HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising Overview Nationally recognized investment bank founded in 2000 Business Services Over 300 transactions completed, totaling more than $10 billion in transaction value Extensive relationships with leading M&A Report institutional lenders, PE investors, and strategic buyers Q3 2020 Proven ability to source quality buyers and maximize deal value Industry Expertise . Technology . Healthcare . Business Services . Industrial Services . Financial Services . Consumer Transaction Size . $25M - $500M Investment Banking Services Mergers & acquisitions, recapitalizations, and management buyouts Capital raising of equity, mezzanine, and senior debt capital Financial advisory, analytical support, and fairness opinions Comprehensive and targeted sell-side marketing efforts Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview –Business Services Commentary Select Business Services Public Offerings (Q3 2020) Transaction Offer Date Issuer Industry Sector Transaction Type Value ($M) . The NASDAQ and S&P 500 increased by 39.6% and 13.0%, respectively, during the twelve-month period ended September 30, 09/23/20 GCI Environmental & Facilities Services Fixed-Income Offering $600 2020, while the HPC Business Services Index decreased by 4.6%. 09/16/20 ADT Environmental & Facilities Services Follow-on Equity Offering $435 . The were three IPOs, one follow-on equity offering, and several fixed 09/15/20 Agilyx Environmental & Facilities Services IPO $33 income offerings during Q3 2020 in our tracked subsectors. Montrose Environmental, an environmental analytics and services firm, was the 09/10/20 Nielsen Finance Research & Consulting Services Fixed-Income Offering $1,000 largest IPO of the quarter, raising $150 million. ADT, a facilities 08/12/20 Booz Allen Hamilton Research & Consulting Services Fixed-Income Offering $700 security firm, raised $435 million in a follow-on equity offering. 08/11/20 Covanta Environmental & Facilities Services Fixed-Income Offering $400 . Information Services, Environmental & Facilities Services,andLogistics were the industry’s leaders with respect to valuation during the third 08/06/20 IBEX Business Process Outsourcing IPO $90 quarter, trading at EBITDA multiples of 26.1x, 13.9x, and 13.8x, 08/06/20 Prime Security Services Environmental & Facilities Services Fixed-Income Offering $1,000 respectively. 07/22/20 Montrose Environmental Environmental & Facilities Services IPO $150 Public Market Performance Market Performance by Sector 160% Median 150% Change in Stock Price Enterprise Value / LTM 140% 39.6% Industry Sector 3 Months 12 Months Revenue EBITDA 130% Business Process Outsourcing 17.7% 12.0% 2.3x 11.9x 120% Logistics 44.9% 42.5% 1.2x 13.8x 13.0% 110% Human Resource & Employment Services 3.2% (13.3%) 0.5x 9.5x 100% Research & Consulting Services 7.1% 15.1% 1.6x 12.8x 4.6% 90% Information Services 7.1% 24.3% 7.1x 26.1x 80% Advertising (3.1%) (35.7%) 1.2x 10.8x 70% Enviromental & Facilities Services 11.9% 6.7% 2.0x 13.9x 60% 50% Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 S&P 500 NASDAQ HPC Business Services Index Source: S&P Capital IQ. HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly Middle‐Market M&A Activity – Business Services Commentary U.S. Middle‐Market M&A Transactions by Size . Middle-market M&A activity in Q3 2020 in the Business Services industry saw a significant decrease when compared to Q3 2019. Deal ($ in billions) Q3 2019 Q3 2020 % Change value fell 59% to $800 million in Q3 2020 from $2.0 billion during the Deal Size Volume Value Volume Value Volume Value prior year period. Deal volume fell 54% to 11 closed deals in Q3 2020 Less than $100M 20 $0.7 10 $0.4 (50%) (45%) from 24 during the prior year period. $100 - $499M 4 $1.3 1 $0.4 (75%) (67%) $500 - $999M 0 $0.0 0 $0.0 N/A N/A . Reported volume and value for transactions valued between $100 Total Middle Market 24 $2.0 11 $0.8 (54%) (59%) million and $499 million saw the largest decrease when compared to the prior year period, with deal volume and value down 75% and % of Total Market 67%, respectively. Less than $100M 83% 36% 91% 49% $100 - $499M 17% 64% 9% 51% $500 - $999M 0% 0% 0% 0% . This trend is confirmed when looking at all deals (including those with undisclosed values) – down to 313 in Q3 2020 from 380 in Q3 Total Middle Market 100% 100% 100% 100% 2019. U.S. Mid‐Market M&A Activity –Quarterly Trend: VOLUME U.S. Mid‐Market M&A Activity –Quarterly Trend: VALUE billions) in Total Transaction Volume Total Transaction Total Transaction Value Total Transaction ($ Less than $100M $100 - $499M $500 - $999M Less than $100M $100 - $499M $500 - $999M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion). HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity –Business Services Select Announced M&A Transactions (Q3 2020) Announced Enterprise EV / EV / Date Target Buyer Industry Value ($M) Revenue EBITDA 09/30/20 Reliable Analysis Applus Services Research & Consulting Services $79 2.8x N/A 09/22/20 N(3) Accenture Advertising N/A N/A N/A 09/15/20 LSC Communications Atlas Advertising $284 N/A N/A 09/15/20 DLS Worldwide Logistics TFI International Logistics $225 0.4x 9.0x 09/11/20 AML RightSource Gridiron Capital Research & Consulting Services $427 N/A N/A 09/01/20 ARC Consulting CBIZ Research & Consulting Services N/A N/A N/A 08/12/20 WCA Waste GFL Environmental Environmental & Facilities Services $1,212 3.0x N/A 08/06/20 ALG J.D. Power Research & Consulting Services $135 7.0x N/A 08/06/20 BP Holdings Americold Realty Business Process Outsourcing $83 N/A N/A 08/06/20 Oxus Environmental Stericycle Environmental & Facilities Services N/A N/A N/A 07/22/20 Online Labels / Consolidated Label Tenex Capital Logistics N/A N/A N/A 07/16/20 InnerWorkings HH Global Research & Consulting Services $296 0.3x 6.5x 07/13/20 Centerstone Insurance (Payroll Business) Automatic Data Processing Human Resource & Employment Service N/A N/A N/A Source: S&P Capital IQ. HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Business Services Sector U.S. Deal Flow by Sector % Change All reported deals: 8 Logistics 13 63% 57 Enviromental & Facilities Services 60 5% 71 Advertising 57 20% 98 Research & Consulting Services 76 22% Human Resource & Employment 43 40% Services 26 103 Business Process Outsourcing 21% 81 0 20406080100120 U.S. Middle Market* Deal Flow by Sector Q3 2019 Q3 2020 % Change Deals with reported value: 1 Logistics 1 N/A 5 Enviromental & Facilities Services 1 80% 4 Advertising 1 75% 3 Research & Consulting Services 4 33% Human Resource & Employment 3 Services 1 67% 8 Business Process Outsourcing 3 63% 0123456789 Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion ). HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity –Business Services Commentary Select Announced Private Equity Transactions (Q3 2020) ($ in millions) Enterprise Announced Date Target Buyer Industry Value ($M) . Financial sponsors were slightly active across the Business Services industry during Q3 2020, as shown in the chart below. While the 09/30/20 GenTech Scientific Lakelet Capital Business Process Outsourcing N/A industry has been impacted significantly by the pandemic, financial Waste Partners 09/25/20 Tejas Investment Environmental & Facilities Services N/A sponsors continue to make investments, albeit at a slower pace. Environmental . Several notable private equity-backed transactions were announced 09/23/20 Synagro Technologies West Street Capital Environmental & Facilities Services N/A during Q3 2020, including Gridiron Capital’s announced acquisition of AML RightSource, a research and consulting firm, for $427 million. 09/22/20 Landscape Workshop Carousel Capital Partners Environmental & Facilities Services N/A Human Resource & Employment . Sponsors were most active in the Environmental & Facilities Services 09/16/20 ClearStar Hanover Investors Management $21 and Business Process Outsourcing sectors, closing 6 and 5 deals, Services respectively, in Q3 2020. 09/15/20 LSC Communications Atlas Advertising $284 09/11/20 AML RightSource Gridiron Capital Research & Consulting Services $427 Financial Sponsors Completed Transactions by Sector 09/03/20 Business Laboratory Valedor Partners Research & Consulting Services N/A 8 Human Resource & Employment 08/13/20 Contract Land Staff AEA Investors N/A Services 6 08/06/20 BP Holdings Americold Realty Business Process Outsourcing $83 5 08/03/20 TFM Services Gen Cap America Environmental & Facilities Services N/A 4 4 Online Labels / Consolidated 07/22/20 Tenex Capital Logistics N/A Label 2 2 Affordable Water Heaters and Total Transaction Volume Total Transaction 07/17/20 Dubin Clark & Company Business Process Outsourcing N/A Plumbing 1 07/15/20 Reeves Strategy Group Vianovo Ventures Research & Consulting Services N/A 0 HR & Business Research & Environmental Logistics Advertising Employment Process Consulting & Facilities Services Outsourcing Source: S&P Capital IQ. HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising Select Company Quotes & Sentiment –Business Services Select Quotes Republic Services Genpact CEO & Director –Donald Slager CEO – Tiger Tyagarajan Q3 2020 Earnings Call (November 5, 2020) Q3 2020 Earnings Call (November 2, 2020) “During the quarter, we. expanded adjusted EBITDA margin 230 basis points to “Our better-than-expected third quarter results continue to demonstrate the 30.3%. These strong operating results, together with effective cash management, resiliency of our business, providing essential non-discretionary services and helped us deliver $1.1 billion of adjusted free cash flow through Q3, which solutions.