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Sectorwatch:Facilities Maintenance ServicesAugust 2018

Facilities MaintenanceServicesAugust 2018Sector Dashboard [4]Public Basket Performance [5]Operational Metrics [7]Valuation Comparison [10]Recent Deals [13]Appendix [14]7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata 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 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.2

Overview7MA provides Investment Banking & Advisory Services to the Business Services and TechnologyIndustries globally. We advise on M&A and private capital transactions, and provide market assessmentsand benchmarking. As a close knit team with a long history together and a laser focus on our targetmarkets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. We publish our sectorwatch, a review of M&A and operational trends in the industries wefocus.Dashboard Summary metrics on the sector Commentary on market momentum bycomparing the most recent 12-monthperformance against the last 3-yearaverages.Valuation Comparison Graphical, detailed comparison of valuationmultiples for the public basketPublic Basket Performance Summary valuation and operating metrics fora basket of comparable public companiesRecent Deals The most recently announced deals in thesector3

DashboardRevenue Growth Momentum1 - year revenue growth compared to revenue growth-0.02average for last 3 yearsCurrent revenue growth rate is less than the average of the last 3 years,indicating that the market may be flattening or decliningPricing / Gross Margin Momentum- year gross profit % compared to gross profit %-0.2% 1averagefor last 3 yearsCurrent gross profit margin is less than the average of the last 3 years grossprofit margins, indicating customer pricing powerProfitability Momentum1 - year EBITDA % compared to EBITDA % average for0.6%last 3 yearsCurrent EBITDA margin exceeds the average of the last 3 years EBITDA marginby this amount, a condition that may attract new entrantsOperating Metrics20.3%Median LTM GP Margin %6.2%Median LTM EBITDA Margin %3.8%Median LTM Rev. Growth %0%5%10%15%20%25%Valuation18.9xMedian Price / LTM Earnings18.3xMedian TEV / LTM EBIT12.8xMedian TEV / LTM EBITDA0.6xMedian TEV / LTM Revenue0x4x8x12x16x20x4

Public BasketCompanyTEV mRevLTM Rev Growth mYoYGP %TEV /EBITDA TEV / EBITD%Rev X A X# FTEsRev /FTE kMears Group plc5771,141-8%24%5%0.59.511,63698Mitie Group plc9593,0934%14%5%0.37.348,97863Comfort Systems USA, Inc.2,1401,94217%20%8%1.113.68,700223ABM Industries htView Holdings, Inc.3,4732,3390%26%10%1.514.417,950130EMCOR Group, .938,895147Medianshare price as of ter Global Holdings, Inc.5

TEV/EBITDA - MedianTEV/Revenue - MedianTEV/EBITDA - AverageTEV/Revenue - 5May-15Feb-15Nov-14Aug-14May-14Feb-14Nov-13Public Basket Valuation TrendsPublic EBITDA Multiples over Time15x10x5x0xTEV/EBITDA - MedianTEV/Revenue - MedianTEV/EBITDA - Average6xPublic Revenue Multiples over Time0.8x0.6x0.4x0.2x0.0xTEV/Revenue - Average6

Operational MetricsLTM Gross Profit Margin %LTM EBITDA %ServiceMaster Global Holdings,Inc.ServiceMaster GlobalHoldings, Inc.BrightView Holdings, Inc.BrightView Holdings,Inc.Mears Group plcComfort Systems USA,Inc.Comfort Systems USA, Inc.EMCOR Group, Inc.EMCOR Group, Inc.Mears Group plcMitie Group plcMitie Group plcABM Industries IncorporatedABM %30%7

Operational MetricsLTM Revenue perFull Time Employee x 000’sLTM Revenue Growth %Comfort Systems USA, Inc.EMCOR Group, Inc.ABM Industries IncorporatedServiceMaster Global Holdings,Inc.Comfort Systems USA, Inc.ServiceMaster Global Holdings,Inc.BrightView Holdings, Inc.Mitie Group plcMears Group plcEMCOR Group, Inc.Mitie Group plcMears Group plcABM Industries IncorporatedMedian(10%)Median-10%20% - 100 200 3008

Operational MetricsAccounts Receivable TurnoverAverage DaysSales OutstandingServiceMaster GlobalHoldings, Inc.Comfort Systems USA,Inc.Mitie Group plcEMCOR Group, Inc.Mears Group plcABM IndustriesIncorporatedABM IndustriesIncorporatedMears Group plcEMCOR Group, Inc.Mitie Group plcComfort Systems USA,Inc.ServiceMaster GlobalHoldings, Inc.MedianMedian0x2x4x6x8x10x040801209

ValuationTEV / LTM RevenueTEV / LTM EBITDAServiceMaster GlobalHoldings, Inc.ServiceMaster GlobalHoldings, Inc.BrightView Holdings, Inc.BrightView Holdings, Inc.Comfort Systems USA,Inc.Comfort Systems USA,Inc.EMCOR Group, Inc.ABM IndustriesIncorporatedABM IndustriesIncorporatedEMCOR Group, Inc.Mears Group plcMears Group plcMitie Group plcMitie Group plcMedianMedian0x1x2x3x4x0x4x8x12x16x20x10

ValuationTEV / LTM EBITPrice / LTM EarningsBrightView Holdings, Inc.Comfort Systems USA,Inc.ABM IndustriesIncorporatedABM IndustriesIncorporatedServiceMaster GlobalHoldings, Inc.EMCOR Group, Inc.Comfort Systems USA,Inc.Mears Group plcMears Group plcEMCOR Group, Inc.ServiceMaster GlobalHoldings, Inc.Mitie Group plcMedianMedian0x30x60x90x0x10x20x30x40x11

ValuationHistorical Valuation Multiplesversus Gross 4x14x0x16x0%EBITDA(x)LTM GP%5%0%-4xEBITDA(x)10%10.5%LTM x)LTM RGR%18xHistorical Valuation Multiplesversus Revenue Growth RateLTM RGR%12

Recent TransactionsDate13Aug187Aug183Jul18TargetBuyer / InvestorTotalTransactionValueTargetRevenueTEV /RevenueTEV /EBITDACutting Edge Glass, Inc.Installed Building Products, Inc.-10.00--Grover Brown Septic Services, LLCAAA Wastewater Services Inc.----Konematic Inc.ASSA ABLOY AB (publ)----29Jun18Restoration and Recovery Services, LLCDFW Capital Partners; DFW Capital Partners V, L.P.----26Jun18Fast Water Heater Company, LLCMontlake Capital LLC----13Jun18A-1 Sewer & Drain Plumbing & Heating Inc.Succession Capital Partners1Jun18J&Y Property Preservation LLCProtect Pharmaceutical Corporation----6.00--4Jun18The Dwyer Group, Inc.-Harvest Partners, LP----21May1816May18Pecan Grove Solutions LLCQuality Solutions, Inc.----Whitbeck's Treescape, LLCSheridan Landscaping, Inc.----2May181 Priority Environmental Services, Inc.O2 Investment Partners, LLC----7May18L.A. Lacy, IncorporatedThe Branch Group, Inc.----21Mar18FM Sylvan, Inc.Blue Point Capital Partners; Blue Point Capital Partners III LP----14Mar18Ragsdale Heating And Air, Inc.Wrench Group Inc.----13Mar18Twin City Maintenance Team, Inc.RWK Services, Inc.----Belco Industrial Services LLCMiller Environmental Services, LLC----28Feb18Chamberlin Holding LLCMain Street Capital Corporation33.00---26Feb18Copesan Services, Inc.ServiceMaster Global Holdings, Inc.150.00---27Feb18Revolent Solutions Group, LLCSG360----Engineered Facility Solutions, Inc. (nka:HUNT PropertySolutions, LLC)HUNT Real Estate Corporation----4Jan1829Dec17Climate Pros, Inc.Empire Janitorial Sales & Service, LLCSaw Mill Capital LLC; Saw Mill Capital Partners II, LPKellermeyer Bergensons Services, LLC----8Feb186Feb1820Oct17Lawn Doctor, Inc.CNL Strategic Capital, LLC85.0015.09--22Dec16Juniper Landscaping Holdings, LLCZS Fund L.P.----30Sep17Terracare Associates, LLCMonarch Landscapes Holdings, LLC----5Sep17Summit Fire Protection Co., Inc.CI Capital Partners LLC----31Jul17Service Logic, LLCWarburg Pincus LLC----13

Facilities MaintenanceServicesAugust 2018APPENDIX:Public BasketConstituents7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata 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 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.14

Public BasketRevenue Multiples - Mears Group plc1.0x0.8x0.6x0.4xMears Group plcMears Group PLC, through its subsidiaries, provides a range ofoutsourced services to the public and private sectors in theUnited Kingdom. It operates in two segments, Housing and Care.The company offers rapid response and planned maintenanceservices to local authorities and registered social landlords,including responsive repairs; gas and voids services;maintenance, repairs, capital works, and energy investmentsolution for public buildings; estate cleaning services; andgrounds maintenance, hard landscaping, soft landscaping, andarboriculture. It also provides individual or archetypal energy andcarbon assessments, and private sector finance; and installationservices, such as insulation, glazing, heating, lighting, andrenewable services; and monitoring and aftercare services. Inaddition, the company offers residential property management inpartnership with landlords, investors, and local authorities; arange of new build development solutions on behalf of localauthorities, ALMOs, and registered providers; and a range ofhome improvement services comprising advice and information,home improvements, disabled facilities grants, aids andadaptations, energy efficiency, small repairs, stairlifts, and homefrom hospital services, as well as minor adaptations that includeramps. The company was incorporated in 1996 and isheadquartered in Gloucester, the United Kingdom.0.2x0.0xTEV/RevenueAverageEBITDA Multiples - Mears Group plc15x10x5x0xTEV/EBITDAAverageP/E Multiples - Mears Group plc45x30x15x0xP/EAverage15

Public BasketRevenue Multiples - Mitie Group plc1.0x0.8x0.6x0.4x0.2xMitie Group plc0.0xMitie Group plc, through its subsidiaries, provides strategicoutsourcing services in the United Kingdom and internationally. Itoffers engineering services, such as technical and buildingmaintenance services, as well as offers specialist services, suchas heating, cooling, lighting, water treatment, and buildingcontrols; and security services and products, including securitypersonnel, emergency mobile response solutions, and fire andsecurity systems. The company also provides professionalservices, including capital project consultancy, energyconsultancy, real estate advisory, records managementconsultancy, security and risk strategy, sustainability strategy,technical assets strategy, and workplace and design services;and cleaning and environmental services, such as pest controland landscaping services. In addition, it offers documentmanagement services; custody services, such as immigrationand prison services; and indoor and outdoor event cateringservices. Further, the company provides property managementservices primarily to clients in the social housing sector; andpainting and commercial refurbishment roofing services. MitieGroup plc was founded in 1987 and is headquartered inSouthwark, the United Kingdom.TEV/RevenueAverageEBITDA Multiples - Mitie Group plc50x40x30x20x10x0xTEV/EBITDAAverageP/E Multiples - Mitie Group plc120x90x60x30x0xDateKey Development Headline12/5/17 Mitie Pulls Off Property Management Business SaleP/EAverage16