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Investment banking services are provided by Harris W illiams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris W illiams & Co. Ltd, which is authorised andregulat ed bythe Financial Conduct Authority. HarrisWilliams &Co.is atrade name underwhich HarrisWilliams LLC and HarrisWilliams &Co. Ltd conduct business.

TRANSPORTATION & LOGISTICS

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ SEPTEMBER 2016

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www.harriswilliams.com



AUGUST US AUTO SALES DOWN; CAR MARKERS SAY INDUSTRY HAS PEAKED

U.S. auto sales fell in August, and some major automakers said a long-expected sales decline has begun or, at best, industry sales hav e hit a plateau, which may spark a shift to juicer customer incentiv es, slowed production or more fleet sales. GM said August U.S. sales would be 17.2 million v ehicles on a seasonally adjusted annualized rate, suggesting a fall of about 3 percent from a year earlier, but some analysts said the drop will be more than 5 percent.

CNBC

AUTOMOTIVE AFTERMARKET UNIT SALES REACH A 4-YEAR HIGH

The story for a number of years within the U.S. automotiv e aftermarket industry hasbeen that dollar sales hav e always outpaced unit sales, but the mid-year 2016results show that a turning point has been reached, according to retail sales datafrom global information company The NPD Group Inc. Unit/quart sales grew 1.8percent in the first half of 2016, and for the first time in four years unit salesoutpaced dollar sales within the industry . At 1.5 percent growth, the dollar v olumesales t rend remained positiv e during the first six months of the year, but the growthrate has slowed v ersus prior years. On the other hand, the growth rate ofunit/quart sales is accelerating. This shift, combined with a dip in av erage sellingprice, ties in with the fact that lower-priced products are sell ing in place of morepremium products, according to NPD.

Aftermarket News

1

CONTENTS

M &A TRANSACTIONS

PUBLIC M ARKETS OVERVIEW

STOCK PRICE PERFORM ANCE

OUR GROUP

CONTACTS

UNITED STATES

Frank MountcastleM anaging [email protected]+1 (804) 915-0124

Jason BassM anaging Directorjbass@harrisw illiams.com+1 (804) 915-0132

Joe ConnerM anaging Director jconner@harrisw illiams.com+1 (804) 915-0151

Jershon JonesDirector jjones@harrisw illiams.com+1 (804) 932-1356

Jeff BurkettDirector [email protected] +1 (804) 932-1334

Jeff KiddVice President jkidd@harrisw illiams.com +1 (804) 915-0178

James O’MalleyVice President [email protected]+1 (804) 915-0165

EUROPE

Jeffery PerkinsM anaging Director jperkins@harrisw illiams.com+49 (0) 69 3650638 00

About one third of US adults want connected car features. Howev er, in 2015, onlyabout 5.3% bought a new car, and the av erage age of cars on the road in the USis 11.4 years old. Due to both the long life span of v ehicles and the extensiv eamount of time it takes any OEM to go from concept to manufacture, theaftermarket is inherently positioned to profit from retrofitting cars with the latesttech. They hav e not nearly met the demands of the market yet, but they are earlyto the game in monetizing serv ices in the $250 billion-plus industry.

Light Reading

CONNECTING THE UNCONNECTED CAR

TIRE PRESSURE MONITORING SYSTEMS MARKET EXPECTED TO HIT $7.6B

The v alue of the global market for tire pressure monitoring systems (TPMS) isexpected to hit $7.6 bill ion this year, according to a report by Persistence MarketResearch (PMR). Gov ernment regulations mandating that new passenger v ehiclescome equipped with TPMS, the growing adoption of automotiv e safety systems,and rising focus on improv ing fuel economy and reducing property damage as aresult of accidents associated with low tire pressure are key factors expected tofuel demand for automotiv e TPMS through 2024, according to PMR. The firm saidthe high growth is due to expected implementation of legislations related to theTPMS in countries such as China, India, Japan and Russia, yet North America isexpected to remain the largest market for automotiv e TPMS, accounting for 47.3%rev enue share.

Tire Business

Amazon announced the new Amazon Vehicles, a car research destination and automotiv e community for customers to get the information they need when shopping for vehicles, parts and accessories. Customers can now view specifications, images, v ideos, and customer rev iews for thousands of new and classic car models on Amazon.com. In addition to researching cars, customers can ask other owners questions about their v ehicle and quickly find parts and accessories that fit their current car.

Aftermarket News

AMAZON GETS INTO THE VEHICLE BUSINESS

WHAT WE’RE READING

http://www.harriswilliams.com/

http://www.cnbc.com/2016/09/01/august-us-auto-sales-drop-for-gm-ford-as-expected.html

http://www.aftermarketnews.com/npd-reports-automotive-aftermarket-unit-sales-reach-4-year-high-in-the-us/?eid=284843070&bid=1494764

mailto:[email protected]








http://www.lightreading.com/iot/automotive/connecting-the-unconnected-car/d/d-id/725763

http://www.tirebusiness.com/article/20160902/NEWS/160909982/tpms-market-expected-to-hit-7-6b

http://www.aftermarketnews.com/amazon-gets-into-the-vehicle-business/

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Date Target Business Description Acquirer

9/6/2016* Keystone Powdered Metal Co. Designs and manufactures metal products for the automotive industry Sumitomo Electric Industries

Ltd.

9/2/2016* Accuride Corp. Manufacturers and supplies commercial vehicle components Crestv iew LLC

9/2/2016 International Tyre & Wheel

Solutions Ltd.

Distributes road tires for the waste, recycling and demolition industries Trelleborg AB

8/26/2016* Industrial Levorin SA Provides tires and offers repair serv ices for motorcycles and industrial

vehicles

Compagnie Générale des

Établissements Michelin SCA

8/24/2016 Britannia Tyres Ltd. Manufactures and supplies tires, brakes, exhausts and batteries Exhaust Tyres & Batteries

(Worcester) Ltd.

8/19/2016* Omega Acquisition Corp Provides aftermarket automotive truck and off road air conditioning

products

AEA Holdings LLC

8/19/2016 Custom Fibreglass Manufacturing

Co.

Manufactures quality pick-up truck caps and tonneaus J.B. Poindexter & Co., Inc.

8/2/2016 Experi-Metal, Inc. Prov ides metal formed parts and assemblies for the automotive,

aerospace, and other industries

The Watermill Group

8/1/2016 Aftermarket Telematics

Technologies LLC

Developer of automotive telematics software and serv ices for the

automotive aftermarket

Innova Electronics Corp.

7/26/2016 Powertrain Industries, Inc. Supplies automotive replacement parts, automotive hardware, brake

products and household hardware

Dorman Products, Inc.

7/25/2016 Rubber Enterprises, Inc. Manufactures a line of v ibration control products Anand Nvh Products Private

Limited

7/21/2016 Novita Technologies, Inc. Manufactures automotive LED modules Osram GmbH

7/6/2016 Baja Designs, Inc. Develops and manufactures specialty aftermarket motorcycle and

automotive lighting systems

Bestop, Inc.

7/1/2016 ABC Group, Inc. (Canada) Designs, develops, and produces plastic automotive systems Cerberus Capital

Management LP

7/1/2016 Jayco, Inc. Develops, markets, and manufactures recreational vehicles and

accessories

Thor Industries, Inc.

6/28/2016 UQM Technologies Inc. Manufactures electrical motors, generators and hybrid systems for

passenger and commercial vehicles

American Compass Inc.

6/21/2016* Auto-Camping Ltd. Distributes imported OEM automobile parts and fluids in Canada Genuine Parts Co.

6/16/2016* Dejana Truck & Utility Equipment

Co., Inc.

Offers a variety of truck equipment Douglas Dynamics, Inc.

M&A TRANSACTIONS

2

RECENT M&A TRANSACTIONS1,2,3



*Denot es pending t ransactions

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(1.1%)

8.1%

10.8%

16.8%

Vehicle Manufacturers

Dealerships and Services

Providers

Suppliers

Distributors and Retailers

4.6%

5.9%

7.0%

16.1%


Suppliers



Providers

(0.6%)

4.3%

5.1%

6.1%


Suppliers



Providers

(1.8%)

(0.7%)

6.6%

13.9%

Suppliers




Providers

6.3x

10.2x

11.6x

11.8x

Suppliers




Providers

7.1x

8.6x

11.4x

12.1x

Suppliers



Providers


PUBLIC MARKETS OVERVIEW

3


TEV / LTM EBITDA TEV / 2016P EBITDA

AVERAGE REVENUE GROWTH (2012 – 2015) AVERAGE REVENUE GROWTH (2015 – 2017P)

AVERAGE EBITDA GROWTH (2012 – 2015) AVERAGE EBITDA GROWTH (2015 – 2017P)


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(9.8%)

(3.6%)

8.9%

12.6%

14.0%

Dealerships and

Service Providers

Vehicle

Manufacturers

S&P 500

Suppliers

Distributors and

Retailers

(4.6%)

(2.6%)

(1.3%)

1.0%

2.4%

Distributors and

Retailers

S&P 500

Vehicle

Manufacturers

Dealerships and

Service Providers

Suppliers

(30%)

(25%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

Suppliers Distributors and Retailers

Dealerships and Service Providers Vehicle Manufacturers

S&P 500 Index

STOCK PRICE PERFORMANCE

4


(Indexed t o September 11th, 2015)

TRAILING TWELVE MONTHS

MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH)


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OUR GROUP

Harris Will iams & Co. is a leading adv isor to the transportation and logistics M&A market. Our Transportation & LogisticsGroup serv es companies in a broad range of attractiv e niches, including third-party logistics (3PL), truck, rail, marineand air transportation, transportation equipment, and the automotiv e and heav y duty v ehicle market.


RECENTLY CLOSED T&L TRANSACTIONS

DEEP EXPERIENCE ACROSS T&L SECTORS

MARINE TRANSPORTATION

NICHE TRANSPORTATION

TRANSPORTATION EQUIPMENT

RAIL & RAIL SERVICES

AUTOMOTIVE & HEAVY DUTY

VEHICLE

THIRD-PARTY LOGISTICS

AIR TRANSPORTATION

5

INDUSTRY UPDATE │ SEPTEMBER 2016

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a portfolio company of

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in partnership with

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RCL Services Group

has sold

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has merged with

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http://www.portlogisticsgroup.com/

http://www.portlogisticsgroup.com/

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Energy, Pow er& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & M aterials

Technology, M edia & Telecom

Specialty Distribution

Consumer

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UNITED STATES EUROPE

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NETWORK OFFICES

Beijing

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Transportation & Logistics

Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.

6

OUR FIRM



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Suppliers

BorgWarner Inc. $9,756 $34.81 3.0% (19.2%) $48.64 71.6% 7.9x 7.6x 6.9x 6.6x 6.3x

Cooper Tire & Rubber Company 1,846 34.55 1.8% (13.8%) 43.40 79.6% 4.7x 3.6x 3.2x 3.6x 4.0x

Dorman Products, Inc. 2,064 62.15 0.7% 23.8% 65.06 95.5% 11.3x 10.9x 11.9x 11.4x 10.6x

Federal-Mogul Holdings Corp 4,556 9.55 8.4% 22.3% 10.00 95.5% 8.0x 8.1x 7.3x 6.3x 5.9x

Goodyear Tire & Rubber Company 13,648 31.06 6.0% 6.0% 35.30 88.0% 5.7x 6.4x 6.5x 5.2x 5.0x

Modine Manufacturing Company 646 11.28 11.5% 35.9% 12.00 94.0% 4.9x 8.6x 2.8x 5.2x 4.6x

Motorcar Parts of America, Inc. 578 28.57 (4.1%) (12.9%) 41.03 69.6% 15.9x 16.2x 12.5x 6.3x 5.5x

Standard Motor Products, Inc. 1,133 45.40 6.1% 32.1% 46.46 97.7% 8.4x 8.5x 10.3x 9.4x 9.1x

Tenneco Inc. 4,319 55.28 (0.2%) 19.2% 57.73 95.8% 5.2x 5.1x 5.3x 5.1x 4.8x

Visteon Corporation 2,094 70.52 (0.1%) (30.6%) 121.65 58.0% 4.0x 3.9x 9.8x 6.4x 5.9x

Median 2.4% 12.6% 91.0% 6.8x 7.8x 7.1x 6.3x 5.7x


Advance Auto Parts, Inc. $12,228 $151.18 (8.9%) (13.6%) $201.24 75.1% 11.2x 11.2x 11.0x 10.4x 9.6x

AutoZone, Inc. 27,360 744.15 (6.5%) 3.4% 819.54 90.8% 12.5x 12.7x 11.8x 11.6x 10.9x

Genuine Parts Company 15,122 97.10 (4.3%) 16.9% 105.97 91.6% 10.5x 11.8x 12.1x 11.8x 10.5x

LKQ Corporation 13,929 35.18 1.5% 15.9% 36.35 96.8% 13.1x 12.9x 14.8x 12.7x 11.3x

O'Reilly Automotive, Inc. 28,573 278.42 (2.9%) 14.0% 292.84 95.1% 16.2x 16.5x 15.6x 14.9x 13.5x

U.S. Auto Parts Network, Inc. 143 3.40 (15.0%) 57.4% 4.49 75.7% NA NA 15.8x 11.1x 9.6x

Uni-Select Inc. 1,132 23.00 (4.6%) 9.3% 27.45 83.8% 8.2x 9.4x 11.5x 10.5x 9.5x

Median (4.6%) 14.0% 90.8% 11.8x 12.3x 12.1x 11.6x 10.5x

Dealerships and Service Providers

Asbury Automotive Group, Inc. $3,046 $55.02 (1.5%) (32.3%) $87.63 62.8% 11.4x 10.0x 9.4x 9.4x 9.2x

AutoNation, Inc. 11,483 48.52 (0.7%) (17.1%) 65.51 74.1% 12.4x 11.7x 11.4x 11.8x 11.6x

Boyd Group Income Fund 1,319 63.31 (0.9%) 40.0% 68.41 92.5% 11.3x 11.5x 15.2x 13.9x 12.0x

CarMax, Inc. 21,446 56.43 (5.3%) (4.3%) 62.96 89.6% NM NM NM 17.5x 16.6x

Copart, Inc. 6,354 49.75 (1.7%) 43.4% 53.70 92.6% 12.1x 13.5x 14.6x 14.0x 13.0x

Group 1 Automotive, Inc. 4,133 61.26 1.6% (26.2%) 92.31 66.4% 11.3x 10.1x 9.9x 10.9x 10.5x

KAR Auction Services, Inc. 7,888 41.74 2.3% 14.7% 43.91 95.1% 10.9x 11.0x 11.4x 10.4x 9.5x

Lithia Motors, Inc. Class A 4,291 89.23 6.9% (18.0%) 126.56 70.5% 14.6x 11.6x 10.9x 10.7x 10.0x

Monro Muffler Brake, Inc. 2,249 57.62 1.7% (9.8%) 77.00 74.8% 15.5x 16.4x 14.1x 13.2x 11.7x

Penske Automotive Group, Inc. 8,823 49.14 19.0% (2.5%) 53.28 92.2% 14.2x 12.8x 13.3x 13.2x 12.5x

Sonic Automotive, Inc. Class A 3,122 17.51 1.0% (17.9%) 25.77 67.9% 11.1x 10.5x 10.2x 10.7x 10.3x

Median 1.0% (9.8%) 74.8% 11.7x 11.6x 11.4x 11.8x 11.6x

Stock Performance

Stock Price Change from 52-Week TEV / EBITDA EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Sep-15 Mar-16 Current 2016P 2017P

Automotive Aftermarket

TEV / LTM EBITDA as of

PUBLICCOMPARABLES

7



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Bayerische Motoren Werke AG $152,502 $84.78 (4.8%) (12.0%) $113.02 75.0% 7.7x 7.7x 7.5x 9.2x 9.1x

Daimler AG 173,981 69.58 (1.0%) (16.9%) 91.03 76.4% 6.3x 6.7x 7.0x 8.6x 7.7x

Ford Motor Company 150,208 12.38 0.4% (10.2%) 15.84 78.2% 17.4x 9.7x 10.2x 11.9x 11.5x

General Motors Company 99,844 30.94 (2.0%) 0.7% 36.88 83.9% 6.0x 5.8x 5.3x 5.9x 6.0x

Harley-Davidson, Inc. 15,413 51.28 (4.5%) (5.9%) 57.33 89.4% 12.1x 12.0x 11.9x 12.1x 11.5x

Navistar International Corporation 5,804 18.80 42.7% 4.0% 23.45 80.2% 11.9x 10.4x 10.5x 10.4x 9.8x

Oshkosh Corp 4,962 54.41 2.7% 39.5% 56.89 95.6% 7.3x 7.7x 10.3x 10.2x 8.6x

PACCAR Inc 24,769 56.36 (2.3%) (1.2%) 60.86 92.6% 8.1x 7.6x 7.9x 11.6x 11.9x

Toyota Motor Corp. 305,735 59.78 0.5% 2.4% 64.60 92.5% 8.2x 8.1x 8.4x 10.2x 9.5x

Volkswagen AG Pref 201,187 137.26 (1.5%) (27.3%) 193.66 70.9% 7.1x 9.2x 8.9x 6.6x 5.9x

Median (1.3%) (3.6%) 82.0% 7.9x 7.9x 8.6x 10.2x 9.3x

PUBLICCOMPARABLES

8



Stock Performance

Stock Price Change from 52-Week TEV / EBITDA EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Sep-15 Mar-16 Current 2016P 2017P


TEV / LTM EBITDA as of

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Suppliers

BorgWarner Inc. $7,178 $7,435 $8,304 $8,025 $9,136 $9,508 3.8% 8.8% $1,106 $1,224 $1,385 $1,330 $1,493 $1,553 6.4% 8.1%

Cooper Tire & Rubber Company 4,201 3,439 3,421 2,959 2,956 3,046 (11.0%) 1.5% 526 394 436 541 514 485 1.0% (5.3%)

Dorman Products, Inc. 570 664 751 803 859 943 12.1% 8.4% 112 138 153 162 182 197 13.0% 10.1%

Federal-Mogul Holdings Corp 6,664 6,786 7,317 7,419 7,467 7,725 3.6% 2.0% 448 569 573 570 725 776 8.4% 16.7%

Goodyear Tire & Rubber Company 20,992 19,540 18,138 16,443 15,599 15,980 (7.8%) (1.4%) 1,824 2,107 2,251 2,085 2,655 2,762 4.6% 15.1%

Modine Manufacturing Company 1,376 1,478 1,496 1,463 1,353 1,380 2.1% (2.9%) 101 121 110 224 124 141 30.3% (20.7%)

Motorcar Parts of America, Inc. 406 259 302 369 433 478 (3.2%) 13.8% 0 46 38 49 91 103 NM 44.5%

Standard Motor Products, Inc. 949 984 980 972 1,061 1,112 0.8% 7.0% 89 107 113 92 121 124 1.4% 15.9%

Tenneco Inc. 7,363 7,964 8,420 8,209 8,609 9,062 3.7% 5.1% 649 707 752 785 848 917 6.5% 8.1%

Visteon Corporation 6,857 7,439 7,509 3,245 3,164 3,291 (22.1%) 0.7% 493 590 663 265 325 356 (18.7%) 15.9%

Total $56,556 $55,988 $56,639 $49,906 $50,636 $52,525 (1.8%) 4.3% $5,348 $6,002 $6,475 $6,104 $7,077 $7,414 5.9% 10.8%


Advance Auto Parts, Inc. $6,205 $6,494 $9,844 $9,737 $9,415 $9,549 16.2% (1.0%) $847 $901 $1,244 $1,147 $1,173 $1,281 10.6% 5.7%

AutoZone, Inc. 8,604 9,148 9,475 10,187 10,663 11,182 5.8% 4.8% 1,841 2,002 2,081 2,223 2,365 2,527 6.5% 6.6%

Genuine Parts Company 13,014 14,078 15,342 15,280 15,470 16,040 5.5% 2.5% 1,122 1,117 1,273 1,266 1,286 1,390 4.1% 4.8%

LKQ Corporation 4,123 5,063 6,740 7,193 9,179 10,317 20.4% 19.8% 493 627 790 852 1,073 1,224 20.0% 19.9%

O'Reilly Automotive, Inc. 6,182 6,649 7,216 7,967 8,596 9,179 8.8% 7.3% 1,154 1,287 1,465 1,743 1,920 2,111 14.7% 10.0%

U.S. Auto Parts Network, Inc. 304 255 284 291 303 318 (1.4%) 4.4% 8 5 5 6 13 15 (8.5%) 58.6%

Uni-Select Inc. 1,821 1,788 1,784 1,355 1,220 1,300 (9.4%) (2.1%) 90 92 104 94 108 118 1.5% 11.8%

Total $40,253 $43,474 $50,685 $52,010 $54,847 $57,884 6.6% 5.1% $5,554 $6,031 $6,961 $7,331 $7,937 $8,666 7.0% 16.8%

Dealerships and Service Providers

Asbury Automotive Group, Inc. $4,640 $5,335 $5,868 $6,588 $6,525 $6,705 12.4% 0.9% $209 $270 $313 $331 $328 $341 16.6% 1.6%

AutoNation, Inc. 15,669 17,518 19,109 20,862 21,831 22,408 10.0% 3.6% 737 843 909 998 976 993 10.6% (0.3%)

Boyd Group Income Fund 435 561 764 918 1,050 1,181 28.3% 13.4% 30 40 77 79 95 109 38.5% 17.2%

CarMax, Inc. 10,963 12,574 14,269 15,150 15,991 17,213 11.4% 6.6% 529 595 724 804 1,228 1,302 15.0% 27.3%

Copart, Inc. 924 1,046 1,163 1,146 1,256 1,337 7.4% 8.0% 346 342 363 394 451 493 4.4% 11.9%

Group 1 Automotive, Inc. 7,476 8,919 9,938 10,633 11,064 11,378 12.5% 3.4% 269 346 375 407 381 394 14.8% (1.6%)

KAR Auction Services, Inc. 1,963 2,173 2,365 2,640 3,052 3,277 10.4% 11.4% 457 451 574 640 753 826 11.9% 13.6%

Lithia Motors, Inc. Class A 3,316 4,006 5,390 7,864 8,538 9,032 33.4% 7.2% 166 207 266 377 395 429 31.5% 6.7%

Monro Muffler Brake, Inc. 732 831 894 944 1,002 1,090 8.8% 7.5% 103 127 147 161 171 193 16.0% 9.5%

Penske Automotive Group, Inc. 13,164 14,705 17,177 19,285 20,287 20,773 13.6% 3.8% 419 498 574 645 675 698 15.4% 4.1%

Sonic Automotive, Inc. Class A 8,365 8,843 9,197 9,624 9,574 9,918 4.8% 1.5% 289 300 294 307 290 301 2.0% (0.9%)

Total $67,648 $76,512 $86,134 $95,653 $100,171 $104,311 13.9% 6.1% $3,553 $4,019 $4,617 $5,142 $5,742 $6,080 16.1% 8.1%

Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P


PUBLICCOMPARABLES

9



PAGE |


Bayerische Motoren Werke AG $98,709 $100,976 $106,648 $102,215 $105,578 $108,294 1.2% 2.9% $20,536 $19,552 $21,788 $19,325 $16,254 $16,702 (2.0%) (7.0%)

Daimler AG 146,811 156,635 172,268 165,747 172,227 176,423 4.1% 3.2% 19,691 21,079 24,558 25,604 20,768 22,619 9.1% (6.0%)

Ford Motor Company 134,266 146,917 144,077 149,558 141,825 143,698 3.7% (2.0%) 12,958 13,183 11,324 15,557 12,145 12,991 6.3% (8.6%)

General Motors Company 152,256 155,427 155,929 152,356 150,013 148,866 0.0% (1.2%) 10,670 12,708 8,853 15,518 17,193 16,660 13.3% 3.6%

Harley-Davidson, Inc. 5,581 5,900 6,229 5,995 5,290 5,395 2.4% (5.1%) 1,183 1,324 1,452 1,330 1,276 1,321 4.0% (0.3%)

Navistar International Corporation 12,948 10,775 10,806 10,140 8,258 8,318 (7.8%) (9.4%) (374) (192) 295 567 553 608 NM 3.5%

Oshkosh Corp 8,181 7,665 6,808 6,098 6,101 6,631 (9.3%) 4.3% 500 644 622 523 486 564 1.5% 3.8%

PACCAR Inc 17,051 17,124 18,997 19,115 17,210 16,635 3.9% (6.7%) 2,458 2,648 2,899 3,198 2,081 2,093 9.2% (19.1%)

Toyota Motor Corp. 266,131 256,480 247,980 236,533 261,291 267,788 (3.9%) 6.4% 30,332 35,160 38,164 36,457 28,771 31,277 6.3% (7.4%)

Volkswagen AG Pref 247,486 261,550 268,549 236,524 237,611 244,013 (1.5%) 1.6% 25,918 27,460 30,572 21,539 30,016 34,511 (6.0%) 26.6%

Total $1,089,420 $1,119,448 $1,138,291 $1,084,281 $1,105,405 $1,126,060 (0.7%) (0.6%) $123,872 $133,566 $140,527 $139,617 $129,544 $139,345 4.6% (1.1%)

PUBLICCOMPARABLES

10



Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P


PAGE |


SOURCES


1. FactSet .

2. MergerMarket.

3. Pitchbook.

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