Sectorwatch:Construction, Design-Build, and EPCMarch 2019

2

Construction, Design-Build, and EPCMarch 2019

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [15]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

3

Overview

7MA provides Investment Banking & Advisory Services to the Business Services and TechnologyIndustries globally. We advise on M&A and private capital transactions, and provide market assessmentsand benchmarking. As a close knit team with a long history together and a laser focus on our targetmarkets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. We publish our sectorwatch, a review of M&A and operational trends in the industries wefocus.

Dashboard• Summary metrics on the sector• Commentary on market momentum by

comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance• Summary valuation and operating metrics

for a basket of comparable public companies

Valuation Comparison• Graphical, detailed comparison of valuation

multiples for the public basket

Recent Deals• The most recently announced deals in the

sector

4

Dashboard

Operating Metrics

Valuation

Revenue Growth

-0.9% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin

-0.8% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability

-0.2% 1 - year EBITDA % compared to EBITDA % average for

last 3 years

Current revenue growth rate is less than the average of the last 3 years,

indicating that the market may be flattening or declining

Current gross profit margin is less than the average of the last 3 years gross

profit margins, indicating customer pricing power

Current EBITDA margin is less than the average of the last 3 years EBITDA

margins, which may signal further consolidation

2.4%

4.5%

9.3%

0% 2% 4% 6% 8% 10%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

0.4x

7.6x

10.4x

16.2x

0x 5x 10x 15x 20x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

5

Public Basket

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

Tutor Perini Corporation 1,585 4,455 -6% 10% 5% 0.4 6.6 8,200 543

Granite Construction Incorporated 2,092 3,318 11% 12% 7% 0.6 8.9 2,700 1,229

Balfour Beatty plc 2,828 8,698 -8% 5% 2% 0.3 14.6 20,238 430

Fluor Corporation 5,088 19,167 -2% 3% 4% 0.3 6.8 53,349 359

Skanska AB (publ) 6,685 19,324 9% 8% 4% 0.4 8.5 37,450 516

LendLease Group 6,834 11,014 -10% 4% -1% 0.6 48.6 13,000 847

Kajima Corporation 7,869 17,357 -1% 13% 8% 0.5 5.5 17,730 979

AECOM 8,092 20,282 8% 3% 4% 0.4 9.7 87,000 233

Obayashi Corporation 8,700 18,342 5% 12% 8% 0.5 6.1 14,359 1,277

HOCHTIEF Aktiengesellschaft 10,541 27,344 6% 27% 5% 0.4 6.2 55,777 490

Average 6,031 14,930 1% 10% 5% 0.4 12.1 30,980 690

Median 6,759 17,850 2% 9% 5% 0.4 7.6 18,984 530

share price as of 06Mar19

6

Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

0.0x

0.2x

0.4x

0.6x

Jun-1

4

Sep-1

4

Dec-1

4

Mar-

15

Jun-1

5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

TEV/Revenue - Median TEV/Revenue - Average

0x

5x

10x

15x

Jun-1

4

Sep-1

4

Dec-1

4

Mar-

15

Jun-1

5

Sep-1

5

Dec-1

5

Mar-

16

Jun-1

6

Sep-1

6

Dec-1

6

Mar-

17

Jun-1

7

Sep-1

7

Dec-1

7

Mar-

18

Jun-1

8

Sep-1

8

Dec-1

8

Mar-

19

TEV/EBITDA - Median TEV/EBITDA - Average9.8x

0.5x

0x

2x

4x

6x

8x

10x

12x

14x

Jun-1

4

Sep-1

4

Dec-1

4

Mar-

15

Jun-15

Sep-1

5

Dec-1

5

Mar-

16

Jun-16

Sep-1

6

Dec-1

6

Mar-

17

Jun-17

Sep-1

7

Dec-1

7

Mar-

18

Jun-18

Sep-1

8

Dec-1

8

Mar-

19

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

7

Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

(10%) - 10% 20%

Median

LendLease Group

Balfour Beatty plc

Skanska AB (publ)

AECOM

Fluor Corporation

HOCHTIEF

Aktiengesellschaft

Tutor Perini Corporation

Granite Construction

Incorporated

Obayashi Corporation

Kajima Corporation

- 5% 10% 15% 20%

Median

AECOM

Fluor Corporation

LendLease Group

Balfour Beatty plc

Skanska AB (publ)

Tutor Perini Corporation

Granite Construction

Incorporated

Obayashi Corporation

Kajima Corporation

8

Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

(20%) (10%) - 10% 20%

Median

LendLease Group

Balfour Beatty plc

Tutor Perini Corporation

Fluor Corporation

Kajima Corporation

Obayashi Corporation

HOCHTIEF

Aktiengesellschaft

AECOM

Skanska AB (publ)

Granite Construction

Incorporated

$- $500 $1,000 $1,500

Median

AECOM

Fluor Corporation

Balfour Beatty plc

HOCHTIEF

Aktiengesellschaft

Skanska AB (publ)

Tutor Perini Corporation

LendLease Group

Kajima Corporation

Granite Construction

Incorporated

Obayashi Corporation

9

Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 2x 4x 6x 8x 10x

Median

Tutor Perini Corporation

Obayashi Corporation

Kajima Corporation

AECOM

Balfour Beatty plc

HOCHTIEF

Aktiengesellschaft

Granite Construction

Incorporated

Skanska AB (publ)

Fluor Corporation

0 100 200 300

Median

Fluor Corporation

Skanska AB (publ)

Granite

Construction

Incorporated

HOCHTIEF

Aktiengesellschaft

Balfour Beatty plc

AECOM

Kajima Corporation

Obayashi

Corporation

Tutor Perini

Corporation

10

Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0.0x 0.2x 0.4x 0.6x 0.8x 1.0x

Median

Fluor Corporation

Balfour Beatty plc

Tutor Perini Corporation

Skanska AB (publ)

HOCHTIEF

Aktiengesellschaft

AECOM

Kajima Corporation

Obayashi Corporation

LendLease Group

Granite Construction

Incorporated

0x 20x 40x 60x

Median

Kajima Corporation

Obayashi

Corporation

HOCHTIEF

Aktiengesellschaft

Tutor Perini

Corporation

Fluor Corporation

Skanska AB (publ)

Granite

Construction…

AECOM

Balfour Beatty plc

LendLease Group

11

Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 40x 80x 120x

Median

Kajima Corporation

Obayashi Corporation

Tutor Perini Corporation

HOCHTIEF

Aktiengesellschaft

Fluor Corporation

Skanska AB (publ)

AECOM

Granite Construction

Incorporated

Balfour Beatty plc

LendLease Group

0x 20x 40x 60x 80x

Median

Kajima Corporation

Obayashi

Corporation

Balfour Beatty plc

Tutor Perini

Corporation

Skanska AB (publ)

HOCHTIEF

Aktiengesellschaft

LendLease Group

Fluor Corporation

Granite

Construction…

AECOM

12

Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

5x 6x 6x 7x 7x 8x 9x 10x 15x 49x

12.9%

12.1%

27.1%

10.2%

3.5%

8.3%

11.7%

3.3%

5.4%

4.3%

0%

5%

10%

15%

20%

25%

30%

0x

10x

20x

30x

40x

50x

60x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

5x 6x 6x 7x 7x 8x 9x 10x 15x 49x

(0.6%)

5.3% 5.5%

(6.4%)

(1.8%)

8.8%

11.0%

8.1%

(7.7%)

(10.2%)

-15%

-10%

-5%

0%

5%

10%

15%

0x

10x

20x

30x

40x

50x

60x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

13

Recent TransactionsDate Target Buyer / Investor

Total Transaction

Value Target

Revenue TEV /

Revenue TEV /

EBITDA

28Feb19 Liquid Asphalt Terminal in Panama City, Florida Construction Partners, Inc. - - - -

26Feb19 Jensyn Acquisition Corp. Peck Electric Co. - - - -

25Feb19 Assets of Integrated Mechanical Systems, Inc. Therma Corporation - - - -

21Feb19 Walker TX Holding Company, Inc. Comfort Systems USA, Inc. 203.00 - - -

18Feb19 Gulf Coast downstream, Chemical Business unit and EPC Portfolio of Saulsbury Industries, Inc.

Clough Limited 5.20 - - -

18Feb19 Infrastructure and Industrial Constructors USA, LLC Shikun & Binui America Inc - - - -

13Feb19 American Parking Control, Inc. Turner Valley Oil & Gas, Inc. 2.50 3.10 0.8x -

29Jan19 Sysoco SAS VINCI Energies S.A. - 33.87 - -

12Feb19 Hamlet Construction, LLC Miller Pipeline Company - - - -

5Feb19 Grain Belt Express Clean Line Invenergy Transmission LLC - - - -

4Feb19 PowerTown Line Construction, LLC Entregado Group Inc. - - - -

4Feb19 Business and Assets of Enverity Ltd CET Structures Ltd. - - - -

29Jan19 Haverfield International Incorporated Quanta Services, Inc. - - - -

18Jan19 Compass Project Management, Inc. The VERTEX Companies, Inc. - - - -

15Jan19 Jim Filipowicz & Associates LLC Cavalry Construction and Restoration Inc. - - - -

11Jan19 Hill York Service Corporation EMCOR Building Services, Inc. - - - -

11Jan19 Susquehanna Supply Company Inc. Performance Construction Services, Inc. - - - -

7Jan19 Busboom & Rauh Construction Company Hutton & Hutton, Inc. - - - -

1Jan19 Achen-Gardner Construction, LLC Emery Sapp and Sons, Inc. - - - -

3Jan19 Lyndon SGB Brand Energy & Infrastructure Services UK, Ltd. - 63.09 - -

27Dec18 Inland Pipe Rehabilitation LLC J.F. Lehman and Company, LLC - - - -

26Dec18 Ohio Operations of QUANDEL CONSTRUCTION GROUP, INC. Adena Corporation - - - -

1Nov18 Algiere Construction Services, Inc. Stonehenge Capital Company, LLC; Proviso Capital LLC - - - -

10Dec18 Mellersh & Harding Building Consultancy LLP Cumming Construction Management, Inc. - - - -

6Dec18 SSPMI Inc TRP Construction Group, LLC - - - -

21Nov18 Quality Solutions, Inc. Cushman & Wakefield plc - - - -

28Nov18 LandTec Services, LLC RW Construction Services LLC - - - -

26Nov18 Linetec Services LLC Centuri Construction Group, Inc.; Meritus Group, Inc. 299.00 - - -

14

APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

Construction, Design-Build, and EPCMarch 2019

15

Public Basket

Tutor Perini Corporation

Tutor Perini Corporation, a construction company, providesdiversified general contracting, construction management, anddesign-build services to private customers and public agenciesworldwide. The company operates through three segments:Civil, Building, and Specialty Contractors. The Civil segmentengages in the public works construction, replacement, andreconstruction of infrastructure, including highways, bridges,tunnels, mass-transit systems, and water management andwastewater treatment facilities. This segment also providesdrilling, foundation, and excavation support for shoring,bridges, piers, roads, and highway projects. The Buildingsegment offers services in various specialized building markets,including hospitality and gaming, transportation, healthcare,commercial offices, government facilities, sports andentertainment, education, correctional facilities, biotech,pharmaceutical, industrial and high-tech. The SpecialtyContractors segment provides electrical, mechanical, plumbing,fire protection systems, and pneumatically placed concreteservices, as well as heating, ventilation, and air conditioningservices for the industrial, commercial, hospitality and gaming,and mass-transit end markets. Tutor Perini Corporation wasfounded in 1894 and is headquartered in Sylmar, California.

0.0x

0.2x

0.4x

0.6x

0.8x

Revenue Multiples - Tutor Perini Corporation

TEV/Revenue Average

0x

3x

6x

9x

12x

15x

EBITDA Multiples - Tutor Perini Corporation

TEV/EBITDA Average

0x

10x

20x

30x

P/E Multiples - Tutor Perini Corporation

P/E Average

16

Public Basket

Granite Construction Incorporated

Granite Construction Incorporated operates as a heavy civilcontractor and a construction materials producer in the UnitedStates. The Construction segment undertakes various civilconstruction projects focusing on new construction andimprovement of streets, roads, highways, bridges, site work,underground, power-related facilities, water-related facilities,utilities, and other infrastructure projects. It serves customers inthe public sector, including certain federal agencies, statedepartments of transportation, county and city public worksdepartments, school districts and developers, utilities, andprivate owners of industrial, commercial, and residential sites.The Large Project Construction segment focuses on large,complex infrastructure projects, including highways, mass transitfacilities, bridges, tunnels, waterway locks and dams, pipelines,canals, power-related facilities, water-related facilities, utilities,and airport infrastructure. Granite Construction Incorporatedwas founded in 1922 and is headquartered in Watsonville,California.

Date Key Development Headline6/13/18 Granite Construction Incorporated (NYSE:GVA) completed the

acquisition of Layne Christensen Company (NasdaqGS:LAYN) from Wynnefield Capital, Inc. and others.

4/2/18 Granite Construction Incorporated (NYSE:GVA) acquired Liqui-Force Services (Ontario) Inc.

0.0x

0.3x

0.6x

0.9x

1.2x

1.5x

Revenue Multiples - Granite Construction

Incorporated

TEV/Revenue Average

0x

10x

20x

30xEBITDA Multiples - Granite Construction

Incorporated

TEV/EBITDA Average

0x

20x

40x

60x

80x

P/E Multiples - Granite Construction

Incorporated

P/E Average

17

Public Basket

Balfour Beatty plc

Balfour Beatty plc finances, develops, builds, and maintainsinfrastructure in the United Kingdom, the United States, andinternationally. It operates through Construction Services,Support Services, and Infrastructure Investments segments. TheConstruction Services segment provides civil engineering,building, ground engineering, mechanical and electricalinstallation, refurbishment and fit-out, and rail engineeringservices. The Support Services segment installs, upgrades, andmaintains water, gas, and electricity networks; and undertakeshighways network management, operation, and maintenanceworks, as well as provides rail technology and rail renewalservices. The Infrastructure Investments segment engages in theacquisition, operation, and disposal of infrastructure assets,such as roads, hospitals, student accommodation, militaryhousing, offshore transmission networks, waste and biomass,and other concessions. This segment also develops andfinances public and private infrastructure projects. BalfourBeatty plc was founded in 1909 and is based in London, theUnited Kingdom.

Date Key Development Headline12/19/18 Balfour Beatty to Form Joint Venture with Jones Bros Civil

Engineering

9/27/18 Altrad Group, Balfour Beatty, Cavendish Nuclear and Doosan Babcock Form Joint Venture

0.0x

0.1x

0.2x

0.3x

0.4x

0.5xRevenue Multiples - Balfour Beatty plc

TEV/Revenue Average

0x

30x

60x

90x

120x

150xEBITDA Multiples - Balfour Beatty plc

TEV/EBITDA Average

0x

30x

60x

90x

120x

150x

P/E Multiples - Balfour Beatty plc

P/E Average

18

Public Basket

Fluor Corporation

Fluor Corporation, through its subsidiaries, providesengineering, procurement, construction, fabrication andmodularization, commissioning and maintenance, and projectmanagement services worldwide. The company’s Energy &Chemicals segment offers a range of design, engineering,procurement, construction, fabrication, and projectmanagement services in the upstream, midstream,downstream, chemical, petrochemical, offshore and onshore oiland gas production, liquefied natural gas and pipeline markets.Its Mining, Industrial, Infrastructure & Power segment providesdesign, engineering, procurement, construction, and projectmanagement services to the mining and metals, transportation,life sciences, advanced manufacturing, water, and powersectors. The company’s Government segment offersengineering, construction, logistics, base and facilitiesoperations and maintenance, contingency response, andenvironmental and nuclear services to the United Statesgovernment, as well as governments internationally. Thissegment also provides engineering and construction services,logistics, and life-support services, as well as contingencyoperations support services to the defense sector. IFluorCorporation was founded in 1912 and is headquartered inIrving, Texas.

Date Key Development Headline8/3/18 Fluor Corporation Mulls Acquisitions

0.0x

0.1x

0.2x

0.3x

0.4x

0.5x

0.6xRevenue Multiples - Fluor Corporation

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Fluor Corporation

TEV/EBITDA Average

0x

20x

40x

60x

80xP/E Multiples - Fluor Corporation

P/E Average

19

Public Basket

Skanska AB (publ)

Skanska AB (publ), a construction and project developmentcompany, develops and constructs commercial properties, andresidential and public private partnerships projects in the Nordicregion, Europe, and the United States. It operates throughConstruction, Residential Development, Commercial PropertyDevelopment, and Infrastructure Development segments. TheConstruction segment builds and renovates buildings, industrialfacilities, infrastructures, and residential projects; and executesservice-related assignments, such as construction services,facility operations, and maintenance services. Skanska AB (publ)was founded in 1887 and is headquartered in Stockholm,Sweden.

Date Key Development Headline12/11/18 Northern Horizons Health Property Fund managed by Nordiska

Vårdhem AB acquired retirement home in Växjö from Skanska AB (publ) (OM:SKA B) for approximately SEK 240 million.

12/4/18 Skanska AB (publ) (OM:SKA B) acquired Property Development Project at Pottholmen, Karlskrona from Real Holding i Sverige AB (publ) (NGM:REAL MTF B) for SEK 23 million.

12/2/18 ISOC Group acquired two office buildings in Katowice, Poland from Skanska AB (publ) (OM:SKA B) for €59 million.

11/4/18 Fastighets AB Balder (publ) (OM:BALD B) acquired 438 apartments in Aresund Park at Amager from Skanska AB (publ) (OM:SKA B) for DKK 870 million.

9/27/18 A real estate fund of KGAL Investment Management GmbH & Co. KG acquired Spark Office Property in Warsaw from Skanska AB (publ) (OM:SKA B) for €48 million.

0.0x

0.2x

0.4x

0.6x

0.8xRevenue Multiples - Skanska AB (publ)

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Skanska AB (publ)

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - Skanska AB (publ)

P/E Average

20

Public Basket

LendLease Group

LendLease Group provides property and infrastructure solutionsin Australia, Asia, Europe, and the Americas. The companyoperates through three segments: Development, Construction,and Investments. The Development segment developscommunities, inner city mixed use developments, apartments,retirement, retail, commercial assets, and social and economicinfrastructure. The Construction segment provides projectmanagement, design, and construction services primarily in theinfrastructure, defense, mixed use, commercial, and residentialsectors. LendLease Group was founded in 1958 and isheadquartered in Sydney, Australia.

Date Key Development Headline10/16/18 SoftBank Group Corp. (TSE:9984) and LendLease Group

(ASX:LLC) cancelled the acquisition of Approximately 8,000 Existing Telecom Sites, Including Rooftops And Other Structures, Across the U.S. from Sprint Corporation (NYSE:S) and others.

10/1/18 Lendlease and London and Continental Railways Joint Venture Secures Approval for New Commercial Building in Stratford, London

8/21/18 Lendlease and First State Super to Establish a New Investment Platform to Develop and Hold Multifamily (Residential for Rent) Assets in US Gateway Cities

6/27/18 Lendlease and Ameresco Partner on $150 Million Energy Security Modernization Project

6/24/18 DWS Group GmbH & Co. KGaA (XTRA:DWS) acquired 278,000 sq ft office at International Quarter London from LendLeaseGroup (ASX:LLC) and London & Continental Railways Limited for £240 million

0.0x

0.3x

0.6x

0.9x

1.2xRevenue Multiples - LendLease Group

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - LendLease Group

TEV/EBITDA Average

0x

5x

10x

15x

20xP/E Multiples - LendLease Group

P/E Average

21

Public Basket

Kajima Corporation

Kajima Corporation, together with its subsidiaries, engages inthe construction, real estate development and management,architectural design, civil engineering design, and otheractivities worldwide. It also provides various services, such asdesign and consulting, procurement and construction, bookpublishing, insurance, and sales services. The company alsoengages in the hotel and leisure business. Kajima Corporationwas founded in 1840 and is headquartered in Tokyo, Japan.

Date Key Development Headline3/30/18 Kajima Corporation (TSE:1812) completed the acquisition of 50%

stake in International Facility Engineering (S) Pte. Ltd.

0.0x

0.2x

0.4x

0.6x

0.8xRevenue Multiples - Kajima Corporation

TEV/Revenue Average

0x

10x

20x

30x

40xEBITDA Multiples - Kajima Corporation

TEV/EBITDA Average

0x

10x

20x

30x

40x

50xP/E Multiples - Kajima Corporation

P/E Average

22

Public Basket

AECOM

AECOM, together with its subsidiaries, engages in designing,building, financing, and operating infrastructure assetsworldwide. The company operates through four segments:Design and Consulting Services (DCS), Construction Services(CS), Management Services (MS), and AECOM Capital (ACAP).The DCS segment provides planning, consulting, architecturaland engineering design, program management, andconstruction management services for industrial, commercial,institutional, and government clients, such as transportation,facilities, environmental, and energy/power markets. The CSsegment offers building construction and energy, as well asinfrastructure and industrial construction services. AECOM wasfounded in 1980 and is headquartered in Los Angeles,California.

Date Key Development Headline9/27/18 Arrow Electronics, Inc. Announces Strategic Alliance with

AECOM

8/24/18 Versarien plc Signs an Agreement with AECOM

8/6/18 AECOM and CCCC Highway Consultants Co., Ltd. Establish Joint Venture Company to Service Environmental Solutions Opportunities in People’s Republic of China

6/24/18 Mullen Group Ltd. (TSX:MTL) completed the acquisition of Canadian industrial services division of AECOM.

6/10/18 Mullen Group Ltd. (TSX:MTL) entered into an agreement to acquire Canadian industrial services division of AECOM.

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

Revenue Multiples - AECOM

TEV/Revenue Average

0x

5x

10x

15x

20x

EBITDA Multiples - AECOM

TEV/EBITDA Average

0x

15x

30x

45x

60x

P/E Multiples - AECOM

P/E Average

23

Public Basket

HOCHTIEF Aktiengesellschaft

HOCHTIEF Aktiengesellschaft engages in the constructionbusiness worldwide. The company operates through HOCHTIEFAmericas, HOCHTIEF Asia Pacific, and HOCHTIEF Europedivisions. The HOCHTIEF Americas division provides buildingand infrastructure construction services primarily in the UnitedStates and Canada, including public buildings, office properties,sports facilities, educational and healthcare properties,transportation infrastructure, hydroelectric power stations, anddams. Actividades de Construcción y Servicios, S.A.

Date Key Development Headline12/10/18 HOCHTIEF To Seek Acquisitions

7/26/18 HOCHTIEF Aktiengesellschaft (DB:HOT) completed the acquisition of an additional 5.31% stake in Abertis Infraestructuras, S.A. (BME:ABE).

6/20/18 HOCHTIEF Aktiengesellschaft (DB:HOT) launched an offer to acquire additional 5.31% stake in Abertis Infraestructuras, S.A. (BME:ABE) for approximately €970 million.

5/13/18 HOCHTIEF Aktiengesellschaft (DB:HOT), ACS, Actividades de Construcción y Servicios, S.A. (BME:ACS) and Atlantia S.p.A. (BIT:ATL) completed the acquisition of 85.6% stake in AbertisInfraestructuras, S.A. (BME:ABE) from a group of shareholders for €14.3 billion.

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

Revenue Multiples - Obayashi Corporation

TEV/Revenue Average

0x

10x

20x

30x

EBITDA Multiples - Obayashi Corporation

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - Obayashi Corporation

P/E Average

24

Public Basket

Obayashi Corporation

Obayashi Corporation engages in the construction business inJapan, North America, Asia, the Middle East, Europe, andOceania. The company constructs buildings, including offices,condominiums, commercial facilities, factories, hospitals, andschools; and civil engineering projects, such as tunnels, bridges,dams, riverbanks, railroads, and expressways. It is also involvedin the development and leasing of real estate properties invarious locations, primarily in metropolitan areas; solar powergeneration and private finance initiatives businesses; andoperation of golf course, as well as provision of urbandevelopment, contracted engineering, management,consultancy services, etc. The company was founded in 1892and is headquartered in Tokyo, Japan.

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CONTACT INFO7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&Aand private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history togetherand a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 leroy@7mileadvisors.com

Tripp Davis, Partner 704.899.5762 tripp@7mileadvisors.com

Andy Johnston, Partner 704.899.5961 andy@7mileadvisors.com

Ben Lunka, Managing Director 704.496.2995 ben@7mileadvisors.com

Jeff Stoecklein, Managing Director 312.796.9330 jeff@7mileadvisors.com

Mark Landry, Managing Director 561-972-0609 mark@7mileadvisors.com

Kristina Sergueeva, Director 704.899.5149 kristina@7mileadvisors.com

Neil Churman, Director 281.742.9340 neil@7mileadvisors.com

John Cooper, Director 704.973.3996 john@7mileadvisors.com

Tim Frye, Director 704.973.3994 tim@7mileadvisors.com

Nicholas Prendergast, Financial Analyst 704.973.3995 nicholas@7mileadvisors.com

Ariail Siggins, Marketing Director 704.981.2908 ariail@7mileadvisors.com

Sydney Larese, Associate 704.973.3998 sydney@7mileadvisors.com

Marty Johnson, Associate 704.973.3999 marty@7mileadvisors.com

Rory Julyan, Associate 704.981.2520 rory@7mileadvisors.com

Garth Martin, Associate 704.973.3997 garth.martin@7mileadvisors.com

Dennis Fox, Associate 704.706.9168 dennis@7mileadvisors.com

Steve Buffington, Associate 704.960.1828 steve@7mileadvisors.com

Emily Halstenberg 704.409.9912 emily@7mileadvisors.com