investor presentation august 2017 and steel casing are in place, a perforang gun is deployed into...
TRANSCRIPT
![Page 1: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/1.jpg)
© 2015 DMC. All rights reserved. INGENUITY IN ACTION.
Investor Presentation August 2017
![Page 2: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/2.jpg)
DMCGlobal.com2017InvestorPresenta9on
CAUTIONARYSTATEMENTREGARDINGFORWARD-LOOKINGINFORMATION
2
Thispresenta9oncontains,andtheCompanymayfrom
9meto9memake,wriDenororal"forward-looking
statements"withinthemeaningofSec9on27Aofthe
Securi9esActof1933,asamended,andSec9on21Eof
theSecuri9esExchangeActof1934,asamended.These
statementsincludeinforma9onwithrespecttoour
financialcondi9onandresultsofopera9ons,our
expecta9onsregardingtheoilandgasmarket,
DynaEnerge9csgrowthini9a9ves,NobelClad’sgrowth
ini9a9ves,andDMC’stenetstoguideshareprice
performance.Wordssuchas"an9cipates,""expects,"
"intends,""plans,""believes,""seeks,""es9mates,"
"may,""will,""con9nue,""project"andsimilar
expressions,aswellasstatementsinthefuturetense,
iden9fyforward-lookingstatements.
Theseforward-lookingstatementsarenotguaranteesof
ourfutureperformanceandaresubjecttorisksand
uncertain9esthatcouldcauseactualresultstodiffer
materiallyfromtheresultscontemplatedbythe
forward-lookingstatements.Theserisksand
uncertain9esinclude,butarenotlimitedto:
Seecolumntotheright>
•TheabilitytoobtainnewcontractsataDrac9veprices;•Ourabilitytorealizesalesfrombacklog;•Productpricingandmargins•Thesizeand9mingofcustomerorders;•Fluctua9onsincustomerdemand;•Compe99vefactors;•The9melycomple9onofcontracts;•Theavailabilityandpriceofmetalandotherrawmaterial;•Currentorfuturelimitsonmanufacturingcapacity;•Theadequacyoflocallaborsuppliesatourfacili9es;•Theavailabilityandcostoffunds;•Generaleconomiccondi9ons,bothdomes9callyandabroad;•Theoutcomeofongoingli9ga9onandregulatorymaDers;•Thecyclicalityofourbusinesses;and•Fluctua9onsinforeigncurrencies.
Theeffectsofthesefactorsaredifficulttopredict.Newfactorsemergefrom9meto9meandwecannotassessthepoten9alimpactofanysuchfactoronthebusiness
ortheextenttowhichanyfactor,orcombina9onoffactors,maycauseresultstodiffermateriallyfrom
thosecontainedinanyforward-lookingstatement.Anyforward-lookingstatementspeaksonlyasofitsdate
andwedonotundertakeanyobliga9ontoupdateanyforward-lookingstatementtoreflecteventsor
circumstancesa_erthedateofsuchstatementortoreflecttheoccurrenceofunan9cipatedevents.In
addi9on,see"RiskFactors"foradiscussionoftheseandotherfactors.
YouareencouragedtoreadtheSECreportsofDMC,
par9cularlyitsForm10-KfortheFiscalYearEndedDecember31,2016formeaningfulcau9onarylanguage
disclosingwhyactualresultsmayvarymateriallyfromthosean9cipatedbymanagement.
![Page 3: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/3.jpg)
DMCGlobal.com
DMCisadiversifiedtechnologycompany.Wearefocusedongrowingourcompanybyinves9nginpeople,productsandbusinessesthatservenicheglobalmarkets.Today,ourpordolioconsistsofNobelCladandDynaEnerge9cs,whichaddresstheindustrialprocessing,transporta9onandenergy
marketsthroughglobalmanufacturing,salesanddistribu9onnetworks.
2017InvestorPresenta9on 3
OURSTORY
![Page 4: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/4.jpg)
DMCGlobal.com
SELECTDATA
BOOM$9.80–17.1927,410$209Million14.8Million14.0MillionDecember31$0.02$163.0Million$9.6Million
2017InvestorPresenta9on 4
Symbol(NasdaqGS):52-weekpricerange:Averagedailyvolume:Marketcapitaliza9on:Sharesoutstanding:Approximatefloat:Fiscalyear:Quarterlydividend:Revenue(Dm):AdjustedEBITDA*(Dm)
BOOM1-YearPrice&Volume
*Non-GAAPfinancialmeasure
![Page 5: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/5.jpg)
DMCGlobal.com
REVENUEBYBUSINESS
2017InvestorPresenta9on
5
2015
(54%)
$76.9(46%)
NobelCladDynaEnerge9cs
$inmillions
$90.0
2016
(58%)
$67.3(42%)
$91.3
5
![Page 6: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/6.jpg)
DMCGlobal.com
DMCEXECUTIVELEADERSHIP
2017InvestorPresenta9on 6
KEVINLONGE• NamedPresident,CEOandDirectorinMarch2013
• JoinedDMCasCOOinJuly2012
• FormerVPandandGMofSonoco's$600millionProtec9vePackagingdivision
• FormerPresidentofSonoco'sThermoSafeBrands
• Oversawglobalsales,marke9ng,engineeringandR&Dforthelifesciences,medical,foodandindustrialdurablesmarkets
• OversaweightmanufacturingcentersintheU.S.,EuropeandAsia
• FormerPresidentofthreeopera9ngdivisionsatLydall,Inc.(NYSE-LDL)
President&CEO MICHAELKUTA• JoinedDMCasCFOinMarch2014
• FormerCorporateControlleratBerkshireHathaway’sLubrizolCorpora9on,aglobal,$6billionspecialtychemicalscompany
• Wasresponsibleforbuildingandmanagingfinancialopera9onsforLubrizol’sdisbursedglobalopera9ons,includingaccoun9ng,consolida9onandfinancialrepor9ngfunc9ons,andoversightofinternalcontrols
• Formerfinancialposi9onsofincreasingresponsibilityatLincolnElectricandEatonCorpora9on
CFO MICHELLESHEPSTON• JoinedDMCin2016a_er16yearswithDenver-basedDavisGraham&StubbsLLP
• WasapartnerwithDGS,andprac9cedwiththeCorporateFinanceandAcquisi9onsGroup
• Exper9seinsecuri9eslaw,mergers&acquisi9ons,crossborderdebt&equitytransac9ons,contractnego9a9onandexecu9on
• Industryexper9seincludesenergyandnaturalresources
CLO GEOFFHIGH• JoinedDMCinNovember2014a_er21yearswithDenver-basedPfeifferHighInvestorRela9ons,Inc.
• FormerpartnerwithPfeifferHigh,andoversawsmall-capandmid-cappublic-companyaccountsacrossmul9pleindustries.ManagedtheDMCaccountfor10years
• Exper9seinins9tu9onal,analystandretailinvestorrela9ons;shareholderanalysisandtarge9ng;IRstrategydevelopmentandimplementa9on
• Industryexper9seincludesoil&gasandindustrialinfrastructure
VP,IR
![Page 7: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/7.jpg)
DMCGlobal.com
LEADERSHIPTEAM
2017InvestorPresenta9on 7
IANGRIEVESPresident,DynaEnerge9cs• JoinedDynaEnerge9csin2013• 20yearsofdiverseopera9onal,engineering,financeandmanagementexperiencewithinterna9onalindustrialbusinesses
• PreviouslySeniorVicePresidentofLydall,Inc.’sPerformanceMaterialsdivision
JOHNSCHEATZLEPresident,NobelClad• JoinedDMCin2016a_er19yearswithadvancedmaterialsmanufacturerMaterion
• AsVicePresidentandGeneralManagerofMaterion’sPerformanceAlloysdivision,wasresponsibleformul9pleNorthAmericanproduc9onfacili9esandinterna9onalsalesanddistribu9oncenters
• FormerGeneralManagerofMaterion’sCeramicProductsdivision
BINZHANGManagingDirector,China,DMC• ResponsibleforChinesebusinessdevelopmentandmarketposi9oningforNobelCladandDynaEnerge9cs
• Na9veofBeijingwith20yearsofseniorlevelbusinessexperience
• EstablishedanAsiaPacificsalesandmarke9ngpresenceforaSheldahl,Inc.,aspecializedmanufacturerbasedinMinnesota
![Page 8: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/8.jpg)
DMCGlobal.com
DMCempowersitspeopleandorganiza9onsbyins9tu9onalizingentrepreneurshipandcelebra9ngtechnicalingenuity.Ourgrowthisfueledbyenergized,relevantandnimblyexecutedsolu9onsthatmakearealdifferencetoourcustomers.DMC’sresponsiveorganiza9onsarefocusedon
servingtheworld’sgrowthmarkets,givinginvestorshighreturnsthroughoutvaryingeconomiccycles.
2017InvestorPresenta9on 8
OURCULTURE
![Page 9: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/9.jpg)
DMCGlobal.com
CHAPTER&PAGETITLEHERE
2017InvestorPresenta9on 9
REPRESENTATIVE:NAME&POSITIONHERE
![Page 10: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/10.jpg)
DMCGlobal.com
DYNAENERGETICSOVERVIEW
2017InvestorPresenta9on 10
Atop-9erproviderofcompa9bilitytestedperfora9ngsystems.
AcquiredbyDMCin2007asnewpladormbusiness
Unmatchedglobalreachservingaworldwidenetworkofoilandgasserviceproviders
Reputa9onforproductsafety,technicalinnova9onandsystemreliabilityunderextremeenvironmentalcondi9ons
Perfora9ngandwell-comple9ontechnologiesdriveimprovedsafety,produc9vityandloweropera9ngcostsforcustomers
![Page 11: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/11.jpg)
DMCGlobal.com
PERFORATINGBASICS
2017InvestorPresenta9on 11
1. Onceawellboreisdrilledandcementandsteelcasingareinplace,aperfora9nggunisdeployedintothewell.
2. Theperfora9nggunisfired,sendingplasmajetsthroughthecasingandintothesurroundingforma9oncrea9ng“perfora9ontunnels”.
3. Oilorgasflowsthroughtheperfora9ontunnelsandintothewell.
![Page 12: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/12.jpg)
DMCGlobal.com 12
PRIMARYCOMPONENTSOFAPERFORATINGSYSTEM
2017InvestorPresenta9on
DynaEnerge4csistheonlycompanymanufacturingallcomponentsofaperfora4ngsystem
01SHAPEDCHARGES 02DETONATORS 03DETONATINGCORD
04GUNCARRIERS&“SUBS” 05CONTROLPANELS
![Page 13: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/13.jpg)
DMCGlobal.com 13
DynaStage™Perfora9ngSystem• Factoryassembled,performanceassured
• IncorporatesDynaSelectintrinsicallysafe
detona9ngtechnology
• Nowiringconnec9ons…reducesset-up9meto
seconds
• Removesthepoten9alforelectricalconnec9on
errors
• Eliminatesgunloadingsteps
• Fullydisposableandmaintenancefree
DynaSelect™Detonators• Integrated,intrinsicallysafe&selec9ve
technologies
• Enablesconcurrentperfora9ngandfracturing
• Reducestheriskofaccidents
• Timeandcostsavingsfromsequen9algun
ini9a9on
• Improvedset-up9mesandreliabilityfrom
fewerelectricalwiringconnec9ons
01 02
DYNAENERGETICSPRODUCTINNOVATIONS
2017InvestorPresenta9on
DynaSlot™WellAbandonmentSystem• Fast,cost-effec9vealterna9vetotradi9onalplug
andabandonment,and“cementsqueeze”
techniques
• HelicalpaDernofoverlappinghorizontalslots
provides360-degreecementcoveragebehind
tubingorcasing
03
![Page 14: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/14.jpg)
DMCGlobal.com
3-3/8”
3-1/8”
2-3/4”
DYNASTAGE™GUNSYSTEM
2017InvestorPresenta9on 14
*patentspendingTopFireDynaSelect
Detonator*Mul9tronicVFiringPanel
ThreeStageGunStringwithBridgePlug
DynaStageGunModule*
EcoilTandemSubAdapterQuickChangeGO-StyleFiringHead
TopFireDynaSelectDetonator
![Page 15: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/15.jpg)
DMCGlobal.com
DYNASELECT™ANDDYNASTAGE™PROVIDEBUSINESSMODELADVANTAGE
2017InvestorPresenta9on
CURRENTINDUSTRYMODEL DYNAENERGETICSMODEL:PRODUCTBENEFITS+BUSINESSMODELADVANTAGE
DynaStageAdvantages• Factoryassembledanddeliveredtocustomerinthefield• Systemisarmeduponinstalla9onofDynaStageswitchdetonator,elimina9ngfieldwiring• Surfacetesterensuressystemisfullyfunc9onalbeforedown-holedeployment
Benefits:• Nomisfires,improvedreliability• Reducedtransporta9oncostsandfieldlabor• Noneedforgunassemblyorstoragefacili9es• Simplifiedsupplychain• Reducedworkingcapital,improvedprofitabilityforcustomers
CurrentProcessCustomermixes&matchesperfora9ngcomponentsfrommul9plesuppliers,thenassemblesandwiresguninthefield
Challenges:• Assemblyerrorsleadtomisfires• Quality&safety• Opera9ngcost• Complexityofsupplychain
15
![Page 16: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/16.jpg)
DMCGlobal.com
DYNASTAGECASESTUDY:PATRIOTWELLSOLUTIONS
2017InvestorPresenta9on 16
Advancedwelldesigncalledfor15perfora9ngsystemsineach“gunstring,”3-9mestheindustryaverage
DynaStagereducedgun-stringassembly9mebymorethan80%–from1.25hourstoapproximately13minutes–versusconven9onalgunsDynaStageenableda40%increaseincompletedstagesperdayGunfailureseffec9velyeliminatedGun-stringlengthreducedby14.5feet,or25%,versusconven9onalguns.Weightcutby400lbs,or40%.Comple9onteamsreducedfrom15to11membersPatriot’ssupplychainsimplified;vendorsreducedfrom3to1Patriotbenefi}ngfromlowerworkingcapitalrequirements,whicharenowaddressedbyDynaEnerge9cs
DynaStagewasadoptedbyPatriotWellSolu9onsinApril2017toaddressacomplex42-wellcomple9onprogramintheD-JBasin.
![Page 17: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/17.jpg)
DMCGlobal.com
DYNAENERGETICSCAPITALIZINGONINDUSTRYTRANSITION
• A_erahistoricdownturnintheenergyindustry,arecoveryhastakenholdintheonshoreunconven9onalmarket.Morecostlyoffshoreanddeepseadrillinghasbeenslowertorebound.
• SpendingonNorthAmericanupstreamprojects,includingunconven9onaldrillingandwellcomple9ons,isexpectedtogrow38%in2017,whileinterna9onaloffshorespendingisexpectedtofall20%-25%in2017.
17
38%1
-23%2
-30%
-20%
-10%
0%
10%
20%
30%
40%
N.A. Upstream
Global Offshore
1 Oil & Gas Journal 2 Barclays
0
200
400
600
800
1000
1200
1400
1600
Q314Q414Q115Q215Q315Q415Q116Q216Q316Q416Q117Q217
Rig S tatis tic s
792 766 685 325
6/30/2017 40.7% 62.5% 143.7%
71 65 70 43
6/30/2017 110.8% 5.7% 51.2%
77 77 69 53
6/30/2017 0.0% 46.4% 45.3%
940 908 824 421
6/30/2017 42.3% 56.3% 123.3%
*Mos trecentdatareportedon30-J un-2017**% box s how s annualiz edrates forcomparis on
OriginalDataS ource:BakerHughes RigS tatis tic s
1Y earBefore
Direc tional
V ertical
TotalRig s
Horiz ontal
Mos tRecent*
1MonthBefore**
3Months Before**
-
200
400
600
800
1,000
1,200
1,400
1,600
7/23/2014
9/23/2014
11/23/2014
1/23/2015
3/23/2015
5/23/2015
7/23/2015
9/23/2015
11/23/2015
1/23/2016
3/23/2016
5/23/2016
7/23/2016
9/23/2016
11/23/2016
1/23/2017
3/23/2017
5/23/2017
Horizontal Directional Vertical
U.S.LandRigCount GlobalOffshoreRigCount 2017InvestmentForecast
2017InvestorPresenta9on
![Page 18: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/18.jpg)
DMCGlobal.com
NORTHAMERICANUNCONVENTIONALMARKETLEADINGRECOVERY
18
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
Non-U.S.wells N.A.Unconven9onal N.A.Conven9onal GlobalOffshore
2016
2017*
+52%
+6%
+2%
+1%
* World Oil and IHS forecasts
Forecastofwellsdrilled
2017InvestorPresenta9on
![Page 19: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/19.jpg)
DMCGlobal.com
IMPROVEDECONOMICSOFUNCONVENTIONALOILANDGASPRODUCTION
19
85
63
56
75
5851
4743
51
373833 35
3932
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
PermianMidland PermianDelaware Niobrara EagleFord Bakken
2014 2015 2016
WellheadBreakevenPricesbyU.S.OnshorePlay$/Boe
Source:RystadEnergyNASWellCube&NASReport
2017InvestorPresenta9on
![Page 20: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/20.jpg)
DMCGlobal.com 202017InvestorPresenta9on
DYNAENERGETICSPERFORMANCE
$inmillions
105.5
76.9 67.3
30.4
48.8
$0
$20
$40
$60
$80
$100
$120
2014 2015 2016 20166m 20176m
Sales
*Non-GAAPfinancialmeasure
1
1
22.4
8.1
2.5
2.1
5.9
$0
$5
$10
$15
$20
$25
2014 2015 2016 20166m 20176m
AdjustedEBITDA*
![Page 21: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/21.jpg)
DMCGlobal.com 21
DYNAENERGETICS SALES BY GEOGRAPHY
2013Sales
UnitedStates/42%
Canada/14%
Russia/7%
Iraq/5%
India/5%
UnitedKingdom/4%
Kazakhstan/3%
RestofWorld/20%
2016Sales
UnitedStates/61%
Canada/13%
India/7%
Russia/5%
Egypt/3%
Ukraine/1%
Romania/1%
RestofWorld/9%
56% 74%
2017InvestorPresenta9on
![Page 22: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/22.jpg)
DMCGlobal.com
SELECTENDUSERS
22
Thesemajorenergyservicecompaniesarebothcompe9torsandcustomers.Whendistribu9onlimita9onsinhibitthesecompanies’abilitytosupplyperfora9ngequipmenttocertaininterna9onalloca9ons,theyo_enturntoDynaEnerge9cs.
*
2017InvestorPresenta9on
* *
* *
![Page 23: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/23.jpg)
DMCGlobal.com
DYNAENERGETICSGROWTHINITIATIVES
2017InvestorPresenta9on 23
• Con9nuetoinvestinresearchanddevelopmentofnext-genera9ontechnologies
• Con9nuelaunchingnewproductsthatimprovecustomeropera9ngefficienciesanddrivedowncosts
• Forgestrategicpartnershipstoenternewmarkets
• Innovatecomprehensivesolu9onsthatmeetan9cipatedmarketdemand
![Page 24: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/24.jpg)
DMCGlobal.com2017InvestorPresenta9on 24
![Page 25: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/25.jpg)
DMCGlobal.com
NOBELCLADOVERVIEW
25
NobelCladistheworldwideleaderinexplosionweldedplateproduc9on.
LargestglobalsupplierofexplosioncladplatesServingadiversifiedrosterofindustrialandinfrastructureendmarkets.Workingtodriveengineeringspecifica9onsforcladProfi9ngfromglobalindustrialinfrastructureinvestmentsStrongfreecashflow
2017InvestorPresenta9on
![Page 26: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/26.jpg)
DMCGlobal.com
97.1 90.0
91.3
51.5
37.3
$0
$20
$40
$60
$80
$100
$120
2014 2015 2016 20166m 20176m
Sales
NOBELCLAD’SPERFORMANCE
2017InvestorPresenta9on 26
$inmillions
15.4
10.7
12.9
7.6
4.7
$0
$5
$10
$15
$20
$25
2014 2015 2016 20166m 20176m
AdjustedEBITDA*
*Non-GAAPfinancialmeasure
![Page 27: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/27.jpg)
DMCGlobal.com
ENGINEERINGPROCUREMENT&CONSTRUCTION(EPC)COMPANYBACKLOGINDEX
8/18/172017InvestorPresenta9on 27
InM illions o fUS D CummulativeCompanyBac klog -Index
69,815 76,505
*Quartertoquartergrow thratefor2Q17**Y eartoY eargrow thratefor2Q17
2Q17 1Q17* 2Q16**
Total
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
Q3-2014
Q4-2014
Q1-2015
Q2-2015
Q3-2015
Q4-2015
Q1-2016
Q2-2016
Q3-2016
Q4-2016
Q1-2017
Q2-2017
The EPC Backlog Index is a cummulative summary of the backlog for f ive global companies that report quarterly backlog.
Company HeadquartersTechnipFMC LondonFluor USAKBR USAJacobs USASaipem Italy
![Page 28: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/28.jpg)
DMCGlobal.com
2016Sales:$91.3Million
UnitedStates/42%
Canada/8%
UnitedArabEmirates/7%
China/7%
Germany/6%
France/4%
Australia/3%
Italy/3%
RestofWorld/20%
2017InvestorPresenta9on 28
NOBELCLADSALESBYGEOGRAPHY
![Page 29: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/29.jpg)
DMCGlobal.com
EXPLOSIONWELDINGPROCESS
292017InvestorPresenta9on
![Page 30: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/30.jpg)
DMCGlobal.com
DEMANDDRIVERSFOREXPLOSIONWELDING
30
03DesignFlexibility
02CorrosiveEnvironments
01GlobalInfrastructureInvestment
2017InvestorPresenta9on
![Page 31: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/31.jpg)
DMCGlobal.com
NOBELCLAD’SCOMPETITIVEADVANTAGE
2017InvestorPresenta9on 31
• Globalnetworkofspecialtymetalsproviders
• Permitsandshoo9ngsitesinU.S.,France,andGermany
• Masteryofexplosion-weldingprocessforlarge-scaleproduc9on
• Strongworkingrela9onshipswithend-marketcustomers
NobelClad’sdominantposi9onintheexplosionweldingindustryisprotectedbysignificantbarrierstoentry.
Titaniumcladpressurevessels–imagecourtesyofCoekEngineering.
![Page 32: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/32.jpg)
DMCGlobal.com
NOBELCLADGROWTHINITIATIVES
2017InvestorPresenta9on 32
• ExpandingmarketshareinAsia
• R&Dfocusedonnewcladplateapplica9ons
• Applyingprocessexper9setonewmarketdevelopment
• Strengtheningglobalsalesforcewithaddi9onofend-marketexperts
• Expandingproduc9oncapabili9eswithnewEuropeanmanufacturingfacility
Separa9ngequipment–Anaturalgasproduc9onfacilitywhereNobelClad’sexplosionweldedplateswereusedinthefabrica9onofspecializedpipes.
![Page 33: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/33.jpg)
DMCGlobal.com
PRIMARYENDMARKETSSERVED
2017InvestorPresenta9on 33
• Chemical
• OilandGas
• MetalsandMining
• Marine
• PowerGenera9on
• Alterna9veEnergy
• IndustrialRefrigera9on
• Transporta9on
• DefenseandProtec9on
![Page 34: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/34.jpg)
DMCGlobal.com
SELECTENDUSERS
34
Chemicals Refining Mining Engineering
2017InvestorPresenta9on
NobelCladprovidesvaluetoitsindustrialandinfrastructurecustomersbycollabora9ngateverystageofdevelopment.Duringdesignphases,NobelCladisakeyresourceforprocessarchitectsandengineerswhoo_enwriteNobelCladplatesintotheirmanufacturingspecifica9ons.
![Page 35: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/35.jpg)
DMCGlobal.com
FINANCIALPERFORMANCEREVIEW
2017InvestorPresenta9on 35
($MMexceptpershareamounts) 2014 2015 2016 166M 176M
Sales%growth
$202.60%
$166.9-18%
$158.6-5%
$81.8-4%
$86.25%
GrossProfit%margin
$61.430%
$35.621%
$38.724%
$20.325%
$24.428%
Opera9ngProfit(Loss)*%margin
$14.77%
($0.0)0%
($5.2)-3%
($.09)-1.1%
($0.32)-0.4%
Income(Loss)fromCon9nuingOpera9ons(a_ertax)* $1.9 ($8.0) ($8.2) ($2.4) ($0.6)
DilutedEPSfromCon9nuingOpera9ons* $0.13 ($0.57) ($0.58) ($0.17) ($0.04)
AdjustedEBITDA*%margin
$31.516%
$13.18%
$9.06%
$6.328%
$6.898%
*Non-GAAPfinancialmeasures
1
![Page 36: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/36.jpg)
DMCGlobal.com
BALANCESHEETHIGHLIGHTS
2017InvestorPresenta9on 36
Assets($MM) December31,2016 March31,2017
Cash,cashequivalents $6.4 $8.6
Accountsreceivables,net $33.0 $38.6
Inventory $28.8 $30.9
Totalcurrentassets $73.4 $83.8
Totalassets $162.6 $173.9
Liabili9es($MM)
Totalcurrentliabili9es $30.7 $29.0
Linesofcredit $15.7 $23.9
Long-termdebt $0.0 $0.0
Totalliabili9es $50.1 $56.9
Totalstockholders’equity $112.4 $117.0
Totalliabili9esandstockholders’equity $162.6 $173.9
![Page 37: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/37.jpg)
DMCGlobal.com
DMC’SPERFORMANCETENETS
2017InvestorPresenta9on 37
Throughshareownership,DMCmanagementhascloselyaligneditsinterestwithindependentshareholders,andallmanagementdecisionsaremadetomaximizeshareholdervalue.
DMChasadoptedthreetenetstoguidesuperiorsharepriceperformance:
1. Maximizefreecashflowthroughfinancialdiscipline
2. Maximizereturnoninvestedcapitalbyachievingopera9onalexcellenceandmakingdiscerninginvestmentdecisions
3. Investinnewtechnology,productandmarketdevelopmenttodrivesustainedgrowthandincreasedprofitability
![Page 38: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/38.jpg)
DMCGlobal.com
CONTACTINFORMATION
2017InvestorPresenta9on 38
DMC5405SpineRoadBoulder,Colorado80301,USAT800-821-2666
GeoffHighVicePresidentofInvestorRela9onsEghigh@dmcglobal.comT303-514-0656
Contact PrimaryContact
![Page 39: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/39.jpg)
DMCGlobal.com
APPENDIX:USEOFNON-GAAPFINANCIALMEASURES
8/18/17Presenta9onTitle 39
APPENDIX:USEOFNON-GAAPFINANCIALMEASURES
DMCGlobal.com 392017InvestorPresenta9on
AdjustedEBITDAanddilutedEPSarenon-GAAP(generallyacceptedaccoun9ngprinciples)financialmeasuresusedbymanagementtomeasureopera9ngperformance.Non-GAAPresultsarepresentedonlyasasupplementtothefinancialstatementsbasedonU.S.generallyacceptedaccoun9ngprinciples(GAAP).Thenon-GAAPfinancialinforma9onisprovidedtoenhancethereader'sunderstandingofDMC’sfinancialperformance,butnonon-GAAPmeasureshouldbeconsideredinisola9onorasasubs9tuteforfinancialmeasurescalculatedinaccordancewithGAAP.Reconcilia9onsofthemostdirectlycomparableGAAPmeasurestonon-GAAPmeasuresareprovidedwithintheschedulesaDachedtothisrelease.EBITDAisdefinedasnetincomeplusorminusnetinterestplustaxes,deprecia9onandamor9za9on.AdjustedEBITDAexcludesfromEBITDAstock-basedcompensa9on,restructuringandimpairmentchargesand,whenappropriate,otheritemsthatmanagementdoesnotu9lizeinassessingDMC’sopera9ngperformance(asfurtherdescribedintheaDachedfinancialschedules).Noneofthesenon-GAAPfinancialmeasuresarerecognizedtermsunderGAAPanddonotpurporttobeanalterna9vetonetincomeasanindicatorofopera9ngperformanceoranyotherGAAPmeasure.
Managementusesthesenon-GAAPmeasuresinitsopera9onalandfinancialdecision-making,believingthatitisusefultoeliminatecertainitemsinordertofocusonwhatitdeemstobeamorereliableindicatorofongoingopera9ngperformance.
Asaresult,internalmanagementreportsusedduringmonthlyopera9ngreviewsfeaturetheadjustedEBITDA.Inaddi9on,certainmanagementincen9veawardswerebased,inpart,ontheamountofadjustedEBITDAachievedduringtheyear.Managementalsobelievesthatinvestorsmayfindnon-GAAPfinancialmeasuresusefulforthesamereasons,althoughinvestorsarecau9onedthatnon-GAAPfinancialmeasuresarenotasubs9tuteforGAAPdisclosures.EBITDAandadjustedEBITDAarealsousedbyresearchanalysts,investmentbankersandlenderstoassessopera9ngperformance.Forexample,ameasuresimilartoEBITDAisrequiredbythelendersunderDMC’screditfacility.Becausenotallcompaniesuseiden9calcalcula9ons,DMC’spresenta9onofnon-GAAPfinancialmeasuresmaynotbecomparabletoothersimilarly9tledmeasuresofothercompanies.However,thesemeasurescans9llbeusefulinevalua9ngthecompany’sperformanceagainstitspeercompaniesbecausemanagementbelievesthemeasuresprovideuserswithvaluableinsightintokeycomponentsofGAAPfinancialdisclosures.Forexample,acompanywithgreaterGAAPnetincomemaynotbeasappealingtoinvestorsifitsnetincomeismoreheavilycomprisedofgainsonassetsales.Likewise,elimina9ngtheeffectsofinterestincomeandexpensemoderatestheimpactofacompany'scapitalstructureonitsperformance.
Alloftheitemsincludedinthereconcilia9onfromnetincometoEBITDAandadjustedEBITDAareeither(i)non-cashitems(e.g.,deprecia9on,amor9za9onofpurchasedintangiblesandstock-basedcompensa9on)
or(ii)itemsthatmanagementdoesnotconsidertobeusefulinassessingDMC’sopera9ngperformance(e.g.,incometaxes,restructuringandimpairmentchargesandgainonsaleofassets).Inthecaseofthenon-cashitems,managementbelievesthatinvestorscanbeDerassessthecompany’sopera9ngperformanceifthemeasuresarepresentedwithoutsuchitemsbecause,unlikecashexpenses,theseadjustmentsdonotaffectDMC'sabilitytogeneratefreecashfloworinvestinitsbusiness.Forexample,byadjus9ngfordeprecia9onandamor9za9onincompu9ngEBITDA,userscancompareopera9ngperformancewithoutregardtodifferentaccoun9ngdetermina9onssuchasusefullife.Inthecaseoftheotheritems,managementbelievesthatinvestorscanbeDerassessopera9ngperformanceifthemeasuresarepresentedwithouttheseitemsbecausetheirfinancialimpactdoesnotreflectongoingopera9ngperformance.Wehavealsopresentedcertainfinancialmeasuresexcludingcertainone-9me,non-recurring“specialitems,”includingouraccruedan9-dumpingdu9es,inventoryreserveadjustment,thenon-cashgoodwillimpairmentchargeandrestructuringcharges.Thesearenon-GAAPfinancialmeasureswhenthespecialitemsareexcluded.Webelievetheseareimportantsupplementalmeasuresbecausetheyeliminateone-9me,non-recurringitemsthathavelessbearingonouropera9ngperformanceandsohighlighttrendsinourbusinessthatmaynototherwisebeapparentwhenrelyingsolelyonGAAPfinancialmeasures.Wehavequan9fiedthosespecialitemsearlierinthisrelease,orimmediatelyfollowing,thefinancialmeasuresthatexcludedthespecialitems,toallowreaderstomeasuretheirimpact.
![Page 40: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/40.jpg)
DMCGlobal.com
RECONCILIATIONSOFNON-GAAPFINANCIALMEASUREMENTS–DYNAMICMATERIALSEBITDAANDADJUSTEDEBITDA
2017InvestorPresenta9on 40
($MMexceptpershareamounts) 2014 2015 2016 166M 176M
Netincome(loss)aDributabletoDMC $2.6 $(24.0) $(6.5) $(1.2) $(2.8)
Incomefromdiscon9nuedopera9ons $(0.6) — — — —
Interestexpense $0.6 $1.7 $1.1 $0.6 $0.8
Interestincome $0.0 $0.0 $0.0 $0.0 $0.0
Incometaxprovision(benefit) $3.9 $(2.1) $0.8 $0.0 $1.1
Deprecia9on $7.1 $6.2 $6.8 $3.3 $3.4
Amor9za9on $6.1 $4.0 $4.0 $2.0 $2.0
EBITDA $19.7 $(14.1) $6.2 $4.7 $4.5
Restructuring $6.8 $4.1 $1.2 $0.8 $0.5
Accruedan9-dumpingdu9es — $6.2 — — —
Goodwillimpairmentcharges — $11.5 — — —
DynaEnerge9csinventoryreserves $1.3 $1.9 — — —
Stock-basedcompensa9on $3.6 $2.8 $2.3 $1.1 $1.4
Other(income)expense,net $0.3 $0.7 ($0.6) ($0.3) $0.5
AdjustedEBITDA $31.7 $13.0 $9.1 $6.3 $6.9
![Page 41: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/41.jpg)
DMCGlobal.com
RECONCILIATIONSOFNON-GAAPFINANCIALMEASUREMENTS-DILUTEDEPSFROMCONTINUINGOPERATIONS
2017InvestorPresenta9on 41
($MMexceptpershareamounts) Pre-tax Tax Net DilutedEPS
YearendedDecember31,2014
Netincomefromcon9nuingopera9ons,asreported $13.9 $6.0 $(7.9) $(0.57)
Restructuringprograms:
NobelClad $(6.8) $(1.6) $(5.2) $(.38)
DynaEnerge9cs — — — —
Corporate — — — —
Accruedan9-dumpingdu9es — — — —
Goodwillimpairmentcharge — — — —
DynaEnerge9csinventoryreserves $(1.3) $(0.5) $(0.8) $(0.6)
Netincomefromcon9nuingopera9ons,excludingcharges $5.8 $3.9 $1.9 $0.13
![Page 42: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/42.jpg)
DMCGlobal.com
RECONCILIATIONSOFNON-GAAPFINANCIALMEASUREMENTS-DILUTEDEPSFROMCONTINUINGOPERATIONS
2017InvestorPresenta9on 42
($MMexceptpershareamounts) Pre-tax Tax Net Diluted
EPS Pre-tax Tax Net DilutedEPS
SixmonthsendedJune30,2016 SixmonthsendedJune30,2017
Netincome(loss),asreported $(1.1) $0.00 $(1.2) $(0.08) $(1.70) $1.10 $(2.80) $(0.20)
Restructuringprograms:
NobelClad — — — — — — — —
DynaEnerge9cs $(0.80) $(0.30) $(0.50) $(0.04) $(0.50) — $(0.50) $(0.03)
Corporate $(0.1) — $(1.10) — — — — —
Accruedan9-dumpingdu9es — — — — — — — —
Goodwillimpairmentcharge — — — — — — — —
DynaEnerge9csinventoryreserves — — — — — — — —
Netincome(loss),excludingcharges $(0.3) $0.3 $(0.6) $(0.04) $(1.20) $1.1 $(2.30) $(0.17)
![Page 43: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/43.jpg)
DMCGlobal.com
RECONCILIATIONSOFNON-GAAPFINANCIALMEASUREMENTS-NOBELCLADEBITDAANDADJUSTEDEBITDA
2017InvestorPresenta9on 43
($MMexceptpershareamounts) 2014 2015 166M 176M
Opera9ngincome $2.2 $5.8 $2.7 $5.6
Deprecia9on $4.6 $3.8 $1.8 $1.8
Amor9za9on $1.9 $0.4 $0.2 $0.2
Restructuring $6.8 $0.8 — —
AdjustedEBITDA $15.5 $10.8 $4.7 $7.6
![Page 44: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/44.jpg)
DMCGlobal.com
RECONCILIATIONSOFNON-GAAPFINANCIALMEASUREMENTS-DYNAENERGETICSEBITDAANDADJUSTEDEBITDA
2017InvestorPresenta9on 44
($MMexceptpershareamounts) 2014 2015 166M 176M
Opera9ngincome(loss) $14.5 $(19.2) $(2.0) $2.0
Deprecia9on $2.5 $2.5 $1.5 $1.6
Amor9za9on $4.2 $3.7 $1.8 $1.8
NetincomeaDributabletonon-controllinginterest — — — —
Restructuring — $1.7 $0.8 $0.5
Goodwillimpairmentcharges — $11.5 — —
Accruedan9-dumpingdu9es — $6.2 — —
DynaEnerge9csinventoryreserves $1.3 $1.9 — —
AdjustedEBITDA $22.5 $8.1 $2.1 $5.9
![Page 45: Investor Presentation August 2017 and steel casing are in place, a perforang gun is deployed into the well. 2. The perforang gun is fired, sending plasma jets through the casing and](https://reader031.vdocuments.us/reader031/viewer/2022030422/5aa9cc567f8b9a95188d50d4/html5/thumbnails/45.jpg)
DMCGlobal.com
APPENDIX:USEOFNON-GAAPFINANCIALMEASURES
8/18/17Presenta9onTitle 45
**NOTEREGARDINGIHSMATERIAL
DMCGlobal.com 452017InvestorPresenta9on
The IHS reports and information referenced herein (the "IHS Materials") are the copyrighted property of IHS Inc. (“IHS”) and represent data, research, opinions or viewpoints published by IHS, and are not representations of fact. The IHS Materials speak as of the original publication date thereof (and not as of the date of this offering document). The information and opinions expressed in the IHS Materials are subject to change without notice and IHS has no duty or responsibility to update the IHS Materials. Moreover, while the IHS Materials reproduced herein are from sources considered reliable, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses which are based upon it. 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 the IHS Materials or any statement contained “The IHS reports and information referenced herein (the "IHS Materials") are the copyrighted property of IHS Inc. (“IHS”) and represent data, research, opinions or viewpoints published by IHS, and are not representations of fact. The IHS Materials speak as of the original publication date thereof (and not as of the date of this document). The information and opinions expressed in the IHS Materials are subject to change without notice and IHS has no duty or responsibility to update the IHS Materials. Moreover, while the IHS Materials reproduced herein are from sources considered reliable, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses which are based upon it. 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 the IHS Materials or any statement contained herein, or resulting from any omission. No portion of the IHS Materials may be reproduced, reused, or otherwise distributed in any form without the prior written consent of IHS. Content reproduced or redistributed with IHS’ permission must display IHS’ legal notices and attributions of authorship. IHS and the IHS globe design are trademarks of IHS. Other trademarks appearing in the IHS Materials are the property of IHS or their respective owners.” herein, or resulting from any omission. No portion of the IHS Materials may be reproduced, reused, or otherwise distributed in any form without the prior written consent of IHS. Content reproduced or redistributed with IHS’ permission must display IHS’ legal notices and attributions of authorship. IHS and the IHS globe design are trademarks of IHS. Other trademarks appearing in the IHS Materials are the property of IHS or their respective owners.