Bank of America Investment Banking Pitch Book

Valuation Supporting Details Historical EV / NTM EBITDA 9.0x 8.0x 7.0x 6.0x 5.0x 4.0x Apr-09 Ber Apr-10 LOX For more investment banking materials, visit www.10xebitda.com Pioneer Peers (¹) Apr-11 Wohnz Current 1-Year 6.7x 6.8x 7.0x 6.6x Apr-12 Source: FactSet as of April 25, 2014. (4) Poers including AEGN-Aegion, DY-Dycom, EME-Emcor, MTZ-MosTec, MYRG-MYR Group, PWR-Quanta Services and WG-Willbros Group. 22 Average 2-Year 6.3x 6.2x Apr-13 3-Year 6.2x 6.0x Bank of America Merrill Lynch 5-Year 6.5x 6.0x Apr-14 Peers (¹) mean: 7.0x Pioneer: 6.7x

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