THE M&A ADVISOR SYMPOSIUM REPORT

STALWARTS ROUNDTABLE – ADDITIVE MANUFACTURING – THE NEXT GENERATION

JANUARY 2015

At the M&A Advisor’s 2014 Summit, Nov. 18, 2014 at the New York Athletic Club, Mark Plichta, Partner, Foley & Lardner LLP, chaired a Stalwarts Roundtable discussion on Additive Manufacturing.

Citing the recent resurgence in manufacturing activity in the US, Plichta engaged with a group of executives and M&A experts in a wide-ranging discussion of domestic and global developments. Panelists noted that labor costs and standards of living are increasing in markets like China, which helps manufacturing in North America be more competitive. The Chinese automotive market has undergone dramatic changes, not generally recognized in the US, with Western-manufactured vehicles in high demand and automotive suppliers scrambling to meet that by building plants in China. The environment for funding manufacturing is also undergoing significant changes with public-private partnerships in the forefront as America seeks to solidify its global position as a leader in this new arena.

The principle issues covered included: • M&A Activity in manufacturing is at its highest level since before the 2008 financial crisis. • US manufacturers are both “on-shoring” more manufacturing jobs as well as locating facilities in global markets, particularly China. • “Greenfield” projects are restarting in industries, such as steel – not seen since the 1970s. • M&A is an important tool used by manufacturers to react to fast-moving global economic developments. • New “additive” manufacturing technologies, such as 3D Printing, are showing promise of more big changes in the near term.

In this report, we gather the insights and reflections of five high-level Manufacturing and M&A experts responsible for billions of dollars of investment among them. We detail their expertise in management and deal-making and the direction in which the fast-growing industry is likely to take in 2015 and beyond.

Presented by

Mark Plichta Partner

Foley & Lardner LLP

Neil C. Karolek President

TLX Technologies

Jonathan Rouner International Head of M&A

Nomura

Madhu VuppuluriPresident & CEO

Essar Steel Minnesota LLC

Bernard Zyscovich, AIACEO, Founder

Zyscovich Architects

Robert Fitzsimmons Managing Partner

High Road Capital Partners

Featuring

Presented by

Contents

Executive summary 1

Introduction 1

A banner year for manufacturing m&a 1

Energy boom, bargain prices driving M&A interest 2

Greenfield on the iron range 3

Back to the 1970s? 3

Millenial generation and need for labor flexibility 4

Changing manufacturing climate in China 5

Additive manufacturing, 3D printing 6

Video interviews 7

Symposium session video 9

Contributors’ profiles 10

Report sponsor profile 12

Publisher 13

1

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Executive summaryA renaissance is occurring in manufacturing, both in the U.S. and abroad. For the first time since the 1970s, greenfield projects are taking root in places like Minnesota’s Iron Range. Labor costs and standards of living are increasing in markets like China, which helps manufacturing in North America be more competitive. Likewise, the Millennial generation is demanding more flexibility from employers. The Chinese automotive market has changed drastically, with Western-manufacturer vehicles in high demand and automotive suppliers scrambling to meet that by building plants in China. M&A is being used as a tool to facilitate manufacturers’ reactions to fast-shifting economic structures. And at the same time “additive manufacturing” is entering the picture as disruptive technologies like 3D printing enter the picture. The environment for funding manufacturing is also undergoing significant changes with public-private partnerships in the forefront as America seeks to solidify its global position as a leader in this new arena.

Introduction At the M&A Advisor’s 2014 Summit, Mark Plichta, Partner at Foley & Lardner LLP, moderated a panel of experts looking at the manufacturing market in North America and abroad. The symposium session participants were:

Mark Plichta | Partner, Foley & Lardner LLP Neil C. Karolek | President, TLX Technologies Jonathan Rouner | International Head of M&A, Nomura Madhu Vuppuluri | President & CEO, Essar Steel Minnesota LLC Bernard Zyscovich, AIA | CEO and Founder, Zyscovich Architects Robert J. Fitzsimmons | Managing Partner, High Road Capital Partners

The symposium panel was organized by Selig D. Sacks, Co-Chair of the China Practice of Foley & Lardner LLP and a leader of Foley’s Next Generation Manufacturing Initiative.

A banner year for manufacturing M&A Mark Plichta, who practices primarily in the areas of M&A, securities law, corporate governance and general corporate business law, moderated the panel by asking Jonathan Rouner, the International Head of M&A at Nomura, to describe the state of play in manufacturing today.

Noting that M&A activity is at its highest level since before the 2008 financial crisis, Rouner said the market is being driven in large part by growth in the U.S. where it should exceed $2 trillion in 2014 – almost 25-30 percent higher than last year. “Big deals in pharma and technology are grabbing the headlines. But consolidation in manufacturing remains a vital and consistent part of M&A activity – it represents somewhere from 15 to 20 percent of the total M&A activity year-in and year-out,” Rouner said. M&A activity in the manufacturing sector is driven fundamentally by globalization as companies look to cut costs, acquire market share and broaden their scope globally. They look to acquire new technologies and new brands to enable them to compete more effectively on a global scale.

“Big deals in pharma and technology are grabbing the headlines. But consolidation in manufacturing remains a vital and consistent part of M&A activity.”– Jonathan Rouner

2

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

“The automotive industry is a great example of those basic trends,” Rouner said. “It’s an industry that a generation ago was a series of oligopolies. If you lived in the U.S. you would buy a car from the Big Three. If you lived in France you would buy a Renault or a Peugeot; Germany a Mercedes or an Audi. Today obviously all these companies are global.” The streets of New York City are filled with vehicles from all around the world. The companies that make them and supply them have to be global.

“We’ve seen M&A used as a tool to supply those global companies,” Rouner said, noting dramatic consolidation among automotive suppliers and consolidation driven by acquisition of brands. For example: Land Rover, an iconic English brand, is now owned by Tata of India. Tata is now building a new plant in China to build Land Rovers in China. “These are dramatic changes in how products are supplied and manufactured.”

Another factor driving the increased M&A activity is the convergence of manufacturing and technology, not just in products that have a lot of embedded technology like electronics, but even in basic manufactured goods – washing machines, new cars and other durable goods. Rouner’s longstanding client, TRW automotive, recently sold a company for $13 billion to a European competitor in large part for that competitor to get access to new safety technologies that TRW manufactures and are increasingly important in the manufacturing of new vehicles.

“So we expect the basic trends in M&A to continue,” he said. “It’s a very robust market and we see the forces driving it continuing for the near term. Within the industrial base, M&A will continue to be used as a vital tool for companies to compete more successfully around the world.”

Energy boom, bargain prices driving M&A interest Mark Plichta next asked Robert Fitzsimmons, Managing Partner, High Road Capital Partners, to explain from the private equity standpoint what in particular is driving interest in manufacturing M&A activity.

“It is a great time to invest in manufacturing,” Fitzsimmons said. “In terms of global trends and what’s going on in the U.S., all the energy that has been freed up and developed by virtue of fracking and other technologies has dramatically reduced energy costs. That’s helping bring manufacturing back into the U.S.“ In addition, better competition between the U.S. and some exporting nations on wages are helping U.S. manufacturing expand. This is not particularly because of wage declines in the U.S. but because of wage increases offshore, particularly in China. It was estimated a few years ago that the U.S. versus China hourly wage gap was roughly $17. “I’ve seen recent estimates that it’s closer to $7 an hour. With that, the manufacturing becomes much more competitive in the U.S.,” Fitzsimmons said. Further helping M&A confidence: an economic environment of reasonable GDP growth – 4 percent two quarters ago; 3.5 percent last quarter ; 2.5-3 percent predicted for this year and next. Add to that low interest rates, plenty of credit available – “All of it makes for a great general investment environment for manufacturing in the U.S.,” he said.

“It is a great time to invest in manufacturing.”– Robert Fitzsimmons

3

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Greenfield on the iron range Madhu Vuppuluri, President & CEO, Essar Steel Minnesota LLC, heads a company in the midst of a $1.8 billion greenfield project in northern Minnesota to come on line in 2015, producing 7 million tons of iron ore pellets per quarter for steel manufacturing in the U.S. and Canada. Vuppuluri recalled how the parent company, Essar, based in India, entered the North American market 16 years ago by using M&A as a tool to entry. “We have invested more than $5 billion in the space of metals and mining,” he said. “Two current projects are greenfield; three are operating assets, including a steel plant in Sault Ste Marie (Ontario), which Essar acquired from Algoma in Canada for $1.7 billion. Alongside the Sault Ste Marie steel plant, Essar have built a port (on Lake Superior) as well as a coal conditioning plant, also a greenfield project. “In Canada, we have invested more than $2.7 billion. And we have invested close to $2 billion in the U.S.,” Vuppuluri said, including an operating coal mine in West Virginia.

The northern Minnesota project is the first significant new mining project on the famed “Iron Range” since U.S. steel manufacturing went into steep decline in the 1970s. “We just completed the full financing of the project and are in full swing to get to production by the end of 2015 to produce 7 million tons (per quarter),” he said. “And that product will go into the blast furnaces in the U.S. and Canada for making steel which eventually will get into the end market such as automobiles, refrigerators, washing machines or infrastructure projects such as bridges and tunnels. So we are very excited to be in the space of metals and mining within North America for all these initiatives.”

“With green-field projects, how important is it to have a partner with government whether for financing or permitting or other issues?” asked Mark Plichta. “It’s extremely important. We are talking about big numbers here. In Minnesota and Ontario, we need the support not only of government, but also the local community, whether cities, states, counties,” Vuppuluri said. Thus, Essar has worked closely with all these organizations. “It’s extremely important not only in terms of dollars to become successful, but also to create the conducive environment – the permitting which is required for us.”

Back to the 1970s? Plichta pointed out that U.S. manufacturing historically had a very skilled labor force, but with the shrinking of the manufacturing base in the past four decades, the skilled labor force has diminished as well. “How do you make sure that you have the people that you need and the training that you need for your facilities?” he asked Vuppuluri. The Minnesota pellet plant is the first major manufacturing facility in that area since the 1970s, he replied. “Clearly the U.S. and North America should have a very talented pool but unfortunately, as all of us are aware here, the manufacturing has been on decline with the service industry taking a much larger space.” Therefore businesses embarking on new manufacturing projects, such as Essar, need to begin with retraining local teams and personnel. “It’s very important. We can put dollars to work but they can’t generate results unless you have people who are well-equipped to operate those advanced positions. So we participate extensively in the local communities to retrain and build back the labor force,” Vuppuluri said.

“We can put dollars to work but they can’t generate results unless you have people who are well-equipped to operate those advanced positions.”– Madhu Vuppuluri

4

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Turning to the architect Bernard Zyscovich, Plichta continued the discussion on retraining the workforce to meet today’s manufacturing labor needs. He asked Zyscovich what kinds of cultural issues companies are facing and “How can you make operations in manufacturing companies something that is relevant to Millenials?” Vuppuluri interjected: “Coming from a different culture, we have to work with the local environment and we have a large number of people from eastern cultures and western cultures exchanging – that’s positive.”

Zyscovich noted that everyone is “from a different culture in a sense.” He said he believes the Millennial generation, by virtue of culture and the economic environment, is not particularly interested in working in the same ways that previous generations had. In the M&A world – “in buying the companies we’re also buying access to the people who work in the companies. In that respect it really is a humanist endeavor and it’s important to understand what drives people.” He said he is seeing a generational shift from “a job for life and the corporation supports you” to “mostly freelancers.” “So when people criticize Millenials that they’re not invested, not willing to pay their dues, that’s not really correct. My sense is that they have a value system that leads them into a different direction.”

Millenial generation and need for labor flexibility Zyscovich said Millenials are interested in a “shared economy,” meaning that they are happy working by themselves or with a couple of others but they want to be surrounded by 500 people in the same space that work in the same context. “So there’s a whole new industry of companies like We Work, taking advantage of the social space that is driving a lot of the people in their interaction.” Millenials are also driven by new experiences in some respects more than material possessions. “Somebody used to save for their fancy car – this generation doesn’t want any car. They want to save for the experience of having a great trip or possibly leaving work for unheard of amounts of time because they have an opportunity to go have some other experience.” So with a new value system in the labor force, companies must look to engender loyalty by providing workers with more flexibility for their personal lives – “so production could go up and there still could be flexibility for individuals.” He said there is a need to balance controls with flexibility – “otherwise it’s going to be hard to have people stay in one company for a long time.”

“My generation, we were slackers,” laughed Mark Plichta. He asked Bernard Zyscovich to expand on the business model of shared space companies. “We Work – they’re pretty well positioned to grow,” said Zyscovich. “If you’re in real estate and you want to lease a 50,000 square foot space – that’s always been big law firms, or a bank. Now there’s 1.5 million square feet in New York comprised of companies – that is one company, We Work – and they take down 75,000 to 100,000 square feet at a time.” He said their model is to sell by the desk -- two to 20 people in a work area. “But what they’re really selling is not space, it’s access – through social media, through networking, through inter-connections.”

“And if you’re not really aware of what’s going on there is an entirely other area of communication that is happening among people that is just not visible within the ordinary

“There is a need to balance controls with flexibility – otherwise it’s going to be hard to have people stay in one company for a long time.”– Bernard Zyscovich

5

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

context of running a company. It’s driving business and it’s driving people’s desire to acquire, but what they want to acquire is not what you’re offering them. They want to acquire something that they discover for themselves. It’s a very different paradigm, Zyscovich said.

Returning to the discussion of a “renaissance in manufacturing,” M&A, Mark Plichta noted that TLX Technologies, a major automotive parts manufacturer based in Wisconsin, had recently opened a plant in China. He asked panelist Neil Karolek, President of TLX, what drove the decision and how is it working?

Changing manufacturing climate in China “Automobiles, car manufacturers, a lot of hard-goods manufacturers -- you have to participate in that market,” Karolek said. China is one of biggest markets for U.S. automakers General Motors and Ford. “And if you can’t supply them parts in the U.S. and provide them parts in Europe and in China they have very little motivation or desire to have you provide them parts.” Consequently, TLX opened a facility in China not for export but specifically to supply to the automotive market in China. He said the traditional domestic car market in China – companies like Dongfeng, Chery, Great Wall – are still selling there but are increasingly turning to Third World countries for their sales. Meanwhile – “believe it or not, when the Chinese people buy their cars, they primarily buy a GM, or Volkswagen or FIAT. Those are the three highest selling vehicles in China.” He said this does it because the standard of living is rising and “like us out here nine times out of 10 you want to buy a product and you want to assure yourself that it’s the best you can get for your money.” Their second car might be a Dongfeng or a Chery, but the first one today is usually in the Western genre. “So for us it was paramount, as small as we are in Wisconsin, we had to start to participate in that market and go after it and follow our customers over there or everything that we have would potentially be in jeopardy.”

Does the same hold true in the European market, Plichta asked? Not so far, Karolek said. “We export to Europe, Singapore and Thailand, a lot of different markets.” It’s not out of the question, but presently most products from the United States can be serviced through exports to Europe in a competitively because of the exchange rates and the European manufacturing structure. “At this particular moment, while we supply Mercedes, there no talk about Mercedes telling us to put a product facility or a manufacturing plant in that particular country,” Karolek said.

“Is it fair to say when people talk about re-shoring and off-shoring, there’s really no one-size-fits-all answer,” Mark Plichta asked. Karolek agreed, echoing Robert Fitzsimmons earlier comments about the equalizing of labor rates in many counties. “As they become economically viable, as their standard of living goes up, it’s inevitable that their costs and labor costs will go up,” Karolek said. China is manufacturing fewer and fewer garments – that business is moving to Indonesia, India and other countries with lower labor rates. “As an analogy: the lug nut is a very simple machine part,” Karolek said. “If you had your way to manufacture lug nuts, you’d rent an aircraft carrier, put a bunch of machines on it and move it to any port where you got the lower labor rate for the day.” But, he said, on a technology level, with something that has to be custom

“We had to start to participate in Chinese market and go after it and follow our customers over there or everything that we have would potentially be in jeopardy.”– Neil Karolek

6

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

designed, you have to be onsite and support that customer. “When GM has an issue they don’t want to wait six hours for an answer.”

Additive manufacturing, 3D printing To wrap up the discussion, Mark Plichta asked the panel for a summary of the difference additive manufacturing – particularly in the area of the new 3D printer technology – is making. “For prototyping it works great. For plastic parts, it’s very good. For plastic parts that have to be extremely durable – that’s questionable,” said Neil Karolek. Manufacturers can now print, do some zinc materials and some stainless materials, so far not steel, he said. “We as human beings can destroy a car more innovatively than any engineer can think of. So making something off a printer that doesn’t have the durability to sit on a vehicle is very difficult. I’m not saying it’s impossible, I’d be a fool to say that, but it’s a ways off. But on some consumer products it’s fairly close,” Karolek said.

Other panelists were enthusiastic about 3D printing – noting it is starting to be used in medical implants, and aerospace. Bernard Zyscovich said it is generating innovation – “some of the most creative lighting fixtures, where something is imbedded in something else, you can see making them with a 3D printer.” “I think it’s an opportunity for innovation that doesn’t exist in normal manufacturing.”

7

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

To watch exclusive M&A Advisor interviews with these industry experts on ‘Additive Manufacturing – The Next Generation’, click on the following images:

Video interviews

Neil C. KarolekPresident TLX Technologies

Bernard Zyscovich, AIACEO, Founder

Zyscovich Architects

Mark Plichta Partner Foley & Lardner LLP

8

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Madhu VuppuluriPresident & CEO Essar Steel Minnesota LLC

9

Presented by

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Symposium session videoTo watch Stalwarts Roundtable ‘Additive Manufacturing – The Next Generation’ at M&A Advisor’s Symposium in New York, click on the following image:

Additive Manufacturing – The Next Generation

10

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Contributors’ profilesMark Plichta is a Partner and business lawyer with Foley & Lardner LLP. Mr. Plichta practices primarily in the areas of mergers and acquisitions, securities law, corporate governance, and other general corporate business law. He has represented corporate issuers and underwriters in various public offerings and private placements of debt, equity and equity equivalent securities. Mr. Plichta has represented companies in numerous mergers, acquisitions and sales involving public and private companies in various industries. He regularly counsels clients regarding corporate governance matters, including in connection with securities, M&A and takeover defense matters. He also counsels publicly held companies regarding periodic compliance and disclosure matters under federal and state securities laws. He is a member of the Transactional & Securities and International Practices, as well as the Energy Industry Team. Mr. Plichta graduated, cum laude, from Northwestern University School of Law in 1999 and received his B.B.A. in accounting from the University of Wisconsin in 1992.

Neil C. Karolek is the President and Co-Founder of TLX Technologies. Mr. Karolek brings thirty plus years’ experience working both in engineering and business development in the automotive industry. Mr. Karolek’s background includes service with Johnson Controls, a Fortune 100 company, in various positions and ending as Product Manager for the Vehicle System Engineering Group. As a Product Manager, he gained significant experience in both domestic and international business dealings with companies such as Ford, Chrysler and Honda. Mr. Karolek successfully served as Vice President and General Manager of Applied Powers Global Automotive Business Group, a division of Enerpac Corporation. Applied Powers products included valves and solenoids for power steering, anti-lock braking and active suspension systems sold worldwide to all the major automotive manufacturers.

Jonathan Rouner is a Head of The Industrials Group and Head of M&A - The Americas at Nomura Holding America, Inc. Previously, Mr. Rouner served as Managing Director of Global Industrial Group of Lehman Brothers Inc. Mr. Rouner also served as Managing Director and Head of the automotive, logistics and transportation investment banking group at Credit Suisse First Boston.

Mark Plichta Partner Foley & Lardner LLP

Neil C. Karolek President TLX Technologies

Jonathan Rouner International Head of M&A Nomura

11

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Madhu Vuppuluri is the President and CEO of Essar Steel Minnesota LLC. Mr. Madhu Vuppuluri has been a member of the Essar Group’s senior management team since the early ‘90s, and has been heading Essar’s business interests in the Americas since early 2000. Mr. Vuppuluri has been instrumental in building Essar’s presence in the Americas’ steel, mining and minerals, energy and BPO sectors with an investment outlay of over $4.5 billion. Notable acquisitions to Mr. Vuppuluri’s credit include the $2 billion acquisition of Canadian TSX listed Algoma Steel Inc. in June 2007, followed by the acquisition of Minnesota Steel Inc., a 2 billion ton iron ore resource in September of 2007 and Aegis Communications Inc., a BPO company. In Minnesota, Mr. Vuppuluri is spearheading the implementation of a $1.8billion iron ore pellet project – by far the largest Greenfield investment ever undertaken by a sponsor corporation with an Indian origin. This project is expected to be operational by early Q3 2015. Mr. Vuppuluri has over three decades of leadership experience in finance, strategy and planning functions in manufacturing and service industries. He holds an MBA degree from Columbia Business School, New York, a Masters in Financial Management from Mumbai’s Bajaj Institute of Management, Mumbai and a degree in Law from Hyderabad, India. He is based out of Essar’s New York office.

Bernard Zyscovich is the Chief Executive Officer and Founder of Zyscovich Architects. In private practice for over 25 years, Bernard Zyscovich has designed a broad scope of projects in both the public and private sectors. His firm has received numerous national and local design awards and has been widely published in prestigious periodicals such as Urban Land Magazine, Multifamily Housing, Architectural Digest, Interior Design and Architecture. Mr. Zyscovich has served on the Miami Beach Design Review Board and is a Past Chairman of the Miami Design Preservation League, a local historic preservation group responsible for establishing the Art Deco District of Miami Beach. He now serves on the City of Miami Urban Development Review Board. Bernard is immediate Past President of the Miami Chapter of the AIA. Bernard has given lectures on his theories of Real Urbanism to a variety of groups, including the Miami Development Summit, the Urban Land Institute, the National Association of Homebuilders, and the National Housing and Rehabilitation Association. He has also received numerous awards for his planning and architecture. Among them, AIA Miami’s first-ever Honor Award for Excellence in Urban and Regional Design for the Anchor Place on Miami Beach, the American Planning Association (APA) Planning Award for 16th Street Master Plan, Miami Beach, and the APA Planning Award for the 17th Street Master Plan, Miami Beach. Robert J. Fitzsimmons is Managing Partner at High Road Capital Partners. Robert co-founded High Road in 2007 and currently serves on the Board of Directors of Advanced Sleep Medicine Services, All Current Electrical Sales, BlueSpire, The Crown Group, Dowden Medical Communications Group, HandiQuilter, PANOS brands, and SMB Machinery Systems. As Managing Partner, he oversees all aspects of the firm’s activities. Previously, Bob served as a Managing Partner with The Riverside Company, a leading private equity firm focused on the smaller end of the middle market. Prior to joining Riverside in 1994, Bob was an investment professional with Citicorp Venture Capital, an investment banker with Citicorp Mergers & Acquisitions, and an auditor and tax accountant with Price Waterhouse. He has executed over $2 billion worth of transactions and is a frequent speaker at private equity industry events. Bob received a B.S. in Accounting from the University of Pennsylvania and an M.B.A in Finance from the University of Chicago.

Madhu VuppuluriPresident & CEO Essar Steel Minnesota LLC

Bernard Zyscovich, AIACEO, FounderZyscovich Architects

Robert Fitzsimmons Managing Partner High Road Capital Partners

12

ADDITIVE MANUFACTURING – THE NEXT GENERATION

Report sponsor profileFoley & Lardner LLPFoley & Lardner LLP was founded in 1842, Foley & Lardner LLP provides award-winning business and legal insight to clients across the country and around the world, with approximately 900 attorneys in 21 offices in the United States, Belgium, China, and Japan. Foley attorneys practice in more than 60 areas, including corporate governance, mergers and acquisitions, real estate, securities enforcement, litigation, immigration, intellectual property counseling and litigation, information technology and outsourcing, labor and employment, environmental, and tax. The firm provides services for the automotive, emerging technologies, energy, entertainment and media, food, hospitality, insurance, health care, life sciences, nanotechnology, and sports industries. Our exceptional client service, value, and innovative technology are continually recognized by our clients and the legal industry. In a recent survey of Fortune 1000 corporate counsel, conducted by The BTI Consulting Group (Wellesley, Massachusetts), Foley received a top five ranking out of more than 300 firms for delivering exceptional client service. At Foley, we strive to create legal strategies that help you meet your needs today — and anticipate your challenges tomorrow. For additional information, please visit www.foley.com. To learn more about Foley & Lardner LLP, please contact Selig Sacks at ssacks@foley.com.

13

ADDITIVE MANUFACTURING – THE NEXT GENERATION

PublisherThe M&A AdvisorThe M&A Advisor was founded in 1998 to offer insights and intelligence on mergers and acquisitions through the industry’s leading publication. Over the past seventeen years, we have established the world’s premier leadership organization of M&A, Turnaround and Financing professionals. Today, we have the privilege of presenting, publishing, recognizing the achievements of, and facilitating connections among the industry’s top performers throughout the world with a comprehensive range of services including:

M&A Advisor Forums and Summits. Exclusive gatherings of global “thought leaders”

M&A Market Intel. Comprehensive research, analysis, and reporting on the industry.

M&A.TV. Reporting on the key industry events and interviewing the newsmakers.

M&A Advisor Awards. Recognizing excellence of the leading firms and professionals.

M&A Connects. Direct connection service for dealmakers, influencers and service providers.

M&A Links. The largest global network of M&A, Financing and Turnaround professionals. For additional information about The M&A Advisor’s leadership services, contact lpisareva@maadvisor.com.