PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
www.harriswilliams.de
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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.
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Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
PACKAGING INDUSTRY UPDATE
CONTENTS
INTRODUCTION
Harris Williams & Co. is pleased to present our packaging industry update for
August 2015. This report provides commentary and analysis on current capital
market trends and merger and acquisition dynamics within the global packaging
industry.
We hope you find this edition helpful and encourage you to contact us directly if
you would like to discuss our perspective on current industry trends or our relevant
industry experience.
OUR PRACTICE
Harris Williams & Co. is a leading advisor to the packaging industry. Our significant
experience covers a broad range of end markets, industries, and business models.
Packaging Types
 Bags
 Bottles & Cans
 Caps & Closures
 Flexible
 Labels
 Pouches
 Rigid
Materials
Applications
 Films
 Foil
 Laminations
 Paperboard
 Plastics
 Specialty Paper
 Cosmetics
 E-Commerce
 Food & Beverage
 Healthcare
 Industrial
 Other






WHAT WE’RE READING
ECONOMIC UPDATE
KEY THEMES
PUBLIC COMPARABLES
PUBLIC MARKETS
SELECT M&A ACTIVITY
CONTACTS
Patrick McNulty
Managing Director
pmcnulty@harriswilliams.com
+1 (804) 932-1339
Darwin Olympia
Director
dolympia@harriswilliams.com
+1 (804) 915-0141
Brad Morrison
Vice President
bmorrison@harriswilliams.com
+1 (804) 915-0168
Brandt Carr
Associate
bcarr@harriswilliams.com
+1 (804) 887-6018
HARRIS WILLIAMS & CO. DEAL SPOTLIGHT
AR Metallizing
a portfolio company of
has been acquired by
Harris Williams & Co. recently advised AR Metallizing, a
portfolio company of H.I.G. Capital, on its sale to Nissha
Printing Co. AR Metallizing is a leading provider of metallized
coatings and substrates used in a variety of packaging and
other applications.
UPCOMING INDUSTRY EVENTS
PACK EXPO Las Vegas
Harris Williams & Co. will be attending the 2015 PACK EXPO
conference on September 28th-30th at the Las Vegas
Convention Center. We hope to see you in attendance.
www.harriswilliams.de
PAGE | 1
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
WHAT WE’RE READING
ROBOTS RISE TO PACKAGING CHALLENGES
Packaging World
8/5/2015
The use of industrial automation and robotics for packaging applications is on the rise, according to the Association
for Packaging and Processing Technologies. Since 2008, the number of packagers employing robots has grown from
one out of five manufacturing locations to three out of four. The rise of automation and robotics in packaging
applications has been driven primarily by manufacturers’ desire for lower labor costs, increased product reliability,
and operational safety.
Read the full article here.
BAG MAKERS BRACE FOR THE START OF CHICAGO’S BAG BAN
Plastics News
7/30/2015
In 2014, Chicago aldermen passed a measure that requires stores to provide shoppers with reusable or recyclable
bags of any material or commercially compostable plastic bags. While retailers have accepted this ban, the transition
for plastic bag manufacturers has been noticeably less smooth. With the threat of large retail chains using
environmentally-friendly bags at a national level, bag manufacturers have had to invest in new manufacturing
practices and absorb higher costs to remain competitive.
Read the full article here.
TAKE NOTE: THE PAPER INDUSTRY IS PLANNING A BIG COMEBACK
The Washington Post
7/29/2015
The $130B+ paper industry, despite year over year revenue losses, has initiated multiple marketing campaigns to
combat the digital revolution and reaffirm consumers’ desire to use paper for everyday activities, from writing letters
to grandparents, to tickets to a baseball game. While multinational paper companies continue to diversify away from
paper, marketing campaigns will remain active that look to support paper sales domestically and internationally.
Read the full article here.
LUXURY PACKAGING INDUSTRY TO ENTER “GOLDEN ERA” OF PRODUCT DEVELOPMENT
Packaging News
7/29/2015
According to the Asia Pulp and Paper (APP) sponsored report – “Paper based packaging trends to 2019” – the global
market for luxury goods packaging is expected to increase at a CAGR of 4.4% over the next five years, from $14.2B in
2014 to $17.6B by 2019. This growth in demand is driving innovations in the market, which is being facilitated by new
technology, which includes increasing prevalence of sustainable solutions, consumers’ increasing awareness of
sustainability issues, incorporation of anti-counterfeiting measures, and growth in personalization and coding.
Read the full article here.
CLICKING WITH THE CONSUMER | E-COMMERCE
Packaging News
7/14/2015
The rise of e-commerce has forced the packaging industry to adapt to new requirements, including an increased
level of product protection, environmental sustainability, and most noticeably, branding and labeling. The rise of the
“box as a store” concept to bring the power of a brand to e-commerce shoppers has become increasingly crucial to
the consumer experience and is now a critical element to e-commerce packaging.
Read the full article here.
PAGE | 2
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
ECONOMIC UPDATE
ENERGY PRICES

Global oil prices have fallen approximately 25% since May 2015 due
to sustained oversupply, as well as reduced sanctions with Iran,
resulting in an additional influx of oil supply globally.

Natural gas prices remain low, as relatively mild weather has
tempered demand for air conditioning. Around the world, natural gas
prices have also fallen because they are often linked to the price of
crude, and production of liquefied natural gas that can be shipped
overseas is ramping up.
400
Energy Prices
(Indexed)
Aug-15:
121.4
300
200
Aug-15:
107.3
100
Aug-15:
49.9
0
05 06 07 08 09 10 11 12 13 14 15
WTI
Brent
Nat. Gas
GDP
(Quarter-Over-Quarter Growth)
GDP
3%
Q2-15:
0.1%
2%
U.S.
1%
 Real GDP remained relatively flat from Q1 2015 to Q2 2015 but
0%
increased 2.3% on a year-over-year basis.
(1%)
Q1-15:
 Growth in the second quarter was boosted by consumer spending, as
0.4%
(2%)
households used some of the windfall from cheaper gasoline in late
(3%)
2014 and early this year to go shopping.
(4%)
EU-28
(5%)
 Seasonally adjusted GDP in the EU-28 for Q1 2015 rose by 0.4% in Q1
05 06 07 08 09 10 11 12 13 14 15
2015, with 1.4% annualized growth.
U.S.
INDUSTRIAL PRODUCTION INDEX
120
U.S.
110

Industrial production increased 0.3% in June but fell at an annual rate
of 1.4% for the second quarter of 2015, primarily due to reduced
energy drilling activity and sluggish manufacturing output. Capacity
utilization for the industrial sector increased 0.2% in June to 78.4%, a
rate that is 1.7% below its long-run (1972–2014) average.
EU-28

In June 2015, seasonally adjusted industrial production fell by 0.3% in
the EU-28 compared to May 2015, primarily due to reduced energy
production and softening demand for non-durable consumer goods.
Industrial Production Index
Jun-15:
105.7
100
Jun-15:
103.0
90
80
70
05 06 07 08 09 10 11 12 13 14 15
U.S.
CONSUMER SENTIMENT


The Consumer Sentiment Index was down 3.0 points to 93.1 in the July
reading, 5.0 points below the peak reached in January 2015.
The current conditions component is down nearly 3.0 points to 106.0 in
an early reading for July that points to another month of weakness for
consumer activity.
EU-28
100
EU-28
Consumer Sentiment Index
90
80
July-15:
93.1
70
60
50
05 06 07 08 09 10 12 13 14 15
PAGE | 3
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
KEY THEMES
INPUT PRICES

With raw material costs often representing more than 50% of COGS,
packaging companies must aggressively manage input costs.

The packaging industry relies heavily on petrochemical feedstock,
causing significant input price volatility that is influenced by oil and
natural gas prices, as well as supply/demand dynamics domestically
and abroad.

A two-year streak of steady resin price increases has ended, as resin
prices have been on a downward trajectory recently along with the
price of oil.

Many experts expect the decline in oil, natural gas, and resin prices to
continue as oversupply persists along with continued tepid demand.

Pulp and paper is another critical raw material for the industry and one
that has experienced less price volatility over the past three years.
Key Material Price Trends
(Indexed)
200%
150%
100%
50%
0%
Crude Oil
Nat Gas
Pulp
PET
LDPE
HDPE
ENVIRONMENTAL & SUSTAINABILITY

Sustainability and recycling initiatives have become the new norm in
the industry, and we expect these trends to continue with a focus on
eco-friendly products.
$20
Companies are developing new ways to incorporate post-consumer,
recycled material as feedstock for making new products.
$16
Corporate responsibility and the eco-friendly angle sit well with today’s
consumers.
$12

Recycling materials can reduce input costs and increase efficiency,
without compromising performance.
$8

Companies continue to find more ways to go green across substrates
and applications.


Green Packaging Demand
($ in billions)
$14.8
$12.5
$10.8
$8.3
$9.0
$4
$0
1998
2003
2008
2013
2018
ROBUST E-COMMERCE GROWTH

Rapid growth in e-commerce will boost demand for protective
packaging solutions and lead to continued steady growth.

The e-commerce market is projected to grow ~16% annually through
2017, substantially faster than overall retail sales.


An increasing number of online orders per shopping experience and
rising average order value are driving the industry growth trends.
Global E-Commerce Sales Projections
($ in billions)
$2,357
$2,500
$2,053
$2,000
$1,500
$1,771
$1,505
As a higher percentage of goods are purchased online and shipped
directly to consumers, packaging providers will need to adapt to the
evolving implications and role packaging plays in consumer $1,000
marketing.
$500
$0
2014
2015
2016
2017
PAGE | 4
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC COMPARABLES
As of August 12, 2015 ($ in millions, except per share amounts)
Stock Performance
Current
% of
Price
LTM High
3-Year
Free Cash
Revenue
Mkt Cap
TEV
CAGR
2014
Revenue
EBITDA
Price / Earnings
Margin
2015E
2016P
TEV / EBITDA
LTM
1
2015E
2016P
Flow
Net Debt /
Conversion2
EBITDA
Diversified / Specialty
Amcor Limited
$10.00
90.8%
$11,689
$14,547
(7.9%)
$9,666
$1,428
14.8%
17.7x
16.7x
12.7x
10.3x
10.0x
78.5%
2.1x
Sealed Air Corporation
54.81
98.2%
11,282
15,176
12.3%
7,747
1,115
14.4%
24.1x
21.1x
13.9x
12.9x
12.2x
85.7%
3.5x
Bemis Company, I nc.
45.90
92.8%
4,473
5,769
(6.5%)
4,464
599
13.4%
17.9x
16.6x
10.0x
9.7x
9.3x
63.0%
2.2x
AptarGroup, I nc.
70.09
99.6%
4,401
4,780
3.8%
2,618
460
17.6%
23.6x
21.6x
10.3x
10.3x
9.8x
67.4%
0.8x
Sonoco Products Co.
42.03
87.7%
4,241
5,307
3.5%
4,977
614
12.3%
16.6x
15.0x
7.8x
8.2x
7.7x
73.0%
1.7x
Huhtamaki Oyj
34.95
97.7%
3,624
4,368
2.9%
2,816
331
11.7%
20.0x
17.6x
14.4x
12.1x
10.7x
47.5%
2.1x
Berry Plastics Group, I nc.
32.59
87.9%
3,904
7,566
3.0%
5,053
827
16.4%
18.9x
16.5x
9.9x
9.1x
8.9x
78.2%
4.4x
Winpak Ltd.
32.07
92.5%
2,084
1,922
6.4%
783
148
18.9%
19.7x
17.6x
11.8x
10.2x
9.3x
71.8%
NM
Greif, I nc.
32.16
63.6%
1,681
2,914
1.5%
4,256
468
11.0%
18.5x
13.2x
6.6x
7.7x
6.7x
55.9%
2.5x
Median
92.5%
3.0%
14.4%
18.9x
16.7x
10.3x
10.2x
9.3x
71.8%
2.2x
Mean
90.1%
2.1%
14.5%
19.7x
17.3x
10.8x
10.1x
9.4x
69.0%
2.4x
Labels
Av ery Dennison Corporation
$64.49
99.5%
$5,897
$6,785
2.9%
$6,354
$691
10.9%
19.3x
17.1x
9.8x
9.5x
8.9x
80.2%
1.3x
CCL I ndustries I nc.
143.73
99.2%
4,972
5,324
21.3%
2,229
422
18.9%
24.0x
21.3x
12.9x
12.1x
11.2x
70.0%
0.9x
69.00
95.2%
1,155
1,632
27.3%
797
141
17.7%
19.6x
16.8x
10.9x
10.5x
9.4x
79.9%
3.4x
Multi-Color Corp.
Median
99.2%
21.3%
17.7%
19.6x
17.1x
10.9x
10.5x
9.4x
79.9%
1.3x
Mean
98.0%
17.1%
15.8%
20.9x
18.4x
11.2x
10.7x
9.9x
76.7%
1.8x
Paper and Paperboard
I nternational Paper Company
$48.16
83.2%
$20,118
$30,644
0.2%
$26,168
$4,201
16.1%
12.6x
11.7x
8.2x
7.5x
7.3x
63.6%
2.5x
WestRock Company
63.34
97.8%
16,585
19,200
22.2%
9,978
1,564
15.7%
16.5x
14.5x
11.8x
8.2x
6.7x
68.3%
1.7x
Packaging Corporation of America
73.37
86.4%
7,107
9,319
31.4%
5,917
1,151
19.5%
15.8x
14.2x
8.7x
8.3x
7.7x
78.1%
1.9x
Graphic Packaging Holding Company
15.17
94.0%
4,986
6,984
0.3%
4,240
711
16.8%
20.8x
18.0x
9.7x
9.3x
8.8x
69.3%
2.8x
KapStone Paper and Packaging Corporation
24.01
66.9%
2,311
3,959
36.7%
2,314
455
19.6%
13.8x
10.9x
9.4x
8.9x
7.5x
69.7%
3.6x
PH Glatfelter Co.
18.99
68.9%
823
1,148
4.0%
1,811
182
10.1%
12.5x
10.0x
7.0x
6.6x
5.7x
37.3%
1.8x
Median
84.8%
13.1%
16.4%
14.8x
12.9x
9.0x
8.2x
7.4x
68.8%
2.2x
Mean
82.9%
15.8%
16.3%
15.3x
13.2x
9.1x
8.1x
7.3x
64.4%
2.4x
Rigid
Ball Corporation
$71.66
92.8%
$9,901
$13,138
(0.5%)
$8,512
$1,216
14.3%
21.6x
19.0x
11.9x
11.8x
11.0x
56.3%
2.5x
8.69
94.1%
6,102
8,131
(3.2%)
5,982
869
14.5%
14.7x
13.8x
10.1x
9.4x
9.0x
55.7%
2.2x
Owens-I llinois, I nc.
22.22
69.8%
3,572
7,078
(2.5%)
6,820
1,257
18.4%
10.7x
8.9x
7.2x
6.9x
5.9x
59.0%
2.7x
Silgan Holdings I nc.
55.51
93.7%
3,352
5,209
3.5%
3,887
536
13.8%
17.5x
16.2x
10.2x
10.3x
9.9x
65.0%
3.5x
Rexam PLC
Median
93.2%
(1.5%)
14.4%
16.1x
15.0x
10.2x
9.9x
9.4x
57.7%
2.6x
Mean
87.6%
(0.7%)
15.3%
16.1x
14.5x
9.8x
9.6x
8.9x
59.0%
2.7x
Overall Median
92.8%
3.2%
15.2%
18.2x
16.5x
10.1x
9.5x
8.9x
68.8%
2.2x
Overall Mean
88.7%
7.4%
15.3%
18.0x
15.8x
10.2x
9.5x
8.8x
67.0%
2.4x
1)
2)
LTM as of August 2015.
Free cash flow conversion defined as EBITDA less capital expenditures divided by EBITDA.
PAGE | 5
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
PUBLIC MARKETS OVERVIEW
3-YEAR REVENUE CAGR (2011 – 2014)
Diversified / Specialty
3-YEAR EBITDA CAGR (2011 – 2014)
2.8%
Diversified / Specialty
Labels
18.9%
Paper and Paperboard
Rigid
15.8%
6.0%
Labels
22.5%
Paper and Paperboard
(0.7%)
18.7%
Rigid
AVERAGE EBITDA MARGIN (2015E)
Diversified / Specialty
FREE CASH FLOW CONVERSION (2015E)
Diversified / Specialty
15.1%
Labels
Paper and Paperboard
17.4%
Diversified / Specialty
10.6x
8.0x
Rigid
59.0%
NET DEBT / LTM EBITDA
9.9x
Paper and Paperboard
64.4%
Rigid
TOTAL ENTERPRISE VALUE / 2015E EBITDA
Labels
76.7%
Paper and Paperboard
15.2%
Diversified / Specialty
69.0%
Labels
16.5%
Rigid
4.2%
2.5x
Labels
2.0x
Paper and Paperboard
9.4x
2.4x
Rigid
2.5x
PUBLIC COMPARABLES (30-DAY ROLLING AVERAGE OF MEDIAN TEV / LTM EBITDA)
Median
12x
11x
Current
3-Year
5-Year
Diversified / Specialty
10.3x
9.6x
8.2x
Labels
11.5x
8.9x
8.2x
9.0x
8.8x
7.8x
Rigid
10.1x
8.7x
8.1x
Total Packaging
10.0x
9.0x
8.0x
Paper and Paperboard
10x
9x
8x
7x
6x
5x
4x
Aug-10
Aug-11
Diversified / Specialty
Aug-12
Labels
Aug-13
Aug-14
Paper and Paperboard
Aug-15
Rigid
PAGE | 6
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
M&A TRANSACTIONS
Date
Target
Target Business Description
Acquirer
8/6/2015
AR Metallizing
AR Metallizing is a leading prov ider of metallized coatings and substrates used
in a v ariety of packaging and other applications.
Nissha Printing Co. Ltd.
8/3/2015
Selig Group, I nc.
Selig Group, I nc. manufactures and supplies tamper-ev ident cap and closure
lining materials.
CC I ndustries, I nc.
7/31/2015
Lantero Embalaje
Grupo Lantero, Corrugated Business manufactures corrugated fiber boxes.
DS Smith Plc
7/27/2015
L&L Foods, I nc.
L&L Foods, I nc., a food packaging company, prov ides food packaging
solutions.
Peacock Engineering Company
7/23/2015
Ampac Holdings, LLC
Ampac Holdings, LLC manufactures and supplies flexible packaging solutions,
retail shopping bags, and security bags.
Prolamina Corporation
7/13/2015
LBP Manufacturing, I nc.
LBP Manufacturing, I nc. dev elops and manufactures paper-based on-the-go
packaging products.
Pritzker Group Priv ate Capital
7/13/2015
Packaging I ndia Pv t. Ltd.
Packaging I ndia Pv t. Prov ides specialty flexible packaging solutions for
customers throughout Asia and Africa.
Amcor Limited
7/1/2015
Nampak Limited, Flexible Div ision
Nampak Limited, Flexible Div ision offers flexible packaging serv ices for the
w ine industry and is the only aseptic bag-in-box packaging manufacturer in
South Africa.
Amcor Limited
7/1/2015
MeadWestv aco Corporation
MeadWestv aco Corporation prov ides packaging solutions to the healthcare,
beauty and personal care, food, bev erage, home and garden, tobacco, and
agricultural industries w orldw ide.
Rock-Tenn Company (Merger)
6/29/2015
J.L. Clark, I nc.
J.L. Clark, I nc. is a specialty packaging design and manufacturing company.
CC I ndustries, I nc.
6/18/2015
Mespack SL
Mespack SL designs and manufactures packaging machinery.
Durav ant
6/9/2015
Nampak Limited
Nampak Limited manufactures and sells metal, glass, paper, and plastic
packaging products in primarily South Africa, other countries in Africa, and the
United Kingdom.
Lazard Asset Management LLC
6/3/2015
I ntecplast I nyeccion Tecnica De
Plasticos S A S and Pieriplast
S.A.C.
I ntecplast S.A. designs, manufactures, and markets plastic packaging
products.
Acon I nv estments
6/1/2015
Victory Packaging, LP
Victory Packaging, LP designs, manufactures, and deliv ers packaging
solutions.
KapStone Paper and Packaging
Corporation
5/31/2015
Duropack GmbH
Duropack GmbH manufactures and sells corrugated board packaging and
displays, flexo printing, packaging, shipping containers, and point-of-sale
displays.
DS Smith Plc
5/28/2015
Elldex Packaging Limited and
Elldex Packaging Australia Pty
Limited
Elldex Packaging Ltd. manufactures and imports plastic packaging.
Cov eris Holdings S.A.
5/18/2015
StePac L.A. Ltd.
StePac L.A. Ltd. dev elops, manufactures, and supplies precision engineered
modified atmosphere and modified humidity fresh produce packaging.
Johnson Matthey Plc
4/15/2015
inspirepac Ltd.
inspirepac, Ltd. engages in the flexible printing and retail packaging businesses Smurfit Kappa Group plc
for consumer retail end markets.
4/14/2015
Robert Mann Packaging, I nc.
Robert Mann Packaging, I nc. offers design, production, and distribution
serv ices for stock, custom paper, and plastic packaging products.
4/1/2015
Butterw orth Paper Cups Sdn. Bhd
Butterw orth Paper Cups Sdn. Bhd, a paper packaging company, manufactures Huhtamaki Oyj
and supplies foodserv ice paper cups and other paper products.
Pratt I ndustries, I nc.
PAGE | 7
PACKAGING
INDUSTRY UPDATE │ AUGUST 2015
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
& Materials
Business
Services
Consumer
Energy, Power &
Infrastructure
Healthcare
& Life Sciences
Industrials
Specialty
Distribution
Technology,
Media & Telecom
Transportation
& Logistics
HARRIS WILLIAMS & CO. OFFICE LOCATIONS
UNITED STATES
EUROPE
Boston
Richmond (Headquarters)
Frankfurt
Cleveland
San Francisco
London
Two International Place
24th Floor
Boston, Massachusetts 02110
Phone: +1 (617) 482-7501
Fax: +1 (617) 482-7503
1900 East 9th Street
20th Floor
Cleveland, Ohio 44114
Phone: +1 (216) 689-2400
Fax: +1 (216) 689-2401
1001 Haxall Point
9th Floor
Richmond, Virginia 23219
Phone: +1 (804) 648-0072
Fax: +1 (804) 648-0073
575 Market Street
31st Floor
San Francisco, California 94105, USA
Phone: +1 (415) 288-4260
Fax: +1 (415) 288-4269
Bockenheimer Landstrasse 33-35
60325 Frankfurt
Germany
Phone: +49 069 3650638 00
Fax: +49 069 3650638 01
63 Brook Street
London W1K 4HS, England
Phone: +44 (0) 20 7518 8900
Fax: +44 (0) 20 7526 2187
NETWORK OFFICES
Minneapolis
222 South 9th Street
Suite 3350
Minneapolis, Minnesota 55402
Phone: +1 (612) 359-2700
Fax: +1 (612) 359-2701
Beijing
New Delhi
Hong Kong
Shanghai
Mumbai
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PACKAGING
INDUSTRY UPDATE | AUGUST 2015
HARRIS WILLIAMS & CO.
SOURCES
Bloomberg
Bureau of Economic Analysis
Capital IQ
Eurostat
Federal Reserve Economic Data
Plastics News
Packaging News
Packaging World
The Washington Post
University of Michigan
U.S. Census Bureau
DISCLOSURES
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.
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