TRANSPORTATION & LOGISTICS...10/26/2015 AL-KO Vehicle Technology Designs and manufactures trailer...

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TRANSPORTATION & LOGISTICS

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AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ NOVEMBER 2015

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www.harriswilliams.com



TOYOTA PLANS $1 BILLION OUTLAY TO ADVANCE ARTIFICIAL INTELLIGENCE

Toyota Motor Corp. will invest $1 billion to form a U.S.-based research anddevelopment company to develop artificial intelligence as an underpinningtechnology for future vehicles and manufacturing. The company, called ToyotaResearch Institute Inc., will be located in Silicon Valley near Stanford University inPalo Alto, California, Toyota said. Operations at the company will begin inJanuary.

Automotive News

SHIFTMOBILITY WANTS TO BRING PARTS NETWORK INTO THE MODERN AGE

Cars may be getting smarter, but the supplier network that connects partsmanufacturers, distributors, and repair shops is still operating under an archaic,inefficient, and painfully slow system. It was that inefficiency—witnessed firsthandwhile their car was being serviced—that captured the imagination of Pavana Jain,a longtime Oracle executive, and Arvind Jain, who has two decades of productdevelopment experience. They spent three years developing their answer: a fullyintegrated mobile platform that connects all three verticals on the service side ofthe automotive business. The three distinct interfaces—ShopLite for repair shops,SupplierPro for distributors, and VroomBox for manufacturers—all share a commonsoftware platform, the startup ShiftMobility.

Fortune

WHAT WE’RE READING

RECORD AUTOMOTIVE AFTERMARKET INDUSTRY WEEK

This month in Las Vegas, Automotive Aftermarket Industry Week (AAIW) becamethe largest automotive gathering on the planet thanks in part to the AftermarketAuto Parts Alliance. The Alliance became what is believed to be the first programgroup to ever the hold its convention in conjunction with the AAPEX and SEMAshows that make up AAIW. Dubbed the Aftermarket Jackpot, the Alliance’striennial event drew more than 3,800 people from Auto Value/Bumper to Bumperstores and shops.

Aftermarket News

IHS PREDICTION: A LOOK AT CARS ON ROAD IN 2020

In the last seven years, the average age of vehicles on the road in the U.S.increased by 15% to 11.5 years. How will that rate change in the next five years?According to Mark Seng, the global aftermarket practice leader for IHSAutomotive, the company’s prediction is an increase in overall average age ofabout 3% by 2020. While that may not sound like a lot, where dealers can makestrategic moves to position themselves for maximum potential profit is to look atwhich segments will see the biggest growth.

New York Times

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

UPS E-commerce continues to accelerate in the automotive aftermarket industry.New research shows that 56% of online automotive parts and accessoriesshoppers are making their purchases online – an 8% increase over the previousyear. The study also indicates that consumers are combining online and in-storechannels for an omnichannel shopping experience. Omnichannel is whenshoppers seamlessly shift between mobile, online and in-store resources toresearch, purchase, pick up and return their items.

Aftermarket News

ONLINE AUTO PARTS SALES ACCELERATE; SHOPPERS SHIFT BEHAVIORS

http://www.harriswilliams.com/

http://www.autonews.com/article/20151105/OEM06/151109879/toyota-plans-$1-billion-u.s.-outlay-to-advance-artificial-intelligence

http://fortune.com/2015/11/05/shiftmobility-mobile-platform-auto-industry/

http://www.aftermarketnews.com/aftermarket-jackpot-puts-industry-week-over-the-top/

http://www.autoremarketing.com/trends/ihs-prediction-look-at-cars-road-2020

mailto:[email protected]







http://www.aftermarketnews.com/ups-study-online-auto-parts-sales-accelerate-shoppers-shift-behaviors/

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M&A TRANSACTIONS

2

RECENT M&A TRANSACTIONS1,2



Date Target Business Description Acquirer

11/3/2015 Reading Truck Bodies Manufactures truck bodies and accessories. JB Poindexter & Co.

11/2/2015 Compass Automotive Group, LLC Manufactures safety critical aluminum automotive components for cars,

motorcycles, and light trucks.

Shipston Group Limited

10/28/2015 Filter Sensing Technologies, Inc. Develops advanced measurement and control technologies. CTS Corporation

10/28/2015 Interstate Tire Distributor, Inc. Markets and distributes tires and wheels in California, Arizona, Utah, and

Nevada.

Omni United (S) Pte. Ltd.

10/26/2015 Pep Boys - Manny, Moe & Jack Offer a range of automotive maintenance and repair serv ices; and

install tires, parts, and accessories.

Bridgestone Retail

Operations, LLC

10/26/2015 AL-KO Vehicle Technology Designs and manufactures trailer axles, trailer and caravan

components, chassis, and motorized chassis.

Dexter Axle Company, Inc.

10/22/2015 Carstar, Inc. Prov ides auto repair serv ices in the United States and Canada through

its network of auto repair shops.

Driven Brands, Inc.

10/21/2015 Who-Rae Pty Ltd Manufactures and distributes interior aftermarket accessories for

retailers, fleet opertaors, and colume purchasers.

Kraco Enterprises LLC

9/29/2015 Know How Systems Global LLC Provides automotive serv ices and repairs to leading automotive OEMs

and insurers.

Dent Wizard International

Corporation

9/29/2015 Eastern Manufacturing Inc. Designs, manufactures, and supplies exhaust and emissions products for

automotive, light truck, heavy-duty, off-road vehicles, and industrial

applications.

AP Exhaust Products, Inc.

9/25/2015 Truck-Lite Co., LLC Manufactures and distributes safety lighting products and accessories

to heavy-duty truck, trailer, and commercial vehicle industries.

BDT Capital Partners, LLC;

Koch Equity Development,

LLC

9/23/2015 BraunAbility Manufactures aftermarket mobility products for people with disabilities. Patricia Industries AB

9/22/2015 MSD LLC Designs, develops, tests, and manufactures ignition components. Lincolnshire Management,

Inc

9/21/2015 Vintage Parts, Inc. Purchases and sells original equipment manufacturer obsolete, slow

moving, and inactive parts for various industries and manufacturers.

GenNx360 Capital Partners

9/13/2015 Solera Holdings Inc. Prov ides risk and asset management software and serv ices to the

automotive and property marketplace.

Vista Equity Partners

9/9/2015 Henniges Automotive, Inc. Designs, manufactures, and delivers vehicle sealing and anti-v ibration

solutions for the automotive industry worldwide.

Bohai Harvest RST (Shanghai)

9/2/2015 Huron Inc. Designs and manufactures tubular assemblies and precision machined

components for the automotive industry in North America.

Seven Mile Capital Partners

8/31/2015 Engineered Products Company Sells and manufactures filtration systems and replacement parts. Donaldson Company, Inc.

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PUBLIC MARKETS OVERVIEW

3


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)


3.7%

4.4%

7.6%

14.7%

Suppliers

Vehicle Manufacturers

Distributors and Retailers

Dealerships and Services

Providers

(0.8%)

1.2%

3.8%

11.5%

Suppliers




Providers

0.7%

3.3%

9.3%

15.9%



Suppliers


Providers

4.4%

10.8%

12.6%

21.1%

Suppliers



Providers


6.8x

9.7x

12.5x

12.8x

Suppliers



Providers


7.4x

10.0x

12.1x

12.1x

Suppliers




Providers

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STOCK PRICE PERFORMANCE

4


(Indexed to November 10, 2014)

TRAILING TWELVE MONTHS

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


(1.3%)

(0.6%)

4.3%

6.9%

Dealerships and

Service Providers

Vehicle

Manufacturers

Suppliers

Distributors and

Retailers

(2.0%)

7.9%

8.5%

41.0%

Vehicle

Manufacturers

Suppliers

Dealerships and

Service Providers

Distributors and

Retailers

(20%)

(10%)

0%

10%

20%

30%

40%

Nov-10-2014 Feb-10-2015 May-10-2015 Aug-10-2015 Nov-10-2015

Suppliers Distributors and Retailers

Dealerships and Service Providers Vehicle Manufacturers

S&P 500 Index

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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


a portfolio company of

has been acquired byhas been acquired by


has been acquired by


and

in partnership with

and

RCL Services Group

has sold

tohas been acquired by













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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OUR FIRM



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PUBLIC COMPARABLES

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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 Nov-14 May-15 Current 2015E 2016P

Automotive Aftermarket

TEV / LTM EBITDA as of

Suppliers

BorgWarner Inc. $10,191 $41.69 (7.2%) (27.7%) $63.30 65.9% 9.9x 10.6x 7.6x 7.6x 6.7x

Cooper Tire & Rubber Co. 2,314 42.54 1.6% 30.9% 43.94 96.8% 4.7x 4.0x 4.5x 5.1x 5.0x

Dorman Products, Inc. 1,623 47.95 (8.7%) 2.9% 53.75 89.2% 10.4x 10.9x 10.4x 9.8x 9.4x

Federal-Mogul Holdings Corporation 4,394 8.67 7.3% (42.8%) 16.72 51.9% 7.6x 8.4x 7.6x 7.2x 6.5x

The Goodyear Tire & Rubber Company 13,988 32.98 3.6% 31.1% 33.75 97.7% 5.5x 5.8x 5.9x 5.6x 5.2x

Modine Manufacturing Company 513 8.80 (0.6%) (30.0%) 13.96 63.0% 6.3x 6.0x 5.2x 4.3x 4.4x

Motorcar Parts of America, Inc. 639 34.00 4.9% 16.2% 36.62 92.8% 15.4x 13.3x 16.8x 9.7x 7.8x

Standard Motor Products Inc. 1,003 43.76 22.6% 13.0% 45.72 95.7% 7.0x 7.5x 8.7x 9.8x 8.6x

Tenneco Inc. 4,349 54.59 10.5% 2.4% 61.73 88.4% 5.7x 6.5x 5.9x 5.6x 5.2x

Visteon Corporation 2,362 115.85 9.1% 19.7% 116.04 99.8% NM 8.5x 3.3x 8.6x 7.8x

Median 4.3% 7.9% 91.0% 7.0x 7.9x 6.8x 7.4x 6.6x


Advance Auto Parts Inc. $15,889 $198.72 6.1% 40.1% $201.24 98.7% 10.7x 9.6x 12.4x 12.0x 10.7x

AutoZone, Inc. 28,787 797.29 8.4% 41.8% 803.25 99.3% 10.7x 12.0x 12.9x 12.9x 12.2x

Genuine Parts Company 13,934 89.52 4.1% (9.7%) 109.00 82.1% 12.2x 11.8x 10.9x 10.7x 10.4x

LKQ Corp. 10,662 30.08 4.1% 3.3% 32.25 93.3% 13.7x 12.3x 12.6x 12.5x 11.1x

O'Reilly Automotive Inc. 28,102 273.33 7.8% 52.7% 277.96 98.3% 13.6x 15.2x 16.7x 16.4x 14.9x

Pep Boys - Manny, Moe & Jack 1,078 15.01 17.5% 55.1% 15.05 99.7% 9.7x 10.4x 12.4x 10.8x 10.3x

U.S. Auto Parts Network, Inc. 99 2.45 12.9% (11.9%) 3.34 73.4% 18.7x 18.9x 15.2x 12.1x 8.8x

Uni-Select Inc. 1,130 48.24 5.2% 128.4% 51.29 94.0% 9.1x 12.4x 12.9x 11.5x 11.4x

Median 6.9% 41.0% 96.2% 11.5x 12.2x 12.8x 12.1x 10.9x

Dealerships and Service Providers

Asbury Automotive Group, Inc. $3,587 $78.14 (7.6%) 6.1% $96.58 80.9% 11.6x 12.4x 10.9x 10.7x 10.0x

AutoNation, Inc. 12,425 64.00 5.6% 11.1% 67.50 94.8% 12.9x 12.8x 12.3x 12.0x 10.9x

Boyd Group Income Fund 855 47.51 (8.6%) 42.0% 52.20 91.0% 14.9x 12.9x 13.7x 12.2x 10.7x

CarMax Inc. 21,345 57.30 (4.4%) 3.0% 75.40 76.0% NM NM 18.2x 19.7x 17.2x

Copart, Inc. 4,649 37.10 6.5% 8.5% 38.50 96.4% 11.6x 11.6x 12.0x 11.7x 10.8x

Group 1 Automotive Inc. 4,689 86.67 (2.3%) (0.7%) 97.34 89.0% 12.3x 11.1x 11.5x 11.8x 10.9x

KAR Auction Services, Inc. 7,957 37.02 (1.3%) 12.1% 39.87 92.9% 14.0x 12.9x 12.5x 12.1x 11.1x

Lithia Motors Inc. 4,976 120.48 9.8% 59.3% 122.01 98.7% 12.1x 15.7x 14.3x 13.6x 12.2x

Monro Muffler Brake Inc. 2,662 73.42 4.7% 36.7% 77.00 95.4% 14.1x 15.2x 16.8x 18.6x 15.8x

Penske Automotive Group, Inc. 8,791 49.32 (4.1%) 5.0% 54.39 90.7% 14.1x 14.8x 13.8x 13.7x 12.5x

Sonic Automotive Inc. 3,375 25.12 13.8% (0.7%) 27.84 90.2% 10.6x 10.8x 11.2x 11.4x 10.8x

Median (1.3%) 8.5% 91.0% 12.6x 12.9x 12.5x 12.1x 10.9x

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PUBLIC COMPARABLES

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Bayerische Motoren Werke Aktiengesellschaft $155,687 $103.16 11.1% 14.9% $132.93 77.6% 10.2x 12.2x 11.2x 10.5x 9.8x

Daimler AG 186,806 85.74 13.1% 28.0% 103.24 83.1% 10.7x 12.9x 10.9x 9.1x 8.5x

Ford Motor Co. 161,986 14.52 (3.1%) 2.5% 16.74 86.7% 14.3x 14.5x 12.2x 15.4x 13.0x

General Motors Company 91,671 35.75 6.9% 13.2% 39.00 91.7% 6.6x 8.2x 6.8x 6.1x 5.6x

Harley-Davidson, Inc. 15,556 49.16 (10.7%) (25.6%) 70.41 69.8% 12.8x 11.8x 11.3x 11.2x 10.8x

Navistar International Corporation 5,672 14.12 (13.4%) (61.7%) 38.05 37.1% NM 18.8x 17.7x 11.3x 7.7x

Oshkosh Corporation 4,207 42.28 1.9% (6.4%) 55.69 75.9% 7.1x 8.6x 8.0x 7.9x 8.1x

PACCAR Inc. 24,360 53.95 (3.3%) (19.4%) 71.15 75.8% 12.5x 11.2x 8.5x 9.7x 10.2x

Toyota Motor Corporation 311,419 61.94 3.9% 12.0% 71.28 86.9% 9.6x 10.1x 8.5x 10.3x 9.4x

Volkswagen AG 146,085 104.43 (6.1%) (43.2%) 282.04 37.0% 7.6x 9.0x 7.7x 6.6x 5.4x

Median (0.6%) (2.0%) 76.8% 10.2x 11.5x 9.7x 10.0x 8.9x

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 Nov-14 May-15 Current 2015E 2016P


TEV / LTM EBITDA as of

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PUBLIC COMPARABLES

9



Suppliers

BorgWarner Inc. $7,115 $7,183 $7,437 $8,305 $7,841 $9,349 5.3% 6.1% $1,073 $1,126 $1,224 $1,398 $1,335 $1,497 9.2% 3.5%

Cooper Tire & Rubber Co. 3,908 4,201 3,439 3,425 2,964 3,018 (4.3%) (6.1%) 286 629 483 518 448 466 21.8% (5.1%)

Dorman Products, Inc. 513 570 664 751 788 845 13.5% 6.0% 95 112 138 153 166 172 17.2% 6.0%

Federal-Mogul Holdings Corporation 6,719 6,444 6,786 7,317 7,390 7,584 2.9% 1.8% 622 439 565 611 605 659 (0.6%) 3.9%

The Goodyear Tire & Rubber Company 22,767 20,992 19,540 18,138 16,429 16,593 (7.3%) (4.4%) 1,893 1,819 2,105 2,251 2,526 2,718 5.9% 9.9%

Modine Manufacturing Company 1,448 1,577 1,376 1,478 1,513 1,400 0.7% (2.7%) 103 128 96 116 119 116 4.0% (0.0%)

Motorcar Parts of America, Inc. 161 179 213 259 317 382 17.1% 21.6% 30 31 37 35 66 82 4.9% 53.0%

Standard Motor Products Inc. 875 949 984 980 993 1,031 3.9% 2.5% 79 102 120 126 103 117 17.0% (3.5%)

Tenneco Inc. 7,205 7,363 7,964 8,420 8,199 8,641 5.3% 1.3% 597 638 695 736 785 852 7.2% 7.6%

Visteon Corporation 7,532 5,715 6,371 7,509 3,211 3,236 (0.1%) (34.4%) 541 479 560 646 275 304 6.1% (31.4%)

Total $58,243 $55,173 $54,774 $56,582 $49,644 $52,078 3.7% (0.8%) $5,319 $5,503 $6,023 $6,590 $6,427 $6,983 9.3% 4.4%


Advance Auto Parts Inc. $6,170 $6,205 $6,494 $9,844 $9,855 $10,122 16.8% 1.4% $841 $847 $901 $1,243 $1,326 $1,496 13.9% 9.7%

AutoZone, Inc. 8,073 8,604 9,148 9,475 10,151 10,744 5.5% 6.5% 1,691 1,841 2,000 2,081 2,229 2,371 7.2% 6.7%

Genuine Parts Company 12,459 13,014 14,078 15,342 15,371 15,814 7.2% 1.5% 998 1,114 1,209 1,273 1,272 1,328 8.4% 2.2%

LKQ Corp. 3,270 4,123 5,063 6,740 7,249 7,823 27.3% 7.7% 424 493 624 790 850 957 23.1% 10.0%

O'Reilly Automotive Inc. 5,789 6,182 6,649 7,216 7,927 8,499 7.6% 8.5% 1,030 1,159 1,291 1,468 1,717 1,882 12.6% 13.2%

Pep Boys - Manny, Moe & Jack 1,989 2,064 2,091 2,067 2,087 2,091 1.3% 0.6% 155 147 118 109 100 102 (11.3%) (2.9%)

U.S. Auto Parts Network, Inc. 327 304 255 284 294 303 (4.7%) 3.4% 13 8 5 5 8 11 (26.1%) 44.2%

Uni-Select Inc. 1,781 1,798 1,788 1,784 1,364 1,137 0.1% (20.2%) 97 79 82 92 99 99 (1.8%) 3.4%

Total $39,857 $42,293 $45,565 $52,751 $54,298 $56,533 7.6% 1.2% $5,250 $5,687 $6,230 $7,062 $7,600 $8,246 3.3% 10.8%

Dealerships and Service Providers

Asbury Automotive Group, Inc. $4,004 $4,475 $5,128 $5,639 $6,603 $7,037 12.1% 11.7% $171 $210 $259 $297 $337 $357 20.2% 9.7%

AutoNation, Inc. 13,305 15,020 16,674 18,180 21,001 22,778 11.0% 11.9% 652 737 827 915 1,040 1,151 11.9% 12.1%

Boyd Group Income Fund 268 327 435 622 850 929 32.4% 22.1% 18 21 31 51 70 79 43.0% 24.4%

CarMax Inc. 8,976 10,004 10,963 12,574 14,269 15,347 11.9% 10.5% 719 783 828 932 1,077 1,216 9.0% 14.3%

Copart, Inc. 872 924 1,046 1,163 1,145 1,196 10.1% 1.4% 312 338 351 362 401 429 5.1% 8.8%

Group 1 Automotive Inc. 5,884 7,216 8,607 9,571 10,667 11,289 17.6% 8.6% 225 271 322 386 383 428 19.6% 5.3%

KAR Auction Services, Inc. 1,886 1,963 2,173 2,365 2,608 2,786 7.8% 8.5% 462 471 495 574 655 715 7.5% 11.6%

Lithia Motors Inc. 2,549 3,204 3,867 5,200 7,847 8,456 26.8% 27.5% 129 166 210 266 365 408 27.4% 23.9%

Monro Muffler Brake Inc. 637 687 732 831 901 968 9.3% 7.9% 101 115 101 127 143 169 8.0% 15.2%

Penske Automotive Group, Inc. 10,769 12,584 14,074 16,741 19,152 20,398 15.8% 10.4% 342 417 493 574 651 705 18.9% 10.8%

Sonic Automotive Inc. 7,312 8,115 8,571 8,897 9,616 10,003 6.8% 6.0% 263 288 300 300 300 313 4.4% 2.2%

Total $56,462 $64,519 $72,270 $81,785 $94,657 $101,187 14.7% 11.5% $3,392 $3,818 $4,216 $4,784 $5,423 $5,970 15.9% 12.6%

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


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PUBLIC COMPARABLES

10




Bayerische Motoren Werke Aktiengesellschaft $55,141 $61,574 $60,378 $85,648 $97,802 $100,143 15.8% 8.1% $11,117 $11,375 $11,283 $13,874 $15,126 $15,499 7.7% 5.7%

Daimler AG 101,510 108,266 111,182 122,380 157,890 164,526 6.4% 15.9% 11,635 11,663 11,664 14,013 20,137 21,144 6.4% 22.8%

Ford Motor Co. 128,168 126,567 139,369 135,782 138,762 145,409 1.9% 3.5% 12,163 11,464 12,370 11,211 10,347 12,267 (2.7%) 4.6%

General Motors Company 148,866 150,295 152,092 151,092 145,623 147,168 0.5% (1.3%) 12,648 10,914 12,356 9,084 14,848 16,080 (10.4%) 33.0%

Harley-Davidson, Inc. 4,662 4,943 5,258 5,568 5,341 5,494 6.1% (0.7%) 1,078 1,198 1,317 1,460 1,359 1,434 10.6% (0.9%)

Navistar International Corporation 13,441 12,527 10,617 10,653 10,257 10,366 (7.5%) (1.4%) 958 (468) (375) 128 489 725 (48.9%) 138.0%

Oshkosh Corporation 7,539 8,141 7,665 6,808 6,076 6,322 (3.3%) (3.6%) 668 511 639 622 539 527 (2.3%) (8.0%)

PACCAR Inc. 15,326 15,952 15,949 17,793 18,127 17,750 5.1% (0.1%) 1,807 1,927 2,047 2,446 2,405 2,334 10.6% (2.3%)

Toyota Motor Corporation 144,635 142,131 169,744 197,327 219,528 231,999 10.9% 8.4% 13,342 11,553 20,420 28,755 29,321 32,627 29.2% 6.5%

Volkswagen AG 152,697 185,720 188,064 190,788 229,226 228,008 7.7% 9.3% 17,937 20,861 20,525 22,035 23,266 27,456 7.1% 11.6%

Total $771,984 $816,116 $860,318 $923,839 $1,028,631 $1,057,184 4.4% 3.8% $83,353 $80,997 $92,246 $103,629 $117,839 $130,092 0.7% 21.1%

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


PAGE |


SOURCES


1. Capital IQ.

2. MergerMarket.

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