KBS - Testing, Inspection, Certification & Compliance - Market Insight

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EXHIBIT 1 - COAL AND FUELS HAVE SEEN A DISCOUNT, AND RENEWABLES A PREMIUM

Historical EV/EBITDA, sector ratio vs. S&P 500

Commodity and agricultural chemicals

Renewable power generation

Coal and fuels

Integrated oil and gas

5.6

5.3 5.3

4.0

2.0

3.7

1.1

0.2 0.3

-0.6

-2.0

-2.4

-3.2

-7.2

-4.3

-6.9

-8.1

-7.0

2012 2014 2016 2018 2020

Source: BCG