Bank of America Investment Banking Pitch Book

9.0x 8.0x 7.0x 6.0x 5.0x 4.0x Will Mar-09 Mauſte Appendix Historical EV / NTM EBITDA Mar-10 N an LOX For more investment banking materials, visit www.10xebitda.com Mar-11 Pioneer Peers Current 7.3x 7.2x Zehen. 17 Ve my Mar-12 Source: FactSet as of March 14, 2014. (1) Porrs including AEGN- Aegim, DY Dycom, EME- Emcor, MTZ-MasTec, MYRG-MYR Group, PWR Quanta Services and WG Wills Group 15 Average 1-Year 6.8x 6.5x 2-Year 6.2x 6.1x Mar-13 3-Year 6.2x 6.0x 5-Year 6.5x 5.9x Pioneer: 7.3x Yaz Peers (¹) mean: 7.2x Mar-14 Bank of America Merrill Lynch

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