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Valuation StatisticsCapitalizationEnterprise Value / Enterprise Value / ProjectedProjectedEquityEnterpriseP / E MultipleP / BV MultipleDividendRevenueEBITDAEBITDA MarginCompany NameValueValueLTMFY1LTMFY1LTMFY1TotalTangibleYieldGrowthGrowthLTMFY1Polaris Industries Inc.10,391$ 10,450$ 2.4 x2.3 x13.1 x12.4 x24.3 x23.0 x12.1 x17.4 x1.2%19.3%-18.5%18.9% HARLEY-DAVIDSON, INC.14,150 18,414 3.0 x3.3 xNM12.2 x16.7 x16.8 x4.0 x4.3 x1.7%8.2%--26.9% Hasbro, Inc.7,287 8,517 2.0 x2.0 xNM10.4 x19.4 x17.5 x4.8 x14.9 x3.0%4.3%--18.8% MATTEL, INC.10,731 12,589 2.0 x2.0 x10.7 x11.4 x15.1 x15.1 x3.4 x11.6 x4.8%(7.3%)(6.8%)19.2%17.8% THOR INDUSTRIES, INC.2,926 2,636 0.7 x0.7 x9.5 x7.8 x16.3 x13.7 x2.9 x4.9 x2.0%8.8%12.8%7.9%8.6% BRP Inc.2,748 3,576 1.2 x1.1 x15.5 x9.3 x45.0 x16.1 xNMNM0.0%12.1%(3.0%)7.6%11.8% Median8,839$ 9,483$ 2.0 x2.0 x11.9 x10.9 x18.1 x16.4 x4.0 x11.6 x1.8%8.5%(3.0%)13.2%18.3% Mean8,039$ 9,364$ 1.9 x1.9 x12.2 x10.6 x22.8 x17.0 x5.4 x10.6 x2.1%5.3%(4.9%)7.8%13.3% Brunswick Corporation4,417$ 4,250$ 1.1 x1.1 x10.3 x9.6 x5.3 x15.7 x3.1 x4.7 x1.1%(0.4%)19.4%10.9%11.5% Premium (Discount to Peers Median)(45%)(44%)(14%)(11%)(71%)(4%)(22%)(59%) RevenueEBITDA

14. Analyst Projections Revenues
Historical average Marine Engines $1,905 $1,989 $2,088 $ 2,190 $ 2,385 $ 2,515 $ 2,675 $ 2,845
used for calculation Boats 1,008 1,003 1,032 1,117 1,240 1,340 1,412 1,489
of 2017E and 2018E Marine Eliminations -203 -232 -236 -256 -268 -277 -297 -318
Total Marine $2,710 $2,759 $2,884 $3,051 $3,357 $3,578 $3,790 $4,015
Fitness $635 $636 $716 $ 766 $ 820 $ 869 $ 956 $ 1,051
Bowling & Billiards 352 322 0 0 0 0 0 0
Total $3,697 $3,718 $3,600 $3,817 $4,177 $4,447 $4,746 $5,066
Percentage Change %
Marine Engines 9.4% 4.4% 5.0% 4.9% 8.9% 5.5% 6.4% 6.4%
Boats 2.6% -0.5% 2.9% 8.2% 11.1% 8.1% 5.4% 5.4%
Marine Eliminations 9.7% 14.0% 2.0% 8.3% 4.7% 3.5% 7.0% 7.0%
Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%
Fitness 17.2% 10.0% 12.6% 7.0% 7.0% 6.0% 10.0% 10.0%
Bowling & Billiards 0.6% -0.9% -100.0% NA NA NA NA NA
Total 7.8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%
Conservative Projections Revenues
Marine Engines $1,905 $1,989 $2,088 $ 2,193 $ 2,302 $ 2,394 $ 2,466 $ 2,540
Boats 1,008 1,003 1,032 1,104 1,170 1,229 1,278 1,317
Marine Eliminations -203 -232 -236 -251 -263 -274 -282 -287
Total Marine $2,710 $2,759 $2,884 $3,046 $3,210 $3,350 $3,462 $3,569
Fitness $635 $636 $716 $ 752 $ 789 $ 829 $ 870 $ 914
Bowling & Billiards 352 322 0 0 0 0 0 0
Total $3,697 $3,718 $3,600 $3,798 $3,999 $4,178 $4,333 $4,483
Percentage Change %
Marine Engines 9.4% 4.4% 5.0% 5.0% 5.0% 4.0% 3.0% 3.0%
Boats 2.6% -0.5% 2.9% 7.0% 6.0% 5.0% 4.0% 3.0%
Marine Eliminations 9.7% 14.0% 2.0% 6.0% 5.0% 4.0% 3.0% 2.0%
Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%
Fitness 17.2% 10.0% 12.6% 5.0% 5.0% 5.0% 5.0% 5.0%
Bowling & Billiards 0.6% -0.9% -100.0% NA NA NA NA NA
Total 7.8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%
Base Projections Revenues
Marine Engines $1,905 $1,989 $2,088 $ 2,234 $ 2,368 $ 2,487 $ 2,586 $ 2,664
Boats 1,008 1,003 1,032 1,125 1,215 1,312 1,404 1,502
Marine Eliminations -203 -232 -236 -258 -278 -298 -316 -331
Total Marine $2,710 $2,759 $2,884 $3,101 $3,305 $3,501 $3,674 $3,835
Fitness $635 $636 $716 $ 766 $ 820 $ 877 $ 947 $ 1,033
Bowling & Billiards 352 322 0 0 0 0 0 0
Total $3,697 $3,718 $3,600 $3,868 $4,125 $4,378 $4,622 $4,867
Percentage Change %
Marine Engines 9.4% 4.4% 5.0% 7.0% 6.0% 5.0% 4.0% 3.0%
Boats 2.6% -0.5% 2.9% 9.0% 8.0% 8.0% 7.0% 7.0%
Marine Eliminations 9.7% 14.0% 2.0% 9.0% 8.0% 7.0% 6.0% 5.0%
Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%
Fitness 17.2% 10.0% 12.6% 7.0% 7.0% 7.0% 8.0% 9.0%
Bowling & Billiards 0.6% -0.9% -100.0% NA NA NA NA NA
Total 7.8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%
Optimistic Projections Revenues
Marine Engines $1,905 $1,989 $2,088 $ 2,234 $ 2,391 $ 2,558 $ 2,737 $ 2,929
Boats 1,008 1,003 1,032 1,146 1,260 1,373 1,483 1,602
Marine Eliminations -203 -232 -236 -260 -283 -306 -328 -347
Total Marine $2,710 $2,759 $2,884 $3,120 $3,367 $3,625 $3,893 $4,183
Fitness $635 $636 $716 $ 766 $ 827 $ 902 $ 992 $ 1,101
Bowling & Billiards 352 322 0 0 0 0 0 0
Total $3,697 $3,718 $3,600 $3,886 $4,195 $4,527 $4,885 $5,285
Percentage Change %
Marine Engines 9.4% 4.4% 5.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Boats 2.6% -0.5% 2.9% 11.0% 10.0% 9.0% 8.0% 8.0%
Marine Eliminations 9.7% 14.0% 2.0% 10.0% 9.0% 8.0% 7.0% 6.0%
Total Marine 6.8% 1.8% 4.5% 5.8% 10.0% 6.6% 5.9% 5.9%
Fitness 17.2% 10.0% 12.6% 7.0% 8.0% 9.0% 10.0% 11.0%
Bowling & Billiards 0.6% -0.9% -100.0% NA NA NA NA NA
Total 7.8% 1.3% -3.2% 6.0% 9.4% 6.5% 4.6% 4.6%
Summary of Projections Analysts $3,817 $4,177 $4,447 $4,746 $5,066
Conservative $3,798 $3,999 $4,178 $4,333 $4,483
Base $3,868 $4,125 $4,378 $4,622 $4,867
Optimistic $3,886 $4,195 $4,527 $4,885 $5,285

15. Brunswick - Net Present Value Sensitivity - Terminal Growth Rates
Discount Rate
$ 53.90 8.0% 8.5% 9.0% 9.5% 10.0%
2.0% $ 53.62 $ 50.06 $ 47.00 $ 44.35 $ 42.04
2.5% $ 56.88 $ 52.76 $ 49.27 $ 46.28 $ 43.69
3.0% $ 60.79 $ 55.95 $ 51.91 $ 48.50 $ 45.57
3.5% $ 65.57 $ 59.78 $ 55.04 $ 51.09 $ 47.75
4.0% $ 71.54 $ 64.46 $ 58.79 $ 54.15 $ 50.29
Terminal
Growth Rate
Brunswick - Net Present Value Sensitivity - Terminal EBITDA Multiples
Discount Rate
$ 63.82 8.0% 8.5% 9.0% 9.5% 10.0%
9.0 x $ 61.32 $ 60.01 $ 58.74 $ 57.50 $ 56.31
9.5 x $ 63.63 $ 62.26 $ 60.92 $ 59.63 $ 58.37
10.0 x $ 65.94 $ 64.50 $ 63.11 $ 61.75 $ 60.44
10.5 x $ 68.25 $ 66.75 $ 65.29 $ 63.88 $ 62.51
11.0 x $ 70.56 $ 68.99 $ 67.48 $ 66.00 $ 64.58
Terminal
EBITDA
Multiple
Discounted Cash Flow (DCF) Analysis
($ in millions, except per share data)
Brunswic k Corporation - Cash Flow Projec tions Brunswic k - DCF Assumptions
FY2010 FY2011 FY2012 FY2013 FY 2014E FY 2015E FY 2016E FY 2017E FY 2018E
Revenue: $3,403 $3,670 $3,718 $3,888 $3,868 $ 4,125 $ 4,378 $ 4,622 $ 4,867
Base Projections Revenues
Marine Engines $1,905 $1,989 $2,088 $ 2,234 $ 2,368 $ 2,487 $ 2,586 $ 2,664
Boats 1,008 1,003 1,032 1,125 1,215 1,312 1,404 1,502
Marine Eliminations -203 -232 -236 -258 -278 -298 -316 -331
Total Marine $2,710 $2,759 $2,884 $3,101 $3,305 $3,501 $3,674 $3,835
Fitness $635 $636 $716 $ 766 $ 820 $ 877 $ 947 $ 1,033
Bowling & Billiards 352 322 0 0 0 0 0 0
Total $3,697 $3,718 $3,600 $3,868 $4,125 $4,378 $4,622 $4,867
Summary of Projections Analysts $3,817 $4,177 $4,447 $4,746 $5,066
Conservative $3,798 $3,999 $4,178 $4,333 $4,483
Base $3,868 $4,125 $4,378 $4,622 $4,867
Optimistic $3,886 $4,195 $4,527 $4,885 $5,285
EBITDA: $208 $340 $380 $413 $ 442 $ 546 $ 597 $ 646 $ 678
Operating Income: $55 $212 $264 $347 $ 362 $ 443 $ 489 $ 532 $ 559
Less: Taxes ($26) ($20) ($15) $581 ($111) ($137) ($124) ($131) ($127)
Tax Rate 18% -1% 14% 10% 34% 34% 35% 35% 35%
Plus: Deprec iation & Amortization 129 104.5 90 $88 $80 $103 $108 $114 $119
Plus: Restruc turing, Li tigation, Other 23 22.7 25.8 ($21) $0 $0 $0 $0 $0
Less: Inc rease in Working Capi tal : $18 ($78) ($79) ($66) ($37) ($1) ($40) ($40) ($40)
Less: Capi tal Expendi tures ($57) ($90) ($115) ($148) ($140) ($154) ($154) ($154) ($154)
Unlevered Free Cash Flow $143 $ 152 $ 171 $780 $ 153 $ 255 $ 279 $ 321 $ 357
Present Value of Free Cash Flow $ 748 $ 135 $ 206 $ 208 $ 220 $ 225
Normal Discount Period: 1.00 2.00 3.00 4.00 5.00 6.00
Mid-Year Discount: 0.50 1.50 2.50 3.50 4.50 5.50
Free Cash Flow Growth Rate: (80.4%) 66.2% 9.4% 15.3% 11.0%

16. SOTP ValuationValuationMultipleEnterprise ValueSegmentMethodMetricLowHighLowHighMarine Engines2014 Revenue2,234.27$ 1.7 x1.8 x3,898.83,982.6Boat2014 Revenue1,124.881.7 x1.8 x1,906.71,994.0Fitness2014 Revenue766.121.4 x1.6 x1,080.21,207.4Bowling and Billiards2014 Revenue0NMNMNANATotal Firm Value6,885.77,184.0Less: Net Debt456456Add: Cash & Equivalents624624Total Equity Value7,053.77,352.0Total Diluted Shares O/S9393Implied Price Per Share$75.85$79.05Current Price:47.7247.72Premium (Discount)(37%)(40%)

17. Discounted Cash FlowAnalysis
Precedent Transaction Analysis
Public Company Comparables

18. 30
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20. Latest Holders
Holder Common Stock Equivalent Held % Of CSO Market Value (USD in mm) Position Date
T. Row e Price Group, Inc. (NasdaqGS:TROW) 7,358,111 7.916 351.1 Sep-30-2014
BlackRock, Inc. (NYSE:BLK) 7,174,420 7.718 342.4 Sep-30-2014
Fidelity Investments 5,944,993 6.396 283.7 Sep-30-2014
The Vanguard Group, Inc. 5,647,282 6.075 269.5 Sep-30-2014
Robeco Group N.V. 4,902,264 5.274 233.9 Sep-30-2014
WEDGE Capital Management L.L.P. 3,327,695 3.58 158.8 Sep-30-2014
State Street Global Advisors, Inc. 3,110,169 3.346 148.4 Sep-30-2014
Invesco Ltd. (NYSE:IVZ) 2,753,893 2.963 131.4 Sep-30-2014
Daruma Capital Management, LLC 1,980,032 2.13 94.5 Sep-30-2014
Barrow , Hanley, Mew hinney & Strauss, Inc. 1,919,159 2.065 91.6 Sep-30-2014
1832 Asset Management L.P. 1,757,719 1.891 83.9 Sep-30-2014
Chartw ell Investment Partners, L.P. 1,657,209 1.783 79.1 Sep-30-2014
Franklin Resources Inc. (NYSE:BEN) 1,560,300 1.679 74.5 Sep-30-2014
Northern Trust Global Investments 1,500,927 1.615 71.6 Sep-30-2014
Pyramis Global Advisors, LLC 1,243,750 1.338 59.4 Sep-30-2014
Schroder Investment Management Limited 1,157,600 1.245 55.2 Sep-30-2014
Goldman Sachs Asset Management, L.P. 994,665 1.07 47.5 Sep-30-2014
Teachers Insurance and Annuity Association College Retirement Equities
Fund
952,071 1.024 45.4 Sep-30-2014

22. Deal TypeAnnounce DateTarget NameAcquirer NameSeller NameAnnounced Total Value (mil.)Payment TypeTV/EBITDADeal StatusM&A5/29/2013Smithfield Foods IncWH Group Ltd6955.21Cash9.35CompletedM&A5/21/2012HealthCare Partners Holdings LLCDaVita HealthCare Partners Inc4459.19Cash and Stock CompletedM&A11/12/2012Jefferies Group LLCLeucadia National Corp2639.39Stock2.65CompletedM&A6/23/2014Central Garden and Pet CoHarbinger Group Inc992Cash13.07TerminatedM&A1/6/2014Stream Global Services IncConvergys CorpAyala Corp,Ares Management LLC (Fund: Ares Corporate Opportunities Fund II LP),Providence Equity Partners Inc (Fund: Providence Equity Partners VI LP)820Cash CompletedM&A6/18/2012Bluegreen CorpDiamond Resorts Parent LLC777.89Cash23.66TerminatedM&A10/23/2012Intown Hospitality Investors LPStarwood Capital Group LLCKimco Realty Corp735Cash CompletedM&A5/21/2013Philip Morris Mexico SA de CVPhilip Morris International IncGrupo Carso SAB de CV700Cash CompletedM&A7/29/2014New Breed Holding CoXPO Logistics Inc615Undisclosed CompletedM&A7/17/2013Lincoln Benefit Life CoResolution Life Holdings IncAllstate Corp/The600Undisclosed CompletedM&A8/26/2013TMS International CorpPritzker Organization534.82Cash3.68CompletedM&A9/16/201356 skilled nursing facilitiesOmega Healthcare Investors IncArk Holding Co525Cash CompletedM&A4/14/2014Wood Preservation & Railroad Services businessesKoppers Holdings IncOsmose Holdings Inc460Cash CompletedINV6/25/2014Masin-AES Pte LtdElectricity Generating PCLAES Corp/VA453Cash CompletedM&A11/5/2012US conventional oil & gas assetsHarbinger Group IncEXCO Resources Inc372.5Cash CompletedM&A6/30/2013WilcoHess LLCHess CorpAT Williams Oil Co290Cash CompletedM&A2/28/2014Certain AssetsHomefed CorpLeucadia National Corp277.22Stock CompletedINV3/18/2014Harbinger Group IncLeucadia National Corp253Cash2.75CompletedM&A12/15/2013Hard Rock Hotel & CasinoTwin River Worldwide Holdings IncLeucadia National Corp250Cash CompletedM&A4/7/2014Tropical Shipping & Construction LtdSaltchuk Resources IncAGL Resources Inc220Cash CompletedM&A1/22/2014St Regis Bal Harbour ResortAl Faisal Holding CoStarwood Hotels & Resorts Worldwide Inc213Cash CompletedINV10/11/2013ShopRunner IncAmerican Express Co,Alibaba Group Holding Ltd,Kynetic LLC206Cash CompletedSPIN2/1/2013Crimson Wine Group LtdShareholdersLeucadia National Corp201.46 CompletedM&A10/20/2014WesTower Communications IncMasTec IncExchange Income Corp199Cash CompletedINV9/27/2013Harbinger Group IncLeucadia National Corp139.78Cash1.16CompletedM&A11/26/2012Cimarron Energy Holding Co LLCCurtiss-Wright Corp135.1Cash CompletedM&A7/24/2014WJRT-TV & WTVG-TV stationsGray Television IncSJL Holdings LLC128Cash CompletedM&A10/6/2014Compass Production Partners LPHarbinger Group IncEXCO Resources Inc118.75Cash CompletedINV11/6/2013National Bank Holdings CorpNational Bank Holdings Corp100.3Cash CompletedM&A5/9/2014Turf & ornamental businessKoch Industries IncAgrium Inc85Cash CompletedM&A5/15/2013EF&A Funding LLCAres Commercial Real Estate CorpAlliant Co LLC/The62.69Cash and Stock CompletedINV5/2/2013Proteus Digital Health IncOracle Corp,Private Investor,Otsuka Holdings Co Ltd,Novartis BioVentures Ltd (Fund: Novartis Option Fund),Sino Portfolio International Ltd 62.5Cash CompletedINV4/30/2014Ambri IncTotal SA,Private Investor,Khosla Ventures LLC,KLP Enterprises LLC35Cash CompletedM&A9/30/2013Frederick's of Hollywood Group IncBank of New York Mellon Corp/The,Harbinger Group Inc,Tokarz Investments LLC,TTG Apparel LLC,Arsenal Group LLC 24.76Cash CompletedM&A2/10/2014ICG Addcar Systems LLCUGM Holdings Pty LtdArch Coal Inc21Cash CompletedINV10/27/2014iMATCHATIVE IncWells Fargo & Co,Investor Group,Inmobiliaria Carso SA de CV20Cash CompletedINV8/21/2013Backplane Inc/TheCoca-Cola Enterprises Inc,Menlo Ventures,Google Ventures,SV Angel,Founders Fund Management LLC (Fund: FF Angel LLC),Groupe Cirque du Soleil Inc,Tomorrow Ventures LLC,Lerer Hippeau Ventures Management LLC (Fund: Lerer Ventures II LP) 12Cash CompletedM&A7/5/2013Certain AssetsGarvey Group LLC/TheSchawk Inc10.2Cash and Debt CompletedM&A2/19/2013Empire Insurance CoWhite Mountains Insurance Group LtdLeucadia National Corp3.2Cash CompletedM&A5/9/2013CMBS Special Servicing BusinessKeyCorpLeucadia National CorpN/ACash CompletedM&A6/19/2013Paper and print media products business in WesternSequana SAXerox CorpN/ACash CompletedM&A5/28/2014Keystone Commercial Capital Ca IncLeucadia National CorpN/AUndisclosed CompletedM&A10/1/2013Peak Oilfield Services CoBristol Bay Native CorpNabors Industries LtdN/AUndisclosed CompletedM&A8/7/2013Eastern Associated TerminalCSX CorpIngram Industries IncN/ACash CompletedM&A2/19/2014Headliner and sun visor businessAtlas Holdings LLCJohnson Controls IncN/ACash CompletedM&A1/7/2013Masco Framing CorpAtlas Holdings LLCMasco CorpN/AUndisclosed CompletedM&A9/18/2014Eagle Ford Shale oil & gas leasesLeucadia National CorpN/ACash CompletedM&A2/11/2013Certain Roadbuilding assets and operationsFayat SASTerex CorpN/ACash CompletedM&A8/23/2013Property Claims Services IncT&H Global Holdings LLCSolera Holdings IncN/AUndisclosed CompletedM&A12/4/2013Footman James UK LtdTowergate Insurance LtdAon PLCN/AUndisclosed CompletedINV2/5/2014DataMentors Holdings IncAffiliated Managers Group Inc,Clear Choice Financial Inc,Brook Venture PartnersN/ACash CompletedINV7/14/2014CorAmerica Capital LLCHarbinger Group IncN/AUndisclosed CompletedM&A8/25/2014Sun Catalytix CorpLockheed Martin CorpTata Group,Polaris Venture Partners (Fund: Polaris Venture Partners V LP)N/AUndisclosed CompletedM&A6/25/2014Retirement services recordkeeping businessAmerican United Mutual Insurance Holding CoCity National Corp/CAN/ACash CompletedM&A11/10/2014xpient Solutions LLCHeartland Payment Systems IncN/AUndisclosed Completed

23. Deal AttributeTarget Multiples# DealsMin - MaxMedianMinMaxMean Free Cashflow47.18 - 33.3718.4 x7.1833.3720.3 x Income B/F XO53.88 - 37.8416.4 x3.8837.8420.9 x Net Income43.81 - 37.8415.5 x3.8137.8420.8 x Net Income + Deprec61.77 - 30.1013.6 x1.7730.115.9 x EBIT71.79 - 37.968.9 x1.7937.9619.9 x Cashflow from Ops.72.36 - 40.275.0 x2.3640.2721.3 x EBITDA71.16 - 23.663.7 x1.1623.6612.4 x Book Value8.98 - 4.971.9 x0.984.973.0 x Market Cap8.92 - 5.771.8 x0.925.773.3 x Stockholder Eqty8.70 - 2.511.8 x0.72.511.6 x Enterprise Value8.15 - 1.200.6 x0.151.20.7 x Total Assets9.04 - .900.5 x0.040.90.5 x Revenue8.23 - 2.440.5 x0.232.441.3 xPremiums Paid# DealsVolumePercent 25.01-50%26.98B28%28% 10.01-25%44.94B20%20%

24. Comparable Companies - Sports Goods & Equipment Companies, with Market Caps Above 2.5B($ in Millions Except Per Share and Per Unit Data) Operating StatisticsCapitalizationProjectedProjectedEquityEnterpriseRevenueEBITDAReported Net IncomeRevenueEBITDAEBITDA MarginCompany NameValueValueLTMFY1LTMFY1LTMFY1GrowthGrowthLTMFY1Polaris Industries Inc.10,391$ 10,450$ 4,288$ 4,460$ 795$ 842$ 427$ 452$ 19.3%-18.5%18.9% HARLEY-DAVIDSON, INC.14,150 18,414 6,219 5,601 -1,507 846 842 8.2%--26.9% Hasbro, Inc.7,287 8,517 4,260 4,349 -819 376 416 4.3%--18.8% THOR INDUSTRIES, INC.2,926 2,636 3,525 3,954 279 340 179 214 8.8%12.8%7.9%8.6% BRP Inc.2,748 3,576 3,038 3,262 231 385 61 171 12.1%(3.0%)7.6%11.8% Median8,839$ 9,483$ 4,274$ 4,405$ 537$ 831$ 402$ 434$ 8.5%(3.0%)13.2%18.3% Mean8,039$ 4,811$ 3,709$ 4,053$ 267$ 494$ 228$ 264$ 5.3%(4.9%)7.8%13.3% Brunswick Corporation4,417$ 4,250$ 3,802$ 3,824$ 415$ 441$ 831$ 281$ (0.4%)19.4%10.9%11.5%

25. WACC Analysis
($ in millions, except per share data)
Discount Rate Calculation - Assumptions
Risk-Free Rate: 2.4%
Equity Risk Premium: 7.0%
Interest Rate on Debt: 6.2% LIBOR + 225 basis points
Comparable Companies - Unlevered Beta Calculation
Levered Equi ty Unlevered
Name Beta Debt Value Tax Rate Beta
Polaris Industries Inc. 1.16 $ 288 $ 8,806 33.7% 1.14
HARLEY-DAVIDSON, INC. 1.25 5,259 14,261 34.1% 1.01
Hasbro, Inc. 0.84 1,397 6,550 19.3% 0.72
MATTEL, INC. 1.02 1,604 14,949 17.8% 0.94
THOR INDUSTRIES, INC. 0.89 - 2,792 30.6% 0.89
BRP Inc. 0.44 795 3,112 49.0% 0.39
Median 0.96 0.91
Brunswick Corporation 1.56 $ 460 $ 4,096 34%
Brunswick Corporation - Levered Beta & WACC Calculation
Unlevered Equi ty Levered
Beta Debt Value Tax Rate Beta
Brunswick Corporation 0.91 $ 460 $ 4,096 34% $ 0.98
Cost of Equity Based on Comparables: 9.3%
Cost of Equity Based on Historical Beta: 13.3%
WACC 8.7%
WACC = Cost of Equity * % Equity + Cost of Debt * % Debt *
(1 - Tax Rate) + Cost of Preferred Stock * % Preferred Stock

26. Capitalization Table
Consolidated Market Cap 4,417
- Cash and Short Term 624
+ Short Term Debt 4
+ Long Term Debt 452
+ Preferred Stock -
+ Minority Interest -
= Enterprise Value 4,249
Multiples Range Implied Price
Publ ic Company Comparables: Low High Metric Low High
LTM EV / Revenue 1.9 x 2.0 x $3,801.60 $79.28 $ 84.55
FY1 EV / Revenue 1.9 x 2.0 x $3,824.08 $79.79 $83.73
LTM EV / EBITDA 11.9 x 12.2 x $414.60 $54.85 $56.12
FY1 EV / EBITDA 10.6 x 10.9 x $440.55 $51.90 $53.38
LTM P / E 18.1 x 22.8 x $222.20 $44.96 $56.29
FY1 P / E 16.4 x 17.0 x $280.70 $51.44 $53.22
Discounted Cash Flow
DCF Multiples Method (7-11%, 6.0-14.0 x) $59.63 $71.54
DCF Gordon Growth (7-11%, 1-5% Growth) $46.28 $59.78
Precedent Transac tion Analysis
EV / Net Income 15.5x 20.8x $281 $48.50 $64.66
EV / FCF 18.4x 20.3x $339 $68.75 $75.73
EV / Net Income + Dep 13.6x 15.9x $368 $55.62 $64.81
SOTP and Analyst Price Targets
SOTP Valuation $75.85 $79.05
Analyst Price Targets $46.00 $59.00
Balance Sheet Adjustment 168.00
Outstanding Shares 93.00

27. Marine EnginesCompany NameExchange:TickerIndustry ClassificationsMarket Cap ($$ mm)TEV/Forward Total RevenueTidewater Inc. (NYSE:TDW)NYSE:TDWMarine 1,767.8 2.1 xSEACOR Holdings Inc. (NYSE:CKH)NYSE:CKHMarine 1,369.5 1.4 xInternational Shipholding Corp. (NYSE:ISH) NYSE:ISHMarine (Primary) 121.3 1.2 xScorpio Bulkers Inc. (NYSE:SALT)NYSE:SALTMarine (Primary) 477.0 2.4 xMean1.8 xMedian1.7 xBoatsCompany NameExchange:TickerIndustry ClassificationsMarket Cap ($$ mm)TEV/Forward Total RevenueQingdao Port International Co., Ltd. (SEHK:6198) SEHK:6198Commercial Marine Crafts 2,200.0 1.6 xChina Fishery Group Limited (SGX:B0Z) SGX:B0ZCommercial Marine Crafts 457.1 2.4 xSwiber Holdings Limited (SGX:AK3)SGX:AK3Commercial Marine Crafts 153.0 1.8 xMaridive & Oil Services SAE (CASE:MOIL) CASE:MOILCommercial Marine Crafts 331.8 2.4 xPan-United Corporation Ltd (SGX:P52) SGX:P52Commercial Marine Crafts 370.2 0.9 xASL Marine Holdings Ltd. (SGX:A04)SGX:A04Commercial Marine Crafts159.91.44Mean1.8 xMedian1.7 xFitnessCompany NameExchange:TickerIndustry ClassificationsMarket Cap ($$ mm)TEV/Forward Total RevenueTube Investments of India Limited (BSE:504973) BSE:504973Fitness Equipment 1,023.7 2.2 xAmer Sports Corp. (HLSE:AMEAS)HLSE:AMEASFitness Equipment (Primary) 2,420.2 1.1 xFolli Follie S.A. Commercial Industrial and Technical Company (ATSE:FFGRP) ATSE:FFGRPFitness Equipment 2,396.2 1.9 xNautilus Inc. (NYSE:NLS)NYSE:NLSFitness Equipment (Primary) 402.9 1.3 xEscalade Inc. (NasdaqGM:ESCA)NasdaqGM:ESCAFitness Equipment (Primary) 187.1 1.4 xMean1.6 xMedian1.4 x

28. P/E FY1 Last: 20.25x
P/E FY1 Mean: 15.97x
St.Dev from Mean: 2.31x
P/E FY2 Last: 16.64x
P/E FY2 Mean: 14.28x
St.Dev from Mean: 1.55x
P/E FY3 Last: 14.10x
P/E FY3 Mean: 12.86x
St.Dev from Mean: 1.06x
EV/EBITDA FY1 Last: 9.71x
EV/EBITDA FY1 Mean: 8.52x
St.Dev from Mean: 1.38x
EV/EBITDA FY2 Last: 8.14x
EV/EBITDA FY2 Mean: 7.28x
St.Dev from Mean: 1.27x
EV/EBITDA FY3 Last: 7.14x
EV/EBITDA FY3 Mean: 6.57x
St.Dev from Mean: 0.90x

29. 0
10
20
30
40
50
60
70
BMO CapitalMarkets
SunTrustRobinsonHumphrey
Robert W. Baird & Co
Wells FargoSecurities
LongbowResearch
WunderlichSecurities
EVA Dimensions
RBC CapitalMarkets
KeyBanc CapitalMarkets
Raymond James
B Riley & Co
Brokers' Target Price
BrokerAnalystRecommendationTargetDateBMO Capital MarketsGERRICK L JOHNSONoutperform53.0021-Nov-14SunTrust Robinson HumphreyMICHAEL A SWARTZbuy55.0019-Nov-14Robert W. Baird & CoCRAIG R KENNISONoutperform54.0019-Nov-14Wells Fargo SecuritiesTIMOTHY A CONDERoutperform18-Nov-14Longbow ResearchDAVID S MACGREGORbuy50.0018-Nov-14Wunderlich SecuritiesROMMEL DIONISIObuy57.0017-Nov-14EVA DimensionsCRAIG STERLINGbuy14-Nov-14RBC Capital MarketsJOSEPH SPAKsector perform46.0024-Oct-14KeyBanc Capital MarketsSCOTT W HAMANNbuy55.0024-Oct-14Raymond JamesJOSEPH D HOVORKAstrong buy51.0024-Oct-14B Riley & CoJIMMY BAKERbuy59.0024-Oct-14

30. Holder NamePositionPosition ChangeMarket Value% of OwnershipReport DateSourceMCCOY DUSTAN E508,88424,283,9440.55%5/6/2014Form 4STAYER RALPH C90,8381,5254,334,7890.10%10/31/2014Form 4FERNANDEZ MANUEL A75,3391,7873,595,1770.08%10/31/2014Form 4ARCHIBALD NOLAN D75,1242063,584,9170.08%10/31/2014Form 4METZGER WILLIAM L71,7873,425,6760.08%3/4/2014Proxy

31. Ownership Statistics
Shares Outstanding (M) 92.4
Float 98.6%
Short Interest (M) 3.7
Short Interest as % of Float 4.07%
Days to Cover Shorts 2.57
Ownership (Institutional) 104.94%
Ownership (Retail & Other) -6.33%
Ownership (Insider) 1.39%
93%
-6% 1%
Ownership Type
Ownership (Institutional)
Ownership (Retail & Other)
Ownership (Insider)
Geographic Ownership Distribution
United States 92.59%
Canada 2.37%
Britain 2.09%
Unknown Country 1.31%
Norway 0.75%
Switzerland 0.35%
Japan 0.17%
Others 0.36%
Institutional Ownership Distribution
Investment Advisor 81.94%
Hedge Fund Manager 12.29%
Pension Fund (Erisa) 1.96%
Individual 1.31%
Others 2.51%
93%
3%
2%
1%
1%0% 0%
0%
Geographic Ownership
United States Canada
Britain Unknown Country
Norway Switzerland
Japan Others
82%
12%
2%
1% 3%
Institutional Ownership
Investment Advisor Hedge Fund Manager
Pension Fund (Erisa) Individual
Others

39. 49
46
5
0
U.S. & Canada Toys
International
Entertainment & Liscensing/Other
Operations
•
•
•
•
0M
1M
2M
3M
4M
5M
6M
7M
$46
$48
$50
$52
$54
$56
$58
$60
Nov-19-2013
Jan-19-2014
Mar-19-2014
May-19-2014
Jul-19-2014
Sep-19-2014
Volume
Share Pricing

40. •
•
•
•
•
0.0M
0.2M
0.4M
0.6M
0.8M
1.0M
1.2M
1.4M
1.6M
$45
$47
$49
$51
$53
$55
$57
$59
$61
$63
$65
Nov-18-2013
Feb-18-2014
May-18-2014
Aug-18-2014
Nov-18-2014
Volume
Share Pricing
77
23
Recreational Vehicles-Towables
Recreational Vehicles-Motorized

41. •
•
•
•
•
0M
0M
0M
1M
1M
1M
1M
1M
2M
2M
2M
$20
$22
$24
$26
$28
$30
$32
$34
Nov-19-2013
Jan-19-2014
Mar-19-2014
May-19-2014
Jul-19-2014
Sep-19-2014
Volume
Share Pricing
100
Parts & Accessories

42. •
•
•
•
•
•
0M
1M
2M
3M
4M
5M
6M
7M
8M
9M
10M
$50
$55
$60
$65
$70
$75
$80
Nov-19-2013
Jan-19-2014
Mar-19-2014
May-19-2014
Jul-19-2014
Sep-19-2014
Volume
Share Pricing
89
11
Motorcycles and Related ProductsOperations
Financial Services Operations

43. •
•
•
•
•
0M
5M
10M
15M
20M
25M
$25
$30
$35
$40
$45
$50
Nov-19-2013
Jan-19-2014
Mar-19-2014
May-19-2014
Jul-19-2014
Sep-19-2014
Volume
Share Pricing
46
45
9
International
North America
American Girl

44. •
•
•
•
•
0M
1M
1M
2M
2M
3M
3M
$100
$110
$120
$130
$140
$150
$160
$170
Nov-19-2013
Jan-19-2014
Mar-19-2014
May-19-2014
Jul-19-2014
Sep-19-2014
Volume
Share Pricing
100
Vehicles