Water Quarterly Newsletter

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1 Water Quarterly Newsletter Spring 2019 IN THIS ISSUE Deal in Focus: Servelec Technologies Acquired by FFL Partners California Water Price Index Now on NASDAQ Sector and Economic Indicators Trading and M&A Comparables Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James & Associates' Investment Banking Department and is for information purposes only. This report is not a product of Raymond James & Associates' Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results Raymond James & Associates, Inc., member of New York Stock Exchange/SIPC.

2 Informed Advice. Quality Results. Your success is our business. Companies developing and utilizing creative solutions to help solve the world s growing water problems can turn to the Raymond James Water team for results. The team s expansive industry relationships and deep market insight allow us to provide comprehensive service to our clients, particularly those addressing the industry s biggest secular trends: water scarcity, water quality and aging infrastructure. As one of the only investment banking teams with a dedicated focus on the industry, you can expect informed advice and quality results. March 2019 carve-out sale of Transaction Represents Raymond James Industry- Leading 14th Water Transaction Since 2016 Learn how our deep industry expertise and commitment to each transaction can help you achieve your business objectives. BRENDAN TIERNEY Managing Director, Global Head of Water

3 FIRST QUARTER DEAL IN FOCUS: SERVELEC TECHNOLOGIES ACQUIRED BY FFL PARTNERS TRANSACTION OVERVIEW On March 14, 2019, FFL Partners announced that it s affiliate, Laurel Solutions, had closed a deal to acquire Servelec Technologies ( Servelec or the Company in a carve-out sale out of Servelec Group. Raymond James served as the sole advisor on this transaction, which was a cross-border effort between Raymond James UK Generalist Group and Global Water Advisory teams For more than 40 years, Servelec s hardware and software IOT products, systems and consultancy services have been used by leading companies across sectors, including water & wastewater treatment, oil & gas, transportation, communications & broadcast, and energy Laurel Solutions works with leading business to grow the smart use and development of industrial technology. The company is backed by FFL Partners, allowing it to draw on the resources of a renowned private equity firm while maintain the nimbleness of a start-up FFL Partners is a San Francisco-based private equity firm with over $4.5 billion under management, focused on growth investments in middle market companies COMPANY OVERVIEW Servelec is a market-leading provider of remote monitoring systems, secure SCADA systems and business optimization software providing complete end-to-end automation and optimization solutions to clients around the world Servelec is headquartered in Sheffield, UK with offices in Melbourne, Australia, Waterloo, Belgium, Calgary, Canada and Abu Dhabi, United Arab Emirates RATIONALE FFL Partners and Laurel Solutions were attracted to Servelec s position in the water, energy, transport and infrastructure sectors which are driven by favorable regulatory, environmental and efficiency tailwinds Servelec s Industrial-Internet-of-Things (IIOT) enablement technologies will be a great fit for Laurel Solutions, strengthening Laurel s position as a leader in industrial automation and monitoring Laurel Solutions plans to make a significant investment into innovative products and solutions that will enhance Servelec s already strong capabilities The acquisition will further strengthen Laurel s current portfolio of industrial assets, which includes Bacharach, a designer and manufacturer of high-quality gas test and measurement instrumentation for commercial refrigeration and HVAC equipment; and Neutronics, a world-class provider of refrigerant and gas analyzers Sources: Servelec Technologies and FFL Partners websites and press releases. 3

4 CALIFORNIA WATER PRICE INDEX NOW ON NASDAQ In October 2018, Nasdaq (Nasdaq: NDAQ), along with Veles Water and WestWater Research, launched the Nasdaq Veles California Water Index (NQH2O) to create transparency in burgeoning water markets. The index, the first of its kind, benchmarks the price of water in a way that supports price discovery and enables the creation of a tradable financial instrument. This article provides a brief overview of U.S. water markets to help explain the importance and potential use of the NQH2O. WHAT ARE WATER MARKETS Water reallocation through market-based trades has become an important water management strategy across the western United States. These transactions involve the sale or lease of a wide range of ownership interests in water. Water rights are the most common type of ownership interest that are traded. A water right entitles the owner to divert or pump water from rivers, streams and groundwater basins. Other commonly traded entitlements include shares in groundwater banks, surface reservoir storage rights, and entitlements to treated wastewater. WHERE WATER MARKETS ARE LOCATED Water trading occurs in every western state with more than 20 distinct regions where market activity routinely occurs The largest markets are in southern California, the Front Range of Colorado and central Texas near Austin and San Antonio. These markets have formed at a local and regional level in response to a variety of market conditions, public policy, and ultimately the need to supply water for growing and changing demands. SIZING THE MARKET The overall size of the western United States water market is relatively small when compared to other natural resources that are more commonly traded. The market size in 2018 was 1.8M acre-feet traded through leases and sales with a total market value of $513M. The market has proven to be an important source of water during drought conditions. At the peak of the drought in 2015, it reached a record high of $1.1B in valued traded. The total value traded in that year was at near record levels of 2.3M acre-feet. Market activity has been relatively stable and flat since the drought broke in Volume and Value Traded Across the Western United States, Value Traded (Millions) Volume Traded (Million AF) $1,400 $1,200 $1,000 $800 $600 $400 $200 $ Sale Lease LARGEST MARKET REGIONS BY STATE The largest markets by volume and value occur in California followed Colorado, Arizona, and Texas. The value and volume of water traded annually in California is nearly four times that of other states. Over the last decade, a total of $3.9B of water has traded throughout California. Colorado is the next closest state at $1.0B. Total Value Traded by State, ($ Millions) Powered by Bing GeoNames, HERE, MSFT 4

5 CALIFORNIA WATER PRICE INDEX NOW ON NASDAQ (CONT D) WHO S BUYING AND SELLING WATER The agricultural sector is the main source of water across western state water markets. Approximately 67% of total volume transacted over the last 10 years originated from the agricultural sector. The next major source was the sale or lease of water rights held by municipalities at 16% of the total market followed by industrial rights at 8% and investor owned rights at 4%. On the demand side, municipalities are the largest buyer category with 44% of total market. Environmental buyers also play a significant role in western water markets comprising approximately 26% of the market followed by agriculture at 15%. The agricultural sector has showed the biggest growth by more than doubling in the last 10 years due to the expansion of high valued specialty crops within California. WATER PRICES AND DRIVERS In the water world, water is commonly measured in acre-feet (AF). As a result, most markets trade based on a price per acrefoot ($/AF). One acre-foot equals about 326,000 gallons, or enough water to cover an acre of land, about the size of a football field, one foot deep. These prices are highly influenced by local supply and demand conditions. Drought has been one of the major price drivers in recent years, particularly in California. Prior to the state s most recent drought ( ), an acre-foot of water typically traded on the spot market for an average of $100 to $200. In the summer of 2014, average prices jumped to $500 per acre-foot. At the peak of the drought in 2015, agricultural producers in Central Valley leased water for as much as $2,000 per acre-foot and reportedly out bid several cities for the first time. PRICE INFORMATION AND TRANSPARENCY The water markets that have emerged throughout the western United States started with informal trades and without any price or market reporting requirements. Nearly every water market is hampered by poor pricing signals and little to no transparency since there is no central market exchange. Consequently, market participants struggle to find price signals and often make decisions with limited information. NQH20 PRICE INDEX EXPLAINED The Nasdaq Veles California Water Index (NQH2O) tracks the spot rate price of water rights in the state of California. The goal of the index is to represent the current valuation of water as determined by water entitlement transactions from California s surface water market and selected adjudicated groundwater basins. Price data is aggregated from the five largest and most actively traded markets in California. The prices reflect the commodity value of water at the source, and do not include additional costs associated with transportation or losses. Water price data is sourced weekly from Waterlitix a pricing and market information database developed and maintained by WestWater Research. The Index began on October 31, 2018 at a value of $/AF and as of May 1, 2019 was at $/AF down by 20.8% since its launch reflecting the wet winter California has experienced. Snowpack, a major source of the states water is at 160% of normal and most reservoirs are filling. ABOUT THE AUTHOR 500,000 California Spot Market Trading Activity During Drought Volume Traded Average Price Drought Period $600 Clay Landry, Managing Director WestWater Research Total V olume Traded (AF) 450, , , , , , , ,000 50, $500 $400 $300 $200 $100 $0 Pirice ($/AF) Clay Landry is the Managing Director and a Principal of WestWater Research has over 25 years of experience in water acquisition and valuation projects throughout the United States. Landry leads the firm s acquisition programs at a national level and is currently managing the largest water rights acquisition program in the United States on behalf of the Central Arizona Groundwater Replenishment District. Through those efforts, he has implemented innovative farm rotational fallowing, water leasing and water banking programs that balance urban and agricultural water demands. Under Landry s leadership, WestWater originated two transactions nominated as Water Deal of the Year by the Global Water Awards. Any opinions are those of Clay Landry and not necessarily those of Raymond James. There is no assurance that any of the trends mentioned will continue, or that forecasts will occur. Raymond James is not associated with Clay Landry or Water Research. 5

6 WATER SCARCITY INDICATORS NASDAQ VELES CALIFORNIA WATER INDEX (NQH2O) (1) ($ Per Acre Foot) 1000 The NQH2O Index benchmarks the price of water across California in a way that supports price discovery and enables the creation of a tradable financial instrument /13 09/13 03/14 09/14 03/15 09/15 PALMER DROUGHT SEVERITY ( PDSI ) INDEX (2) 6 The PDSI Index uses readily available temperature and precipitation data to estimate relative dryness nationwide. Positive numbers indicate wet periods, zero is normal, and negative numbers indicate droughts Wet Periods Droughts /13 09/13 03/14 09/14 03/15 09/15 STATE WATER PROJECT (SWP) LONG-TERM WATER SUPPLY CONTRACT ALLOCATION LEVELS (3) The allocation is the % of each long-term water user s contracted volume that the state will actually provide during a given year. In dry years, the allocation is lower because less water is available for delivery. In wet years, the allocation is higher because more water is available for delivery 100% 80% 60% 60% 85% 70% 40% 35% 35% 20% 0% 5% 20% (1) Bloomberg. Market data as of 3/31/2019. Used with permission from NASDAQ. (2) U.S. Department of Commerce, National Environmental Satellite, Data, and Information Service, as of 3/31/2019. (3) California Department of Water Resources, as of 3/31/2019. Nasdaq is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED Nasdaq, Inc. All Rights Reserved 6

7 MACRO INDICATORS US ECONOMY GDP Growth Inflation vs Unemployment 3.5% 2.5% 1.5% 0.5% 2.6% 1.6% 2.2% 1.8% 2.5% 2.9% 1.6% 2.2% 2.9% 2.4% 1.9% 6.0% 5.0% 4.0% -0.5% -0.3% 3.0% -1.5% 2.0% -2.5% -3.5% -2.8% F 2020F 1.0% 0.0% STOCK MARKET Inflation (core) Unemployment Rate 3500 S&P VIX CURRENCIES GBP / USD EUR / USD USD / JPY Source: Bloomberg. Market data as of 3/31/

8 SELECT WATER END-MARKET INDICATORS AGRICULTURE INDUSTRIAL $430 Corn Futures (1) 63 Purchasing Managers Index $7,500 Copper Futures (2) $ $7,000 $ $6,500 $ $6,000 $ $5,500 $330 $ Expanding Contracting $5,000 $4,500 $290 MUNICIPAL Muni Bond Issuance ($ billions) RESIDENTIAL & CONSTRUCTION AAA 10-Year Muni Index to 10- Year Treasury Ratio 60 $4,000 Water Utility Employment (000s) ,550 Housing Starts vs Building Permits (000s) $1,350 Value of U.S. Construction Put in Place ($ billions) $330 Ductile Iron Pipe Pricing 1,450 Housing Starts Building Permits $1,300 $320 1,350 $310 1,250 $1,250 $300 1,150 $1,200 $290 1,050 $1,150 $ $ $1,100 $ $1,050 $250 Source: Bloomberg, Municipal Securities Rulemaking Board, Bureau of Labor Statistics. Market data as of 3/31/2019. (1) Corn Futures Contract from Chicago Board of Trade. Contract size is 5,000 bushels. (2) Copper 3 Month Rolling Forward Contract from London Metal Exchange. Contract size is 25 tonnes. Units = US dollars per tonne. 8

9 M&A OVERVIEW Since the Great Economic Recession in 2009, middle market LBO purchase price and net leverage multiples have continued to increase. In the water sector, transaction multiples for premium assets peaked in the low to mid-teens in MIDDLE MARKET ($50 MILLION OF EBITDA OR LESS) LBO PURCHASE PRICE AND NET LEVERAGE MULTIPLES 6.7x 7.0x 7.2x 8.5x 8.1x 9.3x 8.3x 6.6x 8.4x 8.2x 7.9x 8.8x 9.6x 10.7x 10.2x 11.6x 10.6x 11.1x 3.7x 3.8x 4.3x 5.0x 4.7x 5.8x 4.5x 3.2x 4.3x 4.3x 4.5x 4.6x 5.3x 5.3x 5.1x 5.5x 5.6x 5.8x Total Leverage Purchase Price Multiple RECENT SELECT WATER TRANSACTIONS Date Transaction EV / LTM Announced Buyers/Investors Target Value ($mm) Revenue EBITDA 3/26/19 Olympus Partners Tank Holdings Corp /14/19 Laurel Solutions Servelec Technologies Limited /25/19 First Reserve Corporation Weir Flow Control $ /8/19 Kurita Water Industries Ltd. U.S. Water Services, Inc. $ x - 2/7/19 Xylem Aquatune /8/19 Refresco Group N.V. Cott Beverages LLC $ x - 1/20/19 Shawcor Ltd. ZCL Composites Inc. $ x 13.9x 1/10/19 Pentair plc Aqua Membranes LLC /7/19 Pentair plc Pelican Water Systems $ /7/19 Pentair plc Aquion, Inc. $ /2/19 Ostara Nutrient Recovery Technologies Inc. Substantially all Assets of Multiform Harvest Inc /27/18 J.F. Lehman and Company, LLC Inland Pipe Rehabilitation LLC /18/18 Quench USA, Inc. Pure Water Technology $ x - 12/1/18 Newater Technology, Inc. AMS Technologies Ltd. $ /6/18 Oaktree Capital Management MWH Constructors /1/18 Platinum Equity, LLC Water Care Business of Lonza Group $ /1/18 AquaVenture Holdings Limited AUC Group, Inc. $ /31/18 WaterBridge Resources, LLC Infrastructure Assets in the Delaware Basin 325.0x /1/18 Eurofins Scientific SE TestAmerica Environmental Services, LLC $ x - 10/1/18 Blue Orange SAS Optimatics Pty Ltd /24/18 EQT Partners Saur SAS /20/18 Ovivo Inc. Filterboxx /3/18 DuBois Chemicals, Inc. Triwater Holdings - Treatment $ /30/18 XPV Water Partners Metasphere Ltd /28/18 Marlowe Plc Suez's UK Water Conditioning Services Unit $ /7/18 Culligan International Company Water Co. Holding LLC /6/18 Kao USA Inc. Washing Systems, LLC /30/18 Northwest Pipe Company Ameron Water Transmission Group, LLC $ x - Source: S&P LCD, CapIQ, press releases and Raymond James internal resources. (1) $50M of EBITDA or less. 9

10 M&A OVERVIEW (CONTINUED) Date Transaction EV / LTM Announced Buyers/Investors Target Value ($mm) Revenue EBITDA 7/26/18 PGGM Infrastructure Fund SUEZ Water Resources Inc. $3, /23/18 Culligan International Company Aqua Vital /18/18 Custom Molded Products Aqua Sun Ozone International /2/18 United Rentals, Inc. Bakercorp International Holdings, Inc. $ x 9.1x 6/28/18 Bain Capital Private Equity, LP Italmatch Chemicals S.p.A. $ x 11.8x 6/20/18 Evoqua Water Technologies LLC ProAct Services Corporation $ x 6/7/18 Milestone Partners RedZone Robotics, Inc /30/18 Kurita Water Industries Ltd. 51% of Fracta, Inc. $ /3/18 Solenis International BASF /23/18 SPX Corporation ELXI Corporation (d/b/a Cues) 189.0x 2.1x - 3/14/18 Culligan International Company Paragon Water Systems, Inc /20/18 Ancala Partners LLP South Downs Capital Limited /20/18 IFM 49% of FCC Aqaualia $1, x 8.7x 2/15/18 AquaVenture Holdings Limited Abengoa Water Investments Ghana B.V /14/18 Granite Construction Incorporated Layne Christensen Company $ x 16.6x 2/12/18 Cott Corporation Crystal Rock Holdings, Inc. $ x 6.7x 2/1/18 Xylem Inc. EmNet, LLC /1/18 Evoqua Water Technologies Corp. Pure Water Solutions, Inc /26/18 Argo Infrastructure Partners 99% of Bayonne & Middletown JVs $ /2/18 Ecolab Inc. Cascade Water Services, Inc. $ x 12/26/17 Hubbell Power Systems, Inc. Aclara Technologies $1, x 12.2x 12/21/17 Sulzer Pumps Equipment JWC Environmental, LLC 216.0x x 12/15/17 Dalmore, GMPF & LPFA Infrastructure Anglian Water Group Limited $ /11/17 Xylem Inc. Pure Technologies Ltd. $ x 26.5x 11/30/17 EagleTree Capital Waterfleet, LLC /29/17 The City of Hutto, Texas Heart of Texas Suppliers, L.P /16/17 Kinetico Incorporated Nimbus Water Systems, Inc /6/17 NewWorld Capital Group Aquam Corp $ /1/17 Halma plc Mini-Cam Enterprises Ltd $ /10/17 WaterBridge Resources, LLC Arkoma Water Resources, LLC /21/17 Kuraray Holdings U.S.A., Inc. Calgon Carbon Corporation $1, x 16.5x 9/18/17 Itron, Inc. Silver Spring Networks, Inc. $ x - 9/5/17 A. O. Smith Corporation William R Hague, Inc. $ x 8.0x 8/31/17 U.S. Water Tonka Water /29/17 May River Capital, LLC BJM Pumps, LLC /6/17 Mexichem, S.A.B. de C.V. Netafim Ltd. $1, x - 8/2/17 Jacobs Engineering Group Inc. CH2M HILL Companies, Ltd. $3, x - 7/31/17 AE Industrial Partners CDI Corp $ /25/17 Zep, Inc. Alex C. Fergusson, LLC /18/17 Select Energy Services, Inc. Rockwater Energy Solutions, Inc. $ /10/17 Audax Group, Inc. Envirovac /5/17 Evoqua Water Technologies LLC ADI Systems /3/17 Culligan International Company Zip Industries (Aust) Pty Ltd $ High $3, x 26.5x Low $ x 6.7x Median $ x 11.0x Mean $ x 12.2x Source: S&P LCD, CapIQ, press releases and Raymond James internal resources. (1) $50M of EBITDA or less. 10

11 PUBLIC COMPANY COMPARABLE UNIVERSE Set forth below, we have classified select publicly traded companies within the water universe into nine subsectors. While some companies may be considered a fit in multiple subsectors, we have only presented each company s interests in one. AGRICULTURE DIVERSIFIED ENGINEERING & CONSTRUCTION FLOW CONTROL INFRASTRUCTURE SMART TECH SPECIALTY CHEMICAL UTILITIES WATER DISTRIBUTION This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed, sponsored or affiliated with any trademark owner. Raymond James & Associates, Inc. and its affiliates are not affiliated with any trademark owner but may provide certain financial services to one or more trademark owners or their affiliates. 11

12 PUBLIC COMPANY VALUATION: EV / LTM EBITDA AGRICULTURE DIVERSIFIED ENGINEERING & CONSTRUCTION 12.3x 15.1x 16.9x 16.9x 18.3x 13.3x 14.0x 15.5x 15.1x 14.6x 10.2x 11.5x 10.9x 10.1x 9.3x FLOW CONTROL INFRASTRUCTURE SMART TECH 19.3x 19.2x 12.3x 13.4x 17.3x 15.2x 16.0x 13.6x 14.6x 15.4x 14.1x 16.1x 8.7x 9.2x 10.2x SPECIALTY CHEMICAL UTILITIES WATER DISTRIBUTION 16.6x 16.9x 8.8x 10.6x 10.1x 10.8x 11.3x 10.9x 13.0x 13.7x 13.4x 14.3x 13.3x 14.6x 12.6x Source: Bloomberg market data as of 3/31/2019. Note: Values represent the median EV / LTM EBITDA multiples for each sector over the course of the period. For additional detail on the companies within each sector, see detail pages in the back of the newsletter. 12

13 INDUSTRY PERFORMANCE OVERVIEW STOCK PRICE PERFORMANCE 30 Day % 2% 21% 8% 8% 13% 9% 1% 2% 7% 10% 0% -14% -13% -2% -1% -1% -5% -10% -20% -7% -23% -3% -18% -5% -27% Agriculture Diversified Engineering & Construction -36% Flow Control Infrastructure Smart Tech Specialty Chemical Utilities Water Distribution REVENUE CAGR ( 19-21) 6% 4% 4% 4% 3% 4% 5% 5% 3% Agriculture Diversified Engineering & Construction Flow Control Infrastructure Smart Tech Specialty Chemical Utilities Water Distribution GROSS MARGIN (LTM) 53% 46% 33% 32% 38% 30% 37% 18% 15% Agriculture Diversified Engineering & Construction Flow Control Infrastructure Smart Tech Specialty Chemical Utilities Water Distribution Source: CapIQ market data as of 12/31/2018. Note: Values represent the median price, revenue CAGR, and gross margin for each sector over the course of the period. For additional detail on the companies within each sector, see detail pages in the back of the newsletter. 13

14 WATER INVESTMENT BANKING TEAM An active presence at industry conferences as well as an open dialogue with key industry decision makers provides the RJ team with market-leading insight and intel. We leverage this deep sector focus to provide discerning, objective advice for our clients. Brendan E. Tierney Managing Director, Global Head of Water Brendan Tierney joined Raymond James in Prior to joining Raymond James, Mr. Tierney led the industrials practice at Janney Montgomery Scott from 2008 to 2016 and developed sector expertise in water and wastewater, flow control, test & instrumentation specialty chemicals and niche manufacturing. Prior to joining Janney, he was a Vice President in Citigroup s global Mergers & Acquisitions group from 2006 to Prior to joining Citigroup, Mr. Tierney spent over five years at Rabobank, a leading European bank, as an Associate and Vice President in their Mergers & Acquisitions group. Prior to completing his MBA at Cornell s Johnson School, he worked on the institutional fixed income sales desk at Merrill Lynch in Boston and as a fixed income analyst at State Street Research, an asset management firm now owned by BlackRock. Mr. Tierney also holds a Bachelor of Arts from Tufts University. O: E: Clancey W. Crowley Vice President Clancey W. Crowley joined Raymond James in Mr. Crowley joined Raymond James from Citigroup, where he specialized in M&A and capital markets advisory for infrastructure and global industrial companies. Prior to Citigroup, Mr. Crowley worked for AllianceBernstein L.P. and served in the United States Navy. Mr. Crowley holds degrees from Columbia College of Missouri (BS), Georgetown University (MPS) and New York University (MBA). O: E: Corey W. Schmidt Analyst Corey Schmidt joined the Industrials group in June Mr. Schmidt graduated from The McIntire School of Commerce at the University of Virginia, earning a B.S. in Commerce with concentrations in Finance and Management, and a minor in History. Prior to Raymond James, Mr. Schmidt held internships at Height Securities in Washington D.C. and Greenspring Associates in Baltimore, Maryland. O: E: 14

15 PRACTICE OVERVIEW RAYMOND JAMES OVERVIEW Full-service financial services firm with investment banking, equity research, institutional sales & trading and asset management operations Founded in 1962 and public since 1983 (NYSE: RJF) Fiscal 2018 net revenue of over $7.2 billion; net income of approximately $857 million Total market capitalization of nearly $11.0 billion; client assets of approximately $750.0 billion More than 120 consecutive quarters of profitability Over 7,700 financial advisors in more than 3,000 retail offices serving approximately 3 million accounts throughout the United States, Canada and overseas European operations in the United Kingdom, France, Belgium, Germany and Switzerland 29 North American and international investment banking and institutional sales offices with over 360 bankers INVESTMENT BANKING OVERVIEW M&A Advisory Public Offerings Private Placements Exclusive Sales Acquisition Advisory Management Buyouts Leveraged Buyouts Fairness Opinions Activism Defense Initial Public Offerings Follow-On Offerings At-the-Market Offerings (ATMs) Senior & High Yield Debt Convertible Securities Registered Directs PIPEs Private Equity Senior Debt Subordinated Debt RJ AWARDS & RECOGNITION INDUSTRIALS DEAL OF THE YEAR INVESTMENT BANKING FIRM OF THE YEAR USA MIDDLE MARKET M&A INVESTMENT BANK OF THE YEAR RECEIVED 16 STARMINE ANALYST AWARDS INVESTMENT SERVICES PROVIDER OF THE YEAR - USA MIDDLE MARKET INVESTMENT BANK OF THE YEAR RANKED 2 nd PLACE BEST ON THE STREET AMONG THE MOST ADMIRED SECURITIES COMPANIES Criteria for the awards can be found at 15

16 REPRESENTATIVE CREDENTIALS Raymond James has participated in many industry-shaping transactions, including mergers and acquisitions, strategic advisory, fairness opinions and equity and debt capital raises, within the water and wastewater space. April 2019 March 2019 December 2018 June 2018 June 2018 Carve-out Sale of a portfolio company of by way of an MBO backed by has acquired C$322,000,000 $58,000,000 $132,000,000 June 2018 March 2018 November 2017 October 2017 August 2017 Heart of Texas Suppliers has acquired Follow On Offering Initial Public Offering has sold its assets to $442,750,000 $575,000,000 $59,000,000 June 2017 April 2017 Private Placement October 2016 Initial Public Offering January 2016 Environmental Disposal Corporation September 2015 Private Placement $26,000,000 $134,550,000 $13,000,000 July 2015 May 2015 January 2015 October 2014 June 2014 has completed a recapitalization led by $43,480,000 $160,000,000 April 2014 March 2014 July 2013 June 2013 June 2013 Common Stock Private Placement has sold substantially all of its OCTG assets to an affiliate of Buy Side Advisor Follow-On Offering Initial Public Offering SB International Inc. $10,000,000 $42,720,000 $120,000,000 $1,101,063,816 January 2013 January 2013 August 2012 June 2012 June 2012 has acquired Senior Notes has completed a recapitalization led by $133,000,000 $2,925,000,000 Note: Includes transactions completed by Raymond James or senior bankers while at previous firms. 16

17 Appendix A Detail for Comparable Companies 17

18 COMPARABLE COMPANIES DETAIL As of 03/31/2019. (In millions of USD, except per share data) Market Statistics LTM Financial Performance Growth Leverage Valuation Metrics Stock % of 52 Week Dividend Enterprise Market Gross EBITDA Revenue CAGR LTM EV / Revenue EV / EBITDA Company Price High Low Yield Value Cap Revenue EBITDA Margin Margin '17 - '19 '19 - '21 Gross Net LTM NTM LTM NTM Agriculture Lindsay Corporation $ % 116% 1.5% $1,024 $1,044 $514 $ % 7.3% (6.0%) 5.7% 3.1x 0.4x 2.0x 2.1x x Raven Industries, Inc % 116% 1.3% 1,318 1, % 18.3% 10.6% - 0.0x - 3.2x 3.2x 17.7x 14.6x The Toro Company % 130% 1.2% 7,367 7,305 2, % 16.4% 11.8% 5.2% 0.7x 0.1x 2.8x 2.6x 16.8x 15.7x Trimble Inc % 136% - 11,991 10,195 3, % 19.3% - 3.8% 3.3x 2.9x 3.8x 3.6x 19.6x 15.5x Valmont Industries, Inc % 126% 1.1% 3,372 2,856 2, % 11.7% 5.9% 3.6% 2.7x 2.0x 1.2x 1.2x 10.5x 8.9x Mean 35.4% 14.6% 5.6% 4.6% 2.0x 1.4x 2.6x 2.5x 16.1x 14.0x Median 32.6% 16.4% 8.2% 4.5% 2.7x 1.2x 2.8x 2.6x 17.3x 15.4x Diversified 3M Company $ % 117% 3.1% $131,207 $119,660 $32,350 $9, % 28.0% 5.2% 2.8% 1.9x 1.5x 4.1x 4.0x 14.5x 13.7x Danaher Corporation % 140% 0.5% 103,451 94,486 20,078 4, % 24.1% 12.3% 5.1% 2.2x 1.4x 5.2x 5.1x 21.4x 20.9x Donaldson Company, Inc % 124% 1.4% 6,916 6,390 2, % 16.7% 18.3% 2.9% 1.5x 1.1x 2.4x 2.3x 14.6x 13.2x Dover Corporation % 142% 2.0% 16,389 13,621 7,079 1, % 17.4% (7.6%) 2.4% 2.8x 2.6x 2.3x 2.3x 13.3x 12.2x Emerson Electric Co % 124% 2.8% 46,836 42,083 17,739 3, % 20.5% - 4.9% 1.6x 1.3x 2.6x 2.4x 12.9x 11.5x Halma plc % 146% 0.8% 8,506 8,253 1, % 22.6% % 1.0x 0.7x 5.6x 5.2x 25.0x 22.0x Mean 45.7% 21.6% 7.0% 4.8% 1.8x 1.4x 3.7x 3.5x 16.9x 15.6x Median 45.9% 21.6% 8.8% 3.9% 1.8x 1.3x 3.3x 3.2x 14.6x 13.4x Engineering & Construction Advanced Drainage Systems, Inc % 112% 1.1% 2,065 1,472 1, % 14.4% 8.3% - 1.6x 1.5x 1.5x 1.4x 10.6x 8.3x AECOM % 119% - 7,886 4,631 20, % 3.8% 9.8% - 5.1x 4.0x 0.4x 0.4x 10.2x 7.9x Doosan Corporation % 102% - 14,166 1,138 16,324 1, % 10.1% 3.9% - 6.8x 5.3x 0.9x 0.8x 8.6x 8.3x Primoris Services Corporation % 116% 1.1% 1,271 1,049 2, % 7.6% x 1.0x 0.4x 0.4x - - Stantec Inc % 109% 1.8% 3,190 2,642 2, % 10.5% (1.3%) 2.4% 2.7x 2.1x 1.3x 1.2x 12.4x 9.8x Suez SA % 109% 5.2% 21,561 8,169 19,843 2, % 12.8% 5.5% 2.6% 5.7x 4.1x 1.1x 1.1x 8.5x 6.5x Tetra Tech, Inc % 129% 0.9% 3,487 3,290 2, % 10.6% x 0.6x 1.5x 1.4x 14.6x 12.7x Veolia Environnement S.A % 121% 4.3% 24,498 12,370 29,470 3, % 11.0% (0.2%) 3.0% 5.0x 3.3x 0.8x 0.8x 7.5x - Mean 24.5% 10.1% 4.3% 2.7% 3.7x 2.7x 1.0x 0.9x 10.3x 8.9x Median 17.8% 10.5% 4.7% 2.6% 3.8x 2.7x 1.0x 0.9x 10.2x 8.3x Flow Control Evoqua Water Technologies Corp % 159% - 2,346 1,436 1, % 12.5% 6.9% 2.8% 5.7x 5.3x 1.7x 1.6x 13.8x 9.5x Flowserve Corporation % 126% 1.6% 6,794 5,913 3, % 12.7% 4.8% 4.6% 3.4x 2.1x 1.8x 1.7x 14.1x 12.3x Franklin Electric Co., Inc % 131% 1.2% 2,518 2,368 1, % 12.3% 9.0% - 1.6x 1.2x 1.9x 1.9x 15.8x 13.5x Graco Inc % 133% 1.2% 8,341 8,196 1, % 28.4% 8.3% 3.9% 0.6x 0.4x 5.0x 4.8x 17.8x 16.3x IDEX Corporation % 129% 1.1% 11,883 11,501 2, % 26.7% 6.5% 4.0% 1.4x 0.7x 4.8x 4.6x 17.9x 17.1x Pentair plc % 126% 1.8% 8,354 7,641 2, % 18.7% - 3.0% 2.7x 2.5x 2.9x 2.7x 15.3x 13.0x SPX FLOW, Inc % 117% - 1,923 1,357 2, % 12.2% 3.1% 1.6% 3.2x 2.5x 0.9x 0.9x 7.5x 7.4x Sulzer Ltd % 129% 3.3% 3,563 3,311 3, % 9.6% 7.2% 3.6% 4.1x 0.7x 1.0x 1.0x 10.8x 8.2x The Gorman-Rupp Company % 120% 1.7% % 14.4% 7.0% - 0.0x - 2.0x 1.9x 14.1x 11.7x Xylem Inc % 130% 1.2% 16,218 14,192 5, % 17.9% 7.4% 4.9% 2.8x 2.5x 3.1x 3.0x 17.3x 14.9x Mean 35.1% 16.4% 6.6% 3.4% 2.5x 1.9x 2.5x 2.3x 14.1x 12.1x Median 32.7% 12.7% 7.0% 3.6% 2.7x 1.7x 1.9x 1.9x 14.1x 12.3x Values that exceed or fail to reach an appropriate threshold for each category are excluded. 18

19 COMPARABLE COMPANIES DETAIL As of 03/31/2019. (In millions of USD, except per share data) Market Statistics LTM Financial Performance Growth Leverage Valuation Metrics Stock % of 52 Week Dividend Enterprise Market Gross EBITDA Revenue CAGR LTM EV / Revenue EV / EBITDA Company Price High Low Yield Value Cap Revenue EBITDA Margin Margin '17 - '19 '19 - '21 Gross Net LTM NTM LTM NTM Infrastructure Aegion Corporation $ % 116% - $795 $558 $1,286 $ % 7.3% (2.6%) 3.3% 4.0x 3.3x 0.6x 0.6x 8.5x 7.1x Forterra, Inc % 130% - 1, , % 9.9% (1.0%) 1.6% x 1.0x 10.7x 8.7x Great Lakes Dredge & Dock Corporation % 204% % 20.4% 2.6% - 2.3x 1.4x 1.3x 1.2x 6.2x 7.3x Northwest Pipe Company % 145% % 4.3% x 0.8x 1.4x 1.0x - 8.5x Orion Group Holdings, Inc % 101% (8) 4.2% - (1.2%) 7.3% x 0.3x - - Mean 14.1% 10.5% (0.6%) 4.1% 2.7x 1.8x 0.9x 0.8x 8.5x 7.9x Median 16.6% 8.6% (1.1%) 3.3% 2.3x 1.4x 1.1x 1.0x 8.5x 7.9x Smart Tech Badger Meter, Inc. $ % 136% 1.1% $1,625 $1,620 $434 $ % 15.0% 6.3% 5.0% 0.3x 0.1x 3.7x 3.6x 24.9x 17.7x Energy Recovery, Inc % 141% - $391 $472 $81 $ % 23.1% 12.1% - 0.7x - 4.9x 4.4x 21.0x 18.1x Itron, Inc % 105% - $2,777 $1,859 $2,376 $ % 10.0% 9.9% - 4.3x 3.8x 1.2x 1.1x 11.6x 10.8x Mistras Group, Inc % 106% - $673 $394 $742 $ % 8.0% 5.7% - 5.1x 4.7x 0.9x 0.9x 11.4x 7.5x Roper Technologies, Inc % 139% 0.5% $40,008 $35,431 $5,276 $1, % 34.4% 7.0% 6.1% 2.6x 2.4x - 7.5x 22.0x 21.5x Mean 47.8% 18.1% 8.2% 5.6% 2.6x 2.7x 2.7x 3.5x 18.2x 15.1x Median 38.3% 15.0% 7.0% 5.6% 2.6x 3.1x 2.5x 3.6x 21.0x 17.7x Specialty Chemical Clariant AG % 120% 2.7% 8,424 6,931 6, % 12.4% 2.3% 5.7% 2.7x 1.6x 1.3x 1.2x 10.1x 8.1x Ecolab Inc % 133% 1.0% 57,889 50,908 14,703 3, % 21.4% 5.9% 5.8% 2.5x 2.4x 3.9x 3.7x 18.4x 17.6x Hawkins, Inc % 121% 2.4% % 10.2% x 1.5x 0.9x - 8.5x - Kemira Oyj % 118% 4.2% 2,735 1,888 2, % 12.1% 0.5% 2.6% 3.3x 2.6x 0.9x 0.9x 7.7x 6.7x Kurita Water Industries Ltd % 117% 1.9% 2,219 2,865 2, % 15.9% 10.5% 2.0% 0.0x - 0.9x 0.9x - 6.1x Mean 26.6% 14.4% 4.8% 4.0% 2.0x 2.0x 1.6x 1.7x 11.2x 9.6x Median 29.4% 12.4% 4.1% 4.2% 2.5x 2.0x 0.9x 1.1x 9.3x 7.4x Utilities American States Water Company $ % 139% 1.6% $3,032 $2,622 $437 $ % 33.1% (0.0%) 2.2% 2.9x 2.8x - 6.7x 20.9x 19.8x American Water Works Company, Inc % 134% 1.9% 27,312 18,820 3,492 1, % 49.2% 2.9% 5.0% 5.2x 5.2x - 7.5x 15.9x 14.9x Aqua America, Inc % 114% 2.3% 9,123 6, % 56.2% 4.5% 4.4% 5.6x 5.6x x 19.2x 17.2x AquaVenture Holdings Limited % 164% % 20.9% - 4.7% x 4.1x x Artesian Resources Corporation % 116% 2.7% % 42.6% x 3.9x 6.0x x - California Water Service Group % 152% 1.6% 3,442 2, % 28.4% 4.3% 4.3% 4.8x 4.5x 5.0x 4.8x 17.5x 14.8x Global Water Resources, Inc % 114% 3.0% % 47.1% 7.4% - 6.8x 6.1x - 8.6x 18.7x 18.0x Middlesex Water Company % 161% 1.7% 1, % 36.2% 2.9% - 4.2x 4.1x - 7.9x 22.6x - SJW Group % 120% 2.0% 1,866 1, % 37.9% 4.6% 5.1% 3.6x 0.8x 4.7x 4.5x 12.3x 12.8x The York Water Company % 119% 2.1% % 58.3% 2.1% - 3.4x 3.4x x 19.1x - Mean 58.4% 41.0% 3.6% 4.3% 4.5x 4.0x 5.2x 7.2x 17.8x 15.5x Median 53.7% 40.2% 3.6% 4.6% 4.2x 4.1x 5.2x 7.5x 18.7x 14.9x Water Distribution A. O. Smith Corporation $ % 132% 1.7% $8,527 $8,950 $3,148 $ % 19.6% 7.8% 5.2% 0.5x - 2.7x 2.6x 13.8x 12.9x Mueller Water Products, Inc % 119% 1.9% 1,837 1, % 17.5% x 1.5x 2.0x 1.8x 11.3x 8.4x Rexnord Corporation % 118% - 3,649 2,634 2, % 18.2% 6.4% 4.0% 3.2x 2.5x 1.6x 1.7x 8.9x 8.0x Watts Water Technologies, Inc % 132% 1.0% 2,899 2,749 1, % 15.4% 10.7% 2.5% 1.5x 0.8x 1.8x 1.8x 11.9x 11.3x Mean 36.5% 18.4% 7.1% 4.6% 2.2x 2.0x 2.1x 2.1x 11.4x 9.8x Median 37.3% 18.2% 7.1% 4.6% 2.7x 2.0x 2.0x 1.8x 11.3x 8.4x Values that exceed or fail to reach an appropriate threshold for each category are excluded. 19

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