Aggregate Transaction Value ($BB) Number of Deals 2.3% 9.3% 9.3% Healthcare Info. Tech. Consumer Industrials 7.0% 18.6% 7.0% Financials Materials

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1 Pittsburgh regional M&A update: Q2 2018

2 Aggregate Transaction Value ($BB) Number of Deals $70 80 $60 $ $50 60 $40 $30 $20 $10 $0 $2.1 $2.9 $26.9 $0.4 $1.5 $7.7 $1.9 $2.8 $6.5 $2.5 $2.1 $4.2 $19.9 $2.1 $ % 7.0% 7.0% 9.3% 9.3% 18.6% Healthcare Info. Tech. Consumer Industrials 11.6% Financials Materials 34.9% Utilities Energy

3 Average Transaction Size ($MM) Aggregate Transaction Size ($MM) Number of Deals $900.0 $800.0 $738.7 $787.3 $ $700.0 $600.0 $457.3 $612.7 $ $500.0 $400.0 $300.0 $200.0 $100.0 $354.2 $401.3 $267.0 $370.0 $414.9 $297.8 $257.0 $283.3 $208.1 $ $0.0 0 $80 $70 $70.6 $71.0 $60 $50 $55.0 $54.2 $50.5 $54.1 $47.5 $50.2 $53.8 $40 $30 $30.3 $35.0 $36.3 $36.9 $35.5 $20 $19.0 $17.0 $10 $0

4 Altoona Area Bradford Area Du Bois Area Erie Area Greensburg Area Johnstown Area New Castle Area Oil City Area Pittsburgh Area Altoona Area Bradford Area Du Bois Area Erie Area Greensburg Area Johnstown Area New Castle Area Oil City Area Pittsburgh Area Announced Date Buyers/Investors Notable announced Q deals Target Value ($MM) Buyer Type Target Sector 04/04/2018 NU Pet Company Ainsworth Pet Nutrition Parent, LLC 1,900.0 Strategic Consumer 05/10/2018 New Enterprise Stone & Lime Co., Inc. Certain Assets of Popple Construction, Inc. and Pioneer Aggregates, Inc Strategic Materials 06/29/2018 Thermal Energy International Inc. (TSXV:TMG) Boilerroom Equipment, Inc. 2.6 Strategic Industrials 04/03/2018 PNC Mezzanine Capital; Caymus Equity Partners LLC Medical Laboratory Diagnostics, Inc. - Financial Healthcare 04/12/2018 Harris School Solutions OnHand Schools, Inc. - Strategic Info. Tech

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