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www.harriswilliams.de HarrisW illiams &Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew St reet, London EC4A3AE, UK, registeredwith the Registrar of Companies for England andwales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. ThierryMonjauze, and Mr. Aadil Khan aut horised and regulated bythefinancial Conduct Authority. HarrisW illiams & Co. Lt d Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court ( Amtsgericht) of Frankfurt am Main, Germany, under regist ration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative ( St ändiger Vertreter) ofthebranchniederlassung:mr. Jeffery H. Perkins.

WHAT WE RE READING E-COMMERCE CONTINUES TO EXPAND IN THE AFTERMARKET Consumers expect their auto parts buying experience to be enhanced with conv enient, online tools. Roughly half of 1,000 v ehicle owners surv eyed by ebay had purchased auto parts online, and nearly one in fiv e have purchased a v ehicle online in the last fiv e years. Growth in v ehicle and auto parts sales online is much higher than for regula r e-commerce, says Sree Menon, general manager of ebay Motors. Automotiv e aftermarket retailers hav e to understand that they can t ignore hav ing a digital strategy in place we re in an era where online and offline really hav e to come together. Auto Serv ice World DRIVERLESS CARS CAN DRIVE UP THE BOTTOM LINE AT REPAIR SHOPS Repair shops, and the parts manufacturers, wholesalers and retailers that supply them, will be among the beneficiaries of the shift to autonomous v ehicles. Today, the v ehicles entering shops for maintenance or repairs sit parked 95 percent of the time. Tomorrow, fleets of driv erless cars will spend nearly all their time on the road, with an increase in wear and tear and a proportionate need for maintenance and repair. Aftermarket Business World 3D PRINTING IS REVOLUTIONIZING TRUCK PARTS 3D printing as of right now is brin ging new possibilities and meaningful changes in areas like truck parts av ailability / inventory, production cost s, and time-to-market for new ideas. The latest dev elopments in 3D printing hav e made replacement parts easily accessible and of consistent manufacturer s quality. The ability to make a single giv en part on-demand is exponentially less expensiv e than a traditional manufacturing run for that part, and once a 3D printer is in place for a specific locality or region, it also eliminates the typical requisite supply and distribution network to make such parts av ailable. Fleet Owner MAINTENANCE & REPAIR STUDY REVEALS AN OFFER WORTH BILLIONS Automotiv e dealerships only capture approximately 30% of total serv ice v isits, and are missing out on billions in serv ice rev enue annually, accordin g to the Cox Automotiv e 2016 Maintenance and Repair Study. The study found that 25% of respondents took their v ehicles to a general repair shop, while 14% utilized quick lube locations and 11% went to tire stores. The remaining 20% were split among retailers, specialists (like Midas), body shops or other. The top fiv e reasons that serv ice customers did not go to the dealer were total cost, fears they would be ov ercharged, unreasonable labor charges, unreasonable parts charges and distance/location. Auto Serv ice World CONNECTED CAR MARKET EXPECTED TO GROW AT 31% CAGR TO 2020 CONTENTS M &A TRANSACTIONS PUBLIC M ARKETS OVERVIEW STOCK PRICE PERFORM ANCE OUR GROUP CONTACTS UNITED STATES Frank Mountcastle M anaging Director fmountcastle@harriswilliams.com +1 (804) 915-0124 Jason Bass M anaging Director jbass@harrisw illiams.com +1 (804) 915-0132 Joe Conner M anaging Director jconner@harrisw illiams.com +1 (804) 915-0151 Jershon Jones Director jjones@harrisw illiams.com +1 (804) 932-1356 Jeff Burkett Director jburkett@harriswilliams.com +1 (804) 932-1334 Jeff Kidd Vice President jkidd@harrisw illiams.com +1 (804) 915-0178 James O Malley Vice President jomalley@harriswilliams.com +1 (804) 915-0165 EUROPE Jeffery Perkins M anaging Director jperkins@harrisw illiams.com +49 (0) 69 3650638 00 Between 2016 and 2020, automotiv e OEMs and other ecosystem players will continue to inv est heavily in dedicated connected car programs that go beyond traditional telematics. Multiple automotiv e OEMs are beginning to integrate inv ehicle payment capabilities with their connected car platforms to make it possible for driv ers to pay for serv ices such as fuel, parkin g, food and tollin g, without hav ing to leave their v ehicles. By the end of 2016, research estimates that connected car serv ices will account for $14 billion in annual rev enue. Althou gh the market is presently dominated by infotain ment and telematics, connect ed driv er assistance systems and autonomous driv ing applications will witness the high est growth rate ov er the next four years. Yahoo Finance www.harriswilliams.de PAGE 1

M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2,3 Date Target Business Description Acquirer 8/2/2016 Experi-Metal, Inc. Provides metal formed parts and assemblies for the automotive, aerospace, and other industries. The Watermill Group 8/1/2016 Aftermarket Telematics Technologies LLC Developer of automotive telematics software and services for the automotive aftermarket. Innova Electronics Corp. 7/26/2016 Powertrain Industries, Inc. Supplies automotive replacement parts, automotive hardware, brake products and household hardware. Dorman Products, Inc. 7/25/2016 Rubber Enterprises, Inc. Manufactures a line of vibration control products. Anand Nvh Products Private Limited 7/21/2016 Novita Technologies, Inc. Manufactures automotive LED modules. Osram GmbH 7/6/2016 Baja Designs, Inc. Develops and manufactures specialty aftermarket motorcycle and automotive lighting systems. Bestop, Inc. 7/1/2016 ABC Group, Inc. (Canada) Designs, develops, and produces plastic automotive systems. Cerberus Capital Management LP 7/1/2016 Jayco, Inc. Develops, markets, and manufactures recreational vehicles and accessories. 6/28/2016 UQM Technologies Inc. Manufactures electrical motors, generators and hybrid systems for passenger and commercial vehicles. Thor Industries, Inc. American Compass Inc. 6/21/2016* Auto-Camping Ltd. Distributes imported OEM automobile parts and fluids in Canada. Genuine Parts Co. 6/16/2016* Dejana Truck & Utility Equipment Co., Inc. Offers a variety of truck equipment. Douglas Dynamics, Inc. 6/2/2016* FTE Automotive GmbH Manufactures brake and clutch actuation systems. Valeo SA 6/2/2016* OEConnection LLC Provides original equipment replacement parts solutions. Providence Equity Partners, Inc. 5/23/2016* Bridgestone Firestone Venezolana CA Offers tires and rubber products in Venezuela. Corimon CA 5/17/2016 4Knines Manufactures and supplies dog seat covers for cars. Hall Capital Partners 5/16/2016 Rear View Safety, Inc. Provides back up camera systems and video-based road safety solutions for passenger vehicles. 5/11/2016 Grand Rapids Auto Auction, Inc. Provides dealer-to-dealer auto auction services within the used car remarketing industry. Safe Fleet Acquisition Corp. XLerate Group / Huron Capital Partners 5/9/2016 Johann Hay GmbH und Co. KG Automobiltechnik *Denot es pending t ransactions Manufactures and supplies machined and forged components for automotive, commercial vehicles, and bearing industries in Germany and internationally. Musashi Seimitsu Industry Co., Ltd. PAGE 2

PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2016P EBITDA 12.7x 12.3x Dealerships and Services Providers 11.4x Dealerships and Services Providers 11.7x 8.2x 9.9x 6.9x 6.3x AVERAGE REVENUE GROWTH (2012 2015) AVERAGE REVENUE GROWTH (2015 2017P) Dealerships and Services Providers 13.9% Dealerships and Services Providers 6.1% 6.6% 5.1% (0.7%) 4.3% (1.8%) (0.4%) AVERAGE EBITDA GROWTH (2012 2015) AVERAGE EBITDA GROWTH (2015 2017P) Dealerships and Services Providers 16.1% 17.0% 7.0% 10.7% 5.9% Dealerships and Services Providers 7.9% 4.7% (2.3%) PAGE 3

STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) Vehicle Manufacturers 10.2% Distributors and Retailers 11.5% 9.8% S&P 500 4.8% S&P 500 2.3% (5.3%) Dealerships and Service Providers Distributors and Retailers (1.0%) 1.3% Vehicle Manufacturers Dealerships and Service Providers (18.2%) (8.7%) TRAILING TWELVE MONTHS (Indexed t o August 11 th, 2015) 40% 30% 20% 10% 0% (10%) (20%) (30%) (40%) Aug-15 Nov-15 Feb-16 May-16 Aug-16 Dealerships and Service Providers S&P 500 Index PAGE 4

INDUSTRY UPDATE AUGUST 2016 OUR GROUP Harris Williams & Co. is a leading adv isor to the transportation and logistics M&A market. Our Transportation & Logistics Group serv es companies in a broad range of attractiv e niches, including third-party logistics (3PL), tru ck, rail, marine and air transportation, transportation equipment, and the automotiv e and heav y duty v ehicle market. RECENTLY CLOSED T&L TRANSACTIONS has merged with an operating company of has acquired in a recapitalization by and 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

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 & M aterials Business Services Consumer Energy, Pow er & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, M edia & Telecom Transportation & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston Tw o International Place 24th Floor Boston, M assachusetts 02110 Phone: +1 (617) 482-7501 Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio 44114 Phone: +1 (216) 689-2400 Minneapolis 222 South 9th Street Suite 3350 M inneapolis, M innesota 55402 Phone: +1 (612) 359-2700 UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia 23219 Phone: +1 (804) 648-0072 San Francisco 575 M arket Street 31st Floor San Francisco, California 94105 Phone: +1 (415) 288-4260 EUROPE Frankfurt Bockenheimer Landstrasse 33-35 60325 Frankfurt Germany Phone: +49 069 3650638 00 London 63 Brook Street London W1K 4HS, England Phone: +44 (0) 20 7518 8900 Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 6

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 Aug-15 Feb-16 Current 2016P 2017P Automotive Aftermarket BorgWarner Inc. $9,581 $34.00 9.6% (27.3%) $48.64 69.9% 8.5x 6.7x 6.8x 6.4x 6.2x Cooper Tire & Rubber Company 1,824 34.16 10.7% (9.2%) 43.40 78.7% 4.4x 3.6x 3.2x 3.6x 4.0x Dorman Products, Inc. 2,058 61.97 9.2% 21.0% 65.06 95.3% 11.6x 8.6x 11.9x 11.3x 10.6x Federal-Mogul Holdings Corp 4,446 8.90 1.9% (8.6%) 10.06 88.5% 8.7x 6.4x 7.1x 6.1x 5.7x Goodyear Tire & Rubber Company 13,238 29.53 10.8% (5.9%) 35.30 83.7% 5.9x 5.9x 6.3x 5.0x 4.9x Modine Manufacturing Company 597 10.23 9.9% 7.9% 11.75 87.1% 5.4x 7.3x 2.6x 4.8x 4.2x Motorcar Parts of America, Inc. 609 30.15 9.9% (4.6%) 41.03 73.5% 15.3x 13.8x 13.1x 6.7x 5.8x Standard Motor Products, Inc. 1,073 42.82 4.1% 21.5% 45.72 93.7% 8.6x 8.9x 9.8x 8.9x 8.7x Tenneco Inc. 4,350 55.82 14.5% 11.9% 57.73 96.7% 5.5x 4.5x 5.3x 5.2x 4.8x Visteon Corporation 2,113 71.09 7.3% (30.4%) 121.65 58.4% 4.1x 1.6x 9.9x 6.5x 5.9x Median 9.8% (5.3%) 85.4% 7.2x 6.6x 6.9x 6.3x 5.8x Advance Auto Parts, Inc. $13,438 $166.71 1.8% (3.1%) $201.24 82.8% 11.0x 9.9x 11.6x 10.9x 10.1x AutoZone, Inc. 29,095 801.24 (1.0%) 11.1% 819.54 97.8% 10.2x 11.6x 12.6x 12.3x 11.5x Genuine Parts Company 15,857 102.00 (3.1%) 16.4% 105.97 96.3% 11.1x 10.8x 12.7x 12.3x 11.1x LKQ Corporation 13,778 34.69 3.0% 11.5% 35.51 97.7% 13.4x 10.6x 14.7x 12.9x 11.2x O'Reilly Automotive, Inc. 29,515 288.10 3.7% 16.5% 292.84 98.4% 16.4x 14.5x 16.1x 15.4x 14.0x U.S. Auto Parts Network, Inc. 165 3.96 (10.6%) 75.2% 4.49 88.2% NA NA 18.3x 12.8x 11.1x Uni-Select Inc. 1,176 24.04 (6.9%) 4.8% 27.45 87.6% 8.9x 10.2x 11.9x 10.9x 9.9x Median (1.0%) 11.5% 96.3% 11.1x 10.7x 12.7x 12.3x 11.1x Dealerships and Service Providers Asbury Automotive Group, Inc. $3,082 $56.65 1.3% (31.0%) $87.63 64.6% 11.5x 9.2x 9.5x 9.5x 9.3x AutoNation, Inc. 11,580 49.46 (2.6%) (18.2%) 65.51 75.5% 12.7x 11.4x 11.5x 11.7x 11.4x Boyd Group Income Fund 1,216 60.67 5.6% 36.6% 61.88 98.0% 11.1x 10.7x 16.2x 12.9x 11.2x CarMax, Inc. 21,981 59.17 11.0% (5.3%) 64.07 92.4% NM NM NM 18.0x 17.2x Copart, Inc. 6,462 50.68 1.3% 40.7% 51.48 98.5% 12.5x 11.6x 14.9x 14.2x 13.3x Group 1 Automotive, Inc. 4,136 61.39 16.8% (34.1%) 94.45 65.0% 11.9x 9.9x 9.9x 11.0x 10.5x KAR Auction Services, Inc. 7,796 41.08 (3.5%) 5.9% 43.91 93.6% 11.5x 10.0x 11.3x 10.3x 9.5x Lithia Motors, Inc. Class A 4,153 83.82 7.4% (27.2%) 126.56 66.2% 15.2x 10.5x 10.6x 10.3x 9.7x Monro Muffler Brake, Inc. 2,244 57.49 (18.2%) (12.1%) 77.00 74.7% 15.9x 15.2x 14.0x 13.0x 11.5x Penske Automotive Group, Inc. 8,155 41.30 26.1% (21.3%) 54.09 76.3% 14.5x 11.5x 12.3x 12.1x 11.3x Sonic Automotive, Inc. Class A 3,120 17.46 (4.7%) (20.6%) 25.77 67.8% 11.2x 10.1x 10.2x 10.7x 10.4x Median 1.3% (18.2%) 75.5% 12.2x 10.6x 11.4x 11.7x 11.2x PAGE 7

PUBLIC COMPARABLES Revenue Revenue Growth EBITDA EBITDA Growth ($ in millions) 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P Automotive Aftermarket BorgWarner Inc. $7,178 $7,435 $8,304 $8,025 $9,136 $9,508 3.8% 8.8% $1,106 $1,224 $1,385 $1,330 $1,493 $1,553 6.4% 8.1% Cooper Tire & Rubber Company 4,201 3,439 3,421 2,959 2,956 3,046 (11.0%) 1.5% 526 394 436 541 514 485 1.0% (5.3%) Dorman Products, Inc. 570 664 751 803 859 943 12.1% 8.4% 112 138 153 162 182 197 13.0% 10.1% Federal-Mogul Holdings Corp 6,664 6,786 7,317 7,419 7,467 7,725 3.6% 2.0% 448 569 573 570 725 776 8.4% 16.7% Goodyear Tire & Rubber Company 20,992 19,540 18,138 16,443 15,632 15,948 (7.8%) (1.5%) 1,824 2,107 2,251 2,085 2,655 2,684 4.6% 13.5% Modine Manufacturing Company 1,376 1,478 1,496 1,463 1,353 1,380 2.1% (2.9%) 101 121 110 224 124 141 30.3% (20.7%) Motorcar Parts of America, Inc. 406 259 302 369 433 478 (3.2%) 13.8% 0 46 38 49 91 103 NM 44.5% Standard Motor Products, Inc. 949 984 980 972 1,061 1,112 0.8% 7.0% 89 107 113 92 121 124 1.4% 15.9% Tenneco Inc. 7,363 7,964 8,420 8,209 8,609 9,063 3.7% 5.1% 649 707 752 785 848 917 6.5% 8.1% Visteon Corporation 6,857 7,439 7,509 3,245 3,164 3,291 (22.1%) 0.7% 493 590 663 265 325 356 (18.7%) 15.9% Total $56,556 $55,988 $56,639 $49,906 $50,669 $52,493 (1.8%) 4.3% $5,348 $6,002 $6,475 $6,104 $7,077 $7,336 5.9% 10.7% Advance Auto Parts, Inc. $6,205 $6,494 $9,844 $9,737 $9,380 $9,564 16.2% (0.9%) $847 $901 $1,244 $1,147 $1,244 $1,332 10.6% 7.8% AutoZone, Inc. 8,604 9,148 9,475 10,187 10,663 11,184 5.8% 4.8% 1,841 2,002 2,081 2,223 2,365 2,529 6.5% 6.7% Genuine Parts Company 13,014 14,078 15,342 15,280 15,479 16,038 5.5% 2.5% 1,122 1,117 1,273 1,266 1,286 1,382 4.1% 4.5% LKQ Corporation 4,123 5,063 6,740 7,193 9,161 10,309 20.4% 19.7% 493 627 790 852 1,071 1,224 20.0% 19.8% O'Reilly Automotive, Inc. 6,182 6,649 7,216 7,967 8,593 9,163 8.8% 7.2% 1,154 1,287 1,465 1,743 1,919 2,108 14.7% 10.0% U.S. Auto Parts Network, Inc. 304 255 284 291 303 318 (1.4%) 4.4% 8 5 5 6 13 15 (8.5%) 58.6% Uni-Select Inc. 1,821 1,788 1,784 1,355 1,220 1,300 (9.4%) (2.1%) 90 92 104 94 108 118 1.5% 11.8% Total $40,253 $43,474 $50,685 $52,010 $54,799 $57,876 6.6% 5.1% $5,554 $6,031 $6,961 $7,331 $8,006 $8,708 7.0% 17.0% Dealerships and Service Providers Asbury Automotive Group, Inc. $4,640 $5,335 $5,868 $6,588 $6,526 $6,721 12.4% 1.0% $209 $270 $313 $331 $328 $334 16.6% 0.5% AutoNation, Inc. 15,669 17,518 19,109 20,862 21,884 22,755 10.0% 4.4% 737 843 909 998 989 993 10.6% (0.3%) Boyd Group Income Fund 435 561 764 918 1,056 1,172 28.3% 13.0% 30 40 77 79 94 109 38.5% 16.9% CarMax, Inc. 10,963 12,574 14,269 15,150 15,881 17,223 11.4% 6.6% 529 595 724 804 1,227 1,299 15.0% 27.1% Copart, Inc. 924 1,046 1,163 1,146 1,256 1,337 7.4% 8.0% 346 342 363 394 453 491 4.4% 11.6% Group 1 Automotive, Inc. 7,476 8,919 9,938 10,633 11,064 11,378 12.5% 3.4% 269 346 375 407 380 394 14.8% (1.6%) KAR Auction Services, Inc. 1,963 2,173 2,365 2,640 3,052 3,277 10.4% 11.4% 457 451 574 640 752 824 11.9% 13.5% Lithia Motors, Inc. Class A 3,316 4,006 5,390 7,864 8,523 8,982 33.4% 6.9% 166 207 266 377 397 426 31.5% 6.3% Monro Muffler Brake, Inc. 732 831 894 944 1,001 1,083 8.8% 7.1% 103 127 147 161 171 193 16.0% 9.5% Penske Automotive Group, Inc. 13,164 14,705 17,177 19,285 20,310 20,938 13.6% 4.2% 419 498 574 645 675 710 15.4% 5.0% Sonic Automotive, Inc. Class A 8,365 8,843 9,197 9,624 9,574 9,918 4.8% 1.5% 289 300 294 307 290 300 2.0% (1.1%) Total $67,648 $76,512 $86,134 $95,653 $100,129 $104,782 13.9% 6.1% $3,553 $4,019 $4,617 $5,142 $5,757 $6,072 16.1% 7.9% PAGE 9

PUBLIC COMPARABLES Revenue Revenue Growth EBITDA EBITDA Growth ($ in millions) 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P 2012 2013 2014 2015 2016P 2017P '12-15 '15-17P Automotive Aftermarket Bayerische Motoren Werke AG $98,709 $100,976 $106,648 $102,215 $104,982 $107,682 1.2% 2.6% $20,286 $19,443 $21,734 $19,303 $16,162 $16,608 (1.6%) (7.2%) Daimler AG 146,811 156,635 172,268 165,747 171,255 175,416 4.1% 2.9% 19,691 21,079 24,558 25,604 20,651 22,491 9.1% (6.3%) Ford Motor Company 134,266 146,917 144,077 149,558 142,456 145,048 3.7% (1.5%) 12,958 13,183 11,324 15,557 12,500 13,485 6.3% (6.9%) General Motors Company 152,256 155,427 155,929 152,356 150,617 149,476 0.0% (0.9%) 10,670 12,708 8,853 15,518 17,181 16,224 13.3% 2.2% Harley-Davidson, Inc. 5,581 5,900 6,229 5,995 5,286 5,398 2.4% (5.1%) 1,183 1,324 1,452 1,330 1,276 1,321 4.0% (0.3%) Navistar International Corporation 12,948 10,775 10,806 10,140 8,437 8,353 (7.8%) (9.2%) (374) (192) 295 567 565 600 NM 2.9% Oshkosh Corp 8,181 7,665 6,808 6,098 6,101 6,628 (9.3%) 4.3% 500 644 622 523 486 557 1.5% 3.2% PACCAR Inc 17,051 17,124 18,997 19,115 17,200 16,752 3.9% (6.4%) 2,458 2,648 2,899 3,198 2,084 2,107 9.2% (18.8%) Toyota Motor Corp. 266,131 256,480 247,980 236,533 265,482 275,352 (3.9%) 7.9% 30,332 35,160 38,164 36,457 29,539 31,718 6.3% (6.7%) Volkswagen AG Pref 247,486 261,550 268,549 236,524 236,073 242,635 (1.5%) 1.3% 29,739 30,822 33,686 24,722 29,135 32,902 (6.0%) 15.4% Total $1,089,420 $1,119,448 $1,138,291 $1,084,281 $1,107,889 $1,132,740 (0.7%) (0.4%) $127,443 $136,819 $143,587 $142,779 $129,578 $138,012 4.7% (2.3%) PAGE 10

TRANSPORTATION & LOGISTICS SOURCES 1. FactSet. 2. MergerMarket. 3. Pitchbook. DISCLOSURES Harris W illiams & Co. (www.harriswilliams.comand w ww.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients w orldwide. The firm has deep industry know ledge, global transaction expertise, and an unw avering commitment to excellence. Harris W illiams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Harris W illiams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Flo or, 6 St. Andrew Street, London EC4A 3AE, UK, registered w ith the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris W illiams & 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, 60325 Frankfurt am Main, Germany. Permanent Representative ( Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. The information and view s contained in this report w ere prepared by Harris Williams & Co. ( Harris Williams ). It is not a re search 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 o ffer 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 i nformation 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 W illiams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and e ffect 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 projec tions in this report constitute Harris Williams judgment and are subject to change w ithout notice. The financial instruments discussed in this re port may not be suitable for all investors, and investors must make their ow n investment decisions using their own independent advisors as they believe ne cessary 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, w ithout Harris Williams prior w ritten consent. Copyr ight 2016 Harris Williams & Co., all rights reserved. PAGE 11