The Remanufacturing Experience at AAPEX 1:15 p.m. Trends in the Automotive and Commercial Vehicle Aftermarket Gary Meteer Director, Commercial Vehicle Solutions IHS Automotive Mike Wall Director, Automotive Analysis IHS Automotive 9
November 2, 2015 ihs.com Commercial Vehicle Overview (Past, Present and Future) Gary R. Meteer Sr. Director Commercial Products 1 248 728 7405 gary.meteer@ihs.com
Commercial Vehicle Intelligence Trucking Industry Profile (TIPNet) VIN Based Specifications Make Model Series Engine Manufacturer Engine Model Fuel Type Vehicle Type Wheel Driving Vehicle Class Cab Configuration Year Model Capabilities and Applications for all departments within a Company Custom Geography Life Cycle Analysis Lead Generation Business Information (SIC Code/Vocation) Fleet size analysis (National vs. Local Opportunities) Custom Visuals and Reports Aftermarket Parts Replacement Demand (U.S. Only)
Commercial Vehicle Intelligence New Registrations Business Owners 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 GVW 3 GVW 4-7 GVW 8
Commercial Vehicle Intelligence GVW New Registrations 700000 600000 500000 400000 300000 200000 100000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Index GVW 4-8 GVW 3
Commercial Vehicle Intelligence New Registrations by GVW 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 QTR 2 GVW 4 GVW 5 GVW 6 GVW 7 GVW 8
Commercial Vehicle Intelligence New Registrations of GVW 8 Vehicles 300000 45.0% 40.0% 250000 35.0% 200000 30.0% 25.0% 150000 20.0% 100000 15.0% 10.0% 50000 5.0% 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Index 0.0% IND GVW 8 FLEETS 500+ Share
Commercial Vehicle Intelligence New Registrations GVWs 4-8 by Manufacturer 160000 140000 120000 100000 80000 60000 40000 20000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Index FORD FREIGHTLINER INTERNATIONAL KENWORTH MACK PETERBILT VOLVO
Commercial Vehicle Intelligence New Registrations by Vehicle Type for GVWs 4-8 45.0% 40.0% 39.0% 2015 43.0% 45.0% 40.0% 42.0% 2005-2014 35.0% 35.0% 35.0% 30.0% 30.0% 25.0% 25.0% 23.0% 20.0% 18.0% 20.0% 15.0% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% CAB CHASSIS/STRAIGHT TRUCK TRACTOR TRUCK OTHER 0.0% CAB CHASSIS/STRAIGHT TRUCK TRACTOR TRUCK OTHER
Commercial Vehicle Intelligence GVW Applications/Vehicle Types
Commercial Vehicle Intelligence New Registrations by Vehicle Type for GVWs 4-8 100.0% 80.0% GVW 4 100.0% 80.0% GVW 5 60.0% 60.0% 40.0% 40.0% 20.0% 20.0% 0.0% CUTAWAY STRAIGHT TRUCK TOTAL 0.0% CAB CHASSIS STRAIGHT TRUCK TOTAL 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% GVW 6 MOTOR HOME STRAIGHT TRUCK TOTAL 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% GVW 7 BUS SCHOOL STRAIGHT TRUCK TOTAL 100.0% 50.0% GVW 8 0.0% STRAIGHT TRUCK TRACTOR TRUCK TOTAL 2005-2014 2015 6 mo's
Commercial Vehicle Intelligence Top Vocations for GVW 4-8 New Registrations 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 BUS TRANSPORTATION GENERAL FREIGHT INDIVIDUAL LEASE/RENTAL WHOLESALE/RETAIL/SERVICES
Commercial Vehicle Intelligence New Registrations by Fuel Type for GVWs 4-8 100.0% 2015 100.0% 2005-2014 90.0% 84.0% 90.0% 86.0% 80.0% 80.0% 70.0% 70.0% 60.0% 60.0% 50.0% 50.0% 40.0% 40.0% 30.0% 30.0% 20.0% 10.0% 0.0% 12.0% 1.0% DIESEL GASOLINE COMPRESSED NATURAL GAS 3.0% OTHER 20.0% 10.0% 0.0% 12.0% 1.0% 1.0% DIESEL GASOLINE COMPRESSED NATURAL GAS OTHER
Commercial Vehicle Intelligence New Registrations Diesel Engine Manufacturer s Share of GVWs 4-8 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 QTR 2 CATERPILLAR CUMMINS DETROIT DIESEL FORD INTERNATIONAL ISUZU PACCAR
Commercial Vehicle Intelligence New Registrations Diesel share of GVWs 4-8 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 QTR 2 GVW 4 GVW 5 GVW 6 GVW 7 GVW 8
Commercial Vehicle Intelligence IHS Geographic Boundaries CENTRAL WEST N EAST SOUTH
Commercial Vehicle Intelligence New Registrations GVW Percent Change (%) by Region GVW 3 GVW 4 GVW 5 GVW 6 GVW 7 GVW 8 Total Northeast -2.6 10.1 2.7-15.4-2.0 21.1 3.0 Central 17.3 11.6-6.2 22.8 20.5 36.4 24.6 South 9.8 13.3-1.3 23.0 19.4 7.9 10.1 West 12.8-3.2 5.8-4.5-2.2 7.4 6.2 Total 9.7 5.8.1 7.3 11.4 20.2 12.1 Shaded areas denote higher percent change versus industry by GVW (Jan-June 2016 vs 2015)
Commercial Vehicle Intelligence GVW 3-8 New/Used Transactions by Quarter 400,000 80.00% 350,000 70.00% 300,000 60.00% 250,000 50.00% 200,000 40.00% 150,000 30.00% 100,000 20.00% 50,000 10.00% 0 0.00% Total New & Used Units Used % of Total
Commercial Vehicles Intelligence Vehicles in Operation by Year Model as of June 2015 350000 300000 250000 200000 150000 100000 50000 0 199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016 GVW 4-7 GVW 8
Commercial Vehicle Intelligence Vehicles in Operation by Vehicle Manufacturer and GVW as of June 2015 1400000 1200000 1000000 800000 600000 400000 200000 0 FORD FREIGHTLINER INTERNATIONAL KENWORTH MACK PETERBILT VOLVO GVW 4 GVW 5 GVW 6 GVW 7 GVW 8
Commercial Vehicles Intelligence Vehicles in Operation by Engine Manufacturer and Age Range as of June 2015 80.0% 70.0% 60.0% Engine Manufacturer Population 1990-2106 Models Caterpillar 1.1M Cummins 1.9M Detroit Diesel.8M Ford.8M International 1.5M 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% CATERPILLAR CUMMINS DETROIT DIESEL FORD INTERNATIONAL 1990-1999 2000-2009 2010-2016
Commercial Vehicle Intelligence GVW 4-8 Vehicles in Operation by Region Fleets of 500+ Percent (%) of Region 70.0% 60.0% 60.0% 50.0% 50.0% 40.0% 40.0% 30.0% 30.0% 20.0% 20.0% 10.0% 10.0% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CENTRAL NORTHEAST SOUTH WEST TOTAL 0.0%
Commercial Vehicle Intelligence Average Age of the Vehicle Population by GVW 25 12.5 Ave Age 14.8 Ave Age 20 18.3 21.2 15.9 15 12.7 12.9 13.2 11.8 12.8 10 10.3 10.7 5 0 GVW 4 GVW 5 GVW 6 GVW 7 GVW 8 GVW 4 GVW 5 GVW 6 GVW 7 GVW 8 2007 CYE 2015 as of June 2015
Commercial Vehicle Intelligence GVW 4-8 Fleet Size Comparison New Registrations Vehicles In Operation Fleet Size 1 2-499 Jan-June 2015 % OF TOTAL (%) as of June 2015 % OF TOTAL (%) 63.8 82.7 500+ 36.2 17.3 Total Vehicles 100.0 100.0
Commercial Vehicle Intelligence Aftermarket Parts Replacement Demand Electrical Brake (ABS/Hydraulic) Brake (Air) STARTERS ABS.ECU AIR BRAKE.AIR COMPRESSOR ALTERNATORS ABS.MODULAR VALVE AIR BRAKE.AIR DRYER BATTERIES ABS.WHEEL SENSORS AIR BRAKE.AIR TANKS BELTS HYDRAULIC BRAKE.BOOSTER AIR BRAKE.CAM BUSHING HYDRAULIC BRAKE.CALIPER AIR BRAKE.CAMSHAFT Cooling HYDRAULIC BRAKE.DRUM AIR BRAKE.CHAMBER RADIATOR HYDRAULIC BRAKE.HOSES AIR BRAKE.CHECK VALVES THERMOSTAT HYDRAULIC BRAKE.MASTER CYLINDER AIR BRAKE.DASH VALVES RADIATOR HOSES HYDRAULIC BRAKE.PAD AIR BRAKE.DRUMS HYDRAULIC BRAKE.RELINED SHOE AIR BRAKE.DRYER CARTRIDGE Steering HYDRAULIC BRAKE.ROTOR AIR BRAKE.FOOT BRAKE VALVES POWER STEERING GEAR HYDRAULIC BRAKE.SPRINGS PIN AIR BRAKE.HOSES POWER STEERING PUMP HYDRAULIC BRAKE.VALVES AIR BRAKE.OTHER AIR VALVES TIE ROD HYDRAULIC BRAKE.WHEEL CYLINDER AIR BRAKE.RELAY VALVES DRAG LINK AIR BRAKE.RELINED SHOE AIR BRAKE.ROLLER PINS SPRINGS Suspension/Wheel End/Exhaust Diesel Engine Parts AIR BRAKE.SLACK ADJUSTERS SHOCK ABSORBERS (front/rear) CYLINER HEAD AIR BRAKE.SPIDER SEALS EGR VALVES AIR BRAKE.SPRING BRAKE WHEEL BEARINGS ENGINE CONTROL MODULE AIR BRAKE.SPRING BRAKE VALVES EXHAUST PIPE FAN CLUTCH MUFFLER FUEL INJECTOR FUEL PUMPS Tires (Trailers) Tires INTAKE EXHAUST VALVES TRAILER REPLACEMENT DRIVE REPLACEMENT OIL PUMP TRAILER RETREAD DRIVE RETREAD TURBOCHARGER STEER REPLACEMENT WATER PUMP STEER RETREAD ENGINE KITS ENGINE KITS (IN-FRAME AND OUT-OF-FRAME) REPLACEMENT ENGINE Filters (By Fuel Type) OIL Motor Oil FUEL GAS AIR DIESEL
Commercial Vehicle Intelligence Aftermarket Replacement Demand GVW 3-8 Remanufactured Opportunity in the U.S. PART NAME LOCAL REMAN UNITS (000's) LOCAL REMAN $$ (000 s) OE REMAN UNITS (000's) OE REMAN $$ (000 s) ABS.ECU ALTERNATOR FUEL INJECTORS FUEL PUMP OIL PUMP STARTER TURBOCHARGER WATER PUMP Products tracked by IHS Account for $2.878 Billion in Remanufactured opportunities TOTAL REMANUFACTURED 6,520 936,584 9,100 1,941,341 8 Parts Percent of Total 30% 48% 46% 55%
Commercial Vehicle Intelligence-Canada GVW New Registrations 70000 60000 50000 40000 30000 20000 10000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Index GVW 4-8 GVW 3
Commercial Vehicle Intelligence-Canada New Registrations by GVW 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Index GVW 3 GVW 4 GVW 5 GVW 6 GVW 7 GVW 8
Commercial Vehicle Intelligence Medium and Heavy Duty Global Definitions GVWR Standard Metric Class 1 0 6,000 lbs 0-2722 kg Class 2 6,001 10,000 lbs 2722-4536 kg Class 3 10,001 14,000 lbs 4536 6350 kg Class 4 14,001 16,000 lbs 6351 7257 kg Class 5 16,001 19,500 lbs 7258 8845 kg Class 6 19,501 26,000 lbs 8846 11793 kg Class 7 26,001 33,000 lbs 11794 14969 kg Class 8 33,001 lbs 14970 kg -
Commercial Vehicle Intelligence World truck Sales
Commercial Vehicle Intelligence GVW 4-7 sales will continue to gain ground. GVW 8 should peak in 2015 US retail sales class 4-7 US retail sales class 8 250 300 Thousans of units 200 150 100 Thousans of units 250 200 150 100 50 50 0 0 Source: IHS Source: IHS
Commercial Vehicle Intelligence-Canada Better days ahead Canada retail sales class 4-7 Canada retail sales class 8 18 40 16 35 Thousans of units 14 12 10 8 6 4 Thousans of units 30 25 20 15 10 2 5 0 0 Source: IHS Source: IHS
Commercial Vehicle Intelligence Quarterly Market Report
Commercial Vehicle Intelligence THANK YOU IHS Commercial The Industry Standard for Commercial Vehicle Information
NOVEMBER 2015 Automotive Industry Outlook: Navigating a Volatile Global Environment Mike Wall, Director, Automotive Analysis +1 248 728 8400 Direct +1 616 446 6885 Mobile Mike.Wall@ihs.com. ALL RIGHTS RESERVED.
Annual Real GDP Growth (in percent) World Economic Growth Global Growth Impacted by Emerging Market Volatility 10.0 8.0 6.0 4.0 2.0 0.0-2.0-4.0 2012 2013 2014 2015 2016 2017-2022 World Average 2015 = 2.5% Automotive Industry Outlook / November 2015 Growth slows in China -6.0 World United States Japan Eurozone Brazil Russia India China Source: IHS Data Insight. ALL RIGHTS RESERVED. 44
Automotive Industry Outlook / November 2015 Large Markets Light Vehicle Sales Forecast China Remains Dominant; Little Sales Growth Expected for Developed Markets Annual Light Vehicle Sales Volume (in millions, 2006 2022) 35 30 25 Top 8 markets account for close to 70% of global sales 23.6 20 2015: 17.3 million 15 10 5 2015 5.0 3.4 2.3 2.4 1.6 3.1 0 United States Japan Germany France Brazil Russia India China Source: IHS Automotive Light Vehicle Sales Forecast. ALL RIGHTS RESERVED. 45
Automotive Industry Outlook / November 2015 Light Vehicle Fleets Overall Fleet Growth Favors Emerging Markets, Particularly China and India Total Car + LCV in Operation (millions) 300 250 200 150 100 50 0 World Total 2014 1.08 Billion 2022 1.41 Billion China and India to see fleets double over forecast horizon oil import cost exposure improving dramatically. Policies to promote more fuel efficient vehicles facing more difficult economics. United States China Japan Germany France India Brazil Russia 2014 Source: CY 2002-2014-2022, IHS Automotive. ALL RIGHTS RESERVED. 46
Automotive Industry Outlook / November 2015 Products In-Market More Variety to Continue Rising in BRIC and Other Developing Markets Count of Nameplates (2006-2022) 1,000 900 800 700 600 500 2014 400 300 200 100 0 United States Japan Germany France Brazil Russia India China Source: IHS Automotive. ALL RIGHTS RESERVED. 47
Supplier Dynamics Mega Platforms Drive Production Growth Automotive Industry Outlook / November 2015 120 55% 60.0% 100 47% 50% 50.0% Million Units 80 60 40 20 18% 18% 27% 39% 40% 38% 40.0% 30.0% 20.0% 10.0% % Share of Global Output 0 2006 2008 2010 2012 2014 2016 2018 2020 2022 1M+ Platform < 1M Platform Share 0.0%. ALL RIGHTS RESERVED. 48
Beyond the Recovery Global Production Growth Millions 110 100 19million Automotive Industry Outlook / November 2015 107 Millions -2 0 2 4 6 8 10 90 80 88 Greater China South Asia Europe 2.9 4.8 8.6 70 28million North America South America 1.6 1.2 60 50 60 Middle East/Africa Japan/Korea 2007 2009 2011 2013 2015 2017 2019 2021 0.7-0.6. ALL RIGHTS RESERVED. 49
Automotive Industry Outlook / November 2015 U.S. Consumer Behavior Intention to Buy a New Vehicle Remains High; Stronger Wages will Improve Ability Percent of respondents saying Yes 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 Six-month moving average Actual Not just a needs - based recovery, but also wants driven 1.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Conference Board Survey of intention to buy within 6 months. ALL RIGHTS RESERVED. 50
Automotive Industry Outlook / November 2015 U.S.: Light Vehicle Sales Outlook New Housing Starts and Full-Size Pickup Sales U.S. Full-Size Pickup Sales Full-Size P/U Sales New Housing Starts New Housing Starts (000s) Strong correlation between housing starts and Full-Size Pickup sales Housing starts are recovering (slowly) not expected to reach previous peak; Full- Size Pickup sales recovering with improving commercial fleet sales and redesigned vehicle offerings (with more forthcoming) further bolstered by low gas prices. ALL RIGHTS RESERVED. 51
Automotive Industry Outlook / November 2015 U.S.: Light Vehicle Sales Outlook 20 Units in Millions 16 12 8 17.3 17.1 16.8 16.6 16.9 17.0 16.6 16.2 13.2 10.4 11.6 12.8 14.5 15.6 16.5 17.3 17.8 18.2 18.1 17.7 17.2 17.1 17.0 4 0 Source: IHS Automotive Light Vehicle Sales Forecast Sales growth rate moderates somewhat in the near term, yet we are expecting the market to surpass the pre-crash peak in 2016 Average vehicle age of 11.5 years provides some sales support market transitions from those who need to buy to those who want to buy ; credit availability is a further enabler Improving economy, expanding population, wave of new products and favorable demographics support the longer term outlook; engagement of Gen Y is in the spotlight Baby boomers ration auto purchases; priorities shift to a retirement lifestyle. ALL RIGHTS RESERVED. 52
U.S.: Light Vehicle Sales Outlook Change in Driving Volume Automotive Industry Outlook / November 2015 Miles Traveled (Billions) After seeing sustained flat miles driven under 3 trillion miles, 2014 exceed 3 trillion for the first time since 2007 Source: IHS Automotive and FHWA. ALL RIGHTS RESERVED. 53
Aftermarket Dynamics U.S. Light Vehicles in Operation (VIO) 300 250 VIO will Increase 9.2% by 2020 Automotive Industry Outlook / November 2015 200 MILLIONS 150 100 50 0 Data as of January1 each year. History Forecast Source: IHS Automotive. ALL RIGHTS RESERVED. 54
VIO Import Growth Forecast Automotive Industry Outlook / November 2015 Millions 180 160 140-15% 120 100 80 89% 60 40 20 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Domestic Import Source: IHS Automotive. ALL RIGHTS RESERVED. 55
Change in Consumer Behavior Automotive Industry Outlook / November 2015 Average Length of Ownership Trend - Months 78 69 64 96 90 84 78 72 66 60 54 48 42 36 30 24 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 New Buyers Used Buyers Total (New and Used). ALL RIGHTS RESERVED. 56 Average Months Owned
Automotive Industry Outlook / November 2015 Average Age History 12.0 11.5 Cars & Light Trucks Combined 11.1 11.3 11.4 11.5 11.0 10.9 10.6 Years 10.5 10.0 9.6 9.7 9.7 9.8 9.8 9.9 10.0 10.3 9.5 9.0 8.5 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: IHS Automotive. ALL RIGHTS RESERVED. 57
Automotive Industry Outlook / November 2015 Average Vehicle Age Growth Slows 2014 Rapid acceleration of average light vehicle age in the U.S. is slowing. 2007 % 15 3 3 % 2002 2019 % 2007 2014 Source: IHS Automotive. ALL RIGHTS RESERVED. 58
Average Vehicle Age Growth Slows Automotive Industry Outlook / November 2015 2014 11.4 2015 11.5 2016 2019 11.6 11.8 Source: IHS Automotive. ALL RIGHTS RESERVED. 59
Impact on U.S. VIO Age Groups 2015 2020 Automotive Industry Outlook / November 2015 Vehicles new to 5 years old grow 24 % Vehicles 6-11 years old decline 11 % Vehicles 12 + years old grow 15 % Source: IHS Automotive Is the aftermarket sweet spot really shrinking or just changing?. ALL RIGHTS RESERVED. 60
Automotive Industry Outlook / November 2015 Average Age Impact on Population of Older Vehicles 2002 2020 2002 New 5 Year Old 84m units 2015 New 5 Year Old 70m units 2020 New 5 Year Old 86m units Source: IHS Automotive Segment remains flat after decline due to recession s impact on new vehicle sales. ALL RIGHTS RESERVED. 61
Automotive Industry Outlook / November 2015 Average Age Impact on Population of Older Vehicles 2002 2020 2002 16+ Year Old 35m units 2015 16+ Year Old 57m units 2020 16+ Year Old 76m units 19 million units will be 25 years or older by 2020! Source: IHS Automotive. ALL RIGHTS RESERVED. 62
Summary Automotive Industry Outlook / November 2015 Multi-speed world creates opportunities and threats In the near-term, North America serves as a critical offset to the volatility presented by select key Emerging Markets. Growth prospects remain compelling for proactive suppliers Opportunities in markets such as China, India and others, further bolstered by global platform deployment, require a globalized support strategy. Influx of new product offerings creates margin pressure for weaker players competition will only intensify! Sustainable profit paths are even more critical in a hyper-competitive and volatile marketplace Increased activity around both strategic acquisitions and divestitures resulting in a more focused business. Aftermarket and remanufactured market as an additional profit path and a further differentiator.. ALL RIGHTS RESERVED. 63
Thank You! Mike Wall Director, Automotive Analysis IHS Automotive mike.wall@ihs.com +1 248 728 8400 Direct +1 616 446 6885 Mobile IHS Customer Care: Americas: +1 800 IHS CARE (+1 800 447 2273); CustomerCare@ihs.com Europe, Middle East, and Africa: +44 (0) 1344 328 300; Customer.Support@ihs.com Asia and the Pacific Rim: +604 291 3600; SupportAPAC@ihs.com COPYRIGHT NOTICE AND DISCLAIMER. All rights reserved. No portion of this presentation may be reproduced, reused, or otherwise distributed in any form without prior written consent of IHS. Content reproduced or redistributed with IHS permission must display IHS legal notices and attributions of authorship. The information contained herein is from sources considered reliable, but its accuracy and completeness are not warranted, nor are the opinions and analyses which that are based upon it, and to the extent permitted by law, IHS shall not be liable for any errors or omissions or any loss, damage, or expense incurred by reliance on information or any statement contained herein. In particular, please note that no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, forecasts, estimates, or assumptions, and, due to various risks and uncertainties, actual events and results may differ materially from forecasts and statements of belief noted herein. This presentation is not to be construed as legal or financial advice, and use of or reliance on any information in this publication is entirely at your own risk. IHS and the IHS logo are trademarks of IHS.
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