An Introduction to Platinum Equity

January 2019

Copyright © 2019 Platinum Equity, LLC. All Rights Reserved. “Mergers. Acquisitions. Operations.” is a service mark and “M&A&O” and “Platinum Equity” are registered service marks of Platinum Equity, LLC. Other trademarks and service marks belonging to affiliates of Platinum Equity and appearing herein are the property of such affiliates. It is not Platinum Equity’s intention to claim as its own any third-party trademark or service mark that may appear in this material. Platinum Equity at a Glance

Assets Under Acquisitions Portfolio Overview Management Since 1995 Revenue Founded in 1995 by Tom Gores, an entrepreneur $13B 250+ $31B+ and business operator Headquartered in Los Angeles with offices in Boston, Greenwich, New York, London, and Fund History Singapore

Highly differentiated investment approach: M&A&O® Pre-Fund 1995-2004 $500M+ • Fully integrated, operations intensive, execution-focused • Large team of in-house operations specialists Fund I 2004 Vintage $700M Experienced and stable leadership team Fund II 2007 Vintage $2.75B Proven track record and cycle-tested over more than 20 years Fund III 2012 Vintage $3.75B

Current Investment Vehicles Fund IV 2016 Vintage $6.5B

Portfolio company revenue as of September 30, 2018. Pre-fund cash invested and Platinum Equity Capital Partners Funds I, II, III, and IV; and Platinum Equity Small Cap total capital commitments. Small Cap 2018 Vintage $1.5B

2 Broad Expertise and Global Reach ~40 Portfolio Companies with 140K+ Employees Across 7 Continents

25k+ 45k+ 65k+

600+ 3k+ 6k+ 3k+

Reflects portfolio company headcount by continent as of September 2018. Excludes Ryerson and Key Energy. 250+ Industry Agnostic Approach

Consumer / Retail Healthcare Media & Telecom Technology

Finance Industrials Natural Resources

3 A Flexible Investment Style

Investment Criteria Enterprise Value $100M–$5B+ Businesses with Operational Opportunities Historical Equity Deployments • Well-positioned in mature markets • Long-term customers and stable revenue $0–$1.2B • Can grow through acquisitions or investment Capacity to Write Equity Check up to • Business models with significant variable $2B cost structure • Ability to drive operational improvements Experts in Complex • Positive or negative EBITDA Transactions

Corporate Divestitures Public-to-Private

Private Transactions Special Situations

4 Core Competency

Acquiring Non-Core Divisions of the World’s Largest Corporations

EUROPE Acquired the Network Acquired national Acquired Wyndham Acquired LifeScan from Power business from ingredient distributor JM European Vacation Rentals Johnson & Johnson for Emerson, rebranded as Swank as Conagra looked from Wyndham Worldwide. $2.1 billion. Vertiv. Emerson retained a to re-focus their company minority interest in the strategy. business.

The “O” The “O” The “O” The “O” • Build on portfolio of product • Grow customer base and • Integrate operations of • Drive share and incremental and service offerings for enhance route density. businesses acquired in the value from digital data through power, thermal, and IT past. continued investment in • Partner with management management capabilities. technologies and software. team to improve operations. • Streamline operations and • Rationalize complex systems structures. • Increase online, retail, and • Seek opportunities to grow landscape inherited through Point-of-Care presence in the business through add-on • Cross-sell inventory across multiple acquisitions. select markets. acquisitions. brands and Europe. • Emphasize growth, speed, • Improve operations and agility, and profitability. supply chain.

Status Status Status Status Current: Acquired November 2016 Current: Acquired July 2016 Current: Acquired May 2018 Current: Acquired October 2018

5 Creating Value Across Transaction Types

Non-Core Divestitures/Complex Carve-Outs

Provider of blood glucose Rebranded as Neovia Rebranded as Vertiv; Manager of European monitoring products and Logistics; Global integrated Provider of mission-critical vacation rentals solutions for the treatment logistics services provider EUROPE infrastructure technologies of diabetes

Public-to-Private

Equipment rental for Marine transport electronic test and U.S.-focused IT Metals processing and services and barge measurement solutions provider distribution manufacturing equipment

Traditional Private Equity

Global supplier of injection Rigid metal and Mission-critical services Portable sanitation molding equipment and plastic container for U.S. government and related site services to the plastics manufacturing customers service solutions industry

Distressed Businesses/ Industries in Transition

Rebranded as AEES; Australian print and Provider of wire harness Provider of wind turbine Local daily newspaper online directories and electrical distribution parts and services business products to automotive business OEMs and suppliers

Special Situations

Equipment rental Rebranded as Global manufacturer of services provider in HydroChem; Provider A market-leading North capacitors used in a the U.S. primarily of industrial services American oilfield broad range of serving commercial to the oil, gas, and services provider electronics contractors energy industries

6 The Platinum Difference: M&A&O®

At Platinum Equity, the “O” is fully integrated into everything we do.

People Process Results

It starts with our people – real Integration at the root level Well-informed, seamless operators • In-house operations specialists dig in transactions • Large in-house team with real from the very beginning • Ability to close with speed and world industry experience • Unique expertise drives thoughtful certainty • They know how to drive change diligence and tailored solutions in • Understand business operations from the ground up often complex situations better • Hands-on expertise across many • Transition planning starts early, • Find value and opportunities where functional areas: ensuring seamless carve-outs others do not • Manufacturing • M&A stays engaged post-close to • IT build enterprise value M&A Execution • Distribution Operational toolkit Portfolio Operations & • Supply Chain Transitions Operations • Enhancing Revenue Growth • Procurement • Margin Expansion Company • Real Estate Management • HR & Benefits • Production Rationalization • Treasury & Cash Management • Pricing Strategy Unique ability to unlock value • Sales & Marketing • CapEx investments to take • Apply disciplined operational • Corporate Communications advantage of strategic opportunities improvements to build enterprise • Legal • Cost Reduction value • Tax • Restructuring • Collaborate with management to • Accounting • Digital Transformation empower them to drive change • Technology • Invest in systems for long-term growth

7 Evolution of the “O” Playbook

Pre-Fund / Fund I Fund I / Fund II Fund II / Fund III Fund III / Fund IV

Operations 4.0 Digital Transformation

Operations 3.0 Growth, Pricing, and Margin Expansion

Operations 2.0 Operational Excellence and Merger Integration

Operations 1.0 Culture, Intensity, Cost, and Balance Sheet

8 Transacting with Industry Leaders

9 54 Deals in 2018

11 Platform Acquisitions

PENDING Ball North American LifeScan Lonza Water Care Jostens Tinplate Division October 2018 Signed October 2018 December 2018 July 2018

Pitney Bowes DMT PLI Card Marketing Hunterstown Power Yak Access (BlueCrest) Solutions Generation Station July 2018 Document Messaging July 2018 June 2018 June 2018 Technologies

Wyndham European Husky Injection WS Packaging Group Vacation Rentals Molding Systems EUROPE February 2018 May 2018 March 2018

15 Divestitures PENDING

Embassy Crowne Plaza Suites St. Paul Terratest Exterion Media BlueLine Rental Melbourne Hotel Signed October December 2018 November 2018 October 2018 October 2018 2018

Worldwide Pittsburgh Verra Mobility Kymera Fabcon Flight Services Airport Marriott October 2018 October 2018 August 2018 October 2018 September 2018

Winc New Sheraton Suites DoubleTree Suites Schutt Sports MXD Group Zealand Fort Lauderdale Tampa Bay April 2018 April 2018 July 2018 March 2018 January 2018

Reflects deals signed or closed January 1, 2018 – December 31, 2018.

10 54 Deals in 2018 (contd.)

28 Add-On Acquisitions PENDING Mulberry Cottages Nature’s Calling, Inc. and EPC (Verra Mobility) Inmate Calling Solutions (Wyndham Europe) Fenn-Vac Environmental, April 2018 (Securus) October 2018 Inc. (USS) Signed April 2018 May 2018 HTA (Verra Mobility) Don’s Johns, Inc. (USS) March 2018 Mr. John’s (USS) August 2018 Interior Specialists, Inc. November 2018 (Merged with ILG)1 Lentz Milling Company Intellirent (Electro Rent) May 2018 (JM Swank) MEMS’ Service Division July 2018 February 2018 (Vertiv) J&J Portable Toilet & Septic November 2018 Amason’s Portable Toilets & Services, Inc. (USS) OfficeMax AUS Holding Tanks, Inc. (USS) (Winc/Staples ANZ) Paramount Porta-Potty May 2018 July 2018 February 2018 (USS) OfficeMax NZ (Winc) November 2018 iBlock (Compart) May 2018 Geist (Vertiv) Able Jons (USS) July 2018 February 2018 November 2018 American & Efird (Elevate Central Steel and Wire Textiles) Macfadden & Harvard Card Systems (Ryerson) May 2018 Associates (PAE) (PLI) July 2018 February 2018 October 2018 Hi-5 Port-A-Potties, Sterling Inc. (USS) GeoStructures PLAN ADRIA d.o.o Manufacturing (ILG) April 2018 (Terratest) (Wyndham Europe) June 2018 January 2018 October 2018 ZZZ Sanitation (USS) April 2018

Reflects deals signed or closed January 1, 2018 – December 31, 2018. 1 Post-merger, owned jointly by Littlejohn & Co. and Platinum Equity. 11 Select Activity Highlights

Acquisitions

EUROPE

$4B Purchase Price $3.85B Purchase Price $1.3B Purchase Price First Small Cap Fund Acquisition Industrial Technology Diversified Industrials Hospitality Industrial Printing Divestiture from Emerson Private Transaction Divestiture from Private Transaction November 2016 March 2018 Wyndham Worldwide May 2018 June 2018

Divestitures

Sold to Global Sold to United Rentals Sold to Cerberus Sold to Schneider Media for $2.1B Management, L.P. Electric for $1.25B for €1.2 billion November 2018 Equipment Rental Divestiture from Vertiv October 2018 Aerospace Services Industrial Technology October 2018 October 2017

The portfolio companies identified here are indicative of recent transactions that Platinum Equity has made and examples of companies it seeks to acquire. For an exhaustive list of all of Platinum Equity’s portfolio companies please see slides 14 to 21.

12 Our Current Portfolio Current Portfolio

Company Overview Description

Transaction Type: Public-to-Private Transports dry and liquid cargo by barge on U.S. inland waterways, and provides shipbuilding and repair services. Revenue: $991 Million Acquired AEP River Operations in November 2015. Industry: Transportation & Logistics Acquisition Date: December 2010

Transaction Type: Divestiture from Emerson Embedded Computing division develops embedded computer systems for OEMs and systems integrators. Embedded Power Revenue: $1.0 Billion division designs and manufactures power conversion products. Industry: Technology Acquisition Date: November 2013

Transaction Type: Divestiture from Ball Corporation A packaging company that manufactures steel containers for aerosol products, food, household consumables, pet food, Revenue: $745M nutritional, and other products in the United States. Industry: Industrials Acquisition Date: July 2018

Transaction Type: Divestiture from Pitney Bowes A global leader in enterprise print, mail, and customer communications solutions to a variety of industries and end- Revenue: $439 Million markets, providing a wide range of inserting, sorting, and Industry: Business Services printing-related equipment primarily for the transactional and Acquisition Date: July 2018 direct mail industries.

Acquired the Broadway Foam Plastics Solutions business along Transaction Type: Divestiture from Broadway Industrial Group with Compart Flow Control Devices. Broadway is a supplier of $189 Million Revenue: protective packaging solutions, insulation, and component Industry: Manufacturing products. Compart is a supplier of high-precision, machined, metal components including valves, fittings, sensors, and Acquisition Date: December 2016 related components.

14 Current Portfolio

Company Overview Description

Transaction Type: Divestiture from United Technologies Provider of wind turbine components and services. Total installed base of over 700 Clipper turbines at customer sites in Revenue: $28 Million the U.S. and Mexico. Industry: Natural Resources Acquisition Date: August 2012

Transaction Type: Divestiture from Multiple Sellers Processes freight bills, mines data, and consults on logistics of the global freight market. Revenue: $19 Million Industry: IT Services Acquisition Date: October 2001

Transaction Type: Private Transaction Acquired from private sellers, including the two founders. Value- added reseller of storage, backup, recovery, and cloud Revenue: $242 Million architecture systems. Industry: IT Services Acquisition Date: May 2016

Transaction Type: Divestiture from WorldCom Provides billing and back-office outsourcing services to telecommunications carriers, resellers, agents, and service Revenue: N/A providers. Industry: Telecom Acquisition Date: March 1997

Transaction Type: Public-to-Private Equipment rental company providing electronic test and measurement equipment to customers in the U.S., Europe, Revenue: $305 Million and Asia. Industry: Equipment Rental Acquisition Date: August 2016

15 Current Portfolio

Company Overview Description

Transaction Type: Public-to-Private Diversified manufacturer of textiles with operations in the U.S., Mexico, and China. Rebranded from International Textile Group Revenue: $567 Million following acquisition of American & Efird. Industry: Diversified Industrials Acquisition Date: October 2016

Transaction Type: Divestiture from Royal Ten Cate Manufacturer of paper transport, fusing, and image transfer rollers; insulation used in thermal and acoustic capacities; and Revenue: $75 Million gaskets for use in cash handling and automotive applications. Industry: Diversified Industrials Acquisition Date: March 2015

Transaction Type: Multiple The Hotel Portfolio comprises 6 hotel and hospitality businesses operating in various locations across the U.S. Revenue: $147 Million Hotel Portfolio Industry: Hospitality Acquisition Date: Multiple Acquisitions

Transaction Type: Private Transaction Hunterstown is an 810 MW natural gas-fired, combined-cycle power plant built in 2003 and located in the PJM region. Revenue: $192 Million Produces and sells electric energy, capacity, and ancillary Industry: Natural Resources services to the wholesale power generation sector. Acquisition Date: June 2018

Transaction Type: Private Transaction Global supplier of injection molding equipment and services to the plastics industry. A leading provider of PET systems, Revenue: $1.2 Billion aftermarket tooling, medical molds, and specialty closure molds. Industry: Diversified Industrials Acquisition Date: March 2018

16 Current Portfolio

Company Overview Description

Transaction Type: Multiple Private Transactions Provider of outsourced design center and installation services to homebuilders for new-build housing construction as well as Revenue: $1.5 Billion repair and remodel services to multi-family property owners. Industry: Building Products & Construction Merged with Interior Specialist, Inc. under the Interior Logic 1 Acquisition Date: March 2017 and May 2018 Group name in May 2018.

Transaction Type: Divestiture from Conagra Foods National, full-line food ingredient distributor, operating from 24 distribution locations across the U.S. Revenue: $448 Million Industry: Food & Beverage Acquisition Date: July 2016

Transaction Type: Divestiture from Newell Brands Provider of yearbooks, publications, jewelry and consumer goods that serve the K-12 educational, college and professional Revenue: $770 Million sports segments. Industry: Consumer Acquisition Date: December 2018

Transaction Type: Distressed-for-Control North American market leader in the provision of rig-based well servicing, fishing and rental, fluid management, and coiled Revenue: See public filings tubing services. Platinum acquired a controlling interest in Industry: Natural Resources December 2016, publicly traded on NYSE: KEG. Acquisition Date: December 2016

Transaction Type: Divestiture from Johnson & Johnson Purchased from Johnson & Johnson. Provider of blood glucose monitoring products and solutions for the treatment of diabetes. Revenue: $1.4 Billion Industry: Healthcare Acquisition Date: October 2018 1 Post-merger, owned jointly by Littlejohn & Co. and Platinum Equity

17 Current Portfolio

Company Overview Description

Transaction Type: Private Transaction Purchased from a private equity seller. Provider of integrated global operation and mission-critical support services to U.S. Revenue: $2.4 Billion government agencies and international organizations. Industry: Aerospace, Defense & Government Services Acquisition Date: March 2016

Transaction Type: Private Transaction A leading global aerospace and defense supply chain service provider. Headquartered in Derby, UK. Revenue: $476 Million Industry: Aerospace, Defense & Government Services Acquisition Date: October 2017

Transaction Type: Private Transaction Purchased as Ying Shing from the founder. Vertically integrated manufacturer of plastic injection molded and metal stamping Revenue: $235 Million components. Rebranded as Pearl Engineered Solutions. Industry: Diversified Industrials Pearl Engineered Solutions Acquisition Date: April 2015

Transaction Type: Private Transaction A leading provider of gift, loyalty, and membership card marketing solutions, including card production, personalization, Revenue: $200 Million fulfillment, direct mail, and print services. The first acquisition out Industry: Industrials of the Small Cap Fund. Acquisition Date: June 2018

Transaction Type: Divestiture from ITOCHU One of the largest 2-step distributors of construction fasteners in North America. One of the largest building products distributors Revenue: $1.4 Billion in North America. Proprietary "Grip-Rite" brand is the #1 Industry: Building Products construction fastener brand in the U.S. Acquisition Date: May 2015

18 Current Portfolio

Company Overview Description

Transaction Type: Public-to-Private Processes, fabricates, and distributes metal sheet, coil, plate, and long products through service centers in North America and Revenue: See public filings China. IPO’d in August 2014. Industry: Metals & Mining Acquisition Date: October 2007

Transaction Type: Private Transaction Provider of technology and communications services to corrections and law enforcement industries. Revenue: $628 Million Industry: Business Services Acquisition Date: November 2017

Transaction Type: Divestiture from Telstra A leading print and online directory and digital advertising services provider to the Australian market. Revenue: $428 Million Industry: Media Acquisition Date: February 2014

Transaction Type: Private Transaction A leading provider of portable sanitation and related site service solutions in the U.S. Revenue: $491 Million Industry: Industrial Services Acquisition Date: August 2017

Transaction Type: Divestiture from Cox Media Group One of the nation’s largest direct marketing service providers, reaching more than 100 million consumers through Valpak Revenue: $195 Million household mailers and Savings.com, an online provider of digital Industry: Media coupons and promotional codes. Acquisition Date: December 2016

19 Current Portfolio

Company Overview Description

Transaction Type: Divestiture from Emerson Provider of mission-critical infrastructure technologies for vital applications in data centers, communication networks, and Revenue: $3.9 Billion commercial and industrial environments. Divested the ASCO Industry: Industrial Technology business to Schneider Electric in October 2017. Acquisition Date: November 2016

Transaction Type: Divestiture from Staples, Inc. A leading B2B distributor of office products in Australia and New Zealand. Rebranded as Winc. Revenue: $598 Million Industry: Business Services Acquisition Date: April 2017

Transaction Type: Private Transaction A leading provider of pressure-sensitive labels, as well as glue applied, sleeve (shrink), and in-mold labels to the food & Revenue: $434 Million beverage, consumer packaged goods, and pharmaceutical Industry: Packaging industries. Acquisition Date: February 2018

One of the largest managers of holiday rentals in Europe, Transaction Type: Divestiture from Wyndham Worldwide Wyndham European Vacation Rentals has more than 110,000 Revenue: $792 Million units in over 600 destinations in more than 25 countries. The business operates more than two dozen local brands, including EUROPE Industry: Hospitality cottages.com, James Villa Holidays, Landal GreenParks, Acquisition Date: May 2018 Novasol, and Hoseasons.

Transaction Type: Corporate Divestiture Provides temporary access mat solutions to remote construction sites, primarily serving the oil/gas (pipeline) and powerline Revenue: $470 Million sectors in the U.S. that enable the navigation of difficult terrain Industry: Industrials and mitigation of environmental disruption, particularly in Acquisition Date: July 2018 federally protected wetland.

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www.platinumequity.com

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