Bank of America Investment Banking Pitch Book

Preliminary Valuation Considerations Wall Street Research Perspectives FBR & Co. 13 Janney Montgomery Scott BB&T Jefferies Broker Avondale Partners Stifel Nicolaus KeyBanc Mean Source: Wall Street rasnovch. Date 5/7/2014 5/7/2014 5/7/2014 5/6/2014 5/6/2014 5/7/2014 5/7/2014 IOX For more investment banking materials, visit www.10xebitda.com Recommendation Buy Buy Buy Hold Hold Hold Hold Price Target $13.00 13.00 12.00 10.00 11.00 1 $11.80 Bank of America Merrill Lynch Price Target Methodology 8.5x CY2014 EV / EBITDA 8.2x FY2015 EV / EBITDA 7.2x CY2015 EV / EBITDA 6.5x CY2015 EV / EBITDA 7.0x FY2015 EV / EBITDA

View entire presentation