SECTORWATCH: Architecture Engineering & Environmental Services March 2018 SECTORWATCH: Architecture Engineering & 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or Environmental Services representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please March 2018 notify 7 Mile Advisors if it was distributed in error. Sector Dashboard . Public Basket Performance . Operational Metrics . Valuation Comparison . Recent Deals . Appendix OVERVIEW Dashboard summary metrics on the sector, with commentary on About Us market momentum by comparing the most recent 12- 7MA provides Investment Banking & Advisory Services to the month performance against the last 3-year averages Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we Public Basket Performance help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. summary valuation and operating metrics for a basket of comparable public companies Sectorwatch We publish sectorwatch, a review of M&A and operational trends in the industries we focus. Valuation Comparison a more graphical, detailed comparison of valuation multiples for the public basket Let us know if we can help Contact us if there are ways we can assist your M&A or financing strategy. Recent Deals the most recently announced sector deals 3 3 All Rights Reserved to 7 Mile Advisors All Rights Reserved to 7 Mile Advisors Operating Metrics DASHBOARD Revenue Growth Momentum Median TEV / LTM Revenue 19.4% 1 - year revenue growth compared to revenue growth -4.5% average for last 3 years Current revenue growth rate is less than the average of the last 3 years, Median LTM GP Margin % indicating that the market may be flattening or declining 8.1% Pricing / Gross Margin Momentum Median LTM EBITDA Margin % 8.0% 1 - year gross profit % compared to gross profit % 1.12% average for last 3 years Current gross profit margin exceeds the average of the last 3 years gross profit 0% 5% 10% 15% 20% margin by this amount, indicating supplier pricing power Profitability Momentum Valuation 1 - year EBITDA % compared to EBITDA % average for 0.9% last 3 years Median Price / LTM Earnings 23.2x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBIT 17.7x PUBLIC BASKET CONSTITUENTS NasdaqGM:WLDN NasdaqGS:TTEK NYSE:JEC Median TEV / LTM EBITDA NasdaqCM:NVEE TSX:STN TSX:SNC 13.0x LSE:RPS TSX:WSP NYSE:ACM ENXTAM:ARCAD Median TEV / LTM Revenue 1.0x 0x 4x 8x 12x 16x 20x 24x 4 All Rights Reserved to 7 Mile Advisors PUBLIC BASKET PERFORMANCE Rev LTM Rev Growth TEV / Rev TEV / Rev / FTE Company TEV $m $m YoY GP % EBITDA % X EBITDA X # FTEs $k Willdan Group, Inc. 220 273 31% 28% 7% 0.8 12.2 631 433 NV5 Global, Inc. 654 333 49% 50% 12% 2.0 16.5 - NA RPS Group plc 885 852 6% 26% 10% 1.0 10.0 5,340 160 ARCADIS NV 2,454 3,865 -3% 18% 6% 0.6 10.3 26,162 148 Tetra Tech, Inc. 3,151 2,089 5% 18% 11% 1.5 13.8 16,000 131 Stantec Inc. 3,311 2,725 10% 53% 10% 1.3 12.2 22,000 124 WSP Global Inc. 5,543 5,430 9% 18% 8% 1.1 13.9 36,000 151 AECOM 9,103 18,756 7% 4% 4% 0.5 9.7 87,000 216 SNC-Lavalin Group Inc. 9,441 7,443 10% 20% 9% 1.3 15.0 52,448 142 Jacobs Engineering Group Inc. 10,095 10,221 -4% 18% 6% 1.0 15.2 44,800 228 Average 4,486 5,199 12% 25% 8% 1.1 12.9 29,038 192 Median 3,231 3,295 8% 19% 8% 1.0 13.0 24,081 151 share price as of 15Mar18 5 All Rights Reserved to 7 Mile Advisors PUBLICBASKETVALUATIONTRENDS 10x 12x 14x 0x 2x 4x 6x 8x Jun-13 Sep-13 Dec-13 Mar-14 TEV/EBITDA -Average TEV/EBITDA -Median TEV/EBITDA Jun-14 Sep-14 Dec-14 0.9x Mar-15 10.7x Jun-15 Sep-15 Dec-15 TEV/Revenue -Average TEV/Revenue -Median TEV/Revenue Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 14x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 10x 12x 0x 2x 4x 6x 8x PublicRevenueMultiples OverTime Jun-13 Jun-13 PublicEBITDAMultiples OverTime Sep-13 Sep-13 Dec-13 Dec-13 TEV/Revenue -Median TEV/Revenue Mar-14 -Median TEV/EBITDA Mar-14 Jun-14 Jun-14 Sep-14 Sep-14 Dec-14 Dec-14 Mar-15 Mar-15 Jun-15 Jun-15 Sep-15 Sep-15 Dec-15 Dec-15 TEV/Revenue -Average TEV/Revenue Mar-16 -Average TEV/EBITDA Mar-16 Jun-16 Jun-16 Sep-16 Sep-16 All Rights Reserved to 7 Mile Advisors Mile 7 to Reserved Rights All Dec-16 Dec-16 Mar-17 Mar-17 Jun-17 Jun-17 Sep-17 Sep-17 Dec-17 6 Dec-17 Mar-18 Mar-18 OPERATIONAL METRICS LTM REVENUE GROWTH % LTM GROSS PROFIT MARGIN % LTM EBITDA % NV5 Global, Inc. 48.7% Stantec Inc. 53.5% NV5 Global, Inc. 11.9% Willdan Group, Inc. 30.8% NV5 Global, Inc. 49.6% Tetra Tech, Inc. 10.9% Stantec Inc. 10.3% Willdan Group, Inc. 28.1% Stantec Inc. 10.2% SNC-Lavalin Group Inc. 10.2% RPS Group plc 25.6% RPS Group plc 10.1% WSP Global Inc. 8.7% SNC-Lavalin Group Inc. 20.3% SNC-Lavalin Group Inc. 8.7% AECOM 7.4% WSP Global Inc. 18.5% WSP Global Inc. 7.6% Jacobs Engineering Group RPS Group plc Willdan Group, Inc. 6.6% 6.1% Inc. 18.1% Jacobs Engineering Group Tetra Tech, Inc. 4.6% ARCADIS NV 17.7% Inc. 6.5% ARCADIS NV (3.3%) Tetra Tech, Inc. 17.5% ARCADIS NV 6.3% Jacobs Engineering Group AECOM AECOM 4.2% Inc. (4.2%) 3.6% Median 8.0% Median 19.4% Median 8.1% (30%) - 30% 60% - 20% 40% 60% 80% - 5% 10% 15% 20% 7 All Rights Reserved to 7 Mile Advisors OPERATIONAL METRICS LTM Rev. per FTE x 000's Accounts receivable turnover Avg days sales outstanding Willdan Group, Inc. $433 RPS Group plc 5.41 Tetra Tech, Inc. 139.11 Jacobs Engineering Group Willdan Group, Inc. 4.86 Stantec Inc. 128.85 Inc. $228 WSP Global Inc. 4.71 ARCADIS NV AECOM $216 125.05 AECOM 3.81 SNC-Lavalin Group Inc. 110.24 RPS Group plc $160 Jacobs Engineering Group Inc. 3.80 NV5 Global, Inc. 101.43 WSP Global Inc. $151 Jacobs Engineering Group NV5 Global, Inc. 3.59 Inc. 95.91 ARCADIS NV $148 SNC-Lavalin Group Inc. 3.31 AECOM 95.86 SNC-Lavalin Group Inc. $142 ARCADIS NV 2.92 WSP Global Inc. 78.79 Tetra Tech, Inc. $131 Stantec Inc. 2.83 Willdan Group, Inc. 74.87 Stantec Inc. $124 Tetra Tech, Inc. 2.62 RPS Group plc 67.52 Median $151 Median 3.69 Median 98.67 $- $200 $400 $600 0 2 4 6 8 - 50 100 150 200 8 All Rights Reserved to 7 Mile Advisors VALUATION TEV / LTM Revenue TEV / LTM EBITDA Price / LTM Earnings NV5 Global, Inc. 2.0 NV5 Global, Inc. 16.5 Stantec Inc. 39.0 Jacobs Engineering Group Tetra Tech, Inc. Jacobs Engineering… 1.5 15.2 Inc. 31.1 SNC-Lavalin Group… 1.3 SNC-Lavalin Group… 15.0 WSP Global Inc. 25.7 Stantec Inc. WSP Global Inc. 1.3 13.9 NV5 Global, Inc. 25.0 WSP Global Inc. 1.1 Tetra Tech, Inc. 13.8 SNC-Lavalin Group Inc. 24.0 RPS Group plc 1.0 Willdan Group, Inc. 12.2 ARCADIS NV 22.4 Jacobs… 1.0 Stantec Inc. 12.2 Tetra Tech, Inc. 21.6 Willdan Group, Inc. 0.8 ARCADIS NV 10.3 Willdan Group, Inc. 19.8 ARCADIS NV 0.6 RPS Group plc 10.0 AECOM 0.5 AECOM 9.7 AECOM 14.4 Median 1.0 Median 13.0 Median 23.2 0x 1x 2x 3x 0x 5x 10x 15x 20x 25x 0x 10x 20x 30x 40x 50x 9 All Rights Reserved to 7 Mile Advisors VALUATION Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate 18x 60% 18x 60% 53.5% 16x 49.6% 16x 48.7% 50% 50% 14x 14x 40% 12x 40% 12x 30.8% 10x 10x 30% (4.2%) 30% 10.3% 25.6% 8x 8x 20% 20.3% 10.2% 6x 28.1% 18.5% 20% 6x 7.4% 8.7% 6.1% 10% 17.7% 17.5% 18.1% 4x 3.6% 4x (3.3%) 10% 4.6% 0% 2x 2x 10x 10x 10x 12x 12x 14x 14x 15x 15x 16x 10x 10x 10x 12x 12x 14x 14x 15x 15x 16x EBITDA(x) LTM GP% LTM EBITDA(x) 0x 0% 0x -10% RGR% LTM EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 10 All Rights Reserved to 7 Mile Advisors RECENT TRANSACTIONS Date Target Buyer Total Transaction Value Target Revenue TEV / Revenue TEV / EBITDA 23Feb18 Bracken Engineering, Inc.