REAL CLIENT MANAGED PORTFOLIO RUI DENG FRANK DAMIAN PO-CHIEH SHIH March 29, 2012

1. REAL CLIENT MANAGED PORTFOLIO RUI DENG FRANK DAMIAN PO-CHIEH SHIH March 29, 2012

2. AGENDA • Introduction • Macroeconomic Review • Relevant Stock Market • Company Review & Business • Financial Analysis • Financial Projections • Recommendations

3. INTRODUCTION Source: Capital IQ Benchmark S&P 500

4. EnerSys (ENS) is one of largest manufacturer, marketer and distributor of industrial batteries. ENS manufacture, market and distribute related products such as chargers, power equipment and battery accessories. In addition, ENS provides related after-market and customer-support services for industrial batteries. ENS’s products sell globally to over 10,000 customers in more than 100 countries. INTRODUCTION – TARGET COMPANY Source: ENS 2011 Annual Report, Form 10-K, p. 5

5. INTRODUCTION – TARGET COMPANY • Position in GICS Map

6. INTRODUCTION – TARGET COMPANY STOCK PRICE Source: Morningstar

7. INTRODUCTION – TARGET’S KEY STATISTICS

8. INTRODUCTION – TARGET’S KEY STATISTICS

9. MACROECONOMICS REVIEW –GLOBAL STATISTICS

10. MACROECONOMICS REVIEW – US STOCK MARKET

11. RELEVENT STOCK MARKET-INDUSTRY MARKET IN THE U.S.

12. RELEVENT STOCK MARKET-INDUSTRY COSTS STRUCTURE

13. The industrial battery market is highly competitive. ENS’s competitors range from development stage companies to large domestic and international corporations. Europe Exide Technologies, FIAMM, NorthStar, SAFT, and Hoppecke. Americas Exide Technologies, East Penn Manufacturing, C&D Technologies Inc, NorthStar, SAFT and EaglePicher (OM Group). Asia GS-Yuasa, Shin-Kobe and Zibo Torch, Coslight, Narada, and China Shoto. RELEVENT STOCK MARKET-COMPETITORS Source: ENS 2011 Annual Report, Form 10-K, p. 8

14. RELEVENT STOCK MARKET-ENS MARKET SHARE IN THE U.S.

15. RELEVENT STOCK MARKET-COMPETITORS

16. RELEVENT STOCK MARKET-COMPETITORS

17. RELEVENT STOCK MARKET-COMPETITORS

18. EnerSysand its predecessor companies have been manufacturers of industrial batteries for over 100 years. Morgan Stanley Capital Partners teamed with the management of Yuasa, Inc. in late 2000 to acquire from Yuasa Corporation (Japan) its reserve power and motive power battery businesses in North and South America. On January 1, 2001, the company changed its name from Yuasa, Inc. to EnerSys to reflect our focus on the energy systems nature of our businesses. In 2004, EnerSys completed an initial public offering (the “IPO”). COMPANY REVIEW & BUSINESSHISTORY Source: ENS 2011 Annual Report, Form 10-K, p. 6

19. COMPANY REVIEW & BUSINESSPRODUCTS & SERVICES ENS has two primary industrial battery product lines: reserve power products and motive power products. Reserve power products Backup power for the continuous operation of critical applications in telecommunications systems. Uninterruptible power systems, or “UPS”, applications for computer and computer-controlled systems. Other specialty power applications Motive power products  Are used to provide power for manufacturing, warehousing and other material handling equipment, primarily electric industrial forklift trucks, mining equipment, and for diesel locomotive starting and other rail equipment. Source: ENS 2011 Annual Report, Form 10-K, p. 5

22. ENS’s trademarks: ArmaSafePlus, Cyclon, DataSafe, Deserthog, Douglas Battery, Douglas Legacy, Energia , FIAMM Motive Power, General Battery, Genesis, Hawker, HUP, Ironclad, LifeGuard, LifePlus, Life Speed, LifeTech, Loadhog, Odyssey, Oerlikon Battery, Oldham, Perfect Plus, PowerGuard, PowerSafe, ProSeries, Redion, Smarthog, Superhog, Supersafe, TeleData, Varta, Waterless, Wi-IQ, Workhog and XFC Flex. ENS offer high-quality service, including preventative maintenance programs and customer support. The extensive industry experience of ENS’s sales organization results in strong long-term customer relationships. COMPANY REVIEW & BUSINESPRODUCTS & SERVICES Source: ENS 2011 Annual Report, Form 10-K, p. 6

24. Financial Analysis • Recent News: • Mar 22, 2012 • Completed a license and technology development agreement with PowerGenix Systems, Inc. to provide nickel-zinc batteries to EnerSys' industrial battery customers worldwide • Mar 28, 2012 • Announced the formation of a new joint venture company in India to produce and market batteries for industrial applications • Expands the addressable markets for its products Source: ENS Investor Relations http://phx.corporate-ir.net/phoenix.zhtml?c=180086&p=irol-newsArticle&ID=1677641&highlight= http://phx.corporate-ir.net/phoenix.zhtml?c=180086&p=irol-newsArticle&ID=1675579&highlight=

25. Financial Analysis • Sales (2010-2011) • Contributions to % Increase

26. Financial Analysis • Interest Expense • Estimated Interest Expense

27. Financial Analysis • Profitability • Margin Analysis

28. Financial Analysis • Outperform the benchmark Source: Bloomberg

29. Financial Analysis • Asset Turnover • Short-term Liquidity

30. Financial Analysis • Solvency • Growth

31. Comparables – Multiples Valuation

32. Reality Check • DuPont Analysis • Estimated

33. DCF Model • WACC • Discount Rate • CAPM • Historical ROE • Cost of Equity

34. Financial Analysis • Sensitivity Analysis • Sensitive to discount rate • 1% increase in discount rate • Price estimation drops to $33 (13% decrease) • 1% decrease in discount rate • Price estimation increases to $45 (17% increase)

37. Current Price = $34.77 DCF Model = $35.80 ComparablesApproach = $36.31 Uncertainty over its ability to compete with new technologies and companies in Asia Insider Transaction Need to see tangible results from its cost-cutting initiatives and recent acquisitions Still believe in management and business Recommendation: WATCH LIST Recommendation