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1|t|e







Date
A|exander I. koepers
September 16, 2013
Ins|ghts from 2S ears of Construct|ve Shareho|der Act|v|sm
9
th
Annua| Va|ue Invest|ng Congress - New ork
2
Agenda
III. Investment Ideas 17
19
Introduct|on 3
I. Corporate Act|on, Act|v|sm & 1akeovers: Ga|n|ng Momentum S
14
II. Ins|ghts from 2S ears of Construct|ve Shareho|der Act|v|sm
IV. I|ve New Investment Ideas
V. &A
6
12
33
I. Introduct|on to At|ant|c
3
III. kev|ew of Last ear's Investment Ideas
11
3
lnLroducLlon - ALlanLlc lnvesLmenL ManagemenL
value-orlenLed global equlLy lnvesLmenL flrm wlLh $1.7 bllllon ln asseLs under managemenL

lnvesLmenL approach:

ConcenLraLlon of caplLal on hlghesL convlcLlon lnvesLmenL opporLunlLles

SelecLlon from well-deflned areas of compeLence, unlverse of lndusLrlal, consumer
producLs and servlces companles wlLh solld balance sheeLs

use of slgnlflcanL mlnorlLy sLakes (2-7) Lo enhance and acceleraLe shareholder value
Lhrough consLrucLlve shareholder acLlvlsm

SLrlcL buy/sell dlsclpllne based on cash flow valuaLlon mulLlples, comblned wlLh
acLlve Lradlng around core poslLlons


Long/shorL and long-only acLlvlsL equlLy funds

lounded ln 1988 by Alex 8oepers, SLC reglsLered

new ?ork and 1okyo offlces, 28 Leam members, lncludlng 11 senlor equlLy analysLs


Note: AUM as of September 13, 2013.
4
Cambrlan lund - erformance 8ecord


ALlanLlc's largesL fund wlLh $900 mllllon of AuM

21-year audlLed Lrack record

ConslsLs of 6 Lo 7 u.S. acLlvlsL poslLlons (10-20 of caplLal each)

1he fund does noL use leverage or derlvaLlves



Note: Figures are as of September 13, 2013. Cambrian Fund returns are net of all fees and represent Class A Series 1 shares. S&P 500 Index includes the reinvestment of dividends. Inception is October 1,
1992. Prior to June 1, 1996, performance is based on the audited record of a managed account with a similar strategy and fee structure as Cambrian Fund. Cambrian Fund returns are audited through 2012 and
unaudited thereafter. Past performance may not be indicative of future results.
Cambr|an Iund S& S00
2013 ?1u 26.6 20.2
S.l. CAC8 19.2 9.0
3
Cambrlan lund - erformance 8ecord
7.7x the tota| return of the S& S00 s|nce |ncept|on
$0
$3,000
$10,000
$13,000
$20,000
$23,000
$30,000
$33,000
$40,000
$43,000
1992 1996 2000 2004 2009 2013
Cambrlan lund
8erkshlre PaLhaway (88k A)
S& 300
+312
+1,710
+3,927
Note: Figures are as of September 13, 2013. Cambrian Fund returns are net of all fees and represent Class A Series 1 shares. S&P 500 Index includes the reinvestment of dividends. Inception is October 1,
1992. Prior to June 1, 1996, performance is based on the audited record of a managed account with a similar strategy and fee structure as Cambrian Fund. Cambrian Fund returns are audited through 2012 and
unaudited thereafter. Past performance may not be indicative of future results.
2.3x
7.7x
6
lnslghLs from 23 ?ears of value lnvesLlng



nave a we||-thought-out |nvestment strategy
Iocus on carefully deflned unlverse of lnvesLmenL prospecLs
SLay wlLh whaL you know we|| (area of compeLence")
SLay wlLh whaL you can ana|yze
Invest, don'L speculaLe

8e cons|stent, d|sc|p||ned, pers|stent and pat|ent
nave conv|ct|on based on knowledge and your own on-golng due dlllgence
Do your homework !" $% you are buylng Lhe whole buslness
kead ] Ca|| ] V|s|t - crunch numbers and klck Lhe Llres flrsL!
8e st|ngy - WalL unLll Lhe opporLunlLy falls lnLo your lap. SLlck Lo a pre-deLermlned valuaLlon
level, don'L chase sLocks
Don't be greedy - Scale-ouL aL a pre-deLermlned valuaLlon level
Don't use |everage - noL ln your porLfollo, and sLay away from levered companles
Concentrate funds on your hlghesL convlcLlon ldeas

And most |mportant|y.
8e honest and transparent wlLh your lnvesLors, company execuLlves of your lnvesLmenL
poslLlons, and parLners/Leam members of your flrm



7
lnslghLs from 23 ?ears of ConsLrucLlve Shareholder AcLlvlsm


Cur Approach:




1) Work w|th management behlnd Lhe scenes as much as posslble
2) Ma|nta|n ||qu|d|ty Lo allow Lradlng and Lo sell
3) Ma|nta|n construct|ve, respectfu| dlalogue wlLh managemenL

Cur Cb[ect|ve:
Lnhance and acce|erate process of shareholder value creaLlon whlle
reLalnlng llquldlLy
Cur rocess:
8u||d strong rapport wlLh CLC/ClC Lhrough mulLlple on-slLe and face-Lo-
face meeLlngs
ropose w|n-w|n so|ut|ons for managemenL and shareholders
Subm|t proposa|s |n wr|t|ng Lo CLC and, as needed, Lo Lhe 8oard of
ulrecLors
8roaden d|scuss|on of proposa|s, as approprlaLe, Lo lnclude oLher large
shareholders, flnanclal medla and prlvaLe equlLy groups
8


1a||or-made proposa|s to un|ock va|ue address|ng any of the fo||ow|ng areas:


Investor ke|at|ons: messaglng, access, crafLlng 3-year earnlngs road map

Use of Cap|ta|: dlvldend, share buyback, debL repaymenL, CALx, M&A

Corporate Structure: sell underperformers, spllLs or splns, sLreamllnlng

Cperat|ona|: resLrucLurlng Lo close gap Lo Lop peers ln relaLlon Lo proflL marglns,
worklng caplLal, managemenL changes aL operaLlonal or C-level, eLc.

Corporate Governance: crlLlcal revlew of execuLlve compensaLlon, board make-up,
corporaLe cosLs, eLc.





lnslghLs from 23 ?ears of ConsLrucLlve Shareholder AcLlvlsm
9
Companles ln whlch ALlanLlc was a ConsLrucLlvely Lngaged Shareholder
1989 2000
2010
resent
A|exander & 8a|dw|n
8a||
Charter ower Systems
Ch|cago Northwestern ka||road
Lster||ne
I|owserve
Greyhound-D|a|
narman
narsco
narn|shfeger
ILk D|str|but|on
kennameta|
Nashua
u|xote Corp
1erex
U.S. Shoe
8a|| Corp
8|ack & Decker
Cooper Industr|es
De|Monte Ioods
Do|e Iood
Laton
Goodr|ch
IMC
kennameta|
I.M. Smucker
New ork 1|mes
act|v
rec|s|on Castparts
k.k. Donne||ey
Sonoco roducts
Sm|th Internat|ona|
Sk
ACS
Ash|and
8aker nughes
Lnerg|zer
I|owserve
narman
I11 Corp
Ioy G|oba|
kennameta|
C|| States
Internat|ona|
Cwens-I|||no|s
kockwood
kerox
Un|ted States:
10
Companles ln whlch ALlanLlc was a ConsLrucLlvely Lngaged Shareholder
2004
resent
Lurope:
Ad|das
Aggreko
Amec
Atos
8CC Group
Charter Internat|ona|
C|ar|ant
Compass Group
Iaurec|a
ILSm|dth
G4S
GkN
Lanxess
Metso
M1U Aero Lng|nes
Crk|a
uma
rysm|an
kexam
khe|nmeta||
khod|a
Safran
Sandv|k
Secur|tas
SkI
Sm|ths Group
1echn|p
1ha|es
1N1
1re||eborg
Va|eo
Da| N|ppon r|nt|ng
InI
I1CCnU 1echno So|ut|ons
ko|to Manufactur|ng
kuraray
M|raca no|d|ngs
Nomura kesearch
Cmron
Secom
Iapan:
Sh|madzu
Sum|tomo L|ectr|c
Sum|tomo neavy Industr|es
1nk
amamoto no|d|ngs
11
8evlew of LasL ?ear's lnvesLmenL ldeas
noLe: Average prlce sold based on scale-ouL of ALlanLlc core poslLlon. oslLlons ALlanLlc has sold (Ln8, lLS uC, !C?), change ls based on
prlce sold. oslLlons ALlanLlc ls sLlll holdlng (8CC and CLn vx), change ls based on currenL prlce.
Company Status
Company Status
VIC 8
Cct 2, 2012
VIC 9
Sep 13, 2013
Sca|e-out Change
Lnerg|zer no|d|ngs
(LNk)
Sold 574 $94 596 29
kockwood no|d|ngs
(kCC)
Poldlng 547 566 n/a 39
C|ar|ant
(CLN Vk)
Poldlng CnI 11 CnI 16 n/a 42
ILSm|dth
(ILS DC)
Sold Dkk 34S ukk 310 Dkk 328 -S
Ioy G|oba|
(IC)
Sold 5S6 $34 561 8
Share r|ce
12
llve new lnvesLmenL ldeas
noLe: llgures are as of SepLember 13, 2013. 1oLals may noL add due Lo roundlng. 8Pl, LC l and Lx S C? valuaLlons are based on ALlanLlc 2014 esLlmaLes. 8Pl and 4739 ! are based on ALlanLlc l?2013
esLlmaLes. 1argeL upslde based on ALlanLlc's esLlmaLes of earnlngs and valuaLlons mulLlples. llgures aL Lhe boLLom are equal-welghLed averages and shown for MarkeL Cap, /L, Lv/L8l1 and
1argeL/upslde.
Company 1|cker Country r|ce
Market Cap
(5 b||||on)
]L LV]L8I1
r|ce
1arget
1arget]
Ups|de
8aker nughes 8Pl u.S. $30 $22.1 12.8x 8.7x $71 43
Iaurec|a LC l lrance t22 $3.2 9.1x 7.1x t 31 41
Itochu 1echno-So|ut|ons 4739 ! !apan 3,303 $2.2 12.3x S.2x 3,800 63
Lanxess LxS C? Cermany t 32 $3.7 11.Sx 10.9x t 73 43
narman PA8 u.S. $66 $4.6 12.9x 9.Sx $84 26
Average:
57.6 11.7x 8.3x 44
Va|uat|on 12-Month 1arget
44 average ups|de potent|a|
13
8aker Pughes (8Pl, $30)
rlce 1argeL: $71 - upslde: 43
46
3
23
21
3
of 2014e L8I1
CLher
LaLln Amerlca
Mlddle LasL /
Asla aclflc
norLh
Amerlca
Lurope/ Afrlca/ ClS
Source: Share prlce and MarkeL Cap are as of SepLember 13, 2013. Sales, Lv, L8l1 are based on ALlanLlc 2014 esLlmaLes. 1oLals may noL add due Lo roundlng.
Sa|es 524.4 8|n
Market Cap 522.1 8|n
LV 52S.2 8|n
L8I1 52.9 8|n
14
8aker Pughes
8us|ness Descr|pt|on
1hlrd largesL ollfleld servlces companles ln Lhe world afLer PalllburLon and Schlumberger.
Leadlng provlder of compleLlon servlces, speclalLy chemlcals, drlll blLs and arLlflclal llfL, boLh
onshore and offshore.
Clobal lnfrasLrucLure wlLh 30 of revenues derlved from fasLer growlng lnLernaLlonal
markeLs.

1hes|s
8road based opporLunlLy for self help Lo enhance proflLablllLy and cash flow Lhrough beLLer
execuLlon ln Lhe fleld and more efflclenL use of caplLal.
Wlll generaLe meanlngful free cash flow for Lhe flrsL Llme ln several years Lhrough enhanced
proflLablllLy, lncreased emphasls on worklng caplLal efflclency and lower CALx.
norLh Amerlca (nA") margln lmprovemenL: 8Pl wlll begln Lo close gap wlLh peers ln Lhe
crlLlcal nA markeL as lL fully dlgesLs Lhe 2010 8! Servlces acqulslLlons and as lL reallzes Lhe
beneflLs of conLlnulng lnfrasLrucLure lnvesLmenL.
lmprovemenL ln $6 bllllon pressure pumplng operaLlons has begun.
lnLernaLlonal proflLs conLlnue Lo lmprove.
lmprovemenL ln operaLlng managemenL: recenL hlgh-level hlres from PalllburLon and
Schlumberger.

13
8aker Pughes

Cata|ysts
We are ln an acLlve dlalogue wlLh managemenL on ways Lo lmprove shareholder value.
lmproved caplLal allocaLlon: pay down debL, slzeable share repurchases llkely ln 2014, no more
large acqulslLlons.
8eLLer worklng caplLal efflclency and free cash flow beglnnlng ln P2-2013, more ln 2014.
roposed lnvesLor uay Lo be held shorLly: Lo presenL a credlble roadmap Lo achleve LS of
$3.30+ by 2016.

kecent Deve|opments
8eporLed C2-2013 earnlngs wlLh solld progress across Lhe board masked by problem wlLh
LaLAm unlL.
lmprovlng nA operaLlons as manlfesLed by lmproved uLlllzaLlon of Lhe ressure umplng fleeL.

r|ce 1arget
571/share based on 12x 2014e L8l1, represenLlng 43 upslde poLenLlal.



noLe: As of SepLember 13, 2013.
16
8aker Pughes
$20
$30
$40
$30
$60
$70
$80
$90
$100
!an-08 Aug-08 Mar-09 nov-09 !un-10 !an-11 Sep-11 Apr-12 nov-12 !ul-13 leb-14 Sep-14
r|ce 1arget: 571
+43
Ups|de
Source: 8loomberg, as of SepLember 13, 2013.
17
29
27
34
10
laurecla S.A (LC l, t22)
1argeL rlce: t31 - upslde: 41
Sa|es 524.6 8|n
Market Cap 53.2 8|n
LV 56.0 8|n
L8I1 50.9 8|n
Source: Share prlce and MarkeL Cap are as of SepLember 13, 2013. Sales, Lv, L8l1 are based on ALlanLlc 2014 esLlmaLes. 1oLals may noL add due Lo roundlng.
AuLomoLlve exLerlors
of 2014e L8I1
lnLerlor
SysLems
Lmlsslon ConLrol
1echnologles
AuLomoLlve
seaLlng
18
laurecla
8us|ness Descr|pt|on
Leadlng global suppller of auLomoLlve emlsslon conLrol Lechnologles, seaLlng, lnLerlor and
exLerlor sysLems.
Clobal fooLprlnL Lo serve global plaLforms: facLorles and 8&u cenLers ln norLh Amerlca,
Lurope, 8razll and Chlna.
Cerman CLMs accounL for 38 of producL sales, norLh Amerlcan 29, lrench 21, Aslan
7.
eugeoL S.A (SA") owns 37 of laurecla buL are enLlrely separaLe buslnesses.

1hes|s
Marglns Lo recover from 3.0 ln 2012 Lo over 4 ln 2013 due Lo resLrucLurlng ln Lurope,
lmproved operaLlonal performance ln norLh Amerlca and operaLlng leverage.
$30 bllllon order book due Lo sLrong 8&u efforLs.
lnLer-dependence of laurecla and SA ls oversLaLed. SA accounLs for [usL 12 of laurecla's
sales.
ue-leveraglng wlLh a LargeL neL uebL: L8l1uA raLlo of 0.3x versus 1.8x aL uecember 2012.




19
laurecla

Cata|ysts
SLrong earnlngs growLh, supporLed by large backlog.
Converslon of t460 mllllon of converLlble bonds wlll reduce Lhe leverage raLlo by 0.4 polnLs
and dlluLe SA's ownershlp Lo below 30.
Luropean producLlon (Lv) plcklng up: each lncremenLal polnL of Lv ls +t20 mllllon or +4
Lo laurecla's L8l1.
SA dlvesLmenL of laurecla sLake becomlng more llkely.

kecent Deve|opments
8eLLer-Lhan-expecLed C2-2013 resulLs and neL debL.
CuLlook for Luropean llghL vehlcle producLlon (Lv) lmprovlng: l P S expecL 19.3 mllllon unlLs
ln 2014, +4 year-over-year.
new hlghly regarded ClC from 8LxLL S.A. and formerly valeo.

1arget r|ce
31/share ln 12-18 monLhs based on 9.0x 2014e L8l1 and 0.30x Lv/sales, represenLlng 41
upslde.
noLe: As of SepLember 13, 2013.
20
laurecla
t0
t3
t10
t13
t20
t23
t30
t33
Sep-08 !un-09 Mar-10 uec-10 Sep-11 !un-12 Mar-13 uec-13 Sep-14
r|ce 1arget: 31
Source: 8loomberg, as of SepLember 13, 2013.
+41
Ups|de
21
40
20
40
l1CCPu 1echno-SoluLlons (4739 !, 3,303)
1argeL rlce: 3,800 - upslde: 63
Sa|es 53.6 8|n
Market Cap 52.2 8|n
LV 51.S 8|n
L8I1 50.3 8|n
Source: Share prlce and MarkeL Cap are as of SepLember 13, 2013. Sales, Lv, L8l1 are based on ALlanLlc l?2013 (ends March) esLlmaLes. 1oLals may noL add due Lo roundlng.
of 201Se Sa|es Servlce roducL Sales
AppllcaLlon uevelopmenL /
lnfrasLrucLure SysLem lnLegraLlon
22
l1CCPu 1echno-SoluLlons
8us|ness Descr|pt|on
!apan's Lhlrd largesL l1 servlce provlder.
SLrong cllenLele lncludes 1elecommunlcaLlon (e.g., kuul, n11 uoCoMo), 8eLall (e.g., lamllymarL)
and ManufacLurlng (e.g., nlssan MoLor).
1he company has sLrengLh ln bulldlng l1 sysLem lnfrasLrucLure uslng locallzed ClSCC & C8ACLL
producLs as well as offerlng malnLenance/operaLlon servlces.

1hes|s
l1 spendlng recovery ln !apan - afLer slugglsh l1 spendlng over Lhe pasL several years, !apanese
corporaLlons have flnally sLarLed spendlng on l1 (+9 year-over-year, 8C! !une 1ankan Survey).
8ecurrlng revenues Lhrough Servlce - 40 of LoLal sales are from malnLenance/operaLlon sales
wlLh 33-40 gross marglns under mulLl-year conLracLs from a broad lnsLalled base.
PealLhy balance sheeL - 47 bllllon of neL-cash (23 of MarkeL Cap).
Laggard wlLh aLLracLlve valuaLlon - Lhe share prlce has been a laggard slnce lasL november,
l1CCPu 1echno ls down 17 vs 1Clx +39 vs nomura 8esearch (#2 l1 servlce provlder) +89.
1rades aL 3.2x l?2013 (ends March) L8l1 vs. nomura 8esearch aL 9.1x.

23
l1CCPu 1echno-SoluLlons
Cata|ysts
We are ln acLlve dlalogue wlLh managemenL Lo enhance shareholder value.
ConLlnulng sLrong order lnLake Lhrough l1 spendlng recovery ln !apan.
unleashlng penL-up demand from 1elecommunlcaLlon cusLomers.
Share buybacks / accreLlve M&A.

kecent Deve|opments
8eporLed weaker-Lhan-expecLed C1-l?2014 resulLs ln laLe !uly due Lo one-off sales
recognlLlon Llmlng from 1elecommunlcaLlon cusLomers as well as Lhe rapld yen depreclaLlon,
order backlog remalns solld and grew 11 year-over-year.

1arget r|ce
S,800/share ln 12-18 monLhs based on 10x l?2013e (ends March) L8l1, represenLlng 6S
upslde poLenLlal.
noLe: As of SepLember 13, 2013.
24
l1CCPu 1echno-SoluLlons
0
1,000
2,000
3,000
4,000
3,000
6,000
7,000
!an-07 Sep-07 May-08 leb-09 CcL-09 !ul-10 Mar-11 nov-11 Aug-12 Apr-13 uec-13 Sep-14
r|ce 1arget: S,800
Source: 8loomberg, as of SepLember 13, 2013.
+6S
Ups|de
23
34
23
21
Lanxess (LxS C?, t32)
1argeL rlce: t73 - upslde: 43
Sa|es 511.7 8|n
Market Cap 5S.7 8|n
LV 58.9 8|n
L8I1 50.8 8|n
noLe: Share prlce and MarkeL Cap are as of SepLember 13, 2013. Sales, Lv, L8l1 are based on ALlanLlc 2014 esLlmaLes. 1oLals may noL add due Lo roundlng.
of 2014e L8I1
erformance olymers erformance Chemlcals
Advanced lnLermedlaLes
26
Lanxess
8us|ness Descr|pt|on
Leadlng global maker of erformance olymers - crlLlcal parLner Lo Lhe global Llre lndusLry ln
formulaLlng hlgh performance rubber compounds LhaL reduce Llre rolllng reslsLance, savlng
fuel and reduclng emlsslons.
Advanced lnLermedlaLes - unlque, lnLegraLed neLwork of planLs, supplylng a broad array of
cusLomers wlLh aromaLlcs, chlefly ln agrlculLural chemlcals.
erformance Chemlcals - seven dlsLlncL speclalLy chemlcals buslnesses, key franchlses are ln
lnorganlc plgmenLs, leaLher, rubber and waLer chemlsLry.

1hes|s
A proven managemenL Leam: CLC led LxS slnce lC ln 2003 compleLlng a comprehenslve
porLfollo resLrucLurlng and lnsLllllng a prlce-over-volume sLraLegy.
2013 proflLs are noL Lhe new normal", we expecL a solld rebound ln 2014.
ALLracLlve growLh plpellne underplnnlng 2013-2016 earnlngs progress.
uesplLe lndusLry capaclLy bullL, supply/demand ln LxS key rubber grades should remaln
balanced.
enL-up demand for replacemenL Llres globally.
Creen Llre leglslaLlon should acceleraLe demand for hlgh performance rubbers.
CurrenL share prlce below replacemenL value.



27
Lanxess
Cata|ysts
We are ln acLlve dlalogue wlLh managemenL Lo enhance shareholder value.
SLraLegy updaLe on SepLember 18/19 - llkely Lo lnLroduce an efflclency program Lo boosL
proflLablllLy.
8amp-up of Slngapore planL was headwlnd ln 2013, wlll Lurn Lo Lallwlnd ln 2014.
lurLher counLrles adopLlng Llre labellng leglslaLlon.
lmprovlng demand for replacemenL Llres ls sLarLlng Lo Lake hold.

kecent Deve|opments
Whlle reporLlng weak P1-2013 resulLs and lowerlng guldance, company re-relLeraLed LhaL
2014 wlll see a subsLanLlal recovery and reLalned 2018 goal of $1.8 bllllon L8l1uA.
lmprovlng markeL envlronmenL:
- oslLlve ouLlook sLaLemenLs by global Llre makers lndlcaLes LhaL replacemenL Llre
demand ls lmprovlng.
- 8ecovery ln key commodlLy prlces (buLadlene, naLural rubber) suggesLs LhaL de-sLocklng
phase ln global Llre lndusLry may have come Lo an end.

1arget r|ce
7S/share ln 12-18 monLhs based on 11x 2013e L8l1, represenLlng 4S upslde poLenLlal.
noLe: As of SepLember 13, 2013.
28
Lanxess
t0
t10
t20
t30
t40
t30
t60
t70
t80
t90
t100
!an-08 Aug-08 Mar-09 nov-09 !un-10 !an-11 Sep-11 Apr-12 nov-12 !ul-13 leb-14 Sep-14
r|ce 1arget: 7S
Source: 8loomberg, as of SepLember 13, 2013.
+4S
Ups|de
29
Parman lnLernaLlonal (PA8, $66)
1argeL rlce: $84 - upslde: 26
Sa|es 5S.3 8|n
Market Cap 54.6 8|n
LV 54.4 8|n
L8I1 50.S 8|n
Source: Share prlce and MarkeL Cap are as of SepLember 13, 2013. Sales, Lv, L8l1 are based on ALlanLlc l?2013 (ends !une) esLlmaLes. 1oLals may noL add due Lo roundlng.
of 201Se L8I1
44
33
22
rofesslonal
LlfesLyle
(Car and home audlo)


lnfoLalnmenL
30
Parman
8us|ness Descr|pt|on
1he leadlng provlder of auLomoLlve lnfoLalnmenL sysLems wlLh a 22 markeL share, a 1,900+
paLenL porLfollo and relaLlonshlps wlLh 9 of Lhe world's 13 largesL CLs
A leader ln Lhe car and home audlo markeLs, wlLh lconlc brands such as !8L, Parman/kardon
and lnflnlLy.
rofesslonal dlvlslon ls Lhe global leader ln audlo sysLems for concerL halls, sLadlums and oLher
publlc sLrucLures.

1hes|s
PA8 ls aL an lnflecLlon polnL: embarklng on a perlod of susLalnable hlgher sales growLh and
proflLablllLy.
$20 bllllon order backlog hlghllghLs PA8's poslLlon wlLh Lhe auLomakers and anchors lLs
earnlngs ouLlook.
LS llkely Lo grow aL up Lo 30 CAC8 for Lhe nexL Lhree years.
Margln expanslon as hlgher margln scalable sofLware based lnfoLalnmenL sysLems become a
larger parL of Lhe mlx and proflLablllLy ln oLher segmenLs lmproves.
lnfoLalnmenL buslness beneflLs from hlgh barrlers Lo enLry as sofLware emphasls provlde a
Lechnologlcal and cosL advanLage.
PA8 has proven lLs rellablllLy and lLs CL relaLlonshlps are sLlcky.
31
Parman
Cata|ysts
We are ln acLlve dlalogue wlLh managemenL Lo enhance shareholder value.
8apld adopLlon of lnfoLalnmenL sysLems due Lo consumer preference for Lhe connecLed car.
PA8 ls a poLenLlal Lake ouL candldaLe, wlLh CCCC, AL, 8osch, Sl8l poLenLlal buyers. rlvaLe
equlLy bld for Lhe company ln 2007.
lncreased share repurchases: we called for $700 mllllon ln Lhe nexL 2 - 3 years.

kecent Deve|opments
Long Lerm flnanclal LargeLs polnL Lo a 3 year earnlngs CAC8 of 23+.
8acklog grew 23 over Lhe lasL 13 monLhs ended !uly Lo $20 bllllon.
A new $200 mllllon share repurchase auLhorlzaLlon and doubllng of dlvldend ln !une.

1arget r|ce
584/share based on 12x l?2013e (ends !une) L8l1, represenLlng 26 upslde poLenLlal. Shares
could Lrade above $100 by l?2016 based on 13x /L on our esLlmaLe of $7 LS ln l?2016,
whlch lncludes lmplemenLaLlon of subsLanLlal share buybacks.
noLe: As of SepLember 13, 2013.
32
Parman
$0
$20
$40
$60
$80
$100
$120
$140
!an-07 Sep-07 May-08 leb-09 CcL-09 !ul-10 Mar-11 nov-11 Aug-12 Apr-13 !an-14 Sep-14
r|ce 1arget: 584
Source: 8loomberg, as of SepLember 13, 2013.
+26
Ups|de
33
& A
34
1hls documenL shall noL consLlLuLe an offer Lo sell lnLeresL ln any lund or a sollclLaLlon of an offer Lo purchase any securlLles descrlbed hereln. Any
such offer wlll only be made pursuanL Lo a prlvaLe placemenL memorandum or oLher slmllar maLerlals. 1hls presenLaLlon ls lnLended excluslvely for Lhe
person Lo whom lL has been dellvered by ALlanLlc lnvesLmenL ManagemenL, lnc. (ALlanLlc") and ls noL Lo be reproduced or redlsLrlbuLed Lo any oLher
person.

1he analyses and concluslons of ALlanLlc conLalned ln Lhls documenL are based on publlcly avallable lnformaLlon. 1hese oplnlons and facLs are noL
lnLended Lo be a forecasL of fuLure evenLs or a guaranLee of fuLure resulLs. lnformaLlon conLalned ln Lhls documenL has been obLalned from sources
whlch ALlanLlc belleves Lo be rellable, however, ALlanLlc does noL make any represenLaLlon Lo lLs accuracy or compleLeness.

AcLual resulLs may vary maLerlally from Lhe esLlmaLes and pro[ecLed resulLs conLalned hereln. ALlanLlc does noL underLake any obllgaLlon Lo updaLe
any oplnlons, facLs, pro[ecLlons and oLher forward-looklng sLaLemenLs Lo reflecL any developmenLs afLer Lhe daLe of Lhls documenL. ast performance
may not be |nd|cat|ve of future resu|ts. nedge funds are specu|at|ve and |nvo|ve r|sk of |oss.
Jen Cahill
Chief Marketing Officer
Phone: +1 (212) 484 5080
cahill@atlanticinvestment.net
666 Fifth Avenue, 34th Floor
New York, New York 10103
Phone: +1 (212) 484 5051
www.atlanticinvestment.net
Rema Davis
Head of Client Relations
Phone: +1 (212) 484 5055
davis@atlanticinvestment.net