ServiceMaster

J.P. Morgan Ultimate Services

Investor Conference

November 14, 2017

1

Cautionary Statements

Safe Harbor Statement

This presentation contains “forward-looking statements,” including 2017 revenue and Adjusted EBITDA outlook, as well as statements with respect to the potential

separation of AHS from ServiceMaster and the distribution of AHS shares to ServiceMaster shareholders, that are based on management’s beliefs and

assumptions and on information currently available to management. Most forward-looking statements contain words that identify them as forward-looking, such as

“anticipates,” “believes,” “continues,” “could,” “seeks,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or

similar expressions and the negatives of those terms that relate to future events. Forward-looking statements involve known and unknown risks, uncertainties and

other factors that may cause ServiceMaster’s actual results, performance or achievements to be materially different from any projected results, performance or

achievements expressed or implied by the forward-looking statements. Forward-looking statements represent the beliefs and assumptions of ServiceMaster only

as of the date of this presentation and ServiceMaster undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a

result of new information, future events or otherwise. As such, ServiceMaster’s future results may vary from any expectations or goals expressed in, or implied by,

the forward-looking statements included in this presentation, possibly to a material degree. ServiceMaster cannot assure you that the assumptions made in

preparing any of the forward-looking statements will prove accurate or that any long-term financial or operational goals and targets will be realized. For a

discussion of some of the important factors that could cause ServiceMaster’s results to differ materially from those expressed in, or implied by, the forward-looking

statements included in this presentation, investors should refer to the disclosure contained under the heading “Risk Factors” in our Annual Report on Form 10-K

for the year ended December 31, 2016, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, and our other filings with the SEC.

Note to Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures. Non-GAAP measures should not be considered as an alternative to GAAP financial measures.

Non-GAAP measures may not be calculated or comparable to similarly titled measures of other companies. See non-GAAP reconciliations below in this

presentation for a reconciliation of these measures to the most directly comparable GAAP financial measures. Adjusted EBITDA, adjusted net income, adjusted

earnings per share and free cash flow are not measurements of the company’s financial performance under GAAP and should not be considered as an alternative

to net income, net cash provided by operating activities from continuing operations or any other performance or liquidity measure derived in accordance with

GAAP. Management uses these non-GAAP financial measures to facilitate operating performance and liquidity comparisons, as applicable, from period to period.

We believe these non-GAAP financial measures are useful for investors, analysts and other interested parties as they facilitate company-to-company operating

performance and liquidity comparisons, as applicable, by excluding potential differences caused by variations in capital structures, taxation, the age and book

depreciation of facilities and equipment, restructuring initiatives and equity-based, long-term incentive plans.

2

ServiceMaster At A Glance

$2.9B Revenue

$688M Adjusted

EBITDA

7 years Consecutive

Revenue &

Adjusted EBITDA

Growth

24% Adjusted

EBITDA

Margin

Selected Q3 2017 LTM Financial Data

ServiceMaster helps make the homeowner’s life

easier every step of the way. Our extensive portfolio of

home and commercial services include cleaning,

disaster restoration, home warranties, furniture and

cabinet restoration, inspections, mold remediation,

pest control and fire and water damage restoration.

Our unmatched network of trusted employees,

technicians, contractors and franchisees reach into

more than 75,000 homes and businesses each day.

3

Investment Highlights

• New CEO and management team focused on driving consistent performance

and long-term growth

• Transformation strategy underway at Terminix

• Planned spinoff of AHS business in 3Q18 to create two new independent,

more focused companies better positioned to pursue their unique strategies

and growth opportunities

• Powerful and well-recognized brands that reach into more than 5 million

homes nationwide annually

• Capital-light business model, generating significant free cash flow

4

50%

100%

150%

200%

250%

300%

Delivering Significant Returns To Shareholders

268%

Data From: June 26, 2014 – September 30, 2017

141%

138%

S & P 400 Consumer

Services Index

S & P 500 Index

We continue to outperform the major indices

Sca

le: Ju

ne

26

, 2

01

4 p

rice

s =

10

0

5

Tax-Free American Home Shield Spin

• On July 26, 2017 ServiceMaster announced its intention to separate American

Home Shield (AHS) from the Terminix and Franchise Services Group

businesses

• Benefits of the separation strategy include:

- Enhanced strategic and management focus

- Distinct investment identity

- More efficient allocation of capital

- Independent access to capital markets

• Separation expected to be completed in the third quarter of 2018

• Committed to keeping you informed as this process moves forward

6

Source: Specialty Consultants, LLC, NPMA, National Association of Realtors, SEC filings and management estimates based on industry data; 1 As measured on 12/31/2016 customer-level revenue basis. Rollins customer-level revenue derived from company filings and management estimates; 2As derived from Pest Control Technology (PCT) Magazine’s top 100 list published in 2017.

3Derived from 12/31/2016 results, adjusted to include annualized impact of Landmark and One Guard acquisitions.

Terminix

21%1

Rollins

19%1

Others

(~20,000)

48%

U.S. Market: ~$8B U.S. Market: ~$2B

AHS

47%3

First American

11%

Old Republic

9%

Others

33%

Rentokil 7%2

Ecolab 5%2

Leading Positions In Large and Growing Markets

Pest & Termite

Industry

Home Warranty

IndustryOther Residential and

Commercial Services

Industries

7

Terminix Overview

Q3’17 LTM Revenue/CLR: $1.5B/$1.9B Q3’17 LTM Adj. EBITDA: $342M Q3’17 LTM Adj. EBITDA margin: 22%

Leading provider of U.S extermination services

Operate in 20 countries and 47 U.S. states

U.S. locations include ~330 company-owned

branches and ~25 franchise agreements

Large and attractive U.S. market (~$8B)

Competitive strengths include scale and expertise

Positioned for growth in core and new services

1,309 1,370 1,444 1,524 1,538

20%

23% 24% 24%22%

10%

20%

30%

0

500

1,000

1,500

2,000

2013 2014 2015 2016 Q3 '17 LTM

Revenue ($millions) Adj. EBITDA Margin

Historical Revenue and Adj. EBITDA Margin

8

Terminix Business Transformation

Implementing disciplined, Lean Six

Sigma approach

Developing a strong commercial

business

Driving accountability

Empowering our technicians to deliver

an exceptional customer experience

Building a strong leadership team

Deliver consistently strong revenue & earnings growth

9

American Home Shield Overview

Q3’17 LTM Revenue: $1.1B Q3’17 LTM Adj. EBITDA: $259M Q3’17 LTM Adj. EBITDA Margin: 23%

Leading provider of home warranties in the U.S.

Serves 1.9M customers in 50 states

Significant market leadership: 4x larger than

nearest competitors

76% customer retention rates

National network of ~15,000 contractors

Significant direct-to-consumer marketing and

lead generation capabilities

740 828 9171,020

1,133

20%22% 22% 22% 23%

10%

20%

30%

0

500

1,000

1,500

2013 2014 2015 2016 Q3 '17 LTM

Revenue ($millions) Adjusted EBITDA Margin

Historical Revenue and Adj. EBITDA Margin

10

Owner-Occupied Households(less home resales)

Households with HomeWarranty

67.3M

homes

without

home

warranty2.8M with

home warranty 53%

AHS

47%

Competitors

70.1M 2.8M

Home Resales Home Resales with HomeWarranty

4M homes

sold

without

home

warranty

1.5M sold

with home

warranty

32%

AHS

68%

Competitors

5.5M 1.5M

Real Estate Channel Direct-to-Consumer Channel

Significant opportunity in a large under-penetrated growing market

2016 Home Warranty Category Dynamics

11

1 Active licenses related to franchise agreements managed by FSG as of December 31, 2016

Franchise Services Group Overview

Q3’17 LTM Revenue/CLR: $207M/$2.5B Q3’17 LTM Adj. EBITDA: $86M Q3’17 LTM Adj. EBITDA Margin: 42%

Operates in 50 U.S. states and 10 countries

~5,700 world-wide franchise licenses1

Strong and trusted brand

Leading market positions in all brands

Attractive value proposition to franchisees

Scale to service national accounts

236 253232

200 207

33% 31% 33%

39%42%

20%

30%

40%

50%

0

100

200

300

2013 2014 2015 2016 Q3 '17 LTM

Revenue ($millions) Adj. EBITDA Margin

Merry Maids Branch

Dispositions

Historical Revenue and Adj. EBITDA Margin

12

169274

358 3264 392

38%

49%58%

49%57%

2013 2014 2015 2016 Q3 '17 LTM%

of

Ad

j. E

BIT

DA

Revenue ($millions)

2,2932,457 2,594

2,746 2,880

2013 2014 2015 2016 Q3 '17 LTM

CAGR = 6.3%

Adjusted EBITDA¹ ($millions)

475557 622 667 688

21% 23% 24% 24% 24%

2013 2014 2015 2016 Q3 '17 LTM

Ad

j. E

BIT

DA

Ma

rgin

¹

CAGR = 10.4%

Free Cash Flow2,4 ($millions) Net Debt / Adjusted EBITDA3

7.8x

5.0x 4.2x 4.1x 3.7x

2013 2014 2015 2016 Q3 '17 LTM

Consistent Financial Performance

1 2013 Adjusted EBITDA and Adjusted EBITDA margin reflect the annualized benefit of transferring $25 million of corporate costs to TruGreen. 2 Free Cash Flow is defined in the appendix. 3 Adjusted EBITDA in 2013 does not reflect the annualized benefit of transferring $25 million of corporate

costs to TruGreen. 4 2016 Free Cash Flow excludes the impact of $56 million, net of tax in payments on fumigation related matters.

13

Growth through

service

Relentlessly

improving the

customer experience

Putting the

customer first

“Inverted pyramid of

customer service”

Make commitments

– and keep them

Customers

Employees

Shareholders

Our Differentiation Framework

14

Leverage relationships with insurance companies

Accelerate national accounts growth

Extend reach & growth beyond core areas

Extend current product offerings

Expand into adjacent markets

Increase market penetration using world-class service

Achieve world-class customer service

Expand commercial business

Execute business transformation

Strategic Growth Priorities

Appendix

16

Q3 Results – Solid Revenue and EBITDA Growth

($ millions, except EPS) Q3 2017 Q3 2016

Revenue 797$ 758$ 39$ 5%

Adjusted EBITDA1

200$ 192$ 8$ 4%

Margin 25.1% 25.4%

Adjusted Net Income1

99$ 81$ 18$ 22%

Margin 12.5% 10.7%

Adjusted EPS1,2 0.73$ 0.59$ 0.14$ 24%

Variance

• Continued strong organic revenue and EBITDA growth at AHS

• Terminix margin compression, primarily due to the impact of

hurricanes and business transformation initiatives

• Franchise Services Group delivered solid revenue growth 1See below for Non-GAAP Reconciliations and Non-GAAP Reconciliation Definitions.

2Adjusted earnings per share (EPS) is calculated as adjusted net income divided by the diluted share counts of 135.2M shares and 137.1M shares for the third quarter of 2017 and 2016, respectively.

Full-Year 2017 Outlook

($ millions) Low High

Revenue 2,900$ 2,920$

Growth Rate 6% 6%

Adjusted EBITDA1

670$ 675$

Growth Rate 0% 1%

Margin 23% 23%

Range

• Maintaining revenue growth outlook of 6% over prior year

• Revising Adjusted EBITDA outlook to reflect impact of

hurricanes and on-going business transformation

initiatives at Terminix

(As of October 31, 2017)

1See below for Non-GAAP Reconciliations and Non-GAAP Reconciliation Definitions.

18

Adjusted EBITDA is defined as net income before: depreciation and amortization expense; 401(k)

plan corrective contribution; fumigation related matters; insurance reserve adjustment; management

and consulting fees; consulting agreement termination fees; non-cash stock-based compensation

expense; restructuring charges; gain on sale of Merry Maids branches; non-cash impairment of

software and other related costs; loss on extinguishment of debt; income from discontinued

operations, net of income taxes; provision for income taxes; interest expense; and other non-

operating expenses.

Free Cash Flow is defined as net cash provided from operating activities from continuing

operations plus cash paid for consulting agreement termination fees less property additions and

government grants for property additions.

Adjusted net income is defined as net income before: amortization expense; 401(k) Plan

corrective contribution; fumigation related matters; insurance reserve adjustment; restructuring

charges; gain on sale of Merry Maids branches; impairment of software and other related costs;

income from discontinued operations, net of income taxes; loss on extinguishment of debt and the

tax impact of the aforementioned adjustments.

Adjusted earnings per share is calculated as adjusted net income divided by the weighted-

average diluted common shares outstanding.

Non-GAAP Reconciliation Definitions

19

Adjusted EBITDA Reconciliation

Note: Adjusted EBITDA in 2013 does not reflect the annualized benefit of transferring $25m of corporate costs to TruGreen

2013 2014 2015 20163Q17

LTMNet Income (Loss) ($507) ($57) $160 $155 $235

Reconciliation to Adjusted EBITDA:

(Income) Loss from discontinued operations, net of income taxes 549 100 2 1 (0)

Depreciation & amortization expense 99 100 85 94 103

401(k) Plan corrective contribution - - 23 2 (2)

Fumigation related matters - - 9 93 3

Insurance reserve adjustment - - - 23 -

Non-cash stock-based compensation expense 4 8 10 13 13

Management and consulting fees 7 4 - - -

Consulting agreement termination fees - 21 - - -

Non-cash impairment of software and other related costs - 47 - 1 2

Restructuring charges 6 11 5 17 28

(Benefit) Provision for income taxes 43 40 107 85 119

Interest expense 247 219 167 153 150

Loss on extinguishment of debt - 65 58 32 38

Gain on sale of Merry Maids branches - (1) (7) (2) (0)

Other non-operating expenses 2 - 3 - 0

Total Adjustments 957 613 462 512 453

Adjusted EBITDA $450 $557 $622 $667 $688

Terminix 266 309 347 371 342

American Home Shield 145 179 205 220 259

Franchise Services Group 78 78 77 79 86

Other Operations & Headquarters (39) (9) (9) (3) 1

Adjusted EBITDA $450 $557 $622 $667 $688

20

2013 2014 2015 2016 3Q17 LTM

Net Cash Provided from Operating Activities from Continuing Operations1 $208 $289 $398 $325 $451

Reconciliation to Free Cash Flow:

Cash paid for consulting agreement termination fees - 21 - - -

Property additions, net of Government grant funding for property additions (39) (35) (40) (56) (59)

Free Cash Flow $169 $274 $358 $270 $392

1 As a result of the early adoption of Accounting Standards Updates 2016-09 and 2016-15, $13 million of excess tax benefits for 2015 were retrospectively presented as an operating activity, and $49 million, and $35 million of call premium

paid on retirement of debt, net of premium received on issuance of debt for 2015, and 2014 respectively, were retrospectively presented as financing activities. 2 2016 Free Cash Flow includes the impact of $56 million, net of tax, in payments on fumigation related matters

2

Free Cash Flow Reconciliation

Q3 2017 Net Income to Adjusted EBITDA and Adjusted Net Income Reconciliations

$ millions, except per share data

Net Income $ 80 $ 70

Depreciation and amortization expense 26 24

401(k) Plan corrective contribution (4) —

Fumigation related matters — 1

Non-cash stock-based compensation expense 1 3

Restructuring charges 21 8

Provision for income taxes 34 46

Loss on extinguishment of debt 3 —

Interest expense 38 39

Adjusted EBITDA $ 200 $ 192

Terminix $ 82 $ 92

American Home Shield 96 79

Franchise Services Group 22 21

Corporate — —

Adjusted EBITDA $ 200 $ 192

Net Income $ 80 $ 70

Amortization expense 7 8

401(k) Plan corrective contribution (4) —

Fumigation related matters — 1

Restructuring charges 21 8

Loss on extinguishment of debt 3 —

Tax impact of adjustments (9) (7)

Adjusted Net Income $ 99 $ 81

Weighted-average diluted common shares outstanding 135.2 137.1

Adjusted Earnings Per Share $ 0.73 $ 0.59

Third Quarter

2017 2016