01 | Executive Summary

02 | Market Overview & SWOT Analysis

Roadmap 03 | Valuation

04 | LBO Parameters

05 | Revenue Drivers

06 | Gross Profit / COGS Drivers

07 | Expenses & Cash Flow Assumptions

08 | Management Team & Packages

09 | Value Creation through Operational Levers

10 | Financial Projections: Income Statement & Cash

Flow
11 | Exit: Secondary LBO vs IPO

12 | Investor Returns
13 | Risks
14 | Conclusions & Recommendations
15 | Appendix
Executive Summary

SP+ Corporation is a market leader providing diverse solutions for professional parking, ground
transportation, facility maintenance, security, and event logistics services to real estate owners and managers
in a wide array of markets. Operating in the US, Canada & Puerto Rico.

We are proposing a bid price of: USD1.2Bn based on a 30% premium on share price.

We recommend: value creation through a variety of value creating primary and secondary levers

Who are we: Kohlberg & Co.

Market Overview & SWOT Analysis
Market leadership in a fragmented market.
Markets: Airports, Events & Venues, Hospitals, Municipal, Office, Residential, Retail, University
Industry Standard Contract types: Leased, Managed, Owned
Competitors: Few large national competitors. Many small local/ regional players.
Government/institutional/real estate developers/ property managers who manage parking as non-core
business.
 SP+ is a market leader – scale & capacity, national infrastructure
 Management team with strong history with company.  Leased contracts incur higher costs and
 Technology: remote monitoring of sites, “Click and Park” payment WEAKNESSES profitability is subject to seasonality and
software, in-house digital marketing expertise economic cycles.
 Negative working capital  High cost of insurance to cover
 Low Capex : few real estate holdings unforeseeable damages.
 Human capital : culture and training focused on customer service  Limited real estate ownership, dependent
 Diverse service offerings: on-site parking management, ground on contracts
transportation, facility maintenance, event logistics, security,  Contracts can be cancelled with just 30
customer service training, marketing and accounting days notice.
 Ancillary services: shuttle operations, valet, taxi/ livery dispatch,  Contract retention is based mainly on
STRENGTHS municipal meter services customer service and client relations.
 Diverse client base: no client accounts for more than 9%
revenues

 Market share and brand recognition OPPORTUNITIES  Low barriers to entry

 Trend of outsourcing and vendor consolidation  Large specialised competitors in ancillary services category
 Consolidation of national real estate developers, owners Industry is sensitive to economic cycles, particularly retail &
and property managers airport clients.
 Leverage advantages of scale across strategic vertical  Technological advances and consumer behaviour: lift
markets sharing, pre-paid parking applications, driverless cars
 Consumer trends toward digital technology THREATS
Valuation
Even at 30% premium, SP+ represents value for money.
Beta 0.98

Risk free return five year horizon 2%

Acquisition at $48.23 per share at a premium of 30% values
NASDAQ Return 27.50%
company at EV / EBITDA of 11.7x.
Rate of return on equity 26.99%

Cost of Equity 11%

Firm Purchase
Market Value Value Value EV/EBITD
Debt Interest Rate 7.27%
Company ($mm) ($mm) Offered A Offered

Cost of Debt 4%
SP Plus 834.7 947.35 1197.78 11.7 x
WACC 15%
DCF Valuation inline with the premium offered
Total Discounted Cash Flows $167.62
2018 2019 2020 2021 2022 $913.39
Terminal Value

FCF $35.30 $47.39 $53.22 $59.46 $65.96 Total Market Cap $1,081.01

DCF $30.65 $35.74 $34.85 $33.81 $32.57 Total Net Debt $ 112.40

*As of 31 Dec 2017 Total EV $1,193.41

LBO Parameters: Capital Structure & Debt Assumptions
Value capturing (financial arbitrage) - No multiple expansion assumption
(entry = exit).

Funds Required: $ in millions Debt Amounts: % $ in millions

Equity Purchase Price: $1,085.2 Total Debt Used: $710.83

Plus: Debt Refinanced: $153.80 % Senior Notes: 90.0% $639.75

Less: Management Contribution $54.3 %Subordinated Notes 10.0% $71.08

Total Funds Required (Excl. Other Debt Information: Interest: Principal:

Fees): $1,184.7
• Refinance existing debt due to change of control provisions Senior Notes: L + 375 5.0%
• Existing management participation (5% of equity purchase
Subordinated Notes: 10.0% 0.0%
price)
Funds Required: % Used $ in millions
• 90% Senior Notes with floating interest rate (LIBOR +
Debt Used: 60.0% $710.83
3.75%) and minimal principal amortization (5%) and
Equity Used: 40.0% $473.89 25 bps step-up per annum
• 10% Subordinated Notes with higher fixed interest
• Adequate capital structure
rate (10%) and no principal amortization
(Debt/EBITDA ratio of 6.9x - not over leveraged)
*Based on Model Appendix III
Revenue Drivers
Value creation through revenue growth via cross-selling
of ancillary services and vertical market strategy. 82% Managed
# Parking 266,214
18% Leased
Spaces
Region 1
Commercial # Parking Spaces (2017)
$ / Parking $1,630
Space
Leased
Contracts
# Parking 86,614
Spaces
Region 2
Airports
$ / Parking $1,489
Space
Revenues
(2017)
# Parking
Spaces 1,212,754 R1 (Commercial) Leased
Region 1 R2 (Airports) Leased
Commercial R1 (Commercial) Managed
$ / Parking R2 (Airport) Managed
Space $214
Managed Maintain existing proportion of managed
Contracts
# Parking vs leased spaces which provides
Spaces 395,485
Region 2 insulation from broader economic cycles
Airports
$ / Parking (managed contracts independent of
Space $225 utilization).
Gross Profit / COGS Drivers
Value creation through driving gross profit margin growth for
leased contracts.

COGS (2017)

LEASED CONTRACTS MANAGEMENT CONTRACTS

REGION 1 (Commercial) REGION 2 (Airports) REGION 1 (Commercial) REGION 2 (Airports)

$1,487 / Parking $1,412 / Parking $119 / Parking $159 / Parking

Space Space Space Space

8.8% 5.2% 44.2% 29.4%

GROSS MARGINS
Expense & Cash Flow Assumptions

Extrinsic value creation through Kohlberg & Co.

SG&A as a % of Revenue expertise based on similar past transaction.
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

11% 10% 9% 9% 8.5% 8.5% 8% 8%

Comments
Discipline in driving down SG&A costs – economies of scale in back office, information systems, marketing and
staffing expenses.
Need to ensure SP+ can continue competing effectively
CAPEX as a % of Revenue in the marketplace.
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

1.04% 1.46% 2.50% 0.75% 0.75% 0.75% 0.75% 0.75%

Comments
Maintain CAPEX as a % of Revenue to (1) continue investing in enhanced technologies needed to continue to
drive down costs and (2) fund small bolt-on acquisitions given highly fragmented nature of market.
A strong management team ready to tackle the challenge. The package will align the incentives
and ensure that our team and that of the target company work in the same direction.

George B. DeHuff G Marc Baumann

Kohlberg & co. President and CEO

A Robust Management Team is already in place with William Bodenhamer

1 Thomas L. Hagerman Chairman, USA Parking
more than 256 years of combined work experience, incl. EVP Southeast
System
185+ at SP+! To be complemented by Jane Zheng from eHi Operations
car services.
Gerard M. Klaisle Vance Johnston
2 An Engaging Package designed to align incentives to reduce EVP, CEO and Treasurer
EVP and CAO
agency costs. 5% Equity including rollover.
Progressive (ratchet). Jack Ricchiuto
Kristopher H. Roy
Managed R1 EVP of Operations, Airport
SVP, Corporate Controller
%age increase in revenue per parking spot Division
24.74% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 145.0% 220.0%
% 5.00% 17.79% 19.07% 20.29% 21.46% 22.60% 23.69% 24.74% 36.35% 41.41% Robert M. Toy Robert N. Sacks
ownersh 6.00% 17.54% 18.82% 20.04% 21.21% 22.34% 23.42% 24.48% 36.06% 41.11% EVP, General Counsel
ip of President of Commercial
7.00% 17.29% 18.56% 19.78% 20.95% 22.08% 23.16% 24.21% 35.77% 40.81% and Secretary
manage Operations
ment
8.00% 17.04% 18.31% 19.52% 20.69% 21.81% 22.90% 23.94% 35.48% 40.50%
team at 9.00% 16.78% 18.05% 19.26% 20.42% 21.55% 22.63% 23.67% 35.18% 40.19%
exit 10.00% 16.53% 17.79% 19.00% 20.16% 21.28% 22.36% 23.40% 34.89% 39.89%
Ratchet Mechanism
CEO Exec. Com. Middle Mgt. $3.50 250%
$3.00
200%
$2.50
Sweet Equity
$2.00 150%
(5% base
scenario) 40% 40% 20% $1.50 100%
$1.00
50%
$0.50
Reserve 0% 50% 50%
$- 0%

0.18%
0.19%
0.20%
0.21%
0.23%
0.24%
0.25%
0.26%
0.28%
0.29%
0.30%
0.32%
0.33%
0.34%
0.35%
0.36%
0.37%
0.38%
0.39%
0.40%
0.41%
0.42%
0.43%
0.44%
+1% when IRR +1% when IRR
Ratchet exceeds 25%, by 5% exceeds 25%, by 5% regular cash ratchet cash Management Returns
tranches tranches
Value creation through Operational Levers
Accelerated growth of revenue drivers and control of cost drivers though
variety of operational levers – expansion to cross-selling and agency effect

Parameter Current Projected growth Reasons for/how to achieve

growth rate rate under us this projected growth rate
No. of parking spaces – Leased (all) & • Continuous CAPEX investments &
5%
Managed (R1) occasional small bolt-on acquisitions.
2%
• By nature, lesser growth scope for
No. of parking spaces – Managed (R2) 4% Managed R2 category.
Revenue per parking space - leased 30% • Cross-selling of ancillary services and
vertical market strategy, in addition to
Revenue per parking space - managed ~ nil price increase inline with inflation.
10% • More headroom in lease than in
managed.
Cost per parking space - Leased (all) & • Technological advancement, parenting
(10%)
Managed (R2) effect, and agency effect.
~ nil to (1%) • Lower scope of cost reduction in
Cost per parking space - Managed
(5%) managed R1 for its nature.
(R1)
Figures in bracket ( ) denotes negative values
Income Statement Projections
Historical Projected
Income Statement:
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Revenue: $ 921.20 $ 891.80 $ 911.30 $ 952.12 $ 971.66 $ 991.59 $ 1,011.94 $ 1,032.71
Revenue Growth: -3.19% 2.19% 4.48% 2.05% 2.05% 2.05% 2.05%

COGS $ 751.10 $ 715.40 $ 726.00 $ 734.51 $ 749.58 $ 765.03 $ 780.66 $ 796.68

Selling, General & Administrative: $ 97.30 $ 90.00 $ 82.90 $ 80.93 $ 77.73 $ 74.37 $ 70.84 $ 67.13
SG&A as % of Revenue 10.6% 10.1% 9.1% 8.5% 8.0% 7.5% 7.0% 6.5%
Depreciation and Amortization $ 34.10 $ 34.20 $ 21.70 $ 22.67 $ 23.14 $ 23.61 $ 24.10 $ 24.59
Operating Income $ 38.70 $ 52.20 $ 80.70 $ 114.01 $ 121.21 $ 128.58 $ 136.35 $ 144.32
Interest Income: $ (0.20) $ (0.50) $ (0.60) $ - $ - $ - $ - $ -
Interest Expense - Existing Debt: $ 12.70 $ 10.50 $ 9.20 $ - $ - $ - $ - $ -
Interest Expense - New Debt: $ - $ - $ - $ 43.31 $ 42.66 $ 41.86 $ 40.89 $ 39.77
Gain on Sale of Business $ (0.50) $ - $ (0.10) $ - $ - $ - $ - $ -
Equity Income (Loss) in Affiliates: $ 1.70 $ 0.90 $ 0.70 $ - $ - $ - $ - $ -
Pre-Tax Income: $ 25.00 $ 41.30 $ 71.50 $ 70.70 $ 78.54 $ 86.72 $ 95.46 $ 104.55
Income Tax Provision: $ 4.80 $ 15.80 $ 27.70 $ 18.38 $ 20.42 $ 22.55 $ 24.82 $ 27.18

NET INCOME $ 20.20 $ 25.50 $ 43.80 $ 52.32 $ 58.12 $ 64.17 $ 70.64 $ 77.37

EBITDA: $ 72.80 $ 86.40 $ 102.40 $ 136.68 $ 144.35 $ 152.19 $ 160.45 $ 168.91

EBITDA Margin: 8% 10% 11% 14% 15% 15% 16% 16%
Cash Flow Projections
Historical Projected
Cash Flow Statement:
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Operating Activities:
Net Income: $ 20.20 $ 25.50 $ 43.80 $ 52.32 $ 58.12 $ 64.17 $ 70.64 $ 77.37
Depreciation & Amortization: $ 34.10 $ 34.20 $ 21.70 $ 22.67 $ 23.14 $ 23.61 $ 24.10 $ 24.59
Stock-Based Compensation: $ 3.70 $ 3.40 $ 3.10 $ 3.56 $ 3.64 $ 3.71 $ 3.79 $ 3.87
Other Non-Cash Charges: $ (6.60) $ (2.00) $ (6.90) $ (7.21) $ (7.36) $ (7.51) $ (7.66) $ (7.82)
Change in Operating Assets & Liabilities: $ (7.90) $ (1.90) $ (17.20) $ (12.25) $ (5.86) $ (5.98) $ (6.10) $ (6.23)
Cash Flow from Operations: $ 43.50 $ 59.20 $ 44.50 $ 59.10 $ 71.68 $ 78.01 $ 84.76 $ 91.77

Investing Activities:
Capital Expenditures: $ (9.60) $ (13.00) $ (6.80) $ (23.80) $ (24.29) $ (24.79) $ (25.30) $ (25.82)
One-Time and Other Items: $ (2.20) $ (0.80) $ 9.10 $ - $ - $ - $ - $ -
Cash Flow from Investing: $ (11.80) $ (13.80) $ 2.30 $ (23.80) $ (24.29) $ (24.79) $ (25.30) $ (25.82)

Free Cash Flow: $ 31.70 $ 45.40 $ 46.80 $ 35.30 $ 47.39 $ 53.22 $ 59.46 $ 65.96

Beginning Cash Balance: $ (2.27) $ 1.04 $ 16.44 $ 37.67 $ 65.15

Plus: Free Cash Flow: $ 35.30 $ 47.39 $ 53.22 $ 59.46 $ 65.96
Less: Minimum Cash Balance: $ (20.00) $ (20.00) $ (20.00) $ (20.00) $ (20.00)

Cash Available for New Debt Repayment: $ 13.03 $ 28.43 $ 49.66 $ 77.13 $ 111.10
Cash Used for New Debt Repayment: $ (31.99) $ (31.99) $ (31.99) $ (31.99) $ (31.99)

Beginning Cash Balance: $ - $ - $ - $ (2.27) $ 1.04 $ 16.44 $ 37.67 $ 65.15

Net Change in Cash: $ 3.31 $ 15.40 $ 21.23 $ 27.47 $ 33.97
Ending Cash Balance: $ 18.70 $ 22.20 $ 22.80 $ 1.04 $ 16.44 $ 37.67 $ 65.15 $ 99.12
Exit
Preferred Exit: Secondary LBO to a similar fund who can bring in
parental effect at a minimum EBITDA multiple of 11.7X
Pros
Scope of further consolidation of the
fragmented market
Secondary LBO Strong cash flows of the company makes it an
attractive target for PE funds
Fair value at 11.7X EBITDA multiple also
makes the company attractive for next LBO
Pros
Possibility of higher exit valuation, compared
IPO to secondary LBO
Cons
Difficulty in finding suitable fund that can mentor the
management
A lot of possible operational improvements already
done in 1st MBO, making it difficult for next LBO
Need to keep management stake rolling over
Cons
Lock in of part equity; only partial exit possible
immediately
Subject to regulations and market conditions
Investor Returns
Money multiplied projected to be 3.1X over 5 years at an IRR of 25.02%,
highly driven by margin effect and leverage effect
30.00%

IRR value Driver Analysis

13.81% 25.02%
25.00%

Historical Projected
20.00% Investor Returns:
FY17 FY22
EBITDA: $M $ 102.40 $ 168.91
EBITDA Multiple: x 11.7 x 11.7 x
15.00% Enterprise Value: $M $ 1,197.78 $ 1,976.21
0% Equity Value: $M $ 1,085.18 $ 1,524.43
11.21%
Investor Equity: $M $ (473.89) $ 1,448.21
10.00%
Money-on-Money (MoM) Multiple:3.1 X
Internal Rate of Return (IRR): 25.02%
5.00%
2.80%

0.00%
Revenue Effect Margin Effect Multiple Effect Leverage Projected Deal
Effect IRR
Risks
Key risk of SP+ LBO is decrease in current contract retention rate.

90% contract retention rate drops

Response: Maintain high high level of customer service and satisfaction. SP+ University is the companies web-based
learning management system and promotes customer service & retention.
No real estate ownership. Growing income and generating free cash flow by remaining in the service sector.. 2016 87%
and 2017 92%. Highest in the industry.
Visibility of future earnings. As long as contracts are retained they provide visibility for future earnings. Managed
contracts have a term of 1-3 years, and Because of the 30 day cancellation period of both types contracts, if retention
becomes erratic, we have a the risk of losing the ability to forecast.

Rising insurance premiums Need for liability insurance to cover automobiles and personal property within parking
lots causes high levels of insurance costs. Rising premiums in the industry and regulations to include previously uncovered
risks. Could be offset by SP+ size and buying power in addition to increased security services.
CEO CFO Sales Director

Berry Books conditions Maintain

Leased contracts exposed to macroeconomic Vinny Viewer Wendy Writer
the current proportion of leased vs
managed contracts and focus on improving gross margins to mitigate losses due to occupancy of leased lots in economic
downturn cycles.
Conclusions & Recommendations

We recommend doing the deal and acquiring SP Plus for $48.23 per share
(EV/EBITDA of 11.7x) in a leveraged buyout transaction.

The valuation is very reasonable; projected IRR is 25%, while it is ~20% in the
base case scenario, and even under more pessimistic cases it only falls to ~15%

The fast-growing and highly fragmented market supports the deal, as do the
opportunity in improving margins in the leased part of the business model.

The biggest risk is: decreasing contract retention rate

We have focused on several primary and secondary levers of value creation

rather than value capturing
Thank you.
Team Alia Al Qimlass / Bhaskar Deka / Frederick Serhal / Abhishek Shandilya / Jérémie Zarka Version 1.0

Appendix
I. Sensitivity Tables
Appendix I-A: Sensitivity Tables
EBITDA Exit Multiple:
24.7% 9.5 x 10.0 x 10.5 x 11.0 x 11.5 x 11.7 x 12.2 x 12.7 x 13.2 x
$ 40.81 10.0% 19.59% 21.30% 22.92% 24.45% 25.92% 26.49% 27.86% 29.18% 30.45%
Purchase $ 42.67 15.00% 17.99% 19.73% 21.37% 22.92% 24.41% 24.98% 26.37% 27.70% 28.97%
Premium $ 44.52 20.00% 16.43% 18.19% 19.86% 21.43% 22.93% 23.51% 24.91% 26.26% 27.54%
and Per $ 46.38 25.00% 14.89% 16.69% 18.38% 19.98% 21.49% 22.08% 23.50% 24.85% 26.15%
Share Offer $ 48.23 30.00% 13.38% 15.21% 16.93% 18.55% 20.09% 20.68% 22.11% 23.48% 24.80%
Price in USD: $ 50.09 35.00% 11.90% 13.76% 15.50% 17.15% 18.71% 19.31% 20.76% 22.15% 23.47%
$ 51.94 40.00% 10.42% 12.32% 14.10% 15.77% 17.36% 17.97% 19.44% 20.84% 22.18%

%age Debt
24.7% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0%
$ 40.81 10.0% 19.61% 20.62% 21.77% 23.10% 24.65% 26.49% 28.70% 31.43% 34.91%
Purchase $ 42.67 15.00% 18.45% 19.41% 20.50% 21.76% 23.23% 24.98% 27.09% 29.70% 33.04%
Premium $ 44.52 20.00% 17.34% 18.24% 19.27% 20.46% 21.85% 23.51% 25.52% 28.01% 31.20%
and Per $ 46.38 25.00% 16.26% 17.11% 18.08% 19.20% 20.51% 22.08% 23.98% 26.35% 29.40%
Share Offer $ 48.23 30.00% 15.22% 16.01% 16.92% 17.97% 19.20% 20.68% 22.48% 24.72% 27.61%
Price in USD: $ 50.09 35.00% 14.21% 14.95% 15.79% 16.77% 17.93% 19.31% 21.00% 23.11% 25.85%
$ 51.94 40.00% 13.23% 13.91% 14.69% 15.60% 16.68% 17.97% 19.54% 21.53% 24.11%

Leased R1
%age increase # of parking spaces
24.7% (75.0%) (60.0%) (45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0%
$ 40.81 10.0% 26.4856% 26.4858% 26.4860% 26.4862% 26.4864% 26.4866% 26.4868% 26.4869% 26.4871%
Purchase $ 42.67 15.00% 24.9778% 24.9780% 24.9782% 24.9784% 24.9786% 24.9788% 24.9790% 24.9792% 24.9794%
Premium $ 44.52 20.00% 23.5100% 23.5102% 23.5104% 23.5106% 23.5108% 23.5110% 23.5112% 23.5114% 23.5116%
and Per $ 46.38 25.00% 22.0781% 22.0783% 22.0785% 22.0787% 22.0789% 22.0791% 22.0793% 22.0795% 22.0797%
Share Offer $ 48.23 30.00% 20.6787% 20.6789% 20.6791% 20.6793% 20.6795% 20.6797% 20.6799% 20.6801% 20.6803%
Price in USD: $ 50.09 35.00% 19.3084% 19.3086% 19.3088% 19.3090% 19.3092% 19.3094% 19.3096% 19.3098% 19.3100%
$ 51.94 40.00% 17.9642% 17.9645% 17.9647% 17.9649% 17.9651% 17.9653% 17.9655% 17.9657% 17.9659%
Appendix I-B: Sensitivity Tables
Leased R1
%age increase in revenue per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 25.0% 40.0%
$ 40.81 10.0% 20.34% 21.67% 22.95% 24.17% 25.35% 26.49% 27.58% 29.16% 30.66%
Purchase $ 42.67 15.00% 18.76% 20.11% 21.40% 22.64% 23.83% 24.98% 26.09% 27.68% 29.19%
Premium $ 44.52 20.00% 17.21% 18.58% 19.89% 21.14% 22.35% 23.51% 24.63% 26.23% 27.76%
and Per $ 46.38 25.00% 15.68% 17.08% 18.41% 19.68% 20.90% 22.08% 23.21% 24.83% 26.37%
Share Offer $ 48.23 30.00% 14.19% 15.61% 16.96% 18.25% 19.49% 20.68% 21.82% 23.46% 25.02%
Price in USD: $ 50.09 35.00% 12.72% 14.16% 15.54% 16.85% 18.10% 19.31% 20.47% 22.13% 23.70%
$ 51.94 40.00% 11.26% 12.73% 14.13% 15.47% 16.74% 17.97% 19.14% 20.82% 22.41%

Leased R1
%age decrease in cost per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0%
$ 40.81 10.0% 20.19% 21.56% 22.86% 24.12% 25.33% 26.49% 27.61% 28.69% 29.74%
Purchase $ 42.67 15.00% 18.60% 19.99% 21.32% 22.59% 23.81% 24.98% 26.11% 27.20% 28.26%
Premium $ 44.52 20.00% 17.05% 18.46% 19.80% 21.09% 22.32% 23.51% 24.65% 25.76% 26.82%
and Per $ 46.38 25.00% 15.53% 16.96% 18.32% 19.63% 20.88% 22.08% 23.23% 24.35% 25.42%
Share Offer $ 48.23 30.00% 14.03% 15.48% 16.87% 18.20% 19.46% 20.68% 21.85% 22.97% 24.06%
Price in USD: $ 50.09 35.00% 12.55% 14.04% 15.45% 16.79% 18.08% 19.31% 20.49% 21.63% 22.73%
$ 51.94 40.00% 11.09% 12.61% 14.04% 15.41% 16.72% 17.97% 19.16% 20.32% 21.43%

Leased - R2
%age increase # of parking spaces
24.7% (75.0%) (60.0%) (45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0%
$ 40.81 10.0% 26.4870% 26.4869% 26.4868% 26.4867% 26.4866% 26.4866% 26.4865% 26.4864% 26.4863%
Purchase $ 42.67 15.00% 24.9792% 24.9792% 24.9791% 24.9790% 24.9789% 24.9788% 24.9787% 24.9786% 24.9786%
Premium $ 44.52 20.00% 23.5114% 23.5113% 23.5112% 23.5111% 23.5111% 23.5110% 23.5109% 23.5108% 23.5107%
and Per $ 46.38 25.00% 22.0795% 22.0795% 22.0794% 22.0793% 22.0792% 22.0791% 22.0790% 22.0789% 22.0789%
Share Offer $ 48.23 30.00% 20.6801% 20.6800% 20.6799% 20.6798% 20.6798% 20.6797% 20.6796% 20.6795% 20.6794%
Price in USD: $ 50.09 35.00% 19.3098% 19.3097% 19.3097% 19.3096% 19.3095% 19.3094% 19.3093% 19.3092% 19.3091%
$ 51.94 40.00% 17.9657% 17.9656% 17.9656% 17.9655% 17.9654% 17.9653% 17.9652% 17.9651% 17.9650%
Appendix I-C: Sensitivity Tables
Leased - R2
%age increase in revenue per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 25.0% 40.0%
$ 40.81 10.0% 26.06% 26.15% 26.23% 26.32% 26.40% 26.49% 26.57% 26.70% 26.82%
Purchase $ 42.67 15.00% 24.55% 24.64% 24.72% 24.81% 24.89% 24.98% 25.06% 25.19% 25.32%
Premium $ 44.52 20.00% 23.08% 23.17% 23.25% 23.34% 23.43% 23.51% 23.60% 23.72% 23.85%
and Per $ 46.38 25.00% 21.64% 21.73% 21.82% 21.90% 21.99% 22.08% 22.17% 22.30% 22.42%
Share Offer $ 48.23 30.00% 20.24% 20.33% 20.41% 20.50% 20.59% 20.68% 20.77% 20.90% 21.03%
Price in USD: $ 50.09 35.00% 18.86% 18.95% 19.04% 19.13% 19.22% 19.31% 19.40% 19.53% 19.66%
$ 51.94 40.00% 17.51% 17.60% 17.69% 17.78% 17.87% 17.97% 18.06% 18.19% 18.32%

Leased - R2
%age decrease in cost per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0%
$ 40.81 10.0% 26.08% 26.16% 26.24% 26.32% 26.41% 26.49% 26.57% 26.65% 26.73%
Purchase $ 42.67 15.00% 24.57% 24.65% 24.73% 24.82% 24.90% 24.98% 25.06% 25.14% 25.22%
Premium $ 44.52 20.00% 23.10% 23.18% 23.26% 23.35% 23.43% 23.51% 23.59% 23.68% 23.76%
and Per $ 46.38 25.00% 21.66% 21.74% 21.83% 21.91% 22.00% 22.08% 22.16% 22.25% 22.33%
Share Offer $ 48.23 30.00% 20.25% 20.34% 20.43% 20.51% 20.60% 20.68% 20.76% 20.85% 20.93%
Price in USD: $ 50.09 35.00% 18.88% 18.97% 19.05% 19.14% 19.22% 19.31% 19.39% 19.48% 19.56%
$ 51.94 40.00% 17.53% 17.62% 17.70% 17.79% 17.88% 17.97% 18.05% 18.14% 18.22%

Managed - R1
%age increase # of parking spaces
24.7% (75.0%) (60.0%) (45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0%
$ 40.81 10.0% 26.4208% 26.4340% 26.4471% 26.4603% 26.4734% 26.4866% 26.4997% 26.5128% 26.5259%
Purchase $ 42.67 15.00% 24.9124% 24.9257% 24.9390% 24.9523% 24.9655% 24.9788% 24.9921% 25.0053% 25.0186%
Premium $ 44.52 20.00% 23.4439% 23.4573% 23.4707% 23.4841% 23.4976% 23.5110% 23.5244% 23.5378% 23.5512%
and Per $ 46.38 25.00% 22.0112% 22.0248% 22.0384% 22.0520% 22.0655% 22.0791% 22.0927% 22.1062% 22.1198%
Share Offer $ 48.23 30.00% 20.6109% 20.6247% 20.6385% 20.6522% 20.6659% 20.6797% 20.6934% 20.7071% 20.7208%
Price in USD: $ 50.09 35.00% 19.2398% 19.2537% 19.2676% 19.2816% 19.2955% 19.3094% 19.3233% 19.3372% 19.3511%
$ 51.94 40.00% 17.8947% 17.9089% 17.9230% 17.9371% 17.9512% 17.9653% 17.9794% 17.9935% 18.0075%
Appendix I-D: Sensitivity Tables
Managed - R1
%age increase in revenue per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 25.0% 40.0%
$ 40.81 10.0% 20.36% 21.69% 22.96% 24.18% 25.35% 26.49% 27.58% 29.15% 30.65%
Purchase $ 42.67 15.00% 18.77% 20.12% 21.41% 22.65% 23.83% 24.98% 26.08% 27.67% 29.18%
Premium $ 44.52 20.00% 17.22% 18.59% 19.90% 21.15% 22.35% 23.51% 24.63% 26.23% 27.75%
and Per $ 46.38 25.00% 15.70% 17.09% 18.42% 19.69% 20.91% 22.08% 23.21% 24.82% 26.36%
Share Offer $ 48.23 30.00% 14.21% 15.62% 16.97% 18.26% 19.49% 20.68% 21.82% 23.46% 25.01%
Price in USD: $ 50.09 35.00% 12.73% 14.18% 15.55% 16.85% 18.11% 19.31% 20.46% 22.12% 23.69%
$ 51.94 40.00% 11.28% 12.75% 14.14% 15.47% 16.75% 17.97% 19.14% 20.81% 22.39%

Managed - R1
%age decrease in cost per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0%
$ 40.81 10.0% 22.81% 23.58% 24.33% 25.07% 25.78% 26.49% 27.17% 27.85% 28.50%
Purchase $ 42.67 15.00% 21.26% 22.04% 22.80% 23.54% 24.27% 24.98% 25.67% 26.35% 27.02%
Premium $ 44.52 20.00% 19.74% 20.54% 21.31% 22.06% 22.79% 23.51% 24.21% 24.90% 25.57%
and Per $ 46.38 25.00% 18.26% 19.07% 19.85% 20.61% 21.35% 22.08% 22.79% 23.48% 24.16%
Share Offer $ 48.23 30.00% 16.81% 17.63% 18.42% 19.19% 19.95% 20.68% 21.40% 22.10% 22.78%
Price in USD: $ 50.09 35.00% 15.38% 16.21% 17.02% 17.80% 18.57% 19.31% 20.04% 20.74% 21.44%
$ 51.94 40.00% 13.98% 14.82% 15.64% 16.44% 17.21% 17.97% 18.70% 19.42% 20.12%

Managed - R2
%age increase # of parking spaces
24.7% (75.0%) (60.0%) (45.0%) (30.0%) (15.0%) 0.0% 15.0% 30.0% 45.0%
$ 40.81 10.0% 26.4725% 26.4753% 26.4781% 26.4809% 26.4837% 26.4866% 26.4894% 26.4922% 26.4950%
Purchase $ 42.67 15.00% 24.9646% 24.9674% 24.9703% 24.9731% 24.9760% 24.9788% 24.9817% 24.9845% 24.9873%
Premium $ 44.52 20.00% 23.4966% 23.4995% 23.5023% 23.5052% 23.5081% 23.5110% 23.5138% 23.5167% 23.5196%
and Per $ 46.38 25.00% 22.0646% 22.0675% 22.0704% 22.0733% 22.0762% 22.0791% 22.0820% 22.0849% 22.0878%
Share Offer $ 48.23 30.00% 20.6649% 20.6679% 20.6708% 20.6738% 20.6767% 20.6797% 20.6826% 20.6856% 20.6885%
Price in USD: $ 50.09 35.00% 19.2945% 19.2975% 19.3004% 19.3034% 19.3064% 19.3094% 19.3124% 19.3153% 19.3183%
$ 51.94 40.00% 17.9502% 17.9532% 17.9562% 17.9592% 17.9623% 17.9653% 17.9683% 17.9713% 17.9743%
Appendix I-E: Sensitivity Tables

Managed - R2
%age increase in revenue per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 25.0% 40.0%
$ 40.81 10.0% 24.27% 24.72% 25.17% 25.62% 26.05% 26.49% 26.91% 27.54% 28.16%
Purchase $ 42.67 15.00% 22.73% 23.20% 23.65% 24.10% 24.54% 24.98% 25.41% 26.04% 26.66%
Premium $ 44.52 20.00% 21.24% 21.71% 22.17% 22.62% 23.07% 23.51% 23.95% 24.59% 25.21%
and Per $ 46.38 25.00% 19.78% 20.25% 20.72% 21.18% 21.63% 22.08% 22.52% 23.17% 23.80%
Share Offer $ 48.23 30.00% 18.35% 18.83% 19.30% 19.77% 20.23% 20.68% 21.12% 21.78% 22.42%
Price in USD: $ 50.09 35.00% 16.95% 17.44% 17.92% 18.39% 18.85% 19.31% 19.76% 20.42% 21.07%
$ 51.94 40.00% 15.57% 16.06% 16.55% 17.03% 17.50% 17.97% 18.42% 19.09% 19.75%

Managed - R2
%age decrease in cost per parking space
24.7% (50.0%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0%
$ 40.81 10.0% 24.21% 24.68% 25.14% 25.59% 26.04% 26.49% 26.92% 27.35% 27.78%
Purchase $ 42.67 15.00% 22.67% 23.15% 23.62% 24.08% 24.53% 24.98% 25.42% 25.86% 26.28%
Premium $ 44.52 20.00% 21.18% 21.66% 22.13% 22.60% 23.06% 23.51% 23.96% 24.40% 24.83%
and Per $ 46.38 25.00% 19.72% 20.21% 20.68% 21.16% 21.62% 22.08% 22.53% 22.97% 23.41%
Share Offer $ 48.23 30.00% 18.29% 18.78% 19.27% 19.75% 20.22% 20.68% 21.14% 21.59% 22.03%
Price in USD: $ 50.09 35.00% 16.88% 17.39% 17.88% 18.36% 18.84% 19.31% 19.77% 20.23% 20.67%
$ 51.94 40.00% 15.50% 16.01% 16.51% 17.01% 17.49% 17.97% 18.43% 18.89% 19.35%