TRANSPORTATION & LOGISTICS

Transcription

1 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 and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

2 HARRIS WILLIAMS & CO. DEAL SPOTLIGHT Driven Brands Harris Williams & Co. advised Driven Brands, a portfolio company of Harvest Partners, on its sale to Roark Capital Group. Through its two iconic brands, Maaco and Meineke, Driven Brands is one of the largest franchise platforms in the automotive aftermarket services sector. Press Release Dent Wizard Harris Williams & Co. advised Dent Wizard, a portfolio company of H.IG. Capital, on its sale to Gridiron Capital. Dent Wizard is the leading provider of cosmetic automotive reconditioning services in North America. Press Release WHAT WE RE READING WARREN BUFFETT ADDS TO AUTOMOTIVE BETS WITH AXALTA INVESTMENT Berkshire Hathaway's Warren Buffett is increasing his investment in the recovering U.S. automotive sector, this time by taking a $560 million stake in Axalta Coating Systems, a 145-year old seller of coatings for cars, SUV s and commercial vehicles. The investment comes as Axalta s private equity owner The Carlyle Group begins exiting an extremely successful buyout investment. Carlyle bought Axalta from DuPont for $4.9 billion in 2013 as the chemical and agriculture giant s CEO Ellen Kullman sought to pare down its operations and focus on high margin businesses. Forbes AAA RELEASES AMERICAN DRIVING SURVEY The first year data show that all drivers 16 and older drive, on average, 29.2 miles per day or 10,658 miles a year. Men reported driving more miles than women; Caucasians reported driving more miles than respondents of other races; Hispanic respondents reported driving the least. Teenagers and drivers ages 75+ also drive significantly fewer miles on average. About 50% of all miles driven are in a car, and another 40% in an SUV or pickup truck. AAA 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) MICHELIN ACQUIRES STAKE IN ONLINE TIRE RETAILER Groupe Michelin is acquiring a 40 percent stake in France s leading online tire retailer Allopneus. The tiremaker is investing roughly 60 million for its minority share in the Internet company. Working with Allopneus, Michelin will expand its online range and extend its commercial presence, the tiremaker said. Allopneus currently holds 7 percent of the French tire market share and sold roughly 3 million tires in The company was established in 2004, and employs roughly 200 people. Michelin s acquisition of shares in Allopneus SAS is subject to validation from the French Competition Authority. AftermarketNews PAGE 1

3 M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2 Pending Pending Car Brite, Inc. and Eagle One Industries, Inc. and Pyroil and Valvoline Maintenance Delphi Automotive PLC, Thermal Business Provider of automotive lubricants and chemicals for consumer, and commercial and industrial applications. Manufacturer of automotive heating and cooling components. Highlander Partners, L.P. MAHLE Industrial Thermal Systems GmbH & Co. KG Pending Anixter Inc., Fasteners Segment Global distributor and manufacturer of highly-engineered fasteners. American Industrial Partners Pending Uni-Select USA, Inc. and Beck/Arnley Worldparts, Inc. (excludes FinishMaster business) Uni-Select USA: automotive parts distributor. Beck/Arnley Worldparts: premium OE parts distributor. Icahn Enterprises, L.P. Pending TI Automotive LTD Car-parts manufacturer. Bain Capital 4/17/2015 Driven Brands, Inc. Largest franchise platform in the automotive aftermarket services sector, providing paint & collision and repair & maintenance services. Roark Capital Group 4/7/2015 Dent Wizard International Corporation National provider of automotive reconditioning services in North America. Gridiron Capital, LLC 4/10/2015 Armstrong Tyres Pty Ltd. Manufacturer of tires and wheels. Trelleborg Wheel Systems Australia Pty Ltd 3/31/2015 Tribar Manufacturing LLC Developer, manufacturer, and supplier of injection molded parts for the industrial and automotive industries. HCI Equity Partners 3/31/2015 Revocoat SAS Developer, manufacturer, and supplier of sealants, dampers, and anticorrosion products for the automotive industry. PPG Industries Inc. 3/25/2015 Superwinch, LLC Designer and producer of winches. Kinderhook Industries; Kinderhook Capital Fund IV 3/24/2015 American Tire Distributors Holdings, Inc. Independent supplier of tires to the North American replacement tire market. Ares Management, L.P. 3/16/2015 Visteon Corp., Global Interiors Business Manufacturer of interior products such as instrument panels, door panels, consoles, and pillars for vehicle manufacturers. Reydel Automotive Minority Holdings B.V. 3/16/2015 Phillips & Temro Industries, Inc. Designer and manufacturer of automotive heating products, systems, and controls as well as cooling and silencing products. Harbour Group 3/10/2015 Van Tuyl Group Operator of automotive dealerships and franchises throughout the Southeast and Midwest. Berkshire Hathaway Inc. 3/2/2015 Maval Manufacturing Inc. Manufacturer of power steering pumps, power steering gear boxes, and electric steering columns and gears. Remy International, Inc. 2/12/2015 ATDynamics, Inc. Designer, manufacturer, and supplier of clean technology products engineered to reduce fuel consumption and carbon emissions in the transportation industry. 1/30/2015 ZF Lenksysteme GmbH (nka:robert Bosch Automotive Steering GmbH) Developer, producer, and seller of steering systems for passenger cars and commercial vehicles worldwide. Stemco LP Robert Bosch GmbH PAGE 2

4 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2015E EBITDA Dealerships and Services Providers 13.5x Dealerships and Services Providers 12.3x 12.0x 11.2x 10.2x 10.2x 7.7x 7.1x AVERAGE REVENUE GROWTH ( ) AVERAGE REVENUE GROWTH ( P) Dealerships and Services Providers 14.2% Dealerships and Services Providers 10.6% 7.6% 3.4% 3.3% 2.2% 2.8% 2.2% AVERAGE EBITDA GROWTH ( ) AVERAGE EBITDA GROWTH ( P) Dealerships and Services Providers 13.5% Dealerships and Services Providers 9.8% 7.5% 7.9% 7.3% 5.6% 4.6% 3.6% PAGE 3

5 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) 2.1% Dealerships and Service Providers 23.2% Dealerships and Service Providers 1.3% Distributors and Retailers 14.5% Distributors and Retailers (0.0%) (3.0%) Vehicle Manufacturers (2.2%) Vehicle (5.2%) Manufacturers TRAILING TWELVE MONTHS (Indexed to April 20, 2014) 40% 30% 20% 10% 0% (10%) (20%) (30%) 4/20/14 7/20/14 10/20/14 1/20/15 4/20/15 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 has experience across a broad range of sectors, including third-party logistics, rail and rail services, marine transportation, transportation equipment, niche transportation, automotive and heavy duty vehicle, and airport and aviation services. RECENTLY CLOSED T&L TRANSACTIONS 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 AIRPORT & AVIATION SERVICES 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 at Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy & Power 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) Fax: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) Fax: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) Fax: +1 (612) UNITED STATES Philadelphia 1600 Market Street 21st Floor Philadelphia, Pennsylvania Phone: +1 (267) Fax: +1 (267) Richmond (U.S. Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) Fax: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California 94105, USA Phone: +1 (415) Fax: +1 (415) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: Fax: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Fax: +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 Apr-14 Oct-14 Current E Automotive Aftermarket BorgWarner Inc. $14,399 $ % (3.0%) $ % 11.4x 9.5x 10.3x 10.3x 9.5x Cooper Tire & Rubber Co. 2, % 67.8% % 4.5x 4.8x 4.4x 4.4x 5.3x Dorman Products, Inc. 1, % (13.5%) % 14.1x 9.7x 11.3x 11.3x 10.1x Federal-Mogul Holdings Corporation 4, % (25.0%) % 7.7x 7.3x 7.7x 7.7x 7.4x The Goodyear Tire & Rubber Company 12, % 0.9% % 5.3x 5.0x 5.5x 5.5x 5.1x Modine Manufacturing Company (6.7%) (13.1%) % 6.4x 5.7x 5.9x 5.6x 5.7x Motorcar Parts of America, Inc % 2.0% % 13.1x 12.8x 13.2x 13.9x 7.6x Remy International, Inc (3.5%) (12.7%) % 7.6x 6.4x 7.4x 7.4x 6.9x Standard Motor Products Inc. 1, % 10.4% % 8.0x 8.1x 8.9x 8.9x 8.2x Tenneco Inc. 4, (1.5%) (6.9%) % 6.3x 5.6x 5.9x 5.9x 5.4x Visteon Corporation 5, % 18.2% % 7.1x 7.2x 8.8x 8.8x NM Median 2.1% (3.0%) 83.4% 7.6x 7.2x 7.7x 7.7x 7.1x Advance Auto Parts Inc. $12,513 $ % 24.0% $ % 8.8x 10.4x 10.1x 10.1x 9.4x AutoZone, Inc. 25, % 32.4% % 10.4x 9.9x 12.1x 12.4x 11.7x Genuine Parts Company 14, (4.0%) 5.0% % 11.2x 10.9x 11.5x 11.5x 10.6x LKQ Corp. 9, % (7.9%) % 14.1x 12.8x 11.9x 11.9x 10.8x O'Reilly Automotive Inc. 22, (0.4%) 46.2% % 12.6x 11.8x 15.6x 15.6x 14.0x Pep Boys - Manny, Moe & Jack (12.5%) (16.2%) % 7.8x 7.9x 10.0x 7.2x 7.8x U.S. Auto Parts Network, Inc (5.4%) (27.9%) % 17.7x 17.0x 16.2x 16.2x 13.4x Uni-Select Inc. 1, % 33.3% % 11.9x 10.7x 12.6x 12.6x 12.8x Median (0.0%) 14.5% 87.7% 11.6x 10.8x 12.0x 12.2x 11.2x Dealerships and Service Providers Asbury Automotive Group, Inc. $3,980 $ % 55.1% $ % 10.7x 10.9x 13.4x 13.4x 12.5x AutoNation Inc. 12, % 15.5% % 13.3x 12.2x 13.5x 13.5x 12.7x Boyd Group Income Fund % 30.7% % 15.4x 14.4x 13.6x 13.6x 11.5x CarMax Inc. 23, % 58.9% % 18.0x 18.4x NM NM NM Copart, Inc. 4, (1.0%) 1.4% % 14.6x 10.4x 11.4x 12.1x 11.5x Group 1 Automotive Inc. 4, % 30.5% % 11.2x 11.6x 11.6x 11.6x 12.0x KAR Auction Services, Inc. 7, % 23.2% % 14.1x 12.4x 13.5x 13.5x 11.9x Lithia Motors Inc. 4, % 48.3% % 12.5x 11.9x 16.7x 16.7x 13.1x Monro Muffler Brake Inc. 2, (5.7%) 15.6% % 14.9x 12.6x 15.9x 17.7x 15.8x Penske Automotive Group, Inc. 8, % 20.5% % 14.6x 12.9x 15.3x 15.3x 13.7x Sonic Automotive Inc. 3, (4.0%) 3.6% % 10.9x 10.7x 10.9x 10.9x 11.4x Median 1.3% 23.2% 96.1% 14.1x 12.2x 13.5x 13.5x 12.3x 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 Apr-14 Oct-14 Current E Automotive Aftermarket Bayerische Motoren Werke Aktiengesellschaft $149,586 $ (4.0%) (7.3%) $ % 11.0x 9.8x 10.2x 10.2x 9.9x Daimler AG 185, (4.8%) (1.7%) % 8.0x 7.8x 8.5x 8.5x 10.1x Ford Motor Co. 160, (3.5%) (1.5%) % 13.7x 14.1x 14.3x 14.3x 15.0x General Motors Company 81, (5.2%) 7.8% % 6.3x 8.4x 9.0x 9.0x 5.3x Harley-Davidson, Inc. 17, (0.9%) (9.1%) % 13.9x 11.8x 12.1x 12.1x 11.3x Navistar International Corporation 6, % (14.9%) % NM NM NM NM 10.2x Oshkosh Corporation 4, % (14.5%) % 8.1x 6.5x 7.8x 7.4x 7.2x PACCAR Inc. 27, % (4.0%) % 13.4x 11.3x 11.3x 11.3x 10.7x Toyota Motor Corporation 349, (0.8%) 28.3% % 8.9x 8.7x 10.7x 10.2x 11.2x Volkswagen AG 205, (4.0%) (6.4%) % 8.3x 7.5x 8.3x 8.3x 7.0x Median (2.2%) (5.2%) 88.3% 8.9x 8.7x 10.2x 10.2x 10.2x 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 $8,632 $9, % 7.9% $1,073 $1,126 $1,224 $1,398 $1,504 $1, % 10.8% Cooper Tire & Rubber Co. 3,908 4,201 3,439 3,425 3,083 3,156 (4.3%) (4.0%) % (6.5%) Dorman Products, Inc % 10.5% % 13.0% Federal-Mogul Holdings Corporation 6,719 6,444 6,786 7,317 8,270 8, % 9.1% (0.6%) 12.2% The Goodyear Tire & Rubber Company 22,767 20,992 19,540 18,138 17,598 17,877 (7.3%) (0.7%) 1,893 1,819 2,105 2,251 2,446 2, % 8.7% Modine Manufacturing Company 1,448 1,577 1,376 1,478 1,516 1, % 1.3% % 2.3% Motorcar Parts of America, Inc % 21.4% % NM Remy International, Inc. 1,195 1,140 1,140 1,182 1,151 1,241 (0.4%) 2.4% (8.6%) 11.5% Standard Motor Products Inc ,029 1, % 5.0% % 8.8% Tenneco Inc. 7,205 7,363 7,964 8,420 8,438 9, % 3.7% % 10.2% Visteon Corporation 7,532 5,715 6,371 7,509 3,280 3,413 (0.1%) (32.6%) % NM Total $59,438 $56,313 $55,914 $57,764 $54,142 $57, % 2.2% $5,486 $5,636 $6,140 $6,709 $6,709 $7, % 7.9% Advance Auto Parts Inc. $6,170 $6,205 $6,494 $9,844 $9,976 $10, % 2.3% $841 $847 $901 $1,243 $1,350 $1, % 8.5% AutoZone, Inc. 8,073 8,604 9,148 9,475 10,166 10, % 6.1% 1,691 1,841 2,002 2,089 2,226 2, % 6.3% Genuine Parts Company 12,459 13,014 14,078 15,342 15,940 16, % 3.9% 998 1,114 1,209 1,273 1,368 1, % 6.3% LKQ Corp. 3,270 4,123 5,063 6,740 7,368 7, % 8.5% % 10.8% O'Reilly Automotive Inc. 5,789 6,182 6,649 7,216 7,732 8, % 6.8% 1,030 1,159 1,291 1,468 1,634 1, % 9.5% Pep Boys - Manny, Moe & Jack 1,989 2,064 2,091 2,067 2,087 2, % 1.7% (11.3%) 1.9% U.S. Auto Parts Network, Inc (4.7%) 8.1% NM NM Uni-Select Inc. 1,781 1,798 1,788 1,784 1,426 1, % (19.9%) (1.8%) (4.0%) Total $39,857 $42,293 $45,565 $52,751 $55,000 $57, % 2.2% $5,250 $5,687 $6,232 $7,069 $7,636 $8, % 5.6% Dealerships and Service Providers Asbury Automotive Group, Inc. $4,004 $4,475 $5,128 $5,639 $6,429 $6, % 9.9% $171 $210 $259 $297 $323 $ % 7.6% AutoNation Inc. 13,305 15,020 16,674 18,180 20,473 21, % 8.9% , % 6.5% Boyd Group Income Fund % 14.1% NM 16.6% CarMax Inc. 8,976 10,004 10,963 12,574 14,269 15, % 12.3% ,077 1, % 13.3% Copart, Inc ,046 1,163 1,180 1, % 3.4% % 6.3% Group 1 Automotive Inc. 5,884 7,216 8,607 9,571 10,614 11, % 8.5% % 1.5% KAR Auction Services, Inc. 1,886 1,963 2,173 2,365 2,530 2, % 6.4% % 10.8% Lithia Motors Inc. 2,549 3,204 3,867 5,200 7,684 8, % 26.9% % 18.2% Monro Muffler Brake Inc , % 9.7% % 15.5% Penske Automotive Group, Inc. 10,769 12,584 14,074 16,741 19,251 20, % 10.3% % 9.4% Sonic Automotive Inc. 7,312 8,115 8,571 8,897 9,579 9, % 6.0% % 1.8% Total $56,545 $64,628 $72,380 $81,877 $93,781 $100, % 10.6% $3,398 $3,824 $4,210 $4,823 $5,291 $5, % 9.8% 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 $91,741 $95, % (0.4%) $13,439 $13,956 $14,458 $15,627 $14,905 $15, % 0.1% Daimler AG 122, , , , , , % 7.2% 18,444 19,337 20,974 21,896 18,036 19, % (4.9%) Ford Motor Co. 128, , , , , , % 5.1% 12,163 11,464 12,370 11,211 10,659 12,196 (2.7%) 4.3% General Motors Company 148, , , , , , % 2.2% 12,648 10,914 12,356 9,084 15,612 16,701 (10.4%) NM Harley-Davidson, Inc. 4,662 4,943 5,258 5,568 5,849 6, % 5.0% 1,078 1,198 1,317 1,460 1,565 1, % 6.4% Navistar International Corporation 13,441 12,527 10,617 10,653 11,310 12,050 (7.5%) 6.4% 958 (468) (375) NM NM Oshkosh Corporation 7,539 8,141 7,665 6,808 6,415 6,434 (3.3%) (2.8%) (2.3%) 3.0% PACCAR Inc. 15,326 15,952 15,949 17,793 19,455 20, % 6.4% 1,807 1,927 2,047 2,446 2,577 2, % 7.1% Toyota Motor Corporation 215, , , , , , % 0.1% 19,838 17,273 26,711 34,414 30,169 34, % 0.4% Volkswagen AG 184, , , , , , % 5.0% 21,684 25,594 26,303 24,820 28,619 31, % 12.3% Total $907,026 $967,163 $1,013,833 $1,013,070 $1,035,877 $1,080, % 3.4% $102,726 $101,705 $116,799 $121,708 $123,433 $136, % 3.6% PAGE 10

12 SOURCES 1. Capital IQ. 2. MergerMarket. DISCLOSURES Harris Williams & Co. ( 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. 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 and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS. 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