TRANSPORTATION & LOGISTICS

Transcription

1 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 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, Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

2 WHAT WE RE READING APPLE TARGETS ELECTRIC-CAR SHIPPING DATE FOR 2019 Apple Inc. is accelerating efforts to build an electric car, designating it internally as a committed project and setting a target ship date for 2019, according to people familiar with the matter. The go-ahead came after the company spent more than a year investigating the feasibility of an Apple-branded car, including meetings with two groups of government officials in California. Leaders of the project, code-named Titan, have been given permission to triple the 600-person team, the people familiar with the matter said. Wall Street Journal NPD: GROWTH STREAK CONTINUES FOR THE AUTOMOTIVE AFTERMARKET New analysis from NPD Group shows that the automotive aftermarket is continuing its current growth streak. According to David Portalatin, executive director, automotive aftermarket industry analyst, key indicators such as miles driven and good weather trends are keeping the industry on its upward climb. Looking at the automotive aftermarket industry, the overriding fundamentals remain: people are driving more, the weather is favorable for maintenance and appearance and the industry has experienced dollar growth for each month of 2015 thus far. Whether it is an aging vehicle or brand new car, the categories supported by these vehicle segments are experiencing strong growth, Portalatin wrote. Aftermarket News LABOR DAY DEALS BOOST FIAT CHRYSLER SEPTEMBER SALES Fiat Chrysler Automobiles NV posted a 13.6% boost in September U.S. auto sales as the addition of Labor Day weekend deals sweetened results for the auto maker. U.S. consumers splurged in September, keeping car sales on a record pace as the industry heads into the final three months of the year. Fiat Chrysler sold 193,019 vehicles for the month, compared with 169,890 in the same period last year. That extends the Detroit auto maker's sales-gains streak to 66 months. Both the Dodge Journey, up 45%, and Jeep Cherokee, up 38%, posted all-time sales records. MarketWatch THE 90-SECOND OIL CHANGE: CASTROL CLAIMS A BREAKTHROUGH A big motor-oil maker plans to announce Thursday that it has achieved a breakthrough in engine-lubrication design that makes it easy to change the oil in a vehicle in as little as 90 seconds. Castrol, a division of BP, says the modification over current designs also lowers carbon emissions and fosters recycling. The new system, which Castrol has dubbed Nexcel, must be integrated into vehicle engines at the design stage. That means it won't hit mainstream cars for another five years about the length of time between major model changes for many automakers. USA Today CONTENTS M&A TRANSACTIONS PUBLIC MARKETS OVERVIEW STOCK PRICE PERFORMANCE OUR GROUP CONTACTS UNITED STATES Frank Mountcastle Managing Director fmountcastle@harriswilliams.com +1 (804) Jason Bass Managing Director jbass@harriswilliams.com +1 (804) Joe Conner Managing Director jconner@harriswilliams.com +1 (804) Jershon Jones Director jjones@harriswilliams.com +1 (804) Jeff Burkett Director jburkett@harriswilliams.com +1 (804) Jeff Kidd Vice President jkidd@harriswilliams.com +1 (804) EUROPE Jeffery Perkins Managing Director jperkins@harriswilliams.com +49 (0) VW IS SAID TO CHEAT ON DIESEL EMISSIONS; U.S. TO ORDER BIG RECALL On September 18 the Obama administration directed Volkswagen to recall nearly a half-million cars, saying the automaker illegally installed software in its dieselpower cars to evade standards for reducing smog. The EPA accused the German automaker of using software to detect when the car is undergoing its periodic state emissions testing. Only during such tests are the cars full emission control systems turned on. During normal driving situations, the controls are turned off, allowing the cars to spew as much as 40 times as much pollution as allowed under the Clean Air Act, the EPA said. New York Times PAGE 1

3 M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2 Date Target Business Description Acquirer 10/6/2015 Smit Mobile Equipment B.V. Develops custom made mobile and re-locatable units for the healthcare, broadcasting, promotion, and communication industries. R.C. Tway Company, Inc. 9/29/2015 Know How Systems Global LLC Provides automotive services 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. 9/25/2015 Truck-Lite Co., LLC Manufactures and distributes safety lighting products and accessories to heavy-duty truck, trailer, and commercial vehicle industries. AP Exhaust Products, Inc. BDT Capital Partners, LLC; Koch Equity Development, LLC 9/23/2015 BraunAbility Manufactures aftermarket mobility products for people with disabilities. Patricia Industries 9/23/2015 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. Provides risk and asset management software and services to the automotive and property marketplace. Vista Equity Partners 9/9/2015 Henniges Automotive, Inc. Designs, manufactures, and delivers vehicle sealing and anti-vibration 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. 8/31/2015 Duncan Auto Parts Ltd. Wholesaler of automotive parts. Uni-Select Inc. 8/31/2015 Wolverine Advanced Materials, LLC Develops, manufactures, and supplies elastomer-coated metals to the automotive industry. ITT Corporation 8/26/2015 Arrowhead Electrical Products, Inc. Distributes rotating electrical parts and their components in the United States and internationally. The Riverside Company 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 International 8/5/2015 Somerset Tire Service, Inc. Sells tires for cars, trucks, cross-utility vehicles, and sports utility vehicles and offers automotive maintenance and repair services. Mavis Tire Supply Corporation PAGE 2

4 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2015E EBITDA Dealerships and Services Providers 12.6x Dealerships and Services Providers 12.0x 11.9x 11.6x 9.9x 9.3x 6.5x 6.8x AVERAGE REVENUE GROWTH ( ) AVERAGE REVENUE GROWTH ( P) Dealerships and Services Providers 14.2% Dealerships and Services Providers 10.7% 7.6% 2.8% 3.7% 1.7% 2.8% 0.2% AVERAGE EBITDA GROWTH ( ) AVERAGE EBITDA GROWTH ( P) Dealerships and Services Providers 15.4% Dealerships and Services Providers 11.7% 9.3% 10.3% 4.4% 5.0% 3.3% 4.3% PAGE 3

5 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) Distributors and Retailers 6.3% Distributors and Retailers 39.4% 5.0% Dealerships and Service Providers 24.1% Dealerships and Service Providers 3.4% 7.2% Vehicle Manufacturers 1.9% Vehicle Manufacturers (4.9%) TRAILING TWELVE MONTHS (Indexed to October 8, 2014) 40% 30% 20% 10% 0% (10%) (20%) Oct Jan Apr Jul Oct Dealerships and Service Providers S&P 500 Index PAGE 4

6 OUR GROUP Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marine and air transportation, transportation equipment, and the automotive and heavy duty vehicle market. RECENTLY CLOSED T&L TRANSACTIONS has acquired RCL Services Group in partnership with and has sold and to DEEP EXPERIENCE ACROSS T&L SECTORS THIRD-PARTY LOGISTICS RAIL & RAIL SERVICES MARINE TRANSPORTATION TRANSPORTATION EQUIPMENT NICHE TRANSPORTATION AUTOMOTIVE & HEAVY DUTY VEHICLE AIR TRANSPORTATION PAGE 5

7 OUR FIRM 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. Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy, Power & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston Two International Place 24th Floor Boston, Massachusetts Phone: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California Phone: +1 (415) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 6

8 PUBLIC COMPARABLES Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA ($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Oct-14 Apr-15 Current 2015E 2016P Automotive Aftermarket BorgWarner Inc. $10,900 $ % (16.2%) $ % 9.2x 10.5x 8.1x 8.1x 6.9x Cooper Tire & Rubber Co. 2, % 45.5% % 4.7x 4.8x 4.4x 5.3x 5.2x Dorman Products, Inc. 1, % 22.4% % 9.6x 11.5x 11.9x 11.1x 9.8x Federal-Mogul Holdings Corporation 4, (1.5%) (47.3%) % 7.4x 8.2x 7.2x 6.5x 5.7x The Goodyear Tire & Rubber Company 13, % 43.8% % 5.2x 5.4x 5.8x 5.4x 5.2x Modine Manufacturing Company % (26.8%) % 5.8x 6.7x 5.4x 4.4x 4.4x Motorcar Parts of America, Inc % 32.5% % 13.2x 13.8x 16.1x 9.3x 7.5x Standard Motor Products Inc % 5.4% % 6.7x 8.4x 7.5x 8.5x 7.1x Tenneco Inc. 4, % (6.4%) % 5.7x 6.0x 5.5x 5.1x 4.7x Visteon Corporation 1, % 8.9% % 14.4x 8.4x 2.7x 7.1x 6.6x Median 5.0% 7.2% 85.2% 7.0x 8.3x 6.5x 6.8x 6.1x Advance Auto Parts Inc. $15,276 $ % 37.3% $ % 10.5x 10.0x 11.9x 11.8x 10.2x AutoZone, Inc. 27, % 41.5% % 10.0x 12.4x 12.3x 12.1x 11.4x Genuine Parts Company 13, % (3.4%) % 10.9x 11.6x 10.5x 10.2x 9.6x LKQ Corp. 10, (3.4%) 8.0% % 13.0x 11.9x 12.5x 12.0x 10.6x O'Reilly Automotive Inc. 26, % 64.3% % 11.9x 15.2x 16.2x 15.5x 14.2x Pep Boys - Manny, Moe & Jack % 47.2% % 8.3x 11.0x 10.9x 9.5x 8.5x U.S. Auto Parts Network, Inc % 1.4% % 13.6x NM NM 11.0x 8.3x Uni-Select Inc. 1, % 87.8% % 10.8x 12.7x 11.5x 11.4x 11.3x Median 6.3% 39.4% 96.6% 10.8x 11.9x 11.9x 11.6x 10.4x Dealerships and Service Providers Asbury Automotive Group, Inc. $3,856 $ % 24.1% $ % 11.2x 12.9x 12.2x 11.6x 10.7x AutoNation, Inc. 12, % 15.2% % 12.7x 13.2x 12.4x 12.0x 11.0x Boyd Group Income Fund % 43.0% % 13.8x 13.5x 14.0x 13.1x 11.5x CarMax Inc. 21, (0.7%) 25.7% % 18.5x NM 18.7x NM 17.9x Copart, Inc. 4, (0.0%) 10.8% % 11.4x 12.5x 11.3x 11.0x 10.2x Group 1 Automotive Inc. 4, % 18.7% % 11.7x 11.4x 11.4x 11.8x 10.9x KAR Auction Services, Inc. 7, % 33.4% % 12.3x 13.1x 12.6x 12.0x 11.0x Lithia Motors Inc. 4, % 33.8% % 13.1x 15.2x 14.4x 13.0x 11.7x Monro Muffler Brake Inc. 2, % 38.5% % 12.6x 16.1x 16.1x 17.1x 14.7x Penske Automotive Group, Inc. 8, % 20.7% % 13.5x 15.0x 14.2x 13.1x 12.0x Sonic Automotive Inc. 3, % (12.4%) % 11.1x 11.1x 11.1x 11.3x 10.6x Median 3.4% 24.1% 90.5% 12.6x 13.1x 12.6x 12.0x 11.0x PAGE 7

9 PUBLIC COMPARABLES Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA ($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Oct-14 Apr-15 Current 2015E 2016P Automotive Aftermarket Bayerische Motoren Werke Aktiengesellschaft $150,220 $ % (5.6%) $ % 10.2x 11.1x 10.6x 9.5x 9.1x Daimler AG 186, (0.2%) 8.6% % 10.4x 12.4x 11.1x 8.8x 8.1x Ford Motor Co. 162, % 4.7% % 14.0x 14.1x 13.8x 14.8x 12.9x General Motors Company 83, % 3.0% % 7.2x 7.9x 6.4x 5.4x 5.0x Harley-Davidson, Inc. 16, % (6.6%) % 11.8x 12.3x 12.0x 11.0x 10.3x Navistar International Corporation 5, (9.6%) (49.9%) % NM NM 18.1x 11.5x 7.8x Oshkosh Corporation 4, % (4.4%) % 6.5x 7.9x 7.4x 7.5x 7.0x PACCAR Inc. 24, (2.4%) (5.5%) % 11.4x 10.6x 8.9x 9.0x 9.0x Toyota Motor Corporation 323, % 6.3% % 9.0x 10.1x 9.2x 10.4x 9.4x Volkswagen AG 158, (35.7%) (40.7%) % 7.2x 9.1x 6.4x 6.0x 5.6x Median 1.9% (4.9%) 76.1% 10.2x 10.6x 9.9x 9.3x 8.6x PAGE 8

10 PUBLIC COMPARABLES Revenue Revenue Growth EBITDA EBITDA Growth ($ in millions) E 2016P '11-14 '14-16P E 2016P '11-14 '14-16P Automotive Aftermarket BorgWarner Inc. $7,115 $7,183 $7,437 $8,305 $7,937 $9, % 7.6% $1,073 $1,126 $1,224 $1,398 $1,338 $1, % 5.6% Cooper Tire & Rubber Co. 3,908 4,201 3,439 3,425 2,942 3,002 (4.3%) (6.4%) % (7.6%) Dorman Products, Inc % 8.4% % 11.7% Federal-Mogul Holdings Corporation 6,719 6,444 6,786 7,317 7,690 8, % 5.6% (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, % 9.2% Modine Manufacturing Company 1,448 1,577 1,376 1,478 1,513 1, % (1.9%) % 0.5% Motorcar Parts of America, Inc % 21.6% % NM Standard Motor Products Inc , % 3.1% % (2.2%) Tenneco Inc. 7,205 7,363 7,964 8,420 8,227 8, % 1.9% % 8.1% Visteon Corporation 7,532 5,715 6,371 7,509 3,151 3,226 (0.1%) (34.5%) % NM Total $58,243 $55,173 $54,774 $56,582 $50,073 $53, % 0.2% $5,319 $5,503 $6,023 $6,590 $6,426 $7, % 4.3% Advance Auto Parts Inc. $6,170 $6,205 $6,494 $9,844 $9,857 $10, % 1.5% $841 $847 $901 $1,243 $1,324 $1, % 9.9% AutoZone, Inc. 8,073 8,604 9,148 9,475 10,151 10, % 6.5% 1,691 1,841 2,002 2,089 2,229 2, % 6.5% Genuine Parts Company 12,459 13,014 14,078 15,342 15,603 16, % 2.9% 998 1,114 1,209 1,273 1,306 1, % 4.6% LKQ Corp. 3,270 4,123 5,063 6,740 7,282 7, % 8.2% % 10.6% O'Reilly Automotive Inc. 5,789 6,182 6,649 7,216 7,859 8, % 7.8% 1,030 1,159 1,291 1,468 1,688 1, % 12.5% Pep Boys - Manny, Moe & Jack 1,989 2,064 2,091 2,067 2,087 2, % 0.6% (11.3%) 1.0% U.S. Auto Parts Network, Inc (4.7%) 5.2% (26.1%) 37.0% Uni-Select Inc. 1,781 1,798 1,788 1,784 1,367 1, % (19.3%) (1.8%) 0.7% Total $39,857 $42,293 $45,565 $52,751 $54,503 $56, % 1.7% $5,250 $5,687 $6,232 $7,069 $7,607 $8, % 10.3% Dealerships and Service Providers Asbury Automotive Group, Inc. $4,004 $4,475 $5,128 $5,639 $6,555 $7, % 11.5% $171 $210 $259 $297 $331 $ % 10.0% AutoNation, Inc. 13,305 15,020 16,674 18,180 20,930 22, % 10.2% ,020 1, % 9.5% Boyd Group Income Fund % 15.2% % 17.3% CarMax Inc. 8,976 10,004 10,963 12,574 14,269 15, % 10.4% ,077 1, % 14.2% Copart, Inc ,046 1,163 1,145 1, % 1.4% % 8.8% Group 1 Automotive Inc. 5,884 7,216 8,607 9,571 10,665 11, % 9.1% % 5.5% KAR Auction Services, Inc. 1,886 1,963 2,173 2,365 2,575 2, % 7.8% % 11.6% Lithia Motors Inc. 2,549 3,204 3,867 5,200 7,822 8, % 28.2% % 24.2% Monro Muffler Brake Inc % 8.0% % 14.7% Penske Automotive Group, Inc. 10,769 12,584 14,074 16,741 19,087 20, % 10.4% % 11.7% Sonic Automotive Inc. 7,312 8,115 8,571 8,897 9,555 9, % 5.8% % 1.2% Total $56,545 $64,628 $72,380 $81,877 $94,370 $100, % 10.7% $3,398 $3,824 $4,224 $4,791 $5,399 $5, % 11.7% PAGE 9

11 PUBLIC COMPARABLES Revenue Revenue Growth EBITDA EBITDA Growth ($ in millions) E 2016P '11-14 '14-16P E 2016P '11-14 '14-16P Automotive Aftermarket Bayerische Motoren Werke Aktiengesellschaft $66,659 $75,546 $77,374 $96,471 $101,558 $104, % 3.9% $13,439 $13,956 $14,458 $15,627 $15,687 $16, % 1.7% Daimler AG 122, , , , , , % 11.8% 14,066 14,309 14,947 15,784 20,904 22, % 19.2% Ford Motor Co. 128, , , , , , % 3.1% 12,163 11,464 12,370 11,211 10,697 12,141 (2.7%) 4.1% General Motors Company 148, , , , , , % (0.4%) 12,648 10,914 12,356 9,084 15,462 16,723 (10.4%) NM Harley-Davidson, Inc. 4,662 4,943 5,258 5,568 5,554 5, % 1.8% 1,078 1,198 1,317 1,460 1,486 1, % 5.6% Navistar International Corporation 13,441 12,527 10,617 10,653 10,262 10,538 (7.5%) (0.5%) 958 (468) (375) NM NM Oshkosh Corporation 7,539 8,141 7,665 6,808 6,072 6,372 (3.3%) (3.3%) (2.3%) (4.4%) PACCAR Inc. 15,326 15,952 15,949 17,793 19,205 19, % 4.6% 1,807 1,927 2,047 2,446 2,711 2, % 5.9% Toyota Motor Corporation 215, , , , , , % 0.7% 19,838 17,273 26,711 34,414 30,108 33, % (1.3%) Volkswagen AG 184, , , , , , % 6.1% 21,684 25,594 26,303 24,820 25,932 29, % 9.4% Total $907,026 $967,163 $1,013,833 $1,013,070 $1,057,596 $1,093, % 2.8% $98,348 $96,678 $110,773 $115,597 $124,015 $136, % 5.0% PAGE 10

12 TRANSPORTATION & LOGISTICS SOURCES 1. Capital IQ. 2. MergerMarket. DISCLOSURES Harris Williams & Co. ( and 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 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, 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, options thereon 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. PAGE 11