Pike RFP

Market Valuation

See disclosure page for additional information.

Valuation Metric

2Q 2017

1Q 2017

4Q 2016

3Q 2016

Forward Price /Earnings

18.64

18.31

18.89

18.32

Price/Cash Flow

13.29

13.01

12.31

12.14

Price/Book Value

3.11

3.05

2.93

2.80

Dividend Yield

1.97

2.09

2.13

Recent market valuations suggest that the market is overvalued

as indicated by the Bloomberg estimated S&P 500 forward P/E

of 18.64, compared to the 20 year average of 17.48. After

adjusting to the volatile market conditions, the price-to-earnings

trend signals an overbought market (above +1 std. dev).