A Trillion Dollar Market Opportunity Our conservative estimate of the market is several hundred billion dollars annually within the next few years. As a guidepost, annual CapEx and COGS spending by publicly traded U.S. manufacturing companies is roughly $750 billion and over $4 trillion, respectively, and significant industrial technology investments will be targeted at both categories. Additionally, analysis by the McKinsey Global Institute in 2015 estimated the economic impact in the facto- ry setting alone to be $1.2 - $3.7 trillion per year (globally) by 2025. Incumbent Industrial Players Are Stagnating Technology disruption is now occurring in manufacturing supply chains driv- en by pressure on industrial companies to improve productivity, reduce costs, and find growth. While industrial company stock prices have rallied since the financial crisis, the catalysts have been traditional cost-cutting and share re- purchases as top-line growth has been stagnant due to weak industrial de- mand in many verticals. Boards and shareholders of incumbent industrial companies are increasingly focused on the disruptive threats from software and technology and are forcing CEOs to rapidly develop and implement ap- propriate investments and strategies. The departure of Ford’s CEO recently is one example of a board asserting itself in this regard. Organic Revenue Growth - Fiscal Year 2016 Selected Industrials 10% 5% 3% Ingersoll Rand 2% 1% 1% United Technologies 0% General Electric -1% -1% -5% -3% Illinois Tool Works -6% Honeywell -10% -8% Pentair -15% Eaton -18% Emerson -20% Parker Hannifin -25% Caterpillar Source: Company Filings