SP PLUS CORPORATION

SP PLUS CORPORATION

Investor PresentationUpdate: Q4 2017

Cautionary Note Regarding Forward-Looking Statements

This document contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, regarding expectations, beliefs,

plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as "expect," "anticipate,"

"believe," "could," "should," "estimate," "intend," "may," "plan," "guidance," "will," “are to be” and similar terms and phrases, but such words, terms and

phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management's expectations

and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business

environment, all of which are difficult to predict and many of which are beyond management's control. Actual results, performance and achievements

could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors,

including, but not limited to, the following: intense competition; changing consumer preferences that may lead to a decline in parking demand; the

Company’s ability to preserve long-term client relationships; difficulty obtaining insurance coverage or obtaining insurance coverage at competitive

rates; risk that insurance reserves are inadequate because losses are worse than expected; losses not covered by insurance; risks associated with

management contracts and leases; deterioration of general economic and business conditions or changes in demographic trends; information

technology disruption, cyber attacks, cyber terrorism and security breaches; adverse litigation judgments or settlements; breach of credit facility terms

may restrict borrowing, require penalty payments or accelerate payment of the Company’s substantial indebtedness; the impact of public and private

regulations; financial difficulties or bankruptcy of major clients; failure of risk management and safety programs to reduce the cost of risk; labor disputes;

failure to attract and retain senior management and other qualified personnel; negative or unexpected tax events; risks associated with joint ventures;

weather conditions, natural disasters, and military or terrorist attacks, which may lead to emergency safety measures; adverse weather conditions that

lead to fluctuating financial results; risks related to any acquisitions undertaken by the Company; goodwill impairment charges or impairment of long-

lived assets; the risk that state and municipal government clients sell or enter into long-term leases of parking-related assets to the Company’s

competitors or clients; availability of adequate capital to grow the Company’s business; the Company's ability to obtain performance bonds on

acceptable terms; the impact of Federal health care reform; adverse changes in tax laws or rulings, uncertainties in the interpretation and application of

the 2017 Tax Cuts and Jobs Act of 2017; and actions of activist investors.

For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and

Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the

Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances

or future events or for any other reason.

A copy of this presentation is available at www.spplus.com under Investor Relations.

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SP+ at a Glance

3

Largest provider of parking management in the US

Leading provider of ancillary services including:

o Transportation

o Facility Maintenance

o Event Logistics

Operates approximately 3,600 locations in the US, Canada, and Puerto

Rico

Premier client base in Commercial, Institutional, Municipal, Airports,

Hospitality, and Event/Large Venue vertical markets

Operate under both management fee (outsource) and lease models

Current team includes over 20,000 highly trained and dedicated employees

Phase 4

Acceleration

2018+

Phase 3

Optimization

2015 - 2017

Phase 2

Integration

2012 - 2014

Past, Present and Future

4

Optimize business

with path to target

$100MM of

Adjusted EBITDA

Organic and

acquired growth

focused on new

products and

services

Phase 1

Standard Standalone

1929 - 2012

2004

Standard

Parking IPO

June 2004

2012

Standard

Parking

acquires

Central

Parking Oct

2012

2014

Standard

Parking/Central

Parking

integration

completed

2006-2010

Standard

Parking

makes

several

strategic

acquisitions

1929

Predecessor

company

founded in

Chicago

Key Investment Highlights

5

Market Leader with Scale Benefits

o Experienced high quality provider

o Diverse operating profile

o Turnkey solutions

Strong Financial Profile

o Lower-risk and more predictable business

o Strong balance sheet

o Capital efficient business model

o Consistent and predictable free cash flow

Multi-Faceted EBITDA Growth Strategy

o Gross profit expansion

o Cost reduction opportunities


− Experienced High Quality Provider

− Diverse Operating Profile

− Turnkey Solutions


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o Turnkey solutions









Large and Experienced Provider…

Manages approximately 3,600 locations including 70 Airports

o $4 billion+ gross receipts collected per annum

o 2 million+ parking spaces

o 750,000+ monthly parkers

o 200 million+ transient tickets processed per annum

37 million passengers ride SP+ shuttle buses annually

Current team includes 20,000+ highly trained and dedicated employees

Experienced management team with extensive operational experience (on average, 20+ years of industry experience)

7

Building upon more than 80 years of

successful operating history

…With High Quality Operations

Best-in-class employee screening and training programs

Operational Excellence program

Loss control and internal audit programs

Safety management

Best-in-class client reporting capabilities

8

Quality demonstrated by high retention rates

Significant Presence in Highly Fragmented NA Market

9

Diverse Set of Vertical Markets…

10

CommercialTraditional

InstitutionalUniversities

Healthcare

MunicipalAirport

Local Government

Hospitality Event/Large

Venue

…and Service Offerings

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SECURITY

TECHNOLOGY AND

EQUIPMENT CONSULTING

MARKETING

SERVICES

TRANSPORTATION

PARKING/

VALET

EVENT

LOGISTICS

FACILITY

MAINTENANCE

METER COLLECTION /

ENFORCEMENT

Premier Client Base

12

Advantages of Scale

13

Leverage regional management and overhead

Robust employee screening and training

Lower procurement costs

o Equipment financing for clients

Enhanced technology capabilities (e.g., websites, PCI compliance, etc.)

Advanced client reporting capabilities

Ability to leverage local capacity for hotel valet and other opportunities

Investment in Revenue Management and Marketing services

14

Unique Value Proposition

SP+ Provides our Clients

Scale

Breadth of Services

Market Expertise

Produces the maximum return on assets –both financial and customer service

Allows clients to focus on core business

Ability to satisfy end-customer needs

Turnkey solutions

Results / Advantages


15




o Turnkey solutions









Strong Gross Profit Expansion Opportunities

Focus on more complex, higher margin vertical markets

o Example: municipal, airports, institutional, university, event/large venue and

hospitality

Increase penetration of wide range of ancillary services

Revenue Management and Marketing Services programs

Reduce total cost of risk

Operational Excellence programs

Increase focus on technology, marketing and other consulting

16

KE

YService Opportunities Exist Across Vertical Markets

17

Commercial Institutions Municipal/

Airports

Hospitality Event/

Large Venue

Meter Collection

and Enforcement

Transportation/

Shuttle

Medium Opportunity Small OpportunityLarge Opportunity

Valet

Facility

Maintenance

Equipment

Consulting

Marketing Services /

Revenue Mgmt

Operational Excellence Programs

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Dedicated Operational Excellence team

o Analyze revenue, expense, ticket data by location

o Assess locations for additional service offerings

o Optimize labor costs by consolidating tasks and eliminating redundancies

o Labor and overtime scheduling and tracking

Dedicated Loss Prevention team

o Assist in implementing controls to prevent and detect losses

o Focus on detecting, investigating, and resolving revenue losses

Revenue Management and Marketing Services

19

Demand-based pricing

Inventory and channel management

SP+ branded website platform

o SP+ City websites

o Mobile app

Interactive marketing support

o Search marketing

o Direct and referral traffic

o Email marketing

Custom client parking guides

Custom developed sign packages

and collateral

Location advertising packages

Growth Through Strategic Partnerships

20

Announced partnership October 30,

2014 with Parkmobile USA, Inc.

SP+ contributed its proprietary Click and

Park® parking reservation and

prepayment system

SP+ received 30% equity interest in

Parkmobile, LLC

Equity method of accounting

January 2018, sold equity interest in

Parkmobile, LLC for $19 million in gross

proceeds

Partnership Overview Strategic Rationale

Parkmobile is leading provider for on-

demand and prepaid mobile payments

for on- and off- street parking

Services are used in more than 600

locations in 45 states by millions of

registered users

Combined business is first to market

with a comprehensive solution

Provide solutions that help our clients

better serve their customers

Gross Profit Growth and G&A Reductions Drive EBITDA Growth

21

Net new location growth

Same location growth

o Higher penetration of ancillary services

o Improved pricing at lease locations

o Cost reductions at lease locations

o Growth in Revenue Management and

advertising programs

o Management fee CPI escalators

o Growth in consulting services

o Reduction in total cost of risk

Reengineer back-end support processes

Strategic sourcing

Further realign organization

Tighter cost controls

Reduce Absolute G&A CostsGrow $GP

EBITDA Growth


22




o Turnkey solutions









Lower-Risk and More Predictable Business

23

More than 80% of contracts are management fee based

o Generally does not fluctuate in relation to variations in parking volumes

Disciplined approach to lease terms

o Preference for high percentage rent / low guaranteed rent

92% average location retention over the last twelve months

Diverse geographic, vertical market, and service line footprint

Strong Balance Sheet and Capital Efficient Model

24

Amended five-year senior credit agreement with improved pricing and

other favorable terms

Moderately levered business

o Targeting 2x-3x leverage

Generates substantial free cash flow

o Low capital investment requirement

o Negative working capital dynamics

Focus on capital allocation and returning value to shareholders

o Authorized $30MM share repurchase program

o Continue to evaluate options

25

Financial Information

Consistent and Attractive Financial Performance

26

20132014

20152016

2017

$165.9

$169.9

$173.2

$177.2 $176.9

2013 2014 2015 2016 2017 Est 2018

$78.1 $76.9 $82.3

$91.3 $92.1

$94-$99

2013 * 2014 * 2015 ** 2016** 2017** Est.2018**

$18.2

$37.4 $36.9

$46.4 $39.7

$65-$70

* FCF was significantly impacted by payments on merger and integration related costs

** 2015 to 2017 free cash flows include significantly higher cash tax payments

***2018 expectation reflects impact of tax reform

See Non-GAAP reconciliation table in the Appendix for adjusted measures.

Adjusted Gross Profit ($MM) Adjusted G&A ($MM)

Adjusted Free Cash Flow ($MM)

2018 Expectations (selected measures):

$2.16 - $2.26 adjusted EPS

$94MM - $99MM adjusted EBITDA

$65MM - $70MM free cash flow

Adjusted EBITDA ($MM)

20132014

20152016

2017

$85.0

$90.0 $88.4

$83.0 $81.6

Long-Term Financial Objectives

Grow Gross Profit by low/mid single-digits

Continued G&A cost management

Continue growth of FCF

o Improved operating results

o Reduced CapEx

o Reduced interest costs

o Improved working capital management

Utilize excess FCF to drive shareholder value

27

Summary Highlights

Large, high quality and experienced provider

o Blue-chip client base with a demonstrated history of client retention

o Geographic, vertical market and service line diversity

o Advantages of scale

o Experienced management team with significant operational experience

(on average, 20+ years of industry experience)

Multi-faceted growth strategy

o Unique value proposition complemented by vertical market specialization, value-added

and ancillary services and industry-leading technology

o Focus on revenue management, risk management and operational excellence

o Strategic partnerships and acquisitions

Attractive financial profile

o Predominantly lower-risk management contracts

o Limited capital investment requirement


o Predictable free cash flow

Focus on utilizing excess FCF to drive shareholder value28

29

APPENDIX

GAAP to Non-GAAP Reconciliation - Historical

30

($ thousands)

12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017

Gross Profit 172.1$ 171.3$ 170.1$ 176.4$ 185.3$

Add: Non-routine structural and other repairs - 1.3 4.6 1.1 0.1

Subtract: Gross profit related to asset sales or dispositions (6.2) (2.7) (1.4) (0.2) (8.6)

Other, rounding - - (0.1) (0.1) 0.1

Adjusted gross profit 165.9$ 169.9$ 173.2$ 177.2$ 176.9$

General and administrative expenses 98.9$ 101.5$ 97.3$ 90.0$ 82.9$

Subtract: Restructuring, merger and integration costs and non-routine settlements (11.8) (8.5) (7.8) (6.8) (1.3)

Subtract: G&A related to asset sales or dispositions (2.2) (2.1) (1.0) - (0.1)

- (0.9) (0.1) - -

Other, rounding 0.1 - - (0.2) 0.1

Adjusted G&A 85.0$ 90.0$ 88.4$ 83.0$ 81.6$

Net income attributable to SP Plus 12.1$ 23.1$ 17.4$ 23.1$ 41.2$

Add (subtract):

8.8 (0.2) 4.8 15.8 27.7

Interest expense, net 18.4 17.4 12.5 10.0 8.6

31.2 30.3 34.0 33.7 21.0

Gain on sale of a business - - (0.5) - (0.1)

Gain on contribution of a business to an unconsolidated entity - (4.2) - - -

Equity in losses from investment in unconsolidated entity - 0.3 1.7 0.9 0.7

Other, rounding - 0.1 0.1 0.1

70.5$ 66.8$ 69.9$ 83.6$ 99.2$

Add: Non-routine structural and other repairs - 1.3 4.6 1.1 0.1

11.8 8.5 7.8 6.8 1.3

- - 0.4 - -

(4.2) (0.7) (0.5) (0.2) (8.6)

- 0.9 0.1 - 0.1

Other, rounding 0.1 - -

Adjusted EBITDA 78.1$ 76.9$ 82.3$ 91.3$ 92.1$

Net cash provided by operating activities 34.9$ 51.6$ 43.6$ 59.7$ 45.2$

Net cash (used in) provided by in investing activities (13.4) (15.0) (11.8) (13.8) 2.3

less: Cash received from sale of business, net - - (1.0) - (5.0)

Distribution to noncontrolling interest (2.8) (2.9) (3.1) (3.3) (3.2)

Effect of exchange rate changes on cash and cash equivalents (0.5) (0.2) (0.7) (0.3) 0.3

Other, rounding - 0.1 0.1 0.1 0.1

Free cash flow 18.2$ 33.6$ 27.1$ 42.4$ 39.7$

Add: Cash used for non-routine structural and other repairs - 3.8 9.9 4.0 -

Other, rounding - - (0.1) - -

Adjusted free cash flow 18.2$ 37.4$ 36.9$ 46.4$ 39.7$

Subtract: Parkmobile and other contemplated transaction costs

Twelve Months Ended

Add: Merger related minority interest

Add: Parkmobile and other contemplated transaction costs

Earnings before interest, taxes, depreciation and amortization (EBITDA)

Add: Restructuring, merger and integration costs and non-routine settlements

Depreciation and amortization expense

Income tax expense (benefit)

Subtract: EBITDA related to asset sales or dispositions

GAAP to Non-GAAP Reconciliation – 2018 Outlook

31

2018 Outlook Per Share

Net income attributable to SP Plus, as reported Approximately $56 - $59 million $2.48 to $2.58

less: Net gain on Parkmobile transaction, after tax Approximately $7.5 million Approximately $0.32

Adjusted net income attributabe to SP Plus Approximately $48 - $51 million $2.16 - $2.26

Net income attributable to SP Plus, as reported Approximately $56 - $59 million

plus: Income tax expense Approximately $20 - $22 million

plus: Interest expense, net Approximately $8 - 9 million

plus: Depreciation and amortization Approximately $19 - $21 million

less: Net gain on Parkmobile transaction Approximately $10 million

EBITDA, as reported and adjusted Approximately $94 - $99 million

Net cash flow from operating activities Approximately $80 - $85 million

less: Capital expenditures, net Approximately $10 - $14 million

less: Distrbutions to non-controlling shareholders Approximately $3 - $4 million

Free cash flow Approximately $65 - $70 million

SP PLUS CORPORATION

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