www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with 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 07078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

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.

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

PAGE |

PACKAGING INDUSTRY UPDATE

1

CONTENTS

WHAT WE’RE READING

ECONOMIC UPDATE

KEY THEMES

PUBLIC COMPARABLES

PUBLIC MARKETS OVERVIEW

SELECT M&A ACTIVITY

CONTACTS

Patrick McNultyManaging Directorpmcnulty@harriswilliams.com+1 (804) 887-6039

Brad MorrisonDirectorbmorrison@harriswilliams.com+1 (804) 915-0168

Brandt CarrVice Presidentbcarr@harriswilliams.com+1 (804) 887-6018

INTRODUCTION

Harris Williams & Co. is pleased to present our packaging industry update forFebruary 2018. This report provides commentary and analysis on current capitalmarket trends and merger and acquisition dynamics within the global packagingindustry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends or our relevantindustry experience.

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

www.harriswilliams.de

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the packaging industry. Our significantexperience covers a broad range of end markets, industries, and business models.

Bags

Bottles & Cans

Caps & Closures

Flexible

Labels

Pouches

Rigid

Films

Foil

Glass

Laminations

Metal

Paperboard

Plastics

Specialty Paper

Packaging Types Materials Applications

Cosmetics

E-Commerce

Food & Beverage

Healthcare

Industrial

Other

UPCOMING INDUSTRY EVENTS

Harris Williams & Co. will be attending the 2018 PACK EXPOEast conference on April 16-18th at the PennsylvaniaConvention Center in Philadelphia. We hope to see you inattendance.

PACK EXPO East

PAGE |

STRONG MOMENTUM ACROSS THE PACKAGING INDUSTRY

2

INDUSTRY UPDATE │ FEBRUARY 2018PACKAGING

Manufacturer of paper-based

protective packaging

solutions

has been acquired by

a portfolio company of

Global provider of guiding,

winding, slitting and tension

control systems for web fed

converting applications

has been acquired by

a portfolio company of

and

Manufacturer of flexible

paper-based packaging

solutions

has been acquired by

a portfolio company of

a portfolio company of

Manufacturer of coated and

vacuum metallized paper

products

a portfolio company of

has been acquired by

Provider of flexible packaging

solutions, injection-molded

fitments, and related filling

equipment

has been acquired by

a portfolio company of

Producer of die cut

merchandise bags and film

substrates

a portfolio company of

has been acquired by

Distributor of value-added

rigid packaging solutions

has been acquired by

a portfolio company of

Provider of injection-molded

temporary waste storage

solutions

a portfolio company of

has been acquired by

Provider of innovative

conveyor systems for

packaging-related

applications

a portfolio company of

has been acquired by

PAGE |

WHAT WE’RE READING

INDUSTRY UPDATE │ FEBRUARY 2018PACKAGING

3

SATISFYING THE PET FOOD MARKET

Labels and Labeling 2/8/2018In Asia-Pacific, pet food and related products are predicted to be worth $17 billion in 2022, according to EuromonitorInternational, with dog and cat food representing 72% of the total pet care market in the region at that time. Chinawill show the strongest CAGR value during the 2017-2022 period at 21%. Product launches in Asia are expected toprioritize quality and ingredients, with premiumization to be more prominent in 2022.

Read the full article here.

SMARTER, SMALLER, SIMPLER: WHAT’S AHEAD FOR ROBOTS IN PACKAGING?

Packaging Digest 2/13/2018Robots are a solution, not a problem. As our economy and manufacturing scream past top gear into overdrive,packagers at consumer packaged goods companies and everyone else have a problem finding enough people tostaff their plants. Robots continue to provide the answer.

Read the full article here.

THREE KEY ISSUES FACING THE PROTECTIVE AND TRANSIT PACKAGING MARKET

Packaging World 1/7/2018Three industry trends are providing incentives for innovation and are creating new opportunities and threats forplayers in the global protective transit packaging business. Protective transit packaging products and systems are vitalcomponents in the $32.2 trillion global market for manufactured goods.

Read the full article here.

MATERIALS M&A DEALS CONTINUED TO GROW IN 2017

Packaging News 1/19/2018The market for mergers and acquisitions involving plastics materials firms remained a strong one in 2017, and a bigcompounding deal might be on the agenda for 2018. The number of global resin, color and compounding dealsincreased 12% in 2017, growing from 43 to 48, and this momentum is expected to continue in 2018.

Read the full article here.

GROCERY SALES ARE HEAVILY IMPACTED BY E-COMMERCE, AND PACKAGERS NEED TO TAKE NOTE

Packaging World 2/1/2018It’s easy to get swept up in the recent reports about the astonishing growth of e-commerce. How grocery sales will beaffected, and the ramifications for food and beverage CPGs as well as makers of packaging materials andmachinery, are harder to pin down.

Read the full article here.

PAGE |

50

60

70

80

90

100

05 08 11 14 17

(6%)

(4%)

(2%)

0%

2%

4%

05 08 11 14 17

U.S. EU-28

70

80

90

100

110

120

05 08 11 14 17

U.S. EU-28

0

50

100

150

200

250

300

05 08 11 14 17

WTI Brent Nat Gas

Feb-18:

20.8

ECONOMIC UPDATE

4

GDP (2,3)

INDUSTRIAL PRODUCTION INDEX (3,4)

CONSUMER SENTIMENT (5)

U.S.

U.S. industrial production jumped 8.2% at an annual rate for the fourthquarter of 2017 after being held down in the third quarter byHurricanes Harvey and Irma. At 107.5% of its 2012 average, the indexhas increased 3.6% since December 2016 for its largest calendar-yeargain since 2010.

EU-28

In December 2017 compared with November 2017, seasonallyadjusted industrial production rose by 0.3% in the EU-28 due toincreased production of intermediate goods and non-durableconsumer goods.

Consumer sentiment has remained largely unchanged for more thana year at very favorable levels. The January 2018 Sentiment figure of95.7 was just 0.2 index-points below December, and just 1.1 pointsbelow the 2017 average of 96.8, which was the highest yearlyaverage since 2000.

Stock price increases and the passage of tax reforms werereferenced as favorable factors by all-time record numbers ofconsumers.

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

ENERGY PRICES (1)Feb-18:

119.4

Feb-18:

109.4

Monthly average Brent prices have increased for seven consecutivemonths, and in January spot prices moved higher than $70 per barrelfor the first time since December 2014. This activity has been primarilydriven by record demand.

Cold temperatures east of the Rocky Mountains in early Januarycontributed to high levels of natural gas consumption as well as areduction in production because of well freeze-offs. This combinationresulted in record-high natural gas inventory withdrawals in mid-January, which contributed to prices rising over 15% during theperiod.

U.S.

Current dollar gross domestic product (GDP) increased 1.2% from thethird quarter of 2017 to the fourth quarter of 2017 compared to 2.6%for real GDP.

The increase in real GDP in the fourth quarter reflected positivecontributions from personal consumption expenditures, non-residential fixed investment, and exports.

EU-28

Seasonally adjusted GDP in the EU-28 rose by 0.6% in the fourthquarter, with 2.6% year-over-year growth.

Jan-18:

95.7

Q4-17:

0.6%

Q4-17:

1.2%

Dec-17:

107.5

Dec-17:

111.9

Energy Prices(Indexed)

Consumer Sentiment Index

Industrial Production Index

GDP(Quarter-Over-Quarter Growth)

PAGE |

KEY THEMES

5

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

HEALTH, WELLNESS AND SUSTAINABILITY ARE SHAPING THE PACKAGING LANDSCAPE (8)

M&A ACTIVITY IN THE PACKAGING INDUSTRY (6)

M&A activity in the packaging space remains elevated.

– On an LTM basis as of January 2018, $28.3 billion of deal valuehas been announced globally vs. $16.4 billion for the prior yearLTM period.

Packaging industry M&A remains robust globally, with the majority

of LTM January 2018 targets located in Western Europe (37%), NorthAmerica (35%), and the Asia Pacific region (17%).

More than eight deals over $1 billion have been announced orclosed in the last twelve months.

Global Packaging M&A Value(announced deal value, LTM)

Today’s health-conscious and eco-friendly consumers are drivingdevelopment and innovation in global packaging trends that align

with their desire for healthy, premium, and sustainable products.

As consumers shift to healthier lifestyles, packaging trends must

follow, increasing the sales of packaging containers for healthy

products, like water bottles, and that cater to busier lifestyles, such

as small portable packaging products.

– Bottled water and PET bottles are forecasted to grow 7.5% and

5.0%, respectively, over the 2015-2020 period.

– Flexible packaging is forecasted to grow across geographies,with significant expected growth in Asia Pacific, due to itslightweight, recyclable, and affordable characteristics.

2015 – 2020 Fastest Growing Packaging Types (billions of units)

TAKING FLIGHT: COMMERCIAL DRONES IN THE PACKAGING INDUSTRY (7)

A majority of drones currently in the air have been developed ascheap toys or expensive weapons, but drones are rapidly gaining

popularity for a range of commercial uses, including packaging.

In 2016 roughly 110,000 drones were sold for commercial use versus

roughly 174,000 in 2017, according to Gartner.

Delivery and logistics companies are focused on using drones forpackaging distribution of a variety of items including foods andconsumer goods.

– Amazon, Google, and tech start-ups have begun

experimenting with drone package delivery onto targets in arecipient’s garden or back yard – approximately 75% ofconsumers expect widespread package delivery by drones in

the next four years.

Drones Sold for Commercial Use(units in thousands)

72% Increase

92

12

1

66

1115

0

50

100

Asia Pacific Western

EuropeNorth

America

Flexible Plastic PET Bottles

$16.4

$28.3

January 2017 January 2018

58% Increase

110

174

2016 2017

PAGE |

PUBLIC COMPARABLES (6)

6

As of February 28, 2018 ($ in millions, except per share amounts)

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

Notes: LTM as of most recent reporting; free cash flow conversion defined as EBITDA less capital expenditures divided by EBITDA.

3-Year Free Cash

Current % of Revenue FY 2018E Price / Earnings TEV / EBITDA Flow Net Debt /

Price LTM High Mkt Cap TEV CAGR Revenue EBITDA Margin FY 2018E FY 2019P LTM FY 2018E FY 2019P Conversion EBITDA

Diversified / Specialty

Amcor $10.83 83.2% $12,544 $17,023 (0.6%) $9,435 $1,521 16.1% 16.9x 15.2x 12.1x 11.2x 10.3x 74.3% 3.1x

Berry Global 54.40 88.2% 7,137 12,709 17.3% 7,868 1,462 18.6% 14.5x 13.3x 9.7x 8.7x 8.4x 77.3% 4.1x

Sealed Air Corporation 42.37 84.8% 7,092 10,668 (12.2%) 4,753 901 19.0% 17.3x 15.0x 14.4x 11.8x 11.3x 75.2% 3.6x

Sonoco Products Company 47.97 86.0% 4,768 6,053 2.3% 5,343 728 13.6% 15.0x 14.1x 9.7x 8.3x 8.0x 69.8% 1.9x

Aptargroup 89.42 96.9% 5,554 6,321 5.1% 2,691 533 19.8% 23.8x 21.3x 13.3x 11.9x 11.1x 67.2% 1.1x

Bemis Company 44.09 87.4% 4,011 5,544 0.1% 4,081 571 14.0% 15.7x 14.2x 10.4x 9.7x 9.2x 64.5% 2.8x

Huhtamaki Oyj 42.43 95.5% 4,572 5,332 8.3% 3,840 515 13.4% 17.3x 15.5x 12.2x 10.3x 9.5x 44.4% 1.9x

Greif 57.57 87.8% 2,811 4,402 2.9% 3,939 480 12.2% 16.9x 15.3x 9.6x 9.2x 8.5x 75.2% 2.1x

Winpak 38.16 82.3% 2,480 2,212 4.9% 921 196 21.2% 22.0x 20.4x 11.0x 11.3x 10.6x 74.2% (1.5x)

Median 87.4% $4,768 $6,053 2.9% $4,081 $571 16.1% 16.9x 15.2x 11.0x 10.3x 9.5x 74.2% 2.1x

Mean 88.0% $5,663 $7,807 3.1% $4,763 $767 16.4% 17.7x 16.0x 11.4x 10.3x 9.7x 69.1% 2.1x

Labels

Avery Dennison Corporation $118.15 95.5% $10,389 $11,980 6.2% $7,150 $950 13.3% 20.1x 18.3x 13.1x 12.6x 11.9x 75.2% 1.5x

CCL Industries 49.85 93.9% 8,819 10,298 17.9% 3,897 813 20.9% 21.4x 19.7x 14.2x 12.7x 12.1x 69.7% 1.9x

Multi-Color Corporation 63.35 70.6% 1,295 2,763 26.4% 1,760 301 17.1% 17.2x 14.5x 15.7x 9.2x 8.8x 68.0% 8.7x

Median 93.9% $8,819 $10,298 17.9% $3,897 $813 17.1% 20.1x 18.3x 14.2x 12.6x 11.9x 69.7% 1.9x

Mean 86.7% $6,834 $8,347 16.9% $4,269 $688 17.1% 19.5x 17.5x 14.4x 11.5x 10.9x 71.0% 4.0x

Paper and Paperboard

International Paper Company $59.59 89.0% $24,607 $35,049 0.8% $22,877 $4,225 18.5% 12.6x 11.3x 9.7x 8.3x 8.0x 61.5% 2.8x

WestRock 65.76 91.9% 16,775 23,388 12.9% 16,366 2,830 17.3% 16.8x 14.9x 10.7x 8.3x 7.9x 62.7% 2.9x

Mondi 26.21 92.6% 9,624 14,683 7.5% 9,396 1,931 20.6% 13.3x 12.8x 8.1x 7.6x 7.2x 65.8% 0.9x

Packaging Corporation of America 119.20 90.9% 11,247 13,603 5.7% 6,784 1,428 21.0% 15.8x 14.2x 10.1x 9.5x 9.1x 73.8% 1.8x

Smurfit Kappa Group 35.00 93.7% 8,302 11,826 7.2% 11,079 1,703 15.4% 12.2x 11.7x 8.8x 6.9x 6.7x 64.3% 2.5x

DS Smith 6.61 87.2% 7,057 8,601 12.6% 8,714 1,108 12.7% 14.1x 12.7x 11.1x 7.8x 7.4x 53.3% 2.4x

Graphic Packaging Holding Company 15.31 91.5% 4,742 6,981 14.0% 6,168 1,007 16.3% 18.2x 15.4x 9.9x 6.9x 6.5x 63.1% 3.1x

KapStone Paper and Packaging Corporation 34.89 99.7% 3,398 4,874 7.1% 3,426 492 14.4% 19.0x 15.7x 12.1x 9.9x 9.5x 65.6% 3.6x

P. H. Glatfelter Company 20.41 85.6% 892 1,272 (0.6%) 1,636 180 11.0% 14.8x 12.4x 9.5x 7.1x 6.5x 1.0% 2.7x

Median 91.5% $8,302 $11,826 7.2% $8,714 $1,428 16.3% 14.8x 12.8x 9.9x 7.8x 7.4x 63.1% 2.7x

Mean 91.3% $9,627 $13,364 7.5% $9,605 $1,656 16.3% 15.2x 13.5x 10.0x 8.0x 7.6x 56.8% 2.5x

Rigid

Ball Corporation $39.95 92.4% $13,985 $20,890 12.3% $11,325 $1,887 16.7% 17.2x 14.8x 10.4x 11.1x 10.3x 72.4% 3.2x

Owens-Illinois 21.56 83.2% 3,517 8,460 4.9% 7,104 1,392 19.6% 7.7x 7.2x 7.2x 6.1x 6.0x 62.3% 4.1x

RPC Group 11.08 80.1% 4,505 6,083 29.3% 5,343 879 16.4% 11.3x 10.5x 9.9x 6.9x 6.7x 56.9% 2.4x

Silgan Holdings 28.45 87.5% 3,140 5,662 5.3% 4,394 618 14.1% 13.7x 12.5x 10.0x 9.2x 8.8x 69.1% 4.4x

Median 85.4% $4,011 $7,272 8.8% $6,224 $1,135 16.6% 12.5x 11.5x 10.0x 8.0x 7.8x 65.7% 3.7x

Mean 85.8% $6,287 $10,274 12.9% $7,042 $1,194 16.7% 12.5x 11.3x 9.4x 8.3x 7.9x 65.2% 3.5x

Overall Median 88.0% $5,161 $7,720 6.4% $5,343 $890 16.6% 16.3x 14.3x 10.3x 9.2x 8.6x 66.5% 2.8x

Overall Mean 88.4% $7,203 $10,196 8.0% $6,797 $1,154 16.7% 16.0x 14.4x 10.8x 9.2x 8.7x 63.8% 2.8x

PAGE |

PUBLIC MARKETS OVERVIEW (6)

7

NET DEBT / LTM EBITDA

3-YEAR EBITDA CAGR (2015 – 2018E)

AVERAGE EBITDA MARGIN (2018E) FREE CASH FLOW CONVERSION (2018E)

TOTAL ENTERPRISE VALUE / 2018E EBITDA

3-YEAR REVENUE CAGR (2015 – 2018E)

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

PUBLIC COMPARABLES (30-DAY ROLLING AVERAGE OF MEDIAN TEV / LTM EBITDA)

3.1%

16.9%

7.5%

12.9%

Diversified / Specialty

Labels

Paper and Paperboard

Rigid

6.0%

18.7%

9.9%

19.2%

Diversified / Specialty

Labels

Paper and Paperboard

Rigid

16.4%

17.1%

16.3%

16.7%

Diversified / Specialty

Labels

Paper and Paperboard

Rigid

69.1%

71.0%

56.8%

65.2%

Diversified / Specialty

Labels

Paper and Paperboard

Rigid

10.3x

11.5x

8.0x

8.3x

Diversified / Specialty

Labels

Paper and Paperboard

Rigid

2.1x

4.0x

2.5x

3.5x

Diversified / Specialty

Labels

Paper and Paperboard

Rigid

Median

Current 3-Year 5-Year

Diversified / Specialty 11.0x 10.9x 9.9x

Labels 14.2x 9.9x 7.6x

Paper and Paperboard 9.9x 8.6x 8.1x

Rigid 10.0x 8.4x 7.6x

Total Packaging 10.3x 9.3x 8.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18

Paper and Paperboard Diversified / Specialty Rigid Labels

PAGE |

Date Target Target Business Description Acquirer

Pending Albéa Albéa provides tubes, dispensing systems, and rigid packaging solutions for a

variety of end markets across the world.

PAI Partners

Mar-18 EcoPack EcoPack produces integrated packaging and paper products primarily for the

food sector.

DS Smith

Feb-18 H. Erben H. Erben supplies packaging and machinery to the wine, beer, and spirits markets. Berlin Packaging

Feb-18 SupplyOne SupplyOne manufactures custom corrugated products, plastic thermoforming trays

and clamshells, and custom pressure-sensitive labels.

Wellspring Capital

Feb-18 Scholle IPN Equipment

Scholle IPN offers specialized equipment and support for filling, sealing, and testing

of flexible packaging.

Airopack Technology

Feb-18 WS Packaging WS Packaging provides labels and packaging solutions for the food and

beverage, consumer packaged goods, and pharmaceutical markets.

Platinum Equity

Jan-18 Foam Fabricators Foam Fabricators designs and manufactures custom molded protective foam

solutions and OEM components.

Compass Diversified Holdings

Dec-17 Tray-Pak Corp. Tray-Pak offers thermoformed packaging supplies. Graham Partners

Dec-17 IntraPac IntraPac designs and manufactures specialty rigid packaging solutions. ONCAP

Nov-17 Shore Plastic Technologies

Shore Plastic Technologies offers injection mold design, project engineering, and

mold and process validation serv ices.

Comar

Oct-17 International Paper / N. America Cons. Packaging Bus.

International Paper's North America consumer packaging business produces

paperboard and paper-based foodserv ice products.

Graphic Packaging

Oct-17 Brook & Whittle Brooke & Whittle manufactures premium prime label solutions. Snow Phipps

Oct-17 Tekni-Plex Tekni-Plex develops and manufactures packaging materials, medical compounds

and precision-crafted medical tubing solutions.

Genstar

Sep-17 Ring Container Ring Container manufactures PET and HDPE plastic packaging and containers. MSD Partners

Aug-17 PAX Corrugated Products

PAX Corrugated designs and manufactures corrugated boxes, specialty boxes,

corrugated display containers, and other corrugated packaging.

Georgia-Pacific

Aug-17 Hanna Group Pty Ltd.

Hanna manufactures folding cartons for the beverage, food, confectionary, and

healthcare sectors.

WestRock Co.

Jul-17 Constantia Labels GmbH

Constantia produces plastic labels for leading drink manufacturers. Multi-Color Corp.

Jul-17 Boxmore Packaging (Pty) Ltd.

Boxmore provides plastic packaging products such as bottles, plastic containers,

jars, closures, and lids.

ALPLA Werke Alwin Lehner GmbH & Co. KG

Jun-17 Salbro Bottle, Inc. Salbro manufactures and distributes plastic and glass bottles and lids. AEA / TricorBraun, Inc.

SELECT M&A ACTIVITY (6,9)

8

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

Energy, Power & Infrastructure

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

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New DelhiShanghai

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

Industrials

9

PACKAGING

INDUSTRY UPDATE │ FEBRUARY 2018

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

NETWORK OFFICES*

* Network offices are not Harris Williams & Co. offices; they are offices of Somerley Group and YES Bank, with which Harris Williams & Co. has exclusive relationships as part of its global network.

PAGE |

HARRIS WILLIAMS & CO.

10

PACKAGING

1. US Energy Information Administration

2. Bureau of Economic Analysis

3. Eurostat

4. Federal Reserve Economic Data

5. University of Michigan

6. Factset

7. The Economist

8. Pro Food World

9. Mergermarket

Harris Williams & Co. (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 authorised and regulated by the Financial Conduct Authority, incorporated under English law with 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 07078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.

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.

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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© 2018 Harris Williams & Co., all rights reserved.

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INDUSTRY UPDATE │ FEBRUARY 2018