2001 Annual Shareholders

1
Then vs Now
1978 / 1979

2006 52,000,000 REVENUES 46
7,500,000 1,000,000 NET INCOME
14,000,000 4,400,000 CASH FLOW
42,300,000 6,700,000 LONG-TERM DEBT
32,000,000 9,200,000 SHAREHOLDERS EQUITY
82,100,000 21,600,000 TOTAL ASSETS 208,100,000
15,300,000 SHARES O/S
8,700,000 .47 MARKET PRICE PER SHARES
25.90 7,200,000 MARKET VALUE
225,300,000 2,800
EMPLOYEES 6,000 113 EMPLOYEE
SHAREHOLDERS 3,200 23,000 1,000 SHARES
SUBSCRIBED IN 79 1,243,000 Davey stock has
split 4 times since the employee acquisition
each share purchased in 79 equals 48 shares
today
2
Employee Subscription Offering
Key Data - 79, 89, 02 Offerings
3
Fair Market Value1979 - 2006
4
Comparison 28-Year Cumulative Total Return
Davey
Dollars
SP
Year
5
Stock Redemptions - Shares1980-2006
ML Davey Jr. Option Call
91 Prior 9,311 92 - 96 2,977 97 -
01 2,797 02 - 06 2,514 Total 17,599
Shares in Thousands
6
Stock Redemptions - 1980-2006
91 Prior 20,351 92 - 96 20,275 97 -
01 37,323 02 - 06 43,596 Total 121,545
14,238
ML Davey Jr. Option Call
ML Davey Jr. Option Call
7
Shares Outstanding As of March 31, 2007
12,560
6,800
5,760
5,987
8
Summary of Outstanding Shares As of March 31, 2007
Shares Shareholders Outstanding
NON-ACTIVE Davey Family Descendants 8
16,800 0.2 Retirees, Surviving Spouses
Descendants 132 1,319,245 16.0 Non-Retired
Former Employees Family 858 453,132 6.0 Outsid
e 116 440,648 5.0 Total
Non-Active 1,114 2,229,825 27.2 EMPLOYEES Vice
Presidents Directors (Officers) 30 1,413,597 17
.0 Operations, Area Corporate
Managers 48 466,263 6.0 District Account
Managers 135 499,457 6.0 Corporate Field
Supervisors, Sales Representatives
101 243,224 3.0 All Others 941 720,271
9.0 Total Employees 1,255 3,342,812 41.0 Total
Direct Shareholders 2,369 5,572,637 68.2 Total
401KSOP Accounts 2,954 2,636,328 31.8 Less
Duplications Above (802)

Total All Shareholders 4,521 8,208,965 100.0