The Motor Weekly Index: (+50.60, %)

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1 October 10, 2017 The Motor Weekly Index: (+50.60, %) 3-Month Price Performance SUPPLIER EQUITY INDEX RETURNS 1 Week 3 Months S&P % 5.12% NA Autos 1.71% 14.32% EUR Autos 0.44% 14.95% ASIA Autos 0.67% 4.71% Heavy Duty 1.72% 13.99% *Represents market-weighted index *Source: Capital IQ 120% 115% 110% 105% 100% 95% S&P 500 NA Autos EUR Autos ASIA Autos Heavy Duty 90% Jul 2017 Aug 2017 Sep 2017 Oct % 114.3% 114.0% 105.1% 104.7% LTM Trading Multiples (EV / LTM EBITDA) SUPPLIER TRADING MULTIPLES Year 12.5x 10.5x NA Autos EUR Autos ASIA Autos Heavy Duty 11.6x NA Autos 7.7x 0.8x EUR Autos 7.3x 1.1x ASIA Autos 6.6x 0.4x Heavy Duty 11.6x 2.1x *Multiples use LTM EBITDA *Source: Capital IQ 8.5x 6.5x 4.5x Oct 2016 Feb 2017 Jun 2017 Oct x 7.3x 6.6x U.S. S.A.A.R. (in millions) Historical Gas Prices ($ per gallon) 20.0 Total Light Vehicles 18.5 $ $ $ Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 $1.00 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16

2 The Motor Weekly Index The Motor Weekly Index Summary The Motor Weekly Index is the average of two sub-indices: The Manufacturers Index (M-Index) is a market weighted average of global vehicle manufacturers The Suppliers Index (S-Index) is a market weighted average of global OEM component suppliers The Motor Weekly Index Indexed as of January Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 S&P 500 MW Index Manufacturers Index (M-Index) Last Six Months Suppliers Index (S-Index) Last Six Months Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep S&P 500 Vehicle Manufacturers (Global) S&P 500 Suppliers (Global) 2 Source: Capital IQ

3 Recent News October 10 (Automotive News) Honeywell International plans to spin off its turbocharger business into a new publicly listed company by the end of 2018, the industrial conglomerate confirmed Tuesday. The company will also spin off its home and ADI global distribution business. Sources told Reuters on Monday Honeywell was planning to spin off noncore assets and create at least two new publicly listed companies as it seeks to streamline its business. Honeywell expects the turbocharger business to employ 6,500 people and generate annual revenue of about $3 billion. Honeywell CEO Darius Adamczyk, like his peers at other industrial conglomerates, has been under pressure to pull apart a portfolio of disparate businesses that includes automotive turbo chargers, burglar alarms and the Xtratuf boots popular in Alaska s fishing industry. The company plans to retain its aerospace businesses -- a move that defies activist investor Third Point s calls to spin off a division which accounted for about 36 percent of total revenue in The spinoff of the low-margin automotive turbocharger business would follow moves by other large auto suppliers, such as Delphi Automotive, to shed technology tied to the internal combustion engine as regulators around the world crack down on emissions and talk of mandating a switch to battery-electric vehicles over the next two decades. October 10 (Automotive News) Mexico's main automotive industry group on Monday said U.S. content in vehicles made south of the border is far higher than Trump administration officials have argued, as Mexican auto output and exports posted robust growth in September. The comments came two days before trade negotiators from Mexico, the United States and Canada meet for a fourth round of talks on revamping the North American Free Trade Agreement in Washington. President Donald Trump argues NAFTA has hollowed out American manufacturing, in particular in automaking, and fueled a U.S. trade deficit in goods with Mexico worth over $60 billion. He has threatened to ditch NAFTA if the deal cannot be reworked in favor of the United States. Last month, the Trump administration released a study showing that U.S. value-added content was declining for manufactured goods imported from Mexico and Canada. The U.S. Commerce Department analysis of OECD trade in value-added data found U.S. content in automotive imports from Mexico fell to 18.1 percent in 2011 from 26.5 percent in U.S. content in automotive imports from Canada declined to 26.4 percent from 34.9 percent over the same period. However, Mexican Auto Industry Association (AMIA) president Eduardo Solis told a news conference the figures did not tally with the group's own analysis, which found that U.S. content in Mexican parts and components ranged between 37 percent and 39.5 percent, "depending on the scenario. In the case of Canadian parts, the U.S. content varied from between 48 percent to 52 percent, said Solis, who spoke at a news conference announcing the latest Mexico output data. Under NAFTA, at least 62.5 percent of the material in a car or light truck made in the region must be from North America to be able to enter the marketplace tariff-free. October 9 (Automotive News) General Motors has acquired lidar company Strobe Inc., a move expected to help boost self-driving vehicle production and slash cost on lidar units 99 percent. The value of the transaction, which occurred last week, was not disclosed. GM shares, which have been trading at or near post-bankruptcy highs for the last several days, rose 0.9 percent to close the day at $ Lidar is seen as a key technology for the mass deployment of autonomous vehicles. It uses light to create highresolution images that provide a more accurate view of the world than cameras or radar alone. As part of the acquisition, eleven people from Strobe, including its engineering team, will join Cruise Automation, which GM acquired in early GM is currently testing more than 100 self-driving Chevrolet Bolt EVs in Arizona, California and Michigan. The vehicles do not currently use Strobe's lidar technology. Cruise Automation is now on its third-generation test vehicle, which Vogt has touted as "the first real self-driving car." It remains unclear how many of each generation of the self-driving vehicles are being tested. 3

4 North American Equity Performance Last 12 Months Change (90.0%) (60.0%) (30.0%) 0.0% 30.0% 60.0% 90.0% 60.0% Weighted Group Average Vehicle Manufacturers Suppliers SRI 40.0% Aftermarket SUP HZN TOWR GM STRT LNR NEXTEER MG LEA LKQ BWA CPS AXL ST CPRT DLPH GPC TEN F ALV GNTX MPAA UNS SNA DORM SMP THRM GT SHLO DAN MRE VC MOD 1 FCA TSLA 20.0% 0.0% Last 3 Months Change (20.0%) (40.0%) (60.0%) 4 Source: Capital IQ Companies not within ranges still considered in weighted group averages (1) FCA LTM change is 169.6%

5 North American OEM Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA as of 52-Wk Market Enterprise EBITDA Debt / LTM Company Ticker 10/6/2017 High Cap Value Margin EBITDA P/E LTM 2017 Vehicle Manufacturers Tesla, Inc. TSLA $ % $ 57,232 $ 67, % 13.0x NM NM NM General Motors Company GM % 65,805 54, % 4.1x 7.8x 2.5x 2.7x Ford Motor Company F % 49,011 36, % 1.6x 13.0x 2.6x 4.0x Fiat Chrysler Automobiles N.V. FCA % 27,375 34, % 1.8x 8.4x 2.9x 2.2x Weekly Stock Price Performance 4.6% 11.3% 2.8% (2.2%) Mean 9.3% 5.1x 9.7x 2.7x 3.0x High Multiple Suppliers Delphi Automotive PLC DLPH $ % $ 26,716 $ 30, % 1.3x 21.3x 10.0x 10.3x BorgWarner Inc. BWA % 10,975 12, % 1.4x 57.9x 8.4x 8.4x Autoliv, Inc. ALV % 11,046 11, x 20.0x 9.3x 9.2x Adient plc ADNT % 7,864 10, % 2.3x NM 10.8x 7.3x Gentex Corporation GNTX % 5,754 5, % 0.0x 16.2x 8.3x 7.8x Visteon Corporation VC % 3,900 3, % 1.2x 30.4x 11.3x 10.1x Gentherm Incorporated THRM % 1,372 1, % 1.0x 17.0x 8.6x 8.2x Stoneridge, Inc. SRI % % 1.7x 7.9x 8.9x 8.1x (0.4%) 2.1% 1.2% 0.8% 3.0% 1.6% 7.9% Mean 16.3% 1.3x 24.4x 9.4x 8.7x Mid Multiple Suppliers Magna International Inc. MG $ % $ 19,837 $ 23, % 0.9x 9.7x 5.8x 5.7x Goodyear Tire & Rubber Co. GT % 8,238 13, % 2.6x 7.1x 5.8x 6.2x Lear Corporation LEA % 11,814 12, % 1.0x 11.6x 6.4x 6.1x American Axle & Mfg. AXL % 1,962 5, % 5.1x 6.1x 7.0x 5.3x Dana Incorporated DAN % 4,103 5, % 2.7x 6.0x 7.9x 6.9x Nexteer Automotive Group % 4,752 4, % 1.0x 14.7x 9.0x 7.4x Tenneco Inc. TEN % 3,369 4, % 2.5x 12.1x 7.5x 5.3x Cooper-Standard Holdings Inc. CPS % 2,024 2, % 1.7x 14.5x 5.6x 5.4x Modine Manufacturing Company MOD % 1,028 1, % 3.7x 43.3x 10.5x 8.2x Martinrea International Inc. MRE % 867 1, % 1.9x 7.5x 5.0x 4.4x Superior Industries SUP % 420 1, % 9.7x 62.9x 17.2x 9.4x Tower International, Inc. TOWR % % 2.3x 8.1x 5.1x 4.6x Shiloh Industries, Inc. SHLO % % 2.5x 34.9x 5.7x 5.3x STRATTEC Security Corp. STRT % % 1.2x 21.8x 8.0x NM (1.4%) (0.6%) 1.2% 0.4% 1.5% 1.7% 1.9% 11.9% 2.8% 10.5% 0.6% 2.9% 2.3% 4.6% Mean 11.0% 2.7x 18.0x 7.5x 6.1x Mean 12.3% 2.6x 18.8x 7.5x 6.6x Median 10.8% 1.7x 13.0x 7.7x 6.2x Avg. 2.65% 5 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD Valuations for GM & Ford exclude financial divisions

6 North American Aftermarket ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA as of 52-Wk Market Enterprise EBITDA Debt / LTM Company Ticker 10/6/2017 High Cap Value Margin EBITDA P/E LTM 2017 Retailers & Distributors AutoZone, Inc. AZO % 16,478 21, % 2.1x 13.6x 9.0x 8.9x O'Reilly Automotive, Inc. ORLY $ % $ 18,292 $ 21, % 1.3x 18.7x 11.2x 10.8x Genuine Parts Company GPC % 13,975 14, % 0.9x 20.7x 12.1x 11.7x Snap-on Incorporated SNA % 8,692 9, % 1.1x 15.5x 10.3x 9.4x Advance Auto Parts, Inc. AAP % 6,730 7, % 1.1x 18.8x 6.6x 8.7x Uni-Select Inc. UNS % 933 1, % 1.9x 17.2x 10.5x 9.0x U.S. Auto Parts Network, Inc. PRTS % % 1.2x 3.8x 7.4x 6.9x Weekly Stock Price Performance 1.1% (1.1%) (0.1%) 0.2% (4.9%) 2.3% (6.9%) Mean 14.1% 1.4x 15.5x 9.6x 9.4x Aftermarket Suppliers Goodyear Tire & Rubber Co. GT $ % $ 8,238 $ 13, % 2.6x 7.1x 5.4x 5.4x Axalta Coating Systems Ltd. AXTA % 7,217 10, % 4.6x NM 12.1x 11.4x Dorman Products, Inc. DORM ,480 2, % 0.0x 22.2x 12.9x 11.5x Cooper Tire & Rubber Company CTB % 1,887 2, % 0.7x 10.1x 4.0x 4.3x Standard Motor Products, Inc. SMP % 1,104 1, % 0.5x 18.1x 9.6x 9.3x Horizon Global Corporation HZN % % 4.8x NM 12.0x 8.8x Motorcar Parts of America, Inc. MPAA % % 0.4x 15.1x 6.8x 5.8x (1.4%) (2.0%) (0.7%) 5.6% 2.0% 0.4% 1.2% Mean 16.4% 1.9x 14.5x 9.0x 8.1x Collision LKQ Corporation LKQ $ % $ 11,314 $ 14, % 2.9x 23.1x 13.4x 12.8x KAR Auction Services, Inc. KAR % 6,540 9, % 5.0x 29.4x 13.3x 12.0x Copart, Inc. CPRT % 8,167 8, % 1.2x 21.2x 17.3x 15.4x Boyd Group Income Fund BYD % 1,360 1, % 1.2x 75.9x 15.4x 13.1x (1.6%) 0.2% Dealerships Mean 20.2% 2.5x 37.4x 14.9x 13.3x CarMax Inc. KMX $ % $ 13,890 $ 26, % 9.5x 21.2x 21.7x 20.7x AutoNation, Inc. AN % 4,696 11, % 7.1x 11.8x 11.1x 11.2x Penske Automotive Group, Inc. PAG % 3,952 9, % 8.2x 11.0x 14.6x 13.4x Lithia Motors, Inc. LAD % 2,940 5, % 5.7x 14.3x 13.6x 12.4x Group 1 Automotive, Inc. GPI % 1,424 4, % 7.1x 11.0x 11.4x 10.9x Sonic Automotive, Inc. SAH % 934 3, % 8.2x 14.4x 12.1x 11.4x Asbury Automotive Group, Inc. ABG % 1,264 3, % 5.6x 8.0x 10.0x 9.7x AutoCanada Inc. ACQ % 507 1, % 8.8x 68.6x 17.9x 16.0x (2.6%) (1.4%) (1.0%) (2.7%) 1.3% 0.1% 4.9% 1.1% Mean 4.4% 7.5x 20.0x 14.1x 13.2x Mean 12.7% 3.6x 20.5x 11.6x 10.8x Avg. Median 9.6% 2.4x 16.3x 11.7x 11.1x (0.20%) 6 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

7 European OEM Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA as of 52-Wk Market Enterprise EBITDA Debt / LTM Company Ticker 10/6/2017 High Cap Value Margin EBITDA P/E LTM 2017 Vehicle Manufacturers Volkswagen Aktiengesellschaft VOW $ % $ 85,790 $ 238, % 5.6x 9.0x 9.6x 7.4x Daimler AG DAI % 86, , % 6.6x 7.6x 11.2x 9.7x BMW AG BMW % 67, , x 7.9x 11.3x 10.5x Renault SA RNO % 29,346 69, % 8.7x 5.6x 12.6x 10.7x Fiat Chrysler Automobiles N.V. FCA % 27,375 34, % 1.8x 8.4x 3.1x 2.5x Peugeot S.A. UG % 21,628 15, % 1.5x 11.0x 2.9x 2.6x Weekly Stock Price Performance 2.7% 1.0% 2.7% (2.2%) 2.0% Mean 11.1% 5.2x 8.3x 8.5x 7.2x Suppliers Continental AG CON $ % $ 50,577 $ 54, % 0.9x 16.7x 7.7x 6.6x Michelin SCA ML % 25,716 27, % 0.8x 13.0x 6.2x 5.4x Valeo SA FR % 17,578 19, % 1.7x 15.4x 8.5x 6.4x Autoliv, Inc. ALV % 11,046 11, x 20.0x 9.3x 9.2x Faurecia S.A. EO % 9,903 10, % 1.3x 12.2x 6.2x 4.9x GKN plc GKN % 8,027 8, % 1.1x 12.3x 6.4x 5.9x Plastic Omnium SA POM % 6,275 7, % 2.2x 15.2x 8.3x 6.4x Brembo S.p.A. BRE % 5,474 5, % 1.2x 19.1x 11.5x 10.0x LEONI AG LEO % 2,162 2, % 2.0x 28.9x 7.3x 6.2x ElringKlinger AG ZIL % 1,144 1, % 2.8x 12.3x 7.0x 6.3x Sogefi S.p.A. SO % 673 1, % 2.4x 30.7x 6.0x 4.9x Grammer AG GMM % % 2.0x 15.1x 5.7x 4.9x Kongsberg Automotive ASA KOA % % 3.3x NM 9.2x 9.4x Polytec Holding AG PYT % % 1.8x 10.4x 6.5x 6.2x (0.2%) (2.2%) (0.7%) (0.5%) (1.0%) (2.4%) (4.4%) (1.4%) 3.2% 0.2% 0.8% 0.5% 4.5% Mean 11.5% 1.8x 17.6x 7.6x 6.6x Mean 11.4% 2.8x 14.3x 7.8x 6.8x Avg. Median 11.2% 1.9x 12.3x 7.5x 6.3x 0.37% 7 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

8 Asian OEM Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA as of 52-Wk Market Enterprise EBITDA Debt / LTM Company Ticker 10/6/2017 High Cap Value Margin EBITDA P/E LTM 2017 Vehicle Manufacturers Toyota Motor Corporation 7203 $ % $ 181,303 $ 305, % 5.5x 11.0x 9.6x 10.9x Nissan Motor Co., Ltd % 37, , % 7.1x 6.5x 10.1x 9.3x Honda Motor Co., Ltd % 54,479 98, % 5.1x 9.4x 8.2x 7.9x Hyundai Motor Company A % 27,323 70, % 10.3x 10.7x 11.6x 9.1x BYD Company Limited % 28,658 35, % 3.8x 44.1x 16.5x 15.2x Geely Automobile Holdings Limited % 30,945 28, % 0.2x 28.5x 22.8x 15.2x Suzuki Motor Corporation % 23,295 22, % 1.5x 13.9x 5.5x 4.9x Mahindra & Mahindra Limited % 10,804 17, % 4.6x 19.0x 10.9x 20.6x Yamaha Motor Co., Ltd ,216 12, % 2.2x 12.4x 8.3x 7.6x Isuzu Motors Limited % 10,525 11, % 1.2x 11.4x 6.0x 6.1x Dongfeng Motor Group Co % 11,877 10, % 6.2x 5.8x NM 24.8x Kia Motors Corporation A % 11,173 10, % 2.3x 5.9x 3.2x 3.7x Mazda Motor Corporation ,543 9, % 2.5x 9.4x 5.5x 4.8x Mitsubishi Motors Co % 12,381 7, % 0.5x NM 13.8x 6.7x Faw Car Co., Ltd % 3,562 3, % 0.9x NM 17.1x 13.1x Weekly Stock Price Performance (2.2%) 1.7% (0.1%) 11.1% 24.4% 0.3% (3.3%) 1.1% 3.3% (0.1%) 0.1% 3.1% (0.0%) Mean 9.0% 3.6x 14.5x 10.7x 10.7x Suppliers DENSO Corporation 6902 $ % $ 39,810 $ 37, % 0.7x 15.6x 6.9x 6.8x Bridgestone Corporation A % 35,313 33, % 0.7x 14.8x 6.1x 5.7x Aisin Seiki Co., Ltd % 14,879 19, % 1.1x 14.6x 5.2x 4.7x Hyundai Mobis Co.,Ltd % 19,958 15, % 1.0x 8.6x 5.4x 5.4x Asahi Glass Co., Ltd % 8,717 13, % 2.6x 16.9x 6.9x 6.4x Koito Manufacturing Co., Ltd % 10,214 8, % 0.3x 18.2x 7.5x 7.3x NSK Ltd % 7,159 8, % 2.4x 16.0x 8.4x 7.4x JTEKT Corporation % 5,024 6, % 1.7x 10.8x 5.4x 5.3x Stanley Electric Co., Ltd % 5,832 5, % 0.2x 21.2x 7.7x 7.2x NTN Corporation % 2,341 4, % 4.6x NM 7.3x 6.8x Toyota Boshoku Corporation % 4,004 3, % 0.8x 9.5x 3.8x 3.9x Toyoda Gosei Co., Ltd % 3,258 3, % 1.0x 20.8x 4.6x 4.3x NHK Spring Co., Ltd % 2,652 2, % 0.7x 11.1x 4.2x 4.3x Sanden Holdings Corporation % 558 1, % 10.6x NM 13.8x NM TS TECH Co., Ltd % 2,327 1, % 0.0x 11.4x 3.6x 3.5x Tokai Rika Co., Ltd % 1,869 1, % 0.2x NM 3.3x 3.2x Akebono Brake Industry Co., Ltd % 447 1, % 6.1x 12.8x 8.2x 7.9x SGA Group Co % 1,219 1, % 9.4x 20.0x NM NM Clarion Co., Ltd ,116 1, % 1.4x 16.0x 5.9x 6.0x Halla Holdings Corp. A % % 4.6x 7.2x 8.2x 8.9x F-Tech Inc % % 3.3x 8.7x 5.6x NM SHOWA Corporation % % 0.8x NM 8.0x 3.6x Alpine Electronics, Inc % 1, % 0.0x 16.7x 7.8x 6.7x Futaba Corporation TSE: % % 0.0x NM 17.8x 11.3x China Automotive Systems, Inc. CAAS % % 1.6x 6.5x 4.3x 3.6x (0.1%) (1.4%) (0.7%) (0.0%) (1.1%) (0.1%) (2.1%) 0.7% 1.6% 1.5% 1.5% 0.8% 1.8% 2.8% 1.6% 4.6% 2.1% 0.1% 1.0% 1.9% 0.7% 1.6% 1.9% Mean 10.4% 2.2x 13.9x 6.9x 5.9x Mean 9.8% 2.8x 14.1x 8.3x 7.9x Median 10.1% 1.6x 11.9x 7.5x 6.7x Avg. 1.71% 8 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

9 Commercial Vehicle Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA as of 52-Wk Market Enterprise EBITDA Debt / LTM Company Ticker 10/6/2017 High Cap Value Margin EBITDA P/E LTM 2017 Commercial Vehicle Manufacturers Daimler AG DAI $ % $ 86,172 $ 205, % 6.6x 7.6x 11.6x 9.9x AB Volvo (publ) VOLV-B % 39,235 52, % 3.9x 18.4x 17.2x 12.7x PACCAR Inc PCAR % 25,756 31, % 3.7x 19.6x 12.9x 16.8x MAN SE MAN % 16,411 18, % 4.1x NM NM 15.8x Isuzu Motors Limited % 10,525 11, % 1.2x 11.4x 6.0x 5.3x Navistar International Corporation NAV % 4,255 8, % 19.6x NM NM 14.8x Weekly Stock Price Performance 1.0% 0.8% 1.3% (0.8%) 1.1% 0.4% Mean 9.2% 6.5x 14.3x 11.9x 12.6x Off-Highway, Specialty Vehicles and Trailers Caterpillar Inc. CAT $ % $ 74,983 $ 103, % 6.4x NM 17.7x 15.0x Deere & Company DE % 41,332 73, % 8.7x 21.3x 18.4x 17.0x Oshkosh Corporation OSK % 6,292 6, % 1.4x 25.0x 11.2x 10.4x Thor Industries, Inc. THO % 6,794 6, % 0.2x 18.2x 11.2x 10.1x Winnebago Industries, Inc. WGO % 1,390 1, % 2.5x 21.6x 14.1x 11.1x Wabash National Corporation WNC % 1,318 1, % 1.2x 14.5x 6.9x 7.3x Blue Bird Corporation BLBD % % 2.6x 24.2x 11.2x 9.2x Spartan Motors, Inc. SPAR % % 1.4x NM NM 14.3x (3.5%) (1.7%) 1.8% 2.0% 2.1% 2.9% 9.0% Mean 9.7% 3.0x 20.8x 13.0x 11.8x Commercial Vehicle and Off-Highway Suppliers Eaton Corporation plc ETN $ % $ 34,552 $ 42, % 2.7x 17.8x 13.2x 12.3x Cummins Inc. CMI % 28,684 29, % 0.8x 19.5x 12.5x 10.1x Ingersoll-Rand Plc IR % 23,353 26, % 2.0x 22.9x 13.2x 12.5x WABCO Holdings Inc. WBC % 8,076 8, % 2.1x 25.0x 17.1x 15.2x Allison Transmission Holdings, Inc ALSN % 5,494 7, % 3.4x 20.9x 11.0x 9.9x Dana Incorporated DAN % 4,103 5, % 2.7x 6.0x 7.9x 6.9x Meritor, Inc. MTOR % 2,326 3, % 3.9x 4.3x 12.3x 8.9x LCI Industries LCII % 2,915 2, % 0.2x 21.0x 11.2x 10.6x Modine Manufacturing Company MOD % 1,028 1, % 3.7x 43.3x 10.5x 8.3x Douglas Dynamics, Inc. PLOW % 910 1, % 3.7x 32.5x 14.3x 13.4x Saf-Holland S.A. DB:SFQ % 871 1, % 3.9x 21.7x 8.3x 8.4x Stoneridge, Inc. SRI % % 1.7x 7.9x 8.2x 7.4x Haldex AB (publ) HLDX % % 0.8x NM 12.0x 13.7x Commercial Vehicle Group, Inc. CVGI % % 3.9x NM 8.1x 7.3x (0.2%) (2.0%) (3.3%) (0.9%) 1.3% 2.4% 3.2% 1.2% 1.7% 1.2% 0.2% 4.1% 7.9% 2.6% Mean 14.0% 2.6x 20.7x 11.7x 10.6x Mean 11.8% 3.5x 19.6x 12.1x 11.3x Avg. Median 11.0% 2.7x 20.9x 11.8x 10.6x 1.02% 9 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

10 Publisher Justin E. Mirro Founder Kensington Capital Partners LLC The Motor Weekly is interested to share the views and perspectives from its readership Please contact us at to inquire about having your company s message delivered to over 10,000 accounts each month Scan here to download the most recent newsletter