Automotive Update

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Second quarter 2011

Industry trends
Automotive industry trends
The automotive industry demonstrated relative stability in Q2 2011, 2011 but is facing a whole new set of economic concerns and competitive challenges. During the quarter, approximately 3.1 million vehicles were produced in North America, representing an 8% decline over Q1 2011, but remaining in-line with Q2 2010 volumes, according to J.D. Power and Associates. This comparative consistency in production volumes year-to-date is promising, however, given macroeconomic factors weighing on the global economy. The ongoing weakness of U.S. dollar, rising costs for raw materials and energy prices will continue to pressure OEMs and suppliers and put additional stress on sales volumes and profit margins. However, many high-performing OEMs and suppliers operations are leaner and more agile coming out of the post-recession, industry-wide restructuring, and therefore, are better positioned to withstand ongoing macroeconomic pressures and maintain profitability. Since the beginning of 2011, ongoing uncertainty in capital markets, coupled with volatility of cash flows within the automotive industry, have forced OEMs and suppliers alike to focus on deleveraging their balance sheet and enhancing their liquidity positions. This concerted effort to shore-up balance sheets during the recession positioned companies with strong cash balances to pursue M&A activity as a vehicle for growth. Q2 2011 witnessed an increase in transaction volumes, up 12% to 113 deals when compared to Q1 2011, and an 8% increase over Q2 2010, where 101 and 106 deals were observed, respectively. Additionally, in the last twelve months, observed automotive transaction multiples have averaged 7.2x unadjusted EBITDA, trending upward from 6.7x average observed in 2010. Despite increases in deal volume and higher valuations, investment opportunities remain for both strategic and financial buyers in select segments and markets. M&A will continue to be a competitive advantage in the global automotive industry. Strategic and well-capitalized suppliers are actively seeking M&A opportunities to drive segment consolidation and increase their product portfolio and capabilities. Those companies that are able to gain scale and expertise in products and/or developing markets will be best positioned to achieve profitability and realize long-term growth.
160 150 140 130 120 110 100 90 80 Jun-10 Sep-10 Dec-10
Automotive Index
Source: Capital IQ

Automotive Industry vs. Dow Jones Industrial Avg.

Mar-11
DJIA

Jun-11

North American Vehicle Production

2,000

Vehicles (0 000s)

1,500

1,000

500

0 Domestic
2010Q2
Source: J.D. Power and Associates

Asian
2010Q3 2010Q4 2011Q1

European
2011Q2 2011Q3E

General economic trends

$/Barrel

Light Crude Spot Price

The U.S. economy has expanded for seven straight quarters; however, growth has been tepid as a result of the nations political and economic uncertainty. New orders and production were both modestly up from last month, and employment showed continued strength with an increase of 1.7 percentage points to 59.9 percent. The unemployment rate in the United States was last reported at 9.2 percent in June of 2011. 2011 According to the University of Michigan, the final index of consumer sentiment increased to 74.3 in May from 69.8. M&A activity in the United States has followed a similar trend as the general economy continuing growth but at a slower rate. The value of middle market deals announced in LTM Q2 2011 involving a foreign acquirer and a U.S. target was $39.1 billion, a 27.9% increase over $30.6 billion announced in LTM Q2 2010. Median EV/EBITDA multiple p in the U.S. in LTM Q2 2011 was 9.0x, a 1.6% increase when compared to Q1 2010. Volatile market conditions during the past three years have created opportunities to buy troubled assets and acquire distressed companies but improving economic conditions are likely to reduce these types of opportunities going forward.
Sources: Deloitte Economic Updates, Thomson Financial, Thomson One Banker, IMF

$120 $100 $80 $60 $40 $20 $0 Jun-09

Source: metalprices.com

Dec-09

Jun-10

Dec-10

Jun-11

Average Purchase Price and Equity Contribution by Sponsors of Middle Market LBO Loans
12 0 12.0x

9.3x
9.0x

8.1x

8.3x 6.6x

8.4x

7.9x

6.0x

3.0x

0.0x 2006 2007 2008 2009 2010 2011 YTD Others

Senior Debt/EBITDA

Sub Debt/EBITDA

Equity/EBITDA

Purchase Price Breakdown; (Defined as Issuers with EBITDA of less than $50M Source: Standard & Poors Leveraged Commentary & Data

DCF Automotive Update/Q2 11

Highlighted transactions
U.S. Middle Market M&A Announced Deals

Deals announced June 20 20, 2011 Johnson Controls GmbH acquired the automotive seat business of Recaro GmbH & Co., KG, a Kirchheim-based manufacturer of car and airplane seats, from Putsch GmbH & Co., KG. Concurrently, Johnson Controls GmbH planned to acquire Keiper GmbH & Co., KG. June 20, 2011 Accuride Corporation acquired Forgitron Technologies, LLC, a Camden-based manufacturer of motor vehicle parts, from Kamylon Capital, LLC. The transaction included an 80,000-square foot forged aluminum wheel manufacturing facility. June 20, 2011 The Boyd Group, Inc. definitively agreed to acquire Cars Collision Center Center, LLC, a Chicago Chicago-based based provider pro ider of auto a to body bod and collision repair services. Concurrently, The Boyd Group, Inc. definitively agreed to acquire Cars Collision Center of Colorado, LLC. The two transactions have a combined value of an estimated USD 21 mil. June 10, 2011 Hyosung Corp. of South Korea agreed to acquire Colmar-Bergbased tire business of Goodyear Tire & Rubber Co., an Akron-based manufacturer and wholesaler tires. Concurrently, Hyosung Corp. agreed to acquire a tire business in Asheboro. The two transactions had a combined value of USD 50 mil. June 9, 2011 Toyota Boshoku Corp. of Japan, agreed to acquire the automotive interior business of POLYTEC Holding AG, a Hoersching-based manufacturer and wholesaler of motor vehicle parts. May 23, 2011 Max Media Group, Inc. acquired Suncoast Custom Cars, a Palm Harbor-based provider of custom automobile services. May 19, 2011 Compagnie Plastic Omnium SA, a unit of Burelle SA acquired the gasoline tank assets of Automotive Components Holdings, LLC, a Ypsilantibased manufacturer of motor vehicle parts, and a unit of Ford Motor Company. May 17, 2011 Monro Muffler Brake, Inc. acquired Vespia Tires Centers, Inc., an East E t Brunswick-based B i kb d provider id of f auto t repair i services. i

No. of Deals 12,000 10,000 8,000 6,000 4,000 3,669 2,000 0 2007 2008 2009
Disclosed Deals

Avg. Val. ($M) $150

7,517 6,635 5,529 $66 $56 $44 $50 5,589 $68 5,512 $72 $100

3,035

2,673

2,593

2,672 $0

2010

LTM Q2 2011
Average Size

Undisclosed Deals

Source: Thomson Financial

U.S. Middle Market M&A Announced Deals

EV/EBITDA 12.0x No. of Deals 300 260 10.5x 9.6x 212 8.0x 8.5x 180 140 6.0x 137 109 4.0x 2007 2008 2009 2010 LTM Q2 2011 138 132 100 60 9.7x 220

11 0x 11.0x 10.0x

Average EV/ EBITDA

Deals with Multiples

Source: Thomson Financial

May 12, 2011 Tire Factory, Inc. agreed to acquire Meadow Creek, a Denverbased wholesaler of tire products, from, Nokian Tyres, Inc., a unit of Nokian Tyres PLC. May 11, 2011 Green Automotive Co., Inc. planned to acquire StarPoint USA, Inc., a Compton-based wholesaler of automobiles and automobile parts. May 3, 2011 VSE Corporation acquired the entire share capital of Wheeler Bros, Inc., a Somerset-based manufacturer and wholesaler of motor vehicles, for USD 220 mil. il Th The consideration id ti was t to consist i t of f USD 180 mil il i in cash h and d up t to USD 40 mil in profit-related payments/assets. April 27, 2011 Standard Motor Products, Inc. acquired the Engine Control Business of BLD Products, Ltd., a Holland-based manufacturer and wholesaler of motor vehicle parts and a unit of Thayer Capital Partners' Qualitor, Inc. subsidiary, for USD 27 mil. April 25, 2011 Polaris Industries, Inc. acquired Global Electric Motorcars, LLC, Fargo-based manufacturer of electric motor vehicles and a unit of Cerberus Capital Management LP's Chrysler Group, LLC subsidiary. April 22, 2011 Eigen Capital, LLC acquired Plews & Edelmann, a Dixon-based manufacturer and retailer of automotive parts, from Tomkinsons PLC. April 11, 2011 Fleetpride, Inc., a unit of Fleetpride, Inc. SPV, acquired Oklahoma Truck Supply, Inc., a Muskogee-based manufacturer and wholesaler of truck parts, from East Tulsa Truck Parts & Equipment, Inc. April 6, 2011 Fuel Systems Solutions, Inc. acquired Natural Drive Partners, LLC, a Goodyear-based manufacturer of light weight carbon fiber fuel cylinders, for USD 12.75 mil. The consideration consisted of USD 4.5 mil in cash, up to USD 6.75 mil in profit-related payments and USD 1.5 mil in Fuel Systems Solutions, Inc. common stock. April 1, 2011 Cummings Resources, LLC, a wholly-owned unit of Prophet Equity LP, acquired Cummings, Inc., a Nashville- based manufacturer of motor vehicle parts, in a leveraged buyout transaction.
Source: Thomson Financial
700 600

Global Automotive Manufacturing Industry M&A Announced Deals

No. of Deals Avg. Val. ($M) $500 442 500 402 400 300 200 100 86 0 2007 2008 2009
Disclosed Deals

$400 428 $300

379 $220

384

$209

$119

$134 $80

$200

$100

143

137

158 2010

136 $0 2011
Average Size

Undisclosed Deals

Source: Thomson Financial

Global Automotive Manufacturing Industry M&A Announced Deals

EV/EBITDA 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x 2007 2008
Average EV/ EBITDA
Source: Thomson Financial

No. of Deals 20

10.8x 6.7x 13 11 4.7x 6 7.0x 10 7 0 2009 2010 LTM Q2 2011 7.2x 10

Deals with Multiples

DCF Automotive Update/Q2 11

Market snapshot
$U.S. in millions Reported Date A t M Auto Manufacturers f t Toyota Motor Corp. Daimler AG Volkswagen AG Honda Motor Co., Ltd. Ford Motor Co. General Motors Company Hyundai Motor Co. Nissan Motor Co. Ltd. Fiat S.p.A. Average Auto Manufacturers 03/31/11 03/31/11 03/31/11 03/31/11 03/31/11 03/31/11 12/31/10 12/31/10 03/31/11 $128,313 $80,284 $85,737 $68,945 $52,396 $45,545 $46,453 $43,675 $0 $247,919 $85,628 $146,991 $106,710 $59,006 $51,458 $74,265 $46,732 $5,148 1.2x 0.6x 0.9x 1.1x 0.5x 0.4x 0.7x 0.5x 0.1x 0.6x 12.5x 5.9x 7.0x 9.1x 4.0x 4.2x 6.8x 3.3x 1.4x 6.0x 9.2% 10.1% 12.1% 11.6% 12.1% 8.8% 10.8% 14.4% 7.3% 10.7% 26.1x 11.5x 7.6x 10.7x 7.0x 6.6x 12.4x 12.7x NM 11.8x 1.2% 6.6% 19.9% 1.4% (7.5%) (2.2%) 19.8% 17.2% 21.4% 8.7% 17.6% 46.4% 115.5% 30.4% 36.8% NA 87.8% 47.7% 7.0% 48.6%
2.0x 4.0x 6.0x 8.0x

Market Cap

Enterprise Value

Enterprise Value to: Sales EBITDA

EBITDA Margin

Reported P/E

Stock Performance Quarter LTM

10 0x 10.0x

Auto Manufacturers Trading Multiples Enterprise Value/EBITDA

8.7x 7.7x 7.5x 7.7x 7.7x 5.5x 6.3x 5.0x 5.7x 6.0x

Component Suppliers* Goodyear Tire & Rubber Co. Tenneco Inc. Federal-Mogul Corp. Lear Corp. Cooper Tire & Rubber Co. Valeo SA Bridgestone Corp. Denso Corp. Continental AG Magna International, Inc. Superior Industries International, Inc. American Axle & Manufacturing Holdings Inc. ITT Corporation Harman International Industries Inc. TRW Automotive Holdings Corp. Average Component Suppliers* 03/31/11 03/31/11 03/31/11 04/02/11 03/31/11 12/31/10 03/31/11 12/31/10 03/31/11 03/31/11 03/27/11 03/31/11 03/31/11 03/31/11 04/01/11 $4,094 $2,664 $2,258 $5,623 $1,229 $5,141 $17,916 $29,798 $21,010 $13,086 $596 $ $858 $10,849 $3,185 $7,295 $9,634 $3,997 $4,835 $4,812 $1,835 $6,197 $23,198 $23,883 $33,200 $11,871 $433 $ $2,158 $12,502 $2,885 $8,479 0.5x 0.6x 0.7x 0.4x 0.5x 0.5x 0.7x 0.6x 0.9x 0.5x 0.6x 0.9x 1.1x 0.8x 0.6x 0.7x 6.4x 7.5x 7.7x 5.0x 5.7x 4.6x 5.4x 4.4x 5.7x 5.7x 4.6x 6.0x 7.5x 9.5x 4.8x 6.1x 7.5% 8.3% 9.7% 7.7% 9.2% 10.4% 12.2% 13.6% 14.9% 8.0% 12.3% 14.9% 14.9% 8.4% 11.8% 10.9% NM 33.2x 11.5x 10.6x 10.2x 10.4x 13.2x 15.9x 20.7x 11.8x 11.6x 6.0x 17.1x 23.8x 7.8x 14.6x 11.9% 3.8% (8.3%) 9.4% (23.1%) 17.1% 8.8% 11.0% 16.0% 13.0% (13.8%) (9.6%) (1.9%) (2.7%) 7.2% 2.6% 68.7% 109.3% 75.3% 61.6% 1.5% 147.3% 43.3% 32.2% 101.8% 63.6% 64.5% 55.3% 31.2% 52.5% 114.1%

0.0x Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Source: Capital IQ

Component Suppliers* Trading Multiples Enterprise Value/EBITDA

12.0x

10.0x

8.0x

6.0x

10.0x 10.0x
4.0x

9.5x 7.8x 6.0x 6.8x 6.1x 6.1x

68.1%
2.0x

6.4x

5.3x

Specialty Retailers AutoZone Inc. Genuine Parts Company O'Reilly Automotive Inc. AutoNation Inc. Advance Auto Parts Inc. Penske Automotive Group, Inc. Sonic Automotive Inc. Pep Boys - Manny, Moe & Jack Asbury Automotive Group, Inc. Average Specialty Retailers 05/07/11 03/31/11 03/31/11 03/31/11 04/23/11 03/31/11 03/31/11 04/30/11 03/31/11 $12,254 $8,558 $9,032 $5,414 $4,483 $2,106 $776 $576 $609 $15,419 $8,756 $9,301 $8,319 $4,871 $4,382 $2,254 $791 $1,525 2.0x 0.8x 1.7x 0.7x 0.8x 0.4x 0.3x 0.4x 0.4x 0.8x 9.4x 9.7x 10.1x 13.9x 6.4x 14.6x 9.7x 5.0x 11.7x 10.1x 20.8% 7.8% 16.8% 4.8% 12.6% 2.8% 3.3% 7.9% 3.3% 8.9% 15.9x 17.1x 21.5x 22.5x 14.1x 17.0x 7.4x 15.4x 18.1x 16.6x 7.8% 1.4% 14.0% 3.5% (10.9%) 13.6% 4.6% (14.0%) 0.2% 2.2% 52.6% 37.9% 37.7% 87.7% 16.6% 100.2% 71.1% 23.4% 75.8% 55.9%
10.0x 12.0x 0.0x Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Source: Capital IQ

Specialty Retailers Trading Multiples Enterprise Value/EBITDA

Aftermarket Distributors and Suppliers LKQ Corp. Wabash National Corp. Dorman Products, Inc. Myers Industries Inc. Standard Motor Products Inc. U.S. Auto Parts Network, Inc. 03/31/11 03/31/11 03/26/11 03/31/11 03/31/11 04/02/11 $3,806 $642 $710 $363 $348 $234 $4,301 $684 $676 $448 $423 $236 1.6x 0.9x 1.4x 0.6x 0.5x 0.8x 1.0x 12.0x NM 7.7x 7.5x 6.4x 14.5x 9.6x 13.5% 1.8% 18.2% 8.0% 7.8% 5.6% 9.1% 21.7x NM 14.4x NM 11.9x NM 16.0x 8.3% (19.1%) (6.0%) 3.5% 10.1% (12.0%) (2.5%) 35.3% 31.8% 94.7% 27.1% 88.7% 27.7%
2.0x

8.0x

6.0x

4.0x

8.9x

9.6x

8.9x

9.3x

9.1x

8.4x

9.1x

10.1x 10.1x 10.1x

Average Aftermarket Distributors and Suppliers

Source: Capital IQ

50.9%
0.0x Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Source: Capital IQ

* Component Suppliers listed are a subset derived from the median EBITDA multiples of comparable public companies

Aftermarket Distributors and Suppliers Trading Multiples Enterprise Value/EBITDA

12.0x

10.0x

8.0x

6.0x

4.0x

8.3x 7.0x

9.2x 7.6x

8.3x

8.1x

8.2x

9.3x

8.6x

9.6x

2.0x

0.0x Q1 09 Q Q Q2 09 Q Q3 09 Q Q4 09 Q Q1 10 Q Q2 10 Q Q3 10 Q Q4 10 Q Q1 11 Q Q2 11 Source: Capital IQ

DCF Automotive Update/Q2 11

Related content
In addition to information regarding the automotive industry being provided by Deloitte Corporate Finance LLC (DCF), you may be interested in additional events and informational sources available through DCF and the subsidiaries of Deloitte LLP. Automotive M&A Getting ready for the next wave The Automotive industry continues to receive considerable attention for its tumultuous ride through the recent economic downturn. Starting with the significant volume fall offs in late 2008 and early 2009, through a wave of bankruptcy filings and restructuring and culminating with the IPO of General Motors in November 2010, the last two years have been nothing less than incredible. Globally, there seems to be a renewed interest in the industry and a positive outlook for the future. M&A is poised to be an important tool to spur growth and solidify positions throughout the automotive supply chain. In a recent study, Deloitte analyzed the last ten years of global automotive M&A activity, activity a period of both highs and lows, lows with the objective of understanding the past trends and identifying future ones. Of particular interest in the findings was the role that cross-border acquisitions have and are expected to continue to play in changing the Original Equipment Manufacture (OEM) and supplier landscape. Read more to learn how M&A activities are shaping the automotive industry.

Sellers, start your engines... Its off to the races After more than two turbulent and declining years of merger and acquisition (M&A) activity, is it finally time for those wishing to sell their business to fuel up the tank, tune up the engine, and put the pedal to the metal. Volatile market conditions during the past three years have created opportunities to buy troubled assets and acquire businesses with reduced buyer competition and at lower valuations. These opportunities to make acquisitions at significant discounts are rapidly diminishing. Increased demand for quality assets with consistent cash flows have helped bridge the gap with seller expectations. Click here to read the whitepaper.

Mid-Market Perspectives 2011 report on Americas economic engine An overwhelming majority 93 percent of mid-market companies expect the U.S. economy to grow after enduring the worst economic downturn in 80 years. However, ongoing concern about government debt and overall strength of the economy tempers their optimism. These are among the findings highlighted in Mid-market perspectives: 2011 report on Americas economic engine, a Deloitte-commissioned survey conducted by the Economist Intelligence Unit. p p provides valuable insights g into an important p market segment g that helps p drive the U.S. economy. y Respondents p included This report 527 executives of private and public companies with annual revenues between $50 million and $1 billion. The analysis includes business metrics (pre-, mid- and post recession), plans for growth (financing, global expansion, headcount), as well as the executives outlook for the future and what they view as potential obstacles to success. Click here to read the full report.

Corporate Development 2011: Scanning the M&A Horizon Mid-year Mid year M&A survey Corporate Development 2011 is Deloitte LLPs second annual survey of trends in Mergers and Acquisitions (M&A) and Corporate Development. Last year, we were cautiously optimistic about the M&A environment and prospects for deal activity. Activity was picking up after an abysmal 2009 but deals tended to be on the smaller side and generally focused on achieving short-term scale efficiencies to drive bottom line profit improvement. This year, the majority of respondents to our survey continue to be optimistic about the M&A outlook over the next 2 to 5 years and we have started to see more transformational deals deals focused on transforming organizations in ways that create long-term competitive titi advantage. d t Whil While they th are often ft very large l acquisitions, i iti they th can also l be b smaller, ll highly hi hl strategic t t i t transactions ti th t that change the business model of the acquiring company. Click here to read the survey report.

DCF Automotive Update/Q2 11

Transaction highlight
Deloitte Corporate Finance LLC (DCF) is pleased to announce its role as the exclusive financial advisor to EnCore Composites p Holdings g Inc. (EnCore) in their acquisition of the Composite Structures business of BAE Systems plc (BAE) for approximately $32.5 million in cash. The Composite Structures business is a leading designer and manufacturer of complex, highly-engineered composite components and assemblies for commercial and defense aerospace platforms. The DCF team assisted EnCore in the execution of the transaction from the initial value and transaction strategy discussions through the due diligence process and advising on deal negotiations. This transaction further highlights DCFs experience in and focus on the Aerospace and Defense industry. About EnCore and BAE EnCore will be part of the Encore Aerospace group of companies, a business focused on aerospace interior systems and advanced composites technology. BAE Systems plc, through its subsidiaries, is a leading global defense and d security it company. It offers ff a range of f products d t and d services i for f air, land, and naval forces, as well as advanced electronics, security, information technology solutions, and support services. The company is based in London, the United Kingdom.

EnCore Composites Holdings Inc. h acquired has i d th the Composite Structures Business of

BAE Systems plc

The undersigned acted as exclusive financial advisor to EnCore Composites Holdings Inc.

Deloitte Corporate Finance LLC

Additional recent transactions

TorQuest Partners acquired an equity stake in 4Refuel Canada Ltd Ltd.

NTT Communications Corporation has acquired 70% of the issued shares of Frontline Systems Australia Pty Ltd

Owens-Illinois, Inc. has acquired all the outstanding shares of the glass container business of Hebei Rixin Glass Group Co., Ltd.

The undersigned acted as financial advisor to the shareholders of 4Refuel Canada Ltd.

The undersigned acted as financial advisor to NTT Communications

The undersigned acted as financial advisor to Owens-Illinois, Inc.

Deloitte & Touche Corporate Finance Canada Inc.

Deloitte Corporate Finance LLC

Deloitte Corporate Finance LLC

DCF Automotive Update/Q2 11

Deloitte Corporate Finance LLC

DCF provides deal execution and lead financial advisory services to large corporate, middle market, private equity and venture capital firms. DCF and its affiliates maintain a presence in key U.S. financial centers. For additional information or to find out more about how DCF can assist the deal initiation and execution process, please contact one of our DCF Managing Directors: Hector Calzada Managing Director Email: hcalzada@deloitte.com Phone: +1 404 631 3015 Ellen Clark Managing g g Director Email: elclark@deloitte.com Phone: +1 313 396 2682 Bob Coury Managing Director Email: rcoury@deloitte.com Phone: +1 313 396 3811 Kevan Flanigan National Managing Director Email: keflanigan@deloitte.com Phone: +1 213 688 6560 Will Frame Managing g g Director Email: wframe@deloitte.com Phone: +1 312 486 4458 Simon Gisby Managing Director Email: sgisby@deloitte.com Phone: +1 212 436 2495 Constantine Korologos Managing Director Email: ckorologos@deloitte.com Phone: +1 212 436 4620 Michael McArthur Managing g g Director Email: mimcarthur@deloitte.com Phone: +1 213 688 3257 Kevin McFarlane Managing Director Email: kemcfarlane@deloitte.com Phone: +1 213 553 1423 Jonathan Ohm Managing Director Email: johm@deloitte.com Phone: +1 212 436 2287 Justin Silber Managing g g Director Email: jsilber@deloitte.com Phone: +1 404 942 6960 Irene Walsh Managing Director Email: iwalsh@deloitte.com Phone: +1 212 436 4620

For additional information on members of the automotive team of Deloitte LLP and it affiliates, please contact: Steve Laughman Global Automotive Team Leader Deloitte & Touche LLP Email: slaughman@deloitte.com Phone: +1 313 396 2590 Michelle Collins Vice chairman and leader for U.S. Automotive practice, Deloitte LLP Email: micollins@deloitte.com Phone: +1 313 396 3219

Corporate p Finance p practices of DTTL Member Firms and affiliates

DCF and the corporate finance practices of the member firms of Deloitte Touche Tohmatsu Limited (DTTL) or their affiliates are able to work together to provide industry-specific experience and execution capabilities to assist in the completion of M&A advisory assignments around the globe.

Europe Austria Belgium Central Europe Denmark France Finland Germany Greece Ireland Italy

Luxembourg Netherlands Norway Portugal Spain Switzerland Russia Turkey United Kingdom

North America Canada Mexico United States - Chicago - Dallas - Detroit - Los Angeles - New York Africa South Africa Nigeria South America Argentina Brazil Chile

Middle East United Arab Emirates Saudi Arabia Kuwait Qatar

Asia Pacific Australia China India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand

* In all office locations outside the United States listed above, corporate finance services are offered by the DTTL member firm of the applicable country or an affiliate thereof. Each of the DTTL member firms is a separate and independent legal entity.

DCF Automotive Update/Q2 11

This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Any reference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell, buy or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. This newsletter is published solely for the general information of clients and friends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties and other factors that may cause actual results to vary materially materially. We are under no obligation to update the information contained in this newsletter. newsletter We and our affiliates and related entities, partners, principals, directors, and employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have long and short positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients of Deloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any audit services or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter may be copied or duplicated in any form by any means, or redistributed without the prior written consent of Deloitte Corporate Finance LLC. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. firms Please see www.deloitte.com/us/about www deloitte com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries subsidiaries. Deloitte Corporate Finance (DCF), member FINRA, is a wholly owned subsidiary of Deloitte Financial Advisory Services LLP (Deloitte FAS). Deloitte FAS is a subsidiary of Deloitte LLP. Investment banking products and services within the United States are offered exclusively through DCF. Copyright 2011 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited