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TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ AUGUST 2015

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AUTONATION TO ACQUIRE DEALER GROUPS

The nation’s largest auto dealership chain purchased two smaller dealer groups onAugust 18th, adding to a string of acquisitions among car retailers as U.S. light-vehicle sales head toward their highest levels in more than a decade. AutoNationInc. agreed to acquire Carl Gregory Enterprises and Valley Motors Auto Group indeals that represent more than $600 million in annual revenue, the company said.The acquisitions further a torrid pace of similar deals among car dealers as autosales take off amid low interest rates and cheaper gasoline.Wall Street Journal

SAFETY TECHNOLOGIES CONTRIBUTE TO INCREASED VEHICLE APPEAL

The safety-related technologies that manufacturers are increasingly equippingtheir new vehicles with are making those vehicles more appealing to vehicleowners, according to the J.D. Power 2015 U.S. Automotive Performance, Executionand Layout (APEAL) Study. The study finds that some safety features cancontribute to a significant boost in APEAL scores. For example, the overall scoreamong owners of vehicles with blind-spot monitoring and warning systems is 38points higher than among those without them.J.D. Power

WHAT WE’RE READING

AUTOMOTIVE SECTOR M&A APPETITE REACHES ALL-TIME HIGH

Growing confidence in the global economy and a relentless push for innovationwill further support M&A in the automotive sector over the next 12 months,according to Ernst & Young’s (EY) Automotive Global Capital ConfidenceBarometer. The biannual survey gauges the corporate confidence and acquisitionintentions of global executives and reveals that automotive companies’ appetitefor M&A is at an all-time high, with 70% of executives expecting to pursueacquisitions in the next 12 months – the highest percentage since the surveybegan in 2009.Ernst & Young

AVERAGE AGE OF LIGHT VEHICLES IN THE U.S. RISES SLIGHTLY IN 2015

Registrations for light vehicles in operation (VIO) in the U.S. reached a record levelof 257.9 million. That’s an increase of more than 5.3 million (2.1%) since last yearand the highest annual increase the auto industry has seen in the U.S. since IHSbegan tracking VIO growth. New vehicle registrations also outpaced scrappageby more than 42% – the highest rate seen since the statistic has been tracked.Aftermarket News

For the automotive industry, TTIP (Transatlantic Trade and Investment Partnership)represents an opportunity to remove regulatory barriers, while maintaining highsafety and environmental standards. A recent study by the Peterson Institute forInternational Economics concluded that the elimination of regulatory barrierscould increase automotive trade by 20% or more, resulting in transatlantic incomegains of more than $20 billion.Aftermarket News

1

CONTENTS M&A TRANSACTIONS PUBLIC MARKETS OVERVIEW STOCK PRICE PERFORMANCE OUR GROUP

CONTACTS

UNITED STATES

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

Jason BassManaging [email protected]+1 (804) 915-0132

Joe ConnerManaging Director [email protected]+1 (804) 915-0151

Jershon JonesDirector [email protected]+1 (804) 932-1356

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

Jeff KiddVice President [email protected] +1 (804) 915-0178

EUROPE

Jeffery PerkinsManaging Director [email protected]+49 (0) 69 3650638 00

TTIP HAS POTENTIAL TO BOOST AUTO TRADE BY 20% OR MORE

http://www.harriswilliams.com/

http://www.wsj.com/articles/autonation-to-acquire-dealer-groups-1439906515

http://www.jdpower.com/press-releases/2015-us-automotive-performance-execution-and-layout-apeal-study

http://www.ey.com/GL/en/Newsroom/News-releases/news-EY-mergers-acquisitions-appetite-among-global-automotive-companies-reaches-six-year-high

http://www.aftermarketnews.com/average-age-of-light-vehicles-in-the-u-s-rises-slightly-in-2015-to-11-5-years-ihs-reports/

http://www.aftermarketnewsglobal.com/study-shows-transatlantic-trade-and-investment-partnership-has-potential-to-boost-auto-trade-by-20-percent-or-more/

mailto:[email protected]







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Date Target Business Description Acquirer

8/18/2015 Carl Gregory Enterprises Owns and operates auto dealerships that offer new and used vehicles in Alabama and Tennessee.

AutoNation, Inc.

8/18/2015 Valley Motors, Inc. Owns and operates auto dealerships that offer new and used vehicles in Maryland.

AutoNation, Inc.

8/17/2015 Affinia Group Holdings Inc. Designs, manufactures, markets, and distributes a range of aftermarket products.

Mann + Hummel Holding GmbH

8/10/2015 Stackpole International Inc. Manufactures powertrain systems and components for automotive original equipment manufacturers.

Johnson Electric Holdings Ltd.

8/5/2015 Somerset Tire Serv ice, Inc. Sells tires for cars, trucks, cross-utility vehicles, or sports utility vehicles and offers automotive maintenance and repair serv ices.

Mavis Tire Supply Corporation

8/3/2015 Bestop Inc. Manufactures and supplies jeep and truck tops and accessories. Kinderhook Industries

8/3/2015 Painters Supply Co., Inc. Distributes automotive paint. Finishmaster Inc.

8/3/2015 EiKO Global, LLC, Automotive Lighting Business

Manufactures automotive lighting components. Old World Industries, LLC

7/17/2015 Covs Parts Pty Ltd Distributes auto parts, tools, equipment, and consumables to automotive, mining, truck and trailer and industrials in western Australia.

GPC Asia Pacific Group Pty Ltd.

7/16/2015 Getrag Getriebe Manufactures transmission systems for passenger cars and light commercial vehicles in Germany and internationally.

Magna International Inc.

7/13/2015 Remy International, Inc. Designs, manufactures, remanufactures, markets and distributes rotating electrical components for automobiles, light trucks and heavy duty trucks.

BorgWarner Inc.

7/13/2015 Identifix, Inc. Operates an auto repair hotline which prov ides technical assistance to shop owners and technicians seeking additional expertise.

Claims Serv ices Group, Inc.

7/9/2015 Coast Distribution System Inc. Supplies replacement parts for RVs to retail parts and supply stores, repair establishment, and dealers.

Keystone Automotive Operations, Inc.

7/8/2015 Power Train Company Remanufactures and distributes heavy duty truck parts. TruckPro, LLC

7/8/2015 PartsChannel Inc. Distributes aftermarket replacement parts for the collision repair industry in the United States.

LKQ Corp.

6/26/2015 Kadel's Auto Body, LLC Provides auto body repair serv ices across the United States. ABRA Auto Body & Glass LP

6/15/2015 Holding & Barnes Plc Prov ides online salvage auction serv ices to buy accident damaged, theft-recovered, and used vehicles in the United Kingdom.

ADESA (UK) Limited

6/11/2015 IVC Industrial Coatings, Inc. Manufactures and distributes powder, liquid, and specialty coating products for commercial and consumer applications.

PPG Industries, Inc.

M&A TRANSACTIONS

2

RECENT M&A TRANSACTIONS1,2


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PUBLIC MARKETS OVERVIEW

3

TRANSPORTATION & LOGISTICS

TEV / LTM EBITDA TEV / 2015E EBITDA

AVERAGE REVENUE GROWTH (2011 – 2014) AVERAGE REVENUE GROWTH (2014 – 2016P)

AVERAGE EBITDA GROWTH (2011 – 2014) AVERAGE EBITDA GROWTH (2014 – 2016P)

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ AUGUST 2015

6.8x

10.2x

11.9x

12.6x

Suppliers

Vehicle Manufacturers

Distributors and Retailers

Dealerships and ServicesProviders

7.1x

9.9x

11.6x

12.1x

Suppliers




2.8%

3.7%

7.6%

14.2%


Suppliers



0.1%

1.4%

3.0%

10.7%



Suppliers


4.4%

7.5%

9.3%

13.5%


Suppliers



4.4%

5.6%

7.1%

10.9%

Suppliers




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STOCK PRICE PERFORMANCE

4


(Indexed to August 18, 2014)

TRAILING TWELVE MONTHS

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


(3.6%)

(1.4%)

4.4%

6.4%

VehicleManufacturers

Dealerships andService Providers

Suppliers

Distributors andRetailers

(9.3%)

0.7%

20.6%

29.2%

VehicleManufacturers

Suppliers

Dealerships andService Providers

Distributors andRetailers

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

Aug-18-2014 Nov-18-2014 Feb-18-2015 May-18-2015 Aug-18-2015

Suppliers Distributors and RetailersDealerships and Service Providers Vehicle ManufacturersS&P 500 Index (^SPX) - Index Value

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has been acquired by

a portfolio company ofa portfolio company of

has been acquired byhas been acquired by

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RCL Services Group

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OUR GROUP

Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & LogisticsGroup serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marineand air transportation, transportation equipment, and the automotive and heavy duty vehicle 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



has acquired


http://www.portlogisticsgroup.com/

http://www.portlogisticsgroup.com/

http://corpjetfin.live.subhub.com/custom/Hawker_Beechcraft_black_h_logo.jpg

http://corpjetfin.live.subhub.com/custom/Hawker_Beechcraft_black_h_logo.jpg

Energy, Power & Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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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.

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AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ AUGUST 2015TRANSPORTATION & LOGISTICS

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PUBLIC COMPARABLES

7



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 Aug-14 Feb-15 Current 2014 2015E

Automotive Aftermarket

TEV / LTM EBITDA as of

Suppliers

BorgWarner Inc. $11,255 $46.45 (11.0%) (25.3%) $64.00 72.6% 10.9x 10.2x 8.4x 8.0x 8.3x

Cooper Tire & Rubber Co. 2,181 39.22 15.5% 31.0% 43.94 89.3% 4.5x 4.9x 4.2x 4.2x 5.0x

Dorman Products, Inc. 1,805 52.30 6.5% 21.1% 53.69 97.4% 9.9x 10.8x 11.9x 11.8x 11.0x

Federal-Mogul Holdings Corporation 4,440 9.73 (7.9%) (41.0%) 18.09 53.8% 7.6x 7.6x 7.8x 7.3x 7.0x

The Goodyear Tire & Rubber Company 13,964 32.40 6.2% 30.2% 32.74 99.0% 5.8x 5.8x 5.9x 6.2x 5.5x

Modine Manufacturing Company 555 9.48 (7.0%) (33.2%) 14.34 66.1% 6.7x 6.0x 5.8x 4.8x 4.7x

Motorcar Parts of America, Inc. 596 31.60 6.9% 12.1% 36.62 86.3% 12.3x 12.0x 15.7x 17.1x 9.1x

Standard Motor Products Inc. 869 36.15 3.6% (4.2%) 43.72 82.7% 7.3x 7.5x 7.7x 6.9x 8.7x

Tenneco Inc. 4,130 50.59 0.3% (21.4%) 65.47 77.3% 6.8x 6.1x 5.6x 5.6x 5.3x

Visteon Corporation 1,834 103.48 5.3% 5.6% 110.48 93.7% 14.7x 8.5x 2.6x 2.8x 7.2x

Median 4.4% 0.7% 84.5% 7.5x 7.5x 6.8x 6.5x 7.1x


Advance Auto Parts Inc. $15,026 $185.87 9.5% 41.4% $192.27 96.7% 10.7x 10.1x 11.9x 12.1x 11.6x

AutoZone, Inc. 27,250 742.17 9.6% 40.3% 747.47 99.3% 10.3x 11.2x 12.5x 13.0x 12.2x

Genuine Parts Company 14,050 87.92 (3.0%) 3.3% 109.00 80.7% 11.1x 12.2x 11.0x 11.0x 10.6x

LKQ Corp. 11,166 31.31 0.6% 18.1% 32.25 97.1% 13.7x 12.5x 13.4x 14.1x 13.0x

O'Reilly Automotive Inc. 26,422 253.51 6.2% 66.8% 256.52 98.8% 12.2x 15.0x 16.6x 18.0x 15.7x

Pep Boys - Manny, Moe & Jack 927 11.71 (4.5%) 7.6% 12.62 92.8% 9.0x 10.5x 11.7x 8.5x 9.3x

U.S. Auto Parts Network, Inc. 90 2.26 6.6% (23.4%) 3.34 67.7% 14.7x NM NM 16.6x 11.7x

Uni-Select Inc. 1,017 45.55 24.7% 75.6% 46.17 98.7% 11.3x 11.5x 11.1x 11.0x 11.1x

Median 6.4% 29.2% 96.9% 11.2x 11.5x 11.9x 12.6x 11.6x

Dealerships and Service Providers

Asbury Automotive Group, Inc. $3,848 $83.45 (12.3%) 20.6% $96.58 86.4% 11.6x 11.9x 12.1x 13.0x 11.7x

AutoNation, Inc. 12,260 60.60 (8.5%) 12.6% 67.50 89.8% 13.2x 13.5x 12.5x 13.4x 12.1x

Boyd Group Income Fund 840 47.52 7.5% 19.8% 48.42 98.1% 14.8x 11.9x 12.6x 14.2x 11.7x

CarMax Inc. 22,268 62.80 (7.6%) 24.6% 75.40 83.3% 19.0x NM 19.9x NM NM

Copart, Inc. 4,590 36.33 (0.8%) 7.9% 38.50 94.4% 11.3x 11.8x 11.0x 11.7x 11.5x

Group 1 Automotive Inc. 4,841 93.15 (1.4%) 20.7% 97.34 95.7% 12.9x 11.7x 11.7x 12.5x 12.0x

KAR Auction Services, Inc. 8,152 38.74 1.6% 32.4% 39.87 97.2% 13.4x 12.9x 13.1x 14.2x 12.5x

Lithia Motors Inc. 4,885 114.37 (2.1%) 27.0% 122.01 93.7% 14.6x 12.5x 14.9x 18.4x 13.5x

Monro Muffler Brake Inc. 2,361 65.77 4.5% 28.6% 67.93 96.8% 13.5x 15.7x 15.6x 18.6x 16.5x

Penske Automotive Group, Inc. 8,977 53.00 0.1% 12.2% 54.39 97.4% 14.8x 14.8x 14.5x 15.6x 13.5x

Sonic Automotive Inc. 3,258 22.14 (10.7%) (8.9%) 27.84 79.5% 10.9x 10.7x 11.2x 10.9x 11.4x

Median (1.4%) 20.6% 94.4% 13.4x 12.2x 12.6x 13.8x 12.1x

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PUBLIC COMPARABLES

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 Aug-14 Feb-15 Current 2014 2015E


TEV / LTM EBITDA as of


Bayerische Motoren Werke Aktiengesellschaft $148,616 $95.87 (7.8%) (17.7%) $137.42 69.8% 10.7x 10.5x 10.5x 10.2x 9.5x

Daimler AG 178,461 84.52 (7.8%) 5.7% 106.73 79.2% 10.9x 11.8x 10.6x 11.3x 8.5x

Ford Motor Co. 162,603 14.65 (0.3%) (15.4%) 17.87 82.0% 13.7x 14.5x 13.9x 14.5x 14.9x

General Motors Company 81,194 31.30 2.1% (7.5%) 39.00 80.3% 6.9x 9.1x 6.3x 8.9x 5.2x

Harley-Davidson, Inc. 17,508 59.28 7.9% (4.2%) 70.41 84.2% 12.1x 12.5x 12.7x 12.0x 11.6x

Navistar International Corporation 5,940 18.04 (2.7%) (50.0%) 40.17 44.9% NM 19.8x 16.5x NM 10.7x

Oshkosh Corporation 3,906 38.96 (4.5%) (18.7%) 55.69 69.9% 7.6x 7.5x 7.2x 6.3x 7.3x

PACCAR Inc. 27,701 62.71 (2.7%) 0.8% 71.15 88.1% 12.6x 12.0x 10.0x 11.3x 10.4x

Toyota Motor Corporation 329,678 63.83 (5.2%) 9.0% 70.68 90.3% 8.8x 10.4x 9.4x 9.6x 10.6x

Volkswagen AG 191,812 197.08 (9.2%) (11.1%) 291.56 67.6% 7.7x 8.2x 7.7x 7.7x 6.2x

Median (3.6%) (9.3%) 79.7% 10.7x 11.2x 10.2x 10.2x 9.9x

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PUBLIC COMPARABLES

9



Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P


Suppliers

BorgWarner Inc. $7,115 $7,183 $7,437 $8,305 $7,961 $9,519 5.3% 7.1% $1,073 $1,126 $1,224 $1,398 $1,348 $1,584 9.2% 6.4%

Cooper Tire & Rubber Co. 3,908 4,201 3,439 3,425 2,942 3,002 (4.3%) (6.4%) 286 629 483 518 434 442 21.8% (7.6%)

Dorman Products, Inc. 513 570 664 751 800 884 13.5% 8.4% 95 112 138 153 164 191 17.2% 11.7%

Federal-Mogul Holdings Corporation 6,719 6,444 6,786 7,317 7,690 8,152 2.9% 5.6% 622 439 565 611 631 723 (0.6%) 8.8%

The Goodyear Tire & Rubber Company 22,767 20,992 19,540 18,138 16,514 16,795 (7.3%) (3.8%) 1,893 1,819 2,105 2,251 2,533 2,684 5.9% 9.2%

Modine Manufacturing Company 1,448 1,577 1,376 1,478 1,513 1,422 0.7% (1.9%) 103 128 96 116 119 117 4.0% 0.5%

Motorcar Parts of America, Inc. 161 179 213 259 317 383 17.1% 21.7% 30 31 37 35 66 82 4.9% NM

Standard Motor Products Inc. 875 949 984 980 981 1,042 3.9% 3.1% 79 102 120 126 100 121 17.0% (2.2%)

Tenneco Inc. 7,205 7,363 7,964 8,420 8,239 8,735 5.3% 1.9% 597 638 695 736 791 861 7.2% 8.2%

Visteon Corporation 7,532 5,715 6,371 7,509 3,050 3,222 (0.1%) (34.5%) 541 479 560 646 258 285 6.1% NM

Total $58,243 $55,173 $54,774 $56,582 $50,007 $53,155 3.7% 0.1% $5,319 $5,503 $6,023 $6,590 $6,444 $7,089 9.3% 4.4%


Advance Auto Parts Inc. $6,170 $6,205 $6,494 $9,844 $9,864 $10,168 16.8% 1.6% $841 $847 $901 $1,243 $1,324 $1,492 13.9% 9.6%

AutoZone, Inc. 8,073 8,604 9,148 9,475 10,155 10,692 5.5% 6.2% 1,691 1,841 2,002 2,089 2,229 2,377 7.3% 6.7%

Genuine Parts Company 12,459 13,014 14,078 15,342 15,603 16,250 7.2% 2.9% 998 1,114 1,209 1,273 1,307 1,399 8.4% 4.9%

LKQ Corp. 3,270 4,123 5,063 6,740 7,288 7,900 27.3% 8.3% 424 493 624 790 859 967 23.1% 10.6%

O'Reilly Automotive Inc. 5,789 6,182 6,649 7,216 7,861 8,384 7.6% 7.8% 1,030 1,159 1,291 1,468 1,682 1,858 12.6% 12.5%

Pep Boys - Manny, Moe & Jack 1,989 2,064 2,091 2,067 2,087 2,100 1.3% 0.8% 155 147 118 109 100 NA (11.3%) NA

U.S. Auto Parts Network, Inc. 327 304 255 284 297 313 (4.7%) 5.2% 13 8 5 5 8 10 NM NM

Uni-Select Inc. 1,781 1,798 1,788 1,784 1,359 1,097 0.1% (21.6%) 97 79 82 92 91 90 (1.8%) (1.4%)

Total $39,857 $42,293 $45,565 $52,751 $54,514 $56,905 7.6% 1.4% $5,250 $5,687 $6,232 $7,069 $7,598 $8,193 7.5% 7.1%

Dealerships and Service Providers

Asbury Automotive Group, Inc. $4,004 $4,475 $5,128 $5,639 $6,555 $6,975 12.1% 11.2% $171 $210 $259 $297 $328 $355 20.2% 9.3%

AutoNation, Inc. 13,305 15,020 16,674 18,180 20,862 22,026 11.0% 10.1% 652 737 827 915 1,019 1,078 11.9% 8.6%

Boyd Group Income Fund 351 436 544 715 867 954 26.7% 15.5% 23 28 39 59 73 80 NM 16.7%

CarMax Inc. 8,976 10,004 10,963 12,574 14,269 15,565 11.9% 11.3% 719 783 828 932 1,077 1,202 9.0% 13.6%

Copart, Inc. 872 924 1,046 1,163 1,145 1,194 10.1% 1.3% 312 338 335 393 401 427 8.1% 4.2%

Group 1 Automotive Inc. 5,884 7,216 8,607 9,571 10,696 11,398 17.6% 9.1% 225 271 322 386 387 430 19.6% 5.5%

KAR Auction Services, Inc. 1,886 1,963 2,173 2,365 2,575 2,746 7.8% 7.8% 462 471 495 574 655 705 7.5% 10.8%

Lithia Motors Inc. 2,549 3,204 3,867 5,200 7,752 8,446 26.8% 27.4% 129 166 210 266 363 403 27.4% 23.1%

Monro Muffler Brake Inc. 637 687 732 831 901 971 9.3% 8.1% 101 115 101 127 143 169 8.0% 15.3%

Penske Automotive Group, Inc. 10,769 12,584 14,074 16,741 19,088 20,463 15.8% 10.6% 342 417 493 574 665 712 18.9% 11.3%

Sonic Automotive Inc. 7,312 8,115 8,571 8,897 9,538 9,900 6.8% 5.5% 263 288 300 300 284 307 4.4% 1.2%

Total $56,545 $64,628 $72,380 $81,877 $94,246 $100,638 14.2% 10.7% $3,398 $3,824 $4,208 $4,823 $5,396 $5,867 13.5% 10.9%

PAGE |

PUBLIC COMPARABLES

10



Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P



Bayerische Motoren Werke Aktiengesellschaft $66,659 $75,546 $77,374 $96,471 $99,472 $102,713 13.1% 3.2% $13,439 $13,956 $14,458 $15,627 $15,493 $16,258 5.2% 2.0%

Daimler AG 122,715 132,833 142,477 137,845 162,444 169,697 4.0% 11.0% 14,066 14,309 14,947 15,784 20,602 22,239 3.9% 18.7%

Ford Motor Co. 128,168 126,567 139,369 135,782 138,251 144,200 1.9% 3.1% 12,163 11,464 12,370 11,211 10,697 12,375 (2.7%) 5.1%

General Motors Company 148,866 150,295 152,092 151,092 147,311 151,765 0.5% 0.2% 12,648 10,914 12,356 9,084 15,462 16,595 (10.4%) NM

Harley-Davidson, Inc. 4,662 4,943 5,258 5,568 5,554 5,768 6.1% 1.8% 1,078 1,198 1,317 1,460 1,487 1,612 10.6% 5.1%

Navistar International Corporation 13,441 12,527 10,617 10,653 11,099 11,451 (7.5%) 3.7% 958 (468) (375) 128 556 834 NM NM

Oshkosh Corporation 7,539 8,141 7,665 6,808 6,072 6,353 (3.3%) (3.4%) 668 511 639 622 539 572 (2.3%) (4.1%)

PACCAR Inc. 15,326 15,952 15,949 17,793 19,207 19,527 5.1% 4.8% 1,807 1,927 2,047 2,446 2,595 2,599 10.6% 3.1%

Toyota Motor Corporation 215,055 212,497 222,030 236,160 225,419 229,349 3.2% (1.5%) 19,838 17,273 26,711 34,414 30,108 33,647 20.2% (1.1%)

Volkswagen AG 184,595 227,862 241,001 214,898 237,263 247,181 5.2% 7.2% 21,684 25,594 26,303 24,820 30,259 33,570 4.6% 16.3%

Total $907,026 $967,163 $1,013,833 $1,013,070 $1,052,092 $1,088,002 2.8% 3.0% $98,348 $96,678 $110,773 $115,597 $127,798 $140,301 4.4% 5.6%

PAGE |


SOURCES


1. Capital IQ.

2. MergerMarket.

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