www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze,authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

SPECIALTY DISTRIBUTION

INSERT TITLE HERE 01/20/2014

INDUSTRY UPDATE │ MARCH 2015

PAGE |

www.harriswilliams.de

CONTENTS

WHAT WE’RE READING

PUBLIC COMPARABLES &TRADING VALUATIONS

M&A AND PUBLIC MARKET TRENDS

NOTABLE M&A ACTIVITY

ECONOMIC UPDATE

GROUP OVERVIEW

Harris Williams & Co. is a leading advisor to the specialty distribution market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:

Specialty Catalogand Direct Marketing

Branch-Based Distributors

Route-Based Distributors

Automotive and HeavyDuty Aftermarket

Building and ConstructionProducts

Consumer & Food Service

Industrial, MRO,and Safety

Healthcare

Technology

Electrical andCommunications

Alcohol, Tobacco,and Firearms

CONTACTS

Bob Baltimore|Managing Director

bbaltimore@harriswilliams.com

+1 (804) 915-0129

Derek Lewis|Managing Director

dlewis@harriswilliams.com

+1 (804) 915-1118

Dave Kennedy|Director

dkennedy@harriswilliams.com

+1 (804) 915-0105

Marshall Croft|Vice President

mcroft@harriswilliams.com

+1 (804) 915-0161

THE BENEFITS OF AUTOMATING ERP

WHAT WE’RE READING

1

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

According to a Prism International study, an average of 2 to 7% of documents aremisfiled, resulting in handling costs of $120 per document. Executives and their staffspend 150 hours per year looking for these misplaced documents. The heaps ofpaperwork can prevent business processes from operating efficiently. Research fromorganizations such as The Aberdeen Group, IOMA and PayStream Advisors has shownproductivity gains of as much as 82% in companies that automate their ERP solution suchas Microsoft Dynamics with a document management and workflow solution.

Some of the benefits of automating ERP solitons include: (i) a paperless option; (ii)increased productivity; (iii) improved accuracy; (iv) cost savings; (v) timely payments;(vi) real time visibility; and (vii) going green.

Please read the article here.

AMAZON WANTS TO PUT 3D PRINTERS IN DELIVERY TRUCKS

Recently, Amazon filed several patent applications for an on-demand 3D printingservice in mobile manufacturing hubs, including delivery trucks. Like drones, theendeavor is another push from the company to get products to the customer faster andsave on warehousing costs. Additionally, the 3D printers would allow drivers to pop outproducts from right outside customers' homes in the same trucks already used to deliverother products.

Such an implementation could affect industrial distribution directly in the appliancerepair services industry. The technology would still need some refining, buthypothetically, a technician could pull up to a house, identify a faulty part, print it or thematerials needed for the part, and have it ready for installation shortly after. The biggerapplication is that mobile 3D printing would allow repair services to cut down onstocking parts, or waiting for parts to ship from a warehouse, or risking delays.

Please read the article here.

FIVE EMERGING E-COMMERCE TRENDS IN DISTRIBUTION

Wholesale distributors are seeing their addressable markets change shape and focus atan ever-increasing speed. Distributors are having to quickly develop an e-commercepresence or risk losing potential business and customers. In order to succeed, distributorsmust consider five e-commerce trends that are increasingly becoming reality.

- Mobile Device Access and Support Continues to Improve - Customers today expectto be able to view, order, and purchase products not only during working hours,when in the office or working remotely, but at any time and from any location

- B2B Fully Embraces Ecommerce - B2B customers increasingly are looking for the sameecommerce experience already on offer in the B2C world

- AmazonSupply Is a Real and Increasing Competitive Threat - In April 2012,Amazon.com made a significant move into the mainstream distribution business withthe launch of AmazonSupply, a broad B2B equipment marketplace

- Distributors Expand Their Global Horizons - According to a recent survey, 48.2% ofthose polled looked to grow revenue from their existing customer base, 24.4%intended to add new geographies or territories, and 10.4% planned to expandinternationally

- Previous Solid Lines or Divisions between Industries Blur - In response to this currentperiod of intense change, all kinds of companies are re-examining their businessfocus and then choosing to expand or refine that focus

Please read the article here.

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PUBLIC COMPARABLES & TRADING VALUATIONS

2

SPECIALTY DISTRIBUTION PUBLIC COMPARABLES

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

Key Trading Stats

As of March 13, 2015($ in millions, except per share amounts)

Automotive & Heavy Duty Aftermarket

AutoZone, Inc. $25,121 $650.36 5.5% 20.2% 96.4% 21.9% 52.2% 11.7x 11.2x 5.5%

O'Reilly Automotive Inc. 22,478 208.66 1.3% 39.9% 97.4% 20.4% 51.4% 15.3x 13.8x 7.6%

Genuine Parts Company 15,143 93.76 (2.9%) 8.0% 86.0% 8.3% 29.9% 11.9x 10.9x 7.2%

LKQ Corp. 9,196 24.20 (11.5%) (11.2%) 81.1% 11.7% 39.3% 11.7x 10.1x 27.3%

Dorman Products, Inc. 1,617 46.00 (4.7%) (21.9%) 75.4% 20.4% 38.2% 10.5x 9.4x 13.5%

Uni-Select Inc. 1,086 33.24 12.5% 27.4% 99.7% 5.2% 29.9% 12.6x 12.0x 0.1%

Median (0.8%) 14.1% 91.2% 16.0% 38.8% 11.8x 11.1x 7.4%

Mean 0.0% 10.4% 89.3% 14.6% 40.2% 12.3x 11.2x 10.2%

Building & Construction Products

CRH plc $24,575 $26.71 (1.3%) (5.4%) 99.7% 8.4% 29.0% 14.3x 11.3x 1.5%

Wolseley plc 16,592 60.28 2.1% 7.3% 99.4% 6.5% 28.0% 13.3x 12.2x (1.1%)

Watsco Inc. 4,449 119.71 8.1% 20.5% 98.4% 8.2% 24.2% 13.7x 12.7x 9.8%

Boise Cascade Company 1,666 38.37 (8.5%) 33.5% 87.4% 5.5% 14.2% 8.5x 7.5x 16.7%

Beacon Roofing Supply, Inc. 1,628 27.82 5.3% (29.3%) 69.4% 5.3% 22.7% 12.9x 9.8x 7.6%

Builders FirstSource, Inc. 958 5.90 (6.9%) (30.3%) 62.8% 3.8% 22.3% 15.8x 10.7x 27.2%

Median 0.4% 0.9% 92.9% 6.0% 23.5% 13.5x 11.0x 8.7%

Mean (0.2%) (0.6%) 86.2% 6.3% 23.4% 13.1x 10.7x 10.3%

Consumer & Food Service

Sysco Corporation $25,747 $38.49 (3.3%) 6.3% 92.9% 5.0% 17.5% 10.8x 13.6x 5.4%

United Natural Foods, Inc. 4,314 75.22 (5.2%) (0.2%) 89.6% 3.7% 16.0% 15.4x 12.5x 15.8%

SpartanNash Company 1,613 27.63 7.6% 23.4% 98.7% 2.8% 14.6% 7.3x 6.9x 0.0%

Core-Mark Holding Company, Inc. 1,499 60.71 (11.5%) 64.8% 84.9% 1.2% 7.0% 14.7x 11.8x 9.8%

Median (4.3%) 14.8% 91.3% 3.3% 15.3% 12.8x 12.1x 7.6%

Mean (3.1%) 23.6% 91.5% 3.2% 13.8% 12.1x 11.2x 7.8%

Industrial, MRO & Safety

W.W. Grainger, Inc. $15,961 $230.70 (3.4%) (8.4%) 85.5% 16.0% 43.3% 10.0x 9.5x 7.2%

Fastenal Company 12,091 40.56 (4.6%) (17.0%) 77.7% 23.0% 50.8% 14.1x 12.6x 10.5%

Airgas, Inc. 11,079 114.52 (0.0%) 6.9% 96.2% 18.4% 55.5% 11.4x 10.5x 4.6%

MSC Industrial Direct Co. Inc. 4,909 71.19 (6.3%) (18.5%) 73.7% 16.4% 45.8% 10.5x 9.9x 10.7%

United Stationers Inc. 2,234 38.30 (10.2%) (7.0%) 85.3% 4.9% 15.2% 8.6x 8.3x 2.1%

Applied Industrial Technologies, Inc. 2,123 43.02 0.9% (13.9%) 81.8% 8.0% 27.9% 9.9x 8.5x 5.0%

DXP Enterprises, Inc. 1,089 44.68 (0.6%) (55.9%) 38.8% 9.1% 28.9% 8.0x 8.7x 22.9%

Median (3.4%) (13.9%) 81.8% 16.0% 43.3% 10.0x 9.5x 7.2%

Mean (3.5%) (16.3%) 77.0% 13.7% 38.2% 10.4x 9.7x 9.0%

Healthcare

McKesson Corporation $59,749 $224.01 0.7% 22.0% 96.7% 2.3% 6.5% 15.2x 11.8x 13.2%

Cardinal Health, Inc. 30,305 87.69 3.0% 20.9% 96.9% 2.6% 5.7% 12.4x 10.5x (4.2%)

Henry Schein, Inc. 12,800 135.84 (3.8%) 14.1% 94.4% 8.4% 28.1% 14.6x 13.8x 6.7%

Patterson Companies, Inc. 5,319 48.35 (3.0%) 14.0% 93.9% 9.5% 28.2% 13.0x 11.9x 7.5%

Owens & Minor Inc. 2,678 33.10 (7.5%) (6.2%) 91.1% 2.5% 12.4% 11.2x 9.5x 3.0%

Median (3.0%) 14.1% 94.4% 2.6% 12.4% 13.0x 11.8x 6.7%

Mean (2.1%) 13.0% 94.6% 5.0% 16.2% 13.3x 11.5x 5.3%

Stock Performance Revenue

Current 1-Month 1-Year % of LTM Margins TEV/EBITDA Growth

TEV Price Change Change LTM High EBITDA Gross 2014 LTM 2015E 3-Yr. CAGR

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PUBLIC COMPARABLES & TRADING VALUATIONS

3

SPECIALTY DISTRIBUTION PUBLIC COMPARABLES

TRAILING TWELVE MONTHS STOCK PRICE PERFORMANCE

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

Key Trading Stats

As of March 13, 2015($ in millions, except per share amounts)

Stock Prices

As of March 13, 2015

Consumer & Food Service

Building and Construction

Industrial, MRO, & Safety

S&P 500

Electrical & Communications

Automotive & Heavy Duty Aftermarket

Technology

Healthcare

(30%)

(20%)

(10%)

0%

10%

20%

30%

Stock Performance Revenue

Current 1-Month 1-Year % of LTM Margins TEV/EBITDA Growth

TEV Price Change Change LTM High EBITDA Gross 2014 LTM 2015E 3-Yr. CAGR

Technology

Arrow Electronics, Inc. $7,482 $60.56 3.9% 10.1% 95.0% 4.6% 13.2% 7.2x 6.9x 2.1%

Avnet, Inc. 7,319 44.89 2.8% 6.6% 93.2% 3.7% 11.6% 7.0x 6.4x 1.7%

Ingram Micro Inc. 4,388 23.04 (10.2%) (20.1%) 74.4% 1.6% 5.7% 5.7x 5.0x 8.6%

SYNNEX Corp. 3,716 73.82 (4.6%) 22.2% 92.0% 3.2% 7.9% 8.4x 7.1x 10.0%

Tech Data Corp. 2,091 54.54 (6.1%) (3.6%) 76.5% 1.1% 5.0% 6.6x 5.6x 2.2%

ScanSource, Inc. 943 37.65 3.4% (3.5%) 87.6% 3.9% 10.0% 8.0x 7.3x 1.6%

Median (0.9%) 1.5% 89.8% 3.5% 9.0% 7.1x 6.7x 2.2%

Mean (1.8%) 1.9% 86.4% 3.0% 8.9% 7.1x 6.4x 4.4%

Electrical & Communications

Rexel SA $7,814 $18.87 0.9% (26.6%) 91.2% 5.4% 24.3% 10.5x 7.7x 0.9%

WESCO International Inc. 4,335 69.35 (1.1%) (19.3%) 74.5% 6.6% 20.4% 8.3x 7.9x 8.8%

Anixter International Inc. 3,609 77.33 2.4% (25.5%) 73.0% 6.2% 22.8% 9.0x 8.6x 1.6%

Houston Wire & Cable Company 229 9.89 (9.1%) (28.5%) 70.6% 7.3% 22.0% 8.1x 8.2x (0.5%)

Median (0.1%) (26.1%) 73.8% 6.4% 22.4% 8.6x 8.1x 1.3%

Mean (1.7%) (25.0%) 77.3% 6.4% 22.4% 9.0x 8.1x 2.7%

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M&A AND PUBLIC MARKET TRENDS

4

TEV / EBITDA MULTIPLES FOR PUBLIC COMPARABLES

RECENT M&A AND PRIVATE EQUITY TRENDS

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

Distribution Trends

LTM EBITDA as of March 13, 2015

M&A Trends

2014 was a record year for middle market PE investment, with $385 billion deployedduring the year

Typically, the middle market accounts for about two-thirds of all PE activity; this pastyear it represented 78% of activity

The Southeast’s $23 billion increase in capital invested during 2014 topped U.S. regionsand accounted for 28% of the U.S.’s total jump in capital invested

HIGHLIGHTS OF RECORD U.S.

MIDDLE MARKET ACTIVITY LAST YEAR

PE fundraising held steady in 2014 by both fund counts and capital raised. In all, 284 PEfunds closed last year raising an aggregate $195.1 billion of capital

Buyout funds accounted for most of 2014’s totals by both count and value; Last yearsaw 179 LBO funds close totaling $137.5 billion of committed capital; both figures wereincreases over 2013 levels

In early 2015, the percentage of funds raised in the $250 million to $1 billion range hasfallen to about 26% of overall fundraising, down from 35% in 2010

RECORD FUNDRAISING

ACTIVITY, 89% OF 2014 PE FUNDS HIT

TARGET

NET DEBT / EBITDA EBITDA MARGINS

2.0x

1.3x

1.9x 2.0x

0.8x

1.4x

2.8x

0x

1x

2x

3x

4x

Ne

t D

eb

t /

EB

ITD

A

14.7%

6.3%

2.9%

13.7%

4.9%

3.0%

6.3%

0%

5%

10%

15%

20%

EB

ITD

A M

arg

in

12x 12x12x 12x13x 13x 13x 13x

12x 12x 12x 13x

11x 11x10x 10x

14x 14x 14x13x

8x 8x7x 7x

10x 10x 9x 9x

0x

5x

10x

15x

20x

Nov-14 Dec-14 Jan-15 Feb-15

TEV

/ E

BIT

DA

Automotive & Heavy Duty Aftermarket Building & Construction Products Consumer & Food Service Industrial, MRO & Safety

Healthcare Technology Electrical & Communications

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NOTABLE M&A ACTIVITY

5

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

Announced M&A Transactions

Date Private Equity

Announced Target Description Acquirer Involvement

3/6/2015 EnviroStar, Inc. Distributor of laundry equipment Symmetric Capital, LLC P (Buyer)

3/6/2015 Oil Tech Royalties Inc. Distributor of energy suppliesAnatom Panama Investment

CorpP (Buyer)

3/6/2015 Qed, Inc. Distributor of electronic supplies Sonepar USA, Inc.

3/5/2015 Shelton Specialties, Inc. Distributor of promotional products Scarborough Specialties, Inc.

3/3/2015 Fugitt Rubber and Supply Co., Inc. Distributor of rubber products GHX Industrial, LLC P (Buyer)

3/2/2015 Luxury For Less Limited Distributor of washroom supplies Wolseley plc

3/2/2015 immixGroup, Inc. Distributor of IT products Arrow Electronics, Inc.

3/1/2015 Ethicon, Inc., Certain Assets of Cordis Business Distributor of medical devices Cardinal Health, Inc.

2/27/2015 Pc/nametag Inc. And Meetings Direct, LLC Distributor of promotional products Avery Corp.

2/26/2015 BioRx, LLC Distributor of healthcare supplies Diplomat Pharmacy, Inc. P (Seller)

2/26/2015 KRP Communications Ltd. Distributor of data communication serv ices Avtex Solutions, LLC

2/24/2015 Knights Apparel Inc. Distributor of collegiate apparel Hanesbrands Inc. P (Seller)

2/23/2015 Jan-Mar Sales Limited and Quirumed S.L. Distributor of kitchen supplies Bunzl plc

2/23/2015Raley's Family of Fine Stores, Inc., General

Merchandise, Health, Beauty and Wellness Distributor of healthcare products Market Centre, Inc.

2/23/2015 Welders Supply & Equipment Co., Inc. Distributor of welding supplies nexAir LLC

2/20/2015 Alternative Computer Technology, Inc. Distributor of internet products ProSource, Inc.

2/19/2015 Sea Hawk Refinish Line, Inc. Distributor of automotive paints Finishmaster Inc.

2/18/2015 Shemin Nurseries, Inc. Distributor of horticulture products John Deere Landscapes LLC P (Seller)

2/18/2015 CAT 1 AIA Distributor of aircraft parts Freedom Aero Serv ice Inc.

2/17/2015 All Current Electrical Sales, Inc. Distributor of electrical equipment EBSCO Capital LLC P (Both)

2/17/2015 Diversified Foodserv ice Supply, Inc. Distributor of kitchen supplies New Mountain Capital, LLC P (Both)

2/17/2015 Porton Americas Inc. Distributor of chemicals Porton Fine Chemicals Ltd.

2/17/2015 Sims Welding Supply Co, Inc. Distributor of welding supplies Matheson Tri-Gas, Inc.

2/17/2015 Monroe Truck Equipment, Inc. Distributor of truck equipment Industrial Opportunity Partners P (Buyer)

2/12/2015Wittek Golf Supply Co., Inc. (nka:PW Golf Supply

LLC)Distributor of golf supplies Gage Investment Group LLC P (Buyer)

2/11/2015 ATM Electronic Corp. Distributor of electronic supplies Arrow Electronics, Inc.

2/10/2015 iDealFurniture, LLC Distributor of furniture Halitron, Inc.

2/10/2015 Purple Feet Wines LLC Distributor of wines The Winebow Group P (Buyer)

2/10/2015 Spicers Canada Limited Distributor of packaging supplies Central National-Gottesman Inc.

2/10/2015 Emanuel Geraldo Accessories Inc. Distributor of fashion accessories Jacob Ash Holdings, Inc.

2/9/2015 Timber Tech Texas, Inc. Distributor of lumber products Builders FirstSource, Inc.

2/9/2015 Munnell & Sherrill Inc. Distributor of industrial products Bearing Distributors, Inc.

2/2/2015 Southland Industrial Supply, Inc. Distributor of industrial products Northern Safety Co., Inc.

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ECONOMIC UPDATE

6

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

A Snapshot of Key Economic Indicators

As of March 13, 2015

PMI INDEX1 ISM NEW ORDERS INDEX2

INDUSTRY PRODUCTION INDEX3 U.S. MANUFACTURING CAPACITY UTILIZATION

MANUFACTURING INVENTORIES & BACKLOG4,5 DURABLE GOODS NEW ORDERS6

1. A PMI Index figure greater than 50 indicates expansion.

3. A Production Index figure greater than 50 indicates expansion.

4. A Manufacturing Inventory Index figure greater than 50 indicates expansion.5. A Backlog Index figure greater than 50 indicates expansion.

2. An ISM Index figure greater than 50 indicates expansion.

6. Durable Goods New Orders for January 2015. February release on March 25.

32

38

44

50

56

62

25

30

35

40

45

50

55

60

65

70

75

25

30

35

40

45

50

55

60

65

70

75

20

30

40

50

60

70

Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15

Inventories Backlog of Orders

50%

60%

70%

80%

90%

100%

$100

$150

$200

$250

$300

$350

($ in

bill

ion

s)

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SPECIALTY DISTRIBUTION REVIEW

7

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

Harris Williams & Co.’s Specialty Distribution Group saw consistent and robust activity throughout 2014. Companies in the distribution space generated high levels of interest from both financial and strategic acquirers. The market yielded attractive valuations and terms for high quality, recession-resistant assets.

With an extensive pipeline of activity, the Specialty Distribution Group expects to continue seeing quality assets in the market as the specialty distribution sector continues to gain momentum in a strong M&A environment.

For more information about the Specialty Distribution Group's experience, please contact Bob Baltimore, Derek Lewis, or Dave Kennedy.

DELIVERING SUCCESSFUL OUTCOMES THROUGHOUT THE SPECIALTY DISTRIBUTION SPACE

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has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

has been

recapitalized by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been recapitalized

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400Fax: +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700Fax: +1 (612) 359-2701

Philadelphia1600 Market Street21st FloorPhiladelphia, Pennsylvania 19103Phone: +1 (267) 675-5900Fax: +1 (267) 675-5901

Richmond (U.S. Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco, California 94105, USAPhone: +1 (415) 288-4260Fax: +1 (415) 288-4269

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00Fax: +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900Fax: +44 (0) 20 7526 2187

NETWORK OFFICES

Beijing

Hong Kong

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New Delhi

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Specialty Distribution

www.harriswilliams.de

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 and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website.

8

OUR FIRM

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

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HARRIS WILLIAMS & CO.

9

SPECIALTY DISTRIBUTION

INDUSTRY UPDATE │ MARCH 2015

Federal Reserve

Industrial Distribution

The Electrical Distributor Magazine

The Wall Street Journal

PitchBook

DISCLOSURES

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, optionsthereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2015 Harris Williams & Co., all rights reserved.

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Thomson Financial – SDC Database

United States Census Bureau

SOURCES