RW Baird is the leading financial analyst of the workwear sector. Download their July outlook on the industry which remains very positive!

1. July 8, 2011 Baird Equity Research
Business Services
Facility Services
Positive Cyclical Uniform Thesis Intact Despite Continued BLS Headlines
June BLS employment failed to re-accelerate despite an encouraging ADP report earlier INDUSTRY UPDATE
this week but YOY growth in uniform employment continues to accelerate. Easy
Prices as of 7/7/11
comparisons coupled with excess capacity at uniform rental facilities (driving strong
Mkt Cap
incremental margins) are the key reasons why we remain constructive on the sector, Ticker Price Rating Risk
(mil)
with UNF's earnings report last week suggesting potential for positive earnings surprises CTAS $34.12 $4958 O A
from peers. We believe cyclical momentum should continue through 2Q11 earnings GKSR $36.23 $ 667 O A
season (and possibly longer), providing opportunity for additional outperformance.
UNF $60.49 $1183 N A
Baird covered companies
s June employment fails to re-accelerate; disappoints. Total nonfarm payrolls
increased by 18,000, well below recently upwardly revised expectations with May
figures revised lower.
- The unemployment rate rose to 9.2% despite a decline in the labor force (a
negative), with the number of underemployed workers increasing at the fastest pace
since September 2010.
s Baird's Add/Stop Employment Index for uniform wearer posted modest growth
(+22,000), similar to May but below recent trends.
- Importantly, YOY job growth related to uniform wearers continues to increase
(indeed, accelerating) at more than twice the rate of the headline number and is
now at its highest level since 2006, underpinning our positive view on the stocks.
s Macroeconomy still constructive for uniform rental stocks; cyclical tailwind should
continue through summer. Our checks suggest moderating price competition in
uniform rental (some markets are even increasing), and recent commentary suggests
uniform companies are seeing high-margin positive add/stops in their business. We
believe easier comparisons should continue through 2Q11 earnings season (possibly
longer). In addition, continued declines in commodity costs (especially cotton) should
provide additional support beyond fixed cost leverage.
s G&K (Outperform): We believe Street estimates, broadly, underappreciate GKSR's
underlying earnings growth potential from even modest top-line growth. Combined
with solid progress on the turn-around strategy, solid cash flow, and a likely increase
in return of capital to shareholders, we still see upside to the stock.
s Cintas (Outperform): Top-line momentum has accelerated, driving margin and
earnings leverage as previous investments in sales staff are paying off. In addition, we
believe May's $500M bond offering could provide meaningful accretion if deployed
and we are encouraged by recent efforts to expand the company’s higher-growth
hygiene/chemicals business through strategic partnerships with established industry
suppliers (e.g., Diversey).
s UniFirst (Neutral): UniFirst continues to execute above peer levels, suggesting share
[ ]
gains. However, rising merchandise costs are slightly holding back cyclical earnings
Please refer to Appendix
growth. Shares appear fully valued but may provide longer-term opportunities beyond
- Important Disclosures
cyclical dynamics. and Analyst Certification
Andrew J. Wittmann, CFA Justin P Hauke
.
awittmann@rwbaird.com jhauke@rwbaird.com
414.298.1898 312.609.5485

2. July 8, 2011 | Facility Services
Details
Cyclical Uniform Thesis Continues Despite Continued Headline Employment
Weakness
BLS employment failed to re-accelerate in June despite an encouraging ADP report earlier this week
but YOY growth in uniform employment continues to accelerate. We believe favorable comparisons
coupled with excess capacity at many uniform rental facilities (driving strong incremental margins) are
the key reasons why we remain constructive on the sector, with UNF's earnings report last week
suggesting potential for continued positive earnings surprises. We believe cyclical momentum should
continue through 2Q11 earnings season (and possibly longer) providing opportunity for additional
sector outperformance.
Indeed, job growth in uniform-related wearers continues to increase (indeed, accelerating
sequentially) at more than twice the rate of the economy as a whole and remains at its highest level
since 2006, a crucial point underpinning our positive view on uniform stocks. The figure below
demonstrates this dynamic, a point that we continue to stress is not reflected in a cursory view of the
data. This point was also highlighted by UNF's much better-than-expected earnings results last week,
with organic uniform rental growth increasing at its fastest pace in 5 years.
Total Non-Farm Employment vs. Baird Add/Stop Employment Indicator (YOY Change)
3.00%
2.00% BLS Total Non-Farm Employment
1.00% Baird Add/Stop Employment Indicator
0.00%
-1.00%
-2.00%
-3.00%
-4.00%
-5.00% Growth in Baird Add/Stop
-6.00% Index employment is
outpacing total NFP
-7.00% employment - first time
since early 2007
-8.00%
Source: Bureau of Labor Statistics and Baird Research
Thus we continue to see upside in uniform rental stocks as incremental wearers at existing rental
accounts boost utilization rates, generating highly profitable incremental margins, with recent
commodity price declines providing additional support for earnings.
Indeed, cotton prices have declined 42% since their March peak (25% in the past month alone), a
statistic which we believe is unlikely reflected in most Street estimates. We also continue to believe
significant excess capacity remains at the public uniform companies (despite recent revenue growth
stabilization) which should provide opportunity to improve fixed asset utilization rates as employment
further improves (even modestly).
Robert W. Baird & Co. 2

3. July 8, 2011 | Facility Services
U.S. Cotton Prices, spot ($/lb)
$2.50 160%
U.S. Cotton (spot), $/lb 140%
U.S. Cotton (Spot), YOY (right)
$2.00 120%
100%
$1.50 80%
60%
$1.00 40%
20%
$0.50 0%
-20%
$0.00 -40%
2006 2007 2008 2009 2010 2011
Source: FactSet Research Systems
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 an expanding economy
(stocks also tend to outperform mid to late cycle when the rate of job growth is higher). Indeed, until
earlier this year, stock performance at the uniform rental companies had lagged the broader market
significantly as the economy moved into more advanced stages of the recovery.
However, since February the market has generally been positively surprised with the monthly jobs
numbers (with the exception of May and June's disappointing release) and the earnings reports at the
publicly-traded uniform companies in particular (including last week's report at UNF). This
phenomenon has historically allowed for uniform stock outperformance for a period of roughly 13-24
months, well-demonstrated by the current cycle as well (see figure below).
Uniform Stock Performance
One-Month Percentage Price Change YTD Percentage Price Change
S & P 500 S & P 500
C intas U niFirst
U n iform In d e x U niform In dex
G & K S erv ic es G & K S erv ices
U n iFirs t C intas
0% 5% 1 0% 15 % 20% 25% 0% 5% 10 % 15% 20% 25%
Three-Month Percentage Price Change Trailing 12 Months Percentage Price Change
S & P 500 S & P 500
G & K S e rv ic e s U niFirs t
C inta s C intas
U n ifo rm Index U niform Index
U n iFirs t G & K S e rvic es
0% 2% 4% 6% 8% 10 % 12% 14% 16% 0% 10% 20% 30 % 40% 50% 60% 70% 80 %
Source: FactSet Research Systems
Robert W. Baird & Co. 3

4. July 8, 2011 | Facility Services
Despite the strong gains, however, we believe the sector can continue to generate alpha over the next
several months (through 2Q11 earnings season at least) as we believe Street estimates have room to
continue to migrate higher, supporting valuation.
That said, we may consider taking profits on further outsized gains, particularly as operating leverage
likely begins to slow as we move into 2012 and absolute employment gains (demonstrated by the May
and June BLS reports) suggest slowing overall momentum. We will continue to source Baird's
Add/Stop uniform employment index as well as our quarterly survey of private uniform companies as
key determinants of our outlook for the stocks.
We note that valuation multiples for the group appear reasonable, but not overly inexpensive,
particularly as employment is now posting modest expansion. We also believe uniform rental stocks
(group avg. EV/EBITDA = 7.6x; P/E = 17.4x) are comparably attractive versus other facility services
stocks (group avg. EV/EBITDA = 11.2x; P/E = 21.4x) which face comparable macroeconomic drivers
(e.g., employment) and exhibit similar recurring revenue-based business models, strong cash flow,
and (in the case of SWSH, ROL, and ECL) a degree of route-based product and service distribution.
Uniform Industry Valuation
Price Rating EV/EBITDA, ftm P/E
Company Ticker FTM AVG FTM AVG
Cintas CTAS $33.72 O 8.3x 9.0x 18.5x 18.7x
G&K Services GKSR $36.01 O 8.1x 8.2x 18.5x 17.1x
UniFirst UNF $59.86 N 6.4x 5.8x 15.1x 13.7x
Average: 7.6x 7.7x 17.4x 16.5x
Other Facility Services Companies
Price Rating EV/EBITDA, ftm P/E
Company Ticker FTM AVG FTM AVG
Swisher Hygiene SWSH $5.42 O NM NM NM NM
Rollins Inc. ROL $21.31 NR 16.2x 11.7x 30.9x 23.8x
Ecolab ECL $56.22 O 11.5x 10.5x 21.4x 22.3x
Iron Mountain IRM $35.10 N 10.2x 10.6x 26.4x 33.6x
ABM Industries ABM $23.49 N 9.2x 9.5x 14.3x 19.0x
Standard Parking STAN $16.57 NR 8.8x 9.6x 13.8x 17.5x
Average: 11.2x 10.4x 21.4x 23.2x
As of 07/08/2011
Source: FactSet Research Systems and Baird estimates
Robert W. Baird & Co. 4

5. July 8, 2011 | Facility Services
June Employment Report Fails to Recover; Contrasts with ADP Private
Payrolls Data
Total nonfarm payrolls increased by just 18,000 in June, disappointing expectations that were revised
higher earlier this week following a string of better-than-expected economic releases. Furthermore,
May job gains were cut in half, from +54,000 to just +25,000, suggesting the employment market
continues to remain sluggish following a brief acceleration earlier this year . Private sector payrolls also
retreated, posting a +57,000 gain, below the +73,000 gain in May and well below gains in excess of
200,000 seen earlier this year. For perspective, monthly job gains of at least 150,000 are necessary to
keep unemployment levels constant.
Forward-looking employment indicators were also disappointing with total average weekly hours
worked declining by 0.1 hours to 34.3 hours in June (but has been essentially constant since February).
The private employment diffusion index also declined to 53.5 (from a revised 54.1 in May). Note,
however, that a reading above 50 indicates sequential improvement in the data. Thus, while the lower
sequential reading indicates that employment acceleration has slowed, overall growth rates remain
positive, which is consistent with the slower employment gains of the past two months.
Baird Add/Stop Index Growth Continues to Outpace Broader Market with Rate of Growth Still
Accelerating
Absolute employment gains within Baird's Add/Stop Employment Index specific to uniform
rental-related employment also slowed, but the rate of YOY improvement continues to increase
(indeed, accelerating), consistent with the results of our recent uniform industry survey and UNF's
much better-than-expected earnings report last week. Total Add/Stop employment increased by
+22,000, generally consistent with last month's revised figure (+24,000, little changed), but below the
+50,000-80,000 gains posted earlier this year. However, the YOY growth in Add/Stop employment
increased to +1.73% (versus +1.58% YOY last month), its highest growth rate since December 2006
(note the solid black line in the figure below).
Baird Add/Stop Index
4% 200
Average = 65k Average = 54k
2% 100
0% 0
-2% (100)
Cycle Average = 36k
-4% (200)
2011 Average = 55k
-6% (300)
Baird Add/Stop Indicator Monthly Job Gains/Losses (000), right
Baird Add/Stop Indicator YOY Growth Rate, left
-8% (400)
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011
Source: Bureau of Labor Statistics and Baird Research
In addition, we note that the YOY growth rate in Add/Stop employment categories continues to
outpace the broader economy for the first time since late 2006/early 2007 (and is now more than
double the rate of the economy-wide growth rate). As we have highlighted, this remains a critical
element of the data as uniform employment has lagged broader employment categories throughout
Robert W. Baird & Co. 5

6. July 8, 2011 | Facility Services
the recovery until February. The accelerating improvement in YOY Add/Stop employment growth is
consistent with our survey data as well as UNF's earnings report last week in which organic rental
growth increased at its fasted pace since 2006.
Favorable YOY comparisons coupled with excess capacity at uniform rental facilities (driving strong
incremental margins) are the key reasons why we remain constructive on the uniform stocks. We
believe these trends should continue through 2Q11 earnings season (and possibly longer) before
comparisons become more difficult.
We also highlight that employment gains within several key verticals posted solid improvement in
June. Total factory payrolls increased 6,000 following last month's first setback in seven months. Food
services industries also posted strong gains, a consistent theme over the last several months. We also
believe that gains in Food Services and Drinking Places should benefit many of the uniform rental
companies' ancillary offerings, such as chemicals, hygiene products, shop towels and linens. For
perspective, ancillary offerings at the uniform rental companies encompass roughly 50% of total rental
revenue and are meaningful parts of the overall business, though garment rental is still the largest
individual category.
The figure below shows the absolute job gains/losses within several of the primary uniform-wearing
industries comprising our Index over the last month.
Baird Add/Stop Index Component Industries: 1-Month Employment Change (000s)
Specialty Trade Contractors (8)
Machinery (5)
W holesale Trade - Nondurable Goods (1)
Fabricated Metal Products (1)
W holesale Trade - Durable Goods 0
Gasoline Stations 1
Truck Transportation 2
Repair and Maintenance 3
Motor Vehicle and Parts Dealers 4
Chemicals 4
Food and Beverage Stores 6
Food Manufacturing 8
Food Services and Drinking Places 9
1-month Employment Change (000s)
Source: Bureau of Labor Statistics and Baird Research
Recent Derivative Employment Data Still Mixed but ADP Report May Provide Better Gauge of
Reacceleration
Derivate employment data over the past few weeks has been mixed, with still-elevated new jobless
claims balanced by what appears to be a strong recovery in June private payrolls.
In particular, this week’s ADP employment report indicated net job growth of 157,000 in June, more
than double the 70,000 consensus and a recovery from just 36,000 net job gains in May and more
consistent with monthly job growth figures since late 2010. Indeed, ADP noted in their release that
the June figures "suggest that the economic recovery, which slipped in the spring, might have found
new traction in early summer." Recall that the ADP report tracks employment gains/losses in the U.S.
private sector only. Furthermore, we note that the ADP report is based on actual payroll receipts, as
opposed to the survey/model-driven BLS report, which may suggest that ADP provides a better gauge
of actual employment conditions.
Robert W. Baird & Co. 6

7. July 8, 2011 | Facility Services
Total Nonfarm Private Payrolls, by Firm Size
400 117,000
200
115,000
-
113,000
(200)
111,000
(400)
Large (499+)
Medium (50-499) 109,000
(600)
Small (1-49)
Total Employment, millions (right)
107,000
(800)
(1,000) 105,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: ADP Employment Report
Goods-producing sectors and manufacturing specifically (greater uniform customer exposure) also
recovered, with gross-producing employment increasing by 27,000 in June versus a 10,000 decline in
May. We believe a weaker dollar has contributed in part to recent manufacturing strength as
US-produced goods have become comparatively more attractive. Job gains in June also continue to be
concentrated among small (1-49 employees) and medium (50-499 employees) firms with large firms
largely flat.
In contrast, however, jobless claims remain elevated, with the 4-week moving average in initial
jobless claims still above the key 400,000 level this month (jobless claims below 400,000 are typically
associated an improving unemployment rate). Furthermore, claims have generally overshot
expectations, which is concerning given recent negative revisions to forecasts. Still, initial jobless
claims are 36% below their prior cycle peak of 658,750 in March 2009 (see figure below).
Initial Jobless Claims
700,000
Initial Jobless Claims (4-wk MA)
650,000
600,000
550,000
500,000
450,000
400,000
350,000
300,000
250,000
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
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
Continuing jobless claims declined modestly in June with the 4-week moving average increasing
falling from 3.724 million at the end of May to 3.705 million currently. This week’s continuing claims
decreased by 43,000, suggesting only moderate declines continue with current claims still above peak
levels of the previous two recessions.
Robert W. Baird & Co. 7

8. July 8, 2011 | Facility Services
Continuing Jobless Claims
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Jan-67 Jan-72 Jan-77 Jan-82 Jan-87 Jan-92 Jan-97 Jan-02 Jan-07
Source: U.S. Department of Labor, Bureau of Labor Statistics
The unemployment rate (which is based on a separate survey) increased 10 bps sequentially to 9.2%
in June (expectations were for no change). Negatively, the labor market declined for the first time
since January (-272,000), potentially signaling fewer job prospects as people exit the labor force (stop
looking for work). The unemployment rate would have thus been nominally higher, had the labor
market held constant. The U-6 unemployment rate (which includes involuntary part-time employment
and discouraged workers – i.e., unemployed workers who have ceased looking for employment) also
increased by 40 bps in June to 16.2%, its highest level since December 2010 and the largest monthly
increase since September 2010.
The unemployment rate remains well above the previous cyclical peaks of 6.3% in June 2003 and 7.8%
in June 1992.
Civilian Unemployment Rate (persons 16 years of age and older)
12
10
8
6
4
2
0
1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010
Note: The solid grey bars indicate recessions, as determined by the National Bureau of Economic Research
Source: U.S. Department of Labor, Bureau of Labor Statistics
Uniform Stock Investment Perspectives
s We rate G&K Services (GKSR-$35.48; $40 price target) at Outperform. We believe Street
estimates, broadly, GKSR's underlying earnings growth potential from even modest top-line
Robert W. Baird & Co. 8

9. July 8, 2011 | Facility Services
growth. Furthermore, G&K reported better-than-expected F3Q11 earnings in May, driven by strong
top-line results (above our estimate) and much better-than-expected margin expansion. Investors
are gaining confidence in management's targeted “10/10” plan to achieve 10% operating margins
and ROIC by F2014, 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 the stock.
- Against this backdrop, we continue to believe investors are best served by taking a multi-year
look at GKSR’s ability to create value by bridging the profitability gap versus peers over time. In
addition, we believe outsized earnings growth potential at GKSR relative to peers continues to
justify a growth multiple for the stock. Our $40 price target is supported by our DCF analysis
which incorporates management’s long-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 to peers and consistent with what we see as above-average earnings growth potential).
Our price target also implies a 17.9x NTM P/E. Risks to our price target include a highly
competitive industry, employment trends, energy price fluctuations and acquisition integration.
s We rate Cintas (CTAS-$33.64; $35 price target) at Outperform. Top-line momentum has
accelerated, driving margin and earnings leverage as previous investments in sales staff have begun
to pay off. Although rising commodity costs remain a source of caution (though have recently
declined), with broad-based top-line improvement, increasing capital allocation towards M&A, and
moderating pricing pressure, we see opportunity for further upside. In addition, we believe a
$500M bond offering in May could also provide meaningful accretion (we estimate up to $0.12 in
F2012, not in current estimates) from share repurchases or other capital deployments and we are
encouraged by recent efforts to expand the company’s higher-growth hygiene/chemicals business
through strategic partnerships with established industry suppliers (e.g., Diversey).
- Our $35 price target assumes a 7.7x FTM EBITDA, below the company’s historical average of 9.2x
and at a discount to current levels, suggesting upside to the extent CTAS can maintain its current
multiple. Furthermore, we believe downside is supported by the company’s $500M share
repurchase authorization. We also see upside to our price target to the extent CTAS can deploy its
balance sheet toward additional accretive opportunities. Risks to our price target include a highly
competitive market, employment trends, energy and scrap paper price fluctuations.
s We rate UniFirst (UNF-$59.36; $61 price target) at Neutral. UniFirst continues to execute above
peers, suggesting share gains. However, with rising merchandise costs holding back cyclical
earnings growth, shares appear fully valued. That said, as the cycle matures and inventory
pressures anniversary, we believe UNF may offer opportunity versus peers given industry-leading
execution, strong FCF generation, and an attractive valuation relative to peers. We'd be better
buyers in the low $50s.
- Our $61 price target assumes an essentially constant multiple of 5.9x FTM EBITDA (14.4x FTM
earnings), consistent with the stock's historical levels but at a discount to peers (which collectively
trade at ~7.5x EBITDA), given UNF's largely company-specific inventory cycle, which dampens the
company's near-term earnings growth potential versus peers. In addition, we note that UNF's
dual-class share structure has historically driven a ~1-2 point discount versus GKSR, which has
historically traded around 8x EBITDA on average. Risks to our price target include a highly
competitive market, employment trends, energy price fluctuations and a 10:1 super-voting
dual-class insider share structure.
Robert W. Baird & Co. 9

10. July 8, 2011 | Facility Services
Appendix - Important Disclosures and Analyst Certification
Covered Companies Mentioned
All stock prices below are the July 7, 2011 closing price.
Cintas Corporation (CTAS - $34.12 - Outperform)
G&K Services, Inc. (GKSR - $36.23 - Outperform)
UniFirst Corporation (UNF - $60.49 - Neutral)
(See recent research reports for more information)
Rating and Price Target History for: Cintas Corporation (CTAS) as of 07-07-2011
07/16/08 09/19/08 12/18/08 12/22/08 06/01/09 09/23/09 12/23/09 02/17/10 07/21/10 09/22/10 12/22/10
O:$36 O:$37 O:$35 O:$31 N:$27 U:$28 U:$26 U:$22 N:$28 N:$30 N:$32
35
30
25
20
15
10
Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3
2009 2010 2011
03/14/11 03/23/11
O:$34 O:$35
Created by BlueMatrix
Rating and Price Target History for: G&K Services, Inc. (GKSR) as of 07-07-2011
08/13/08 10/07/08 10/29/08 12/18/08 04/29/09 06/01/09 08/07/09 09/23/09 10/28/09 01/27/10 04/28/10
N:$36 N:$32 N:$23 N:$21 N:$26 N:$22 N:$21 U:$21 N:$23 N:$26 N:$28
40
32
24
16
8
Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3
2009 2010 2011
06/15/10 08/18/10 11/02/10 01/19/11 02/02/11 05/03/11
N:$23 N:$24 N:$30 O:$37 O:$38 O:$40
Created by BlueMatrix
Robert W. Baird & Co. 10

11. July 8, 2011 | Facility Services
Rating and Price Target History for: UniFirst Corporation (UNF) as of 07-07-2011
10/30/08 06/01/09 06/02/09 07/02/09 09/23/09 10/29/09 01/07/10 04/01/10 07/01/10 10/20/10
O:$38 N:$37 N:$36 N:$39 U:$42 U:$43 O:$59 O:$60 O:$51 O:$54
75
60
45
30
15
0
Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3
2009 2010 2011
01/05/11 01/19/11 03/30/11 06/30/11
O:$57 N:$58 N:$60 N:$61
Created by BlueMatrix
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 banking related 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 broader U.S. equity market
over the next 12 months. Neutral (N) - Expected to perform in line with the broader U.S. equity market over the next 12 months.
Underperform (U) - Expected to underperform on a total return, risk-adjusted basis 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 with an emphasis on
safety. Company characteristics may include: stable earnings, conservative balance sheets, and an established history of revenue and
earnings. A - Average Risk - Growth situations for investors seeking capital appreciation with an emphasis on safety. Company
characteristics may include: moderate volatility, modest balance-sheet leverage, and stable patterns of revenue and earnings. H -
Higher Risk - Higher-growth situations appropriate for investors seeking capital appreciation with the acceptance of risk. Company
characteristics may include: higher balance-sheet leverage, dynamic business environments, and higher levels of earnings and price
volatility. S - Speculative Risk - High-growth situations appropriate only for investors willing to accept a high degree of volatility and
risk. Company characteristics may include: unpredictable earnings, small capitalization, aggressive growth strategies, rapidly changing
market dynamics, high leverage, extreme price volatility and unknown competitive challenges.
Valuation, Ratings and Risks. The recommendation and price target contained within this report are based on a time 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, its industry, 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. Overall market risk, interest rate risk, and general economic risks impact all securities. Specific
information regarding the price target and recommendation is provided in the text of our most recent research report.
Distribution of Investment Ratings. As of June 30, 2011, Baird U.S. Equity Research covered 660 companies, with 54% rated
Outperform/Buy, 45% rated Neutral/Hold and 1% rated Underperform/Sell. Within these rating categories, 15% of
Outperform/Buy-rated, and 5% of Neutral/Hold-rated companies have compensated Baird for investment banking services in the past
12 months and/or Baird managed or co-managed a public offering of securities for these companies in the past 12 months.
Analyst Compensation. Analyst compensation is based on: 1) The correlation between the analyst's recommendations and stock
price performance; 2) Ratings and direct feedback from our investing clients, our sales force and from independent rating services;
and 3) The analyst's productivity, including the quality of the analyst's research and the analyst's contribution to the growth and
development of our overall research effort. This compensation criteria and actual compensation is reviewed and approved on an
annual basis by Baird's Research Oversight Committee. Analyst compensation is derived from all revenue sources of the firm,
including revenues from investment banking. Baird does not compensate research analysts based on specific investment banking
transactions.A complete listing of all companies covered by Baird U.S. Equity Research and applicable research disclosures can be
accessed at
http://www.rwbaird.com/research-insights/research/coverage/research-disclosure.aspx .
You can also call 1-800-792-2473 or write: Robert W. Baird & Co., Equity Research, 24th Floor, 777 E. Wisconsin Avenue, Milwaukee,
Robert W. Baird & Co. 11

12. July 8, 2011 | Facility Services
WI 53202.
Analyst Certification. The senior research analyst(s) certifies that the views expressed in this research report and/or financial model
accurately reflect such senior analyst's personal views about the subject securities or issuers and that no part of his or her
compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in the research
report.
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This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect
our judgment at this date and are subject to change. The information has been obtained from sources we consider to be reliable, but
we cannot guarantee the accuracy.
ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST
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Copyright 2011 Robert W. Baird & Co. Incorporated
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Robert W. Baird Limited ("RWBL") is exempt from the requirement to hold an Australian financial services license. RWBL is regulated
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