M&A Market Analysis and Capital Markets Update Q3 2015

Facility, Industrial & Rental Services Report

A Middle-Market Perspective

Peter S. Kies John R. Lanza Ross W. Williams Head of Technology & Business Services Head of Industrial Services Head of Facility Services [email protected] [email protected] [email protected] 414 765-7262 414 298-7669 414 298-6235

David M. Silver Jonathan J. Harrison Tim H. Shea Managing Director, Europe Managing Director, Europe Vice President [email protected] [email protected] [email protected] +44 (0) 20 7667 8216 +44 (0) 20 7667 8414 414 298-6203

In This Issue Page

 Quarterly Report Overview ...... 1

 Relevant Baird Research Coverage ...... 3

 Industry Trends ...... 4

 Facility Services Operating / Valuation Metrics ...... 5

 Industrial Services Operating / Valuation Metrics ...... 6

 Rental Services Operating / Valuation Metrics ...... 7

 M&A Market Overview ...... 8

 Facility, Industrial & Rental Services M&A Activity ...... 9

 Deal Spotlight ...... 10

 Equity Offering Market Overview ...... 11

 Facility, Industrial & Rental Services Equity Activity ...... 12

 Robert W. Baird & Co...... 13

Appendix

 Current Trading Statistics ...... 14

 Current Market Multiples ...... 15

 Current Operating Metrics ...... 16

 Current Return and Leverage Analysis ...... 17

 Historical and Projected Results ...... 18

 Disclaimers & Other Disclosures ...... 19

 Glossary of Terms & Other Important Information ...... 20

The following report has been prepared by the Investment Banking Department of Robert W. Baird & Co. This report is an overview and analysis of consolidation trends and is not intended to provide investment recommendations on any specific industry or company. A complete listing of all companies covered by Baird U.S. Equity Research and applicable research disclosures can be accessed at http://www.rwbaird.com/researchdisclosure. You can also call 1-800-792-2473 or write: Robert W. Baird & Co., Equity Research, 24th Floor, 777 E. Wisconsin Avenue, Milwaukee, WI 53202.

Please refer to Appendix – Disclaimers & Other Disclosures on page 19. Quarterly Report Overview

The Facility, Industrial & Rental Services report, created by Baird’s Investment Banking Department, highlights capital markets trends and events that impact middle-market companies within these sectors. Detailed below are the report’s three areas of focus, relevant subsectors and representative companies within each group. The statistics at the right of each group represent the current median for the group and the arrows indicate movement up or down from last quarter.

Food Service ABM Industries ISS Aramark Jones Lang LaSalle CBRE Group Mitie Group plc LTM EBITDA Multiple HVAC Colliers International Prosegur SA Group Rentokil Initial plc 11.5x 11.4x Janitorial Comfort Systems USA Rollins Facility Compass Group plc Scotts Miracle-Gro Services Ecolab Securitas AB Landscaping EMCOR Group ServiceMaster FirstService Sodexo Pest Control G4S plc Standard Parking GDI Integrated Facility Q2 2015 Q3 2015 Healthcare Services Security Group

AECOM Technology MasTec Construction Aegion McDermott International Babcock & Wilcox MYR Group LTM EBITDA Multiple Electrical Chicago Bridge & Iron Primoris Services Company Quanta Services 9.6x 8.9x Engineering Clean Harbors Stantec Dycom Industries Team Industrial Environmental Exponent Tetra Tech Services Fluor TRC Companies Granite Construction Hazardous Tutor Perini Corp. Jacobs Engineering Waste US Ecology Group Willbros Group Q2 2015 Q3 2015 KBR Non- Hazardous Waste Equipment Ashtead Group plc Hertz Global Holdings Brinks Iron Mountain LTM EBITDA Multiple Mobile Cintas McGrath Rentcorp Storage G&K Services Mobile Mini H&E Equipment Services Neff 9.7x 9.0x Modular Heritage-Crystal Clean UniFirst Office United Rentals Rental Space Services

Uniforms and Linen Q2 2015 Q3 2015 Vending Machines ______Source : Capital IQ and Q3 as of September 30, 2015. Q2 2015 as of June 30, 2015. Please see glossary on page 20 for definitions and other important information.

1 Quarterly Report Overview

Quarterly Stock Price Performance

140.0%

130.0%

120.0%

Facility 110.0% 11.9% Serv ices

100.0% (2.6%) S&P 500

90.0% (9.5%) Industrial Serv ices Rental (17.0%) 80.0% Serv ices

70.0%

60.0% 9/30/20149/30/2014 12/30/201412/30/2014 3/31/201503/30/2015 6/30/201506/30/2015 9/30/201509/30/2015

______Source: Capital IQ as of September 30, 2015. A list of companies comprising each index may be found on page 14. The S&P 500 Index is an unmanaged index commonly used to measure common stock total performance.

Median Valuation Multiples

Facility Services Industrial Services Rental Services 28.0x

24.0x

20.0x 18.8x 17.9x 15.8x 16.0x

12.0x 10.0x

8.0x 7.3x 7.1x

4.0x 1.9x 0.8x 0.5x 0.0x EV / 2015E Revenue EV / 2015E EBITDA 2015E P/E

______Source: Capital IQ as of September 30, 2015. Please see glossary on page 20 for definitions and other important information.

2 Relevant Baird Research Coverage

Coverage Data

($ in millions, except per share values) Current Market Value Company Ticker Price of Equity Rating Target Price

Facility Services

ABM Industries, Inc. ABM $27.3 $1,585 Outperform $35

ARAMARK Holdings Corporation ARMK 29.6 6,205 Outperform 35

Ecolab, Inc. ECL 109.7 33,156 Neutral 124

ServiceMaster Global Holdings, Inc. SERV 33.6 4,648 Outperform 42

Industrial Services

AECOM Technology Corporation ACM $27.5 $4,155 Neutral $33 Chicago Bridge & Iron Company CBI 39.7 4,275 Neutral 58 N.V. Clean Harbors, Inc. CLH 44.0 2,586 Neutral 57

Fluor Corporation FLR 42.4 6,177 Neutral 58

Jacobs Engineering Group Inc. JEC 37.4 4,638 Neutral 47

MYR Group, Inc. MYRG 26.2 569 Outperform 34

Quanta Services, Inc. PWR 24.2 5,199 Outperform 30

Tetra Tech, Inc. TTEK 24.3 1,484 Neutral 29

Rental Services

Cintas Corporation CTAS $85.8 $9,890 Neutral $89

G&K Services, Inc. GK 66.6 1,374 Neutral 74

Heritage-Crystal Clean, Inc. HCCI 10.3 230 Neutral 15

Iron Mountain, Inc. IRM 31.0 6,612 Neutral 37

Mobile Mini, Inc. MINI 30.8 1,398 Neutral 46

UniFirst Corp. UNF 106.8 2,175 Outperform 126

______Source: Capital IQ as of September 30, 2015. *Email [email protected] for access to company research reports.

3 Industry Trends

Recent Baird Insights Industry Trends

Facility  Revenue trends continue to exceed expectations. Services Approximately 80% of respondents in 2Q15 saw revenue trends meet or exceed internal expectations for the The Baird / ISSA Chemical and Hygiene quarter, versus just 21% of respondents that saw revenue Services surveys showed steady top-line trends fall short of expectations. The trend of more firms gains in 3Q15 for both hygiene services and meeting / exceeding expectations has been apparent for the past 18+ months. cleaning chemical providers with a modestly more positive profitability backdrop. Overall,  Revenue from existing accounts continues to hold results support our underlying positive sector very steady. “Same-store sales” (revenue from existing bias, which sees relatively defensive (and US- accounts) saw a modest uptick, with our diffusion index holding remarkably steady (64.4, versus 64.0 in June; 50- centric) service platforms, with: 1) steady / Neutral), still in expansionary territory. In 3Q15, 42% of predictable cash flow; 2) reasonable leverage, respondents saw sequential improvement in same-store and; 3) generally “fair” relative valuation, each versus 46% seeing unchanged trends and only 8% seeing attractive dynamics within an otherwise choppy sequential deterioration. market and supportive of underlying earnings New account sales remain a driver of top-line gains. growth with above-average visibility.  New account interest also remains positive, with half of respondents citing sequential improvement, 42% seeing no change and no respondents seeing sequential deterioration. Overall, our New Customer Sales Diffusion Index picked up to 70.8 from 59.5, reaching its highest level in 18 months.

Industrial  Earnings Review. The E&C sector underperformed Services through 2Q15 earnings, impacted by technical correction (a “risk-off” market and from the recent decline from E&C earnings were generally disappointing, previously stable / improved crude prices), disappointing defined by sharp stock reactions, impacted 2015 guidance forecasts, weak 2Q15 bookings and slow by: (1) slow backlog conversion; (2) revenue conversion. Earnings quality was low, with one- time or non-operating items driving EPS. Guidance was weather-related and execution pressures; mostly maintained or cut modestly. Overall backlog for the and (3) modest bookings. While valuation sector was flat with a BTB near 1.0x, benefitting from very “screens” attractive, at the average-to-lower-end weak conversion rates. of post-2009 ranges and at a steep discount to the broader S&P 500 and even other industrial  Valuation. Valuation screens attractively at first blush, though we believe embeds overly optimistic earnings sub-sets, estimates have been slow to reset, potential as estimates across the sector appear slow to leaving risk across most companies under “react” to a new-normal crude environment and a pattern coverage. of non-recurring EPS benefits in 2014-2015. Thus, we remain cautious on the sector despite multiples at / below post-2009 averages (7.0x FTM EBITDA; 12.5x FTM P/E).

Equipment  Rental revenue growth rates improved sequentially. Rental Average rental growth of 6.6% year over year improved from 4.2% last quarter (lowest reported growth rate in Rental equipment demand rebounded survey’s five-year history, likely impacted by wet spring modestly sequentially. Rental rates, revenue weather). growth and utilization all improved compared to  Rate pressure continuing. Rental rates rebounded prior quarter as weather impacts were less of a slightly, up 1.0% year over year following a small decline factor and equipment dislocations due to oil & gas last quarter. Still, it is apparent excess equipment weakness began to subside. Still, rates remain inventory is pressuring pricing, especially in oil & gas under pressure due to excess equipment regions. inventory and respondents expect lower pricing  Utilization rate improves modestly sequentially. year over year in the second half of 2015. Fleet utilization rose 140 bps compared to the 2Q15 to Although commentary from public peers (e.g. 55.7% (but down from 61.7% in the 3Q14, highest URI) was more positive in the quarter, equipment utilization in the survey’s history) with access equipment demand appears likely to remain soft moving utilization down 860 bps year over year to 60.8%. forward.

______Source: Baird Research. *Email [email protected] for a full copy of the referenced reports surveys.

4 Facility Services Operating / Valuation Metrics

Facility Services Operating Margins

EBIT EBITDA

Rentokil Initial plc 11.7% 22.8% ServiceMaster Global Holdings, Inc. 18.9% 22.8% Ecolab Inc. 14.6% 20.8% Rollins Inc. 15.9% 19.0% The Scotts Miracle-Gro Company 10.9% 12.8% Prosegur Compañía de Seguridad, S.A. 9.7% 12.5% CBRE Group, Inc. 8.8% 11.7% Jones Lang LaSalle Incorporated 9.6% 11.4% G4S plc 4.9% 10.4% Healthcare Services Group Inc. 9.7% 10.3% SP Plus Corporation 5.8% 9.3% Compass Group PLC 7.2% 9.1% Colliers International Group Inc. 5.8% 8.0% MITIE Group PLC 5.5% 6.8% Sodexo S.A. 5.3% 6.7% ISS A/S 4.9% 6.5% Aramark 4.0% 6.3% Securitas AB 4.7% 6.3% Comfort Systems USA Inc. 4.3% 5.8% GDI Integrated Facility Services Inc. 3.0% 5.5% EMCOR Group Inc. 4.2% 5.3% FirstService Corporation 2.7% 5.2% ABM Industries Incorporated 1.7% 2.8%

Facility Services Valuation Multiples

EBIT EBITDA

Rollins Inc. 21.1x 25.2x FirstService Corporation 19.1x N/M Healthcare Services Group Inc. 16.6x 17.5x Ecolab Inc. 13.7x 19.6x The Scotts Miracle-Gro Company 12.5x 14.8x Compass Group PLC 12.5x 15.9x ABM Industries Incorporated 12.4x 20.3x ServiceMaster Global Holdings, Inc. 12.3x 14.8x GDI Integrated Facility Services Inc. 12.0x 22.2x Comfort Systems USA Inc. 11.8x 16.0x CBRE Group, Inc. 11.5x 15.3x ISS A/S 11.4x 15.1x Jones Lang LaSalle Incorporated 10.9x 12.9x Securitas AB 10.8x 14.4x Sodexo S.A. 9.9x 12.5x SP Plus Corporation 9.3x 14.8x Rentokil Initial plc 8.7x 17.0x MITIE Group PLC 8.6x 10.6x Colliers International Group Inc. 8.3x 11.6x Aramark 8.3x 13.1x EMCOR Group Inc. 8.1x 10.3x G4S plc 7.6x 16.1x Prosegur Compañía de Seguridad, S.A. 6.9x 8.9x

______Source: Capital IQ as of September 30, 2015. Margins and Multiples are LTM. 5 Industrial Services Operating / Valuation Metrics

Industrial Services Operating Margins

EBIT EBITDA

Exponent Inc. 22.7% 24.6% US Ecology, Inc. 14.4% 22.5% Clean Harbors, Inc. 7.1% 15.3% Stantec Inc. 10.3% 13.1% Dycom Industries Inc. 7.6% 12.5% Team, Inc. 7.0% 9.9% Aegion Corporation 6.6% 9.8% Chicago Bridge & Iron Company N.V. 8.3% 9.7% TRC Companies Inc. 7.4% 9.7% MYR Group, Inc. 5.8% 9.3% Tetra Tech Inc. 6.3% 9.0% Quanta Services, Inc. 5.5% 8.1% MasTec, Inc. 3.9% 7.6% Jacobs Engineering Group Inc. 5.6% 6.9% Primoris Services Corporation 3.6% 6.8% Fluor Corporation 5.7% 6.7% AECOM 2.4% 5.4% Granite Construction Incorporated 2.1% 5.0% Tutor Perini Corporation 3.8% 4.8% McDermott International Inc. 1.2% 4.6% Babcock & Wilcox Enterprises, Inc. 0.3% 2.6% Willbros Group Inc.0.0%0.7% KBR, Inc.0.0%N/M

Industrial Services Valuation Multiples

Willbros Group Inc. 19.3x N/M Exponent Inc. 13.9x 15.0x Babcock & Wilcox Enterprises, Inc. 13.3x N/M Dycom Industries Inc. 12.2x 19.9x Team, Inc. 11.5x 16.1x McDermott International Inc. 10.5x N/M AECOM 10.0x 22.2x Stantec Inc. 10.0x 12.7x Tetra Tech Inc. 9.8x 13.9x US Ecology, Inc. 9.6x 15.0x Granite Construction Incorporated 9.1x 22.1x TRC Companies Inc. 8.6x 11.3x Quanta Services, Inc. 8.2x 12.1x Primoris Services Corporation 8.0x 15.0x Clean Harbors, Inc. 7.4x 16.0x MasTec, Inc. 7.2x 14.0x Tutor Perini Corporation 7.0x 8.7x Aegion Corporation 6.1x 9.1x Jacobs Engineering Group Inc. 5.7x 7.0x MYR Group, Inc. 5.5x 8.8x Chicago Bridge & Iron Company N.V. 5.0x 5.8x Fluor Corporation 4.0x 4.7x KBR, Inc. N/M

______Source: Capital IQ as of September 30, 2015. Margins and Multiples are LTM.

6 Rental Services Operating / Valuation Metrics

Rental Services Operating Margins

EBIT EBITDA

United Rentals, Inc. 26.1% 45.9%

Ashtead Group plc 26.5% 44.6%

Hertz Global Holdings, Inc. 37.7%

Mobile Mini, Inc. 24.7% 34.9%

Iron Mountain Incorporated 17.9% 29.7%

Neff Corp. 25.4% 28.0%

H&E Equipment Services Inc. 12.7% 25.8%

McGrath Rentcorp 20.0% 22.1%

UniFirst Corp. 13.9% 19.1%

Cintas Corporation 15.7% 19.1%

G&K Services Inc. 11.5% 14.9%

Heritage-Crystal Clean, Inc 1.2% 5.6%

The Brink's Company 1.6% 4.7%

Rental Services Valuation Multiples

Heritage-Crystal Clean, Inc 13.1x N/M

Mobile Mini, Inc. 12.9x 18.2x

Cintas Corporation 12.6x 15.3x

Iron Mountain Incorporated 12.4x 20.6x

G&K Services Inc. 11.4x 14.9x

McGrath Rentcorp 11.4x 12.6x

The Brink's Company 9.0x N/M

Hertz Global Holdings, Inc. 8.4x N/M

UniFirst Corp. 7.0x 9.6x

Neff Corp. 7.0x 7.7x

Ashtead Group plc 6.7x 11.2x

H&E Equipment Services Inc. 5.6x 11.4x

United Rentals, Inc. 5.2x 9.2x

______Source: Capital IQ as of September 30, 2015. Margins and Multiples are LTM.

7 M&A Market Overview

Quarterly M&A Volume Trends – Middle-Market ($ in billions) In Q3 2015 there were a total of 1,095 disclosed middle-market transactions, up from 909 transactions during the same period last year. Middle-market deal value during Q3 2015 of $106 was in line with $106 for the same period last year.

# of Deals – <$100M # of Deals – $100M - $499M # of Deals – $500M - $1,000M Total Deal Value $120 1,400

$100 1,200 Number of Transactionsof Number 1,000 $80 800 $60 600 $40

400 TransactionValue Dollar $20 200

$0 0 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 # of Deals – $500M - $1,000M 36 34 34 30 44 36 60 34 36 50 47 36 49 56 44 34 45 51 # of Deals – $100M - $499M 215 203 166 156 199 155 210 159 148 200 200 198 234 235 226 166 211 233 # of Deals – <$100M 987 980 762 854 944 887 851 655 553 443 486 525 816 618 652 715 782 811 Total Deal Value $92 $87 $78 $70 $93 $78 $105 $70 $72 $91 $94 $81 $105 $106 $102 $79 $95 $106

______Source: Dealogic and Robert W. Baird & Co. M&A Market Analysis. Note: Middle-market transactions defined as those with a disclosed value of less than $1 billion.

U.S. EBITDA Multiples by Deal Value Multiples remain in line with recent years for deals that have closed. For LTM 2015, including all middle-market transactions across all industry sectors, the median Enterprise Value / EBITDA multiple was 8.6x, 6.5% lower than 9.2x in 2014.

<$100M $100M - $499M $500M - $1,000M Total Middle-Market 12x 11.3x 10.5x 9.9x 9.9x 9.9x 9.9x 9.3x 9.2x 8.6x 8.1x 8.4x 8.4x 8.1x 8x 7.4x 7.0x 6.9x

EBITDAMultiple 4x

0x 2012 2013 2014 LTM 2015 ______Source: Capital IQ and Robert W. Baird & Co. M&A Market Analysis. Note: Middle-market transactions defined as those with a disclosed value of less than $1 billion. LTM as of September 30, 2015.

8 Facility, Industrial & Rental Services M&A Activity

Mergers & Acquisitions ($ in billions) Deal Value Number of Deals $80.0 421 450 366 363 400 340 346

$60.0 350 Number of Deals of Number 272 300 245 250 $40.0

$40.4 200 DealValue $32.5 $32.9 $31.1 $31.5 150 $20.0 $22.2 $23.2 100 50 $0.0 0 2010 2011 2012 2013 2014 2014 YTD 2015 YTD

______Source: Dealogic and Robert W. Baird & Co. M&A Market Analysis. Reflects total number of transactions and total disclosed deal value. Note: Deals classified by announcement date. YTD through September 30, 2015.

Select Recent Relevant Transactions ($ in millions) Enterprise Value / Date Enterprise Effective Target Name Sector Acquirer Name Value Revenue EBITDA Pending Furmanite Corporation Industrial Team, Inc. $355.0 0.9x 9.3x Pending Swisher International, Inc. Facility Ecolab Inc. 40.0 0.2 N/A Pending Securitas Electronic Security Facility Securitas AB 350.0 1.1 N/A Pending Coffey International Limited Industrial Tetra Tech Inc. 125.7 0.3 8.2 Pending Professional Service Industries, Inc. Industrial Intertek Group plc 330.0 1.3 8.3 Pending EN Engineering, LLC Industrial General Atlantic LLC N/A N/A N/A Pending Environmental Resource Management Industrial OMERS 1,700.0 1.8 N/A Pending CoR Advisors Industrial Jones Lang Lasalle N/A N/A N/A Oct-15 ABM Industries Incorporated, Security Business Facility Universal Services of America, Inc. 131.0 0.3 8.7 Oct-15 Terra Environmental Services, Inc. Industrial Enercon Services, Inc. N/A N/A N/A Oct-15 Cura Hospitality, Inc. Facility TrustHouse Services Group, Inc. N/A N/A N/A Oct-15 The Steritech Group, Inc. Facility Rentokil Initial plc 425.0 2.8 42.5 Oct-15 SmartStop Self Storage Facility Extra Space Storage 1,312.0 12.7 23.1 Oct-15 WFS Global Facility Platinum Equity N/A N/A N/A Sep-15 Valet Waste, LLC Facility Ares Management / Harvest Partners N/A N/A N/A Sep-15 MC Sign Co. Inc. Facility Caltius Capital Management N/A N/A N/A Sep-15 Cushman & Wakefield Facility DTZ 2,000.0 1.0 11.6 Sep-15 Global WorkPlace Solutions Facility CBRE 1,475.0 0.4 11.7 Aug-15 Osmose Holdings, Inc. Industrial Kohlberg & Company, L.L.C. N/A N/A N/A Aug-15 Trinity Consultants, Inc. Industrial Levine Leichtman Capital Partners 240.0 N/A 8.0 Aug-15 Quanta Services Fiber Business Industrial Crown Castle International 1,000.0 N/A 15.0 Aug-15 ZEE Medical Facility Cintas Corporation 130.0 N/A N/A Jul-15 AlliedBarton Security Services LLC Facility Wendel 1,670.0 0.8 11.3 Jul-15 Universal Services of America Facility Warburg Pincus N/A N/A N/A Jul-15 Guardsmark Facility Universal Services of America N/A N/A N/A Jul-15 Shred-it International Inc. Facility Stericycle, Inc. 3,100.9 4.7 19.8 Jun-15 Qualspec Inc. Industrial Team, Inc. 255.0 1.8 10.5 Jun-15 Service Brands International Facility Dwyer Group N/A N/A N/A Jun-15 Frogco Amphibious Equipment Rental Grey Mountain Partners N/A N/A N/A Jun-15 AWP Facility Riverside N/A N/A N/A Jun-15 ENTACT Industrial Pritzker 210.0 N/A 7.0 May-15 B&G Crane Holdings Rental NCSG Crane & Heavy Haul Corp. N/A N/A N/A May-15 Protection 1, Inc. Facility Apollo Global Management, LLC 1,500.0 N/A N/A May-15 Mobile Mini, North American Wood Mobile Office Fleet Facility New Acton Mobile Industries 92.0 2.0 5.0 May-15 Wash Multifamily Laundry Systems Rental EQT Partners N/A N/A N/A May-15 CTS Services / Facility Support Services Facility ABM N/A N/A N/A May-15 Cornerstone Environmental Group Industrial Tetra Tech N/A N/A N/A Apr-15 Restaurant Technologies Facility Aurora Capital Group N/A N/A N/A Apr-15 Rocky Mountain Structures Rental North American Lifting Holdings N/A N/A N/A Apr-15 AVC Facility PSAV N/A N/A N/A Apr-15 Total Military Management Facility Sentinel Capital Partners N/A N/A N/A Apr-15 Thermo Fluids Industrial Clean Harbors 85.0 N/A N/A Mar-15 Premier Utility Services, LLC Industrial USIC Locating Services, Inc. 51.0 N/A N/A Mar-15 Deffenbaugh Disposal Facility Waste Management Holdings N/A N/A N/A Mar-15 Agility Recovery Solutions Facility LLR Partners N/A N/A N/A Mar-15 Trico Lift Rental Blueline Rental N/A N/A N/A

Mean 2.1x 13.3x Median 1.1 10.5

9 Baird Deal Spotlight

Deal Spotlight

Headquarters: Target Company Tampa, FL

Headquarters: Acquiring Company Los Angeles, CA / New York, NY

Industry Sector Facility Services

Transaction Valet Waste Holdings, Inc. (“Valet” or the “Company”), a portfolio company of New Mountain Capital, LLC (“New Mountain”), was acquired by Ares Management L.P. (“Ares”) Overview and Harvest Partners, LP (“Harvest”). Terms of the transaction were not disclosed.

Since 1995, Valet Waste has been the Multifamily Housing Industry's leading provider of five-nights-per-week doorstep trash and recycling collection. It currently services over 440 management companies and owner groups throughout the multifamily housing industry Target Company that represent over 3.4 million units nationwide. Valet Waste offers the most requested Description resident amenities and services along with unparalleled and proven customer satisfaction. Its fully insured and uniformed professional valets collect waste and recyclables from residents' doorsteps and manage multifamily communities' on-site trash issues by streamlining waste from the doorstep to the dumpster with our proven systems.

Advisory Role Baird served as the financial advisor to Valet on this transaction.

Ross Williams Jonathan Harrison Tim H. Shea Managing Director Managing Director Vice President [email protected] [email protected] [email protected] 414 298-6235 +44 (0) 20 7667 8414 414 298-6203

10 Equity Offering Market Overview

IPO PRICING ACTIVITY IPO issuance remained slow during September, with 7 IPO pricings raising $1.1 billion, compared to 16 IPOs raising $30.8 billion ($5.8 billion excluding Alibaba) in September 2014 – The pricing environment in September was challenging as volatility continued during the month; 5 of the 7 IPOs priced below the range

IPO Pricing Statistics

Price Change Offer to 2014 YTD (206 deals) 2015 YTD (123 deals) Current

Below the Range Below the 29.3% Range Within the Within the 38.3% Range Range 43.7% 42.3%

(5.4%)

Above the Above the Range Range (10.0%) 18.0% 28.4% 2014 2015 YTD

______Source: Dealogic as of September 30, 2015. Note: Excludes deals under $15 million.

FOLLOW-ON OFFERING PRICING ACTIVITY Consistent with overall activity, Follow-On issuances remained subdued with 27 pricings, raising $5.7 billion during September, bringing the YTD total to 539 offerings raising $160.4 billion – The median file-to-offer discount in increased significantly in September to 5.9% compared to 3.3% in August. Bought deals continue to be a popular execution method as they represent 26% of all follow-ons YTD, the highest percentage since 2012

Price Change Discount Price Change File to Offer Last Trade to Offer Offer to Current

(4.1%) (4.6%) (2.9%) (3.0%) (12.7%) (13.1%) 2014 2015 YTD 2014 2015 YTD 2014 2015 YTD

______Source: Dealogic as of September 30, 2015. Note: Follow-on offering pricing and performance statistics exclude bought deals. Excludes deals under $15 million.

11 Facility, Industrial & Rental Services Equity Activity

Aggregate Offering Activity Relevant Activity

($ in billions) ($ in millions)

IPOs Follow-Ons Series4IPOs Series5Follow-On OfferingsSeries1 $80 $12,000 $10,493

$10,000 $60 $10,457

$7,551 $8,000

$40 $4,961 $6,000

$4,000 $3,157 $20 $2,000 $1,624 $2,323 $2,000 $2,000 $2,590 $1,624 $834 $36 $0 $- Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 2013 2014 2015 YTD

2012 2013 2014 2015 IPOs 5 0 1 3 1 Follow-ons 0 8 5 10 11 ______Total 5 8 6 13 12

Source: Dealogic as of September 30, 2015. Excludes closed-end funds.

Recent Relevant Offerings ($ in millions) Type of % Change Security / Issuer (Ticker) Sec. Share Post-Deal Amount File / Last Trade / Offer / Description Component Pricing Date Mkt. Cap Offered Offer(1) Offer Current AerCap Holdings (AER) SEC 08/18/15 $9,478.0 $508.3 (0.9%) (0.9%) (13.9%) Provider of aircraft leasing services Aramark Holdings Corp. (ARMK) SEC 08/18/15 7,785.0 729.1 (0.1%) (0.1%) (4.3%) Provides food, facilities and uniform services AerCap Holdings (AER) SEC 06/03/15 9,905.4 3,488.1 1.6% (2.7%) (6.6%) Provider of aircraft leasing services Macquarie Infrastructure Co. (MIC) SEC 05/28/15 6,837.9 161.0 (1.6%) (1.6%) (2.4%) Invests in infrastructure businesses ServiceMaster (SERV) SEC 05/27/15 4,638.8 782.0 (7.1%) (1.0%) 7.9% Provider of services to residential and commercial customers Aramark Holdings Corp. (ARMK) SEC 05/21/15 7,579.4 790.0 (0.7%) (0.7%) (0.0%) Provides food, facilities and uniform services Aramark Holdings Corp. (ARMK) SEC 03/23/15 7,732.3 730.1 (0.3%) (0.3%) (2.7%) Provides food, facilities and uniform services ISS (ISS) SEC 03/12/15 5,485.5 1,027.1 (0.1%) (0.1%) 12.9% Provider of facility services Macquarie Infrastructure Co. (MIC) SEC 02/25/15 6,284.0 488.8 0.2% (1.5%) 3.4% Invests in infrastructure businesses Aramark Holdings Corp. (ARMK) SEC 02/17/15 7,166.7 904.5 (0.3%) (0.3%) 4.8% Provides food, facilities and uniform services ServiceMaster (SERV) SEC 02/04/15 3,995.4 848.1 6.7% (0.9%) 24.3% Provider of services to residential and commercial customers Aramark Holdings Corp. (ARMK) SEC 12/11/14 6,696.2 966.0 (6.4%) (2.0%) 12.8% Provides food, facilities and uniform services Heritage-Crystal Clean (HCCI) Provider of parts cleaning services and containerized waste services SEC 12/11/14 240.5 35.7 (26.4%) (8.3%) 34.9% targeting small and mid-sized customers ISS (ISS) SEC 12/03/14 5,261.4 678.3 (4.3%) (4.3%) 42.2% Provider of facility services AerCap Holdings (AER) SEC 12/02/14 9,214.6 469.6 (3.7%) (3.7%) 9.6% Provider of aircraft leasing services Neff Corporation (NEFF) Provider of rental equipment for residential and non-residential IPO 11/20/14 349.2 157.1 (28.6%) N/A (29.9%) construction and oil and gas customers

Mean $789.9 (4.8%) (1.9%) (4.0%) Median 729.6 (0.8%) (1.3%) (1.8%) ______Source: Dealogic and Capital IQ as of September 30, 2015. Note: Offerings chosen by Robert W. Baird & Co. Investment Banking for relevance to the facility, industrial & rental services subsectors. Excludes offerings under $15 million. (1) IPO deals file / offer is based on the midpoint of the price range from the prospectus. Follow-on offering deals file / offer is based on the price that the stock closed at prior to the announced filing.

12 Robert W. Baird & Co.

OVERVIEW Baird’s comprehensive M&A and capital raising capabilities make it a leading middle-market investment bank

– Over $137.0 billion in M&A deal value since 2000, with typical transactions ranging from $100 to $500 million

– Over $181.8 billion of equity raised since 2008, with typical transactions ranging from $30 to $300 million With twenty capital markets locations worldwide, Baird has access to the best partners for its clients

– Contact us if you would like more information or would like to learn more about our advisory capabilities

U.S. OFFICES

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INTERNATIONAL LOCATIONS *

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BAIRD CONTACTS Peter S. Kies John R. Lanza Ross W. Williams Head of Technology & Head of Industrial Head of Facility Services Business Services Services [email protected] [email protected] [email protected] 414 298-6235 414 765-7262 414 298-7669

David M. Silver Jonathan J. Harrison Tim H. Shea Managing Director, Managing Director, Vice President Europe Europe [email protected] [email protected] [email protected] 414 298-6203 +44 (0) 20 7667 8216 +44 (0) 20 7667 8414

 Baird and its operating affiliates have offices in the United States, Europe and Asia. Robert W. Baird Ltd. and Baird Capital Partners Europe are authorized and regulated in the U.K. by the Financial Conduct Authority.

13 Appendix

Current Trading Statistics

Current Trading Statistics ($ in millions, except per share values) Fully Price Market Latest Twelve Month Results Fiscal Latest Diluted Per Share Value of Enterprise 52 Week Price % of 52- Ticker Company (1) Year End Quarter Shares (2) 9/30/2015 Equity Value Low High Week High Facility Services ABM ABM Industries Incorporated 10/31/2014 07/31/2015 58.1 $27.31 $1,585.4 $1,839.4 $24.97 $34.00 80.3% ARMK Aramark 10/03/2014 07/03/2015 209.4 29.64 6,205.7 11,550.9 25.03 33.78 87.7% CBG CBRE Group, Inc. 12/31/2014 06/30/2015 333.4 32.00 10,668.0 12,800.2 27.49 39.77 80.5% CIGI Colliers International Group Inc. 12/31/2014 06/30/2015 36.3 40.59 1,473.3 1,872.0 37.22 70.17 57.8% FIX Comfort Systems USA Inc. 12/31/2014 06/30/2015 38.0 27.26 1,036.6 1,032.8 12.63 30.32 89.9% CPG Compass Group PLC 09/30/2014 03/31/2015 1,653.9 15.93 26,353.7 30,421.4 13.99 18.51 86.1% ECL Ecolab Inc. 12/31/2014 06/30/2015 302.2 109.72 33,156.0 40,222.8 97.78 118.27 92.8% EME EMCOR Group Inc. 12/31/2014 06/30/2015 63.7 44.25 2,818.2 2,787.1 38.68 48.89 90.5% TSX:FSV FirstService Corporation 12/31/2014 06/30/2015 34.6 32.20 1,114.0 1,185.6 22.51 35.17 91.6% GFS G4S plc 12/31/2014 06/30/2015 1,545.2 3.49 5,394.2 8,067.6 3.42 4.68 74.5% TSX:GDI GDI Integrated Facility Services Inc. 12/31/2014 06/30/2015 21.2 11.20 237.9 344.2 10.45 16.33 68.6% HCSG Healthcare Services Group Inc. 12/31/2014 09/30/2015 74.4 33.70 2,506.1 2,402.5 26.54 35.49 95.0% ISS ISS A/S 12/31/2014 06/30/2015 183.9 33.13 6,092.3 8,291.6 22.30 36.39 91.0% JLL Jones Lang LaSalle Incorporated 12/31/2014 06/30/2015 45.7 143.77 6,571.5 7,070.1 118.79 179.97 79.9% MTO MITIE Group PLC 03/31/2015 03/31/2015 366.8 4.62 1,693.8 1,973.0 3.99 4.99 92.5% CATS:PSG Prosegur Compañía de Seguridad, S.A. 12/31/2014 06/30/2015 598.4 4.80 2,871.5 3,680.7 4.49 6.28 76.4% RTO Rentokil Initial plc 12/31/2014 06/30/2015 1,816.9 2.23 4,044.3 5,170.6 1.68 2.33 95.4% ROL Rollins Inc. 12/31/2014 06/30/2015 220.7 26.87 5,929.2 5,819.5 18.41 30.42 88.3% SMG The Scotts Miracle-Gro Company 09/30/2014 06/27/2015 62.5 60.82 3,798.5 4,796.3 53.23 69.27 87.8% SECU B Securitas AB 12/31/2014 06/30/2015 365.1 12.17 4,442.5 5,904.9 8.47 15.73 77.3% SERV ServiceMaster Global Holdings, Inc. 12/31/2014 06/30/2015 138.5 33.55 4,648.3 7,110.3 20.32 38.45 87.3% SW Sodexo S.A. 08/31/2014 02/28/2015 153.6 82.58 12,684.2 14,485.0 77.55 106.87 77.3% SP SP Plus Corporation 12/31/2014 06/30/2015 22.8 23.15 527.3 762.6 18.50 27.41 84.5%

Mean 84.0% Median 87.3%

Industrial Services ACM AECOM 09/30/2014 06/30/2015 151.1 $27.51 $4,155.4 $8,588.7 $24.04 $35.40 77.7% AEGN Aegion Corporation 12/31/2014 06/30/2015 36.4 16.48 600.7 808.9 15.31 22.61 72.9% BW Babcock & Wilcox Enterprises, Inc. 12/31/2014 06/30/2015 54.8 16.80 920.4 612.1 16.40 21.95 76.5% CBI Chicago Bridge & Iron Company N.V. 12/31/2014 06/30/2015 107.8 39.66 4,275.5 6,288.3 32.16 59.45 66.7% CLH Clean Harbors, Inc. 12/31/2014 06/30/2015 58.8 43.97 2,586.5 3,807.9 43.00 59.29 74.2% DY Dycom Industries Inc. 07/25/2015 07/25/2015 35.2 72.36 2,547.5 3,073.1 24.84 80.85 89.5% EXPO Exponent Inc. 01/02/2015 07/03/2015 25.9 44.56 1,156.3 1,006.5 34.92 48.50 91.9% FLR Fluor Corporation 12/31/2014 06/30/2015 145.9 42.35 6,177.2 5,384.8 40.70 69.69 60.8% GVA Granite Construction Incorporated 12/31/2014 06/30/2015 39.4 29.67 1,168.4 1,050.3 28.94 39.09 75.9% JEC Jacobs Engineering Group Inc. 09/26/2014 06/26/2015 123.9 37.43 4,638.1 4,815.8 36.27 49.90 75.0% KBR KBR, Inc. 12/31/2014 06/30/2015 145.6 16.66 2,426.0 1,759.0 14.00 20.77 80.2% MTZ MasTec, Inc. 12/31/2014 06/30/2015 81.1 15.83 1,283.8 2,498.3 14.48 30.70 51.6% MDR McDermott International Inc. 12/31/2014 06/30/2015 243.5 4.30 1,047.2 1,380.1 2.10 5.93 72.5% MYRG MYR Group, Inc. 12/31/2014 06/30/2015 21.7 26.20 569.5 522.6 22.81 32.24 81.3% PRIM Primoris Services Corporation 12/31/2014 06/30/2015 51.8 17.91 927.7 1,076.7 15.97 29.57 60.6% PWR Quanta Services, Inc. 12/31/2014 06/30/2015 214.8 24.21 5,199.1 5,364.0 21.35 36.34 66.6% STN Stantec Inc. 12/31/2014 06/30/2015 94.7 21.78 2,062.2 2,339.2 21.48 28.43 76.6% TISI Team, Inc. 05/31/2015 08/31/2015 21.0 32.12 675.2 994.3 30.81 47.55 67.5% TTEK Tetra Tech Inc. 09/28/2014 06/28/2015 61.0 24.31 1,483.7 1,546.6 22.98 27.84 87.3% TRR TRC Companies Inc. 06/30/2015 06/30/2015 32.4 11.83 383.4 346.0 6.15 12.30 96.2% TPC Tutor Perini Corporation 12/31/2014 06/30/2015 50.9 16.46 837.4 1,623.4 14.95 29.25 56.3% ECOL US Ecology, Inc. 12/31/2014 06/30/2015 21.9 43.65 954.8 1,305.9 38.42 52.99 82.4% WG Willbros Group Inc. 12/31/2014 06/30/2015 63.5 1.26 80.0 231.4 0.68 8.52 14.8%

Mean 72.0% Median 75.0%

Rental Services LSE: AHT Ashtead Group plc 04/30/2015 07/31/2015 501.4 $14.07 $7,056.7 $9,878.6 $12.68 $18.63 75.5% BCO The Brink's Company 12/31/2014 06/30/2015 49.9 27.01 1,347.2 1,671.0 19.15 33.62 80.3% CTAS Cintas Corporation 05/31/2015 08/31/2015 115.3 85.75 9,890.3 10,990.1 66.75 89.74 95.6% GK G&K Services Inc. 06/27/2015 06/27/2015 20.6 66.62 1,374.3 1,602.0 53.62 74.11 89.9% HEES H&E Equipment Services Inc. 12/31/2014 06/30/2015 35.3 16.72 589.5 1,538.4 13.47 40.33 41.5% HCCI Heritage-Crystal Clean, Inc 01/03/2015 06/20/2015 22.4 10.27 230.3 289.5 9.73 19.13 53.7% HTZ Hertz Global Holdings, Inc. 12/31/2014 06/30/2015 463.7 16.73 7,757.4 17,188.9 14.85 25.72 65.0% IRM Iron Mountain Incorporated 12/31/2014 06/30/2015 213.1 31.02 6,611.6 11,297.0 26.49 41.53 74.7% MGRC McGrath Rentcorp 12/31/2014 06/30/2015 26.2 26.69 699.8 1,036.2 23.48 38.79 68.8% MINI Mobile Mini, Inc. 12/31/2014 06/30/2015 45.4 30.79 1,398.0 2,242.5 29.07 45.48 67.7% NEFF Neff Corp. 12/31/2014 06/30/2015 10.6 5.59 59.0 742.3 5.31 15.78 35.4% UNF UniFirst Corp. 08/30/2014 05/30/2015 20.4 106.81 2,174.7 1,942.4 93.97 124.61 85.7% URI United Rentals, Inc. 12/31/2014 06/30/2015 96.5 60.05 5,795.2 14,005.2 56.66 119.35 50.3%

Mean 68.0% Median 68.8%

75th Percentile 87.8% 50th Percentile 77.3% 25th Percentile 68.2% ______Please see glossary on page 20 for definitions and other important information. Source: Capital IQ as of September 30, 2015. (1) Information provided by Capital IQ (2) Includes fully-diluted options calculated using the treasury method.

14

Current Market Multiples

Current Market Multiples ($ in millions, except per share values) Valuation Multiples Price / Earnings Sales EBITDA EBIT Company (1) LTM 2015E 2016P LTM 2015E 2016P LTM 2015E 2016P LTM 2015E 2016P Facility Services ABM Industries Incorporated 23.0 x 16.1 x 15.6 x 0.4 x 0.3 x 0.3 x 12.4 x 8.5 x 7.6 x 20.3 x 12.4 x 10.8 x Aramark 20.5 19.1 17.3 0.5 0.8 0.8 8.3 9.0 8.5 13.1 13.5 13.3 CBRE Group, Inc. 20.9 16.2 14.1 1.3 1.2 1.0 11.5 9.5 8.6 15.3 12.3 10.9 Colliers International Group Inc. 22.6 20.7 18.1 0.7 1.1 0.9 8.3 11.1 9.0 11.6 17.2 13.1 Comfort Systems USA Inc. 28.4 26.4 20.1 0.7 0.7 0.6 11.8 10.7 8.7 16.0 13.9 11.0 Compass Group PLC 20.9 19.1 17.9 1.1 1.1 1.0 12.5 11.9 11.3 15.9 15.0 14.2 Ecolab Inc. 24.9 24.3 21.2 2.9 2.9 2.7 13.7 13.4 12.3 19.6 19.0 16.7 EMCOR Group Inc. 17.6 15.9 13.9 0.4 0.4 0.4 8.1 7.6 6.8 10.3 9.6 8.3 FirstService Corporation N/A 28.5 23.3 1.0 0.9 0.9 19.1 11.6 10.1 N/M 16.7 14.0 G4S plc 24.4 15.2 13.4 0.8 0.8 0.7 7.6 9.3 8.6 16.1 13.1 11.5 GDI Integrated Facility Services Inc. N/M N/M 18.4 0.7 0.6 0.5 12.0 11.9 9.0 22.2 21.0 13.4 Healthcare Services Group Inc. 26.9 35.8 30.5 1.7 1.7 1.5 16.6 21.1 18.2 17.5 22.6 19.5 ISS A/S 26.4 15.5 14.4 0.7 0.7 0.7 11.4 10.3 9.9 15.1 12.1 11.8 Jones Lang LaSalle Incorporated 14.8 14.9 14.0 1.2 1.2 1.1 10.9 10.0 9.4 12.9 12.4 11.4 MITIE Group PLC 14.9 11.9 11.0 0.6 0.5 0.5 8.6 8.2 7.8 10.6 9.7 9.2 Prosegur Compañía de Seguridad, S.A. 12.6 13.4 12.1 0.9 0.8 0.8 6.9 7.0 6.6 8.9 9.5 8.9 Rentokil Initial plc 20.6 18.2 15.9 2.0 1.9 1.8 8.7 8.1 7.5 17.0 15.1 13.4 Rollins Inc. 40.2 37.7 33.4 4.0 3.9 3.7 21.1 20.1 18.2 25.2 23.7 21.2 The Scotts Miracle-Gro Company 20.2 17.5 15.2 1.6 1.6 1.5 12.5 10.9 9.5 14.8 12.3 10.9 Securitas AB 16.6 13.7 12.9 0.7 0.6 0.6 10.8 9.4 8.9 14.4 12.4 11.7 ServiceMaster Global Holdings, Inc. 25.2 19.5 17.3 2.8 2.8 2.6 12.3 11.5 10.7 14.8 13.8 12.4 Sodexo S.A. 20.2 17.6 16.0 0.7 0.6 0.6 9.9 8.9 8.4 12.5 11.2 10.5 SP Plus Corporation 17.6 22.9 19.0 0.9 0.8 0.8 9.3 8.8 8.0 14.8 14.1 12.5

Median 20.9 17.9 16.0 0.9 0.8 0.8 11.4 10.0 8.9 15.0 13.5 11.8

Industrial Services AECOM 45.3 x 9.5 x 8.8 x 0.5 x 0.5 x 0.5 x 10.0 x 8.5 x 7.6 x 22.2 x 9.3 x 8.3 x Aegion Corporation 20.4 12.3 11.0 0.6 0.6 0.6 6.1 6.7 5.9 9.1 10.2 8.7 Babcock & Wilcox Enterprises, Inc. N/M 13.5 11.8 0.3 0.4 0.3 13.3 4.5 4.0 N/M 6.4 5.4 Chicago Bridge & Iron Company N.V. 7.0 6.8 6.9 0.5 0.5 0.4 5.0 4.8 4.9 5.8 5.7 5.9 Clean Harbors, Inc. N/M 22.9 20.6 1.1 1.1 1.2 7.4 7.0 6.7 16.0 14.4 13.3 Dycom Industries Inc. 31.7 24.5 20.8 1.5 1.4 1.2 12.2 10.1 8.6 19.9 16.1 14.5 Exponent Inc. 28.9 29.0 27.3 3.4 3.4 3.2 13.9 13.3 12.7 15.0 15.4 14.5 Fluor Corporation 9.3 10.2 10.3 0.3 0.3 0.3 4.0 4.4 4.6 4.7 5.1 5.4 Granite Construction Incorporated N/M 18.8 12.8 0.5 0.4 0.4 9.1 6.2 5.0 22.1 10.3 7.4 Jacobs Engineering Group Inc. 10.2 11.4 10.5 0.4 0.4 0.4 5.7 6.6 6.0 7.0 8.7 7.6 KBR, Inc. N/M 12.4 12.5 0.3 0.3 0.3 N/M 5.4 5.2 N/M 5.9 5.8 MasTec, Inc. 16.3 20.5 9.8 0.5 0.6 0.5 7.2 7.3 5.9 14.0 18.6 10.0 McDermott International Inc. N/M N/M 48.4 0.5 0.4 0.5 10.5 7.5 6.3 N/M 18.7 12.7 MYR Group, Inc. 15.1 16.4 14.5 0.5 0.5 0.5 5.5 5.6 5.1 8.8 9.5 8.4 Primoris Services Corporation 21.0 21.5 12.8 0.5 0.5 0.5 8.0 7.5 5.6 15.0 13.8 8.2 Quanta Services, Inc. 19.8 17.3 12.1 0.7 0.7 0.7 8.2 8.1 7.0 12.1 13.1 10.1 Stantec Inc. 15.7 15.3 13.1 1.3 1.3 1.2 10.0 9.2 8.2 12.7 12.2 10.4 Team, Inc. 19.6 16.3 13.4 1.1 1.1 0.9 11.5 9.7 7.9 16.1 13.7 11.1 Tetra Tech Inc. 20.0 14.2 12.8 0.9 0.9 0.8 9.8 7.6 5.4 13.9 9.5 8.7 TRC Companies Inc. 18.7 N/A N/A 0.8 N/A N/A 8.6 N/A N/A 11.3 N/A N/A Tutor Perini Corporation 10.0 8.8 6.3 0.3 0.3 0.3 7.0 6.7 5.4 8.7 8.1 6.2 US Ecology, Inc. 25.0 23.2 20.6 2.2 2.3 2.2 9.6 9.9 9.3 15.0 16.5 14.6 Willbros Group Inc. N/M N/M 15.7 0.1 0.2 0.2 19.3 N/M 4.6 N/M 6.7 8.5

Median 19.6 15.8 12.8 0.5 0.5 0.5 8.9 7.3 5.9 13.9 10.3 8.6

Rental Services Ashtead Group plc 14.2 x 12.1 x 11.3 x 3.0 x 2.6 x 2.3 x 6.7 x 5.9 x 5.0 x 11.2 x 9.6 x 8.1 x The Brink's Company N/M 18.8 13.4 0.5 0.6 0.5 9.0 5.5 4.7 N/M 10.5 8.6 Cintas Corporation 24.9 23.6 20.5 2.4 2.4 2.2 12.6 12.4 11.6 15.3 15.1 13.9 G&K Services Inc. 22.6 19.7 18.4 1.7 1.7 1.6 11.4 9.4 10.1 14.9 13.8 12.8 H&E Equipment Services Inc. 12.2 12.7 11.4 1.4 1.5 1.5 5.6 4.8 4.7 11.4 11.9 11.4 Heritage-Crystal Clean, Inc N/M 23.8 16.5 0.8 0.8 0.7 13.1 7.6 5.9 N/M 17.4 11.0 Hertz Global Holdings, Inc. N/M 20.7 13.5 3.2 1.6 1.5 8.4 11.6 9.7 N/M 18.2 13.6 Iron Mountain Incorporated N/M 25.9 23.0 3.7 3.7 3.6 12.4 12.3 11.5 20.6 20.0 18.2 McGrath Rentcorp 16.3 17.0 15.3 2.5 2.5 2.4 11.4 6.3 5.9 12.6 13.4 12.1 Mobile Mini, Inc. 25.8 23.9 18.5 4.5 4.2 4.0 12.9 11.4 10.0 18.2 20.0 14.8 Neff Corp. 6.0 4.4 4.0 2.0 1.9 1.8 7.0 3.9 3.6 7.7 7.9 7.1 UniFirst Corp. 17.4 17.5 16.4 1.3 1.3 1.3 7.0 7.1 7.2 9.6 10.0 9.9 United Rentals, Inc. 9.2 7.5 7.0 2.4 2.4 2.3 5.2 4.9 4.8 9.2 9.1 8.8

Median 16.3 18.8 15.3 2.4 1.9 1.8 9.0 7.1 5.9 12.0 13.4 11.4

75th Percentile 24.7 x 22.2 x 18.4 x 1.7 x 1.6 x 1.5 x 12.3 x 10.7 x 9.4 x 16.1 x 15.4 x 13.3 x 50th Percentile 20.2 17.5 14.5 0.9 0.9 0.8 9.9 8.5 7.7 14.8 12.7 11.0 25th Percentile 15.4 13.6 12.2 0.5 0.5 0.5 7.7 6.7 5.6 11.2 9.6 8.6 ______Please see glossary on page 20 for definitions and other important information. Source: Capital IQ as of September 30, 2015. 1) Information provided by Capital IQ

15 Current Operating Metrics

Current Operating Metrics ($ in millions, except per share values)

Latest Twelve Month Results Latest Twelve Month Margins Gross Net Gross Net OCF (2) / Company (1) Sales Profit EBITDA OCF (2) EBIT Income (3) Profit EBITDA OCF (2) EBIT Income (3) EBITDA Facility Services ABM Industries Incorporated $5,207.2 $498.9 $148.4 $118.4 $90.4 $68.2 9.6% 2.8% 2.3% 1.7% 1.3% 79.8% Aramark 22,080.2 2,218.1 1,394.7 821.7 884.4 355.1 10.0% 6.3% 3.7% 4.0% 1.6% 58.9% CBRE Group, Inc. 9,505.3 3,591.2 1,113.5 945.5 836.5 512.2 37.8% 11.7% 9.9% 8.8% 5.4% 84.9% Colliers International Group Inc. 2,791.8 994.5 224.4 177.4 161.1 65.4 35.6% 8.0% 6.4% 5.8% 2.3% 79.1% Comfort Systems USA Inc. 1,512.7 282.5 87.9 67.7 64.7 36.3 18.7% 5.8% 4.5% 4.3% 2.4% 77.1% Compass Group PLC 26,689.9 6,322.8 2,441.3 2,023.2 1,919.0 1,342.3 23.7% 9.1% 7.6% 7.2% 5.0% 82.9% Ecolab Inc. 14,062.4 6,558.9 2,927.2 2,172.7 2,054.9 1,340.2 46.6% 20.8% 15.5% 14.6% 9.5% 74.2% EMCOR Group Inc. 6,523.3 927.3 345.9 308.6 271.5 162.8 14.2% 5.3% 4.7% 4.2% 2.5% 89.2% FirstService Corporation 1,192.6 353.7 62.0 41.0 32.7 10.2 29.7% 5.2% 3.4% 2.7% 0.9% 66.2% G4S plc 10,259.0 1,970.9 1,066.4 878.3 500.0 220.7 19.2% 10.4% 8.6% 4.9% 2.2% 82.4% GDI Integrated Facility Services Inc. 522.1 91.3 28.7 18.5 15.5 (14.6) 17.5% 5.5% 3.5% 3.0% N/M 64.4% Healthcare Services Group Inc. 1,412.4 236.7 144.9 N/A 137.2 90.5 16.8% 10.3% N/A 9.7% 6.4% N/A ISS A/S 11,192.2 10,216.5 725.7 593.4 549.5 274.6 91.3% 6.5% 5.3% 4.9% 2.5% 81.8% Jones Lang LaSalle Incorporated 5,691.9 4,071.3 648.2 513.6 548.6 441.2 71.5% 11.4% 9.0% 9.6% 7.8% 79.2% MITIE Group PLC 3,378.1 513.3 229.5 195.4 185.3 114.5 15.2% 6.8% 5.8% 5.5% 3.4% 85.1% Prosegur Compañía de Seguridad, S.A. 4,276.2 1,009.2 536.1 393.5 413.1 229.3 23.6% 12.5% 9.2% 9.7% 5.4% 73.4% Rentokil Initial plc 2,596.6 2,440.0 592.3 358.5 304.9 196.5 94.0% 22.8% 13.8% 11.7% 7.6% 60.5% Rollins Inc. 1,451.9 729.8 275.5 240.5 230.8 146.1 50.3% 19.0% 16.6% 15.9% 10.1% 87.3% The Scotts Miracle-Gro Company 2,987.6 1,055.8 382.5 322.2 324.7 187.0 35.3% 12.8% 10.8% 10.9% 6.3% 84.2% Securitas AB 8,747.7 1,525.1 547.1 N/A 409.2 267.5 17.4% 6.3% N/A 4.7% 3.1% N/A ServiceMaster Global Holdings, Inc. 2,529.0 1,202.0 576.0 547.0 479.0 180.6 47.5% 22.8% 21.6% 18.9% 7.1% 95.0% Sodexo S.A. 22,002.9 3,427.7 1,466.2 1,139.8 1,162.8 629.4 15.6% 6.7% 5.2% 5.3% 2.9% 77.7% SP Plus Corporation 883.1 175.8 82.4 72.9 51.6 29.5 19.9% 9.3% 8.3% 5.8% 3.3% 88.4%

Median 23.6% 9.1% 7.6% 5.8% 3.4% 79.8%

Industrial Services AECOM $15,828.8 $493.6 $856.0 $783.4 $387.2 $82.7 3.1% 5.4% 4.9% 2.4% 0.5% 91.5% Aegion Corporation 1,348.6 294.9 132.0 100.8 88.5 30.0 21.9% 9.8% 7.5% 6.6% 2.2% 76.4% Babcock & Wilcox Enterprises, Inc. 1,784.9 280.1 45.9 19.0 5.8 8.0 15.7% 2.6% 1.1% 0.3% 0.4% 41.3% Chicago Bridge & Iron Company N.V. 13,085.3 1,537.1 1,269.0 1,145.9 1,090.8 622.1 11.7% 9.7% 8.8% 8.3% 4.8% 90.3% Clean Harbors, Inc. 3,365.2 956.9 515.0 271.5 238.3 30.6 28.4% 15.3% 8.1% 7.1% 0.9% 52.7% Dycom Industries Inc. 2,022.3 429.1 252.4 149.4 154.3 79.9 21.2% 12.5% 7.4% 7.6% 4.0% 59.2% Exponent Inc. 295.3 109.8 72.6 67.9 67.1 42.3 37.2% 24.6% 23.0% 22.7% 14.3% 93.5% Fluor Corporation 20,254.0 1,332.8 1,348.1 1,038.9 1,155.7 696.0 6.6% 6.7% 5.1% 5.7% 3.4% 77.1% Granite Construction Incorporated 2,299.0 252.4 115.3 75.8 47.6 22.8 11.0% 5.0% 3.3% 2.1% 1.0% 65.7% Jacobs Engineering Group Inc. 12,216.3 2,036.8 840.2 730.8 688.5 470.0 16.7% 6.9% 6.0% 5.6% 3.8% 87.0% KBR, Inc. 5,891.0 12.0 (133.0) (156.0) (188.0) (730.4) 0.2% N/M N/M N/M N/M N/M MasTec, Inc. 4,616.6 598.4 348.9 258.8 178.9 81.0 13.0% 7.6% 5.6% 3.9% 1.8% 74.2% McDermott International Inc. 2,818.0 327.8 130.9 (83.3) 32.6 0.1 11.6% 4.6% N/M 1.2% 0.0% N/M MYR Group, Inc. 1,020.1 135.9 95.1 51.5 59.6 37.0 13.3% 9.3% 5.1% 5.8% 3.6% 54.2% Primoris Services Corporation 1,977.2 209.6 134.4 49.4 71.7 44.2 10.6% 6.8% 2.5% 3.6% 2.2% 36.7% Quanta Services, Inc. 8,011.3 1,178.7 650.4 348.0 441.7 264.9 14.7% 8.1% 4.3% 5.5% 3.3% 53.5% Stantec Inc. 1,794.4 985.1 234.3 207.6 184.0 131.4 54.9% 13.1% 11.6% 10.3% 7.3% 88.6% Team, Inc. 876.6 264.8 86.8 52.2 61.6 35.5 30.2% 9.9% 6.0% 7.0% 4.1% 60.2% Tetra Tech Inc. 1,753.9 282.5 157.3 132.5 111.4 75.8 16.1% 9.0% 7.6% 6.3% 4.3% 84.2% TRC Companies Inc. 414.6 77.4 40.0 33.4 30.7 19.4 18.7% 9.7% 8.1% 7.4% 4.7% 83.5% Tutor Perini Corporation 4,831.5 459.9 230.8 153.0 185.7 81.4 9.5% 4.8% 3.2% 3.8% 1.7% 66.3% US Ecology, Inc. 604.4 179.8 135.7 96.6 87.0 37.8 29.8% 22.5% 16.0% 14.4% 6.3% 71.2% Willbros Group Inc. 1,644.3 136.2 12.0 3.6 (22.0) (56.3) 8.3% 0.7% 0.2% N/M N/M 30.1%

Median 14.7% 8.5% 6.0% 5.8% 3.4% 71.2%

Rental Services Ashtead Group plc $3,327.5 $3,152.9 $1,482.4 $271.4 $883.3 $498.3 94.8% 44.6% 8.2% 26.5% 15.0% 18.3% The Brink's Company 3,290.1 570.5 184.7 $0.2 52.7 (3.6) 17.3% 5.6% 0.0% 1.6% N/M 0.1% Cintas Corporation 4,573.7 1,967.5 873.6 661.3 718.4 400.3 43.0% 19.1% 14.5% 15.7% 8.8% 75.7% G&K Services Inc. 937.6 316.5 140.0 84.2 107.7 59.2 33.8% 14.9% 9.0% 11.5% 6.3% 60.1% H&E Equipment Services Inc. 1,062.6 348.8 274.1 53.0 135.2 48.2 32.8% 25.8% 5.0% 12.7% 4.5% 19.3% Heritage-Crystal Clean, Inc 382.5 68.4 22.1 (1.1) 4.7 1.9 17.9% 5.8% N/M 1.2% 0.5% N/M Hertz Global Holdings, Inc. 5,416.0 124.0 2,043.7 2,043.7 (419.0) (397.9) 2.3% 37.7% 37.7% N/M N/M 100.0% Iron Mountain Incorporated 3,069.7 1,750.5 911.1 598.6 548.2 117.3 57.0% 29.7% 19.5% 17.9% 3.8% 65.7% McGrath Rentcorp 411.0 181.5 91.0 (46.2) 82.2 43.0 44.2% 22.1% N/M 20.0% 10.5% N/M Mobile Mini, Inc. 499.5 174.4 174.4 125.2 123.4 54.9 34.9% 34.9% 25.1% 24.7% 11.0% 71.8% Neff Corp. 380.2 192.8 106.4 (23.3) 96.4 12.6 50.7% 28.0% N/M 25.4% 3.3% N/M UniFirst Corp. 1,449.4 566.2 277.0 177.4 201.9 123.2 39.1% 19.1% 12.2% 13.9% 8.5% 64.0% United Rentals, Inc. 5,852.0 2,567.0 2,686.0 1,415.0 1,529.0 660.3 43.9% 45.9% 24.2% 26.1% 11.3% 52.7%

Median 39.1% 25.8% 13.3% 16.8% 8.5% 62.1%

75th Percentile 37.5% 19.1% 11.0% 12.0% 6.4% 84.2% 50th Percentile 19.9% 9.7% 7.5% 6.8% 3.8% 75.0% 25th Percentile 14.5% 6.4% 4.9% 4.3% 2.3% 60.2%

______Please see glossary on page 20 for definitions and other important information. Source: Capital IQ as of September 30, 2015. 1) Information provided by Capital IQ 2) OCF = EBITDA - Capital Expenditures. 3) Represents income from continuing operations before extraordinary items.

16 Current Return and Leverage Analysis

Current Return and Leverage Analysis ($ in millions, except per share values)

Dupont Analysis 5 Yr. Est. P/E Net Asset Financial Return Return Debt to EBIT Int. Growth to Dividend Company (1) Margin x Turnover x Leverage = on Equity on Capital (2) Total Cap. EBITDA Coverage Rate Growth (3) Yield Facility Services ABM Industries Incorporated 1.3% 2.3 x 2.3 x 6.9% 4.4% 23.6% 2.1 x 8.9 x 10.5% 1.6 x 2.3% Aramark 1.6% 1.4 5.7 13.3% 5.2% 75.2% 4.1 2.0 11.4% 1.7 1.2% CBRE Group, Inc. 5.4% 1.3 3.3 22.3% 10.3% 50.4% 2.2 6.6 12.5% 1.5 0.0% Colliers International Group Inc. 2.3% 2.2 3.6 18.1% 12.5% 79.1% 1.7 10.6 18.3% N/A 0.0% Comfort Systems USA Inc. 2.4% 2.2 2.1 10.9% 11.1% 5.7% 0.2 33.3 22.5% 2.4 1.0% Compass Group PLC 5.0% 2.0 4.2 41.8% 16.0% 62.1% 1.9 13.9 8.6% 2.4 2.5% Ecolab Inc. 9.5% 0.7 2.7 18.5% 8.9% 51.8% 2.5 8.6 14.2% 1.9 1.2% EMCOR Group Inc. 2.5% 1.9 2.3 11.0% 9.2% 18.2% 0.9 32.8 15.0% 1.1 0.7% FirstService Corporation 0.9% N/M 2.7 N/M N/A 59.5% 3.6 4.1 18.0% N/A 1.2% G4S plc 2.2% 1.4 5.5 17.0% 7.0% 74.7% 3.2 3.5 12.8% 1.3 4.0% GDI Integrated Facility Services Inc. N/M N/M 3.9 N/M N/A 41.4% 3.8 0.5 N/A N/A 1.2% Healthcare Services Group Inc. 6.4% 3.1 1.6 32.5% 30.3% 0.0% 0.0 N/M 16.5% 2.4 2.1% ISS A/S 2.5% 1.6 3.6 14.0% 7.6% 0.0% 3.5 N/M N/A N/A 2.2% Jones Lang LaSalle Incorporated 7.8% 1.2 2.1 18.7% 10.9% 21.1% 1.0 19.9 13.0% 1.4 0.4% MITIE Group PLC 3.4% 1.8 3.2 20.0% 11.6% 42.8% 1.8 11.3 6.0% 2.1 3.8% Prosegur Compañía de Seguridad, S.A. 5.4% 1.3 3.5 25.0% 13.0% 53.7% 2.0 14.9 14.0% 1.1 2.5% Rentokil Initial plc 7.6% 1.0 N/M N/M 12.1% 87.4% 2.6 5.2 4.0% 4.7 1.8% Rollins Inc. 10.1% 1.8 1.7 30.3% 29.7% 0.0% 0.0 N/M 13.0% 3.3 1.4% The Scotts Miracle-Gro Company 6.3% 1.1 4.5 30.6% 12.1% 61.0% 2.8 6.8 10.3% 1.8 3.1% Securitas AB 3.1% 1.9 3.6 21.5% 9.0% 56.1% 3.2 12.5 10.3% 1.5 2.9% ServiceMaster Global Holdings, Inc. 7.1% 0.5 N/M N/M 8.7% 85.7% 4.9 2.7 10.8% 2.2 0.0% Sodexo S.A. 2.9% 1.4 4.3 16.7% 10.1% 47.2% 2.4 6.6 14.1% 1.3 2.4% SP Plus Corporation 3.3% 1.1 3.6 12.7% 6.5% 51.7% 3.1 3.4 13.5% 2.2 0.0%

Median 3.4% 1.4 3.5 18.5% 10.3% 51.7% 2.4 7.7 13.0% 1.8 1.4%

Industrial Services AECOM 0.5% 1.6 x 3.6 x 3.0% 4.1% 57.9% 5.6 x 1.6 x 12.8% 0.9 x 0.0% Aegion Corporation 2.2% 1.0 2.0 4.5% 5.3% 37.6% 2.8 7.2 11.6% 1.1 0.0% Babcock & Wilcox Enterprises, Inc. 0.4% N/M 2.2 N/M N/A 0.4% 0.1 N/M 11.9% N/A 0.0% Chicago Bridge & Iron Company N.V. 4.8% 1.3 3.2 20.4% 13.1% 42.2% 1.7 14.1 13.6% 0.6 0.7% Clean Harbors, Inc. 0.9% 0.9 3.0 2.4% 5.5% 54.3% 2.7 3.1 10.4% 3.0 0.0% Dycom Industries Inc. 4.0% 1.6 2.5 15.4% 9.8% 50.9% 2.1 5.7 30.3% 1.7 0.0% Exponent Inc. 14.3% 0.8 1.4 17.0% 16.6% 0.0% 0.0 N/M 13.5% 2.3 1.3% Fluor Corporation 3.4% 2.5 2.4 20.5% 16.9% 24.2% 0.7 N/M 13.3% 0.8 2.0% Granite Construction Incorporated 1.0% 1.4 2.0 2.8% 2.8% 26.0% 8.6 4.8 18.5% 1.8 1.8% Jacobs Engineering Group Inc. 3.8% 1.5 1.8 10.6% 8.2% 13.6% 0.8 N/M 10.3% 1.1 0.0% KBR, Inc. N/M 1.3 3.4 N/M (6.9%) 6.8% N/M N/M 19.4% N/A 1.9% MasTec, Inc. 1.8% 1.4 3.2 7.6% 5.0% 54.3% 3.5 3.6 7.4% 1.4 0.0% McDermott International Inc. 0.0% 0.8 2.2 0.0% 3.2% 36.3% 6.5 2.6 14.0% N/A 0.0% MYR Group, Inc. 3.6% 1.9 1.6 11.1% 11.4% 0.0% 0.0 N/M 8.3% 2.2 0.0% Primoris Services Corporation 2.2% 1.9 2.4 10.1% 6.7% 34.0% 1.7 10.0 N/A N/A 1.2% Quanta Services, Inc. 3.3% 1.3 1.4 6.2% 6.3% 4.9% 0.3 N/M 9.2% 1.3 0.0% Stantec Inc. 7.3% 1.1 1.9 15.0% 9.8% 24.9% 1.4 22.1 14.5% 1.0 1.4% Team, Inc. 4.1% 1.4 1.8 9.9% 7.1% 52.1% 4.1 17.2 16.0% 1.2 0.0% Tetra Tech Inc. 4.3% 1.0 1.8 7.5% 5.7% 19.9% 1.5 14.4 11.0% 1.4 1.3% TRC Companies Inc. 4.7% 1.2 2.5 14.1% 14.0% 0.2% 5.9 N/M N/A N/A 0.0% Tutor Perini Corporation 1.7% 1.3 2.8 6.0% 5.3% 39.0% 1.0 4.6 16.0% 0.5 0.0% US Ecology, Inc. 6.3% 0.7 3.6 15.3% 8.6% 59.3% 2.7 4.2 10.0% 2.3 1.6% Willbros Group Inc. N/M 2.4 5.1 N/M (3.7%) 64.9% 18.3 N/M 5.0% N/A 0.0%

Median 3.4% 1.3 2.4 10.0% 6.5% 34.0% 1.9 5.2 12.8% 1.3 0.0%

Rental Services Ashtead Group plc 15.0% 0.6 x 3.4 x 32.5% 14.1% 60.1% 1.9 x 7.9 x 17.9% 0.9 x 1.6% The Brink's Company N/M 1.5 4.3 N/M 3.1% 55.5% 2.7 2.9 10.0% 2.2 1.5% Cintas Corporation 8.8% 1.1 2.2 19.8% 13.4% 41.3% 1.5 11.1 12.9% 1.9 1.0% G&K Services Inc. 6.3% 1.0 2.4 15.1% 10.5% 38.2% 1.7 15.1 13.0% 1.6 2.2% H&E Equipment Services Inc. 4.5% 0.8 N/M N/M 8.2% 87.7% 3.5 2.5 N/A N/A 6.6% Heritage-Crystal Clean, Inc 0.5% 1.4 1.6 1.1% 1.5% 29.2% 3.5 3.2 19.3% N/A 0.0% Hertz Global Holdings, Inc. N/M N/M N/M N/M N/A 81.1% 5.0 N/M 7.5% 4.2 0.0% Iron Mountain Incorporated 3.8% 0.5 9.2 16.5% 6.1% 87.1% 5.3 2.1 11.5% 2.0 6.1% McGrath Rentcorp 10.5% 0.4 2.6 10.4% 7.0% 44.1% 3.7 8.7 12.5% 1.2 3.7% Mobile Mini, Inc. 11.0% 0.3 2.4 7.1% 5.1% 52.0% 4.9 3.8 18.0% 1.6 2.4% Neff Corp. 3.3% 0.6 N/M N/M 10.6% 115.2% 7.2 2.0 8.8% 2.0 0.0% UniFirst Corp. 8.5% 1.0 1.3 10.7% 10.8% 0.3% 0.0 N/M 11.3% 1.6 0.1% United Rentals, Inc. 11.3% 0.5 7.6 40.1% 9.7% 85.3% 3.1 3.3 11.8% 0.8 0.0%

Median 8.5% 0.7 2.5 15.1% 8.9% 55.5% 3.5 3.3 12.1% 1.6 1.5%

75th Percentile 6.4% 1.6 x 3.6 x 19.9% 11.5% 59.4% 3.6 x 11.3 x 14.4% 2.2 x 2.1% 50th Percentile 3.8% 1.3 2.6 14.6% 8.9% 44.1% 2.6 6.6 12.8% 1.6 1.2% 25th Percentile 2.3% 1.0 2.1 9.3% 5.6% 22.4% 1.5 3.3 10.4% 1.2 0.0%

______Please see glossary on page 20 for definitions and other important information. Source: Capital IQ as of September 30, 2015. (1) Information provided by Capital IQ (2) Return on Capital = Tax-Affected EBIT / Average Total Capital. (3) Cal.Year Ended 2014 P/E divided by estimated mean five year growth rate.

17 Historical and Projected Results

Historical and Projected Results ($ in millions, except per share values) Calendar EPS Sales EBITDA EBIT Company (1) LTM 2015E 2016P LTM 2015E 2016P LTM 2015E 2016P LTM 2015E 2016P Facility Services ABM Industries Incorporated $1.19 $1.70 $1.76 $5,207.2 $5,321.7 $5,550.6 $148.4 $216.3 $243.2 $90.4 $148.8 $170.7 Aramark 1.44 1.55 1.71 22,080.2 14,429.1 15,101.2 1,394.7 1,289.4 1,355.1 884.4 853.2 866.0 CBRE Group, Inc. 1.53 1.97 2.27 9,505.3 10,441.4 12,398.1 1,113.5 1,351.8 1,488.4 836.5 1,038.0 1,174.0 Colliers International Group Inc. 1.79 1.96 2.24 2,791.8 1,762.7 2,165.3 224.4 168.1 207.0 161.1 108.8 143.0 Comfort Systems USA Inc. 0.96 1.03 1.36 1,512.7 1,577.8 1,712.9 87.9 96.1 118.2 64.7 74.3 94.3 Compass Group PLC 0.76 0.83 0.89 26,689.9 27,885.4 29,066.4 2,441.3 2,550.9 2,686.8 1,919.0 2,028.3 2,136.5 Ecolab Inc. 4.41 4.51 5.17 14,062.4 13,925.9 14,828.5 2,927.2 2,995.4 3,264.0 2,054.9 2,111.8 2,407.1 EMCOR Group Inc. 2.51 2.78 3.18 6,523.3 6,634.6 7,057.8 345.9 366.5 409.7 271.5 291.8 334.0 FirstService Corporation N/A 1.13 1.38 1,192.6 1,255.9 1,365.6 62.0 102.0 117.4 32.7 70.8 84.5 G4S plc 0.14 0.23 0.26 10,259.0 10,561.1 11,056.5 1,066.4 872.0 941.2 500.0 617.8 699.3 GDI Integrated Facility Services Inc. (2.86) 0.10 0.61 522.1 551.1 688.6 28.7 29.0 38.3 15.5 16.4 25.8 Healthcare Services Group Inc. 1.25 0.94 1.11 1,412.4 1,441.6 1,597.8 144.9 114.0 132.2 137.2 106.2 123.5 ISS A/S 1.25 2.14 2.30 11,192.2 12,122.6 12,398.6 725.7 802.6 833.4 549.5 685.5 701.6 Jones Lang LaSalle Incorporated 9.73 9.64 10.28 5,691.9 5,898.6 6,392.1 648.2 709.4 751.3 548.6 571.8 618.9 MITIE Group PLC 0.31 0.39 0.42 3,378.1 3,621.8 3,787.3 229.5 241.2 254.0 185.3 202.9 214.0 Prosegur Compañía de Seguridad, S.A. 0.38 0.36 0.40 4,276.2 4,612.2 4,761.3 536.1 523.5 558.3 413.1 388.0 412.9 Rentokil Initial plc 0.11 0.12 0.14 2,596.6 2,719.9 2,916.3 592.3 640.2 689.6 304.9 342.9 385.0 Rollins Inc. 0.67 0.71 0.81 1,451.9 1,488.7 1,563.9 275.5 290.1 319.2 230.8 245.2 274.0 The Scotts Miracle-Gro Company 3.01 3.47 3.99 2,987.6 3,019.5 3,156.8 382.5 439.6 506.6 324.7 388.7 440.7 Securitas AB 0.73 0.89 0.95 8,747.7 9,925.9 10,337.8 547.1 627.8 664.4 409.2 475.1 504.0 ServiceMaster Global Holdings, Inc. 1.33 1.72 1.94 2,529.0 2,582.9 2,707.4 576.0 617.5 662.9 479.0 514.0 574.7 Sodexo S.A. 4.09 4.70 5.17 22,002.9 22,779.1 23,727.9 1,466.2 1,619.6 1,724.3 1,162.8 1,289.7 1,383.0 SP Plus Corporation 1.31 1.01 1.22 883.1 921.2 968.1 82.4 86.7 94.8 51.6 54.0 60.8

Industrial Services AECOM $0.61 $2.88 $3.11 $15,828.8 $18,413.1 $19,019.4 $856.0 $1,013.3 $1,136.9 $387.2 $926.0 $1,029.1 Aegion Corporation 0.81 1.34 1.50 1,348.6 1,353.5 1,422.6 132.0 120.7 137.8 88.5 79.1 93.4 Babcock & Wilcox Enterprises, Inc. N/M 1.25 1.43 1,784.9 1,718.4 1,767.6 45.9 135.7 152.1 5.8 95.5 113.7 Chicago Bridge & Iron Company N.V. 5.69 5.83 5.74 13,085.3 13,735.8 14,106.6 1,269.0 1,305.8 1,273.8 1,090.8 1,103.4 1,072.4 Clean Harbors, Inc. 0.52 1.92 2.14 3,365.2 3,394.1 3,252.0 515.0 547.3 567.2 238.3 264.4 285.5 Dycom Industries Inc. 2.28 2.95 3.48 2,022.3 2,224.1 2,537.2 252.4 305.6 355.8 154.3 190.7 212.0 Exponent Inc. 1.54 1.54 1.63 295.3 297.1 314.3 72.6 75.6 79.5 67.1 65.2 69.4 Fluor Corporation 4.54 4.16 4.12 20,254.0 19,808.3 20,203.8 1,348.1 1,219.6 1,177.2 1,155.7 1,049.2 1,002.9 Granite Construction Incorporated 0.57 1.57 2.32 2,299.0 2,433.3 2,696.6 115.3 169.4 210.9 47.6 102.1 142.1 Jacobs Engineering Group Inc. 3.66 3.28 3.58 12,216.3 11,914.2 12,190.9 840.2 727.2 799.6 688.5 553.7 630.3 KBR, Inc. (5.04) 1.34 1.34 5,891.0 5,403.5 5,138.4 (133.0) 323.1 339.9 (188.0) 300.6 304.9 MasTec, Inc. 0.97 0.77 1.62 4,616.6 4,266.9 4,633.5 348.9 340.9 420.3 178.9 134.6 249.1 McDermott International Inc. 0.00 (0.07) 0.09 2,818.0 3,149.8 2,730.4 130.9 184.9 218.4 32.6 73.8 108.3 MYR Group, Inc. 1.74 1.60 1.81 1,020.1 1,082.5 1,147.5 95.1 93.1 102.0 59.6 55.1 62.0 Primoris Services Corporation 0.85 0.83 1.40 1,977.2 2,051.7 2,265.3 134.4 142.7 193.2 71.7 78.3 131.0 Quanta Services, Inc. 1.22 1.40 2.01 8,011.3 7,581.0 8,015.6 650.4 659.4 761.7 441.7 409.0 531.6 Stantec Inc. 1.39 1.42 1.66 1,794.4 1,861.9 2,018.0 234.3 254.1 285.9 184.0 191.5 224.1 Team, Inc. 1.64 1.97 2.40 876.6 934.1 1,094.7 86.8 102.2 126.6 61.6 72.3 90.0 Tetra Tech Inc. 1.21 1.72 1.91 1,753.9 1,744.8 1,836.7 157.3 202.6 286.9 111.4 162.2 177.6 TRC Companies Inc. 0.63 N/A N/A 414.6 N/A N/A 40.0 N/A N/A 30.7 N/A N/A Tutor Perini Corporation 1.65 1.86 2.63 4,831.5 5,193.9 5,567.2 230.8 242.1 300.5 185.7 201.4 261.5 US Ecology, Inc. 1.74 1.88 2.12 604.4 575.2 585.4 135.7 132.2 140.2 87.0 78.9 89.4 Willbros Group Inc. (1.08) (0.77) 0.08 1,644.3 1,239.4 1,164.7 12.0 7.7 50.5 (22.0) 34.8 27.4

Rental Services Ashtead Group plc $0.99 $1.17 $1.24 $3,327.5 $3,768.0 $4,236.2 $1,482.4 $1,685.9 $1,970.1 $883.3 $1,033.9 $1,220.9 The Brink's Company (0.07) 1.44 2.02 3,290.1 3,014.7 3,043.2 184.7 304.6 359.0 52.7 158.5 195.2 Cintas Corporation 3.45 3.64 4.18 4,573.7 4,664.9 5,005.8 873.6 884.2 947.8 718.4 728.1 788.3 G&K Services Inc. 2.95 3.38 3.63 937.6 955.6 990.2 140.0 169.7 158.3 107.7 116.0 124.7 H&E Equipment Services Inc. 1.37 1.32 1.47 1,062.6 1,040.6 1,049.6 274.1 318.8 330.5 135.2 129.1 135.1 Heritage-Crystal Clean, Inc 0.09 0.43 0.62 382.5 367.1 404.9 22.1 38.2 49.3 4.7 16.6 26.3 Hertz Global Holdings, Inc. (0.88) 0.81 1.24 5,416.0 10,800.9 11,237.7 2,043.7 1,484.0 1,773.6 (419.0) 946.3 1,260.9 Iron Mountain Incorporated 0.57 1.20 1.35 3,069.7 3,040.5 3,126.4 911.1 916.9 980.8 548.2 565.0 619.1 McGrath Rentcorp 1.64 1.57 1.74 411.0 408.2 434.2 91.0 165.0 176.3 82.2 77.5 85.5 Mobile Mini, Inc. 1.19 1.29 1.66 499.5 529.6 560.7 174.4 197.2 223.8 123.4 112.0 151.5 Neff Corp. 0.93 1.26 1.41 380.2 386.9 407.2 106.4 190.4 205.8 96.4 94.2 104.8 UniFirst Corp. 6.15 6.10 6.52 1,449.4 1,469.1 1,465.4 277.0 273.8 269.2 201.9 195.2 196.1 United Rentals, Inc. 6.53 7.99 8.54 5,852.0 5,847.4 6,046.2 2,686.0 2,870.4 2,948.3 1,529.0 1,533.5 1,592.5 ______Please see glossary on page 20 for definitions and other important information. Source: Capital IQ as of September 30, 2015. (1) Information provided by Capital IQ

18 Disclaimers & Other Disclosures

DISCLAIMER This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy.

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19 Glossary of Terms & Other Important Information

EBITDA – Earnings before interest, taxes, depreciation & amortization. An approximate measure of a company's operating cash flow based on data from the company's income statement. EBIT – Earnings before interest and taxes. A measure of a company's earning power from ongoing operations, equal to earnings before deduction of interest payments and income taxes. Enterprise Value (EV) – Market value of equity plus debt less cash. A measure of what the market believes a company's ongoing operations are worth. GDP - Gross Domestic Product – The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports. LTM – Last twelve months. Time period used when referencing a financial statistic. P/E – Price per share divided by earnings per share. The most common measure of how expensive a stock is. The S&P 500 – An unmanaged stock index commonly used to measure and report common stock performance. E – Represents estimates of a company’s financial performance for the next fiscal period. P – Represents projections of a company’s financial performance following the next fiscal period. © 2014 Robert W. Baird & Co. Incorporated

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