Horizon Global Third Quarter 2017 Earnings Presentation

Horizon Global Third Quarter 2017 Earnings Presentation October 31, 2017 Q1 2016 Earnings 1

Safe Harbor Statement Forward-Looking Statements This presentation may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. These forwardlooking statements can be identified by the use of forward-looking words, such as "may," "could," "should," "estimate," "project," "forecast," "intend," "expect," "anticipate," "believe," "target," "plan" or other comparable words, or by discussions of strategy that may involve risks and uncertainties. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to, risks and uncertainties with respect to: the Company's leverage; liabilities imposed by the Company's debt instruments; market demand; competitive factors; supply constraints; material and energy costs; technology factors; litigation; government and regulatory actions; the Company's accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company's business and industry; the spin-off from TriMas Corporation; risks inherent in the achievement of cost synergies and the timing thereof in connection with the Westfalia acquisition, including whether the acquisition will be accretive; the Company's ability to promptly and effectively integrate Westfalia; the performance and costs of integration of Westfalia; the timing and amount of repurchases of the Company s common stock, if any; and other risks that are discussed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. The risks described herein are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Q3 2017 Earnings 2

Non-GAAP Financial Measures In this presentation, certain non-gaap financial measures may be used. Except as otherwise disclosed herein, reconciliations of non-gaap financial measures to the most directly comparable GAAP financial measure may be found at the end of this presentation. Additional information is available at www.horizonglobal.com. (1) Refer to Appendix, "Company and Business Segment Financial Information", which details certain costs, expenses, other charges, and gains or income, collectively described as ''Special Items", that are included in the determination of operating profit under GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted operating profit and adjusted corporate expenses excluding these Special Items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating profit excluding these Special Items, to provide investors with a better understanding of the Company's view of the third quarter results as compared to the Company's 2017 guidance and prior periods. (2) We evaluate growth in our operations on both an as reported basis and a constant currency basis. The constant currency presentation, which is a non-gaap measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our growth, consistent with how we evaluate our performance. Constant currency revenue results are calculated by translating current period revenue in local currency using the prior period s currency conversion rate. This non-gaap measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. See Appendix, "Constant Currency Reconciliation". (3) Refer to Appendix, "Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures", which details certain costs, expenses, other charges, and gains or income, collectively described as ''Special Items'' that are included in the determination of net income and earnings per share under GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted net income and adjusted diluted earnings per share excluding these Special Items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. (4) Refer to Appendix, "LTM Bank EBITDA as Defined in Credit Agreement", which reconciles net income to "Consolidated Bank EBITDA" as defined in our Credit Agreement dated June 30, 2015, as amended, for all periods presented. We believe this reconciliation provides valuable supplemental information regarding our capital structure, consistent with how we evaluate our performance. Net leverage ratio is calculated by dividing "Total Consolidated Indebtedness" by "Consolidated Bank EBITDA". For the twelve month periods ended September 30, 2017, June 30, 2017, and March 31, 2017, "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with our Convertible Notes at their face value of $125 million and excluding certain credit facilities as defined in our Credit Agreement, less unrestricted domestic cash and 65% of unrestricted foreign cash. For the twelve month period ended December 31, 2016, "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", excluding certain credit facilities as defined in our Credit Agreement, less unrestricted domestic cash and 65% of unrestricted foreign cash. Domestic and foreign unrestricted cash included in the calculation were $6.3 million and $9.2 million, respectively, as of September 30, 2017, $10.6 million and $18.8 million, respectively, as of June 30, 2017, $5.2 million and $16.3 million, respectively, as of March 31, 2017, and $30.0 million and $13.1 million, respectively, as of December 31, 2016. For the twelve month period ended September 30, 2016, "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt" less unrestricted domestic cash of $27.7 million. (5) The Company provides guidance for adjusted operating profit and adjusted diluted earnings per share, which exclude Special Items, that are included in the determination of operating profit and diluted earnings per share under GAAP. Special Items are certain costs, expenses, other charges, gains or income, that management would not consider important in evaluating the quality of the Company s operating results as they are not indicative of the Company s core operating results or may obscure trends useful in evaluating the Company s continuing activities. See Appendix, "2017 Guidance Reconciliation" for a reconciliation of the Company's 2017 guidance of adjusted operating profit and adjusted diluted earnings per share to the most comparable GAAP financial measure. (6) "Working Capital" defined as "total current assets" excluding "cash and cash equivalents" and "deferred income taxes", less "total current liabilities" excluding "current maturities, longterm debt". Q3 2017 Earnings 3

Horizon Global Third Quarter 2017 Q3 2017 Earnings 4

Q3 2017 Earnings 5

Business System Q3 2017 Earnings 6

Trends and Results Third Quarter 2017 Market Trends OE globalization trend continues; growth across all HZN regions Trucks, CUVs and SUVs expanding market share as percentage of global SAAR Overall U.S. retail sales expanded; post-hurricanes impact expected to continue Aftermarket channel growth slowed; adjusting to e-commerce impact in this channel F/X impact putting cost pressure on goods imported from China Steel costs remain higher than prior year Third Quarter Review Net sales increased 58.3% Adjusted operating profit (1) margin of 7.1% Pre-tax income increased 320.9% Adjusted diluted earnings per share (3) of $0.38 Full-year adjusted diluted earnings per share (5) guidance reaffirmed Q3 2017 Earnings 7

Progress on Key Financial Priorities Third Quarter 2017 10% Less than 2x 3-5% Organic IMPROVE MARGINS Westfalia integration on track to deliver synergies of 9.0M in 2017; completed 4.1M in Q3 2017 and 7.3M YTD Asia-Pacific adjusted operating profit (1) increased to $6.9M, or 18.7% of net sales Americas margin headwind due to delay in steel cost recovery and IP protection efforts IMPROVE CAPITAL STRUCTURE Total net leverage ratio of 3.6x (4), down from Q2 2017 $20.5M of cash on book, down $20.9M from Q3 2016 on investments in growth, synergies and working capital DRIVE SALES GROWTH Net sales up 58.3%, including organic growth in all three regions Continued success of Global OE strategy; 11 new wins > $31.0M full year run-rate Third consecutive quarter of double-digit organic growth in Asia- Pacific Double-digit e-commerce growth in Americas C O N S I S T E N T F O C U S / C O N S I S T E N T P R I O R I T I E S Q3 2017 Earnings 8

Margin Dashboard Initiative Objective Current Action/Result Project Realization Westfalia Integration Kansas City Area Distribution Center Sourcing Initiatives Product Innovation Horizon Business System Fully integrate Westfalia companies into one European organization Improved customer service at lower cost Optimize supply base through increased integration Increased product vitality while expanding margins Operational, organizational and commercial excellence Executing multiple synergy projects while managing growth 7.3M of synergies realized in first nine months and on track for 9M for 2017 First customer shipment from KC distribution center scheduled for November 2017 Expected full-year run-rate benefit of $5.0 to $7.0M in 2019 Executing strategy to reduce supply base by 20% by end of 2018 Negotiating cost reductions in exchange for increased volume Product development and engineering re-focused on new product launches for 2018 Industrial product in APAC increasing sales and margin HBS rolled out globally to all facilities Global KPIs focused on productivity and efficiency efforts have been implemented Continuous Improvement and Global Quality Councils in place Q1 Q3 2017 2016 Earnings # 9

Westfalia YTD Achieved Synergies by Workstream Facility Consolidation 0.1M Sourcing & Supply Chain 0.9M Commercial 1.8M Management team and organization is renewed, aligned and focused on change management Multiple project workstreams are aligned to deliver strategic cost savings Facility consolidation is underway Productivity is improving by location Headcount reductions accelerated Local supply chains being developed Continuing to identify and plan execution for 2018 synergies Organization 2.9M Productivity 1.6M A C Q U I S I T I O N S Y N E R G I E S W E L L U N D E R W A Y Q3 2017 Earnings 10

Horizon Global Third Quarter 2017 Q3 2017 Earnings 11

Third Quarter 2017 (Unaudited - dollars in millions, except per share amounts) Q3 2017 QTD Q3 2016 QTD Variance Net Sales $240.1 $151.7 58.3% Operating Profit $13.3 $6.6 100.5% Operating Profit Margin 5.5% 4.4% 110 bps Adjusted Operating Profit (1) $17.0 $11.9 43.1% Adjusted Operating Profit (1) Margin 7.1% 7.8% (70) bps Net Income attributable to Horizon Global $6.9 $0.4 Favorable Adjusted Net Income attributable to Horizon Global (3) $9.7 $5.7 70.2% Diluted Earnings per Share attributable to Horizon Global $0.27 $0.02 Favorable Adjusted Diluted Earnings per Share attributable to Horizon Global (3) $0.38 $0.30 26.7% Operating Cash Flow ($2.3) $27.5 (108.4%) Total Debt $279.2 $190.6 46.5% Net Leverage Ratio (4) (covenant 5.25x) 3.6x 2.7x Quarter Highlights Net sales growth across all three reportable segments Adjusted operating profit (1) increased $5.1 million on higher volumes and operational improvements and European synergy efforts Operating cash flow reflects timing of sales within quarter and effects of inventory build Total debt and net leverage ratio (4) reflect acquisition of Westfalia and subsequent recapitalization efforts Q3 2017 Earnings 12

Horizon Americas Third Quarter 2017 (Unaudited - dollars in millions) Net Sales Q3 Results $110.7 $115.5 Net Sales Net sales increased 4.3% compared to Q3 2016 OE increased $2.0M - higher volume on existing programs E-commerce increased $1.2M - consumer preference Aftermarket increased $1.0M - gains with warehouse distributors 4.3% Q3-16 Q3-17 Adjusted Operating Profit (1) $13.5 $11.7 12.2% 10.1% (13.5)% Q3-16 Q3-17 Operating Profit Adjusted operating profit (1) decreased to $11.7M Benefits of manufacturing facility consolidation offset by increased input costs, including freight and commodities Timing of price realization lagged impact of input costs Higher legal costs protecting intellectual property Focus Commence operations at Kansas City distribution center Convert Reynosa paintline Capture synergies from single operating system Accelerate innovative product introductions Support customers in growing channels Q3 2017 Earnings 13

Horizon Europe-Africa Third Quarter 2017 (Unaudited - dollars in millions) Net Sales Q3 Results $87.9 Net Sales Increase in net sales due to acquisition of Westfalia in Q4 2016 OE channel volume increasing, with double-digit organic OE growth Aftermarket channel sales remain weak in spite of improved fulfillment $13.1 573.9% Q3-16 Q3-17 Adjusted Operating Profit (1) Operating Profit Adjusted operating profit (1) increased to $4.0M Realized 4.1M of Westfalia-related synergies Production continues to shift between locations to support customer demand $4.0 $0.3 1.9% Fav 4.5% Focus Integrate Westfalia to deliver committed synergies Transition production from U.K. to Romania Effectively launch new OE programs Refine business model to gain share in aftermarket channel Q3-16 Q3-17 Q3 2017 Earnings 14

Horizon Asia-Pacific Third Quarter 2017 (Unaudited - dollars in millions) Net Sales $36.7 $27.9 Q3 Results Net Sales Net sales increased 27.2% in constant currency (2) $6.0M attributable to bolt-on acquisition Growth experienced in all markets Industrial channel grew $2.5M - new product and customer secured in Q4 2016 31.4% Q3-16 Q3-17 Adjusted Operating Profit (1) $6.9 $3.8 18.7% 13.4% 82.9% Q3-16 Q3-17 Operating Profit Adjusted operating profit (1) margin up 530 basis points Industrial product launch leveraging existing infrastructure HBS productivity-focused improvements Realization of benefits from restructuring efforts in Thailand Impact of bolt-on acquisition Focus Effectively launch new OE and Industrial programs Identify and implement manufacturing productivity initiatives Continue to integrate bolt-on acquisition Develop and implement China commercial strategy Q3 2017 Earnings 15

Capitalization (Unaudited - dollars in millions) Debt & Working Capital (6) Net Leverage Ratio (4) Cash & Availability $349.9 $280.9 $280.9 $279.2 3.6 4.4 2.0 3.9 1.8 3.6 1.6 $129.7 $50.2 $97.1 $39.6 $30.2 $122.9 $117.5 $20.5 $60.5 $107.1 $107.0 $105.8 3.6 2.4 2.1 2.0 $79.5 $66.9 $83.3 $97.0 ($69.0) $0.0 ($1.7) 0.8 (0.5) (0.3) ($32.6) $25.8 ($5.4) Q4-16 Q1-17 Q2-17 Q3-17 Working Capital Q4-16 Q1-17 Q2-17 Q3-17 Secured Unsecured Q4-16 Q1-17 Q2-17 Q3-17 Availability Cash Debt reflects pay down of Term B Loan and issuance of convertible notes Net leverage ratio (4) of 3.6x at quarter-end, down from 3.9x at Q2 Cash & availability decreased over Q2 due to bolt-on acquisition completed in Q3 F O C U S R E M A I N S O N L E V E R A G E L E S S T H A N 2 X Q3 2017 Earnings 16

Horizon Global Third Quarter 2017 Q3 2017 Earnings 17

Long-Term Strategic Goals STRATEGIC GOALS Q3 2017 Earnings 18

2017 Guidance Q3 Full Year ü Revenue Actual: $240M Guidance: $225M to $235M Revenue Growth increased New: 38% to 41% Old: 30% to 35% ü Adjusted EPS (3) Actual: $0.38 Guidance: $0.35 to $0.40 Q4 Adjusted Operating Profit (5) refined New: 20 to 70 bps Old: 60 to 100 bps $53M to $59M, up 50% Revenue new $200M to $215M Operating Cash unchanged $40M to $50M Adjusted EPS (5) new ($0.04) to $0.04 Adjusted EPS (5) unchanged $1.04 to $1.14 F U L L Y E A R E P S G U I D A N C E R E A F F I R M E D Q3 2017 Earnings 19

Wrap-up Organic revenue growth across all three regions Margins expanded in Europe-Africa and Asia-Pacific; Westfalia expected to achieve 9M in synergies in 2017 Remain committed to achieving key financial priorities and reaffirmed full year EPS guidance Focused on delivering shareholder value and growing via acquisition and product innovation A L I G N E D T O D E L I V E R S H A R E H O L D E R V A L U E Q3 2017 Earnings 20

Horizon Global Third Quarter 2017 Q3 2017 Earnings 21

Q&A DRIVENTO DELIVER Q1 2016Earnings #

Appendix DRIVENTO DELIVER Q1 2016Earnings #

Third Quarter 2017 YTD (Unaudited - dollars in millions, except per share amounts) Q3 2017 YTD Q3 2016 YTD Variance Net Sales $697.0 $465.6 49.7% Operating Profit $36.9 $25.6 44.1% Operating Profit Margin 5.3% 5.5% (20) bps Adjusted Operating Profit (1) $46.7 $37.7 23.9% Adjusted Operating Profit (1) Margin 6.7% 8.1% (140) bps Net Income attributable to Horizon Global $17.3 $9.9 74.7% Adjusted Net Income attributable to Horizon Global (3) $27.3 $20.1 35.8% Diluted Earnings per Share attributable to Horizon Global $0.69 $0.54 27.8% Adjusted Diluted Earnings per Share attributable to Horizon Global (3) $1.08 $1.11 (2.7%) Operating Cash Flow ($2.3) $27.5 (108.4%) Total Debt $279.2 $190.6 46.5% Net Leverage Ratio (4) (covenant 5.25x) 3.6x 2.7x YTD Highlights Net sales increased 49.1% on constant currency basis (2) inclusive of Westfalia results Adjusted operating profit (1) increased on higher volumes YoY adjusted operating profit (1) margin impacted by inclusion of Westfalia business and currency fluctuation Operating cash flow reflects inventory build in Americas and higher sales in the third quarter as compared to the prior year EPS impacted by 37.2% increase in diluted shares Total debt and net leverage ratio (4) reflect acquisition of Westfalia and subsequent recapitalization efforts Q1 Q3 2017 2016 Earnings # 24

Condensed Consolidated Balance Sheets (Dollars in thousands) September 30, 2017 December 31, 2016 (unaudited) Assets Current assets: Cash and cash equivalents... $ 20,470 $ 50,240 Receivables, net... 112,360 77,570 Inventories... 162,660 146,020... Prepaid expenses and other current assets... 10,200 12,160 Total current assets... 305,690 285,990 Property and equipment, net... 110,830 93,760 Goodwill... 145,910 120,190 Other intangibles, net... 92,780 86,720 Deferred income taxes... 10,790 9,370 Other assets... 10,810 17,340 Total assets... $ 676,810 $ 613,370 Liabilities and Shareholders' Equity Current liabilities: Current maturities, long-term debt... $ 9,510 $ 22,900 Accounts payable... 111,380 111,450 Accrued liabilities... 68,060 63,780 Total current liabilities... 188,950 198,130 Long-term debt... 269,710 327,040 Deferred income taxes... 31,730 25,730 Other long-term liabilities... 28,790 30,410 Total liabilities... 519,180 581,310 Commitments and contingent liabilities... Total Horizon Global shareholders' equity... 158,830 32,360 Noncontrolling interest... (1,200) (300) Total shareholders' equity... 157,630 32,060 Total liabilities and shareholders' equity... $ 676,810 $ 613,370 Q1 Q3 2017 2016 Earnings # 25

Condensed Consolidated Statements of Income (Unaudited - dollars in thousands, except for per share amounts) Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Net sales... $ 240,120 $ 151,720 $ 696,990 $ 465,590 Cost of sales... (181,700) (109,210) (525,510) (339,760) Gross profit... 58,420 42,510 171,480 125,830 Selling, general and administrative expenses... (44,800) (35,850) (134,280) (97,510) Impairments... (2,240) Net loss on dispositions of property and equipment... (330) (30) (330) (520) Operating profit... 13,290 6,630 36,870 25,560 Other expense, net: Interest expense... (5,540) (4,100) (16,650) (12,600) Loss on extinguishment of debt... (4,640) Other expense, net... (1,310) (1,000) (2,560) (2,170) Other expense, net... (6,850) (5,100) (23,850) (14,770) Income before income tax benefit (expense)... 6,440 1,530 13,020 10,790 Income tax benefit (expense)... 120 (1,160) 3,350 (900) Net income... 6,560 370 16,370 9,890 Less: Net loss attributable to noncontrolling interest... (330) (920) Net income attributable to Horizon Global... $ 6,890 $ 370 $ 17,290 $ 9,890 Net income per share attributable to Horizon Global: Basic... $ 0.28 $ 0.02 $ 0.70 $ 0.55.. Diluted... $ 0.27 $ 0.02 $ 0.69 $ 0.54.. Weighted average common shares outstanding: Basic... 24,948,410 18,174,509 24,728,643 18,144,998.. Diluted... 25,379,252 18,519,077 25,154,800 18,333,226.. Q1 Q3 2017 2016 Earnings # 26

Condensed Consolidated Statements of Cash Flow (Unaudited - dollars in thousands) Nine months ended September 30, 2017 2016 Cash Flows from Operating Activities: Net income... $ 16,370 $ 9,890 Adjustments to reconcile net income to net cash provided by (used for) operating activities: Net loss on dispositions of property and equipment... 330 520 Depreciation... 10,280 7,490 Amortization of intangible assets... 7,660 5,480 Impairment of intangible assets... 2,240 Amortization of original issuance discount and debt issuance costs... 5,090 1,390 Deferred income taxes... 840 (1,500) Loss on extinguishment of debt... 4,640 Non-cash compensation expense... 2,760 2,840 Amortization of purchase accounting inventory step-up... 420 Increase in receivables... (28,360) (8,260) (Increase) decrease in inventories... (7,920) 19,920 (Increase) decrease in prepaid expenses and other assets... 3,490 (1,670) Decrease in accounts payable and accrued liabilities... (17,440) (10,040) Other, net... (480) (790) Net cash provided by (used for) operating activities... (2,320) 27,510 Cash Flows from Investing Activities: Capital expenditures... (20,270) (10,090) Acquisition of businesses, net of cash acquired... (19,800) Net proceeds from disposition of property and equipment... 1,080 240 Net cash used for investing activities... (38,990) (9,850) Cash Flows from Financing Activities: Proceeds from borrowings on credit facilities... 36,970 40,160 Repayments of borrowings on credit facilities... (41,630) (39,030) Repayments of borrowings on Term B Loan, inclusive of transaction costs... (187,820) (7,500) Proceeds from ABL Revolving Debt... 114,500 105,230 Repayments of borrowings on ABL Revolving Debt... (94,500) (98,430) Proceeds from issuance of common stock, net of offering costs... 79,920 Repurchase of common stock... (10,000) Proceeds from issuance of Convertible Notes, net of issuance costs... 121,130 Proceeds from issuance of Warrants, net of issuance costs... 20,930 Payments on Convertible Note Hedges, inclusive of issuance costs... (29,680) Other, net... (240) (230) Net cash provided by financing activities... 9,580 200 Effect of exchange rate changes on cash... 1,960 40 Cash and Cash Equivalents: Increase (decrease) for the period... (29,770) 17,900 At beginning of period... 50,240 23,520 At end of period... $ 20,470 $ 41,420 Supplemental disclosure of cash flow information: Cash paid for interest... $ 10,090 $ 11,180 Q1 Q3 2017 2016 Earnings # 27

Condensed Consolidated Statements of Shareholders' Equity (Unaudited - dollars in thousands) Common Stock Paid-in Capital Treasury Stock Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Total Horizon Global Shareholders Equity Noncontrolling Interest Total Shareholders Equity Balance at December 31, 2016... $ 210 $ 54,800 $ $ (14,310) $ (8,340) $ 32,360 $ (300) $ 32,060 Net income (loss)... 17,290 17,290 (920) 16,370 Other comprehensive income, net of tax... 15,670 15,670 20 15,690 Issuance of common stock, net of issuance costs... 40 79,880 79,920 79,920 Repurchase of common stock... (10,000) (10,000) (10,000) Shares surrendered upon vesting of employees' share based payment awards to cover tax obligations... (240) (240) (240) Non-cash compensation expense... 2,760 2,760 2,760 Issuance of Warrants, net of issuance costs... 20,930 20,930 20,930 Initial equity component of the 2.75% Convertible Senior Notes due 2022, net of issuance costs and tax... 19,690 19,690 19,690 Convertible Note Hedges, net of issuance costs and tax... (19,550) (19,550) (19,550) Balance at September 30, 2017... $ 250 $ 158,270 $ (10,000) $ 2,980 $ 7,330 $ 158,830 $ (1,200) $ 157,630 Q1 Q3 2017 2016 Earnings # 28

Company and Business Segment Financial Information (Unaudited - dollars in thousands) Horizon Americas Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Net sales... $ 115,460 $ 110,730 $ 351,400 $ 350,170 Operating profit... $ 10,930 $ 12,910 $ 38,840 $ 35,630 Special Items to consider in evaluating operating profit: Severance and business restructuring costs... $ 780 $ 580 $ 780 $ 4,910 Impairment of intangible assets... $ $ 50 $ $ 2,330 Adjusted operating profit... $ 11,710 $ 13,540 $ 39,620 $ 42,870 Horizon Europe-Africa Net sales... $ 87,950 $ 13,050 $ 253,070 $ 39,600 Operating profit... $ 2,680 $ 210 $ 5,950 $ 600 Special Items to consider in evaluating operating profit: Severance and business restructuring costs... $ 1,290 $ 40 $ 4,020 $ 320 Acquisition and integration costs... $ $ $ 270 $ Adjusted operating profit... $ 3,970 $ 250 $ 10,240 $ 920 Horizon Asia-Pacific Net sales... $ 36,710 $ 27,940 $ 92,520 $ 75,820 Operating profit... $ 5,880 $ 3,750 $ 13,240 $ 8,830 Special Items to consider in evaluating operating profit: Severance and business restructuring costs... $ $ $ 300 $ Acquisition and integration costs... $ 980 $ $ 1,000 $ Adjusted operating profit... $ 6,860 $ 3,750 $ 14,540 $ 8,830 Corporate Expenses Operating loss... $ (6,200) $ (10,240) $ (21,160) $ (19,500) Special Items to consider in evaluating operating loss: Acquisition costs... $ 120 $ 4,570 $ 2,700 $ 4,570 Severance and business restructuring costs... $ 530 $ $ 780 $ Adjusted operating loss... $ (5,550) $ (5,670) $ (17,680) $ (14,930) Total Company Net sales... $ 240,120 $ 151,720 $ 696,990 $ 465,590 Operating profit... $ 13,290 $ 6,630 $ 36,870 $ 25,560 Total Special Items to consider in evaluating operating profit... $ 3,700 $ 5,240 $ 9,850 $ 12,130 Adjusted operating profit... $ 16,990 $ 11,870 $ 46,720 $ 37,690 Q1 Q3 2017 2016 Earnings # 29

Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures (Unaudited - dollars in thousands, except for per share amounts) Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Net income attributable to Horizon Global, as reported... $ 6,890 $ 370 $ 17,290 $ 9,890 Impact of Special Items to consider in evaluating quality of income: Severance and business restructuring costs... 2,710 620 5,990 5,230 Impairment of intangible assets... 50 2,330 Acquisition and integration costs... 1,250 4,580 4,120 4,580 Loss on extinguishment of debt... 4,640 Tax impact of Special Items... (1,180) 60 (4,740) (1,920) Adjusted net income... $ 9,670 $ 5,680 $ 27,300 $ 20,110 Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Diluted earnings per share attributable to Horizon Global, as reported... $ 0.27 $ 0.02 $ 0.69 $ 0.54 Impact of Special Items to consider in evaluating quality of EPS: Severance and business restructuring costs... 0.11 0.03 0.24 0.29 Impairment of intangible assets... 0.13 Acquisition and integration costs... 0.05 0.25 0.16 0.25 Loss on extinguishment of debt... 0.18 Tax impact of Special Items... (0.05) (0.19) (0.10) Adjusted diluted earnings per share... $ 0.38 $ 0.30 $ 1.08 $ 1.11 Weighted-average shares outstanding, diluted, as reported... 25,379,252 18,519,077 25,154,800 18,333,226 Q1 Q3 2017 2016 Earnings # 30

Constant Currency Reconciliation (Unaudited ) The following unaudited table reconciles revenue growth to constant currency revenue for the same measure: Three months ended September 30, 2017 Nine months ended September 30, 2017 Horizon Americas Horizon Europe Africa Horizon Asia Pacific Consolidated Horizon Americas Horizon Europe Africa Horizon Asia Pacific Consolidated Revenue growth as reported... 4.3% 573.9% 31.4% 58.3% 0.4% 539.1 % 22.0% 49.7% Less: currency impact... 0.1% 3.7% 4.2% 1.1% 0.2% (1.7)% 3.5% 0.6% Revenue growth at constant currency... 4.2% 570.2% 27.2% 57.2% 0.2% 540.8 % 18.5% 49.1% We evaluate growth in our operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-gaap measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our growth, consistent with how we evaluate our performance. Constant currency revenue results are calculated by translating current year revenue in local currency using the prior year's currency conversion rate. This non-gaap measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Q1 Q3 2017 2016 Earnings # 31

LTM Bank EBITDA as Defined in Credit Agreement Third Quarter 2017 (A) (B) (C) (D) (E) (F) (G) (H) (Unaudited - dollars in thousands) This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental information regarding our capital structure, consistent with how we evaluate our performance. Less: Add: Year Ended December 31, 2016 Nine months ended September 30, 2016 Nine months ended September 30, 2017 Twelve Months Ended September 30, 2017 Net income (loss) attributable to Horizon Global $ (12,360) $ 9,890 $ 17,290 $ (4,960) Bank stipulated adjustments: Interest expense, net (as defined)... 20,080 12,600 16,650 24,130 Income tax (benefit) expense... (3,730) 900 (3,350) (7,980) Depreciation and amortization... 18,220 12,970 17,940 23,190 Extraordinary charges... 6,830 4,120 2,710 Non-cash compensation expense (A)... 3,860 2,840 2,760 3,780 Other non-cash expenses or losses... 16,460 3,410 1,050 14,100 Pro forma EBITDA of permitted acquisition... 13,910 13,910 1,090 1,090 Interest-equivalent costs associated with any Special Vendor Receivable Financing... 1,200 940 960 1,220 Debt extinguishment costs... 4,640 4,640 Items limited to 25% of consolidated EBITDA: Non-recurring expense (B)... 4,190 4,860 1,310 640 Acquisition integration costs (C)... 4,290 8,230 12,520 Synergies related to permitted acquisition (D)... 12,500 (8,330) 4,170 EBITDA limitation for non-recurring expenses (E)... (4,860) 2,620 (2,240) Consolidated Bank EBITDA, as defined $ 80,590 $ 66,440 $ 62,860 $ 77,010 Total Secured Indebtedness (F)... $ 153,330 Total Unsecured Indebtedness (G)... 125,000 Total Consolidated Indebtedness (H), as of September 30, 2017 $ 278,330 Secured net leverage ratio... 1.99 x Unsecured net leverage ratio... 1.62 x Net leverage ratio 3.61 x Covenant requirement... 5.25 x Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or after January 1, 2015. Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate. Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million for the Westfalia Group acquisition. The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period. "Total Secured Indebtedness" refers to Total Consolidated Indebtedness less Total Unsecured Indebtedness. "Total Unsecured Indebtedness" refers to borrowings outstanding on our 2.75% Convertible Senior Notes. "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with our Convertible Notes at their face value of $125 million and excluding certain facilities as defined in our Credit Agreement, less domestic cash of $6.3 million and 65% of foreign cash, or $9.2 million, as of September 30, 2017. Q1 Q3 2017 2016 Earnings # 32

LTM Bank EBITDA as Defined in Credit Agreement Second Quarter 2017 (Unaudited - dollars in thousands) This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental information regarding our capital structure, consistent with how we evaluate our performance. Previously our June 30, 2017 net leverage ratio was calculated based upon the U.S. GAAP definition of debt with respect to our Convertible Notes. Based on discussion with our loan administrator, the leverage ratio below is presented on the basis of a U.S. GAAP exception outlined in the credit agreement. Less: Add: Year Ended December 31, 2016 Six months ended June 30, 2016 Six months ended June 30, 2017 Twelve Months Ended June 30, 2017 Net income (loss) attributable to Horizon Global $ (12,360) $ 9,520 $ 10,400 $ (11,480) Bank stipulated adjustments: Interest expense, net (as defined)... 20,080 8,500 11,110 22,690 Income tax benefit... (3,730) (260) (3,230) (6,700) Depreciation and amortization... 18,220 8,630 11,470 21,060 Extraordinary charges... 6,830 6,830 Non-cash compensation expense (A)... 3,860 1,830 1,830 3,860 Other non-cash expenses or losses... 16,460 3,180 480 13,760 Pro forma EBITDA of permitted acquisition... 13,910 14,310 (400) Interest-equivalent costs associated with any Special Vendor Receivable Financing... 1,200 530 500 1,170 Debt extinguishment costs... 4,640 4,640 Items limited to 25% of consolidated EBITDA: Non-recurring expense (B)... 4,190 4,250 (60) Acquisition integration costs (C)... 4,290 5,580 9,870 Synergies related to permitted acquisition (D)... 12,500 (3,570) 8,930 EBITDA limitation for non-recurring expenses (E)... (4,860) (20) (4,880) Consolidated Bank EBITDA, as defined $ 80,590 $ 50,490 $ 39,190 $ 69,290 Total Secured Indebtedness (F)... $ 142,520 Total Unsecured Indebtedness (G)... 125,000 Total Consolidated Indebtedness (H), as of June 30, 2017 $ 267,520 Secured net leverage ratio... 2.06 x Unsecured net leverage ratio... 1.80 x Net leverage ratio 3.86 x Covenant requirement... 5.25 x (A) Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. (B) Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or after January 1, 2015. (C) Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate. (D) Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million for the Westfalia Group acquisition. (E) The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period. (F) "Total Secured Indebtedness" refers to Total Consolidated Indebtedness less Total Unsecured Indebtedness. (G) "Total Unsecured Indebtedness" refers to borrowings outstanding on our 2.75% Convertible Senior Notes. (H) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with our Convertible Notes at their face value of $125 million and excluding certain facilities as defined in our Credit Agreement, less domestic cash of $10.6 million and 65% of foreign cash, or $18.8 million, as of June 30, 2017. Q1 Q3 2017 2016 Earnings # 33

LTM Bank EBITDA as Defined in Credit Agreement First Quarter 2017 (Unaudited - dollars in thousands) This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental information regarding our capital structure, consistent with how we evaluate our performance. Previously our June 30, 2017 net leverage ratio was calculated based upon the U.S. GAAP definition of debt with respect to our Convertible Notes. Based on discussion with our loan administrator, the leverage ratio below is presented on the basis of a U.S. GAAP exception outlined in the credit agreement. (A) (B) (C) (D) (E) (F) (G) (H) Less: Add: Year Ended December 31, 2016 Three months ended March 31, 2016 Three months ended March 31, 2017 Twelve Months Ended March 31, 2017 Net income (loss) attributable to Horizon Global $ (12,360) $ 2,190 $ (9,860) $ (24,410) Bank stipulated adjustments: Interest expense, net (as defined)... 20,080 4,270 5,890 21,700 Income tax (benefit) expense... (3,730) 740 (1,580) (6,050) Depreciation and amortization... 18,220 4,370 5,800 19,650 Extraordinary charges... 6,830 6,830 Non-cash compensation expense (A)... 3,860 860 930 3,930 Other non-cash expenses or losses... 16,460 310 180 16,330 Pro forma EBITDA of permitted acquisition... 13,910 7,030 6,880 Interest-equivalent costs associated with any Special Vendor Receivable Financing... 1,200 220 180 1,160 Debt extinguishment costs... 4,640 4,640 Items limited to 25% of consolidated EBITDA: Non-recurring expense (B)... 4,190 370 3,820 Acquisition integration costs (C)... 4,290 4,270 8,560 Synergies related to permitted acquisition (D)... 12,500 (1,640) 10,860 EBITDA limitation for non-recurring expenses (E)... (4,860) (5,710) (10,570) Consolidated Bank EBITDA, as defined $ 80,590 $ 20,360 $ 3,100 $ 63,330 Total Secured Indebtedness (F)... $ 151,890 Total Unsecured Indebtedness (G)... 125,000 Total Consolidated Indebtedness (H), as of March 31, 2017 $ 276,890 Secured net leverage ratio... 2.40 x Unsecured net leverage ratio... 1.97 x Net leverage ratio 4.37 x Covenant requirement... 5.25 x Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or after January 1, 2015. Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate. Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million for the Westfalia Group acquisition. The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period. "Total Secured Indebtedness" refers to Total Consolidated Indebtedness less Total Unsecured Indebtedness. "Total Unsecured Indebtedness" refers to borrowings outstanding on our 2.75% Convertible Senior Notes. "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with our Convertible Notes at their face value of $125 million and excluding certain facilities as defined in our Credit Agreement, less domestic cash of $5.2 million and 65% of foreign cash, or $16.3 million, as of March 31, 2017. Q1 Q3 2017 2016 Earnings # 34

LTM Bank EBITDA as Defined in Credit Agreement Full Year 2016 (Unaudited - dollars in thousands) This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental information regarding our capital structure, consistent with how we evaluate our performance. Year Ended December 31, 2016 Net loss attributable to Horizon Global $ (12,360) Interest expense, net (as defined)... 20,080 Income tax benefit... (3,730) Depreciation and amortization... 18,220 Extraordinary charges... 6,830 Non-cash compensation expense (A)... 3,860 Other non-cash expenses or losses... 16,460 Pro forma EBITDA of permitted acquisition... 13,910 Interest-equivalent costs associated with any Specified Vendor Receivables Financing... 1,200 Items limited to 25% of consolidated EBITDA: Non-recurring expense (B)... 4,190 Acquisition integration costs (C)... 4,290 Synergies related to permitted acquisition (D)... 12,500 EBITDA limitation for non-recurring expenses (E)... (4,860) Consolidated Bank EBITDA, as defined $ 80,590 Total Consolidated Indebtedness (F), as of December 31, 2016 $ 288,140 Consolidated Bank EBITDA (as defined)... $ 80,590 Actual leverage ratio... Covenant requirement... 3.58 x 5.25 x (A) Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. (B) Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or after January 1, 2015. (C) Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate. (D) Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million for the Westfalia Group acquisition. (E) The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period. (F) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", excluding certain facilities as defined in our Credit Agreement less domestic cash of $30.0 million and 65% of foreign cash, or $13.1 million, as of December 31, 2016. Q1 Q3 2017 2016 Earnings # 35

LTM Bank EBITDA as Defined in Credit Agreement Third Quarter 2016 (Unaudited - dollars in thousands) This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental information regarding our capital structure, consistent with how we evaluate our performance. Less: Add: Year Ended December 31, 2015 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Twelve Months Ended September 30, 2016 Net income attributable to Horizon Global $ 8,300 $ 10,030 $ 9,890 $ 8,160 Interest expense, net (as defined)... 8,810 4,590 12,600 16,820 Income tax (benefit) expense... (1,280) 30 900 (410) Depreciation and amortization... 17,080 13,120 12,970 16,930 Extraordinary charges... 4,120 4,120 Non-cash compensation expense (A)... 2,530 1,750 2,840 3,620 Other non-cash expenses or losses... 11,350 11,150 3,410 3,610 Interest-equivalent costs associated with any Special Vendor Receivable Financing... 900 690 940 1,150 Items limited to 25% of consolidated EBITDA: Non-recurring expense (B)... 5,000 5,000 4,860 4,860 Consolidated Bank EBITDA, as defined $ 52,690 $ 46,360 $ 52,530 $ 58,860 Total Consolidated Indebtedness (C), as of September 30, 2016 $ 161,120 Consolidated Bank EBITDA (as defined)... $ 58,860 Actual leverage ratio... Covenant requirement... 2.74 x 5.25 x (A) Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. (B) Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or after January 1, 2015. (C) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt" less domestic cash of $27.7 million as of September 30, 2016. Q1 Q3 2017 2016 Earnings # 36

2017 Guidance Reconciliation The following reconciles the non-gaap financial measures the Company provides guidance on to the most comparable GAAP measure. Per share guidance provided below includes the impact of all common shares repurchased as part of the share repurchase program through October 31, 2017. The impact of any common shares repurchased subsequent to October 31, 2017 is not included and may impact the guidance provided below. Year ended Year ending on December 31, 2017 December 31, 2016 Low End of Guidance High End of Guidance Revenue... $ 900,000 $ 915,000 $ 649,200 Operating Profit... $ 38,200 4.2% $ 44,200 4.8% $ 6,300 1.0% Estimated Special Items... 14,800 1.6% 14,800 1.6% 30,860 4.8% Adjusted Operating Profit... $ 53,000 5.9% $ 59,000 6.4% $ 37,160 5.7% Basis Point Improvement... 20 bps 70 bps Full Year Year ending on December 31, 2017 Low End of Guidance High End of Guidance Diluted EPS... $ 0.50 $ 0.60 Special Items (including tax impact)... 0.54 0.54 Adjusted Diluted EPS... $ 1.04 $ 1.14 Estimated Diluted Weighted Average Common Shares Outstanding... 25,300,000 25,300,000 Q4 Three months ending on December 31, 2017 Low End of Guidance High End of Guidance Diluted EPS... $ (0.20) $ (0.12) Special Items (including tax impact)... 0.16 0.16 Adjusted Diluted EPS... $ (0.04) $ 0.04 Estimated Diluted Weighted Average Common Shares Outstanding... 25,400,000 25,400,000 Q1 Q3 2017 2016 Earnings # 37