NEWS LETTER. Automotive CLEARWATER INTERNATIONAL M&A AND FINANCIAL MARKET STATISTICS IN THE AUTOMOTIVE INDUSTRY. Summary

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1 NEWS LETTER Automotive M&A AND FINANCIAL MARKET STATISTICS IN THE AUTOMOTIVE INDTRY Summary In Q3 2016, aggregate deal count increased by 6%, while deal value in the global automotive sector decreased by 46%, compared to the previous quarter. In comparison to the previous quarter, the average automotive sector valuation levels increased significantly: EV/Sales: plus 13.2%, EV/EBITDA: plus 17.2%, EV/EBIT: plus 17.1%. While valuation levels are highest in Europe, deal multiple increases can be observed in Asia. The highest valuation levels can be observed in the Engineering and Controls / Electronics subsegments, in particular driven by the macro-trends of autonomous driving, connectivity and electrification. China is becoming increasingly important in the framework of M&A transactions. Recent transactions include Leoni AG acquiring a 51% stake in the Chinese company Wuhan Hengtong Automotive, and AlpInvest disposing of Carcoustics to China-based Liaoning Dare Industrial. Evidence of our vast experience and track record of successful transactions in Asia, especially with Chinese counterparties can be found on page 6. M&A Activity Quarterly Comparison Q Q , , , ,670 5,225 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Top M&A Deals Q Aggregate Deal Value in m Number of Deals Teijin Limited has agreed to acquire Continental Structural Plastics Inc., a provider of lightweight materials and composite solutions for the automotive, heavy truck, HVAC and construction industries. The acquisition is in line with Teijin s strategy to strengthen its automotive composite products business in North America (EV: 734m). Mitsui & Co. has agreed to acquire a 12.53% stake in Gestamp Automocion, a company engaged in the design, development and manufacture of metal components and structural systems for automobile manufacturers. The acquisition underlines and supports Mitsui s strategy to expand its global manufacturing scale (EV: 416m). Crestview s has acquired Accuride Corporation, a manufacturer of commercial vehicle wheels and wheel end solutions as well as ductile, austempered ductile, and gray iron castings, including engine and transmission components for the North American market (EV: 369m). Selected Recent Global Automotive Bond Issuances Q Company Date of Issuance Amount (in m) Coupon Yield (Latest) Price (Latest) Maturity Date Toyota % 0.312% Scania % 1.215% Sumitomo % 0.417% Denso % 0.067% Denso % 0.198% Delphi % 4.369%

2 AUTOMOTIVE SUPPLIER COMPOSITE EQUITY MARKET PERFORMANCE METRICS BY SEGMENT Company EV EV/Sales EV/EBITDA EV/EBIT Gross Margin EBITDA Margin EBIT Margin Net Debt/ Chassis/Underbody EBITDA Aisin Seiki ,6 0,4x 0,4x 3,7x 3,4x 7,7x 7,1x 13,6% 13,9% 11,3% 11,6% 5,4% 5,6% 0,2x American Axle 2.077,0 0,6x 0,6x 3,8x 3,8x 5,9x 6,0x 17,5% 16,7% 15,3% 14,8% 10,0% 9,3% 1,8x Dana 2.668,8 0,5x 0,5x 4,7x 4,5x 6,7x 6,3x 14,4% 14,2% 11,1% 11,1% 7,8% 8,0% 1,2x Georg Fischer 3.552,5 1,0x 1,0x 8,8x 8,5x 12,4x 11,8x 53,3% 53,1% 11,7% 11,7% 8,3% 8,4% 1,0x GKN 7.223,5 0,7x 0,7x 6,5x 6,0x 8,4x 7,9x 48,4% 48,4% 10,8% 11,1% 8,4% 8,5% 0,9x NHK Spring 1.749,0 0,3x 0,3x 3,5x 3,4x 5,9x 5,7x 9,1% 9,1% 5,3% 5,4% (0,6x) NSK 3.306,8 0,4x 0,4x 3,3x 3,2x 5,3x 5,5x 21,6% 21,8% 12,4% 12,7% 7,7% 7,5% (1,3x) Showa 194,8 0,1x 0,1x 1,2x 1,0x 2,4x 1,9x 17,8% 17,9% 7,5% 9,1% 3,6% 4,8% (1,1x) Median 0,5x 0,5x 3,8x 3,6x 6,3x 6,2x 17,8% 17,9% 11,2% 11,4% 7,7% 7,8% 0,6x Controls/Electronics Gentherm 1.028,6 1,2x 1,1x 7,7x 7,0x 10,7x 9,2x 31,6% 31,8% 16,2% 16,3% 11,6% 12,4% 0,1x Autoliv 8.776,0 1,0x 0,9x 7,9x 7,2x 11,2x 10,1x 20,3% 20,5% 12,3% 12,6% 8,7% 9,0% 0,4x Koito Manufacturing 5.683,1 0,8x 0,8x 5,5x 5,2x 7,8x 7,3x 16,9% 17,0% 14,6% 14,9% 10,3% 10,5% (1,3x) Kongsberg Automotive 500,6 0,5x 0,5x 5,5x 4,7x 11,9x 8,5x 33,6% 33,9% 9,2% 10,2% 4,3% 5,7% 2,1x Hella 4.206,7 0,6x 0,6x 4,8x 4,3x 9,0x 7,9x 26,9% 26,9% 13,4% 14,0% 7,2% 7,7% 0,4x Leoni 1.478,6 0,3x 0,3x 5,8x 4,5x 20,1x 8,7x 16,0% 16,9% 5,7% 7,1% 1,7% 3,7% 1,5x Tenneco 3.866,8 0,5x 0,5x 5,1x 4,8x 6,8x 6,4x 17,6% 17,6% 9,9% 10,1% 7,4% 7,5% 1,4x Melexis 2.479,4 5,5x 5,0x 17,8x 16,0x 21,8x 19,7x 45,4% 46,3% 30,7% 31,3% 25,0% 25,4% (0,6x) Stanley Electric 3.423,0 1,0x 1,0x 5,4x 5,0x 9,7x 8,8x 20,5% 21,3% 18,5% 19,4% 10,4% 11,0% (0,9x) Tokai Rika 1.067,4 0,3x 0,3x 2,4x 2,4x 3,9x 4,0x 14,7% 14,6% 11,1% 11,0% 6,8% 6,7% (1,1x) Stoneridge 514,1 0,8x 0,8x 8,1x 7,4x 12,2x 10,8x 28,0% 28,4% 10,0% 10,3% 6,6% 7,1% 1,3x Sumitomo Electric ,1 0,5x 0,5x 4,8x 4,6x 9,4x 8,6x 18,6% 18,8% 10,1% 10,6% 5,2% 5,6% 1,1x Median 0,7x 0,7x 5,5x 4,9x 10,2x 8,7x 20,4% 20,9% 11,7% 11,8% 7,3% 7,6% 0,4x Diversified Suppliers CIE Automotive 2.807,7 1,0x 0,9x 6,6x 5,7x 9,5x 8,1x 47,9% 47,5% 14,8% 15,2% 10,1% 10,7% 1,4x Continental ,5 1,0x 1,0x 6,3x 5,9x 8,7x 8,3x 26,4% 26,5% 15,9% 16,1% 11,4% 11,5% 0,5x Denso ,5 0,6x 0,6x 5,3x 5,0x 9,6x 9,1x 16,6% 16,5% 12,2% 12,5% 6,7% 6,9% (0,5x) Johnson Controls ,4 1,4x 1,6x 11,7x 10,2x 15,2x 13,0x 22,3% 31,0% 12,1% 15,9% 9,3% 12,5% 2,2x Magna ,8 0,5x 0,5x 5,1x 4,7x 7,2x 6,8x 14,5% 14,6% 10,5% 10,7% 7,4% 7,5% 0,8x Takata 546,5 0,1x 0,1x 1,6x 1,7x 17,5% 17,6% 5,5% 5,5% 0,5x Sogefi 548,2 0,4x 0,3x 3,7x 3,5x 6,9x 6,3x 9,5% 9,6% 5,1% 5,4% 2,6x Toyoda Gosei 2.492,1 0,4x 0,4x 3,4x 3,4x 7,2x 7,0x 13,1% 13,3% 11,3% 11,4% 5,3% 5,5% (0,2x) Visteon 1.746,7 0,6x 0,6x 6,0x 5,5x 8,2x 7,5x 14,5% 14,4% 10,3% 10,8% 7,6% 7,9% (1,8x) Valeo ,2 0,8x 0,7x 6,2x 5,5x 10,5x 9,3x 18,3% 18,7% 12,9% 13,3% 7,7% 7,9% 0,4x Median 0,6x 0,6x 6,0x 5,5x 8,4x 7,8x 17,5% 17,6% 12,1% 12,5% 7,5% 7,7% 0,5x Engine/Under-the-Hood BorgWarner 8.609,7 1,1x 1,0x 6,5x 6,2x 8,7x 8,2x 20,8% 20,9% 16,4% 16,5% 12,2% 12,5% 1,6x ElringKlinger 1.530,0 1,0x 0,9x 6,6x 5,8x 11,0x 9,2x 24,7% 26,0% 14,7% 15,9% 8,9% 10,1% 2,6x Exedy 1.104,4 0,5x 0,5x 3,3x 3,2x 6,3x 6,0x 20,4% 20,1% 14,4% 14,8% 7,6% 7,8% 0,1x Federal Mogul 3.938,9 0,6x 0,6x 6,1x 5,7x 9,7% 10,0% 4,9x JTEKT 5.534,6 0,5x 0,5x 4,9x 5,0x 9,1x 9,6x 15,4% 15,4% 9,6% 9,6% 5,2% 5,0% 0,8x Linamar 3.331,3 0,8x 0,7x 4,7x 4,4x 7,0x 6,7x 19,4% 19,1% 17,2% 17,0% 11,5% 11,3% 1,6x Martinrea 941,4 0,3x 0,3x 4,0x 3,6x 6,7x 5,7x 14,3% 14,7% 8,7% 9,4% 5,1% 5,9% 2,2x Modine 599,5 0,5x 0,5x 5,6x 4,9x 10,1x 8,3x 18,1% 19,9% 8,9% 10,0% 4,9% 5,9% Median 0,5x 0,5x 5,3x 5,0x 8,7x 8,2x 19,4% 19,9% 12,1% 12,4% 7,6% 7,8% 1,6x Interior/Exteriors Calsonic Kansei 1.931,7 0,2x 0,2x 3,5x 3,4x 5,7x 5,4x 8,9% 9,2% 6,2% 6,3% 3,8% 4,0% (0,5x) Faurecia 5.731,0 0,3x 0,3x 3,6x 3,4x 6,0x 5,6x 9,7% 9,7% 8,4% 8,5% 5,0% 5,1% 0,8x Grammer 637,8 0,4x 0,4x 5,9x 5,1x 9,5x 7,8x 12,0% 12,5% 6,5% 7,2% 4,0% 4,7% 0,4x Plastic Omnium 4.741,9 0,8x 0,7x 6,1x 5,1x 9,1x 7,9x 16,1% 16,3% 13,3% 13,1% 9,0% 8,6% 0,7x Polytec 285,9 0,4x 0,4x 4,3x 4,5x 7,1x 7,1x 51,4% 51,1% 10,2% 9,4% 6,1% 6,0% 1,9x Rieter 638,8 0,7x 5,0x 6,6x 8,1x 54,0% 14,0% 10,6% (1,7x) TS Tech 802,8 0,2x 0,2x 2,0x 1,9x 2,6x 2,5x 17,1% 17,4% 11,0% 11,3% 8,4% 8,5% (1,7x) Median 0,4x 0,3x 4,3x 3,9x 6,6x 7,1x 16,1% 14,4% 10,2% 8,9% 6,1% 5,5% 0,4x Engineering Akka 650,7 0,6x 0,6x 7,0x 5,8x 8,8x 7,3x 8,4% 9,4% 6,7% 7,5% 0,0x Altran 2.496,2 1,2x 1,1x 10,5x 9,4x 11,8x 10,7x 9,6% 10,6% 11,2% 11,6% 10,0% 10,2% 1,1x Bertrandt 1.041,5 1,0x 0,9x 8,2x 7,3x 10,9x 9,8x 90,7% 90,9% 12,5% 12,9% 9,4% 9,7% 0,6x EDAG 488,6 0,7x 0,6x 7,3x 6,2x 11,7x 9,2x 85,8% 86,2% 9,1% 10,3% 5,7% 6,9% 1,8x Ricardo 630,4 1,6x 1,5x 11,3x 10,4x 14,7x 13,6x 13,7% 14,1% 10,6% 10,8% 0,9x Median 1,0x 0,9x 8,2x 7,3x 11,7x 9,8x 85,8% 86,2% 11,2% 11,6% 9,4% 9,7% 0,9x Median 0,6x 0,6x 5,5x 5,0x 8,7x 7,9x 18,3% 18,8% 11,2% 11,3% 7,6% 7,6% Mean 0,7x 0,7x 5,9x 5,4x 8,9x 7,9x 25,7% 25,5% 11,9% 12,3% 7,8% 8,2% Source: Capital IQ as of 31/09/2016 Note: All financials calendarised to December year end EV= Enterprise Value (i.e., market capitalisation + net debt); Net debt= Interest-bearing liabilities - cash 2

3 AUTOMOTIVE SUPPLIER COMPOSITE EQUITY MARKET PERFORMANCE METRICS BY REGION Europe Company EV EV/Sales EV/EBITDA EV/EBIT Gross Margin EBITDA Margin EBIT Margin Net Debt/ EBITDA Akka 650,7 0,6x 0,6x 7,0x 5,8x 8,8x 7,3x 8,4% 9,4% 6,7% 7,5% 0,0x Altran 2.496,2 1,2x 1,1x 10,5x 9,4x 11,8x 10,7x 9,6% 10,6% 11,2% 11,6% 10,0% 10,2% 1,1x Autoliv 8.776,0 1,0x 0,9x 7,9x 7,2x 11,2x 10,1x 20,3% 20,5% 12,3% 12,6% 8,7% 9,0% 0,4x Bertrandt 1.041,5 1,0x 0,9x 8,2x 7,3x 10,9x 9,8x 90,7% 90,9% 12,5% 12,9% 9,4% 9,7% 0,6x CIE Automotive 2.807,7 1,0x 0,9x 6,6x 5,7x 9,5x 8,1x 47,9% 47,5% 14,8% 15,2% 10,1% 10,7% 1,4x Continental ,5 1,0x 1,0x 6,3x 5,9x 8,7x 8,3x 26,4% 26,5% 15,9% 16,1% 11,4% 11,5% 0,5x EDAG 488,6 0,7x 0,6x 7,3x 6,2x 11,7x 9,2x 85,8% 86,2% 9,1% 10,3% 5,7% 6,9% 1,8x ElringKlinger 1.530,0 1,0x 0,9x 6,6x 5,8x 11,0x 9,2x 24,7% 26,0% 14,7% 15,9% 8,9% 10,1% 2,6x Faurecia 5.731,0 0,3x 0,3x 3,6x 3,4x 6,0x 5,6x 9,7% 9,7% 8,4% 8,5% 5,0% 5,1% 0,8x Georg Fischer 3.552,5 1,0x 1,0x 8,8x 8,5x 12,4x 11,8x 53,3% 53,1% 11,7% 11,7% 8,3% 8,4% 1,0x GKN 7.223,5 0,7x 0,7x 6,5x 6,0x 8,4x 7,9x 48,4% 48,4% 10,8% 11,1% 8,4% 8,5% 0,9x Grammer 637,8 0,4x 0,4x 5,9x 5,1x 9,5x 7,8x 12,0% 12,5% 6,5% 7,2% 4,0% 4,7% 0,4x Hella 4.206,7 0,6x 0,6x 4,8x 4,3x 9,0x 7,9x 26,9% 26,9% 13,4% 14,0% 7,2% 7,7% 0,4x Kongsberg Automotive 500,6 0,5x 0,5x 5,5x 4,7x 11,9x 8,5x 33,6% 33,9% 9,2% 10,2% 4,3% 5,7% 2,1x Leoni 1.478,6 0,3x 0,3x 5,8x 4,5x 20,1x 8,7x 16,0% 16,9% 5,7% 7,1% 1,7% 3,7% 1,5x Melexis 2.479,4 5,5x 5,0x 17,8x 16,0x 21,8x 19,7x 45,4% 46,3% 30,7% 31,3% 25,0% 25,4% (0,6x) Plastic Omnium 4.741,9 0,8x 0,7x 6,1x 5,1x 9,1x 7,9x 16,1% 16,3% 13,3% 13,1% 9,0% 8,6% 0,7x Polytec 285,9 0,4x 0,4x 4,3x 4,5x 7,1x 7,1x 51,4% 51,1% 10,2% 9,4% 6,1% 6,0% 1,9x Ricardo 630,4 1,6x 1,5x 11,3x 10,4x 14,7x 13,6x 13,7% 14,1% 10,6% 10,8% 0,9x Rieter 638,8 0,7x 5,0x 6,6x 8,1x 54,0% 14,0% 10,6% (1,7x) Sogefi 548,2 0,4x 0,3x 3,7x 3,5x 6,9x 6,3x 9,5% 9,6% 5,1% 5,4% 2,6x Valeo ,2 0,8x 0,7x 6,2x 5,5x 10,5x 9,3x 18,3% 18,7% 12,9% 13,3% 7,7% 7,9% 0,4x Median 0,8x 0,7x 6,4x 5,8x 10,0x 8,4x 26,9% 26,7% 12,0% 11,7% 8,4% 8,4% 0,8x North America American Axle 2.077,0 0,6x 0,6x 3,8x 3,8x 5,9x 6,0x 17,5% 16,7% 15,3% 14,8% 10,0% 9,3% 1,8x Gentherm 1.028,6 1,2x 1,1x 7,7x 7,0x 10,7x 9,2x 31,6% 31,8% 16,2% 16,3% 11,6% 12,4% 0,1x BorgWarner 8.609,7 1,1x 1,0x 6,5x 6,2x 8,7x 8,2x 20,8% 20,9% 16,4% 16,5% 12,2% 12,5% 1,6x Dana 2.668,8 0,5x 0,5x 4,7x 4,5x 6,7x 6,3x 14,4% 14,2% 11,1% 11,1% 7,8% 8,0% 1,2x Federal Mogul 3.938,9 0,6x 0,6x 6,1x 5,7x 9,7% 10,0% 4,9x Johnson Controls ,4 1,4x 1,6x 11,7x 10,2x 15,2x 13,0x 22,3% 31,0% 12,1% 15,9% 9,3% 12,5% 2,2x Linamar 3.331,3 0,8x 0,7x 4,7x 4,4x 7,0x 6,7x 19,4% 19,1% 17,2% 17,0% 11,5% 11,3% 1,6x Magna ,8 0,5x 0,5x 5,1x 4,7x 7,2x 6,8x 14,5% 14,6% 10,5% 10,7% 7,4% 7,5% 0,8x Martinrea 941,4 0,3x 0,3x 4,0x 3,6x 6,7x 5,7x 14,3% 14,7% 8,7% 9,4% 5,1% 5,9% 2,2x Modine 599,5 0,5x 0,5x 5,6x 4,9x 10,1x 8,3x 18,1% 19,9% 8,9% 10,0% 4,9% 5,9% Stoneridge 514,1 0,8x 0,8x 8,1x 7,4x 12,2x 10,8x 28,0% 28,4% 10,0% 10,3% 6,6% 7,1% 1,3x Tenneco 3.866,8 0,5x 0,5x 5,1x 4,8x 6,8x 6,4x 17,6% 17,6% 9,9% 10,1% 7,4% 7,5% 1,4x Visteon 1.746,7 0,6x 0,6x 6,0x 5,5x 8,2x 7,5x 14,5% 14,4% 10,3% 10,8% 7,6% 7,9% (1,8x) Median 0,6x 0,6x 5,6x 4,9x 7,7x 7,2x 17,9% 18,4% 10,5% 10,8% 7,7% 8,0% 1,5x Asia Aisin Seiki ,6 0,4x 0,4x 3,7x 3,4x 7,7x 7,1x 13,6% 13,9% 11,3% 11,6% 5,4% 5,6% 0,2x Calsonic Kansei 1.931,7 0,2x 0,2x 3,5x 3,4x 5,7x 5,4x 8,9% 9,2% 6,2% 6,3% 3,8% 4,0% (0,5x) Denso ,5 0,6x 0,6x 5,3x 5,0x 9,6x 9,1x 16,6% 16,5% 12,2% 12,5% 6,7% 6,9% (0,5x) Exedy 1.104,4 0,5x 0,5x 3,3x 3,2x 6,3x 6,0x 20,4% 20,1% 14,4% 14,8% 7,6% 7,8% 0,1x JTEKT 5.534,6 0,5x 0,5x 4,9x 5,0x 9,1x 9,6x 15,4% 15,4% 9,6% 9,6% 5,2% 5,0% 0,8x Koito Manufacturing 5.683,1 0,8x 0,8x 5,5x 5,2x 7,8x 7,3x 16,9% 17,0% 14,6% 14,9% 10,3% 10,5% (1,3x) NHK Spring 1.749,0 0,3x 0,3x 3,5x 3,4x 5,9x 5,7x 9,1% 9,1% 5,3% 5,4% (0,6x) NSK 3.306,8 0,4x 0,4x 3,3x 3,2x 5,3x 5,5x 21,6% 21,8% 12,4% 12,7% 7,7% 7,5% (1,3x) Showa 194,8 0,1x 0,1x 1,2x 1,0x 2,4x 1,9x 17,8% 17,9% 7,5% 9,1% 3,6% 4,8% (1,1x) Stanley Electric 3.423,0 1,0x 1,0x 5,4x 5,0x 9,7x 8,8x 20,5% 21,3% 18,5% 19,4% 10,4% 11,0% (0,9x) Sumitomo Electric ,1 0,5x 0,5x 4,8x 4,6x 9,4x 8,6x 18,6% 18,8% 10,1% 10,6% 5,2% 5,6% 1,1x Takata 546,5 0,1x 0,1x 1,6x 1,7x 17,5% 17,6% 5,5% 5,5% 0,5x Tokai Rika 1.067,4 0,3x 0,3x 2,4x 2,4x 3,9x 4,0x 14,7% 14,6% 11,1% 11,0% 6,8% 6,7% (1,1x) Toyoda Gosei 2.492,1 0,4x 0,4x 3,4x 3,4x 7,2x 7,0x 13,1% 13,3% 11,3% 11,4% 5,3% 5,5% (0,2x) TS Tech 802,8 0,2x 0,2x 2,0x 1,9x 2,6x 2,5x 17,1% 17,4% 11,0% 11,3% 8,4% 8,5% (1,7x) Median 0,4x 0,4x 3,5x 3,4x 6,3x 6,0x 17,0% 17,2% 11,2% 11,3% 5,5% 5,6% (0,5x) Median 0,6x 0,6x 5,5x 5,0x 8,7x 7,9x 18,3% 18,8% 11,2% 11,3% 7,6% 7,6% Mean 0,7x 0,7x 5,9x 5,4x 8,9x 7,9x 25,7% 25,5% 11,9% 12,3% 7,8% 8,2% Source: Capital IQ as of 31/09/2016 Note: All financials calendarised to December year end EV= Enterprise Value (i.e., market capitalisation + net debt); Net debt= Interest-bearing liabilities - cash 3

4 GLOBAL AUTOMOTIVE SUPPLIER INDTRY SELECTED M&A TRANSACTIONS IN Q Date Target Country Target Description Buyer Seller EV ( m) 01/07/2016 Schlieper Ges.m.b.H Austria Austria-based company engaged in offering innovative and creative solutions for zinc die casting Dynacast International Inc. Schlieper Private Trust 11/07/2016 Rossignol Technology SAS France France-based manufacturer of automotive precision push rods and automobile clutches BAUD Industries 20/07/2016 Summo Corp. Canada Canada-based company that designs and manufactures tubular components and subassemblies for customers in the automotive industry Voestalpine Rotec GmbH 22/07/2016 M aehler & Kaege Netherlands Netherland-based manufacturer of connectors, coils and wire & cable harnessing for the heavyduty automotive industry Reflex & Allen Group FIELDS Group B.V. 25/07/2016 Nitto Switzerland AG Switzerland Switzerland-based developer and supplier of a leading multilayer film solution for the sealing of side curtain airbags Nitto Denko Corporation Nolax Holding AG 60 02/08/2016 Ibeo Automotive Systems GmbH (40% Germany Germany-based manufacturer of range detection devices and developer of environmental recognition software used for autonomous driving ZF Friedrichshafen AG 02/08/2016 WM M otor China China-based intelligent vehicle maker Undisclosed bidder /08/2016 GLM s.r.l. (70% Italy Italy-based company engaged in the production and sale of metal components and accessories for the automotive sector Star Capital SGR S.p.A. 10/08/2016 Lookers Plc (parts business) United Kingdom UK-based distributor of automotive parts Alliance Automotive Group Lookers Plc /08/2016 O.ST. Feinguss GmbH Austria Austria-based company which manufactures steel and aluminum alloy castings Ventana Holding Gmbh 16/08/2016 Titanx Engine Cooling AB Sweden Sweden-based company engaged in the manufacturing and supply of engine cooling solutions for commercial vehicles Tata AutoComp Systems Ltd. EQT s AB; Fouriertransform AB 23/08/2016 Automobiles Ligier SA France France based manufacturer of tourism and utilitarian non-license vehicles BNP Paribas; Groupe Siparex; Carvest SAS; Edify S.A.; Credit Agricole 21 Centrale s /08/2016 Westfalia-Automotive GmbH; Terwa B.V. Netherlands; Germany Germany-based manufacturer of towing bars for motor vehicles; Netherlands-based manufacturer of tow bar components Horizon Global Corporation A consortium led by DPE Deutsche Private Equity GmbH /08/2016 Cevher Dokum Sanayi A.S. Turkey Turkey-based supplier of complex aluminum automotive castings Tenedora Nemak, SA de CV 25/08/2016 AWC Industries Ltd United Kingdom UK-based manufacturer of high quality technical components and assemblies for automotive OEM s and Tier 1 suppliers Sertec Group Ltd Allan Cook (Private investor) 4

5 GLOBAL AUTOMOTIVE SUPPLIER INDTRY SELECTED M&A TRANSACTIONS IN Q Date Target Country Target Description Buyer Seller EV ( m) 02/09/2016 Oberndoerfer GmbH Germany German company engaged in manufacturing of precision turned and milled parts for automotive and engineering industry M ain Capital s B.V. 02/09/2016 Brillion Iron Works, Inc. -based company that designs and produces gray, ductile and austempered ductile iron castings M etaldyne Performance Group Inc Accuride Corporation 13 02/09/2016 Accuride Corporation -based company engaged in manufacturing and supplying of commercial vehicle components Crestview s, LP /09/2016 Federal-M ogul Corporation (18.01% -based manufacturer and supplier of components for cars, trucks and construction vehicles Icahn Enterprises L.P /09/2016 Navistar International Corporation (16.6% -based manufacturer of commercial trucks, school buses and diesel engines for pickup truck, van and SUV vehicles Volkswagen Truck & Bus GmbH /09/2016 Keystone Powdered M etal Company -based company engaged in manufacturing auto parts with powdered metal, including selflubricating bearings, structural components, sprockets and gears Sumitomo Electric Industries, Ltd /09/2016 Gestamp Automocion, S.L. (12.53% Spain Spain-based company engaged in the design, development and manufacture of metal components and structural systems for automobile manufacturers M itsui & Co., Ltd /09/2016 KLL Equipamentos para Transporte Ltda (57.5% Brazil Brazil-based company that manufactures suspensions and components for commercial vehicles SAF Holland SA 09/09/2016 General Products Corp -based provider of drivetrain-related products for automotive and commercial vehicle applications AAA Sales & Engineering, Inc. 13/09/2016 Wuhan Hengtong Automotive (51% China China-based wiring harness maker for automotive manufacturers and suppliers LEONI AG 13/09/2016 Continental Structural Plastics Inc. -based provider of lightweight materials and composite solutions for the automotive, heavy truck, HVAC and construction industries Teijin Limited /09/2016 Divgi-Warner Pvt. Ltd. (60% India India-based company engaged in manufacturing automotive components Divgi M etalwares Pvt. Ltd. BorgWarner Inc /09/2016 Carcoustics International GmbH Germany Germany-based developer and manufacturer of acoustic and thermally-effective components and solutions for the automotive industry Liaoning Dare Industrial Company LTD. AlpInvest s B.V. 20/09/2016 Autotest AG (36% Italy Italy-based company engaged in development and production of plastic, metal and hybrid parts for automotive companies Ceterum-Holding GmbH Josef Unterholzner (Private Investor) 26/09/2016 BOECO Boeddecker & Co. GmbH & Co. KG Germany Germany-based company engaged in supplying latches, hinges and strikers M agna International Inc 5

6 UNIQUE TRACK RECORD COMPLETING M&A DEALS WITH ASIAN BUYERS OR TARGETS DMB DELPHI DELPHI AVON Rubber Private equity firm Deutsche Mittelstand Beteiligungen on the sale of WEGU Leichtbausysteme to Anhui Zhongding Sealing American automotive electronic components and parts supplier Delphi on the disposal of its Global Reception Systems business to Northeast Industries Group American automotive electronic components and parts supplier Delphi on the disposal of its Global Suspension and Global Brake Business to BWI Group British automotive components and parts supplier AVON Rubber on the disposal of its Engine and Body Mounts business to Dong-Ah Tire & Rubber JOYSON MANN+HUMMEL GROUP BROSE INTERNATIONAL GRUPO ANTOLIN Leading global automotive supplier Ningbo Joyson Electronic Corporation on its acquisition of Key Safety Systems, a leading global supplier of advanced engineered safety products Development partner and original equipment supplier the company on the acquisition of Bengby Haoye Filter Automotive component manufacturer brose international, on the establishment of a JV with Dongfeng Motor Parts And Components Group Largest Spanish manufacturer of vehicle interior components the group on the acquisition of shares in Gong Zhu Lin Automotive Components With 240 completed transactions, our global automotive sector team ranks among the worldwide leading M&A advisors in the automotive industry. We have advised on more than 20 completed automotive deals with Asian counterparties ABOUT DETROIT NOTTINGHAM MANCHESTER AARH DUBLINLONDON COPENHAGEN BIRMINGHAM WIESBADEN PARIS VIENNA MADRID BARCELONA PORTO LISBON MILAN BEIJING SHANGHAI TOKYO MUMBAI SÃO PAULO Clearwater International Offices Office Coordinating as a single team, our 200 experienced professionals have been responsible for the successful completion of over 1,200 deals worth in excess of 48bn. Working alongside directors, shareholders and investors we advise on all aspects of corporate finance from mergers and acquisitions (M&A) through to management buy-outs (MBOs) and financing transactions (debt advisory). Our independence from any larger financial institution or consulting firm ensures that we can give truly objective advice. All projects are partner-led, offering high levels of personal service, and laying the groundwork for lasting relationships. Many of our clients, including highly renowned international Tier 1 suppliers, return to us for advice on multiple occasions. With 15 offices in 9 countries around the world and deals completed in 31 countries, our team makes us a natural choice for transactions requiring knowledge of, and access to, global markets. We have longstanding relationships around the globe, all over Europe, in the, China, India and Japan, helping us to provide clients with a unique insight into international opportunities. 6

7 OUR GLOBAL AUTOMOTIVE SECTOR TEAM GERMANY, ATRIA & SWITZERLAND Tobias Schätzmüller Head of Automotive UNITED KINGDOM Jon Hustler FRANCE Philippe Croppi DD: DD: DD: SPAIN Francisco Gómez NORDICS Lars Rau Jacobsen Associate PORTUGAL José Lemos DD: DD: DD: IRELAND John Sheridan NORTH AMERICA Clifton H. Roesler Managing Director CHINA Raymond Su Director DD: DD: DD: x 815 a u t o m o t i v c w i c f. c o m W W W. C L E A R W A T E R I N T E R N A T I O N A L. C O M CHINA DENMARK FRANCE GERMANY IRELAND PORTUGAL SPAIN UNITED KINGDOM This material is for your private information, and we are not soliciting any action based upon it. This material is for general information only and should not be read as containing advice or recommendations. It has not been prepared taking into account any person s particular objectives or needs. Any person should consider whether the information is appropriate to their needs or seek advice before making a decision based on this information. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. No part of this material may be (i) copied, photocopied CLEARWATER or duplicated INTERNATIONAL in any form by any means or (ii) redistributed without Clearwater International s prior written consent. 7