2015YEAR-END SUMMARY

200 Clarendon StreetBoston, MA 02116

Tel (617) 227-0050 www.berkshirepartners.com

Kicking off our fourth decadeAs we head into 2016 and commemorate our 30th year as Berkshire Partners, we note how much has changed since our founding. In 1986, President Reagan was in the White House, the Dow Jones hovered just below 2,000 for most of the year and China’s economy barely cracked the top 10 largest in the world. Cell phones were the size of bricks, and the fledgling Internet connected fewer than 200,000 computers worldwide. Top Gun reigned supreme at the box office, and the Red Sox continued their futility by collapsing in the World Series….

While much has changed since 1986, we remain focused on our original tenets: investing in growing companies, collaborating with talented management teams and nurturing within our firm a culture of teamwork and consensus decision-making. This approach has continued to serve us well, even when external factors present challenges.

Over the past year, we have witnessed significant macroeconomic volatility: currency fluctuations, commodity devaluations, a slowing Chinese economy and shaky markets — all compounded by geopolitical turmoil and security threats. Undoubtedly, these uncertainties are amplified as the United States digs into its presidential elections. Challenging times can be paralyzing if one dwells on the negatives, but we also see bright spots: the U.S. unemployment rate has dropped to 5%, the Fed’s rate hike demonstrates its confidence in the economy and an increasingly connected global populace embraces innovation, spurring growth across sectors. Although outlooks on these developments may vacillate between optimism and pessimism, we have found success by adhering to our principles and finding opportunities amidst the noise.

We are pleased with our current portfolio and enthusiastic about our recent investments. Our companies demonstrated strong revenue and profit growth in 2015, and we are fortunate to partner with their capable management teams. With patience and thorough diligence, we invested in four new businesses and completed many add-ons this past year, including one sizeable acquisition highlighted within. As you will see in the following pages, we believe our new portfolio companies possess differentiated business models in attractive markets and exhibit compelling growth opportunities. While we were busy welcoming these

While much has changed since 1986, we remain focused on our original tenets: investing in growing companies, collaborating with talented management teams and nurturing within our firm a culture of teamwork and consensus decision-making.

Investment in Affordable Care 06

Investment in Implus 08

Lightower's Acquisition of Fibertech 10

Investment in Protelindo 12

Investment in The Rockport Group 14

Sale of Telx 16

Our Portfolio 18

About Berkshire Partners 19

Our Team 20

Our Mission, Milestones & Investment Activityinvestments, we also sold Telx, a provider of global interconnection and colocation services. We are proud of its achievements during our chapter of ownership.

Our marketable securities group, Stockbridge Investors, is entering its tenth year, and currently manages nearly $2 billion. The Stockbridge team continues to follow its disciplined approach of seeking to invest in high-quality companies that demonstrate sustainable growth. The collaboration between our Stockbridge and private equity teams continues to yield benefits.

Of course, our people make all of this activity possible. We are delighted to have an organization that is stable, growing and committed to working together effectively. In recognition of their ongoing contributions, we are proud to announce the promotions of Samantha Adams and Tom Kuo to Managing Director. Sam joined Berkshire in 2012 as Director of Talent Management and will continue to focus on human capital management and professional development. Tom joined Berkshire in 2007 and has extensive experience with the firm’s business services, industrial and transportation companies. More broadly, we continue adding to the depth of talent across the firm.

As we embark on our fourth decade of investing, we would like to extend sincere gratitude to our friends and supporters who have helped us grow over the years. We are incredibly fortunate for these relationships. We wish you good health and happiness in 2016 and beyond!

Berkshire Partners January 2016

7

Who is Affordable Care?

Nearly 180 million people in the United States are missing at least one tooth, and thankfully, there’s a low-cost solution to fill the gaps. Affordable Care, Inc. (ACI) was founded in 1975 and has become the largest denture and implant services provider in the United States, with a network of more than 200 affiliated practices in nearly 40 states. With an exclusive focus on tooth replacement services and on-site dental labs, ACI offers patients high-quality dental prostheses and same-day service at a great value. The practices operate under two brands, Affordable Dentures & Implants and Affordable Dentures.

Our Investment:In October 2015, Berkshire invested alongside management in a recapitalization of the company.

Our Perspective: Tooth replacement is a large and growing market that has demonstrated recession-resistant characteristics, and ACI is well positioned to continue its success and market leadership. ACI’s highly focused and differentiated business model offers a compelling value proposition for both patients and practice owners. Through product innovation, strengthened centralized systems and expansion in existing and new geographies, ACI is providing more patients with a reason to smile.

INVES TMENT IN

Affordable Care

AFFORDABLE CARE INC.

_________

HEADQUAR TERS

Raleigh, NC

WEBSITE

www.affordabledentures.com

INVES TMENT DATE

October 2015

Nearly 180 million people in the U.S. are missing at least

one tooth, and thankfully, there’s a low-cost solution

to fill the gaps.

9

Who is Implus?

If your New Year’s resolutions have you inspired to run, stretch or lift, Implus has the products for you. Implus is an innovative designer and distributor of footwear accessories and fitness products. Its portfolio of proprietary brands includes Balega, FuelBelt, Harbinger, Perfect, Sof Sole, TriggerPoint and Yaktrax. Through its robust network of leading retailers, the company distributes to more than 75,000 stores across North America, in more than 70 countries worldwide and through a variety of online partners.

Our Investment:In April 2015, Berkshire invested alongside management in a recapitalization of the company.

Our Perspective: By providing reliable logistics, highly customized fulfillment solutions and differentiated merchandising and marketing, Implus has positioned itself as an industry leader and a valuable partner to retailers. The company’s accessory product categories exhibit consistent growth and offer attractive margins to retailers. We believe Implus’ unique value proposition to retailers creates significant opportunities for organic and acquisition-driven growth, both domestically and internationally.

INVES TMENT IN

Implus

IMPLUS CORPORATION

_________

HEADQUAR TERS

Durham, NC

WEBSITE

www.implus.com

INVES TMENT DATE

April 2015

If your New Year’s resolutions have you inspired to run, stretch or lift, Implus has the products for you.

11

Who is Lightower?Data volumes are booming and reliable connectivity is an enterprise’s lifeline. Lightower is the premier provider of custom, all-fiber, high-performance networking solutions to thousands of enterprise, government, carrier and data center customers. Its dense and highly reliable network extends more than 20,000 route miles throughout the Northeast, Mid-Atlantic and Midwest.

Who is Fibertech?Fibertech has grown to a 12,000 route-mile network providing similar services to Lightower across complementary markets within the Northeast and Midwest. Wireless providers and government agencies have driven much of Fibertech’s expansion.

Our Investment:Berkshire initially invested in Lightower in 2013. In August 2015, Lightower acquired Fibertech with incremental equity support from Berkshire and other investors. The combined company now operates under the Lightower brand.

Our Perspective: Together, Lightower and Fibertech create a leading metro fiber bandwidth provider with best-in-class network density. Additionally, the companies have complementary areas of specialization that enhance the overall organization. Fibertech brings new fiber construction expertise, a proven ability to enter markets through its deep wireless relationships and a leadership position in the nascent small cell industry. Lightower offers scale, dense networks in strategic hub markets and strong data center connectivity expertise. This highly strategic combination should further Lightower’s leadership role as a network provider.

LIGHTOWER’S ACQUISITION OF

Fibertech

LIGHTOWER FIBER NET WORKS

_________

HEADQUAR TERS

Boxborough, MA

WEBSITE

www.lightower.com

INVES TMENT DATES

April 2013

August 2015

Data volumes are booming and reliable connectivity is an enterprise’s lifeline.

13

Who is Protelindo?

Indonesia, an archipelago nation spread across 17,000 islands, has the fourth largest population in the world. As its citizens bypass landlines and become increasingly dependent on mobile communication, Indonesia looks to companies like Protelindo to help build its wireless network. Established in 2003 and headquartered in Jakarta, Protelindo (IDX:TOWR) is the country’s largest independent wireless tower company. Currently, Protelindo owns and operates more than 12,000 towers and grows via acquisition and building new towers.

Our Investment:In June 2015, Berkshire’s private equity team purchased equity in Protelindo’s parent company from existing shareholders to gain a minority interest in the company. As an example of continued firm-wide collaboration, Stockbridge, which was an existing Protelindo investor, participated in the diligence efforts and invested additional capital in this transaction.

Our Perspective: Indonesia is a large and rapidly growing market with a generally stable economic, social and political outlook. We believe strong wireless tailwinds will continue to drive significant demand for new towers. With its scale, operational expertise and management capabilities, Protelindo is well positioned to continue expanding Indonesia’s wireless infrastructure.

INVES TMENT IN

Protelindo

PROTELINDO

_________

HEADQUAR TERS

Jakarta, Indonesia

WEBSITE

www.ptsmn.co.id

INVES TMENT DATE

June 2015

Indonesia, a nation spread across 17,000 islands, with the fourth largest

population in the world, looks to companies like Protelindo

to help build its wireless network.

15

Who is The Rockport Group?

For more than 40 years, Rockport shoes have been making feet happy worldwide. Since its founding, Rockport has applied innovative sports technology to create a unique level of comfort in dress and casual shoes. Rockport sells its products in more than 60 markets worldwide through a multi-channel network of leading wholesale partners, company retail stores and online.

Our Investment:In August 2015, Berkshire, together with strategic partner New Balance Holding Inc., acquired Rockport from the adidas Group. As part of the transaction, New Balance contributed its Cobb Hill, Aravon and Dunham brands to The Rockport Group, a new stand-alone company.

Our Perspective: Rockport’s products have become synonymous with high quality and comfort, creating loyal customer bases in North America and several key Asian markets. The company’s new senior management team is highly regarded within the industry and known for its ability to successfully build brands and drive growth. With a new ownership group and refreshed product innovation, The Rockport Group is primed to deliver stylish comfort to men and women worldwide.

INVES TMENT IN

The Rockport Group

THE ROCKPOR T GROUP

_________

HEADQUAR TERS

Canton, MA

WEBSITE

www.rockport.com

INVES TMENT DATE

August 2015

For more than 40 years Rockport shoes have been

making feet happy worldwide.

17

Who is Telx?

Telx is a leading provider of global data interconnection and colocation services. The company’s facilities are strategically located across the United States, linking an ecosystem of more than 1,200 telecommunications carriers, ISPs, content providers and leading global enterprises. With over 50,000 direct connections, Telx is able to provide lower costs, near zero latency and fewer points of failure.

Our Investment:In 2011, Berkshire acquired Telx in partnership with management and other investors. Berkshire fully realized its investment in 2015 through a sale to a strategic buyer.

During Our Chapter: During our ownership period, Telx greatly expanded its number of cross connects and demonstrated strong financial performance with increased customer counts, growth in revenue per customer and low churn rates. The company boosted capacity within its core markets, including the New York metro area, and extended its footprint into the Pacific Northwest. To support this growth, Telx invested meaningfully in its senior leadership. We thank the Telx team for their partnership.

SALE OF

Telx

THE TELX GROUP

_________

HEADQUAR TERS

New York, NY

WEBSITE

www.telx.com

INVES TMENT DATE

September 2011

REALIZATION DATE

October 2015

Telx is a leading provider of global data interconnection

and colocation services.

19

Berkshire Partners pursues investments in both private equity and marketable securities.

In addition to demonstrating strong operating performance, our companies continued to invest in their teams and hone strategies for growth, both domestically and abroad.

Berkshire Portfolio

Since 1986, the firm has deployed capital from its eight private equity funds with $11 billion in aggregate capital commitments to make over 115 investments in primarily middle market companies. Berkshire has developed specific industry experience in several areas including consumer products and retail, business services, industrials, communications and transportation. Within private equity, Berkshire seeks to invest $50 million to $500 million of capital in each portfolio company and has a strong history of partnering with management teams to grow the companies in which it invests with the goal of consistently achieving superior investment returns.

Stockbridge Investors is an investment group within Berkshire Partners, focused on marketable securities. Stockbridge was founded in 2007 and manages a concentrated portfolio, seeking attractive long-term investments. Stockbridge employs a research-intensive process that benefits from the broader firm’s experiences, insights and relationships.

The investments above represent all of Berkshire’s private equity investments made by its Funds VI-VIII as of January 2016. Nothing herein constitutes an offer or solicitation of an offer to buy any security. The views expressed herein reflect the opinions of Berkshire Partners as of January 2016 and are subject to change.

Access

Acosta

Advanced Drainage Systems

Affordable Care

American Tire Distributors

AmSafe

Aritzia

Bare Escentuals

Bartlett Nuclear

Carter’s

Catalina

Citizens of Humanity

Coty

Crown Castle International

Electro-Motive Diesel

Engineering Solutions & Products

Farm Boy

Grocery Outlet

Hexcel

HMT

Husky

Implus

Lightower

Masai Group International

Masterplan

Melissa & Doug

National Vision

NEW Asurion

Opening Ceremony

Party City

Portillo’s

Profit Recovery Group

Protelindo

The Rockport Group

Skillsoft

SRS Distribution

Telx

Tinnerman Palnut

Torres Unidas

Tower Development Corporation

TransDigm

United BioSource

Vi-Jon

Waterworks

CURRENT AND FORMER PORTFOLIO COMPANIES

Our Team

MANAGING DIRECTORSSam Adams Mike Ascione Brad Bloom Dave Bordeau Ken Bring Jane Brock-Wilson Kevin Callaghan Chris Hadley Larry Hamelsky Shar Heslam Beth Hoffman Matt Janchar Ross Jones Tom Kuo Richard Lubin Josh Lutzker Jon MeyerGreg Pappas Marni Payne Randy Peeler Anil Seetharam Raleigh Shoemaker Rob Small EJ Whelan

PRINCIPALSBlake Gottesman Josh Johnson Ben Levy Jon Nuger

Sam Spirn

BUSINESS DEVELOPMENTJeff Dodge

Nii Amaah Ofosu-Amaah

CAPITAL MARKETSMatt Janchar Liz Chang

PORTFOLIO SUPPORTGreg Pappas Chris Dacey Jason Grapski Aaron Miller Tom Nolan Justin Ruel

VICE PRESIDENTSCandice Corvetti Ted Rainaud Amelia Random Howard Singer Drew Walker

ASSOCIATESShabdha Chigurupati Janesha Dua Fritz von Guionneau Ladd Hamrick Jack Hansen Matt Komenda Connie Lee Alex Mansfield Pat Martin Spencer Murray Will Petrie Aaron Scheinfeld Joe Tennant Justin Warner

Pauline Yang

ADVISORY DIRECTORSGideon Argov Jeff Henderson John Kelly Tommy Liu Mike Miles Ken Pucker

SENIOR ADVISORSChris Clifford Carl Ferenbach Garth Greimann

ADMINISTRATION

Reuben AckermanCompliance

Sam AdamsTalent

Ken Bring Finance

Shar Heslam Legal

Raleigh Shoemaker Investor Relations

Jeff Whitaker Operations

STOCKBRIDGERob SmallJon MeyerAnil SeetharamMatt Berner Saad HasanJustin HuppPrithvi ShankarJoe McLaughlinAnn OhJosh ParkerJennifer Song