1. May 27, 2016
Lincoln International
Investment Banking Boot Camp
Aviato Capital
Presenting on Stormcat Manufacturing Co., Inc.

2. 2
The Aviato Capital Team
Suman Patel
• Sophomore
• Graduation: May 2018
• Materials Engineering
Grant Shorin
• Junior
• Graduation: May 2017
• Economics
James Perry
• Junior
• Graduation: May 2017
• PLS
• Economics
Justin Kim
• Sophomore
• Graduation: May 2018
• Finance
• Accountancy
Emily Bridges
• Junior
• Graduation: May 2017
• Politics
• Economics
Max Macey
• Junior
• Graduation: May 2017
• Economics
• Accountancy

3. 3
Table of Contents
Executive Summary 4
Industry Overview 5
Strategic Positioning 7
Potential Buyers 10
Valuation 13
Final Recommendations 15

4. 4
Executive Summary
Situation Overview
Industry Overview
Analysis of Potential Acquirers
Strategic Company Positioning
Recommendations
• Stormcat Manufacturing is a leading agricultural equipment manufacturer with a diverse product line
• The Chairwoman of Stormcat Manufacturing is interested in exploring a sale of the company
• Key priorities for the sale are to sell the company, ensure current location, maximize value, and maintain confidentiality
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
• The agricultural equipment industry is characterized by marginal market growth, leaving the top three companies with
roughly 70% of the market share
• There has been a movement towards healthier diets and the average farm size in the industry has been increasing
• Industry leader in the agricultural equipment space, including a top three ranking in market share
• Key selling points for the company include the loyal customer base, specialized implements, brand recognition, strong
management team and most importantly the growth opportunities
• Based on industry research and a weighted analysis of selling priorities, financial sponsor acquisition appears to be the
best fit for Stormcat
• Financial sponsors will likely utilize the value of current management and keep the headquarters in Jasper, Indiana
• We propose a valuation range of $76mm to $85mm based on current market trends and expected future performance
• We recommend Stormcat Manufacturing considers the sale of the company to the suggested potential acquirers

5. 14%
25%
30%
8%
7%
6%
10%Stormcat
Case
Deere
Great Plains
Kuhn Krause
Landoll
Others
-30
-20
-10
0
10
20
0
20,000
40,000
60,000
%ChangeYoY
$mm
Year
$ million % Growth
5
Industry Overview
Agricultural equipment is a highly competitive $175 billion industry globally with just a few key players
controlling over half of the market share
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Competitive Landscape
Key Trends Industry Revenue in the United States
Agricultural Equipment Market Share (2015)Stormcat’s Key Success Factors
• Broad product offering with specialty in implements
• Strong dealer network with aligned incentives
• Uphold reputable brand through word of mouth advertising
• Timely new product introductions
• Continue to tap into rapidly growing e-commerce market
• Set the industry standard for impeccable customer service
• Movements towards people consuming a healthier diet
• Rapid growth of human population
• Food demand will double by 2050
• Growing farm size across the industry
• Mean farm size has doubled in the last 30 years
• Consolidation amongst equipment manufacturers

6. 65%
20%
4% 11%Tillage Equipment
Seeding Equipment
Specialty Harvesting
Equipment
Parts & Attachments
6
Company Analysis
Stormcat Manufacturing is an industry leader in agricultural equipment, ranking third in market share
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Product Overview Sales by Product Line (2016E)
• Market-leader in agricultural equipment manufacturing
− Known for high quality products and post-sale service
• Exceptionally strong, premium brand that is heavily
respected in the industry
• Maintained strong expansion of current manufacturing
facilities in each decade since 1964
• Revenue has grown 27% since 2013 and EBITDA has
tripled in the same time frame
Head Quarters Jasper, IN
Management
150+ years of combined industry
experience
Market Sector Agricultural Equipment Manufacturing
Product Offerings
Diverse agricultural equipment product
offerings along with after-market services
Revenue Sources
Strong distribution channels to large
customer base
Company Overview Established, High Quality Equipment Manufacturer
• Disc Harrows – Regarded as #1 in the US
• Deep Tillage Tools – Considerate of conservation and
erosion
• Field Cultivators – Create optimal seedbeds and soil-finish
• Land Finishers – Available in two and three-section models
• Fallow Tillage Tools – Built for wide range of soil conditions
• Soil Conditioners – Break up surface clods and ridges
• Chisel Plows – Renowned for ability to break up soil
• Grain Drill – Contain many diverse, popular features
• Air Drill – Combines air seeding with all purpose opener

7. • Ranks #1 among
competitors in service
experience
• Personable and accessible
service workers with
comprehensive
understanding of product
• Specialized in high
quality implements
• 70 + year history with
reputable brand
7
Key Investment Considerations
In order to find the right acquirer fit and highest valuation, Stormcat Manufacturing can capitalize on its strongest
components and unique differentiators
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Key Selling Points
Management Team
Attractive Financials
Customer ServiceExceptional Dealer Network
Lucrative Market Niche
• High demand for Stormcat
products leading to
increased revenue
• Established dealer
relationships through first
class support
• Manufactures premium
products with add-on
features for large farmers
• Consistently profitable
company for 40+ years
• Generates strong free
cash flow driven by robust
operating margins
• Passionate and
knowledgeable
management team and
personnel
• Close-knit culture and
strong reputation in local
community
Solutions Provider
Strong relationship
with dealer personnel
Market niche in
producing Cadillac
products
Unparalleled quality of
customer service
Consistently profitable
company for 40+
years
High performing
product provides more
features and benefits
to the customer
Close knit employees
and invested
management team

8. 8
Growth Opportunities
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Aviato will thoughtfully and persuasively convey Stormcat’s compelling
growth opportunities to achieve a premium valuation
Future
Expand Geographic
Footprint
Improve Lean
Manufacturing Efficiency
2015
Enhance Online
Presence
Introduce New
Product Lines
Make Strategic
Acquisitions
• Utilize internet
and e-commerce
effectively for
market
penetration and
growth
• Introduce new
spray machinery
for chemical
applications and
new ripper lines
• Introduce
products
targeted for
larger farmers
• Continue to
invest in lean
manufacturing
processes which
will improve
inventory
turnover and
reduce working
capital needs
• Boost capital
investments in
additional robotic
welders
• Expand
international
dealer network in
countries with
established
presence
• Convert
representation in
some territories
from
independent to
direct dealers
• Platform for
growth in
Australia,
Europe and/or
Asia
• Expand product
portfolio and
manufacturing
capabilities with
focus on higher
margin,
differentiated
offerings

9. 9
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Aviato will proactively anticipate and mitigate potential buyer concerns associated with Stormcat Manufacturing
Potential Buyer Concerns
Economic/Environmental
Factors
Financial Factors
Challenges: Economic downturn,
drought
Key Messaging:
• Economic Downturn
• Stormcat targets larger,
more successful farmers
• Large farms have more
steady purchasing
patterns throughout all
economic environments
• Drought
• Stormcat has strong
domestic geographic
diversity
Challenges: Financing rates,
exchange rate fluctuations
Key Messaging:
• Customer Financing Rates
• Rise in prime rate is
expected, but magnitude
and frequency are
expected to be minimal
• Exchange Rate Fluctuations
• Over 90% of revenues
are from domestic buyers
Challenges: Industry opposition to
Stormcat dealers handling other
companies’ equipment
Key Messaging:
• Established a strong niche, via:
• Superior product quality
and performance
• Unparalleled customer
service and product
knowledge
• Unmatched delivery
time
Fortified position in major line
dealerships
Marginal increase in financing
rates, minimal exposure to foreign
exchange fluctuations
Revenue streams resistant to
economic downturns and
environmental conditions
Major Line Opposition

10. Overview of Potential Buyers
Stormcat Manufacturing would be a strong acquisition for both strategic and financial investors
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Strategic Buyers Financial Buyers
Return on Investment
Growth Opportunities
Economies of Scale
Culture & Management
Transaction Speed
Portfolio Integration
• Acquirer will realize a higher return on
investment due to synergies
associated with acquisition
• By becoming part of a larger whole,
Stormcat will likely be able to
access new markets, locations and
products
• Larger companies will likely have met
scale and can pass this benefit off to
Stormcat in order to decrease costs
• Employees will likely be kept with
the company, along with most
management
• Financial firms are experienced in
M&A transactions and will likely
streamline the sales process
• Stormcat would benefit if the
financial sponsor’s portfolio
contains companies with which it
could realize synergies
Buyer Universe
Strategic Financial
Strategic Financial
Geographic Fit
Clientele Similarity
Management Fit
Industry Focus
Average Total
10

11. Strategic Buyers
Stormcat Manufacturing is primed to be compatible for both horizontal and vertical integration acquisitions
Horizontal Integration
Vertical Integration
Company Company Overview Financial Statistics M&A Activity Strategic Rationale
Company Company Overview Financial Statistics M&A Activity Strategic Rationale
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Develops, manufactures, and
markets construction and
mining equipment;
headquartered in Tokyo, Japan
• Total Revenue: $16,889.4mm
• EBITDA: $2,950.7mm
• Leverage:$4,165.6mm
• Increasing dealer network
• Accessing new markets
and customers
• Announced acquisition of
Lehnhoff Hartstahl GmbH &
Co. on November 9, 2015
Engages in the automotive and
farm equipment industry;
headquartered in Mumbai,
India
• Total Revenue: $10,685.3mm
• EBITDA: $1,345.4mm
• Leverage: $5,714.1mm
• Acquired Mitsubishi Agricultural
Machinery Company on
October 1, 2015
• Acquire customer for steel
manufacturing component
of the business
• Build customer base in US
Operates as a construction
and industrial equipment rental
company; headquartered in
Stamford, Connecticut
• Total Revenue: $5,812.0mm
• EBITDA: $1,775.0mm
• Leverage: $7,753.0mm
• Acquired Blue-Stream Services
on May 6, 2014
• Expand product offering to
agricultural equipment
• Access to new customers
11
Manufactures and distributes
portable grain handling,
storage, and conditioning
equipment; headquartered in
Winnipeg, Canada
• Total Revenue: $369.79mm
• EBITDA: $38.60mm
• Leverage: $265.55mm
• Acquired Entringer Industrial on
March 9, 2016
• Complementary product
line
• Leverage sales and
distribution network
Manufactures and distributes
agriculture, construction, and
forestry equipment worldwide;
headquartered in Moline, Illinois
• Total Revenue: $27,626.9mm
• EBITDA: $3,478.4mm
• Leverage: $37,865.8mm
• Acquired Hagie Manufacturing
Company on March 29, 2016
• Acquired Monosem on
February 3, 2016
• Inorganic growth, greater
market share
• Integration of operations
• Integration of Stormcat’s
customer service reputation

12. Financial Buyers
Stormcat Manufacturing is positioned to grow significantly under the expertise of a financial buyer
Financial Sponsors
Company Assets Under Management Investment Criteria Strategic Rationale Current Holdings
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Not disclosed
• Enterprise value between
$50mm and $750mm
• EBITDA between $10mm
and $150mm
• Seeks companies with
growth potential due to
consumption trends
• Focuses on late-stage
growth and ownership
transitions
12
$1.1bn
• Seeks to invest between
$25mm and $100mm
• Revenues between
$50mm and $1bn
• EBITDA ranging from
$10mm to $40mm
• Focuses on investing in
middle market industrial
business-to-business
companies
• Recent purchase of
Salford, an agricultural
machinery company
• Revenues between
$10mm and $150mm
• Prefers family owned
businesses with
succession concerns
• Recent acquisitions of
grain processing plants
with substantial cross-
selling opportunities
• Previous experience with
a dealer network
Not disclosed
$0.8bn
• Enterprise value between
$38mm and $377mm
• Seeks to invest between
$15mm and $94mm
• Operating profits of at least
$3.8mm
• Recent acquisition of
Ingersoll Tillage Group
• Seeks partnership with
talented management
teams in businesses
throughout North America

13. ($ in millions, except per share)
($ in millions)
Stock 52-week Prices % of High Market Enterprise EV / LTM EV / FY2016E
Price High Low 52-week 3-Year Cap Value Revenue EBITDA Revenue EBITDA
Ag Growth International Inc. $ 30.15 $ 41.61 $ 19.03 72% 52% $ 441 $ 681 1.8x 17.6x 1.6x 9.8x
AGCO Corporation 51.51 57.90 41.85 89% 80% 4,248 5,652 0.8x 9.3x 0.8x 10.4x
Alamo Group, Inc. 60.40 61.82 43.98 98% 94% 696 819 0.9x 7.8x 0.9x 8.5x
Art's-Way Manufacturing Co. Inc. 3.02 5.94 2.46 51% 39% 12 20 0.7x nmf nmf nmf
Bucher Industries AG 235.53 260.07 195.63 91% 69% 2,381 2,430 1.0x 8.3x 1.0x 8.1x
CNH Industrial N.V. 7.14 9.72 5.67 73% 54% 9,716 31,993 1.2x 14.2x 1.3x 15.1x
Deere & Company 80.27 98.23 70.16 82% 82% 25,381 60,341 2.2x 17.3x 2.6x 19.9x
Exel Industries Société Anonyme 81.78 89.47 48.09 91% 87% 555 760 0.9x 8.7x 0.9x 8.9x
Kubota Corporation 14.73 19.98 11.57 74% 1% 18,337 24,761 1.7x 10.2x 1.6x nmf
METISA Metalúrgica Timboense S.A. 2.93 3.20 1.96 92% 17% 26 18 0.3x 5.7x nmf nmf
Takakita Co., Ltd. 4.75 7.83 2.92 61% 1% 55 0 0.0x 0.0x nmf nmf
Thinker Agricultural Machinery Co., Ltd. 4.20 16.46 3.54 26% 4% 840 733 8.2x nmf nmf nmf
Maruyama Mfg. Co., Inc. 1.59 2.23 1.37 71% 1% 78 126 0.4x 6.5x nmf nmf
VST Tillers Tractors Limited 27.22 28.69 18.99 95% 1% 235 214 2.3x 12.7x 2.3x 12.9x
Mean 76% 41% 1.6x 9.9x 1.4x 11.7x
Median 78% 45% 1.0x 9.0x 1.3x 10.1x
1-Yr Rev Total Cash & LTM EBITDA Gross FY2016E
Growth Debt Equivalents Revenue EBITDA Margin Margin Revenue EBITDA
Ag Growth International Inc. 16.3% $ 266 $ 27 $ 370 $ 39 10.4% 27.2% $ 437 $ 70
AGCO Corporation (19.5%) 1,586 248 7,324 609 8.3% 20.9% 6,928 543
Alamo Group, Inc. 1.0% 173 50 883 104 11.8% 23.6% 893 96
Art's-Way Manufacturing Co. Inc. (27.4%) 8 1 27 0 1.2% 24.5% nmf nmf
Bucher Industries AG (11.9%) 385 346 2,487 292 11.7% 49.9% 2,490 300
CNH Industrial N.V. (17.8%) 26,037 3,622 25,786 2,255 8.7% 17.5% 23,998 2,124
Deere & Company (16.2%) 37,866 2,791 27,627 3,478 12.6% 22.5% 23,354 3,036
Exel Industries Société Anonyme (1.5%) 265 66 809 87 10.7% 32.6% 882 86
Kubota Corporation 9.3% 6,715 1,057 14,429 2,421 16.8% 31.8% 15,657 2,468
METISA Metalúrgica Timboense S.A. (19.9%) 39 46 60 3 5.4% 23.0% nmf nmf
Takakita Co., Ltd. (5.6%) 20 3 68 5 7.7% 29.6% nmf nmf
Thinker Agricultural Machinery Co., Ltd. (6.6%) 2 58 89 11 12.6% 23.8% nmf nmf
Maruyama Mfg. Co., Inc. 12.2% 65 18 314 19 6.2% 26.4% nmf nmf
VST Tillers Tractors Limited 1.8% n/a n/a 92 17 18.4% 32.9% 94 17
Mean (6.1%) 10.2% 27.6%
Median (6.1%) 10.6% 25.5%
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
13
Comparable Public Companies Analysis
The agricultural equipment companies with the most similar valuation metrics to Stormcat are currently trading at
a median TEV/EBITDA multiple of 9.0x

14. Precedent M&A Transaction Analysis
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
14
Announced Enterprise EV / LTM EBITDA
Date Target Company Business Description Acquiring Company Value Revenue EBITDA Margin
Apr-16 Kukje Machinery Co. Manufactures agriculture machinery Tong Yang Moolsan Co. 430 2.25x 26.7x 8.4%
Dec-15 Saf-Holland Canada Limited Manufactures soil loosening and cultivation equipment. Located in Canada. Salford Group
-
- - -
Dec-15 Blount International
Manufactures equipment and component parts used in forestry, farm, ranch, agriculture,
garden, and construction applications.
American Securities; P2 Capital
Partners 857
1.00x 8.2x 12.1%
Jun-15 North American Tillage Tools
Operating as Ingersoll Tillage Group Inc., manufactures agricultural disc blades and related
products
ONCAP
140
- - -
May-15 Mitsubishi Agricultural Machinery Co. Manufactures and sells agriculture machines and facility plants Mahindra & Mahindra
-
- - -
Apr-14 Agmech Engages in the manufacture of farm machinery and equipment in New Zealand Clough Agriculture
-
- - -
Nov-13 Salford Farm Machinery Ltd. Manufactures farm machinery for the global agricultural marketplace GenNx360 Capital
-
- - -
Aug-13 Soil Care Systems International Pty
Manufactures agriculture machinery for improved ad sustainable agriculture for farmers and
agricultural researchers
Davimac Pty.
-
- - -
Jul-13 Kukje Machinery Co. Manufactures agriculture machinery Union Steel Co.
27
0.16x - -
Aug-11 Woods Equipment Co.
Engages in the manufacture and distribution of attachments and replacement parts for
agricultural, grounds maintenance and construction markets
Blount International
185
1.15x 8.7x 13.2%
Mean 137 1.14x 14.55x 11.2%
Median 1.07x 8.7x 12.1%
The agricultural equipment companies that mostly resemble Stormcat recently sold for a median TEV/EBITDA
multiple of 8.7x

15. Market Entrance
Given the current conditions, Stormcat Manufacturing is in a good position to go to market as soon as possible
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Assess the Need & Urgency for M&A
FavorableUnfavorable
• Encroachment by existing and
new competitors
• Supplier consolidation
• Unfavorable regulatory
outcomes over sustained
periods
• Expansion by non-traditional
entrants
• Supplier consolidation
• Stable regulatory conditions
in U.S. market
 Suppliers/retailers seek
collaboration to grow in
international markets
 Moderate regulatory
conditions in the U.S. market;
improving operational
conditions in international
markets
Weeks 1-4 Weeks 4-8 Weeks 8-12 Weeks 12-14 Weeks 14-16 Post-Acquisition
Phase 1 – Prepare the Company for Sale
• Company due diligence
• Create price validations
• Finalize buyer list
Phase 3 – Conduct Formal Marketing
• Gather list of interested companies
• Schedule management meetings
• Analyze information requests
Phase 5 – Final Negotiations
• Evaluate final bids
• Negotiate with final buyers
• Assist in closing of transaction
Phase 2 – Market the Company for Sale
• Initiate buyer contract
• Distribute investment overview
• Gather data room materials
Phase 4 – Due Diligence and Final Bids
• Request final bids
• Distribute draft of sale agreement
• Review final offers and sale agreements
Transition Period
• Turnover assistance
Transaction Timeline
Drivers for M&A
• Differentiation
− Innovation, scale, unique
alignment with channels
• Industry Globalization
− Cross-boarder activity increase
• Industry Disruption
− Shifts such as product
expansion and consolidations
• Growth in Financial Buyers
− PE acquisitions becoming more
common to create scale and
enhance value
15

16. Final Recommendations
We recommend Stormcat Manufacturing to go to market with an expected valuation of $76 million to $85 million
Executive
Summary
Industry
Overview
Strategic
Positioning
Potential
Buyers
Valuation
Final
Analysis
Sale Information Why Aviato Capital?
Company Positioning Valuation
• Stormcat is currently positioned as a leading
agricultural equipment manufacturer primed for future
growth
• Growth can be realized through new product
introduction and expanding platform to new markets
• Management, dealership network and brand
development will be key factors in determining future
success
• Aviato Capital recommends acquisition by financial
sponsor
Financial
Buyer
EBITDA
Multiple:
9.0x –
10.0x
Enterprise
Value:
$76mm-
$85mm
• Investment Criteria:
Enterprise value
between $25mm and
$100mm
• Experience in
agricultural equipment
• Stormcat is a middle market agricultural equipment manufacturer
based in Jasper, Indiana
• Median EV/EBITDA multiple calculated through comparable company
and precedent transaction analysis for the industry is 9.0x-10.0x
• Median multiple provides the valuation of Stormcat Manufacturing to be
between $76mm and $85mm