Construction, Design-Build, and EPC March 2019 Construction, Design- Build, and EPC Sector Dashboard [4] March 2019 Public Basket Performance [5]

Sectorwatch: Construction, Design-Build, and EPC March 2019 Construction, Design- Build, and EPC Sector Dashboard [4] March 2019 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 be delivered 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 came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview

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

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public companies sector

3 Dashboard

Operating Metrics Revenue Growth 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 9.3% -0.9% 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 Median LTM EBITDA Margin % 4.5%

Pricing / Gross Margin Median LTM Rev. Growth % 2.4% 1 - year gross profit % compared to gross profit % -0.8% average for last 3 years 0% 2% 4% 6% 8% 10% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Median Price / LTM Earnings 16.2x 1 - year EBITDA % compared to EBITDA % average for -0.2% last 3 years Median TEV / LTM EBIT 10.4x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 7.6x

Median TEV / LTM Revenue 0.4x

0x 5x 10x 15x 20x

4 Public Basket

Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs 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

5 Public Basket Valuation Trends

14x Public EBITDA Multiples over Time

15x 12x 10x

5x 10x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Mar-18 Mar-15 Mar-16 Mar-17 Mar-19

Dec-15 Dec-14 Dec-16 Dec-17 Dec-18

Sep-15 Sep-16 Sep-17 Sep-18 8x Sep-14 9.8x TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time

0.6x 4x 0.4x

0.2x 2x 0.5x 0.0x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

TEV/Revenue - Median TEV/Revenue - Average

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Dec-17 Dec-14 Dec-15 Dec-16 Dec-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Kajima Corporation Kajima Corporation

Obayashi Corporation Obayashi Corporation

Granite Construction Granite Construction Incorporated Incorporated

Tutor Perini Corporation Tutor Perini Corporation

HOCHTIEF Aktiengesellschaft Skanska AB (publ)

Fluor Corporation Balfour Beatty plc AECOM

LendLease Group Skanska AB (publ)

Fluor Corporation Balfour Beatty plc

AECOM LendLease Group

Median Median

- 5% 10% 15% 20% (10%) - 10% 20%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

Granite Construction Obayashi Corporation Incorporated Granite Construction Skanska AB (publ) Incorporated

Kajima Corporation AECOM

HOCHTIEF LendLease Group Aktiengesellschaft

Tutor Perini Corporation Obayashi Corporation

Skanska AB (publ) Kajima Corporation

HOCHTIEF Fluor Corporation Aktiengesellschaft

Tutor Perini Corporation Balfour Beatty plc

Balfour Beatty plc Fluor Corporation

LendLease Group AECOM

Median Median

(20%) (10%) - 10% 20% $- $500 $1,000 $1,500

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Fluor Corporation Tutor Perini Corporation

Skanska AB (publ) Obayashi Corporation Granite Construction Incorporated Kajima Corporation

HOCHTIEF Aktiengesellschaft AECOM

Balfour Beatty plc Balfour Beatty plc

AECOM HOCHTIEF Aktiengesellschaft

Granite Kajima Corporation Construction Incorporated

Obayashi Corporation Skanska AB (publ)

Tutor Perini Corporation Fluor Corporation

Median Median

0x 2x 4x 6x 8x 10x 0 100 200 300

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Granite Construction LendLease Group Incorporated

LendLease Group Balfour Beatty plc

Obayashi Corporation AECOM

Granite Kajima Corporation Construction…

AECOM Skanska AB (publ)

HOCHTIEF Fluor Corporation Aktiengesellschaft

Tutor Perini Skanska AB (publ) Corporation

HOCHTIEF Tutor Perini Corporation Aktiengesellschaft

Obayashi Balfour Beatty plc Corporation

Fluor Corporation Kajima Corporation

Median Median

0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 0x 20x 40x 60x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

AECOM LendLease Group

Granite Balfour Beatty plc Construction…

Granite Construction Fluor Corporation Incorporated

AECOM LendLease Group

HOCHTIEF Skanska AB (publ) Aktiengesellschaft

Fluor Corporation Skanska AB (publ)

HOCHTIEF Tutor Perini Aktiengesellschaft Corporation

Tutor Perini Corporation Balfour Beatty plc

Obayashi Corporation Obayashi Corporation

Kajima Corporation Kajima Corporation

Median Median

0x 40x 80x 120x 0x 20x 40x 60x 80x

11 Valuation

Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate

60x 15% 60x 30% 27.1% 11.0%

8.8% 50x 25% 50x 8.1% 10%

5.5% 5.3%

40x 20% 40x 5%

30x 15% 30x 0% 12.9% 11.7% (0.6%) (1.8%)

12.1% 20x 10% 20x -5% 10.2% 8.3% (6.4%) 5.4% 10x 5% 10x (7.7%) -10%

(10.2%)

LTM GP% LTM EBITDA(x) EBITDA(x) 4.3% 3.5% 3.3% RGR% LTM 5x 6x 6x 7x 7x 8x 9x 10x 15x 49x 5x 6x 6x 7x 7x 8x 9x 10x 15x 49x 0x 0% 0x -15%

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue 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 Clough Limited 5.20 - - - Portfolio of Saulsbury Industries, Inc. 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 - - -

13 Construction, Design-

Build, and EPC APPENDIX: March 2019 Public Basket

Constituents

0.4x

0.2x

Tutor Perini Corporation 0.0x Tutor Perini Corporation, a construction company, provides diversified general contracting, construction management, and design-build services to private customers and public agencies TEV/Revenue Average worldwide. The company operates through three segments: Civil, Building, and Specialty Contractors. The Civil segment EBITDA Multiples - Tutor Perini Corporation engages in the public works construction, replacement, and 15x reconstruction of infrastructure, including highways, bridges, 12x tunnels, mass-transit systems, and water management and 9x wastewater treatment facilities. This segment also provides 6x drilling, foundation, and excavation support for shoring, 3x bridges, piers, roads, and highway projects. The Building 0x segment offers services in various specialized building markets, including hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and TEV/EBITDA Average entertainment, education, correctional facilities, biotech, pharmaceutical, industrial and high-tech. The Specialty P/E Multiples - Tutor Perini Corporation Contractors segment provides electrical, mechanical, plumbing, 30x fire protection systems, and pneumatically placed concrete services, as well as heating, ventilation, and air conditioning 20x services for the industrial, commercial, hospitality and gaming, 10x and mass-transit end markets. Tutor Perini Corporation was founded in 1894 and is headquartered in Sylmar, California. 0x

P/E Average

15 Revenue Multiples - Granite Construction 1.5x Incorporated Public Basket 1.2x 0.9x 0.6x 0.3x Granite Construction Incorporated 0.0x Granite Construction Incorporated operates as a heavy civil contractor and a construction materials producer in the United States. The Construction segment undertakes various civil TEV/Revenue Average construction projects focusing on new construction and improvement of streets, roads, highways, bridges, site work, EBITDA Multiples - Granite Construction 30x underground, power-related facilities, water-related facilities, Incorporated utilities, and other infrastructure projects. It serves customers in 20x the public sector, including certain federal agencies, state departments of transportation, county and city public works 10x departments, school districts and developers, utilities, and private owners of industrial, commercial, and residential sites. 0x The Large Project Construction segment focuses on large, complex infrastructure projects, including highways, mass transit facilities, bridges, tunnels, waterway locks and dams, pipelines, TEV/EBITDA Average canals, power-related facilities, water-related facilities, utilities, and airport infrastructure. Granite Construction Incorporated P/E Multiples - Granite Construction was founded in 1922 and is headquartered in Watsonville, 80x Incorporated California. 60x

40x Date Key Development Headline 6/13/18 Granite Construction Incorporated (NYSE:GVA) completed the 20x acquisition of Layne Christensen Company (NasdaqGS:LAYN) 0x from Wynnefield Capital, Inc. and others. 4/2/18 Granite Construction Incorporated (NYSE:GVA) acquired Liqui- Force Services (Ontario) Inc. P/E Average

16 Revenue Multiples - Balfour Beatty plc 0.5x Public Basket 0.4x 0.3x 0.2x 0.1x Balfour Beatty plc 0.0x Balfour Beatty plc finances, develops, builds, and maintains infrastructure in the United Kingdom, the United States, and internationally. It operates through Construction Services, TEV/Revenue Average Support Services, and Infrastructure Investments segments. The Construction Services segment provides civil engineering, EBITDA Multiples - Balfour Beatty plc 150x building, ground engineering, mechanical and electrical installation, refurbishment and fit-out, and rail engineering 120x services. The Support Services segment installs, upgrades, and 90x maintains water, gas, and electricity networks; and undertakes 60x highways network management, operation, and maintenance 30x works, as well as provides rail technology and rail renewal 0x services. The Infrastructure Investments segment engages in the acquisition, operation, and disposal of infrastructure assets, such as roads, hospitals, student accommodation, military TEV/EBITDA Average housing, offshore transmission networks, waste and biomass, and other concessions. This segment also develops and P/E Multiples - Balfour Beatty plc finances public and private infrastructure projects. Balfour 150x Beatty plc was founded in 1909 and is based in London, the 120x United Kingdom. 90x 60x Date Key Development Headline 30x 12/19/18 Balfour Beatty to Form Joint Venture with Jones Bros Civil 0x Engineering 9/27/18 Altrad Group, Balfour Beatty, Cavendish Nuclear and Doosan Babcock Form Joint Venture P/E Average

17 Revenue Multiples - Fluor Corporation 0.6x Public Basket 0.5x 0.4x 0.3x 0.2x 0.1x Fluor Corporation 0.0x Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, and project TEV/Revenue Average management services worldwide. The company’s Energy & Chemicals segment offers a range of design, engineering, EBITDA Multiples - Fluor Corporation 20x procurement, construction, fabrication, and project management services in the upstream, midstream, 15x downstream, chemical, petrochemical, offshore and onshore oil 10x and gas production, liquefied natural gas and pipeline markets. Its Mining, Industrial, Infrastructure & Power segment provides 5x design, engineering, procurement, construction, and project 0x management services to the mining and metals, transportation, life sciences, advanced manufacturing, water, and power sectors. The company’s Government segment offers TEV/EBITDA Average engineering, construction, logistics, base and facilities operations and maintenance, contingency response, and P/E Multiples - Fluor Corporation environmental and nuclear services to the United States 80x government, as well as governments internationally. This 60x segment also provides engineering and construction services, logistics, and life-support services, as well as contingency 40x operations support services to the defense sector. IFluor 20x Corporation was founded in 1912 and is headquartered in Irving, Texas. 0x

Date Key Development Headline 8/3/18 Fluor Corporation Mulls Acquisitions P/E Average

18 Revenue Multiples - Skanska AB (publ) 0.8x Public Basket 0.6x 0.4x

0.2x

Skanska AB (publ) 0.0x Skanska AB (publ), a construction and project development company, develops and constructs commercial properties, and residential and public private partnerships projects in the Nordic TEV/Revenue Average region, Europe, and the United States. It operates through Construction, Residential Development, Commercial Property EBITDA Multiples - Skanska AB (publ) 20x Development, and Infrastructure Development segments. The Construction segment builds and renovates buildings, industrial 15x facilities, infrastructures, and residential projects; and executes 10x service-related assignments, such as construction services, facility operations, and maintenance services. Skanska AB (publ) 5x was founded in 1887 and is headquartered in Stockholm, 0x Sweden.

Date Key Development Headline TEV/EBITDA Average 12/11/18 Northern Horizons Health Property Fund managed by Nordiska Vårdhem AB acquired retirement home in Växjö from Skanska P/E Multiples - Skanska AB (publ) AB (publ) (OM:SKA B) for approximately SEK 240 million. 30x 12/4/18 Skanska AB (publ) (OM:SKA B) acquired Property Development Project at Pottholmen, Karlskrona from Real Holding i Sverige 20x AB (publ) (NGM:REAL MTF B) for SEK 23 million. 12/2/18 ISOC Group acquired two office buildings in Katowice, Poland 10x from Skanska AB (publ) (OM:SKA B) for €59 million. 11/4/18 Fastighets AB Balder (publ) (OM:BALD B) acquired 438 0x 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 P/E Average AB (publ) (OM:SKA B) for €48 million.

19 Revenue Multiples - LendLease Group 1.2x Public Basket 0.9x 0.6x

0.3x

LendLease Group 0.0x LendLease Group provides property and infrastructure solutions in Australia, Asia, Europe, and the Americas. The company operates through three segments: Development, Construction, TEV/Revenue Average and Investments. The Development segment develops communities, inner city mixed use developments, apartments, EBITDA Multiples - LendLease Group 20x retirement, retail, commercial assets, and social and economic infrastructure. The Construction segment provides project 15x management, design, and construction services primarily in the 10x infrastructure, defense, mixed use, commercial, and residential sectors. LendLease Group was founded in 1958 and is 5x headquartered in Sydney, Australia. 0x

Date Key Development Headline 10/16/18 SoftBank Group Corp. (TSE:9984) and LendLease Group TEV/EBITDA Average (ASX:LLC) cancelled the acquisition of Approximately 8,000 Existing Telecom Sites, Including Rooftops And Other Structures, P/E Multiples - LendLease Group Across the U.S. from Sprint Corporation (NYSE:S) and others. 20x 10/1/18 Lendlease and London and Continental Railways Joint Venture Secures Approval for New Commercial Building in Stratford, 15x London 8/21/18 Lendlease and First State Super to Establish a New Investment 10x Platform to Develop and Hold Multifamily (Residential for Rent) 5x Assets in US Gateway Cities 6/27/18 Lendlease and Ameresco Partner on $150 Million Energy 0x Security Modernization Project 6/24/18 DWS Group GmbH & Co. KGaA (XTRA:DWS) acquired 278,000 sq ft office at International Quarter London from LendLease Group (ASX:LLC) and London & Continental Railways Limited for P/E Average £240 million

20 Revenue Multiples - Kajima Corporation 0.8x Public Basket 0.6x 0.4x

0.2x

Kajima Corporation 0.0x Kajima Corporation, together with its subsidiaries, engages in the construction, real estate development and management, architectural design, civil engineering design, and other TEV/Revenue Average activities worldwide. It also provides various services, such as design and consulting, procurement and construction, book EBITDA Multiples - Kajima Corporation 40x publishing, insurance, and sales services. The company also engages in the hotel and leisure business. Kajima Corporation 30x was founded in 1840 and is headquartered in Tokyo, Japan. 20x

10x Date Key Development Headline 3/30/18 Kajima Corporation (TSE:1812) completed the acquisition of 50% 0x stake in International Facility Engineering (S) Pte. Ltd.

TEV/EBITDA Average

P/E Multiples - Kajima Corporation 50x 40x 30x 20x 10x 0x

P/E Average

21 Revenue Multiples - AECOM 1.0x Public Basket 0.8x 0.6x 0.4x 0.2x AECOM 0.0x AECOM, together with its subsidiaries, engages in designing, building, financing, and operating infrastructure assets TEV/Revenue Average worldwide. The company operates through four segments: Design and Consulting Services (DCS), Construction Services (CS), Management Services (MS), and AECOM Capital (ACAP). EBITDA Multiples - AECOM The DCS segment provides planning, consulting, architectural 20x and engineering design, program management, and 15x construction management services for industrial, commercial, 10x institutional, and government clients, such as transportation, 5x facilities, environmental, and energy/power markets. The CS 0x segment offers building construction and energy, as well as infrastructure and industrial construction services. AECOM was founded in 1980 and is headquartered in Los Angeles, California. TEV/EBITDA Average

P/E Multiples - AECOM Date Key Development Headline 60x 9/27/18 Arrow Electronics, Inc. Announces Strategic Alliance with AECOM 45x 8/24/18 Versarien plc Signs an Agreement with AECOM 30x 8/6/18 AECOM and CCCC Highway Consultants Co., Ltd. Establish Joint 15x Venture Company to Service Environmental Solutions Opportunities in People’s Republic of China 0x 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 P/E Average acquire Canadian industrial services division of AECOM.

22 Revenue Multiples - Obayashi Corporation 1.0x Public Basket 0.8x 0.6x 0.4x 0.2x HOCHTIEF Aktiengesellschaft 0.0x HOCHTIEF Aktiengesellschaft engages in the construction business worldwide. The company operates through HOCHTIEF TEV/Revenue Average Americas, HOCHTIEF Asia Pacific, and HOCHTIEF Europe divisions. The HOCHTIEF Americas division provides building and infrastructure construction services primarily in the United EBITDA Multiples - Obayashi Corporation States and Canada, including public buildings, office properties, 30x sports facilities, educational and healthcare properties, 20x transportation infrastructure, hydroelectric power stations, and dams. Actividades de Construcción y Servicios, S.A. 10x

Date Key Development Headline 12/10/18 HOCHTIEF To Seek Acquisitions TEV/EBITDA Average 7/26/18 HOCHTIEF Aktiengesellschaft (DB:HOT) completed the acquisition of an additional 5.31% stake in Abertis Infraestructuras, S.A. (BME:ABE). P/E Multiples - Obayashi Corporation 6/20/18 HOCHTIEF Aktiengesellschaft (DB:HOT) launched an offer to 40x acquire additional 5.31% stake in Abertis Infraestructuras, S.A. (BME:ABE) for approximately €970 million. 30x 5/13/18 HOCHTIEF Aktiengesellschaft (DB:HOT), ACS, Actividades de 20x Construcción y Servicios, S.A. (BME:ACS) and Atlantia S.p.A. (BIT:ATL) completed the acquisition of 85.6% stake in Abertis 10x Infraestructuras, S.A. (BME:ABE) from a group of shareholders 0x for €14.3 billion.

P/E Average

23 Revenue Multiples - HOCHTIEF 1.0x Aktiengesellschaft Public Basket 0.8x 0.6x 0.4x 0.2x Obayashi Corporation 0.0x Obayashi Corporation engages in the construction business in Japan, North America, Asia, the Middle East, Europe, and TEV/Revenue Average Oceania. The company constructs buildings, including offices, condominiums, commercial facilities, factories, hospitals, and EBITDA Multiples - HOCHTIEF schools; and civil engineering projects, such as tunnels, bridges, 30x dams, riverbanks, railroads, and expressways. It is also involved Aktiengesellschaft in the development and leasing of real estate properties in 20x various locations, primarily in metropolitan areas; solar power generation and private finance initiatives businesses; and 10x operation of golf course, as well as provision of urban 0x development, contracted engineering, management, consultancy services, etc. The company was founded in 1892 and is headquartered in Tokyo, Japan. TEV/EBITDA Average

50x P/E Multiples - HOCHTIEF Aktiengesellschaft 40x 30x 20x 10x 0x

P/E Average

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

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.796.9330 [email protected] Mark Landry, Managing Director 561-972-0609 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 281.742.9340 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Nicholas Prendergast, Financial Analyst 704.973.3995 [email protected] Ariail Siggins, Marketing Director 704.981.2908 [email protected] Sydney Larese, Associate 704.973.3998 [email protected] Marty Johnson, Associate 704.973.3999 [email protected] Rory Julyan, Associate 704.981.2520 [email protected] Garth Martin, Associate 704.973.3997 [email protected] Dennis Fox, Associate 704.706.9168 [email protected] Steve Buffington, Associate 704.960.1828 [email protected] Emily Halstenberg 704.409.9912 [email protected]