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Building Products Quarterly

Economic overview

1

Building Products, Building Materials, and Homebuilding companies continued their steady growth during the fourth quarter.

New housing starts continue to rise after they topped the 1.1 million unit mark in 2015, and Residential Repair & Remodel and

Commercial Construction spending are also experiencing growth rates in the high single digits.

All but four of the Building Products subsectors grew their cumulative sales during the first quarter, with year-over-year growth

rates mostly coming in stronger than in the previous quarter. Growth rates by subsector were as follows: Cabinetry (+27.2%,

aided by Fortune Brands’ acquisition of Norcraft), Metal Structures (+15.3%, aided by acquisitions at both NCI and Gibraltar),

Recreational Vehicles / Manufactured Housing (+14.8%, aided by acquisitions at both Drew and Patrick Industries), Distribution

/ Installation (+9.1%), Plumbing (+6.9%), Lighting (+6.0%), Roofing (+6.0%), Insulation (+5.9%), Windows & Doors (+2.7%),

Siding & Decking (+2.2%), Glass (+1.6%), Flooring (+0.5%), and HVAC (+0.5%), while four sectors saw declines: Wood

Products (-1.2%), Paint (-1.6%), Tools (-3.3%), and Locks & Security (-4.1%). Momentum carried into the first quarter with the

announcement of a few large cap M&A deals including the announced acquisition of Valspar by Sherwin Williams, announced

acquisition of Rona by Lowe’s, and the announced acquisition of Icopal by GAF. Middle market M&A activity also continued

unabated. Debt activity remained robust, while equity markets activity was very quiet with a secondary offering by Builders

FirstSource marking the sole transaction during the quarter.

Building Material companies also increased their top line by a combined 5.5%, aided by continuous acquisition activity at

Summit Materials and U.S. Concrete. These two companies were also the only ones to issue new debt during the quarter.

Public homebuilders continue to grow their top line at a very fast clip (+21.7%). This marked the fifth period out of the last six

quarters that homebuilders have grown their top line by over 20% year-over-year. Despite lower affordability, higher household

formation and rising rents continue to sustain steady growth in housing starts. Of note, PulteGroup acquired John Wieland

Homes for $540 million. In addition, The New Home Company completed a secondary equity offering, while Woodside Homes

withdrew its IPO filing during the quarter.

Disclosure: KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and i ts subsidiaries, KeyBanc Capital Markets Inc., Member

NYSE/FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives,

who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. This report was not issued by our research department. The information contained in this report has

been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or

industry and is not an offer or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial

situation and particular needs of any individual person or entity.

Construction spending was $1,113.2 billion over the February 2016 TTM period

Residential Spending increased to $429.5 billion in February 2016

Nonresidential Spending increased to $ 683.7 billion in February 2016

Source: U.S. Census Bureau

402 451538

618 620500

358254 249 253 287 342 375 423 429

446440

453

487 547652

711

651557 536

574569

618674 684

848891

991

1,104 1,167 1,1521,068

905806 788

861911

993

1,097 1,113

0

200

400

600

800

1,000

1,200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM

$ in

bill

ion

s

Residential Nonresidential

Construction spending

4.9%

0%

2%

4%

6%

8%

10%

12%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

30-Year Mortgage Rate[1]

2

Unemployment Rate Personal Savings Rate

Consumer Confidence

Source: Bureau of Labor Statistics; Federal Reserve Bank of Philadelphia; The Conference Board; Freddie Mac

[1] Upfront points stand at 0.6% currently

92.2

0

25

50

75

100

125

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

5.1%

0%

2%

4%

6%

8%

10%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

3.66%

0%

2%

4%

6%

8%

10%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Drivers of residential new construction

Existing Home Sale Prices

3

Existing Home Sales

Source: U.S. Census Bureau; National Association of Homebuilders; National Association of Realtors

$210,800

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Feb-00 Feb-02 Feb-04 Feb-06 Feb-08 Feb-10 Feb-12 Feb-14 Feb-16

5.1 mm

0

2

4

6

8

Feb-00 Feb-02 Feb-04 Feb-06 Feb-08 Feb-10 Feb-12 Feb-14 Feb-16

Num

ber

of U

nits

Sol

d (S

aar)

In Millions

1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.8 0.9

0.8 0.8

1.2 1.3

1.1

0.9 0.9

1.2

1.5 1.4

1.2

0.9 0.7 0.7

1.1 1.1 1.1 1.2 1.1 1.1 1.0

0.9 0.8 1.0

1.1 1.2 1.1 1.2 1.1

1.3 1.3 1.2 1.3 1.4 1.5

1.6 1.7

1.5

1.0

0.6 0.4 0.5 0.4

0.5 0.6 0.6 0.7 0.9

0.3 0.3 0.5

0.6 0.6 0.5

0.4 0.4

0.6 0.7 0.6

0.9

1.0

0.9

0.4 0.3

0.4

0.5 0.6

0.6

0.4

0.4 0.4

0.6 0.7 0.7 0.6

0.5 0.4

0.4

0.3

0.2

0.2 0.2

0.3

0.3 0.3 0.3

0.3 0.3 0.3 0.3

0.3

0.3

0.3

0.4

0.3

0.3

0.3

0.1 0.1 0.2

0.2

0.3 0.4

0.4

0.4

1.3 1.3

1.5

1.6 1.5

1.5

1.2

1.3

1.5 1.5 1.4

2.1

2.4

2.0

1.3

1.2

1.5

2.0 2.0

1.7

1.3

1.1 1.1

1.7 1.7 1.7

1.8

1.6

1.5

1.4

1.2

1.0

1.2 1.3

1.5 1.4

1.5 1.5

1.6 1.6 1.6 1.6

1.7

1.8

2.0

2.1

1.8

1.4

0.9

0.6 0.6 0.6

0.8

0.9 1.0

1.1 1.3

0.0

0.5

1.0

1.5

2.0

2.5

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016E

(mill

ions

)

Single Unit Starts Multi Unit Starts

Average: 1.4

Housing starts

Drivers of repair & remodel spending

Change in Same Store Sales

5.2%

7.1%

(15%)

(9%)

(3%)

3%

9%

15%

2007 2008 2009 2010 2011 2012 2013 2014 2015

Sam

e S

tore

Sal

es

Lowe's Companies Inc. The Home Depot, Inc.

4

Source: Home Depot and Lowe’s SEC filings; Joint Center for Housing Studies, Harvard University

65

57

66 66 72 74

81 85

98 100

115

134

148

141

122

115 119 121

126

133

143 147

$0

$40

$80

$120

$160

1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

$s in

bill

ion

s

Home center retailer performance

Repair & Remodel Spending

5

Source: The American Institute of Architects; Institute for Supply Management; NCI Investor Presentation

ABI Index PMI Index

Commercial Construction Activity

49.5%

0.0%

15.0%

30.0%

45.0%

60.0%

75.0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

PM

I

50.3

0

15

30

45

60

75

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

AB

I

1,2301,305

1,315

1,205

1,210

1,340

1,535

1,315

980 985

1,130

1,335

1,450

1,2601,245

1,005

1,105

1,350

1,530

1,4601,470

1,4101,400

1,200

990930

970

1,144

1,2871,2951,350

1,8001,840

1,860

1,670

1,4371,404

1,457

1,528

1,637

1,666

1,379

776

680 704

781

874

996942

1,005

1,110

0

400

800

1,200

1,600

2,000

1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017P

Squ

are

Fee

t (in

milli

ons)

Average: 1,276

Drivers of commercial construction

40.5%

59.8%

4.2%

31.9%

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

Apr-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16

Building Products Building Materials Home Builders S&P 500

6

Stock Index Performance (through March 31, 2016)

Source: Bloomberg; Thomson Reuters

[1] Includes AAON, ALLE, AMWD, AOS, APOG, AWI, AYI, BCC, BECN, BLD, BLDR, BXC, CREE, CSL, CSTE, CVCO, TSX:CWX, DOOR, DW,

DXYN, FBHS, GFF, HDS, HUBB, HW, TSX: HWD, IBP, IIIN, IR, ASX:JHX, LII, LPX, LYTS, MAS, MHK, NCS, NTK, NX, OC, TSX:OSB, PATK, PGEM,

PGTI, POOL, ROCK, SHW, SSD, STCK, SWK, TGLS, TILE, TREX, UFPI, WMS, LSE:WOS, WSO

[2] Includes CBPX, EXP, MLM, SUM, USCR, USG, VMC

[3] Includes AVHI, BZH, CAA, CCS, DHI, HOV, KBH, LEN, LGIH, MDC, MHO, MTH, NVR, NWHM, PHM, TMHC, TOL, TPH, UCP, WCIC, WLH

Investment Grade and High Yield Debt Spreads (through March 31, 2016)

During the past 3 months,

returns on the Building

Products Index registered

a high of 8.5% and a low

of (16.2%)


returns on the Building

Materials Index registered


of (15.9%)


returns on the Home

Builders Index registered


of (19.2%)


returns on the S&P 500

had a high of 2.6% and a

low of (9.1%)

• 90-day: 8.5%

• 12-month: 5.6%

• 3-year: 40.5%

Building Products

Index[1]

• 90-day: 13.2%

• 12-month: 11.4%

• 3-year: 59.8%

Building Materials

Index[2]

• 90-day: 1.0%

• 12-month: (8.8%)

• 3-year: 4.2%

Home Builders

Index[3]

• 90-day: 2.3%

• 12-month: 0.0%

• 3-year: 31.9%

S&P 500

Market performance

148

236

443

664

0

200

400

600

800

1,000

Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16

Sp

read

to M

atu

rity

(b

ps)

A Index BBB Index BB Index B Index

7

84 Lumber

– 3/1/16: Launched new line of portable tiny homes, becoming the first-ever major retailer to tap into this new market

Apex Tool Group

– 2/8/16: Appointed James J. Roberts as CEO and a member of the Board of Directors

Apogee Enterprises, Inc.

– 12/1/15: Announced expansion of its flagship manufacturing facility in Owatonna, Minnesota, adding over 360,000 square

feet to the site’s existing footprint of 1.2 million square feet

Armstrong World Industries, Inc.

– 3/16/16: Announced that the Securities and Exchange Commission has declared Armstrong Flooring’s Registration

Statement on Form 10 effective

Beacon Roofing Supply, Inc.

– 3/11/15: Appointed Gregory Jorgensen as Vice President and Chief Accounting Officer

Bluelinx Holdings Inc.

– 1/26/16: Received notice from the New York Stock Exchange (NYSE) that it was not in compliance with NYSE Listed

Company Manual because its average global market capitalization over a consecutive 30 trading-day period was less than

$50 million and its stockholders’ equity was less than $50 million

– 12/14/15: Announced the approval of stock split of 1:10 ratio by Board of Directors in its 2016 annual stockholders’ meeting

BMC Stock Holdings, Inc.

– 12/1/15: Appointed Peter Alexander as President, CEO and a member of the Board of Directors, Jim Major as Executive Vice

President, Chief Financial Officer and Treasurer and David Bullock as Chairman of the Board of Directors

Boise Cascade

– 2/24/16: Announced the appointments of Richard Viola as a Senior Vice President of Sales and Marketing for Building

Materials Distribution, Mike Brown as Vice President of Operations for Wood Products, Mary Jo Nyblad as Vice President of

Commodity Sales and Marketing for Wood Products and Nate Jorgenson as Vice President of Engineered Wood Products

Carlisle Companies Incorporated

– 2/11/15: Announced the relocation of its headquarters from Charlotte, NC to Phoenix, AZ

– 12/11/15: Announced the appointment of D. Christian Koch as CEO and a member of the Board of Directors

Contech Engineered Solutions LLC

– 2/24/16: Appointed Jim Waters as Chief Financial Officer

Continental Materials Corporation

– 12/31/15: Announced the retirement of Joseph J. Sum as Chief Financial Officer and appointed Mark S. Nichter as his

successor

Crystal Window & Door Systems, Ltd.

– 2/15/16: Announced that it has started production of aluminum windows and patio doors at the new 336,500-square-foot

northeastern Pennsylvania facility

Dwyer Group, Inc.

– 1/13/16: Appointed Lisa Zoellner as Chief Strategy and Marketing Officer

Fortune Brands

– 1/14/16: Appointed Brett E. Finley as President of Therma-Tru business unit, effective February 15, 2016

Source: Company websites

Building Products: Key company news

8

Gibraltar Industries

– 3/29/16: Announced retirement of Paul Murray as Senior Vice President of Human Resources and Organizational

Development

Headwaters Incorporated

– 2/23/16: Announced acquisition of the technology to manufacture a wide variety of concrete products without the use of

portland cement

Hubbell Inc.

– 12/30/15: Announced the retirement of Gary N. Amato as Executive Vice President, Electrical Segment

– 12/23/15: Announced the reclassification of the Company's dual-class common stock into a single class of common stock

– 12/9/15: Appointed Maria R. Lee as Vice President of Treasurer and Investor Relations

Huttig Building Products Inc.

– 3/31/16: Appointed Oscar A. Martinez as Chief Financial Officer

Interface Inc.

– 1/13/16: Appointed Jay D. Gould as President and Chief Operating Officer

– 11/19/15: Announced the retirement of John R. Wells as Senior Vice President

Jeld-Wen, Inc.

– 11/16/15: Appointed Mark A. Beck as President and Chief Executive Officer

Lighting Science Group Corporation

– 4/1/16: Appointed Mark D. Gorton as Executive Vice President and Chief Financial Officer

Masonite International Corporation

– 12/22/15: Announced the approval of Masonite (Africa) Limited commencing voluntary business rescue proceedings under

South African debtor relief laws

Nortek, Inc.

– 2/23/16: Appointed Michael J. Clarke, President and Chief Executive Officer as Interim Chief Financial Officer

NCI Building Systems, Inc.

– 1/8/16: Announced the promotion of Don Riley as President

Patrick Industries, Inc.

– 12/10/15: Announced the appointment of Andy L. Nemeth as Executive Vice President of Finance and Chief Financial Officer

and Joshua A. Boone as Director of Corporate Finance

PGT, Inc.

– 12/7/15: Announced the appointment of Danielle Mikesell as Vice President of Marketing, R&D and Customer Service

ProVia

– 1/4/16: Announced that all corporate entities and products will be aligned under unified ProVia brand

– 12/7/15: Announced the retirement of founder Bill Mullet and appointed him as Chairman of the Board


Building Products: Key company news (continued)

9

Quanex Building Products Corporation

– 1/25/16: Announced the appointment of Scott Zuehlke as Vice President, Investor Relations and Treasurer

Revolution Lighting Technologies, Inc.

– 12/22/15: Announced that it has received notification from the NASDAQ stock market’s listing qualifications department that

for the last 30 consecutive business days the Company’s bid price has closed below the minimum $1.00 per share required

for continued inclusion under NASDAQ Listing Rule 5550(a)(2)

Sealed Air Corporation

– 2/22/16: Appointed Edwina Payne as Vice President and Chief Information Officer

Tecnoglass Inc.

– 12/22/15: Announced listing of secondary shares on Colombia Stock Exchange

Thor Industries, Inc.

– 3/21/16: Announced the expansion of production capacity at its Thor Motor Coach subsidiary with purchase of a 128,000-

square-foot production facility

– 2/5/16: Appointed Matt Zimmerman as Chief Executive Officer of Keystone, Ryan Juday as President of CrossRoads RV,

Jeff Runels as President of Keystone RV Company and Troy James as President of Dutchmen

– 1/25/16: Announced the resignation of Andy Cripe as President of the Company’s CrossRoads subsidiary

Watsco Inc.

– 1/22/2016: Appointed Aaron J. Nahmad as President of the Company

Westlake Chemical Corporation:

– 2/16/16: Announced that it has nominated ten independent directors to Axiall’s Board for 2016 Annual Meeting

Winnebago Industries, Inc.

– 12/21/15: Appointed Michael J. Happe as President and CEO and a member of Board of Directors

– 12/1/15: Announced to expand its facilities through purchase of motorhome production facilities and equipment in Junction

City, Oregon

Winsupply Inc.

– 1/29/16: Appointed Roland Gordon as President of the Company


Building Products: Key company news (continued)

10

Source: SEC filings

Building Products: Operating performance (continued)

$ in millions, except per share data Most Recent Quarter Prior Year Quarter Year-over-Year Change

Company Sales EBITDA Margin Sales EBITDA Margin Sales EBITDA

METAL STRUCTURES

NCI Building Systems Inc. $370 $29 7.9% $323 $20 6.1% 14.6% 48.4%

Gibraltar Industries, Inc. 282 17 6.1% 202 11 5.2% 39.7% 64.8%

Insteel Industries Inc. 92 13 13.9% 111 9 8.1% (16.5%) 42.2%

Associated Materials, LLC - Metal Products 34 NA NA 40 NA NA (14.0%) NA

Total $779 $59 7.6% $676 $39 5.8% 15.3% 51.4%

PAINT

The Sherwin-Williams Company $2,605 $367 14.1% $2,569 $233 9.0% 1.4% 57.7%

Masco Corporation - Decorative Architectural Products 420 89 21.2% 438 84 19.2% (4.1%) 6.0%

The Valspar Corporation - Paints 291 12 4.0% 363 36 9.9% (19.7%) (67.2%)

Total $3,316 $467 14.1% $3,370 $352 10.5% (1.6%) 32.7%

PLUMBING

Masco Corporation - Plumbing Products $846 $147 17.4% $804 $133 16.5% 5.2% 10.5%

Fortune Brands Home & Security, Inc. - Plumbing & Accessories 359 76 21.1% 335 64 19.0% 7.0% 19.2%

Advanced Drainage Systems, Inc. 207 16 7.9% 181 16 9.1% 14.0% (1.1%)

Total $1,411 $239 16.9% $1,320 $213 16.1% 6.9% 12.2%

RECREATIONAL VEHICLES / MANUFACTURED HOUSING

Thor Industries Inc. $975 $87 8.9% $852 $51 6.0% 14.4% 69.9%

Drew Industries Incorporated 334 37 11.1% 289 26 9.1% 15.5% 40.7%

Patrick Industries Inc. 249 23 9.3% 190 14 7.4% 31.2% 65.7%

Winnebago Industries, Inc. 226 15 6.6% 235 13 5.5% (3.8%) 14.6%

Cavco Industries, Inc. 181 14 7.5% 147 11 7.3% 23.5% 27.1%

Skyline Corp. 59 2 3.1% 50 1 1.0% 18.2% 260.0%

Total $2,024 $178 8.8% $1,762 $116 6.6% 14.8% 53.4%

ROOFING

Carlisle Companies Incorporated - Construction Materials $484 $95 19.7% $463 $67 14.6% 4.4% 41.5%

Owens Corning - Building Materials (Roofing) 368 63 17.1% 340 41 12.1% 8.2% 53.7%

Total $852 $158 18.6% $803 $108 13.5% 6.0% 46.1%

SIDING & DECKING

Headwaters Incorporated $218 $40 18.4% $200 $34 16.9% 9.4% 18.9%

Ply Gem Holdings, Inc - Siding, Fencing, and Stone 190 35 18.5% 192 30 15.7% (1.1%) 16.3%

Axiall Corporation - Building Products 190 17 8.8% 202 9 4.4% (6.0%) 85.6%

Trex Co. Inc. 89 17 18.7% 74 13 17.7% 20.2% 27.5%

Associated Materials, LLC - Vinyl Siding Products 47 NA NA 54 NA NA (11.7%) NA

Advanced Environmental Recycling Technologies, Inc. 17 2 11.1% 14 0 0.0% 22.1% NA

Total $752 $111 14.7% $736 $86 11.7% 2.2% 28.5%

TOOLS

Stanley Black & Decker, Inc. - Tools & Storage $1,831 $343 18.7% $1,880 $339 18.1% (2.6%) 1.0%

Griffon Corporation - Ames True Temper 118 NA NA 133 NA NA (11.1%) NA

Q.E.P. Co., Inc. 77 3 3.4% 75 2 3.2% 3.9% 10.8%

The L.S. Starrett Company 54 3 5.6% 64 6 9.4% (15.9%) (50.0%)

P&F Industries Inc. 18 1 8.1% 18 2 9.2% (1.5%) (12.9%)

Total $2,098 $350 16.7% $2,169 $349 16.1% (3.3%) 0.1%

WINDOWS & DOORS

JELD-WEN, inc. $888 NA NA $893 NA NA (0.6%) NA

Masonite International Corporation 485 57 11.7% 449 38 8.4% 8.1% 50.7%

Ply Gem Holdings, Inc - Windows and Doors 240 14 5.9% 258 (2) (0.8%) (6.8%) NM

Masco Corporation - Other Specialty Products 195 12 6.2% 181 12 6.6% 7.7% 0.0%

Quanex Building Products Corporation - Engineered Components 154 17 10.8% 129 6 4.4% 19.5% 191.8%

Griffon Corporation - Clopay Building Products 143 NA NA 139 NA NA 3.1% NA

Fortune Brands Home & Security, Inc. - Windows and Doors 115 17 15.0% 109 11 10.4% 4.7% 51.0%

Associated Materials, LLC - Vinyl Windows 105 NA NA 112 NA NA (6.4%) NA

PGT, Inc. 93 14 15.5% 85 12 14.3% 9.8% 19.0%

Total $2,418 $131 5.4% $2,354 $77 3.3% 2.7% 70.5%

WOOD PRODUCTS

Weyerhaeuser Co. - Wood Products $922 $75 8.1% $947 $86 9.1% (2.6%) (12.8%)

Louisiana-Pacific Corp. 463 34 7.3% 454 (17) (3.7%) 2.1% NM

Boise Cascade Company - Wood Products 292 9 3.0% 317 34 10.8% (7.8%) (74.2%)

Simpson Manufacturing Co., Inc. 185 28 15.0% 167 21 12.7% 10.9% 30.8%

Total $1,862 $145 7.8% $1,884 $125 6.6% (1.2%) 16.6%

11

Source: SEC filings

Building Products: Operating performance $ in millions, except per share data Most Recent Quarter Prior Year Quarter Year-over-Year Change


CABINETRY

Fortune Brands Home & Security, Inc. - Kitchen and Bath Cabinetry $608 $71 11.7% $456 $45 9.9% 33.3% 56.6%

Masco Corporation - Cabinets & Related Products 254 25 9.8% 243 0 0.0% 4.5% NA

Quanex Building Products Corporation - Cabinet Components 49 13 26.2% NA NA NA NA NA

American Woodmark Corp. 219 23 10.4% 189 15 7.7% 15.7% 55.5%

Total $1,129 $131 11.6% $888 $60 6.7% 27.2% 119.3%

DISTRIBUTION / INSTALLATION

HD Supply Holdings, Inc. $1,648 $167 10.1% $1,543 $155 10.0% 6.8% 7.7%

Builders FirstSource, Inc. 1,456 76 5.2% 1,481 67 4.5% (1.7%) 13.7%

Beacon Roofing Supply, Inc. 976 73 7.5% 596 34 5.8% 63.8% 113.2%

Watsco Inc. 904 59 6.5% 877 57 6.5% 3.1% 3.3%

BMC Stock Holdings, Inc. 728 38 5.2% 629 29 4.5% 15.7% 32.7%

Boise Cascade Company - Building Materials Distribution 707 18 2.6% 669 13 1.9% 5.7% 41.0%

Universal Forest Products Inc. 654 41 6.3% 620 25 4.0% 5.4% 65.6%

Bluelinx Holdings Inc. 428 4 1.0% 454 2 0.4% (5.7%) 121.0%

TopBuild Corp. 426 46 10.8% 398 20 5.1% 7.1% 126.1%

Pool Corp. 415 12 2.9% 376 5 1.4% 10.3% 138.2%

Installed Building Products, Inc. 191 23 12.3% 145 15 10.5% 31.8% 54.1%

The Hillman Companies, Inc. 179 23 13.0% 181 32 17.4% (1.0%) (26.0%)

Huttig Building Products Inc. 155 3 1.8% 145 1 1.0% 7.0% 100.0%

Associated Materials, LLC - Third Party Manufactured Products 72 NA NA 78 NA NA (7.5%) NA

CCOM Group, Inc. 22 1 2.9% 21 1 2.9% 4.6% 3.1%

Jewett-Cameron Trading Company Ltd. 12 1 8.0% 8 1 7.5% 49.6% 60.4%

Total $8,975 $587 6.5% $8,223 $457 5.6% 9.1% 28.4%

FLOORING

Mohawk Industries Inc. $1,998 $371 18.6% $1,951 $318 16.3% 2.4% 16.4%

Armstrong World Industries, Inc. 577 76 13.2% 587 81 13.8% (1.7%) (6.2%)

Interface Inc. 247 35 14.3% 272 37 13.7% (9.4%) (5.1%)

The Dixie Group, Inc. 108 5 4.7% 105 3 2.7% 3.0% 82.1%

Total $2,930 $487 16.6% $2,915 $439 15.1% 0.5% 10.9%

GLASS

PPG Industries, Inc. - Glass $265 $51 19.3% $272 $46 17.0% (2.6%) 10.8%

Apogee Enterprises, Inc. 238 36 15.0% 244 28 11.6% (2.5%) 25.7%

Tecnoglass Inc. 66 13 19.8% 44 13 29.0% 50.2% 2.8%

Total $570 $100 17.6% $561 $87 15.6% 1.6% 14.5%

HVAC

United Technologies Corporation - Climate, Controls & Security $4,122 $700 17.0% $4,192 $710 16.9% (1.7%) (1.4%)

Ingersoll-Rand Plc - Climate Solutions 3,326 472 14.2% 3,241 431 13.3% 2.6% 9.7%

Lennox International, Inc. 834 67 8.0% 813 63 7.7% 2.6% 6.4%

AO Smith Corp. 639 123 19.3% 627 89 14.2% 2.0% 38.4%

Nortek Inc. 631 68 10.7% 637 71 11.2% (0.9%) (5.2%)

AAON Inc. 97 24 24.3% 85 20 24.1% 14.8% 15.8%

Burnham Holdings, Inc. 62 9 14.7% 70 9 13.2% (12.2%) (2.2%)

Continental Materials Corp. 35 3 8.5% 33 (2) (7.2%) 5.4% NM

Total $9,746 $1,466 15.0% $9,697 $1,391 14.3% 0.5% 5.4%

INSULATION

Owens Corning - Building Materials (Insulation) $518 $96 18.5% $490 $71 14.5% 5.7% 35.2%

LaPolla Industries, Inc. 21 2 7.5% 19 (1) (3.1%) 10.3% NM

Total $539 $98 18.1% $509 $70 13.8% 5.9% 38.6%

LIGHTING

Hubbell Inc. $830 $140 16.9% $849 $142 16.7% (2.3%) (1.3%)

Acuity Brands, Inc. 737 140 19.0% 647 115 17.8% 13.8% 21.9%

Cree, Inc. 436 71 16.2% 413 73 17.7% 5.5% (3.2%)

LSI Industries Inc. 85 7 8.5% 85 5 5.4% (0.0%) 56.0%

Revolution Lighting Technologies, Inc. 44 4 10.1% 27 1 3.5% 61.6% 371.8%

Lighting Science Group Corporation 20 1 3.7% 23 (15) (66.7%) (15.2%) NM

Orion Energy Systems, Inc 26 (4) (14.0%) 17 (1) (5.1%) 56.0% NM

Energy Focus, Inc. 17 2 9.3% 9 0 0.0% 95.0% NA

Total $2,194 $362 16.5% $2,070 $319 15.4% 6.0% 13.2%

LOCKS & SECURITY

Allegion Plc $545 $118 21.6% $574 $118 20.5% (4.9%) 0.3%

Stanley Black & Decker, Inc. - Security 538 101 18.8% 590 102 17.2% (8.8%) (0.6%)

Spectrum Brands Holdings, Inc. - Hardware & Home Improvement 283 51 17.9% 271 49 18.1% 4.2% 3.3%

Fortune Brands Home & Security, Inc. - Security & Storage 144 22 15.0% 139 18 13.1% 3.3% 18.1%

Total $1,510 $291 19.3% $1,574 $287 18.2% (4.1%) 1.6%

12

Close Date Target (Seller) Acquirer Valuation Highlights

3/31/16 U.S. LBM Holdings LLC, American Lumber Corp Not Disclosed American Lumber Corp, also known as ALCO Doors, manufactures interior and

exterior doors for commercial and residential use

The acquisition will enable U.S. LBM Holdings to increase its presence in the

Northeast

3/19/16[1] The Valspar Corporation The Sherwin-Williams

Company

$11,300.0 million

EV

2.7x Revenue

16.3x EBITDA

The Valspar Corporation develops, manufactures and distributes a range of

coatings, paints and other related products worldwide

The acquisition will enable The Sherwin-Williams Company to expand its brand

portfolio, customer base and presence in global paints and coating market

3/17/16 [1] Window Coverings

Business of Newell

Rubbermaid Inc. incl.

Levolor® and Kirsch®

Hunter Douglas N.V. $270.0 million

0.9x Revenue

These brands are leaders in the everyday style market segment and are some of the

oldest and most recognized window coverings in North America

The acquisition will enable Hunter Douglas N.V. to expand its brand portfolio and

increase its strong presence in the premium custom window coverings segment

3/7/16[1] Service Experts LLC

(American Capital, Ltd.)

EnerCare Solutions Inc. $340.8 million EV

Service Experts LLC sells, repairs and installs heating, ventilation, and air

conditioning equipment for home and commercial applications in North America

The acquisition will enable EnerCare Solutions Inc.to expand its product portfolio and

consolidate its position in North America’s home service industry

3/7/16 3i Supply Company Distribution

International, Inc.

Not Disclosed 3i Supply Company distributes industrial and commercial insulation products

The acquisition will enable Distribution International, Inc. to expand its fabrication

capabilities and increase its customer base in Michigan

3/3/16 SEAL-KRETE

(Clayton Corporation)

RPM International Not Disclosed SEAL-KRETE manufactures concrete care coatings and sealants

The acquisition will enable Rust-Oleum Corporation to expand its concrete care

product offering and increase its distribution network in Missouri

3/3/16 Wrench Group Inc. Investcorp Bank B.S.C. Not Disclosed Wrench Group Inc. provides essential home maintenance and repair services,

including heating, ventilation and air conditioning, plumbing and electrical services

The acquisition will enable Investcorp to expand into attractive end markets

3/3/16 The Progressive Group Patrick Industries, Inc. $11 million EV

0.5x Revenue

The Progressive Group distributes mobile and home electronic products

The acquisition will enable Patrick Industries, Inc. to capitalize on its existing Quest

Audio Video electronics platform and nationwide geographic footprint to expand its

presence in the electronics distribution market

3/2/16 VFG Group Trulite Glass &

Aluminum Solutions

Not Disclosed VFG Group fabricates architectural, industrial, commercial and custom applications

The acquisition will enable Trulite Glass & Aluminum Solutions to increase its

presence in the Canadian market

2/29/16 Solar Division of Tecta

America Corp.

Onyx Renewable

Partners

Not Disclosed Tecta America Corp. offers services in the areas of new construction, roofing,

repairs, planned maintenance, disaster response and environmental solutions

The acquisition will enable Onyx Renewable Partners to increases its solar and

roofing solution capabilities

2/29/16 Flair Interiors, Inc. Drew Industries $8.1 million EV Flair Interiors, Inc. manufactures and supplies interior parts for recreational vehicles

The acquisition will enable Lippert Components, Inc. to expand its manufacturing

capabilities and increase its customer base in the United States

2/29/16 Parkland Plastics, Inc. Patrick Industries, Inc. $25 million EV

0.8x EBITDA

Parkland Plastics, Inc. manufactures recycled polymer-based architectural panels

The acquisition will enable Patrick Industries, Inc. to expand its product portfolio and

increase its customer base in architectural, industrial and other markets

2/29/16 Kern Door Company Inc. Installed Building

Products, Inc.

Not Disclosed Kern Door Company Inc. installs garage door systems to commercial and residential

customers

The acquisition will enable Installed Building Products, Inc. to expand its door

installation capabilities and product portfolio

2/25/16[1] Window and Door Profiles

Business of Royal Group,

Inc.

(Axiall Corporation)

OpenGate Capital, LLC Not Disclosed

Royal Group, Inc. designs, manufactures and distributes building materials for the

home remodeling, building, and municipal construction markets

The acquisition will enable OpenGate Capital, LLC to increase its scope of activities

in the building product s sector

2/24/16[1] InterWrap, Inc.

(Quad-C Management, Inc.)

Owens Corning $450 million EV

1.8x Revenue

InterWrap, Inc. manufactures coated woven packaging products and multi-layer

laminated reinforced plastic substrates

The acquisition will enable Owens Corning to expand into new applications and

increase its position in the roofing components segment

2/18/16 Roof Systems of Maine Tecta America Not Disclosed Roof Systems of Maine, Inc. provides commercial and industrial roofing services in

Maine and New Hampshire

The acquisition will enable Tecta America to expand its scope of activities in the

building products industry

2/16/16 WinDoor Incorporated and

LTE, LLC

PGT Industries, Inc. $102.0 million EV WinDoor Incorporated and LTE, LLC manufactures extruded aluminum and vinyl

sliding glass doors and window systems

The acquisition will enable PGT Industries, Inc. to expand its product portfolio and

manufacturing capabilities across the United States

Source: Company filings; Capital IQ

[1] Announcement Date

Building Products: Recent M&A activity


2/15/16 True Textiles, Inc.

(LBC Credit Partners, Inc.,

Sun Capital Partners and

Thomas H. Lee Partners)

Duvaltex Inc. Not Disclosed True Textiles, Inc. designs, manufactures and sells commercial textiles for

corporate, healthcare, education, and hospitality markets in North America

The acquisition will enable Duvaltex Inc. to expand its capabilities in commercial or

contract interior fabrics in the United States and Canada

2/12/16 Nationwide Industries Inc.

(P&F Industries Inc. )

Argosy Capital $22.2 million EV Nationwide Industries Inc. designs and manufactures hardware products and

components for the building materials industry

The acquisition will enable Argosy Capital to expand it investment portfolio in building

products industry

2/9/16 Nut & Bolt Products Inc.

(Frieda Woronowski and

Douglas Garis)

H&S Sales, Inc. Not Disclosed Nut & Bolt Products, Inc. distributes various fasteners

The acquisition will enable H&S Sales, Inc. to expand its geographic presence in

Western New York

2/8/16 Metro Roof Products,

Enviroshake and Steel Rock

Roof Products

Headwaters Roofing

Group

Not Disclosed The three companies in California and Ontario manufacture high-end, specialty-niche

roofing

The acquisition will enable Headwaters Roofing Group to expand its strong presence

in the roofing industry

2/3/16[1] Rona Inc. Lowe's Companies

Canada, ULC

$2,188.4 million

0.7x Revenue

14.1x EBITDA

Rona Inc. engages in the distribution and retail of hardware, building materials and

home renovation products in Canada

The acquisition will enable Lowe's Companies Canada, ULC to increase its strong

presence and create a leading home improvement retailer in the Canadian market

2/2/16 Marshall Insulation, LLC Installed Building

Products, Inc.

Not Disclosed Marshall Insulation, LLC provides home insulation contracting services to residential

and commercial clients in Phoenix

The acquisition will enable Installed Building Products, Inc. to expand its customer

base in Arizona

2/2/16 Cascade Windows, Inc.

(Altamont Capital Partners)

CenterOak Partners LLC Not Disclosed Cascade Windows, Inc. designs, manufactures and sells vinyl windows and sliding

glass doors for homeowners, builders and architects in the Western United States

The acquisition will enable CenterOak Partners LLC to expand its investments in

Residential and commercial markets

2/2/16 Robert N. Karpp Company,

Inc.

GMS Inc. Not Disclosed Robert N. Karpp Company, Inc. supplies drywall specialty products

The acquisition will enable GMS Inc. to expand its geographic footprint

2/1/16 Parker's Building Supply US LBM Holdings, LLC Not Disclosed Parker Building Supplies, is an independent Timber and Heavyside Builders'

Merchant based in the Southeast, supplying both the retail and trade sectors

The acquisition will enable US LBM Holdings, LLC to expand its product portfolio and

increase its geographical footprint

1/27/16 Wolf-Gordon, Inc.

(Corinthian Capital Group,

LLC)

Saw Mill Capital LLC Not Disclosed Wolf-Gordon, Inc. provides interiors for commercial markets

The acquisition will enable Saw Mill Capital LLC to expand its investments in the

commercial market

1/27/16 Highwater Marine Furniture

Division, Bennington

Marine, LLC

Lippert Components,

Inc. (Drew Industries)

$10.0 million EV

0.5x Revenue

Division of Bennington Marine manufactures various pontoon furniture

The acquisition will enable Lippert Components, Inc. to expand its marine furniture

capacity by adding the Highwater manufacturing facility in Elkhart

1/25/16 Key Green Builder

Services, LLC

Installed Building

Products, Inc.

Not Disclosed Key Green Builder Services, LLC, provides insulation installation services to

customers in Central and South Texas

The acquisition will enable Installed Building Products, Inc. to expand its strong

presence and increase the market share in Central and South Texas

1/25/16 Icopal a/s GAF Corporation €1.0 billion Icopal is a leader in modified bitumen membranes and has a significant and growing

presence in single-ply and liquid roofing products

The acquisition will enable GAF to leverage best practices and technologies on both

sides of the Atlantic

1/21/16 Building & Wind Business

Unit of Ahlstrom Oyj

Owens Corning $79.5 million EV Ahlstrom Oyj develops, manufactures and markets fiber-based materials worldwide

The acquisition will enable Owens Corning to provide technology, talent and broad

access to markets

1/14/16 Atlas Trillo Heating & Air

Conditioning Inc.

American Residential

Services LLC

Not Disclosed Atlas Trillo Heating & Air Conditioning Inc. offers HVAC, plumbing, refrigeration, duct

cleaning, replacement and design, preventative maintenance contracts and repair

services

The acquisition will enable American Residential Services LLC to expand its

geographic footprint in California

1/13/16 HeathCo LLC

(The Chamberlain Group,

Inc.)

Transom Capital Group Not Disclosed HeathCo LLC manufactures and markets electrical products, door chimes, motion

activated lighting and lighting controls for retail sale

The acquisition will enable Transom Capital Group to expand its investment portfolio

in electronic components and equipment industry

13



Building Products: Recent M&A activity (continued)


1/12/16 R.F. Supply, Inc. Trulite Glass &

Aluminum Solutions,

LLC

Not Disclosed R.F. Supply, Inc. distributes fabricated and flat glass products

The acquisition will enable to Trulite Glass & Aluminum Solutions, LLC to meet the

rapidly increasing demand for quality fabricated products

1/12/16 Aspen Air Conditioning Inc. American Residential

Services LLC

Not Disclosed Aspen Air Conditioning Inc. engages in installation and maintenance of air

conditioners

The acquisition will enable American Residential Services LLC to expand its strong

presence in Florida market

1/7/16 Darby Doors, Inc. US LBM Holdings, LLC Not Disclosed Darby Doors, Inc. manufactures and sells doors, millwork, hardware and building

specialties

The acquisition will enable US LBM Holdings, LLC to expand its capabilities and

customer base

1/7/16 Paradigm Window

Solutions

CapitalWorks LLC Not Disclosed Paradigm Window Solutions manufactures premium-quality and Energy Star-rated

vinyl windows and patio doors

The acquisition will enable CapitalWorks LLC to increase its portfolio of companies in

the building products segment

1/6/16 SunSetter Products, LP Springs Window

Fashions LLC

Not Disclosed SunSetter Products, LP manufactures deck and patio awnings in America

The acquisition will allow Springs Window Fashions LLC to expand its product

portfolio and geographic presence in America

1/5/16[1] Blue Heron Enterprises,

LLC and Fox Chase

Enterprises, LLC

Simpson Strong-Tie

Company Inc.

Not Disclosed Blue Heron Enterprises, LLC manufactures EB-TY (R) hidden deck fastening system

Fox Chase Enterprises, LLC manufactures Lumber Loc (R) hidden deck fastening

system based in the United States

The transaction will enable Simpson Strong-Tie Company Inc. to expand its product

portfolio and services

1/5/16 Gypsum Supply Co., Inc. GMS Inc. Not Disclosed Gypsum Supply Co., Inc. supplies drywall and plaster products to building

contractors

The acquisition will enable GMS Inc. to enhance its presence in Michigan and

Northwest Ohio market

1/4/16 Construction Resources,

Inc. and Builder Specialties,

Inc.

Monomoy Capital

Partners

Not Disclosed Construction Resources, Inc. and Builder Specialties, Inc. distribute building products

for home builders in the Southeast

The acquisition will enable Monomoy Capital Partners to increase its portfolio of

companies in the building products segment

12/31/15 Westview Products, Inc. Sierra Pacific Windows,

Inc.

Not Disclosed Westview Products, Inc. develops sunrooms, window walls, monumental skylights

and curtain walls for both residential and commercial projects

The acquisition will enable Sierra Pacific Windows, Inc. to expand its product

portfolio

12/31/15 JC Licht, LLC (Benjamin

Moore)

Private Investors incl.

Elliot Greenberg

Not Disclosed JC Licht, LLC offers interior and exterior paints, primers, interior stains and finishes

The acquisition will give the company the management and upgrades to make

significant improvements to current procedure

12/30/15 Rooftek Roofing Supplies ABC Supply Co., Inc. Not Disclosed Rooftek Roofing Supplies, Inc. supplies floors and roofing products

The transaction will enable ABC Supply Co., Inc. to expand its product portfolio and

services

12/29/15 Statewide Wholesale, Inc. Beacon Roofing Supply,

Inc.

Not Disclosed Statewide Wholesale, Inc. distributes roofing material and supplies

The transaction will enable Beacon Roofing Supply, Inc. to expand its product

portfolio and geographic presence in Denver, CO

12/28/15 Seifer Kitchen Design

Center of Pine Brook

US LBM Holdings, LLC Not Disclosed Seifer Kitchen Design Center of Pine Brook provides a wide range of cabinetry and

countertop products and services

The transaction will enable Direct Cabinet Sales, Inc. to expand its product portfolio

and services

12/23/15 Nexgen Inc. US LBM Holdings, LLC Not Disclosed Nexgen Inc. engages in the supply of roof & floor trusses, hangers and accessories,

wall panels, hardware, paint, power tools, cabinetry, lumber and lawn and garden

tools

The transaction will enable US LBM Holdings, LLC to expand its product portfolio

and services in the Upper Midwest

12/22/15[1] Trend Windows & Doors

Pty Ltd.

JELD-WEN, Inc. Not Disclosed Trend Windows & Doors Pty Ltd. manufactures and markets aluminum, timber, and

thermal energy efficient windows and doors in Australia

The acquisition will enable JELD-WEN, Inc. to expand its geographical footprint in

Australia

14




15




12/21/15[1] Engineered Lumber

Business, Georgia-Pacific

LLC

Boise Cascade

Company

$215 million EV

5.4x EBITDA

Georgia-Pacific LLC engineered lumber production facilities at Thorsby, AL and Roxboro,

NC comprises lumber production mills

The acquisition will enable Boise Cascade Wood Products, LLC to expand its engineered

wood products business which expects to increase $40 million of EBITDA mid-cycle

12/21/15 NPI Holding Corp Grupo Verzatec Not Disclosed NPI Holding Corp provides innovative interior panel solutions for commercial markets

The acquisition will enable Grupo Verzatec to provide an unparalleled offering to their

customers

12/18/15 Roofing & Insulation

Supply

Beacon Roofing

Supply, Inc.

Not Disclosed Roofing & Insulation Supply, Inc. operates as a wholesale distributor of roofing,

insulation, sheathing and related materials

The acquisition will enable Beacon Roofing Supply, Inc. to expand its geographical

footprint in the Western United States

12/15/15 All-American Scaffold

LLC

Safway Group Holding

LLC

Not Disclosed All-American Scaffold LLC provides scaffolding and shoring products and related

equipment for commercial or residential new construction or remodeling jobs

The acquisition will help Safway Group Holding LLC to increase its comprehensive

coverage in Iowa and throughout the central region

12/15/15 Arrow Storage Products

Inc.

ShelterLogic Corp. Not Disclosed Arrow Storage Products Inc. is engaged in the design, manufacturing and marketing of

DIY outdoor steel storage solutions

The acquisition will help ShelterLogic Corp. to expand its product portfolio and

capabilities in the sheltering and storage category

12/9/15 CMA Supply Co., Inc.

(Matrix Capital markets

Group, Inc.)

Carter-Waters LLC Not Disclosed CMA Supply Co., Inc. is a supplier of concrete and masonry accessories in the United

States

The acquisition will help Carter-Waters LLC to increase its geographical footprint in the

Missouri, Kansas and Illinois

12/8/15 BioFoam of North

Carolina, LLC

Installed Building

Products, Inc.

Not Disclosed BioFoam of North Carolina, LLC, doing business as Prime Energy Group, installs spray

foam insulation for residential and commercial customers

The acquisition will enable Installed Building Products, Inc. to expand its presence in the

strong North Carolina housing market

12/7/15 JW Millwork, LLC Cedar Creek

Wholesale, Inc.

Not Disclosed JW Millwork, LLC operates a molding and millwork reload distribution center in the United

States

The acquisition will enable Cedar Creek Wholesale, Inc. to expands its product offerings

in operating region of the United States

12/1/15 Badgerland Supply, Inc. GMS Inc. Not Disclosed Badgerland Supply, Inc. supplies building materials to Wisconsin and Northern Illinois

The acquisition will enable GMS Inc. to increase its portfolio of brands and geographical

footprint in Wisconsin

12/1/15 Elite Door & Trim, Inc. National Millwork Inc. Not Disclosed Elite Door & Trim, Inc. manufactures doors, hardware and trim products

The acquisition will help National Millwork Inc. to expand its manufacturing capabilities in

by 2016

12/1/15 Premier Envelope Ltd. Supremex Inc. Not Disclosed Premier Envelope Ltd. manufactures commercial, custom and specialty envelopes for

financial institutions, commercial printers, paper companies, and others

The acquisition will help Supremex Inc. to expand its manufacturing capabilities and

increase its customer base in Western Canada

12/1/15 RCI Roofing Supply

Company, Inc.

Beacon Roofing

Supply, Inc.

Not Disclosed RCI Roofing Supply Company, Inc. distributes building supplies and materials for

residential and commercial projects throughout the Midwest

The acquisition will help Beacon Roofing Supply, Inc. to increase its customer base

across Nebraska, Iowa and Colorado region

12/1/15 E.J. Bartells Distribution

International, Inc.

Not Disclosed E.J. Bartells, supplier of mechanical and industrial insulation, fabrication, refractory and

HVAC products throughout the Pacific Northwest & Western states

The acquisition will help Distribution International, Inc. to expand its product offering in

the Pacific Northwest and Western states of United States

11/19/15 THV Holdings LLC Soft-Lite LLC Not Disclosed THV Holdings offers composite windows, entry doors and storm doors

The acquisition will provide Soft-Lite with 100,000 square feet of additional manufacturing

space and the ability to expand their current product offering

11/17/15 M3 Glass Technologies LongWater

Opportunities LLC

Not Disclosed M3 Glass Technologies produces and sells custom fabricated and decorative glass

products for customers in the United States and internationally

The acquisition will enable LongWater Opportunities LLC to bolster the portfolio of

companies in the construction material segment

11/16/15 Action Fire Fab & Supply

Inc.

Ferguson Enterprises,

Inc.

Not Disclosed Action Fire Fab & Supply Inc. supplies fire protection solutions

The acquisition will enable Ferguson Fire & Fabrication, Inc. to expand its product

portfolio in the fire protection industry


16

Close Date Company Type Use of Proceeds

Amount

(MM) Maturity Coupon / Spread

4/1/16 Boise Cascade Company Term Loan Acquisition Purposes $75.0 Mar-26 L + 200

3/29/16 Binswanger Enterprises Mezzanine Capital NA NA NA NA

3/22/16 Griffon Corporation Revolving Credit Facility Debt Refinancing $350.0 Mar-21 L + 225

3/15/16 Ingersoll-Rand Global Holding

Company Limited Revolving Credit Facility

General Corporate

Purposes $1,000.0 Mar-21 L +1 25

3/10/16 Masco Corporation Senior Notes Debt Refinancing $500.0 Apr-26 4.375%

3/10/16 Masco Corporation Senior Notes Debt Refinancing $400.0 Apr-21 3.500%

3/4/16 Armstrong World Industries Term Loan B Debt Refinancing $250.0 Mar-23 L + 325

3/1/16 Mohawk Industries, Inc. Term Loan General Corporate

Purposes $200.0 Mar-19 L + 125

3/1/16 Installed Building Products, Inc. Senior Credit Facility Acquisition Purposes $325.0 Mar-21 L + 150-250

2/23/16 Hubbell Incorporated Senior Notes General Corporate

Purposes

$400.0 Mar-26 3.35%

2/19/16 Associated Materials, LLC First-lien Term Loan General Corporate

Purposes

$27.5 Jun-18 L + 425

2/1/16 Bluelinx Holdings Inc. Term Loan Debt Refinancing $159.8 Jul-19 6.35%

2/1/16 PGT, Inc. Term Loan B Debt Refinancing $270.0 Jan-22 L + 575

1/13/16 Trex Co. Inc. Revolving Credit Facility Debt Refinancing $250.0 Jan-21 NA

12/18/15 Stanley Black & Decker, Inc. Revolving Credit Facility Debt Refinancing $1,750.0 Dec-20 NA

12/21/15 Hubbell Incorporated Revolving Credit Facility General Corporate

Purposes

$1,250.0 Dec-21 NA

12/10/15 Mohawk Industries, Inc. A/R Securitization Facility Debt Refinancing $500.0 Dec-16 NA

12/10/15 Gibraltar Industries, Inc. Revolving Credit Facility Asset-based Revolver $300.0 Dec-20 L + 175

12/1/15 BMC Stock Holdings, Inc. Revolving Credit Facility Corporate Purposes $450 Dec-20 L + 125

11/24/15 US LBM Holdings, LLC First-lien Term Loan Debt Refinancing $40.0 Aug-22 L + 525

11/20/15 Pool Corporation Revolving Credit Facility Debt Refinancing $465.0 Nov-20 NA

11/19/15 ABC Supply Senior notes Debt Refinancing $350.0 Dec-23 5.75%


Building Products: Recent debt transaction activity

Offer Date Company Type Gross Amount (MM) Shares Offered Offering Price

11/20/15 Builders FirstSource, Inc. Follow-On Equity Offering $92.8 7,000,000 $13.25

Building products: Recent equity markets activity

17

Source: SEC filings

Building Products: Public trading levels

$ in millions, except per share data March 31, 2016 LTM

Share Market Enterprise Adjusted EBITDA Net Debt / Enterprise Value / EBITDA Price / EPS

Company Price Cap Value Sales EBITDA Margin EBITDA LTM CY2016 CY2017 CY2016 CY2017

Manufacturing (Large Cap)

The Sherwin-Williams Company $284.67 $26,994 $28,751 $11,339 $1,813 16.0% 1.0x 15.9x 14.7x 13.5x 22.9x 20.4x

Ingersoll-Rand Plc $62.01 $16,054 $19,619 $13,301 $1,881 14.1% 1.9x 10.4x 10.2x 9.6x 15.9x 14.4x

Stanley Black & Decker, Inc. $105.21 $15,939 $19,399 $11,172 $1,787 16.0% 1.9x 10.9x 10.4x 9.8x 17.1x 15.4x

Mohawk Industries Inc. $190.90 $14,140 $17,287 $8,072 $1,469 18.2% 2.1x 11.8x 10.6x 9.9x 16.0x 14.8x

Masco Corporation $31.45 $10,643 $12,543 $7,142 $1,054 14.8% 1.6x 11.9x 10.7x 9.8x 21.3x 17.7x

Fortune Brands Home & Security, Inc. $56.04 $8,769 $9,706 $4,579 $649 14.2% 1.4x 15.0x 12.7x 11.3x 22.5x 19.3x

Acuity Brands, Inc. $218.14 $9,624 $9,416 $2,796 $458 16.4% (0.5x) 20.6x 15.7x 13.3x 27.9x 23.3x

Allegion Plc $63.71 $6,170 $7,521 $2,068 $446 21.5% 3.0x 16.9x 14.6x 13.4x 19.0x 16.9x

Owens Corning $47.28 $5,511 $7,326 $5,350 $841 15.7% 2.1x 8.7x 7.7x 7.1x 15.9x 13.6x

Lennox International, Inc. $135.19 $6,125 $6,830 $3,467 $440 12.7% 1.6x 15.5x 13.1x 12.0x 21.4x 18.7x

Carlisle Companies Incorporated $99.50 $6,473 $6,811 $3,543 $642 18.1% 0.5x 10.6x 9.9x 9.4x 18.5x 16.9x

AO Smith Corp. $76.31 $6,760 $6,363 $2,537 $462 18.2% (0.9x) 13.8x 12.4x 11.3x 21.7x 19.4x

Hubbell Inc. $105.93 $6,000 $6,297 $3,390 $594 17.5% 0.5x 10.6x 11.0x 10.2x 20.0x 18.1x

James Hardie Industries plc $12.56 $5,599 $6,028 $1,704 $420 24.6% 1.0x 14.4x 12.8x 11.2x 22.0x 18.4x

Median 16.2% 1.5x 12.8x 11.7x 10.7x 20.6x 17.9x

Mean 17.0% 1.2x 13.3x 11.9x 10.8x 20.2x 17.7x

Manufacturing (Mid Cap)

Armstrong World Industries, Inc. $48.37 $2,694 $3,463 $2,420 $391 16.2% 2.0x 8.9x 8.5x 7.7x 19.1x 16.0x

Cree, Inc. $29.10 $2,927 $2,515 $1,653 $134 8.1% (3.1x) 18.8x 8.6x 8.6x 24.5x 21.5x

Norbord, Inc. $19.93 $1,717 $2,483 $1,509 $116 7.7% 6.6x 21.4x 8.1x 5.3x 14.0x 7.9x

Masonite International Corporation $65.50 $2,039 $2,432 $1,872 $183 9.8% 2.1x 13.3x 9.8x 8.3x 23.3x 17.4x

Louisiana-Pacific Corp. $17.12 $2,454 $2,383 $1,893 $67 3.5% (1.1x) NM 9.7x 6.2x 36.2x 15.5x

Nortek Inc. $48.29 $792 $2,160 $2,526 $267 10.5% 5.1x 8.1x 7.5x 7.1x 14.3x 11.3x

Headwaters Incorporated $19.84 $1,512 $1,971 $914 $172 18.8% 2.6x 11.5x 9.8x 8.9x 14.7x 12.5x

Ply Gem Holdings, Inc $14.05 $958 $1,921 $1,840 $185 10.0% 5.2x 10.4x 8.3x 7.0x 11.0x 9.1x

Advanced Drainage Systems, Inc. $21.30 $1,127 $1,863 $1,178 $131 11.1% 3.0x 14.2x 7.5x 6.6x 17.1x 13.9x

Drew Industries Incorporated $64.46 $1,582 $1,620 $1,403 $164 11.7% 0.2x 9.9x 8.2x 7.5x 17.2x 15.9x

Simpson Manufacturing Co., Inc. $38.17 $1,848 $1,589 $794 $141 17.7% (1.8x) 11.3x 9.8x 8.8x 23.5x 20.2x

Griffon Corporation $15.45 $699 $1,549 $2,008 $171 8.5% 5.0x 9.0x 8.7x NA 17.4x NA

Trex Co. Inc. $47.93 $1,490 $1,491 $441 $92 20.9% 0.0x 16.2x 12.9x 11.4x 23.7x 20.6x

AAON Inc. $28.00 $1,502 $1,471 $359 $83 23.3% (0.4x) 17.6x 15.6x 13.9x 28.9x 25.2x

NCI Building Systems Inc. $14.20 $1,043 $1,403 $1,611 $140 8.7% 2.6x 10.1x 8.6x 7.3x 20.5x 15.3x

Interface Inc. $18.54 $1,222 $1,360 $1,002 $144 14.4% 1.0x 9.4x 8.3x 7.3x 15.1x 13.2x

Apogee Enterprises, Inc. $43.89 $1,288 $1,217 $966 $119 12.4% (0.6x) 10.2x 8.1x 6.8x 16.7x 13.7x

CaesarStone Sdot-Yam Ltd. $34.35 $1,211 $1,172 $500 $123 24.7% (0.4x) 9.5x 8.3x 7.2x 13.3x 11.2x

American Woodmark Corp. $74.59 $1,232 $1,070 $913 $101 11.0% (1.6x) 10.6x 8.9x NA 18.6x NA

Gibraltar Industries, Inc. $28.60 $901 $1,041 $1,041 $90 8.7% 1.6x 11.5x 9.1x 8.3x 21.6x 18.6x

Median 11.1% 1.3x 10.6x 8.6x 7.4x 18.0x 15.4x

Mean 12.9% 1.4x 12.2x 9.2x 8.0x 19.5x 15.5x

18

Source: SEC filings

Building Products: Public trading levels (continued)

$ in millions, except per share data March 31, 2016 LTM

Share Market Enterprise Adjusted EBITDA Net Debt / Enterprise Value / EBITDA Price / EPS

Company Price Cap Value Sales EBITDA Margin EBITDA LTM CY2016 CY2017 CY2016 CY2017

Manufacturing (Small Cap)

Boise Cascade Company $20.72 $803 $963 $3,633 $158 4.4% 1.0x 6.1x 6.7x 4.8x 21.6x 13.6x

Patrick Industries Inc. $45.39 $702 $906 $920 $87 9.4% 2.4x 10.4x 8.3x 7.8x 14.2x 12.6x

Quanex Building Products Corporation $17.36 $596 $889 $719 $73 10.2% 4.0x 12.1x 7.6x 6.6x 19.9x 13.9x

Cavco Industries, Inc. $93.46 $858 $819 $676 $44 6.5% (0.9x) 18.6x 13.8x NA 24.2x 19.5x

PGT, Inc. $9.84 $506 $764 $390 $67 17.3% 3.8x 11.4x 9.2x 7.3x 17.2x 12.5x

Insteel Industries Inc. $30.57 $583 $537 $429 $48 11.2% (1.0x) 11.2x 8.2x NA 16.9x NA

Tecnoglass Inc. $12.65 $340 $459 $239 $66 27.4% 1.8x 7.0x 5.4x NA 9.9x NA

LSI Industries Inc. $11.75 $298 $269 $315 $21 6.8% (1.3x) 12.6x 11.2x 9.3x 27.3x 21.0x

The Dixie Group, Inc. $4.21 $66 $196 $422 $20 4.6% 6.7x 10.0x NA NA 17.5x 10.5x

Median 9.4% 1.8x 11.2x 8.3x 7.3x 17.5x 13.6x

Mean 10.9% 1.8x 11.0x 8.8x 7.2x 18.7x 14.8x

Distribution / Installation

Wolseley plc $56.73 $14,608 $16,467 $19,710 $1,416 7.2% 1.3x 11.6x 10.4x 9.5x 14.9x 13.4x

HD Supply Holdings, Inc. $33.07 $6,714 $10,756 $7,388 $878 11.9% 4.6x 12.3x 11.1x 10.1x 13.1x 10.8x

Watsco Inc. $134.74 $4,007 $4,464 $4,113 $353 8.6% 0.6x 12.6x 11.8x 10.8x 24.5x 22.1x

Pool Corp. $87.74 $3,843 $4,162 $2,363 $242 10.2% 1.3x 17.2x 16.2x 14.6x 26.6x 23.4x

Beacon Roofing Supply, Inc. $41.01 $2,476 $3,564 $2,896 $178 6.1% 6.1x 20.1x 10.3x 9.5x 19.0x 15.6x

Builders FirstSource, Inc. $11.27 $1,267 $3,153 $6,067 $313 5.2% 6.0x 10.1x 7.6x 6.4x 13.2x 7.5x

Universal Forest Products Inc. $85.82 $1,738 $1,743 $2,887 $177 6.1% (0.0x) 9.9x 9.2x 8.7x 19.5x 18.2x

BMC Stock Holdings, Inc. $16.62 $1,089 $1,559 $2,702 $120 4.4% 3.9x 13.0x 8.6x 6.8x 21.0x 13.8x

TopBuild Corp. $29.74 $1,148 $1,229 $1,617 $96 5.9% 0.8x 12.8x 9.6x 7.8x 16.6x 13.1x

Installed Building Products, Inc. $26.61 $835 $972 $663 $71 10.7% 1.9x 13.7x 9.5x 7.8x 19.6x 15.0x

Bluelinx Holdings Inc. $0.61 $55 $452 $1,917 $25 1.3% NM 18.2x NA NA NA NA

CanWel Building Materials Group Ltd. $3.60 $153 $273 $636 $25 3.9% 4.9x 11.1x 8.6x 7.8x 10.2x 8.9x

Hardwoods Distribution Inc. $13.90 $233 $254 $441 $27 6.1% 0.8x 9.5x 8.3x 7.7x 13.7x 12.4x

Median 6.1% 1.6x 12.6x 9.5x 8.3x 17.8x 13.6x

Mean 6.7% 2.7x 13.2x 10.1x 9.0x 17.6x 14.5x

19

Source: SEC filings; Bloomberg

Note: Results as of the most recent trailing twelve month period; “/*+” indicates a rating under review for an upgrade

[1] Issued out of Black & Decker Holdings Inc

[2] Issued out of Hardwoods Acquisition Inc

[3] Issued out of RSI Home Products Inc

Building Products: Debt comparables

Ratings As of 3/31/2016

Issuer Moody's S&P Security Amount Maturity Coupon PriceYield to

Maturity

Spread to

MaturityG-Spread

Debt /

EBITDA

Net Debt

/ EBITDA

EBITDA /

Interest

Investment Grade

Acuity Brands Lighting Inc Baa2 BBB Senior Notes $350 12/15/2019 6.000% 110.75 2.91% +205 bp +192 bp 0.8x -0.5x 13.9x 12.0x

Carlisle Cos Inc Baa2 BBB Senior Notes $150 8/15/2016 6.125% 101.50 1.93% +138 bp +164 bp 1.2x 0.5x 18.3x 16.2x

Carlisle Cos Inc Baa2 BBB Senior Notes $250 12/15/2020 5.125% 108.50 3.06% +187 bp +194 bp

Carlisle Cos Inc Baa2 BBB Senior Notes $350 11/15/2022 3.750% 101.75 3.44% +224 bp +200 bp

Fortune Brands Home & Security Inc Baa3 BBB Senior Notes $400 6/15/2020 3.000% 100.88 2.77% +158 bp +171 bp 1.8x 1.4x NM 16.3x

Fortune Brands Home & Security Inc Baa3 BBB Senior Notes $500 6/15/2025 4.000% 101.38 3.82% +204 bp +212 bp

Hubbell Inc A3 A Senior Notes $300 6/1/2018 5.950% 108.63 1.85% +112 bp +110 bp 1.1x 0.5x 19.2x 16.7x

Hubbell Inc A3 A Senior Notes $300 11/15/2022 3.625% 104.25 2.91% +172 bp +143 bp

Hubbell Inc A3 A Senior Notes $400 3/1/2026 3.350% 99.50 3.41% +163 bp +163 bp

Ingersoll-Rand Global Holding Co Ltd Baa2 BBB Senior Notes $750 8/15/2018 6.875% 110.50 2.28% +155 bp +150 bp 2.3x 1.9x 10.9x 9.5x

Ingersoll-Rand Global Holding Co Ltd Baa2 BBB Senior Notes $350 1/15/2019 2.875% 102.13 2.08% +123 bp +125 bp



Lennox International Inc Baa3 BBB Senior Notes $200 5/15/2017 4.900% 103.38 1.82% +109 bp +121 bp 1.7x 1.6x 17.5x 14.7x

Masco Corp Ba2 BBB Senior Notes $114 4/15/2018 6.625% 106.13 3.47% +274 bp +274 bp 3.2x 1.6x 4.7x 4.0x

Masco Corp Ba2 BBB Senior Notes $500 3/15/2020 7.125% 115.00 3.06% +186 bp +203 bp







Mohawk Industries Inc Baa2 BBB Senior Notes $600 2/1/2023 3.850% 102.75 3.38% +160 bp +191 bp 2.2x 2.1x NM 13.6x

Owens Corning Ba1 BBB- Senior Notes $158 12/1/2016 6.500% 102.38 2.81% +226 bp +236 bp 2.2x 2.1x 8.4x 4.5x

Owens Corning Ba1 BBB- Senior Notes $144 6/15/2019 9.000% 115.13 3.91% +306 bp +301 bp




Sherwin-Williams Co/The A3 /*- A /*- Senior Notes $700 12/15/2017 1.350% 99.75 1.50% +77 bp +82 bp 1.1x 1.0x NM NM

Sherwin-Williams Co/The A3 /*- A /*- Senior Notes $400 8/1/2025 3.450% 100.75 3.35% +158 bp +164 bp




Stanley Black & Decker Inc Baa1 A Senior Notes $400 12/1/2021 3.400% 105.63 2.29% +109 bp +100 bp 2.2x 1.9x 9.9x 8.2x

Stanley Black & Decker Inc Baa1 A Senior Notes $800 11/1/2022 2.900% 100.75 2.77% +158 bp +130 bp

Stanley Black & Decker Inc [1] Baa1 A Senior Notes $150 7/1/2028 7.050% 134.75 3.53% +175 bp +165 bp

Stanley Black & Decker Inc Baa1 A Senior Notes $400 9/1/2040 5.200% 112.50 4.36% +175 bp +197 bp

Stanley Black & Decker Inc Baa2 BBB+ Subordinated Notes $400 12/15/2053 5.750% 105.63 3.54% +282 bp +272 bp

Valspar Corp/The Baa2 /*- BBB Senior Notes $150 5/1/2017 6.050% 104.00 2.25% +153 bp +165 bp 2.9x 2.7x 9.1x 7.7x

Valspar Corp/The Baa2 /*- BBB Senior Notes $300 6/15/2019 7.250% 113.88 2.69% +183 bp +178 bp







Worst

Yield to

Worst Date

Spread to

Worst

Debt /

EBITDA

Net Debt

/ EBITDA

EBITDA /

Interest

American Builders & Contractors Supply B3 BB Senior Notes $500 4/15/2021 5.625% 103.00 4.55% 4/15/2019 +369 bp NA NA NA NA

American Builders & Contractors Supply B3 BB Senior Notes $350 12/15/2023 5.750% 104.00 4.93% 12/15/2021 +374 bp

Apex Tool Group LLC Caa1 B- Senior Notes $450 2/1/2021 7.000% 82.00 12.02% 2/1/2021 +1,082 bp NA NA NA NA

Associated Materials LLC Caa3 B- 1st Lien Notes $830 11/1/2017 9.125% 76.50 28.70% 11/1/2017 +2,797 bp 10.3x NM 1.1x 0.9x

Atrium Windows & Doors Inc Caa1 B- Secured Notes $305 5/1/2019 7.750% 75.00 18.82% 5/1/2019 +1,797 bp NA NA NA NA

Beacon Roofing Supply Inc B3 B+ Senior Notes $300 10/1/2023 6.375% 106.00 5.11% 10/1/2021 +391 bp NA NA NA NA

BMC Stock Holdings Inc Caa1 B+ 1st Lien Notes $250 9/15/2018 9.000% 103.50 6.42% 9/15/2017 +569 bp NA NA NA NA

Boise Cascade Co B1 BB- Senior Notes $300 11/1/2020 6.375% 99.75 6.44% 11/1/2020 +524 bp 2.2x 1.0x 7.0x 3.1x

Builders FirstSource Inc B3 B+ 1st Lien Notes $618 6/1/2021 7.625% 104.00 6.21% 6/1/2019 +535 bp 6.2x 6.0x 5.7x 4.9x

Builders FirstSource Inc Caa2 B- Senior Notes $418 8/15/2023 10.750% 100.00 10.75% 8/15/2021 +955 bp

CPG Merger Sub LLC Caa2 CCC+ Senior Notes $315 10/1/2021 8.000% 92.63 9.77% 10/1/2021 +857 bp NA NA NA NA

Euramax International Inc Caa2 B- Secured Notes $385 8/15/2020 12.000% 90.63 14.99% 8/15/2020 +1,379 bp NA NA NA NA

GAF Materials Ba2 BBB- Senior Notes $500 2/15/2021 5.125% 102.00 4.55% 2/15/2020 +336 bp NA NA NA NA

GAF Materials Ba2 BBB- Senior Notes $500 2/15/2023 5.500% 103.50 4.69% 2/15/2021 +349 bp

GAF Materials Ba2 BBB- Senior Notes $1,100 11/15/2024 5.375% 102.00 5.01% 11/15/2022 +382 bp

GAF Materials Ba2 BBB- Senior Notes $1,100 10/15/2025 6.000% 105.00 5.19% 10/15/2023 +341 bp

Gibraltar Industries Inc B1 BB- Subordinated Notes $210 2/1/2021 6.250% 101.50 5.66% 2/1/2019 +481 bp 2.3x 1.6x 6.0x 5.2x

Griffon Corp B1 BB- Senior Notes $600 3/1/2022 5.250% 98.00 5.65% 3/1/2022 +445 bp 5.3x 5.0x 3.5x 1.9x

HD Supply Inc Ba3 BB 1st Lien Notes $1,250 12/15/2021 5.250% 104.00 4.30% 12/15/2020 +310 bp 4.9x 4.6x 2.2x 2.0x

HD Supply Inc B3 B Senior Notes $1,275 7/15/2020 7.500% 105.00 4.88% 10/15/2016 +433 bp

HD Supply Inc Caa1 B Senior Notes $1,000 7/15/2020 11.500% 109.50 28.48% 4/27/2016 +2,811 bp

Headwaters Inc B3 B Senior Notes $150 1/15/2019 7.250% 102.13 5.96% 1/15/2018 +524 bp 3.3x 2.6x 2.8x 2.2x

Hillman Group Inc/The Caa1 CCC+ Senior Notes $330 7/15/2022 6.375% 83.50 9.97% 7/15/2022 +877 bp 9.0x 8.9x 1.8x 1.4x

Louisiana-Pacific Corp Ba3 BB- Senior Notes $350 6/1/2020 7.500% 102.50 6.24% 6/1/2018 +551 bp 5.4x -1.1x 2.1x NM

Masonite International Corp B2 BB Senior Notes $475 3/15/2023 5.625% 104.75 4.54% 3/15/2021 +334 bp 2.6x 2.1x 5.5x 4.0x

NCI Building Systems Inc B3 BB- Senior Notes $250 1/15/2023 8.250% 104.50 7.12% 1/15/2021 +592 bp 3.1x 2.6x 4.3x 3.7x

Norbord Inc Ba2 BB- 1st Lien Notes $240 12/1/2020 5.375% 99.50 5.50% 12/1/2020 +430 bp 6.7x 6.6x 2.2x 1.1x

Norbord Inc Ba2 BB- 1st Lien Notes $315 4/15/2023 6.250% 96.25 6.93% 4/15/2023 +516 bp

Nortek Inc B3 B- Senior Notes $735 4/15/2021 8.500% 104.00 6.44% 4/15/2017 +572 bp 5.2x 5.1x 2.8x 2.2x

Northwest Hardwoods Inc [2] B3 B 1st Lien Notes $300 8/1/2021 7.500% 67.50 17.01% 8/1/2021 +1,582 bp NA NA NA NA

Ply Gem Industries Inc Caa1 CCC+ Senior Notes $500 2/1/2022 6.500% 100.00 6.50% 2/1/2020 +530 bp 5.8x 5.2x 2.5x 2.0x

PrimeSource Buidling Products [3] Caa1 CCC+ Senior Notes $200 5/15/2023 9.000% 90.50 10.95% 5/15/2023 +918 bp NA NA NA NA

RSI Home Products Inc B1 B+ 2nd Lien Notes $575 3/15/2023 6.500% 104.50 5.45% 3/15/2021 +425 bp NA NA NA NA

Springs Industries Inc B2 B Secured Notes $470 6/1/2021 6.250% 100.50 6.07% 6/1/2019 +521 bp NA NA NA NA

(EBITDA -

CapEx) /

Interest

(EBITDA -

CapEx) /

Interest

20

Source: Company websites; Company filings; Capital IQ



3/21/16 Boxley Materials

Company, Inc.

Summit Materials, Inc. Not Disclosed Boxley Materials Company, Inc. produces and supplies various crushed limestone,

granite, and sandstone to contractors and road builders

The acquisition will enable Summit Materials to expand its geographic footprint in the

Mid-Atlantic region

3/15/16

Colorado Precast

Concrete, Inc.

Oldcastle Not Disclosed

Colorado Precast Concrete, Inc. manufactures concrete products from a combination

of cement and aggregate

The acquisition will enable Oldcastle Precast, Inc. to increase its strong presence in

Colorado, Wyoming and Montana markets

2/29/16[1] Eurobloq Inc. Brampton Brick Ltd. Not Disclosed

Eurobloq Inc. manufactures concrete

The acquisition will enable Brampton Brick Ltd. to expand its manufacturing and

distributing capabilities in Canada

2/29/16 Greco Bros. Ready Mix

Concrete Co., Inc.

U.S. Concrete Not Disclosed

Greco Bros. Ready Mix Concrete Co., Inc. manufactures and markets ready mixed

concrete in New York

The acquisition will enable Ferrara Brothers Building Materials Corp. to optimize its

service efficiencies , enhance raw material purchasing savings and increase its

customer base in the United States

2/1/16 Sherman-Dixie Concrete

Industries, Inc.

Forterra Building

Products

Not Disclosed

Sherman-Dixie Concrete Industries, Inc. manufactures and markets precast concrete

pipes and storms, and sanitary civil engineered systems

The acquisition will enable Forterra Building Products to increase its customer base

and high-quality suite of precast concrete solutions

12/22/15 50% of Knauf / USG

Verwaltungs GmbH and

Knauf / USG Systems

GmbH & Co. KG

Knauf Aquapanel

GmbH

$52 million EV

Joint venture between USG and Knauf manufactures and distributes Aquapanel brand

cement panels in Europe

The sale will allow USG to focus on strengthening North American operations and

growing business in Asia and Australia

Building Materials: Recent M&A activity

Close Date Company Type Use of Proceeds Amount (MM) Maturity Coupon / Spread

2/24/16 Summit Materials Senior notes Acquisition Purposes $250.0 Apr-22 8.500%

11/18/15 U.S. Concrete, Inc. Revolving Credit Facility General Corporate

Purposes

$250.0 Nov-20 L + 125

Building Materials: Recent debt activity

Eagle Materials Inc.

– 1/25/16: Announced the retirement of Steve Rowley as President and CEO and member of the Board of Directors and the

succession by Dave Powers, currently Executive Vice President of Gypsum Wallboard at Eagle

U.S. Concrete, Inc.

– 1/14/16: Appointed Joseph C. Tusa, Jr. as Senior Vice President and Chief Financial Officer

Building Materials: Key company news



BUILDING MATERIALS

USG Corporation $925 $234 25.3% $954 $205 21.5% (3.0%) 14.1%

Vulcan Materials Company 857 244 28.5% 755 173 22.9% 13.5% 40.9%

Martin Marietta Materials, Inc. 781 191 24.4% 780 188 24.2% 0.2% 1.2%

Summit Materials, Inc. 360 90 25.1% 294 62 21.2% 22.3% 44.8%

Eagle Materials Inc. 277 97 35.1% 292 102 35.1% (4.8%) (4.8%)

U.S. Concrete, Inc. 264 33 12.4% 180 19 10.6% 46.8% 72.1%

New Enterprise Stone & Lime Co., Inc. 202 45 22.1% 210 31 15.0% (3.6%) 42.2%

Continental Building Products, Inc. 110 33 30.0% 121 34 28.5% (8.6%) (3.8%)

Granite Construction Incorporated (Construction Materials) 66 NA NA 63 NA NA 5.5% NA

Monarch Cement Co. 39 0 0.5% 35 7 19.6% 11.2% (97.1%)

Smith-Midland Corporation 8 1 6.5% 4 (1) (17.4%) 73.8% NM

Total $3,889 $967 24.9% $3,686 $822 22.3% 5.5% 17.7%

21


Note: Results as of the most recent trailing twelve month period

Building Materials: Public Trading Levels

Building Materials: Operating Performance

$ in millions, except per share data March 31, 2016 LTM Enterprise Value / Price /

Share Market Enterprise Adjusted EBITDA Net Debt / Sales Adjusted EBITDA EPS

Company Price Cap Value Sales EBITDA Margin EBITDA CY2016 CY2017 CY2016 CY2017 CY2016 CY2017

United States

Vulcan Materials Company $105.57 $14,204 $15,901 $3,422 $826 24.1% 2.1x 4.1x 3.6x 14.9x 12.0x 32.2x 23.2x

Martin Marietta Materials, Inc. $159.51 $10,305 $11,723 $3,268 $767 23.5% 1.8x 3.1x 2.7x 12.3x 10.3x 24.1x 17.7x

USG Corporation $24.81 $3,618 $5,157 $3,776 $522 13.8% 2.9x 1.3x 1.2x 8.4x 7.4x 16.4x 12.7x

Eagle Materials Inc. $70.11 $3,497 $3,982 $1,115 $312 28.0% 1.6x 3.3x 2.9x 9.7x 8.2x 17.6x 14.3x

Summit Materials, Inc. $19.45 $968 $2,246 $1,432 $284 19.8% 4.0x 1.4x 1.2x 6.3x 5.5x 16.2x 12.8x

U.S. Concrete, Inc. $59.58 $887 $1,165 $975 $118 12.1% 2.4x 1.0x 0.9x 7.4x 6.3x 17.5x 13.8x

Continental Building Products, Inc. $18.56 $756 $1,036 $422 $94 22.2% 3.0x 2.3x 2.2x 7.8x 7.1x 17.3x 13.5x

Median 22.2% 2.4x 2.3x 2.2x 8.4x 7.4x 17.5x 13.8x

Mean 20.5% 2.5x 2.4x 2.1x 9.5x 8.1x 20.2x 15.4x



Maturity

Spread to

MaturityG-Spread

Debt /

EBITDA

Net Debt

/ EBITDA

EBITDA /

Interest

Investment Grade

Martin Marietta Materials Inc Ba1 BBB Senior Notes $300 4/15/2018 6.600% 106.88 3.08% +235 bp +235 bp 2.1x 1.8x 10.8x 6.3x

Martin Marietta Materials Inc Ba1 BBB Senior Notes $400 7/2/2024 4.250% 100.25 4.21% +244 bp +257 bp



Vulcan Materials Co Ba2 BBB Senior Notes $273 6/15/2018 7.000% 109.50 2.53% 6/15/2018 +177 bp 2.4x 2.1x 4.0x 2.6x

Vulcan Materials Co Ba2 BBB Senior Notes $600 6/15/2021 7.500% 118.00 3.66% 6/15/2021 +241 bp





Worst

Yield to

Worst Date

Spread to

Worst

Debt /

EBITDA

Net Debt

/ EBITDA

EBITDA /

Interest

High Yield

New Enterprise Stone & Lime Caa3 CCC Senior Notes $250 9/1/2018 11.000% 82.50 20.56% 9/1/2018 +1,983 bp 6.7x 6.5x 1.2x 0.9x

Summit Materials LLC Caa1 B Senior Notes $250 4/15/2022 8.500% 103.50 7.64% 4/15/2021 +644 bp 4.7x 4.0x 3.2x 2.2x

Summit Materials LLC Caa1 B Senior Notes $650 7/15/2023 6.125% 95.25 6.97% 7/15/2023 +519 bp

US Concrete Inc B3 BB- 1st Lien Notes $200 12/1/2018 8.500% 104.00 5.42% 12/1/2016 +487 bp 2.4x 2.4x 5.4x 4.3x

USG Corp B3 B Senior Notes $500 11/15/2016 6.300% 103.00 1.35% 11/15/2016 +80 bp 4.2x 2.9x 3.3x 2.7x

USG Corp B3 B Senior Notes $500 1/15/2018 9.750% 111.50 3.05% 1/15/2018 +232 bp

USG Corp B1 BB+ Senior Notes $250 3/30/2020 7.875% 104.25 3.59% 5/2/2016 +322 bp



(EBITDA -

CapEx) /

Interest

(EBITDA -

CapEx) /

Interest

22

Building Materials: Debt comparables



23

Artisan Outdoor, LLC

– 1/26/16: Appointed Roger Bruce as Chief Executive Officer

Comstock Holding Companies, Inc.

– 11/20/15: Received notice of default from Two Rivers Associates LLC under Sales Contracts for the purported failure to

purchase the Two Rivers Contracts

Deer Valley Corporation

– 1/18/16: Announced the resignation of Joel Stephen Logan as the Chief Operating Officer and Vice President, President of

Deer Valley Homebuilders, Inc., and Vice President of Deer Valley Home Repair Services, Inc.

Meritage Homes Corporation

– 1/7/16: Announced the appointment of Hilla Sferruzza as Executive Vice President and Chief Financial Officer post

retirement of Larry W. Seay

NVR, Inc.

– 1/5/16: Appointed Jeffrey D. Martchek as President of Homebuilding Operations

PulteGroup Inc.

– 2/15/16: Appointed Ryan Marshall as President and Harmon Smith as Chief Operating Officer

Skyline Corporation

– 2/4/16: Appointed Jeff Newport as Senior Vice President of Operations

Taylor Morrison

– 12/1/15: Appointed of Alan Laing as Executive Vice President of homebuilding operations

The New Home Company

– 3/15/16: Appointed Joan Marcus-Colvin as Chief Marketing Officer and promoted Megan Eltringham to Vice President of

Marketing

– 1/13/16: Appointed Alan Laing as Executive Vice President of homebuilding operations

UCP, Inc.

– 1/19/16: Appointed James M. Pirrello as Chief Financial Officer. effective January 15, 2016

Woodside Homes, Inc.

– 12/1/15: Announced plans to withdraw its initial public offering of $200 million


Homebuilders: Key company news

24


Homebuilders: Recent M&A activity


1/8/16 Acadia Homes &

Neighborhoods LLC

Taylor Morrison

Home

Corporation

$85.0 million EV Acadia Homes & Neighborhoods offers new construction homes in the Atlanta Market

The acquisition will enable Taylor Morrison Home Corporation to expand its strong

presence in Atlanta market

12/15/16

JW Homes, LLC PulteGroup, Inc. $450.0 million EV JW Homes, LLC, doing business as John Wieland Homes and Neighborhoods,

operates as a homebuilding company

The acquisition will enable Installed Building Products, Inc. to expand its presence in

the Southeast United States

Offer Date Company Type Gross Amount (MM) Shares Offered Offering Price

12/7/15 The New Home Company Inc. Follow-On Equity Offering $43.8 3,500,000 $12.50

Close Date Company Type Use of Proceeds Amount (MM) Maturity Coupon / Spread

3/11/16 Beazer Homes USA Inc. Term Loan Debt Refinancing $140.0 Mar-18 L + 550

2/26/16 Lennar Corporation Senior Notes Debt Refinancing $500.0 Apr-21 4.750%

2/25/16 PulteGroup, Inc. Senior Notes Debt Refinancing $700.0 Mar-26 5.500%

2/25/16 PulteGroup, Inc. Senior Notes Debt Refinancing $300.0 Mar-21 4.250%

2/9/16 WCI Communities Inc. Revolving Credit Facility Corporate Purposes $115.0 Feb-20 L + 100

1/6/16 LGI Homes, Inc. Revolving Credit Facility Corporate Purposes $300.0 May-18 L + 350

12/23/15 Century Communities, Inc. Revolving Credit Facility Corporate Purposes $300.0 2018 L + 2.75% - 3.25%

12/17/15 The New Home Company Revolving Credit Facility Debt Refinancing $200.0 Apr-18 NA

11/23/15 M/I Homes Senior notes Corporate Purposes $300.0 Jan-21 6.750%

11/20/15 United Built Homes Revolving Credit Facility Debt Refinancing $150.0 Dec-17 NA

Homebuilders: Recent debt activity

Homebuilders: Recent equity markets activity


Company Sales Net Income Margin Sales Net Income Margin Sales Net Income

HOMEBUILDERS

DR Horton Inc. $2,416 $158 6.5% $2,303 $143 6.2% 4.9% 10.7%

PulteGroup, Inc. 2,062 228 11.1% 1,823 217 11.9% 13.1% 5.0%

Lennar Corporation 1,994 144 7.2% 1,644 115 7.0% 21.3% 25.3%

CalAtlantic Group, Inc. 1,700 78 4.6% 762 65 8.5% 123.2% 19.9%

NVR, Inc. 1,558 134 8.6% 1,330 99 7.5% 17.1% 34.7%

Taylor Morrison Home Corporation 970 18 1.8% 1,012 28 2.8% (4.1%) (36.6%)

Toll Brothers Inc. 929 73 7.9% 853 81 9.5% 8.8% (10.0%)

TRI Pointe Group, Inc. 880 85 9.7% 635 41 6.5% 38.6% 105.4%

Meritage Homes Corporation 785 53 6.7% 702 49 7.0% 11.8% 7.5%

KB Home 678 13 1.9% 580 8 1.3% 16.9% 68.3%

MDC Holdings Inc. 579 23 3.9% 506 15 2.9% 14.5% 54.3%

Hovnanian Enterprises Inc. 576 (16) (2.8%) 446 (14) (3.2%) 29.1% NM

M/I Homes, Inc. 469 13 2.8% 368 11 3.0% 27.4% 20.8%

William Lyon Homes 403 26 6.5% 360 18 5.0% 11.9% 46.0%

Shea Homes Limited Partnership 397 52 13.1% 420 60 14.2% (5.4%) (12.7%)

Beazer Homes USA Inc. 344 1 0.3% 266 (22) (8.4%) 29.6% NM

AV Homes, Inc. 226 16 7.0% 104 2 1.5% 117.1% 890.9%

Century Communities, Inc. 206 13 6.4% 141 7 5.1% 46.4% 83.1%

The New Home Company Inc. 195 12 6.3% 73 5 7.3% 166.7% 129.8%

LGI Homes, Inc. 177 16 8.9% 108 8 6.9% 63.0% 108.8%

WCI Communities Inc. 165 10 5.9% 151 13 8.4% 9.6% (22.9%)

UCP, Inc. 107 3 3.0% 46 (2) (4.3%) 131.3% NM

Comstock Holding Companies, Inc. 12 (1) (8.9%) 18 (0) (0.9%) (33.1%) NM

Total $17,828 $1,151 6.5% $14,650 $945 6.5% 21.7% 21.8%

25

Source: SEC filings

[1] Homebuilding segment results

Homebuilders: Quarterly performance

$ in millions, except per share data March 31, 2016 Enterprise Value / Price /

Share Market Enterprise LTM Total Debt / Sales Adjusted EBITDA Ent. Value / Tangible

Company Price Cap Value Sales Capital CY2016 CY2017 CY2016 CY2017 Inventory Book Value

Lennar Corporation $48.36 $10,332 $16,237 $9,824 54.3% 1.5x 1.3x 13.5x 10.7x 2.2x 1.8x

DR Horton Inc. $30.23 $11,373 $13,863 $10,938 38.5% 1.1x 1.0x 11.1x 9.0x 1.7x 1.9x

PulteGroup, Inc. $18.71 $6,481 $8,170 $5,982 34.5% 1.1x 1.0x 9.8x 7.8x 1.5x 1.4x

Toll Brothers Inc. $29.51 $5,003 $8,043 $4,246 44.8% 1.5x 1.4x 16.0x 8.4x 1.1x 1.2x

NVR, Inc. $1,732.40 $7,528 $7,729 $5,168 33.6% 1.3x 1.2x 11.9x 10.6x 7.7x 6.3x

CalAtlantic Group, Inc. $33.42 $4,054 $7,694 $3,540 56.4% 1.2x 1.1x 15.1x 8.7x 1.3x 1.4x

Taylor Morrison Home Corporation $14.12 $1,726 $4,736 $2,977 78.6% 1.4x 1.2x 17.0x 12.7x 1.5x 3.8x

KB Home $14.28 $1,318 $3,647 $3,130 62.1% 1.0x 0.9x 21.7x 13.7x 1.1x 0.8x

TRI Pointe Group, Inc. $11.78 $1,907 $2,888 $2,401 43.8% 1.1x 1.0x 9.8x 8.3x 1.1x 1.3x

Meritage Homes Corporation $36.46 $1,458 $2,324 $2,579 47.9% 0.8x 0.7x 10.0x 9.4x 1.1x 1.2x

Hovnanian Enterprises Inc. $1.56 $230 $2,253 $2,278 115.9% 0.8x 0.7x 15.9x 10.2x 1.4x NM

MDC Holdings Inc. $25.06 $1,228 $1,936 $1,909 43.1% 0.8x 0.7x 17.1x 12.3x 1.1x 1.0x

Beazer Homes USA Inc. $8.72 $277 $1,635 $1,706 70.4% 0.9x 0.8x 11.3x 12.6x 0.9x 0.4x

William Lyon Homes $14.49 $459 $1,554 $1,107 79.3% 1.1x 0.9x 10.6x 8.3x 0.9x 1.6x

M/I Homes, Inc. $18.65 $460 $1,109 $1,418 52.7% 0.7x 0.6x 8.5x NA 1.0x 0.8x

LGI Homes, Inc. $24.21 $491 $761 $630 56.7% 0.9x 0.8x 9.2x 7.2x 1.4x 2.1x

Century Communities, Inc. $17.07 $363 $724 $734 50.4% 0.8x 0.7x 11.3x 9.5x 0.9x 0.9x

WCI Communities Inc. $18.58 $489 $640 $564 37.9% 1.0x 0.7x 8.3x 9.3x 1.2x 1.1x

AV Homes, Inc. $11.36 $257 $537 $518 65.1% 0.8x 0.6x 21.6x NA 0.9x 1.5x

UCP, Inc. $8.04 $65 $309 $279 64.7% 0.9x 0.6x NM NA 0.9x 0.8x

The New Home Company Inc. $12.26 $253 $291 $430 27.3% 0.5x 0.4x 13.5x NA 1.4x 1.1x

Mean 55.1% 1.0x 0.9x 11.6x 9.4x 1.1x 1.2x

Median 52.7% 1.0x 0.8x 13.2x 9.9x 1.5x 1.6x

26

Source: SEC filings

[1] Homebuilding segment results

[2] Excludes land held for sale

Homebuilders: Public Trading Levels

27



[1] Excludes convertible notes and notes with less than $100 million currently outstanding

Homebuilders: Debt comparables[1]



Worst

Yield to

Worst Date

Spread to

Worst

Debt /

EBITDA

Net Debt

/ EBITDA

EBITDA /

Interest

High Yield

AV Homes Inc Caa1 B- Senior Notes $200 7/1/2019 8.500% 97.63 9.36% 7/1/2019 +850 bp 13.2x NM 1.0x 1.0x

Beazer Homes USA Inc Ba3 B+ 2nd Lien Notes $300 4/15/2018 6.625% 102.00 5.00% 7/15/2017 +427 bp 10.4x 9.4x 1.3x 1.1x

Beazer Homes USA Inc Caa1 CCC+ Senior Notes $143 6/15/2016 8.125% 101.50 -3.34% 4/11/2016 -371 bp

Beazer Homes USA Inc Caa1 CCC+ Senior Notes $235 5/15/2019 9.125% 95.38 10.91% 5/15/2019 +1,005 bp



CalAtlantic Group Inc Ba2 BB Senior Notes $280 9/15/2016 10.750% 103.75 2.22% 9/15/2016 +167 bp 7.5x 7.2x NM NM

CalAtlantic Group Inc Ba2 BB Senior Notes $230 5/15/2017 8.400% 106.50 2.43% 5/15/2017 +171 bp






Century Communities Inc B3 B Senior Notes $260 5/15/2022 6.875% 94.63 8.00% 5/15/2022 +680 bp 6.1x 5.6x NM NM

DR Horton Inc Ba1 BB+ Senior Notes $373 4/15/2016 6.500% 100.16 0.72% 4/15/2016 +35 bp 3.0x 2.0x 6.4x 6.0x

DR Horton Inc Ba1 BB+ Senior Notes $350 5/15/2017 4.750% 102.75 2.23% 5/15/2017 +150 bp







K Hovnanian Enterprises Inc B1 /*- B- 1st Lien Notes $577 10/15/2020 7.250% 83.00 12.25% 10/15/2020 +1,105 bp 14.4x NM 1.5x 1.5x

K Hovnanian Enterprises Inc Caa1 /*- CCC 2nd Lien Notes $220 11/15/2020 9.125% 70.00 19.21% 11/15/2020 +1,801 bp

K Hovnanian Enterprises Inc Caa2 /*- CCC Senior Notes $150 1/15/2019 7.000% 60.00 28.87% 1/15/2019 +2,802 bp

K Hovnanian Enterprises Inc Caa2 /*- CCC Senior Notes $250 11/1/2019 8.000% 58.00 27.05% 11/1/2019 +2,619 bp

KB Home B2 B Senior Notes $265 9/15/2017 9.100% 107.75 3.55% 9/15/2017 +282 bp 15.8x NM 8.3x 8.3x

KB Home B2 B Senior Notes $300 6/15/2018 7.250% 106.92 3.92% 6/15/2018 +320 bp






Lennar Corp Ba2 BB Senior Notes $240 4/15/2016 6.500% 100.10 2.84% 4/15/2016 +247 bp 5.5x 4.7x NM NM

Lennar Corp Ba2 BB Senior Notes $400 6/1/2017 12.250% 110.75 2.73% 6/1/2017 +200 bp










M/I Homes Inc B1 B+ Senior Notes $300 1/15/2021 6.750% 99.13 6.96% 1/15/2021 +576 bp 4.7x 4.6x 8.2x 8.0x

MDC Holdings Inc Ba2 BB+ Senior Notes $250 2/1/2020 5.625% 101.25 5.26% 2/1/2020 +406 bp 8.3x 6.2x NM NM

MDC Holdings Inc Ba2 BB+ Senior Notes $250 1/15/2024 5.500% 104.00 4.86% 10/15/2023 +308 bp

MDC Holdings Inc Ba2 BB+ Senior Notes $350 1/15/2043 6.000% 76.75 8.15% 1/15/2043 +554 bp

Meritage Homes Corp Ba3 BB- Senior Notes $175 3/1/2018 4.500% 100.13 4.43% 2/1/2018 +370 bp 4.8x 3.7x NM NM

Meritage Homes Corp Ba3 BB- Senior Notes $300 4/15/2020 7.150% 105.75 5.54% 4/15/2020 +434 bp



PulteGroup Inc [1] Ba1 BB+ Senior Notes $465 5/1/2016 6.500% 100.25 2.95% 5/1/2016 +258 bp 2.9x 2.0x NM NM

PulteGroup Inc Ba1 BB+ Senior Notes $123 10/15/2017 7.625% 107.00 2.91% 10/15/2017 +218 bp






Taylor Morrison Communities Inc B2 BB- Senior Notes $550 4/15/2021 5.250% 98.50 5.60% 4/15/2021 +440 bp 6.1x 5.6x NM NM

Taylor Morrison Communities Inc B2 BB- Senior Notes $350 4/15/2023 5.875% 95.50 6.69% 4/15/2023 +491 bp

Taylor Morrison Communities Inc B2 BB- Senior Notes $350 3/1/2024 5.625% 102.50 5.22% 12/1/2023 +345 bp

Toll Brothers Finance Corp Ba1 BB+ Senior Notes $400 10/15/2017 8.910% 109.77 2.36% 10/15/2017 +164 bp 6.7x 6.0x 16.3x 16.0x

Toll Brothers Finance Corp Ba1 BB+ Senior Notes $350 12/31/2018 4.000% 104.50 2.24% 11/30/2018 +152 bp






TRI Pointe Group Inc / TRI Pointe Homes IncB1 BB- Senior Notes $450 6/15/2019 4.375% 98.75 4.80% 6/15/2019 +394 bp 4.0x 3.2x NM NM

TRI Pointe Group Inc / TRI Pointe Homes IncB1 BB- Senior Notes $450 6/15/2024 5.875% 99.38 5.97% 6/15/2024 +420 bp

WCI Communities Inc B3 B+ Senior Notes $250 8/15/2021 6.875% 99.13 7.07% 8/15/2021 +587 bp 3.7x 1.9x NM NM

Weekley Homes LLC B2 BB- Senior Notes $200 2/1/2023 6.000% 91.88 7.54% 2/1/2023 +577 bp NA NA NM NM

William Lyon Homes Inc B3 B- Senior Notes $150 4/15/2019 5.750% 94.75 7.73% 4/15/2019 +687 bp 7.5x 7.2x NM NM

William Lyon Homes Inc B3 B- Senior Notes $425 11/15/2020 8.500% 102.50 7.42% 11/15/2018 +670 bp

William Lyon Homes Inc B3 B- Senior Notes $350 8/15/2022 7.000% 94.88 8.04% 8/15/2022 +684 bp

Woodside Homes Co LLC B3 B Senior Notes $305 12/15/2021 6.750% 89.13 9.25% 12/15/2021 +805 bp NA NA NA NA

(EBITDA -

CapEx) /

Interest

28

For additional information on KeyBanc Capital Markets, please contact any of the individuals listed below.

Pat Curry

Managing Director

212.476.7428

[email protected]

Sokol Cano

Director

212.476.7449

[email protected]

Luke Pasch

Analyst

212.476.7422

[email protected]

BUILDING PRODUCTS TEAM CONTACTS

December 2014

$62,000,000

Sr. Secured Credit Facilities

Joint Lead Arranger, Joint

Bookrunner, and Administrative

Agent

December 2014



Agent

Incremental Term Loan

November 2014

Joint Bookrunner

$300,000,000

ABL Credit Facility

September 2014

Sell-Side Advisor

$111,000,000

was acquired by

October 2014

Joint Lead Arranger and Joint

Bookrunner

$1,075,000,000


March 2015

Lender

$250,000,000

Revolving Credit Facility

March 2015

Lender

$230,000,000


July 2015

ABL Credit Facility and

Term Loan

Sole Lender

April 2015

$250,000,000



Bookrunner

April 2015

$200,000,000


Joint Lead Arranger, Sole

Bookrunner, and Admin. Agent

July 2015

Lender

$1,000,000,000

Senior Unsecured Credit

Facilities

Ross Anderskow

Analyst

212.476.7494

[email protected]

$100,000,000


July 2014

Sole Arranger, Sole Bookrunner,

and Admin. Agent

September 2014

Co-Manager

$150,000,000

Sr. Unsecured Mirror Notes

September 2014


Bookrunner, and Syndication

Agent

$235,000,000


December 2014

has been acquired by

Sell-Side Advisor

a portfolio company of

July 2015

Co-Manager

$800,000,000

Senior Unsecured Notes

September 2015

has announced its divestiture of

Sell-Side Advisor

$35,500,000

Fittings & Tubing Business

to

July 2015

$2,200,000,000

ABL Facility, Term Loan, and

Senior Unsecured Notes


Bookrunner

November 2015

$350,000,000

ABL Credit Facility

Participant

December 2015


Bookrunner

$300,000,000


December 2015


Sell-Side Advisor


February 2016


Sell-Side Advisor


February 2016


Bookrunner

$800,000,000

Revolving Credit Facility and

Term Loan

February 2016

Joint Lead Arranger, Sole


Agent

$325,000,000

Revolving Credit Facility and

Term Loan

Lender

March 2016

$350,000,000


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