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Hez Aronson
Sample Portfolio
0X H.Aronson Samples
YTD PerformancePassenger / Light Truck Sales
PASS & LT ASP
PASS & LT SALES $($ Millions)
MEDIUM TRUCK SALES $($ Millions)
MEDIUM TRUCK ASP
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0.0
50.0
100.0
150.0
200.0
250.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
'10 Actual '10 Budget '09 PY
0.0
5.0
10.0
15.0
20.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
'10 Actual '10 Budget '09 PY
75.0
90.0
105.0
120.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
'10 Actual '10 Budget '09 PY
150.0
175.0
200.0
225.0
250.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
'10 Actual '10 Budget '09 PY
1X H.Aronson Samples
Company OverviewREVENUES($ Millions)
CURRENT LOCATIONS
COMPANY DESCRIPTION
$54$92
$121
$207
$277
2006 2007 2008 2009 2010E
(1) Family FoundationSource: Financials and map of locations from Company Management
HeadquartersCurrent Office2010 Opening
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$0$2$4$6$8
$10$12$14$16
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
E20
10P
2011
P20
12P
2013
P20
14P
2015
P20
16P
2017
P20
18P
2019
P
EXPENDITURES1999–2019P ($ Billions)
Source: Centers for Services
51%
Spending has grown every year since 1999
9
M&A Transaction Multiples – Diversified Industrials
2 Sector Cyclicality – Deal Valuations
H.Aronson Samples
9.8x
7.7x
9.1x 9.5x
10.9x
12.2x
15.9x
7.7x 7.9x
9.0x
10.8x 10.4x
Pre 2003 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
2009 Investment
@ 3.8x EBITDA
MEDIAN TEV / LTM EBITDA
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4X H.Aronson Samples
$501.6
$33.2
$477.7
$13.8$19.1
($18.6)($5.7)
($19.3)
($46.4)
2008 Actuals Company A Company B Company C Company D Company E Company F Company G 2009 Revenue
2008–2009 Revenue Bridge
2008–2009 REVENUE BRIDGE(U.S. $ Millions)
3X H.Aronson Samples
Title
DEAL VALUE($ Billions)
$295
$685$659
$186
$82
2005 2006 2007 2008 2009
Past
FuturePROTECTED
BUYOUT DEAL VALUE($ Billions)
$137 $176$302 $362
2010E 2011E 2012E 2013E 2014E
$842
$123 $159$272 $326
2010E 2011E 2012E 2013E 2014E
$758
$109 $113 $155 $148$276
2010E 2011E 2012E 2013E 2014E
$96 $86 $104 $87$142
2010E 2011E 2012E 2013E 2014E
$82 $64 $65 $47 $65
2010E 2011E 2012E 2013E 2014E
100%
90%
80%
70%
60%
2005–2009 OVERHANG($ Billions)
Present
Total Buyout Deal Value
$1,906
2X H.Aronson Samples
26.0
%
7.4%
2004A 2009A
0.68%
2004A 2009A
Company Overview
11.4%
4.0% 2.8% 2.4% 1.3%
Co
. A
Co
. B
Co
. C
Co
. D
Co
. E
Before After
2004 RATIO
2.3%
9.6% 8.6% 8.6% 8.0%
Co
. A
Co
. B
Co
. C
Co
. D
Co
. E
2004 CAR
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vero eros et accumsan et iusto odio.”
— June 2004
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18
53
2004A 2009A
24
67
2004A 2009A
DEPOSIT($ Billions)
LOANS($ Billions)
2.8x 2.9x
732
50
2004A 2009A
NET PROFIT ($ Millions)
14.6x
3.5x
ROAERATIO
8.9%
2.3%
2004A 2009A
3.9x
RATIO
11.41%
6X H.Aronson Samples
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Company A
Company C
Company B
Company D
Company E
201120102009
Progression of Opportunities
Nam liber tempor cum soluta nobis
7X H.Aronson Samples
What is Cap-and-Trade Anyway?
How Does Cap-and-Trade Work? Illustrative Economics ($/MWh)
EMISSIONSCREDITS
Cap-and-trade would set emissions targets for major emitters, who would then have to buy credits to compensate for over-emitting
PAYMENTS Refinery Produces CO2 Over Baseline
Initial Tax Recoveryfrom
MarketPricing
RenewableSubsidies
EmissionCredits
EffectiveTax
Source of Revenue in EuropeNuclear Plant (no CO2)
1X H.Aronson Samples
Building Out of Management Team
VP IT
VP Accounting
FP&A
Tax
Eastern Hemisphere
Lat America
Processing
Dir. Sales Ops
Regional Sales
VP North
VP South
VP East
VP Rockies
VP Supply Chain
VP Manufacturing
Fleet
Prod Equip.
CEO
CFO CHRO SVP International VP Sales COO
Sales
Field Ops
Supply
Product Org.
9= New Positions
9 9
9
9
9
9
9
9
99
9
= New Hires
= To be hired
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VP Compression
Int’l Ops
VP Integrated Services
9
99
Dir. Sales Analysis 9
9Dir Quality
Dir Special Projects
General Counsel
5X H.Aronson Samples 5
Global Organization
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Nam liber tempor cum soluta Ut wisi enim ad minim
In hendrerit in vulputate
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8X H.Aronson Samples
Area
Area
Area
Area
Area
Area
Area
Area
Area
Area
D
Strategic Footprint
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
Indu
stry
A
B
C
Company C
Company D
Company E
Company BCompany A
8
Energy: Second Derivative and Out of Favor Plays
MOTIVATED SELLER
(Shifting Focus to Liquids-Rich Plays)
LATER STAGE DEVELOPED ASSET
(PV-102 $MM)
$29.51
$11.84
$3.08
$8.60
$40.47
Prior Peak
(05/07)
Mid Cycle
(Median)
Trough
(11/08)
NTE
Signed
(10/10)
Peak
(10/12)
249 287 371 477 729 899
1,201 1,340 1,470
1,619
1,797 1,985
1,450 1,626
1,841 2,096
2,526
2,884
2008 2009 2010 2011 2012 2013E
0%
5%
10%
15%
20%
25%
30%
35%
40%
2000 2003 2006 2009 2012 2015E
USGC 3-2-1 CRACK SPREADS
($ / Barrel)
CRUDE OIL PRODUCTION
(Thousand Barrels / Day)
SHALE PRODUCTION
(As % of Total Natural Gas Production)
CONTRACT SERVICES BUSINESS
1,494
335
Total PV-10:
$1.8B
Existing Production
Undeveloped Value
Jonah Field (WY, Natural Gas)
Eagle Ford Asset
(TX, Oil)
Opportune Timing Oilfield Services Compelling Risk / Reward
H.Aronson Samples
Company 1 Company II Company III
7
0
1
1
2
2
3
3
(5%)
15%
35%
55%
75%
95%
115%
135%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
UPB
Modeled ROI
Actual ROIROI UPB
Liquidations
H.Aronson Samples
REO
Liq
uid
atio
ns
Short
Sal
e L
iquid
atio
ns
Fir
st L
ien L
iquid
atio
ns
Company 1 Company II Shared
0%
20%
40%
60%
80%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
REO UPB SS UPBOther UPB Modeled ROIActual ROIROI % of UPB
0%
20%
40%
60%
80%
100%
0%10%20%30%40%50%60%70%80%90%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
REO UPB SS UPBOther UPB Modeled ROIActual ROIROI % of UPB
0%
20%
40%
60%
80%
100%
0%
20%
40%
60%
80%
100%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
REO UPB SS UPBOther UPB Modeled ROIActual ROIROI % of UPB
0
1
2
3
(80%)
(30%)
20%
70%
120%
170%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
UPBModeled ROIActual ROIROI UPB
0
2
4
6
8
10
0%
10%
20%
30%
40%
50%
60%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
UPB
Modeled ROI
Actual ROIROI UPB
0
1
2
3
4
5
6
(25%)
(5%)
15%
35%
55%
75%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
UPB
Modeled ROI
Actual ROIROI UPB
0123456789
(5%)
15%
35%
55%
75%
95%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
UPBModeled ROIActual ROIROI UPB
0
5
10
15
20
0%
10%
20%
30%
40%
50%
Mar
13
Apr
13
May
13
Jun 1
3
Jul 13
Aug
13
Sep 1
3
Oct
13
Nov
13
Dec
13
Jan 1
4
Feb 1
4
Mar
14
UPB
Modeled ROI
Actual ROIROI UPB
10
4 Fund Perspective
2002 Vintage 2006 Vintage
2008 Vintage 2012 Vintage
Shutdown 14
Companies
A rapidly maturing portfolio
Exited
S-1 Submitted
Public
Company
Company
Company
Company
Company
Company
Company Company
Company
Company
Company
Company
Company
Company
Poised for continued success
19
Companies
Exited
Private
Public
Shutdown
S-1 Submitted
Company Company
Company
Company
Company
Company
Company
Company
Company Company Company
Company
Company
Company
Company
Company
Company
Company
Company Company
Company
Company
Company
Company
Company
Company
Company
Company Company
Company Company
Company
Company
Company
Company
Company
Company
Company Company Company Company
Company
Company
Company
4 Companies
Continuation of a proven
strategy
Private
Expected
Investments
21
Companies
An exciting year for IPOs
Exited
S-I Submitted
Public
Private
Shutdown
Company
H.Aronson Samples
Company
11
Accessing Potential Public Markets – Success Factors
H.Aronson Samples
2
A diversified portfolio, ready to meet changing market directions
Portfolio Diversity
6
INVESTOR DEAL OPS INNOVATION
EXECUTION CHANGE BIG DATA PRICING
DIGITAL GLOBAL MARKETING RECRUITING
Icons
H.Aronson Samples
1 1 H.Aronson Samples
2 2
10 Surprises in 2013
H.Aronson Samples
Weak
Deal
Market 1
Data Challenges
4
Debt Market Amnesia
3
Terms
Shift
6
The Mega Bounce
5
Second Time Around
2
Liquidity Wave
9
The Spigot Problem
10
Co-Invest Phenomenon
7
LP Composition
Shift
8
3 3
We Are an “Industry”
H.Aronson Samples
122 conferences across 25 countries
View from the Top: The Future of America Oct-12 New York City, NY
The Private Equity C-Level Summit Oct-12 New York City, NY
Overseas Private Investment Corporation: Silicon Valley Forum Nov-12 Palo Alto, CA
Canada Private Equity Summit Nov-12 Toronto, ON
Venture Capital Executive Program Dec-12 Berkeley, CA
Strategic considerations and trends for private equity firms Dec-12 New York City, NY
PEI CFO Forum Jan-13 New York, NY
The 5th Annual New Opportunities in the DCIO Market Jan-13 Boston, MA
Energy Investment Forum Jan-13 Austin. TX
Dow Jones Private Equity Analyst Outlook Jan-13 New York City, NY
SuperInvestor 2013 Jan-13 San Francisco, CA
National Family Office Forum Jan-13 Beverly Hills, CA
Wharton Private Equity & Venture Capital Conference Feb-13 Philadelphia, PA
14th Annual Corporate Venturing and Innovation Partnering Conference Feb-13 Newport Beach, CA
Consumer Health and Wellness Innovation Summit Feb-13 Newport Beach, CA
Kellogg Private Equity and Venture Capital Conference Feb-13 Chicago, IL
Harvard Venture Capital & PE Conference Feb-13 Boston, MA
4th Infrastructure Investors Forum (IIF) Americas Feb-13 New York City, NY
UCLA Anderson’s Laurence and Lori Fink Center for Finance & Investments – Annual Private Equity Summit Mar-13 Los Angeles, CA
Investor Dialogue Series Mar-13 San Francisco, CA
Investor Dialogue Series Mar-13 Chicago, IL
Investor Dialogue Series Mar-13 New York, NY
5th Annual Women’s Private Equity Summit Mar-13 Half Moon Bay, CA
Private Equity Summit for Institutional investors Mar-13 San Francisco, CA
Global AgInvesting 2013 Apr-13 New York City, NY
LP-GP Forum: Clean Energy & Sustainability US 2013 Apr-13 New York City, NY
PERE Global Investor Forum Apr-13 Los Angeles, CA
Envirotech & Clean Energy Investor Summit US 2013 Apr-13 New York City, NY
The 10th Annual MIT Sloan Private Equity Symposium May-13 Boston, MA
12th Annual Medtech Investing Conference May-13 Minneapolis, MN
IFC’s 14th Annual Global Private Equity Conference held in association with EMPEA May-13 Washington, DC
PESS – Private Equity Software & Services Showcase May-13 New York City, NY
Canada VCA 2013 Annual Conference May-13 Montreal, QC
Dow Jones Limited Partners Summit May-13 New York City, NY
PEI Responsible Investment Forum Jun-13 New York NY
SuperReturn US 2013 Jun-13 Boston, MA
Valuation of Hard-to-Value Securities and Portfolios Jun-13 New York City, NY
PEI Investor Relations & Communications Forum Jun-13 New York City, NY
Private Equity World Latin America Jun-13 Miami, FL
23rd Annual Venture Capital Investing Conference Jun-13 San Francisco, CA
New Opportunities in the Defined Contribution Jun-13 New York City, NY
Investment Trends Summit Sep-13 Santa Barbara, CA
LAVCA Annual Summit and Investor Roundtable Sep-13 New York City, NY
National Family Office Private Forum Sep-13 Boston, MA
Dow Jones Private Equity Analyst Conference Sep-13 New York, NY
Infrastructure Investor: Energy Summit 2013 Oct-13 New York, NY
Best Practices For Launching & Managing An SBIC Oct-13 New York, NY
Asset Allocation & Emerging Markets Summit Oct-13 Las Vegas, NV
Emerging Markets Investing Summit Oct-13 New York City, NY
Quant Invest Canada Oct-13 Toronto, ON
Client Servicing for Institutional Asset Managers Oct-13 New York City, NY
PEI Operating Partners Forum: New York Oct-13 New York City, NY
Event Driven Alternative Investing Oct-13 New York City, NY
Emerging Markets Investing Summit : BRIC & Beyond Oct-13 New York City, NY
Quebec City Conference Oct-13 Quebec City, QC
Private Equity Operations and Compliance Forum Oct-13 New York City, NY
LP-GP Forum: Infrastructure Oct-12 London, UK
DACH Private Equity Congress Oct-12 Munich, Germany
Capital Impact 2012 (EMPEA) Oct-12 London, UK
Private Equity in Africa Oct-12 London, UK
Nordic Private Equity Conference Nov-12 Copenhagen, Denmark
SuperInvestor 2012 Nov-12 Paris, France
Private Equity Exchange & Awards 2012 Nov-12 Paris, France
LSE SU Alternative Investments Conference Jan-13 London, UK
6th Infrastructure Investors Forum Europe Feb-13 London, UK
SuperReturn International 2013 Feb-13 Berlin, Germany
Swiss Private Equity Conference Mar-13 Zurich, Germany
Infrastructure Investor: Berlin Summit 2013 Mar-13 Berlin, Germany
LP-GP Forum: Asia Private Equity May-13 London, UK
PERE Summit: Europe Jun-13 London, UK
PEI Operating Partners Forum 2013 Europe Jun-13 London, UK
PESS – Private Equity Software & Services Showcase Jun-13 London, UK
Super Return Emerging Markets 2013 Jun-13 Geneva, Switzerland
Capital Creation 2013 Sep-13 Cannes, France
PEI Turkey Forum Sep-13 Istanbul, Turkey
13th Russian Venture Fair Sep-13 Irkutsk, Russia
European Alternative & Institutional Investing Forum Oct-13 Monte Carlo, Monaco
LP-GP Forum: Infrastructure Oct-13 London, UK
Venture Capital Forum Oct-13 Amsterdam
Private Equity in Emerging Markets 20123 Oct-13 London, UK
Asset Allocation Summit Oct-13 London, UK
PERE Global Investor Forum Oct-13 Amsterdam, Netherlands
SuperReturn Middle East Oct-12 Dubai 12th Annual AVCJ Forum – Japan 2012 Oct-12 Tokyo, Japan 24th Annual AVCJ Forum 2012 Nov-12 Hong Kong MENA Investment Management Forum Nov-12 Doha, Qatar SuperReturn Africa Nov-12 Nairobi, Kenya 12th Annual AVCJ Forum – India 2012 Dec-12 Mumbai, India Super Investor Asia Jan-13 Hong Kong PERE Summit: Asia Feb-13 Hong Kong, China Private Equity in Southern Africa Feb-13 Johannesburg, South Africa 9th Annual AVCJ Australia and New Zealand forum 2013 Mar-13 Sydney, Australia The 7th Annual Private Equity Southeast Asia Summit Mar-13 Novotel Clarke Quay, Singapore Private Equity World Africa Mar-13 London, UK AVCJ Forum – Indonesia 2013 Mar-13 Jakarta, Indonesia PEI Capital Connect: MENA Forum Apr-13 Dubai, India Super Return China 2013 Apr-13 Beijing, China PEI MENA Forum Apr-13 Dubai Private Equity International Forum: Asia Apr-13 Hong Kong PE Asia Forum 2013 Apr-13 Hong Kong 11th Annual AVCJ Forum – China 2013 May-13 Park Hyatt, Beijing PERE Forum: Japan Jul-13 Beijing, China AVCJ – Private Equity & Venture Forum – Singapore 2013 Jul-13 Singapore Marriott Hotel Strategic Growth Forum - India Sep-13 Mumbai, India 13th Annual AVCJ Forum – Japan 2013 Sep-13 Conrad Tokyo, Japan SuperReturn Asia 2013 Sep-13 JW Marriott, Hong Kong Global AgInvesting Asia Sep-13 Singapore PE Asia India Summit Oct-13 Mumbai, India Southeast Asia Private Equity Conference Oct-13 Ho Chi Minh, Vietnam SuperReturn Middle East 2013 Oct-13 Dubai
PEI Brazil Forum Oct-12 Rio de Janeiro, Brazil
FundForum Latin America Nov-12 Sao Paulo, Brazil
Columbia Private Equity and VC Forum Nov-12 Bogota, Columbia
Latin American Investment Forum Dec-12 Sao Paulo, Brazil
SuperReturn Latin America 2013 Mar-13 Tivoli, Sao Paulo
Congresso ABVCAP 2012 (ABVCAP Conference 2013) Apr-13 São Paulo, Brazil
LAVCA Chile Private Equity and Venture Capital Forum Jun-13 Santiago, Chile
Private Equity World Latin America Jun-13 Miami, USA
Chilean Investors Forum 2013 Aug-13 Santiago, Chile
Europe
Asia, Middle East and Africa
Latin America
U.S. and Canada
Global AgInvesting 2013
Private Equity in Southern Africa
Columbia Private Equity and VC Forum
4 4
Global Investment Perspectives
H.Aronson Samples
8%
1%
7%
5%
6%
2%
3%
0%
4%
22% 11% 17% 3% 3% 8% 3% 3%
% Share of Global GDP
2013E R
eal
GD
P G
row
th
U.S
Eurozone
China
Japan
Brazil
UK
Russia
India
Global GDP: 3.6%
2013E PROJECTED REAL GDP GROWTH RATES
(As of October 2012)
Nunc viverra imperdiet enim. Fusce est. Vivamus a tellus. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis
0.2
%
8.0
%
1.1
%
4.0
%
4.3
%
1.9
% 1
.9%
7.0
%
To better meet the needs of its customers
HOW IS [Company I] USING BIG DATA?
To accelerate store expansion
Big Data is about extracting valuable insights from data that was too big, too dirty or to hard to access to use previously
1 2
H.Aronson Samples