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 aggregate principal amount of the $2,857.5 million aggregate principal amount of senior notes outstanding as of November 30, 2017, which are unconditionally guaranteed, jointly and severally, by Cintas Corporation and certain wholly-owned, direct and indirect domestic subsidiaries.

As allowed by SEC rules, the following consolidating condensed financial statements are provided as an alternative to filing separate financial statements of the guarantors. Each of the subsidiaries presented in the following consolidating condensed financial statements has been fully consolidated in Cintas’ consolidated condensed financial statements. The following consolidating condensed financial statements should be read in conjunction with the consolidated condensed financial statements of Cintas and notes thereto of which this note is an integral part. During fiscal 2018, the Company sold Discontinued Services (see Note 13) previously included in Cintas Corporation and Corp. 2. The sale of Discontinued Services has been reflected as discontinued operations as of the beginning of the earliest period presented herein. Consolidating condensed financial statements for Cintas, Corp. 2, the subsidiary guarantors and non-guarantors are presented on the following pages:

Consolidating Condensed Income Statement

Three Months Ended November 30, 2017

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Revenue:
Uniform rental and facility services	$	—		$	1,086,667		$	170,320		$	100,933		$	(49,882	)	$	1,308,038
Other	—			435,539			(313		)	21,982			(158,805		)	298,403
Equity in net income of affiliates	137,737			—			—			—			(137,737		)	—
	137,737			1,522,206			170,007			122,915			(346,424		)	1,606,441
Costs and expenses (income):
Cost of uniform rental and facility services	—			628,123			105,954			65,220			(75,337		)	723,960
Cost of other	—			302,065			(25,046		)	15,438			(126,345		)	166,112
Selling and administrative expenses	—			528,369			(85,417		)	31,211			(6,079		)	468,084
G&K Services, Inc. transaction and integration expenses	—			4,192			8,319			563			—			13,074
Operating income	137,737			59,457			166,197			10,483			(138,663		)	235,211

Interest income	—			(45		)	(59		)	(187		)	—			(291		)
Interest expense (income)	—			29,444			(313		)	(2		)	—			29,129

Income before income taxes	137,737			30,058			166,569			10,672			(138,663		)	206,373
Income taxes	—			11,449			54,414			2,798			(25		)	68,636
Income from continuing operations	137,737			18,609			112,155			7,874			(138,638		)	137,737

Loss from discontinued operations, net of tax	(628		)	(628		)	—			—			628			(628		)

Net income	$	137,109		$	17,981		$	112,155		$	7,874		$	(138,010	)	$	137,109

Consolidating Condensed Income Statement

Three Months Ended November 30, 2016

(In thousands)



	Cintas Corporation		Corp. 2		Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Revenue:
Uniform rental and facility services	$	—	$	835,892	$	149,886		$	57,610		$	(43,373	)	$	1,000,015
Other	—		390,963		633			18,162			(138,696		)	271,062
Equity in net income of affiliates	121,950		—		—			—			(121,950		)	—
	121,950		1,226,855		150,519			75,772			(304,019		)	1,271,077
Costs and expenses (income):
Cost of uniform rental and facility services	—		483,399		94,323			37,603			(63,827		)	551,498
Cost of other	—		271,812		(19,549		)	13,636			(111,538		)	154,361
Selling and administrative expenses	—		398,592		(48,256		)	18,703			(7,624		)	361,415
G&K Services, Inc. transaction and integration expenses	—		—		3,347			—			—			3,347
Operating income	121,950		73,052		120,654			5,830			(121,030		)	200,456

Interest income	—		—		(7		)	(25		)	1			(31		)
Interest expense (income)	—		14,528		(1,176		)	(85		)	—			13,267

Income before income taxes	121,950		58,524		121,837			5,940			(121,031		)	187,220
Income taxes	—		20,635		42,652			2,011			(28		)	65,270
Income from continuing operations	121,950		37,889		79,185			3,929			(121,003		)	121,950

Income from discontinued operations, net of tax	18,427		17,115		—			1,941			(19,056		)	18,427

Net income	$	140,377	$	55,004	$	79,185		$	5,870		$	(140,059	)	$	140,377

Consolidating Condensed Income Statement

Six Months Ended November 30, 2017

(In thousands)



	Cintas Corporation		Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Revenue:
Uniform rental and facility services	$	—	$	2,186,536		$	335,215		$	197,528		$	(99,457	)	$	2,619,822
Other	—		862,841			(6		)	42,290			(307,003		)	598,122
Equity in net income of affiliates	298,845		—			—			—			(298,845		)	—
	298,845		3,049,377			335,209			239,818			(705,305		)	3,217,944
Costs and expenses (income):
Cost of uniform rental and facility services	—		1,250,271			204,973			125,737			(150,158		)	1,430,823
Cost of other	—		590,984			(44,715		)	30,173			(245,043		)	331,399
Selling and administrative expenses	—		1,039,324			(132,955		)	61,117			(13,119		)	954,367
G&K Services, Inc. transaction and integration expenses	—		5,713			10,754			578			—			17,045
Operating income	298,845		163,085			297,152			22,213			(296,985		)	484,310

Interest income	—		(76		)	(158		)	(354		)	—			(588		)
Interest expense (income)	—		60,005			(452		)	(107		)	—			59,446

Income before income taxes	298,845		103,156			297,762			22,674			(296,985		)	425,452
Income taxes	—		31,019			89,537			6,095			(44		)	126,607
Income from continuing operations	298,845		72,137			208,225			16,579			(296,941		)	298,845

Income (loss) from discontinued operations, net of tax	55,475		64,374			(8,899		)	—			(55,475		)	55,475

Net income	$	354,320	$	136,511		$	199,326		$	16,579		$	(352,416	)	$	354,320

Consolidating Condensed Income Statement

Six Months Ended November 30, 2016

(In thousands)



	Cintas Corporation		Corp. 2		Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Revenue:
Uniform rental and facility services	$	—	$	1,667,852	$	299,034		$	115,273		$	(87,862	)	$	1,994,297
Other	—		779,045		1,601			37,037			(274,253		)	543,430
Equity in net income of affiliates	258,158		—		—			—			(258,158		)	—
	258,158		2,446,897		300,635			152,310			(620,273		)	2,537,727
Costs and expenses (income):
Cost of uniform rental and facility services	—		958,620		184,995			74,717			(129,737		)	1,088,595
Cost of other	—		535,538		(34,480		)	27,464			(221,035		)	307,487
Selling and administrative expenses	—		806,203		(98,990		)	38,968			(15,063		)	731,118
G&K Services, Inc. transaction and integration expenses	—		—		6,134			—			—			6,134
Operating income	258,158		146,536		242,976			11,161			(254,438		)	404,393

Interest income	—		—		(24		)	(73		)	1			(96		)
Interest expense (income)	—		29,355		(1,878		)	(38		)	—			27,439

Income before income taxes	258,158		117,181		244,878			11,272			(254,439		)	377,050
Income taxes	—		37,304		78,178			3,464			(54		)	118,892
Income from continuing operations	258,158		79,877		166,700			7,808			(254,385		)	258,158

Income from discontinued operations, net of tax	20,310		18,998		—			1,941			(20,939		)	20,310

Net income	$	278,468	$	98,875	$	166,700		$	9,749		$	(275,324	)	$	278,468

Consolidating Condensed Statement of Comprehensive Income

Three Months Ended November 30, 2017

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors		Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Net income	$	137,109		$	17,981		$	112,155	$	7,874		$	(138,010	)	$	137,109

Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(11,374		)	—			—		(11,374		)	11,374			(11,374		)
Amortization of interest rate lock agreements	(172		)	(172		)	—		—			172			(172		)
Change in fair value of available-for-sale securities	(20		)	—			—		(20		)	20			(20		)

Other comprehensive loss	(11,566		)	(172		)	—		(11,394		)	11,566			(11,566		)

Comprehensive income (loss)	$	125,543		$	17,809		$	112,155	$	(3,520	)	$	(126,444	)	$	125,543

Consolidating Condensed Statement of Comprehensive Income

Three Months Ended November 30, 2016

(In thousands)



	Cintas Corporation			Corp. 2		Subsidiary Guarantors		Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Net income	$	140,377		$	55,004	$	79,185	$	5,870		$	(140,059	)	$	140,377

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(7,650		)	—		—		(7,650		)	7,650			(7,650		)
Change in fair value of cash flow hedges	26,390			26,390		—		—			(26,390		)	26,390
Amortization of interest rate lock agreements	385			385		—		—			(385		)	385
Change in fair value of available-for-sale securities	1			—		—		1			(1		)	1

Other comprehensive income (loss)	19,126			26,775		—		(7,649		)	(19,126		)	19,126

Comprehensive income (loss)	$	159,503		$	81,779	$	79,185	$	(1,779	)	$	(159,185	)	$	159,503

Consolidating Condensed Statement of Comprehensive Income

Six Months Ended November 30, 2017

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors		Non- Guarantors		Eliminations			Cintas Corporation Consolidated

Net income	$	354,320		$	136,511		$	199,326	$	16,579	$	(352,416	)	$	354,320

Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	23,810			—			—		23,810		(23,810		)	23,810
Amortization of interest rate lock agreements	(344		)	(344		)	—		—		344			(344		)

Other comprehensive income (loss)	23,466			(344		)	—		23,810		(23,466		)	23,466

Comprehensive income	$	377,786		$	136,167		$	199,326	$	40,389	$	(375,882	)	$	377,786

Consolidating Condensed Statement of Comprehensive Income

Six Months Ended November 30, 2016

(In thousands)



	Cintas Corporation			Corp. 2		Subsidiary Guarantors		Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Net income	$	278,468		$	98,875	$	166,700	$	9,749		$	(275,324	)	$	278,468

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(7,535		)	—		—		(7,535		)	7,535			(7,535		)
Change in fair value of cash flow hedges	14,353			14,353		—		—			(14,353		)	14,353
Amortization of interest rate lock agreements	770			770		—		—			(770		)	770

Other comprehensive income (loss)	7,588			15,123		—		(7,535		)	(7,588		)	7,588

Comprehensive income	$	286,056		$	113,998	$	166,700	$	2,214		$	(282,912	)	$	286,056

Consolidating Condensed Balance Sheet

As of November 30, 2017

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors		Non- Guarantors			Eliminations			Cintas Corporation Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	42,126		$	83,515	$	110,361		$	—		$	236,002
Marketable securities	—			—			—		22,732			—			22,732
Accounts receivable, net	—			586,992			117,106		59,457			—			763,555
Inventories, net	—			224,217			31,994		16,620			(1		)	272,830
Uniforms and other rental items in service	—			562,724			81,459		49,025			(18,636		)	674,572
Income taxes, current	—			(16,790		)	47,940		4,550			—			35,700
Prepaid expenses and other current assets	—			7,837			29,222		999			—			38,058
Total current assets	—			1,407,106			391,236		263,744			(18,637		)	2,043,449

Property and equipment, net	—			875,883			366,041		111,235			—			1,353,159

Investments ⁽¹⁾	321,083			3,598,267			947,722		1,713,070			(6,404,479		)	175,663
Goodwill	—			—			2,770,504		41,403			(111		)	2,811,796
Service contracts, net	—			483,985			—		81,589			—			565,574
Other assets, net	1,766,703			557			3,489,627		13,866			(5,241,593		)	29,160
	$	2,087,786		$	6,365,798		$	7,965,130	$	2,224,907		$	(11,664,820	)	$	6,978,801

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	(465,247	)	$	(1,458,658	)	$	2,162,751	$	(113,813	)	$	37,948		$	162,981
Accrued compensation and related liabilities	—			101,379			6,141		5,910			—			113,430
Accrued liabilities	—			187,828			368,784		21,348			—			577,960
Debt due within one year	—			300,000			—		—			—			300,000
Total current liabilities	(465,247		)	(869,451		)	2,537,676		(86,555		)	37,948			1,154,371

Long-term liabilities:
Debt due after one year	—			2,533,832			—		390			—			2,534,222
Deferred income taxes	—			—			492,999		46,044			—			539,043
Accrued liabilities	—			32,998			163,863		1,271			—			198,132
Total long-term liabilities	—			2,566,830			656,862		47,705			—			3,271,397

Total shareholders’ equity	2,553,033			4,668,419			4,770,592		2,263,757			(11,702,768		)	2,553,033
	$	2,087,786		$	6,365,798		$	7,965,130	$	2,224,907		$	(11,664,820	)	$	6,978,801

⁽¹⁾Investments include inter company investment activity. Corp 2 and Subsidiary Guarantors hold $20.3 million and $155.4 million, respectively, of the $175.7 million consolidated net investments.

Consolidating Condensed Balance Sheet

As of May 31, 2017

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors		Non- Guarantors			Eliminations			Cintas Corporation Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	48,658		$	17,302	$	103,306		$	—		$	169,266
Marketable securities	—			—			—		22,219			—			22,219
Accounts receivable, net	—			543,769			137,881		54,358			—			736,008
Inventories, net	—			243,677			21,466		14,461			(1,386		)	278,218
Uniforms and other rental items in service	—			531,295			78,012		45,388			(18,993		)	635,702
Income taxes, current	—			16,173			25,138		3,009			—			44,320
Prepaid expenses and other current assets	—			13,234			16,188		710			—			30,132
Assets held for sale	—			23,095			15,518		—			—			38,613
Total current assets	—			1,419,901			311,505		243,451			(20,379		)	1,954,478

Property and equipment, net	—			851,018			364,724		107,759			—			1,323,501

Investments ⁽¹⁾	321,083			3,605,457			929,657		1,711,070			(6,402,479		)	164,788
Goodwill	—			—			2,742,898		39,549			(112		)	2,782,335
Service contracts, net	—			505,698			—		81,290			—			586,988
Other assets, net	1,516,463			14,705			3,489,653		11,983			(5,000,837		)	31,967
	$	1,837,546		$	6,396,779		$	7,838,437	$	2,195,102		$	(11,423,807	)	$	6,844,057

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	(465,247	)	$	(1,596,731	)	$	2,292,388	$	(91,467	)	$	38,108		$	177,051
Accrued compensation and related liabilities	—			94,505			42,866		12,264			—			149,635
Accrued liabilities	—			191,819			219,303		18,687			—			429,809
Debt due within one year	—			362,900			—		—			—			362,900
Liabilities held for sale	—			11,457			—		—			—			11,457
Total current liabilities	(465,247		)	(936,050		)	2,554,557		(60,516		)	38,108			1,130,852

Long-term liabilities:
Debt due after one year	—			2,770,234			—		390			—			2,770,624
Deferred income taxes	—			—			436,613		32,715			—			469,328
Accrued liabilities	—			28,384			140,923		1,153			—			170,460
Total long-term liabilities	—			2,798,618			577,536		34,258			—			3,410,412

Total shareholders’ equity	2,302,793			4,534,211			4,706,344		2,221,360			(11,461,915		)	2,302,793
	$	1,837,546		$	6,396,779		$	7,838,437	$	2,195,102		$	(11,423,807	)	$	6,844,057

⁽¹⁾Investments include inter company investment activity. Corp 2 and Subsidiary Guarantors hold $29.0 million and $135.8 million, respectively, of the $164.8 million consolidated net investments.

Consolidating Condensed Statement of Cash Flows

Six Months Ended November 30, 2017

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Cash flows from operating activities:
Net income	$	354,320		$	136,511		$	199,326		$	16,579		$	(352,416	)	$	354,320
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	—			65,942			34,789			6,847			—			107,578
Amortization of intangible assets	—			24,522			2,547			4,192			—			31,261
Stock-based compensation	55,204			—			—			—			—			55,204
Gain on sale of business	—			(114,581		)	15,521			—			—			(99,060		)
Deferred income taxes	—			—			40,555			1,607			—			42,162
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—			(42,881		)	20,790			(2,709		)	—			(24,800		)
Inventories, net	—			17,728			(13,863		)	115			(1,385		)	2,595
Uniforms and other rental items in service	—			(29,520		)	(112		)	(3,305		)	(357		)	(33,294		)
Prepaid expenses and other current assets	—			(5,428		)	(13,609		)	464			—			(18,573		)
Accounts payable	—			155,461			(153,831		)	(10,176		)	(160		)	(8,706		)
Accrued compensation and related liabilities	—			6,341			(39,311		)	(3,510		)	—			(36,480		)
Accrued liabilities and other	—			(26,847		)	26,373			(1,466		)	—			(1,940		)
Income taxes, current	—			32,963			(22,794		)	(1,427		)	—			8,742
Net cash provided by operating activities	409,524			220,211			96,381			7,211			(354,318		)	379,009

Cash flows from investing activities:
Capital expenditures	—			(90,497		)	(36,875		)	(5,094		)	—			(132,466		)
Proceeds from redemption of marketable securities and investments	—			12,400			—			87,859			—			100,259
Purchase of marketable securities and investments	—			5,510			(20,064		)	(87,323		)	2,000			(99,877		)
Proceeds from sale of business	—			127,835			—			—			—			127,835
Acquisitions of businesses	—			(1,099		)	—			—			—			(1,099		)
Other, net	(402,385		)	21,470			26,771			956			352,318			(870		)
Net cash (used in) provided by investing activities	(402,385		)	75,619			(30,168		)	(3,602		)	354,318			(6,218		)

Cash flows from financing activities:
Payments of commercial paper, net	—			(50,500		)	—			—			—			(50,500		)
Repayment of debt	—			(250,000		)	—			—			—			(250,000		)
Proceeds from exercise of stock-based compensation awards	28,558			—			—			—			—			28,558
Repurchase of common stock	(35,697		)	—			—			—			—			(35,697		)
Other, net	—			(1,862		)	—			(20		)	—			(1,882		)
Net cash used in financing activities	(7,139		)	(302,362		)	—			(20		)	—			(309,521		)

Effect of exchange rate changes on cash and cash equivalents	—			—			—			3,466			—			3,466

Net (decrease) increase in cash and cash equivalents	—			(6,532		)	66,213			7,055			—			66,736
Cash and cash equivalents at beginning of period	—			48,658			17,302			103,306			—			169,266
Cash and cash equivalents at end of period	$	—		$	42,126		$	83,515		$	110,361		$	—		$	236,002

Consolidating Condensed Statement of Cash Flows

Six Months Ended November 30, 2016

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated

Cash flows from operating activities:
Net income	$	278,468		$	98,875		$	166,700		$	9,749		$	(275,324	)	$	278,468
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	—			52,259			22,412			4,919			—			79,590
Amortization of intangible assets	—			6,847			175			438			—			7,460
Stock-based compensation	39,582			—			—			—			—			39,582
Gain on Shred-it	—			(23,935		)	—			(1,941		)	—			(25,876		)
Deferred income taxes	—			(9,578		)	5,395			350			—			(3,833		)
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—			(36,939		)	(6,813		)	(1,168		)	—			(44,920		)
Inventories, net	—			(14,038		)	2,871			(1,593		)	(1,856		)	(14,616		)
Uniforms and other rental items in service	—			754			(4,182		)	511			(1,398		)	(4,315		)
Prepaid expenses and other current assets	—			412			(2,411		)	47			—			(1,952		)
Accounts payable	—			23,367			(10,857		)	2,831			110			15,451
Accrued compensation and related liabilities	2,819			(12,734		)	(8,935		)	(86		)	—			(18,936		)
Accrued liabilities and other	139,766			3,711			(148,384		)	41			—			(4,866		)
Income taxes, current	—			(1,635		)	1,460			659			—			484
Net cash provided by operating activities	460,635			87,366			17,431			14,757			(278,468		)	301,721

Cash flows from investing activities:
Capital expenditures	—			(85,207		)	(60,837		)	(9,129		)	—			(155,173		)
Proceeds from redemption of marketable securities	—			—			—			172,968			—			172,968
Purchase of marketable securities and investments	—			(4,560		)	(28,751		)	(102,692		)	17,733			(118,270		)
Proceeds from sale of investment in Shred-it	—			23,935			—			1,941			—			25,876
Acquisitions of businesses, net of cash acquired	—			(7,245		)	—			(10,533		)	—			(17,778		)
Other, net	(460,630		)	177,446			21,190			1,591			260,735			332
Net cash (used in) provided by investing activities	(460,630		)	104,369			(68,398		)	54,146			278,468			(92,045		)

Cash flows from financing activities:
Issuance of commercial paper, net	—			66,000			—			—			—			66,000
Proceeds from issuance of debt	—			—			(2,000		)	2,000			—			—
Repayment of debt	—			(250,000		)	—			—			—			(250,000		)
Prepaid short-term debt financing fees	—			(13,495		)	—			—			—			(13,495		)
Proceeds from exercise of stock-based compensation awards	19,225			—			—			—			—			19,225
Repurchase of common stock	(19,230		)	—			—			—			—			(19,230		)
Other, net	—			(5,572		)	—			—			—			(5,572		)
Net cash (used in) provided by financing activities	(5		)	(203,067		)	(2,000		)	2,000			—			(203,072		)

Effect of exchange rate changes on cash and cash equivalents	—			—			—			(2,388		)	—			(2,388		)

Net (decrease) increase in cash and cash equivalents	—			(11,332		)	(52,967		)	68,515			—			4,216
Cash and cash equivalents at beginning of period	—			57,893			55,392			26,072			—			139,357
Cash and cash equivalents at end of period	$	—		$	46,561		$	2,425		$	94,587		$	—		$	143,573