www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

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BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW

1

CONTENTS WHAT WE’RE READING PUBLIC MARKETS PUBLIC COMPARABLES M&A ACTIVITY

CONTACTSMike HoganManaging Directormhogan@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 November 2015. This report provides commentary and analysison current 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 & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

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 Asphalt Aluminum Bricks Clay Glass Precast Concrete /

Ready Mix 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.com

Construction Materials

Building Products

Distribution & Services has been acquired by

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WHAT WE’RE READING

2

CONSTRUCTION UNEMPLOYMENT RATE DROPS TO 6.2%

RESIDENTIAL CONSTRUCTION SPENDING CONTINUES TO RISE ON MULTIFAMILY CONSTRUCTION STRENGTH

DODGE MOMENTUM INDEX DROPS 4.8%, ERASES SEPTEMBER GAINS

CONSTRUCTION'S NEW ERA OF INNOVATION

Floor Daily 11/9/2015Construction firms added 31,000 workers in October as the industry's unemployment rate declined to 6.2% amid robustdemand for construction, according to an analysis by the Associated General Contractors of America. Associationofficials noted that construction employment is now at the highest level since February 2009 as the sector continues torecover from the downturn.

Read the full article here.

NAHB 11/9/2015Due to ongoing strength of multifamily development, total housing starts for the month of September rose 6.5% to aneight-year high of 1.206 million units on a seasonally-adjusted annual basis. The increase was all in the multifamilysector, which rose 18.3% to a 466,000 annual rate. This is the first month total starts passed the 1.2 million mark sinceOctober 2007. Multifamily starts averaged 418,000 for the third quarter, down 7.3% from the second quarter. However,on a year-to-date basis, multifamily starts are up 13.8%.

Read the full article here.

Construction Dive 11/10/2015Driven by a 4.5% drop in the institutional sector and a 5% drop in commercial, the Dodge Momentum Index fell 4.8% inOctober, almost completely reversing September’s 5.8% gain, which was fueled by a rise in planned institutionalbuilding projects. In October, planning for institutional building projects dropped 4.5% after surging 10.6% inSeptember, while commercial building projects retreated 5.0% after September’s 1.7% gain.

Read the full article here.

Construction Dive 11/10/2015There's no doubt that innovation in construction materials and methods is on the rise. From 3-D printing, toexoskeletons, to a timber that can safely build high-rises, new products have captured the imagination of theconstruction industry. 3-D printing, also known as additive manufacturing, allows users to "print" an object, layer bylayer, from a digital file. Researchers in the Netherlands have developed a printer that can produce fine, detailedconcrete panels 36-feet long, 16-feet wide and 13-feet high. Two house-building printers have also been unveiled thisyear. The gargantuan WASP Big Delta — and portable Apis Cor, capable of building 1,000 square feet a day —promise to usher in a new era of homebuilding with their ability to build quickly and in a variety of environments. 3-Dprinting technology could even reach outer space.

Read the full article here.

NAHB: REMODELING MARKET INDEX POSTS 10TH STRAIGHT QUARTER IN POSITIVE TERRITORY

NAHB 10/22/2015The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 57 in the thirdquarter of 2015, two points below the previous quarter. However, this is the tenth straight quarter it has been abovethe key break-even point of 50. An RMI above 50 indicates that more remodelers report market activity is higher(compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activitywith indicators of future remodeling activity. The RMI was 64 in the Northeast, 58 in the Midwest, 56 in the South and 61in the West. “The sustained confidence of remodelers shows that the remodeling market is gradually strengthening inwhat has been a longer than anticipated recovery,” said NAHB Remodelers Chair Robert Criner.

Read the full article here.

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

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PUBLIC MARKETS

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

3

MEDIAN TEV / 2015E EBITDA

MEDIAN REVENUE GROWTH (2014 – 2015E)

MEDIAN EBITDA MARGIN (2011 – 2014) MEDIAN EBITDA GROWTH (2014-2015E)

MEDIAN CAPEX / 2015E REVENUE

MEDIAN REVENUE GROWTH (2011 – 2014)

HISTORICAL STOCK PRICES (NOVEMBER 11TH, 2010 – NOVEMBER 11TH, 2015)

HISTORICAL MEDIAN TEV / NTM EBITDA (NOVEMBER 11TH, 2010 – NOVEMBER 11TH, 2015)

10.4%

8.6%

8.6%

Construction Materials

Building Products Distributors

Building Products

13.0%

5.0%

4.1%

Construction Materials

Building Products Distributors

Building Products

9.1x

11.0x

10.8x

Construction Materials

Building Products Distributors

Building Products

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0xBuilding Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

(30.0%)

0.0%

30.0%

60.0%

90.0%

120.0%

150.0%

Building Products Index

Building Products Distributors Index

Construction Materials Index

S&P 500 Index

35.7%

12.8%

21.9%

Construction Materials

Building Products Distributors

Building Products

12.4%

3.5%

10.0%

Construction Materials

Building Products Distributors

Building Products

5.7%

1.3%

2.8%

Construction Materials

Building Products Distributors

Building Products

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PUBLIC COMPARABLES

4

BUILDING PRODUCTS

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

As of November 11, 2015 ($ in Millions, except per share amounts)

Stock PerformanceCurrent % of 2014 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

ASSA ABLOY AB $175.20 95.3% $194,608 $216,901 $56,843 $10,262 18.1% 17.3x 16.2xMohawk Industries Inc. 188.72 89.0% 13,914 17,023 7,803 1,161 14.9% 12.3x 10.5xMasco Corporation 29.15 98.6% 9,690 11,767 8,521 1,003 11.8% 11.2x 10.3xFortune Brands Home & Security, Inc. 52.93 99.1% 8,354 9,347 4,014 498 12.4% 14.6x 12.1xLennox International, Inc. 135.72 99.1% 6,079 6,963 3,367 387 11.5% 15.4x 13.4xOwens Corning 46.65 97.4% 5,377 7,353 5,276 717 13.6% 8.9x 8.3xKingspan Group plc 24.31 99.0% 4,298 4,777 1,891 189 10.0% 16.2x 14.0xUSG Corporation 23.99 73.0% 3,469 5,235 3,724 454 12.2% 9.3x 8.1xArmstrong World Industries, Inc. 50.49 83.2% 2,746 3,516 2,515 313 12.5% 9.3x 8.4xMasonite International Corporation 62.97 86.0% 1,881 2,310 1,838 117 6.3% 11.4x 9.3xInterface Inc. 18.83 69.3% 1,255 1,413 1,004 113 11.3% 9.4x 8.3xTrex Co. Inc. 40.05 69.4% 1,236 1,282 392 84 21.4% 13.4x 11.1xAmerican Woodmark Corp. 71.42 96.1% 1,178 1,010 807 57 7.0% 11.8x 10.3xPly Gem Holdings, Inc 12.83 83.9% 842 1,816 1,567 119 7.6% 10.3x 7.9xNCI Building Systems Inc. 11.57 55.5% 827 1,234 1,383 69 5.0% 9.4x 7.6xNortek Inc. 48.85 52.5% 810 2,186 2,546 242 9.5% 8.2x 7.0xContinental Building Products, Inc. 18.34 75.8% 745 1,042 425 115 27.0% 8.4x 7.3xQuanex Building Products Corporation 18.69 85.2% 634 699 597 45 7.5% 10.7x 7.3xPGT, Inc. 11.12 68.8% 549 687 306 44 14.2% 10.3x 8.5xTyman plc 2.41 70.5% 406 510 351 54 15.4% 8.6x 8.0x

Overall Median 84.5% 12.0% 10.5x 8.5x

Overall Mean 82.3% 12.5% 11.3x 9.7x

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PUBLIC COMPARABLES

5

BUILDING PRODUCTS DISTRIBUTORS

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

As of November 11, 2015 ($ in Millions, except per share amounts)

Stock PerformanceCurrent % of 2014 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

Wolseley plc $36.55 83.1% $9,283 $10,118 $13,399 $920 6.9% 9.9x 9.1xHD Supply Holdings, Inc. 29.85 81.1% 5,915 11,025 9,097 856 9.4% 12.4x 11.2xBeacon Roofing Supply, Inc. 38.21 100.0% 2,215 2,489 2,371 126 5.3% 14.0x 10.5xBuilders FirstSource, Inc. 14.23 85.3% 1,568 3,494 1,604 61 3.8% 13.3x 8.4xStock Building Supply Holdings, Inc. 17.14 68.0% 451 538 1,296 32 2.5% 11.4x 8.8xHardwoods Distribution Inc. 17.65 94.9% 296 342 451 26 5.7% 10.1x 9.0xCanWel Building Materials Group Ltd. 4.95 78.6% 205 346 759 29 3.8% 10.8x 8.0xHuttig Building Products Inc. 3.60 87.4% 88 153 649 16 2.4% NA NAGoodfellow Inc. 9.75 88.6% 81 139 517 16 3.1% NA NABluelinx Holdings Inc. 0.75 58.6% 66 542 1,979 23 1.2% NA NATaiga Building Products Ltd. 0.76 80.0% 25 235 1,382 42 3.0% NA NA

Overall Median 83.1% 3.8% 11.4x 9.0x

Overall Mean 82.3% 4.3% 11.7x 9.3x

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PUBLIC COMPARABLES

6

CONSTRUCTION MATERIALS

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

As of November 11, 2015 ($ in Millions, except per share amounts)

Stock PerformanceCurrent % of 2014 TEV / EBITDA

Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016

Aggregates and CementCEMEX, S.A.B. de C.V. $9.91 58.9% $134,417 $402,380 $210,023 $36,640 17.4% 9.0x 7.9xLafargeHolcim Ltd. 57.40 77.8% 34,837 46,369 19,110 3,730 19.5% 7.7x 7.1xCRH plc 25.32 89.5% 20,822 22,149 18,912 1,629 8.6% 10.0x 7.4xVulcan Materials Company 101.94 98.5% 13,344 15,155 2,994 575 19.2% 19.0x 14.5xHeidelbergCement AG 71.47 92.7% 13,134 20,128 12,625 2,042 16.2% 8.1x 7.0xMartin Marietta Materials, Inc. 155.94 87.3% 10,157 11,427 2,679 588 22.0% 14.5x 11.4xEagle Materials Inc. 68.82 73.0% 3,434 3,937 1,032 284 27.5% 10.7x 9.1xSummit Materials, Inc. 23.67 81.6% 1,140 2,472 1,204 174 14.4% 8.9x 7.0x

Median 84.4% 18.3% 9.5x 7.7x

Mean 82.4% 18.1% 11.0x 8.9x

Heavy Construction MaterialsJames Hardie Industries plc $17.60 87.8% $7,836 $8,252 $1,622 $348 21.5% 13.0x 11.6xBoral Limited 5.51 79.9% 4,097 4,904 4,452 413 9.3% 8.0x 7.6xHeadwaters Incorporated 18.22 83.7% 1,385 1,817 825 134 16.2% 10.6x 9.4xU.S. Concrete, Inc. 57.43 93.4% 876 1,159 704 70 9.9% 9.0x 8.1x

Median 85.8% 13.1% 9.8x 8.8x

Mean 86.2% 14.2% 10.2x 9.2x

Lumber and Wood ProductsWeyerhaeuser Co. $29.77 80.4% $14,925 $19,293 $7,693 $1,722 22.4% 13.5x 10.9xWest Fraser Timber Co. Ltd. 47.37 60.3% 3,825 4,252 3,856 575 14.9% 10.1x 6.1xLouisiana-Pacific Corp. 17.89 96.0% 2,524 2,831 1,935 16 0.8% NM 12.5xCanfor Corp. 18.50 57.9% 2,467 3,050 3,348 512 15.3% 8.6x 5.1xNorbord, Inc. 27.39 93.7% 2,243 3,291 1,198 89 7.4% NM 8.3xUniversal Forest Products Inc. 75.01 96.9% 1,511 1,547 2,660 130 4.9% 9.0x 8.2xBoise Cascade Company 30.55 69.6% 1,183 1,321 3,574 196 5.5% 7.7x 6.7x

Median 80.4% 7.4% 9.0x 8.2x

Mean 79.2% 10.2% 9.8x 8.2x

Overall Median 83.7% 15.3% 9.0x 8.1x

Overall Mean 82.1% 14.4% 10.4x 8.7x

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M&A TRANSACTIONS

7

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

Announced Date

Target Vertical Business Description Acquirer

11/10/2015 Overhead Door Company of Burlington, Inc.

Building Products Overhead Door Company of Burlington manufactures and installs integrated door and operator systems for commercial, industrieal, and residential applications.

Installed Building Products, Inc.

11/9/2015 Sierra Insulation Contractors, Inc. and Eco-Tect Insulation, Inc.

Building Products Sierra Insulation Contractors, Inc. and Eco-Tect Insulation, Inc. offer fiberglass and cellulose insulation installation serv ices.

Installed Building Products, Inc.

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

Building Materials Heavy Materials, LLC and Spartan Concrete Products, LLC manufacture ready-mixed concrete and aggregates.

U.S. Concrete, Inc.

10/27/2015 Building Supply Association, Inc.

Building Products Building Products Distribution

Building Supply Association, Inc. distributes exterior-building products for housing contractors / builders.

US LBM Holdings, LLC

10/20/2015 HomeXterior Building Supply, Inc.

Building Products 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

10/8/2015 Wilkinson Construction Company, Inc.

Building Materials Select assets of Wilkinson Construction Company, Inc. including an asphalt plant and aggregate extraction and processing property and equipment were acquired by Geneva Rock Products, Inc.

Geneva Rock Products, Inc.

10/5/2015 LaCantina Doors, Inc Building Products LaCantina Doors, Inc. designs and manufactures opening door systems. JELD-WEN, inc.

10/1/2015 Cretex Concrete Products North, Inc.

Building Materials Cretex Concrete Products North, Inc. develops, manufactures, and supplies various precast and prestressed products for the construction industry in the midwest and north eastern U.S.

Hanson Pipe & Precast LLC

9/28/2015 The Wantage Stone Building Materials The Wantage Stone comprises a site development quarry including 80 acre land parcel and mining rights for additional 77 acres of land.

U.S. Concrete, Inc.

9/28/2015 GRABBER Construction Products, Inc.

Building Products GRABBER Construction Products, Inc. manufactures and distributes fasteners and fastening systems for wood, metal, and drywall applications in the commercial and residential construction markets.

Svoboda Capital Partners LLC; Dot Foods, Inc.

9/25/2015 CEMEX, Inc., Gypsum Wallboard Business

Building Products Distribution

CEMEX, Inc., Gypsum Wallboard Business primariliy distributes wallboard, metal framing, and acoustical ceiling products in the Southeastern US.

US LBM Holdings, LLC

9/24/2015 Harvey Industries, Inc. Building Products Distribution

Harvey Industries, Inc. manufactures and distributes building products to building industry professionals and homeowners in the United States.

Dunes Point Capital, LLC

9/22/2015 GBS Building Supply Building Products Distribution

GBS Building Supply supplies building and construction products through six locations across the Carolinas.

US LBM Holdings, LLC

9/17/2015 Foundation Building Materials, LLC

Building Products Distribution

Foundation Building Materials, LLC, distributes a full range of building products through 70 locations across the United States.

Lone Star Funds

9/17/2015 Gravel and Sand site in Mankato

Building Materials Gravel and Sand site in Mankato comprises a gravel and sand production property.

City of Mankato

9/15/2015 Norandex Building Materials Distribution, Inc.

Building Products Distribution

Norandex Building Materials Distribution, Inc. distributes roofing, windows, decking, v inyl products, composites, shingles, siding, doors, and a wide variety of building accessories.

American Builders & Contractors Supply Co., Inc.

9/14/2015 Murray Supply Company, LLC

Building Products Distribution

Murray Supply Company, LLC, a wholesale distributor, supplies commercial and residential plumbing products in North Carolina.

Morrison Supply Company, LLC

PAGE |

M&A TRANSACTIONS

8

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

Announced Date

Target Vertical Business Description Acquirer

9/10/2015 Karona, Inc. Building Products Karona, Inc. manufactures commercial and residential doors. JELD-WEN, inc.

9/2/2015 Skyline Group of Companies

Building Products Skyline Group of Companies prov ide commercial and residential roofing products for the residential and commercial builders, homeowners, building owners, and property managers.

Thermal Systems KWC Ltd.

9/1/2015 Capitoline Products, Inc. Building Products Capitoline Products, Inc. manufactures post formed countertops, high pressure laminate panels, finished high pressure laminate panel component parts, and extended plywood.

VT Industries, Inc.

8/31/2015 WII Components Inc. Building Products Woodcraft, through its subsidiaries, manufactures and sells hardwood cabinet doors, hardwood components, and engineered wood products.

Quanex Building Products Corporation

8/28/2015 E&A Materials, Inc., Select Assets

Building Materials E&A Materials, Inc. mines and supplies construction aggregates. I t offers concrete sand, masonry sand, fill sand, asphalt sand, rocks, gravel and other specialty products.

U.S. Concrete, Inc.

8/27/2015 C.R. Laurence Co., Inc. Building Products C.R. Laurence Co., Inc. designs, engineers, manufactures, and supplies architectural hardware for glazing, railing, architectural, construction, industrial, food serv ice, and automotive industries worldwide.

Oldcastle BuildingEnvelope, Inc.

8/20/2015 Robert Bowden, Inc. Building Products Robert Bowden, Inc. manufactures, assembles, sells, installs, and serv ices various building materials for the construction professionals and homebuilders in Georgia.

Building Materials Holding Corporation

8/19/2015 Superior Manufacturing Group, Inc.

Building Products Superior Manufacturing Group, Inc. manufactures floor mat products. Checkers Industrial Safety Products, Inc.

8/12/2015 Quest Construction Products, LLC

Building Products Quest Construction Products, LLC manufactures protective systems and coatings for the construction industry.

Building Materials Corporation of America, Inc.

8/11/2015 Lindab Inc. Building Products Lindab Inc. engages in the development, manufacture, and marketing of sheet metal products for the heating, ventilation, and air conditioning (HVAC) industry.

Ductmate Industries, Inc.

8/4/2015 Martin Marietta Materials, Inc., California Cement Business Assets

Building Materials Martin Marietta Materials, Inc., supplies aggregates products and heavy building materials for the construction industry in the U.S. and internationally.

CalPortland Company, Inc.

8/4/2015 Three Aggregates Facilities and Seven Ready-Mixed Concrete Operations in

Building Materials Three Aggregates Facilities and Seven Ready-Mixed Concrete Operations in Arizona and New Mexico were acquired by Vulcan Materials Company.

Vulcan Materials Company

8/4/2015 Midwest Millwork, Inc. Building Products Midwest Millwork, Inc. manufactures cabinets, doors, millwork, windows, hardware, plywood, framing lumber, and building materials.

Bliffert Lumber & Fuel Company, Inc.

8/3/2015 Alaska Industrial Hardware, Inc.

Building Products Distribution

Alaska Industrial Hardware, Inc. operates as a retailer and distributor of hand and power tools, builder hardware, contractor and industrial supplies, and maintenance and safety products in Alaska.

Bering Straits Native Corporation

8/3/2015 MGM Industries, Incorporated

Building Products MGM Industries, Incorporated produces custom PVC v inyl window and door products for homeowners, builders, and remodelers.

Custom Window Systems, Inc.

7/31/2015 Beatrice Concrete Company, Inc.

Building Products Beatrice Concrete Company, Inc. produces sand, gravel, and crushed rock.

NEBCO, Inc.

7/29/2015 Structus Building Technologies, Inc.

Building Products Structus Building Technologies, Inc. designs and manufactures building products for the drywall industry.

CertainTeed Gypsum, Inc.

7/29/2015 US LBM Holdings, LLC Building Products Distribution

US LBM Holdings, LLC, through its subsidiaries, distributes building materials in the Midwest, Northeast, Southeast, the Mid-Atlantic, and Western United States.

Kelso & Company; BlackEagle Partners, LLC

7/29/2015 Watts Water Technologies, Inc., Assets Relating to Brass Fittings, Brass &

Building Products Select assets of Watts Water Technologies, Inc., including facilities related to brass fittings, brass & tubular and v inyl tubing product lines for homes.

Sioux Chief Manufacturing Company, Inc.

7/27/2015 Roofing Supply Group, LLC Building Products Distribution

Roofing Supply Group, LLC distributes and markets roofing materials and related building products in the United States.

Beacon Roofing Supply, Inc.

PAGE |

M&A TRANSACTIONS

9

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

Announced Date

Target Vertical Business Description Acquirer

7/22/2015 Interline Brands Inc. Building Products Distribution

Interline Brands, Inc., together with its subsidiaries, operates as a distributor and direct marketer of broad-line maintenance, repair, and operations products in the United States, Canada, and Central America.

The Home Depot, Inc.

7/21/2015 Madawaska Doors, Inc. Building Products Madawaska Doors, Inc. manufactures and markets wooden doors. Plaintree Systems Inc.

7/17/2015 House of Doors, Inc. Building Products Distribution

House of Doors, Inc. supplies, installs, and serv ices commercial and residential sectional doors, rolling steel doors, dock equipment, and wood carriage house doors.

Material Handling Serv ices, LLC

7/15/2015 Cali Bamboo, LLC Building Products Cali Bamboo, LLC manufactures green building products for residential and commercial projects.

High Road Capital Partners; High Road Capital Partners Fund I I , L.P.

7/14/2015 Better Life Technology, LLC Building Products Better Life Technology, LLC manufactures and supplies roll-out garage and concrete basement floor covers worldwide.

Century Park Capital Partners, LLC; Century Park Capital Partners I I , L.P

7/2/2015 BD Enterprises, Inc. Building Products Distribution

BD Enterprises, Inc., doing business as Single Source Cabinet Supplies, distributes and sells laminates, millwork, and cabinetry supplies.

Richelieu Hardware Ltd.

7/1/2015 Jarv is Supply Company, Inc.

Building Products Distribution

Jarv is Supply Company, Inc. distributes industrial tooling to machine shops in Colorado and beyond.

BlackHawk Industrial Distribution, Inc.

6/30/2015 Advanced Flooring and Design LLC

Building Products Advanced Flooring and Design LLC manufactures floor covering and interior finish products to builders and homebuyers.

Interior Specialists, Inc.

6/24/2015 Golden State Window & Door Design

Building Product Building Products Distribution

Golden State Window & Door Design supplies doors, windows, molding, and mantles to residential and commercial customers.

Golden State Lumber, Inc.

6/23/2015 C.H.I . Overhead Doors, Inc.

Building Products C.H.I . Overhead Doors, Inc. manufactures residential, commercial, rolling steel, and garage doors for residential and business applications.

KKR & Co. L.P.; KKR North American XI Fund, L.P.

6/19/2015 Craft Equipment Company Building Products Distribution

Craft Equipment Company distributes material handling, storage, and waste reduction equipment in Alabama, Florida, Georgia, South Carolina, and Tennessee.

Material Handling Serv ices, LLC

6/17/2015 Anchor Block Company and Anchor Wall Systems, Inc.

Building Materials Anchor Block Company designs, manufactures, and sells concrete landscape and masonry products.

Oldcastle Architectural, Inc.

6/11/2015 Oldcastle Surfaces, Inc. Building Materials Oldcastle Surfaces, Inc. manufactures and markets countertops and solid surfaces.

Seven Stone Surface Fabrication, Inc.

6/10/2015 Kentec, Inc. Building Products Distribution

Kentec, Inc. distributes commercial quality tools, pneumatic nailing and stapling systems, foam insulation, and adhesives.

Southern Fastening Systems, Inc.

6/8/2015 Rock Ridge Stone Inc. Building Materials Rock Ridge Stone Inc. quarries, manufactures, and distributes natural stone products for outdoor applications in the residential and commercial construction markets.

Salt Creek Capital I I , LLC

6/4/2015 A.H. Harris & Sons, Inc. Building Products Distribution

A.H. Harris & Sons, Inc. distributes and sells construction supplies for residential, commercial, industrial, and heavy and highway construction markets.

Frontenac Company

6/3/2015 Stock Building Supply Holdings, Inc.

Building Products Distribution

Stock Building Supply Holdings, Inc., together with its subsidiaries, distributes lumber and building materials in the United States.

Building Materials Holding Corporation

6/3/2015 Insulation Fabricators, Inc. Building Products Insulation Fabricators, Inc. fabricates and distributes thermal and acoustical insulation products for industrial and commercial markets.

Distribution International, Inc.

6/2/2015 Mason Corporation Building Products Mason Corporation manufactures aluminum building products for the residential and light commercial markets. I ts products include glass enclosures, retractable doors, awnings, and patio covers.

Superior Metal Products Co., Inc.

6/1/2015 ProCoat Systems, Inc. Building Products Distribution

ProCoat Systems, Inc. supplies building materials to commercial and residential construction projects in Colorado and surrounding areas.

Beacon Roofing Supply, Inc.

PAGE |

REPRESENTATIVE BUILDING PRODUCTS & MATERIALS TRANSACTIONS

10

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

has been acquired by

a portfolio company of

Select Atlanta, Georgia aggregates assets of LaFarge SA have been acquired

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has been acquired by

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The Wichita, Kansas aggregates, concrete,

asphalt, and paving assets

of LaFarge SA

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 division of

has been acquired by

a portfolio company of

has been acquired byhas been acquired by

a portfolio company of

Strategic Industries, LLC

Private Investors

has been acquired by

a portfolio company ofa portfolio company of

has been acquired by

portfolio companies of

has been acquired by

Dyad Partners has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company ofa portfolio company of

has been acquired by

a division of

has been acquired by

has been acquired by

a subsidiary of

has been acquired by

a portfolio company of

a division of

has been acquired by

has been acquired by

a portfolio company 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

a portfolio company of

has been acquired by has been acquired by

a portfolio company of

has been acquired by

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

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Building Products & Materials

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 at www.harriswilliams.com/industries.

11

OUR FIRM

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

PAGE |

HARRIS WILLIAMS & CO.

12

BUILDING PRODUCTS & MATERIALSINDUSTRY UPDATE │ NOVEMBER 2015

Bloomberg

Building Design & Construction

Building-Products.com

Bureau of Economic Analysis

Construction Dive

Eurostat

Floor Daily

Freedonia

Global Industry Analysts

IBIS

NAHB

New York Times

PNC Economic Outlook

S&P Capital IQ

S&P Leveraged Commentary & Data

The Wall Street Journal

Thomson Financial – SDC Database

Thomson Reuters

U.S. Census Bureau

Harris Williams & Co. (www.harriswilliams.com) 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.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

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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