www.harriswilliams.de

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze,authorised and regulated by the Financial Conduct Authority.

Harris Williams & 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.

PAGE |

www.harriswilliams.de

CONTENTS M&A TRANSACTIONS PUBLIC MARKETS OVERVIEW STOCK PRICE PERFORMANCE OUR GROUP

CONTACTS

UNITED STATES

Frank MountcastleManaging Directorfmountcastle@harriswilliams.com+1 (804) 915-0124

Jason BassManaging Directorjbass@harriswilliams.com+1 (804) 915-0132

Joe ConnerManaging Director jconner@harriswilliams.com+1 (804) 915-0151

Jershon JonesDirector jjones@harriswilliams.com+1 (804) 932-1356

Jeff BurkettDirector jburkett@harriswilliams.com +1 (804) 932-1334

Jeff KiddVice President jkidd@harriswilliams.com +1 (804) 915-0178

EUROPE

Jeffery PerkinsManaging Director jperkins@harriswilliams.com+49 (0) 69 3650638 00

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

AUTOMAKERS BACK TESTING GROUND FOR SELF-DRIVING VEHICLES

Toyota Motor Corp along with other car manufacturers are backing a $10 Milliontesting ground for self-driving vehicles. The 32 acre facility called Mcity will belocated at the University of Michigan and is hoped to enable Detroit to bettercompete in the emerging tech war. The facility will be one of the few open-sourcefacilities in the world and will also be one of the few facilities that allows for testingof self-driving vehicles in cold climates.Wall Street Journal

APPLE CANT IGNORE THE AUTO MARKET

In an interview with Bloomberg TV, Morgan Stanley’s lead auto analyst AdamJonas stated that the auto industry is too big of an addressable market for Appleto ignore in response to a question about what Apple should do with its nearly$200 Billion in cash. He noted that they could also start from scratch rather than doan acquisition and focus more heavily on the self-driving car market.Business Insider

TRANSPORTATION & LOGISTICS OVERVIEW

EUROPEAN CAR SALES SURGE 15% IN JUNE

European auto sales surged 15% in June, the single largest month-on-monthincrease in over 5 years and the 22nd consecutive month of growth. All majormarkets and all major carmakers, with the exception of Renault, posted doubledigit gains. HIS Automotive analyst Carlos da Silva attributes the gains to the extrasales days in June when compared to May and incentives offered bymanufacturers to meet sales targets for the quarter.New York Times

AUTOMOTIVE SPECIALTY EQUIPMENT MARKET REACHES $36BA new SEMA report shows that spending on automotive specialty equipment partsand accessories has increased for a fifth consecutive year, reaching $36 billion in2014. Spending in this category grew 8% between 2013 and 2014. SEMA CEO ChrisKersting points to advanced manufacturing systems and social media as drivers ofchange within the industry.Aftermarket News

1

a portfolio company of

has been acquired by

a portfolio company of

HARRIS WILLIAMS & CO. DEAL SPOTLIGHT

Harris Williams & Co. advised Kadel’s Auto Body, a portfoliocompany of KCB Management, on its sale to ABRA AutoBody & Glass, a portfolio company of Hellman & Friedman.Kadel’s is a leading provider of auto body repair services inthe Pacific Northwest, and ABRA is a recognized leader incollision repair, paintless dent removal and auto glass repairand replacement.

Press Release

Kadel’s Auto Body

WHAT WE’RE READING

PAGE |

Date Target Business Description Acquirer

7/17/2015 Covs Parts Pty Ltd Distributes auto parts, tools, equipment, and consumables to automotive, mining, truck and trailer and industrials in western Australia.

GPC Asia Pacific Group Pty Ltd.

7/16/2015 Getrag Getriebe Manufacturers transmission systems for passenger cars and light commercial vehicles in Germany and internationally.

Magna International Inc.

7/13/2015 Remy International, Inc. Designs, manufactures, remanufactures, markets and distributes rotating electrical components for automobiles, light trucks and heavy duty trucks.

BorgWarner Inc.

7/13/2015 Identifix, Inc. Operates an auto repair hotline which prov ides technical assistance to shop owners and technicians seeking additional expertise.

Claims Serv ices Group, Inc.

7/9/2015 Coast Distribution System Inc. Supplies replacement parts for RVs to retail parts and supply stores, repair establishment, and dealers.

Keystone Automotive Operations, Inc.

7/8/2015 Power Train Company Remanufactures and distributes heavy duty truck parts. TruckPro, LLC

7/8/2015 PartsChannel Inc. Distributes aftermarket replacement parts for the collision repair industry in the United States.

LKQ Corp.

6/26/2015 Kadel's Auto Body, LLC Provides auto body repair serv ices across the Unites States ABRA Auto Body & Glass LP

6/15/2015 Holding & Barnes Plc Prov ider of online salvage auction serv ices to buy accident damaged, theft-recovered, and used vehicles in the United Kingdom.

ADESA (UK) Limited

6/11/2015 IVC Industrial Coatings, Inc. Manufacturer and distributor of powder, liquid, and specialty coating products for commercial and consumer applications.

PPG Industries, Inc.

6/2/2015 Harco Manufacturing Group, LLC Manufacturer and supplier of automotive aftermarket and defense products.

Sunsong Holdings Inc.

6/1/2015 The Grease Spot, Inc. Operator of oil change centers in the Midwest. The Lube Stop, Inc.

5/27/2015 Quest Automotive Products and Quest Industrial Products

Manufacturer of automotive refinish and industrial coatings. The Valspar Corporation

5/21/2015 OE+, Ltd. Supplier of remanufactured starters and alternators to the automotive aftermarket.

Motorcar Parts of America, Inc.

5/19/2015 Thermotech, Inc. Contract manufacturer, specializing in precision injection molding and assembly of plastic products for the automotive industry.

Plasman Inc.

5/15/2015 Bell Automotive Products Supplier of interior protection, tire safety and vehicle accessory products marketed under the Bell, Victor, and Monkey-Grip brands.

Hopkins Manufacturing Corp.

5/13/2015 Time Automotive Distributors Distributor of performance and truck accessories. National Performance Warehouse

5/13/2015 RWA Holding Company, Inc. Automotive aftermarket prov ider of highly engineered components under the Yukon and USA Standard brands.

Linsalata Capital Partners

M&A TRANSACTIONS

2

RECENT M&A TRANSACTIONS1,2

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

PAGE |

PUBLIC MARKETS OVERVIEW

3

TRANSPORTATION & LOGISTICS

TEV / LTM EBITDA TEV / 2015E EBITDA

AVERAGE REVENUE GROWTH (2011 – 2014) AVERAGE REVENUE GROWTH (2014 – 2016P)

AVERAGE EBITDA GROWTH (2011 – 2014) AVERAGE EBITDA GROWTH (2014 – 2016P)

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

7.5x

10.9x

12.0x

13.0x

Suppliers

Vehicle Manufacturers

Distributors and Retailers

Dealerships and ServicesProviders

7.2x

10.4x

12.1x

12.2x

Suppliers

Vehicle Manufacturers

Distributors and Retailers

Dealerships and ServicesProviders

3.7%

2.8%

7.6%

14.2%

Suppliers

Vehicle Manufacturers

Distributors and Retailers

Dealerships and ServicesProviders

0.3%

1.8%

2.9%

10.4%

Distributors and Retailers

Vehicle Manufacturers

Suppliers

Dealerships and ServicesProviders

4.4%

7.5%

9.3%

13.5%

Distributors and Retailers

Suppliers

Vehicle Manufacturers

Dealerships and ServicesProviders

4.6%

5.9%

6.2%

10.5%

Suppliers

Distributors and Retailers

Vehicle Manufacturers

Dealerships and ServicesProviders

PAGE |

STOCK PRICE PERFORMANCE

4

TRANSPORTATION & LOGISTICS

(Indexed to July 19, 2014)

TRAILING TWELVE MONTHS

MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH)

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

(7.3%)

(5.7%)

2.2%

2.5%

Suppliers

VehicleManufacturers

Dealerships andService Providers

Distributors andRetailers

(17.8%)

(8.8%)

15.8%

25.0%

VehicleManufacturers

Suppliers

Dealerships andService Providers

Distributors andRetailers

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

Jul-21-2014 Oct-21-2014 Jan-21-2015 Apr-21-2015 Jul-21-2015

Suppliers Distributors and RetailersDealerships and Service Providers Vehicle ManufacturersS&P 500 Index (^SPX) - Index Value

PAGE |

OUR GROUP

Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & LogisticsGroup serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marineand air transportation, transportation equipment, and the automotive and heavy duty vehicle market.

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

RECENTLY CLOSED T&L TRANSACTIONS

DEEP EXPERIENCE ACROSS T&L SECTORS

MARINE TRANSPORTATION

NICHE TRANSPORTATION

TRANSPORTATION EQUIPMENT

RAIL & RAIL SERVICES

AUTOMOTIVE & HEAVY DUTY

VEHICLE

THIRD-PARTY LOGISTICS

AIR TRANSPORTATION

5

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company ofa portfolio company of

has been acquired byhas been acquired by

a portfolio company of

has been acquired by

a portfolio company of

and

in partnership with

and

RCL Services Group

has sold

tohas been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company ofa portfolio company of

has been acquired by

a portfolio company of

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501Fax: +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400Fax: +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700Fax: +1 (612) 359-2701

Richmond (U.S. Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072Fax: +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco, California 94105, USAPhone: +1 (415) 288-4260Fax: +1 (415) 288-4269

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00Fax: +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900Fax: +44 (0) 20 7526 2187

NETWORK OFFICES

BeijingHong KongMumbai

New DelhiShanghai

Transportation & Logistics

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 andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.

OUR FIRM

6

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015TRANSPORTATION & LOGISTICS

PAGE |

PUBLIC COMPARABLES

7

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

Stock PerformanceStock Price Change from 52-Week TEV / EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Jul-14 Jan-15 Current 2014 2015E

Automotive Aftermarket

TEV / LTM EBITDA as of

SuppliersBorgWarner Inc. $12,636 $52.04 (13.8%) (20.2%) $66.15 78.7% 11.5x 8.7x 9.1x 9.0x 9.0xCooper Tire & Rubber Co. 1,823 33.28 (5.4%) 10.9% 43.94 75.7% 5.5x 4.5x 3.6x 3.5x 4.5xDorman Products, Inc. 1,698 49.49 (0.5%) 3.2% 51.75 95.6% 11.1x 10.5x 11.3x 11.1x 10.4xFederal-Mogul Holdings Corporation 4,427 10.32 (12.3%) (48.8%) 20.47 50.4% 8.1x 6.6x 7.9x 7.2x 7.2xThe Goodyear Tire & Rubber Company 13,483 30.04 (3.7%) 7.7% 32.74 91.8% 6.1x 5.7x 5.7x 6.0x 5.4xModine Manufacturing Company 581 10.36 (4.0%) (31.3%) 15.08 68.7% 6.7x 6.1x 5.4x 5.0x 4.9xMotorcar Parts of America, Inc. 541 29.07 (7.5%) 17.8% 36.43 79.8% 10.9x 14.4x 15.0x 15.5x 8.2xStandard Motor Products Inc. 856 34.48 (7.1%) (18.2%) 43.72 78.9% 7.7x 6.8x 7.1x 6.8x 7.6xTenneco Inc. 4,144 50.21 (17.5%) (26.3%) 69.22 72.5% 7.1x 5.7x 5.7x 5.6x 5.3xVisteon Corporation 5,358 97.89 (9.5%) 0.5% 110.48 88.6% 9.2x 8.3x 8.1x 8.3x NM

Median (7.3%) (8.8%) 78.8% 7.9x 6.7x 7.5x 7.0x 7.2xDistributors and Retailers

Advance Auto Parts Inc. $13,831 $168.69 5.1% 29.3% $170.00 99.2% 10.8x 10.1x 11.0x 11.1x 10.7xAutoZone, Inc. 25,237 676.05 (0.8%) 29.9% 705.00 95.9% 10.2x 10.8x 11.6x 12.1x 11.3xGenuine Parts Company 14,155 88.81 (3.7%) 1.9% 109.00 81.5% 11.4x 12.2x 11.1x 11.1x 10.7xLKQ Corp. 11,073 31.26 5.3% 20.8% 31.36 99.7% 13.1x 11.9x 13.7x 14.0x 13.0xO'Reilly Automotive Inc. 25,181 240.20 4.7% 57.2% 241.50 99.5% 12.5x 13.4x 16.4x 17.1x 15.1xPep Boys - Manny, Moe & Jack 949 12.18 4.5% 7.0% 12.62 96.5% 8.1x 9.0x 12.0x 8.7x 9.5xU.S. Auto Parts Network, Inc. 90 2.24 0.4% (30.9%) 3.37 66.5% 16.3x 17.4x NM 16.6x 12.8xUni-Select Inc. 1,234 36.37 (0.3%) 46.9% 37.55 96.8% 11.5x 10.1x 13.7x 13.4x 14.1x

Median 2.5% 25.0% 96.7% 11.4x 11.4x 12.0x 12.7x 12.1xDealerships and Service Providers

Asbury Automotive Group, Inc. $4,074 $95.54 8.3% 34.3% $96.58 98.9% 11.7x 11.0x 12.8x 13.7x 12.4xAutoNation, Inc. 12,531 66.19 5.2% 15.3% 67.50 98.1% 13.7x 12.3x 12.8x 13.7x 12.4xBoyd Group Income Fund 806 44.56 6.8% 15.8% 44.65 99.8% 12.1x 12.0x 14.0x 13.6x 11.8xCarMax Inc. 23,316 68.17 (1.6%) 30.7% 75.40 90.4% 19.4x NM NM NM NM Copart, Inc. 4,619 36.61 2.2% 4.4% 38.50 95.1% 13.2x 11.0x 11.1x 11.7x 11.6xGroup 1 Automotive Inc. 4,667 93.61 5.0% 14.4% 94.95 98.6% 12.5x 11.0x 11.3x 12.1x 11.8xKAR Auction Services, Inc. 7,844 38.25 (0.5%) 23.9% 39.52 96.8% 13.8x 12.4x 13.1x 13.7x 12.0xLithia Motors Inc. 4,886 117.22 3.9% 28.2% 118.57 98.9% 14.5x 11.9x 14.7x 18.4x 13.5xMonro Muffler Brake Inc. 2,270 63.00 (0.0%) 19.4% 67.93 92.7% 13.9x 14.7x 15.0x 17.9x 15.9xPenske Automotive Group, Inc. 8,880 52.89 0.7% 8.2% 54.14 97.7% 14.5x 13.7x 14.4x 15.5x 13.8xSonic Automotive Inc. 3,225 24.19 0.5% (8.3%) 27.84 86.9% 11.2x 10.6x 11.1x 10.8x 11.2x

Median 2.2% 15.8% 97.7% 13.7x 11.9x 13.0x 13.7x 12.2xVehicle Manufacturers

PAGE |

PUBLIC COMPARABLES

8

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

Stock PerformanceStock Price Change from 52-Week TEV / EBITDA

($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Jul-14 Jan-15 Current 2014 2015E

Automotive Aftermarket

TEV / LTM EBITDA as of

Vehicle ManufacturersBayerische Motoren Werke Aktiengesellschaft $157,917 $103.94 (5.7%) (17.9%) $134.21 77.4% 10.4x 9.9x 11.6x 10.8x 10.3xDaimler AG 192,302 92.27 (0.2%) 4.4% 104.24 88.5% 10.9x 10.8x 12.8x 12.2x 10.0xFord Motor Co. 161,271 14.57 (3.6%) (17.8%) 18.12 80.4% 13.9x 13.8x 14.1x 14.4x 15.0xGeneral Motors Company 75,157 30.50 (15.5%) (18.5%) 39.00 78.2% 8.3x 8.0x 7.4x 8.3x 5.0xHarley-Davidson, Inc. 16,542 54.94 (5.8%) (18.4%) 70.41 78.0% 12.7x 12.5x 12.0x 11.3x 11.1xNavistar International Corporation 5,939 18.25 (22.2%) (51.8%) 40.17 45.4% NM NM 16.5x NM 10.7xOshkosh Corporation 4,028 40.69 (11.0%) (25.1%) 55.69 73.1% 8.8x 6.2x 6.9x 6.5x 6.6xPACCAR Inc. 28,559 64.89 0.2% (1.6%) 71.15 91.2% 13.2x 11.5x 11.0x 11.7x 11.4xToyota Motor Corporation 340,548 67.15 0.1% 13.3% 70.67 95.0% 8.7x 9.8x 9.8x 9.9x 10.9xVolkswagen AG 195,924 215.21 (9.5%) (13.2%) 284.76 75.6% 7.9x 7.8x 8.5x 7.9x 6.5x

Median (5.7%) (17.8%) 78.1% 10.4x 9.9x 11.3x 10.8x 10.5x

PAGE |

PUBLIC COMPARABLES

9

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

Revenue Revenue Growth EBITDA EBITDA Growth($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P

Automotive Aftermarket

SuppliersBorgWarner Inc. $7,115 $7,183 $7,437 $8,305 $8,169 $9,094 5.3% 4.6% $1,073 $1,126 $1,224 $1,398 $1,389 $1,619 9.2% 7.6%Cooper Tire & Rubber Co. 3,908 4,201 3,439 3,425 2,979 3,072 (4.3%) (5.3%) 286 629 483 518 395 412 21.8% (10.8%)Dorman Products, Inc. 513 570 664 751 800 906 13.5% 9.8% 95 112 138 153 165 192 17.2% 11.8%Federal-Mogul Holdings Corporation 6,719 6,444 6,786 7,317 7,821 8,280 2.9% 6.4% 622 439 565 611 601 728 (0.6%) 9.2%The Goodyear Tire & Rubber Company 22,767 20,992 19,540 18,138 16,525 17,048 (7.3%) (3.1%) 1,893 1,819 2,105 2,251 2,475 2,638 5.9% 8.3%Modine Manufacturing Company 1,448 1,577 1,376 1,478 1,513 1,462 0.7% (0.5%) 103 128 96 116 119 122 4.0% 2.7%Motorcar Parts of America, Inc. 161 179 213 259 317 381 17.1% 21.4% 30 31 37 35 66 81 4.9% NMStandard Motor Products Inc. 875 949 984 980 998 1,033 3.9% 2.7% 79 102 120 126 112 125 17.0% (0.5%)Tenneco Inc. 7,205 7,363 7,964 8,420 8,234 8,735 5.3% 1.9% 597 638 695 736 790 861 7.2% 8.2%Visteon Corporation 7,532 5,715 6,371 7,509 3,014 3,197 (0.1%) (34.7%) 541 479 560 646 261 286 6.1% NM

Total $58,243 $55,173 $54,774 $56,582 $50,370 $53,209 3.7% 0.3% $5,319 $5,503 $6,023 $6,590 $6,373 $7,063 9.3% 4.6%Distributors and Retailers

Advance Auto Parts Inc. $6,170 $6,205 $6,494 $9,844 $9,897 $10,225 16.8% 1.9% $841 $847 $901 $1,243 $1,302 $1,438 13.9% 7.6%AutoZone, Inc. 8,073 8,604 9,148 9,475 10,151 10,685 5.5% 6.2% 1,691 1,841 2,002 2,089 2,229 2,377 7.3% 6.7%Genuine Parts Company 12,459 13,014 14,078 15,342 15,603 16,251 7.2% 2.9% 998 1,114 1,209 1,273 1,307 1,399 8.4% 4.9%LKQ Corp. 3,270 4,123 5,063 6,740 7,320 7,936 27.3% 8.5% 424 493 624 790 855 979 23.1% 11.3%O'Reilly Automotive Inc. 5,789 6,182 6,649 7,216 7,800 8,336 7.6% 7.5% 1,030 1,159 1,291 1,468 1,677 1,813 12.6% 11.1%Pep Boys - Manny, Moe & Jack 1,989 2,064 2,091 2,067 2,087 2,112 1.3% 1.1% 155 147 118 109 100 118 (11.3%) 4.2%U.S. Auto Parts Network, Inc. 327 304 255 284 303 327 (4.7%) 7.4% 13 8 5 5 7 10 NM NMUni-Select Inc. 1,781 1,798 1,788 1,784 1,349 1,109 0.1% (21.1%) 97 79 82 92 86 85 (1.8%) (4.2%)

Total $39,857 $42,293 $45,565 $52,751 $54,510 $56,980 7.6% 1.8% $5,250 $5,687 $6,232 $7,069 $7,563 $8,219 7.5% 5.9%Dealerships and Service Providers

Asbury Automotive Group, Inc. $4,004 $4,475 $5,128 $5,639 $6,555 $6,962 12.1% 11.1% $171 $210 $259 $297 $329 $354 20.2% 9.2%AutoNation, Inc. 13,305 15,020 16,674 18,180 20,862 22,026 11.0% 10.1% 652 737 827 915 1,020 1,087 11.9% 9.0%Boyd Group Income Fund 351 436 544 715 854 927 26.7% 13.9% 23 28 39 59 68 77 NM 14.0%CarMax Inc. 8,976 10,004 10,963 12,574 14,269 15,565 11.9% 11.3% 719 783 828 932 1,077 1,200 9.0% 13.5%Copart, Inc. 872 924 1,046 1,163 1,145 1,194 10.1% 1.3% 312 338 335 393 401 427 8.1% 4.2%Group 1 Automotive Inc. 5,884 7,216 8,607 9,571 10,734 11,413 17.6% 9.2% 225 271 322 386 387 427 19.6% 5.2%KAR Auction Services, Inc. 1,886 1,963 2,173 2,365 2,520 2,680 7.8% 6.5% 462 471 495 574 656 707 7.5% 11.0%Lithia Motors Inc. 2,549 3,204 3,867 5,200 7,746 8,441 26.8% 27.4% 129 166 210 266 363 395 27.4% 21.9%Monro Muffler Brake Inc. 637 687 732 831 901 970 9.3% 8.0% 101 115 101 127 143 169 8.0% 15.3%Penske Automotive Group, Inc. 10,769 12,584 14,074 16,741 19,060 20,223 15.8% 9.9% 342 417 493 574 648 708 18.9% 11.0%Sonic Automotive Inc. 7,312 8,115 8,571 8,897 9,538 9,900 6.8% 5.5% 263 288 300 300 291 307 4.4% 1.2%

Total $56,545 $64,628 $72,380 $81,877 $94,182 $100,301 14.2% 10.4% $3,398 $3,824 $4,208 $4,823 $5,383 $5,858 13.5% 10.5%Vehicle Manufacturers

PAGE |

PUBLIC COMPARABLES

10

TRANSPORTATION & LOGISTICSAUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

Revenue Revenue Growth EBITDA EBITDA Growth($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P

Automotive Aftermarket

Vehicle ManufacturersBayerische Motoren Werke Aktiengesellschaft $66,659 $75,546 $77,374 $96,471 $95,109 $98,753 13.1% 1.2% $13,439 $13,956 $14,458 $15,627 $15,212 $15,912 5.2% 0.9%Daimler AG 122,715 132,833 142,477 137,845 156,438 163,536 4.0% 8.9% 14,066 14,309 14,947 15,784 18,959 20,876 3.9% 15.0%Ford Motor Co. 128,168 126,567 139,369 135,782 138,692 145,981 1.9% 3.7% 12,163 11,464 12,370 11,211 10,745 12,460 (2.7%) 5.4%General Motors Company 148,866 150,295 152,092 151,092 149,205 153,068 0.5% 0.7% 12,648 10,914 12,356 9,084 14,547 15,149 (10.4%) NMHarley-Davidson, Inc. 4,662 4,943 5,258 5,568 5,588 5,884 6.1% 2.8% 1,078 1,198 1,317 1,460 1,492 1,616 10.6% 5.2%Navistar International Corporation 13,441 12,527 10,617 10,653 11,099 11,486 (7.5%) 3.8% 958 (468) (375) 128 551 833 NM NMOshkosh Corporation 7,539 8,141 7,665 6,808 6,381 6,499 (3.3%) (2.3%) 668 511 639 622 616 659 (2.3%) 2.9%PACCAR Inc. 15,326 15,952 15,949 17,793 19,237 19,854 5.1% 5.6% 1,807 1,927 2,047 2,446 2,445 2,525 10.6% 1.6%Toyota Motor Corporation 215,055 212,497 222,030 236,160 225,419 228,059 3.2% (1.7%) 19,838 17,273 26,711 34,414 30,108 33,607 20.2% (1.2%)Volkswagen AG 184,595 227,862 241,001 214,898 230,081 239,783 5.2% 5.6% 21,684 25,594 26,303 24,820 29,712 32,582 4.6% 14.6%

Total $907,026 $967,163 $1,013,833 $1,013,070 $1,037,249 $1,072,902 2.8% 2.8% $98,348 $96,678 $110,773 $115,597 $124,387 $136,218 4.4% 5.6%

PAGE |

TRANSPORTATION & LOGISTICS

SOURCES

TRANSPORTATION & LOGISTICS

1. Capital IQ.

2. MergerMarket.

DISCLOSURES

11

AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ JULY 2015

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) 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.

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.

Harris Williams & 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 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.