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 aggregate principal amount of 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

Three Months Ended February 29, 2016

(In thousands)



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

Revenue:
Uniform rental and facility services	$	—	$	723,280		$	198,943		$	50,763		$	(36,421	)	$	936,565
Other	—		390,199			959			14,952			(126,592		)	279,518
Equity in net income of affiliates	117,279		—			—			—			(117,279		)	—
	117,279		1,113,479			199,902			65,715			(280,292		)	1,216,083
Costs and expenses (income):
Cost of uniform rental and facility services	—		449,530			112,701			35,678			(73,253		)	524,656
Cost of other	—		246,282			(8,083		)	9,777			(81,157		)	166,819
Selling and administrative expenses	—		344,736			(23,684		)	17,459			(6,855		)	331,656
Operating income	117,279		72,931			118,968			2,801			(119,027		)	192,952

Interest income	—		(7		)	(262		)	(68		)	2			(335		)
Interest expense (income)	—		16,350			(207		)	20			—			16,163

Income before income taxes	117,279		56,588			119,437			2,849			(119,029		)	177,124
Income taxes	—		18,980			39,764			1,130			(29		)	59,845
Income from continuing operations	117,279		37,608			79,673			1,719			(119,000		)	117,279

Income (loss) from discontinued operations, net of tax	62		74			—			(12		)	(62		)	62

Net income	$	117,341	$	37,682		$	79,673		$	1,707		$	(119,062	)	$	117,341

Condensed Consolidating Income Statement

Three Months Ended February 28, 2015

(In thousands)



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

Revenue:
Uniform rental and facility services	$	—		$	671,490		$	187,389		$	56,379		$	(31,857	)	$	883,401
Other	—			328,626			322			12,224			(115,726		)	225,446
Equity in net income of affiliates	100,331			—			—			—			(100,331		)	—
	100,331			1,000,116			187,711			68,603			(247,914		)	1,108,847
Costs and expenses (income):
Cost of uniform rental and facility services	—			420,917			105,871			37,858			(63,373		)	501,273
Cost of other	—			211,502			(8,810		)	7,544			(77,969		)	132,267
Selling and administrative expenses	—			308,953			(18,542		)	18,235			(6,956		)	301,690
Operating income	100,331			58,744			109,192			4,966			(99,616		)	173,617

Interest income	—			(2		)	(77		)	(18		)	1			(96		)
Interest expense (income)	—			16,356			(101		)	(1		)	—			16,254

Income before income taxes	100,331			42,390			109,370			4,985			(99,617		)	157,459
Income taxes	—			13,443			42,928			770			(13		)	57,128
Income from continuing operations	100,331			28,947			66,442			4,215			(99,604		)	100,331

(Loss) income from discontinued operations, net of tax	(5,448		)	(5,498		)	—			50			5,448			(5,448		)

Net income	$	94,883		$	23,449		$	66,442		$	4,265		$	(94,156	)	$	94,883

Condensed Consolidating Income Statement

Nine Months Ended February 29, 2016

(In thousands)



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

Revenue:
Uniform rental and facility services	$	—	$	2,167,825		$	601,085		$	158,449		$	(114,682	)	$	2,812,677
Other	—		1,157,067			2,992			47,279			(385,962		)	821,376
Equity in net income of affiliates	338,930		—			—			—			(338,930		)	—
	338,930		3,324,892			604,077			205,728			(839,574		)	3,634,053
Costs and expenses (income):
Cost of uniform rental and facility services	—		1,345,421			342,365			110,631			(229,167		)	1,569,250
Cost of other	—		732,338			(25,460		)	30,002			(248,229		)	488,651
Selling and administrative expenses	—		1,037,614			(72,698		)	51,479			(19,051		)	997,344
Operating income	338,930		209,519			359,870			13,616			(343,127		)	578,808

Interest income	—		(19		)	(378		)	(170		)	2			(565		)
Interest expense (income)	—		49,152			(425		)	19			—			48,746

Income before income taxes	338,930		160,386			360,673			13,767			(343,129		)	530,627
Income taxes	—		57,320			129,426			5,033			(82		)	191,697
Income from continuing operations	338,930		103,066			231,247			8,734			(343,047		)	338,930

Income (loss) from discontinued operations, net of tax	223,692		229,355			—			(5,663		)	(223,692		)	223,692

Net income	$	562,622	$	332,421		$	231,247		$	3,071		$	(566,739	)	$	562,622

Condensed Consolidating Income Statement

Nine Months Ended February 28, 2015

(In thousands)



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

Revenue:
Uniform rental and facility services	$	—	$	2,015,724		$	558,994		$	175,551		$	(101,695	)	$	2,648,574
Other	—		1,013,399			1,328			41,300			(370,298		)	685,729
Equity in net income of affiliates	309,937		—			—			—			(309,937		)	—
	309,937		3,029,123			560,322			216,851			(781,930		)	3,334,303
Costs and expenses (income):
Cost of uniform rental and facility services	—		1,258,525			321,019			118,896			(200,669		)	1,497,771
Cost of other	—		651,851			(25,661		)	25,464			(249,799		)	401,855
Selling and administrative expenses	—		931,608			(51,706		)	55,759			(19,672		)	915,989
Operating income	309,937		187,139			316,670			16,732			(311,790		)	518,688

Gain on sale of stock of an equity method investment	—		—			21,739			—			—			21,739

Interest income	—		(12		)	(140		)	(18		)	2			(168		)
Interest expense (income)	—		49,200			(428		)	(6		)	—			48,766

Income before income taxes	309,937		137,951			338,977			16,756			(311,792		)	491,829
Income taxes	—		48,739			128,774			4,422			(43		)	181,892
Income from continuing operations	309,937		89,212			210,203			12,334			(311,749		)	309,937

Income from discontinued operations, net of tax	15,466		13,721			—			1,745			(15,466		)	15,466

Net income	$	325,403	$	102,933		$	210,203		$	14,079		$	(327,215	)	$	325,403

Condensed Consolidating Statement of Comprehensive Income

Three Months Ended February 29, 2016

(In thousands)



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

Net income	$	117,341	$	37,682		$	79,673	$	1,707		$	(119,062	)	$	117,341

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		—			—		(2,405		)	—			(2,405		)
Change in fair value of derivatives	—		(14,070		)	—		—			—			(14,070		)
Amortization of interest rate lock agreements	—		488			—		—			—			488
Change in fair value of available-for-sale securities	—		—			—		(7		)	—			(7		)

Other comprehensive loss	—		(13,582		)	—		(2,412		)	—			(15,994		)

Comprehensive income (loss)	$	117,341	$	24,100		$	79,673	$	(705	)	$	(119,062	)	$	101,347

Condensed Consolidating Statement of Comprehensive Income

Three Months Ended February 28, 2015

(In thousands)



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

Net income	$	94,883	$	23,449	$	66,442	$	4,265		$	(94,156	)	$	94,883

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		—		—		(22,237		)	—			(22,237		)
Change in fair value of derivatives	—		—		—		(29		)	—			(29		)
Amortization of interest rate lock agreements	—		488		—		—			—			488
Change in fair value of available-for-sale securities	—		—		—		5			—			5

Other comprehensive income (loss)	—		488		—		(22,261		)	—			(21,773		)

Comprehensive income (loss)	$	94,883	$	23,937	$	66,442	$	(17,996	)	$	(94,156	)	$	73,110

Condensed Consolidating Statement of Comprehensive Income

Nine Months Ended February 29, 2016

(In thousands)



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

Net income	$	562,622	$	332,421		$	231,247	$	3,071		$	(566,739	)	$	562,622

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		—			—		(19,044		)	—			(19,044		)
Cumulative translation adjustment on investment in Shred-it	—		5,875			—		597			—			6,472
Change in fair value of derivatives	—		(14,070		)	—		—			—			(14,070		)
Amortization of interest rate lock agreements	—		1,464			—		—			—			1,464
Change in fair value of available-for-sale securities	—		—			—		(25		)	—			(25		)

Other comprehensive loss	—		(6,731		)	—		(18,472		)	—			(25,203		)

Comprehensive income (loss)	$	562,622	$	325,690		$	231,247	$	(15,401	)	$	(566,739	)	$	537,419

Condensed Consolidating Statement of Comprehensive Income

Nine Months Ended February 28, 2015

(In thousands)



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

Net income	$	325,403	$	102,933	$	210,203	$	14,079		$	(327,215	)	$	325,403

Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		—		—		(34,130		)	—			(34,130		)
Change in fair value of derivatives	—		—		—		(33		)	—			(33		)
Amortization of interest rate lock agreements	—		1,464		—		—			—			1,464
Change in fair value of available-for-sale securities	—		—		—		8			—			8

Other comprehensive income (loss)	—		1,464		—		(34,155		)	—			(32,691		)

Comprehensive income (loss)	$	325,403	$	104,397	$	210,203	$	(20,076	)	$	(327,215	)	$	292,712

Condensed Consolidating Balance Sheet

As of February 29, 2016

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors			Eliminations			Cintas Corporation Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	129,383		$	153,138		$	32,595		$	—		$	315,116
Marketable securities	—			—			—			71,703			—			71,703
Accounts receivable, net	—			401,779			116,666			32,303			—			550,748
Inventories, net	—			224,075			22,733			10,487			(2,092		)	255,203
Uniforms and other rental items in service	—			407,745			114,310			35,737			(18,391		)	539,401
Prepaid expenses and other current assets	—			6,458			19,235			960			—			26,653
Total current assets	—			1,169,440			426,082			183,785			(20,483		)	1,758,824

Property and equipment, at cost, net	—			569,141			323,843			71,696			—			964,680

Investments	321,083			1,770,808			894,922			938,396			(3,806,602		)	118,607
Goodwill	—			—			1,251,426			33,120			(112		)	1,284,434
Service contracts, net	—			84,563			17			1,800			—			86,380
Other assets, net	1,197,450			48,648			3,202,780			9,121			(4,439,714		)	18,285
	$	1,518,533		$	3,642,600		$	6,099,070		$	1,237,918		$	(8,266,911	)	$	4,231,210

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	(465,247	)	$	(1,280,728	)	$	1,828,860		$	30,928		$	38,020		$	151,833
Accrued compensation and related liabilities	—			58,236			22,347			4,409			—			84,992
Accrued liabilities	—			70,322			238,187			10,929			—			319,438
Income taxes, current	—			52,732			—			(191		)	—			52,541
Long-term debt due within one year	—			250,317			(317		)	—			—			250,000
Total current liabilities	(465,247		)	(849,121		)	2,089,077			46,075			38,020			858,804

Long-term liabilities:
Long-term debt due after one year	—			1,058,135			(8,525		)	390			—			1,050,000
Deferred income taxes	—			(413		)	234,080			7,047			—			240,714
Accrued liabilities	—			22,438			108,197			951			—			131,586
Total long-term liabilities	—			1,080,160			333,752			8,388			—			1,422,300
Total shareholders’ equity	1,983,780			3,411,561			3,676,241			1,183,455			(8,304,931		)	1,950,106
	$	1,518,533		$	3,642,600		$	6,099,070		$	1,237,918		$	(8,266,911	)	$	4,231,210

Condensed Consolidating Balance Sheet

As of May 31, 2015

(In thousands)



	Cintas Corporation			Corp. 2			Subsidiary Guarantors			Non- Guarantors		Eliminations			Cintas Corporation Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	74,145		$	249,203		$	93,725	$	—		$	417,073
Marketable securities	—			—			—			16,081		—			16,081
Accounts receivable, net	—			358,560			104,964			32,606		—			496,130
Inventories, net	—			193,594			21,149			8,870		2,598			226,211
Uniforms and other rental items in service	—			399,017			117,473			36,478		(18,963		)	534,005
Income taxes, current	—			1,191			(339		)	84		—			936
Assets held for sale	—			21,341			—			—		—			21,341
Prepaid expenses and other current assets	—			5,514			17,492			1,024		—			24,030
Total current assets	—			1,053,362			509,942			188,868		(16,365		)	1,735,807

Property and equipment, at cost, net	—			523,690			275,072			72,659		—			871,421

Investments	321,083			1,956,320			895,393			956,461		(3,799,565		)	329,692
Goodwill	—			—			1,180,527			15,197		(112		)	1,195,612
Service contracts, net	—			42,400			34			—		—			42,434
Other assets, net	1,154,596			12,373			2,741,950			3,572		(3,894,997		)	17,494
	$	1,475,679		$	3,588,145		$	5,602,918		$	1,236,757	$	(7,711,039	)	$	4,192,460

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	(465,247	)	$	(877,042	)	$	1,391,999		$	21,876	$	38,021		$	109,607
Accrued compensation and related liabilities	—			59,752			23,989			4,682		—			88,423
Accrued liabilities	—			65,022			232,500			13,137		(724		)	309,935
Liabilities held for sale	—			704			—			—		—			704
Long-term debt due within one year	—			293			(293		)	—		—			—
Total current liabilities	(465,247		)	(751,271		)	1,648,195			39,695		37,297			508,669

Long-term liabilities:
Long-term debt due after one year	—			1,308,452			(9,766		)	590		724			1,300,000
Deferred income taxes	—			(304		)	333,929			5,702		—			339,327
Accrued liabilities	—			—			111,105			904		—			112,009
Total long-term liabilities	—			1,308,148			435,268			7,196		724			1,751,336
Total shareholders’ equity	1,940,926			3,031,268			3,519,455			1,189,866		(7,749,060		)	1,932,455
	$	1,475,679		$	3,588,145		$	5,602,918		$	1,236,757	$	(7,711,039	)	$	4,192,460

Condensed Consolidating Statement of Cash Flows

Nine Months Ended February 29, 2016

(In thousands)



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

Cash flows from operating activities:
Net income	$	562,622		$	332,421		$	231,247		$	3,071		$	(566,739	)	$	562,622
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation	—			66,555			37,094			6,886			—			110,535
Amortization of intangible assets	—			11,612			218			306			—			12,136
Stock-based compensation	57,169			—			—			—			—			57,169
Gain on Storage Transactions	—			(12,547		)	—			(3,239		)	—			(15,786		)
Loss on investment in Shred-it Partnership	—			22,470			—			1,818			—			24,288
(Gain) loss on sale of investment in Shred-it Partnership	—			(384,707		)	—			10,681			—			(374,026		)
Deferred income taxes	—			(82,115		)	5,895			1,680			—			(74,540		)
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—			(29,503		)	(11,703		)	(317		)	—			(41,523		)
Inventories, net	—			(25,170		)	(1,583		)	(1,946		)	4,690			(24,009		)
Uniforms and other rental items in service	—			(7,378		)	3,163			(2,118		)	(572		)	(6,905		)
Prepaid expenses and other current assets	—			68			(1,743		)	95			—			(1,580		)
Accounts payable	—			(339,163		)	366,402			10,132			(1		)	37,370
Accrued compensation and related liabilities	—			(1,850		)	(1,641		)	(240		)	—			(3,731		)
Accrued liabilities and other	—			(20,292		)	2,778			(1,511		)	724			(18,301		)
Income taxes, current	—			53,923			(356		)	(132		)	—			53,435
Net cash provided by (used in) operating activities	619,791			(415,676		)	629,771			25,166			(561,898		)	297,154

Cash flows from investing activities:
Capital expenditures	—			(111,219		)	(85,885		)	(10,398		)	—			(207,502		)
Proceeds from redemption of marketable securities	—			—			—			327,779			—			327,779
Purchase of marketable securities and investments	—			(3,838		)	(2,235		)	(385,760		)	7,037			(384,796		)
Proceeds from Storage Transactions, net of cash contributed	—			32,099			—			3,239			—			35,338
Proceeds from sale of investment in Shred-it Partnership	—			565,643			—			12,614			—			578,257
Acquisitions of businesses, net of cash acquired	—			(127,524		)	—			(24,207		)	—			(151,731		)
Other, net	(24,380		)	114,598			(638,714		)	(2,656		)	555,585			4,433
Net cash (used in) provided by investing activities	(24,380		)	469,759			(726,834		)	(79,389		)	562,622			201,778

Cash flows from financing activities:
Proceeds from issuance of debt	—			—			(55		)	55			—			—
Repayment of debt	—			(309		)	1,053			(36		)	(724		)	(16		)
Exercise of stock-based compensation awards	22,260			—			—			—			—			22,260
Dividends paid	(115,232		)	—			—			(41		)	—			(115,273		)
Repurchase of common stock	(502,439		)	—			—			—			—			(502,439		)
Other, net	—			1,464			—			(311		)	—			1,153
Net cash (used in) provided by financing activities	(595,411		)	1,155			998			(333		)	(724		)	(594,315		)

Effect of exchange rate changes on cash and cash equivalents	—			—			—			(6,574		)	—			(6,574		)

Net increase (decrease) in cash and cash equivalents	—			55,238			(96,065		)	(61,130		)	—			(101,957		)
Cash and cash equivalents at beginning of period	—			74,145			249,203			93,725			—			417,073
Cash and cash equivalents at end of period	$	—		$	129,383		$	153,138		$	32,595		$	—		$	315,116

Condensed Consolidating Statement of Cash Flows

Nine Months Ended February 28, 2015

(In thousands)



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

Cash flows from operating activities:
Net income	$	325,403		$	102,933		$	210,203		$	14,079		$	(327,215	)	$	325,403
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation	—			58,898			38,081			7,971			—			104,950
Amortization of intangible assets	—			10,620			45			425			—			11,090
Stock-based compensation	36,016			—			—			—			—			36,016
Gain on Storage Transactions	—			(31,113		)	86			(4,009		)	—			(35,036		)
Loss (gain) on investment in Shred-it Partnership	—			3,730			(206		)	1,046			—			4,570
Gain on sale of stock of an equity method investment	—			—			(21,739		)	—			—			(21,739		)
Deferred income taxes	—			69			14,639			720			—			15,428
Changes in current assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	—			2,345			(8,184		)	2,671			—			(3,168		)
Inventories, net	—			10,048			4,361			(1,237		)	2,198			15,370
Uniforms and other rental items in service	—			(15,228		)	(4,420		)	(2,161		)	(394		)	(22,203		)
Prepaid expenses and other current assets	—			34			(1,460		)	(183		)	—			(1,609		)
Accounts payable	—			(174,010		)	137,440			2,949			6			(33,615		)
Accrued compensation and related liabilities	—			(3,903		)	(1,216		)	(1,967		)	—			(7,086		)
Accrued liabilities and other	—			(28,349		)	25,082			4,362			746			1,841
Income taxes, current	—			15,041			(26,508		)	(1,099		)	—			(12,566		)
Net cash provided by (used in) operating activities	361,419			(48,885		)	366,204			23,567			(324,659		)	377,646

Cash flows from investing activities:
Capital expenditures	—			(72,623		)	(81,881		)	(8,536		)	—			(163,040		)
Proceeds from redemption of marketable securities	—			—			—			18,711			—			18,711
Purchase of marketable securities and investments	—			(2,436		)	47,169			(68,136		)	(56,544		)	(79,947		)
Proceeds from Storage Transactions, net of cash contributed	—			93,387			(89		)	61,593			—			154,891
Proceeds from Shredding Transaction	—			3,344			—			—			—			3,344
Proceeds from sale of stock of an equity method investment	—			—			29,933			—			—			29,933
Dividends received on equity method investment	—			—			5,247			—			—			5,247
Acquisitions of businesses, net of cash acquired	—			(13,798		)	—			—			—			(13,798		)
Other, net	123,154			45,096			(545,939		)	(2,677		)	381,949			1,583
Net cash provided by (used in) investing activities	123,154			52,970			(545,560		)	955			325,405			(43,076		)

Cash flows from financing activities:
Proceeds from issuance of debt	—			—			(2,225		)	2,225			—			—
Repayment of debt	—			(726		)	3,421			(2,405		)	(746		)	(456		)
Exercise of stock-based compensation awards	31,956			—			—			—			—			31,956
Dividends paid	(201,881		)	—			—			(60		)	—			(201,941		)
Repurchase of common stock	(314,648		)	—			—			—			—			(314,648		)
Other, net	—			1,464			—			1,675			—			3,139
Net cash (used in) provided by financing activities	(484,573		)	738			1,196			1,435			(746		)	(481,950		)

Effect of exchange rate changes on cash and cash equivalents	—			—			—			(7,588		)	—			(7,588		)

Net increase (decrease) in cash and cash equivalents	—			4,823			(178,160		)	18,369			—			(154,968		)
Cash and cash equivalents at beginning of period	—			73,540			399,525			40,223			—			513,288
Cash and cash equivalents at end of period	$	—		$	78,363		$	221,365		$	58,592		$	—		$	358,320