www.harriswilliams.de

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ MARCH 2016

PAGE |

BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW

1

CONTENTS

WHAT WE’RE READING

PUBLIC MARKETS

PUBLIC COMPARABLES

M&A ACTIVITY

CONTACTS

Mike HoganManaging Director

mhogan@harriswilliams.com+1 (804) 915-0104

Ryan NelsonManaging Directorrnelson@harriswilliams.com+1 (804) 915-0121

Trey PackardVice Presidenttpackard@harriswilliams.com+1 (804) 887-6016

INTRODUCTION

Harris Williams & Co. is pleased to present our Building Products and MaterialsIndustry Update for March 2016. This report provides commentary and analysis oncurrent capital market trends and merger and acquisition dynamics within theglobal building products and materials industry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends and M&Aopportunities or our relevant industry experience.

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the building products and materialsindustry. Our significant experience covers a broad range of end markets,industries, and business models.

Aggregates

Aluminum

Asphalt

Bricks

Clay

Glass

Precast / Ready-Mix

Concrete

Steel

Stone

Acoustical

Cabinets and

Countertops

Carpet and Flooring

Gypsum / Wallboard

Electrical Fixtures

HVAC

Lumber

Plumbing Fixtures

Roofing

Siding

Tools and Hardware

Windows and Doors

Architectural and

Engineering

Installation and

Contracting

Lumber and

Hardware

Plumbing

Roofing and Siding

Site Development

Wallboard

Construction

MaterialsBuilding Products

Distribution &

Services

www.harriswilliams.de

Construction

Materials

Building

Products

Distribution &

Services has been acquired by

a portfolio company of

Select Atlanta, Georgia

aggregates assets of LaFarge

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has been acquired by

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has been acquired by

a portfolio company of

has been acquired by

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

&

is being acquired by

PAGE |

WHAT WE’RE READING

2

NEW HOME SALES FALL 9.2% IN JANUARY

BRINGING YOUNG BLOOD TO THE CONSTRUCTION LABOR FORCE

DODGE MOMENTUM INDEX INCHES UP 0.5% WITH BOOST FROM COMMERCIAL SECTOR

FEWER CONSUMERS EXPECT HOME PRICE GAINS

Construction Dive 3/8/2016

The Dodge Momentum Index edged up 0.5% to 126.1, up from its revised January number of 125.5. February's rise —the third consecutive month with a recorded rise in the Index — was due to a small 1.0% uptick in commercial, makingup for a 0.1% decline in institutional.

Dodge found that commercial planning had less activity than was seen through most of 2015, but noted thatcommercial has still managed to recover slightly after a late-2015 decline.

Read the full article here.

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

PENT-UP DEMAND AND THE MATH OF RENTING VS. OWNERSHIP

NAHB 2/24/2016

Sales of newly built, single-family homes dropped 9.2% in January to a seasonally adjusted annual rate of 494,000 units.

“After an unusually high December reading, some pullback is to be expected,” said Ed Brady, chairman of theNational Association of Home Builders (NAHB) and home builder and developer from Bloomington, Illinois. “On thepositive side, builders are adding inventory in anticipation of future business.”

Read the full article here.

Builder 3/7/2016

Fannie Mae's Home Purchase Sentiment Index (HPSI) increased 1.2 points to 82.7 in February, but the net share ofconsumers who think home prices will go up over the next 12 months fell 4 percentage points to 33 percent,continuing the downward trend from January. The largest HPSI component increases in February were consumers'confidence about not losing their job and the share of those saying now is a good time to buy a home, both up 4percentage points.

Read the full article here.

Builder 3/8/2016

People patterns make markets – and unmake them. Here, Calculated Risk post-meister Bill McBride asserts that, afterseveral strong years for multifamily, the move "from owning to renting" is mostly over, and demographics forapartments are still positive - but less favorable than 6 years ago.

McBride observes that demographic destiny – the millennial cohort swelling the ranks of 20 to 29 year-olds – createdthe tidal wave of demand for multi-family and for-rent development and building.

Read the full article here.

Builder 3/3/2016

The construction industry is facing a severe labor shortage. According to the U.S. Bureau of Labor Statistics, themedian age of construction industry workers is 42.8, with young workers under 34 accounting for less than one third ofthe total workforce. A different report from the U.S. Census also finds that new hires of younger construction workerscontinue to trend down. Millennials – currently the largest labor force in America – do not seem ready to take overthose who are about to retire. One of the biggest hurdles to overcoming the labor shortage has become how toattract younger generations to enter the home building field.

Read the full article here.

PAGE |

PUBLIC MARKETS

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

3

MEDIAN TEV / 2015 EBITDA

MEDIAN REVENUE GROWTH (2015 – 2016E)

MEDIAN EBITDA MARGIN (2012 – 2015) MEDIAN EBITDA MARGIN (2015 – 2016E)

MEDIAN CAPEX / 2015 REVENUE

MEDIAN REVENUE GROWTH (2012 – 2015)

HISTORICAL STOCK PRICES (MARCH 15TH, 2011 – MARCH 15TH, 2016)

HISTORICAL MEDIAN TEV / NTM EBITDA (MARCH 15TH, 2011 – MARCH 15TH, 2016)

10.1%

7.2%

5.5%

Construction Materials

Building Products Distributors

Building Products

12.2%

5.6%

6.0%

Construction Materials

Building Products Distributors

Building Products

12.9%

4.4%

11.7%

Construction Materials

Building Products Distributors

Building Products

12.8%

7.2%

14.7%

Construction Materials

Building Products Distributors

Building Products

6.0%

1.5%

2.7%

Construction Materials

Building Products Distributors

Building Products

11.6x

9.8x

10.7x

Construction Materials

Building Products Distributors

Building Products

60

80

100

120

140

160

180

200

220

240

Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

PAGE |

PUBLIC COMPARABLES

4

BUILDING PRODUCTS

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

As of March 15, 2016 ($ in millions, except per share amounts)

Stock Performance

Current % of 2015 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

Windows and Doors

Masonite International Corporation $60.96 83.2% $1,863 $2,256 $1,872 $183 9.8% 12.3x 9.2x

Tyman plc 4.05 84.4% 683 799 521 83 15.9% 9.6x 8.2x

Quanex Building Products Corporation 17.09 77.9% 585 878 646 93 14.3% 9.5x 7.5x

PGT, Inc. 9.11 56.0% 445 576 390 60 15.5% 9.6x 6.9x

Median 80.6% 14.9% 9.6x 7.8x

Mean 75.4% 13.9% 10.2x 7.9x

Roofing, Decking, & Wallboard

Kingspan Group plc $23.86 82.7% $4,227 $4,637 $3,013 $344 11.4% 13.5x 11.8x

USG Corporation 21.40 65.1% 3,121 4,660 3,776 522 13.8% 8.9x 7.6x

Trex Co. Inc. 43.31 75.0% 1,338 1,339 441 92 20.9% NA 11.6x

Ply Gem Holdings, Inc 12.46 81.4% 849 1,739 1,840 178 9.7% 9.8x 7.7x

Continental Building Products, Inc. 16.54 68.3% 689 969 422 94 22.2% 10.3x 7.2x

Median 75.0% 13.8% 10.1x 7.7x

Mean 74.5% 15.6% 10.6x 9.2x

Cabinets, Plumbing / HVAC

Masco Corporation $29.82 97.4% $9,958 $11,858 $7,142 $1,053 14.7% 11.3x 10.1x

Fortune Brands Home & Security, Inc. 52.89 92.8% 8,070 9,007 4,579 649 14.2% 13.9x 11.8x

Lennox International, Inc. 132.88 95.9% 5,940 6,645 3,467 429 12.4% 15.5x 12.8x

American Woodmark Corp. 68.00 75.6% 1,107 944 825 65 7.9% NM 7.8x

Nortek Inc. 44.42 47.8% 729 2,096 2,526 256 10.1% 8.2x 7.3x

Median 92.8% 12.4% 12.6x 10.1x

Mean 81.9% 11.9% 12.2x 10.0x

Hardware

ASSA ABLOY AB $19.62 86.3% $21,795 $24,156 $8,067 $1,466 18.2% 16.5x 15.5x

Simpson Manufacturing Co., Inc. 35.54 92.4% 1,716 1,457 794 141 17.7% 10.3x 9.0x

Richelieu Hardware Ltd. 16.71 91.8% 952 936 562 65 11.6% 14.3x 13.0x

Median 91.8% 17.7% 14.3x 13.0x

Mean 90.2% 15.9% 13.7x 12.5x

Glass / Building Systems

Owens Corning $45.29 93.4% $5,249 $7,064 $5,350 $841 15.7% 8.4x 7.4x

Apogee Enterprises, Inc. 40.95 67.1% 1,183 1,112 934 93 10.0% NM 7.4x

NCI Building Systems Inc. 12.53 70.3% 913 1,273 1,564 112 7.2% 11.3x 7.8x

Median 70.3% 10.0% 9.9x 7.4x

Mean 76.9% 11.0% 9.9x 7.5x

Flooring

Mohawk Industries Inc. $182.86 86.2% $13,524 $16,671 $8,072 $1,402 17.4% 11.9x 10.3x

Armstrong World Industries, Inc. 41.52 68.4% 2,300 3,069 2,420 286 11.8% 10.7x 7.5x

Interface Inc. 16.41 60.4% 1,081 1,219 1,002 144 14.4% NA 7.6x

Median 68.4% 14.4% 11.3x 7.6x

Mean 71.7% 14.5% 11.3x 8.5x

Overall Median 81.4% 14.2% 10.7x 7.8x

PAGE |

PUBLIC COMPARABLES

5

BUILDING PRODUCTS DISTRIBUTORS

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

1) Pro forma EBITDA figures from the company’s investor presentation

Stock Performance

Current % of 2015 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

Wolseley plc $54.05 86.7% $13,688 $14,871 $20,851 $1,500 7.2% 9.9x 10.0x

HD Supply Holdings, Inc. 29.83 81.0% 5,970 10,012 8,882 810 9.1% 12.4x 10.3x

Beacon Roofing Supply, Inc. 38.56 87.6% 2,284 3,373 2,515 159 6.3% NM 10.6x

BMC Stock Holdings, Inc.1 14.83 86.9% 969 1,400 1,378 120 8.7% NM 7.9x

Builders FirstSource, Inc. 9.35 56.0% 1,026 2,912 3,564 175 4.9% NM 7.1x

Hardwoods Distribution Inc. 13.14 94.1% 220 241 412 25 6.1% 9.6x 8.2x

CanWel Building Materials Group Ltd. 3.35 71.5% 142 259 594 23 3.9% 11.3x 8.4x

Huttig Building Products Inc. 3.81 92.4% 95 144 660 17 2.6% 8.4x NA

Goodfellow Inc. 8.05 97.8% 69 103 404 13 3.2% 7.8x NA

Overall Median 86.9% 6.1% 9.8x 8.4x

As of March 15, 2016 ($ in millions, except per share amounts)

PAGE |

PUBLIC COMPARABLES

6

CONSTRUCTION MATERIALS

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

Stock Performance

Current % of 2015 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

Aggregates and Cement

LafargeHolcim Ltd. $42.73 57.1% $25,933 $48,380 $29,279 $5,450 18.6% 8.9x 8.1x

CRH plc 27.41 87.1% 22,587 30,649 25,669 2,344 9.1% 13.1x 8.9x

HeidelbergCement AG 80.30 93.7% 15,089 22,859 14,719 2,793 19.0% 8.2x 7.4x

Vulcan Materials Company 103.52 96.9% 13,787 15,483 3,422 826 24.1% 18.7x 14.5x

Martin Marietta Materials, Inc. 153.22 85.8% 9,857 11,274 3,268 767 23.5% 14.7x 11.9x

Eagle Materials Inc. 63.01 70.9% 3,107 3,592 1,066 303 28.4% 11.9x 10.0x

Summit Materials, Inc. 18.00 63.0% 895 2,174 1,432 284 19.8% 7.7x 6.2x

Median 78.4% 19.4% 10.7x 8.6x

Mean 77.8% 20.2% 11.6x 9.4x

Heavy Construction Materials

James Hardie Industries plc $13.35 89.3% $5,950 $6,390 $1,657 $377 22.7% 17.0x 14.7x

Boral Limited 4.60 89.3% 3,419 4,178 3,307 361 10.9% 11.6x 9.0x

Headwaters Incorporated 18.39 84.5% 1,361 1,820 895 156 17.4% 11.7x 9.4x

U.S. Concrete, Inc. 54.63 87.0% 812 1,090 975 118 12.1% 9.2x 6.9x

Median 88.1% 14.8% 11.6x 9.2x

Mean 87.5% 15.8% 12.4x 10.0x

Lumber and Wood Products

Weyerhaeuser Co. $29.33 84.9% $23,153 $27,557 $7,043 $1,417 20.1% 19.4x 14.1x

West Fraser Timber Co. Ltd. 34.27 64.4% 2,826 3,266 2,955 314 10.6% NM 6.9x

Louisiana-Pacific Corp. 15.86 83.6% 2,274 2,593 1,893 53 NM NM 10.5x

Canfor Corp. 11.96 55.9% 1,588 2,197 2,829 270 9.5% NM 5.5x

Universal Forest Products Inc. 78.16 96.3% 1,583 1,588 2,887 177 6.1% 9.0x 8.4x

Norbord, Inc. 18.88 86.3% 1,613 2,408 1,509 116 7.7% NM 7.8x

Boise Cascade Company 17.25 43.3% 669 829 3,633 158 4.3% 5.3x 5.8x

Median 83.6% 8.6% 9.0x 7.8x

Mean 73.5% 9.7% 11.2x 8.4x

Overall Median 84.9% 18.0% 11.6x 8.4x

As of March 15, 2016 ($ in millions, except per share amounts)

PAGE |

M&A TRANSACTIONS

7

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

Announced

DateTarget Vertical Business Description Acquirer

3/7/2016 Lithko Contracting, Inc. Construction Materials Lithko Contracting, Inc. prov ides concrete construction serv ices in the

United States.

The Pritzker Organization

3/7/2016 Serv ice Experts LLC Building Products

Distribution

Serv ice Experts LLC sells, repairs, and installs heating, ventilation, and air

conditioning (HVAC) equipment for home and commercial applications

in North America.

EnerCare Solutions Inc.

3/7/2016 3i Supply Company Building Products

Distribution

3i Supply Company distributes industrial and commercial insulation

products.

Distribution International,

Inc.

2/29/2016 Greco Bros. Ready Mix

Concrete Co., Inc.

Construction Materials Greco Bros. manufactures and markets ready-mixed concrete. Ferrara Brothers Building

Materials Corp.

2/29/2016 Parkland Plastics, Inc. Building Products Parkland Plastics, Inc. manufactures polymer-based architectural

panels.

Patrick Industries Inc.

2/29/2016 Eurobloq Inc. Construction Materials Eurobloq Inc. manufactures concrete. Brampton Brick Ltd.

2/25/2016 Royal Group, Inc., Window

and Door Profiles Business

Building Products Comprises window and door profiles manufacturing activ ities. OpenGate Capital, LLC

2/24/2016 InterWrap, Inc. Building Products InterWrap, Inc. manufactures coated woven packaging products and

multi-layer laminated reinforced plastic substrates.

Owens Corning

2/23/2016 Boxley Materials

Company, Inc.

Construction Materials Boxley Materials Company, Inc. produces and supplies various crushed

limestone, granite, and sandstone to contractors and road builders.

Summit Materials, Inc.

2/23/2016 Super-Krete International,

Inc.

Building Products Super-Krete International, Inc. manufactures concrete repair products

and restoration materials used to repair, waterproof, restore, enhance,

and protect concrete installations worldwide.

Arizona Polymer Flooring,

Inc.

2/23/2016 Deceuninck North

America, LLC, Deck and

Rail Business

Building Products Deceuninck North America, LLC designs, manufactures, and distributes

decking and railing products for new construction and remodeling

projects; and outdoor liv ing products.

The Tapco Group

2/18/2016 Noble Company Building Products Noble Company manufactures building products for applications in tile,

plumbing, heating and cooling, and fire sprinkler industries.

Federal Process

Corporation

2/16/2016 USA Fastener Group, Inc. Building Products USA Fastener Group, Inc. manufactures and markets fasteners, and

provides machining serv ices for various industries in the United States.

MW Industries, Inc.

2/12/2016 Opta Minerals Inc. Construction Materials Opta Minerals Inc. manufactures, recycles, and distributes industrial

minerals, silica-free abrasives, and specialty sands and other products

and serv ices in Canada and internationally.

Speyside Equity LLC

2/12/2016 Nationwide Industries Inc. Building Products Nationwide Industries Inc. designs and manufactures hardware

products and components for the building materials industry.

Argosy Capital

2/11/2016 Crystal Sands Construction Materials Crystal Sands owns and operates several silica mining properties

(metallic and non-metallic) throughout Utah.

Aim Exploration Inc.

2/11/2016 American Materials

Company, LLC

Construction Materials American Materials Company, LLC manufactures and markets sand and

gravel to customers in North and South Carolina.

Summit Materials, Inc.

2/10/2016 AAA Valley Gravel, LLC Construction Materials AAA Valley Gravel, LLC owns and operates rock, sand, and asphalt pits

for use in various applications including driveways, parking lots, roads,

and tank bedding.

Ahtna, Incorporated

2/8/2016 Cumberland Wood

Products, Inc.

Building Products Cumberland Wood Products, Inc. manufactures plywood and wooden

reels, and wood crates that assist in packing spools such as wire, cable,

rope, hose, and strip stock.

Rugby IPD Corp.

2/2/2016 Robert N. Karpp Company,

Inc.

Building Products

Distribution

Karpp is one of the largest drywall specialty suppliers in New England

serv ing select regions of Massachusetts and surrounding states through

its three distribution centers and fleet of boom trucks.

GMS Inc.

PAGE |

M&A TRANSACTIONS

8

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

Announced

DateTarget Vertical Business Description Acquirer

2/2/2016 Cascade Windows, Inc. Building Products Cascade Windows, Inc. designs, manufactures, and sells v inyl windows

and sliding glass doors for homeowners, builders, and architects in the

Western United States.

CenterOak Partners LLC

2/1/2016 Sherman-Dixie Concrete

Industries, Inc.

Building Products Sherman-Dixie Concrete Industries, Inc. manufactures and markets

precast concrete pipes and storms, and sanitary civ il engineered

systems.

Forterra Building Products

1/25/2016 Quality Aluminum

Products, Inc.

Building Products Quality Aluminum Products manufactures sheet metalwork, specializing

in siding for the residential and commercial construction markets.

Blackford Capital LLC;

Michigan Prosperity Fund

1/15/2016 Superior Tool Company,

Inc.

Building Products Superior Tool Company, Inc. manufactures plumbing hand tools. Magna Industries Inc.

1/12/2016 Western Emulsions Inc. Construction Materials Western Emulsions, Inc. manufactures and supplies asphalt emulsion

solutions for pavement preservation, repair, and recycling applications.

Idaho Asphalt Supply, Inc.

1/9/2016 ARN Industries, Inc. Building Products ARN Industries, Inc. manufactures lighting solutions for commercial,

industrial, residential, and specialty lighting applications.

Summer Street Capital

Partners

1/8/2016 JMF Company Building Products JMF Company manufactures rough plumbing and HVAC products

primarily for light commercial applications.

Zhejiang Hailiang Co.

1/7/2016 Darby Doors, Inc. Building Products Darby Doors, Inc. manufactures and sells doors, millwork, hardware,

and building specialties.

U.S. LBM Holdings, LLC

1/6/2016 Source Refrigeration &

HVAC, Inc.

Building Products Source Refrigeration & HVAC, Inc. designs, installs, repairs, maintains,

and optimizes refrigeration and HVAC systems for customers in North

America.

Audax Group, Inc.

1/6/2016 SunSetter Products, LP Building Products SunSetter Products, LP manufactures deck and patio awnings in

America.

Springs Window Fashions

LLC

12/29/2015 Statewide Wholesale, Inc. Building Products

Distribution

Statewide Wholesale, Inc. distributes roofing material and supplies for

commercial and residential applications.

Beacon Roofing Supply,

Inc.

12/22/2015 Trend Windows & Doors

Pty Limited

Building Products Trend Windows & Doors Pty Ltd. manufactures and markets aluminium,

timber, and thermal energy efficient windows and doors.

JELD-WEN, Inc.

12/22/2015 Certain Assets of

Performance

Technologies, LLC

Construction Materials Comprises white silica sand reserves in Jackson County. Superior Silica Sands LLC

12/21/2015 Builder Specialties, Inc.

and Construction

Resources, Inc.

Building Products

Distribution

Builder Specialties, Inc. and Construction Resources, Inc. prov ides and

installs building products.

Monomoy Capital Partners

12/21/2015 NPI Holding Corp. Building Products NPI Holding Corp., through its subsidiaries, manufactures and sells wall

panel solutions for the building products, signage, transportation, and

other commercial markets.

Stabilit America, Inc.

12/21/2015 Boyle & Chase,

Incorporated

Building Products

Distribution

Boyle & Chase, Incorporated distributes commercial and decorative

hardware worldwide.

Top Notch Distributors, Inc.

12/18/2015 Roofing & Insulation

Supply, Inc.

Building Products

Distribution

Roofing & Insulation Supply, Inc. operates as a wholesale distributor of

roofing, insulation, sheathing, and related materials.

Beacon Roofing Supply,

Inc.

12/18/2015 Jameson LLC Building Products Jameson LLC manufactures cabling and lighting products. Huskie Tools, Inc.

12/18/2015 Parker's Building Supply Building Products

Distribution

Parker's Building Supply offers products in various categories, including

building materials, doors and windows, hand tools, and hardware.

U.S. LBM Holdings, LLC

12/18/2015 J&J Industries, Inc. Building Products J&J Industries, Inc. designs, engineers, and manufactures commercial

carpets, broadlooms, and tiles.

Engineered Floors LLC

PAGE |

M&A TRANSACTIONS

9

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

Announced

DateTarget Vertical Business Description Acquirer

12/17/2015 Clarion Boards, Inc. and

Clarion Laminates LLC

Building Products Clarion Boards, Inc. and Clarion Laminates LLC manufacture flooring

products.

Kronospan

12/15/2015 Arrow Storage Products

Inc.

Building Products Arrow Storage Products Inc. is engaged in the design, manufacture,

and marketing of DIY outdoor steel storage solutions. I t offers storage

sheds, steel sheds, and garden sheds, and storage buildings.

ShelterLogic Corp.

12/14/2015 Self Industries, Inc. Building Products Self Industries, Inc. manufactures and markets metal stampings, bolts,

nuts, rivets, washers and machine tools.

Ringmetall AG

12/10/2015 Hathaway Building

Materials

Building Products

Distribution

Hathaway Building Materials distributes drywall, steel framing, lath, and

plaster to the Southern California residential and commercial

construction markets.

GMS Inc.

12/3/2015 Balboa Water Group, Inc. Building Products Balboa Water Group, Inc. designs, develops, manufactures, assembles,

and supplies whirlpool bath and portable spa products for the leisure

hot water industry.

AEA Investors Small

Business Fund

12/2/2015 Badgerland Supply, Inc. Building Products

Distribution

Badgerland Supply, Inc. supplies building materials to Wisconsin and

Northern I llinois.

GMS Inc.

12/2/2015 Elite Door & Trim, Inc. Building Products Elite Door & Trim, Inc. manufactures doors, hardware, and trim products. National Millwork Inc.

12/1/2015 Rci Roofing Supply

Company, Inc.

Building Products

Distribution

Rci Roofing Supply Company, Inc. distributes building supplies and

materials for residential and commercial projects throughout the

Midwest.

Beacon Roofing Supply,

Inc.

12/1/2015 Rhem, LLC Building Products

Distribution / Building

Products

Rhem, LLC, doing business as E.J. Bartells, distributes, fabricates, and

manufactures insulation, low-to-high temperature refractory, and HVAC

products and accessories.

Distribution International,

Inc.

11/30/2015 WinDoor Incorporated

and LTE, LLC

Building Products WinDoor Incorporated manufactures extruded aluminum and v inyl

sliding glass doors and window systems.

PGT Industries, Inc.

11/10/2015 M3 Glass Technologies Building Products M3 Glass Technologies produces and sells custom fabricated and

decorative glass products for customers in the United States and

internationally.

LongWater Opportunities,

LLC

11/10/2015 Overhead Door Company

of Burlington Inc.

Building Products Overhead Door Company of Burlington Inc. manufactures integrated

door and operator systems for commercial, industrial, and residential

applications.

Installed Building Products,

Inc.

11/9/2015 Team Wholesale, Inc. Building Products

Distribution

Team Wholesale, Inc. supplies siding and windows to the Michigan

construction market.

American Builders &

Contractors Supply Co.,

Inc.

11/9/2015 Sierra Insulation

Contractors, Inc. and Eco-

Tect Insulation, Inc.

Building Products Sierra Insulation Contractors, Inc. offers fiberglass and cellulose

insulation installation serv ices.

Installed Building Products,

Inc.

10/30/2015 Silver State Specialties, LLC Building Products

Distribution

Silver State Specialties, LLC supplies building products to contractors

and homeowners.

United Subcontractors, Inc.

10/28/2015 Heavy Materials, LLC and

Spartan Concrete

Products, LLC

Construction Materials Heavy Materials, LLC manufactures ready-mixed concrete and

aggregates.

U.S. Concrete, Inc.

10/27/2015 Building Supply

Association, Inc.

Building Products

Distribution

Building Supply Association, Inc. operates as a building supply company. U.S. LBM Holdings, LLC

10/20/2015 HomeXterior Building

Supply, Inc.

Building Products

Distribution

HomeXterior Building Supply, Inc. distributes building products to

contractors in the United States.

American Builders &

Contractors Supply Co.,

Inc.

10/19/2015 Florida Screen Enterprises

Inc.

Building Products Florida Screen Enterprises Inc. manufactures residential and commercial

window screens, patio doors, roll formed shapes, and associated

hardware.

The RiteScreen Company,

LLC

10/13/2015 Quantum Windows &

Doors, Inc.

Building Products Quantum Windows & Doors, Inc. manufactures and sells hand-crafted

wood windows and doors for residential and commercial markets in the

United States.

Swiftsure Capital, LLC

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

10

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

has been acquired by

a portfolio company of

Select Atlanta,

Georgia aggregates

assets of LaFarge SA

have been acquired

by

has been acquired by

has purchased

certain assets of

a portfolio company of

has been acquired by

has been acquired by

a portfolio company of

has been acquired by

has been acquired by

a portfolio company of

has been acquired by

a subsidiary of

has been acquired by

A Private Investor

Group

a subsidiary of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has sold certain assets to

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

a portfolio company ofhas been acquired by

a portfolio company of a portfolio company of

has been acquired by

has been acquired by

a division of

have been acquired by

The Wichita, Kansas

aggregates, concrete,

asphalt, and paving

assets

of LaFarge SAhas been acquired by has completed a

recapitalization

with

a portfolio company of

has been acquired by

Strategic

Industries, LLC

Private Investors

has been acquired by

a portfolio company of

a portfolio company of

has been acquired byhas been acquired by

a division of

has been acquired by

portfolio companies of

has been acquired by

Dyad Partners

a portfolio company of

has been acquired by

a division of

has been acquired by has been acquired by

a portfolio company ofhas been acquired by

a subsidiary of

has been acquired byhas been acquired by

a portfolio company of

a division of

a portfolio company of

has been acquired by

a division of

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by has been acquired by

a portfolio company of

has been acquired by

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

&

is being acquired by

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

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Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence, andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website.

11

OUR FIRM

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

PAGE |

HARRIS WILLIAMS & CO.

12

BUILDING PRODUCTS & MATERIALS

INDUSTRY UPDATE │ MARCH 2016

Bloomberg

Builder Online

Building Design & Construction

Building-Products.com

Bureau of Economic Analysis

Construction Dive

CNBC

Dodge Data & Analytics

Eurostat

Floor Daily

Freedonia

Global Industry Analysts

IBIS

NAHB

National Association of Realtors

New York Times

PNC Economic Outlook

RealtyTrac

S&P Capital IQ

S&P Leveraged Commentary & Data

The Wall Street Journal

Thomson Financial – SDC Database

Thomson Reuters

U.S. Census Bureau

DISCLOSURES

SOURCES

Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

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