Bank of America Investment Banking Pitch Book

Preliminary Valuation Considerations Wall Street Research Perspectives FBR & Co. 10 Janney Montgomery Scott BB&T Jefferies Broker Avondale Partners Stifel Nicolaus KeyBanc Mean Source: Wall Street research. Date 2/13/2014 2/5/2014 2/5/2014 4/23/2014 2/6/2014 2/5/2014 2/5/2014 LOX 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 11.50 $11.75 Bank of America Merrill Lynch Price Target Methodology 8x CY2014 EV / EBITDA 10.4x FY2014 EV / EBITDA 8x CY2014 EV / EBITDA 6.5x CY2015 EV / EBITDA 7x FY2015 EV / EBITDA 1

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