Brunswick (BC) Pitch - Jonathan Chang - FINAL COPY

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Valuation Statistics Capital ization Enterprise Value / Enterprise Value / Projected Projected

Equity Enterprise P / E Multiple P / BV Multiple Dividend Revenue EBITDA EBITDA Marg in

Company Name Value Value LTM FY1 LTM FY1 LTM FY1 Total Tangible Y ield G rowth G rowth LTM F Y1

Polaris Industries Inc. 10,391$ 10,450$ 2.4 x 2.3 x 13.1 x 12.4 x 24.3 x 23.0 x 12.1 x 17.4 x 1.2% 19.3% - 18.5% 18.9%

HARLEY-DAVIDSON, INC. 14,150 18,414 3.0 x 3.3 x NM 12.2 x 16.7 x 16.8 x 4.0 x 4.3 x 1.7% 8.2% - - 26.9%

Hasbro, Inc. 7,287 8,517 2.0 x 2.0 x NM 10.4 x 19.4 x 17.5 x 4.8 x 14.9 x 3.0% 4.3% - - 18.8%

MATTEL, INC. 10,731 12,589 2.0 x 2.0 x 10.7 x 11.4 x 15.1 x 15.1 x 3.4 x 11.6 x 4.8% (7.3%) (6.8%) 19.2% 17.8%

THOR INDUSTRIES, INC. 2,926 2,636 0.7 x 0.7 x 9.5 x 7.8 x 16.3 x 13.7 x 2.9 x 4.9 x 2.0% 8.8% 12.8% 7.9% 8.6%

BRP Inc. 2,748 3,576 1.2 x 1.1 x 15.5 x 9.3 x 45.0 x 16.1 x NM NM 0.0% 12.1% (3.0%) 7.6% 11.8%

Median 8,839$ 9 ,483$ 2 .0 x 2 .0 x 11.9 x 10.9 x 18.1 x 16.4 x 4 .0 x 11.6 x 1 .8% 8.5% (3.0%) 13.2% 18.3%

Mean 8,039$ 9 ,364$ 1 .9 x 1 .9 x 12.2 x 10.6 x 22.8 x 17.0 x 5 .4 x 10.6 x 2 .1% 5.3% (4.9%) 7.8% 13.3%

Brunswick Corporation 4,417$ 4 ,250$ 1 .1 x 1 .1 x 10.3 x 9 .6 x 5 .3 x 15.7 x 3 .1 x 4 .7 x 1 .1% (0.4%) 19.4% 10.9% 11.5%

Premium (Discount to Peers Median) (45%) (44%) (14%) (11%) (71%) (4%) (22%) (59%)

Revenue EBITDA

Analyst Projections Revenues

Historical average Marine Engines $1,905 $1,989 $2,088 2,190$ 2,385$ 2,515$ 2,675$ 2,845$

used for calculation Boats 1,008 1,003 1,032 1,117 1,240 1,340 1,412 1,489

of 2017E and 2018E Marine Eliminations -203 -232 -236 -256 -268 -277 -297 -318

Total Marine $2,710 $2,759 $2,884 $3,051 $3,357 $3,578 $3,790 $4,015

Fitness $635 $636 $716 766$ 820$ 869$ 956$ 1,051$

Bowling & Billiards 352 322 0 0 0 0 0 0

Total $3,697 $3,718 $3,600 $3,817 $4,177 $4,447 $4,746 $5,066

Percentage Change %

Marine Engines 9.4% 4.4% 5.0% 4.9% 8.9% 5.5% 6.4% 6.4%

Boats 2.6% -0.5% 2.9% 8.2% 11.1% 8.1% 5.4% 5.4%

Marine Eliminations 9.7% 14.0% 2.0% 8.3% 4.7% 3.5% 7.0% 7.0%

Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%

Fitness 17.2% 10.0% 12.6% 7.0% 7.0% 6.0% 10.0% 10.0%

Bowling & Billiards 0.6% -0.9% -100.0% NA NA NA NA NA

Total 7 .8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%

Conservative Projections Revenues

Marine Engines $1,905 $1,989 $2,088 2,193$ 2,302$ 2,394$ 2,466$ 2,540$

Boats 1,008 1,003 1,032 1,104 1,170 1,229 1,278 1,317

Marine Eliminations -203 -232 -236 -251 -263 -274 -282 -287

Total Marine $2,710 $2,759 $2,884 $3,046 $3,210 $3,350 $3,462 $3,569

Fitness $635 $636 $716 752$ 789$ 829$ 870$ 914$


Total $3,697 $3,718 $3,600 $3,798 $3,999 $4,178 $4,333 $4,483

Percentage Change %

Marine Engines 9.4% 4.4% 5.0% 5.0% 5.0% 4.0% 3.0% 3.0%

Boats 2.6% -0.5% 2.9% 7.0% 6.0% 5.0% 4.0% 3.0%


Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%

Fitness 17.2% 10.0% 12.6% 5.0% 5.0% 5.0% 5.0% 5.0%


Total 7 .8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%

Base Projections Revenues

Marine Engines $1,905 $1,989 $2,088 2,234$ 2,368$ 2,487$ 2,586$ 2,664$

Boats 1,008 1,003 1,032 1,125 1,215 1,312 1,404 1,502


Total Marine $2,710 $2,759 $2,884 $3,101 $3,305 $3,501 $3,674 $3,835

Fitness $635 $636 $716 766$ 820$ 877$ 947$ 1,033$


Total $3,697 $3,718 $3,600 $3,868 $4,125 $4,378 $4,622 $4,867

Percentage Change %

Marine Engines 9.4% 4.4% 5.0% 7.0% 6.0% 5.0% 4.0% 3.0%

Boats 2.6% -0.5% 2.9% 9.0% 8.0% 8.0% 7.0% 7.0%


Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%

Fitness 17.2% 10.0% 12.6% 7.0% 7.0% 7.0% 8.0% 9.0%


Total 7 .8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%

Optimistic Projections Revenues

Marine Engines $1,905 $1,989 $2,088 2,234$ 2,391$ 2,558$ 2,737$ 2,929$

Boats 1,008 1,003 1,032 1,146 1,260 1,373 1,483 1,602


Total Marine $2,710 $2,759 $2,884 $3,120 $3,367 $3,625 $3,893 $4,183

Fitness $635 $636 $716 766$ 827$ 902$ 992$ 1,101$


Total $3,697 $3,718 $3,600 $3,886 $4,195 $4,527 $4,885 $5,285

Percentage Change %

Marine Engines 9.4% 4.4% 5.0% 7.0% 7.0% 7.0% 7.0% 7.0%

Boats 2.6% -0.5% 2.9% 11.0% 10.0% 9.0% 8.0% 8.0%


Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%

Fitness 17.2% 10.0% 12.6% 7.0% 8.0% 9.0% 10.0% 11.0%


Total 7 .8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%

Summary of Projections Analysts $3,817 $4,177 $4,447 $4,746 $5,066

Conservative $3,798 $3,999 $4,178 $4,333 $4,483

Base $3,868 $4,125 $4,378 $4,622 $4,867

Optimistic $3,886 $4,195 $4,527 $4,885 $5,285

Brunswick - Net Present Value Sensitiv ity - Terminal Growth Rates

Discount Rate

53.90$ 8.0% 8.5% 9.0% 9.5% 10.0%

2.0% 53.62$ 50.06$ 47 .00$ 44.35$ 42.04$

2.5% 56.88$ 52.76$ 49 .27$ 46.28$ 43.69$

3.0% 60.79$ 55 .95$ 51 .91$ 48 .50$ 45 .57$

3.5% 65.57$ 59.78$ 55 .04$ 51.09$ 47.75$

4.0% 71.54$ 64.46$ 58 .79$ 54.15$ 50.29$

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Brunswick - Net Present Value Sensitiv ity - Terminal EBITDA Multiples

Discount Rate

63.82$ 8.0% 8.5% 9.0% 9.5% 10.0%

9.0 x 61.32$ 60.01$ 58 .74$ 57.50$ 56.31$

9.5 x 63.63$ 62.26$ 60 .92$ 59.63$ 58.37$

10.0 x 65.94$ 64 .50$ 63 .11$ 61 .75$ 60 .44$

10.5 x 68.25$ 66.75$ 65 .29$ 63.88$ 62.51$

11.0 x 70.56$ 68.99$ 67 .48$ 66.00$ 64.58$

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Discounted Cash Flow (DCF) Analysis($ in millions, except per share data)

Brunswick Corporation - Cash Flow Projections Brunswick - DCF Assumptions

FY2010 FY2011 FY2012 FY2013 FY 2014E FY 2015E FY 2016E FY 2017E FY 2018E

Revenue: $3,403 $3,670 $3,718 $3,888 $3,868 4,125$ 4 ,378$ 4 ,622$ 4 ,867$

Base Projections Revenues

Marine Engines $1,905 $1,989 $2,088 2,234$ 2,368$ 2,487$ 2,586$ 2,664$

Boats 1,008 1,003 1,032 1,125 1,215 1,312 1,404 1,502


Total Marine $2,710 $2,759 $2,884 $3,101 $3,305 $3,501 $3,674 $3,835

Fitness $635 $636 $716 766$ 820$ 877$ 947$ 1,033$


Total $3,697 $3,718 $3,600 $3,868 $4,125 $4,378 $4,622 $4,867

Summary of Projections Analysts $3,817 $4,177 $4,447 $4,746 $5,066

Conservative $3,798 $3,999 $4,178 $4,333 $4,483

Base $3,868 $4,125 $4,378 $4,622 $4,867

Optimistic $3,886 $4,195 $4,527 $4,885 $5,285

EBITDA: $208 $340 $380 $413 442$ 546$ 597$ 646$ 678$

Operating Income: $55 $212 $264 $347 362$ 443$ 489$ 532$ 559$

Less: Taxes ($26) ($20) ($15) $581 ($111) ($137) ($124) ($131) ($127)

Tax Rate 18% -1% 14% 10% 34% 34% 35% 35% 35%

Plus: Deprec iation & Amortization 129 104.5 90 $88 $80 $103 $108 $114 $119

Plus: Restructuring, Litigation, Other 23 22.7 25.8 ($21) $0 $0 $0 $0 $0

Less: Increase in Working Capital: $18 ($78) ($79) ($66) ($37) ($1) ($40) ($40) ($40)

Less: Capital Expenditures ($57) ($90) ($115) ($148) ($140) ($154) ($154) ($154) ($154)

Unlevered Free Cash Flow $143 152$ 171$ $780 153$ 255$ 279$ 321$ 357$

Present Value of Free Cash Flow 748$ 135$ 206$ 208$ 220$ 225$

Normal Discount Period: 1.00 2.00 3.00 4.00 5.00 6.00

Mid-Year Discount: 0.50 1.50 2.50 3.50 4.50 5.50

Free Cash Flow Growth Rate: (80.4%) 66.2% 9.4% 15.3% 11.0%

SOTP ValuationValuation Multiple Enterprise Value

Segment Method Metric Low High Low High

Marine Engines 2014 Revenue 2,234.27$ 1.7 x 1.8 x 3,898.8 3,982.6

Boat 2014 Revenue 1,124.88 1.7 x 1.8 x 1,906.7 1,994.0

Fitness 2014 Revenue 766.12 1.4 x 1.6 x 1,080.2 1,207.4

Bowling and Billiards 2014 Revenue 0 NM NM NA NA

Total Firm Value 6,885.7 7,184.0

Less: Net Debt 456 456

Add: Cash & Equivalents 624 624

Total Equity Value 7,053.7 7,352.0

Total Diluted Shares O/S 93 93

Implied Price Per Share $75.85 $79.05

Current Price: 47.72 47.72

Premium (Discount) (37%) (40%)

Discounted Cash Flow Analysis

Precedent Transaction Analysis

Public Company Comparables

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Latest Holders

Holder Common Stock Equivalent Held % Of CSO Market Value (USD in mm) Position Date

T. Row e Price Group, Inc. (NasdaqGS:TROW) 7,358,111 7.916 351.1 Sep-30-2014

BlackRock, Inc. (NYSE:BLK) 7,174,420 7.718 342.4 Sep-30-2014

Fidelity Investments 5,944,993 6.396 283.7 Sep-30-2014

The Vanguard Group, Inc. 5,647,282 6.075 269.5 Sep-30-2014

Robeco Group N.V. 4,902,264 5.274 233.9 Sep-30-2014

WEDGE Capital Management L.L.P. 3,327,695 3.58 158.8 Sep-30-2014

State Street Global Advisors, Inc. 3,110,169 3.346 148.4 Sep-30-2014

Invesco Ltd. (NYSE:IVZ) 2,753,893 2.963 131.4 Sep-30-2014

Daruma Capital Management, LLC 1,980,032 2.13 94.5 Sep-30-2014

Barrow , Hanley, Mew hinney & Strauss, Inc. 1,919,159 2.065 91.6 Sep-30-2014

1832 Asset Management L.P. 1,757,719 1.891 83.9 Sep-30-2014

Chartw ell Investment Partners, L.P. 1,657,209 1.783 79.1 Sep-30-2014

Franklin Resources Inc. (NYSE:BEN) 1,560,300 1.679 74.5 Sep-30-2014

Northern Trust Global Investments 1,500,927 1.615 71.6 Sep-30-2014

Pyramis Global Advisors, LLC 1,243,750 1.338 59.4 Sep-30-2014

Schroder Investment Management Limited 1,157,600 1.245 55.2 Sep-30-2014

Goldman Sachs Asset Management, L.P. 994,665 1.07 47.5 Sep-30-2014

Teachers Insurance and Annuity Association College Retirement Equities

Fund

952,071 1.024 45.4 Sep-30-2014

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M&A 10/6/2014 Compass Production Partners LP Harbinger Group Inc EXCO Resources Inc 118.75 Cash Completed

INV 11/6/2013 National Bank Holdings Corp National Bank Holdings Corp 100.3 Cash Completed

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M&A 9/30/2013 Frederick's of Hollywood Group Inc Bank of New York Mellon Corp/The,Harbinger Group Inc,Tokarz Investments LLC,TTG Apparel LLC,Arsenal Group LLC 24.76 Cash Completed

M&A 2/10/2014 ICG Addcar Systems LLC UGM Holdings Pty Ltd Arch Coal Inc 21 Cash Completed

INV 10/27/2014 iMATCHATIVE Inc Wells Fargo & Co,Investor Group,Inmobiliaria Carso SA de CV 20 Cash Completed

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M&A 7/5/2013 Certain Assets Garvey Group LLC/The Schawk Inc 10.2 Cash and Debt Completed

M&A 2/19/2013 Empire Insurance Co White Mountains Insurance Group Ltd Leucadia National Corp 3.2 Cash Completed

M&A 5/9/2013 CMBS Special Servicing Business KeyCorp Leucadia National Corp N/A Cash Completed

M&A 6/19/2013 Paper and print media products business in Western Sequana SA Xerox Corp N/A Cash Completed

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M&A 10/1/2013 Peak Oilfield Services Co Bristol Bay Native Corp Nabors Industries Ltd N/A Undisclosed Completed

M&A 8/7/2013 Eastern Associated Terminal CSX Corp Ingram Industries Inc N/A Cash Completed

M&A 2/19/2014 Headliner and sun visor business Atlas Holdings LLC Johnson Controls Inc N/A Cash Completed

M&A 1/7/2013 Masco Framing Corp Atlas Holdings LLC Masco Corp N/A Undisclosed Completed

M&A 9/18/2014 Eagle Ford Shale oil & gas leases Leucadia National Corp N/A Cash Completed

M&A 2/11/2013 Certain Roadbuilding assets and operations Fayat SAS Terex Corp N/A Cash Completed

M&A 8/23/2013 Property Claims Services Inc T&H Global Holdings LLC Solera Holdings Inc N/A Undisclosed Completed

M&A 12/4/2013 Footman James UK Ltd Towergate Insurance Ltd Aon PLC N/A Undisclosed Completed

INV 2/5/2014 DataMentors Holdings Inc Affiliated Managers Group Inc,Clear Choice Financial Inc,Brook Venture Partners N/A Cash Completed

INV 7/14/2014 CorAmerica Capital LLC Harbinger Group Inc N/A Undisclosed Completed

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M&A 6/25/2014 Retirement services recordkeeping business American United Mutual Insurance Holding Co City National Corp/CA N/A Cash Completed

M&A 11/10/2014 xpient Solutions LLC Heartland Payment Systems Inc N/A Undisclosed Completed

Deal Attribute

Target Multiples # Deals Min - Max Median Min Max Mean

Free Cashflow 4 7.18 - 33.37 18.4 x 7.18 33.37 20.3 x

Income B/F XO 5 3.88 - 37.84 16.4 x 3.88 37.84 20.9 x

Net Income 4 3.81 - 37.84 15.5 x 3.81 37.84 20.8 x

Net Income + Deprec 6 1.77 - 30.10 13.6 x 1.77 30.1 15.9 x

EBIT 7 1.79 - 37.96 8.9 x 1.79 37.96 19.9 x

Cashflow from Ops. 7 2.36 - 40.27 5.0 x 2.36 40.27 21.3 x

EBITDA 7 1.16 - 23.66 3.7 x 1.16 23.66 12.4 x

Book Value 8 .98 - 4.97 1.9 x 0.98 4.97 3.0 x

Market Cap 8 .92 - 5.77 1.8 x 0.92 5.77 3.3 x

Stockholder Eqty 8 .70 - 2.51 1.8 x 0.7 2.51 1.6 x

Enterprise Value 8 .15 - 1.20 0.6 x 0.15 1.2 0.7 x

Total Assets 9 .04 - .90 0.5 x 0.04 0.9 0.5 x

Revenue 8 .23 - 2.44 0.5 x 0.23 2.44 1.3 x

Premiums Paid # Deals Volume Percent

25.01-50% 2 6.98B 28% 28%

10.01-25% 4 4.94B 20% 20%

Comparable Companies - Sports Goods & Equipment Companies, with Market Caps Above 2.5B($ in Millions Except Per Share and Per Unit Data)

Operating Stati s t i cs Capi ta l i za tion Projected Projected

Equi ty Enterpri se Revenue EBITDA Reported Net Incom e Revenue EBITDA EBITDA Marg in

Com pany Nam e Value Va lue LTM F Y1 LTM F Y1 LTM F Y1 G rowth G rowth LTM F Y1

Polaris Industries Inc. 10,391$ 10,450$ 4,288$ 4,460$ 795$ 842$ 427$ 452$ 19.3% - 18.5% 18.9%

HARLEY-DAVIDSON, INC. 14,150 18,414 6,219 5,601 - 1,507 846 842 8.2% - - 26.9%

Hasbro, Inc. 7,287 8,517 4,260 4,349 - 819 376 416 4.3% - - 18.8%

THOR INDUSTRIES, INC. 2,926 2,636 3,525 3,954 279 340 179 214 8.8% 12.8% 7.9% 8.6%

BRP Inc. 2,748 3,576 3,038 3,262 231 385 61 171 12.1% (3.0%) 7.6% 11.8%

Median 8,839$ 9 ,483$ 4 ,274$ 4 ,405$ 537$ 831$ 402$ 434$ 8 .5% (3.0%) 13.2% 18.3%

Mean 8,039$ 4 ,811$ 3 ,709$ 4 ,053$ 267$ 494$ 228$ 264$ 5 .3% (4.9%) 7.8% 13.3%

Brunswick Corporation 4,417$ 4 ,250$ 3 ,802$ 3 ,824$ 415$ 441$ 831$ 281$ (0 .4%) 19.4% 10.9% 11.5%

WACC Analysis($ in millions, except per share data)

Discount Rate Calculation - Assumptions

Risk-Free Rate: 2.4%

Equity Risk Premium: 7.0%

Interest Rate on Debt: 6.2% LIBOR + 225 basis points

Comparable Companies - Unlevered Beta Calculation

Levered Equity Unlevered

Name Beta Debt Va lue Tax Rate Beta

Polaris Industries Inc. 1.16 288$ 8,806$ 33.7% 1.14

HARLEY-DAVIDSON, INC. 1.25 5,259 14,261 34.1% 1.01

Hasbro, Inc. 0.84 1,397 6,550 19.3% 0.72

MATTEL, INC. 1.02 1,604 14,949 17.8% 0.94

THOR INDUSTRIES, INC. 0.89 - 2,792 30.6% 0.89

BRP Inc. 0.44 795 3,112 49.0% 0.39

Median 0.96 0.91

Brunswick Corporation 1.56 460$ 4,096$ 34%

Brunswick Corporation - Levered Beta & WACC Calculation

Unlevered Equity Levered

Beta Debt Va lue Tax Rate Beta

Brunswick Corporation 0.91 460$ 4,096$ 34% 0.98$

Cost of Equity Based on Comparables: 9.3%

Cost of Equity Based on Historical Beta: 13.3%

WACC 8.7%

WACC = Cost of Equity * % Equity + Cost of Debt * % Debt *

(1 - Tax Rate) + Cost of Preferred Stock * % Preferred Stock

Capitalization TableConsolidated Market Cap 4,417

- Cash and Short Term 624

+ Short Term Debt 4

+ Long Term Debt 452

+ Preferred Stock -

+ Minority Interest -

= Enterprise Value 4,249

Multiples Range Implied Price

Public Company Comparables: Low High Metric Low High

LTM EV / Revenue 1.9 x 2.0 x $3,801.60 $79.28 84.55$

FY1 EV / Revenue 1.9 x 2.0 x $3,824.08 $79.79 $83.73

LTM EV / EBITDA 11.9 x 12.2 x $414.60 $54.85 $56.12

FY1 EV / EBITDA 10.6 x 10.9 x $440.55 $51.90 $53.38

LTM P / E 18.1 x 22.8 x $222.20 $44.96 $56.29

FY1 P / E 16.4 x 17.0 x $280.70 $51.44 $53.22

Discounted Cash Flow

DCF Multiples Method (7-11%, 6.0-14.0 x) $59.63 $71.54

DCF Gordon Growth (7-11%, 1-5% Growth) $46.28 $59.78

Precedent Transaction Analysis

EV / Net Income 15.5x 20.8x $281 $48.50 $64.66

EV / FCF 18.4x 20.3x $339 $68.75 $75.73

EV / Net Income + Dep 13.6x 15.9x $368 $55.62 $64.81

SOTP and Analyst Price Targets

SOTP Valuation $75.85 $79.05

Analyst Price Targets $46.00 $59.00

Balance Sheet Adjustment 168.00

Outstanding Shares 93.00

Marine Engines

Company Name Exchange:Ticker Industry Classif ications Market Cap ($$ mm) TEV/Forward Total Revenue

Tidewater Inc. (NYSE:TDW) NYSE:TDW Marine 1,767.8 2.1 x

SEACOR Holdings Inc. (NYSE:CKH) NYSE:CKH Marine 1,369.5 1.4 x

International Shipholding Corp.

(NYSE:ISH)

NYSE:ISH Marine (Primary) 121.3 1.2 x

Scorpio Bulkers Inc. (NYSE:SALT) NYSE:SALT Marine (Primary) 477.0 2.4 x

Mean 1.8 x

Median 1.7 x

Boats


Qingdao Port International Co., Ltd.

(SEHK:6198)

SEHK:6198 Commercial Marine Crafts 2,200.0 1.6 x

China Fishery Group Limited

(SGX:B0Z)

SGX:B0Z Commercial Marine Crafts 457.1 2.4 x

Swiber Holdings Limited (SGX:AK3) SGX:AK3 Commercial Marine Crafts 153.0 1.8 x

Maridive & Oil Services SAE

(CASE:MOIL)

CASE:MOIL Commercial Marine Crafts 331.8 2.4 x

Pan-United Corporation Ltd

(SGX:P52)

SGX:P52 Commercial Marine Crafts 370.2 0.9 x

ASL Marine Holdings Ltd. (SGX:A04) SGX:A04 Commercial Marine Crafts 159.9 1.44

Mean 1.8 x

Median 1.7 x

Fitness


Tube Investments of India Limited

(BSE:504973)

BSE:504973 Fitness Equipment 1,023.7 2.2 x

Amer Sports Corp. (HLSE:AMEAS) HLSE:AMEAS Fitness Equipment (Primary) 2,420.2 1.1 x

Folli Follie S.A. Commercial Industrial

and Technical Company

(ATSE:FFGRP)

ATSE:FFGRP Fitness Equipment 2,396.2 1.9 x

Nautilus Inc. (NYSE:NLS) NYSE:NLS Fitness Equipment (Primary) 402.9 1.3 x

Escalade Inc. (NasdaqGM:ESCA) NasdaqGM:ESCA Fitness Equipment (Primary) 187.1 1.4 x

Mean 1.6 x

Median 1.4 x

P/E FY1 Last: 20.25x

P/E FY1 Mean: 15.97x

St.Dev from Mean: 2.31x







EV/EBITDA FY1 Last: 9.71x

EV/EBITDA FY1 Mean: 8.52x








0

10

20

30

40

50

60

70

BMO CapitalMarkets

SunTrustRobinsonHumphrey

Robert W. Baird &Co

Wells FargoSecurities

LongbowResearch

WunderlichSecurities

EVA Dimensions RBC CapitalMarkets

KeyBanc CapitalMarkets

Raymond James B Riley & Co

Brokers' Target Price

Broker Analyst Recommendation Target Date

BMO Capital Markets GERRICK L JOHNSON outperform 53.00 21-Nov-14

SunTrust Robinson Humphrey MICHAEL A SWARTZ buy 55.00 19-Nov-14

Robert W. Baird & Co CRAIG R KENNISON outperform 54.00 19-Nov-14

Wells Fargo Securities TIMOTHY A CONDER outperform 18-Nov-14

Longbow Research DAVID S MACGREGOR buy 50.00 18-Nov-14

Wunderlich Securities ROMMEL DIONISIO buy 57.00 17-Nov-14

EVA Dimensions CRAIG STERLING buy 14-Nov-14

RBC Capital Markets JOSEPH SPAK sector perform 46.00 24-Oct-14

KeyBanc Capital Markets SCOTT W HAMANN buy 55.00 24-Oct-14

Raymond James JOSEPH D HOVORKA strong buy 51.00 24-Oct-14

B Riley & Co JIMMY BAKER buy 59.00 24-Oct-14

Holder Name Position Position Change Market Value

% of

Ownership Report Date Source

MCCOY DUSTAN E 508,884 24,283,944 0.55% 5/6/2014 Form 4

STAYER RALPH C 90,838 1,525 4,334,789 0.10% 10/31/2014 Form 4

FERNANDEZ MANUEL A 75,339 1,787 3,595,177 0.08% 10/31/2014 Form 4

ARCHIBALD NOLAN D 75,124 206 3,584,917 0.08% 10/31/2014 Form 4

METZGER WILLIAM L 71,787 3,425,676 0.08% 3/4/2014 Proxy

Ownership Statistics

Shares Outstanding (M) 92.4

Float 98.6%

Short Interest (M) 3.7

Short Interest as % of Float 4.07%

Days to Cover Shorts 2.57

Ownership (Institutional) 104.94%

Ownership (Retail & Other) -6.33%

Ownership (Insider) 1.39%

93%

-6% 1%

Ownership Type

Ownership (Institutional)

Ownership (Retail & Other)

Ownership (Insider)

Geographic Ownership Distribution

United States 92.59%

Canada 2.37%

Britain 2.09%

Unknown Country 1.31%

Norway 0.75%

Switzerland 0.35%

Japan 0.17%

Others 0.36%

Institutional Ownership Distribution

Investment Advisor 81.94%

Hedge Fund Manager 12.29%

Pension Fund (Erisa) 1.96%

Individual 1.31%

Others 2.51%

93%

3%

2%1%

1%0% 0%0%

Geographic Ownership

United States CanadaBritain Unknown CountryNorway SwitzerlandJapan Others

82%

12%

2%1% 3%

Institutional Ownership

Investment Advisor Hedge Fund Manager

Pension Fund (Erisa) Individual

Others

http://www.brunswickbowling.com/

49

46

5

0

U.S. & Canada Toys

International

Entertainment & Liscensing/Other

Operations

•

•

•

•

0M

1M

2M

3M

4M

5M

6M

7M

$46

$48

$50

$52

$54

$56

$58

$60

Nov-19-2013 Jan-19-2014 Mar-19-2014 May-19-2014 Jul-19-2014 Sep-19-2014

Volume Share Pricing

•

•

•

•

•

0.0M

0.2M

0.4M

0.6M

0.8M

1.0M

1.2M

1.4M

1.6M

$45

$47

$49

$51

$53

$55

$57

$59

$61

$63

$65

Nov-18-2013 Feb-18-2014 May-18-2014 Aug-18-2014 Nov-18-2014


77

23

Recreational Vehicles-Towables

Recreational Vehicles-Motorized

•

•

•

•

•

0M

0M

0M

1M

1M

1M

1M

1M

2M

2M

2M

$20

$22

$24

$26

$28

$30

$32

$34



100

Parts & Accessories

•

•

•

•

•

•

0M

1M

2M

3M

4M

5M

6M

7M

8M

9M

10M

$50

$55

$60

$65

$70

$75

$80



89

11

Motorcycles and Related ProductsOperations

Financial Services Operations

•

•

•

•

•

0M

5M

10M

15M

20M

25M

$25

$30

$35

$40

$45

$50



46

45

9

International

North America

American Girl

•

•

•

•

•

0M

1M

1M

2M

2M

3M

3M

$100

$110

$120

$130

$140

$150

$160

$170



100

Vehicles

Documents

Brunswick (BC) Pitch - Jonathan Chang - FINAL COPY