Business Services M&A Report Q3 2018

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1 Integrity Expertise Results Overview Nationally recognized and well-established investment bank founded in 2000 Over 300 transactions completed, totaling more than $10 billion in transaction value Extensive relationships with leading institutional lenders, PE investors, and strategic buyers Proven ability to source quality buyers and maximize deal value Industry Expertise Technology Healthcare Business Services M&A Report Q Business Services Industrial Services Financial Services Consumer Transaction Size $25MM - $500MM 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 Tel: Member FINRA/SIPC

2 Capital Markets Overview Business Services Commentary Select Public Offerings Business Services (Q3 2018) The HPC Business Services Index increased 10.5% over the 12- month period ended September 30, 2018, lagging behind the S&P 500 and NASDAQ which increased 15.2% and 23.5% respectively. IPO activity in the Business Services industry remained active during Q Upwork Inc. (NASDAQ:UPWK), a freelance employment network, raised $187 million, and Arlo Technologies, Inc. (NYSE:ARLO), a security camera company, raised $163 million. Offer Date Issuer Industry Sector Transaction Type Transaction Value ($MM) 09/20/18 Fiserv, Inc. Data Processing & Outsourced Services Fixed-Income $1,000 09/20/18 EVO Payments, Inc. Data Processing & Outsourced Services Follow-on $172 09/19/18 DXC Technology Co. Information Services Fixed-Income $758 09/17/18 Presidio, Inc. Information Services Follow-on $51 09/06/18 Upwork Inc. Human Resource & Employment Services IPO $187 The Data Processing & Outsourced Services sector was the industry leader with respect to valuation during the quarter trading at an EBITDA multiple of 19.1x. Information Services and Research & Consulting Services followed, trading at EBITDA multiples of 17.6x and 13.8x respectively. 08/15/18 FTI Consulting, Inc. Research and Consulting Services Fixed-Income $275 08/13/18 First Data Corp. Data Processing & Outsourced Services Follow-on $1,520 08/07/18 Sabre Corp. Data Processing & Outsourced Services Follow-on $373 07/06/18 Arlo Technologies, Inc. Information Services IPO $163 Public Market Performance (LTM) Public Company Market Performance by Sector 130% 23.5% 15.2% 10.5% Change in Stock Price Median Enterprise Value / LTM Industry Sector 3 Months 12 Months Revenue EBITDA Data Procesing & Outsourced Services 9.3% 27.7% 5.0x 19.1x Logistics 8.0% 5.8% 1.6x 12.7x Human Resource & Employment Services 0.1% 25.1% 0.8x 10.8x Research & Consulting Services 2.8% 21.2% 1.4x 13.8x Information Services 4.3% 15.3% 5.2x 17.6x Advertising (4.4%) (12.9%) 1.3x 9.6x Enviromental & Facilities Services 7.5% 12.1% 2.4x 11.9x S&P 500 NASDAQ HPC - Business Services Index Source: S&P Capital IQ. 2

3 Total Transaction Volume Total Transaction Value ($ in billions) Annual M&A Activity Business Services Commentary Completed U.S. M&A Transactions by Deal Size U.S. middle-market M&A activity in the Business Services industry increased during the year-to-date period ended September 30, 2018 to 62 closed transactions, up 22% from the 51 transactions closed during the prior year period. The upward trend in deal volume is also evident in the sample including all transactions (including those with undisclosed values) as well up 14% compared to the prior year period. Deal volume for transactions with reported values between $100 million and $499 million increased during YTD 2018 to 22 closed transactions, up 47% from the 15 closed transactions during the prior year period. ($ in billions) Deal Size Volume Value Volume Value Volume Value Less than $100M 33 $ $1.4 15% 16% $100 - $499M 15 $ $4.8 47% 47% $500 - $999M 3 $2.1 2 $1.1 (33%) (47%) Total Middle Market 51 $ $7.3 22% 11% = % of Total Market YTD '17 YTD '18 % Change Less than $100M 65% 19% 61% 19% $100 - $499M 29% 50% 35% 66% $500 - $999M 6% 32% 3% 15% Total Middle Market U.S. M&A Activity Annual Trends: VOLUME U.S. M&A Activity Annual Trends: VALUE $18 $ $16 $14 $12 $10 $8 $9.0 $11.2 $13.3 $13.8 $10.5 $11.0 $11.4 $12.4 $6.6 $ $6 $5.2 $4 20 $ YTD '17 YTD '18 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). $ YTD '17 YTD '18 Less than $100M $100 - $499M $500 - $999M 3

4 Total Transaction Volume Total Transaction Value ($ in billions) Quarterly M&A Activity Business Services Commentary Completed U.S. M&A Transactions by Deal Size Middle-market M&A activity in the Business Services industry increased significantly in Q compared to Q3 2017, with deal volume up 47% to 28 completed transactions. Reported volume for transactions less than $100 million increased 73% in Q compared to Q3 2017, with deal value increasing from $500 million to $700 million. ($ in billions) Q Q % Change Deal Size Volume Value Volume Value Volume Value Less than $100M 11 $ $0.7 73% 49% $100 - $499M 7 $1.7 7 $1.6 0% (5%) $500 - $999M 1 $0.6 2 $1.1 80% Total Middle Market 19 $ $3.4 47% 23% All deals, including those with undisclosed values increased 11% during the third quarter when compared to the prior year period. The industry is poised to benefit from continued implementation of technology, as companies look to improve efficiency to offset the tight labor market s downward pressure on profits. % of Total Market Less than $100M 58% 17% 68% 21% $100 - $499M 37% 61% 25% 47% $500 - $999M 5% 22% 7% 32% Total Middle Market U.S. M&A Activity Quarterly Trends: VOLUME U.S. M&A Activity Quarterly Trends: VALUE $ $4 $3 $2 $2.0 $2.4 $3.1 $2.1 $2.6 $3.6 $2.7 $2.7 $2.8 $4.2 $2.5 $ $1.4 $1 0 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1'18 Q2'18 Q3'18 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). $0 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1'18 Q2'18 Q3'18 Less than $100M $100 - $499M $500 - $999M 4

5 Recent M&A Activity Business Services Select M&A Transactions (Q3 2018) Announced Date Target Buyer Industry Enterprise Value ($MM) EV / Revenue EV / EBITDA 09/27/18 Navience Healthcare Solutions, LLC Huntsworth Advertising $ x 18.4x 09/20/18 UnitedLex Corp. CVC Capital 09/18/18 GRCR Partners, Inc. Eroll Grow Tech, Ltd. 09/14/18 Forte Payment Systems, Inc. CSG Systems, Inc. 09/10/18 Ringtail Solutions, Inc. Nuix Pty, Ltd. 09/03/18 TWH Water Treatment Industries DuBois Chemicals, Inc. Research & Consulting Services Research & Consulting Services Data Processing & Outsourced Services Data Processing & Outsourced Services Environmental & Facilities Services NA NA NA NA NA NA $85.0 NA NA $55.0 NA NA $165.0 NA NA 08/31/18 Waitt Outdoor, LLC Link Media Omaha, LLC Advertising $82.0 NA NA 08/30/18 Reis, Inc. Moody's Corp. 08/09/18 TaskUs, LLC The Blackstone Group 08/08/18 The Dun & Bradstreet Corp. Thomas H. Lee Partners 08/03/18 Alchemy Systems Intertek Group 07/12/18 Intellinet Corp. FPT Corp. Research & Consulting Services Data Processing & Outsourced Services Research & Consulting Services Human Resource & Employment Services Research & Consulting Services $ x 37.8x NA NA NA $6, x 12.5x $480.0 NA NA $ x NA 07/10/18 MNX Global Logistics Audax Group Logistics NA NA NA 07/05/18 Landair Holdings, Inc. Covenant Transportation Group, Inc. Logistics $ x 7.9x 07/03/18 Franklin Madison Group, LLC Mill Point Capital Advertising $550.0 NA NA Source: S&P Capital IQ. 5

6 M&A Activity by Business Services Sector All reported deals: U.S. Deal Flow by Business Services Sector % Change Logistics % Enviromental & Facilities Services % Advertising % Research & Consulting Services % Human Resource & Employment Services % Data Processing & Outsourced Services % U.S. Middle-Market* Deal Flow by Business Service Sector Deals with reported value: % Change Logistics 2 2 0% Enviromental & Facilities Services % Advertising % Research & Consulting Services % Human Resource & Employment Services % Data Processing & Outsourced Services % Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion ). Q Q

7 Total Transaction Volume Private Equity Activity Business Services Commentary Select Private Equity Transactions (Q3 2018) Financial sponsors were active across the industry during Q3 2018, as shown in the table to the right. Private equity funds have had success in the Advertising sector as the space looks to offset organic growth challenges in the M&A market. Announced Date Target Buyer Industry Enterprise Value ($MM) 09/26/18 Augeo FI Lightyear Capital Advertising NA 09/20/18 UnitedLex Corp. CVC Capital Partners Research & Consulting Services NA Several notable private equity-back transactions were announced during Q3 2018, including Thomas H. Lee Partners purchase of The Dun & Bradstreet Corp. for $6.6 billion and Mill Point Capital's purchase of Franklin Madison Group for $550 million. During the third quarter financial sponsors were most active in the Advertising sector, announcing nine deals. 09/05/18 Trendline Interactive, LLC Growth Catalyst Partners Advertising NA 08/31/18 ListEngage, Inc. Broadtree Partners Advertising NA 08/31/18 TAGG Logistics, LLC Dot Family Holdings Logistics NA 08/16/18 Xpressdocs Partners, Ltd. Falcata Capital Advertising NA 08/08/18 The Dun & Bradstreet Corp. Thomas H. Lee Partners Research & Consulting Services $6,675 Financial Sponsors Industry Transactions 08/07/18 Veritext Corp. Leonard Green & Partners Research & Consulting Services NA 07/31/18 Rock-It Cargo USA, LLC / Rich Forwarding Ltd. ATL Partners Logistics NA /23/18 PayPal Holdings, Inc. Third Point Data Processing & Outsourced Services NA 8 07/17/18 Marketing, Motivational & Promotional Resources, Inc. Audax Group Advertising NA 6 07/10/18 MNX Global Logistics Audax Group Logistics NA /09/18 Packers Sanitation Services, Inc. The Blackstone Group Environmental & Facilities Services NA /06/18 Value Payment Systems, LLC Providence Equity Partners Data Processing & Outsourced Services NA 0 Data Processing & Outsourced Services Logistics HR & Employment Services *Research & Consulting Services Advertising Enviromental & Facilities Services 07/03/18 Franklin Madison Group, LLC Mill Point Capital Advertising $550 07/03/18 The CTS Group Bow River Capital Environmental & Facilities Services NA Source: S&P Capital IQ, *Research & Consulting Services includes Information Services. 7

8 Industry Sector Overview Recent Stock Price Performance Commentary Data Processing and Outsourced Services The charts on the following pages detail stock price performance by sector for the leading public companies within the Business Services industry for the trailing 12-month period ending September 30, The shaded section is the most recent 3-month period (Q3) for each sector index relative to the S&P % 27.7% 15.2% The industry s sectors had mixed results throughout the trailing 12 months. The Data Processing and Outsourced Services sector was the top performer, up 27.7%, while the Advertising was the industry's only negative performer, falling 12.9%. S&P 500 Data Processing and Outsourced Services Logistics Human Resource and Employment Services 130% 140% 15.2% 130% 25.1% 5.8% 15.2% S&P 500 Logistics S&P 500 Human Resources and Employment Services Source: S&P Capital IQ. 8

9 Industry Sector Overview Recent Stock Price Performance Research and Consulting Information Services 140% 130% 15.3% 15.2% 21.3% 15.2% S&P 500 Research and Consulting S&P 500 Information Services Advertising Environmental and Facilities Services 15.2% 15.2% 12.1% 12.9% 80% 70% S&P 500 Advertising 80% S&P 500 Enviromental and Facilities Services Source: S&P Capital IQ. 9

10 Industry Sector Overview Public Company Analysis Data Processing and Outsourced Services ($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/28/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Automatic Data Processing, Inc. ADP $ % $66,595 $67,433 $13,572 $5,925 $3, % 22.5% 5.0x 22.1x Fidelity National Information Services, Inc. FIS $ % $36,484 $44,975 $8,877 $2,901 $2, % 29.5% 5.1x 17.2x First Data Corp. FDC $ % $23,332 $43,372 $8,617 $5,580 $3, % 35.0% 5.0x 14.4x Alliance Data Systems Corp. ADS $ % $13,095 $34,122 $7,842 $1,970 $1, % 22.8% 4.4x 19.1x Worldpay, Inc. WP $ % $26,146 $34,120 $3,941 $3,444 $1, % 33.6% 8.7x 25.8x Paychex, Inc. PAYX $ % $26,628 $26,162 $3,451 $2,400 $1, % 41.5% 7.6x 18.3x Total System Services, Inc. TSS $ % $18,171 $21,582 $4,283 $1,489 $1, % 24.9% 5.0x 20.2x Genpact Ltd. G $ % $5,966 $6,909 $2,900 $1,054 $ % 14.1% 2.4x 16.9x WNS (Holdings) Ltd. WNS $ % $2,675 $2,668 $790 $275 $ % 16.1% 3.4x 23.3x ExlService Holdings, Inc. EXLS $ % $2,333 $2,392 $846 $286 $ % 13.9% 2.8x 20.4x TTEC Holdings, Inc. TTEC $ % $1,191 $1,378 $1,517 $359 $ % 11.5% 0.9x* 7.9x* Sykes Enterprises, Inc. SYKE $ % $1,289 $1,214 $1,630 $600 $ % 9.5% 0.7x* 7.8x* Average 92.0% $18,659 $23,860 $4,855 $2,190 $1, % 22.9% 4.9x 19.4x Median 96.0% $15,633 $23,872 $3,696 $1,729 $1, % 22.6% 5.0x 19.1x Logistics Closing Price % of 52 Equity Enterprise Enterprise Value / LTM LTM Margins LTM Company Ticker 9/28/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA United Parcel Service, Inc. UPS $ % $101,631 $120,180 $70,275 $15,017 $9, % 14.2% 1.7x 12.0x FedEx Corporation FDX $ % $65,314 $79,889 $67,205 $18,086 $8, % 12.7% 1.2x 9.4x XPO Logistics, Inc. XPO $ % $15,327 $19,552 $17,084 $2,540 $1, % 8.6% 1.1x 13.3x C.H. Robinson Worldwide, Inc. CHRW $ % $13,794 $14,837 $16,453 $1,307 $ % 5.8% 0.9x 15.6x Expeditors International of Washington, Inc. EXPD $ % $13,165 $12,176 $7,804 $1,044 $ % 10.6% 1.6x 14.7x Atlas Air Worldwide Holdings, Inc. AAWW $ % $1,670 $3,973 $2,541 $823 $ % 20.0% 1.6x 7.8x Forward Air Corp. FWRD $ % $2,107 $2,119 $1,221 $298 $ % 12.7% 1.7x 13.6x Air Transport Services Group, Inc. ATSG $ % $1,437 $1,936 $935 $347 $ % 31.4% 2.1x 6.6x Hub Group, Inc. HUBG $ % $1,528 $1,573 $4,486 $534 $ % 4.7% 0.4x* 7.5x Echo Global Logistics, Inc. ECHO $ % $868 $1,025 $2,404 $414 $ % 3.2% 0.4x* 13.4x Average 89.0% $21,684 $25,726 $19,041 $4,041 $2, % 12.4% 1.5x 11.4x Median 86.9% $7,636 $8,074 $6,145 $934 $ % 11.6% 1.6x 12.7x Source: S&P Capital IQ. *Excluded from the average and median calculations. 10

11 Industry Sector Overview Public Company Analysis Human Resource and Employment Services ($ in millions, except per share) Closing Price % of 52 Equity Enterprise Company Ticker 9/28/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Robert Half International Inc. RHI $ % $8,629 $8,268 $5,665 $2,343 $ % 11.1% 1.5x 13.2x ManpowerGroup Inc. MAN $ % $5,708 $6,189 $22,236 $3,633 $ % 4.2% 0.3x 6.6x ASGN Inc. ASGN $ % $4,180 $5,293 $3,149 $972 $ % 11.0% 1.7x 15.3x Insperity, Inc. NSP $ % $4,890 $4,628 $3,688 $663 $ % 5.3% 1.3x 21.0x* TriNet Group, Inc. TNET $ % $4,073 $4,216 $3,434 $650 $ % 8.3% 1.2x 14.8x AMN Healthcare Services, Inc. AMN $ % $2,678 $3,130 $2,117 $686 $ % 12.0% 1.5x 12.3x Korn/Ferry International KFY $ % $2,757 $2,626 $1,832 $503 $ % 13.6% 1.4x 10.6x TrueBlue, Inc. TBI $ % $1,055 $1,128 $2,519 $661 $ % 5.0% 0.4x 8.9x Kforce Inc. KFRC $ % $953 $1,034 $1,403 $415 $ % 6.1% 0.7x 12.1x Kelly Services, Inc. KELY.A $ % $937 $924 $5,522 $981 $ % 2.0% 0.2x 8.5x Resources Connection, Inc. RECN $ % $528 $559 $692 $263 $ % 8.3% 0.8x 9.8x Barrett Business Services, Inc. BBSI $ % $510 $479 $948 $597 $ % 3.9% 0.5x 20.5x* Heidrick & Struggles International, Inc. HSII $ % $639 $475 $700 $202 $ % 10.7% 0.7x 6.4x Cross Country Healthcare, Inc. CCRN $ % $314 $377 $835 $217 $ % 4.1% 0.5x 11.1x LTM LTM Margins Enterprise Value / LTM Average 80.0% $2,704 $2,809 $3,910 $913 $ % 7.5% 0.9x 10.8x Median 82.0% $1,867 $1,877 $2,318 $655 $ % 7.2% 0.8x 10.8x Research and Consulting Closing Price % of 52 Equity Enterprise LTM Margins Enterprise Value / LTM Company Ticker 9/28/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Accenture plc ACN $ % $111,531 $106,852 $39,573 $12,443 $6, % 16.3% 2.7x 16.6x Cognizant Technology Solutions Corp. CTSH $ % $45,268 $41,229 $15,824 $6,166 $3, % 20.9% 2.6x 12.5x Booz Allen Hamilton Holding Corp. BAH $ % $7,205 $8,646 $6,367 $1,516 $ % 9.9% 1.4x 13.7x FTI Consulting, Inc. FCN $ % $2,786 $2,840 $1,991 $695 $ % 13.2% 1.4x 10.8x Exponent, Inc. EXPO $ % $2,902 $2,700 $352 $131 $ % 25.2% 7.0x* 27.7x* ICF International, Inc. ICFI $ % $1,454 $1,681 $1,281 $466 $ % 8.7% 1.3x 15.1x CBIZ, Inc. CBZ $ % $1,333 $1,498 $918 $120 $ % 11.5% 1.6x 14.2x Huron Consulting Group Inc. HURN $ % $1,069 $1,376 $776 $275 $ % 12.0% 1.8x 14.8x Navigant Consulting, Inc. NCI $ % $1,075 $802 $957 $291 $ % 12.9% 0.8x 6.5x The Hackett Group, Inc. HCKT $ % $648 $646 $270 $103 $ % 15.6% 2.4x 15.4x Resources Connection, Inc. RECN $ % $528 $559 $692 $263 $ % 8.3% 0.8x 9.8x CRA International, Inc. CRAI $ % $430 $423 $406 $124 $ % 7.5% 1.0x 13.8x LTM Source: S&P Capital IQ. *Excluded from average and median calculations. Average 93.5% $14,686 $14,104 $5,784 $1,883 $ % 13.5% 1.6x 13.0x Median 93.5% $1,394 $1,589 $938 $283 $ % 12.4% 1.4x 13.8x 11

12 Industry Sector Overview Public Company Analysis Information Services ($ in millions, except per share) Closing Price % of 52 Equity Enterprise Enterprise Value / LTM LTM Margins LTM Company Ticker 9/28/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Thomson Reuters Corp. TSX:TRI $ % $32,344 $39,689 $11,432 $3,150 $2, % 20.9% 3.5x 16.6x Moody's Corp. MCO $ % $32,508 $36,537 $4,548 $3,260 $2, % 47.3% 8.0x 17.0x IHS Markit Ltd. INFO $ % $22,033 $27,946 $3,886 $2,461 $1, % 32.9% 7.2x 21.8x Verisk Analytics, Inc. VRSK $ % $20,318 $22,754 $2,352 $1,481 $1, % 44.9% 9.7x 21.5x Equifax Inc. EFX $ % $15,854 $18,291 $3,415 $2,028 $ % 24.9% 5.4x 21.5x Nielsen Holdings plc NLSN $ % $9,865 $18,223 $6,618 $3,786 $1, % 24.3% 2.8x 11.3x CoStar Group, Inc. CSGP $ % $15,302 $14,230 $1,130 $870 $ % 27.0% 12.8x* 47.8x* FactSet Research Systems Inc. FDS $ % $8,809 $9,146 $1,350 $699 $ % 33.0% 6.8x 20.5x The Dun & Bradstreet Corp. DNB $ % $5,323 $6,441 $1,792 $1,221 $ % 28.2% 3.6x 12.8x CoreLogic, Inc. CLGX $ % $4,089 $5,755 $1,839 $901 $ % 22.6% 3.1x 13.8x Morningstar, Inc. MORN $ % $5,404 $5,128 $1,000 $595 $ % 28.0% 5.1x 18.3x Average 91.1% $15,623 $18,558 $3,578 $1,859 $1, % 30.4% 5.5x 17.5x Median 94.1% $15,302 $18,223 $2,352 $1,481 $ % 28.0% 5.2x 17.6x Advertising Closing Price % of 52 Equity Enterprise Enterprise Value / LTM LTM Margins LTM Company Ticker 9/28/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA WPP plc LSE:WPP $ % $18,567 $25,226 $19,935 $4,066 $3, % 15.2% 1.3x 8.3x Omnicom Group Inc. OMC $ % $15,609 $19,248 $15,380 $2,818 $2, % 15.3% 1.3x 8.2x The Interpublic Group of Companies, Inc. IPG $ % $8,911 $10,587 $8,158 $2,880 $1, % 14.6% 1.3x 8.9x Clear Channel Outdoor Holdings, Inc. CCO $ % $2,152 $7,388 $2,705 $1,247 $ % 21.7% 2.7x 12.6x Outfront Media Inc. OUT $ % $2,772 $5,091 $1,555 $715 $ % 25.6% 3.3x 12.8x National CineMedia, Inc. NCMI $ % $811 $1,954 $445 $312 $ % 43.9% 5.6x* 10.0x MDC Partners Inc. MDCA $ % $239 $1,416 $1,485 $482 $ % 10.0% 1.0x 9.6x Criteo S.A. CRTO $ % $1,556 $1,122 $2,304 $846 $ % 10.9% 0.5x 4.5x* Average 75.2% $6,327 $9,004 $6,496 $1,671 $1, % 19.7% 1.6x 10.0x Median 80.2% $2,462 $6,240 $2,505 $1,047 $ % 15.3% 1.3x 9.6x Source: S&P Capital IQ. *Excluded from the average and median calculation. 12

13 Industry Sector Overview Public Company Analysis Environmental and Facilities Services ($ in millions, except per share) Closing Price % of 52 Equity Enterprise Enterprise Value / LTM LTM Margins LTM Company Ticker 9/28/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Waste Management, Inc. WM $ % $39,246 $49,181 $14,724 $5,591 $4, % 28.1% 3.3x 11.9x Republic Services, Inc. RSG $ % $24,044 $32,215 $10,071 $3,854 $2, % 27.8% 3.2x 11.5x Rollins, Inc. ROL $ % $13,239 $13,120 $1,792 $911 $ % 20.8% 6.5x* 31.4x* Stericycle, Inc. SRCL $ % $5,058 $7,855 $3,521 $1,395 $ % 17.3% 2.2x 12.9x Covanta Holding Corp. CVA $ % $2,165 $4,608 $1,863 $579 $ % 18.3% 2.5x 13.5x Advanced Disposal Services, Inc. ADSW $ % $2,429 $4,302 $1,548 $542 $ % 24.7% 2.8x 11.2x Tetra Tech, Inc. TTEK $ % $3,866 $3,996 $2,201 $384 $ % 10.7% 1.8x 17.0x ABM Industries Inc. ABM $ % $2,115 $3,094 $6,292 $673 $ % 4.4% 0.5x 11.3x BrightView Holdings, Inc. BV $ % $1,338 $2,469 $2,354 $626 $ % 9.9% 1.0x 10.6x US Ecology, Inc. ECOL $ % $1,623 $1,874 $542 $172 $ % 22.7% 3.5x 15.2x Casella Waste Systems, Inc. CWST $ % $1,350 $1,864 $637 $201 $ % 18.5% 2.9x 15.8x Team, Inc. TISI $ % $675 $1,036 $1,253 $324 $ % 2.5% 0.8x 37.6x* SP Plus Corp. SP $ % $824 $912 $802 $177 $ % 12.1% 1.1x 9.4x Average 88.4% $7,536 $9,733 $3,661 $1,187 $ % 16.7% 2.1x 12.8x Median 91.5% $2,165 $3,996 $1,863 $579 $ % 18.3% 2.4x 11.9x Source: S&P Capital IQ. *Excluded from the average and median calculation. 13

14 Integrity Expertise Results Overview Nationally recognized and well-established investment bank founded in 2000 Over 300 transactions completed, totaling more than $10 billion in transaction value Recent Transactions Extensive relationships with leading institutional lenders, PE investors, and strategic buyers Proven ability to source quality buyers and maximize deal value received a strategic investment from Industry Expertise a subsidiary of Technology Healthcare Business Services Industrial Services Financial Services Consumer Transaction Size $25MM - $500MM has been recapitalized by has been recapitalized by 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 has been recapitalized by has received a growth equity investment from Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL Tel: & Member FINRA/SIPC