Industrial Machinery As Of: 6/30/2020

JULY 2020 ABOUT THE DATA The information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target is headquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industry group and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to the information to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted. 2 ABOUT THE DATA The information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target is headquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industry group and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to the information to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted. 3 Public Companies' Trading Metrics | Industrial Machinery As of: 6/30/2020

Category / Company Valuation Statistics Multiples Data

USD in millions except per share price EV / Revenue (x) EV / EBITDA (x) Last Equity Enterprise EBITDA Price Value Value Margin 2019A LTM NTM 2019A LTM NTM Last Sale MarketPrice CapitalizationTotal EnterpriseLTM EBITDA ValueCY -Margin 1 TEV/TotalLTM % TEV/TotalNTM Revenues TEV/Forward Revenues CYTotal - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Construction Machinery and Heavy Trucks Alamo Group Inc. 102.64 1,217 1,635 11.8% 1.5 1.4 1.4 11.8 11.4 12.9 Allison Transmission Holdings, Inc. 36.78 4,163 6,652 39.1% 3.0 2.5 3.5 7.3 6.4 10.6 Astec Industries, Inc. 46.31 1,046 1,005 4.7% 0.8 0.9 1.0 35.0 17.9 21.5 Blue Bird Corporation 14.99 405 589 6.3% 0.7 0.6 0.7 10.8 8.4 9.0 Caterpillar Inc. 126.50 68,467 99,392 19.6% 2.1 2.0 2.4 10.3 9.9 18.6 Cummins Inc. 173.26 25,543 28,298 13.6% 1.2 1.3 1.6 7.2 7.7 13.4 Navistar International Corporation 28.20 2,806 6,866 5.8% 0.6 0.7 0.9 8.4 11.7 17.2 NFI Group Inc. 12.24 765 2,095 8.9% 1.0 0.7 0.9 9.8 7.5 10.2 Oshkosh Corporation 71.62 4,875 5,474 10.0% 0.8 0.7 0.8 7.5 6.2 11.0 PACCAR Inc 74.85 25,878 32,741 12.9% 1.3 1.3 2.2 9.4 10.4 24.4 REV Group, Inc. 6.10 387 836 2.2% 0.5 0.4 0.4 15.0 13.5 11.7 Terex Corporation 18.77 1,288 2,123 6.8% 0.6 0.5 0.7 9.4 7.7 30.4 The Manitowoc Company, Inc. 10.88 375 619 7.5% 0.5 0.4 0.5 5.8 4.2 12.3 Median 36.78 1,288 2,123 8.9% 0.8 0.7 0.9 9.4 8.4 12.9

Agricultural and Farm Machinery AGCO Corporation 55.46 4,152 5,850 8.9% 0.8 0.7 0.7 8.2 6.4 10.3 Deere & Company 157.15 49,166 91,432 15.4% 2.5 2.5 3.2 15.6 15.7 21.4 Lindsay Corporation 92.21 999 1,026 13.1% 2.3 2.3 2.3 51.0 19.6 15.3 The Toro Company 66.34 7,110 7,887 15.0% 2.9 2.4 2.4 18.2 15.1 16.2 Titan International, Inc. 1.46 88 564 1.1% 0.5 0.4 0.5 13.9 32.4 19.2 Median 66.34 4,152 5,850 13.1% 2.3 2.3 2.3 15.6 15.7 16.2

Chemical Processing Machinery and Equipment Milacron Holdings Corp. - - - 13.3% NM NM NM NM NM NM Standex International Corporation 57.55 714 863 13.8% 1.4 1.1 1.4 9.2 7.2 10.1 Median 28.78 357 431 13.5% 1.4 1.1 1.4 9.2 7.2 10.1

Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 4 Public Companies' Trading Metrics | Industrial Machinery As of: 6/30/2020

Category / Company Valuation Statistics Multiples Data

USD in millions except per share price EV / Revenue (x) EV / EBITDA (x) Last Equity Enterprise EBITDA Price Value Value Margin 2019A LTM NTM 2019A LTM NTM Last Sale MarketPrice CapitalizationTotal EnterpriseLTM EBITDA ValueCY -Margin 1 TEV/TotalLTM % TEV/TotalNTM Revenues TEV/Forward Revenues CYTotal - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Food and Beverage Machinery Illinois Tool Works Inc. 174.85 55,241 61,506 27.3% 4.5 4.5 5.4 16.2 16.3 22.6 Dover Corporation 96.56 13,900 16,854 19.0% 2.7 2.4 2.6 14.1 12.5 14.8 The Middleby Corporation 78.94 4,387 6,287 22.0% 2.8 2.1 2.7 11.9 9.2 14.9 SPX FLOW, Inc. 37.44 1,597 2,130 10.5% 1.3 1.5 1.7 9.4 14.3 17.0 John Bean Technologies Corporation 86.02 2,728 3,390 13.8% 2.2 1.7 2.0 15.2 12.4 13.7 Welbilt, Inc. 6.09 862 2,259 17.5% 2.2 1.5 2.0 11.8 7.8 16.0 Standex International Corporation 57.55 714 863 13.8% 1.4 1.1 1.4 9.2 7.2 10.1 Median 78.94 2,728 3,390 17.5% 2.2 1.7 2.0 11.9 12.4 14.9

Fluid/Material Handling and Processing Columbus McKinnon Corporation 33.45 797 981 14.7% 1.4 1.2 1.6 8.8 7.7 15.9 Crane Co. 59.46 3,447 4,392 17.2% 1.8 1.4 1.5 9.8 7.4 9.6 Dover Corporation 96.56 13,900 16,854 19.0% 2.7 2.4 2.6 14.1 12.5 14.8 Flowserve Corporation 28.52 3,711 4,665 11.4% 1.9 1.2 1.3 13.0 8.9 11.4 Graco Inc. 47.99 7,995 8,016 28.2% 5.3 5.0 5.6 18.8 17.2 22.1 Hillenbrand, Inc. 27.07 2,023 3,702 16.4% 1.5 1.7 1.5 9.2 9.5 10.0 IDEX Corporation 158.04 11,915 12,442 27.2% 5.4 5.0 5.6 19.1 17.8 21.9 ITT Inc. 58.74 5,069 4,721 17.7% 2.2 1.7 2.0 11.8 9.0 11.3 Parker-Hannifin Corporation 183.27 23,498 31,991 18.0% 2.2 2.3 2.5 12.0 11.8 15.5 Rexnord Corporation 29.15 3,490 4,473 19.3% 2.4 2.2 2.4 11.2 10.7 11.4 Xylem Inc. 64.96 11,687 13,503 17.3% 3.1 2.6 3.0 15.3 13.2 20.1 Median 58.74 5,069 4,721 17.7% 2.2 2.2 2.4 12.0 10.7 14.8

Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 5 Public Companies' Trading Metrics | Industrial Machinery As of: 6/30/2020

Category / Company Valuation Statistics Multiples Data

Paper and Forest Products Machinery Kadant Inc. 99.66 1,143 1,381 16.9% 2.2 2.0 2.1 12.2 11.8 12.7 SpartanNash Company 21.25 758 1,642 1.9% 0.2 0.2 0.2 7.2 7.5 7.9 Sysco Corporation 54.66 27,746 37,025 5.1% 0.9 0.6 0.8 14.9 11.7 21.9 United Natural Foods, Inc. 18.21 996 4,815 1.9% 0.2 0.2 0.2 6.0 5.9 7.6 US Foods Holding Corp. 19.72 4,344 9,351 4.1% 0.6 0.4 0.4 13.1 8.7 13.5 Median 21.25 1,143 4,815 4.1% 0.6 0.4 0.4 12.2 8.7 12.7

Diversified Industrial Machinery Archer-Daniels-Midland Company 39.90 22,164 31,015 4.1% 0.5 0.5 0.5 10.5 8.9 9.7 Chart Industries, Inc. 48.49 1,743 2,445 15.7% 2.6 1.8 1.9 16.5 11.0 10.3 Colfax Corporation 27.90 3,301 5,696 17.1% 1.9 1.6 1.9 12.7 9.1 13.4 Donaldson Company, Inc. 46.52 5,868 6,422 16.6% 2.8 2.4 2.5 16.0 13.4 15.5 ITT Inc. 58.74 5,069 4,721 17.7% 2.2 1.7 2.0 11.8 9.0 11.3 Kadant Inc. 99.66 1,143 1,381 16.9% 2.2 2.0 2.1 12.2 11.8 12.7 Tennant Company 65.01 1,199 1,499 12.2% 1.5 1.3 1.5 11.3 9.0 14.5 Watts Water Technologies, Inc. 81.00 2,731 2,866 15.6% 2.3 1.8 2.0 13.8 11.5 14.8 Median 53.62 3,016 3,794 16.2% 2.2 1.7 2.0 12.4 10.0 13.0

Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 6