Environmental and Safety Solutions Industry Update September 2013

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

MONTHLY SPOTLIGHT CONTENTS MONTHLY SPOTLIGHT Trends in Single-Stream Recycling and Mixed-Waste Processing WHAT WE’RE READING Waste management has entailed recycling for some 40 years, with recycling technology RELEVANT HW&CO. TRANSACTIONS PUBLIC MARKETS inching along over this period toward an increasingly holistic view of the waste stream. PUBLIC COMPARABLES Today’s technologies offer the potential for successful implementation of single-stream NOTABLE M&A ACTIVITY recycling (all recyclable materials collected together), as well as truly “all-in-one” M&A TRANSACTION DETAIL mixed-waste processing that manages all waste through one collection. The popularity of single-stream recycling has expanded considerably in recent years (see charts below), OUR PRACTICE and the advent of more sophisticated mixed-waste processing facilities is just beginning. The theoretical advantages of moving to mixed-waste processing through a “single-bin” Harris Williams & Co. is a leading advisor solution have tremendous potential. A single truck collection route can substantially to the environmental and safety solutions reduce the energy use and pollution associated with waste collection, while customers M&A market. Our Environmental and effectively lose the ability to opt-out of recycling programs, instantly boosting Safety Solutions (E&S) Practice includes experience across a broad range of sectors, participation rates to 100%. Despite lingering concerns regarding the purity of including products and services that meet recovered recycling content from these “all-in-one” collection programs and facilities, environmental and safety demands for a advanced material processing technology today offers compelling opportunities to variety of end markets. significantly increase the volume of recycling, waste-to-energy production, and landfill diversion. E&S Sectors  Building Products Multiple cities in the U.S. offer examples of the increasing emphasis on single-stream  Consumer Products and Services recycling and mixed waste processing:  Energy Efficiency and Renewable Energy 1.1 April 2011, Philadelphia, PA: Philadelphia opened Waste Management’s new  Engineering, Construction, and single-stream recycling facility, following the lead of other major cities like Boston, Consulting (ECC) Chicago, and Phoenix, which also recently adopted single-stream recycling systems.  Remediation, Cleaning, and Abatement 2.2 August 2012, Milpitas, CA (near San Jose): Republic Services opened what it says  Safety Equipment is the largest recycling operation in the world, a 110-ton per hour, multiple waste  Security and Alarms stream facility. The material recovery facility (“MRF”) processes residential and  Test, Measurement, and Control commercial single-stream material for recycling, as well as dry and wet commercial  Traffic, Automotive, and Emergency recyclables, comprising all the commercial waste from businesses in San Jose. The  Waste Management and Recycling MRF will process more than 400,000 tons per year and is expected to divert at least  Water and Wastewater 80% of the material collected. CONTACTS Number of Single-Stream Recycling Percent of U.S. Communities Using Patrick Hanraty | Managing Director Facilities in the U.S. (1995 – 2009) Single-Stream Recycling (2005 – 2010) [email protected] +1 (267) 675-5915 250 75% Bob Baltimore | Managing Director 200 64% [email protected] 200 +1 (804) 915-0129 50% 150 Brian Lucas | Managing Director [email protected] 100 85 +1 (804) 932-1323 20% 25% David Allebach | Vice President 50 [email protected] 10 +1 (267) 675-5920 0 0% Marshall Croft | Vice President 1995 2000 2009 2005 2010 [email protected] Sources: The Huffington Post, Public Works Management Policy, Waste Management. +1 (804) 915-0161

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MONTHLY SPOTLIGHT (CONT.) To be updated

1.3 November 2012, Minneapolis, MN: The first phase of a single-stream recycling program was implemented by consolidating four separate collection routes servicing 33,000 residents. In just the first six weeks of the program, recycling volume among these residents increased by 63%.

2.4 February 2013, Houston, TX: Bloomberg Philanthropies awarded Houston a $1 million innovation prize to pursue its “One Bin for All” program. The program intends to raise participation in recycling to 100% and the recovery rate to 75%. A private partner is being sought to build and operate a $100 million mixed-waste processing plant (targeted to begin operation in early 2015) and take the city's 2.1 million residents to a one-bin collection program.

3.5 July 2013, Montgomery, AL: Earlier this year, Infinitus Energy initiated construction of a mixed-waste processing facility aimed at eliminating up to 85% of waste going to the city’s landfill. The facility will be able to process up to 225,000 tons of waste per year when it is expected to open in June 2014. The facility will cost approximately $35 million.

4.6 September 2013, Detroit, MI: In its current efforts to privatize waste collection services, Detroit is looking to establish a five- year agreement to expand single-stream recycling collection across the city (currently only a portion of the city has single- stream recycling).

These are only a few examples of the increasing commitment of local governments to single-stream recycling and mixed-waste processing programs. Continued innovation and proprietary solutions that maximize both the volume and quality of recovered waste streams for various applications offer significant opportunities to companies and investors focused on the waste management and recycling, and engineering, construction, and consulting sectors. Providers that can offer and demonstrate the greater cost-saving potential of advanced products and services to better capture and utilize waste and recyclables will find ample demand from budget-constrained cities, municipalities, and local governments.

Please feel free to contact us to discuss the impact of single-stream recycling and mixed-waste processing on your business or our perspectives regarding broader M&A activity in the waste management and recycling, and engineering, construction, and consulting sectors.

WHAT WE’RE READING

Conflict in the Air: The Near Future of Federalism and U.S. Air Emissions Regulation. “MIT concluded in a recent study that air pollution causes about 200,000 early deaths each year in the United States. The leading causes of fatal air pollution are road transportation and electrical power generation units. Governments have responded to such unsettling statistics in part through increased regulation. And with increasing regulatory activity inevitably comes conflict. In the United States, this conflict often occurs between the federal government and the states.” Read more here.

Administration Presses Ahead With Limits on Emissions From Power Plants. “EPA proposes to limit new gas-fired power plants to 1,000 pounds of carbon dioxide emissions per megawatt hour and new coal plants to 1,100 pounds of carbon dioxide. The average advanced coal plant currently emits about 1,800 pounds of carbon dioxide per hour.” Read more here.

Harvard, NRDC: Expire Dates Key to Stopping Food Waste. “The expiration dates on your packaged foods might be exaggerated – and a change in how those “best by” and “sell by” labels are regulated might save billions in wasted food. The date labels unnecessarily contributing to $160 billion in food waste in the U.S. each year.” Read more here.

Companies that Focus on Health and Safety Are Better Investments, Study Suggests. “In a new study, firms with strong health, wellness and safety programs bested the S&P 500 average rate of return in investment simulations. Researchers tracked the stock-market performance of companies that have received ACOEM's Corporate Health Achievement Award, which annually recognizes the healthiest and safest companies in North America.” Read more here.

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WHAT WE’RE READING (CONT.)

Colorado’s “Biblical” Flood in Line with Climate Trends. “Extreme rainfall events have become more frequent across the U.S. during the past several decades in part due to manmade global warming. Increasing air and ocean temperatures mean that the air is generally carrying more water vapor than it used to, and this moisture can be tapped by storm systems to yield rain or snow extremes.” Read more here.

House Adds Water Infrastructure Bill to Pile of Unfinished Business. “The House of Representatives introduced a bill to move forward work on an array of water projects across the country. The Water Resources Reform and Development Act, the first such bill in six years, would authorize repair and improvements to dams and levees, the deepening of harbors and navigation channels, and flood control and coastal protection projects.” Read more here.

EIA Urged to Re-Evaluate its Renewable Energy Forecasts. “In a letter sent to the EIA, nearly 100 organizations and businesses urged the EIA to reconsider the methodology used in developing its renewable energy forecasts. The letter expressed concern that ‘EIA’s estimates in past issues of the ‘Annual Energy Outlook’ for future electrical generation from renewable energy sources in the near- and mid-term have been low and have not been borne out by actual experience.’” Read more here.

Sprint Shatters Phone Recycling Record. “The Guinness World Records recognized Sprint for almost doubling the previous record with 103,582 cellular phones recycled in seven days. Sprint was the first wireless carrier in the United States to offer a customer buyback program, giving instant credit for eligible devices from any carrier in its retail stores. Today, more than four out of every 10 customers in Sprint retail stores participate in the buyback program.” Read more here.

New York Commission Proposes Waste Hauler Rate Hike. “New York City’s Business Integrity Commission (“BIC”) has proposed a 15% increase in the city’s rate cap for commercial waste haulers, which would be the first rate increase since 2008. If approved, carters in New York City could charge up $18.97 per yard, or $11.89 per 100 pounds, according to a news release from the Washington-based National Solid Wastes Management Association (NSWMA).” Read more here.

OSHA Finally Reveals Long-Awaited Proposed Rulemaking for Crystalline Silica. “OSHA announced a proposed crystalline silica rule aimed at curbing lung cancer, silicosis, chronic obstructive pulmonary disease and kidney disease in America’s workers. OSHA estimates that it will result in saving nearly 700 lives per year and prevent 1,600 new cases of silicosis annually. More than 2 million workers each year are exposed to silica.” Read more here.

India Passes World's First Corporate Responsibility Law. “India is the first country to pass a corporate responsibility law requiring larger companies to spend 2% of each year's profit on those kinds of initiatives. The law kicks in for companies with a profit of at least $80 million over the past three years.” Read more here.

20 Cities Most At Risk From Rising Sea Levels. “A study found that even if adaptation investments maintain constant flood probability, subsidence and sea-level rise will increase global flood losses to $60–63 billion per year in 2050.” North America and Asia, home to some of the world’s biggest polluters, have more cities at risk than any other continents.” Read more here.

Capital Roundtable: Private Equity Investing in Environmental Services Companies

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

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RELEVANT HW&CO. ENVIRONMENTAL AND SAFETY TRANSACTIONS

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

Relevant Transactions

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Pine Environmental Services, Inc.

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

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

PUBLIC MARKETS

Key Trading Statistics1

Stock Price % Change TEV / LTM EBITDA as of TEV / EBITDA P/E 1 Month 12 Month Sep-12 Mar-13 Current 2013E 2014P Current 2013E Building Products Building Products 6.4% 39.8% 13.4x 12.8x 14.6x 12.5x 9.3x 35.0x 21.5x Energy Efficiency and Renewable Energy Energy Efficiency Products and Services 8.4% 32.5% 9.0x 9.7x 11.4x 10.4x 9.5x 20.4x 17.9x Renewable Energy Utilities and IPPs 2.5% 6.7% 9.6x 9.3x 9.2x 8.5x 7.9x 22.4x 15.6x Wind OEMs 12.9% 229.1% 9.3x 8.7x 16.7x 9.0x 6.7x NM 50.2x Solar OEMs 12.0% 116.2% 7.2x NM NM 13.6x 9.9x NM NM Engineering, Construction, and Consulting Engineering, Construction, and Consulting 4.9% 28.4% 8.9x 9.6x 10.5x 9.1x 7.8x 16.0x 14.8x Remediation, Cleaning, and Abatement Products 8.6% 54.9% 12.4x 11.3x 14.5x 13.7x 12.8x 20.9x 23.8x Services 5.8% 14.8% 6.9x 8.1x 8.7x 7.5x 6.4x 34.4x 17.5x Safety Equipment Aerial Access Equipment Providers 6.0% 54.3% 7.1x 8.4x 8.3x 6.9x 6.1x 18.8x 16.7x Diversified Safety Distributors 7.3% 25.3% 10.0x 11.6x 11.6x 10.3x 9.2x 21.3x 19.5x Diversified Safety Manufacturers 2.3% 27.2% 9.5x 10.7x 11.2x 10.5x 9.9x 20.7x 17.2x Security and Alarms Fire and Security Services 6.0% 36.9% 8.2x 9.7x 10.4x 9.1x 8.5x 20.1x 18.2x Products and Systems 6.1% 33.6% 8.8x 9.9x 11.4x 10.2x 9.2x 20.4x 18.5x Test, Measurement, and Control Test and Measurement Products and Technologies 6.3% 25.2% 11.5x 12.9x 14.4x 13.7x 12.5x 22.6x 19.8x Testing, Inspection, and Certification Services 3.8% 16.6% 11.4x 13.0x 13.6x 12.2x 10.8x 34.2x 22.8x Control Products and Technologies 7.4% 29.7% 10.2x 11.5x 12.9x 11.6x 10.8x 22.1x 20.4x Traffic, Automotive, and Emergency Products 6.2% 13.4% 9.2x 10.0x 7.7x 7.4x 8.0x 14.7x 15.0x Technology and Systems 4.7% 52.3% 9.1x 9.9x 12.0x 10.4x 8.0x 16.7x 18.6x Waste Management and Recycling Diversified Waste Management and Recycling 6.3% 8.8% 7.6x 8.5x 10.9x 8.3x 7.7x 23.4x 18.8x Metals Processing and E-Waste 6.6% (1.7%) 7.8x 8.5x 9.8x 8.4x 6.4x 19.4x 18.9x Recycled Materials 5.4% 40.8% 7.0x 7.9x 8.5x 7.6x 7.1x 21.6x 16.3x Solid Waste Management and Recycling 5.3% 20.5% 7.1x 8.2x 9.0x 8.3x 7.8x 27.1x 21.1x Specialty Waste 3.4% 9.1% 9.7x 12.5x 11.6x 9.1x 8.1x 33.4x 29.9x Waste to Energy 3.1% 24.8% 9.9x 11.1x 12.4x 10.0x 9.7x 64.0x 48.9x Water and Wastewater Products and Technologies 7.4% 50.4% 9.3x 11.1x 12.4x 11.7x 10.0x 42.5x 21.7x Utilities and Services 5.3% 12.5% 9.9x 9.9x 10.1x 9.4x 8.8x 19.8x 19.0x

(1) As of September 20, 2013.

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PUBLIC MARKETS

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

Water and Wastewater Products and Technologies 155%

Metals Processing and E-Waste 152%

Building Products 148%

Fire and Security Services 143%

Security and Alarms Products and Systems 141%

Recycled Materials 136%

Control Products and Technologies 133%

Energy Efficiency Products and Services 131%

Engineering, Construction, and Consulting 130%

Remediation, Cleaning, and Abatement Products 129%

Testing, Inspection, and Certification Services 127%

Diversified Safety Manufacturers 126%

Remediation, Cleaning, and Abatement Services 126%

Diversified Safety Distributors 123%

Test and Measurement Products and Technologies 123%

Traffic, Automotive, and Emergency Technology and Systems 121%

Diversified Waste Management and Recycling 120%

Renewable Energy Utilities and IPPs 117%

Aerial Access Equipment Providers 116%

Solid Waste Management and Recycling 109%

Traffic, Automotive, and Emergency Products 109%

Water and Wastewater Utilities and Services 106%

Specialty Waste 105%

0% 20% 40% 60% 80% 100% 120% 140% 160% 180%

(1) As of September 20, 2013.

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PUBLIC COMPARABLES

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

Building Products1

Building Products Advanced Environmental Recycling Technologies, Inc. $72 $0.15 $0.16 $0.11 (0.1%) 40.8% $0.25 62.0% 25.4x 9.9x 7.6x NM NM NM NM Eagle Materials Inc. 4,093 70.95 66.02 45.58 7.5% 55.7% 77.84 91.1% 26.1x 29.3x 25.0x 13.7x 9.5x 47.9x 26.1x Interface Inc. 1,496 19.30 18.13 13.90 6.5% 38.8% 20.30 95.1% 10.7x 13.0x 13.8x 11.9x 9.3x 35.0x 26.4x Trex Co. Inc. 765 46.63 45.08 33.75 3.4% 38.2% 58.03 80.4% 16.2x 27.5x 20.8x 12.6x 9.3x 47.5x 18.8x Compagnie de Saint-Gobain 42,539 51.63 46.83 38.64 10.3% 33.6% 51.63 100.0% 5.6x 5.6x 8.1x 7.5x 6.8x 31.7x 19.2x Mohawk Industries Inc. 12,056 130.93 123.20 79.59 6.3% 64.5% 134.75 97.2% 10.5x 12.6x 15.5x 12.5x 10.4x 34.4x 21.5x Median 6.4% 39.8% 93.1% 13.4x 12.8x 14.6x 12.5x 9.3x 35.0x 21.5x

Energy Efficiency and Renewable Energy1

Energy Efficiency Products and Services Ameresco, Inc. $634 $10.05 $8.44 $12.11 19.1% (17.0%) $12.31 81.6% 12.3x 9.7x 18.7x 13.2x 10.6x 54.5x 26.1x Emerson Electric Co. 50,399 65.05 60.88 50.42 6.8% 29.0% 66.79 97.4% 8.5x 8.9x 10.4x 10.7x 9.6x 32.5x 19.2x Honeywell International Inc. 70,869 85.60 80.58 60.55 6.2% 41.4% 87.55 97.8% 13.3x 12.1x 13.3x 10.2x 9.4x 21.7x 17.6x Ingersoll-Rand Plc 21,702 65.47 60.24 46.40 8.7% 41.1% 65.87 99.4% 8.8x 9.9x 11.4x 10.9x 9.8x 20.4x 18.2x Schneider Electric S.A. 55,413 87.35 79.94 63.23 9.3% 38.1% 90.58 96.4% 9.0x 8.7x 10.8x 10.0x 9.1x 19.9x 15.8x Siemens Aktiengesellschaft 120,400 121.43 109.17 102.91 11.2% 18.0% 123.45 98.4% 8.4x 8.5x 11.0x 10.1x 8.3x 16.1x 16.2x United Technologies Corp. 121,064 110.03 101.70 80.92 8.2% 36.0% 112.46 97.8% 9.5x 10.9x 11.4x 11.2x 10.2x 20.4x 18.2x EnerNOC, Inc. 315 14.82 14.54 11.96 1.9% 23.9% 19.08 77.7% NM NM NM 4.6x 3.6x NM 10.0x Median 8.4% 32.5% 97.6% 9.0x 9.7x 11.4x 10.4x 9.5x 20.4x 17.9x

Renewable Energy Utilities and IPPs Portland General Electric Company $3,857 $28.76 $28.51 $27.29 0.9% 5.4% $33.26 86.5% 7.7x 7.8x 9.2x 7.4x 6.5x 23.5x 17.6x Xcel Energy Inc. 25,223 27.79 27.44 27.43 1.3% 1.3% 31.79 87.4% 8.6x 8.7x 8.5x 8.7x 8.1x 14.1x 14.6x National Grid plc 83,226 12.15 11.60 11.24 4.7% 8.1% 13.60 89.3% 9.8x 9.3x 10.7x 9.8x 9.3x 12.2x 14.4x NRG Energy, Inc. 25,134 27.53 26.43 21.48 4.2% 28.2% 29.19 94.3% 9.5x 14.3x 15.2x 9.6x 8.5x 25.4x 24.2x EDP Renováveis 10,225 5.25 5.01 4.66 4.9% 12.7% 6.00 87.6% 9.9x 9.3x 9.2x 7.7x 7.2x 21.8x 23.3x Calpine Corp. 19,147 19.52 19.34 17.25 0.9% 13.2% 22.16 88.1% 15.8x 14.0x 12.8x 10.5x 9.7x 26.5x 38.4x NextEra Energy, Inc. 63,047 80.71 80.78 68.05 (0.1%) 18.6% 88.39 91.3% 9.7x 11.8x 12.0x 11.0x 10.3x 22.8x 16.7x Exelon Corporation 45,781 30.18 29.86 35.45 1.1% (14.9%) 37.80 79.8% 7.2x 6.5x 6.1x 7.5x 7.5x 22.7x 12.6x Public Service Enterprise Group Inc. 25,378 33.33 32.13 31.74 3.7% 5.0% 37.00 90.1% 6.5x 7.0x 7.0x 7.2x 7.0x 14.1x 13.7x AGL Energy Limited 10,874 14.70 12.84 14.95 14.6% (1.6%) 15.61 94.2% 25.9x 12.5x 8.4x 8.3x 7.8x 22.2x 13.7x Median 2.5% 6.7% 88.7% 9.6x 9.3x 9.2x 8.5x 7.9x 22.4x 15.6x

Wind OEMs Vestas Wind Systems A/S $5,704 $22.99 $19.53 $6.88 17.7% 234.4% $23.39 98.3% NM 8.7x 11.8x 9.0x 7.1x NM NM Suzlon Energy Limited 2,337 0.10 0.10 0.30 1.4% (66.2%) 0.43 23.9% 11.9x NM NM 9.8x 6.2x NM NM Nordex SE 765 13.59 11.14 4.20 21.9% 223.8% 14.13 96.2% NM NM 21.7x 7.3x 6.0x NM 69.0x Gamesa Corporación Tecnológica S.A. 2,740 8.08 7.48 2.40 8.1% 236.5% 8.85 91.3% 6.8x NM NM 8.9x 7.4x NM 31.4x Median 12.9% 229.1% 93.7% 9.3x 8.7x 16.7x 9.0x 6.7x NM 50.2x

Solar OEMs SunPower Corporation $3,345 $24.14 $22.43 $4.73 7.6% 410.4% $28.15 85.8% NM 47.9x 40.7x 10.0x 9.2x NM 20.3x Suntech Power Holdings Co. Ltd. 2,023 1.24 1.15 1.02 7.4% 21.1% 1.99 62.1% NM NM NM NM NM NM NM SolarWorld AG 1,007 0.64 0.60 1.70 6.1% (62.5%) 2.54 25.1% NM NM NM NM 23.1x NM NM Yingli Green Energy Holding Co. Ltd. 3,388 5.64 4.11 1.77 37.1% 218.4% 6.15 91.6% NM NM NM 26.9x 16.2x NM NM Canadian Solar Inc. 1,657 14.85 12.51 2.98 18.7% 398.3% 16.40 90.5% NM NM NM 7.0x 3.5x NM 14.6x Renewable Energy Corporation ASA 1,645 0.56 0.48 0.32 16.3% 77.6% 0.68 83.0% 11.3x 34.8x NM 17.1x 9.9x NM NM Trina Solar Limited 1,544 11.57 8.97 4.54 29.0% 154.8% 12.18 95.0% NM NM NM 45.3x 10.7x NM NM First Solar, Inc. 2,860 39.01 38.55 22.57 1.2% 72.9% 59.00 66.1% 3.1x 3.0x 4.2x 4.3x 4.3x 10.6x 10.3x Median 12.0% 116.2% 84.4% 7.2x NM NM 13.6x 9.9x NM NM (1) As of September 20, 2013.

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PUBLIC COMPARABLES

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

Engineering, Construction, and Consulting1

Engineering, Construction, and Consulting Abengoa SA $14,059 $3.33 $3.31 $4.97 0.6% (33.1%) $6.07 54.8% 11.7x 9.9x 8.6x 8.2x 7.3x 10.7x 12.4x AECOM Technology Corporation 3,791 30.73 30.19 21.40 1.8% 43.6% 35.24 87.2% 7.2x 9.6x 8.0x 7.9x 7.2x NM 13.0x AMEC plc 5,252 17.78 16.77 18.51 6.0% (4.0%) 18.80 94.5% 10.5x 8.7x 10.1x 9.1x 8.2x 16.0x 13.1x Arcadis NV 2,504 27.26 26.73 21.38 2.0% 27.5% 30.27 90.1% 10.3x 9.0x 9.5x 8.7x 7.8x 16.0x 13.8x Cardno Limited 994 5.93 5.63 7.50 5.4% (20.9%) 7.80 76.0% 8.6x 8.4x 8.0x 7.3x 6.8x 11.8x 11.6x Chicago Bridge & Iron Company N.V. 8,841 66.40 59.30 39.95 12.0% 66.2% 67.27 98.7% 7.4x 12.1x 12.5x 9.7x 7.9x 22.0x 16.1x Fomento de Construcciones y Contratas, S.A. 11,192 19.28 17.21 14.91 12.0% 29.3% 20.21 95.4% 8.6x 11.2x 16.6x 10.3x 8.4x NM NM GENIVAR Inc. 1,486 25.64 23.33 23.78 9.9% 7.8% 25.68 99.8% 14.3x 11.4x 10.9x 8.9x 7.9x 18.6x 18.1x IHS Inc. 9,753 112.29 107.55 94.77 4.4% 18.5% 117.65 95.4% 22.6x 21.4x 27.7x 17.6x 14.0x 56.1x 23.6x Interserve plc 1,158 8.89 8.93 6.02 (0.5%) 47.5% 9.52 93.4% 12.8x 11.5x 12.7x 6.2x 5.6x 4.3x 12.0x Jacobs Engineering Group Inc. 7,032 59.09 59.82 42.68 (1.2%) 38.4% 62.33 94.8% 7.5x 8.9x 9.2x 9.2x 8.0x 18.6x 18.3x SAIC, Inc. 6,106 15.27 15.18 12.71 0.6% 20.1% 16.06 95.1% 9.3x 5.7x 7.4x 9.5x 7.5x 12.3x 15.9x Stantec Inc. 2,612 51.63 47.98 35.10 7.6% 47.1% 51.99 99.3% 9.3x 10.0x 11.5x 10.6x 9.6x 18.6x 17.8x Tetra Tech Inc. 1,720 25.72 23.16 27.27 11.1% (5.7%) 31.49 81.7% 8.1x 9.6x 13.9x 12.9x 7.2x NM 36.8x TRC Companies Inc. 221 7.91 7.31 7.44 8.2% 6.3% 9.40 84.1% 8.5x 9.0x 11.6x NM NM 6.5x 14.8x United Envirotech Ltd. 551 0.72 0.70 0.29 2.9% 150.5% 0.82 86.9% 10.7x 11.8x 14.0x 9.8x 8.7x 20.9x 17.9x URS Corporation 6,131 54.60 49.41 36.28 10.5% 50.5% 55.71 98.0% 6.9x 6.6x 7.3x 7.0x 6.8x 13.0x 12.8x WS Atkins plc 1,642 18.98 18.54 11.40 2.4% 66.4% 20.11 94.3% 5.0x 6.9x 9.3x 7.6x 7.1x 13.3x 14.5x Median 4.9% 28.4% 94.4% 8.9x 9.6x 10.5x 9.1x 7.8x 16.0x 14.8x

Remediation, Cleaning, and Abatement1

Products Ecolab Inc. $36,980 $98.45 $90.69 $63.57 8.6% 54.9% $99.45 99.0% 14.4x 12.9x 15.6x 14.5x 12.8x 35.5x 27.9x Federal Signal Corp. 935 12.85 11.32 6.47 13.5% 98.6% 13.03 98.6% 10.5x 9.7x 13.5x 12.8x 10.9x 6.4x 19.6x Swisher Hygiene Inc. 97 0.73 0.82 1.70 (11.0%) (57.1%) 1.94 37.6% NM NM NM NM 41.7x NM NM Median 8.6% 54.9% 98.6% 12.4x 11.3x 14.5x 13.7x 12.8x 20.9x 23.8x

Services EMCOR Group Inc. $2,332 $40.13 $39.07 $29.64 2.7% 35.4% $43.98 91.2% 6.0x 7.7x 7.9x 7.3x 5.8x 19.9x 17.6x Heritage-Crystal Clean, Inc 310 17.86 15.09 19.19 18.4% (6.9%) 20.89 85.5% 26.3x 20.1x 26.9x 17.2x 8.7x 242.7x 66.1x Newalta Corporation 1,205 14.93 15.09 14.82 (1.1%) 0.8% 15.93 93.7% 7.9x 8.6x 9.6x 7.8x 6.3x 21.2x 17.4x Rentokil Initial plc 4,937 1.73 1.59 1.34 8.9% 28.8% 1.79 96.9% 5.8x 6.2x 7.3x 6.8x 6.5x 47.5x 12.7x Median 5.8% 14.8% 92.5% 6.9x 8.1x 8.7x 7.5x 6.4x 34.4x 17.5x

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PUBLIC COMPARABLES

Safety Equipment1

Aerial Access Equipment Providers Ashtead Group plc $7,130 $10.47 $10.16 $5.49 3.0% 90.8% $11.79 88.9% 7.1x 7.8x 8.3x 6.8x 6.1x 18.8x 15.4x H&E Equipment Services Inc. 1,686 25.51 22.72 13.13 12.3% 94.2% 26.76 95.3% 11.1x 14.7x 15.2x 6.9x 6.1x 30.4x 21.3x Lavendon Group plc 676 2.99 2.67 2.25 11.9% 32.8% 3.01 99.3% 4.5x 5.0x 5.9x 5.2x 4.8x 16.7x 13.9x Oshkosh Corporation 4,629 48.62 45.87 28.28 6.0% 71.9% 49.58 98.1% 6.4x 8.4x 7.2x 7.0x 7.5x 12.7x 13.2x Palfinger AG 1,590 35.33 34.68 22.24 1.9% 58.8% 36.10 97.9% 9.0x 10.9x 15.1x 10.8x 9.1x 22.4x 19.0x Ramirent Oyj 1,677 12.25 10.82 8.62 13.2% 42.1% 12.56 97.5% 4.9x 5.2x 6.0x 6.1x 5.9x 15.2x 16.7x Terex Corp. 5,400 34.54 30.43 23.66 13.5% 46.0% 37.12 93.0% 8.5x 9.8x 9.7x 8.2x 6.6x 98.4x 17.2x UniFirst Corp. 1,934 101.52 98.99 67.43 2.6% 50.6% 104.38 97.3% 6.5x 7.5x 8.0x 7.7x 7.3x 18.5x 17.6x United Rentals, Inc. 12,614 56.75 56.14 36.79 1.1% 54.3% 59.84 94.8% 15.9x 12.5x 10.6x 5.5x 5.0x 29.5x 12.5x Median 6.0% 54.3% 97.3% 7.1x 8.4x 8.3x 6.9x 6.1x 18.8x 16.7x

Diversified Safety Distributors DXP Enterprises, Inc. $1,318 $76.40 $67.84 $47.85 12.6% 59.7% $76.91 99.3% 10.3x 11.9x 11.2x 10.8x 9.2x 21.5x 19.9x Airgas, Inc. 10,404 105.50 102.25 83.86 3.2% 25.8% 107.72 97.9% 9.9x 11.0x 11.6x 10.6x 9.5x 24.7x 21.1x W.W. Grainger, Inc. 19,148 271.15 249.50 204.26 8.7% 32.7% 276.38 98.1% 11.4x 12.2x 13.8x 12.3x 11.0x 26.6x 23.0x WESCO International Inc. 4,991 77.44 73.93 62.03 4.7% 24.8% 80.30 96.4% 8.4x 13.7x 12.1x 9.6x 8.6x 17.0x 15.1x Cintas Corporation 7,269 51.20 48.32 41.19 5.9% 24.3% 51.36 99.7% 8.8x 8.7x 9.6x 9.1x 8.5x 20.0x 18.5x Wesfarmers Limited 48,150 39.03 35.70 36.11 9.3% 8.1% 41.60 93.8% 10.0x 11.2x 11.7x 10.1x 9.2x 21.2x 19.1x Median 7.3% 25.3% 98.0% 10.0x 11.6x 11.6x 10.3x 9.2x 21.3x 19.5x

Diversified Safety Manufacturers 3M Company $85,226 $121.01 $113.42 $93.58 6.7% 29.3% $122.27 99.0% 8.8x 9.7x 10.9x 10.5x 9.8x 19.0x 18.1x Ansell Ltd. 2,813 19.69 17.30 16.17 13.8% 21.7% 20.91 94.2% 12.6x 13.1x 16.3x 12.6x 11.8x 20.1x 16.8x Dragerwerk AG & Co. KGaA 2,169 132.49 129.95 97.31 2.0% 36.1% 144.57 91.6% 5.6x 5.3x 6.0x 5.5x 5.0x 13.6x 13.5x Halma plc 3,543 8.90 8.71 7.26 2.2% 22.6% 9.39 94.8% 13.1x 13.4x 16.1x 13.5x 12.9x 22.1x 19.5x Herman Miller Inc. 1,768 28.41 26.96 18.58 5.4% 52.9% 29.70 95.7% 6.6x 10.7x 11.2x 8.7x 7.7x 23.3x 16.8x Brady Corp. 1,845 30.85 34.56 30.24 (10.7%) 2.0% 36.45 84.6% 7.4x 10.3x 9.7x 9.5x 8.5x NM 16.9x Latchways plc 215 20.66 20.69 16.52 (0.1%) 25.0% 22.02 93.8% 10.8x 10.4x NM 11.1x 10.2x 17.4x 17.3x Honeywell International Inc. 70,869 85.60 80.58 60.55 6.2% 41.4% 87.55 97.8% 13.3x 12.1x 13.3x 10.2x 9.4x 21.7x 17.6x Kimberly-Clark Corporation 43,597 96.37 94.08 85.00 2.4% 13.4% 106.54 90.5% 9.7x 10.8x 10.2x 10.4x 10.0x 20.7x 17.1x Mine Safety Appliances Co. 2,124 51.27 50.52 37.26 1.5% 37.6% 55.38 92.6% 9.3x 11.7x 12.7x 11.3x 10.0x 23.4x 19.4x Median 2.3% 27.2% 94.0% 9.5x 10.7x 11.2x 10.5x 9.9x 20.7x 17.2x

(1) As of September 20, 2013.

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PUBLIC COMPARABLES

Security and Alarms1

Fire and Security Services Ascent Capital Group, Inc. $2,098 $82.96 $75.52 $53.01 9.9% 56.5% $84.50 98.2% 7.1x 8.5x 8.5x 7.1x 6.0x NM 203.0x G4S Botswana Limited 30 0.40 0.50 0.77 (20.7%) (48.2%) 0.70 56.8% NM 23.5x 14.7x NM NM 49.3x 0.0x Interserve plc 1,158 8.89 8.93 6.02 (0.5%) 47.5% 9.52 93.4% 12.8x 11.5x 12.7x 6.2x 5.6x 4.3x 12.0x Secom Co. Ltd. 12,967 62.52 58.03 50.35 7.7% 24.2% 63.22 98.9% 6.3x 7.2x 8.2x 8.0x 7.6x 20.1x 19.8x Securitas AB 6,071 11.48 10.78 7.78 6.5% 47.6% 11.66 98.5% 7.4x 8.2x 10.0x 8.9x 8.5x 19.4x 14.1x Sohgo Security Services Co. Ltd. 1,375 19.39 18.99 14.07 2.1% 37.8% 22.71 85.4% 2.5x 3.3x 5.8x 4.9x 4.5x 22.8x 17.9x The ADT Corporation 11,942 42.17 40.87 37.60 3.2% NM 50.37 83.7% 8.2x 9.9x 8.6x 7.0x 6.6x 23.4x 23.2x The Brink's Company 1,690 27.85 27.43 25.04 1.5% 11.2% 30.75 90.6% 4.4x 5.1x 5.6x NM NM 20.1x 0.0x Tyco International Ltd. 17,352 34.95 33.91 55.32 3.1% (36.8%) 56.41 62.0% NM 12.1x 12.6x 11.1x 9.8x NM 19.3x Ansell Ltd. 2,813 19.69 17.30 16.17 13.8% 21.7% 20.91 94.2% 12.6x 13.1x 16.3x 12.6x 11.8x 20.1x 16.8x Cintas Corporation 7,269 51.20 48.32 41.19 5.9% 24.3% 51.36 99.7% 8.8x 8.7x 9.6x 9.1x 8.5x 20.0x 18.5x Eaton Corporation plc 42,398 70.71 65.47 47.97 8.0% 47.4% 71.16 99.4% 8.5x 18.5x 16.2x 12.5x 11.0x 21.3x 16.9x EMCOR Group Inc. 2,332 40.13 39.07 29.64 2.7% 35.4% 43.98 91.2% 6.0x 7.7x 7.9x 7.3x 5.8x 19.9x 17.6x Federal Signal Corp. 935 12.85 11.32 6.47 13.5% 98.6% 13.03 98.6% 10.5x 9.7x 13.5x 12.8x 10.9x 6.4x 19.6x Kratos Defense & Security Solutions, Inc. 1,075 8.44 7.33 5.97 15.1% 41.4% 9.16 92.1% 8.2x 8.7x 10.4x 9.5x 8.6x NM 26.5x Mueller Water Products, Inc. 1,828 8.13 7.54 4.35 7.8% 86.9% 8.36 97.2% 10.5x 11.7x 12.4x 11.7x 9.6x 56.4x 46.9x Oshkosh Corporation 4,629 48.62 45.87 28.28 6.0% 71.9% 49.58 98.1% 6.4x 8.4x 7.2x 7.0x 7.5x 12.7x 13.2x Tyco International Ltd. 17,352 34.95 33.91 55.32 3.1% (36.8%) 56.41 62.0% NM 12.1x 12.6x 11.1x 9.8x NM 19.3x United Technologies Corp. 121,064 110.03 101.70 80.92 8.2% 36.0% 112.46 97.8% 9.5x 10.9x 11.4x 11.2x 10.2x 20.4x 18.2x Median 6.0% 36.9% 94.2% 8.2x 9.7x 10.4x 9.1x 8.5x 20.1x 18.2x

Products and Systems Checkpoint Systems Inc. $621 $15.83 $16.02 $8.59 (1.2%) 84.3% $17.78 89.0% 8.8x 14.0x 11.7x 8.0x 6.7x NM 23.5x Diebold, Incorporated 2,527 29.58 29.90 33.70 (1.1%) (12.2%) 35.40 83.6% 7.7x 8.2x 16.1x 9.9x 10.7x NM 22.2x Fortune Brands Home & Security, Inc. 7,263 41.31 38.82 27.55 6.4% 49.9% 44.04 93.8% 20.7x 20.8x 20.4x 15.2x 12.0x 45.2x 29.5x Gunnebo AB 595 5.88 5.15 4.48 14.2% 31.2% 5.97 98.4% 6.1x 8.6x 10.5x 10.2x 8.0x 153.9x 18.5x Identive Group, Inc. 58 0.72 0.78 0.75 (7.5%) (3.8%) 1.60 45.1% NM NM NM NM 6.5x NM NM Ingersoll-Rand Plc 21,702 65.47 60.24 46.40 8.7% 41.1% 65.87 99.4% 8.8x 9.9x 11.4x 10.9x 9.8x 20.4x 18.2x Kaba Holding AG 1,606 438.40 411.27 396.18 6.6% 10.7% 452.68 96.8% 9.5x 9.1x 10.3x 9.2x 8.5x 18.1x 16.7x Kratos Defense & Security Solutions, Inc. 1,075 8.44 7.33 5.97 15.1% 41.4% 9.16 92.1% 8.2x 8.7x 10.4x 9.5x 8.6x NM 26.5x Safran SA 27,937 61.13 57.81 36.53 5.7% 67.4% 61.58 99.3% 7.9x 8.2x 10.8x 8.4x 7.5x 12.9x 17.7x Stanley Black & Decker, Inc. 18,954 90.30 86.45 76.33 4.5% 18.3% 92.36 97.8% 11.9x 10.1x 11.6x 11.0x 9.9x 30.0x 16.8x Tyco International Ltd. 17,352 34.95 33.91 55.32 3.1% (36.8%) 56.41 62.0% NM 12.1x 12.6x 11.1x 9.8x NM 19.3x United Technologies Corp. 121,064 110.03 101.70 80.92 8.2% 36.0% 112.46 97.8% 9.5x 10.9x 11.4x 11.2x 10.2x 20.4x 18.2x Median 6.1% 33.6% 95.3% 8.8x 9.9x 11.4x 10.2x 9.2x 20.4x 18.5x

(1) As of September 20, 2013.

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PUBLIC COMPARABLES

Test, Measurement, and Control1

Test and Measurement Products and Technologies Badger Meter Inc. $707 $46.37 $47.07 $37.02 (1.5%) 25.3% $54.28 85.4% 13.9x 14.7x 13.9x 14.0x 12.0x 27.2x 25.9x Danaher Corp. 50,783 69.79 66.18 55.02 5.4% 26.8% 70.94 98.4% 10.5x 11.4x 12.3x 12.2x 11.3x 20.0x 20.6x FLIR Systems, Inc. 4,470 31.59 32.21 21.10 (1.9%) 49.7% 33.82 93.4% 7.7x 10.0x 11.8x 11.6x 10.7x 20.1x 19.7x Halma plc 3,543 8.90 8.71 7.26 2.2% 22.6% 9.39 94.8% 13.1x 13.4x 16.1x 13.5x 12.9x 22.1x 19.5x Horiba Ltd. 1,342 37.59 33.93 30.48 10.8% 23.3% 40.71 92.3% 4.5x 5.9x 9.3x 7.7x 6.4x 23.1x 19.0x Roper Industries Inc. 15,733 134.20 124.12 108.79 8.1% 23.4% 135.69 98.9% 13.2x 15.3x 16.4x 14.4x 13.1x 27.0x 23.3x Teledyne Technologies Inc. 3,822 85.13 79.50 64.49 7.1% 32.0% 87.10 97.7% 9.2x 10.4x 10.9x 11.0x 10.0x 19.0x 18.8x Thermo Fisher Scientific, Inc. 39,666 93.66 90.07 59.72 4.0% 56.8% 94.65 99.0% 10.9x 12.8x 14.8x 14.5x 13.5x 26.2x 17.7x Trimble Navigation Limited 8,271 29.40 25.32 24.72 16.1% 19.0% 32.03 91.8% 19.6x 21.5x 20.1x 18.8x 16.1x 39.6x 19.9x Waters Corporation 8,689 106.55 98.59 85.09 8.1% 25.2% 107.55 99.1% 12.2x 13.0x 14.9x 14.4x 13.2x 19.2x 21.1x Median 6.3% 25.2% 96.3% 11.5x 12.9x 14.4x 13.7x 12.5x 22.6x 19.8x

Testing, Inspection, and Certification Services Bureau Veritas SA $15,799 $31.65 $30.43 $24.79 4.0% 27.7% $34.35 92.2% 16.0x 16.5x 16.6x 15.1x 13.7x 34.2x 24.7x Intertek Group plc 9,719 53.66 50.73 44.80 5.8% 19.8% 56.21 95.5% 14.2x 14.3x 15.8x 14.0x 12.7x 30.6x 23.5x SGS SA 18,862 2,368.53 2,376.46 2,089.04 (0.3%) 13.4% 2,690.27 88.0% 15.3x 15.8x 15.3x 13.2x 11.6x 28.5x 24.4x ALS Limited 3,999 9.35 8.17 8.99 14.5% 4.1% 11.70 79.9% 8.5x 9.3x 9.6x 11.3x 10.0x 15.6x 18.5x Eurofins Scientific SA 4,296 249.81 244.27 136.82 2.3% 82.6% 259.48 96.3% 11.9x 15.5x 17.2x 15.5x 12.6x 42.3x 33.9x SAI Global Limited 1,046 4.04 3.90 4.40 3.6% (8.1%) 4.37 92.5% 11.0x 9.3x 11.2x 9.9x 9.2x NM 17.4x Mistras Group, Inc. 540 16.43 18.08 22.77 (9.1%) (27.8%) 25.35 64.8% 11.0x 11.2x 8.8x 7.2x 6.3x 41.4x 21.4x Furmanite Corporation 391 9.96 9.36 5.80 6.4% 71.7% 10.00 99.6% 8.9x 11.6x 11.9x 9.6x 8.0x 41.6x 22.2x Median 3.8% 16.6% 92.3% 11.4x 13.0x 13.6x 12.2x 10.8x 34.2x 22.8x

Control Products and Technologies Calgon Carbon Corporation $1,045 $18.56 $17.23 $14.31 7.7% 29.7% $18.86 98.4% 10.2x 13.5x 12.5x 10.3x 9.0x 37.8x 21.5x CECO Environmental Corp. 227 13.05 11.98 9.73 8.9% 34.1% 14.32 91.1% 8.0x 12.5x 11.0x 9.4x 7.8x 19.6x 15.1x CLARCOR Inc. 2,540 54.99 55.25 43.75 (0.5%) 25.7% 57.84 95.1% 9.5x 11.5x 12.0x 11.4x 10.8x 22.7x 21.9x Flowserve Corp. 9,927 63.15 56.24 44.18 12.3% 42.9% 63.50 99.5% 9.7x 11.3x 12.9x 11.6x 10.7x 20.1x 18.8x Franklin Electric Co., Inc. 1,975 39.31 37.30 30.90 5.4% 27.2% 39.84 98.7% 11.8x 11.8x 13.1x 12.5x 11.1x 23.9x 22.4x IDEX Corporation 5,726 64.58 60.11 42.28 7.4% 52.7% 65.32 98.9% 9.3x 11.1x 12.5x 12.4x 11.6x 98.5x 21.7x Johnson Matthey plc 10,734 46.09 43.49 40.59 6.0% 13.5% 48.28 95.5% 10.2x 9.2x 13.4x 11.5x 10.6x 21.6x 17.9x L'Air Liquide SA 53,540 141.50 136.43 128.82 3.7% 9.8% 142.86 99.1% 10.6x 9.5x 11.0x 10.0x 9.2x 20.7x 19.6x Pall Corporation 8,351 77.37 70.35 64.58 10.0% 19.8% 77.61 99.7% 13.8x 12.3x 14.6x 13.3x 12.0x 26.8x 22.6x Pentair Ltd. 15,634 65.65 61.24 43.64 7.2% 50.4% 66.11 99.3% 12.4x 43.3x 29.0x 12.5x 11.2x NM 20.4x Rockwell Automation Inc. 14,861 107.42 97.22 72.31 10.5% 48.6% 109.72 97.9% 8.9x 10.4x 12.9x 12.2x 11.3x 21.0x 19.5x Median 7.4% 29.7% 98.7% 10.2x 11.5x 12.9x 11.6x 10.8x 22.1x 20.4x

(1) As of September 20, 2013.

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PUBLIC COMPARABLES

Traffic, Automotive, and Emergency1

Products Brady Corp. $1,845 $30.85 $34.56 $30.24 (10.7%) 2.0% $36.45 84.6% 7.4x 10.3x 9.7x 9.5x 8.5x NM 16.9x Valmont Industries, Inc. 4,036 148.07 139.40 132.01 6.2% 12.2% 164.93 89.8% 9.2x 10.0x 7.5x 7.2x 6.8x 13.8x 13.4x Kimberly-Clark Corporation 43,597 96.37 94.08 85.00 2.4% 13.4% 106.54 90.5% 9.7x 10.8x 10.2x 10.4x 10.0x 20.7x 17.1x Trinity Industries Inc. 6,363 45.60 41.42 31.43 10.1% 45.1% 46.51 98.0% 7.9x 8.1x 7.7x 6.7x 6.2x 12.5x 10.7x Lindsay Corporation 901 83.86 76.67 68.10 9.4% 23.1% 94.90 88.4% 9.6x 10.0x 7.7x 7.4x 8.0x 15.6x 15.0x Median 6.2% 13.4% 89.8% 9.2x 10.0x 7.7x 7.4x 8.0x 14.7x 15.0x

Technology and Systems Federal Signal Corp. $935 $12.85 $11.32 $6.47 13.5% 98.6% $13.03 98.6% 10.5x 9.7x 13.5x 12.8x 10.9x 6.4x 19.6x FLIR Systems, Inc. 4,470 31.59 32.21 21.10 (1.9%) 49.7% 33.82 93.4% 7.7x 10.0x 11.8x 11.6x 10.7x 20.1x 19.7x TRW Automotive Holdings Corp. 9,326 71.74 69.23 46.30 3.6% 54.9% 74.00 96.9% 4.0x 4.5x 5.8x 5.4x 5.0x 9.3x 10.9x Iteris, Inc. 40 1.77 1.77 1.57 0.0% 12.7% 1.91 92.7% 11.1x 12.7x 12.8x 11.4x 5.7x 91.6x 36.2x Jenoptik AG 953 14.74 13.92 7.71 5.9% 91.1% 15.31 96.3% 6.1x 6.5x 9.5x 9.2x 8.0x 13.3x 16.7x Kapsch TrafficCom AG 730 46.51 42.05 65.24 10.6% (28.7%) 68.96 67.5% 19.4x 33.2x 12.1x 9.4x 7.9x 35.5x 17.7x Median 4.7% 52.3% 94.9% 9.1x 9.9x 12.0x 10.4x 8.0x 16.7x 18.6x

(1) As of September 20, 2013.

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

PUBLIC COMPARABLES

Waste Management and Recycling1

Diversified Waste Management and Recycling Fomento de Construcciones y Contratas, S.A. $11,192 $19.28 $17.21 $14.91 12.0% 29.3% $20.21 95.4% 8.6x 11.2x 16.6x 10.3x 8.4x NM NM ALBA SE 902 83.09 84.04 76.37 (1.1%) 8.8% 91.65 90.7% 19.1x 20.4x 36.3x NM NM 23.4x 0.0x Séché Environnement SA 610 35.83 34.74 36.11 3.1% (0.8%) 48.52 73.9% 5.6x 7.1x 8.0x 5.5x 5.2x NM 13.9x Pennon Group Plc 7,626 11.24 10.52 12.01 6.8% (6.4%) 12.01 93.6% 12.3x 10.8x 12.6x 11.5x 10.6x 94.9x 17.7x Waste Connections Inc. 7,648 45.18 43.03 31.96 5.0% 41.4% 45.45 99.4% 9.6x 12.8x 12.9x 11.5x 10.5x 32.5x 25.7x Suez Environnement Company SA 21,681 16.35 15.15 11.92 7.9% 37.1% 17.16 95.3% 7.4x 6.4x 7.1x 6.5x 6.1x 19.8x 18.9x Shanks Group plc 1,103 1.53 1.44 1.47 6.3% 4.0% 1.58 96.8% 6.0x 6.3x 10.9x 7.8x 7.1x NM 18.8x Transpacific Industries Group Ltd. 2,672 0.93 0.81 0.94 14.8% (0.6%) 1.03 90.4% 7.5x 7.4x 7.3x 7.3x 6.9x NM 20.0x Waste Management, Inc. 29,770 42.11 41.58 32.55 1.3% 29.4% 43.59 96.6% 7.6x 8.5x 8.9x 8.7x 8.2x 23.2x 19.7x Median 6.3% 8.8% 95.3% 7.6x 8.5x 10.9x 8.3x 7.7x 23.4x 18.8x

Metals Processing and E-Waste Commercial Metals Company $3,044 $16.96 $15.15 $14.09 11.9% 20.3% $17.47 97.1% 7.3x 8.4x 8.9x 8.6x 6.9x 22.0x 25.2x Aurubis AG 3,136 60.83 58.91 59.20 3.3% 2.7% 78.14 77.8% 3.8x 4.3x NM 6.9x 5.3x 5.6x 15.5x Dowa Holdings Co., Ltd. 4,136 9.77 9.41 6.89 3.9% 41.8% 10.15 96.2% 6.5x 7.5x 9.7x 8.2x 7.6x 16.8x 14.1x Metalico Inc. 189 1.46 1.34 2.70 9.0% (45.9%) 2.89 50.5% 9.1x 10.0x 14.5x 10.2x 5.9x NM NM Schnitzer Steel Industries, Inc. 1,098 27.55 26.45 29.37 4.2% (6.2%) 32.99 83.5% 8.3x 8.6x 9.9x 10.6x 7.0x 102.6x 82.9x Sims Metal Management Limited 2,011 9.17 8.08 10.66 13.4% (14.0%) 10.73 85.5% 15.7x 18.6x NM 7.3x 5.7x NM 18.9x Median 6.6% (1.7% ) 84.5% 7.8x 8.5x 9.8x 8.4x 6.4x 19.4x 18.9x

Recycled Materials Mondi plc $11,039 $16.89 $15.91 $10.09 6.2% 67.4% $17.89 94.4% 6.8x 7.9x 8.6x 7.6x 7.1x 22.8x 13.6x Resolute Forest Products Inc. 1,683 13.78 12.81 14.08 7.6% (2.1%) 17.54 78.6% 3.6x 4.8x 4.6x 5.1x 4.0x NM 15.1x Clearwater Paper Corporation 1,608 47.09 47.79 40.59 (1.5%) 16.0% 53.01 88.8% 7.0x 7.5x 7.8x 7.6x 5.9x 21.6x 21.6x LKQ Corp. 10,874 31.98 29.62 18.90 8.0% 69.2% 32.29 99.0% 13.9x 14.7x 19.8x 17.1x 14.3x 34.9x 29.6x Colas SA 6,685 156.51 149.60 134.17 4.6% 16.7% 172.40 90.8% 5.3x 5.0x 7.0x NM NM 13.0x 0.0x Eagle Materials Inc. 4,093 70.95 66.02 45.58 7.5% 55.7% 77.84 91.1% 26.1x 29.3x 25.0x 13.7x 9.5x 47.9x 26.1x Sonoco Products Co. 4,876 39.01 37.85 30.98 3.1% 25.9% 39.63 98.4% 7.5x 7.8x 8.6x 8.3x 7.8x 19.8x 17.1x Rock-Tenn Company 10,939 110.72 114.53 67.36 (3.3%) 64.4% 126.05 87.8% 6.9x 8.2x 8.5x 7.6x 6.2x 12.9x 15.5x Median 5.4% 40.8% 91.0% 7.0x 7.9x 8.5x 7.6x 7.1x 21.6x 16.3x

Solid Waste Management and Recycling Republic Services, Inc. $19,262 $34.01 $33.36 $28.22 1.9% 20.5% $35.61 95.5% 7.1x 8.2x 9.0x 8.3x 7.8x 27.0x 18.7x Progressive Waste Solutions Ltd. 4,573 25.72 24.42 20.85 5.3% 23.4% 25.68 100.2% 7.1x 7.7x 8.5x 8.4x 7.9x 27.2x 23.6x Casella Waste Systems Inc. 726 5.65 4.77 5.10 18.4% 10.8% 5.75 98.3% 7.4x 8.8x 9.2x 7.5x 7.1x NM NM Median 5.3% 20.5% 98.3% 7.1x 8.2x 9.0x 8.3x 7.8x 27.1x 21.1x

Specialty Waste Clean Harbors, Inc. $4,665 $57.54 $54.87 $49.02 4.9% 17.4% $61.72 93.2% 7.4x 12.5x 11.6x 8.6x 7.4x 31.3x 28.2x Stericycle, Inc. 11,376 116.40 114.24 91.43 1.9% 27.3% 119.59 97.3% 16.9x 18.1x 18.7x 17.5x 15.8x 35.6x 31.6x US Ecology, Inc. 581 29.90 29.32 20.35 2.0% 46.9% 31.12 96.1% 7.6x 8.9x 9.3x 9.1x 8.0x 19.8x 18.9x Heritage-Crystal Clean, Inc 310 17.86 15.09 19.19 18.4% (6.9%) 20.89 85.5% 26.3x 20.1x 26.9x 17.2x 8.7x 242.7x 66.1x Newalta Corporation 1,205 14.93 15.09 14.82 (1.1%) 0.8% 15.93 93.7% 7.9x 8.6x 9.6x 7.8x 6.3x 21.2x 17.4x Perma-Fix Environmental Services Inc. 50 0.56 0.49 1.10 14.3% (49.1%) 1.19 47.1% 9.3x NM NM NM 9.9x NM NM Veolia Environnement S.A. 24,721 17.29 15.31 11.79 13.0% 46.7% 17.99 96.1% 10.1x 6.5x 6.9x 9.3x 8.1x 88.1x 34.2x Nuverra Environmental Solutions, Inc. 1,163 2.35 2.69 4.71 (12.5%) (50.1%) 4.87 48.3% 29.1x 34.7x 13.6x 8.3x 6.4x NM NM Median 3.4% 9.1% 93.5% 9.7x 12.5x 11.6x 9.1x 8.1x 33.4x 29.9x

Waste to Energy Covanta Holding Corporation $5,079 $21.60 $20.95 $17.31 3.1% 24.8% $21.89 98.7% 9.9x 11.1x 12.4x 10.0x 9.7x 64.0x 48.9x Median 3.1% 24.8% 98.7% 9.9x 11.1x 12.4x 10.0x 9.7x 64.0x 48.9x (1) As of September 20, 2013.

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

PUBLIC COMPARABLES

Water and Wastewater1

Products and Technologies IDEX Corporation $5,726 $64.58 $60.11 $42.28 7.4% 52.7% $65.32 98.9% 9.3x 11.1x 12.5x 12.4x 11.6x 98.5x 21.7x Mueller Water Products, Inc. 1,828 8.13 7.54 4.35 7.8% 86.9% 8.36 97.2% 10.5x 11.7x 12.4x 11.7x 9.6x 56.4x 46.9x Pentair Ltd. 15,634 65.65 61.24 43.64 7.2% 50.4% 66.11 99.3% 12.4x 43.3x 29.0x 12.5x 11.2x NM 20.4x Watts Water Technologies, Inc. 2,164 57.46 53.68 38.69 7.0% 48.5% 58.09 98.9% 8.1x 10.2x 11.5x 11.5x 9.8x 28.6x 24.5x Xylem Inc. 5,941 27.22 24.19 25.60 12.5% 6.3% 29.79 91.4% 9.0x 9.5x 10.3x 11.1x 10.0x 22.2x 19.4x Median 7.4% 50.4% 98.9% 9.3x 11.1x 12.4x 11.7x 10.0x 42.5x 21.7x

Utilities and Services Aegion Corporation $1,040 $24.29 $21.52 $20.39 12.9% 19.1% $26.10 93.1% 8.9x 10.1x 10.2x 8.0x 6.2x 16.7x 15.0x American States Water Company 1,357 26.57 27.46 21.51 (3.2%) 23.6% 33.09 80.3% 7.8x 9.0x 8.5x 8.8x 8.5x 17.5x 18.6x American Water Works Company, Inc. 12,985 40.12 40.76 36.71 (1.6%) 9.3% 43.72 91.8% 9.7x 9.8x 10.0x 9.6x 9.0x 19.7x 18.6x Aqua America Inc. 6,037 24.45 24.46 19.34 (0.1%) 26.4% 28.12 86.9% 12.4x 13.6x 13.6x 13.2x 12.5x 20.8x 22.2x California Water Service Group 1,393 19.50 20.54 18.37 (5.1%) 6.2% 22.34 87.3% 8.8x 9.7x 9.7x 9.1x 7.7x 17.8x 22.5x Kurita Water Industries Ltd. 1,762 21.66 20.54 21.40 5.4% 1.2% 23.46 92.3% 3.1x 4.0x 5.1x 4.8x 4.6x 27.0x 19.2x Pennon Group Plc 7,626 11.24 10.52 12.01 6.8% (6.4%) 12.01 93.6% 12.3x 10.8x 12.6x 11.5x 10.6x 94.9x 17.7x Severn Trent Plc 14,502 29.15 26.58 27.81 9.6% 4.8% 35.23 82.7% 11.4x 10.1x 12.5x 10.8x 10.6x 19.1x 20.4x Suez Environnement Company SA 21,681 16.35 15.15 11.92 7.9% 37.1% 17.16 95.3% 7.4x 6.4x 7.1x 6.5x 6.1x 19.8x 18.9x The York Water Company 348 21.09 20.16 18.23 4.6% 15.7% 21.99 95.9% 13.0x 12.6x 13.1x 12.5x 11.5x 27.5x 26.2x United Utilities Group PLC 17,251 11.27 10.72 11.82 5.2% (4.7%) 12.73 88.6% 12.1x 11.2x 12.2x 10.8x 10.3x 17.0x 16.5x Veolia Environnement S.A. 24,721 17.29 15.31 11.79 13.0% 46.7% 17.99 96.1% 10.1x 6.5x 6.9x 9.3x 8.1x 88.1x 34.2x Median 5.3% 12.5% 92.0% 9.9x 9.9x 10.1x 9.4x 8.8x 19.8x 19.0x

(1) As of September 20, 2013.

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

NOTABLE M&A ACTIVITY

Environmental M&A Highlights Safety M&A Highlights Clean Harbors has acquired Evergreen Oil, a Justrite Manufacturing, a portfolio company of provider of automotive and industrial waste collection Baird Capital, has acquired U.S. Chemical Storage, a and recycling, for $60 million. Read more here. provider of hazardous material outdoor storage buildings. Read more here. Amec withdrew its $1.1 billion offer to acquire Kentz, a provider of engineering, procurement, and Clayton, Dubilier & Rice acquired Brand Energy & construction services. Read more here. Infrastructure Services, a provider of scaffolding and safety solutions, from First Reserve and Harsco’s ACS Companies of Phoenix, a provider of waste Infrastructure Business and will combine to create a containers, compactors, and vertical balers, has been leading infrastructure services firm. Read more here. acquired by Wastebuilt Environmental Solutions. Read more here. Advanced Control Concepts, a provider of security systems integration services, has been acquired by Jacobs Engineering Group has agreed to acquire Securadyne Systems. Read more here. Sinclair Knight Merz, a provider of engineering, strategic consulting, and project delivery services, for Espomega, a distributor of safety gloves and clothing, $1.2 billion. Read more here. has been acquired by Bunzl. Read more here.

Darling International acquired two service lines of Garda World Security will acquire G4S Cash Terra Renewal, a provider of collection, hauling, and Solutions (Canada), a provider of cash services recycling of waste cooking oil services, a portfolio security solutions, for $105 million. Read more here. company of Saw Mill Capital, for $120 million. Read more here. Secure Data Solutions Colombia and G4S Document Delivery, providers of records management and data Opus International Consultants acquired Stewart, protection services, have been acquired by Iron Weir & Co., a provider of geomatics and engineering Mountain for $54 million. Read more here. services for $86 million. Read more here. Vector Security acquired Industry Retail Group, a Met-Pro, a provider of fluid handling and filtering provider of security services. Read more here. equipment, has been acquired by CECO Environmental for $175 million. Read more here. Aurora Capital Group has agreed to acquire National Technical Systems, a provider of testing and NY and NJ Hauling, Transfer Station and Recycling engineering services, including environmental and Assets of Interstate Waste Services, have been safety testing. Read more here. acquired by Action Carting Environmental Services, a portfolio company of Ironwood Capital and Security Networks, a provider of commercial and Summer Street Capital Partners. Read more here. residential burglar alarms, has been acquired by Monitronics for $509 million. Read more here. Fiberweb, a provider of geotechnical non woven fibers for soil erosion control, has agreed to be acquired by Security Services, a provider of electronic security Polymer Group for $281 million. Read more here. systems and services, has been acquired by ADS Security. Read more here.

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

M&A TRANSACTION DETAIL

Annual Middle Market E&S M&A Volume1,2 Quarterly Middle Market E&S M&A Volume2 (# of transactions) (# of transactions)

140 60

120 50

100 40

80 30 60

20 40

10 20

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

Building Products 28

Consumer Products and Services 49

Energy Efficiency and Renewable Energy 170

Engineering, Construction, and Consulting 105

Remediation, Cleaning, and Abatement 56

Safety Equipment 124

Security and Alarms 85

Test, Measurement, and Control 91

Traffic, Automotive, and Emergency 46

Waste Management and Recycling 80

Water and Wastewater 59

0 20 40 60 80 100 120 140 160 180 Middle Market E&S M&A Volume Middle Market E&S M&A Volume by Category for 2007 to YTD 20131,2 by Category for the Last Twelve Months1,2 (% of total volume) (% of total volume) 7% 3% 5% 12% 3% 3% 9%

12% 5% 19% 26%

10% 4%

7% 12% 10% 6% 12% 6% 14% 8% 7% Building Products Consumer Products and Services Building Products Consumer Products and Services Energy Efficiency and Renewable Energy Engineering, Construction, and Consulting Energy Efficiency and Renewable Energy Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement Safety Equipment Remediation, Cleaning, and Abatement Safety Equipment Security and Alarms Test, Measurement, and Control Security and Alarms Test, Measurement, and Control Traffic, Automotive, and Emergency Waste Management and Recycling Traffic, Automotive, and Emergency Waste Management and Recycling Water and Wastewater Water and Wastewater (1) As of September 19, 2013. (2) Includes only closed transactions with enterprise values between $50 million and $1.5 billion.

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

M&A TRANSACTION DETAIL1

Closed Date Target Business Description Acquirer/Seller Pending Siemens Concentrated Solar Power, Ltd. Siemens Concentrated Solar Power, Ltd., together with its subsidiaries, engages in Rioglass Solar Holding, S.A. / Siemens designing, manufacturing, and installing solar fields for power generation. Aktiengesellschaft (DB:SIE) Pending PRAJO & CO GmbH PRAJO & CO GmbH offers demolition and recycling services. Allgemeine Baugesellschaft A. Porr AG / -

Pending Salcon Darco Environmental Pte. Ltd. Salcon Darco Environmental Pte. Ltd. operates and manages water treatment plants. Beijing Enterprises Water Group Limited / Salcon Bhd Pending Aqua America Inc., Water And Wastewater Aqua America Inc., Water And Wastewater Operations In Sarasota provides water and Sarasota County Florida / Aqua America Inc. Operations In Sarasota wastewater services for over 12,000 customers. Pending Environmental Maintenance Solutions, Inc. Environmental Maintenance Solutions, Inc. offers controlled environment cleaning and Data Clean Corp. / - maintenance services. Pending Salcon Jiangsu (HK) Limited Salcon Jiangsu (HK) Limited supplies, constructs, manages, installs, and maintains water Beijing Enterprises Water Group Limited / supply system. Salcon Bhd Pending Salcon Fujian (HK) Limited Salcon Fujian (HK) Limited through its subsidiary designs, builds, and operates water Beijing Enterprises Water Group Limited / transmission facilities. Salcon Bhd; Salcon Water (Asia) Limited Pending Salcon Zhejiang (HK) Limited Salcon Zhejiang (HK) Limited provides management and operating services for water Beijing Enterprises Water Group Limited / production and also designs and builds water treatment plants. Salcon Bhd; Salcon Water (Asia) Limited Pending Salcon Shandong (HK) Limited Salcon Shandong (HK) Limited through its subsidiaries produces and distributes water. Beijing Enterprises Water Group Limited / Salcon Bhd; Salcon Water (Asia) Limited Pending Salcon Linyi (HK) Limited Salcon Linyi (HK) Limited, through its subsidiary, provides management and operation of Beijing Enterprises Water Group Limited / water production and distribution of water in Linyi City. Salcon Bhd; Salcon Water (Asia) Limited Pending Zhejiang Stone Environmental Engineering Zhejiang Stone Environmental Engineering Co., Ltd. offers development and application of Karce International Holdings Co. Ltd. / - Co., Ltd. pure water and wastewater technology. Pending Martino Industries, Inc. Martino Industries, Inc., doing business as AFL Industries, Inc., manufactures in-ground, RGF Environmental Group, Inc. / - prefabricated oil/water separators, and other wastewater treatment equipment. Pending North Cove Bottling Plant in Marion, North North Cove Bottling Plant in Marion, North Carolina comprises of an alkaline drinking The Alkaline Water Company Inc. / - Carolina water processing and packaging facility spread over 5.4 acres of land. Pending Sinclair Knight Merz Pty Ltd. Sinclair Knight Merz Pty Ltd., a projects company, provides engineering, strategic Jacobs Engineering Group Inc. / - consulting, and project delivery services. Pending Luancheng Dayu Water Supply Co. Ltd. Luancheng Dayu Water Supply Co. Ltd. offers treatment and distribution of water and Luancheng County Water Supply Station / water related services. Sino Water Pte Ltd. Pending Kumho Industrial Co., Ltd. Kumho Industrial Co., Ltd. provides engineering and construction services in South Korea. Asiana Airlines, Inc. / -

Pending MedClean Technologies, Inc MedClean Technologies, Inc. designs and manufactures onsite regulated medical waste BioMedical Technology Solutions Holdings, processing systems. Inc. / A Consortium of Financial Buyers Pending Watershed Sciences, Inc. Provides water quality modeling services using remote sensing data such as aerial imagery AeroMetric, Inc. / - and thermal infrared data. Pending UTIC Services Sdn. Bhd. Provides utility services for water and waste water sectors in Malaysia. Minority Shareholder / Weida Environmental Technology Sdn. Bhd. Pending Consorcio RDTC S.A. Consorcio RDTC S.A. offers development of infrastructure, telecommunications, and Grupo Ezentis SA / - water management services. Pending Anhui Clean Environment Biotechnology Co., Anhui Clean Environment Biotechnology offers waste water treatment services including Tritech Group Limited / - Ltd. services for environment engineering projects and municipal water treatment. Pending Smart Tactic Limited Smart Tactic Limited sources and distributes biometric security products. Management / North Asia Strategic Holdings Ltd. Pending Greencap Limited Greencap Limited provides professional consulting services, and advice in relation to a Wesfarmers Industrial And Safety Pty Ltd. / A range of risk management services primarily in Australia and southeast Asia. Consortium of Financial Buyers Pending Secure Data Solutions Colombia S.A.S. And Secure Data Solutions Colombia S.A.S. provides records management and data protection Iron Mountain Inc. / G4S plc G4S Document Delivery S.A.S services. Pending G4s Cash Solutions (Canada) Ltd. G4s Cash Solutions (Canada) Ltd. offers cash services security solutions. Garda World Security Corp. / G4S plc

Pending Solar Portables Business, Inc. Solar Portables Business, Inc. manufactures and installs thin solar products. Solar Thin Films, Inc. / -

Pending Chongqing Sanfeng Environmental Industry Chongqing Sanfeng Environmental Industry Group Co., Ltd. provides construction and Southwest Securities Private Equity Group Co., Ltd. operation of waste water and waste gas facilities. Investment Co., Ltd. / Chongqing Water Pending TMS International Corp. TMS International Corp. provides outsourced industrial services to steel mills in North PritzkerAsset Management Organization Co., / Onex Ltd. Corporation; America and internationally. Onex Partners II, L.P.; Tube City EI II Ltd. Pending Guangdong Star Lake New Material Co., Ltd. Guangdong Star Lake New Material Co., Ltd. engages in the research and development Undisclosed Buyer / Star Lake Bioscience and distribution of materials such as biomaterials and environmental friendly materials. Co., Inc. Zhaoqing Guangdong (1) As of September 19, 2013.

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

M&A TRANSACTION DETAIL1

Closed Date Target Business Description Acquirer/Seller

Pending Vehicle Testing New Zealand Limited Vehicle Testing New Zealand Limited provides vehicle inspection services in New Zealand. DEKRA SE / Motor Trade Association Inc.

Pending Rothsay Ltd. Rothsay Ltd. operates as a rendering company that collects, processes, and recycles edible Darling International Inc. / Maple Leaf Foods and inedible animal by-products. Inc. Pending Recycling Maatschappij Feniks B.V. Recycling Maatschappij Feniks B.V. provides installations for dry reprocessing techniques REMEX Mineralstoff GmbH / Ballast Nedam for converting the bottom ash from waste-fired power plants. NV Pending Fiberweb plc Fiberweb plc develops, manufactures, and supplies nonwoven fabrics in Europe, North Polymer Group, Inc. / A Consortium of America, and the Asia Pacific. Financial Buyers Pending Confident Echo Holdings Limited Jiangsu Shengyi Environmental Technology Co., Ltd. engages in environmental technology Management / Sunrise (China) Technology engineering and construction services. Group Limited Pending Edwards Group Limited Edwards Group Limited, an industrial technology company, manufactures and sells Atlas Copco AB / A Consortium of Financial vacuum products and abatement systems. Buyers Pending Chicago Metallic Corporation, Inc. Chicago Metallic Corporation, Inc. manufactures and distributes architectural building Rockwool International A/S / - products and sustainable products. Pending Kentz Corporation Ltd Kentz Corporation Limited provides engineering, procurement, and construction (EPC) AMEC plc / Standard Life Investments services, as well as construction and technical support services. Limited; Kerbet Ltd Pending National Technical Systems Inc. National Technical Systems, Inc. provides testing and engineering services, including Aurora Capital Group / Mill Road Capital environmental and safety testing. Pending Cooper Environmental Services, LLC Cooper Environmental Services, LLC provides scientific instruments and technical Hebei Sailhero Environmental Protection High- consulting for air quality issues. tech Co., Ltd. / - Pending Agero, Inc., Connected Vehicle Services Agero, Inc., Connected Vehicle Services Division provides telematics services, offering SIRIUS XM Radio Inc. / Agero, Inc. Division safety, security services for drivers. Pending Nutri FX Plant Nutrients Nutri FX Plant Nutrients provides eco-friendly plant food nutrients. Celtic Minerals, Ltd. / -

9/19/2013 Neela Systems Limited Neela Systems Limited manufactures water treatment and modular process systems. Praj Industries Ltd. / -

9/18/2013 Schuberth GmbH Schuberth GmbH develops and manufactures head protection systems for motorcycle Perusa Partners / Susquehanna International drivers. Group, LLP 9/17/2013 U.S. Chemical Storage A leader in the customization and manufacture of hazardous material outdoor storage Justrite Manufacturing, LLC / - buildings. 9/17/2013 MEMSIC, Inc. (NasdaqGM:MEMS) MEMSIC, Inc. provides semiconductor sensor and system solutions based on integrated IDG Capital Partners / A Consortium of micro electro-mechanical systems (MEMS) technology and mixed signal circuit design. Financial Buyers 9/16/2013 Evergreen Oil, Inc. Evergreen Oil, Inc., doing business as Evergreen Environmental Services, operates as a Clean Harbors, Inc. / Alexander David collector, handler, and recycler of automotive and industrial wastes. Investments PLC 9/14/2013 Engecorps Engenharia S.A. Engecorps Engenharia S.A. operates as a consulting engineering company. Tecnica Y Proyectos, S.A. / -

9/12/2013 SunWize Technologies, Inc. SunWize Technologies, Inc. distributes/sells, designs, and installs solar electric products Unknown / Mitsui & Co. (U.S.A.), Inc. and systems. 9/12/2013 Hayward Gordon Limited Hayward Gordon designs, manufactures and distributes mixers, pumps, and engineered Element Partners / - systems for challenging fluid handling applications. 9/12/2013 Groupe GINGER Groupe GINGER operates as an engineering company in France and internationally. A Consortium of Financial Buyers / Grontmij NV 9/11/2013 Water Intelligence plc Water Intelligence plc provides water monitoring products, leak detection equipment, and Plain Sight Systems, Inc. / - remediation services. 9/11/2013 Thu Duc Wasuco J.S.C. Thu Duc Wasuco J.S.C. develops and manages residential water supply systems. Unknown / VOF Investment Limited

9/10/2013 Energoni AD Energoni AD invests in renewable energy sources and power generation activities. Minority Shareholder / -

9/10/2013 ACS Companies of Phoenix ACS makes waste containers, compactors, and vertical balers and also provides repair and Wastebuilt Environmental Solutions LLC / installation services. 9/10/2013 Northern Waste Inc. Northern Waste Inc. owns a transfer station, a pair of roll-off collection routes, one Advanced Disposal Inc. / commercial route and three residential routes. 9/10/2013 Inenco Group Limited Inenco Group Limited operates as an energy and utility consultancy. Intermediate Capital Group PLC; Vitruvian Partners LLP / EnServe Group Limited 9/9/2013 Paramount Energy Solutions, LLC Paramount Energy Solutions, LLC offers solar power systems financing and support SolarCity Corporation / Guthy-Renker LLC; services for homeowners. Paramount GR Holding, LLC 9/9/2013 Infratek ASA Infratek ASA provides technical services for the development, operation, and securing of Triton / Nordstjernan AB; ODIN Forvaltning critical infrastructures in Norway, Sweden, and Finland. AS (1) As of September 19, 2013.

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

M&A TRANSACTION DETAIL1

Closed Date Target Business Description Acquirer/Seller

9/6/2013 OSS Group, Ltd. OSS Group, Ltd. engages in the waste oil and hazardous waste collection, and oil recycling HydroDec Group plc / Dunedin LLP activities. 9/6/2013 Dalkia Brasil S/A (nka:Vivante) Vivante provides facilities, maintenance, and utilities services. Marceau Finance; Axxon Group / Dalkia Holding 9/5/2013 Heartland Biogas Project Heartland Renewable Energy, LLC operates complete mix anaerobic digester system based EDF Renewable Energy, Inc. / Heartland biogas plants. Renewable Energy, LLC 9/5/2013 Platinum Ethanol, LLC Platinum Ethanol, LLC, a renewable energy company, manufactures and distributes ethanol Flint Hills Resources LLC / - in the United States. 9/5/2013 Ridgeline GreenFill Inc. And Ridgeline Ridgeline GreenFill Inc. operates remediation sites for treatment of non-hazardous oilfield Ridgeline Canada, Inc. / Ridgeline Energy Environmental Inc. waste and soil. Services Inc. 9/4/2013 Stewart, Weir & Co. Ltd. Stewart, Weir & Co. Ltd., a consulting company, offers surveying, geomatics, and Opus International Consultants Ltd. / - engineering services to the industrial, municipal, transportation, oil and gas, and land 9/4/2013 Advanced Control Concepts Inc. Providesdevelopment security sectors. systems integration services. Securadyne Systems, LLC / -

9/3/2013 Hydro-Lek Ltd Hydro-Lek Ltd. manufactures and supplies remote intervention systems for the subsea, Saab Seaeye Limited / - nuclear, transport, and defense industries. 9/3/2013 Geo-Marine, Inc. Geo-Marine, Inc. provides engineering design, construction management, environmental Versar Inc. / Applied Research Associates, planning and programming, and archeological services. Inc. 9/2/2013 Låsgruppen Wilhelm Nielsen AS Låsgruppen Wilhelm Nielsen AS operates as a retailer of installation products, tools, and Ahlsell AB / Assa Abloy AB personal protective equipment. 9/2/2013 MIS Testing Ltd and MIS Environmental Ltd MIS Testing Ltd and MIS Environmental Ltd represent the combined operations of MIS SGS SA / - Testing Ltd and MIS Environmental Ltd in their sale to SGS SA. 9/2/2013 Anesco Limited Anesco Limited provides energy efficiency solutions to businesses, local authorities, and Scottish Equity Partners LLP; Hermes GPE / homeowners to reduce their carbon emissions in the United Kingdom. Zouk Capital LLP 9/2/2013 4See Environmental Limited Offers environmental management services. 4See Group / -

9/2/2013 Espomega S. de R.L. de C.V. Espomega S. de R.L. de C.V. distributes safety products, including gloves and protective Bunzl plc / - clothing. 8/30/2013 PJSC Stroytransgaz PJSC Stroytransgaz operates as an engineering, procurement, construction, and Unknown / Gazprombank (Open Joint-stock management contractor for large-scale projects. Company) 8/30/2013 Changxing Lijiaxiang New Era Wastewater Changxing Lijiaxiang New Era Wastewater Treatment Co. Ltd. owns and manages a AngWei Environmental Ecological & Treatment Co. Ltd. wastewater treatment plant. Engineering (Shanghai) Co., Ltd. / - 8/30/2013 Regional Industries, LLC and Waste Offers solid waste recycling, collection and transportation services. Waste Services Industries LLC / - Industries, LLC and Meadowbrook Industries 8/30/2013 Container First Services, LLC Container First Services, LLC provides solid waste disposal services. Waste Services Industries LLC / -

8/30/2013 Delete Group Oy Delete Group Oy through its subsidiaries offers heavy demolition, cleaning, and waste Axcel Management A/S / Intera Partners Oy processing services. 8/29/2013 Green Living Concepts Inc. Green Living Concepts Inc., a development stage company, provides consulting services Minority Shareholder / - for commercial and residential renovations, and new construction projects. 8/29/2013 Rood Wit Blauw Holding B.V. Rood Wit Blauw Holding B.V. provides water treatment engineering services. METAWATER Co., Ltd. / -

8/29/2013 The Budd Group, Inc., Security Division Security Division of The Budd Group, Inc. provides guard and security services. Universal Services of America, Inc. / The Budd Group, Inc. 8/28/2013 Xiangshui New Universe Environmental Xiangshui New Universe Environmental Technology offers recycling of industrial waste Jiangsu Huifeng Agrochemical Co.,Ltd. / New Technology Limited and provides consultancy services for environmental solid waste treatment. Universe Recyclables Limited 8/28/2013 AVR-Afvalverwerking B.V. AVR-Afvalverwerking B.V. engages in collecting and processing waste into raw materials A Consortium of Financial Buyers / Van and energy. Gansewinkel Groep B.V. 8/27/2013 Thu Duc Wasuco J.S.C. Thu Duc Wasuco J.S.C. develops and manages residential water supply systems. Refrigeration Electrical Engineering Corporation / - 8/27/2013 EnviroTechnologies Inc. EnviroTechnologies Inc. engages in the development of single pass emission abatement Pacific Green Technologies Inc. / - systems for removal of air pollution worldwide. 8/27/2013 Mid-Tex Distributing Co., Inc. Mid-Tex Distributing Co., Inc. distributes accessories, insulation coverings, duct and pipe Distribution International, Inc. / - insulation products, and environmental products. 8/27/2013 Engesul Engesul develops, produces, and markets equipment for prevention systems and fire Intelbras S.A. / - fighting systems, and emergency lighting and aircraft beaconing equipment. 8/27/2013 Met-Pro Corp. Met-Pro Corporation manufactures and sells fluid handling equipment, product recovery CECO Environmental Corp. / BlackRock, and pollution control equipment, and filtration products. Inc.; Invesco PowerShares Capital Management LLC (1) As of September 19, 2013.

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M&A TRANSACTION DETAIL1

Closed Date Target Business Description Acquirer/Seller 8/26/2013 Cyber Sound & Security Inc. Cyber Sound & Security Inc. provides audio, video, automation, IT, and electrical services DSI Entertainment Systems, Inc. (nka:VIA in Scottsdale. International, Inc.) / - 8/26/2013 Stearns Enterprises, Inc. Stearns Enterprises, Inc. offers design and installation of a range of residential systems DSI Entertainment Systems, Inc. (nka:VIA including environmental control, energy management, and security and surveillance. International, Inc.) / - 8/26/2013 Summit Environmental Consultants, Inc. Summit Environmental Consultants, Inc. provides environmental consulting services for S. W. Cole Engineering, Inc. / CES, Inc. public and private sector clients in Maine. 8/26/2013 Terra Renewal Services, Inc. Terra Renewal Services, Inc. operates as a wastewater residual management company in Darling International Inc. / Saw Mill Capital the United States. LLC 8/22/2013 Relume Technologies, Inc. Relume Technologies, Inc. develops and manufactures light-emitting diode lighting Revolution Lighting Technologies, Inc. / A products for outdoor applications. Consortium of Financial Buyers 8/22/2013 Xuzhoushi Anbang Automatic Equipment Co. Xuzhoushi Anbang Automatic Equipment Co. Ltd. provides energy savings and energy Creative Energy Solutions Holdings Limited / - Ltd. efficiency services. 8/22/2013 Synagro Technologies, Inc. Synagro Technologies, Inc. provides waste capture and conversion services to municipal EQT Partners AB; EQT Infrastructure II Fund and industrial water and wastewater facilities in the United States. / The Carlyle Group LP; Carlyle Infrastructure 8/21/2013 Testco Well Services, LLC Testco Well Services provides well testing, pressure testing and lab services. Greene'sFund, L.P. Energy Group, LLC / -

8/21/2013 Madasa do Brasil Ltda Madasa do Brasil Ltda distributes dairy and bovine testing products and other food safety IDEXX Laboratories, Inc. / - testing products. 8/21/2013 Gehrlicher Solar America Corporation Gehrlicher Solar America Corporation designs, constructs, finances, and operates large M+W Zander U.S., Inc. / Gehrlicher Solar AG and small scale solar power projects. 8/21/2013 Interstate Waste Services Interstate Waste Services, Inc. offers waste management services. Action Carting Environmental Services / Highstar Capital 8/21/2013 Sievert India Pvt. Ltd. Sievert India Pvt. Ltd. provides non-destructive testing and inspection services for oil and Bureau Veritas SA / - gas, industrial services, marine and offshore, and nuclear industries. 8/20/2013 MHL Support Ltd. MHL Support, Ltd. provides employment law, and health and safety services to Citation Plc / Bibby Line Group Limited commercial and business sectors. 8/20/2013 Industry Retail Group, Inc. Industry Retail Group, Inc. provides broadband-based applications and services to retail Vector Security, Inc. / - stores. 8/20/2013 Mexter SunOasis Sdn. Bhd. Mexter SunOasis Sdn. Bhd. Designs, develops, and installs renewable energy products. Mexter Technology Bhd / -

8/19/2013 Town Water System of Dixon Town water system of Dixon comprises town water system which sits about 15 miles Iowa-American Water Company Inc / - northwest of Davenport. 8/19/2013 Foster Wheeler AG, Camden Resource Camden Resource Recovery Facility of Foster Wheeler AG comprises a 1,050 ton per day Covanta Holding Corporation / Foster Recovery Facility Energy-from-Waste facility. Wheeler AG 8/19/2013 Steam Engineering, Inc. Steam Engineering, Inc engages in developing and modifying steam, cooling, and BHS Specialty Chemicals / - wastewater systems for food and beverage processing, wood products, industrial, medical, 8/19/2013 Sabre Manufacturing, LLC Sabreeducational, Manufacturing, and government LLC manufactures sector clients. and sells custom Liquid Storage and Containment Manitex International, Inc. / - solutions for businesses. 8/16/2013 McDaniel Lambert, Inc. McDaniel Lambert, Inc. provides services in communication, environmental risk Intrinsik Inc. / - management, and toxicology and medicine areas to private industries and public sectors. 8/16/2013 Security Networks, LLC Security Networks, LLC engages in the sale of commercial and residential burglar alarms, Monitronics International, Inc. / A Consortium fire alarms, medical alerts, access controls, and CCTV systems. of Financial Buyers (1) As of September 19, 2013.

HW&CO. OFFICE LOCATIONS

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SOURCES AND DISCLOSURES

SOURCES ‒ ADS Security. ‒ Greentech Media. ‒ The Financial Times. ‒ Bloomberg. ‒ McClatchy Washington Bureau. ‒ The Globe and Mail. ‒ Climate Central. ‒ Nasdaq. ‒ The Huffington Post. ‒ Darling International. ‒ PE Hub. ‒ The New York Times. ‒ Earthtechling. ‒ Politico. ‒ The Wall Street Journal. ‒ Earth911. ‒ Public Works Management Policy. ‒ Times Herald-Record. ‒ Edmonton Journal. ‒ Reuters. ‒ Waste & Recycling News. ‒ EHS Today. ‒ S&P Capital IQ. ‒ Waste Management, Inc. ‒ Enhesa. ‒ Security Info Watch. ‒ Waste360. ‒ Greenbiz. ‒ Security Systems News. ‒ Yahoo! Finance. ‒ Greenblue. ‒ Sustainable Industries.

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