TRANSPORTATION & LOGISTICS

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

TRANSPORTATION & LOGISTICS

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JUNE 2016

PAGE |

www.harriswilliams.com



LUKEWARM SUPPLIER TIES HAMPER AUTO MAKERS

Top U.S. and Japanese auto makers are losing out on hundreds of millions ofdollars in potential cost savings because of lackluster relationships with their partssuppliers, a new report claims. Four out of the six auto makers operatingmanufacturing plants in North America experienced erosion in their supplierrapport over the past year, according to an annual survey of the parts makers.Nissan Motor Co., which is fighting to lift its market share, posted the biggest dropas it intensified the pressure on its parts makers to reduce their prices.

Wall Street Journal

WHAT WE’RE READING

RISE IN CAR MAINTENANCE INVESTMENTS IN UK AFTERMARKET

Frost & Sullivan’s new analysis, The Importance of the UK Aftermarket to the UKEconomy, highlights how technology is changing the automotive parts and serviceindustry. Although the research focuses on the UK, the findings have implicationsfor other markets. Vehicle spend will rise as the more electrical components andfewer mechanical parts are replaced. While costs for parts are increasing, theprice of service is declining. About 64% of consumer spend went to independentparts sellers and workshops, where prices are much lower. Auto parts dealershipsand authorized repairers captured the remaining 36% of industry revenue, but thisshare is in decline as vehicles age (currently at an average of 7.8 years in the UK)and consumers migrate to lower-priced parts and independent service providers.

Forbes

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

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

EUROPE

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

The U.S. automotive aftermarket is expected to grow at a compound annualgrowth rate of 3.7% through 2019, according to the “2016 Joint Channel ForecastModel” produced jointly by the Automotive Aftermarket Suppliers Association andthe Auto Care Association. The 2016 Joint Channel Forecast Model also predictsthat the total aftermarket sales will grow from $257.4 billion in 2015 to $296.3 billionin 2019, an increase of nearly $39 billion over the four year period.

Modern Tire Dealer

U.S. AUTOMOTIVE AFTERMARKET WILL GROW 3.7% THROUGH 2019

Demographic shifts in the North American vehicle market are necessitatingchange in how the automotive industry operates, especially in the downstreamactivities of vehicle repair and maintenance, a recent study by research firm Frost& Sullivan found. “The automotive industry has traditionally been a male-dominated sector and, historically, this did not pose a challenge for the industry inappealing to its customers, who were also predominantly male,” the firm said in itsstudy. “By empowering female customers with knowledge about the productsthey are buying and having installed in their cars, suppliers and retailers can morereadily ensure long-term brand loyalty and presence.”

Tire Business

FEMALE VEHICLE OWNERS DETERMINING AFTERMARKET STRATEGY

E-COMMERCE AND ITS IMPACT ON THE AUTOMOTIVE AFTERMARKET

The transformative effects of e-commerce and the opportunities it presents acrossvarious industries and markets have been well documented. For most companies,developing an e-commerce strategy is no longer merely a consideration or anexperiment, but integral to their business. Compared to many other industries,however, the automotive aftermarket’s e-commerce activity is less prominent. Thisis largely due to the complex nature of the industry’s products, supply chains, andchannel relationships. Innovative players who can overcome these challengeshave the potential to capitalize on a growing but underdeveloped service thatcould disrupt the way this industry conducts business.

China Briefing

http://www.harriswilliams.com/

http://www.wsj.com/articles/lukewarm-supplier-ties-hamper-auto-makers-1463371262

http://www.forbes.com/sites/sarwantsingh/2016/06/10/rise-in-car-maintenance-investments-sets-uk-aftermarket-as-one-of-europes-highest-growing-sectors/#155ec83e4800

mailto:[email protected]








http://www.moderntiredealer.com/news/713626/forecast-u-s-automotive-aftermarket-will-grow-3-7-through-2019

http://www.tirebusiness.com/article/20160610/NEWS/160619997/study-women-vehicle-owners-determining-aftermarket-strategy

http://www.china-briefing.com/news/2016/05/18/changing-course-ecommerce-and-its-impact-on-the-automotive-aftermarket.html

PAGE |

Date Target Business Description Acquirer

6/2/2016* FTE Automotive GmbH Manufactures brake and clutch actuation systems. Valeo SA

6/2/2016* OEConnection LLC Provides original equipment replacement parts solutions. Prov idence Equity Partners,

Inc.

5/23/2016* Bridgestone Firestone

Venezolana CA

Offers tires and rubber products in Venezuela. Corimon CA

5/17/2016 4Knines Manufactures and supplies dog seat covers for cars. Hall Capital Partners

5/16/2016* Rear View Safety, Inc. Prov ides back up camera systems and v ideo-based road safety

solutions for passenger vehicles.

Safe Fleet Acquisition Corp.

5/11/2016* Grand Rapids Auto Auction, Inc. Prov ides dealer-to-dealer auto auction serv ices within the used car

remarketing industry.

XLerate Group / Huron

Capital Partners

5/9/2016* Johann Hay GmbH und Co. KG

Automobiltechnik

Manufactures and supplies machined and forged components for

automotive, commercial vehicles, and bearing industries in Germany

and internationally.

Musashi Seimitsu Industry

Co., Ltd.

4/19/2016 Laydon Composites Ltd. Designs and manufactures aerodynamic devices for heavy-duty trucks

and trailers in North America and internationally.

WABCO Holdings Inc.

4/18/2016 Sperry & Rice Manufacturing

Company, LLC

Manufactures and markets rubber and sponge extrusions for appliance,

automotive, construction, and truck and bus industries.

Salt Creek Capital I I , LLC

4/15/2016 Zitco, Inc. Distributes automotive paints and coatings. Finishmaster Inc.

4/11/2016* Kovatch Mobile Equipment

Corporation

Designs, manufactures, and distributes customized specialty trucks,

chassis, and vehicles.

REV Group, Inc.

4/1/2016 DYK Automotive, LLC & AAHC,

Inc.

Distributes products to the automotive aftermarket throughout the

United States.

The Sterling Group

3/30/2016 Take 5 Oil Change LLC Provides oil change serv ices for vehicles in the United States. Driven Brands, Inc.

3/24/2016* ASIMCO NVH Technologies Co.,

Ltd.

Manufactures automotive components such as bushings, body mounts,

and engine mounts.

Zhengzhou Coal Mining

Machinery Group Co., Ltd.

3/11/2016* Cruise Automation, Inc. Develops and manufactures autonomous vehicle technologies. General Motors Company

3/1/2016 Jiffy-tite Company Inc. Manufactures fluid hose couplers for the automotive industry. Oetiker Limited

2/29/2016 Pittsburgh Glass Works LLC Manufactures and distributes automotive glass in the United States and

internationally.

LKQ Corp.

2/17/2016 Texas Hydraulics, Inc. Operates as a custom manufacturer of fluid power components for

original equipment manufacturers.

Wynnchurch Capital, LLC

M&A TRANSACTIONS

2

RECENT M&A TRANSACTIONS1,2



*Denotes pending transactions

PAGE |

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)


7.0x

7.9x

11.4x

12.1x

Suppliers

Vehicle Manufacturers

Dealerships and Services

Providers

Distributors and Retailers

6.1x

9.0x

11.5x

11.8x

Suppliers



Providers


(1.8%)

(0.7%)

6.6%

13.9%

Suppliers




Providers

(0.4%)

4.3%

5.3%

6.7%


Suppliers



Providers

4.8%

5.9%

7.0%

16.1%


Suppliers



Providers

(0.3%)

7.0%

9.2%

16.8%


Suppliers


Providers


PAGE |

STOCK PRICE PERFORMANCE

4


(Indexed to June 10, 2015)

TRAILING TWELVE MONTHS

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


(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

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

Suppliers Distributors and Retailers

Dealerships and Service Providers Vehicle Manufacturers

S&P 500 Index

(3.2%)

(1.7%)

(0.9%)

0.6%

1.6%

Vehicle

Manufacturers

Suppliers

Dealerships and

Service Providers

Distributors and

Retailers

S&P 500

(31.9%)

(22.3%)

(14.0%)

(0.7%)

10.1%

Dealerships and

Service Providers

Vehicle

Manufacturers

Suppliers

S&P 500

Distributors and

Retailers

PAGE |

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

INDUSTRY UPDATE │ JUNE 2016

has been acquired by

a portfolio company of

and

in partnership with

and

RCL Services Group

has sold

tohas been acquired by









has acquired





has merged with

an operating company of

in a recapitalization by

and





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

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

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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



PAGE |

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 Jun-15 Dec-15 Current 2016P 2017P

Automotive Aftermarket

TEV / LTM EBITDA as of

Suppliers

BorgWarner Inc. $9,418 $32.75 (0.7%) (45.9%) $61.11 53.6% 10.7x 7.4x 6.9x 6.4x 6.0x

Cooper Tire & Rubber Company 1,624 30.56 (4.4%) (18.3%) 43.40 70.4% 5.1x 5.0x 2.8x 3.2x 3.5x

Dorman Products, Inc. 1,765 53.32 (0.5%) 6.7% 56.73 94.0% 11.4x 9.7x 10.5x 9.9x 9.2x

Federal-Mogul Holdings Corp 4,346 7.97 (9.1%) (35.6%) 12.43 64.1% 8.6x 7.8x 7.1x 5.8x 5.4x

Goodyear Tire & Rubber Company 12,544 27.01 (2.3%) (14.2%) 35.30 76.5% 6.1x 6.4x 5.9x 4.8x 4.7x

Modine Manufacturing Company 556 9.71 (6.5%) (13.8%) 11.75 82.6% 5.6x 8.4x 2.5x 4.7x 4.1x

Motorcar Parts of America, Inc. 535 27.74 (9.0%) (7.0%) 41.03 67.6% 14.4x 19.6x 12.0x 6.3x 5.6x

Standard Motor Products, Inc. 890 37.20 0.4% 0.6% 45.72 81.4% 8.5x 9.0x 9.1x 8.0x 7.2x

Tenneco Inc. 4,208 53.54 4.3% (10.6%) 61.73 86.7% 6.3x 5.4x 5.3x 5.0x 4.7x

Visteon Corporation 2,511 72.49 (1.0%) (33.4%) 121.65 59.6% 8.8x 6.7x 14.8x 7.7x 6.9x

Median (1.7%) (14.0%) 73.5% 8.6x 7.6x 7.0x 6.1x 5.5x


Advance Auto Parts, Inc. $12,392 $152.55 4.8% (5.4%) $201.24 75.8% 10.7x 9.7x 10.7x 10.0x 9.3x

AutoZone, Inc. 27,792 751.14 (2.4%) 10.1% 810.00 92.7% 9.7x 12.5x 12.1x 11.8x 11.1x

Genuine Parts Company 14,807 95.12 (1.0%) 4.7% 100.00 95.1% 11.5x 10.5x 11.8x 11.4x 10.4x

LKQ Corporation 12,500 32.14 (0.5%) 9.3% 34.26 93.8% 13.1x 12.0x 14.5x 11.8x 10.3x

O'Reilly Automotive, Inc. 26,774 259.84 0.6% 15.3% 277.96 93.5% 15.8x 15.6x 14.8x 13.9x 12.7x

U.S. Auto Parts Network, Inc. 165 3.93 19.5% 77.0% 4.39 89.5% NA NA NM 13.3x 11.3x

Uni-Select Inc. 1,210 26.02 2.9% 43.4% 27.08 96.1% 10.6x 9.8x 12.1x 11.5x 10.3x

Median 0.6% 10.1% 93.5% 11.1x 11.2x 12.1x 11.8x 10.4x

Dealerships and Service Providers

Asbury Automotive Group, Inc. $3,076 $54.10 (0.9%) (38.3%) $96.58 56.0% 11.9x 10.0x 9.5x 9.3x 9.0x

AutoNation, Inc. 11,749 47.27 1.9% (25.0%) 66.63 70.9% 13.0x 12.2x 11.8x 11.5x 10.6x

Boyd Group Income Fund 1,142 56.66 0.2% 31.1% 61.88 91.6% 9.1x 10.0x 15.2x 12.0x 10.4x

CarMax, Inc. 20,377 49.14 (3.0%) (32.6%) 73.19 67.1% NM NM NM 16.4x 15.5x

Copart, Inc. 6,252 48.88 14.4% 36.7% 50.08 97.6% 12.2x 12.5x 14.4x 13.8x 12.9x

Group 1 Automotive, Inc. 4,088 56.67 (6.1%) (36.9%) 97.34 58.2% 11.8x 10.7x 9.9x 9.6x 10.1x

KAR Auction Services, Inc. 7,319 40.29 3.0% 5.5% 41.58 96.9% 11.8x 11.2x 11.0x 9.8x 8.9x

Lithia Motors, Inc. Class A 3,908 74.99 (4.6%) (33.3%) 126.56 59.3% 16.4x 13.6x 10.1x 9.6x 9.0x

Monro Muffler Brake, Inc. 2,293 60.59 (13.7%) (3.7%) 77.00 78.7% 15.9x 16.6x 14.2x 13.3x 11.8x

Penske Automotive Group, Inc. 7,967 35.52 (0.6%) (31.9%) 54.39 65.3% 14.9x 13.1x 12.2x 11.6x 10.8x

Sonic Automotive, Inc. Class A 3,050 16.73 (1.4%) (32.2%) 25.77 64.9% 11.1x 10.8x 10.1x 10.0x 9.5x

Median (0.9%) (31.9%) 67.1% 12.1x 11.7x 11.4x 11.5x 10.4x

PAGE |

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 Jun-15 Dec-15 Current 2016P 2017P


TEV / LTM EBITDA as of


Bayerische Motoren Werke AG $146,391 $78.36 (6.0%) (30.4%) $117.93 66.4% 7.7x 7.9x 7.5x 8.9x 8.6x

Daimler AG 164,174 63.70 (4.2%) (32.8%) 98.00 65.0% 7.0x 5.8x 7.1x 8.0x 7.2x

Ford Motor Company 153,501 12.98 (1.8%) (14.8%) 15.84 81.9% 13.2x 10.8x 8.6x 11.5x 11.2x

General Motors Company 94,341 29.08 (4.7%) (18.6%) 36.88 78.9% 7.7x 6.2x 5.7x 5.7x 5.6x

Harley-Davidson, Inc. 14,360 43.86 (3.7%) (19.6%) 60.67 72.3% 11.2x 11.1x 10.8x 10.8x 10.3x

Navistar International Corporation 5,495 13.15 16.7% (47.8%) 25.12 52.3% 12.5x 8.7x 9.6x 9.7x 8.8x

Oshkosh Corp 4,294 45.11 (0.1%) (13.0%) 51.57 87.5% 8.5x 7.6x 9.2x 9.5x 7.8x

PACCAR Inc 24,427 54.55 (2.6%) (16.1%) 66.43 82.1% 9.5x 6.7x 7.5x 9.0x 9.4x

Toyota Motor Corp. 286,492 51.06 2.1% (25.0%) 68.50 74.5% 8.8x 8.8x 7.7x 8.7x 8.3x

Volkswagen AG Pref 202,279 137.64 (5.7%) (42.8%) 249.53 55.2% 6.9x 6.3x 8.1x 6.7x 6.1x

Median (3.2%) (22.3%) 73.4% 8.7x 7.7x 7.9x 9.0x 8.5x

PAGE |

PUBLIC COMPARABLES

9



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


Suppliers

BorgWarner Inc. $7,178 $7,435 $8,304 $8,025 $8,025 $9,592 3.8% 9.3% $1,106 $1,224 $1,385 $1,330 $1,330 $1,555 6.4% 8.1%

Cooper Tire & Rubber Company 4,201 3,439 3,421 2,959 2,959 3,032 (11.0%) 1.2% 526 394 436 541 541 470 1.0% (6.8%)

Dorman Products, Inc. 570 664 751 803 803 945 12.1% 8.5% 112 138 153 162 162 192 13.0% 8.8%

Federal-Mogul Holdings Corp 6,664 6,786 7,317 7,419 7,419 7,820 3.6% 2.7% 448 569 573 570 570 795 8.4% 18.1%

Goodyear Tire & Rubber Company 20,992 19,540 18,138 16,443 16,443 16,024 (7.8%) (1.3%) 1,824 2,107 2,251 2,085 2,085 2,662 4.6% 13.0%

Modine Manufacturing Company 1,376 1,478 1,496 1,463 1,463 1,386 2.1% (2.6%) 101 121 110 224 224 135 30.3% (22.2%)

Motorcar Parts of America, Inc. 406 259 302 369 369 476 (3.2%) 13.6% 0 46 38 79 85 96 NM 10.2%

Standard Motor Products, Inc. 949 984 980 972 972 1,052 0.8% 4.1% 89 107 113 92 92 124 1.4% 15.7%

Tenneco Inc. 7,363 7,964 8,420 8,209 8,209 9,112 3.7% 5.4% 649 707 752 785 785 910 6.5% 7.6%

Visteon Corporation 6,857 7,439 7,509 3,245 3,245 3,405 (22.1%) 2.4% 493 590 663 265 265 368 (18.7%) 17.9%

Total $56,556 $55,988 $56,639 $49,906 $49,906 $52,845 (1.8%) 4.3% $5,348 $6,002 $6,475 $6,134 $6,140 $7,307 5.9% 7.0%


Advance Auto Parts, Inc. $6,205 $6,494 $9,844 $9,737 $9,737 $9,539 16.2% (1.0%) $847 $901 $1,244 $1,147 $1,147 $1,326 10.6% 7.5%

AutoZone, Inc. 8,604 9,148 9,475 10,187 10,187 11,191 5.8% 4.8% 1,841 2,002 2,081 2,223 2,223 2,525 6.5% 6.6%

Genuine Parts Company 13,014 14,078 15,342 15,280 15,280 16,001 5.5% 2.3% 1,122 1,117 1,273 1,266 1,266 1,400 4.1% 5.2%

LKQ Corporation 4,123 5,063 6,740 7,193 7,193 10,283 20.4% 19.6% 493 627 790 852 852 1,218 20.0% 19.5%

O'Reilly Automotive, Inc. 6,182 6,649 7,216 7,967 7,967 9,206 8.8% 7.5% 1,154 1,287 1,465 1,743 1,743 2,108 14.7% 10.0%

U.S. Auto Parts Network, Inc. 304 255 284 291 291 320 (1.4%) 4.8% 8 3 8 6 6 15 (8.5%) 57.2%

Uni-Select Inc. 1,821 1,788 1,784 1,355 1,355 1,330 (9.4%) (0.9%) 90 92 104 94 94 118 1.5% 11.9%

Total $40,253 $43,474 $50,685 $52,010 $52,010 $57,870 6.6% 5.3% $5,554 $6,029 $6,964 $7,331 $7,331 $8,709 7.0% 16.8%

Dealerships and Service Providers

Asbury Automotive Group, Inc. $4,640 $5,335 $5,868 $6,588 $6,588 $6,870 12.4% 2.1% $209 $270 $313 $331 $331 $344 16.6% 1.9%

AutoNation, Inc. 15,669 17,518 19,109 20,862 20,862 22,835 10.0% 4.6% 737 843 909 998 998 1,105 10.6% 5.2%

Boyd Group Income Fund 435 561 764 918 918 1,187 28.3% 13.7% 30 40 77 79 79 110 38.5% 17.7%

CarMax, Inc. 10,963 12,574 14,269 15,150 15,150 17,385 11.4% 7.1% 529 595 724 804 804 1,307 15.0% 27.5%

Copart, Inc. 924 1,046 1,163 1,146 1,146 1,337 7.4% 8.0% 346 342 363 394 394 491 4.4% 11.6%

Group 1 Automotive, Inc. 7,476 8,919 9,938 10,633 10,633 11,655 12.5% 4.7% 269 346 375 407 407 405 14.8% (0.2%)

KAR Auction Services, Inc. 1,963 2,173 2,365 2,640 2,640 3,246 10.4% 10.9% 457 451 574 640 640 822 11.9% 13.3%

Lithia Motors, Inc. Class A 3,316 4,006 5,390 7,864 7,864 8,993 33.4% 6.9% 166 207 266 377 377 432 31.5% 7.0%

Monro Muffler Brake, Inc. 732 831 894 944 944 1,099 8.8% 7.9% 103 127 147 161 161 192 16.0% 9.3%

Penske Automotive Group, Inc. 13,164 14,705 17,177 19,285 19,285 21,235 13.6% 4.9% 419 498 574 645 645 731 15.4% 6.5%

Sonic Automotive, Inc. Class A 8,365 8,843 9,197 9,624 9,624 10,223 4.8% 3.1% 289 300 294 307 307 315 2.0% 1.4%

Total $67,648 $76,512 $86,134 $95,653 $95,653 $106,065 13.9% 6.7% $3,553 $4,019 $4,617 $5,142 $5,142 $6,253 16.1% 9.2%

PAGE |

PUBLIC COMPARABLES

10




Bayerische Motoren Werke AG $98,709 $100,976 $106,648 $102,215 $102,215 $109,000 1.2% 3.3% $20,286 $19,443 $21,734 $19,303 $19,303 $16,734 (1.6%) (6.9%)

Daimler AG 146,811 156,635 172,268 165,747 165,747 176,972 4.1% 3.3% 19,691 21,079 24,558 25,604 25,604 22,543 9.1% (6.2%)

Ford Motor Company 134,266 146,917 144,077 149,558 149,558 147,895 3.7% (0.6%) 12,958 13,183 11,324 15,557 15,557 13,577 6.3% (6.6%)

General Motors Company 152,256 155,427 155,929 152,356 152,356 148,281 0.0% (1.3%) 10,670 12,708 8,853 15,518 15,518 16,877 13.3% 4.3%

Harley-Davidson, Inc. 5,581 5,900 6,229 5,995 5,995 5,516 2.4% (4.1%) 1,183 1,324 1,452 1,330 1,330 1,402 4.0% 2.7%

Navistar International Corporation 12,948 10,775 10,806 10,140 10,140 8,359 (7.8%) (9.2%) (374) (192) 295 567 567 611 NM 3.8%

Oshkosh Corp 8,181 7,665 6,808 6,098 6,098 6,432 (9.3%) 2.7% 500 644 622 523 523 557 1.5% 3.1%

PACCAR Inc 17,051 17,124 18,997 19,115 19,115 16,991 3.9% (5.7%) 2,458 2,648 2,899 3,198 3,198 2,703 9.2% (8.1%)

Toyota Motor Corp. 266,131 256,480 247,980 236,527 236,527 266,357 (3.9%) 6.1% 30,332 35,160 38,164 37,306 37,306 34,306 7.1% (4.1%)

Volkswagen AG Pref 247,486 261,550 268,549 236,524 236,524 243,319 (1.5%) 1.4% 29,739 30,822 33,686 24,722 24,722 32,757 (6.0%) 15.1%

Total $1,089,420 $1,119,448 $1,138,291 $1,084,275 $1,084,275 $1,129,121 (0.7%) (0.4%) $127,443 $136,819 $143,587 $143,628 $143,628 $142,067 4.8% (0.3%)

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.

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