Baird Perspective on Uniform Industry: Good News

Uniform Wearer Growth Remains Better Than Broader National EmploymentTrends

Andrew J. Wittmann, CFA

[email protected]

Justin P. Hauke

[email protected]

Please refer toAppendix - ImportantDisclosures andAnalyst Certification.

Action

Despite headline disappointment in the May BLS data, strong growth inuniform-wearing employment continues, with year-over-year growth ratesmore than double the broader economy. We note that uniform-wearing industrieswere slow to post employment gains earlier this cycle and have only recently begunadding headcount. Thus, we continue to see upside in uniform rental stocks asincremental wearers boost utilization rates, with recent commodity price declinesproviding additional support for earnings.

Summary

• May employment disappoints but shouldn't be a surprise. Total nonfarmpayrolls increased by 54,000, well below expectations of +165,000 and consistentwith similar disappointing employment-related reports in recent weeks.

- Unemployment rate rose to 9.1% (versus the 8.9% consensus). Positively, thespike in the unemployment rate was driven primarily by a surge in labor marketentrants (a positive).

• Baird's Add/Stop Index specific to uniform rental-related employment remainshealthy, but more modest than recent gains, increasing +26,000.

- Importantly, YOY job growth related to uniform wearers is increasing atmore than twice the rate of the economy as a whole and is now at itshighest level since 2006, a crucial point underpinning our positive view onuniform stocks.

- Nonetheless, we note that May gains were below the +50,000-80,000 gains inrecent months.

• Macroeconomy likely still constructive for uniform rental stocks but recentdeceleration is disappointing. Our checks suggest moderating price competitionin uniform rental (some markets are even increasing), and anecdotal commentarysuggests uniform companies are beginning to see high-margin positive add/stops intheir business.

- In addition, recent declines in commodity cost pressures (especiallycotton) should provide additional support beyond fixed cost leverage.

• G&K (Outperform): We believe Street estimates, broadly, underappreciateGKSR's underlying earnings growth potential from even modest top-line growth.Combined with solid progress on the turn-around strategy, solid cash flow, and alikely increase in return of capital to shareholders, we see relative upside to thestock.

• Cintas (Outperform): Top-line momentum has accelerated, driving margin andearnings leverage as previous investments in sales staff are paying off. In addition,we believe last month's $500M bond offering could provide meaningful accretion ifdeployed and we are encouraged by recent efforts to expand the company’shigher-growth hygiene/chemicals business through strategic partnerships withestablished industry suppliers (e.g., Diversey).

• UniFirst (Neutral): UniFirst continues to execute admirably, above peer levels.However, we believe expectations for strong execution are largely priced into thestock, increasing the risk, though we do see modest upside to shares.

Business Services ResearchJune 3, 2011

Facility Services

2

Details

Remain Positive on Uniform Rental Stocks DespiteDisappointing Headline Employment Report

Despite headline disappointment in the May BLS data, strong growth rates inuniform-wearing employment continues (and is accelerating), with growth rates more thandouble that of the broader economy. We note that uniform-wearing industries were slowto post employment gains earlier this cycle and have only recently begun addingheadcount.

Indeed, job growth in uniform-related wearers is now increasing at more than twicethe rate of the economy as a whole and is now at its highest level since 2006, acrucial point underpinning our positive view on uniform stocks. The figure belowdemonstrates this dynamic, a point that we stress is not reflected in a cursory view of thedata.

Baird Add/Stop Index (YOY Change)

Source: Bureau of Labor Statistics and Baird Research

-8.00%

-7.00%

-6.00%

-5.00%

-4.00%

-3.00%

-2.00%

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0.00%

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BLS Employment

Baird Add/Stop Index

Growth in Baird Add/Stop

Index employment is

outpacing total NFP

employment - first time

since early 2007

Thus we continue to see upside in uniform rental stocks as incremental wearers atexisting rental accounts boost utilization rates, generating highly profitable incrementalmargins, with recent commodity price declines providing additional support for earnings.Indeed, cotton prices have declined 23% since their March peak, a statistic which webelieve is unlikely reflected in most Street estimates.

Facility ServicesJune 3, 2011

Robert W. Baird & Co.

3

U.S. Cotton Prices, spot ($/lb)

Source: FactSet Research Systems

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2006 2007 2008 2009 2010 2011

U.S. Cotton (spot), $/lb

U.S. Cotton (Spot), YOY (right)

Perhaps more importantly, we believe the significant operating leverage inherent in thebusinesses can well-offset input cost pressures in even a modest labor market recovery.We believe significant excess capacity remains at the public uniform companies whichshould provide opportunity to improve fixed asset utilization rates as employment furtherimproves (even modestly).

We also note that recent employment momentum has been slow to materialize in organicgrowth rates so far. To date, organic growth has been led by lower-margin new accountgains and service additions rather than by higher-margin additions to existing accounts.We believe the labor data since February could potentially provide the next leg inearnings growth for the uniform stocks and we have begun to hear anecdotalcommentary suggesting improvement in add/stop (i.e., additions at existing accounts)rates. However, if employment growth continues to decelerate, we could turn morecautious in our recommendation.

Historically, the uniform sector has been an effective way to invest in early-cycle stocks(the stocks historically bottom 12 months before an employment inflection) or to play anexpanding economy (stocks also tend to outperform mid to late cycle when the rate of jobgrowth is higher). Indeed, until recently, stock performance at the uniform rentalcompanies had lagged as the economy moved into more advanced stages of therecovery, following strong outperformance in the stocks prior to the August 2009employment bottom, confirming the stock's early-cycle nature.

However, since February the market has generally been positively surprised with themonthly jobs numbers (with the exception of this month's disappointing release). Thisphenomenon has historically allowed for uniform stock outperformance for a period ofroughly 13-24 months. For perspective, current cycle employment bottomed inSeptember 2009 (19 months ago). (Note: Past performance is no guarantee of futureresults.)



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Uniform Stock Performance

Source: FactSet Research Systems

One-Month Percentage Price Change YTD Percentage Price Change

Three-Month Percentage Price Change Trailing 12 Months Percentage Price Change

-10% -5% 0% 5% 10% 15% 20%

UniFirst

G&K Services

U niform Index

S&P 500

Cintas

0% 5% 10% 15% 20% 25% 30% 35%

UniFirst

S&P 500

Uniform Index

C intas

G&K Services

-8% -6% -4% -2% 0% 2% 4%

G &K Services

S&P 500

Uniform Index

UniFirst

C intas

-10% -5% 0% 5% 10% 15% 20%

U niFirst

G &K Services

S&P 500

Uniform Index

C intas

Indeed, now that we are seeing consistent employment gains within uniform-wearingsectors, we believe uniform rental companies have become a more compellinginvestment (and, indeed, offer lower beta exposure to broader macroeconomicheadwinds given the businesses' recurring revenue stream and solid free cash flowgeneration). The YTD share performance at in particular (the largest, and most liquid ofthe uniform rental stocks), suggests to us that the late cycle thesis in the uniform stocksmay be gaining momentum, providing conviction in our Outperform rating in those stocks.

We also note that valuation multiples for the group appear to have stabilized, particularlyat (now posting modest expansion), following several years of decline, which we believesuggests moderate upside now that employment growth rates are improving within ourAdd/Stop Index. We also believe that should trade at a premium to the group, which webelieve is justified by the company's outsized earnings growth potential versus peersresulting from its on-going turnaround strategy focused on improving margins topeer-levels.

trades at a discount to peers, which we believe reflects a dual-class share structure andlimited float, but is consistent with its historical average (indeed, a slight premium on anearnings basis), which we believe captures 's strong recent execution, balanced byemerging company-specific margin pressures from inventory .

Uniform Industry Valuation

Price Price Target Rating

Company Ticker FTM AVG FTM AVG

Cintas CTAS $31.99 $35 O 7.9x 9.0x 17.5x 18.7x

G&K Services GKSR $31.10 $40 O 7.3x 8.2x 16.0x 17.1x

UniFirst UNF $51.48 $60 N 5.7x 5.8x 14.1x 13.6x

Average: 7.0x 7.7x 15.9x 16.5x

As of 06/03/2011

Source: FactSet Research Systems and Baird estimates

EV/EBITDA, ftm P/E



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May Employment Report Disappoints, Consistent with RecentDerivative DataTotal nonfarm payrolls increased by 54,000 in May, well below expectations of +165,000and consistent with similar disappointing employment-related reports in recent weeks (inother words, the report was not surprising, but confirmatory). Private sector payrolls alsoretreated, posting a +83,000 gain, well below the +251,000 gain in April, which was thelargest single month gain in the report since February 2006. Furthermore, economistspredict seasonally lower employment gains in the data in 2H11, as the BLS' birth/deathadjustment factor (an adjustment to the data to reflect small firms not captured in thesurvey data) is expected to be more modest in 2H11.

Forward-looking employment indicators, however, suggest stability, with total averagehours worked holding constant at 34.3 hours in May (essentially constant sinceFebruary). The private employment diffusion index also declined to 53.6 (from 65.0 inApril). Note, however that a reading above 50 indicates sequential improvement in thedata. Thus, while the lower sequential reading indicates that employment accelerationhas slowed, overall growth rates remain positive (and the outlook stable).

Baird Add/Stop Index Growth Outpacing Broader Employment Gains DespiteDisappointing Headline Data

Baird's Add/Stop Index specific to uniform rental-related employment remains generallyhealthy; however, we saw more modest gains this month with our Index increasing+26,000. The May gains were below the +50,000-80,000 gains we have seen in recentmonths; however, the general trend in the data remains positive, with averageyear-to-date employment gains in 2011 consistent with previous cyclical averages of+65,000 and +54,000 (see figure below).

Baird Add/Stop Index


(400)

(300)

(200)

(100)

0

100

200

-8%

-6%

-4%

-2%

0%

2%

4%

1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

Baird Add/Stop Indicator Monthly Job Gains/Losses (000), right

Baird Add/Stop Indicator YOY Growth Rate, left

Average = 65k Average = 54k

Cycle Average = 38k

2011 Average = 62k

In addition, we note that the YOY growth rate in Add/Stop employment categoriescontinues to outpace the broader economy for the first time since late 2006/early2007 (and is now more than double the rate of general economic growth). This is acritical element of the data as uniform employment has lagged broader employmentcategories throughout the recovery until recently (indeed, until February 2011). AprilAdd/Stop employment increased 1.6% YOY versus the just 0.7% YOY gain in totalnon-farm payroll employment, which is a key reason why we remain constructive on theuniform stocks.



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Employment gains were also positive across most sectors within our Add/Stop Index withthe exception of construction and repair and maintenance, both of which have been dragsto the data over the past several months. Gains were particularly concentrated within theFood Services and Drinking Places industry (similar to last month) which has been a keytheme throughout this recovery (we believe this has also aided Direct Sale purchases atthe uniform rental companies). We also think that gains in Food Services and DrinkingPlaces should benefit many of the uniform rental companies' ancillary offerings, such aschemicals, hygiene products, shop towels and linens. For perspective, ancillary offeringsat the uniform rental companies encompass roughly 50% of total rental revenue and aremeaningful parts of the overall business, though garment rental is still the largestindividual category.

The figure below shows the absolute job gains/losses within several of the primaryuniform-wearing industries comprising our Index over the last month.

Baird Add/Stop Index Component Industries: 1-Month Employment Change (000s)


14

7

6

5

4

3

2

2

0

(1)

(1)

(6)

(7)

Food Services and Drinking Places

Food Manufacturing

Motor Vehicle and Parts Dealers

Food and Beverage Stores

Machinery

Fabricated Metal Products

Truck Transportation

Wholesale Trade - Durable Goods

Chemicals

Gasoline Stations

Wholesale Trade - Nondurable Goods

Repair and Maintenance

Specialty Trade Contractors

1-month Employment Change (000s)

Recent Derivative Employment Data Has Been Similarly DisappointingSimilar to this morning's BLS report, employment data over the past few weeks has beengenerally disappointing, indicating slowing momentum and still-elevated new joblessclaims.

For example, this week’s ADP employment report indicated net job growth of just38,000 in May, well below expectations (+180,000) and a reduction from average gains of~200,000 since December. Recall that the ADP report tracks employment gains/losses inthe U.S. private sector only.



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Total Nonfarm Private Payrolls, by Firm Size

Source: ADP Employment Report

105,000

107,000

109,000

111,000

113,000

115,000

117,000

(1,000)

(800)

(600)

(400)

(200)

-

200

400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Large (499+)

Medium (50-499)

Small (1-49)

Total Employment, millions (right)

Goods-producing sectors (greater uniform customer exposure) also moderated,posting their first decline since October 2010, falling by 10,000. Job growth in theservice-producing sector also moderated significantly, increasing 48,000 in May versus again of 141,000 in April (and +165,000 in March). Job gains in May continue to beconcentrated among small (1-49 employees) and medium (50-499 employees) firms withlarge firms posting a modest decline.

Initial jobless claims remain elevated with the 4-week moving average still above thekey 400,000 level this month, which is viewed as indicative of sustainable job growth.Furthermore, claims have generally overshot expectations, which is concerning. Still,initial jobless claims are 34% below their prior cycle peak of 658,750 in March 2009 anddid post a modest sequential over the past month (see figure below).

Initial Jobless Claims

Note: The solid red line indicates the level of jobless claims historically associated with net employment growth

Source: U.S. Department of Labor, Bureau of Labor Statistics

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

650,000

700,000

Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11

Initial Jobless Claims (4-wk MA)

Continuing jobless claims held steady in May (despite the increase in theunemployment rate), with the 4-week moving average increasing modestly from 3.727million at the end of April to 3.737 million currently. This week’s continuing claimsdecreased by 1,000, suggesting little change in structural unemployment rates.



8

Continuing Jobless Claims


0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

Jan-67 Jan-72 Jan-77 Jan-82 Jan-87 Jan-92 Jan-97 Jan-02 Jan-07

The unemployment rate (which is based on a separate survey) increased 10 bpssequentially to 9.1% in May (versus expectations that the unemployment rate woulddecline to 8.9%), though we note can be viewed positively, as the increase wasaccompanied by an increase in the labor force--potentially indicating better job prospects.Indeed, 272,000 people entered the labor force in May, the highest monthly increasesince August 2010. The U-6 unemployment rate (which includes involuntary part-timeemployment and discouraged workers – i.e., unemployed workers who have ceasedlooking for employment) also declined by 10 bps in May to 15.8%, and has steadilydeclined from a rate of 17% in November 2010.

Despite recent employment gains, the unemployment rate remains well above theprevious cyclical peaks of 6.3% in June 2003 and 7.8% in June 1992. Eventually,declines from this high unemployment rate will be a large opportunity for the uniformcompanies, in our view.

Civilian Unemployment Rate (persons 16 years of age and older)

Note: The solid grey bars indicate recessions, as determined by the National Bureau of Economic Research


0

2

4

6

8

10

12

1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010

Uniform Stock Investment Perspectives

• We rate G&K Services (-$31.10; $40 price target) at Outperform. We believe Streetestimates, broadly, GKSR's underlying earnings growth potential from even modest



9

top-line growth. Furthermore, G&K reported better-than-expected F3Q11 earnings inMay, driven by strong top-line results (above our estimate) and muchbetter-than-expected margin expansion. Investors are gaining confidence inmanagement's targeted “10/10” plan to achieve 10% operating margins and ROIC byF2014, which should unlock material value creation over the next several years.Combined with solid cash flow, and a likely increase in return of capital to shareholders(likely through a dividend increase later this summer), we see relative upside to thestock.

Against this backdrop, we continue to believe investors are best served by taking amulti-year look at GKSR’s ability to create value by bridging the profitability gapversus peers over time. In addition, we believe outsized earnings growth potential atGKSR relative to peers continues to justify a growth multiple for the stock. Our $40price target is supported by our DCF analysis which incorporates management’slong-term profitability targets and by the application of an 8.0x forward EV/EBITDA(in line with the stock’s historical average multiple of 8.2x and a slight premium topeers and consistent with what we see as above-average earnings growthpotential). Our price target also implies a 17.9x NTM P/E. Risks to our price targetinclude a highly competitive industry, employment trends, energy price fluctuationsand acquisition integration.

• We rate Cintas (CTAS-$31.66; $35 price target) at Outperform. Top-line momentumhas accelerated, driving margin and earnings leverage as previous investments insales staff have begun to pay off. Although rising commodity costs remain a source ofcaution (though have recently declined), with broad-based top-line improvement,increasing capital allocation towards M&A, and moderating pricing pressure, webelieve CTAS offers lower-risk leverage to a slowly improving employment market. Inaddition, we believe a $500M bond offering in May 2011 could also provide meaningfulaccretion (we estimate up to $0.12 in F2012) from share repurchases or other capitaldeployments and we are encouraged by recent efforts to expand the company’shigher-growth hygiene/chemicals business through strategic partnerships withestablished industry suppliers (e.g., Diversey).

Our $35 price target assumes modest (essentially flat) multiple expansion to 7.7xFTM EBITDA, below the company’s historical average of 9.2x but which we believemore fully reflects the industry’s challenging fundamentals and a slower growth rate,with downside supported by the company’s $500M share repurchase authorization.We also see upside to our price target to the extent CTAS can deploy its balancesheet toward additional accretive opportunities. Risks include a highly competitivemarket, employment trends, energy and scrap paper price fluctuations.

• We rate UniFirst (UNF-$51.10; $60 price target) at Neutral. UniFirst continues toexecute at a very high level, which we believe was well appreciated by the marketthroughout the downturn. However, with margin pressures building from (still high)commodity costs and the company's inventory cycle versus peers providing acounterbalance to cyclical tailwinds at GKSR/CTAS, we view risk/reward as balanced.That being said, we do see modest upside to the stock.

Our $60 price target assumes modest multiple expansion to 6.1x FTM EBITDA, amodest premium to the stock’s 5.8x average and current levels, recognizing theimproving investment landscape and UNF's recent performance versus peers butbalanced by what we see as emerging risk. Risks include a highly competitiveindustry, employment trends, energy price fluctuations, acquisition integration risks,and 10:1 super-voting insider shares.



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Appendix - Important Disclosures and Analyst Certification

Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q210

15

20

25

30

35

2009 2010 2011

07/16/08O:$36

09/19/08O:$37

12/18/08O:$35

12/22/08O:$31

06/01/09N:$27

09/23/09U:$28

12/23/09U:$26

02/17/10U:$22

07/21/10N:$28

09/22/10N:$30

12/22/10N:$32

03/14/11O:$34

03/23/11O:$35

Rating and Price Target History for: Cintas Corporation (CTAS) as of 06-02-2011

Created by BlueMatrix

Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q28

16

24

32

40

2009 2010 2011

08/13/08N:$36

10/07/08N:$32

10/29/08N:$23

12/18/08N:$21

04/29/09N:$26

06/01/09N:$22

08/07/09N:$21

09/23/09U:$21

10/28/09N:$23

01/27/10N:$26

04/28/10N:$28

06/15/10N:$23

08/18/10N:$24

11/02/10N:$30

01/19/11O:$37

02/02/11O:$38

05/03/11O:$40

Rating and Price Target History for: G&K Services, Inc. (GKSR) as of 06-02-2011




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Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q210

20

30

40

50

60

2009 2010 2011

07/03/08N:$53

10/30/08O:$38

06/01/09N:$37

06/02/09N:$36

07/02/09N:$39

09/23/09U:$42

10/29/09U:$43

01/07/10O:$59

04/01/10O:$60

07/01/10O:$51

10/20/10O:$54

01/05/11O:$57

01/19/11N:$58

03/30/11N:$60

Rating and Price Target History for: UniFirst Corporation (UNF) as of 06-02-2011


1 Robert W. Baird & Co. Incorporated makes a market in the securities of CTAS, GKSR and UNF.

Robert W. Baird & Co. Incorporated and/or its affiliates expect to receive or intend to seek investment bankingrelated compensation from the company or companies mentioned in this report within the next three months.Investment Ratings: Outperform (O) - Expected to outperform on a total return, risk-adjusted basis the broaderU.S. equity market over the next 12 months. Neutral (N) - Expected to perform in line with the broader U.S. equitymarket over the next 12 months. Underperform (U) - Expected to underperform on a total return, risk-adjustedbasis the broader U.S. equity market over the next 12 months.Risk Ratings: L - Lower Risk - Higher-quality companies for investors seeking capital appreciation or income withan emphasis on safety. Company characteristics may include: stable earnings, conservative balance sheets, andan established history of revenue and earnings. A - Average Risk - Growth situations for investors seeking capitalappreciation with an emphasis on safety. Company characteristics may include: moderate volatility, modestbalance-sheet leverage, and stable patterns of revenue and earnings. H - Higher Risk - Higher-growth situationsappropriate for investors seeking capital appreciation with the acceptance of risk. Company characteristics mayinclude: higher balance-sheet leverage, dynamic business environments, and higher levels of earnings and pricevolatility. S - Speculative Risk - High-growth situations appropriate only for investors willing to accept a highdegree of volatility and risk. Company characteristics may include: unpredictable earnings, small capitalization,aggressive growth strategies, rapidly changing market dynamics, high leverage, extreme price volatility andunknown competitive challenges.Valuation, Ratings and Risks. The recommendation and price target contained within this report are based on atime horizon of 12 months but there is no guarantee the objective will be achieved within the specified time horizon.Price targets are determined by a subjective review of fundamental and/or quantitative factors of the issuer, itsindustry, and the security type. A variety of methods may be used to determine the value of a security including,but not limited to, discounted cash flow, earnings multiples, peer group comparisons, and sum of the parts. Overallmarket risk, interest rate risk, and general economic risks impact all securities. Specific information regarding theprice target and recommendation is provided in the text of our most recent research report.Distribution of Investment Ratings. As of May 31, 2011, Baird U.S. Equity Research covered 657 companies,with 52% rated Outperform/Buy, 47% rated Neutral/Hold and 1% rated Underperform/Sell. Within these ratingcategories, 12% of Outperform/Buy-rated, and 6% of Neutral/Hold-rated companies have compensated Baird forinvestment banking services in the past 12 months and/or Baird managed or co-managed a public offering ofsecurities for these companies in the past 12 months.Analyst Compensation. Analyst compensation is based on: 1) The correlation between the analyst'srecommendations and stock price performance; 2) Ratings and direct feedback from our investing clients, oursales force and from independent rating services; and 3) The analyst's productivity, including the quality of theanalyst's research and the analyst's contribution to the growth and development of our overall research effort. Thiscompensation criteria and actual compensation is reviewed and approved on an annual basis by Baird's ResearchOversight Committee. Analyst compensation is derived from all revenue sources of the firm, including revenuesfrom investment banking. Baird does not compensate research analysts based on specific investment bankingtransactions.A complete listing of all companies covered by Baird U.S. Equity Research and applicable researchdisclosures can be accessed athttp://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx .



http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx

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You can also call 1-800-792-2473 or write: Robert W. Baird & Co., Equity Research, 24th Floor, 777 E. WisconsinAvenue, Milwaukee, WI 53202.Analyst Certification. The senior research analyst(s) certifies that the views expressed in this research reportand/or financial model accurately reflect such senior analyst's personal views about the subject securities orissuers and that no part of his or her compensation was, is, or will be directly or indirectly related to the specificrecommendations or views contained in the research report.DisclaimersBaird prohibits analysts from owning stock in companies they cover.This is not a complete analysis of every material fact regarding any company, industry or security. The opinionsexpressed here reflect our judgment at this date and are subject to change. The information has been obtainedfrom sources we consider to be reliable, but we cannot guarantee the accuracy.ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUESTThe Dow Jones Industrial Average, S&P 500, S&P 400 and Russell 2000 are unmanaged common stock indicesused to measure and report performance of various sectors of the stock market; direct investment in indices is notavailable.Baird is exempt from the requirement to hold an Australian financial services license. Baird is regulated by theUnited States Securities and Exchange Commission, FINRA, and various other self-regulatory organizations andthose laws and regulations may differ from Australian laws. This report has been prepared in accordance with thelaws and regulations governing United States broker-dealers and not Australian laws.Copyright 2011 Robert W. Baird & Co. IncorporatedOther DisclosuresUK disclosure requirements for the purpose of distributing this research into the UK and other countries for whichRobert W. Baird Limited holds an ISD passport.This report is for distribution into the United Kingdom only to persons who fall within Article 19 or Article 49(2) ofthe Financial Services and Markets Act 2000 (financial promotion) order 2001 being persons who are investmentprofessionals and may not be distributed to private clients. Issued in the United Kingdom by Robert W. BairdLimited, which has offices at Mint House 77 Mansell Street, London, E1 8AF, and is a company authorized andregulated by the Financial Services Authority. For the purposes of the Financial Services Authority requirements,this investment research report is classified as objective.Robert W. Baird Limited ("RWBL") is exempt from the requirement to hold an Australian financial services license.RWBL is regulated by the Financial Services Authority ("FSA") under UK laws and those laws may differ fromAustralian laws. This document has been prepared in accordance with FSA requirements and not Australian laws.

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Baird Perspective on Uniform Industry: Good News