1. UIUC RCMP Fall 2016
Miller Industries Inc., Presented, November 10, 2016 Updated December 1, 2016
-Tongsu (Serena) Peng & David Lee hi

2. Current Holdings May 2016 Spring 2016
RCMP Presentation to Buy 400 shares of $20.59
May 2016
DCF Value: $24.36 Comparable Valuation: $22.39 Implied Price: $23.38
November 9, 2016
Current Price: $23.10
Real Client Managed Portfolio

3. Agenda Company Summary External Drivers Relative Stock Market Prospect
Company Overview
Management Assertions
Porter’s 5 Forces Analysis
SWOT Analysis
Business Cycle Overview
External Drivers
Macroeconomic Drivers
Industry Drivers
Relative Stock Market Prospect
Financial Analysis (DuPont ROE)
Comparable Valuation
DCF Analysis
Recommendation
NYSE:MLR – $23.10
Market Cap – $262.1m
EV/EBITDA – 7.4
Trailing P/E – 15.4
Real Client Managed Portfolio

4. Company Overview Recent News Key Executive Officer Profile
Miller Industries Inc. (NYSE:MLR)
Founded in 1994 in Ooltewah, Tennessee
Operations in Tennessee and Pennsylvania
Foreign manufacturing in France and UK
MLR is the world’s largest Towing & Recovery Equipment Manufacturer
Develop and acquire well-recognized brands within industry
Diversified line of products
Perpetuates both internal growth and acquisition of complementary products
Sells products globally through independent distributors
Presence in the US, Canada, Mexico, Europe, Pacific Rim, Middle East, South America, and Africa
Voting to elect new management led to the election of five new executives for a term of one year
Agreements regarding executive compensation remain unchanged
Firm announced retirement of VP, CFO, and Treasurer J. Vincent Mish and appointed former VP and Controller in Mr. Mish’s place
Regulatory concerns regarding manufacture of products containing minerals tin, tungsten, tantalum and gold remain on-going
Firm continues to increase sales growth as economic conditions improve
Recent News
Key Executive Officer Profile
J. Vincent Mish, CPA
Served as CFO and Treasurer from 1994
Appointed Executive VP in 2002, having served as President of Financial Services Group since September 1996
Served from 1987 to 1994 as VP and Treasurer of Flow Measurement
Deborah Whitmire
Served as VP and Corporate Controller since 2014
Previously held Corporate Controller from 2005
Director of Finance position from
Miller Accounting Manager from , and Controller from 1997 to 2000
Real Client Managed Portfolio
Source: Company 10K – 2015, Yahoo Finance

5. 2016 Quarterly Performance
March 31, 2016 – Q1
June 30, 2016 – Q2
September 30, 2016 – Q3
Net sales $148.8m, 17.4% increase from prior year
Net sales $156.1m, 3.0% increase from prior year
Net Sales $147.6m, 17.0% increase from prior year
Net income $3.4m, $0.30 per diluted share
Net income $6.6m, $0.58 per diluted share
Net income $3.2m, $0.28 per diluted share
Gross profit $13.0m, 8.7% of sales
Gross profit $19.0m, 12.2% of sales
Gross profit $17.1m, 11.6% of sales
SG&A $8.0m, 5.4% of sales
SG&A $8.3m, 5.3% of sales
SG&A $8.5m, 5.8% of sales
Quarterly dividend of $0.17 per share
“Positive economic trend and customer sentiment with increased production levels to drive significant revenue and earnings growth as years progress.”
-Jeffrey I. Badgley, Co-CEO
Real Client Managed Portfolio
Source: Company 10Q , 10K

6. Management Assertions
For Year 2016
Significant revenue growth with stronger earnings as production continues to increase
Capital projects in progress to enhance production capabilities, bidding of new contracts, and expansion of backlog
Healthy pipeline of business including high demand spurring increased quoting activity domestically and globally
Increased production in preparation of future orders, positively impacting growth as years progress
Prospective
Business position to remain steady for solid close of 2016 with positive prospects for next year
Secure completion of consolidation and expansion of Pennsylvania manufacturing operations and Tennessee facilities
Plans to stay ahead of customer demand to drive revenue and earnings growth by maintaining production levels
Continue to enhance shareholder value through management of healthy balance sheet and asset efficiency
Insider Holdings
Recent Trades
Real Client Managed Portfolio
Source: Company 10Q , 10K

7. Porter’s 5 Forces & Complements
Industry
Rivalry
Entry Barriers
Buyer’s Bargaining Power
Threat of Substitute
Supplier’s Bargaining Power
Complements
Entry Barriers (Low)
-Relatively low capital requirements
-Emphasis on need for proprietary
products and technology
Complementary Goods (Moderate)
-Truck chassis
-Vehicle transport services
Industry Rivalry (High)
-High competition for sales to distributors
-Emphasis on product quality, innovation,
reputation, technology, customer service,
product availability, and price
Supplier’s Bargaining Power (High)
-Dependent on outside suppliers for
raw material production inputs
-High commodity and fuel price risk
-Demand for punctual delivery of goods crucial
within the industry
Buyer’s Bargaining Power (High)
-Demand dependent on availability of capital
and access to lines of credit
-Customer sentiment contingent on price of
fuel and insurance costs
Threat of Substitutes (Moderate)
-Hiring and retaining labor essential to success
-Disruption in IT systems poses threat within industry
Real Client Managed Portfolio
Source: Company 10Q , 10K

8. SWOT Analysis Strengths Weaknesses Threats Opportunities
Excessive regulation for US and government programs
Conflict with governmental mineral regulations
International operations subject to various political, economic, and other uncertainties
Loss of key executives could have material adverse impact on company operations
Environmental and health liabilities may require material costs
International markets
Emerging market operations
Technological advances and product innovation
Low price of oil
Improving economic drivers and customer sentiment
Mature industry
Highly cyclical
Vulnerable to price risk and macroeconomic conditions
Customer spending dependent on availability of capital and access to credit
Financial strength
Low long-term debt
Solid pipeline of business
Strong demand in domestic market
High operating efficiency
Strong working relationship with distributors
Strengths
Weaknesses
Threats
Opportunities
Real Client Managed Portfolio
Source: Company 10Q , 10K

9. Business Cycle
Towing and Recovery Equipment Industry highly cyclical in nature
Industry performance heavily affected by changes in consumer confidence and economic conditions
Concerns over economic recovery and continued volatility in capital and credit markets drive erosion in consumer confidence
Overall demand for products continue to decline
Future sales contingent on customers’ access to capital
Prolonged economic downturn and slow or negative growth could adversely effect business, financial condition and operations
MLR most likely to be within Recovery to Early Expansion stage, with uncertainty regarding further growth dependent on future economic prospects and customer sentiment
Real Client Managed Portfolio
Source: Company 10Q , 10K

10. Macroeconomic & Industry Drivers
Consumer Confidence
Real Client Managed Portfolio
Source: Seen in Notes Section

11. Industry Drivers Steel Price Aluminum Price
Real Client Managed Portfolio
Source: Seen in Notes Section

12. Relative Stock Market Prospect
We bought 400 shares
5.72% Gain due to earning release
Bullish Crossover
Brexit Impact
Current Holdings (as of 2015/10/12)
Key Statistics
Market Cap
$262.1M
Trailing P/E
15.4
EV/EBITDA
7.4x
52-week Range
$ $23.10
Date
Acquired
Price ($)
Volume
(shares)
Current
Gain
($)
(%)
2011/04/28
20.59
400
23.10
1,004
12.19%
Real Client Managed Portfolio

13. Financial Analysis Real Client Managed Portfolio
Financial Inputs: Company 10Q, 10K, Bloomberg, Capital IQ

14. Activity Ratios Real Client Managed Portfolio
Financial Inputs: Company 10Q, 10K, Bloomberg, Capital IQ

15. Liquidity Ratios Real Client Managed Portfolio
Financial Inputs: Company 10Q, 10K, Bloomberg, Capital IQ

16. Long Term Solvency Ratios
Real Client Managed Portfolio
Financial Inputs: Company 10Q, 10K, Bloomberg, Capital IQ

17. DuPont Analysis (ROE) Real Client Managed Portfolio
2011
2012
2013
2014
2015
2016E
2017E
2018E
2019E
2020E
Profit Margin
5.6%
2.7%
2.3%
3.0%
2.9%
3.2%
3.4%
3.5%
Total Asset Turnover
1.9x
1.7x
1.8x
2.0x
2.1x
2.2x
2.3x
Equity Multiplier
1.4x
1.3x
1.6x
1.5x
ROE
15.1%
5.8%
5.7%
8.8%
9.2%
9.4%
10.3%
11.4%
12.1%
12.7%
Real Client Managed Portfolio
Financial Inputs: Company 10Q, 10K, Bloomberg, Capital IQ

18. Greenblatt Ratios Real Client Managed Portfolio
2011
2012
2013
2014
2015
2016E
2017E
2018E
2019E
2020E
EBIT / Tangible Asset
27.2%
9.1%
9.4%
15.1%
15.7%
14.9%
15.0%
17.0%
18.9%
20.6%
Shares Outstanding
11,000
11,160
11,270
11,300
11,340
Share Price
15.73
15.25
18.63
20.79
21.78
23.10
27.44
33.25
39.27
45.93
Market Cap
173,030
170,190
209,960
234,927
246,985
261,954
311,147
377,020
445,305
520,857
-Cash & Temporary Investments
50,153
48,591
42,864
39,597
38,449
29,824
37,837
43,366
50,210
61,260
+Total Noncurrent Liabilities
2,115
1,758
1,842
2,184
2,499
21,748
41,201
36,084
26,337
17,490
+Minority Interest -
-518
Total Enterprise Value
124,992
123,357
168,420
197,514
211,035
253,878
314,511
369,739
421,432
477,087
EBIT / EV
31.1%
10.8%
8.5%
12.2%
11.4%
11.0%
11.3%
11.7%
12.0%
58.3%
19.9%
17.8%
27.3%
27.9%
26.3%
25.9%
28.3%
30.5%
32.6%
Gram Implied Growth
3.5%
Real Client Managed Portfolio
Financial Inputs: Company 10Q, 10K, Bloomberg, Capital IQ

19. P/E Multiple Analysis Real Client Managed Portfolio
P/E Multiples Analysis
2011
2012
2013
2014
2015
2016E
2017E
2018E
2019E
2020E
Dividends per Share
0.50
0.52
0.56
0.60
0.64
EPS
$2.09
$0.82
$1.32
$1.41
$1.54
$1.83
$2.22
$2.62
$3.07
Share Price
$15.73
$15.25
$18.63
$20.79
$21.78
$23.10
$27.44
$33.25
$39.27
$45.93
P/E
7.52
18.66
22.75
15.76
15.46
14.98
Total Return
13.3%
-2.9%
21.7%
11.5%
4.8%
5.5%
18.3%
20.8%
17.8%
16.7%
Annualized Return
4.9%
10.2%
10.5%
9.4%
8.7%
10.0%
11.3%
12.0%
12.5%
Real Client Managed Portfolio
Financial Inputs: Company 10Q, 10K, Bloomberg, Capital IQ

20. Comparable Companies Company Ticker Descriptions
Supreme Industries, Inc
STS
The company manufactures and sells truck bodies, trolleys, and specialty vehicles in the United States. It operates through two segments, Specialized Commercial Vehicles and Fiberglass Products. In addition, the company offers armored SUV, trucks, and specialty vehicles and component parts.
Oshkosh Corporation
OSK
The company designs, manufactures, and markets specialty vehicles and vehicle bodies worldwide. The company has three segments, Access Equipment segment, Defense segment, and Fire & Emergency segment.
Wabash National Corp
WNC
The company designs, manufactures, and markets truck and tank trailers, intermodal equipment, and transportation related products in North America. It operates in three segments, Commercial Trailer Products, Diversified Products, and Retail.
Navistar International Corporation
NAV
The company manufactures and sells commercial and military trucks, diesel engines, and school and commercial buses; and provides service parts for trucks and diesel engines worldwide. It operates through four segments: Truck, Parts, Global Operations, and Financial Services.
Real Client Managed Portfolio

21. Comparable Valuation Implied Price: $25.0
Real Client Managed Portfolio

22. Comparable Valuation
Real Client Managed Portfolio

23. Assign different weights to three effects
Revenue Drivers
Assign different weights to three effects
*Data from World Bank.
*Data from World Bank.
*Data from IBIS World, Statista, and First Research, US, Canada, Mexico, and Global Report on Auto Parts Manufacturing, Towing
**Statista report:
Source: MLR K, World Bank, IBIS World, Statista Report (Links attached in Notes Section)
Real Client Managed Portfolio

24. WACC and Discount Rate 5-Year Daily Price Data
Source: Yahoo Finance
Real Client Managed Portfolio

25. DCF Analysis Implied Price: $23.79 Range $19.10~$31.17
Real Client Managed Portfolio

26. Stock is currently Overvalued
Recommendation
DCF Valuation $
Threats & Weakness
Mature industry
Highly cyclical
Vulnerable to price risk
Customer spending dependent on availability of capital and access to credit
Regulation
Volatility in commodity and currency prices
Uncertainty regarding further industry growth
Sell
200 Shares at the Market
Stock is currently Overvalued
Current Price
(December 1, 2016) $
Comparable Valuation $
Real Client Managed Portfolio