The Motor Weekly Index: (+3.13, +0.92%)

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1 August 28, 2017 The Motor Weekly Index: (+3.13, +0.92%) 3-Month Price Performance SUPPLIER EQUITY INDEX RETURNS 1 Week 3 Months S&P % 1.13% NA Autos 1.13% 1.04% EUR Autos 1.69% 1.63% ASIA Autos 1.47% (2.14%) Heavy Duty 0.81% 5.73% *Represents market-weighted index *Source: Capital IQ 115% 110% S&P 500 NA Autos EUR Autos ASIA Autos Heavy Duty 105% 105.7% 100% 101.6% % 97.9% 95% 90% May 2017 Jun 2017 Jul 2017 Aug 2017 LTM Trading Multiples (EV / LTM EBITDA) SUPPLIER TRADING MULTIPLES 12.5x NA Autos EUR Autos ASIA Autos Heavy Duty Year 10.5x 10.5x NA Autos 7.0x (0.1x) EUR Autos 6.7x 0.4x ASIA Autos 6.5x 1.1x Heavy Duty 10.5x 1.3x *Multiples use LTM EBITDA *Source: Capital IQ 8.5x 6.5x 4.5x Aug 2016 Dec 2016 Apr 2017 Aug x 6.7x 6.5x U.S. S.A.A.R. (in millions) Historical Gas Prices ($ per gallon) Total Light Vehicles 16.7 $4.00 $3.00 $2.00 $ 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 400 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 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 S&P 500 Vehicle Manufacturers (Global) S&P 500 Suppliers (Global) 2 Source: Capital IQ

3 Recent News August 28 (Automotive News) If a Chinese company wants to buy part of an Italian-controlled automaker that's incorporated in the Netherlands and headquartered in the United Kingdom, it will still have to get past a national-security review by the U.S. government. And it wouldn't be an easy hurdle to overcome. The Committee on Foreign Investment in the United States, an interagency working group led by the U.S. Treasury Department, is responsible for reviewing deals that affect control of U.S. businesses and brands, even if the parent company is overseas, as in the case of Fiat Chrysler Automobiles, and even if the affected business lacks obvious defense ties. The reviews can last a month or more, and deals involving Chinese partners can be tied up even longer. Automotive News has learned that at least one Chinese carmaker is making initial preparations for a possible filing with the group. As Automotive News reported this month, China's Great Wall Motor Co. is interested in buying FCA's Jeep brand, and other Chinese automakers have explored a possible acquisition of FCA, which is seeking merger partners to help it compete with deep-pocketed global rivals. Chinese buyers of U.S. companies have received greater scrutiny from security officials in recent years, and the trend has increased substantially under a Trump administration that has promoted economic nationalism and criticized China's trade policies. Under such conditions, authorities are expected to apply an expansive definition of national security to justify an investigation, especially when it involves a well-known auto manufacturer with iconic American brands such as Jeep, Dodge, Ram and Chrysler. Whether any such deal would pass muster with U.S. authorities is an open question. "We have seen a number of transactions, particularly involving Chinese companies, where one might have thought there is no national-security interest, but the government has expressed concerns" and even contributed to deals falling apart, an international trade attorney intimately familiar with the process told Automotive News. The law gives the president authority to vet commercial transactions with foreigners and prohibit those considered threats to national security. The criteria are broadly defined now to include critical infrastructure such as dams, transportation, the energy sector and food and agriculture. The Department of Homeland Security lists certain types of manufacturing primary metals, machinery such as engines and power transmission equipment, electric motor manufacturing and transportation equipment such as vehicles among 16 categories of critical infrastructure that require protection from terrorism and natural disasters. August 28 (Automotive News) Ford Motor Co. plans to bring back a Ford Escape hybrid, this time as a plugin, and roll out hybrid versions of its full-size SUVs as it makes a bigger push into electrification toward the end of the decade. The Escape plug-in hybrid, Ford Expedition hybrid and Lincoln Navigator hybrid are scheduled for release in 2019, sources with knowledge of Ford's product plans told Automotive News. Those vehicles, along with a Lincoln MKC plug-in hybrid also expected in 2019, are four of the 13 electrified models Ford plans to introduce in the next five years. In January, the automaker identified seven of the other models, including hybrid versions of the Mustang and F-150 to be available by Ford has said it is investing $4.5 billion to develop the 13 vehicles. "They're at a critical point in their strategy, and that's trying to balance today and tomorrow," said Jeff Schuster, senior vice president of forecasting at LMC Automotive. "You don't want to go all in on EVs at this point because that's not going to pay the bills and keep the lights on today, but you also don't want to get behind. Adding hybrid versions of Ford's biggest SUVs makes sense, Schuster said, as the automaker tries to increase fuel economy without creating range anxiety for buyers who tend to take long road trips. Redesigned, gasolinepowered versions of the Expedition and Navigator will arrive in dealerships this fall as Ford seeks to cash in on a popular segment. LMC has predicted that large SUV sales will grow 25 percent by Crossovers continue to be hot as well, so Ford plans to add plug-in hybrid versions of its two compact offerings in Spy photos of a plug-in Escape surfaced this year, and sources told Automotive News that Ford also plans a plug-in hybrid variant of the MKC, which shares the same platform. A plug-in hybrid can go limited distances without using gasoline and would be more efficient in city centers or on shorter trips, which could appeal to the tech-savvy younger customers of the Escape and MKC. "Each of these alternative powertrains have advantages and disadvantages," Schuster said. "I think you have to take a basket approach; there's a lot of risk of just focusing on one technology. Ford sees hybrids, plug-in hybrids and electric vehicles playing a central role in a future shaped by autonomous cars and shared transportation. 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 40.0% Aftermarket NEXTEER LNR 20.0% HZN VC ST BWA DAN LKQ DLPH TSLA GM MG MOD SRI MRE UNS CPRT F ALV TOWR LEA GNTX AXL TEN GT STRT SNA SMP GPC CPS MPAA 1 FCA 0.0% Last 3 Months Change SUP THRM DORM (20.0%) SHLO (40.0%) (60.0%) 4 Source: Capital IQ Companies not within ranges still considered in weighted group averages (1) FCA LTM change is 112.8%

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 8/25/2017 High Cap Value Margin EBITDA P/E LTM 2017 Vehicle Manufacturers Tesla, Inc. TSLA $ % $ 58,085 $ 66, % 13.0x NM NM NM General Motors Company GM % 52,255 41, % 4.1x 6.2x 2.1x 2.3x Ford Motor Company F % 42,974 30, % 1.6x 11.4x 2.3x 2.8x Fiat Chrysler Automobiles N.V. FCA % 22,639 30, % 1.8x 7.0x 2.9x 2.1x Weekly Stock Price Performance 0.2% 2.2% 2.5% 17.3% Mean 9.3% 5.1x 8.2x 2.4x 2.4x High Multiple Suppliers Delphi Automotive PLC DLPH $ % $ 25,153 $ 28, % 1.3x 20.0x 9.5x 9.7x BorgWarner Inc. BWA % 9,321 11, % 1.4x 49.3x 7.3x 7.3x Autoliv, Inc. ALV % 9,215 10, % 1.2x 16.8x 7.9x 7.8x Adient plc ADNT % 6,400 9, % 2.3x NM 9.2x 6.2x Gentex Corporation GNTX ,123 4, % 0.0x 14.2x 7.1x 6.7x Visteon Corporation VC % 3,494 3, % 1.2x 27.1x 10.0x 9.0x Gentherm Incorporated THRM % 1,112 1, % 1.0x 13.9x 7.1x 6.7x Stoneridge, Inc. SRI % % 1.7x 6.0x 7.0x 6.4x (0.4%) () (0.1%) 2.2% 3.5% 4.9% Mean 16.3% 1.3x 21.0x 8.1x 7.5x Mid Multiple Suppliers Magna International Inc. MG $ % $ 17,665 $ 21, % 0.9x 8.6x 5.3x 5.1x Goodyear Tire & Rubber Co. GT % 7,571 12, % 2.6x 6.6x 5.5x 5.9x Lear Corporation LEA % 9,830 10, % 1.0x 9.6x 5.4x 5.1x American Axle & Mfg. AXL % 1,548 5, % 5.1x 4.8x 6.4x 4.9x Dana Incorporated DAN % 3,292 4, % 2.7x 4.8x 6.7x 5.9x Linamar Corporation LNR % 3,583 4, % 1.4x 8.6x 5.4x 5.2x Nexteer Automotive Group % 4,216 4, % 1.0x 13.1x 8.0x 6.6x Tenneco Inc. TEN % 2,803 4, % 2.5x 10.3x 6.6x 4.7x Cooper-Standard Holdings Inc. CPS % 1,790 2, % 1.7x 12.7x 5.0x 4.9x Modine Manufacturing Company MOD % 807 1, % 3.7x 35.0x 9.1x 7.2x Superior Industries SUP % 371 1, % 9.7x 56.0x 16.6x 9.1x Martinrea International Inc. MRE % 741 1, % 1.9x 6.4x 4.5x 4.0x Tower International, Inc. TOWR % % 2.3x 6.5x 4.5x 4.0x Shiloh Industries, Inc. SHLO % 3.6x 22.4x 6.2x 5.5x STRATTEC Security Corp. STRT % % 1.2x 16.2x 6.4x NM (0.6%) (0.4%) (5.2%) 3.5% 1.7% 2.1% 3.1% 1.8% 2.5% 3.5% 3.8% 0.1% 4.8% Mean 11.0% 2.8x 14.8x 6.8x 5.6x Mean 12.3% 2.7x 15.7x 6.7x 5.8x Median 10.8% 1.7x 11.4x 6.5x 5.9x Avg. 2.00% 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 8/25/2017 High Cap Value Margin EBITDA P/E LTM 2017 Weekly Stock Price Performance Retailers & Distributors O'Reilly Automotive, Inc. ORLY $ % $ 17,804 $ 20, % 1.3x 17.7x 10.7x 10.3x AutoZone, Inc. AZO % 14,827 19, % 2.2x 12.2x 8.3x 8.2x Genuine Parts Company GPC % 12,231 13, % 0.9x 18.0x 10.6x 10.3x Snap-on Incorporated SNA % 8,345 9, % 1.1x 15.0x 10.0x 9.2x Advance Auto Parts, Inc. AAP % 7,076 7, % 1.1x 17.4x 6.7x 7.4x Uni-Select Inc. UNS % 934 1, % 1.9x 17.3x 10.5x 9.0x U.S. Auto Parts Network, Inc. PRTS % % 1.2x NM 7.4x 6.0x (2.1%) (0.7%) 2.2% 3.7% 2.1% 2.7% 2.6% Mean 14.2% 1.4x 16.3x 9.2x 8.6x Aftermarket Suppliers Goodyear Tire & Rubber Co. GT $ % $ 7,571 $ 12, % 2.6x 6.6x 5.1x 5.1x Axalta Coating Systems Ltd. AXTA % 7,086 10, % 4.6x NM 11.7x 11.0x Dorman Products, Inc. DORM % 2,188 2, % 0.0x 19.6x 11.3x 10.1x Cooper Tire & Rubber Company CTB % 1,780 1, % 0.7x 9.4x 3.7x 4.1x Standard Motor Products, Inc. SMP % 1,020 1, % 0.5x 16.7x 8.9x 8.7x Horizon Global Corporation HZN % % 4.8x NM 11.7x 8.6x Motorcar Parts of America, Inc. MPAA % % 0.4x 13.5x 6.1x 5.2x (0.9%) (0.9%) 1.9% 1.3% 5.5% Mean 16.4% 1.9x 13.2x 8.3x 7.5x Collision LKQ Corporation LKQ $ % $ 10,594 $ 13, % 2.9x 21.5x 12.6x 12.1x KAR Auction Services, Inc. KAR % 6,139 9, % 4.8x 26.9x 12.8x 11.5x Copart, Inc. CPRT % 7,304 7, % 1.1x 18.3x 15.5x 13.9x Boyd Group Income Fund BYD % 1,393 1, % 1.3x 46.1x 15.8x 13.5x () 0.7% 1.8% 0.1% Dealerships Mean 20.0% 2.5x 28.2x 14.2x 12.7x CarMax Inc. KMX $ % $ 11,799 $ 24, % 9.5x 18.5x 19.6x 18.7x AutoNation, Inc. AN % 4,310 10, % 7.1x 10.7x 10.7x 10.8x Penske Automotive Group, Inc. PAG % 3,463 9, % 8.2x 9.6x 13.8x 12.6x Lithia Motors, Inc. LAD % 2,580 4, % 5.7x 12.4x 12.6x 11.5x Group 1 Automotive, Inc. GPI % 1,120 3, % 7.1x 8.6x 10.6x 10.1x Sonic Automotive, Inc. SAH % 739 3, % 8.2x 11.3x 11.3x 10.7x Asbury Automotive Group, Inc. ABG % 1,065 2, % 5.6x 6.6x 9.3x 9.0x AutoCanada Inc. ACQ % 475 1, % 9.4x NM 17.5x 15.7x (0.8%) 0.7% 3.0% 1.4% 0.3% 3.3% 0.9% 0.9% Mean 4.4% 7.6x 11.1x 13.2x 12.4x Mean 12.7% 3.6x 16.1x 11.0x 10.1x Median 9.9% 2.4x 15.8x 10.7x 10.2x Avg. 1.14% 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 8/25/2017 High Cap Value Margin EBITDA P/E LTM 2017 Vehicle Manufacturers Volkswagen Aktiengesellschaft VOW $ % $ 77,738 $ 231, % 5.6x 8.1x 9.3x 7.1x Daimler AG DAI % 79, , % 6.6x 7.0x 10.9x 9.4x BMW AG BMW % 61, , % 7.2x 7.1x 10.9x 10.2x Renault SA RNO % 26,394 67, % 8.7x 5.0x 12.1x 10.3x Fiat Chrysler Automobiles N.V. FCA % 22,639 30, % 1.8x 7.0x 2.7x 2.2x Peugeot S.A. UG % 19,264 13, % 1.5x 9.7x 2.4x 2.1x Weekly Stock Price Performance 0.7% 4.3% 0.9% 0.8% 0.9% 17.3% Mean 1 5.2x 7.3x 8.1x 6.9x Suppliers Continental AG CON $ % $ 45,631 $ 49, % 0.9x 15.0x 7.1x 6.1x Michelin SCA ML % 25,232 26, % 0.8x 12.5x 5.9x 5.3x Valeo SA FR % 16,095 17, x 14.1x 7.8x 6.0x Autoliv, Inc. ALV % 9,215 10, % 1.2x 16.8x 7.9x 7.9x Faurecia S.A. EO % 8,010 8, % 1.3x 10.0x 5.2x 4.2x GKN plc GKN % 7,100 7, % 1.1x 10.9x 5.8x 5.6x Plastic Omnium SA POM % 5,640 6, % 2.2x 13.6x 7.6x 6.0x Brembo S.p.A. BRE % 5,113 5, % 1.2x 17.9x 10.9x 9.6x LEONI AG LEO % 2,120 2, % 2.0x 28.1x 7.2x 6.1x ElringKlinger AG ZIL % 1,147 1, % 2.8x 12.2x 7.0x 6.4x Sogefi S.p.A. SO % % 2.4x 27.9x 5.6x 4.8x Kongsberg Automotive ASA KOA % % 3.3x NM 8.8x 9.1x Grammer AG GMM % % 2.0x 12.3x 4.6x 4.0x Polytec Holding AG PYT % % 1.8x 8.0x 5.3x 5.4x (1.3%) 1.6% 1.2% 2.5% 2.0% 1.4% 5.1% 4.7% 2.2% 3.4% 4.1% Mean 11.5% 1.8x 15.9x 6.9x 6.2x Mean 11.4% 2.8x 12.8x 7.2x 6.4x Avg. Median 11.2% 1.9x 12.2x 7.1x 6.1x 2.35% 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 8/25/2017 High Cap Value Margin EBITDA P/E LTM 2017 Weekly Stock Price Performance Vehicle Manufacturers Toyota Motor Corporation 7203 $ % $ 164,587 $ 296, % 5.5x 10.2x 9.4x 10.3x Nissan Motor Co., Ltd % 38, , % 7.1x 6.6x 10.4x 8.5x Honda Motor Co., Ltd % 50,244 96, % 5.1x 8.7x 8.1x 7.2x Hyundai Motor Company A % 26,755 71, % 9.4x 7.9x 10.8x 9.1x BYD Company Limited % 19,241 25, % 3.3x 24.4x 11.4x 11.1x Suzuki Motor Corporation % 22,452 21, % 1.5x 13.5x 5.3x 4.6x Geely Automobile Holdings Limited % 21,394 18, % 0.4x 29.3x 24.0x 10.6x Mahindra & Mahindra Limited % 11,639 18, % 4.6x 20.5x 11.5x 21.5x Yamaha Motor Co., Ltd % 9,912 12, % 2.2x 12.3x 8.3x 7.5x Kia Motors Corporation A % 12,847 12, % 2.3x 5.5x 3.4x 3.8x Isuzu Motors Limited % 10,228 11, % 1.2x 11.0x 5.9x 6.0x Dongfeng Motor Group Co % 11,278 10, % 6.1x 6.4x NM 21.3x Mazda Motor Corporation % 8,741 8, % 2.5x 9.1x 5.0x 4.2x Mitsubishi Motors Co % 10,859 6, % 0.5x NM 11.2x 5.4x Faw Car Co., Ltd % 2,540 2, % 1.6x NM NM 11.9x (1.5%) (0.3%) () (1.8%) 1.7% 0.6% 1.7% 0.8% 11.5% 1.3% Mean 8.9% 3.5x 12.7x 9.6x 9.5x Suppliers DENSO Corporation 6902 $ % $ 37,780 $ 35, % 0.7x 14.9x 6.5x 6.2x Bridgestone Corporation A % 32,867 31, % 0.7x 13.6x 5.6x 5.2x Aisin Seiki Co., Ltd % 13,798 18, % 1.1x 13.6x 5.0x 4.4x Hyundai Mobis Co.,Ltd % 21,225 16, % 1.0x 9.2x 5.9x 5.7x Asahi Glass Co., Ltd % 8,822 14, % 2.6x 17.4x 7.1x 6.3x Koito Manufacturing Co., Ltd % 9,945 8, % 0.3x 18.3x 7.5x 7.1x NSK Ltd % 6,212 7, % 2.4x 13.9x 7.5x 6.5x JTEKT Corporation % 4,503 5, % 1.7x 9.9x 5.1x 4.8x Stanley Electric Co., Ltd % 5,500 5, % 0.2x 20.4x 7.3x 6.6x NTN Corporation % 2,137 4, % 4.6x 79.8x 7.2x 6.4x Toyota Boshoku Corporation % 3,735 3, % 0.8x 8.9x 3.5x 3.5x Toyoda Gosei Co., Ltd % 3,079 3, % 1.0x 20.0x 4.5x 4.1x NHK Spring Co., Ltd % 2,357 2, % 0.7x 10.1x 3.8x 3.7x Sanden Holdings Corporation % 440 1, % 10.6x NM 13.3x NM TS TECH Co., Ltd % 2,148 1, % 0.0x 10.8x 3.2x 3.1x Akebono Brake Industry Co., Ltd % 412 1, % 6.1x 11.5x 8.1x 7.6x Tokai Rika Co., Ltd % 1,698 1, % 0.2x NM 2.9x 2.8x Clarion Co., Ltd % 1,089 1, % 1.4x 15.7x 5.8x 5.7x Halla Holdings Corp. A % 612 1, % 4.9x 8.9x 9.2x 9.9x SGA Group Co % 1,096 1, % 8.4x 18.5x NM NM F-Tech Inc % % 3.3x 7.4x 5.5x NM Alpine Electronics, Inc % 1, % 0.0x 17.1x 7.9x 6.6x SHOWA Corporation % % 0.8x NM 7.1x 3.2x Futaba Corporation TSE: % % 0.0x NM 16.9x 10.4x China Automotive Systems, Inc. CAAS % % 1.6x 6.4x 4.3x 3.6x (0.7%) (1.8%) (0.1%) (0.9%) (2.9%) () 4.4% 0.3% 1.8% 1.6% 1.3% 0.7% 1.4% 2.6% 3.4% 1.5% 1.2% 1.0% 3.8% 1.0% 3.5% 0.4% Mean 10.4% 2.2x 16.5x 6.7x 5.6x Mean 9.7% 2.8x 15.1x 7.7x 7.2x Median 10.1% 1.6x 11.5x 7.2x 6.4x Avg. 0.89% 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 8/25/2017 High Cap Value Margin EBITDA P/E LTM 2017 Commercial Vehicle Manufacturers Daimler AG DAI $ % $ 79,278 $ 200, % 6.6x 7.0x 11.2x 9.7x AB Volvo (publ) VOLV-B % 34,703 47, % 3.9x 16.2x 15.7x 11.6x PACCAR Inc PCAR % 22,492 28, % 3.7x 17.1x 11.6x 15.0x MAN SE MAN % 16,400 18, % 4.1x NM NM 15.8x Isuzu Motors Limited % 10,228 11, % 1.2x 11.0x 5.9x 5.1x Navistar International Corporation NAV % 3,059 7, % 19.5x NM 23.0x 12.4x Weekly Stock Price Performance 4.3% 1.6% 1.6% 1.4% 0.8% 2.7% Mean 9.2% 6.5x 12.8x 13.5x 11.6x Off-Highway, Specialty Vehicles and Trailers Caterpillar Inc. CAT $ % $ 68,169 $ 96, % 6.4x NM 16.5x 14.0x Deere & Company DE % 37,053 69, % 8.9x 20.9x 17.4x 16.0x Oshkosh Corporation OSK % 5,397 5, % 1.4x 21.4x 9.7x 9.0x Thor Industries, Inc. THO % 5,447 5, % 0.5x 16.2x 9.3x 8.3x Winnebago Industries, Inc. WGO % 1,091 1, % 2.5x 17.3x 11.7x 9.2x Wabash National Corporation WNC % 1,196 1, % 1.2x 13.1x 6.3x 6.6x Blue Bird Corporation BLBD % % 2.6x 20.5x 9.9x 8.1x Spartan Motors, Inc. SPAR % % 1.4x NM 18.9x 10.5x (1.3%) (1.7%) (1.2%) 1.3% 0.8% 0.6% Mean 9.6% 3.1x 18.2x 12.5x 10.2x Commercial Vehicle and Off-Highway Suppliers Eaton Corporation plc ETN $ % $ 31,447 $ 39, % 2.7x 16.2x 12.2x 11.4x Cummins Inc. CMI % 25,404 26, % 0.8x 17.2x 11.1x 8.9x Ingersoll-Rand Plc IR % 21,468 24, % 2.0x 21.0x 12.2x 11.6x Westinghouse Air Brake Technologie WAB % 6,738 8, % 3.5x 24.7x 14.8x 13.4x WABCO Holdings Inc. WBC % 7,485 7, % 2.1x 23.3x 16.0x 14.2x Allison Transmission Holdings, Inc. ALSN % 5,201 7, % 3.4x 19.8x 10.6x 9.6x Dana Incorporated DAN % 3,292 4, % 2.7x 4.8x 6.7x 5.9x Meritor, Inc. MTOR % 1,668 2, % 3.9x 3.1x 9.7x 7.1x LCI Industries LCII ,351 2, % 0.2x 17.0x 9.1x 8.6x Modine Manufacturing Company MOD % 807 1, % 3.7x 35.0x 9.1x 7.2x Douglas Dynamics, Inc. PLOW % 787 1, % 3.7x 27.7x 12.7x 11.9x Saf-Holland S.A. DB:SFQ % 853 1, % 3.9x 20.6x 8.0x 8.1x Haldex AB (publ) HLDX % % 0.8x NM 13.3x 15.0x Stoneridge, Inc. SRI % % 1.7x 6.0x 6.5x 5.8x Commercial Vehicle Group, Inc. CVGI % % 3.9x 77.2x 6.9x 6.2x (0.7%) (0.6%) (0.9%) (0.4%) (1.0%) (0.7%) (0.1%) (2.7%) 0.9% 2.1% 3.5% 4.2% 1.4% 4.0% Mean 14.0% 2.6x 22.4x 10.6x 9.7x Mean 11.8% 3.5x 19.8x 11.6x 10.2x Avg. Median 11.0% 2.7x 17.2x 11.2x 9.6x 0.59% 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