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 | Industrial Machinery As of: 3/31/2020 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 2018A LTM NTM 2018A LTM NTM Last Sale PriceMarket CapitalizationTotal EnterpriseLTM ValueEBITDACY Margin - 1 TEV/Total %LTM TEV/Total NTMRevenues TEV/Forward Revenues CY Total - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Construction Machinery and Heavy Trucks Alamo Group Inc. 88.78 1,051 1,466 11.6% 1.0 1.3 1.3 8.1 10.8 12.0 Allison Transmission Holdings, Inc. 32.61 3,819 6,202 39.7% 3.0 2.3 2.6 7.6 5.8 7.4 Astec Industries, Inc. 34.97 789 745 4.7% 0.6 0.6 0.7 24.3 13.0 12.0 Blue Bird Corporation 10.93 293 507 6.3% 0.6 0.5 0.5 13.1 7.4 5.4 Caterpillar Inc. 116.04 63,832 94,890 19.7% 1.9 1.8 2.0 9.4 8.7 15.1 Cummins Inc. 135.32 20,044 22,400 13.8% 1.0 1.0 1.1 7.0 5.9 8.0 Navistar International Corporation 16.49 1,641 5,512 6.5% 0.7 0.5 0.6 8.6 7.9 8.6 NFI Group Inc. 10.62 664 1,775 9.6% 0.9 0.7 0.6 7.0 7.0 6.8 Oshkosh Corporation 64.33 4,394 5,123 10.3% 0.6 0.6 0.7 6.2 6.0 7.4 PACCAR Inc 61.13 21,175 27,298 13.7% 1.1 1.1 1.5 8.3 7.7 13.9 REV Group, Inc. 4.17 264 680 3.2% 0.4 0.3 0.3 7.6 8.7 6.5 Terex Corporation 14.36 1,015 1,786 8.8% 0.6 0.4 0.5 8.3 4.2 8.0 The Manitowoc Company, Inc. 8.50 298 459 7.8% 0.4 0.3 0.3 7.1 2.9 4.3 Median 32.61 1,051 1,786 9.6% 0.7 0.6 0.7 8.1 7.4 8.0 Agricultural and Farm Machinery AGCO Corporation 47.25 3,546 4,719 8.8% 0.6 0.5 0.5 7.4 5.2 6.4 Deere & Company 138.16 43,330 85,359 15.7% 2.3 2.2 2.7 14.6 13.9 17.3 Lindsay Corporation 91.58 990 1,015 10.3% 1.8 2.3 2.2 18.0 32.0 16.6 The Toro Company 65.09 6,963 7,646 15.6% 2.3 2.3 2.1 13.3 14.5 12.9 Titan International, Inc. 1.55 94 583 1.6% 0.5 0.4 0.4 6.9 17.5 8.4 Median 65.09 3,546 4,719 10.3% 1.8 2.2 2.1 13.3 14.5 12.9 Chemical Processing Machinery and Equipment Milacron Holdings Corp. - - - 13.3% 1.2 NM NM 8.5 NM NM Standex International Corporation 49.02 610 742 13.9% 1.2 0.9 1.0 8.3 6.4 7.6 Median 24.51 305 371 13.6% 1.2 0.9 1.0 8.4 6.4 7.6 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 4 | Industrial Machinery As of: 3/31/2020 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 2018A LTM NTM 2018A LTM NTM Last Sale PriceMarket CapitalizationTotal EnterpriseLTM ValueEBITDACY Margin - 1 TEV/Total %LTM TEV/Total NTMRevenues TEV/Forward Revenues CY Total - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Food and Beverage Machinery Illinois Tool Works Inc. 142.12 45,126 51,086 27.3% 3.2 3.6 3.9 11.8 13.1 14.3 Dover Corporation 83.94 12,094 14,941 18.6% 1.7 2.1 2.2 9.6 10.6 12.3 The Middleby Corporation 56.88 3,196 5,097 21.7% 2.9 1.7 1.9 13.3 7.6 8.7 SPX FLOW, Inc. 28.42 1,212 1,694 11.2% 0.9 1.1 1.2 7.9 8.8 10.7 John Bean Technologies Corporation 74.27 2,352 3,044 13.5% 1.5 1.6 1.6 12.0 11.0 10.6 Welbilt, Inc. 5.13 726 2,042 17.4% 1.9 1.3 1.6 9.9 6.9 10.4 Standex International Corporation 49.02 610 742 13.9% 1.2 0.9 1.0 8.3 6.4 7.6 Median 56.88 2,352 3,044 17.4% 1.7 1.6 1.6 9.9 8.8 10.6 Fluid/Material Handling and Processing Columbus McKinnon Corporation 25.00 592 812 15.6% 1.2 1.0 1.0 8.4 5.9 6.8 Crane Co. 49.18 2,911 3,627 17.7% 1.6 1.1 1.0 8.6 5.9 5.6 Dover Corporation 83.94 12,094 14,941 18.6% 1.7 2.1 2.2 9.6 10.6 12.3 Flowserve Corporation 23.89 3,127 4,047 12.7% 1.5 1.0 1.0 13.1 7.1 7.5 Graco Inc. 48.73 8,210 8,193 28.5% 4.4 5.0 5.1 15.5 17.1 18.1 Hillenbrand, Inc. 19.11 1,428 3,337 16.5% 1.5 1.7 1.3 9.0 10.3 8.6 IDEX Corporation 138.11 10,529 10,831 27.2% 4.1 4.3 4.5 15.5 15.4 17.1 ITT Inc. 45.36 3,993 3,579 18.1% 1.4 1.3 1.3 8.3 6.6 6.9 Parker-Hannifin Corporation 129.73 16,653 25,472 17.8% 1.7 1.8 1.9 9.4 9.6 10.0 Rexnord Corporation 22.67 2,761 3,684 20.8% 1.6 1.8 1.9 8.7 8.3 9.1 Xylem Inc. 65.13 11,738 13,586 18.1% 2.8 2.6 2.6 15.2 12.8 14.3 Median 48.73 3,993 4,047 18.1% 1.6 1.8 1.9 9.4 9.6 9.1 Source: S&P Capital IQ; ArkMalibu EV = enterprise value; LTM = last twelve months; NTM = next twelve months; NM = not meaningful 5 | Industrial Machinery As of: 3/31/2020 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 2018A LTM NTM 2018A LTM NTM Last Sale PriceMarket CapitalizationTotal EnterpriseLTM ValueEBITDACY Margin - 1 TEV/Total %LTM TEV/Total NTMRevenues TEV/Forward Revenues CY Total - 1 Revenue TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA Packaging Machinery Graphic Packaging Holding Company 12.20 3,542 7,248 15.9% 1.2 1.2 1.1 7.9 6.8 6.9 Illinois Tool Works Inc. 142.12 45,126 51,086 27.3% 3.2 3.6 3.9 11.8 13.1 14.3 Nordson Corporation 135.07 7,815 8,968 26.3% 3.6 4.1 4.0 13.4 15.6 14.6 Sealed Air Corporation 24.71 3,822 7,466 17.7% 1.9 1.6 1.5 11.1 8.4 7.4 The Middleby Corporation 56.88 3,196 5,097 21.7% 2.9 1.7 1.9 13.3 7.6 8.7 Winpak Ltd. 30.69 1,995 1,661 22.7% 2.4 2.1 1.9 10.6 9.0 8.8 Median 43.78 3,682 7,357 22.2% 2.6 1.9 1.9 11.5 8.7 8.7 Paper and Forest Products Machinery Kadant Inc.