TRANSPORTATION & LOGISTICS · E-COMMERCE AUTOMOTIVE AFTERMARKET TO HIT $30B BY 2025 The e-commerce automotive aftermarket is expected to cross $30 billion USD by 2025, according to

TRANSPORTATION & LOGISTICS

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JANUARY 2018

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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 KiddDirector [email protected] +1 (804) 915-0178

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

Jon Meredith Vice President [email protected]+1 (804) 887-6085

EUROPE

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

For a novel form of transport to make a material difference to our lives, several keyrequirements must be satisfied. Obviously the new technology must work safely,and operate within an appropriate regulatory framework. But public acceptanceand solid business models are also vital if a new idea is to move from R&D lab totestbed to early adoption, and eventually into mainstream usage.

There's inevitably a lot of hype surrounding the future of transportation, but alsoplenty of substance, with big investments being made both by disruptive techcompanies and by incumbent industry players. Can technology help to get usand our goods around quicker, in greater safety, and with less damage to theplanet? Driverless cars, or Connected and Autonomous Vehicles (CAVs) aregetting the lion's share of attention, but the wider implications of CAVs and othernovel forms of transport are also firmly on the agenda -- including smarter, greenercities and more efficient distribution of freight and consumer deliveries.

ZDNet

TECH AND THE FUTURE OF TRANSPORTATION

WHAT WE’RE READING

HOW SELF-DRIVING CARS WILL CHANGE CITIES

The autonomous vehicle industry is one of the most buzzworthy topics in the techworld today, and venture capitalists are walking the talk. In 2017, self-drivingtechnology investment skyrocketed. Nearly $4 billion worth of venture capital wasinvested across 68 deals last year, up from $626 million spanning 34 deals the yearbefore, per the PitchBook Platform. Those figures are a far cry from 2012, when lessthan $1 million in venture capital was invested across four transactions.

The massive amount of funding that's been funneled into autonomous vehicletech over the last year is representative of innovation in the industry and points tothe fact that companies are actively building self-driving cars and theiraccompanying features (LIDAR sensors, mapping tools, etc.).

PitchBook

U.S. AUTO SUPPLIERS URGE NAFTA TO COMPROMISE

A trade group representing U.S. auto suppliers urged the Trump administration toadopt NAFTA automotive rules that cover research, engineering, design andsoftware development work as part of North American regional value contentgoals. The proposal from the Motor and Equipment Manufacturers Association wassent to U.S. Trade Representative Robert Lighthizer as a sixth round of negotiationsto revise the North American Free Trade Agreement began in Montreal.

U.S. demands for sweeping changes to automotive content rules are among themost contentious issues in the NAFTA talks, including a requirement that half thevalue of all North American vehicles come from the U.S. and a far higher contentrequirement of 85 percent from North America.

Automotive News

E-COMMERCE AUTOMOTIVE AFTERMARKET TO HIT $30B BY 2025

The e-commerce automotive aftermarket is expected to cross $30 billion USD by2025, according to a new research report by Global Market Insights Inc. The globale-commerce automotive aftermarket is expected to generate a demand of morethan 1 billion units till 2025. Increasing age of vehicles across the globe, specificallyin developed countries coupled with shifting consumer preference towards onlinepurchase of auto components will primarily drive the industry growth over theforecast timeframe. Changing style preferences of consumers and increasingcustomizations in vehicles will further strengthen the industry penetration.

Steering and suspension is anticipated to dominate the e-commerce automotiveaftermarket share over the forecast timeframe. This can be credited to risingdemand of components such as control arms, coil springs and bearings.Availability of numerous options at reasonable price and choice will positivelyimpact the product demand.

Aftermarket News

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mailto:[email protected]









http://www.zdnet.com/article/tech-and-the-future-of-transportation-from-here-to-there/

https://pitchbook.com/news/articles/how-self-driving-cars-will-change-cities-the-view-from-ces

http://www.autonews.com/article/20180123/OEM10/180129912/us-auto-parts-suppliers-urge-nafta-compromise

http://www.aftermarketnews.com/e-commerce-automotive-aftermarket-hit-30b-2025/

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M&A TRANSACTIONS(1)

2

RECENT M&A TRANSACTIONS



*Denotes pending transactions

Date Target Business Description Acquirer

1/16/2018 Parkmobile Prov ides mobile parking serv ices in North America BMW Group

1/11/2018 AFG Allgemeine

Fahrzeugübernahme-

Gesellschaft mbH

Provides automotive distribution serv ices Mosolf Se & Co. Kg

1/11/2018 Continental Batteries Distributes aftermarket batteries Incline Equity Partners

1/11/2018 Jett Express Car Washes LLC Provides car cleaning serv ices with a tunnel express conveyor Zips Car Wash LLC

1/9/2018 Tiger Accessories Group Supplies vehicle lighting and cleaning products in North America Hopkins

1/8/2018 Levin’s Auto Supply Supplies automotive aftermarket products to retailers and automotive

parts stores

Highline Aftermarket

1/8/2018 Piston Rings Komarov Designers and manufacturers of piston rings for the OEM and

aftermarket channels

Hastings Manufacturing

1/4/2018 SARL Giraud-Garage du Bois de

la Chaize

Provides automotive repair serv ices Giraud-Garage du Bois de la

Chaize SARL /Monnier/

1/4/2018 Truck Parts & Equipment, Inc. Supplies new and used semi trailers and truck equipment FleetPride, Inc.

1/3/2018 Scot Lubricants, Inc. Prov ides blending and packaging of lubricants Coolants Plus, Inc.

12/31/2017 Bumperdoc, Inc. /San Diego

Shop/

Provides automotive repair serv ices Bumperdoc, Inc. /Coons/

12/29/2017 A. Huber AG Provides car repair serv ices Auto Wild AG

12/22/2017 Touratech AG Retails motorcycle accessories including oil cans, flender flares, caliper

cover, and frame coverthrough online

Pelzer Swiss Holding AG

12/12/2017 The Car People Ltd. Operates as a dealer of used cars Penske Automotive Group,

Inc.

12/19/2017 Spectrum Coatings Distributes and wholesale automotive and industrial paint products FinishMaster

12/14/2017* Brink Group BV Provides towing solutions and offers racks, containers, carriers, and

storage units for cars, trucks, and recreational vehicles

Horizon Global Corp.

12/14/2017* WITTE Stromberg GmbH Manufactures hinges for the automotive industry WITTE Stromberg GmbH

/Private Group/

12/14/2017* Ryds Bilglas AB Provides automobile glass repair, replacement and installation serv ices

include glazing, railings, décor with glass and window film

Triona Holding SA

12/13/2017 Visteon Corp. /FR Automotive

Electronic Unit/

Manufactures automotive electronic parts American Industrial

Acquisition Corp.

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PUBLIC MARKETS OVERVIEW(1)

3


TEV / LTM EBITDA TEV / 2018P EBITDA

AVERAGE REVENUE GROWTH (2014 – 2017) AVERAGE REVENUE GROWTH (2017 – 2019P)

AVERAGE EBITDA GROWTH (2014 – 2017) AVERAGE EBITDA GROWTH (2017 – 2019P)


(18.5%)

(8.8%)

3.2%

5.3%

Suppliers

Distributors and Retailers

Vehicle Manufacturers

Dealerships and Services

Providers

0.2%

5.5%

9.1%

9.4%


Suppliers


Providers


(16.0%)

(7.0%)

5.2%

7.0%

Suppliers




Providers

8.9x

10.7x

11.9x

13.1x

Suppliers




Providers

7.4x

10.3x

10.7x

12.1x

Suppliers




Providers

(0.7%)

0.8%

2.9%

8.9%


Suppliers



Providers

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STOCK PRICE PERFORMANCE(1)

4


(Indexed to January 25th , 2017)

TRAILING TWELVE MONTHS

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


(30%)

(20%)

(10%)

0%

10%

20%

30%

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

Suppliers Distributors and Retailers Dealerships and Service Providers

Vehicle Manufacturers S&P 500 Index

5.6%

5.9%

8.4%

8.6%

9.5%

S&P 500

Vehicle

Manufacturers

Suppliers

Dealerships and

Service Providers

Distributors and

Retailers

(0.6%)

14.4%

16.2%

20.2%

24.7%

Distributors and

Retailers

Suppliers

Dealerships and

Service Providers

Vehicle

Manufacturers

S&P 500

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.


5


RECENTLY CLOSED T&L TRANSACTIONS

a portfolio company of

has been acquired byhas merged with

a portfolio company of a portfolio company of

has been acquired by

has merged with

an operating company of

in a recapitalization by

and


a portfolio company ofa portfolio company of

is merging with


A portfolio company of

has been acquired by has been acquired by

a portfolio company ofa portfolio company of


has been recapitalized byhas been acquired by

DEEP EXPERIENCE ACROSS T&L SECTORS

MARINE TRANSPORTATION

NICHE TRANSPORTATION

TRANSPORTATION EQUIPMENT

RAIL & RAIL SERVICES

AUTOMOTIVE & HEAVY DUTY

VEHICLE

THIRD-PARTY LOGISTICS

AIR TRANSPORTATION



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IndustrialsHealthcare & Life Sciences

Transportation & Logistics

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Services

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Specialty Distribution

Consumer

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

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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.

OUR FIRM



6

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PUBLIC COMPARABLES(1)

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 Jan-17 Jul-17 Current 2018P 2019P

Automotive Aftermarket

TEV / LTM EBITDA as of

Suppliers

BorgWarner Inc. $13,989 $56.48 9.2% 41.7% $58.22 97.0% 6.9x 7.4x 8.9x 8.0x 7.5x

Cooper Tire & Rubber Company 2,239 40.15 12.5% 14.4% 44.50 90.2% 3.1x 4.1x 4.4x 5.1x 5.1x

Dorman Products, Inc. 2,430 75.11 22.0% 10.1% 88.50 84.9% 11.8x 12.6x 12.1x 10.7x 10.0x

Goodyear Tire & Rubber Company 14,809 35.62 8.4% 16.7% 37.20 95.8% 5.0x 6.0x 6.7x 6.0x 5.6x

Modine Manufacturing Company 1,605 22.55 8.2% 65.2% 23.95 94.2% 8.0x 9.3x 9.3x 7.4x 6.8x

Motorcar Parts of America, Inc. 582 28.15 13.3% 4.6% 31.57 89.2% 9.0x 7.8x 8.7x 5.8x NA

Standard Motor Products, Inc. 1,116 46.10 2.5% (8.9%) 54.73 84.2% 9.9x 10.0x 9.1x 8.5x NA

Tenneco Inc. 4,640 59.84 2.5% (9.3%) 70.96 84.3% 6.4x 7.1x 7.4x 5.0x 4.7x

Visteon Corporation 3,889 129.40 3.2% 40.8% 140.64 92.0% 9.0x 9.4x 10.7x 9.9x 9.1x

Median 8.4% 14.4% 90.2% 8.0x 7.8x 8.9x 7.4x 6.8x


Advance Auto Parts, Inc. $9,428 $118.03 17.4% (31.2%) $170.98 69.0% 12.7x 8.9x 11.0x 9.4x 8.6x

AutoZone, Inc. 26,842 788.70 11.1% 2.4% 797.89 98.8% 11.6x 8.3x 11.1x 10.8x 10.4x

Genuine Parts Company 16,277 104.13 9.5% 4.4% 104.88 99.3% 12.8x 10.8x 13.8x 10.7x 10.4x

LKQ Corporation 16,190 42.85 5.0% 35.5% 43.75 97.9% 12.8x 12.2x 14.9x 13.0x 12.2x

O'Reilly Automotive, Inc. 26,833 272.30 12.3% (0.6%) 277.40 98.2% 14.7x 10.2x 13.7x 13.0x 12.3x

U.S. Auto Parts Network, Inc. 103 2.52 0.4% (31.1%) 4.13 61.0% 14.4x 13.8x 11.9x 6.9x NA

Uni-Select Inc. 1,355 21.89 (3.7%) (4.1%) 27.36 80.0% 10.1x 10.1x 11.9x 9.2x 8.8x

Median 9.5% (0.6%) 97.9% 12.8x 10.2x 11.9x 10.7x 10.4x

Dealerships and Service Providers

Asbury Automotive Group, Inc. $3,243 $75.05 16.4% 17.4% $76.40 98.2% 9.7x 9.1x 9.9x 10.0x 10.6x

AutoNation, Inc. 10,231 60.04 16.5% 16.2% 60.12 99.9% 9.8x 9.3x 11.3x 11.3x 10.4x

Boyd Group Income Fund 1,908 82.36 4.0% 30.9% 86.03 95.7% 13.4x 15.0x 18.3x 13.3x 11.6x

CarMax, Inc. 25,751 71.49 9.6% 7.3% 77.64 92.1% NM NM NM 18.4x 17.5x

Copart, Inc. 11,206 45.42 4.8% 59.5% 46.09 98.5% 15.4x 15.3x NM 17.4x 15.6x

Group 1 Automotive, Inc. 4,351 80.84 8.0% 0.7% 84.47 95.7% 10.5x 10.2x 10.4x 10.9x 10.9x

KAR Auction Services, Inc. 10,994 54.45 6.7% 20.0% 54.49 99.9% 13.3x 11.6x 13.5x 12.1x 11.1x

Lithia Motors, Inc. Class A 5,826 125.33 8.6% 26.1% 125.87 99.6% 12.1x 11.4x 13.1x 12.1x 11.3x

Monro Inc 2,443 61.75 5.5% 5.5% 61.90 99.8% 14.0x 12.1x 14.4x 12.5x 11.2x

Penske Automotive Group, Inc. 10,472 53.80 11.6% 3.1% 55.26 97.4% 14.6x 13.8x 15.1x 13.1x 12.6x

Sonic Automotive, Inc. Class A 3,361 22.35 17.0% (3.5%) 27.45 81.4% 10.9x 10.7x 11.0x 11.2x 10.8x

Median 8.6% 16.2% 98.2% 12.7x 11.5x 13.1x 12.1x 11.2x

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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 Jan-17 Jul-17 Current 2018P 2019P


TEV / LTM EBITDA as of


Bayerische Motoren Werke AG $178,798 $117.93 13.9% 26.7% $118.14 99.8% 8.1x 9.7x 10.9x 9.7x 9.3x

Daimler AG 216,225 92.55 9.7% 22.7% 92.69 99.8% 7.0x 8.2x 10.4x 8.7x 8.5x

Ford Motor Company 164,263 12.02 (4.5%) (2.8%) 13.48 89.2% 12.5x 12.5x 13.4x 13.9x 13.0x

General Motors Company 134,444 43.29 3.0% 17.0% 46.76 92.6% 5.6x 5.1x 6.0x 7.9x 7.5x

Harley-Davidson, Inc. 15,422 53.81 3.8% (8.2%) 63.40 84.9% 13.4x 12.8x 17.4x 13.2x 12.9x

Navistar International Corporation 8,089 44.75 0.3% 61.0% 47.47 94.3% 13.2x 16.2x 12.3x 10.9x 9.7x

Oshkosh Corp 7,599 93.98 2.8% 34.9% 94.93 99.0% 10.9x 9.6x 12.1x 11.2x 10.2x

PACCAR Inc 32,702 77.64 9.4% 17.6% 77.74 99.9% 9.7x 10.0x 10.4x 9.6x 9.1x

Toyota Motor Corp. 342,472 69.31 7.9% 17.3% 70.35 98.5% 9.1x 9.0x 10.3x 11.2x 10.6x

Volkswagen AG Pref 272,489 230.94 15.5% 45.9% 231.43 99.8% 5.4x 6.0x 7.1x 6.0x 5.8x

Median 5.9% 20.2% 98.8% 9.4x 9.6x 10.7x 10.3x 9.5x

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9



Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2014 2015 2016 2017 2018P 2019P '14-17 '17-19P 2014 2015 2016 2017 2018P 2019P '14-17 '17-19P


Suppliers

BorgWarner Inc. $8,304 $8,025 $9,071 $9,692 $10,408 $11,051 5.3% 6.8% $1,385 $1,330 $1,507 $1,628 $1,754 $1,869 5.5% 7.1%

Cooper Tire & Rubber Company 3,421 2,959 2,925 2,845 2,995 2,977 (6.0%) 2.3% 436 541 592 421 447 439 (1.2%) 2.2%

Dorman Products, Inc. 751 803 860 911 1,007 1,058 6.6% 7.8% 153 162 188 200 226 242 9.3% 10.0%

Goodyear Tire & Rubber Company 18,138 16,443 15,158 15,232 15,498 15,799 (5.7%) 1.8% 2,251 2,349 2,520 2,143 2,433 2,628 (1.6%) 10.8%

Modine Manufacturing Company 1,496 1,353 1,503 1,998 2,109 2,214 10.1% 5.3% 110 114 124 189 217 237 19.6% 12.0%

Motorcar Parts of America, Inc. 302 369 421 453 490 0 14.5% (100.0%) 38 49 67 86 99 0 31.6% (100.0%)

Standard Motor Products, Inc. 980 972 1,058 1,104 1,140 0 4.0% (100.0%) 113 92 121 109 132 0 (1.3%) (100.0%)

Tenneco Inc. 8,420 8,209 8,599 9,188 9,669 10,046 3.0% 4.6% 752 781 764 871 941 997 5.0% 7.0%

Visteon Corporation 7,509 3,245 3,161 3,155 3,281 3,499 (25.1%) 5.3% 663 265 323 368 396 421 (17.8%) 6.8%

Total $49,322 $42,377 $42,756 $44,577 $46,596 $46,645 0.8% (18.5%) $5,902 $5,684 $6,206 $6,015 $6,643 $6,833 5.5% (16.0%)


Advance Auto Parts, Inc. $9,844 $9,737 $9,568 $9,345 $9,562 $9,853 (1.7%) 2.7% $1,244 $1,147 $1,068 $908 $996 $1,097 (10.0%) 9.9%

AutoZone, Inc. 9,475 10,187 10,636 10,889 10,889 11,806 4.7% 4.1% 2,089 2,223 2,358 2,403 2,403 2,582 4.8% 3.6%

Genuine Parts Company 15,342 15,280 15,340 15,990 18,364 18,733 1.4% 8.2% 1,273 1,266 1,217 1,263 1,507 1,547 (0.3%) 10.7%

LKQ Corporation 6,740 7,193 8,584 9,655 10,320 10,888 12.7% 6.2% 790 852 1,007 1,112 1,248 1,331 12.1% 9.4%

O'Reilly Automotive, Inc. 7,216 7,967 8,593 8,970 9,442 9,962 7.5% 5.4% 1,465 1,743 1,917 1,960 2,069 2,171 10.2% 5.3%

U.S. Auto Parts Network, Inc. 284 291 304 306 316 0 2.6% (100.0%) 5 6 10 14 15 0 43.3% (100.0%)

Uni-Select Inc. 1,784 1,355 1,197 1,445 1,744 1,800 (6.8%) 11.6% 104 94 107 122 148 154 5.7% 12.1%

Total $50,685 $52,010 $54,221 $56,600 $60,636 $63,042 2.9% (8.8%) $6,968 $7,331 $7,684 $7,783 $8,385 $8,881 9.4% (7.0%)

Dealerships and Service Providers

Asbury Automotive Group, Inc. $5,868 $6,588 $6,528 $6,455 $6,570 $6,473 3.2% 0.1% $313 $331 $334 $320 $323 $300 0.7% (3.2%)

AutoNation, Inc. 19,109 20,862 21,609 21,401 21,748 21,654 3.8% 0.6% 909 998 971 875 909 988 (1.3%) 6.3%

Boyd Group Income Fund 764 918 1,047 1,265 1,467 1,646 18.3% 14.1% 77 79 94 115 141 163 14.4% 18.8%

CarMax, Inc. 14,269 15,150 15,875 17,305 18,300 19,695 6.6% 6.7% 724 804 713 1,351 1,402 1,475 23.1% 4.5%

Copart, Inc. 1,163 1,146 1,268 1,448 1,448 1,806 7.6% 11.7% 363 394 455 540 540 719 14.1% 15.5%

Group 1 Automotive, Inc. 9,938 10,633 10,888 11,061 11,274 11,110 3.6% 0.2% 375 408 419 376 390 393 0.0% 2.2%

KAR Auction Services, Inc. 2,365 2,640 3,150 3,448 3,672 3,870 13.4% 5.9% 574 640 740 841 915 992 13.6% 8.6%

Lithia Motors, Inc. Class A 5,390 7,864 8,678 10,103 11,238 11,513 23.3% 6.7% 266 377 405 435 486 498 17.8% 7.1%

Monro Inc 894 944 1,022 1,135 1,209 1,349 8.3% 9.0% 147 161 162 178 197 217 6.6% 10.6%

Penske Automotive Group, Inc. 17,177 19,285 20,119 21,208 21,631 21,942 7.3% 1.7% 574 645 665 751 797 824 9.3% 4.8%

Sonic Automotive, Inc. Class A 9,197 9,624 9,732 9,828 9,971 10,094 2.2% 1.3% 294 307 319 306 301 321 1.3% 2.3%

Total $86,134 $95,653 $99,915 $104,655 $108,528 $111,151 8.9% 5.3% $4,617 $5,143 $5,277 $6,086 $6,401 $6,890 9.1% 7.0%

PAGE |


10




Bayerische Motoren Werke AG $106,648 $102,215 $104,163 $119,719 $123,778 $127,814 3.9% 3.3% $21,734 $19,303 $19,370 $18,094 $18,268 $18,862 (5.9%) 2.1%

Daimler AG 172,268 165,747 169,537 199,706 206,340 211,408 5.0% 2.9% 25,517 25,668 26,177 24,630 25,137 26,146 (1.2%) 3.0%

Ford Motor Company 144,077 149,558 151,800 144,041 143,163 141,996 (0.0%) (0.7%) 11,324 15,079 12,296 11,422 11,297 12,192 0.3% 3.3%

General Motors Company 155,929 152,356 166,380 145,320 144,340 140,785 (2.3%) (1.6%) 10,160 15,518 20,671 17,024 16,000 16,897 18.8% (0.4%)

Harley-Davidson, Inc. 6,229 5,995 5,996 4,882 4,972 5,332 (7.8%) 4.5% 1,452 1,330 1,240 1,120 1,169 1,202 (8.3%) 3.6%

Navistar International Corporation 10,806 10,140 8,111 8,570 8,570 9,918 (7.4%) 7.6% 295 567 474 658 658 834 NM 12.6%

Oshkosh Corp 6,808 6,098 6,279 6,830 6,830 7,433 0.1% 4.3% 622 523 518 626 626 746 0.2% 9.2%

PACCAR Inc 18,997 19,115 17,005 17,860 19,758 20,180 (2.0%) 6.3% 2,899 3,198 2,939 3,194 3,453 3,658 3.3% 7.0%

Toyota Motor Corp. 247,980 236,533 255,078 260,315 264,835 271,349 1.6% 2.1% 38,164 36,457 34,060 27,938 29,285 30,732 (9.9%) 4.9%

Volkswagen AG Pref 268,549 236,524 240,340 281,681 292,410 301,866 1.6% 3.5% 36,343 26,777 37,788 41,384 45,196 46,875 4.4% 6.4%

Total $1,138,291 $1,084,281 $1,124,689 $1,188,923 $1,214,995 $1,238,080 (0.7%) 3.2% $148,510 $144,420 $155,533 $146,090 $151,091 $158,144 0.2% 5.2%

Revenue Revenue Growth EBITDA EBITDA Growth

($ in millions) 2014 2015 2016 2017 2018P 2019P '14-17 '17-19P 2014 2015 2016 2017 2018P 2019P '14-17 '17-19P


PAGE |


SOURCES


1. FactSet.

2. MergerMarket.

3. Pitchbook.

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