Capstone Headwaters BUILDING PRODUCTS Q TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW CONTRIBUTORS

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1 Capstone Headwaters BUILDING PRODUCTS Q TABLE OF CONTENTS M&A Overview Construction Pricing Construction Markets Company Spotlight Notable Transactions Select Transactions Public Company Data Firm Track Record CONTRIBUTORS Darin Good Managing Director MERGER & ACQUISTION OVERVIEW Strong macroeconomic fundamentals, including the nine-year expansion of the US economy, low unemployment, and high consumer confidence levels, drove healthy industry activity in the Building Products space in In Q2, the Associated Builders and Contractors Construction Backlog Indicator hit a historic high of 9.9 months and has since remained above 9.0 months, indicating strong levels of construction activity in the coming months. 1 While demand for construction activity exists, increasing material prices and the shortage of construction workers (currently exacerbated by the constricted US job market) are potential restraints to overall industry expansion. Year-to-date (YTD), 231 mergers and acquisitions (M&A) have been announced or completed compared to 214 in all of The Window & Door subsector has been one of the most active, as showcased by Clayton, Dubilier & Rice s (CD&R) blockbuster acquisitions of Ply Gem for $2.4 billion and Atrium Windows & Doors (undisclosed) in April (see page seven). Since the growth of the industry is constrained by labor shortages, building products companies that can offer innovative products which eliminate or reduce the amount of labor needed, will be attractive targets in M&A Activity: Building Products Brian Krehbiel Senior Vice President bkrehbiel@capstoneheadwaters.com Crista Gilmore Vice President cgilmore@capstoneheadwaters.com Dominic Cervi Vice President dcervi@capstoneheadwaters.com Number of Transactions Q1 Q2 Q3 Q4 214 Year-to-date (YTD) ended December 20 Source: Capital IQ and Capstone Headwaters Research January 2019

2 CONSTRUCTION INPUT PRICING Upstream Supply Producer Price Index Commodities Construction (Index Base Year 1982 =100, Not Seasonally Adjusted) November-17 October-18 November-18 1 Month % Change 12 Month % Change Asphalt Felts and Coatings % 9.7% Concrete Products % 0.8% Fabricated Structural Metal Products % 8.6% Glass % 2.2% Hardware % 2.6% Hardwood Lumber % 0.4% Iron and Steel % 17.6% Nonferrous Wire and Cable % 2.9% Plumbing Fixtures and Fittings % 4.1% Plywood % 0.8% Softwood Lumber % -10.5% Source: US Bureau of Labor Statistics Iron and Steel Iron & Steel Price History The price of Iron and Steel has climbed a significant 17.6% year-over-year (YoY), and 2.0% from October 2018 to November The recently signed US Mexico Canada Agreement (USMCA), which will replace the 1994 North American Free Trade Agreement (NAFTA), is expected to continue to bolster this upward price trajectory. As noted in the AK Steel s (NYSE:AKS) December Investor Relations Presentation: New Rules of Origin for autos and certain steel containing goods, including transformers incentivizes greater use of steel made in North America. 2 Index 1982= Source: US Bureau of Labor Statistics Softwood Lumber Softwood Lumber Price History Following an all-time Index high of in June, the cost for Softwood Lumber has declined 10.5% YoY and 3.0% from October to November. The summer pricing peak came after the Trump administration imposed 20.0% tariffs on imported Canadian softwood lumber. 3 Commenting on the progression of the updated NAFTA agreement, National Lumber and Building Material Dealers Association President & CEO Jonathan Paine stated in a press release: The US should build on this positive momentum by resolving the softwood lumber dispute with Canada and ending the steel and aluminum tariffs on imports from Mexico and Canada. 4 Index 1982= Source: US Bureau of Labor Statistics 2

3 CONSTRUCTION MARKET DYNAMICS Downstream Demand Housing Construction Following the 2006 peak and subsequent burst of the housing bubble, housing starts have been steadily on the rise across the entire US to meet the demand of population growth. Housing starts have increased 4.2% year-over-year, from 1.17 million in 2017 to 1.22 million in 2018, according to the US Census Bureau. 5 The largest number of housing units were started in the South (7.5 million) and the West (4.1 million) over the last twelve months (LTM). Of the total starts, multi-family production climbed 20.2% while single-family starts declined 13.1% YoY. The rise in mutli-family production, which includes both condominiums and apartments, has been driven in part by Millennials, who are hampered by student debt, and can t afford additional debt obligations. Partly as a result of this, these individuals are delaying marriage and children longer than prior generations and are opting to live in cities over owning a home. Units in Thousands US Housing Units Started by Region (Monthly, Not Seasonally Adjusted) Overall,however,thepipelineforfuturehousingstarts remained strong, with the number of construction permits climbing 5.0% to 1.3 million in November Year-to-date, the number of permits has increased the most in the densely populated South, which houses West Midwest South Northeast ~38.0% (123.7 million) of the US population. Source: US Census Bureau One of the strengths of the multi-family market in recent years is the availability of capital, especially debt. Despite some concerns about the durability of the economic expansion, the healthy capital environment should continue through Yardi Matrix, Multifamily National Report, November

4 CONSTRUCTION MARKET DYNAMICS (CONTINUED) Construction Backlog Year-over-Year CBI Map of Regions and Backlog Month The Associated Builders and Contractors (ABC) Construction Backlog Indicator (CBI) is a forward-looking national economic indicator that reflects the amount of work that will be performed by commercial and industrial contractors in the coming months. Midwest Q3 2017: 7.6 months Q3 2018: 7.8 months Northeast Q3 2017: 10.2 months Q3 2018: 9.2 months -1.0 MONTHS Driven in part by the devastating wildfires in California, the largest backlog increase was in the West, with the average backlog growing by 2.7 months year-over-year. 6 Despite the 1.4 month decrease in backlog time from Q to Q3 2018, the average backlog in the South remains the longest at 10.0 months. As noted on the previous page, the South, due to its affordability, mild climate, and lower tax rates, is a high-growth area for construction and housing. The chart shows the national average by quarter and by year. Following the eight year historic backlog high in Q2, the Q4 average dipped below 2017 while still remaining elevated above the long-term average MONTHS West Q3 2017: 6.6 months Q3 2018: 9.4 months +0.2 MONTHS -1.3 MONTHS South Q3 2017: 11.3 months Q3 2018: 10.0 months Source: Associated Builders & Contractors CBI - National Backlog Average Q Q Q1 Q2 Q3 Q4 Source: Associated Builders & Contractors 4

5 CONSTRUCTION MARKET DYNAMICS (CONTINUED) Remodeling Market Index Q Q Remodeling Market Index (RMI) (Quarterly, Seasonally Adjusted) The Remodeling Market Index (RMI) is based on a quarterly survey in which remodelers are asked to rate a variety of aspects within the remodeling market as higher or lower than the prior quarter Higher activity than prior quarter An index number of 50 indicates equal numbers of remodelers reporting activity higher and lower than the prior quarter. Any number over 50 indicates that more remodelers view remodeling market conditions as higher than the previous quarter. The RMI posted a reading of 58 in Q3 2018, a slight increase from Q2, and maintaining an above-50 reading for every quarter since Q Current Market Conditions Future Market Conditions Lower activity than prior quarter Source: NAHB Remodeling Market Index Architecture Billings Index AIA s monthly Architecture Billings Index (ABI) is a leading economic indicator for nonresidential construction activity, with a lead time of approximately 9 12 months. The index is derived from AIA s Work-on-the-Boards survey, which has gathered data on shifts in billings from architectural firm leaders for over 20 years. During November, AIA s ABI score climbed to 54.7, the highest level since January, indicating continued healthy conditions for architecture firms. 8 Billings by Sector Architecture Billings Index Billings October November Design Contracts October November Commercial/ Industrial: 53.8 Institutional: 50.8 Residential: Source: The American Institute of Architects 5

6 COMPANY SPOTLIGHT Buyer Type: Strategic Ownership: Private Headquarters: Cary, North Carolina Markets: Residential Interior and Building Products Acquisition Strategy: Expand footprint & product offerings Company Description: Founded in 1943, Ply Gem (the Company ) designs and manufactures residential interior and building products. Ply Gem is a North American leader in vinyl siding and in vinyl and aluminum windows. The Company produces products that include windows and patio doors, vinyl and aluminum siding and accessories, designer accents, cellular PVC trim and moldings, vinyl fencing and railing, stone veneer, and roofing and gutterware products. Ply Gem s comprehensive product portfolio is used in both new construction and home repair and remodeling. Recent Relevant Activity: Clayton, Dubilier & Rice acquires Ply Gem (January 2018, ~$2.4 billion) Clayton, Dubilier & Rice (CD&R), a New York-based private equity firm, acquired all outstanding shares of Ply Gem in a public-to-private transaction valued at approximately $2.4 billion. Shortly after completing the acquisition of Ply Gem in April, CD&R closed the add-on acquisition of Atrium Corporation, a provider of high quality windows and doors, to create an exterior building products company. This is a transformational milestone for two highly complementary businesses, said Nate Sleeper, Partner at CD&R, in a press release. Together, Ply Gem and Atrium have a well-positioned platform across North America, a deep set of capabilities to serve customers, and a strong foundation for long-term growth and value creation. 9 Ply Gem acquires Silver Line Building Products (August 2018, $190.0 million) Ply Gem acquired the Silver Line vinyl window and patio door division of Andersen Corporation for a transaction value of $190.0 million at 10.0x EBITDA. 10 Under the terms of the deal, Ply Gem will acquire the product portfolio sold under the Silver Line and American Craftsman brands, four Silver Line manufacturing plants, and the associated distribution and support services. The strategic acquisition strengthens Ply Gem s product offerings across the Repair and Remodeling and New Construction markets, establishing a stronger national windows platform with enhanced manufacturing scale and distribution channels. NCI Buildings Systems, Inc. acquires Ply Gem (November 2018, $3.6 billion) On the heels of its privatization, Ply Gem was acquired by NCI Building Systems (NYSE:NCS) for a transaction value of $3.6 billion. 11 Headquartered in Houston, Texas, NCI is a leading manufacturer of exterior building products for commercial construction. The combined entity will become a complete provider for exterior building envelope needs. The acquisition is expected to broaden NCI s product portfolio in multiple end-markets with complete coverage across direct, distribution, and retail customers. The highly complementary businesses, on a combined basis, are expected to generate approximately $4.5 billion in CY2018 revenue and a pro-forma adjusted EBITDA of approximately $660.0 to $680.0 million. 6

7 NOTABLE TRANSACTIONS Quikrete Holdings acquires US Block Business of Boral Limited (October 2018, $156.0 million) Acquires Quikrete Holdings, a manufacturer and distributor of packaged concrete, pre-blended, cement mix, and related products, has acquired the US Block business of Boral (ASX:BLD) for $156.0 million. 12 Located in Texas, the US Block business of Boral manufactures concrete blocks. The acquisition expands Quikrete s scale in the US, adding a proven, well-developed business to its operations. Australia-based, Boral, divested its US Block business in order to strengthen its balance sheet and to focus on its core building products and fly ash businesses in North America. PGT Innovations acquires Western Window Systems (July 2018, $360.0 million) Acquires PGT Innovations, a leading US manufacturer and supplier of impact-resistant windows and doors, has acquired Western Window Systems for $360.0 million from PWP Equity Growth, the private equity arm of Perella Weinberg Partners. 13 Western Window Systems is a provider of contemporary window and door systems with expected net sales of approximately $126.0 to $136.0 million across 40 states in The strategic acquisition supports PGT Innovations growth initiative to expand its geographic footprint outside of Florida into high-growth Western and Southwestern markets. BlueLinx Corporation acquires Cedar Creek Holdings (March 2018, $413.0 million) Acquires BlueLinx (NYSE:BSX) has acquired Cedar Creek, a leading building products wholesale distributor, for approximately $413.0 million, equating to a 6.9x EBITDA multiple. 14 The acquisition creates one of the largest wholesale distributors in the Building Products industry with a combined revenue of $3.2 billion in The combined entity will service 40 US states with 70 facilities, offering the largest suite of products in the Building Products industry. The expansion of operational scale is expected to generate an annual run-rate cost savings of at least $50.0 million annually, realized within 18 months. Knauf KG to acquire USG Corporation (March 2018, $6.9 billion) Acquires Knauf has entered into a definitive agreement to acquire USG Corporation (NYSE:USG) for a transaction value of $6.9 billion and a EBITDA multiple of 13.1x. 15 Founded in 1901, USG manufactures and sells building materials worldwide. The strategic acquisition combines two highly complementary businesses to create a global Building Materials industry leader, leveraging an extensive suite of products and a global footprint to enhance its ability to serve the companies end-market customers. Knauf intends to maintain USG s existing headquarters in Chicago as well as its facilities in North America. Beacon Roofing Supply, Inc. acquires Allied Building Products Corporation (January 2018, ~$2.6 billion) Acquires Beacon Roofing Supply (NasdaqGS:BECN), the largest publicly traded distributor of roofing and complementary building products in North America, has acquired Allied Building Products for approximately $2.6 billion, equating to 14.0x EBITDA. 16 Founded in 1950, Allied Building Products distributes roofing and custom sheet metal fabrication products and previous to the acquisition was a subsidiary of CRH plc (NYSE:CRH), a global diversified building products group. The acquisition further strengthens Beacon s geographic footprint, expanding its presence in New York, New Jersey, and the Upper Midwest and provides Beacon with entry into the adjacent interior business. 7

8 SELECT TRANSACTIONS Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA 12/03/18 Arran Isle Patrick Industries Distributes building products for the factory-built housing, commercial, and other related markets. $ x - 11/23/18 Glen-Gery Corporation Brickworks Limited Manufactures bricks, and masonry supplies and tools for building industry in the US. $ x 8.5x 11/15/18 Armstrong Wood Products American Industrial Partners Manufactures and distributes hardwood flooring products and kitchen and bathroom cabinets. $ x 10/17/18 US Block Business of Boral Quikrete Holdings Comprises the business of manufacturing concrete blocks in Texas. $ /01/18 Valmiera Glass USA Lamtec Corporation Manufactures fiberglass and fiberglass products. $ /03/18 Concrete Specialties Oldcastle Infrastructure Manufactures and markets precast concrete products. $ /23/18 Fiberon Fortune Brands Home & Security Manufactures wood-alternative decking, railing, and fencing products for outdoor living applications. $ x - 08/14/18 Tandelle-Pacer Atlas Engineered Products Designs and manufactures engineered floor, wall, and roof systems. $ x 4.5x 07/24/18 WWS Acquisition PGT Innovations 07/17/18 Ply Gem NCI Building Systems Provides building products including windows, awning, and doors. Manufactures exterior building product use for residential construction. $ x $3, /02/18 ATCO Rubber Products Mueller Industries 05/07/18 MORSCO Reece Limited Manufactures flexible duct systems for residential and commercial HVAC applications. $ x - Offers lighting products, kitchen and bath plumbing supplies, and plumbing fixtures and supplies. $1, x - 05/03/18 CornellCookson Clopay Building Products Company Manufactures rolling doors and grilles including rolling service and insulated exterior and interior doors. $ /30/18 Dehco Patrick Industries Distributes building products to recreational vehicle, manufactured housing, and marine industries. $ x - 03/26/18 USG Corporation Gebr. Knauf KG. Manufactures and sells building materials worldwide. $6, x 13.1x 03/22/18 03/12/18 Taiga Building Products Cedar Creek Holdings Avarga Limited BlueLinx Corporation 03/07/18 Ashland Products Amesbury Group Operates as a wholesale distributor of building products in Canada and the US. Offers industrial products, including hardwood lumber and plywood and, particleboard. Manufactures residential window and door hardware for the fenestration industry. $ x 3.6x $ x 6.9x $ x 9.0x 03/02/18 United Subcontractors TopBuild Provides insulation, specialty, and shell construction services for residential and commercial projects. $ /26/18 MixOnSite USA 02/14/18 Lehigh White Cement Company CEMATRIX Corporation CEMEX; Aalborg Cement Company Supplies low density foam concrete. $ Produces, imports, and markets white Portland and masonry cements for the Construction industry $ x 10.6x 01/15/18 Valmiera Glass USA P-D Management Industries Manufactures fiberglass and fiberglass products. $ /08/18 L.D. Kichler Co. Masco Provides indoor and outdoor lightings, ceiling fans, landscape lightings, lamps, and mirrors. $ x - Source: Capital IQ, Pitchbook, and Capstone Headwaters Research 8

9 PUBLIC COMPANY TRADING & OPERATING DATA The table below includes financial results and valuation multiples for select publicly-traded, US-based Building Product & Construction Materials companies. Price % 52 Wk Market Enterprise LTM EV / LTM Company 12/14/18 High Cap Value Revenue EBITDA Margin Revenue EBITDA Plumbing / HVAC AAON $ % $1,838.9 $1,828.3 $425.8 $ % NM 24.6x A. O. Smith Corp. $ % $7,037.7 $6,613.2 $3,144.0 $ % 2.1x 10.6x Lennox International $ % $8,615.8 $9,695.6 $3,932.1 $ % 2.5x 16.3x Masco Corp. $ % $9,024.4 $11,599.4 $8,173.0 $1, % 1.4x 9.0x Average 73.9% $6, $7,434.1 $3,918.7 $ % 2.0x 15.1x Decking / Siding / Drywall Continental Building Products $ % $952.7 $1,111.4 $518.7 $ % 2.1x 7.6x Trex Company $ % $3,461.2 $3,353.9 $666.5 $ % NM 17.8x USG Corp. $ % $6,013.7 $6,702.7 $3,348.0 $ % 2.0x 12.9x Average 76.4% $3,475.9 $3,722.6 $1,511.1 $ % 2.1x 12.8x Building Systems Apogee Enterprises $ % $900.4 $1,107.2 $1,408.6 $ % 0.8x 6.7x Armstrong World Industries $ % $3,011.1 $3,511.5 $950.7 $ % 3.7x 10.2x NCI Building Systems $ % $1,225.9 $1,591.6 $2,000.6 $ % 0.8x 8.7x Owens Corning $ % $4,724.8 $8,303.8 $6,939.0 $1, % 1.2x 7.4x Average 57.9% $2,465.6 $3,628.5 $2,803.5 $ % 1.6x 8.3x Window / Door Masonite International Corp. $ % $1,247.3 $1,862.7 $2,150.3 $ % 0.9x 7.2x Quanex Building Products Corp. $ % $445.1 $626.6 $889.8 $ % 0.7x 7.0x Average 59.1% $846.2 $1,244.7 $1,520.0 $ % 0.8x 7.1x Lumber / Wood Products Boise Cascade Co. $ % $906.6 $1,186.5 $5,021.5 $ % 0.2x 4.6x Louisiana-Pacific Corp. $ % $3,017.0 $2,384.1 $2,949.5 $ % 0.8x 3.0x Universal Forest Products $ % $1,616.6 $1,807.9 $4,467.1 $ % 0.4x 7.1x Average 60.1% $1,846.7 $1,792.8 $4,146.0 $ % 0.5x 4.9x Building Product Distribution Beacon Roofing Supply $ % $2,158.5 $5,048.3 $6,418.3 $ % 0.8x 11.0x Builders FirstSource $ % $1,259.7 $3,066.8 $7,687.7 $ % 0.4x 7.0x GMS $ % $649.8 $1,842.2 $2,833.3 $ % 0.7x 7.7x HD Supply Holdings $ % $6,513.6 $8,452.6 $5,784.0 $ % 1.5x 10.7x Watsco $ % $5,099.1 $5,441.5 $4,519.7 $ % 1.2x 13.7x Average 58.2% $3,136,1 $4,770.3 $5,448,60 $ % 0.9x 10.0x EV = enterprise value; LTM = last twelve months $ in millions, except per share data NM = Not Meaningful Source: Capital IQ One Year Returns As of December 16, 2018 S&P 500 Dow Jones Industrial Average Plumbing / HVAC Decking / Siding / Drywall Building Systems Window / Door Lumber / Wood Products Building Product Distribution -0.9% -2.2% -20.9% 11.8% -35.9% -40.7% -26.7% -23.2% Source: FactSet 9

10 FIRM TRACK RECORD Capstone Headwaters Building Products & Construction team has represented clients across various construction specialties. Our deep industry focus allows us to provide our clients with real-time transaction feedback and immediate access to key decision makers among the most active acquirers and investors in the construction industry. A sampling of closed transactions are shown below. has been recapitalized in partnership with has been acquired by has been acquired by has been acquired by has been recapitalized by has been acquired by a portfolio company of has been acquired by has been acquired by has been acquired by a portfolio company of 10

11 CITATIONS 1. Associated Builders and Contractors (ABC), Contractors Lose Confidence in Q3 but Remain Upbeat, According to ABC s Latest Construction Confidence Index, but-remain-upbeat-according-to-abc-s-latest-construction-confidence-index, accessed December 21, AK Steel, Investor Presentations, BAML Leveraged Finance Conference 2018, accessed December 17, New England Building Supply, The Impact of Canadian Lumber Tariffs for the Boston Building Industry, accessed December 20, National Lumber and Building Material Dealers Association, NLBMDA Statement on the United States-Mexico-Canada Agreement, Agreement.html?soid= &aid=lGuyf231Gxw, accessed December 20, US Census Bureau, Monthly New Residential Construction, accessed December 19, Yardi Matric, Multifamily National Report: November 2018, accessed December 21, National Association of Home Builders, Remodeling Confidence Remains Solid in Third Quarter, accessed December 20, The American Institute of Architects, Architecture Billings Index (ABI), accessed December 20, Clayton, Dubilier & Rice, Ply Gem Holdings, Inc. Enters into a Definitive Agreement to be Acquired by Clayton, Dubilier & Rice, accessed December Andersen Corporation, Andersen Corporation Announces Sale of Silver Line Division to Ply Gem, andersencorporation.com/news/ andersen-corporation-announces-sale-of-silver-line-division-to-ply-gem/, accessed December 17, NCI Building Systems, NCI Building Systems Announces Closing of Merger Transaction with Ply Gem, ncibuildingsystems.com/about-nci/news/2018/11/nci-building-systems-announces-closing-of-merger-transaction-with-ply-gem, accessed December 17, Boral, Boral sells US Block Business for US$156 million, /field_document/boralsells-us-block-business.pdf, accessed December 14, PGT Innovations, PGT INNOVATIONS TO ACQUIRE WESTERN WINDOW SYSTEMS, /~/ media/files/p/pgt-innovations-ir/documents/annual-reports/final-project-coyote-transaction-presentation xa26ca.pdf, accessed December 14, BlueLinx Holdings, BlueLinx Holdings to Acquire Cedar Creek Holdings, accessed December 14, USG Corporation, Knauf and USG Agree to Transaction at $44 Per Share in Cash, accessed December 17, Beacon Roofing Supply, Beacon Roofing Supply Completes Its Acquisition of Allied Building Products, accessed December 17, Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisition activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell 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 report. The report is published solely for the general information of clients and friends of Capstone Headwaters. 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 report is based upon 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 and unknown risks and other factors that may cause actual results to vary mate- rially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters. The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. This report may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information contained herein should not be construed as legal advice. 11

12 BUILDING PRODUCTS REPORT CONTRIBUTORS Darin Good Managing Director Darin is a recognized expert witness and speaks nationally regarding merger and acquisitions. Courts and clients appreciate his ability to synthesize large amounts of complex business information and present it in concise terms that are clearly understood by all parties. Trade groups and national publications haverecognized Darin s business acumen and technical knowledge. Prior to joining Capstone Headwaters, Darin started, operated, made acquisitions and sold three successful companies in construction, import and distribution, and commercial real estate management. Over a two year period, he implemented the turnaround of the underperforming business units of a publicly held national franchisor. Three sell side transactions that Darin performed are published and taught in business schools around the globe. Darin teaches these cases at the University of Denver, where he received his Bachelor of Science in Finance. Brian Krehbiel Senior Vice President bkrehbiel@capstoneheadwaters.com Prior to joining Capstone Headwaters in 2011, Brian spent five years with a boutique investment bank performing sell-side transactions, financial modeling and value-add client services. At Capstone Headwaters, Brian is a member of the Building Products & Construction Services team assisting clients with sell-side, buy-side and debt and equity raise transactions. Prior to his career in Investment Banking, Brian developed construction industry and operations experience owning and managing a successful family-owned residential construction company. His education and industry expertise are resources used in all aspects of the transaction process. Brian graduated from the University of Northern Colorado with a BS degree in Finance and he is a CFA Charterholder US MIDDLE MARKETS INVESTMENT BANK OF THE YEAR US GAMECHANGER OF THE YEAR US DEBT FINANCING ADVISORY OF THE YEAR MIDDLE MARKET INVESTMENT BANK OF THE YEAR 12

13 BUILDING PRODUCTS REPORT CONTRIBUTORS (CONTINUED) Crista Gilmore Vice President Crista started her career at KPMG LLP where she audited a wide range of businesses from small nonprofit to large Fortune 100 companies. Crista then accepted a Senior Associate role with a $12 billion multi-strategy hedge fund managing the monthly PnL close process for several funds. She was promoted to Vice President, Valuations responsible for pricing the portfolio of over 8,000 securities monthly, as well as reporting to the Valuation Committee on a bi-monthly basis. At Capstone Headwaters, Crista works with clients to improve their financial metrics and reporting capabilities. Additionally, she performs research, valuation analysis, prepares marketing documentation, manages client data rooms and responds to due diligence inquiries. Crista graduated summa cum laude from Drake University with a degree in Finance and Accounting. She also earned a Master s of Accounting degree from Drake University and is a CFA Charterholder. Dominic Cervi Vice President dcervi@capstoneheadwaters.com Dominic has spent the entirety of his investment banking career with Capstone Headwaters, primarily focusing on sell-side M&A. In addition to 2017 s Cross Border Deal of the Year, Dominic has executed deals ranging from $30mm to $200mm across a wide-range of industries, including Industrial Manufacturing, Industrial Technology, Transportation & Logistics, TMT and Healthcare & Life Sciences. Dominic s primary responsibilities are creating process materials, performing financial and operational analysis, data room population and management as well as coordinating management presentations. Prior to joining Capstone Headwaters, Dominic was a professional soccer player with the United States Soccer Federation, including as a member of the 2008 Beijing Olympic Games, and the Celtic Football Club. Dominic graduated cum laude from the University of Denver with a degree in Finance and Accounting. 13

14 BUILT FOR THE MIDDLE MARKET UNITED STATES 160+ professionals 17 offices Boston Boise Burlington Chicago Dallas Denver Greenwich Houston Los Angeles New York Orange County Philadelphia San Diego San Francisco St Louis Tampa Washington DC INTERNATIONAL 300+ professionals 37 offices in 33 countries Argentina Belgium Brazil Canada Chile China Colombia Croatia Czech Republic Denmark Egypt Finland France Germany Hungary India Ireland Italy Japan Mexico Morocco Netherlands Norway Peru Poland Russia Spain Sweden Switzerland Turkey United Arab Emirates United Kingdom Vietnam Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle market business owners, investors and creditors. Capstone Headwaters provides merger & acquisition, private placement, corporate restructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises. Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a global reach that includes over 300 professionals in 33 countries. 12