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INVESTOR PRESENTATION //// DECEMBER 2018 DISCLAIMER FORWARD - - PowerPoint PPT Presentation

INVESTOR PRESENTATION //// DECEMBER 2018 DISCLAIMER FORWARD LOOKING STATEMENTS This presentation includes forward looking statements within the meaning of the safe harbor provisions of the United Stat es Private Securities


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INVESTOR PRESENTATION //// DECEMBER 2018

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DISCLAIMER

FORWARD LOOKING STATEMENTS This presentation includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements with respect to revenues, earnings, financial information, performance, strategies, prospects and other aspects of the businesses of Jason Industries, Inc. (the “Company”) are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. The forward‐looking statements contained in this presentation are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. The forward-looking statements are not guarantees of performance or results, as they involve risks, uncertainties (some

  • f which are beyond our control) and assumptions. Although we believe that these forward‐looking statements are based on reasonable assumptions, many factors could affect our actual results and cause them to

differ materially from those anticipated in the forward-looking statements. More information on potential factors that could affect the Company’s financial condition and operating results is included in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K filed on March 1, 2018, and in the Company’s other filings with the Securities and Exchange Commission. Any forward‐looking statement made by the Company in this presentation speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward‐looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. NON-GAAP AND OTHER COMPANY INFORMATION Included in this presentation are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States

  • f America because management believes such measures are useful to investors. Because the Company’s calculations of these measures may differ from similar measures used by other companies, you should be

careful when comparing the Company’s non-GAAP financial measures to those of other companies. A reconciliation of non-GAAP financial measures to GAAP financial measures is included in an appendix to this presentation.

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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JASON INVESTMENT HIGHLIGHTS

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

STRONG FUNDAMENTAL BUSINESS MULTIPLE PATHS TO VALUE CREATION

EBITDA growth

  • Global cost reduction program

generating $25M in annual savings

  • Operational improvements
  • Footprint optimization – five

facilities consolidated, more to come

  • Focusing on the core, exiting

noncore businesses, product lines, and customers

  • Pricing opportunities
  • Increasing intimacy with end-users

to improve product portfolio positioning

  • New product development through

specific initiatives and investment

Diversified end market exposure Leader in target markets, significant scale versus competition Global manufacturing footprint, serving longstanding customer base Free cash flow generation Margin expansion Targeted sales growth

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OUR SIMPLIFIED OPERATING MODEL

Simplification Prioritization Effort Execution Decisiveness

Improve

  • perations

Generate cash Plant growth seeds Fund self- help projects De-lever balance sheet

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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JASON OVERVIEW

KEY COMPANY FACTS

Employees ~4,000 Headquarters Milwaukee, WI 2017 Revenue $648.8 million 2017 Adjusted EBITDA $67.8 million Founded 1985 Listed on NASDAQ (JASN, JASNW) July 2014 Manufacturing 33 Sites in 12 Countries

GEOGRAPHIC FOOTPRINT FINANCIAL PROFILE

$702.5 $708.4 $705.5 $648.8 $600 - $615 $400 $500 $600 $700 $800 ʼ14 ʼ15 ʼ16 ʼ17 ʼ18E $77.8 $81.2 $64.2 $67.8 $66 - $70 11.1% 11.5% 9.1% 10.4% ~11% $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 ʼ14 ʼ15 ʼ16 ʼ17 ʼ18E

NET SALES

($ in Millions)

ADJUSTED EBITDA

($ in Millions)

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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SEGMENT OVERVIEW

SEGMENT KEY HIGHLIGHTS BRANDS TTM REVENUE % OF JASON TTM REVENUE TTM ADJUSTED EBITDA %

  • World’s leading producer of

industrial brushes, buffs and polishing compounds

  • Used for surface preparation,

cutting, finishing, polishing, and sealing

  • Only global provider supplying full

product portfolio range

  • 85% consumable, high recurring

revenue

$210M 14%

  • Expanded and perforated metal

solutions

  • Used in filter products, safety

grating, security fencing, railcars, and other industrial equipment

  • Industry-leading engineering,

coupled with customized components and individualized solutions

$88M 13%

FINISHING

34%

COMPONENTS

14%

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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SEGMENT OVERVIEW

SEGMENT KEY HIGHLIGHTS BRANDS TTM REVENUE % OF JASON TTM REVENUE TTM ADJUSTED EBITDA %

  • Leading seating systems provider

for niche applications

  • Designs and manufactures comfort

solutions for heavyweight motorcycles, turf care, heavy industry, and powersports

  • Market-leading industrial design

and rapid prototyping capability

$161M 12%

  • Leading manufacturer of

lightweight molded fiber panels and accessories

  • Provide content for over half of

light vehicle platforms in North America

  • Plastic to fiber technology

conversion expertise

$167M 13%

SEATING

90%

26%

ACOUSTICS

27%

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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TARGETED GROWTH INITIATIVES

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

Finishing

  • Geography

Middle East, APAC, Mexico

  • Vertical markets

Oil & gas, heavy fab, automotive, process

  • New product development

Seating

  • Innovative design and rapid prototyping
  • Platform placement
  • Globalization of customers

Components

  • Geography

Mexico, southern US

  • Market diversification

Safety grating, security fencing, architectural

Acoustics

  • Build bridge from old to new platforms
  • Diversifying customer base
  • Continued market share gains

Plastic to fiber technology conversion

Increased End-User Interface And Intimacy

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OSBORN GROWTH

In a few weeks, our Vice President of Brush, is branding his personal race car with the Osborn logo for @NHRA@

  • LucasOilRaceway. Talk about

loyalty! We can't wait to show you. Stay tuned.#finishfirst

Engaged employees… …encouraged to pursue their passions… …interacting directly with end-users… …to help do the job better…

Building Relationships Building Value Building The Brand Jason’s most diverse and highest profit business

  • Globally recognized brand possessing >130 year history
  • Extensive range of recurring revenue / consumable products to prepare, process and finish surfaces ranging

from wood to metal to composite

  • Diverse customers, industries, channels and geography providing multiple avenues for growth

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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LEAN TRANSFORMATION

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

Numerous Initiatives Across The Enterprise Adding Up To Meaningful Improvement

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ENGAGED WORKFORCE

  • Continued investment in talent
  • Upgraded team comprised of long-

tenured performers and newly recruited expertise

  • Increasing engagement with our

customers, in our plants and in our communities

Improved And Expanded Organizational Capabilities

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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COST REDUCTION AND MARGIN EXPANSION PROGRAM

SELF HELP PROGRAMS

EBITDA Impact

Annual Savings Achieved Annual Savings Target Over 3 Years

2016 2017 2018 2019 SG&A RESTRUCTURING

  • Actions exceeded target

$8M $3M

  • $11M

$10M

OPERATIONS OPTIMIZATION

  • Supply chain project
  • Footprint rationalization

$2M $7M $3M $1M

$13M $15M

$10M $10M $3M $1M

$24M $25M

ACTIONS PROGRESS UPDATE

FINISHING BRAZIL EXIT COMPLETE FACILITY SALE LEASEBACK COMPLETE ACOUSTICS SALE OF EUROPEAN OPERATIONS COMPLETE FINISHING VIRGINIA FACILITY CLOSURE COMPLETE COMPONENTS FACILITY CLOSURE COMPLETE ACOUSTICS FACILITY CONSOLIDATION COMPLETE UK FACILITY CLOSURE

  • Consolidating Nuneaton, U.K. plant into existing facilities
  • Annual cost savings of $0.1M, ~$0.7M of restructuring costs to be

funded via expected net proceeds of $3.3M from facility sale

IN PROCESS / ON TRACK 4Q18 ADDITIONAL ACTIONS PENDING

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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Organic sales decline in line with expectations

Organic growth in Seating and Finishing segments Vehicle mix shift and platforms sunsets in Acoustics, volume softness in Components

Continued adjusted EBITDA margin expansion Free cash flow impacted by timing of working capital changes, year-to-date in line with expectations Footprint consolidation initiatives progressing

Acoustics Richmond operations consolidation complete Seating UK facility consolidation and sale on schedule for Q4 completion

Q3 2018 RESULTS

Revenue

$145.3M

4.3% organic decline Third Quarter In Line With Expectations On Track To Deliver Full Year

  • Adj. EBITDA

$15.2M, 10.5%

10 bps expansion

Free Cash Flow

$6.2M

$5.7M

Net Leverage

5.1x

0.1x vs 2Q18 0.4x vs 4Q17

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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FINANCIAL POSITION

LIQUIDITY, DEBT & LEVERAGE FREE CASH FLOW

Focus On Debt Reduction & Free Cash Flow Generation

(in millions)

*See Appendix for calculation of Net Debt to Adjusted EBITDA.

Net Debt To Adj. EBITDA 5.1X As Of 3Q18

  • Moody’s credit rating upgraded to B3
  • YTD net debt repayments of $6.8M including excess

cash flow payment of $2.5M

Net Debt to

  • Adj. EBITDA

5.8X 6.2x 6.2x 5.7x 5.7x 5.5x 5.3x 5.2x 5.1x

Free Cash Flow:

  • Cash restructuring includes $1.5M YTD of Seating

supplier force majeure costs, with insurance recovery expected in 4Q18

  • Working capital reductions expected in 4Q18

$400 $410 $420 $430 $440 $450 $0 $20 $40 $60 $80 $100 $120 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Debt Liquidity

Cash Revolver Availability Debt

1Q18 2Q18 3Q18 YTD18 YTD17 Variance Adjusted EBITDA 19.7 $ 21.4 $ 15.2 $ 56.3 $ 55.3 $ 1.0 $ Cash Interest/Taxes (8.8) (9.8) (8.4) (27.1) (27.8) 0.7 Cash Restructuring - Net (1.5) (2.3) (1.7) (5.4) (4.2) (1.2) Changes In Working Capital (5.7) (1.9) 3.8 (3.8) 1.2 (5.0) Operating Cash Flow 3.8 $ 7.3 $ 8.9 $ 20.0 $ 24.5 $ (4.5) $ Less: Capital Expenditures (3.6) (3.3) (2.7) (9.6) $ (10.4) 0.8 Free Cash Flow 0.2 $ 4.0 $ 6.2 $ 10.4 $ 14.1 $ (3.7) $

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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INFLATION AND TARIFFS

Materials

  • Key commodities impacted include steel, wire, fibers,

chemicals, aluminum, and packaging

  • Average inflation 7% -10% on key spend

Freight

  • Constrained supply of on-road trucking capacity
  • Average inflation 10%
  • Freight paid by customers in OEM businesses

Tariffs

  • Steel, aluminum, fiber, and other Section 301 potential tariffs

managed within current guidance Pricing

  • Industrial pricing flexibility in Finishing and Components
  • OEM contractual price adjustment mechanisms in Seating
  • Actions to date largely successful

Continuous Improvement

  • Material usage, scrap reduction, and Lean manufacturing
  • Optimizing freight lanes and loads
  • Value add / value engineering activities

Supply Chain Management

  • Alternative sourcing / dual sourcing
  • Targeted in-sourcing

Managing Risk Within Current Guidance

WHAT WE ARE SEEING MITIGATION ACTIVITIES

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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OUR JOURNEY FORWARD

Improve Operations Reduce Debt Leverage Grow Revenues Targeted Growth Organizational Capability Lean Transformation Self-help Projects Cash Generation

2016A 2017A 2018E 2019 2020E Adjusted EBITDA $64M $68M $66 - $70M > $75M Free Cash Flow $12M $14M $13 - $17M ~$18 - $20M Debt Leverage 6.2x 5.5x 4.9 – 5.3x ~ 4.0x Facilities 35 31 28 - 29 < 25

Note: Excluding Acoustics Europe divestiture, 2016 and 2017 Adjusted EBITDA were $60M and $66M, respectively

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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SUMMARY

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

MULTIPLE PATHS TO VALUE CREATION

EBITDA growth

  • Global cost reduction program

generating $25M in annual savings

  • Operational improvements
  • Footprint optimization – five

facilities consolidated, more to come

  • Focusing on the core, exiting

noncore businesses, product lines, and customers

  • Pricing opportunities
  • Increasing intimacy with end-users

to improve product portfolio positioning

  • New product development through

specific initiatives and investment

Margin expansion Targeted sales growth Did What We Said We Were Going To Do, Creating Future Value

ONGOING EXECUTION

  • Additional restructuring actions
  • Continuous operational improvements via Lean
  • Strong free cash flow with working capital management
  • Leverage reduction through EBITDA growth and lower net debt
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APPENDIX

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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ADDRESSABLE MARKET(1)

$8 BILLION

WORLDWIDE

EUROPE 60% U.S. 34% MEXICO 4% ROW 2% INDUSTRIAL BRUSHES 44% ABRASIVES 24% INDUSTRIAL BUFFS & COMPOUNDS 22% OTHER 10%

FINISHING OVERVIEW

OVERVIEW

  • Global manufacturer of products used for finishing, preparation, metal removal, sealing,

shielding and polishing; manufacturing, distribution and sales facilities in 13 countries

  • #1 manufacturer of industrial brushes, buffs and polishing compounds in the world; 85%
  • f revenue is recurring in nature (consumable)
  • Improving profit margins by consolidating facilities and employing 80/20 techniques to

portfolio of products and customers

  • Targeted growth initiatives through new product development, select geographies, and

end-user demand generation

GLOBALLY RECOGNIZED BRAND, WITH EXCEPTIONAL REPUTATION FOR QUALITY, PERFORMANCE, AND MARKET LEADERSHIP

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

Europe 55%

2017 REVENUE BY END PRODUCT 2017 REVENUE BY GEOGRAPHY

$188 $191 $197 $200 14% 14% 12% 14% $0 $40 $80 $120 $160 $200 ʼ14 ʼ15 ʼ16 ʼ17

FINANCIAL PROFILE

 Adjusted EBITDA %  Revenue ($ in millions)

(1) Management estimates

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U.S. 100% FILTRATION 36% RAIL 33% ELECTRIC METERS 21% INDUSTRIAL 8% OTHER 1%

COMPONENTS OVERVIEW

OVERVIEW

  • North America’s top manufacturer of expanded and perforated metal products,

used in filtration, safety grating, security fencing, and other industrial applications

  • Exited dilutive non-core product lines in 2016 and 2017, consolidated footprint
  • Targeting attractive growth markets including infrastructure security, architectural

applications, and Mexico

INNOVATIVE DESIGN AND MANUFACTURING CAPABILITIES TO SUPPORT AND SUSTAIN SUCCESSFUL, LONG-TERM CUSTOMER RELATIONSHIPS

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

2017 REVENUE BY GEOGRAPHY 2017 REVENUE BY END PRODUCT

$124 $122 $98 $83 14% 17% 15% 12% $0 $30 $60 $90 $120 $150 ʼ14 ʼ15 ʼ16 ʼ17

FINANCIAL PROFILE

 Adjusted EBITDA %  Revenue ($ in millions) ADDRESSABLE MARKET(1)

$750 MILLION

IN NORTH AMERICA

$2 BILLION

WORLDWIDE

//

(1) Management estimates

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ADDRESSABLE MARKET(1)

$1.5 BILLION

WORLDWIDE

SEATING OVERVIEW

OVERVIEW

  • Milsco brand maintains the #1 position in the global static seating market and

growing presence in suspension seat systems; serving heavyweight motorcycles, turf care, heavy industry and powersports

  • Enhancing operational performance through Lean manufacturing tools
  • Positioned for future growth opportunities in global heavy construction and

agriculture markets

LONG-STANDING OEM CUSTOMERS REPRESENTING SOME OF THE WORLD’S BEST-KNOWN BRANDS, INCLUDING HARLEY-DAVIDSON, JOHN DEERE, MTD, POLARIS AND HUSQVARNA

United States 95% (1) Management estimates

$172 $177 $161 $159 15% 11% 10% 10% $0 $50 $100 $150 $200 ʼ14 ʼ15 ʼ16 ʼ17

FINANCIAL PROFILE

 Adjusted EBITDA %  Revenue ($ in millions)

2017 REVENUE BY GEOGRAPHY

31%

2017 REVENUE BY END PRODUCT U.S. 94% EUROPE 6% TURF EQUIPMENT 33% CONSTRUCTION & AGRIGULTURE 20% MOTORCYCLE OEM 15% MATERIAL HANDLING 13% MOTORCYCLE AFTERMARKET 12% UTILITY VEHICLES 7%

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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OVERVIEW

  • North America’s largest producer of acoustical fiber insulation and a leading

producer of automotive fiber-based molded and die-cut products

  • Products are used in greater than 50% of light vehicles in North America today,

including the majority of top platforms

  • Future organic growth will be driven by innovative new products, including

lightweight-fiber automotive underbodies and wheel liners

EXTENSIVE DESIGN AND MANUFACTURING EXPERTISE TO PROVIDE CUSTOM ACOUSTICAL SOLUTIONS FOR EACH VEHICLE PLATFORM IT SERVES

ADDRESSABLE MARKET(1)

$2.5 BILLION

IN NORTH AMERICA

U.S. 69% MEXICO 20% EUROPE 11% TRUNK SYSTEMS 27% MOLDED INSULATION 27% DIE CUT INSULATION 18% IP CLOSEOUTS 8% CARPET SYSTEMS 8% WHEEL LINERS 3% ENGINE 1% OTHER 8%

ACOUSTICS OVERVIEW

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

2017 REVENUE BY GEOGRAPHY 2017 REVENUE BY END PRODUCT*

$219 $218 $250 $207 9% 13% 11% 13% $0 $50 $100 $150 $200 $250 ʼ14 ʼ15 ʼ16 ʼ17

FINANCIAL PROFILE

 Adjusted EBITDA %  Revenue ($ in millions)

(1) Management estimates

Wheelhouse/ Cowl Under Bonnet Hush Panels Dashboard Insulators (Interior & Exterior) Door Panel Insulation Underbody Floor/Carpet Underlayment Luggage Compartment

*North America only

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FISCAL 2018 GUIDANCE

Reaffirming 2018 Guidance

2017 ACTUALS 2017 EXCLUDING ACOUSTICS EUROPE 2018 GUIDANCE

Revenue (in millions): $648.6 $625.7 $600 - $615 Adjusted EBITDA (in millions): $67.8

10.4%

$65.7

10.5%

$66 - $70

~11%

Cap Ex As % Of Sales: 2.4% 2.5% ~2.6% Free Cash Flow (in millions): $14.2 $14.2 $13 - $17 Net Debt to Adjusted EBITDA: 5.5X 5.5X 4.9X – 5.3X

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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DEBT SUMMARY

DEBT STRUCTURE

Long-Term Maturities With Covenant-Lite Terms

(in millions)

$293 $90 $20 3Q18

First Lien Term Loan Second Lien Term Loan Non-U.S. Debt 2021 2022

Maturity 45% Variable 55% Fixed Effective Interest Rate ~ 7.0% COVENANTS

  • Springing first lien net leverage ratio covenant only

applicable when ≥$10M borrowings on U.S. Revolver at quarter end

  • Zero borrowings outstanding on U.S. revolver, strong

liquidity with no expectation to use revolver

  • First lien net leverage ratio of 3.68x as of 3Q18
  • Current covenant 4.50x (if applicable)

*Note the consolidated First lien net leverage ratio under the Company’s senior secured credit facilities was 3.68x as of September 28, 2018, and excludes second lien term loan borrowings from net debt. See Form 10-Q for further discussion of the Company’s senior secured credit facilities.

$403

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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ADJUSTED EBITDA RECONCILIATION

3Q18 3Q17 (in millions) Net Income (Loss) $(5.5) $(1.6) Interest expense 8.3 8.2 Tax provision (benefit) 0.6 (1.6) Depreciation and amortization 9.8 9.7 EBITDA 13.2 14.7 Adjustments: Restructuring 1.2 1.8 Share-based compensation 0.9 0.2 (Gain) loss on disposals of fixed assets – net (0.1) (0.6) (Gain) loss on extinguishment of debt

  • (0.8)

Loss on divestitures

  • 0.8

Total adjustments 2.0 1.4 Adjusted EBITDA $15.2 $16.1

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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ADJUSTED NET INCOME & ADJUSTED EARNINGS PER SHARE

3Q18 3Q17

(in millions, except per share amounts)

GAAP Net Income (Loss) $(5.5) $(1.6) Adjustments: Restructuring 1.2 1.8 Share-based compensation 0.9 0.2 (Gain) loss on disposal of fixed assets-net (0.1) (0.6) (Gain) loss on extinguishment of debt

  • (0.8)

Loss on divestitures

  • 0.8

Tax effect on adjustments (0.4) (0.2) Tax (benefit) provision 0.2 Adjusted Net Income (Loss) $(3.7) $(0.4) Diluted weighted average number of common shares outstanding (non-GAAP) 30.9 30.1 GAAP Net (loss) income per share available to Common shareholders of Jason Industries $(0.23) $(0.10) Adjustments net of income taxes: Restructuring 0.03 0.04 Share-based compensation 0.03 0.01 (Gain) loss on disposal of fixed assets-net

  • (0.01)

(Gain) loss on extinguishment of debt

  • (0.02)

Loss on divestitures

  • 0.03

Tax (benefit) provision 0.01

  • GAAP to non-GAAP impact per share

0.04 0.04 Adjusted (loss) earnings per share $(0.12) $(0.01)

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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NET DEBT TO ADJUSTED EBITDA

September 28, 2018

(in millions) Current and long-term debt $ 395.8 Add: Debt discounts and deferred financing costs 7.3 Less: Cash and cash equivalents (51.4) Net Debt $ 351.8 Adjusted EBITDA 4Q17 $ 12.5 1Q18 19.7 2Q18 21.4 3Q18 15.2 TTM Adjusted EBITDA $ 68.8 Net Debt to Adjusted EBITDA 5.1x

JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE

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JASON INDUSTRIES – INVESTOR PRESENTATION DECEMBER 2018 //// PAGE