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Data-Based Consulting Heavy Equipment Rental In this month’s newsletter: 2 Monthly Commentary and Summary 3 Recent Industry News 6 Loan Market Update & Technical Conditions

Knowledge-Based Cons. Non-Heavy Equip. Rental 8 Revolver and Term Loan Recent Issuance 11 Investment Grade Bond Market Update & Outlook 13 Investment Grade Recent Bond Issuance 14 Investment Grade Debt Comparables Advertising / Marketing Facility Services 17 High Yield Bond Market Update & Outlook 19 High Yield Recent Bond Issuance 20 High Yield Debt Comparables 22 Equity Capital Markets Update & Outlook Printing Services Auction Services 24 Equity Capital Markets Relative Valuation 25 Equity Capital Markets Recent Issuance 26 Operating Statistics

Diversified / Other 29 Macroeconomic Indicators 32 Current Interest Rate Environment 33 Notable Mergers and Acquisitions Activity 36 KeyCorp & KBCM Overview & Capabilities

Disclosure: KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. This report was not issued by our research department. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual person or entity. Business Services Monthly February 2016 – Monthly Commentary

Monthly Commentary

. The KeyBanc Business Services Index (“KBBS”) was up for the second straight month, registering a 2.5% move, which . The KeyBanc Business Services Index (“KBBS”) was up for outpaced the 2.2% gain posted by the S&P 500. Six of the nine tracked subsectors finished the month up (pg. 23) the month, registering a 3.1% move, which outpaced the 0.5% . Debt market activity continued to remain healthy for business services companies. Revolver and term loan activity was flat gain recorded by the S&P 500. Six of the nine tracked m/m, the IG bond market saw 4 issuers come to market, and HY issuers stayed on the sidelines. The IG market has now had subsectors posted gains for June (pg. 23) activity in six of the past nine months, with HY activity in nine of the past eleven months (pg. 8, 13, & 19) . Debt market activity continued to remain healthy for business . The Professional & Business Services (“P&B”) sector added 31,000 jobs in May. Year over year, the P&B sector continues to services companies. Numerous revolvers and term loans . . How those market outpace overall nonfarm payroll growth, 2.4% vs. 1.6%, respectively (pg. 29) participants digest recent placed, along with one investment grade tranche. The high volatility may have an . The interest rate curve fell as the 3 month LIBOR rate dropped 4 bps to 2.32% while the 30 year treasury rate declined 11 bps yield bond market took a breather and was inactive for the impact on near-term and to 3.00%. The belly of the curve remained active with the 5 year treasury rate also dropping 11 bps to 2.68% (pg. 2 & 32) first time in 16 months (pg. 8, 13, & 19) mid-term market activity . The business services M&A market remained active and was up when compared to activity this time last year (pg. 33) . Professional & Business Services (“P&B”) companies added and general market sentiment . Tax reform, record low volatility, and improved economic forecasts, amongst other factors, contributed to the market grinding 35,000 jobs in June. Year over year, the P&B’s sector higher throughout 2017. Although there are some geopolitical and global trade tensions, along with economic uncertainties continues to outpace overall nonfarm payroll growth, 3.1% vs. . The KeyBanc Business Services Index (“KBBS”) was down for abroad, market participants have continued to focus on domestic themes, which are mostly favorable 1.6%, respectively (pg. 29) the month, registering a (0.3)% move, which outperformed the Indices Exchange Rates Interest Rates . The interest rate curve continued to flatten throughout the (2.7)% loss the S&P 500 posted. Five of the nine tracked month, with the 3 month LIBOR rate increasing 9 bps to subsectors finished the month up (pg. 22) As of % Change As of % Change vs. USD As of Bps Change 1.30%, while the 30 year treasury rate fell 3 bps to 2.84% (pg. . Debt market activity continued to remain healthy for business 5/31/2018 1 Month 1 Year 3 Years 5/31/2018 1 Month 1 Year 3 Years 5/31/2018 1 Month 1 Year 3 Years 2 & 32) DJIA 24,415.8 1.0% 16.2% 35.6% Euro 1.166 (3.4)% 3.8% 6.2% 3m Libor 2.32% (4) 111 204 services companies, picking up from last month’s slowdown. . The business services M&A market was dominated by smaller S&P 500 2,705.3 2.2% 12.2% 28.4% CAD 0.770 (1.2)% 4.1% (3.7)% 1y r T-Rate 2.23% (1) 106 197 Revolver and term loan activity was up m/m and when transactions, but had its largest transaction count since February compared to the same period a year ago. One investment Nasdaq 7,442.1 5.3% 20.1% 46.8% Renminbi 0.156 (1.2)% 6.2% (3.3)% 3y r T-Rate 2.54% (8) 110 160 (pg. 33) grade bond priced, marking IG activity for the fourth time in six NYSE 12,527.1 0.1% 8.0% 13.3% Peso 0.050 (6.2)% (6.5)% (23.0)% 5y r T-Rate 2.68% (11) 93 119 . Elevated economic and monetary policy uncertainty in the months, while three high yield bonds came to market (pg. 8, AMEX 2,751.8 5.3% 5.4% 13.3% Yen 0.009 0.5% 1.7% 14.0% 7y r T-Rate 2.78% (13) 76 92 U.S., along with geopolitical tensions abroad, continues to 12, & 18) Russell 2000 1,633.6 5.9% 19.2% 31.1% Pound 1.329 (3.4)% 3.0% (13.0)% 10y r T-Rate 2.83% (12) 62 71 keep the overall market in a slightly tepid mood. Until there is . Professional & Business Services (“P&B”) companies added Russell 3000 1,610.7 2.6% 12.9% 27.9% 30y r T-Rate 3.00% (11) 13 12 more clarity around these issues, continue to expect a 50,000 jobs in February. Year over year, the P&B’s sector Business Services Summary (as of 5/31/2018) cautious approach from market participants continues to outpace overall nonfarm payroll growth, 2.4% vs. Stock Performance EV / EBITDA As % of Revenue 1.6%, respectively (pg. 28) . The interest rate curve steepened as the 3 month LIBOR rate % of 52 Gross Operating . The KeyBanc Business Services Index (“KBBS”) was down for the month, registering a (0.8)% move, which lagged the 2.2% 1 Month 1 Year 3 Year Week High LTM NTM Profit Income SG&A increased 24 bps to 2.02% while the 30 year treasury rate rose gain by the S&P 500. Four of the nine tracked subsectors posted gains (pg. 22) 18 bps to 3.13%. The belly of the curve remained active with the Data-Based Consulting 3.3% 19.3% 31.9% 93.7% 18.6x 15.1x 62.9% 21.3% 29.4% . Debt market activity continued to remain healthy for business services companies. Although revolver and term loan activity Knowledge-Based Consulting 3.3% 29.4% 44.6% 95.1% 12.9x 11.8x 31.5% 8.4% 23.2% 5 year treasury rate increasing 13 bps to 2.65% (pg. 2 & 31) was soft, it was comparable to the same period a year ago. One investment grade bond tranches priced, along with two high Advertising / Marketing 3.5% (4.2%) (27.3%) 75.7% 9.2x 8.3x 31.2% 12.2% 21.9% . The business services M&A market remained active, but was yield bond tranches. This activity continues the high yield markets positive momentum - bringing the three month high yield Heavy Equipment Rental 7.8% 61.0% 45.3% 79.4% 9.9x 8.7x 43.6% 21.8% 15.5% slightly down when compared to activity this time last year (pg. 32) bond issuance total to $5.7bn (pg. 8, 12, & 18) Move translucent box Non-Heavy Equipment Rental 8.8% 35.1% 83.5% 99.0% 14.2x 13.4x 41.3% 13.4% 25.1% . Tax reform, record low volatility, and improved economic as needed  Facility Services (1.2%) 1.2% 45.5% 86.3% 13.8x 9.9x 20.9% 9.5% 9.3% . Professional & Business Services (“P&B”) companies added 13,000forecasts, jobs amongst in September. other factors, Year overcontributed year, the to P&B’sthe market sector Printing Services (4.6%) 6.7% 10.8% 72.1% 6.2x 6.2x 25.8% 4.1% 15.4% continues to outpace overall nonfarm payroll growth, 2.6% vs.grinding 1.2%, respectively higher throughout (pg. 28) 2017. Although there are some Auction Services 4.3% 35.6% 93.1% 96.6% 18.4x 16.6x 48.4% 23.7% 18.9% . The interest rate curve steepened as the 3 month LIBOR rategeopolitical increased 2tensions bp to 1.33% and economic while the uncertainties 30 year treasury abroad, rate market climbed Diversified / Other Business Services (3.2%) (3.7%) 43.1% 83.3% 11.3x 8.6x 29.6% 12.2% 19.9% 13 bps to 2.86%. The belly of the curve was active with the 10participants year treasury have rate chosen spiking to 21focus bps on to domestic 2.33% (pg. themes, 2 & 31) which KeyBanc Business Services Index 2.5% 20.0% 41.2% 86.3% 12.9x 9.9x 31.5% 12.2% 19.9% . The business services M&A market remained active in September,are mostly roughly favorable in line with activity during this time last year (pg. 32) S&P 500 2.2% 12.2% 28.4% 94.2% 12.6x 10.7x 37.6% 14.6% 15.5% Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis . Elevated economic and monetary policy uncertainty in the U.S., along with geopolitical tensions abroad, continues to keep the 2 overall market in a slightly tepid mood. Until there is more clarity around these issues, continue to expect a cautious approach from market participants Business Services Monthly February 2016 – News

Recent Industry News For each month Data-Based Consulting – reset (5/17) U.S. corporations spent $23 billion on analytics work in 2017 (Source Global Research) A new report revealed that of the $23 billion spent by U.S. corporations on analytics work, around $10 billion, or 43%, paragraph was spent on building up in-house analytics capabilities, while the remaining 57% was spent on external analytics spacing in each consultants. U.S. executives are investing in data and analytics for revenue growth and cost efficiencies (5/24) S&P Global announced plans to build a stand-alone ratings business in China, the first major credit rating section agency to explicitly outlay plans. S&P’s grades of Chinese companies could open the local yuan-denominated bond market to international investors and provide Chinese businesses with access to lower-cost capital (WSJ) (5/21) IHS Markit announced its intent to acquire Ipreo, a leading financial services solutions and data provider, for $1.855 billion, from PE funds managed by Blackstone, Goldman Sachs Merchant Banking Division (IHS Markit) (5/3) According to a survey by Dun & Bradstreet and Forrester Consulting, the number one priority for sales and marketing teams over the next year is to increase their use of data and analytics (Dun & Bradstreet)

Knowledge-Based Consulting (5/30) According to Korn/Ferry, CEOs are seeing the highest compensation increases since the recession (Korn/Ferry) The study examines pay for CEOs at the nation’s 300 largest publicly traded companies. Median total direct compensation for CEOs increased 8.7% to $13.4 million, doubling the previous year’s 4.2% increase in total direct compensation. This year marked the highest percentage increase since 2010, the first year post-recession. A large percentage of the increase was due to increases in annual bonuses and long-term incentives, rather than base pay (5/22) The Big Four accounting firms increase their audit fees year-over-year as the length of time that they’re auditing companies increases (Accounting Today) (5/2) ICF reported first quarter revenue of $303 million, up 2% over the first quarter last year. The Company reported a pipeline of $4.4 billion and opportunities with FEMA and HUD (PR Newswire) (5/1) Huron Consulting released first quarter revenue of $193.7 million, a 2.6% increase over the year-ago period. Revenues for the Business Advisory and Education segments increased 16.2% and 13.3%, respectively (Huron) Advertising / Marketing (5/23) Accenture Interactive plans to launch a Programmatic Services practice (WSJ) The new division will incorporate the planning, buying, and management of programmatic ad campaigns. Consulting firms and advertising agencies have been competing more directly for business recently, as consulting firms, like Accenture, have acquired ad agencies. In response, ad agencies have opened consulting businesses. Accenture Interactive’s revenue grew 35% to $6.5 billion in 2017 (5/22) According to research released by IAB, 65% of brand marketers that purchase digital ads programmatically have either completely moved programmatic buying in-house or have begun the process of doing so (IAB) (5/10) MDC reported disappointing first quarter revenue of $327 million, down 5% from a year ago. The Company’s CEO blamed slow development of new business, client cutbacks, and new accounting regulations (WSJ) (5/10) Total U.S. digital ad spend reached a record $88 billion in 2017. On mobile devices, video revenue increased 64% to $6.2 billion, the first time that mobile video revenues have surpassed desktop video (IAB)

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 3 Business Services Monthly February 2016 – News

Recent Industry News Heavy Equipment Rental (5/24) April new business volume flat year-over-year, down 13% from March (ELFA) According to the ELFA Monthly Leasing and Finance Index, overall new business volume for April was $7.9 billion, unchanged from April 2017, and down 13% from $9.1 billion in March. Year-to-date, cumulative new business volume is up 9% vs. 2017. “Responding members continue to show solid growth in new business volume, reflecting sound fundamentals in the U.S. economy. Effects of new tax legislation signed into law late last year … are serving to buoy business confidence and contribute to healthy capex levels,” said ELFA President and CEO Ralph Petta (5/30) The Association of General Contractors analyzed recent employment data and found that construction employment increased in 256 of 358 metro areas between April 2017 and April 2018 (RER) (5/21) In the American Rental Association’s latest 5-year forecast, U.S. equipment and event rental industry revenue will reach $64.1 billion by 2022 due to economic growth and capital spending (RER) (5/8) Textainer reported first quarter results. Lease rental revenue increased 3% from the prior quarter (Business Wire)

Non-Heavy Equipment Rental (5/22) Cintas announced fiscal 2018 third quarter results; revenue increased 26.6% y/y (Cintas) The Company reported revenue for the quarter of $1.59 billion, representing an organic growth rate (which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations) of 7.8%. Scott Farmer, CEO of Cintas, commented that Cintas is continuing to make progress on the G&K acquisition and implementation of an ERP system (6/4) With unemployment at an 18-year low, event rental operators are scrambling to find workers willing and able to work long hours at the current pay rate (Special Events) (5/21) Cintas was recently named to the Fortune 500 list for the first time, making it the ninth Cincinnati-based company to make the list (Cincinnati.com) (5/9) Superior Group of Companies agreed to acquire CID Resources Inc. for approximately $88.4 million, representing a price of 1.35x 2017 sales. CID provides branded medical uniforms and is based in Coppell, Texas (ALN) Facility Services (5/1) ServiceMaster announced first quarter results and appointed a CEO of AHS (ServiceMaster) (ServiceMaster) Revenue increased 5% to $675 million for the quarter. ServiceMaster completed the previously announced $92 million acquisition of Copesan Services. American Home Shield, expected to be spun off in Q3, reported a 9% y/y revenue increase for the first quarter. ServiceMaster named Rex Tibbens as American Home Shield CEO & President (5/21) Rentokil Steritech finalized a deal to acquire Advanced Pest Management, based in Elkton, Maryland. The acquisition further expands Rentokil Steritech’s reach in the northeastern U.S. (PCT) (5/17) Rollins announced that it has acquired Guardian Pest Control in the U.K. to expand its footprint there. Terms were not disclosed (Rollins) (5/2) SP Plus announced first quarter results, including a 3% decline in gross profit over the year-ago period. The Company’s CEO remarked that results “met our expectations, despite some challenging winter weather and a non-cash write-off related to an unanticipated early termination of a long-term lease contract” (SP Plus)

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 4 Business Services Monthly February 2016 – News

Recent Industry News Printing Services (5/9) Deluxe announced the acquisition of LogoMix for $43 million in cash (Business Wire) LogoMix, based in Boston, is a provider of logo design and other small business branding and marketing services. More than 60% of the firm’s customers are outside of the U.S., so the acquisition will expand Deluxe’s reach, while strengthening its innovative small business marketing services. Deluxe will also implement LogoMix’s artificial intelligence capabilities, which will give Deluxe the ability to better cross-sell products (5/29) Cimpress announced a private offering of $400 million Senior Notes due 2026 (Business Wire) (5/2) Quad/Graphics announced a multi-year, multi-million-dollar contract with U.S. Bank to manage credit card acquisition programs for hundreds of its small and mid-size regional banks. Quad will produce mailpieces that are personalized with data elements relevant to each individual recipient (Quad/Graphics) (5/2) LSC Communications and RRD agreed that LSC will acquire the Print Logistics component of RRD’s Logistics business. This is LSC’s third logistics-focused acquisition in the last 12 months (Business Wire)

Auction Services (5/17) Ritchie Bros. sold $44 million of equipment in its Fort Worth, Texas auction (Ritchie Bros.) Ritchie Bros. sold over $44 million of equipment at its May Fort Worth auction. There were over 4,750 bidders from 59 countries. Dolan Aucoin, Sales Director for Ritchie Bros., commented, “We had a great turnout this week – with attendance up approximately 12% year over year – resulting in strong pricing across most equipment categories” (5/23) Copart announced third quarter fiscal 2018 results. Revenue was $478.2 million, an increase of 27.9% compared to the same quarter last year. Results were adversely affected by $7.4 million for the quarter, related to Hurricane Harvey (Copart) (5/17) Copart fulfilled its promise to clear hazardous scrap tires from the former Safe Tire Disposal Corp. in San Antonio, Texas. Copart announced the purchase of this location in January (Copart) (5/8) KAR announced first quarter revenue of $950.5 million, a 10% improvement over the first quarter of 2017 (KAR)

Diversified / Other Business Services (5/31) Brink’s announced the acquisition of rival Dunbar Armored for approximately $520 million (WSJ) In 2017, Brink’s made six acquisitions for roughly $365 million; earlier this year, the Company announced the $145 million acquisition of Brazil-based Rodoban. With this acquisition, Brink’s says it will be the nation’s and world’s largest cash-management company. Dunbar had LTM revenue and EBITDA of approximately $390 million and $43 million, respectively. The transaction will be funded with cash and is expected to close by year-end (5/31) Sabre announced it will offer NDC-enabled solutions by the end of 2018 to bring value to travelers (Sabre) (5/30) Iron Mountain acquired EvoSwitch Netherlands B.V and EvoSwitch Global Services B.V. The acquisition provides 11 megawatts of existing data center capacity in the Netherlands. Transaction consideration of €205 ($235) million was financed by debt and represents a multiple of ~14x 2018 EBITDA (Iron Mountain) (5/1) Cardiff Lexington agreed to acquire Red Rock Travel Group, a provider of timeshare and travel club leads in the U.S. (Globe Newswire)

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 5 Business Services Monthly February 2016 – Debt Capital Markets, Loans

Loans – Market Update & Technical Conditions Leveraged Loans Market Update & Commentary . Loan funds reported an inflow totaling $275 million last week – the lightest inflow in five weeks . For the week ended May 31st, $5.6 billion priced from 11 loans vs. $6.1 billion the week prior and $29.7 billion two weeks ago . YTD volume totals $361.4 billion, a 23.1% decrease compared to $469.9 billion the year prior . 1Q18 volume improved from 4Q17, driven by M&A activity – Acquisition-related activity jumped 24% q/q to $47.1B while refinancing remained essentially flat q/q at approximately $59B – Repricings totaled $139.0B, up slightly q/q, with over 50% of the issuers repricing for the first time since the original deal . LBO leverage reached 5.9x in 1Q18, the highest level since 2007 . LIBOR rate increases, up 60 bps in 1Q18 to 231 bps, are counteracting declining spreads Broadly Syndicated Loans - Quarterly Volume

($ in billions) Loan Technical Conditions $400 Repricing via Amendment Re-Syndicated Repricing New-Issue * $340 . Demand $350 – New-issue CLO strength has continued, with five additional CLOs pricing, bringing the MTD total to $11.2 billion and YTD $300 to $54.2 billion $250 – CLO investors are anticipating the second half of the year to include more resets and a continued stream of new issues $200 – 2018 CLO estimates currently range from $100.0 – $150.0 billion. The removal of risk retention regulations is likely to $164 $150 $153 bolster issuance through 2018 $150 $119 . Supply $100 $67 $56 $51 – The forward calendar fell to $56.1 billion last week, which still remains well above the LTM average of $37.6 billion. M&A $41 serves as the primary driver of activity, with $45.1 billion across 37 transactions $50

– With the calendar’s continued strength, supply provides support for investors’ heavy demand -

1Q15 3Q15 4Q15 2Q16 3Q16 1Q17 2Q15 1Q16 4Q16

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted * Not connected to a repricing 6

Business Services Monthly February 2016 – Debt Capital Markets, Loans

Loans – Monthly Market Statistics

Leveraged Loan Volume ($BN) – New Money Large Corporate LBO Leverage

$250 Institutional Prorata 8.0x First Lien Second Lien / Other Debt

$209 7.0x 6.2x $200 5.8x 5.8x 5.9x $168 6.0x 5.7x 5.5x $166 $167 5.2x 5.3x 5.4x 4.9x $160 $145 4.7x $150 $140 $141 5.0x $134 $128 $124 4.0x $117 $121 4.0x $94 $91 $100 3.0x $73 $67 2.0x $50 1.0x

$0 0.0x 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18 Leveraged Yields Weekly Institutional Forward Calendar ($BN)

Quarter-to-date $80 $74 Last $70 $64 4Q17 1Q18 month 5/24/18 5/31/18 $37.6bn LTM $60 $61 $60 weekly average $56 Overall 5.02% 5.27% 5.84% 5.77% 5.78% $51 $50 $46 $48 $45 $45 $43 $40 $37$38 BB-rated 3.92% 4.34% 4.69% 4.55% 4.54% $34 $32$29 $33 $30 $28 B-rated 5.45% 5.54% 6.25% 623.00% 6.25% $20

Large Corporate 4.85% 5.09% 5.70% 5.63% 5.63% $10 $0

Middle Market 6.06% 6.21% 6.67% 6.65% 6.69%

2/7/2018 3/7/2018 4/4/2018 5/3/2018 5/9/2018

2/14/2018 2/21/2018 2/28/2018 3/14/2018 3/21/2018 3/28/2018 4/11/2016 4/18/2018 4/25/2018 5/16/2018 5/23/2018 5/30/2018 Secondary Market [1] 1/31/2018 100.0 98.3 97.5

95.0

92.5

90.0

87.5

85.0

Jun-17 Jun-15 Jun-16

Mar-16 Mar-17 Mar-18

Dec-17 Dec-15 Dec-16

Sep-15 Sep-16 Sep-17 Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted [1] S&P/LSTA US Leveraged Loan 100 Index 7 Business Services Monthly February 2016 – Debt Capital Markets, Loans Copy and paste from File – width to 7.73 Revolver and Term Loan Recent Issuance . The May 2018 revolver and term loan market saw 10 companies amend/issue 23 tranches. Recall that in April, 11 Last 3 Months companies amended/issued 19 tranches . Of note: Changed “new Search close date and – Omnia Partners (Other) closed $565mm in financing, consisting of a $30mm revolver, a $390mm first-lien TLB at L+375, announced date – if and a $145mm second-lien TL at L+750. Proceeds are tagged to refinance debt and back the acquisition of U.S. money” you don’t, some Communities. Omnia Partners is a group-purchasing organization in procurement and supply chain management commentary – “no” transactions might slip – TransPerfect Translations Intl (Knowledge) issued $445mm, comprised of a $420mm TL and $25mm revolver, to through support the management-led buyout amended doesn't Offering Details Facility Ratings necessarily mean Initial All-In Close Date Issuer Ticker Maturity Type Secured Amount Primary UoP Amended Spread Leveraged Moodys S&P new money 4/27/2018 TransUnion Corp TRU 4/27/2022 TLA Yes $400 Acq. Fin. Yes n/d Yes Ba2 BB+

4/27/2018 TransUnion Corp TRU 4/27/2025 TLB Yes 1,000 Acq. Fin. Yes n/d Yes Ba2 BB+

3/7/2018 NeuStar Inc - 1/2/2020 TLB Yes 129 GCP Yes L + 275 Yes Ba3 BB Based Cons. Based - 3/7/2018 NeuStar Inc - 8/1/2024 TLB Yes 973 GCP Yes L + 350 Yes Ba3 BB

Data 3/7/2018 NeuStar Inc - 8/1/2024 TLB Yes 129 GCP Yes L + 350 Yes Ba3 BB

5/22/2018 Global Sales Alliance - 5/22/2021 Rev n/d $5 WC No n/d No nr/na nr/na

5/22/2018 Global Sales Alliance - 5/22/2021 Rev n/d 4 WC No n/d No nr/na nr/na

5/22/2018 Global Sales Alliance - 5/22/2023 TL n/d 11 WC No n/d No nr/na nr/na

5/22/2018 Global Sales Alliance - 5/22/2021 SLOC n/d 2 WC No n/d No nr/na nr/na

5/8/2018 PriceWaterhouseCoopers LLP - 5/8/2019 Rev No 400 GCP No L + 125 Yes nr/na nr/na

5/7/2018 TransPerfect Translations Intl - n/a Rev Yes 25 Mgmt. Buy-Out No n/d Yes nr/na nr/na

5/7/2018 TransPerfect Translations Intl - n/a TL Yes 420 Mgmt. Buy-Out No n/d Yes nr/na nr/na

4/30/2018 AlixPartners LLP - 3/27/2024 TLB Yes 170 Div. Recap. Yes L + 275 Yes B2 B+

4/24/2018 Press Ganey Holdings Inc - 10/23/2023 TLB Yes 838 GCP Yes L + 275 Yes B2 B

4/24/2018 Press Ganey Holdings Inc - 10/23/2023 TLB Yes 90 GCP Yes L + 275 Yes B2 B

4/18/2018 Teneo Holdings - 4/18/2023 Rev No 25 GCP Yes L + 225 Yes nr/na nr/na

4/18/2018 Teneo Holdings - 4/18/2023 TLA Yes 128 GCP Yes L + 225 Yes nr/na nr/na

Based Consulting Based 4/13/2018 LegalShield - n/a Rev Yes 50 Spon. Buyout No n/d Yes B1 B - 4/13/2018 LegalShield - 4/13/2025 TLB Yes 550 Spon. Buyout No L + 325 Yes B1 B

4/13/2018 LegalShield - 4/13/2026 TL Yes 150 Spon. Buyout No L + 750 Yes Caa1 B-

Knowledge 4/3/2018 CBIZ Inc CBZ 4/3/2023 Rev No 400 WC Yes L + 125 No nr/na nr/na

3/23/2018 Huron Consulting Group Inc HURN 3/23/2023 Rev Yes 600 WC Yes L + 175 Yes nr/na nr/na

3/16/2018 PwC - 3/16/2023 Rev n/d 50 GCP No n/d Yes B1 B

3/16/2018 PwC - 3/16/2025 TLB n/d 315 GCP No L + 325 Yes B1 B

3/16/2018 PwC - 3/16/2026 TL n/d 105 GCP No L + 750 Yes Caa1 CCC+

3/7/2018 Engage2Excel Inc - 3/7/2023 Rev Yes 12 Acq. Fin. No L + 650 Yes nr/na nr/na

3/7/2018 Engage2Excel Inc - 3/7/2023 TL Yes 105 Acq. Fin. No L + 650 Yes nr/na nr/na

3/1/2018 Polsinelli PC - 3/1/2021 Rev No 90 GCP No L + 200 Yes nr/na nr/na HER 3/1/2018 Polsinelli PC - 3/1/2021 Rev No 30 GCP No L + 200 Yes nr/na nr/na

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Thomson Financial, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 8 Business Services Monthly February 2016 – Debt Capital Markets, Loans

Revolver and Term Loan Recent Issuance Offering Details Facility Ratings Initial All-In Close Date Issuer Ticker Maturity Type Secured Amount Primary UoP Amended Spread Leveraged Moodys S&P

5/14/2018 Atlas Sign Industries Inc. - 5/14/2023 TL Yes $18 GCP No L + 950 Yes nr/na nr/na

3/15/2018 HS2 Solutions Inc - 3/15/2022 Rev No 3 GCP No n/d No nr/na nr/na

3/15/2018 HS2 Solutions Inc - 3/15/2022 TL No 26 GCP No n/d No nr/na nr/na

3/9/2018 Nationwide Mail Marketing Inc - 6/1/2021 TL Yes 87 GCP Yes L + 500 Yes nr/na nr/na Copy and paste 3/9/2018 Nationwide Mail Marketing Inc - 6/1/2021 Rev Yes 10 GCP Yes L + 500 Yes nr/na nr/na

from File – width to 3/9/2018 Nationwide Mail Marketing Inc - 6/1/2021 TL Yes 29 Acq. Fin. Yes L + 500 Yes nr/na nr/na Advertising / Advertising Marketing

7.73 3/9/2018 Nationwide Mail Marketing Inc - 12/1/2021 TL Yes 8 Acq. Fin. Yes L + 875 Yes nr/na nr/na

9/27/2017 Interpublic Group Of Cos Inc IPG 9/27/2022 Rev No $1,500 Refi. Yes L + 130 No nr/na nr/na 5/22/2018 Satellite Shelters Inc - 5/22/2022 Rev No $120 GCP Yes L + 200 Yes nr/na nr/na Last 3 Months 9/25/2017 Authentic Brands Group - 9/25/2022 Rev Yes 75 Div. Recap. No n/d Yes B1 B 5/2/2018 Air Lease Corp AL 5/5/2022 Rev No 3,992 GCP Yes L + 105 No nr/na BBB 9/25/2017 Authentic Brands Group - 9/25/2024 TLB Yes 725 Div. Recap. No L + 400 Yes B1 B

4/27/2018 Mike Albert Leasing Co - 4/26/2019 364d Rev No 25 GCP No L + 125 No nr/na nr/na

9/25/2017 Authentic Brands Group - 9/25/2025 TL Yes 270 Div. Recap. No L + 800 Yes Caa1 CCC+ Adv./ Marketing Adv./ 4/26/2018 Aviation Capital Group Corp - 4/26/2023 Rev No 1,500 GCP Yes L + 112.5 No nr/na A-

4/13/2018 Nesco Sales & Rentals Inc - 9/30/2020 Rev Yes 250 GCP Yes L + 287.5 Yes nr/na nr/na

4/12/2018 GenServe Inc - 4/12/2024 Rev Yes 5 LBO No L + 575 Yes nr/na nr/na

4/12/2018 GenServe Inc - 4/12/2024 TLA Yes 34 LBO No L + 575 Yes nr/na nr/na

4/12/2018 GenServe Inc - 4/12/2024 DDTL Yes 15 LBO No L + 575 Yes nr/na nr/na

Heavy Equipment Rental Equipment Heavy 3/24/2018 Sasser Family Holdings Inc - 3/24/2023 Rev No 625 GCP No L + 175 Yes nr/na nr/na

3/24/2018 Sasser Family Holdings Inc - 3/24/2023 TLA No 50 GCP No L + 225 Yes nr/na nr/na

3/14/2018 Rental Holdings LLC - 3/14/2023 Rev No 250 GCP No L + 350 No nr/na nr/na

2/21/2018 Algeco Scotsman Inc - n/a Rev Yes $400 Refi. No n/d No nr/na nr/na 5/31/2018 ARAMARK Corp ARMK 3/11/2025 TLB Yes $1,781 GCP Yes L + 175 Yes Ba2 BB+ NH 2/9/2018 Coinmach Service Corp - 11/14/2022 TLB Yes 1,560 GCP Yes L + 325 Yes B2 B 5/18/2018 ARAMARK Corp ARMK 3/29/2024 TLB Yes 1,411 GCP Yes L + 175 Yes Ba2 BB+

5/11/2018 PYE Barker Fire & Safety Inc - 5/11/2023 Rev No 8 WC Yes L + 550 Yes nr/na nr/na

5/11/2018 PYE Barker Fire & Safety Inc - 5/11/2023 TL No 36 WC Yes L + 550 Yes nr/na nr/na

5/11/2018 PYE Barker Fire & Safety Inc - 5/11/2023 DDTL No 25 WC Yes L + 550 Yes nr/na nr/na

5/31/2017 KAR Auction Services Inc KAR 3/9/2021 Rev Yes $350 GCP Yes L + 200 Yes nr/na nr/na

3/30/2018 JENSEN HUGHES Inc - 3/22/2024 TLB Yes 30 GCP Yes L + 450 Yes nr/na nr/na 5/31/2017 KAR Auction Services Inc KAR 3/9/2023 TLB Yes 1,050 GCP Yes L + 250 Yes Ba2 BB- 3/30/2018 JENSEN HUGHES Inc - 3/22/2024 DDTL Yes 36 GCP Yes L + 450 Yes nr/na nr/na Auction 5/31/2017 KAR Auction Services Inc KAR 5/31/2024 TLB Yes 717 GCP Yes L + 225 Yes Ba2 BB- 3/21/2018 US Security Associates Inc - 7/28/2023 TLB Yes 595 GCP Yes L + 350 Yes B2 B

3/21/2018 US Security Associates Inc - 7/14/2021 Rev No 80 GCP Yes L + 350 Yes B2 nr/na

Facility Services 3/15/2018 CPI Security Systems Inc - 3/15/2021 Rev No 200 GCP Yes L + 150 No nr/na nr/na

3/9/2018 Kellermeyer Bergensons Svc LLC - 10/29/2021 TLB Yes 40 Acq. Fin. Yes L + 500 Yes nr/na B / Other / 3/1/2018 Impact Facility Services LLC - 4/13/2023 Rev Yes 10 GCP Yes L + 450 Yes nr/na nr/na

3/1/2018 Impact Facility Services LLC - 4/13/2023 TL Yes 32 GCP Yes L + 450 Yes nr/na nr/na

3/1/2018 Impact Facility Services LLC - 4/13/2023 DDTL Yes 40 GCP Yes L + 450 Yes nr/na nr/na Diversified

3/1/2018 Impact Facility Services LLC - 4/13/2023 TL Yes 34 Acq. Fin. Yes L + 450 Yes nr/na nr/na

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Thomson Financial, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 9 Business Services Monthly February 2016 – Debt Capital Markets, Loans

Revolver and Term Loan Recent Issuance Offering Details Facility Ratings Initial All-In

Close Date Issuer Ticker Maturity Type Secured Amount Primary UoP Amended Spread Leveraged Moodys S&P

P 3/21/2018 Deluxe Corp DLX 3/21/2023 Rev No $950 GCP No L + 125 No nr/na nr/na

5/31/2018 PODS Enterprises Inc - 11/21/2024 TLB n/d $781 GCP Yes L + 275 Yes B2 B+

5/31/2018 PODS Enterprises Inc - 11/21/2024 TLB n/d 60 Acq. Fin. Yes L + 275 Yes B2 B+ Copy and paste 5/16/2018 Omnia Partners - n/a Rev Yes 30 Acq. Fin. No n/d Yes B2 B from File – width to 5/16/2018 Omnia Partners - n/a TLB Yes 390 Acq. Fin. No L + 400 Yes B2 B

7.73 5/16/2018 Omnia Partners - n/a TL Yes 145 Acq. Fin. No L + 800 Yes B2 B

5/9/2018 Opus Solutions Holdings LP - 5/9/2023 Rev Yes 5 Acq. Fin. No n/d No nr/na nr/na

9/27/2017 Interpublic Group Of Cos Inc IPG 9/27/2022 Rev No $1,500 Refi. Yes L + 130 No nr/na nr/na 5/9/2018 Opus Solutions Holdings LP - 5/9/2023 TL Yes 3 Acq. Fin. No n/d No nr/na nr/na Last 3 Months Other / 9/25/2017 Authentic Brands Group - 9/25/2022 Rev Yes 75 Div. Recap. No n/d Yes B1 B 5/9/2018 Opus Solutions Holdings LP - 5/9/2023 TL Yes 21 Acq. Fin. No n/d No nr/na nr/na 9/25/2017 Authentic Brands Group - 9/25/2024 TLB Yes 725 Div. Recap. No L + 400 Yes B1 B 4/16/2018 United Talent Agency Inc - 4/16/2023 Rev No 120 GCP Yes L + 300 Yes nr/na nr/na

9/25/2017 Authentic Brands Group - 9/25/2025 TL Yes 270 Div. Recap. No L + 800 Yes Caa1 CCC+ Adv./ Marketing Adv./ Diversified 4/16/2018 United Talent Agency Inc - 4/16/2023 TLA No 100 GCP Yes L + 300 Yes nr/na nr/na

3/28/2018 West Corp - 10/10/2024 TLB Yes 700 Acq. Fin. Yes L + 350 Yes Ba3 B

3/22/2018 Iron Mountain Inc IRM 1/2/2026 TLB Yes 700 GCP No L + 175 Yes Ba3 BB

3/16/2018 Direct Travel Inc - 12/1/2021 TLB Yes 25 GCP Yes L + 650 Yes nr/na nr/na

3/16/2018 Direct Travel Inc - 12/1/2021 DDTL Yes 50 GCP Yes L + 650 Yes nr/na nr/na

3/9/2018 AWP Inc - 6/16/2021 TLB n/a 8 Acq. Fin. Yes L + 425 Yes nr/na nr/na

5/31/2017 KAR Auction Services Inc KAR 3/9/2021 Rev Yes $350 GCP Yes L + 200 Yes nr/na nr/na

5/31/2017 KAR Auction Services Inc KAR 3/9/2023 TLB Yes 1,050 GCP Yes L + 250 Yes Ba2 BB-

Auction 5/31/2017 KAR Auction Services Inc KAR 5/31/2024 TLB Yes 717 GCP Yes L + 225 Yes Ba2 BB-

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Thomson Financial, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 10 Business Services Monthly February 2016 – Debt Capital Markets, Bonds, Investment Grade

Investment Grade – Bond Market Update & Outlook . 2018 volume is expected to see overall issuance of about $1.3 trillion – June issuance is estimated at $95.0 billion – May issuance totaled $118.4 billion compared to $156.2 billion in May 2017 . IG spreads reached a 2018 low at +112 bps on February 2nd and are averaging +138 bps in the second quarter of 2018 . The 2018 new issue market has experienced softening as evidenced by widening spreads, smaller oversubscriptions, higher new issue concessions, and less spread compression from IPT to pricing in the primary market – US IG book oversubscriptions have averaged 2.8x YTD 2018, down from 3.1x in FY 2017 – Average weekly new issue concessions currently stand at 5 bps for 2018 vs. the 1 bp average in 2017 – Spread compression for IG deals has averaged 15 bps for YTD 2018

Investment Grade – Monthly Volume

($ in billions) $180

$160 $156

$140 $130 $122 $126 $118 $123 $118 $120 $117 $116

$100 $96 $95 $84 $80

$60

$40 $26 $20

$0 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18

Investment Grade – Spreads

200 bps IG - BBB IG - All IG - Business / Consumer Services IG - A IG - AA

180 bps 171 160 bps

140 bps 141

126 120 bps 118

100 bps 90 80 bps

150 bps 60 bps 2 - 10-Year UST 10 - 30-Year UST Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 125 bps

100 bps FOMC Rate Hike Expectations Investment Grade Spreads at Recent Lows

75 bps Probability of Effective Fed Funds Rate 270 bps Quarter Average Spread

Meeting 1.50-1.75% 1.75-2% 2-2.25% 2.25-2.5% 2.5% + 250 bps Q3 2017 +139 bps Date Current 1 Hike 2 Hikes 3 Hikes 4 Hikes 230 bps Q4 2017 +129 bps 50 bps Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 Jun 18 - 84.0% 16.0% - - 210 bps Q1 2018 +123 bps Q2 2018 +138 bps Aug 18 - 82.3% 17.7% 0.3% - 190 bps 170 bps Sep 18 - 24.7% 75.3% 12.5% 0.2% 150 bps

Nov 18 - 22.7% 77.3% 17.6% 1.2% 130 bps

Dec 18 - 13.7% 86.3% 41.4% 7.8% 110 bps Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Jan 19 - 12.8% 87.1% 44.0% 9.7%

Sources: Bloomberg, Dealogic, S&P Capital IQ, Moody’s, SEC Filings, Thomson Reuters, Company Presentations, J.P. Morgan Markets, KBCM Estimates & Analysis $ in millions, unless otherwise noted 12 Located in Gallo Team Business Services Monthly Folder – located there so February 2016 – Debt Capital Markets, Bonds, Investment Grade can access from Bloomberg terminal to Investment Grade – Recent Bond Issuance update comps . Recall in March: . The business services investment grade sector rebounded in May after a quiet April, with four issuers coming to market – Cintas (Non-Heavy Equipment) issuing a total of $2.25bn. Highlights: issued three separate Copy and paste from – Equifax (Data) printed $1bn of debt across three tranches, ranging from 3 to 5 years. The offering was used to refinance tranches: (1) $650mm of 2.900% notes due 4/1/2022, (2) File – width to 7.7 existing debt and for general corporate purposes $1.0bn of 3.700% notes due – Penske Truck (Heavy) issued $450mm of ~5.75 year notes with a coupon of 3.90% and a yield of 3.941%. Similar to 4/1/2027 and (3) $50mm tap of Box should be same Equifax, the offering was used to refinance existing debt and for general corporate purposes 3.250% notes due 6/1/2022 (not shown below). Proceeds height as linked file . The investment grade market has seen ~$6.5bn in bonds issued over the past 12 months vs. ~$6.1bn this time last year were used to complete the Offering Details Pricing Details Bond Ratings acquisition of G&K Services Trade Date Issuer Ticker Maturity Amount General UoP Price Coupon Yield Spread Moody's S&P – Penske Truck (Heavy

Align top with box Equipment) returned to market

5/23/2018 Equifax Inc EFX 8/15/2021 $300 Refinancing 100.000 L + 87 FRN FRN Baa1 BBB+ with a $500mm tranche (Baa2 / DC

BBB) maturing in April 2027. 5/23/2018 Equifax Inc EFX 8/15/2021 300 Refinancing 99.640 3.600% 3.716% T + 105 Baa1 BBB+

DC The issue priced at 99.860 with

5/23/2018 Equifax Inc EFX 6/15/2023 400 Refinancing 98.968 3.950% 4.178% T + 135 Baa1 BBB+ a coupon of 4.200% to yield DC

4.217%. Proceeds were 5/7/2018 Penske Truck Leasing Co LP - 2/1/2024 450 Refinancing 99.796 3.900% 3.941% T + 115 Baa2 BBB

HE earmarked to refinance existing

debt

5/3/2018 GATX Corp GATX 11/7/2028 300 Refinancing 100.000 4.550% 4.550% T + 160 Baa2 BBB

5/3/2018 S&P Global Inc SPGI 5/15/2048 500 Refinancing 98.751 4.500% 4.577% T + 145 Baa1 NR

KC 3/9/2018 RELX Capital LSE:REL 3/15/2023 700 Refinancing 99.578 3.500% 3.593% T + 95 Baa1 BBB+

3/5/2018 Penske Truck Leasing Co LP - 3/10/2025 700 Refinancing 99.612 3.950% 4.014% T + 120 Baa2 BBB

HE . The business services

A/M

11/2/2017 GATX Corp GATX 11/5/2021 200 GCP 100.000 L + 72 FRN FRN Baa2 BBB investment grade market had

two issuers come to market in

10/31/2017 GATX Corp GATX 3/15/2028 300 Refinancing 99.521 3.500% 3.556% T + 118 Baa2 BBB HE

HE September, the first activity in

9/12/2017 Penske Truck Leasing Co LP - 3/14/2023 600 Refinancing 99.772 2.700% 2.745% T + 100 Baa2 BBB

HE the space since June when

NH Moody’s issued two tranches O 9/12/2017 Pitney Bowes PBI 9/15/2020 300 Acquisition 99.764 3.625% 3.709% T + 225 Ba1 BBB-

totaling $1bn

O 9/12/2017 Pitney Bowes PBI 4/1/2023 400 Acquisition 99.756 4.700% 4.750% T + 300 Ba1 BBB-

. Recall in June that Moody’s 6/1/2017 Moody's Corp. MCO 1/15/2023 500 Acquisition 99.766 2.625% 2.670% T + 90 nr/na BBB+

DC (Data) issued two $500mm

senior note tranches maturing in

P 6/1/2017 Moody's Corp. MCO 1/15/2028 500 Acquisition 98.918 3.250% 3.372% T + 115 nr/na BBB+ DC

January 2023 and 2028

O 5/3/2017 Pitney Bowes PBI 5/15/2022 400 Refinancing 99.543 3.875% 3.976% T + 215 Baa3 BBB-

– The notes priced at 99.766 A 3/13/2017 Penske Truck Leasing Co LP - 4/1/2027 500 Refinancing 99.860 4.200% 4.217% T + 160 Baa2 BBB

HE & 98.918 with 2.625% &

3/9/2017 Cintas Corporation CTAS 4/1/2022 650 Acquisition 99.870 2.900% 2.930% T + 80 A3 BBB+

NH 3.250% coupons for a yield O of 2.670% & 3.372%,

3/9/2017 Cintas Corporation CTAS 4/1/2027 1,000 Acquisition 99.620 3.700% 3.750% T + 115 A3 BBB+ NH

respectively

2/27/2017 Moody's Corp. MCO 9/4/2018 300 GCP 100.000 L + 35 FRN FRN nr/na BBB+ DC

– Proceeds were used to help 2/27/2017 Moody's Corp. MCO 12/15/2021 500 GCP 99.690 2.750% 2.820% T + 95 nr/na BBB+

DC fund the ~€3 billion

2/6/2017 GATX Corp GATX 3/30/2027 300 Refinancing 99.744 3.850% 3.880% T + 147 Baa2 BBB acquisition of Bureau van HE

Dijk Electronic Publishing 10/26/2016 Penske Truck Leasing Co LP - 11/15/2026 600 Refinancing 99.695 3.400% 3.436% T + 165 Baa2 BBB-

HE B.V., which Moody’s

9/19/2016 S&P Global Inc SPGI 1/22/2027 500 Refinancing 99.157 2.950% 3.046% T + 135 Baa1 nr/na

DC purchased for ~22x

HE EBITDA O 9/15/2016 Pitney Bowes PBI 10/1/2021 600 Recap 99.724 3.375% 3.435% T + 225 Baa3 BBB

Investment Grade – Debt Comparables . The investment grade spread and services spread indices rose for the third time in four months, 9 bps and 7 bps, respectively – Recall that last month both indices were flat, changing less than 1 bp each . The investment grade spread and services spread indices fell for the . The investment grade spread index is now up 2 bps y/y, while the services spread is lower by 12 bps y/y fourth straight month, 6 bps and 9 bps, respectively . Recall in March, the indices experienced monthly gains for the Issue Details Rating Trading Levels M/M Change first time since September 2016 Company Ticker Maturity Amount Security Coupon Moody's S&P Price Yield Spread . Compared to this time last year, the Equifax Inc EFX 6/1/2021 $500 Sr Unsecured 2.300% Baa1 BBB+ 96.453 3.568% T + 91 Equifax Inc EFX 8/15/2021 300 Sr Unsecured 3.600% Baa1 BBB+ 99.914 3.625% T + 97 indices are lower by 53 and 41 bps, Equifax Inc EFX 12/15/2022 500 Sr Unsecured 3.300% Baa1 BBB+ 97.908 3.809% T + 100 respectively Equifax Inc EFX 6/15/2023 400 Sr Unsecured 3.950% Baa1 BBB+ 99.538 4.052% T + 124 Equifax Inc EFX 6/1/2026 275 Sr Unsecured 3.250% Baa1 BBB+ 91.851 4.477% T + 151 Equifax Inc EFX 7/1/2028 125 Sr Unsecured 6.900% Baa1 BBB+ 117.180 4.733% T + 177 Equifax Inc EFX 7/1/2037 250 Sr Unsecured 7.000% Baa1 BBB+ 120.889 5.252% T + 214 S&P Global Inc SPGI 8/14/2020 700 Sr Unsecured 3.300% Baa1 nr/na 100.236 3.182% T + 66 S&P Global Inc SPGI 6/15/2025 699 Sr Unsecured 4.000% Baa1 nr/na 100.943 3.841% T + 87 S&P Global Inc SPGI 2/15/2026 899 Sr Unsecured 4.400% Baa1 nr/na 103.348 3.877% T + 91 S&P Global Inc SPGI 1/22/2027 500 Sr Unsecured 2.950% Baa1 nr/na 92.675 3.962% T + 100

S&P Global Inc SPGI 11/15/2037 400 Sr Unsecured 6.550% Baa1 nr/na 126.861 4.467% T + 136

S&P Global Inc SPGI 5/15/2048 500 Sr Unsecured 4.500% Baa1 nr/na 101.027 4.437% T + 133 Moody's Corp MCO 7/15/2019 450 Sr Unsecured 2.750% nr/na BBB+ 99.886 2.855% T + 33 Moody's Corp MCO 9/1/2020 500 Sr Unsecured 5.500% nr/na BBB+ 104.960 3.168% T + 65 Moody's Corp MCO 12/15/2021 500 Sr Unsecured 2.750% nr/na BBB+ 97.967 3.369% T + 71

Moody's Corp MCO 9/1/2022 500 Sr Unsecured 4.500% nr/na BBB+ 103.454 3.560% T + 75

Based Consulting Based

- Based Consulting Based

- Moody's Corp MCO 1/15/2023 481 Sr Unsecured 2.625% nr/na BBB+ 96.012 3.573% T + 76

Moody's Corp MCO 2/15/2024 500 Sr Unsecured 4.875% nr/na BBB+ 105.125 3.820% T + 101 Data Moody's Corp MCO 1/15/2028 499 Sr Unsecured 3.250% nr/na BBB+ 94.163 3.988% T + 102 Moody's Corp MCO 7/15/2044 600 Sr Unsecured 5.250% nr/na BBB+ 112.601 4.430% T + 132 Knowledge RELX PLC LSE:REL 1/15/2019 400 Sr Unsecured 8.625% Baa1 BBB+ 103.315 2.950% T + 43 RELX PLC LSE:REL 10/15/2022 950 Sr Unsecured 3.125% Baa1 BBB+ 97.775 3.683% T + 87 RELX PLC LSE:REL 3/16/2023 700 Sr Unsecured 3.500% Baa1 BBB+ 99.175 3.690% T + 88 RELX PLC LSE:REL 10/15/2023 150 Sr Unsecured 6.625% Baa1 BBB+ 110.890 4.320% T + 151 RELX PLC LSE:REL 5/15/2025 150 Sr Unsecured 7.500% Baa1 BBB+ 116.783 4.639% T + 167 RELX PLC LSE:REL 8/1/2027 200 Sr Unsecured 7.200% nr/na BBB+ 117.870 4.764% T + 180 Verisk Analytics Inc VRSK 1/15/2019 250 Sr Unsecured 4.875% Baa2 BBB- 101.188 2.841% T + 32 Verisk Analytics Inc VRSK 5/1/2021 450 Sr Unsecured 5.800% Baa2 BBB- 106.216 3.517% T + 86 Verisk Analytics Inc VRSK 9/12/2022 350 Sr Unsecured 4.125% Baa2 BBB- 101.768 3.671% T + 86 Verisk Analytics Inc VRSK 6/15/2025 900 Sr Unsecured 4.000% Baa2 BBB- 98.795 4.200% T + 123 Verisk Analytics Inc VRSK 6/15/2045 350 Sr Unsecured 5.500% Baa2 BBB- 104.809 5.165% T + 206

Investment Grade – Debt Comparables

Issue Details Rating Trading Levels M/M Change Company Ticker Maturity Amount Security Coupon Moody's S&P Price Yield Spread

The Interpublic Group of Companies IPG 3/15/2022 $250 Sr Unsecured 4.000% Baa2 BBB 100.804 3.767% T + 96 The Interpublic Group of Companies IPG 2/15/2023 500 Sr Unsecured 3.750% Baa2 BBB 99.188 3.941% T + 113 The Interpublic Group of Companies IPG 4/15/2024 500 Sr Unsecured 4.200% Baa2 BBB 100.479 4.106% T + 130 Omnicom Group Inc OMC 7/15/2019 500 Sr Unsecured 6.250% Baa1 BBB+ 103.548 2.929% T + 41 Omnicom Group Inc OMC 8/15/2020 1,000 Sr Unsecured 4.450% Baa1 BBB+ 102.828 3.095% T + 58 Omnicom Group Inc OMC 5/1/2022 1,250 Sr Unsecured 3.625% Baa1 BBB+ 99.573 3.743% T + 93

Omnicom Group Inc OMC 11/1/2024 750 Sr Unsecured 3.650% Baa1 BBB+ 97.452 4.107% T + 130 Advertising / Advertising Marketing Issuer, Ratings, Security, Amount Outstanding, Omnicom Group Inc OMC 4/15/2026 1,400 Sr Unsecured 3.600% Baa1 BBB+ 95.189 4.329% T + 136 Maturity, Coupon, Price, YTW, Spread, EBITDA/Interest, (EBITDA-CapEx) – Interest, Total Debt / EBITDA, Net GATX Corp GATX 7/30/2018 $250 Sr Unsecured 2.375% Baa2 BBB 100.034 2.394% T + 29 Debt / EBITDA GATX Corp GATX 3/15/2019 300 Sr Unsecured 2.500% Baa2 BBB 99.798 2.767% T + 25 GATX Corp GATX 3/30/2020 350 Sr Unsecured 2.600% Baa2 BBB 98.919 3.221% T + 70 GATX Corp GATX 6/1/2021 300 Sr Unsecured 4.850% Baa2 BBB 103.875 3.466% T + 81 GATX Corp GATX 6/15/2022 250 Sr Unsecured 4.750% Baa2 BBB 103.815 3.717% T + 91 GATX Corp GATX 3/30/2023 250 Sr Unsecured 3.900% Baa2 BBB 100.261 3.839% T + 103 GATX Corp GATX 3/30/2025 300 Sr Unsecured 3.250% Baa2 BBB 93.917 4.290% T + 132 GATX Corp GATX 9/15/2026 350 Sr Unsecured 3.250% Baa2 BBB 92.141 4.394% T + 143 GATX Corp GATX 3/30/2027 300 Sr Unsecured 3.850% Baa2 BBB 95.451 4.480% T + 151 GATX Corp GATX 3/15/2028 300 Sr Unsecured 3.500% Baa2 BBB 92.362 4.474% T + 151 GATX Corp GATX 11/7/2028 300 Sr Unsecured 4.550% Baa2 BBB 100.457 4.493% T + 153 GATX Corp GATX 3/15/2044 300 Sr Unsecured 5.200% Baa2 BBB 104.739 4.871% T + 176 GATX Corp GATX 3/30/2045 250 Sr Unsecured 4.500% Baa2 BBB 92.839 4.987% T + 188 Penske Truck / PTL Finance - 7/17/2018 500 Sr Unsecured 2.875% Baa2 BBB 100.041 2.436% T + 34

Penske Truck / PTL Finance - 6/15/2019 500 Sr Unsecured 2.500% Baa2 BBB 99.528 2.977% T + 46

Penske Truck / PTL Finance - 1/9/2020 500 Sr Unsecured 3.050% Baa2 BBB 99.712 3.238% T + 72 Penske Truck / PTL Finance - 7/15/2020 650 Sr Unsecured 3.200% Baa2 BBB 99.760 3.319% T + 80 Penske Truck / PTL Finance - 4/1/2021 650 Sr Unsecured 3.300% Baa2 BBB 99.542 3.471% T + 81 Penske Truck / PTL Finance - 2/1/2022 900 Sr Unsecured 3.375% Baa2 BBB 99.177 3.618% T + 81 Penske Truck / PTL Finance - 7/11/2022 800 Sr Unsecured 4.875% Baa2 BBB 104.403 3.702% T + 89 Penske Truck / PTL Finance - 1/17/2023 500 Sr Unsecured 4.250% Baa2 BBB 101.681 3.847% T + 104

Penske Truck / PTL Finance - 3/14/2023 600 Sr Unsecured 2.700% Baa2 BBB 95.043 3.849% T + 104 Heavy Equipment Rental Equipment Heavy Penske Truck / PTL Finance - 2/1/2024 450 Sr Unsecured 3.900% Baa2 BBB 99.513 3.998% T + 119 Penske Truck / PTL Finance - 3/10/2025 700 Sr Unsecured 3.950% Baa2 BBB 98.825 4.151% T + 123 Penske Truck / PTL Finance - 11/15/2026 600 Sr Unsecured 3.400% Baa2 BBB 92.983 4.405% T + 144 Penske Truck / PTL Finance - 4/1/2027 500 Sr Unsecured 4.200% Baa2 BBB 97.980 4.479% T + 151 TTX Co - 2/1/2019 300 Sr Unsecured 2.250% Baa1 A 99.612 2.865% T + 34 TTX Co - 6/15/2020 300 Sr Unsecured 2.600% Baa1 A 98.785 3.229% T + 71 TTX Co - 5/1/2021 275 Sr Unsecured 4.400% Baa1 A 102.566 3.458% T + 80 TTX Co - 11/15/2022 250 Sr Unsecured 3.050% Baa1 A 97.360 3.701% T + 89 TTX Co - 10/1/2023 250 Sr Unsecured 4.125% Baa1 A 100.696 3.977% T + 117 TTX Co - 1/15/2024 250 Sr Unsecured 4.150% Baa1 A 100.113 4.127% T + 132 TTX Co - 1/15/2025 300 Sr Unsecured 3.600% Baa1 A 98.186 3.914% T + 95 TTX Co - 12/1/2040 225 Sr Unsecured 5.875% Baa1 A 119.880 4.464% T + 136 TTX Co - 6/15/2044 250 Sr Unsecured 4.650% Baa1 A 102.990 4.455% T + 135 TTX Co - 2/1/2045 350 Sr Unsecured 3.900% Baa1 A 92.533 4.377% T + 127 TTX Co - 7/1/2046 350 Sr Unsecured 4.200% Baa1 A 97.781 4.337% T + 123

Investment Grade – Debt Comparables

Issue Details Rating Trading Levels M/M Change Company Ticker Maturity Amount Security Coupon Moody's S&P Price Yield Spread

Cintas Corp CTAS 6/1/2021 $250 Sr Unsecured 4.300% A3 BBB+ 102.919 3.261% T + 60 Cintas Corp CTAS 4/1/2022 650 Sr Unsecured 2.900% A3 BBB+ 97.980 3.470% T + 66 Cintas Corp CTAS 6/1/2022 300 Sr Unsecured 3.250% A3 BBB+ 98.884 3.554% T + 74 Cintas Corp CTAS 4/1/2027 1,000 Sr Unsecured 3.700% A3 BBB+ 98.744 3.869% T + 90

NH Eq. Rental Eq. NH Cintas Corp CTAS 8/15/2036 250 Sr Unsecured 6.150% A3 BBB+ 120.449 4.491% T + 138

Issuer, Ratings, Security, Amount Outstanding, Maturity, Coupon, Price, YTW, Spread, EBITDA/Interest, (EBITDA-CapEx) – Interest, Total Debt / EBITDA, Net Debt / EBITDA

High Yield – Bond Market Update & Outlook . Despite significant widening in high yield bond spreads on Tuesday, spreads recovered in the latter half of the week amid news on Italy’s formation of a new populist government

. High yield bond yields and spreads are now at 6.63% and 398 bps, a YTD high and surpassing the recent April 25th high of 6.61%

. High yield new issue volume has been light; March, traditionally the busiest month of the year, was off 37% YoY, and May issuance of $13.6 billion trailed last year’s figure by 46%

High Yield – Monthly Volume

($ in billions) $40 $35 $35

$30 $27 $25 $25 $25 $22 $20 $20 $19 $17 $16 $15 $14 $14 $10 $10 $7 $5

$0 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18

High Yield – Spreads

1,100 bps HY - CCC / Split CCC HY - Services HY - All HY - B HY - BB

1,000 bps

900 bps

800 bps 738 700 bps

600 bps

500 bps 448 400 bps 417 403 300 bps 271 200 bps Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18

High Yield Index Yield & Spread Weekly High Yield Issuance ($ in Billions) [1]

7.0% HY Index Yield HY Index Spread Current: 500 bps $14.0 Yield: 6.63% $11.9 Spread: 398 bps $12.0 $4.7 bn LTM weekly 6.5% 450 bps $10.0 average $8.0 $7.5

$5.7 $5.8 $6.0 $4.7 6.0% 400 bps $4.6 $3.8 $4.3 $4.2 $4.0 $3.5 $3.4 Yield: 5.83% $2.4 $2.3 $2.3 $2.3 $2.0 Spread: 419 bps $1.1 $0.9 $0.5

5.5% 350 bps $0.0

6-Apr-18

1-Jun-18

1-Jul-17

2-Mar-18 9-Mar-18

2-Feb-18 9-Feb-18

4-May-18

1-Apr-18 1-Apr-17 1-Oct-17

1-Jun-17 1-Jan-18 1-Jan-17 1-Jun-18

1-Mar-17 1-Mar-18

1-Feb-17 1-Feb-18

13-Apr-18 20-Apr-18 27-Apr-18

1-Aug-17 1-Nov-17 1-Dec-17 1-Sep-17

1-May-17 1-May-18

23-Mar-18 30-Mar-18 16-Mar-18

16-Feb-18 23-Feb-18

11-May-18 18-May-18 25-May-18

Sources: Bloomberg, Dealogic, S&P Capital IQ, Moody’s, SEC Filings, Thomson Reuters, Company Presentations, J.P. Morgan Markets, KBCM Estimates & Analysis $ in millions, unless otherwise noted [1] Includes all High Yield Domestic Issuance, excluding split-rated new issuances and USD foreign issuers 18 . The HYBS market has issued over $14bn in bonds over the past 12 months, with an average tranche size of ~$600mm Located in Gallo Team Folder – located there so can access from Bloomberg terminal to update comps Business Services Monthly - Copy and paste from File – width to 7.7 February 2016 – Debt Capital Markets, Bonds, High Yield - Box should be same height as linked file - Align top with box High Yield – Recent Bond Issuance . The HY business services market was quiet again, with no issuers coming to market for the second straight month. Recall that March had one issuer place HY debt (shown below), while February and January had two and one, respectively . 2017 saw ~$14.3bn in HY business services bonds – Garda World Security (Facility) placed add-on notes expected to fund acquisitions. Terms: $125mm, unsecured, 7nc3, price vs. ~$10.5bn in 2016, equaling a mid-30% 8.750%, Caa2 / CCC+, issued at 105.250 for a yield of 7.780% increase in volume, excluding an outsized $3.1bn . The HY business services market has now issued ~$11bn in bonds over the past 12 months, with an average tranche size of Prime Security Services second lien note issued in more than $500mm 2016. Including the Prime Security note, issuance volume was still up mid-single digits Offering Details Pricing & Break Details Bond Ratings Trade Break Date Issuer Ticker Maturity Structure Issue Security Amount Use of Proceeds Price Coupon Yield Spread Price Moody's S&P . Ritchie Bros. Auctioneers completed a senior notes

offering. Proceeds will help fund the $750mm+ acquisition

F 3/1/2018 Garda World Security - 5/15/2025 7nc3 Add-on Senior Unsecured $125 M&A/Acquisition 105.250 8.750% 7.780% 470 n/a Caa2 CCC+ of IronPlanet

2/9/2018 Flexi-Van Leasing Inc - 2/15/2023 5nc2 2nd lien Secured 300 Refinancing 94.417 10.000% 11.500% 902 99.750 Caa1 B- – Terms: $500mm, 8nc3, 5.375% yield, B2 / BB- HE

. Carlson Wagonlit issued three tranches, two of which were 2/6/2018 Algeco Scotsman Group - 2/15/2023 5nc2 Senior Notes Secured 520 Refinancing 97.997 8.000% 8.500% 597 99.875 B2 B-

HE dollar-denominated. Proceeds will be used to refinance

2/6/2018 Algeco Scotsman Group - 8/15/2023 5.5nc2 Senior Notes Unsecured 305 Refinancing 94.008 10.000% 11.500% 745 98.500 Caa1 CCC outstanding notes

– Terms, Senior Secured Notes: $415mm, 7nc3, 6.750% DC

F 1/10/2018 Aramark Corp ARMK 2/1/2028 10nc5 Senior Notes Unsecured 1,150 M&A/Acquisition 100.000 5.000% 5.000% 244 100.250 Ba3 BB yield, B2 / B

O 12/12/2017 Iron Mountain Inc IRM 3/15/2028 10nc5 Senior Notes Unsecured 825 M&A/Acquisition 100.000 5.250% 5.250% 285 100.625 Ba3 BB- – Terms, Senior Notes: $250mm, 8nc3, 9.500% yield,

11/28/2017 IHS Markit Ltd INFO 3/1/2026 8ncL Senior Notes Unsecured 500 Refinancing 100.000 4.000% 4.000% 171 101.125 Ba1 BB+ Caa1 / CCC+

11/21/2017 Williams Scotsman Inc WSC 12/15/2022 5nc2 Senior Secured Notes Secured 300 M&A/Acquisition 100.000 7.875% 7.875% 576 102.250 B2 B-

A/M

11/20/2017 H&E Equipment Services HEES 9/1/2025 8nc2.8 Add-on Senior Unsecured 200 M&A/Acquisition 104.250 5.625% 4.958% na/nm 104.750 B2 BB-

HE . The HY business services market continued its

HE strong momentum, experiencing its 15 straight

O 10/31/2017 Harland Clarke Corp - 8/15/2022 5nc1.4 Add-on Secured Secured 450 Refinancing 104.750 8.375% 6.733% 498 105.125 B1 BB-

month with activity

O 10/5/2017 The Brinks Company BCO 10/15/2027 10nc5 Senior Notes Unsecured 600 Refinancing 100.000 4.625% 4.625% 228 100.375 Ba2 BB

. Including this month’s two tranches of debt, the NH 9/8/2017 United Rentals Inc URI 10/15/2025 8nc3 Senior Notes Unsecured 750 M&A/Acquisition 100.000 4.625% 4.625% 265 101.500 Ba3 BB-

HE HY business services market has now issued

9/8/2017 United Rentals Inc URI 1/15/2028 10nc5.3 Add-on Senior Unsecured 750 M&A/Acquisition 100.250 4.875% 4.844% 281 101.125 Ba3 BB-

HE over $11bn in bonds over the past 12 months, F

with an average tranche size of more than

O 9/6/2017 Iron Mountain Inc IRM 9/15/2027 10nc5 Senior Notes Unsecured 1,000 Refinancing 100.000 4.875% 4.875% 277 100.500 Ba3 BB-

$500mm

P 8/17/2017 H&E Equipment Services HEES 9/1/2025 8nc3 Senior Notes Unsecured 750 Refinancing 100.000 5.625% 5.625% 351 101.500 B2 BB- HE

– KAR Auction Services (Auction) completed 8/2/2017 Ashtead Group Plc LSE:AHT 8/15/2025 8nc3 2nd lien Secured 600 Refinancing 100.000 4.125% 4.125% 196 100.375 Ba2 BBB-

HE a senior note offering earmarked to back a

A 8/2/2017 Ashtead Group Plc LSE:AHT 8/15/2027 10nc5 2nd lien Secured 600 Refinancing 100.000 4.375% 4.375% 212 100.625 Ba2 BBB-

HE refinancing of existing debt and general

7/28/2017 United Rentals Inc URI 1/15/2028 10nc5.5 Senior Notes Unsecured 925 Refinancing 100.000 4.875% 4.875% 258 100.125 Ba3 BB- corporate purposes. The deal was upsized

O by $150mm from an original offer of 7/10/2017 IHS Markit Ltd INFO 2/15/2025 7ncL Add-on Senior Unsecured 300 Corp Purpose 105.500 4.750% 3.882% 165 106.000 Ba1 BB+

DC $800mm. Terms: $950mm, 8nc3, 5.125%,

A 5/22/2017 KAR Auction Services Inc KAR 6/1/2025 8nc3 Senior Notes Unsecured 950 Refinancing 100.000 5.125% 5.125% 297 101.000 B3 B B3 / B, issued at 100.000 for a yield of

5/10/2017 Cloud Crane - 8/1/2024 7nc2 Add-on 2nd Lien Secured 75 M&A/Acquisition 106.750 10.125% 8.483% 655 108.000 B3 B 5.125% HE

– Cloud Crane issued an add-on second lien

F 4/27/2017 Garda World Security - 5/15/2025 8nc3 Senior Notes Unsecured 500 Recap/General Recap 99.278 8.750% 8.875% 667 101.250 Caa2 CCC+

note to fund the acquisition of Coast 4/20/2017 Booz Allen Hamilton Inc BAH 5/1/2025 8nc3 Senior Notes Unsecured 350 Refinancing 100.000 5.125% 5.125% 298 101.000 B1 B+

KC Crane, which was announced on April 21st,

3/16/2017 Gartner Inc IT 4/1/2025 8nc3 Senior Notes Unsecured 800 M&A/Acquisition 100.000 5.125% 5.125% 267 100.000 B1 BB-

DC for a purchase price of $72.5mm. Terms:

$75mm, 7nc2, 10.125%, B3 / B, issued at F 3/9/2017 Aramark Corp ARMK 4/1/2025 8nc3 Senior Notes Unsecured 600 Refinancing 100.000 5.000% 5.000% 251 100.250 Ba3 BB+ 106.750 for a yield of 8.483%

Sources: Bloomberg, Dealogic, S&P Capital IQ, Moody’s, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 19 . Year over year, the services sector has fallen behind the overall high Change Bloomberg Master – yield market, tightening 33 bps vs. HY rows to 15 on first page, 16 Business Services Monthly on second 46 bps, respectively February 2016 – Debt Capital Markets, Bonds, High Yield

High Yield – Debt Comparables . Notable rating action: . The high yield market and services spreads both jumped last month, with the services sector up 32 bps while the overall – Affinion Group (Advertising / market increased 16 bps Marketing) senior – This marks the third time this year were both indices increased concurrently, after happening only three times in 2017 unsecured notes . Notable rating action: downgraded at S&P – Pitney Bowes’ (Other) corporate credit rating and unsecured notes were downgraded at S&P to BB+ from BBB, with a to C from CCC-, after the company negative outlook. Per S&P, “The downgrade reflects Pitney Bowes' elevated adjusted leverage, at 3.6x as of March 31, announced its intent 2018, due to the continued transition of its business to the growing e-commerce markets and the ongoing declines in its to exchange current traditional SMB mail business” debt for a new PIK toggle facility Issue Details Rating Trading Levels M/M Change . The high yield market and Company Ticker Maturity Amount Security Coupon Moody's S&P Price Yield Spread YTW Date services spreads both last Clarivate Analytics - 10/15/2024 $500 Sr Unsecured 7.875% Caa2 B- 101.970 7.197% T + 454 10/15/2021 month, with the services Gartner Inc IT 4/1/2025 800 Sr Unsecured 5.125% B1 BB- 99.837 5.152% T + 219 4/1/2025 . The high yield market and services IHS Markit Ltd INFO 11/1/2022 743 Sr Unsecured 5.000% Ba1 BBB- 102.867 4.238% T + 143 8/1/2022 sector adding 23 bps while IHS Markit Ltd INFO 2/15/2025 800 Sr Unsecured 4.750% Ba1 BBB- 100.264 4.702% T + 174 11/15/2024 spreads both increased this month, with the overall market added 21 IHS Markit Ltd INFO 3/1/2026 500 Sr Unsecured 4.000% Ba1 BBB- 95.822 4.649% T + 168 3/1/2026 the high yield market spread having its bps. The 21 bps Nielsen Holdings NLSN 10/1/2020 797 Sr Unsecured 4.500% B1 BB+ 100.288 3.517% T + 122 10/1/2018 worst month since June 2016, Nielsen Holdings NLSN 10/1/2021 625 Sr Unsecured 5.500% B1 BB+ 101.407 4.374% T + 185 10/1/2019 experienced by the overall

Based Consulting Based increasing 25 bps vs. an increase of 1 - Nielsen Holdings NLSN 4/15/2022 2,300 Sr Unsecured 5.000% B1 BB+ 99.127 5.252% T + 244 4/15/2022 market index was the largest

Nielsen Holdings NLSN 2/1/2025 500 Sr Unsecured 5.000% B1 BB+ 96.887 5.566% T + 260 2/1/2025 bp for the overall high yield market increase since a 26 bps Data The Dun & Bradstreet Corp DNB 6/15/2020 300 Sr Unsecured 4.250% nr/na BB+ 100.447 4.008% T + 149 5/15/2020 . Year over year, the high yield market is increase in August 2017 The Dun & Bradstreet Corp DNB 12/1/2022 300 Sr Unsecured 4.625% nr/na BB+ 101.046 4.352% T + 154 9/1/2022 lagging the services sector, having

– Recall that in February, Booz Allen Hamilton Inc BAH 5/1/2025 $350 Sr Unsecured 5.125% B1 B+ 98.498 5.388% T + 242 5/1/2025 fallen 228 bps vs. 266 bps, respectively the high yield market FTI Consulting Inc FCN 11/15/2022 300 Sr Unsecured 6.000% Ba3 BB+ 102.802 3.996% T + 170 11/15/2018 Know. . Notable rating action: spread was up 29 bps, Acosta Inc - 10/1/2022 $800 Sr Unsecured 7.750% Caa3 CCC- 60.362 22.609% T + 1980 10/1/2022 – Flexi-Van Leasing (Heavy) was its worst month since Affinion Group Inc - 11/10/2022 637 Sr Unsecured 12.500% Caa3 CCC- 89.945 17.729% T + 1492 11/10/2022 June 2016 Alliance Data Systems Corp ADS 11/1/2021 500 Sr Unsecured 5.875% nr/na nr/na 102.066 4.945% T + 242 11/1/2020 downgraded at S&P since the Alliance Data Systems Corp ADS 8/1/2022 600 Sr Unsecured 5.375% nr/na nr/na 101.071 4.839% T + 232 8/1/2020 company “has not been able to . Notable rating action: Alliance Data Systems Corp ADS 11/15/2023 300 Sr Unsecured 5.250% nr/na nr/na 104.624 3.473% T + 359 11/15/2018 refinance its $275mm ABL credit – RR Donnelley & Sons MDC Partners Inc MDCA 5/1/2024 900 Sr Unsecured 6.500% B3 B 88.663 9.021% T + 621 5/1/2024 facility.” The corporate credit rating (Printing) corporate National CineMedia LLC NCMI 4/15/2022 400 1st lien 6.000% Ba3 B+ 102.029 4.687% T + 217 4/15/2019

Advertising / Advertising Marketing National CineMedia LLC NCMI 8/15/2026 250 Sr Unsecured 5.750% B3 B- 92.167 7.024% T + 406 8/15/2026 was downgraded from B to CCC credit rating and and the unsecured rating from B- to unsecured notes were Ahern Rentals Inc - 5/15/2023 $550 2nd lien 7.375% B3 B- 99.268 7.554% T + 474 5/15/2023 Algeco Scotsman Group - 2/15/2023 520 Secured 8.000% B2 B- 101.686 7.462% T + 465 2/15/2022 CCC- downgraded at Moody’s Algeco Scotsman Group - 8/15/2023 305 Subordinated 10.000% Caa1 CCC 100.991 9.665% T + 685 2/15/2022 to B2 and B3 from B1 Ashtead Capital Inc LSE:AHT 10/1/2024 500 2nd lien 5.625% Ba2 BBB- 103.457 4.726% T + 192 10/1/2022 and B2, respectively. Ashtead Capital Inc LSE:AHT 8/15/2025 600 2nd lien 4.125% Ba2 BBB- 94.798 4.995% T + 203 8/15/2025 Per Moody’s, “We Ashtead Capital Inc LSE:AHT 8/15/2027 600 2nd lien 4.375% Ba2 BBB- 93.042 5.343% T + 238 8/15/2027 BlueLine Rental - 3/15/2024 1,100 2nd lien 9.250% Caa1 B 107.199 7.032% T + 422 3/15/2022 downgraded RR Cloud Crane LLC - 8/1/2024 545 2nd lien 10.125% B3 B 109.244 7.481% T + 467 8/1/2022 Donnelley because Direct ChassisLink Inc - 6/15/2023 325 2nd lien 10.000% B3 BB- 107.268 7.228% T + 471 6/15/2020 Moody's adjusted Flexi-Van Leasing Inc - 2/15/2023 300 2nd lien 10.000% Caa1 B- 95.446 11.270% T + 846 2/15/2023 H&E Equipment Services Inc HEES 9/1/2025 950 Sr Unsecured 5.625% B2 BB- 100.044 5.613% T + 280 9/1/2023 leverage is elevated, at Herc Rentals Inc HRI 6/1/2022 488 2nd lien 7.500% B3 B+ 106.609 4.302% T + 178 6/1/2019 4.7x, and we do not Herc Rentals Inc HRI 6/1/2024 500 2nd lien 7.750% B3 B+ 108.042 5.074% T + 255 6/1/2019 Heavy Equipment Rental Equipment Heavy expect significant Mobile Mini Inc MINI 7/1/2024 250 Sr Unsecured 5.875% B2 BB- 102.857 5.085% T + 227 7/1/2022 improvement in NCSG Crane & Heavy Haul Services - 8/15/2019 305 2nd lien 9.500% nr/na D 56.120 76.544% T + 7402 8/15/2019 NESCO LLC - 2/15/2021 525 2nd lien 6.875% Caa3 CCC- 96.638 8.294% T + 564 2/15/2021 operating results or United Rentals Inc URI 7/15/2023 1,000 2nd lien 4.625% Ba1 BBB- 101.269 4.182% T + 152 7/15/2021 credit metrics over the United Rentals Inc URI 11/15/2024 850 Sr Unsecured 5.750% Ba3 BB 103.505 4.760% T + 195 5/15/2022 next two years that

Sources: Bloomberg, Dealogic, S&P Capital IQ, Moody’s, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis could fuel material de- $ in millions, unless otherwise noted 20 levering” Business Services Monthly February 2016 – Debt Capital Markets, Bonds, High Yield

High Yield – Debt Comparables

Issue Details Rating Trading Levels M/M Change Company Ticker Maturity Amount Security Coupon Moody's S&P Price Yield Spread YTW Date

United Rentals Inc URI 7/15/2025 800 Sr Unsecured 5.500% Ba3 BB 102.289 4.985% T + 217 7/15/2023 United Rentals Inc URI 10/15/2025 750 Sr Unsecured 4.625% Ba3 BB 97.299 5.069% T + 210 10/15/2025 United Rentals Inc URI 9/15/2026 1,000 Sr Unsecured 5.875% Ba3 BB 103.204 5.266% T + 245 9/15/2024 United Rentals Inc URI 5/15/2027 1,000 Sr Unsecured 5.500% Ba3 BB 100.488 5.414% T + 245 5/15/2025 United Rentals Inc URI 1/15/2028 1,669 Sr Unsecured 4.875% Ba3 BB 95.064 5.545% T + 258 1/15/2028 He. Eq. (Cont.)Eq. He. Williams Scotsman International Inc WSC 12/15/2022 300 Secured 7.875% B2 B+ 104.887 6.301% T + 364 12/15/2021

Aramark Services Inc ARMK 1/15/2024 $900 Sr Unsecured 5.125% Ba3 BB 101.681 4.611% T + 180 1/15/2022 Aramark Services Inc ARMK 4/1/2025 600 Sr Unsecured 5.000% Ba3 BB 100.972 4.770% T + 196 4/1/2023 Aramark Services Inc ARMK 6/1/2026 500 Sr Unsecured 4.750% Ba3 BB 97.686 5.107% T + 214 6/1/2026 Aramark Services Inc ARMK 2/1/2028 1,150 Sr Unsecured 5.000% Ba3 BB 97.464 5.339% T + 237 2/1/2028 Garda World Security Corp - 11/15/2021 147 Sr Unsecured 7.250% Caa2 CCC+ 101.500 6.132% T + 361 11/15/2019 Garda World Security Corp - 11/15/2021 27 Sr Unsecured 7.250% Caa2 CCC+ 100.566 6.822% T + 430 11/15/2019 Garda World Security Corp - 5/15/2025 625 Sr Unsecured 8.750% Caa2 CCC+ 102.712 8.069% T + 526 5/15/2023 Monitronics International Inc - 4/1/2020 585 Sr Unsecured 9.125% Caa2 CCC 70.907 31.373% T + 2885 4/1/2020

Facility Services Prime Security Services - 5/15/2023 2,546 2nd lien 9.250% B3 B- 106.433 6.772% T + 425 5/15/2020 ServiceMaster Global Holdings SERV 11/15/2024 750 Sr Unsecured 5.125% B1 BB- 97.633 5.567% T + 276 11/15/2024 ServiceMaster Global Holdings SERV 8/15/2027 195 Sr Unsecured 7.450% B2 B 107.074 6.416% T + 345 8/15/2027 ServiceMaster Global Holdings SERV 3/1/2038 83 Sr Unsecured 7.250% B2 B 100.029 7.246% T + 414 3/1/2038

Cimpress NV CMPR 4/1/2022 $275 Sr Unsecured 7.000% B1 B+ 105.483 1.934% n/a 6/28/2018

LSC Communications Inc LKSD 10/15/2023 450 1st lien 8.750% B1 B 100.524 8.597% T + 579 10/15/2022 Quad/Graphics Inc QUAD 5/1/2022 243 Sr Unsecured 7.000% B2 B 101.287 6.616% T + 381 5/1/2022 RR Donnelley & Sons Co RRD 6/15/2020 238 Sr Unsecured 7.625% B3 B 103.977 5.508% T + 299 6/15/2020 RR Donnelley & Sons Co RRD 3/15/2021 448 Sr Unsecured 7.875% B3 B 103.900 6.308% T + 365 3/15/2021 RR Donnelley & Sons Co RRD 2/15/2022 140 Sr Unsecured 7.000% B3 B 103.012 6.070% T + 326 2/15/2022 RR Donnelley & Sons Co RRD 11/15/2023 291 Sr Unsecured 6.500% B3 B 100.206 6.453% T + 364 11/15/2023 PrintingServices RR Donnelley & Sons Co RRD 4/1/2024 298 Sr Unsecured 6.000% B3 B 97.977 6.421% T + 361 4/1/2024

RR Donnelley & Sons Co RRD 4/15/2029 158 Sr Unsecured 6.625% B3 B 96.174 7.136% T + 417 4/15/2029

. KAR Auction Services Inc KAR 6/1/2025 $950 Sr Unsecured 5.125% B3 B 96.521 5.737% T + 277 6/1/2025

Auc Ritchie Bros Auctioneers Inc RBA 1/15/2025 500 Sr Unsecured 5.375% B2 BB- 97.995 5.743% T + 278 1/15/2025 The Brink's Company BCO 10/15/2027 $600 Sr Unsecured 4.625% Ba2 BB 93.486 5.526% T + 256 10/15/2027 Carlson Travel Inc - 12/15/2023 415 Secured 6.750% B2 B 99.159 6.936% T + 413 12/15/2023 Carlson Travel Inc - 12/15/2024 250 Sr Unsecured 9.500% Caa1 CCC+ 92.073 11.249% T + 844 12/15/2024 Corporate Risk Holdings LLC - 7/1/2019 744 1st lien 9.500% nr/na B- 105.428 n/a n/a 7/2/2018 Harland Clarke Holdings Corp - 3/1/2020 275 1st lien 6.875% B1 BB- 100.991 5.441% T + 292 3/1/2019 Harland Clarke Holdings Corp - 3/1/2021 715 Sr Unsecured 9.250% Caa1 B- 99.887 9.287% T + 663 3/1/2021 Harland Clarke Holdings Corp - 8/15/2022 800 1st lien 8.375% B1 BB- 100.081 8.332% T + 567 2/15/2021

Iron Mountain Inc IRM 6/1/2021 500 Sr Unsecured 4.375% Ba3 BB- 100.761 3.969% T + 145 6/1/2020 Iron Mountain Inc IRM 8/15/2023 600 Sr Unsecured 6.000% Ba3 BB- 103.459 3.243% T + 95 8/15/2018 Iron Mountain Inc IRM 8/15/2024 1,000 Sr Subordinated 5.750% B2 B 99.078 5.929% T + 312 8/15/2024 Iron Mountain Inc IRM 6/1/2026 250 Sr Unsecured 5.375% Ba3 BB- 96.623 5.912% T + 295 6/1/2026 Iron Mountain Inc IRM 9/15/2027 1,000 Sr Unsecured 4.875% Ba3 BB- 92.348 5.961% T + 299 9/15/2027 Iron Mountain Inc IRM 3/15/2028 825 Sr Unsecured 5.250% Ba3 BB- 94.612 5.986% T + 302 3/15/2028 Diversified/ Other Pitney Bowes Inc PBI 3/15/2019 300 Sr Unsecured 6.250% Ba1 BB+ 102.340 3.107% T + 59 3/15/2019 Pitney Bowes Inc PBI 9/15/2020 300 Sr Unsecured 3.625% Ba1 BB+ 98.676 4.465% T + 194 9/15/2020 Pitney Bowes Inc PBI 10/1/2021 600 Sr Unsecured 3.625% Ba1 BB+ 95.639 5.304% T + 265 10/1/2021 Pitney Bowes Inc PBI 5/15/2022 400 Sr Unsecured 4.375% Ba1 BB+ 92.185 6.668% T + 386 5/15/2022 Pitney Bowes Inc PBI 4/1/2023 400 Sr Unsecured 4.700% Ba1 BB+ 91.330 7.089% T + 428 4/1/2023 Pitney Bowes Inc PBI 3/15/2024 500 Sr Unsecured 4.625% Ba1 BB+ 89.503 6.859% T + 405 3/15/2024 Sabre Holdings SABR 4/15/2023 530 1st lien 5.375% Ba2 BB 101.471 4.813% T + 215 4/15/2021 Sabre Holdings SABR 11/15/2023 500 1st lien 5.250% Ba2 BB 101.103 4.895% T + 224 11/15/2021

Sources: Bloomberg, Dealogic, S&P Capital IQ, Moody’s, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 21 Business Services Monthly February 2016 – Equity Capital Markets

Equity Capital Markets – Update & Outlook . Major U.S. Indices have retreated from record highs – While the recent correction has been steep, most S&P 500 sectors remain positive over the last 12 months – After several years of low volatility, the VIX recently spiked to multi-year highs . Corporate profits remain robust and outperform estimates – S&P 500 earnings continue to outperform estimates . The political environment could impact the market – Investors remain concerned over Federal Reserve interest rate increases and international trade tensions LTM Initial Public Offerings ($BN) LTM Follow-On Offerings ($BN)

$7.0 Prior Period $25.0 Prior Period Current Period Current Period $6.0 $20.0 2-Year Av g. Monthly Volume $5.0 2-Year Av g. Monthly Volume $15.0 $4.0

$3.0 $10.0

$2.0 $5.0 $1.0

- - Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

IPO Pricings FO Pricings by Month 16 9 2 8 12 18 7 13 8 7 10 16 by Month 48 38 43 51 45 64 44 52 53 58 33 64 Relative IPO Aftermarket Performance LTM Aftermarket Follow-On Performance 25% 16% Renaissance IPO Index 1 Day Russell 2000 Index 14% 1 Week 20% S&P 500 12% 1 Month 10% 15% 8% 6% 10% 4% 2% 5% 0%

0% (2%) (4%) (5%) (6%) Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 22 Business Services Monthly February 2016 – Equity Capital Markets

Equity Capital Markets – Business Services Subsector Update . Facility Services was the month’s . The KeyBanc Business Services (“KBBS”) Index and S&P 500 both continued to climb last month after gaining in April – After seeing HER post the laggard, with a loss of 1.4%. . Overall, six of the nine tracked subsectors posted gains for the month. Non-Heavy Equipment Rental had the largest monthly largest gain the past three ABM was the subsector’s largest gain at 8.8%, while Heavy Equipment Rental was runner-up with a 7.8% monthly gain months, Facility Services drag, dropping more than 12% . Notable stats: decided to claim the top spot, during the month due to missed – The KBBS Index was up 2.5% m/m and is up 20.0% y/y vs. an S&P 500 gain of 2.2% and 12.2%, respectively posting a 7.0% m/m advance. earnings and lower than – EV / EBITDA valuations drifted higher in May, with five subsectors posting gains for the month and five trading above their The strong showing was expected guidance LTM averages. Although the majority of subsectors posted a gain, the average LTM premium stayed at 1%, which attributable to SP Plus matched April and is slightly below the 2% premium seen in March Corporation exceeding earnings expectations, posting quarterly revenue and EBITDA of $219.5 Subsector Indices vs. S&P 500 (Three Year Candlestick Chart as of 5/31/2018) and $27.3, versus expectations Update date in title  The graphic below displays the 3 year high and low total return range for each sub-segment, shown by the vertical line. of $218.0 and $24.5, – Overall, the average LTM The graphic also shows the monthly return for each sub-segment, shown by the boxes. respectively premium narrowed to 1%, down A green box indicates a positive monthly return while a red box indicates a negative return; the size of the box indicates the magnitude of the return. The table below the graphic shows the rebalanced 3 year, 1 year, 6 month, and 1 month sub-segment return data.[1] from 2% in March and 3% in – EV / EBITDA valuations drifted lower in April, with 110% February eight subsectors posting 100% gains for the month, and six 90% trading above their LTM 80% averages. Consequently, 70% the average LTM premium 60% jumped to 8%, vs. February 50% and January’s premiums of 40% 6% and 7%, respectively 30% 20% . Recall that two companies 10% were delisted in March 0% following their acquisition by (10%) another public company (20%) followed in this newsletter Resize graphs to (30%) – CEB Inc. (Knowledge- width of 8.2 (40%) Based Consulting) was (50%) acquired by Gartner, Inc. (60%) (Data-Based Consulting) – G&K Services, Inc. (Non- Non-Heavy Heavy Knowledge Heavy Equipment Auction Equipment Facility Equipment -Based Diversified Data-Based Printing Advertising Rental) was acquired by Returns Services Rental Services Rental Consulting / Other KBBS Index Consulting S&P 500 Services / Marketing Cintas Corporation (Non- 3 Year 93.1% 83.5% 45.5% 45.3% 44.6% 43.1% 41.2% 31.9% 28.4% 10.8% (27.3%) Heavy Equipment Rental) 1 Year 35.6% 35.1% 1.2% 61.0% 29.4% (3.7%) 20.0% 19.3% 12.2% 6.7% (4.2%)

6 Month 20.1% 12.2% (11.4%) 10.1% 13.3% (12.9%) 3.6% 4.8% 2.2% (7.0%) 2.9% . The KeyBanc Business Services (“KBBS”) Index retreated from last month’s three year high, posting a slight drop. However, the 1 Month 4.3% 8.8% (1.2%) 7.8% 3.3% (3.2%) 2.5% 3.3% 2.2% (4.6%) 3.5% S&P 500 posted a gain for the month while finishing near a three year high again . Overall, four of the nine tracked subsectors posted gains. Advertising / Marketing posted the largest monthly gain, a spike of Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis 10.7%, while Knowledge-Based Consulting was the tough-luck runner-up, posting an equally impressive 9.0% climb. $ in millions, unless otherwise noted 23 [1] Monthly return boxes in the candlestick chart and data in the table may not match due to rebalancing . Uncharacteristically, Data-Based Consulting was the month’s laggard, with a gain of just 1.1%. Excluding the 25% drop from the Equifax scandal, the sector would have posted gains of ~4% . Notable stats: – The KBBS Index was up 6.1% m/m and is now up 20.4% y/y vs. an S&P 500 gain of 1.9% and 16.2%, respectively – EV / EBITDA valuations drifted higher in September, with all nine subsectors posting gains for the month and eight trading above their LTM averages. Consequently, the average LTM premium climbed to 9%, vs. August and July’s 7% and 6%, respectively Business Services Monthly February 2016 – Equity Capital Markets

Update date in title  Relative Valuation – LTM EV / EBITDA (Three Year Candlestick Chart as of 5/31/2018) The graphics below display the 3 year high and low range for each sub-segment’s valuation metric, shown by the vertical line. The graphics also show the monthly movement for each valuation metric, shown by the box. A green box indicates a positive monthly movement while a red box indicates a negative movement; the size of the box indicates the magnitude of the movement. The tables below the graphics display what the valuation metrics were 3 years ago, 1 year ago, and 6 months ago, in addition to the current value. 20.0x Indicates 1 Year Average 18.0x

16.0x

14.0x

12.0x

10.0x

8.0x

6.0x Non-Heavy Knowledge- Heavy Auction Facility Data-Based Equipment Based Diversified / Advertising / Equipment Printing Services Services Consulting Rental KBBS Index Consulting S&P 500 Other Marketing Rental Services 3 Years Ago 13.0x 13.1x 14.6x 10.3x 11.2x 9.8x 10.7x 10.5x 12.7x 8.9x 8.1x 1 Year Ago 15.4x 16.8x 13.7x 12.1x 12.0x 10.7x 12.2x 10.2x 10.9x 9.3x 8.8x 6 Months Ago 16.1x 17.6x 15.4x 14.3x 13.2x 12.1x 12.7x 10.9x 10.7x 10.6x 10.9x Current 17.2x 16.8x 15.9x 14.2x 13.1x 12.6x 12.6x 10.9x 10.8x 10.1x 9.0x Update date in title  Relative Valuation – LTM EV / Revenue (Three Year Candlestick Chart as of 5/31/2018) 6.5x Indicates 1 Year Average 5.5x

4.5x

3.5x

2.5x

1.5x

0.5x Heavy Non-Heavy Knowledge- Auction Data-Based Equipment Advertising / Equipment Facility Diversified / Based Printing Services Consulting Rental KBBS Index Marketing Rental Services S&P 500 Other Consulting Services 3 Years Ago 4.2x 4.5x 4.4x 2.7x 3.3x 1.9x 1.7x 2.1x 1.5x 1.3x 1.3x 1 Year Ago 5.0x 4.5x 3.9x 2.8x 2.7x 2.2x 2.4x 2.4x 1.7x 1.3x 1.2x 6 Months Ago 5.3x 5.0x 4.5x 3.0x 2.7x 2.6x 2.6x 2.5x 1.8x 1.4x 1.3x Current 5.6x 5.1x 4.5x 3.0x 2.7x 2.6x 2.6x 2.5x 1.7x 1.4x 1.2x

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 24 Business Services Monthly February 2016 – Equity Capital Markets Emerald IPO – Equity Capital Markets – Recent Issuance issued below 18- . The business services equity market did not have any issuers come to market in May, mirroring last month. Recall in March: 20 range. – Emerald Expositions (Other) came to market to issue a $111mm follow-on at $18.50. All net proceeds went to selling shareholders. As of May 31st, the shares were trading up at $20.45 33.33% of shares – TransUnion (Data) returned to market to issue a $1,150mm follow-on at $57.80. All net proceeds went to selling Copy and paste from shareholders. As of May 31st, the shares were up at $68.60 sold by File – width to 7.7 stockholders Offering Details Valuation at Offer Date As of 5/31/2018 Offer Deal Value EV / EV / Share EV / EV / . The business services equity market had two Box should be same Offer Date Issuer Ticker Type Price ($mm) Revenue EBITDA Price Revenue EBITDA issuers come to market in March, following height as linked file none in February or January

O 3/8/2018 Emerald Expositions Events Inc EEX Follow-On $18.50 $111.0 5.6x 13.0x $20.45 5.8x 13.6x

– Proceeds went to help finance the 3/5/2018 TransUnion TRU Follow-On $57.80 1,150.0 6.7x 18.1x $68.60 7.4x 20.4x

Align top with box DC acquisition of IO Data Centers for

O 12/12/2017 Iron Mountain Inc IRM Follow-On $37.00 537.0 4.4x 13.4x $33.29 4.4x 13.1x . The business services ~$1.4bn. As of February 28th, the shares

10/30/2017 TransUnion TRU Follow-On $52.35 394.0 6.3x 17.0x $68.60 7.4x 20.4x were trading down at $31.46

DC equity market had one

9/7/2017 Triton International Ltd TRTN Follow-On $32.75 201.0 8.7x 10.3x $34.81 7.7x 8.1x issuer come to market in

HE DC July, following one issuer in 7/31/2017 TransUnion TRU Follow-On $45.83 1,186.0 5.9x 16.1x $68.60 7.4x 20.4x

DC both June and May

F 6/22/2017 SP Plus Corp SP Follow-On $28.85 39.0 0.9x 8.6x $36.00 1.0x 9.0x

KC – TransUnion returned to

F 5/10/2017 SP Plus Corp SP Follow-On $30.00 108.0 0.9x 8.6x $36.00 1.0x 9.0x market to issue a

$1,185mm follow-on at A/M

O 4/27/2017 Emerald Expositions Events Inc EEX IPO $17.00 303.0 5.9x 13.0x $20.45 5.8x 13.6x

$45.83. As of July 31st,

4/26/2017 TransUnion TRU Follow-On $39.50 586.6 5.5x 15.3x $68.60 7.4x 20.4x

DC the shares were up to

P 3/22/2017 LSC Communications Inc LKSD Follow-On $20.25 145.4 0.4x 3.9x $12.66 0.3x 7.1x $30.55. All net

proceeds went to

2/15/2017 TransUnion TRU Follow-On $36.90 664.2 5.4x 15.4x $68.60 7.4x 20.4x DC

NH selling shareholders

12/1/2016 Booz Allen Hamilton Holding Corp BAH Follow-On $36.75 612.3 1.2x 13.2x $45.09 1.3x 13.8x

KC – Last month, SP Plus

F 9/8/2016 TransUnion TRU Follow-On $33.00 528.0 5.3x 16.5x $68.60 7.4x 20.4x

DC returned to market to

6/6/2016 TransUnion TRU Follow-On $32.10 577.8 5.4x 16.9x $68.60 7.4x 20.4x issue a $39mm follow-

P on at $28.85. All net 5/23/2016 Booz Allen Hamilton Holding Corp BAH Follow-On $28.20 366.6 1.1x 11.3x $45.09 1.3x 13.8x

KC proceeds went to

3/8/2016 TransUnion TRU Follow-On $25.00 446.9 4.5x 14.1x $68.60 7.4x 20.4x

DC selling shareholders

O 2/25/2016 Sabre Corp SABR Follow-On $27.35 547.0 3.6x 12.1x $24.51 2.7x 10.3x . Recall that three months

ago, Emerald Expositions O F 11/6/2015 ServiceMaster Global Holdings Inc SERV Follow-On $34.00 984.7 2.8x 12.1x $57.14 3.4x 15.0x

issued a $303mm IPO at 11/4/2015 Booz Allen Hamilton Holding Corp BAH Follow-On $28.90 375.7 1.1x 11.8x $45.09 1.3x 13.8x

KC $17.00, which was the first

O 11/4/2015 Sabre Corp SABR Follow-On $29.27 778.1 4.0x 14.0x $24.51 2.7x 10.3x business services company

to go public since

F 8/18/2015 Aramark ARMK Follow-On $32.45 729.1 0.9x 11.7x $38.82 1.1x 13.8x

TransUnion in June 2015.

O 8/5/2015 Sabre Corp SABR Follow-On $26.85 510.2 3.8x 13.1x $24.51 2.7x 10.3x As of July 31st, the shares

6/24/2015 TransUnion TRU IPO $22.50 764.5 5.6x 18.5x $68.60 7.4x 20.4x were trading up at $22.89

O 6/19/2015 West Corp WSTC Follow-On $30.75 215.3 2.7x 9.3x na/nm na/nm na/nm

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 25 Business Services Monthly February 2016 – Company Statistics

Operating Statistics . Of the business services companies that have reported CY Q1 earnings, 88% saw an increase in LTM revenue q/q, while 68% saw an increase in LTM EBITDA . Of the business services

Share LTM EV as a multiple of As % of Revenue companies that have price % of 52 Market Enterprise LTM NTM Gross Operating reported CY Q3 earnings, Company Name Ticker 5/31/18 Week High Cap. Value Revenue EBITDA % Margin EBITDA EBITDA Profit Income SG&A 80% saw an increase in Data-Based Consulting LTM revenue q/q, while 80% saw an increase in LTM S&P Global Inc. SPGI $197.50 97.4% $49,631.8 $52,856.8 $6,177.0 $2,988.0 48.4% 17.7x 16.3x 71.8% 45.4% 23.4% EBITDA for the same period Moody's Corporation MCO 170.57 97.1% 32,732.4 37,082.5 4,355.6 2,051.7 47.1% 18.1x 16.1x 71.0% 43.1% 23.9%

IHS Markit Ltd. * INFO 49.28 93.7% 19,284.5 23,416.8 3,687.6 1,161.9 31.5% 20.2x 15.1x 62.8% 17.9% 30.3%

Verisk Analytics, Inc. VRSK 106.24 97.2% 17,557.1 20,185.5 2,223.8 1,011.2 45.5% 20.0x 17.4x 63.0% 36.6% 15.0%

Nielsen Holdings plc NLSN 30.17 69.2% 10,747.3 19,131.3 6,656.0 1,993.0 29.9% 9.6x 9.1x 57.6% 19.5% 28.2%

Equifax Inc. EFX 113.96 77.5% 13,707.6 16,148.6 3,395.7 1,048.0 30.9% 15.4x 13.4x 63.1% 22.1% 32.3%

TransUnion * TRU 68.60 98.4% 12,622.4 14,964.9 2,016.2 735.2 36.5% 20.4x 17.1x 66.4% 24.2% 30.0%

Gartner, Inc. * IT 132.74 93.4% 12,111.2 14,897.0 3,649.9 417.7 11.4% 35.7x 19.7x 60.6% 3.7% 48.8%

The Dun & Bradstreet Corporation DNB 122.81 93.8% 4,554.4 5,713.3 1,779.2 520.3 29.2% 11.0x 10.8x 67.9% 26.1% 37.2%

Morningstar, Inc. MORN 120.01 99.3% 5,102.5 4,897.1 945.7 255.0 27.0% 19.2x na/nm 58.5% 20.4% 28.8%

Forrester Research, Inc. FORR 42.25 88.5% 759.8 623.5 338.2 29.9 8.8% 20.9x 13.4x 58.7% 6.5% 49.9%

The Hackett Group, Inc. HCKT 16.10 83.7% 473.5 468.8 265.7 41.4 15.6% 11.3x 9.1x 38.4% 13.8% 24.6% Median 93.7% 30.4% 18.6x 15.1x 62.9% 21.3% 29.4%

Knowledge-Based Consulting

Accenture plc ACN $155.74 94.1% $100,154.4 $97,340.5 $37,125.7 $6,030.7 16.2% 16.1x 14.1x 31.5% 14.7% 16.9%

Booz Allen Hamilton Holding Corporation BAH 45.09 99.4% 6,464.5 8,075.4 6,171.9 584.8 9.5% 13.8x 12.9x 23.4% 8.4% 13.9%

Korn/Ferry International KFY 54.68 97.3% 3,090.8 2,943.5 1,697.9 239.9 14.1% 12.3x 10.5x 27.3% 10.6% 13.9%

FTI Consulting, Inc. FCN 61.99 97.5% 2,283.5 2,573.0 1,859.2 220.9 11.9% 11.6x 13.4x 34.0% 10.1% 23.4%

ICF International, Inc. ICFI 70.65 98.2% 1,328.7 1,540.9 1,235.6 113.1 9.2% 13.6x 12.3x 37.1% 6.9% 28.0%

CBIZ, Inc. CBZ 20.65 98.0% 1,120.4 1,337.6 880.0 101.0 11.5% 13.2x 11.8x 12.8% 8.8% 3.9%

Navigant Consulting, Inc. NCI 24.36 97.6% 1,100.8 1,278.5 947.3 123.4 13.0% 10.4x 9.8x 30.9% 9.2% 17.8%

Huron Consulting Group Inc. HURN 40.50 90.3% 870.4 1,242.5 737.4 90.1 12.2% 13.8x 12.4x 36.0% 5.8% 23.8%

Heidrick & Struggles International, Inc. HSII 37.80 95.1% 715.3 653.9 641.5 61.5 9.6% 10.6x 9.1x 30.1% 7.4% 22.7%

Resources Connection, Inc. RECN 16.65 97.9% 524.7 544.5 619.0 63.6 10.3% 8.6x 10.6x 40.3% 9.4% 30.0%

CRA International, Inc. * CRAI 54.10 92.1% 437.1 436.6 381.4 26.8 7.0% 16.3x na/nm 30.3% 4.6% 23.2%

Franklin Covey Co. FC 28.05 89.9% 389.8 427.0 197.8 6.6 3.3% na/nm 24.5x 69.3% (1.4%) 66.0%

GP Strategies Corporation GPX 19.25 61.6% 317.5 369.3 511.8 28.7 5.6% 12.9x 9.9x 15.7% 4.2% 11.5%

Information Services Group, Inc. III 4.03 87.0% 178.7 259.8 271.9 23.7 8.7% 11.0x 6.8x 41.5% 4.4% 32.8%

Collectors Universe Inc. CLCT 14.90 48.3% 134.3 128.2 69.3 10.0 14.4% 12.9x na/nm 58.7% 12.4% 46.3% Median 95.1% 10.3% 12.9x 11.8x 31.5% 8.4% 23.2%

Operating Statistics

Share LTM EV as a multiple of As % of Revenue price % of 52 Market Enterprise LTM NTM Gross Operating Company Name Ticker 5/31/18 Week High Cap. Value Revenue EBITDA % Margin EBITDA EBITDA Profit Income SG&A Advertising / Marketing

Alliance Data Systems Corporation ADS $210.82 75.7% $11,679.4 $32,825.6 $7,724.6 $2,165.0 28.0% 15.2x 14.7x 24.7% 17.5% na/nm

Omnicom Group Inc. OMC 72.08 84.4% 16,383.0 19,535.7 15,315.8 2,344.5 15.3% 8.3x 7.7x 18.2% 13.5% 2.9%

The Interpublic Group of Companies, Inc. IPG 22.60 86.9% 8,712.7 10,483.8 7,987.7 1,139.8 14.3% 9.2x 8.2x 35.4% 12.2% 23.0%

Clear Channel Outdoor Holdings, Inc. CCO 4.35 75.7% 1,572.6 6,848.8 2,645.3 555.3 21.0% 12.3x 11.6x 45.8% 8.4% 24.8%

National CineMedia, Inc. NCMI 7.41 89.2% 585.3 1,751.8 434.4 191.9 44.2% 9.1x 8.5x 71.0% 36.9% 25.4%

MDC Partners Inc. * MDCA 4.15 33.9% 248.2 1,357.6 1,496.0 148.5 9.9% 9.1x 6.2x 31.2% 7.5% 20.8%

Harte Hanks, Inc. * HHS 10.89 75.6% 68.1 55.0 370.2 4.8 1.3% 11.4x na/nm 11.7% (1.4%) 10.4% Median 75.7% 15.3% 9.2x 8.3x 31.2% 12.2% 21.9% Heavy Equipment Rental

United Rentals, Inc. URI $159.57 83.7% $13,339.5 $22,199.5 $7,019.0 $3,256.6 46.4% 6.8x 5.9x 42.7% 25.5% 13.4%

Triton International Limited * TRTN 34.81 79.4% 2,814.6 9,757.7 1,259.7 1,207.4 95.8% 8.1x 7.7x 95.9% 48.3% 6.9%

GATX Corporation GATX 71.90 94.3% 2,710.6 6,853.6 1,366.1 643.7 47.1% 10.6x 10.6x 61.8% 23.0% 13.4%

Textainer Group Holdings Limited TGH 16.95 64.0% 967.8 4,016.6 507.4 392.1 77.3% 10.2x 8.7x 86.3% 33.0% 7.6%

Herc Holdings Inc. * HRI 54.65 74.9% 1,553.3 3,700.9 1,796.4 604.8 33.7% 6.1x 5.6x 25.0% 7.5% 17.5%

Mobile Mini, Inc. MINI 45.60 94.9% 2,034.5 2,948.3 550.7 184.9 33.6% 15.9x 13.6x 33.6% 21.8% na/nm

CAI International, Inc. CAI 24.01 59.9% 492.1 2,184.0 362.3 233.3 64.4% 9.4x 7.1x 43.6% 33.3% 12.6%

H&E Equipment Services, Inc. HEES 34.57 78.1% 1,232.6 2,168.3 1,063.7 332.8 31.3% 6.5x 5.8x 35.2% 12.5% 22.7%

McGrath Rentcorp MGRC 65.08 99.7% 1,569.7 1,865.8 472.3 162.9 34.5% 11.5x 9.8x 45.4% 21.7% 23.7%

WillScot Corporation * WSC 12.20 78.2% 1,032.7 1,742.2 481.4 108.8 22.6% 16.0x 10.1x 37.1% 3.8% 30.8%

General Finance Corporation GFN 10.75 95.1% 287.6 757.1 326.8 76.7 23.5% 9.9x 9.0x 45.8% 11.1% 22.5% Median 79.4% 34.5% 9.9x 8.7x 43.6% 21.8% 15.5% Non-Heavy Equipment Rental

Cintas Corporation CTAS $182.25 98.9% $19,449.9 $21,985.9 $6,337.4 $1,262.0 19.9% 17.4x 15.8x 44.7% 15.7% 29.1%

UniFirst Corporation UNF 177.60 99.2% 3,397.8 3,010.1 1,648.5 275.9 16.7% 10.9x 10.9x 37.8% 11.1% 21.2% Median 99.0% 18.3% 14.2x 13.4x 41.3% 13.4% 25.1% Facility Services

Aramark * ARMK $38.82 84.2% $9,543.2 $17,189.6 $15,151.8 $1,248.4 8.2% 13.8x 9.9x 10.6% 4.8% 2.2%

Rollins, Inc. ROL 49.77 91.7% 10,859.2 10,774.9 1,707.5 355.8 20.8% 30.3x 27.9x 51.0% 17.3% 30.1%

ServiceMaster Global Holdings, Inc. * SERV 57.14 97.8% 7,737.2 10,041.2 2,944.0 669.0 22.7% 15.0x 14.0x 46.8% 19.3% 26.6%

ABM Industries Incorporated ABM 28.46 63.1% 1,869.8 2,981.6 5,715.2 272.6 4.8% 10.9x 8.3x 10.5% 2.3% 7.4%

SP Plus Corporation SP 36.00 86.3% 803.9 921.5 882.3 102.3 11.6% 9.0x 9.5x 20.9% 9.5% 9.3% Median 86.3% 11.6% 13.8x 9.9x 20.9% 9.5% 9.3%

Operating Statistics

Cimpress N.V. CMPR $139.23 81.1% $4,276.6 $5,278.4 $2,525.7 $214.8 8.5% 24.6x 14.3x 50.8% 2.8% 36.2%

Deluxe Corporation DLX 66.54 84.4% 3,183.6 3,858.4 1,969.7 487.3 24.7% 7.9x 7.1x 61.9% 20.3% 41.6%

Transcontinental Inc. TCL.A 29.22 91.4% 2,570.3 2,604.8 2,005.3 438.2 21.9% 5.9x 6.9x 18.7% 13.4% 1.0%

R.R. Donnelley & Sons Company * RRD 6.24 19.4% 438.7 2,406.5 6,988.5 428.0 6.1% 5.6x 5.1x 18.4% 3.7% 12.0%

LSC Communications, Inc. * LKSD 12.66 56.4% 442.6 2,109.6 3,711.0 297.0 8.0% 7.1x 6.2x 15.3% 3.9% 7.1%

Quad/Graphics, Inc. QUAD 19.77 63.2% 1,059.7 2,086.5 4,100.3 406.2 9.9% 5.1x 4.9x 20.2% 4.3% 10.3%

Ennis, Inc. EBF 18.25 84.9% 464.5 398.3 370.2 61.6 16.6% 6.5x na/nm 31.6% 12.8% 18.8%

ARC Document Solutions, Inc. ARC 1.95 40.3% 88.3 220.0 393.6 47.6 12.1% 4.6x 4.7x 31.3% 3.9% 26.4% Median 72.1% 11.0% 6.2x 6.2x 25.8% 4.1% 15.4%

Auction Services

Copart, Inc. CPRT $54.83 96.6% $12,735.8 $12,932.3 $1,735.1 $703.8 40.6% 18.4x 17.1x 48.4% 37.5% 10.9%

KAR Auction Services, Inc. KAR 52.77 93.0% 7,122.0 10,826.5 3,541.9 850.7 24.0% 12.7x 11.7x 42.9% 16.4% 18.9%

Ritchie Bros. Auctioneers Incorporated RBA 34.08 96.9% 3,672.8 4,192.3 671.3 204.5 30.5% 20.5x 16.6x 84.5% 23.7% 52.2% Median 96.6% 30.5% 18.4x 16.6x 48.4% 23.7% 18.9%

Diversified / Other Business Services

Iron Mountain Incorporated IRM $33.29 80.2% $9,518.4 $17,328.6 $3,949.2 $1,322.9 33.5% 13.1x 11.7x 57.1% 19.1% 23.9%

Sabre Corporation * SABR 24.51 98.0% 6,758.4 9,850.6 3,671.5 959.5 26.1% 10.3x 8.9x 29.6% 15.3% 14.2%

The Brink's Company BCO 79.25 90.0% 4,034.2 4,751.8 3,437.7 370.6 10.8% 12.8x 8.6x 21.7% 6.4% 15.4%

Pitney Bowes Inc. PBI 8.90 55.2% 1,669.2 4,470.3 3,696.5 638.3 17.3% 7.0x 7.6x 49.0% 12.2% 33.4%

Emerald Expositions Events, Inc. * EEX 20.45 83.3% 1,489.4 2,015.8 348.2 148.5 42.6% 13.6x 12.2x 71.5% 30.4% 28.5%

Viad Corp VVI 52.90 85.5% 1,083.4 1,292.7 1,258.6 114.9 9.1% 11.3x 8.3x 5.6% 4.7% 1.0%

InnerWorkings, Inc. INWK 8.79 73.1% 469.7 567.5 1,136.3 53.9 4.7% 10.5x 7.6x 24.5% 3.5% 19.9% Median 83.3% 17.3% 11.3x 8.6x 29.6% 12.2% 19.9%

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted Bold indicates KBCM equity research coverage 28 * Excluded from “EV/Revenue”, “EV/EBITDA”, and “Subsector Indices vs. S&P 500” charts and tables Business Services Monthly February 2016 – Macroeconomic Indicators www.mam.econoday.com Macroeconomic Indicators . May nonfarm payrolls rose 223,000, exceeding expectations. Employers have added an average of 207,000 jobs per month through the first five months of 2018, including revisions. May’s increase marks the 92nd consecutive month in which employers have added jobs. The unemployment rate dipped to 3.8%, matching April 2000 as the lowest reading since 1969 – The Professional & Business Services (“P&B”) sector nonfarm payrolls increased 31,000 in May – Year over year, the P&B sector continues to outpace overall nonfarm payroll growth, 2.4% vs. 1.6%, respectively – Year over year, average hourly earnings for All Employees and the P&B sector increased by 2.3% and 2.7%, respectively. Month over month, average hourly earnings for All Employees increased 0.3%, while the P&B sector remained flat Nonfarm Payrolls

(in thousands) Total Monthly Change (L) Professional & Business Services Monthly Change (L) 400 Total Yearly Change (R) Y/Y Professional & Business Services (R) 4.0% 350 3.5% 300 3.0% 250 2.5% Jobs Report 200 2.0% 150 1.5% http://blogs.wsj.com/economics/2016/03/0 100 1.0% 4/economists-react-to-the-february-jobs- 50 0.5% report-concerns-over-recession-are- overblown/?mod=djemRTE_h - 0.0% (50) (0.5)% 5/15 8/15 11/15 2/16 5/16 8/16 11/16 2/17 5/17 8/17 11/17 2/18 5/18

Average Hourly Earnings

M/M All Employees M/M Professional & Business Services 3.5% Y/Y All Employees Y/Y Professional & Business Services

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

(0.5)% 5/15 8/15 11/15 2/16 5/16 8/16 11/16 2/17 5/17 8/17 11/17 2/18 5/18

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 29 Business Services Monthly February 2016 – Macroeconomic Indicators

Macroeconomic Indicators

. The latest Q1 GDP estimate landed at 2.2%, matching the consensus. Consumer spending ticked downward to 1.0% Consumer spending - econoday – The ISM Non-Manufacturing and ISM Manufacturing indices registered moves of (2.0) and 1.5 points, respectively. New manufacturing orders improved both m/m and y/y, 1.6% and 9.1%, respectively – The Conference Board Leading Index increased 0.4% in April to 109.4. The 6-month annualized growth rate slowed to 6.7%, from 8.8%. “April’s increase and continued uptrend in the U.S. LEI suggest solid growth should continue in the 2H2018. However, the LEI’s six-month growth rate has recently moderated somewhat, suggesting growth is unlikely to strongly accelerate,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board GDP GDP Price Index

Q/Q Y/Y 8.0% 3.5% Q/Q Y/Y

6.0% 3.0%

4.0% 2.5%

2.0% 2.0%

0.0% 1.5%

(2.0)% 1.0% http://blogs.wsj.com/economics/2016/03/0 (4.0)% 0.5% 4/economists-react-to-the-february-jobs- report-concerns-over-recession-are- (6.0)% 0.0% overblown/?mod=djemRTE_h (8.0)% (0.5)%

(10.0)% (1.0)%

Q1.12 Q3.17 Q1.09 Q3.09 Q1.10 Q3.10 Q1.11 Q3.11 Q3.12 Q1.13 Q3.13 Q1.14 Q3.14 Q1.15 Q3.15 Q1.16 Q3.16 Q1.17 Q1.18

Q1.10 Q3.14 Q1.09 Q3.09 Q3.10 Q1.11 Q3.11 Q1.12 Q3.12 Q1.13 Q3.13 Q1.14 Q1.15 Q3.15 Q1.16 Q3.16 Q1.17 Q3.17 Q1.18

Conference Board Leading Index ISM Indices

M/M 6M Annualized Growth Rate Non-Manufacturing Manufacturing 10.0% 64 62 8.0% 60 58 6.0% 56 54 4.0% 52 50 2.0% 48 46 > 50 = expansion 0.0% 44 < 50 = contraction 42

(2.0)% 40

4/15 7/15 1/16 4/16 7/16 1/17 4/17 7/17 1/18 4/18

10/15 10/16 10/17

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 30 Business Services Monthly February 2016 – Macroeconomic Indicators

Macroeconomic Indicators . Month over month, both the PPI Final Demand Index and the PPI Final Demand Less Foods & Energy Index saw increases of 0.1% and 0.2%, respectively. Both indices increased year over year, 2.6% and 2.3%, respectively – Business expectations for inflation dipped slightly to 2.0% in May, from 2.3% in April – Small business optimism, as reported by the NFIB, rose a tenth of a point to 104.80 in April. “Never in the history of this survey have we seen profit trends so high. The optimism small business owners have about the economy is turning into new job creation, increased wages and benefits, and investment,” said NFIB President and CEO Juanita Duggan

NFIB Small Business Optimism ATL Fed – Business Expectations for Inflation

110 2.5%

105 2.0%

100 1.5%

95 1.0%

90 0.5%

85 0.0%

4/15 7/15 1/16 4/16 7/16 1/17 4/17 7/17 1/18 4/18

8/15 2/16 5/16 8/16 2/17 5/17 8/17 2/18 5/18 5/15

10/15 10/16 10/17

11/15 11/16 11/17 PPI Final Demand

M/M Final Demand M/M Final Demand Less Foods & Energy 4.0% Y/Y Final Demand Y/Y Final Demand Less Foods & Energy 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% (0.5)% (1.0)% (1.5)% (2.0)% 4/15 7/15 10/15 1/16 4/16 7/16 10/16 1/17 4/17 7/17 10/17 1/18 4/18

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 31 . On July 26th, the Fed maintained the Fed Business Services Monthly Funds target rate at 1.00% - 1.25%. This February 2016 – Interest Rate Environment outcome was expected and did not surprise the market . Key takeaway: Current Interest Rate Environment – The Fed increased its 2017 GDP estimate . The Fed meets again on June 12. Currently, Fed Fund futures show a near certainty of at least 1 rate hike (pg. 12) to 2.2% vs. the 2.1% estimated in March, . Recall that on May 2, the Fed maintained the Fed Funds target rate at 1.50% - 1.75%, with a 8-0 vote. Excerpts from the while decreasing inflation expectations Longer-run projections . . Only 41% of trading press release: from 1.9% to 1.6% and unemployment rate represent each days saw the yield rise, expectations from 4.5% to 4.3% – “Inflation on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the medium and the trading range participant’s . Recall that in June, the FOMC noted that the assessment of the rate term. Risks to the economic outlook appear roughly balanced” was 26 bps throughout balance sheet normalization program is to which each variable the month. The average – “In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee up day saw a bps would be expected to expected to be implemented later this year. The will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent increase of 4.3, while the converge under program “would gradually reduce the Federal inflation … The Committee expects that economic conditions will evolve in a manner that will warrant further gradual average down day saw a Reserve's securities holdings by decreasing appropriate monetary increases in the federal funds rate” bps decline of 2.9. From policy and in the the 13th to the 15th, the 10 reinvestment of principal payments from those absence of further Yield Curve Suggests Low Rate Environment Forward LIBOR Rate year UST yield rose 12 securities.” Context: the Fed balance sheet shocks to the bps, due to the FOMC currently sits at more than $4 trillion, compared 3.25% economy 4.50% Forward Yield Curve - June 30 rate hike and increased 3.00% to less than $1 trillion in 2008. The Fed’s plan is Yield Curve - May 31 2017 rate expectations 4.00% 2.75% to initially cap roll-off of assets at $10bn a month

Forward Yield Curve - 5/31/2019 2.50% ($6bn for treasuries, $4bn for MBS), eventually 3.50% . The Fed hiking rates to 1.75% - 2.00% at 2.25% the June meeting are a near certainty. reaching $50bn a month, ($30bn and $20bn, 3.00% 2.00% The question now – how many more rate respectively) which is targeted for 12 months 1.75% hikes in 2018? (pg. 12) 2.50% after initial implementation 1.50% . As of now, expectations are at ~42% for at 2.00% 1.25% . All eyes will be on the Fed on Juneleast 14 oneth, whenmore ratethe hike by the end of the year 1.00% 1.50% FOMC decides whether to maintain(pg. 11)or raise the Fed 0.75% Funds target rate. As of now, Fed Fund futures point to 1.00% 0.50% a ~91% chance of the target rate getting hiked to 1.00% 0.25% 0.50% - 1.25% (pg. 12) 0.00% . Remember that on May 3rd, the FOMC announced that

0.00% they would keep the Fed Funds target rate at 0.75% -

Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23

Dec-19 Dec-20 Dec-21 Dec-22 3 Mo 6 Mo 12 Mo 2 Yr 3 Yr 5 Yr 7 Yr 10 Yr 30 Yr Dec-18 1.00%. Key takeaways: 10yr UST Yield Down in May % of Time 10yr UST Below a Yield Since 1962 – The committee stated that the slowing in the first quarter was likely “transitory” and that it expects 4.00% economic activity to expand “at a moderate pace” 90% 77.9% – After the announcement, the probability of a June 3.50% 80% 71.3% hike spiked to the low-90s, from a 3.00% 70% 64.2% preannouncement level of around 60% 58.2% 60% – Barring any unforeseen negative economic data or 2.50% 51.0% political showdowns, it seems safe to assume a rate 50% 44.2% 2.00% 38.9% hike will come at the FOMC meeting starting June 40% 13th, with the announcement on the 14th 1.50% 32.1% 30% 22.3% 1.00% 16.4% 20% 14.0% 9.8% 0.50% 10% 4.4% 0.2%

0.00% 0%

Jun-13

Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

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

1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 7.00% 7.50% 8.00% 6.50%

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis, Federal Reserve $ in millions, unless otherwise noted 32 Business Services Monthly February 2016 – Mergers and Acquisitions

Mergers and Acquisitions – Notable Activity . In May, the M&A market saw 76 transactions announced in the business services space, compared to 97 last month, and 77 in May of last year. Of note: – Brink’s (Other) announced its intent to acquire Dunbar Armored (Other) for $520mm in cash. With the acquisition, Brink’s says it will be the nation’s and world’s largest cash-management company. The purchase price represents LTM revenue and EBITDA multiples of 1.3x and 12.1x, respectively. The transaction is expected to close by the end of 2018 – IHS Markit (Data) announced its plan to acquire Ipreo Holdings (Data) for $1,855mm from The Blackstone Group and Goldman Sachs Group Merchant Banking Division. The transaction will be financed through bank financing and is expected to close in the second half of the year . Solid economic fundamentals and rising confidence, spurned by tax reform and robust expectations for business investment, have continued to create a positive backdrop for M&A activity

Target Acquiror Transaction Details Date Revenue EBITDA Announced Name Description Name Description Implied EV Multiple Multiple

Provides legal analysis, news and 5/31/2018 Fulcrum Financial Data, LLC Fitch Group, Inc. Credit ratings agency services - - - commentary Provides market intelligence, data, and Asset pricing, forecasting, and research 5/21/2018 Ipreo Holdings LLC technology solutions to capital markets Markit North America, Inc. $1,855.0 - - services to the financial sector participants Digital consultancy services to marketers 5/17/2018 MaassMedia, LLC Digital analytics consulting HERO Digital LLC - - - 7.72 width and businesses

Credit report repair and correction Online loan marketplace for consumers Based Consulting Based

- 5/11/2018 Ovation Credit Services, Inc. LendingTree, Inc. (NasdaqGS:TREE) $20.8 - - consulting seeking loans Provides intelligence, lead generation,

Data 5/10/2018 Red Books LLC List Partners, Inc. Develops lead generation software solutions - - - market data

5/21/2018 Alston Hunt Floyd & Ing Law firm Dentons US LLP Law firm - - -

5/31/2018 Jackson Hewitt Tax Service Inc. Tax return preparation and filing services Corsair Capital LLC PE firm - - -

Policy administration, claims administration, 5/30/2018 Risk Management America, LLC Risk consulting services SUNZ Holdings, LLC - - - and customer support

5/29/2018 Rylander, Clay & Opitz, LLP Accounting and auditing services BKD, LLP Accounting and auditing services - - -

Registration and compliance consulting 5/23/2018 RIA in a Box LLC Aquiline Capital Partners LLC PE firm - - - services Financial accounting and business advisory 5/23/2018 Del Conte, Hyde, Annello & Schuch P.C. Accounting and auditing services UHY Advisors, Inc. - - - services

5/22/2018 Corporate Benefit Audits Inc. Auditing of insurance claims Risk Strategies Company, Inc. Insurance brokerage services - - -

Designs and develops software, and 5/21/2018 PowerPlan, Inc. Regulatory, tax, and budgeting solutions Roper Technologies, Inc. (NYSE:ROP) $1,100.0 - - engineered products and solutions Consulting services and software solutions to Customer relationship management and 5/17/2018 Wilson Legal Solutions, Inc. Stanton Allen Ltd. - - -

law firms data consulting services Based Consulting Based - Audit and Tax Divisions of Local Office of 5/16/2018 Accounting and auditing services BKD, LLP Accounting and auditing services - - - Grant Thornton LLP

5/16/2018 Susan E. Crocker, Inc. HR and employee benefits consulting OneDigital Health and Benefits, Inc. Employee benefits agency - - -

Knowledge 5/15/2018 Smith & Gesteland, LLP Accounting and auditing services BDO USA, LLP Accounting and auditing services - - -

Procurement, accounts payable, and billing 5/14/2018 Source One Management Services, LLC Procurement consulting services Corcentric, LLC - - - solutions Publishes peer-review and recommended 5/9/2018 Best Lawyers, LLC Levine Leichtman Capital Partners PE firm - - - lawyers guide

5/9/2018 Inspired Solutions, LLC Technical and business consulting services L. Keeley Construction Co., Inc. Construction services - - -

5/7/2018 BoardProspects, Inc. Executive-level news and education platform Osprey Capital, LLC PE firm - - -

Executive search, staffing, and HR Strategic consulting services, capital raising 5/4/2018 Bay Talent Group Inc. GIC Merchant Bank Corp. - - - consulting services services, M&A advisory

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 33 Business Services Monthly February 2016 – Mergers and Acquisitions

Mergers and Acquisitions – Notable Activity

Target Acquiror Transaction Details Date Revenue EBITDA Announced Name Description Name Description Implied EV Multiple Multiple National Insurance Services of Wisconsin, Employee benefits consulting and brokerage

5/3/2018 AssuredPartners, Inc. Provides property and casualty insurance - - - Inc. services Patent risk management and discovery 5/1/2018 RPX Corporation (NasdaqGS:RPXC) HGGC, LLC PE firm $384.9 1.2x 3.4x services

5/1/2018 Laffer & Gottlieb Accounting and auditing services CliftonLarsonAllen LLP Accounting and auditing services - - -

Know. (cont.) Know. Employee Training Content Business Provides micro-learning, eLearning, and Develops and distributes online and video- 5/7/2018 Media Partners Corporation - - - Operations Of Prositions, Inc. technology solutions based learnings

Sales and integrated demand generation 5/30/2018 North Star Marketing, Inc. Figmints Delicious Design LLC. Brand and digital agency - - - agency

5/18/2018 360 Brand Machine, LLC Brand development and advertising services UNISON, Inc. Develops and operates stakeholder insights - - -

Connected television advertising technology 5/17/2018 Impression X, Inc Good Life Networks Inc. (TSXV:GOOD) Digital branding and advertising services $6.0 - - services

5/16/2018 The Brand Experience Brand experiencing and marketing services Hyperquake LLC Brand evolution agency for non-profits - - -

5/15/2018 Desert Class Marketing Search engine marketing agency services Digital Radar, LLC Digital marketing services - - -

5/14/2018 Equestrian Marketing, LLC Sports marketing and management services Mixed Digital LLC Digital marketing services - - -

5/11/2018 Watershed Communications Group Ltd. Advertising and communications services Spring Advertising Advertising services - - -

Video advertising technology platforms and 5/10/2018 Videology, Inc. Amobee, Inc. Marketing technology services - - - solutions 7.72 width Media services, strategy services, consulting 5/10/2018 FRWD Co. Bain & Company, Inc. Consulting services - - - services Self-service marketing and branding Checks, forms, marketing solutions, and 5/9/2018 LogoMix Inc. Deluxe Corporation (NYSE:DLX) $43.0 - - platform other products and services Platform that allows design, launch, Referral and Reward Business of 5/8/2018 Referral marketing services BuyaPowa Limited management, and analysis of social sales $0.1 - - Advertising / Advertising Marketing RewardStream Solutions Inc. campaigns Media production and institutional support The Creek Indian Enterprises Development 5/8/2018 Media Fusion, Inc. Economic development agency - - - services Authority Outsourced pay-per-click consulting and 5/4/2018 RhinoFish Media LLC Affiliatemanager.com Affiliate management services - - - management services Internet-based marketplace platform and 5/3/2018 Adcel LLC Digital media and advertising services engage:BDR Limited (ASX:EN1) $4.0 - - technology solution provider Advertising, PR, and event marketing 5/2/2018 Creaxion Imagine Exhibitions, Inc. Produces exhibitions - - - services Graphic designing and store designing DATA Communications Management Corp. 5/1/2018 Perennial Inc. Business communication solutions $10.3 1.9x - services (TSX:DCM) Advertising, branding, marketing, and web 5/1/2018 Thornley Creative Communications Studiothink, LLC Marketing services - - - designing services

5/15/2018 Spot Cooling Systems, Inc. HVAC equipment rental American Spot Cooling Inc. HVAC equipment rental - - -

Sells, rents, and provides services for new Distributes and rents agriculture and

Heavy 5/9/2018 Patten Industries, Inc. Altorfer, Inc. - - -

and used equipment construction equipment

Commercial landscape maintenance, Environmental Earthscapes Inc dba The Commercial landscape maintenance 5/21/2018 construction, tree care, and irrigation BrightView Landscapes, LLC - - - Groundskepeer services services Landscaping, property maintenance, and Hardscape, landscape, and grounds 5/16/2018 Whitbeck's Treescape, LLC Sheridan Landscaping, Inc. - - - tree services maintenance services American Leak Detection South Florida Detecting, finding, and remediating water Leak detection and remediation products 5/15/2018 Water Intelligence plc (AIM:WATR) - - -

Facility Services Franchise leaks and services

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 34 Business Services Monthly February 2016 – Mergers and Acquisitions

Mergers and Acquisitions – Notable Activity

Target Acquiror Transaction Details Date Revenue EBITDA Announced Name Description Name Description Implied EV Multiple Multiple

Drill Pipe Rental Division of Premium Oilfield 5/17/2018 HALO Branded Solutions, Inc. Distributes promotional products TPG Growth PE firm - - - 4/26/2018 Drill pipe rental services Drilling Tools International, Inc. Manufactures downhole drilling tools - - - c Services, LLC Designs and produces custom creative Strategic planning, branding, advertising Sells, services, and rents industrial 5/14/2018 eCompanyStore, Inc. Corporate Imaging Concepts, Inc. - - - 4/16/2018 GenServe, Inc. GenNx360 Capital Partners PE firm - - - promotional merchandise services generators 3D printing, rapid prototyping, and 3D laser Designs and provides solutions for 3D Manufactures and rents intermediate bulk 5/7/2018 Cimetrix Solutions Inc. Javelin Technologies Inc. - - - 4/12/2018 Hoover Ferguson Group, Inc. First Reserve Corporation PE firm - - - scanning and designing services design, data management, 3D printing containers Logistics Business of R.R. Donnelley & Sons Provides traditional and digital print services Sells and rents storage containers and office 5/2/2018 Logistics services and technologies LSC Communications, Inc. (NYSE:LKSD) - - - 4/9/2018 Acorn Storage Trailers, Inc. Storage containers and storage trailers Pac-Van, Inc. - - - Company and office products spaces PrintingServices Retail Offset Printing Facilities of LSC Sales and rental of pressure hydraulic 5/2/2018 Retail offset printing facilities and services Trend Offset Printing Services, Inc. Commercial printing services - - - RentalEq. He. 4/4/2018 Assets of Jaxx, LLC Ballard Industrial Hardware store warehouse - - - Communications equipment Sales and rental of modular structures for the 4/3/2018 Mega Individuals - - - - Cash management, logistics, and loss Secure transportation, cash management, entertainment industry 5/31/2018 Dunbar Armored, Inc. The Brink's Company (NYSE:BCO) $520.0 1.3x 12.1x prevention solutions and other security-related services Destination management and event 5/29/2018 Clink Events LLC Designs and coordinates special events Capers DMC - - - production company Advanced Lighting & Production Services, 4/19/2018 Stage and theatrical lighting rental services 4Wall Entertainment, Inc. Stage and theatrical lighting services - - - ON-demand employment background Inc. 5/25/2018 HireRight, LLC General Information Services, Inc. Background screening services - - - checks and screens Entertainment and event technology 4/5/2018 Full Throttle Films Inc. Electronic equipment rentals Production Resource Group, L.L.C. - - - solutions 5/25/2018 Iconic Group, Inc. Professional event photography services Fenway Partners LLC PE firm - - - 4/5/2018 Liberty Party Rental, Inc. Event and party rental services CE Rental, Inc. Event rental services - - - 5/23/2018 SIRVA, Inc. Relocation services Madison Dearborn Partners, LLC PE firm - - - Entertainment rigging equipment rental and NH Eq. Rental Eq. NH 4/3/2018 Reed Rigging, Inc. Senior management - - - - Historic object testing, condition Historic preservation, restoration, and sales 5/23/2018 Conservation Solutions, inc. Evergreene Architectural Arts, Inc. - - - assessment, and preservation conservation solutions Zombie Cat Productions, L.L.C.; Second Owns and operates a traveling curiosity shop 5/18/2018 Action Artwork Rental, LLC Renting cleared art to the film industry - - - Hand Interesting Things LLC and museum; Full-service fabrication shop Records management, storage, and Access Information Management of Canada, Records storage and information 5/17/2018 trueNorth Records Management Corp. - - - 7.72 width destruction services ULC management services Content services across various advertising 5/16/2018 BGTV LIVE Events Agency Hosting of events and weddings BGTV Direct - Worldwide Media Solutions - - - platforms Hosts trade markets, trade shows, 5/15/2018 AMC, Inc. International Market Centers, L.P. Operates showroom spaces - - -

conventions, special events

5/14/2018 Naples Transportation & Tours, LLC Transportation services Osprey Capital, LLC Family office - - -

5/14/2018 Kelly's Car Service Transportation services Ollies Taxi & Airport Services Taxi services - - -

Northern Virginia, Maryland Domestic, 5/11/2018 Commercial And Storage Operations of Relocation services Hilldrup Companies, Inc. Relocation services - - - Suddath Van Lines, Inc.

Diversified/ Other 5/10/2018 Mas Event + Design, L.L.C. Event design and management services Opus Events Agency LLC Brand management and marketing services - - -

Calgary Archives Corp./Phoenix Document storage and records Records and information management 5/9/2018 Recycling/B.C Records/Crown Enterprises Access CIG, LLC - - - management services services Ltd./DocuGuard/FileBank

5/8/2018 Matchpoint Agency Charity and sports event execution services Lagardère Plus Marketing services - - -

5/7/2018 TheMIGroup, Ltd. Relocation services Weichert Workforce Mobility Inc. Workforce mobility management services - - -

5/4/2018 Villain LLC Event production services Vice Media, LLC Global youth media company - - -

5/3/2018 Lynn Moving and Storage, Inc. Relocation services Individual - - - -

Production, packaging, and facility 5/2/2018 InLine Engineers, a Gray Company Gray Construction, Inc. Design-build services - - - management services Interior design and installation services for Turn-key design center services and interior 5/1/2018 Interior Specialists, Inc. Interior Logic Group, Inc - - - floor covering industry finish solutions Cardiff Lexington Corporation Owns and operates Romeo's NY Pizza 5/1/2018 Red Rock Travel Group LLC Travel and tourism services - - - (OTCPK:CDIX) restaurants Professional photography and image 5/1/2018 InvisoUSA Corporation Real estate photography services VHT Studios, Inc. - - -

management services

. Auc

Sources: Bloomberg, Dealogic, S&P Capital IQ, SEC Filings, Thomson Reuters, Company Presentations, KBCM Estimates & Analysis $ in millions, unless otherwise noted 35 Business Services Monthly KBCM Overview

127 Public Square Cleveland, OH 44114 Ron Gale Managing Director For additional information on KeyBanc Capital Markets, New York, New York please contact any of the individuals listed below (212) 476-7453 [email protected] Diversified Industries Investment Banking Team

Mike Jackson John Cavalaris Jeff Geuther Segment Head & Managing Director, East & Northwest Managing Director, Midwest Managing Director, Southwest Chad Riddle Cleveland, Ohio Chicago, Illinois Houston, Texas Director (216) 689-4441 (312) 730-2751 (713) 221-6197 Portland, Oregon [email protected] [email protected] [email protected] (503) 790-7659 [email protected] Gerry Barredo Tad Little Managing Director, California Managing Director, Southeast October 2017 October 2017 October 2017 September 2017 September 2017 July 2017 San Francisco, California Atlanta, Georgia February 2018 (415) 486-3424 (770) 510-2171 [email protected] [email protected] a portfolio company of

Dan Gallo Sara Yeagley Jeremy Lee $300,000,000 $250,000,000 $600,000,000 $600,000,000 $45,000,000 Senior Unsecured 4.875% Sr. Notes Delayed Draw $652,000,000 Associate Analyst Analyst Senior Secured No marketing release for Senior Notes Credit Facility Senior Notes due 2025 Term Loan Facility (216) 689-4506 (216) 689-5757 (312) 730-2789 Credit Facilities mercury air$37,050,000 group as of 4.3.18 Senior Secured [email protected] [email protected] [email protected] Joint Lead Arranger, Sole Lead Arranger, Joint Lead Arranger, Asset-Based Credit Facility Syndication Agent & Sole Bookrunner & Joint Bookrunner & Co-Manager Administrative Agent Co-Manager Joint Bookrunner Administrative Agent Administrative Agent Select Business Services Transactions May 2017 May 2017 April 2017 April 2017 March 2017 February 2017 Sole Lender May 2018 April 2018 March 2018 January 2018 November 2017 October 2017

has been acquired by

a portfolio company of a portfolio company of $600,000,000 $950,000,000 $850,000,000 $1,700,000,000 $300,000,000 a portfolio company of $300,000,000 $550,000,000 $600,000,000 $300,000,000 Senior Notes Senior Notes Senior Secured Senior Notes Senior Notes has been acquired by $673,766,875 Senior Notes Senior Notes Senior Notes Credit Facilities Senior Secured Senior Notes $700,000,000 $500,000,000 Credit Facilities Joint Lead Arranger & Senior Notes Senior Notes Joint Lead Arranger, Joint Bookrunner Co-Manager Joint Bookrunner Sell-Side Advisor Joint Bookrunner Co-Manager Joint Bookrunner & Co-Manager Sell-Side Advisor Administrative Agent Joint Bookrunner Joint Bookrunner Co-Manager April 2017 May 2017 October 2017 October 2017 September 2017 September 2017 July 2017 May 2017 March 2017 DecemberJanuaryAugustMarchAprilMayJuly 2016 20162016 2016 2015 April 2017

has been acquired by a portfolio company of a portfolio company of

$950,000,000 a portfolioannounced company$350,000,000$525,000,000$300,000,000 the ofacquisition of $250,000,000 $600,000,000 $600,000,000 $45,000,000 $600,000,000 $1,700,000,000$1,400,000,000$1,650,000,000 $$600,000,000300,000,000 $850,000,000 Check with $652,000,000 Senior Unsecured Delayed Draw has been acquired by Senior Notes Senior Secured SeniorMediumSenior Credit Term Secured Facility Notes Credit Facility Senior Notes Senior Notes Term Loan Facility Senior Secured Senior Notes Senior NotesSeniorSenior Senior Credit Credit Notes Facilities Facility Credit Facilities groups for Credit Facilities Credit Facilities Lead Arranger, Sole Lead Arranger, Joint Lead Arranger, Joint Lead Arranger, marketing Sell-Side Advisor Syndication Agent, & Sole Bookrunner & Joint Bookrunner & Joint Bookrunner & Co-Manager Joint Lead Arranger & releases Administrative Agent Co-Manager Joint Bookrunner Administrative Agent Administrative Agent Joint Bookrunner Joint BookrunnerCoCoAdministrative-DocumentationSellFairness-Syndication CoParticipant-Side-Manager OpinionAdvisor Agent Agent Agent Joint Bookrunner Disclosure: KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. This report was not issued by our research department. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer 36 or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual person or entity. Business Services Monthly KBCM Overview

KeyCorp Overview . Market Capitalization of $21.8 billion (NYSE:KEY) . Total Assets of $137.0 billion as of March 31, 2018 . Approximately 18,500 employees . Nearly 1,200 full-service retail branches across 15 states . Tier 1 Risk-Based Capital Ratio of 10.8% . 15th largest U.S. commercial bank

. KeyCorp’s CEO, Beth Mooney, is the first female Headquarters: Cleveland, OH CEO of a Top 20 US financial institution KBCM Office Location Sole Corporate Bank Offices (12 States) Combined Corporate and Community Banking Offices (15 States)

KeyBanc Capital Markets Overview (KBCM) Focus Industries . Corporate and Investment bank focused on the Diversified Industries Energy middle market . Business Services . Alternative Energy . Financial Services . Downstream . Capital markets products and services: . Insurance . Midstream . Media & Telecom . Oil & Gas Producers – Debt Capital Markets . Utilities – Equity Capital Markets Consumer & Retail Technology – Financial Sponsor Coverage . eCommerce / Travel . Clean Technology – Leveraged Finance . Food & Beverage . Communications & Infrastructure . Food Distribution . Internet & Digital Media – Mergers & Acquisitions . Gaming . Semiconductors – Sales & Trading . Healthy & Active . Software & Security . Home Environment . Over 740 bankers with offices in Atlanta, . Restaurants . Retail / Apparel Beijing, Boston, Charlotte, Chicago, Cleveland, Dallas, Houston, London, Los Angeles, Industrial Healthcare Nashville, New York, Portland, San Francisco, . Aerospace & Defense . Facility Based Services Seattle, and Stamford . Automotive . Healthcare Information Technology . Building Products . Medical Products . Bankers organized by industry focus and . Construction & Engineering . Payor Services . Industrial Technology . Pharma Support & Distribution transaction expertise . Multi-Industrial Services . Metals & Mining . Provider Outsourcing Services . Over 95 senior and associate equity research . Packaging analysts, tracking more than 700 companies . Specialty Chemicals across six industry sectors . Transportation & Logistics

Disclosure: KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. This report was not issued by our research department. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer 37 or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual person or entity.