1

Architecture Engineering & Environmental Services

Earnings Call Synopsis / Q3 2018 Results

2

Summary

Deal Spotlight

Earnings Call Overview / Players In The Industry

Content

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.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 nor7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treatedas confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

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7 Mile Advisors is a partner-led middle-market investment banking firm providing strategic M&A, privatecapital transactions, and market insight for business owners, corporations, and private equity firms.

The 7MA team has completed over 120 transactions in professional and technical services. We providepragmatic advice, sector expertise, and innovative processes to help clients adeptly navigate the decisiontree. Our high-touch processes with senior-led deal teams is the cornerstone of the 7MA process.

* Deal executed by 7 Mile Advisors Principal while in another firm

* * * *

* *

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We are pleased to present our review and synopsis of results and earnings call commentary for Q3 2018. This

summary includes the most recent financial results for key publicly traded companies in the Architecture,

Engineering & Environmental Services sector for the period July – September 2018.

M&A Indicators:

+ Despite a recent decline in the overall equities market, including among AEC firms, Multiples remain

relatively strong with publicly traded AEC companies averaging nearly 13.0x EBITDA, compared to the

long-term average since 2014 of 11.4x.

+ Overall transaction volume remains steady with approximately 40 industry deals announced over the last 60

days.

+ Private equity remains keen on the sector with multiple new platform investments and add-on acquisitions

announced recently.

Recent 7 Mile Advisors Articles:

+ Technology and Delivery Models Are Reshaping Construction

+ Neil Churman Sits Down With Environmental Business Journal

+ Aerial Data Acquisition—What We’re Seeing from Above

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Summary

Deal Spotlight

Earnings Call Overview / Players In The Industry

Content

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.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 nor7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treatedas confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

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• RS&H, an employee-owned architecture, engineering, and consulting firm in the United States,acquired Tsiouvaras Simmons Holderness (TSH), a Colorado-based transportation engineeringand consulting firm.

• The transaction provides RS&H with a substantial presence in the Colorado market, which thefirm has served through its Aerospace & Defense, Aviation, and Corporate Practices since2005.

• TSH brings an excellent reputation for innovative planning and design of complex infrastructureprojects as well as construction project management, administration, and field observation.

• Ajax Building Corporation, one of the leading construction management firms in theSoutheastern U.S., has joined the Structure Tone family of companies.

• The move allows Ajax to access Structure Tone’s global network and resources and expandsStructure Tone’s reach into the Southeast U.S.

• The deal follows Structure Tone ownership restructuring in partnership with GlobalInfrastructure Solutions ("GIS") in 2017 to extend company ownership to all management andemployees. GIS is comprised of engineering and construction executives that are committed tofacilitating seamless ownership transitions and accelerating growth strategies.

• The transaction extends Structure Tone’s reach in the Southeastern U.S. and brings adiversified set of project types including higher and K-12 education, city, county and stategovernment, healthcare, and historic restoration. Ajax Building Corporation brings capabilitiesin both ground-up and interior construction projects and adds over 200 employees acrossFlorida, Georgia, and South Carolina.

7

Summary

Deal Spotlight

Earnings Call Overview / Players In The Industry

Content

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.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 nor7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treatedas confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

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Within AEC services, dealmaking remains at a steady and rapidpace with more than 40 deals announced since the beginning ofOctober. A host of strategic, private equity, and private-equity-backed portfolio companies were active in M&A over the last 60days. Among the notable transaction multiples noted,WorleyParsons’ acquisition of Jacobs’ ECR division traded atapproximately 11.7x EBITDA. In another transaction, NV5’s deal forCHI Engineering represented approximately 1.0x CHI’s revenue.

Private equity remains focused on the AEC industry, with ENR Top500 Design Firm, Kleinfelder, announcing a deal with Wind PointPartners. Oaktree Capital Management has been active in thesector, acquiring Stantec’s construction services business, whichcame over as part of its acquisition of MWH Global, and separately,investing in Montrose Environmental Group. Additionally, in twoseparate add-on deals, Atlas Technical Consultants (backed byBernhard Capital Partners) acquired SCST and E-TechnologiesGroup (backed by Falfurrias Capital Partners) acquired GlenmountGlobal Solutions.

Nearly across the board, backlog and profitability among AEC firmsremains high with a positive outlook for 2019. Uncertainty remainsabout a long-term U.S. infrastructure plan and recent declines in oilprices, but at a macro level, the industry appears to be on steadyfooting as 2018 heads toward a close.

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Public Rev & EBITDA Multiples Over Time

For the most recent reporting periods as of 12.1.18Source: Capital IQ

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

Willdan Group, Inc. 396 250 -6% 34% 8% 1.6 21.1 631 396

RPS Group plc 542 843 4% 25% 10% 0.7 6.7 5,340 158

NV5 Global, Inc. 893 397 31% 49% 12% 2.3 18.0 1,653 240

Arcadis NV 1,647 3,683 -4% 18% 6% 0.5 7.6 26,162 141

Stantec Inc. 3,278 2,701 2% 52% 9% 1.2 13.4 22,000 123

Tetra Tech, Inc. 3,505 2,201 8% 17% 11% 1.6 14.9 17,000 129

WSP Global Inc. 5,814 6,048 15% 18% 8% 1.0 13.0 42,000 144

AECOM 7,954 20,156 11% 3% 4% 0.4 9.4 87,000 232

SNC-Lavalin Group Inc. 8,415 8,076 21% 19% 10% 1.1 11.1 52,448 154

Jacobs Engineering Group Inc. 10,791 14,985 50% 19% 6% 0.7 12.3 74,400 201

Average 4,323 5,934 13% 25% 8% 1.1 12.8 32,863 192

Median 3,392 3,192 9% 19% 8% 1.0 12.7 24,081 156

11.4x

0.9x

0x

2x

4x

6x

8x

10x

12x

14x

16x

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct-

15

Nov-1

5

Dec-1

5

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-1

6

Jun-1

6

Jul-16

Aug-1

6

Sep-1

6

Oct-

16

Nov-1

6

Dec-1

6

Jan-1

7

Feb-1

7

Mar-

17

Apr-

17

May-1

7

Jun-1

7

Jul-17

Aug-1

7

Sep-1

7

Oct-

17

Nov-1

7

Dec-1

7

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-1

8

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct-

18

Nov-1

8

Dec-1

8

TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

10

LTM Gross Profit Margin % LTM EBITDA %LTM Revenue Growth %

Average Rate: 13% Average Rate: 25% Average Rate: 8%

For the most recent reporting periods as of 12.1.18Source: Capital IQ

(20%) - 20% 40% 60%

Median

Willdan Group, Inc.

Arcadis NV

Stantec Inc.

RPS Group plc

Tetra Tech, Inc.

AECOM

WSP Global Inc.

SNC-Lavalin Group

Inc.

NV5 Global, Inc.

Jacobs Engineering

Group Inc.

- 5% 10% 15%

Median

AECOM

Jacobs Engineering

Group Inc.

Arcadis NV

Willdan Group, Inc.

WSP Global Inc.

Stantec Inc.

SNC-Lavalin Group

Inc.

RPS Group plc

Tetra Tech, Inc.

NV5 Global, Inc.

- 20% 40% 60%

Median

AECOM

Tetra Tech, Inc.

Arcadis NV

WSP Global Inc.

Jacobs Engineering

Group Inc.

SNC-Lavalin Group

Inc.

RPS Group plc

Willdan Group, Inc.

NV5 Global, Inc.

Stantec Inc.

11

TEV / LTM EBITDA Price / LTM EarningsTEV / LTM Revenue

Average: 1.1x Average: 12.8x Average: 32.8x

For the most recent reporting periods as of 12.1.18Source: Capital IQ

0x 1x 2x 3x

Median

AECOM

Arcadis NV

RPS Group plc

Jacobs

Engineering…

WSP Global

Inc.

SNC-Lavalin

Group Inc.

Stantec Inc.

Willdan Group,

Inc.

Tetra Tech,

Inc.

NV5 Global,

Inc.

0x 10x 20x 30x

Median

RPS Group plc

Arcadis NV

AECOM

SNC-Lavalin Group

Inc.

Jacobs Engineering

Group Inc.

WSP Global Inc.

Stantec Inc.

Tetra Tech, Inc.

NV5 Global, Inc.

Willdan Group, Inc.

0x 20x 40x 60x

Median

Arcadis NV

Tetra Tech, Inc.

SNC-Lavalin Group

Inc.

NV5 Global, Inc.

WSP Global Inc.

Willdan Group, Inc.

AECOM

Stantec Inc.

Jacobs Engineering

Group Inc.

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Commentary“This was an exciting year at Jacobs. We accelerated our profitable growthstrategy with the acquisition of CH2M and continued to transform theportfolio with the announced sale of our ECR business…”— Steven J.Demetriou, CEO

HighlightsFor the quarter ended September 28, 2018:• The performance of Aerospace, Technology, Environmental and Nuclear

(ATEN) business continued to significantly outpace the growth of themarket. Key to this performance were a number of long-term contractwins with the U.S. government, including the Missile Agency and SpecialOperations Command, which have created a base of recurring revenue.

• The Buildings, Infrastructure and Advanced Facilities (BIAF) line ofbusiness has shown a track record of consistent strong performance.Revenue and margins have increased from both higher valueengagements, improving project execution. From a macro standpoint,Jacobs continues to see a robust pipeline of global opportunities driven bythe major trends of urbanization and population growth, leading to anincreasing need to invest in upgrading supporting infrastructure.

• The recent announced divestiture of Jacobs' Energy, Chemicals andResources business to WorleyParsons is expected to close in the first halfof 2019. The divestiture is consistent with Jacobs' strategy and thecompany believes this is the right time to make this change to itsportfolio, which allows Jacobs to focus on its ATEN and BIAF businesses.

• A five-year sub-contract for the U.S. Air Force was awarded to providesoftware development and sustainment for the Air Force FinancialSystems Office, bringing Jacobs’ software engineering capabilities to threecore applications. Jacobs was also awarded a 10-year sole-sourceclassified contract for continuity of senior government officialscommunications, which attest to the Company’s capabilities intelecommunications, IT, and cybersecurity.

News• WorleyParsons Limited entered into a definitive

agreement to acquire Energy, Chemicals andResources business of Jacobs Engineering GroupInc. for $3.3 billion on October 21, 2018.

• Jacobs Signs Three-Year, Multi-SiteMaintenance and Construction Contract withMosaic Fertilizer, LLC

Source: Q3 Earnings Report, CIQ, PR

Market Performance (LTM)

Revenue by Segment

70%

80%

90%

100%

110%

120%

130%

Hundre

ds

NYSE:JEC - Share Pricing ^SPX - Share Pricing

ATEN

31%

BIAF

41%

Energy,

Chemicals &

Resources28%

13

Mining &

Metallurgy

7%

Oil & Gas

26%

Nuclear

8%Clean Power

3%

Infrastructure

22%

Engineering,

Design and

Project Management

31%

Other

3%

Commentary“It has now been more than a year since we acquired Atkins, and I canproudly say that the integration was successful, enhancing and diversifyingour services, delivering $124 million of cost synergies, and we are startingto realize revenue synergies.”— Neil Bruce, CEO, President and Director

HighlightsFor the quarter ended September 30, 2018:• SNC-Lavalin formed two important joint ventures in the quarter. First,

CDI, a new U.S. JV between SNC-Lavalin and Holtec, to pursue nuclearreactor decommissioning work in the U.S. CDI has already been awardedthree major decommissioning contracts worth hundreds of millions. Theseare long-term contracts where SNC-Lavalin expects work to start oncethe assets are transferred to Holtec. Secondly, Linxon is a new JVbetween SNC-Lavalin and ABB for the execution of turnkey electrical ACsubstation projects. Linxon already recorded $400 million in backlog.

• SNC-Lavalin's Oil & Gas sector had a good quarter, with an 8%segment EBIT and new award bookings of $800 million. The companycontinues to see positive market segment sentiment due to goodfundamentals across the service chain for the upstream, midstream,and downstream services. Customers are increasingly optimistic,driving strong demand for oil and gas services that are expected to bebooked in the next 9 to 12 months. There are also observations ofsigns of recovery in CapEx, especially in upstream and LNG.

• The infrastructure sector had another good quarter, with a 21%increase in revenues. The Montreal Light Rail project had a good startwith SNC-Lavalin currently working on advance works, such as design,demolition, site investigation, and mobilization. The Eglinton project inToronto is advancing well, and the Confederation Line project inOttawa is on track to open later this year.

News• The Northwestern Mutual Life Insurance

Company and Harbert Management Corporationcompleted the acquisition of 6.3% stake inAstoria Project Partners II LLC from SNC-LavalinGroup Inc. for $41.4 million on October 24,2018.

• SNC-Lavalin Group Inc. completed theacquisition of 51% stake in Linxon Pvt Ltd fromABB Ltd on September 1, 2018.

Source: Q3 Earnings Report, CIQ, PR

Revenue by Segment

Market Performance (LTM)

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

Hundre

ds

TSX:SNC - Share Pricing ^SPX - Share Pricing

14

Commentary“We are proud of these many accomplishments. However, our adjustedEBITDA for the fourth quarter and full year was below our expectations dueto the timing of AECOM Capital asset sales, which we now expect in 2019,and execution challenges on a handful of projects in the ConstructionServices segment.”— Michael S. Burke, Chairman and CEO

HighlightsFor the quarter ended September 30, 2018:• AECOM is currently evaluating a plan to exit more than 30 countries. This

is part of an ongoing review of AECOM’s geographic exposure with a focuson prioritizing its investments and attention toward its largest andhighest-growth markets where AECOM’s competitive advantages aregreatest. All of these actions hone AECOM’s focus on its most profitableend markets, reduce its risk profile and enhanced the consistency of itsfinancial performance, including AECOM’s industry-leading cash flow.

• In the AMEA region, volume in AECOM’s largest market, the U.K., wasbelow expectations. Uncertainty around the mid- and long-rangeimpacts of Brexit continued to impact the market ahead of the March29 separation date from the EU. AECOM has taken decisive actions toprepare for this slowdown and now has a better cost structure andmaintained key capabilities to respond as market conditions improve.

• In Construction Services, AECOM continues to make strong progresson the Alliant Gas power plant. It is approximately 80% complete andremains on schedule and on budget.

• In Building Construction, AECOM achieved its target for a 4thconsecutive year of double-digit organic revenue growth led by its coreNew York and Los Angeles metro markets. AECOM and Walsh jointventure was selected for the $7b redevelopment of Terminal 1 at JFKAirport in NYC, which will increase AECOM’s Building Constructionbacklog to a new record.

News• AECOM reveals 10% revenue hike but plans exit

from 30 countries. Record revenues posted forFY18 as firm hints at construction projectdifficulties and withdrawal from dozens of itssmaller markets

• Waldorf Astoria New York Enters Second Phase ofConstruction with AECOM Following Completionof Demolition and Pre-Construction Efforts

Source: Q3 Earnings Report, CIQ, PR

Revenue by Segment

Market Performance (LTM)

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

Hundre

ds

NYSE:ACM - Share Pricing ^SPX - Share Pricing

Design &

Consulting

Services41%

Construction

Services

40%

Management

Services

19%

15

Commentary“On the M&A front, the pending acquisition of Louis Berger represents asignificant step forward in our ambition to become a top-tier global player.This transaction which is aligned with our 2015-2018 Strategic Plan, isexpected to close by the end of the year, and will be financed using newterm loans.”— Alexandre L'Heureux, President and Chief Executive OfficerHighlightsFor the quarter ended September 30, 2018:• In Australia, WSP will be playing a key role in bringing the biggest

investment in public school infrastructure in New South Wales to life. Thisproject will require the demolition of existing buildings and theconstruction of a new high school, primary school, preschool, andexternal area. WSP services will cover NEV fire protections, fireengineering, specialist lighting, sustainability, and acoustic services.

• In the U.K., WSP was awarded a substantial multidisciplinary scope ofwork contract with the new commercial landmarks at 100 LeadenhallStreet, which is slated to become the third-tallest building in London.WSP’s services will span NEV, energy, and sustainability, projectmanagement, and vertical transportation expertise, which is a goodexample of WSP revenue synergy strategy.

• During the quarter, WSP won a contract with the Toronto TransitCommission for the Yonge Subway Extension Project in Markham, whereWSP will provide design services for 2 of the extensions 5 new stations.

• WSP 2019-2021 strategic plan — The company is now consolidating all thestrategies and feedback received from its bottom-up strategic planningprocess to ensure that the global strategy will be aligned with the region’srespective markets, sectors, growth potential, and local and global trendsshaping and in certain cases, transforming the industry.

• WSP launched its first edition of the WSP Global Cities Index, whichexplores how cities are identifying and responding to the challenges theywill be facing in the coming 2 decades and beyond.

News• WSP Global Inc. entered into an agreement to

acquire Berger Group Holdings, Inc. for $400million on July 28, 2018. WSP Global intends torestructure international operations of BergerGroup Holdings.

• WSP USA was selected by Sound Transit toperform design-build project managementservices for the Downtown Redmond LinkExtension in Redmond, Washington.

Source: Q3 Earnings Report, CIQ, PR, Presentation

Revenue Backlog (CAD Million)

Market Performance (LTM)

70%

80%

90%

100%

110%

120%

130%

140%

Hundre

ds

TSX:WSP - Share Pricing ^SPX - Share Pricing

$6,509.1

$5,963.9

$5,600.0 $5,700.0 $5,800.0 $5,900.0 $6,000.0 $6,100.0 $6,200.0 $6,300.0 $6,400.0 $6,500.0 $6,600.0

Q3 2018 Q3 2017

16

Commentary“We are focused on the future and confident that the leading science solutionsthat we provide for essential services in water, environment and infrastructureare highly differentiated and highly valued in the markets that we serve.”— Dan Batrack, Chairman and CEO

HighlightsFor the quarter ended September 30, 2018:• Tetra Tech’s backlog reached an all-time high with not only the highest

number, but the highest quality of the book of business that it’s had in thehistory of the company. Tetra Tech’s focus on differentiated consulting andengineering service is providing the company with a very high-value, high-margin business that the company believes is quite unique in the entireindustry.

• Tetra Tech had very strong orders across a broad base of its clients, includingthe United States Federal clients in areas such as the Army Corps ofEngineers, the U.S. Navy, the Federal Aviation Administration, and the U.S.Agency for International Development.

• Over the next 2 years, the number of proposed offshore wind projects areexpected to double and add another 5GW of capacity along the shorelines ofthe United States. Tetra Tech continues to lead in environmental managementas reported by Engineering News-Record for 10 consecutive years.

• Over the past year, Tetra Tech tripled the size of its high-end sustainableinfrastructure design revenues with the acquisitions of Glumac engineeringgroup in the United States and Norman Disney & Young in Australia, both ofwhich took place in 2018. Tetra Tech operations based in the U.S. andAustralia now have the ability to support clients worldwide in designing net-zero buildings.

• Tetra Tech has a leadership role in the state and local water infrastructuremarket. The company has held the number one rankings with EngineeringNews-Record in water for 15 years in a row. Tetra Tech’s water-relatedservices and the municipal infrastructure and emergency response haveresulted in the company achieving nine consecutive quarters of double-digitgrowth for its state and local work.

News• Hylan acquired Western Utility and Tetra

Tech Utility Construction of Tetra Tech, Inc.on June 30, 2018. Under the terms of theagreement, TUC has rebranded as HylanWest.

• U.S. Army Corps of Engineers Awards TetraTech $60M Contract for Architect-EngineerServices

Source: Q3 Earnings Report, CIQ, PR

Revenue Backlog ($ Million)

70%

80%

90%

100%

110%

120%

130%

140%

150%

160%

Hundre

ds

NasdaqGS:TTEK - Share Pricing ^SPX - Share Pricing

Market Performance (LTM)

$2,664.0

$2,541.0

$2,460.0 $2,480.0 $2,500.0 $2,520.0 $2,540.0 $2,560.0 $2,580.0 $2,600.0 $2,620.0 $2,640.0 $2,660.0 $2,680.0

Q3 2018 Q3 2017

17

Commentary“Our Consulting Services results demonstrate the strength of our corebusiness, and with the divestiture of our Construction Services business, welook forward to focusing wholly on our primary area of expertise.”— Gordon Johnston, President

HighlightsFor the quarter ended September 30, 2018:• Stantec closed the sale of its Construction Services group which

completes the strategic review the company embarked on earlier thisyear. With the divestiture of the construction business, Stantec looksforward to focusing solely on its consulting business. The divestiture ofConstruction Services mitigates future construction risks and allowsStantec to restore its focus as a design-only firm.

• Demand for midstream work continues to increase in Canada, and that'sleading to growth in Stantec’s Oil & Gas sector. It also contributed toimprovements in its Environmental Services business operating unit.Stantec’s Canadian Community Development sector is seeing the benefitsof increased urban development—the growth is partially offset by the softhousing market in Alberta.

• The Latin American mining sector continues to improve for Stantec andthe company is winning work as a result. During the quarter Stantec wasawarded the design services for a water treatment plant in Argentina thatserves a lithium line.

• Stantec closed the acquisition of Peter Brett Associates in the U.K. duringthe 3Q. Shortly after the quarter, on October 5, Stantec acquired TrueGrit Engineering. True Grit is a 55% infrastructure engineering projectmanagement environmental services firm based in Thunder Bay, Ontario.Then on October 9, Stantec signed a letter of intent to acquire WoodGrieve Engineers based in Perth, Australia—expect to close acquisition inQ1 '19.

News• Stantec Inc. completed the acquisition of Peter

Brett Associates LLP on September 7, 2018.• Stantec Inc. completed the acquisition of True

Grit Engineering on October 5, 2018. A staff of55 people joined Stantec upon closing.

• Stantec Inc. signs letter of intent to acquireWood & Grieve Engineers Limited on October 9,2018. The transaction is subject to due diligenceand expected to close in January, 2019.

Source: Q3 Earnings Report, CIQ, PR

Revenue by Segment (CAD Million)

Market Performance (LTM)

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

Hundre

ds

TSX:STN - Share Pricing ^SPX - Share Pricing

$877.2

$59.2 $-

$100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 $900.0

$1,000.0

Consulting Service Construction

Services

18

Commentary“We once again saw growth in all of our service verticals, and we areenthusiastic about the strategic investments we are making to further growour infrastructure and energy business throughout the United States. Theflat and dynamic organization we have in place allows us to providemaximum support and the highest level of service…”— Dickerson Wright,Chairman and CEOHighlightsFor the quarter ended September 29, 2018:• NV5 added this year over $100 million in run rate revenue through

acquisitions that will be fully recognized in 2019. NV5’s most recentacquisition, CHI Engineering, provides engineering, procurement,construction management services to the liquefied natural gas, petroleumgas, and natural gas industries. The acquisition will complement NV5’srapidly growing power group in the West and drive the expansion ofenergy services nationwide.

• NV5’s current pipeline for acquisition is the fullest the company has seen.NV5’s opportunities are not only internally generated, but more and moretargets are being brought to it. NV5 continues to see opportunities thatwill densify its existing service lines and deliver high organic growth andprofit margin above industry standards.

• NV5’s infrastructure group has expanded into the Southeast with theacquisition of CALYX, a 200-person infrastructure engineering and surveycompany with offices in North Carolina, South Carolina, and Georgia. NV5was selected for the North Carolina Department of Transportation 2019 to2020 location and surveys limited services contract for $17 million.

• NV5 also continues to integrate technology while delivering high-valueservices. The company’s drone survey service is providing adifferentiating technology and was used to collect survey data on over300 acres of the Brooklyn Navy Yard. Using conventional techniques, thetask would have taken several weeks, but was completed inapproximately four hours using NV5 drone-based photogrammetrytechnology.

News• NV5 Expands Energy Market Services with $55

Million Acquisition of CHI Engineering Services,Inc.

• NV5 Acquires 200-Person, SoutheasternInfrastructure Company, CALYX Engineers andConsultants.

• NV5 Awarded $10 Million Citywide EngineeringDesign Services Agreement with New York CityDepartment of Transportation.

Source: Q3 Earnings Report, CIQ, PR

Revenue by Segment ($Million)

Market Performance (LTM)

70%

90%

110%

130%

150%

170%

190%

Hundre

ds

NasdaqCM:NVEE - Share Pricing ^SPX - Share Pricing

$64.1

$41.4

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

Infrastructure,

Engineering and

Support Services

Building,

Technology &

Sciences

19

Commentary“We anticipate completing our acquisition of Lime Energy in the 4Q, whichwill significantly expand and diversify our client base and geographicpresence across the United States. As a larger company, we believe we willbe more competitive across the entire landscape of the energy efficiencyservices market and improve our positioning for anticipated upcomingprogram expansions in California and the Northeastern United States.”—Thomas Brisbin, CEO

HighlightsFor the quarter ended September 28, 2018:• The acquisition of Lime Energy is an outstanding fit, given the similarities

in Willdan’s business model, customer base, service offering andcorporate cultures. The acquisition will provide important scale andimproved diversification, from both a client base and geographicperspective. Willdan believes it will be more competitive across the entirelandscape of the energy efficiency services market and improve itspositioning for upcoming program expansions in California and thenortheastern United States.

• Willdan recently won two design build projects in Colorado, with acombined value of $17 million. These projects will focus on improvingenergy efficiency, upgrading aging infrastructure and modernizingeducational facilities in Colorado. Willdan will be fully responsible for thedelivery of the projects, including design, construction management andpost-project support services.

• SoCalGas awarded Willdan a contract to implement natural gas energyefficiency projects for small and medium-sized lodging customers. Willdansees more opportunities emerging around natural gas and the company’sproven track record in electrical engineering/energy efficiency programs,

positions Willdan well to capitalize on this growing area of demand.• Willdan continues to see growth with Integral Analytics. Salt River, the

largest provider of electricity in Phoenix, recently selected Willdan’sLoadSEER software to assist with its grid modernization strategy.

News• Willdan Completes Acquisition of Lime Energy.

Under the terms of the agreement, Willdanacquired all of the outstanding shares of capitalstock of Lime Energy for $120 million in cash,exclusive of customary holdbacks andadjustments.

• Salt River Project selects Willdan’s LoadSEERSoftware to support planning, gridmodernization, and DER Integration.

Revenue by Segment ($Million)

70%

80%

90%

100%

110%

120%

130%

140%

150%

160%

Hundre

ds

NasdaqGM:WLDN - Share Pricing ^SPX - Share Pricing

Market Performance (LTM)

$50.1

$21.3

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

Energy Engineering &

Consulting

Source: Q3 Earnings Report, CIQ, PR

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For the most recent reporting periods as of 12.1.18Source: Capital IQ

Company Name Revenue ($M) Revenue YOY% changeQ3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 71.4 59.8 54.6 64.2 69.0 3.4% -16.7% -20.1% 11.7% 17.6%

RPS Group plc 0.0 190.7 202.9 236.3 234.3 0.0% 2.9% 2.9% 4.8% 4.8%

Arcadis NV 0.0 925.0 976.8 943.1 928.2 0.0% -3.8% -3.8% -4.8% -4.8%

NV5 Global, Inc. 104.2 104.0 94.5 94.0 91.3 14.2% 24.2% 47.6% 49.1% 51.9%

Tetra Tech, Inc. 552.7 532.8 544.8 534.0 498.5 14.4% 4.1% 11.3% 0.6% 0.0%

Stantec Inc. 697.6 690.2 679.8 641.9 682.5 5.7% 2.2% 0.7% -1.9% -2.2%

WSP Global Inc. 1,491.2 1,540.3 1,481.7 1,558.4 1,309.6 17.8% 18.0% 16.9% 8.7% 5.4%

SNC-Lavalin Group Inc. 1,982.7 1,921.3 1,885.5 2,326.7 2,106.4 -2.6% 30.6% 31.5% 32.0% 21.4%

Jacobs Engineering Group Inc. 4,142.6 3,935.0 2,750.3 2,653.9 2,514.8 65.3% 70.9% 7.8% 0.5% -6.6%

AECOM 5,305.9 4,790.9 4,910.8 4,856.4 4,561.5 12.9% 8.2% 12.7% 12.3% 3.5%

Average 1,434.8 1,469.0 1,358.2 1,390.9 1,299.6 13% 14% 11% 11% 9%

Median 625.2 807.6 828.3 792.5 805.4 9% 6% 10% 7% 4%

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For the most recent reporting periods as of 12.1.18Source: Capital IQ

Company Name GM% EBITDA%Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 32.7% 38.7% 35.8% 31.1% 29.4% 9.3% 8.9% 5.6% 6.8% 7.7%

RPS Group plc 0.0% 10.4% 10.4% 37.6% 37.6% 0.0% 11.8% 11.8% 8.3% 8.3%

Arcadis NV 0.0% 17.1% 17.1% 18.0% 18.0% 0.0% 6.3% 6.3% 6.6% 6.6%

NV5 Global, Inc. 48.0% 48.7% 49.3% 48.3% 51.2% 13.7% 12.8% 10.9% 12.2% 14.3%

Tetra Tech, Inc. 19.2% 17.2% 17.3% 18.9% 18.1% 12.2% 10.3% 10.8% 12.4% 11.4%

Stantec Inc. 51.0% 51.2% 52.2% 52.9% 53.7% 10.2% 9.2% 10.2% 7.4% 12.0%

WSP Global Inc. 19.1% 18.1% 17.3% 16.5% 20.3% 9.6% 8.3% 6.9% 5.6% 9.4%

SNC-Lavalin Group Inc. 9.6% 8.8% 9.6% 23.2% 9.6% 10.8% 8.8% 9.5% 9.7% 9.4%

Jacobs Engineering Group Inc. 18.7% 19.7% 17.7% 17.9% 18.3% 7.6% 7.4% 6.3% 5.6% 6.7%

AECOM 3.6% 2.9% 3.2% 3.5% 3.8% 4.2% 3.8% 3.8% 3.9% 4.6%

Average 20% 23% 23% 27% 26% 8% 9% 8% 8% 9%

Median 19% 18% 17% 21% 19% 9% 9% 8% 7% 9%

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For the most recent reporting periods as of 12.1.18Source: Capital IQ

Company Name EPSQ3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 0.35 0.36 0.24 0.35 0.31

RPS Group plc 0.00 0.05 0.05 (0.09) (0.09)

Arcadis NV 0.00 0.23 0.25 0.25 0.25

NV5 Global, Inc. 0.62 0.69 0.39 1.06 0.55

Tetra Tech, Inc. 0.59 0.51 0.81 0.60 0.52

Stantec Inc. (0.12) 0.26 0.25 0.08 0.32

WSP Global Inc. 0.65 0.49 0.37 0.23 0.57

SNC-Lavalin Group Inc. 0.53 0.36 0.34 0.23 0.47

Jacobs Engineering Group Inc. 1.05 0.34 0.02 0.77 0.74

AECOM 0.37 (0.75) 0.69 0.55 0.64

Average 0.4 0.3 0.3 0.4 0.4

Median 0.5 0.3 0.3 0.3 0.5

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For the most recent reporting periods as of 12.1.18Source: Capital IQ

Company Name Stock Price (USD Value) Stock Price % ChangeQ3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 33.96 30.97 28.35 23.94 32.46 9.7% 9.2% 18.4% -26.2% 6.3%

RPS Group plc - 3.37 3.58 3.68 3.87 - 0.2% -6.3% -5.6% 10.1%

Arcadis NV - 18.04 19.65 22.88 21.55 - -3.1% -16.3% 4.5% 15.2%

NV5 Global, Inc. 86.70 69.30 55.75 54.15 54.65 25.1% 24.3% 3.0% -0.9% 28.6%

Tetra Tech, Inc. 68.30 58.50 48.95 48.15 46.55 16.8% 19.5% 1.7% 3.4% 1.7%

Stantec Inc. 24.86 25.71 24.65 28.04 27.71 -5.0% 6.4% -9.6% 1.5% 6.1%

WSP Global Inc. 54.69 52.63 46.02 47.77 41.53 2.1% 16.6% -1.0% 15.4% -3.5%

SNC-Lavalin Group Inc. 40.75 44.14 43.87 45.49 45.12 -9.3% 2.6% -0.8% 1.2% 0.6%

Jacobs Engineering Group Inc. 76.50 63.49 59.15 65.96 58.27 20.5% 7.3% -10.3% 13.2% 7.1%

AECOM 32.66 33.03 35.63 37.15 36.81 -1.1% -7.3% -4.1% 0.9% 13.9%

Average 52.3 39.9 36.6 37.7 36.9 7% 8% -3% 1% 9%

Median 47.7 38.6 39.7 41.3 39.2 6% 7% -3% 1% 7%

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For the most recent reporting periods as of 12.1.18Source: Capital IQ

Company Name EV/EBITDA EV/RevenueQ3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017

Willdan Group, Inc. 16.3x 15.0x 13.3x 12.0x 16.5x 1.2x 1.0x 0.9x 0.8x 1.0x

RPS Group plc - 10.0x 10.0x 10.1x 10.6x - 1.0x 1.0x 1.1x 1.2x

Arcadis NV - 9.2x 9.3x 12.2x 11.9x - 0.6x 0.6x 0.7x 0.6x

NV5 Global, Inc. 23.6x 18.0x 16.2x 17.4x 21.2x 3.0x 2.2x 2.0x 2.1x 2.4x

Tetra Tech, Inc. 16.1x 15.0x 13.1x 12.9x 13.0x 1.8x 1.7x 1.4x 1.4x 1.4x

Stantec Inc. 13.0x 12.9x 11.8x 12.5x 12.1x 1.3x 1.3x 1.2x 1.3x 1.3x

WSP Global Inc. 15.0x 15.6x 14.0x 13.9x 12.4x 1.1x 1.1x 1.0x 1.1x 0.9x

SNC-Lavalin Group Inc. 12.0x 14.4x 15.1x 17.7x 17.7x 1.1x 1.3x 1.3x 1.4x 1.2x

Jacobs Engineering Group Inc. 13.2x 13.4x 15.1x 11.7x 10.2x 0.9x 0.9x 1.0x 0.7x 0.7x

AECOM 10.2x 9.7x 9.5x 9.6x 9.5x 0.4x 0.4x 0.5x 0.5x 0.5x

Average 14.9x 13.3x 12.8x 13.0x 13.5x 1.4x 1.2x 1.1x 1.1x 1.1x

Median 14.1x 13.9x 13.2x 12.3x 12.2x 1.2x 1.1x 1.0x 1.1x 1.1x

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