Supplemental Guarantor Information

Cintas Corporation No. 2 ("Corp. 2") is the indirectly, wholly-owned principal operating subsidiary of Cintas. Corp. 2 is the issuer of the $1,300.0 million of long-term senior notes, which are unconditionally guaranteed, jointly and severally, by Cintas Corporation and its wholly-owned, direct and indirect domestic subsidiaries.

As allowed by SEC rules, the following condensed consolidating financial statements are provided as an alternative to filing separate financial statements of the guarantors. Each of the subsidiaries presented in the following condensed consolidating financial statements has been fully consolidated in Cintas' consolidated financial statements. The following condensed consolidating financial statements should be read in conjunction with the consolidated financial statements of Cintas and notes thereto of which this note is an integral part.

Condensed consolidating financial statements for Cintas, Corp. 2, the subsidiary guarantors and non-guarantors are presented on the following pages:

Condensed Consolidating Income Statement



Year Ended May 31, 2014 (in thousands)	Cintas Corporation		Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Revenue:
Rental uniforms and ancillary products	$	—	$	2,460,666		$	663,512		$	220,969		$	(121,217	)	$	3,223,930
Other services	—		1,637,193			31,512			131,581			(472,404		)	1,327,882
Equity in net income of affiliates	374,442		—			—			—			(374,442		)	—
	374,442		4,097,859			695,024			352,550			(968,063		)	4,551,812
Costs and expenses (income):
Cost of rental uniforms and ancillary products	—		1,520,893			417,388			153,726			(262,580		)	1,829,427
Cost of other services	—		1,056,366			(14,261		)	80,385			(314,491		)	807,999
Selling and administrative expenses	—		1,303,186			(83,763		)	101,432			(18,103		)	1,302,752
Shredding transaction asset impairment charge	—		—			16,143			—			—			16,143
Shredding transaction costs	—		—			28,481			—			—			28,481
Operating income	374,442		217,414			331,036			17,007			(372,889		)	567,010

Gain (loss) on Shredding deconsolidation	—		111,661			—			(5,220		)	—			106,441

Interest income	—		(43		)	(178		)	(15,279		)	15,271			(229		)
Interest expense (income)	—		66,461			(635		)	(4		)	—			65,822

Income before income taxes	374,442		262,657			331,849			27,070			(388,160		)	607,858
Income taxes	—		100,394			126,840			6,261			(79		)	233,416

Net income	$	374,442	$	162,263		$	205,009		$	20,809		$	(388,081	)	$	374,442

Condensed Consolidating Income Statement



Year Ended May 31, 2013 (in thousands)	Cintas Corporation		Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Revenue:
Rental uniforms and ancillary products	$	—	$	2,314,386		$	616,726		$	220,946		$	(107,471	)	$	3,044,587
Other services	—		1,587,000			31,210			124,234			(470,560		)	1,271,884
Equity in net income of affiliates	315,442		—			—			—			(315,442		)	—
	315,442		3,901,386			647,936			345,180			(893,473		)	4,316,471
Costs and expenses (income):
Cost of rental uniforms and ancillary products	—		1,454,791			392,134			155,490			(246,118		)	1,756,297
Cost of other services	—		1,016,074			(12,694		)	77,103			(307,376		)	773,107
Selling and administrative expenses	—		1,210,755			(66,640		)	97,646			(19,905		)	1,221,856
Operating income	315,442		219,766			335,136			14,941			(320,074		)	565,211

Interest income	—		(40		)	(272		)	(28,334		)	28,237			(409		)
Interest expense (income)	—		66,584			(875		)	3			—			65,712

Income before income taxes	315,442		153,222			336,283			43,272			(348,311		)	499,908
Income taxes	—		54,474			119,556			10,479			(43		)	184,466

Net income	$	315,442	$	98,748		$	216,727		$	32,793		$	(348,268	)	$	315,442

Condensed Consolidating Income Statement



Year Ended May 31, 2012 (in thousands)	Cintas Corporation		Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Revenue:
Rental uniforms and ancillary products	$	—	$	2,233,085		$	574,950		$	210,683		$	(106,457	)	$	2,912,261
Other services	—		1,488,163			28,660			117,791			(444,875		)	1,189,739
Equity in net income of affiliates	297,637		—			—			—			(297,637		)	—
	297,637		3,721,248			603,610			328,474			(848,969		)	4,102,000
Costs and expenses (income):
Cost of rental uniforms and ancillary products	—		1,386,320			362,803			145,293			(245,865		)	1,648,551
Cost of other services	—		955,148			(13,649		)	73,130			(299,788		)	714,841
Selling and administrative expenses	—		1,184,888			(69,882		)	(145,953		)	229,928			1,198,981
Operating income	297,637		194,892			324,338			256,004			(533,244		)	539,627

Interest income	—		(111,631		)	(589		)	(190,345		)	300,623			(1,942		)
Interest expense (income)	—		72,212			(1,543		)	(44		)	—			70,625

Income before income taxes	297,637		234,311			326,470			446,393			(833,867		)	470,944
Income taxes	—		68,752			95,793			8,814			(52		)	173,307

Net income	$	297,637	$	165,559		$	230,677		$	437,579		$	(833,815	)	$	297,637

Condensed Consolidating Statement of Comprehensive Income



Year Ended May 31, 2014 (in thousands)	Cintas Corporation		Corp. 2		Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Net income	$	374,442	$	162,263	$	205,009		$	20,809		$	(388,081	)	$	374,442

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		—		—			(9,787		)	—			(9,787		)
Change in fair value of derivatives	—		—		—			(228		)	—			(228		)
Amortization of interest rate lock agreements	—		1,952		—			—			—			1,952
Other	—		—		(1,629		)	(3		)	—			(1,632		)

Other comprehensive income (loss)	—		1,952		(1,629		)	(10,018		)	—			(9,695		)

Comprehensive income	$	374,442	$	164,215	$	203,380		$	10,791		$	(388,081	)	$	364,747

Condensed Consolidating Statement of Comprehensive Income



Year Ended May 31, 2013 (in thousands)	Cintas Corporation		Corp. 2			Subsidiary Guarantors		Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Net income	$	315,442	$	98,748		$	216,727	$	32,793		$	(348,268	)	$	315,442

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		(12		)	—		(1,075		)	—			(1,087		)
Change in fair value of derivatives	—		(187		)	—		—			—			(187		)
Amortization of interest rate lock agreements	—		1,952			—		—			—			1,952
Other	—		—			782		—			—			782

Other comprehensive income (loss)	—		1,753			782		(1,075		)	—			1,460

Comprehensive income	$	315,442	$	100,501		$	217,509	$	31,718		$	(348,268	)	$	316,902

Condensed Consolidating Statement of Comprehensive Income



Year Ended May 31, 2012 (in thousands)	Cintas Corporation		Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Net income	$	297,637	$	165,559		$	230,677		$	437,579		$	(833,815	)	$	297,637

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		(18		)	—			(17,797		)	—			(17,815		)
Change in fair value of derivatives	—		(5,604		)	—			318			—			(5,286		)
Amortization of interest rate lock agreements	—		1,508			—			—			—			1,508
Other	—		—			(575		)	24			—			(551		)

Other comprehensive loss	—		(4,114		)	(575		)	(17,455		)	—			(22,144		)

Comprehensive income	$	297,637	$	161,445		$	230,102		$	420,124		$	(833,815	)	$	275,493

Condensed Consolidating Balance Sheet



As of May 31, 2014 (in thousands)	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Assets
Current assets:
Cash and cash equivalents	$	—		$	73,540		$	399,525		$	40,223		$	—		$	513,288
Accounts receivable, net	—			366,629			97,869			43,929			—			508,427
Inventories, net	—			215,974			20,745			9,650			4,870			251,239
Uniforms and other rental items in service	—			374,666			112,467			38,240			(18,836		)	506,537
Income taxes, current	—			1,549			(1,549		)	—			—			—
Prepaid expenses and other current assets	—			7,058			14,752			4,380			—			26,190
Total current assets	—			1,039,416			643,809			136,422			(13,966		)	1,805,681

Property and equipment, at cost, net	—			533,665			225,677			96,360			—			855,702
Investments	321,083			2,081,094			893,647			1,015,343			(3,852,810		)	458,357
Goodwill	—			—			1,211,716			55,807			(112		)	1,267,411
Service contracts, net	—			51,248			53			4,374			—			55,675
Other assets, net	1,378,100			8,900			2,189,527			9,044			(3,565,945		)	19,626
	$	1,699,183		$	3,714,323		$	5,164,429		$	1,317,350		$	(7,432,833	)	$	4,462,452

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	(465,247	)	$	(545,526	)	$	1,092,545		$	30,281		$	38,017		$	150,070
Accrued compensation and related liabilities	—			56,581			22,590			5,855			—			85,026
Accrued liabilities	—			79,614			208,983			11,876			(746		)	299,727
Income taxes, current	—			—			4,915			1,045			—			5,960
Deferred tax (asset) liability	—			(510		)	80,575			8,780			—			88,845
Long-term debt due within one year	—			773			(270		)	—			—			503
Total current liabilities	(465,247		)	(409,068		)	1,409,338			57,837			37,271			630,131

Long-term liabilities:
Long-term debt due after one year	—			1,309,611			(10,380		)	500			746			1,300,477
Deferred income taxes	—			(6		)	251,924			(5,874		)	—			246,044
Accrued liabilities	—			—			92,069			873			—			92,942
Total long-term liabilities	—			1,309,605			333,613			(4,501		)	746			1,639,463
Total shareholders' equity	2,164,430			2,813,786			3,421,478			1,264,014			(7,470,850		)	2,192,858
	$	1,699,183		$	3,714,323		$	5,164,429		$	1,317,350		$	(7,432,833	)	$	4,462,452

Condensed Consolidating Balance Sheet



As of May 31, 2013 (in thousands)	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Assets
Current assets:
Cash and cash equivalents	$	—		$	54,511		$	247,070		$	50,692		$	—		$	352,273
Marketable securities	—			—			5,680			—			—			5,680
Accounts receivable, net	—			355,429			96,569			44,051			—			496,049
Inventories, net	—			201,260			25,584			10,342			3,254			240,440
Uniforms and other rental items in service	—			363,662			113,024			38,917			(18,851		)	496,752
Income taxes, current	—			4,172			3,437			1,493			—			9,102
Prepaid expenses and other current assets	—			7,450			12,909			4,171			—			24,530
Total current assets	—			986,484			504,273			149,666			(15,597		)	1,624,826

Property and equipment, at cost, net	—			631,480			259,586			95,637			—			986,703
Investments	321,083			1,614,354			879,861			760,489			(3,474,262		)	101,525
Goodwill	—			—			1,449,445			68,115			—			1,517,560
Service contracts, net	—			88,157			166			3,830			—			92,153
Other assets, net	1,377,039			13,151			1,818,336			8,414			(3,194,075		)	22,865
	$	1,698,122		$	3,333,626		$	4,911,667		$	1,086,151		$	(6,683,934	)	$	4,345,632

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	(465,247	)	$	(561,454	)	$	1,084,986		$	24,728		$	38,016		$	121,029
Accrued compensation and related liabilities	—			54,591			17,642			5,817			—			78,050
Accrued liabilities	—			67,490			193,261			11,837			(767		)	271,821
Deferred tax (asset) liability	—			(534		)	68,765			8,938			—			77,169
Long-term debt due within one year	—			8,436			(249		)	—			—			8,187
Total current liabilities	(465,247		)	(431,471		)	1,364,405			51,320			37,249			556,256

Long-term liabilities:
Long-term debt due after one year	—			1,310,384			(11,020		)	848			767			1,300,979
Deferred income taxes	—			(6		)	216,368			(5,879		)	—			210,483
Accrued liabilities	—			—			75,571			851			—			76,422
Total long-term liabilities	—			1,310,378			280,919			(4,180		)	767			1,587,884
Total shareholders' equity	2,163,369			2,454,719			3,266,343			1,039,011			(6,721,950		)	2,201,492
	$	1,698,122		$	3,333,626		$	4,911,667		$	1,086,151		$	(6,683,934	)	$	4,345,632

Condensed Consolidating Statement of Cash Flows



Year Ended May 31, 2014 (in thousands)	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Cash flows from operating activities:
Net income	$	374,442		$	162,263		$	205,009		$	20,809		$	(388,081	)	$	374,442
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—			110,100			44,856			13,264			—			168,220
Amortization of intangible assets	—			20,547			153			1,942			—			22,642
Stock-based compensation	29,875			—			—			—			—			29,875
Gain on deconsolidation of Shredding	—			(111,661		)	—			5,220			—			(106,441		)
Shredding transaction asset impairment charge	—			—			16,143			—			—			16,143
Shredding transaction costs	—			—			26,057			—			—			26,057
Deferred income taxes	—			(2		)	47,373			(262		)	—			47,109
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—			(53,053		)	(1,300		)	(1,878		)	—			(56,231		)
Inventories, net	—			(14,735		)	4,839			450			(1,616		)	(11,062		)
Uniforms and other rental items in service	—			(11,004		)	557			(973		)	(15		)	(11,435		)
Prepaid expenses	—			(386		)	(1,844		)	53			—			(2,177		)
Accounts payable	—			25,573			23,246			(18,374		)	1			30,446
Accrued compensation and related liabilities	—			5,778			4,947			206			—			10,931
Accrued liabilities	—			50,008			4,897			(689		)	21			54,237
Income taxes, current	—			2,621			9,902			2,690			—			15,213
Net cash provided by operating activities	404,317			186,049			384,835			22,458			(389,690		)	607,969

Cash flows from investing activities:
Capital expenditures	—			(123,978		)	(9,591		)	(12,011		)	—			(145,580		)
Proceeds from redemption of marketable securities	—			—			5,659			48,537			—			54,196
Purchase of marketable securities and investments	—			(152,913		)	(242,956		)	(48,537		)	378,548			(65,858		)
Proceeds from Shredding transaction, net of cash contributed	—			180,000			—			(641		)	—			179,359
Acquisitions of businesses, net of cash acquired	—			(13,199		)	—			(20,242		)	—			(33,441		)
Other	13,783			(50,446		)	8,108			12,173			11,163			(5,219		)
Net cash provided by (used in) investing activities	13,783			(160,536		)	(238,780		)	(20,721		)	389,711			(16,543		)

Cash flows from financing activities:
Proceeds from the issuances of debt	—			—			(2,445		)	2,445			—			—
Repayment of debt	—			(8,436		)	(106		)	376			(21		)	(8,187		)
Proceeds from exercise of stock-based compensation awards	41,902			—			—			—			—			41,902
Dividends paid	(93,293		)	—			—			(27		)	—			(93,320		)
Repurchase of common stock	(370,599		)	—			—			—			—			(370,599		)
Other	3,890			1,952			8,951			(14,324		)	—			469
Net cash (used in) provided by financing activities	(418,100		)	(6,484		)	6,400			(11,530		)	(21		)	(429,735		)

Effect of exchange rate changes on cash and cash equivalents	—			—			—			(676		)	—			(676		)
Net increase (decrease) in cash and cash equivalents	—			19,029			152,455			(10,469		)	—			161,015
Cash and cash equivalents at beginning of period	—			54,511			247,070			50,692			—			352,273
Cash and cash equivalents at end of period	$	—		$	73,540		$	399,525		$	40,223		$	—		$	513,288

Condensed Consolidating Statement of Cash Flows



Year Ended May 31, 2013 (in thousands)	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Cash flows from operating activities:
Net income	$	315,442		$	98,748		$	216,727		$	32,793		$	(348,268	)	$	315,442
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—			16,647			135,345			13,672			—			165,664
Amortization of intangible assets	—			21,077			200			2,436			—			23,713
Stock-based compensation	23,310			—			—			—			—			23,310
Deferred income taxes	—			—			53,916			(5,893		)	—			48,023
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—			(25,206		)	(15,326		)	(2,172		)	—			(42,704		)
Inventories, net	—			9,034			(5,292		)	626			6,629			10,997
Uniforms and other rental items in service	—			(26,364		)	(11,590		)	(4,077		)	(2,148		)	(44,179		)
Prepaid expenses	—			507			(3,620		)	(168		)	—			(3,281		)
Accounts payable	—			(55,802		)	75,034			5,794			(3		)	25,023
Accrued compensation and related liabilities	—			(9,206		)	(3,977		)	22			—			(13,161		)
Accrued liabilities	—			(5,416		)	38,099			(829		)	19			31,873
Income taxes, current	—			1,110			206			10,712			—			12,028
Net cash provided by operating activities	338,752			25,129			479,722			52,916			(343,771		)	552,748

Cash flows from investing activities:
Capital expenditures	—			(39,975		)	(131,208		)	(25,303		)	—			(196,486		)
Proceeds from redemption of marketable securities	—			—			13,899			147,579			—			161,478
Purchase of marketable securities and investments	—			(683		)	(31,075		)	(158,378		)	11,672			(178,464		)
Acquisitions of businesses, net of cash acquired	—			(67,431		)	112			(2,051		)	—			(69,370		)
Other	(60,918		)	58,589			(315,519		)	(15,609		)	332,118			(1,339		)
Net cash used in investing activities	(60,918		)	(49,500		)	(463,791		)	(53,762		)	343,790			(284,181		)

Cash flows from financing activities:
Proceeds from the issuance of debt	—			250,000			638			(638		)	—			250,000
Repayment of debt	—			(225,866		)	445			(196		)	(19		)	(225,636		)
Proceeds from exercise of stock-based compensation awards	14,807			—			—			—			—			14,807
Dividends paid	(79,723		)	—			—			(21		)	—			(79,744		)
Repurchase of common stock	(215,681		)	—			—			—			—			(215,681		)
Other	2,763			(3,989		)	769			653			—			196
Net cash (used in) provided by financing activities	(277,834		)	20,145			1,852			(202		)	(19		)	(256,058		)

Effect of exchange rate changes on cash and cash equivalents	—			—			—			(61		)	—			(61		)
Net (decrease) increase in cash and cash equivalents	—			(4,226		)	17,783			(1,109		)	—			12,448
Cash and cash equivalents at beginning of period	—			58,737			229,287			51,801			—			339,825
Cash and cash equivalents at end of period	$	—		$	54,511		$	247,070		$	50,692		$	—		$	352,273

Condensed Consolidating Statement of Cash Flows



Year Ended May 31, 2012 (in thousands)	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Cash flows from operating activities:
Net income	$	297,637		$	165,559		$	230,677		$	437,579		$	(833,815	)	$	297,637
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—			102,613			40,613			12,605			—			155,831
Amortization of intangible assets	—			33,114			393			4,827			—			38,334
Stock-based compensation	20,312			—			—			—			—			20,312
Deferred income taxes	—			—			56,411			316			—			56,727
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—			(15,280		)	(4,985		)	(3,996		)	—			(24,261		)
Inventories, net	—			(5,635		)	4,685			1,590			(2,970		)	(2,330		)
Uniforms and other rental items in service	—			(34,401		)	(19,286		)	(1,477		)	(5,115		)	(60,279		)
Prepaid expenses	—			(2,154		)	950			(292		)	—			(1,496		)
Accounts payable	—			(143,189		)	661,243			(530,611		)	—			(12,557		)
Accrued compensation and related liabilities	—			8,659			1,466			1,500			—			11,625
Accrued liabilities	—			16,929			(30,586		)	(6,732		)	18			(20,371		)
Income taxes, current	—			(4,357		)	4,712			10,335			—			10,690
Net cash provided by (used in) operating activities	317,949			121,858			946,293			(74,356		)	(841,882		)	469,862

Cash flows from investing activities:
Capital expenditures	—			(116,954		)	(26,270		)	(17,578		)	—			(160,802		)
Proceeds from redemption of marketable securities	—			—			—			665,016			—			665,016
Purchase of marketable securities and investments	—			(2,740		)	(416,100		)	(579,654		)	412,839			(585,655		)
Acquisitions of businesses, net of cash acquired	—			(19,323		)	(65		)	(5,476		)	—			(24,864		)
Other	141,350			20,090			(588,518		)	28			429,061			2,011
Net cash provided by (used in) investing activities	141,350			(118,927		)	(1,030,953		)	62,336			841,900			(104,294		)

Cash flows from financing activities:
Proceeds from the issuance of debt	—			—			(786		)	—			786			—
Repayment of debt	—			(843		)	324			—			(804		)	(1,323		)
Proceeds from exercise of stock-based compensation awards	3,341			—			—			—			—			3,341
Dividends paid	(70,800		)	—			—			(20		)	—			(70,820		)
Repurchase of common stock	(392,328		)	—			—			—			—			(392,328		)
Other	488			1,508			(574		)	(867		)	—			555
Net cash (used in) provided by financing activities	(459,299		)	665			(1,036		)	(887		)	(18		)	(460,575		)

Effect of exchange rate changes on cash and cash equivalents	—			184			1,700			(5,158		)	—			(3,274		)
Net increase (decrease) in cash and cash equivalents	—			3,780			(83,996		)	(18,065		)	—			(98,281		)
Cash and cash equivalents at beginning of period	—			54,957			313,283			69,866			—			438,106
Cash and cash equivalents at end of period	$	—		$	58,737		$	229,287		$	51,801		$	—		$	339,825