who were exposed to the highest levels of diesel or mercury in the air were twice as likely to have a child with autism than women who lived in the cleanest parts of the sample.”

iv A study published earlier this year from a researcher at the University of Calgary demonstrated that the risk of a burst appendix rose 22% with each 16-part-per-billion (ppb) increase in ozone levels over the previous seven days. Ozone levels typically vary from virtually zero on healthy air quality days to more than 300ppb on very unhealthy air quality days.

v In the July edition of the Proceedings of the National Academy of Sciences, researchers published findings that China’s Huai River policy, which provided free winter heating via the provision of coal for boilers in cities north of the Huai River but denied heat to the south, has driven ambient concentrations of health-threatening particulate matter 55% higher in the north leading to a decreased life expectancy of approximately 5.5 years.

vi An analysis released earlier this year commissioned by the World Health Organization focusing on eight years of air pollution studies found significant correlation between a wide range of pollutants and a variety of health conditions. In addition to premature deaths from respiratory and heart diseases, the analysis found links to new conditions such as diabetes and still births and adverse effects on the cognitive development of children born to mothers exposed to even small levels of air pollution.

Continued research into the health impacts of air pollution and broader political and societal awareness of these effects are likely to drive increased international, national, and local laws, regulations, and initiatives to improve air quality. Although the greatest pressure for action currently exists in China given the country’s considerable levels of air pollution in many regions, governments in developed countries are likely to increase their focus on air quality as the understanding of the impacts of pollutants continues to expand. These trends are evidenced by U.S. EPA’s move in December 2012 to finalize more stringent rules updating its national air quality standards for fine particle pollution, the U.S. Supreme Court’s pending review of an appeals court ruling that invalidated U.S. EPA’s Cross-State Air Pollution rule, and the British Supreme Court’s request in July for the European Court of Justice to fast-track a case brought against the U.K. government for failing to meet air quality standards.

3 China and India Will Materialize as Significant Markets for Air Quality and Pollution Solutions By most accounts, life in many eastern cities and provinces in China has grown particularly challenging given severe levels of air pollution. Concerns over these challenges reached a fever pitch in January of this year when measurements of fine particle pollution reached 900ppm – approximately 40 times levels the World Health Organization (WHO) deems safe – inciting 2.5 million microblog posts in the country solely on the topic of “smog.” Longer-duration measures of fine particle pollution have proven only somewhat less alarming this year with levels for the first half of 2013 at three times above those deemed acceptable by the WHO. As a result of public pressures and a fundamental recognition of the debilitating effects of pollution levels this high, the Chinese regime appears to have turned a major corner in its policy approach to air quality. These recent policy initiatives include:

Capital Roundtable: Private Equity Investing in Environmental Services Companies

• Location: University Club – One West 54th Street, New York, New York 10019. UPCOMING EVENT • Date: Thursday, October 24, 2013. • Focus: A full-day conference designed for various participants in the broader environmental services industry. • Join Us: Reach out to Patrick Hanraty for additional details.

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MONTHLY SPOTLIGHT (CONT.) To be updated

i A July announcement that China will spend $275 billion over the next five years to Planned Chinese Spending to fight air pollution, roughly the size of the GDP of Hong Kong. The plan apparently Combat Air Pollution will target Beijing, the neighboring port city of Tianjin, and the densely populated (Next Five Years) Hebei province. Air Pollution Spending ii Plans announced in July 2013 to add limits to vehicle sales in an additional eight cities. Limits are already in place in four cities, including Beijing and Shanghai, that $275 use lotteries to limit vehicle registrations to 20,000 per month. billion

iii The adoption in June of 10 new measures to improve air quality, including a mandate $263 that heavy polluters release detailed environmental information to the public and billion reduce their emissions for each unit of economic output by 30% by the end of 2017 (a fairly modest requirement as the Chinese economy continues to expand). 2012 GDP of Hong Kong

iv The issuance of decisions from China’s Supreme Court and environmental protection Source: The Weather Channel. agencies in June intended to streamline the process for investigating environmental China will spend $275 billion to fight pollution cases and in convicting polluters. The document lists 14 types of activity air pollution over the next five years, that will be considered “crimes of impairing the protection of the environment and an amount roughly equal to Hong resources.” Kong’s entire economy. Indian Economic Losses from Although China has received the lion’s share of international media attention focused on Environmental Degradation and air quality and will do more than any developing country in the intermediate term to deal Air Pollution (Present Values) with the issue, India is the world’s second most deadly country for air pollution, with 6% 5.7% nearly 400,000 deaths blamed on the inhalation of particulates and over 100,000 deaths each year due to ozone pollution. Further, according to recent findings from a World 4% 3.0% Bank study, India loses approximately 5.7% of its GDP each year to impacts from environmental degradation, with particle pollution causing up to 3.0% of lost GDP. 2% Although India has had a national air quality law on the books since 1981 (the Air 0% Prevention and Control of Pollution Act) which is enforced by its Central Pollution Annual GDP Annual GDP Control Board, the agency currently does not have the political support to pursue a more Loss from Env. Loss from Air aggressive regulatory or enforcement agenda. Although any significant action is not Deg. Pollution anticipated before India’s general elections which must be held before May 31, 2014, Source: World Bank. $70 there is a mounting agenda in the country focused on new air pollution legislation. India loses approximately 3.0% of $60 $56 economic productivity due to the $50 4 Increasing Scrutiny of Air Pollution from Shale Development Will Drive effects of air pollution each year. $40 $35 Heightened Standards and Increased Spending $30 Global EHS Spending by Oil & $20 Given widespread concerns over the environmental impacts of unconventional oil & gas Gas Companies (2011 – 2030P) development, both federal, state, and local governments have increased their focus on air $10 pollution issues, are implementing greater research and monitoring efforts, and are ($ in billions) $0 $100 2011 2030P raising regulations and standards for industry practices relative to emissions. Activities 2011-2030P Growth: 60% across various U.S. federal, state, and local governments are highlighted on the next $75 page. As a result of increasing regulatory and enforcement efforts and greater attention $56 to public perceptions, oil & gas companies are expected to expand global spending on $50 EHS efforts by 60% from $35 billion in 2011 to $56 billion in 2030P. $35 $25

$0 2011 2030P Source: Lux Research.

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MONTHLY SPOTLIGHT (CONT.)

U.S. Federal Actions

• EPA recently proposed the continuation of its 2011 to 2013 National Enforcement Initiatives (NEIs) for 2014 to 2016, which focus, among other areas, on assuring energy extraction sector compliance with environmental laws. Under this focus on the energy extraction sector, EPA has specifically identified “failure to apply for air quality permits for new construction or modifications to existing facilities” and “failure to properly control air emissions” as areas of enforcement concern, among others. • Beginning in October 2012, gas well completion notification provisions under EPA's 2012 oil and natural gas pollution standards took effect. Companies meet this provision by complying with state advance notification requirements. If a state does not have an advance notification requirement, companies must inform EPA no later than two days before well completion using hydraulic fracturing begins. • In April 2012, EPA issued regulations to reduce harmful air pollution from the oil & gas industry. The final rules included the first federal air standards for natural gas wells that are hydraulically fractured, along with requirements for several other sources of pollution in the oil & gas industry that were not previously regulated at the federal level. A key component of the final rules is expected to yield a nearly 95% reduction in volatile organic compounds (VOCs) emitted from more than 11,000 new hydraulically fractured gas wells each year. The requirements under the rules must be fully implemented by 2015.

U.S. State Actions

• The Pennsylvania Department of Environmental Protection (DEP) issued new state rules in early August requiring shale gas companies to either get an air quality plan approved by DEP before drilling a well, or implement practices and emission controls more stringent than federal requirements that took effect in April 2012 (see above). The new rules take effect immediately and end the 1996 blanket exemption granted to unconventional shale gas wells from pollution control requirements. • The Pennsylvania DEP announced in early August that it has extended its one-year, long-term air monitoring study in the Marcellus region in southwestern Pennsylvania through the end of this year. The study is designed to identify potential health risks associated with the extraction, processing, and transportation of natural gas. A final report is expected in the spring of 2014. The DEP released an overview of the study’s scope and process along with their announcement of the extension in early August. • Although Colorado's Air Quality Control Commission originally aimed to have new proposed air-quality rules for oil & gas production by November, those rules are now planned to be delayed until February 2014. The Denver Post reported last month that oil & gas emissions are now the main source of VOCs in Colorado and the third-largest source of nitrogen oxide (NOX). • Given ozone ratings have been rising in recent years in San Antonio, local government officials are increasing their focus on potential impacts from oil & gas activity in the Eagle Ford Shale. The Alamo Area Council of Governments (AACOG) recently produced its first estimates of the Eagle Ford Shale’s emissions of VOCs and NOX, air pollutants that are the precursor components of ozone. Although the numbers are preliminary, they suggest that the oil & gas extraction-related activities in the Eagle Ford Shale result in dozens of tons of emissions of VOCs and NOX every day. While these results are generally disputed by the Texas Commission for Environmental Quality (TCEQ), they are nonetheless likely to draw greater regulatory and enforcement scrutiny from the U.S. EPA. • In the spring of 2009, the TCEQ installed automated gas chromatograph monitors in two locations in the Barnett Shale area. These monitors operate around the clock, measuring levels of more than 45 VOCs. The TCEQ has plans to install three additional monitors in the near future. To date, no chemicals have been measured above levels of concern. The City of Fort Worth is planning to conduct an independent monitoring survey of its own in the near future.

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MONTHLY SPOTLIGHT (CONT.) To be updated

Closing Remarks The evolving market landscape for air quality and pollution solutions encompasses a variety of considerations that vary across and within countries as well as in terms of size, scope, and timing. For example, although the effects and opportunities related to the inevitable creation and tightening of significant policies to reduce GHG emissions are incredibly meaningful for a variety of market participants, their timing is both unpredictable and less immediate. On the other hand, although smaller in their impact and size, the continued enlargement of general and industry-specific air pollution laws, regulations, and enforcement in both developed and developing countries offers more near- and intermediate-term opportunities for market participants. Given the multiple dimensions to opportunities in the air quality and pollution solutions market, we believe it is critical for participants to develop a framework and strategy for meeting the demands of both today’s and tomorrow’s clients. Investors and managers should also carefully consider how M&A can play a role in growth in this market, as it pertains to immediate as well as long-term opportunities. As you navigate these various considerations and decisions, please feel free to contact us to discuss the impact of air quality and pollution trends on your business or our perspectives regarding M&A activity as it relates to your sector.

WHAT WE’RE READING

Defense Contractor: Climate Change Could Create “Business Opportunities.” “Raytheon Company, the Massachusetts- based defense contractor—which makes everything from communications systems to Tomahawk missiles—thinks that future "security concerns" caused by climate change could mean expanded sales of its military products. Raytheon, it should be noted, isn't exactly gunning for catastrophic global warming. Quite the opposite, in fact: In February, the company received a "Climate Leadership Award" from the EPA for publicly reporting and aggressively reducing its greenhouse gas emissions. It's working on renewable energy technologies. And it has publicly warned of significant climate change-related risks to its business—from things like hurricanes, floods, droughts, and forest fires.” Read more here.

How Sprint Collects and Resells Millions of Cell Phones. “After a major overhaul of its recycling program, Sprint took in more than four million wireless devices in 2012. That shift was fueled by a system that gives up-to-date values on phones, collects devices from any company, and gives customers money they can spend on more than just bills. The program, facilitated by eRecyclingCorps (eRC), also has saved Sprint more than $1 billion a year by bringing still-functioning and re-sellable phones back into Sprint's hands. eRC has helped complete more than 10 million trade-ins since its founding in 2009, and in May, the company hit a milestone of its own by facilitating 1.1 million phone trade-ins during a single month. That puts eRC well ahead of other phone buyback programs, such as Gazelle, which takes in phones by mail and collected its millionth device after five years.” Read more here.

White House: 58% of U.S. Grid Outages are Caused by Extreme Weather. “A new White House report illustrates the shift from “smart grid” to “grid resiliency.” The need to modernize and protect the electric grid has never been greater. Since 2004, seven of the ten most expensive storms in history have battered the U.S., increasing grid outages. Last year, America experienced eleven outages costing more than $1 billion, reducing economic activity by between $27 billion and $52 billion.” Read more here.

How “Water Tech” Enables Commercial Scale Water Solutions. “Nearly every region in the United States experienced water shortages in the past five years, according to the U.S. Environmental Protection Agency. At least 36 states anticipated local, regional and statewide shortages, even under non-drought conditions. This increase in water scarcity, coupled with increased needs for water treatment, is beginning to fuel innovation and investment in ‘water tech.’” Read more here.

Deepwater Snares First U.S. Offshore Wind Lease. “In the first competitive lease sale for renewable energy in U.S. waters, we have a winner: Deepwater Wind. The plan, the company said, is to install up to 200 turbines, providing capacity of as much as 1,000 megawatts, with a transmission system linking Long Island to southeastern New England.” Read more here.

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WHAT WE’RE READING (CONT.)

Wal-Mart Agrees to Improve Workplace Safety and Health in 2,857 Stores. “Wal-Mart Stores, Inc. has entered into a corporate-wide settlement agreement with the U.S. Department of Labor to improve safety and health conditions in all 2,857 Wal- Mart and Sam’s Club stores under federal jurisdiction. The settlement, which resolves two enforcement cases that began in 2011, includes provisions for the Bentonville, Arkansas-based retailer to enhance safety and health practices and training related to trash compactors, cleaning chemicals, and hazard communications company-wide.” Read more here.

Quebec Train Derailment Prompts U.S. Rail Officials to Issue Emergency Order. “The Department of Transportation's Federal Railroad Administration earlier this month ordered the U.S. rail industry to take a number of actions to secure unattended trains, in response to the July 6 train derailment in Lac-Mégantic, Quebec. The administration issued an emergency order and a safety advisory aimed at preventing trains operating on mainline tracks or sidings from moving unintentionally.” Read more here.

Climate Change Will Force Extensive Changes to U.S. Power Grid.“A recently released report from the U.S. Department of Energy (DOE) details the impacts of climate change on our energy grid (electricity, oil/gas pipelines, etc.), and it is a sobering read. Once grid vulnerabilities are identified, these weak points will need to be prioritized for upgrading, replacement, relocation, or other “hardening” projects.” Read more here.

President Obama Issues Executive Order Aimed at Improving Chemical Facility Safety and Security. “President Obama on August 1 signed an Executive Order to improve the safety and security of chemical facilities and reduce the risks of hazardous chemicals to workers and communities.” Read more here.

Climate Change And Violence Linked, Breakthrough Study Finds. “Shifts in climate change are strongly linked to human violence around the world, according to a comprehensive new study released Thursday by the University of California, Berkeley and Princeton University. The results suggest that changes such as drought, flood, and high temperatures strongly correlate with spikes in conflict.” Read more here.

Massachusetts Businesses Stay Ahead of Food Waste Ban. “Mayor Michael Bloomberg is leading New York's move into separated food waste collection, and just announced expansion of this program, which will go from a few thousand households today to 100,000 in 2014. However, waste professionals across the country are watching Massachusetts, who last month became the first state in the nation to put forward regulations to ban businesses of a certain size from sending organics to landfills or incinerators.” Read more here.

Milestone Claimed in Creating Fuel From Waste. “After months of frustrating delays, a chemical company announced Wednesday that it had produced commercial quantities of ethanol from wood waste and other nonfood vegetative matter, a long- sought goal that, if it can be expanded economically, has major implications for providing vehicle fuel and limiting greenhouse gas emissions.” Read more here.

Maryland Sets Clear Climate, Clean Energy Policy. “Maryland Governor Martin O’Malley continues to lead the way on climate and clean energy policy. The Greenhouse Gas Emissions Reduction Act (GGRA) Plan raises the targets for renewable energy, energy efficiency, and peak energy demand reduction, while re-affirming Maryland’s membership in the Northeast Regional Greenhouse Gas Initiative (RGGI). The plan adds new climate programs relating to transportation and forestry, and a new aspirational goal to make Maryland a zero-waste state.” Read more here.

Federal EPA Supports Maine's Bid to Change Air Pollution Regulation. “A proposal by the Maine Department of Environmental Protection seeking to exempt industry from a state air-pollution regulation has the support of the federal Environmental Protection Agency. And, despite the concerns being raised by environmental advocates, the change would not mean industries in Maine would be allowed to pollute more.” Read more here.

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RELEVANT HW&CO. ENVIRONMENTAL AND SAFETY TRANSACTIONS

Regulation, legislation, social awareness, and consumer preferences involving environmental, safety, security, and sustainability issues have created substantial opportunity for companies that provide Environmental and Safety Solutions (E&S). Harris Williams & Co. combines deep sector knowledge and relationships with the middle market’s best M&A advisory services. We have an established track record of navigating a complex E&S landscape, offering differentiated strategic advice and superior execution to clients across the E&S spectrum.

Relevant Transactions

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• BLR – Provider of online employment, safety, and environmental • Flexhead – Provider of flexible fire sprinkler connections. compliance solutions. • APS Energy Services – Provider of energy conservation and • Cimarron – Manufacturer of customized energy production, renewable energy solutions in the Southwestern U.S. processing, and environmental solutions. • PSSI – Provider of contract cleaning for food processors. • RECON – Environmental remediation and geotechnical • BI Incorporated – Provider of electronic monitoring devices. construction services. • Soil Safe – Provider of soil treatment and placement services. • Hilex Poly – Manufacturer of recycled plastic bags and film • BHC – Provider of fire protection and prevention equipment and products. products. • Pine Environmental Services – Environmental test and • E-Mon – Provider of energy monitoring products. measurement equipment rentals and sales. • ENTRIX – Provider of environmental consulting services in • QualaWash – Industrial tank cleaning, maintenance, and repair water resource management. services. • NSSC – Provider of security solutions. • Capula – Independent energy and utility IT solutions provider.

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Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC MARKETS

Key Trading Statistics1

Stock Price % Change TEV / LTM EBITDA as of TEV / EBITDA P/E 1 Month 12 Month Aug-12 Feb-13 Current 2013E 2014P Current 2013E Building Products Building Products (4.5%) 48.8% 12.5x 12.6x 13.7x 11.7x 9.0x 32.4x 19.0x Energy Efficiency and Renewable Energy Energy Efficiency Products and Services 2.9% 30.9% 8.8x 9.5x 10.6x 9.8x 8.9x 19.0x 16.7x Renewable Energy Utilities and IPPs (4.2%) 5.1% 9.1x 9.2x 9.7x 8.2x 7.8x 22.0x 15.8x Wind OEMs 29.8% 254.6% 8.8x 8.1x 17.4x 9.0x 7.5x NM 48.9x Solar OEMs (16.7%) 67.8% 6.8x NM NM 8.5x 8.8x NM NM Engineering, Construction, and Consulting Engineering, Construction, and Consulting 5.5% 29.9% 8.3x 9.0x 9.6x 8.6x 7.4x 15.6x 13.7x Remediation, Cleaning, and Abatement Products 0.1% 37.4% 12.5x 11.3x 13.3x 12.5x 10.8x 19.2x 21.4x Services 7.5% 20.4% 6.5x 8.0x 8.7x 7.5x 6.4x 34.8x 17.4x Safety Equipment Aerial Access Equipment Providers 10.6% 50.3% 6.7x 8.1x 8.1x 6.6x 6.0x 22.4x 15.7x Diversified Safety Distributors 2.1% 21.9% 9.9x 10.9x 10.7x 9.9x 8.7x 20.0x 18.3x Diversified Safety Manufacturers (0.0%) 38.6% 9.3x 10.3x 11.5x 10.2x 9.6x 20.2x 17.1x Security and Alarms Fire and Security Services (2.2%) 34.0% 7.0x 9.4x 9.5x 8.8x 8.1x 19.5x 18.0x Products and Systems 0.2% 29.5% 8.3x 10.0x 10.7x 10.0x 8.7x 19.0x 17.6x Test, Measurement, and Control Test and Measurement Products and Technologies (1.6%) 27.1% 10.6x 12.8x 14.0x 13.6x 12.3x 21.5x 19.6x Testing, Inspection, and Certification Services 7.7% 16.6% 10.9x 12.4x 13.1x 11.6x 10.5x 31.5x 22.7x Control Products and Technologies 1.4% 31.1% 9.9x 11.2x 11.8x 11.2x 10.3x 21.7x 19.4x Traffic, Automotive, and Emergency Products (4.7%) 13.8% 9.1x 9.5x 7.2x 6.6x 7.1x 13.4x 13.4x Technology and Systems 6.9% 58.4% 8.8x 10.4x 11.9x 9.9x 7.5x 16.4x 18.1x Waste Management and Recycling Diversified Waste Management and Recycling 3.1% 11.2% 8.0x 8.2x 10.3x 8.7x 7.4x 27.0x 17.3x Metals Processing and E-Waste 3.3% 0.7% 6.8x 8.2x 9.6x 8.1x 6.3x 18.3x 23.3x Recycled Materials 5.9% 41.5% 6.7x 7.2x 8.3x 7.6x 7.0x 22.2x 16.2x Solid Waste Management and Recycling 3.4% 15.9% 7.1x 8.0x 8.9x 8.2x 7.7x 26.3x 20.6x Specialty Waste (0.6%) 7.9% 9.0x 9.0x 10.8x 9.2x 7.1x 31.6x 24.2x Waste to Energy 2.2% 18.3% 10.0x 10.9x 12.1x 9.7x 9.5x 60.9x 46.4x Water and Wastewater Products and Technologies 3.1% 44.1% 9.0x 10.5x 11.6x 10.9x 9.1x 38.8x 20.3x Utilities and Services (1.3%) 10.4% 9.7x 9.7x 10.2x 9.8x 9.1x 19.7x 18.8x

(1) As of August 16, 2013.

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PUBLIC MARKETS

Current Valuations Versus Historical Five-Year Average1 (Current TEV/LTM EBITDA multiple as a % of Five-Year Average)

Water and Wastewater Products and Technologies 151%

Building Products 142%

Fire and Security Services 136%

Security and Alarms Products and Systems 136%

Recycled Materials 130%

Control Products and Technologies 127%

Energy Efficiency Products and Services 125%

Diversified Safety Manufacturers 125%

Remediation, Cleaning, and Abatement Products 123%

Testing, Inspection, and Certification Services 122%

Engineering, Construction, and Consulting 122%

Traffic, Automotive, and Emergency Technology and Systems 120%

Test and Measurement Products and Technologies 119%

Diversified Waste Management and Recycling 118%

Renewable Energy Utilities and IPPs 116%

Remediation, Cleaning, and Abatement Services 114%

Aerial Access Equipment Providers 114%

Diversified Safety Distributors 111%

Solid Waste Management and Recycling 110%

Traffic, Automotive, and Emergency Products 109%

Water and Wastewater Utilities and Services 103%

Specialty Waste 101%

Metals Processing and E-Waste 99%

0% 20% 40% 60% 80% 100% 120% 140% 160%

(1) As of August 16, 2013.

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PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E EBITDA TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Building Products1

Building Products Advanced Environmental Recycling Technologies, Inc. $73 $0.16 $0.18 $0.12 (12.1%) 39.1% $0.25 64.0% 25.6x 8.5x 7.7x NM NM NM 0.0x Eagle Materials Inc. 3,742 65.59 69.22 40.46 (5.2%) 62.1% 77.84 84.3% 23.5x 29.8x 22.8x 12.5x 9.0x 43.2x 23.5x Interface Inc. 1,399 17.79 18.49 13.89 (3.8%) 28.1% 20.30 87.6% 10.7x 12.5x 12.9x 11.2x 8.8x 32.4x 24.9x Trex Co. Inc. 737 44.82 48.20 29.41 (7.0%) 52.4% 58.03 77.2% 14.4x 24.1x 20.0x 12.1x 9.0x 45.8x 17.8x Compagnie de Saint-Gobain 40,585 48.55 42.62 33.43 13.9% 45.2% 48.88 99.3% 5.1x 6.1x 7.8x 7.2x 6.6x 30.2x 18.3x Mohawk Industries Inc. 11,218 121.96 117.64 74.18 3.7% 64.4% 134.21 90.9% 9.9x 12.7x 14.5x 11.7x 9.7x 31.4x 19.7x Median (4.5% ) 48.8% 85.9% 12.5x 12.6x 13.7x 11.7x 9.0x 32.4x 19.0x

Energy Efficiency and Renewable Energy1

Energy Efficiency Products and Services Ameresco, Inc. $575 $8.50 $9.47 $12.41 (10.2%) (31.5%) $12.58 67.6% 12.6x 12.5x 17.0x 12.2x 9.2x 47.4x 21.8x Emerson Electric Co. 46,662 61.27 57.33 52.09 6.9% 17.6% 62.91 97.4% 8.7x 9.1x 9.7x 9.9x 8.9x 29.9x 17.6x Honeywell International Inc. 67,078 81.96 82.44 58.76 (0.6%) 39.5% 84.85 96.6% 12.9x 11.3x 12.6x 9.7x 8.9x 20.5x 16.6x Ingersoll-Rand Plc 20,398 60.93 58.76 46.30 3.7% 31.6% 63.35 96.2% 8.8x 9.5x 10.7x 10.1x 9.2x 19.0x 16.8x Schneider Electric S.A. 52,004 81.40 73.93 62.21 10.1% 30.8% 83.93 97.0% 8.8x 9.2x 10.1x 9.6x 8.7x 18.8x 14.8x Siemens Aktiengesellschaft 111,547 111.24 105.69 91.47 5.2% 21.6% 117.23 94.9% 7.6x 8.0x 10.1x 9.5x 7.7x 15.0x 15.2x United Technologies Corp. 112,880 103.08 100.86 78.77 2.2% 30.9% 107.86 95.6% 9.3x 10.6x 10.6x 10.4x 9.5x 18.8x 16.8x EnerNOC, Inc. 321 15.25 15.38 9.60 (0.8%) 58.9% 19.08 79.9% NM NM NM 4.7x 3.7x NM 10.3x Median 2.9% 30.9% 95.9% 8.8x 9.5x 10.6x 9.8x 8.9x 19.0x 16.7x

Renewable Energy Utilities and IPPs Portland General Electric Company $3,855 $28.92 $31.81 $27.36 (9.1%) 5.7% $33.26 87.0% 7.8x 7.6x 9.2x 7.4x 6.5x 23.5x 17.4x Xcel Energy Inc. 25,283 27.95 29.73 28.57 (6.0%) (2.2%) 31.79 87.9% 8.8x 8.4x 8.5x 8.7x 8.1x 14.1x 14.9x National Grid plc 79,125 11.49 11.46 11.00 0.2% 4.4% 13.26 86.6% 9.6x 9.0x 10.2x 9.5x 9.0x 11.8x 13.9x NRG Energy, Inc. 24,602 26.15 28.41 20.99 (8.0%) 24.6% 29.19 89.6% 9.4x 11.4x 14.9x 9.2x 8.4x 23.9x 24.6x EDP Renováveis 10,083 5.19 4.96 3.27 4.6% 58.5% 5.91 87.8% 8.4x 9.3x 9.1x 7.7x 7.1x 21.9x 23.3x Calpine Corp. 18,756 18.78 21.14 16.79 (11.2%) 11.9% 22.16 84.7% 15.6x 13.5x 12.5x 10.3x 9.4x 25.3x 37.2x NextEra Energy, Inc. 62,813 82.15 84.81 69.58 (3.1%) 18.1% 88.39 92.9% 9.9x 11.4x 12.0x 10.9x 10.2x 22.6x 16.8x Exelon Corporation 45,199 30.16 31.43 37.48 (4.0%) (19.5%) 37.80 79.8% 7.4x 6.2x 6.1x 7.4x 7.4x 22.2x 12.4x Public Service Enterprise Group Inc. 24,710 32.58 33.66 32.46 (3.2%) 0.4% 37.00 88.1% 6.6x 6.6x 6.8x 7.0x 6.9x 13.5x 13.4x AGL Energy Limited 9,621 13.05 13.63 16.10 (4.3%) (18.9%) 15.26 85.5% 23.1x 12.0x 10.1x 7.8x 7.4x 20.3x 12.9x Median (4.2% ) 5.1% 87.4% 9.1x 9.2x 9.7x 8.2x 7.8x 22.0x 15.8x

Wind OEMs Vestas Wind Systems A/S $5,468 $20.63 $16.50 $5.05 25.0% 308.9% $22.72 90.8% NM 8.1x 12.1x 9.6x 7.4x NM NM Suzlon Energy Limited 2,139 0.11 0.14 0.31 (24.9%) (65.0%) 0.44 24.6% 11.6x NM NM 8.3x 5.6x NM NM Nordex SE 911 11.81 7.22 3.93 63.5% 200.3% 11.92 99.0% NM NM 22.7x 9.7x 8.1x NM 65.7x Gamesa Corporación Tecnológica S.A. 2,748 8.16 6.07 1.79 34.5% 355.5% 8.72 93.6% 6.0x NM NM 8.2x 7.5x NM 32.2x Median 29.8% 254.6% 92.2% 8.8x 8.1x 17.4x 9.0x 7.5x NM 48.9x

Solar OEMs SunPower Corporation $2,928 $21.35 $25.79 $4.50 (17.2%) 374.4% $28.15 75.8% NM 45.2x 35.6x 8.5x 7.9x NM 17.1x Suntech Power Holdings Co. Ltd. 2,008 1.17 1.42 1.01 (17.6%) 15.8% 1.99 58.8% NM NM NM NM NM NM NM SolarWorld AG 947 0.61 0.74 1.45 (17.7%) (58.1%) 2.50 24.3% NM NM NM NM 22.1x NM NM Yingli Green Energy Holding Co. Ltd. 2,927 3.79 4.18 1.96 (9.3%) 93.4% 4.83 78.5% NM NM NM 37.4x 18.5x NM NM Canadian Solar Inc. 1,500 11.47 13.70 2.81 (16.3%) 308.2% 16.40 69.9% NM NM NM 6.3x 3.2x NM 50.7x Renewable Energy Corporation ASA 1,550 0.52 0.53 0.33 (1.3%) 58.1% 0.68 76.8% 10.6x 27.7x NM 16.6x 9.4x NM NM Trina Solar Limited 1,169 7.13 7.21 4.72 (1.1%) 51.1% 8.47 84.2% NM NM NM NM 8.8x NM NM First Solar, Inc. 2,697 38.16 49.06 21.49 (22.2%) 77.6% 59.00 64.7% 2.9x 4.0x 4.0x 4.1x 4.0x 10.1x 9.8x Median (16.7% ) 67.8% 72.9% 6.8x NM NM 8.5x 8.8x NM NM (1) As of August 16, 2013.

Page | 11 Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Engineering, Construction, and Consulting1

Engineering, Construction, and Consulting Abengoa SA $12,464 $3.30 $2.41 $3.78 37.0% (12.7%) $5.98 55.2% 9.6x 8.2x 8.1x 7.2x 6.4x 10.4x 12.8x AECOM Technology Corporation 3,694 29.73 33.11 19.46 (10.2%) 52.8% 35.24 84.4% 6.7x 9.1x 7.8x 7.7x 6.9x NM 12.3x AMEC plc 4,998 16.92 16.11 17.38 5.0% (2.6%) 18.33 92.3% 10.0x 8.0x 9.6x 8.9x 8.1x 15.6x 12.8x Arcadis NV 2,456 26.70 27.14 21.43 (1.6%) 24.6% 29.82 89.5% 10.2x 8.9x 9.3x 8.6x 7.7x 15.9x 13.6x Cardno Limited 947 5.67 5.04 8.69 12.5% (34.8%) 7.94 71.4% 9.9x 8.2x 6.7x 7.5x 7.0x 11.0x 11.1x Chicago Bridge & Iron Company N.V. 8,257 61.27 61.76 37.96 (0.8%) 61.4% 64.91 94.4% 7.0x 9.9x 11.6x 9.1x 7.4x 20.2x 14.5x Fomento de Construcciones y Contratas, S.A. 10,863 17.56 11.67 11.45 50.5% 53.4% 19.01 92.4% 8.0x 12.3x 16.1x 8.8x 7.8x NM NM GENIVAR Inc. 1,375 23.58 23.80 21.78 (0.9%) 8.3% 24.84 94.9% 13.1x 12.2x 9.2x 8.3x 7.4x 17.3x 16.9x IHS Inc. 8,059 108.98 107.67 113.37 1.2% (3.9%) 118.93 91.6% 27.3x 21.9x 22.5x 14.6x 11.7x 46.2x 22.4x Interserve plc 1,130 8.68 7.65 5.37 13.4% 61.7% 8.80 98.6% 6.1x 12.2x 12.4x 6.2x 5.6x 4.3x 11.9x Jacobs Engineering Group Inc. 7,254 61.42 57.96 40.88 6.0% 50.2% 62.33 98.5% 7.2x 8.0x 9.5x 9.5x 8.3x 19.1x 18.7x SAIC, Inc. 5,993 15.35 14.21 11.97 8.0% 28.2% 16.06 95.6% 8.8x 5.5x 6.9x 7.8x 7.1x 10.8x 13.3x Stantec Inc. 2,463 47.98 44.64 32.39 7.5% 48.1% 49.53 96.9% 8.6x 9.1x 10.8x 10.1x 9.1x 17.7x 16.8x Tetra Tech Inc. 1,515 22.45 24.63 26.85 (8.9%) (16.4%) 31.49 71.3% 8.0x 9.1x 12.2x 12.0x 6.2x NM 32.4x TRC Companies Inc. 212 7.40 8.29 6.74 (10.7%) 9.8% 9.40 78.7% 7.9x 8.4x 9.9x NM NM 12.7x 13.7x United Envirotech Ltd. 543 0.70 0.78 0.27 (9.7%) 159.1% 0.81 86.9% 10.4x 12.1x 13.8x 9.9x 9.9x 20.9x 18.1x URS Corporation 5,814 51.00 47.41 38.79 7.6% 31.5% 51.21 99.6% 7.2x 6.3x 6.9x 6.6x 6.4x 12.0x 11.6x WS Atkins plc 1,587 18.36 16.08 10.70 14.2% 71.5% 18.90 97.1% 4.8x 6.2x 8.7x 7.6x 7.0x 13.2x 14.5x Median 5.5% 29.9% 92.4% 8.3x 9.0x 9.6x 8.6x 7.4x 15.6x 13.7x

Remediation, Cleaning, and Abatement1

Products Ecolab Inc. $34,843 $91.71 $91.64 $66.77 0.1% 37.4% $95.19 96.3% 14.9x 12.4x 14.7x 13.7x 12.0x 32.9x 26.0x Federal Signal Corp. 826 11.10 10.09 5.99 10.0% 85.3% 11.30 98.3% 10.0x 10.1x 11.9x 11.3x 9.6x 5.5x 16.7x Swisher Hygiene Inc. 113 0.84 1.06 2.05 (20.7%) (59.0%) 2.09 40.2% NM NM NM NM NM NM NM Median 0.1% 37.4% 96.3% 12.5x 11.3x 13.3x 12.5x 10.8x 19.2x 21.4x

Services EMCOR Group Inc. $2,271 $39.27 $42.68 $28.17 (8.0%) 39.4% $43.98 89.3% 5.6x 7.3x 7.7x 7.1x 5.6x 19.5x 17.2x Heritage-Crystal Clean, Inc 258 15.01 14.09 19.09 6.5% (21.4%) 20.89 71.9% 30.1x 19.7x 22.4x 14.3x 7.2x 203.9x 55.7x Newalta Corporation 1,219 15.32 14.13 13.78 8.4% 11.1% 15.84 96.7% 7.4x 8.7x 9.7x 7.9x 6.5x 21.9x 17.6x Rentokil Initial plc 4,676 1.61 1.46 1.24 10.8% 29.7% 1.67 96.8% 5.6x 5.7x 7.1x 6.6x 6.3x 47.8x 12.3x Median 7.5% 20.4% 93.0% 6.5x 8.0x 8.7x 7.5x 6.4x 34.8x 17.4x

(1) As of August 16, 2013.

Page | 12 Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Safety Equipment1

Aerial Access Equipment Providers Ashtead Group plc $6,524 $9.90 $10.67 $4.21 (7.2%) 135.2% $11.49 86.1% 5.6x 7.1x 8.1x 6.8x 6.0x 23.2x 15.9x H&E Equipment Services Inc. 1,567 22.40 22.63 17.69 (1.0%) 26.6% 24.72 90.6% 13.2x 14.4x 14.2x 6.5x 5.8x 26.4x 18.2x Lavendon Group plc 604 2.70 2.38 1.88 13.6% 43.6% 2.93 92.2% 4.1x 4.8x 4.9x 4.7x 4.4x 18.1x 12.8x Oshkosh Corporation 4,349 45.75 39.81 25.27 14.9% 81.0% 47.33 96.7% 5.8x 8.1x 6.7x 6.6x 7.0x 11.8x 12.3x Palfinger AG 1,565 34.77 31.43 21.88 10.6% 58.9% 35.57 97.8% 8.8x 12.0x 14.8x 10.6x 9.1x 22.4x 19.0x Ramirent Oyj 1,550 11.12 9.10 7.40 22.2% 50.3% 11.76 94.6% 4.4x 5.4x 5.6x 5.7x 5.5x 14.0x 15.2x Terex Corp. 5,139 32.02 28.36 21.65 12.9% 47.9% 37.12 86.3% 8.1x 9.9x 9.2x 7.8x 6.2x 91.7x 15.7x UniFirst Corp. 1,884 97.48 97.67 67.19 (0.2%) 45.1% 104.38 93.4% 6.7x 7.5x 7.8x 7.5x 7.1x 18.0x 17.1x United Rentals, Inc. 12,263 54.03 56.37 34.02 (4.2%) 58.8% 59.84 90.3% 15.6x 12.6x 10.3x 5.4x 4.8x 27.6x 11.8x Median 10.6% 50.3% 92.2% 6.7x 8.1x 8.1x 6.6x 6.0x 22.4x 15.7x

Diversified Safety Distributors DXP Enterprises, Inc. $1,205 $68.22 $69.41 $48.99 (1.7%) 39.3% $76.91 88.7% 10.5x 10.1x 10.3x 9.9x 8.4x 19.2x 17.7x Airgas, Inc. 10,007 101.58 100.50 84.03 1.1% 20.9% 106.63 95.3% 10.0x 11.0x 11.2x 10.2x 9.1x 23.4x 20.1x W.W. Grainger, Inc. 17,751 253.41 262.65 206.10 (3.5%) 23.0% 270.47 93.7% 11.5x 12.3x 12.8x 11.4x 10.2x 24.6x 21.2x WESCO International Inc. 4,778 73.94 70.96 60.15 4.2% 22.9% 79.20 93.4% 8.2x 13.7x 11.6x 9.2x 8.2x 16.0x 14.2x Cintas Corporation 6,914 48.75 47.22 41.20 3.2% 18.3% 49.42 98.6% 8.9x 9.2x 9.1x 8.6x 8.1x 19.4x 18.0x Wesfarmers Limited 45,719 36.96 35.83 35.40 3.2% 4.4% 40.67 90.9% 9.8x 10.8x 8.5x 9.9x 9.0x 20.6x 18.6x Median 2.1% 21.9% 93.5% 9.9x 10.9x 10.7x 9.9x 8.7x 20.0x 18.3x

Diversified Safety Manufacturers 3M Company $81,351 $115.90 $114.64 $93.74 1.1% 23.6% $119.26 97.2% 8.8x 9.4x 10.4x 10.0x 9.4x 18.1x 17.3x Ansell Ltd. 2,377 16.82 17.61 15.58 (4.5%) 7.9% 17.85 94.2% 11.7x 12.9x 13.4x 12.7x 10.9x 20.0x 16.7x Dragerwerk AG & Co. KGaA 2,105 132.00 134.03 88.99 (1.5%) 48.3% 142.44 92.7% 5.3x 5.4x 5.8x 5.4x 4.9x 13.7x 13.6x Halma plc 3,562 8.97 8.05 6.49 11.4% 38.3% 9.09 98.6% 11.8x 13.0x 16.2x 13.9x 13.3x 22.8x 20.2x Herman Miller Inc. 1,765 27.44 28.58 19.74 (4.0%) 39.0% 29.70 92.4% 6.8x 10.0x 11.5x 8.6x 7.9x 23.7x 16.2x Brady Corp. 2,065 34.90 32.94 28.00 6.0% 24.6% 36.45 95.7% 6.8x 9.2x 10.4x 10.2x 8.9x NM 17.6x Latchways plc 215 20.60 18.07 14.76 14.0% 39.6% 20.68 99.6% 9.6x 10.2x NM 11.4x 10.4x 17.8x 17.7x Honeywell International Inc. 67,078 81.96 82.44 58.76 (0.6%) 39.5% 84.85 96.6% 12.9x 11.3x 12.6x 9.7x 8.9x 20.5x 16.6x Kimberly-Clark Corporation 42,731 94.94 99.64 83.45 (4.7%) 13.8% 106.54 89.1% 9.5x 10.3x 10.0x 10.2x 9.8x 20.2x 16.9x Mine Safety Appliances Co. 2,126 51.05 50.76 35.67 0.6% 43.1% 55.38 92.2% 9.0x 11.8x 12.7x 11.3x 10.0x 23.4x 19.5x Median (0.0% ) 38.6% 95.0% 9.3x 10.3x 11.5x 10.2x 9.6x 20.2x 17.1x

(1) As of August 16, 2013.

Page | 13 Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Security and Alarms1

Fire and Security Services Ascent Capital Group, Inc. $1,943 $73.52 $78.68 $51.13 (6.6%) 43.8% $84.50 87.0% 7.0x 7.6x 7.9x 7.1x 6.7x NM 182.0x G4S Botswana Limited 40 0.51 0.53 0.76 (3.8%) (33.6%) 0.70 72.8% NM NM NM NM NM 43.8x 0.0x Interserve plc 1,130 8.68 7.65 5.37 13.4% 61.7% 8.80 98.6% 6.1x 12.2x 12.4x 6.2x 5.6x 4.3x 11.9x Secom Co. Ltd. 12,104 58.81 56.97 48.78 3.2% 20.6% 60.24 97.6% 6.0x 6.6x 7.7x 7.3x 7.0x 18.6x 18.3x Securitas AB 5,886 11.09 9.24 7.58 20.0% 46.3% 11.12 99.7% 7.1x 8.0x 9.6x 8.8x 8.4x 19.2x 13.7x Sohgo Security Services Co. Ltd. 1,351 19.26 18.35 14.32 5.0% 34.5% 20.62 93.4% 2.6x 2.8x 5.7x 4.8x 4.5x 22.3x 18.6x The ADT Corporation 11,599 41.06 42.70 0.00 (3.8%) NM 50.37 81.5% 0.0x 9.5x 8.3x 6.8x 6.4x 22.5x 21.8x The Brink's Company 1,698 27.76 27.21 23.34 2.0% 18.9% 30.75 90.3% 4.2x 5.0x 5.7x NM NM 20.3x 21.0x Tyco International Ltd. 16,746 34.26 35.16 57.94 (2.6%) (40.9%) 58.12 58.9% NM 12.4x 12.1x 10.7x 9.5x NM 18.6x Ansell Ltd. 2,377 16.82 17.61 15.58 (4.5%) 7.9% 17.85 94.2% 11.7x 12.9x 13.4x 12.7x 10.9x 20.0x 16.7x Cintas Corporation 6,914 48.75 47.22 41.20 3.2% 18.3% 49.42 98.6% 8.9x 9.2x 9.1x 8.6x 8.1x 19.4x 18.0x Eaton Corporation plc 39,863 65.44 66.92 46.05 (2.2%) 42.1% 70.07 93.4% 8.2x 17.7x 15.2x 11.4x 10.1x 19.7x 15.6x EMCOR Group Inc. 2,271 39.27 42.68 28.17 (8.0%) 39.4% 43.98 89.3% 5.6x 7.3x 7.7x 7.1x 5.6x 19.5x 17.2x Federal Signal Corp. 826 11.10 10.09 5.99 10.0% 85.3% 11.30 98.3% 10.0x 10.1x 11.9x 11.3x 9.6x 5.5x 16.7x Kratos Defense & Security Solutions, Inc. 979 6.72 7.08 5.03 (5.1%) 33.6% 7.23 92.9% 7.7x 8.5x 9.5x 8.9x 8.0x NM 26.4x Mueller Water Products, Inc. 1,710 7.45 7.68 3.99 (3.0%) 86.7% 8.02 92.9% 10.1x 11.5x 11.6x 10.9x 9.0x 51.2x 43.0x Oshkosh Corporation 4,349 45.75 39.81 25.27 14.9% 81.0% 47.33 96.7% 5.8x 8.1x 6.7x 6.6x 7.0x 11.8x 12.3x Tyco International Ltd. 16,746 34.26 35.16 57.94 (2.6%) (40.9%) 58.12 58.9% NM 12.4x 12.1x 10.7x 9.5x NM 18.6x United Technologies Corp. 112,880 103.08 100.86 78.77 2.2% 30.9% 107.86 95.6% 9.3x 10.6x 10.6x 10.4x 9.5x 18.8x 16.8x Median (2.2% ) 34.0% 93.4% 7.0x 9.4x 9.5x 8.8x 8.1x 19.5x 18.0x

Products and Systems Checkpoint Systems Inc. $637 $16.11 $16.40 $7.11 (1.8%) 126.6% $17.78 90.6% 7.5x 13.8x 12.0x 8.3x 7.0x NM 23.2x Diebold, Incorporated 2,138 30.62 34.24 33.34 (10.6%) (8.2%) 35.40 86.5% 7.5x 8.2x 18.9x 7.1x 8.1x NM 23.0x Fortune Brands Home & Security, Inc. 6,570 37.98 41.05 24.27 (7.5%) 56.5% 44.04 86.2% 18.3x 19.2x 18.5x 13.8x 10.9x 40.7x 26.5x Gunnebo AB 539 5.19 4.74 4.22 9.4% 22.8% 5.28 98.3% 5.7x 5.2x 9.5x 9.5x 7.4x 139.1x 16.8x Identive Group, Inc. 56 0.73 0.86 0.83 (14.7%) (12.0%) 1.60 45.6% NM NM NM NM 6.2x NM NM Ingersoll-Rand Plc 20,398 60.93 58.76 46.30 3.7% 31.6% 63.35 96.2% 8.8x 9.5x 10.7x 10.1x 9.2x 19.0x 16.8x Kaba Holding AG 1,565 414.49 394.32 380.71 5.1% 8.9% 444.99 93.1% 9.6x 10.0x 9.7x 10.0x 9.2x 17.4x 17.6x Kratos Defense & Security Solutions, Inc. 979 6.72 7.08 5.03 (5.1%) 33.6% 7.23 92.9% 7.7x 8.5x 9.5x 8.9x 8.0x NM 26.4x Safran SA 26,193 57.03 55.53 35.19 2.7% 62.1% 59.79 95.4% 7.6x 8.5x 10.1x 8.0x 7.1x 12.2x 16.7x Stanley Black & Decker, Inc. 18,202 86.80 80.98 67.78 7.2% 28.1% 89.50 97.0% 10.8x 10.2x 11.1x 10.6x 9.5x 28.5x 16.0x Tyco International Ltd. 16,746 34.26 35.16 57.94 (2.6%) (40.9%) 58.12 58.9% NM 12.4x 12.1x 10.7x 9.5x NM 18.6x United Technologies Corp. 112,880 103.08 100.86 78.77 2.2% 30.9% 107.86 95.6% 9.3x 10.6x 10.6x 10.4x 9.5x 18.8x 16.8x Median 0.2% 29.5% 93.0% 8.3x 10.0x 10.7x 10.0x 8.7x 19.0x 17.6x

(1) As of August 16, 2013.

Page | 14 Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Test, Measurement, and Control1

Test and Measurement Products and Technologies Badger Meter Inc. $746 $47.52 $47.87 $35.29 (0.7%) 34.7% $54.28 87.5% 13.4x 13.8x 14.7x 14.7x 12.7x 28.8x 27.2x Danaher Corp. 48,314 66.73 68.41 53.39 (2.5%) 25.0% 69.02 96.7% 10.2x 11.4x 11.7x 11.6x 10.7x 19.0x 19.5x FLIR Systems, Inc. 4,477 32.20 29.15 20.82 10.5% 54.7% 33.82 95.2% 7.6x 10.7x 11.9x 11.6x 10.8x 20.1x 19.8x Halma plc 3,562 8.97 8.05 6.49 11.4% 38.3% 9.09 98.6% 11.8x 13.0x 16.2x 13.9x 13.3x 22.8x 20.2x Horiba Ltd. 1,158 33.35 38.52 28.69 (13.4%) 16.2% 41.49 80.4% 4.1x 5.6x 8.0x 6.3x 5.4x 20.1x 16.1x Roper Industries Inc. 14,829 125.49 129.23 105.80 (2.9%) 18.6% 132.72 94.6% 12.9x 14.6x 15.5x 14.1x 12.3x 25.2x 21.7x Teledyne Technologies Inc. 3,617 80.31 79.68 64.81 0.8% 23.9% 83.52 96.2% 9.3x 9.4x 10.3x 10.4x 9.5x 17.8x 17.6x Thermo Fisher Scientific, Inc. 38,386 90.69 87.79 56.55 3.3% 60.4% 92.72 97.8% 10.4x 12.6x 14.3x 14.0x 12.7x 25.2x 17.1x Trimble Navigation Limited 7,321 25.45 27.23 23.82 (6.5%) 6.8% 32.03 79.5% 19.0x 22.7x 17.8x 15.6x 13.7x 34.6x 17.4x Waters Corporation 8,010 98.47 103.25 76.17 (4.6%) 29.3% 106.00 92.9% 10.8x 13.1x 13.7x 13.3x 12.2x 17.8x 19.8x Median (1.6% ) 27.1% 94.9% 10.6x 12.8x 14.0x 13.6x 12.3x 21.5x 19.6x

Testing, Inspection, and Certification Services Bureau Veritas SA $14,947 $30.21 $27.83 $22.58 8.5% 33.8% $33.84 89.3% 13.8x 16.7x 15.9x 14.2x 12.9x 34.1x 23.2x Intertek Group plc 9,017 49.48 46.32 43.85 6.8% 12.8% 54.79 90.3% 13.7x 14.2x 14.5x 13.3x 12.0x 29.0x 22.1x SGS SA 18,805 2,362.83 2,268.85 1,963.25 4.1% 20.4% 2,644.56 89.3% 14.1x 15.8x 15.0x 13.2x 11.6x 29.0x 24.7x ALS Limited 3,388 8.16 8.67 10.21 (5.9%) (20.0%) 11.44 71.3% 9.5x 10.6x 8.1x 9.8x 8.6x 13.9x 16.4x Eurofins Scientific SA 3,998 239.79 204.90 130.74 17.0% 83.4% 255.65 93.8% 10.8x 15.1x 17.6x 13.8x 11.7x 43.2x 29.4x SAI Global Limited 1,030 4.01 3.48 4.25 15.1% (5.8%) 4.27 93.8% 10.7x 9.8x 11.6x 10.0x 9.3x 22.9x 17.5x Mistras Group, Inc. 591 18.44 17.25 21.63 6.9% (14.7%) 25.35 72.7% 11.0x 10.2x 9.6x 8.0x 6.9x 46.1x 24.3x Furmanite Corporation 343 8.70 7.91 5.30 10.0% 64.2% 8.72 99.8% 8.2x 9.8x 10.5x 8.5x 7.0x 36.3x 19.1x Median 7.7% 16.6% 89.8% 10.9x 12.4x 13.1x 11.6x 10.5x 31.5x 22.7x

Control Products and Technologies Calgon Carbon Corporation $984 $17.49 $17.74 $14.05 (1.4%) 24.5% $18.86 92.7% 10.0x 12.3x 11.8x 9.7x 8.5x 35.5x 20.3x CECO Environmental Corp. 218 12.41 13.56 9.35 (8.5%) 32.7% 14.32 86.7% 7.7x 7.9x 10.5x 9.0x 7.4x 18.8x 14.8x CLARCOR Inc. 2,571 54.95 54.31 48.66 1.2% 12.9% 57.31 95.9% 10.7x 11.2x 11.9x 11.6x 10.7x 22.6x 21.9x Flowserve Corp. 8,988 56.60 55.81 43.18 1.4% 31.1% 58.25 97.2% 9.5x 11.4x 11.6x 10.5x 9.7x 18.0x 16.7x Franklin Electric Co., Inc. 1,889 37.12 37.40 28.01 (0.7%) 32.5% 38.90 95.4% 10.8x 11.5x 12.5x 11.9x 10.5x 22.8x 21.3x IDEX Corporation 5,365 60.23 57.90 40.62 4.0% 48.3% 61.95 97.2% 9.0x 10.5x 11.7x 11.7x 10.8x 91.8x 20.3x Johnson Matthey plc 10,139 43.33 41.86 36.50 3.5% 18.7% 45.66 94.9% 9.2x 9.6x 12.6x 11.2x 10.3x 20.8x 17.4x L'Air Liquide SA 52,382 138.28 127.95 118.84 8.1% 16.4% 138.35 100.0% 9.9x 9.4x 10.7x 9.9x 9.1x 20.5x 19.4x Pall Corporation 7,632 70.38 70.43 55.00 (0.1%) 28.0% 73.19 96.2% 11.7x 12.0x 11.9x 13.2x 11.9x 25.3x 23.2x Pentair Ltd. 14,973 62.11 60.23 43.10 3.1% 44.1% 64.88 95.7% 12.3x 43.6x 27.7x 12.3x 10.7x NM 19.4x Rockwell Automation Inc. 13,185 97.04 92.22 72.86 5.2% 33.2% 100.22 96.8% 9.0x 11.0x 11.5x 10.8x 10.1x 18.7x 17.3x Median 1.4% 31.1% 95.9% 9.9x 11.2x 11.8x 11.2x 10.3x 21.7x 19.4x

(1) As of August 16, 2013.

Page | 15 Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Traffic, Automotive, and Emergency1

Products Brady Corp. $2,065 $34.90 $32.94 $28.00 6.0% 24.6% $36.45 95.7% 6.8x 9.2x 10.4x 10.2x 8.9x NM 17.6x Valmont Industries, Inc. 3,737 137.71 148.00 129.91 (7.0%) 6.0% 164.93 83.5% 9.1x 9.5x 6.9x 6.6x 6.3x 12.8x 12.5x Kimberly-Clark Corporation 42,731 94.94 99.64 83.45 (4.7%) 13.8% 106.54 89.1% 9.5x 10.3x 10.0x 10.2x 9.8x 20.2x 16.9x Trinity Industries Inc. 5,924 40.27 37.53 28.91 7.3% 39.3% 45.67 88.2% 7.6x 8.1x 7.2x 6.4x 5.8x 11.0x 9.4x Lindsay Corporation 798 75.18 79.02 71.87 (4.9%) 4.6% 94.90 79.2% 10.7x 10.5x 6.9x 6.6x 7.1x 14.1x 13.4x Median (4.7% ) 13.8% 88.2% 9.1x 9.5x 7.2x 6.6x 7.1x 13.4x 13.4x

Technology and Systems Federal Signal Corp. $826 $11.10 $10.09 $5.99 10.0% 85.3% $11.30 98.3% 10.0x 10.1x 11.9x 11.3x 9.6x 5.5x 16.7x FLIR Systems, Inc. 4,477 32.20 29.15 20.82 10.5% 54.7% 33.82 95.2% 7.6x 10.7x 11.9x 11.6x 10.8x 20.1x 19.8x TRW Automotive Holdings Corp. 9,105 70.58 68.00 43.52 3.8% 62.2% 74.00 95.4% 3.8x 4.8x 5.6x 5.3x 4.9x 9.0x 10.7x Iteris, Inc. 38 1.76 1.80 1.50 (2.2%) 17.3% 1.91 92.1% 10.4x 12.1x 12.3x 10.9x 5.5x 89.1x 35.8x Jenoptik AG 912 14.05 12.22 7.19 15.0% 95.5% 14.29 98.3% 5.4x 7.1x 9.1x 9.0x 7.9x 12.7x 16.1x Kapsch TrafficCom AG 645 44.23 46.89 70.87 (5.7%) (37.6%) 78.07 56.7% 21.8x 32.7x 13.5x 8.4x 7.1x 44.6x 19.6x Median 6.9% 58.4% 95.3% 8.8x 10.4x 11.9x 9.9x 7.5x 16.4x 18.1x

(1) As of August 16, 2013.

Page | 16 Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Waste Management and Recycling1

Diversified Waste Management and Recycling Fomento de Construcciones y Contratas, S.A. $10,863 $17.56 $11.67 $11.45 50.5% 53.4% $19.01 92.4% 8.0x 12.3x 16.1x 8.8x 7.8x NM NM ALBA SE 882 83.79 81.27 75.35 3.1% 11.2% 90.30 92.8% 20.0x 21.0x 20.9x NM NM 18.9x 0.0x Séché Environnement SA 600 35.30 38.11 33.08 (7.4%) 6.7% 47.80 73.9% 5.2x 7.8x 7.2x 5.3x 5.0x NM 12.6x Pennon Group Plc 7,245 10.47 10.42 11.80 0.5% (11.3%) 11.88 88.1% 12.0x 11.1x 12.0x 11.0x 10.1x 90.6x 16.6x Waste Connections Inc. 7,372 42.83 43.26 30.41 (1.0%) 40.8% 44.22 96.9% 9.2x 10.1x 12.4x 11.1x 10.1x 30.9x 24.3x Suez Environnement Company SA 20,869 15.14 13.35 11.49 13.4% 31.8% 15.31 98.9% 7.1x 6.5x 6.8x 6.3x 5.9x 18.6x 17.8x Shanks Group plc 1,041 1.41 1.23 1.32 14.9% 7.1% 1.54 91.6% 5.0x 7.7x 10.3x NM 6.9x NM 16.8x Transpacific Industries Group Ltd. 2,479 0.82 0.78 0.85 5.1% (3.8%) 1.01 81.3% 7.0x 7.0x 6.2x 6.6x 6.7x 39.2x 21.6x Waste Management, Inc. 29,611 41.93 41.88 35.68 0.1% 17.5% 43.59 96.2% 8.0x 8.2x 8.8x 8.7x 8.1x 23.0x 19.5x Median 3.1% 11.2% 92.4% 8.0x 8.2x 10.3x 8.7x 7.4x 27.0x 17.3x

Metals Processing and E-Waste Commercial Metals Company $2,900 $15.71 $14.91 $13.60 5.4% 15.5% $17.47 89.9% 7.2x 7.4x 8.5x 8.2x 6.5x 20.4x 23.3x Aurubis AG 3,083 59.78 55.20 53.80 8.3% 11.1% 76.99 77.7% 3.2x 4.7x NM 6.8x 5.3x 0.0x 15.0x Dowa Holdings Co., Ltd. 4,119 9.63 9.92 6.66 (2.9%) 44.5% 10.35 93.1% 6.4x 6.9x 9.7x 8.1x 7.6x 16.2x 13.7x Metalico Inc. 97 1.37 1.42 2.23 (3.5%) (38.6%) 2.90 47.2% 8.3x 10.3x 7.4x 5.2x 3.0x NM NM Schnitzer Steel Industries, Inc. 1,064 26.59 25.27 30.29 5.2% (12.2%) 32.99 80.6% 6.2x 9.1x 9.6x 9.1x 6.6x 97.8x 44.6x Sims Metal Management Limited 1,970 8.45 8.34 9.37 1.4% (9.7%) 10.49 80.6% 15.4x 19.9x 15.2x 10.5x 6.0x NM 41.5x Median 3.3% 0.7% 80.6% 6.8x 8.2x 9.6x 8.1x 6.3x 18.3x 23.3x

Recycled Materials Mondi plc $10,609 $16.16 $13.97 $8.93 15.7% 80.9% $16.48 98.0% 6.2x 7.1x 8.3x 7.4x 7.0x 22.4x 13.0x Resolute Forest Products Inc. 1,620 13.00 15.18 12.67 (14.4%) 2.6% 17.54 74.1% 3.3x 4.1x 4.4x 4.9x 3.8x NM 14.4x Clearwater Paper Corporation 1,639 47.55 49.60 36.51 (4.1%) 30.2% 53.01 89.7% 6.6x 7.0x 7.9x 7.3x 5.6x 22.2x 20.3x LKQ Corp. 9,979 29.17 25.62 19.10 13.9% 52.7% 31.07 93.9% 14.0x 15.9x 18.2x 15.7x 13.1x 31.7x 27.0x Colas SA 5,150 150.00 137.25 125.92 9.3% 19.1% 169.85 88.3% 4.1x 6.3x 5.1x NM NM 12.3x 0.0x Eagle Materials Inc. 3,742 65.59 69.22 40.46 (5.2%) 62.1% 77.84 84.3% 23.5x 29.8x 22.8x 12.5x 9.0x 43.2x 23.5x Sonoco Products Co. 4,753 38.12 36.28 30.85 5.1% 23.6% 39.63 96.2% 7.5x 7.4x 8.4x 8.1x 7.7x 19.2x 16.5x Rock-Tenn Company 10,954 111.96 104.90 65.57 6.7% 70.7% 118.31 94.6% 6.8x 8.0x 8.5x 7.6x 6.3x 12.9x 15.8x Median 5.9% 41.5% 91.8% 6.7x 7.2x 8.3x 7.6x 7.0x 22.2x 16.2x

Solid Waste Management and Recycling Republic Services, Inc. $19,059 $33.49 $35.13 $28.90 (4.7%) 15.9% $35.61 94.0% 7.2x 8.0x 8.9x 8.2x 7.7x 26.6x 18.5x Progressive Waste Solutions Ltd. 4,402 24.26 22.70 20.47 6.8% 18.5% 24.81 97.8% 7.0x 7.7x 8.2x 8.2x 7.7x 26.1x 22.6x Casella Waste Systems Inc. 692 4.84 4.68 4.52 3.4% 7.1% 5.32 91.0% 7.1x 8.9x 9.2x 7.4x 6.9x NM NM Median 3.4% 15.9% 94.0% 7.1x 8.0x 8.9x 8.2x 7.7x 26.3x 20.6x

Specialty Waste Clean Harbors, Inc. $4,334 $52.85 $55.01 $56.63 (3.9%) (6.7%) $61.72 85.6% 8.5x 9.0x 10.8x 8.0x 6.8x 28.3x 25.4x Stericycle, Inc. 11,156 114.54 115.96 91.51 (1.2%) 25.2% 119.59 95.8% 16.9x 17.0x 18.4x 17.3x 15.5x 34.8x 30.9x US Ecology, Inc. 576 28.99 29.75 19.87 (2.6%) 45.9% 31.12 93.2% 7.5x 8.5x 9.2x 9.2x 8.1x 19.6x 19.2x Heritage-Crystal Clean, Inc 258 15.01 14.09 19.09 6.5% (21.4%) 20.89 71.9% 30.1x 19.7x 22.4x 14.3x 7.2x 203.9x 55.7x Newalta Corporation 1,219 15.32 14.13 13.78 8.4% 11.1% 15.84 96.7% 7.4x 8.7x 9.7x 7.9x 6.5x 21.9x 17.6x Perma-Fix Environmental Services Inc. 28 0.47 0.47 0.98 0.1% (52.0%) 1.19 39.5% 8.4x NM NM 31.7x 5.5x NM NM Veolia Environnement S.A. 23,010 14.52 12.75 10.79 13.8% 34.6% 14.78 98.2% 9.6x 8.2x 6.4x 8.7x 7.6x 75.1x 23.0x Nuverra Environmental Solutions, Inc. 1,290 2.88 3.36 2.75 (14.3%) 4.7% 5.14 56.0% 20.3x 25.5x 15.1x 9.3x 6.9x NM NM Median (0.6% ) 7.9% 89.4% 9.0x 9.0x 10.8x 9.2x 7.1x 31.6x 24.2x

Waste to Energy Covanta Holding Corporation $4,945 $20.76 $20.31 $17.55 2.2% 18.3% $21.42 96.9% 10.0x 10.9x 12.1x 9.7x 9.5x 60.9x 46.4x Median 2.2% 18.3% 96.9% 10.0x 10.9x 12.1x 9.7x 9.5x 60.9x 46.4x (1) As of August 16, 2013.

Page | 17 Harris Williams & Co. Environmental and Safety Solutions │August 2013

PUBLIC COMPARABLES

($ in millions, excluding stock price) Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA P/E TEV Aug-13 Jul-13 Aug-12 Prior Month Prior Year High % of High Aug-12 Feb-13 Current 2013E 2014P Current 2013E

Water and Wastewater1

Products and Technologies IDEX Corporation $5,365 $60.23 $57.90 $40.62 4.0% 48.3% $61.95 97.2% 9.0x 10.5x 11.7x 11.7x 10.8x 91.8x 20.3x Mueller Water Products, Inc. 1,710 7.45 7.68 3.99 (3.0%) 86.7% 8.02 92.9% 10.1x 11.5x 11.6x 10.9x 9.0x 51.2x 43.0x Pentair Ltd. 14,973 62.11 60.23 43.10 3.1% 44.1% 64.88 95.7% 12.3x 43.6x 27.7x 12.3x 10.7x NM 19.4x Watts Water Technologies, Inc. 2,009 53.40 50.95 38.51 4.8% 38.7% 55.06 97.0% 8.1x 10.0x 10.7x 10.3x 9.1x 26.4x 22.6x Xylem Inc. 5,387 24.52 28.63 24.94 (14.4%) (1.7%) 29.79 82.3% 8.8x 9.4x 9.3x 10.0x 9.1x 19.8x 17.4x Median 3.1% 44.1% 95.7% 9.0x 10.5x 11.6x 10.9x 9.1x 38.8x 20.3x

Utilities and Services Aegion Corporation $990 $22.37 $24.13 $20.06 (7.3%) 11.5% $26.10 85.7% 8.8x 10.0x 9.7x 7.6x 5.9x 15.7x 14.0x American States Water Company 1,439 57.48 58.68 45.27 (2.0%) 27.0% 66.17 86.9% 8.1x 8.3x 9.0x 9.3x 9.0x 18.9x 20.5x American Water Works Company, Inc. 13,062 41.04 42.11 38.03 (2.5%) 7.9% 43.72 93.9% 9.9x 9.5x 10.1x 9.7x 9.1x 19.9x 18.8x Aqua America Inc. 6,046 31.18 32.74 25.21 (4.8%) 23.7% 35.15 88.7% 12.7x 12.8x 13.7x 13.1x 12.4x 20.8x 22.8x California Water Service Group 1,474 21.05 20.99 18.87 0.3% 11.6% 22.34 94.2% 8.9x 9.1x 10.3x 9.8x 8.4x 19.4x 24.8x Kurita Water Industries Ltd. 1,689 21.18 22.19 22.39 (4.6%) (5.4%) 23.91 88.6% 3.3x 3.4x 4.9x 4.5x 4.3x 25.9x 18.3x Pennon Group Plc 7,245 10.47 10.42 11.80 0.5% (11.3%) 11.88 88.1% 12.0x 11.1x 12.0x 11.0x 10.1x 90.6x 16.6x Severn Trent plc 13,725 26.69 26.60 27.62 0.3% (3.4%) 34.34 77.7% 11.2x 9.8x 11.7x 10.5x 10.3x 18.0x 18.7x Suez Environnement Company SA 20,869 15.14 13.35 11.49 13.4% 31.8% 15.31 98.9% 7.1x 6.5x 6.8x 6.3x 5.9x 18.6x 17.8x The York Water Company 337 19.69 21.12 18.03 (6.8%) 9.2% 21.99 89.5% 12.9x 12.6x 12.7x 12.2x 11.2x 26.4x 25.1x United Utilities Group PLC 16,628 10.72 10.78 11.43 (0.6%) (6.2%) 12.41 86.4% 11.7x 11.5x 11.7x 10.6x 10.1x 16.6x 16.2x Veolia Environnement S.A. 23,010 14.52 12.75 10.79 13.8% 34.6% 14.78 98.2% 9.6x 8.2x 6.4x 8.7x 7.6x 75.1x 23.0x Median (1.3% ) 10.4% 88.6% 9.7x 9.7x 10.2x 9.8x 9.1x 19.7x 18.8x

(1) As of August 16, 2013.

Page | 18 Harris Williams & Co. Environmental and Safety Solutions │August 2013

NOTABLE M&A ACTIVITY

Environmental M&A Highlights Safety M&A Highlights SolarCity Corp has agreed to acquire Paramount Delta Rigging & Tools, Inc. has acquired Holloway Solar, a provide of solar power systems to Wire Rope, a provider of below-the-hook lifting homeowners, a portfolio company of Paramount devices and rigging supplies and hoists. Read more Equity for $114 million. Read more here. here.

GeoStabilization, a provider of geotechnical FLIR Systems acquired micro-optics assets of consulting, design engineering, and specialty DigitalOptics Corporation, a fabricator of water-scale construction services, has received a significant equity specialty optics products. Read more here. investment from CAI Private Equity. Read more here. MCR Safety acquired U.S. Safety, a manufacturer and Darling International has agreed to acquire the supplier of prescription safety eyewear as well as other industrial residuals and used cooking oil collection PPE products. Read more here. operations of Terra Renewal Services, a portfolio company of Saw Mill Capital. Read more here. Distribution International, a portfolio company of Audax Group, acquired GlassCell Isofab, a provider NGL Energy Partners acquired Oilfield Water of acoustical and thermal insulation products. Read Lines, a provider of water disposal and hauling more here. services, for $298 million. Read more here. Eurofins Scientific acquired Central Laboratories Rumpke Consolidated Companies acquired Pike Friedrichsdorf, a provider of laboratory analytical Sanitation, a provider of trash and waste collection services for food safety. Read more here. services for clients in Ohio. Read more here. Linx International Limited acquired ARC Training Waste Management acquired Summit Energy International Ltd, a provider of security management Services and Liquid Logistics, providers of water training courses for the corporate security sector in the storage solutions and construction services for oil and United Kingdom. Read more here. gas producers. Read more here.

ADT Corporation has agreed to acquire Devcon EQ – The Environmental Quality Company, a Security, a provider of security, alarm, and video portfolio company of Kinderhook Industries, surveillance systems, for $148 million from Golden acquired Allstate Power Vac, a provider of industrial Gate Capital. Read more here. and emergency response services. Read more here.

World Wide Security Group acquired CCTV Integrated Mission Solutions, a portfolio company of Security Ltd., a provider of perimeter, biometrics, DC Capital Partners, entered into a definitive barrier, camera, and access control systems. Read more agreement to acquire Michael Baker Corporation, for here. $372 million. Read more here.

National Response Corporation acquired Op-Tech Hackett Security Inc. acquired Avery Security, LLC, Environmental Services, a provider of environmental a provider of security products and services to and industrial cleaning and decontamination services. residential and small businesses in the United States. Read more here. Read more here.

Page | 19

Harris Williams & Co. Environmental and Safety Solutions │August 2013

M&A TRANSACTION DETAIL

Annual Environmental and Safety M&A Volume1,2 Quarterly Environmental and Safety M&A Volume2 (# of transactions) (# of transactions)

700 225

200 600 175 500 150

400 125

300 100

75 200 50 100 25

0 0 2007 2008 2009 2010 2011 2012 2013 YTD 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Environmental and Safety M&A Volume by Category for 2007 to YTD 20131,2 (# of transactions)

Building Products 138

Consumer Products and Services 257

Energy Efficiency and Renewable Energy 611

Engineering, Construction, and Consulting 502

Remediation, Cleaning, and Abatement 342

Safety Equipment 580

Security and Alarms 412

Test, Measurement, and Control 431

Traffic, Automotive, and Emergency 267

Waste Management and Recycling 593

Water and Wastewater 352

0 100 200 300 400 500 600 700 Environmental and Safety M&A Volume Environmental and Safety M&A Volume by Category for 2007 to YTD 20131,2 by Category for the Last Twelve Months1,2 (% of total volume) (% of total volume) 3% 2% 8% 6% 13% 4% 14% 13% 14%

13%

6%

11% 14% 5% 9% 7% 8% 8% 9% 8% 13% 12% Building Products Consumer Products and Services Building Products Consumer Products and Services Energy Efficiency and Renewable Energy Engineering, Construction, and Consulting Energy Efficiency and Renewable Energy Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement Safety Equipment Remediation, Cleaning, and Abatement Safety Equipment Security and Alarms Test, Measurement, and Control Security and Alarms Test, Measurement, and Control Traffic, Automotive, and Emergency Waste Management and Recycling Traffic, Automotive, and Emergency Waste Management and Recycling Water and Wastewater Water and Wastewater (1) As of August 16, 2013. (2) Includes only closed transactions.

Page | 20 Harris Williams & Co. Environmental and Safety Solutions │August 2013

M&A TRANSACTION DETAIL

Closed Date Target Business Description Acquirer/Seller Pending ALPINE-ENERGIE Holding AG ALPINE-ENERGIE Holding AG provides overhead power line and railway line Triton / Fomento de Construcciones y construction, and construction and industrial engineering services. Contratas, S.A. Pending Paramount Energy Solutions, LLC Paramount Energy Solutions, LLC offers solar power systems financing and support SolarCity Corporation / Guthy-Renker LLC; services for homeowners. Paramount GR Holding, LLC Pending Relume Technologies, Inc. Relume Technologies, Inc. develops and manufactures light-emitting diode lighting Revolution Lighting Technologies, Inc. / A products for outdoor applications. Consortium of Financial Buyers Pending Mercury Energy, Inc. Mercury Energy, Inc. operates as a commercial and residential integrator of solar energy Real Goods Solar, Inc. / Oppenheimer systems in the Mid Atlantic and Northeast regions. Holdings Inc. Pending Balfour Beatty WorkPlace Limited Balfour Beatty WorkPlace Limited operates as a facilities management and business GDF Suez Energie Services SA / Balfour services outsourcing company serving private and public sectors in the United Kingdom. Beatty plc Pending Wastewater Assets Wastewater Assets comprises the waste water assets of East Prospect Borough Authority. The York Water Company / -

Pending KLC Green Energy Corp. KLC Green Energy Corp. manufactures solar panel systems that changes position in Solar Thin Films, Inc. / - response to the movement of the sun in relation to the earth. Pending General Energy Solutions Inc. General Energy Solutions Inc. produces and sells solar cell modules. Neo Solar Power Corporation / -

Pending Sabre Manufacturing, LLC Sabre Manufacturing, LLC manufactures and sells custom Liquid Storage and Containment Manitex International, Inc. / - solutions for businesses. Pending Terra Renewal Services, Inc. Terra Renewal Services, Inc. operates as a wastewater residual management company in Darling International Inc. / Saw Mill Capital the United States. LLC Pending Projek Penyelengaraan Lebuhraya Berhad Projek Penyelengaraan Lebuhraya Berhad provides highway and infrastructure maintenance Faber Group Bhd / UEM Builders Berhad services, and traffic and safety management services. Pending Taiwan Ziolar Technology Co. Ltd. Taiwan Ziolar Technology Co. Ltd. manufactures solar thermal panels used as a part of Auhua Holdings Pte., Ltd. / - solar-powered water heater systems. Pending Central Laboratories Friedrichsdorf GmbH Central Laboratories Friedrichsdorf GmbH provides laboratory analytical services for food Eurofins Scientific SA / Danone safety. Pending Devcon International Corp. Devcon International Corp., through its subsidiaries, provides electronic security services The ADT Corporation / Golden Gate Capital and products. Pending Louisiana Land and Water Co., Water and Louisiana Land and Water Co., Water and Sewer properties in Ouachita Parish comprises Greater Ouachita Water Company, Inc. / Sewer properties in Ouachita Parish water and sewer properties. Louisiana Land & Water Company, Inc. Pending Unitek S.A. Unitek S.A. designs, manufactures, and commercializes high technology systems for water RWL Water Group / - treatment and reuse applications. Pending Insight Environmental Consultants, Inc. Insight Environmental Consultants, Inc. operates as an environmental consulting firm Trinity Consultants, Inc. / - specializing in air quality services. Pending ISC Oldham Industrial Scientific Oldham S.A.S. provides fire and gas detection solutions. Industrial Safety Technologies LLC / Industrial Scientific Corporation Pending Riverside Water Company, Inc. Riverside Water Company, Inc. operates as a water utility company. Sellersburg Indiana / -

Pending Energy Management Services International Energy Management Services International LLC provides energy management services for Al Hassan Ghazi Ibrahim Shaker Closed Joint LLC the construction of buildings, and conservation of electricity and water. Stock Company / - Pending Portalify OY Portalify OY develops integrated field force and control room applications for empowering Sepura PLC / - professional users in public safety, security, and transportation. Pending Nissan Creative Service Co.,Ltd., Security Nissan Creative Service Co.,Ltd., Security Service and Building Management comprises Sohgo Security Services Co. Ltd. / Nissan Service and Building Management security and building management services. Creative Service Co.,Ltd. Pending HAZTEC Tecnologia e Planejamento HAZTEC Tecnologia e Planejamento Ambiental S.A. operates as an environmental Foxx Inova Ambiental Ltda. / A Consortium Ambiental S.A. solutions company. of Financial Buyers Pending Sourcefire, Inc. Sourcefire, Inc. provides intelligent cybersecurity technologies worldwide. Cisco Systems, Inc. / Sequoia Capital; T. Rowe Price Group, Inc.; BlackRock, Inc. Pending Xiangshui New Universe Environmental Xiangshui New Universe Environmental Technology offers recycling of industrial waste Jiangsu Huifeng Agrochemical Co.,Ltd. / New Technology Limited and provides consultancy services for environmental solid waste treatment. Universe Recyclables Limited Pending Shandong Tiancan Environmental Science and Shandong Tiancan Environmental Science and Technology Co., Ltd. offers environmental Management / - Technology Co., Ltd. consulting services. Pending Groupe GINGER Groupe GINGER operates as an engineering company in France and internationally. A Consortium of Financial Buyers / Grontmij NV Pending FirstMile Technologies FirstMile Technologies provides local and long distance telephone, Internet access, cable Inside Connect Cable / Lennar Corp.; Nortel television, and security services to residential and business customers. Networks Corp.; Centex Corporation; Pending Inenco Group Limited Inenco Group Limited operates as an energy and utility consultancy. IntermediatePulteGroup, Inc.Capital Group PLC; Vitruvian Partners LLP / EnServe Group Limited

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M&A TRANSACTION DETAIL

Closed Date Target Business Description Acquirer/Seller Pending Power Innovations International, Inc. Power Innovations International, Inc., provides energy generation and waste heat recovery Lite-On Technology Corp. / Signal Peak solutions for individual homeowners and businesses. Ventures Pending Grey Highlands Clean Energy Grey Highlands Clean Energy comprises a class 4 wind farm energy project. Renewable Energy Developers Inc / -

Pending Delete Group Oy Delete Group Oy through its subsidiaries offers heavy demolition, cleaning, and waste Axcel Management A/S / Intera Partners Oy processing services. 8/15/2015 Holloway Rope Wire Holloway Rope Wire provides below-the-hook lifting devices and rigging supplies. Delta Rigging & Tools, Inc. / -

8/12/2013 Murray & Roberts Holdings Ltd. Murray & Roberts Holdings Limited operates as an engineering, contracting, and Public Investment Corporation Limited / - construction services company. 8/12/2013 Tessera Technologies Inc., Micro-Optics Tessera Technologies Inc., Micro-Optics Business produces and markets diffractive FLIR Systems, Inc. / Tessera Technologies Business Based in Charlotte, North Carolina optical elements, refractive optical elements, and integrated micro-optic sub-assemblies. Inc. 8/9/2013 Sun World International, L.L.C. Sun World International, L.L.C. breeds, grows, and markets fresh fruits and vegetables. Renewable Resources Group Holding Company, Inc. / Black Diamond Capital 8/9/2013 Global Solar Renewables Global Solar Renewables manufactures electricity through solar energy. AmberManagement, Green L.L.C.Energy Limited / -

8/7/2013 A.A. Wilkie Consulting Engineers (nka:Wilkie Wilkie Civil Engineering provides civil and structural engineering services for commercial, Mineral Engineering Technical Services Pty Civil Engineering) industrial, and domestic clients. Ltd / - 8/7/2013 Parmelee Industries, Inc. Parmelee Industries, Inc., doing business as U.S. Safety, engages in the design, Shelby Group International, Inc. / - manufacture, and supply of personal protective equipment for industrial workers. 8/7/2013 GeoStabilization International LLC GeoStabilization International LLC provides road and highway maintenance and repair CAI / - services. 8/6/2013 EnviroTechnologies Inc. EnviroTechnologies Inc. engages in the development of single pass emission abatement Pacific Green Technologies Inc. / - systems for removal of air pollution worldwide. 8/5/2013 Stockport Fire Protection Limited Stockport Fire Protection Limited distributes fire safety equipment including portable fire Walker Fire (uk) Ltd / - extinguishers and fire alarms. 8/5/2013 Environmental Operations of Illinois LLC Environmental Operations of Illinois LLC provides geotechnical engineering and materials Geotechnology, Inc. / - testing services. 8/5/2013 Prohaul Transport LLC, Foster Testing Co., Prohaul Transport, Foster Testing and CP Well Testing provide well testing services, oil Prospect Capital Corporation; Prospect Inc. And CP Well Testing, LLC and gas field services, and oilfield fluid management and logistics services. Capital Management LLC / Hastings Equity 8/2/2013 GlassCell Isofab Inc. GlassCell Isofab Inc. manufactures and distributes acoustical and thermal insulation CrossroadsPartners, LLC C&I Distributors Inc. / - products. 8/2/2013 Oilfield Water Lines LP Oilfield Water Lines LP provides water disposal and hauling services. NGL Energy Partners LP / -

8/1/2013 ARC Training International Ltd ARC Training International Ltd. provides security management training courses for the Linx International Limited / red24 PLC corporate security sector in the United Kingdom. 8/1/2013 Bristol Pennsylvania Township Authority, Water Assets of a Community Water of Bristol Pennsylvania Township Authority Aqua America Inc. / Bristol Pennsylvania Water Assets of a Community Water comprises a community water system which distribute water to Bristol, Pennsylvania. Township Authority 8/1/2013 Summit Energy Services, LLC and Liquid Liquid Logistics, Inc. offers water storage solutions for oil and gas producers. Waste Management, Inc. / - Logistics 8/1/2013 Aquateam AS (nka:Aquateam COWI AS) Aquateam AS, a consulting company, specializes in environmental services. COWI A/S / -

8/1/2013 Pike Sanitation, Inc. Pike Sanitation, Inc. provides trash and waste collection services for residential and Rumpke Consolidated Companies, Inc. / - commercial clients in Ohio. 8/1/2013 ISS A/S, Nordic Damage Control Business ISS A/S, Nordic Damage Control Business comprises damage control, rebuilding and Agilitas Partners LLP / ISS A/S emergency response services for fire and flood damage. 7/31/2013 SolmeteX, Inc. SolmeteX, Inc. develops and manufactures specialized technology for the removal of Gemini Investors; Riveria Investment Group / heavy metal contaminants through waste hauling and recycling. Layne Christensen Co. 7/31/2013 Correctional Alternatives Inc. Correctional Alternatives Inc. provides cost-effective solutions for housing and rehab Corrections Corporation of America / - through community corrections. 7/31/2013 Vertegy LLC Vertegy LLC provides consulting and training services, including LEED, for design, Management / Alberici Corporation development, construction, and facility projects. 7/31/2013 Ecosphere Energy Services Inc. Ecosphere Energy Services Inc. which develops and markets water filtration systems to the Fidelity National Financial, Inc. / Ecosphere oil and gas exploration industry using the ozonix process. Technologies, Inc. 7/31/2013 Norfolk Group Ltd Norfolk Group Limited provides integrated electrical, communications, fire protection, and RCR Tomlinson Limited / A Consortium of property services; and heating, ventilation, and air conditioning services. Financial Buyers 7/30/2013 Allstate Power Vac, Inc. Allstate Power Vac, Inc. provides industrial service, including emergency response EQ - The Environmental Quality Company / - services.

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M&A TRANSACTION DETAIL

Closed Date Target Business Description Acquirer/Seller 7/30/2013 Soy Energy, LLC, Biodiesel Plant In Mason Soy Energy, LLC, Biodiesel Plant In Mason City comprises a bio-refinery that produces Renewable Energy Group, Inc. / Soy Energy, City biodiesel from animal fats and used cooking oil with production of 30 million gallon per LLC 7/30/2013 Gardner Denver Inc. Gardneryear. Denver, Inc. designs, manufactures, and markets engineered industrial machinery Kohlberg Kravis Roberts & Co. L.P. / and related parts and services. ValueAct Capital, LLC 7/29/2013 Clyde Bergemann Power Group International Clyde Bergemann Power Group International Ltd., develops and supplies clean energy Management / MML Capital Partners Ltd. systems for power, utility, petrochemical, and industrial applications. 7/29/2013 STX Energy Co., Ltd. STX Energy Co. engages in combined power plant management, renewable energy, oil ORIX Corporation / STX Corp. product storage and sales, and energy service company (ESCO) businesses. 7/29/2013 CCTV Security Ltd. CCTV Security Ltd. Designs, installs, and services commercial and industrial access World Wide Security Group / - control, closed circuit TV, intercom, alarm paging, and video management systems. 7/29/2013 Op-Tech Environmental Services Inc. OP-TECH Environmental Services, Inc. provides environmental and industrial cleaning, NRC US Holding Company LLC / SCA and decontamination services. Retirement Plan; Benchmark Pelinore Group 7/29/2013 Trygga Hem Skandinavien AB Trygga Hem Skandinavien AB provides a range of home security products and services in Sector Alarm AB / A Consortium of Financial Sweden. Buyers 7/26/2013 The Highlands Group, Inc., Plastics Recycling The Highlands Group, Inc., Plastics Recycling Facility specializes in separating polymers GP Harmon Recycling LLC / The Highlands Facility from mixed material streams to generate high-grade plastic raw materials. Group, Inc. 7/26/2013 Infratek ASA Infratek ASA provides technical services for the development, operation, and securing of Triton / Hafslund ASA; Fortum Oyj critical infrastructures in Norway, Sweden, and Finland. 7/26/2013 Exacq Technologies, Inc. Exacq Technologies, Inc. develops open architecture and video management system Tyco International Ltd. / A Consortium of (VMS) solutions for security and surveillance applications. Financial Buyers 7/26/2013 Salcon Darco Environmental Pte. Ltd. Salcon Darco Environmental Pte. Ltd. operates as an investment holding company which Salcon Bhd / Darco Water Technologies Ltd. through its subsidiaries operates and manages water treatment plants. 7/25/2013 Remedios Limited Remedios Limited provides environmental consultancy and technology services for clients Esh Holdings Limited / - in the United Kingdom and internationally. 7/25/2013 Avery Security, LLC Avery Security, LLC provides security products and services to residential and small Hackett Security Inc. / - businesses in the United States. 7/25/2013 Power-One Inc. Power-One, Inc. engages in the design, manufacture, sale, and service of power supply ABB Ltd. / A Consortium of Financial Buyers products for the renewable energy, servers, and telecommunications industries. 7/24/2013 Environmental Management Systems, Inc. Environmental Management Systems, Inc. provides dielectric oil and equipment recycling Versatile Processing Group, Inc. / - services, and transportation equipment to the electric utility industry. 7/23/2013 Kitsons Environmental Europe Limited Kitsons Environmental Europe Limited, a multi disciplinary contractor, provides Euro Dismantling Services Ltd. / Silverdell environmental and industrial support solutions to major organisations. PLC 7/23/2013 Vicon Services Pty Ltd and Total Reclaim Vicon Services and Total Reclaim Systems manufacture and market equipment and EnerMech Ltd. / - Systems Ltd. techniques for pit and tank cleaning on offshore oil rigs and production platforms. 7/23/2013 Segel & Son, Inc. Segel & Son, Inc. operates as a scrap metal recycling and steel sales company. Goodman Services, Inc. / -

7/23/2013 ecoATM, Inc. ecoATM, Inc. provides automated self-serve kiosks that use machine vision, electronic Outerwall Inc. / A Consortium of Financial diagnostics, and artificial intelligence to evaluate and buy-back used electronics. Buyers

HW&CO. OFFICE LOCATIONS

Boston Cleveland Frankfurt London Phone: +1 (617) 482-7501 Phone: +1 (216) 689-2400 Phone: +49 69 7593 7166 Phone: +44 (0)20 7518 8900

Minneapolis Philadelphia Richmond San Francisco Phone: +1 (612) 359-2700 Phone: +1 (267) 675-5900 Phone: +1 (804) 648-0072 Phone: +1 (415) 288-4260

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SOURCES AND DISCLOSURES

SOURCES ‒ Advantage Business Media. ‒ Long Island Newsday. ‒ The Diplomat. ‒ American Lung Association. ‒ Lux Research. ‒ The Economist. ‒ Benzinga. ‒ Maine Sun Journal. ‒ The Energy Collective. ‒ BizJournals. ‒ Mother Jones. ‒ The New York Times. ‒ Canadian Manufacturing. ‒ Mother Nature Network. ‒ The Security Lion. ‒ Dow Jones & Company, Inc. ‒ NBC News. ‒ The Texas Tribune. ‒ Earth Techling. ‒ Penton. ‒ The Times of India. ‒ EHS Today. ‒ Pittsburgh Post-Gazette. ‒ The Weather Channel. ‒ Environmental News Network. ‒ PR Newswire. ‒ Thomson Reuters. ‒ EPA. ‒ Proceedings of the National Academy of ‒ Trinity Consultants. Sciences. ‒ Euractiv.com ‒ U.S. Department of Commerce. ‒ S&P Capital IQ. ‒ Forbes. ‒ U.S. Department of State. ‒ Security Systems News. ‒ Fox News. ‒ Waste360. ‒ StreetInsider.com. ‒ Gannett. ‒ World Bank. ‒ Superformance. ‒ Greenbiz. ‒ WorldNow. ‒ Texas Commission on Environmental ‒ Greentechmedia. ‒ Yahoo! News. Quality. ‒ Harvard School of Public Health.

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