<SEC-DOCUMENT>0000950157-16-001921.txt : 20160502
<SEC-HEADER>0000950157-16-001921.hdr.sgml : 20160502
<ACCEPTANCE-DATETIME>20160502170441
ACCESSION NUMBER:		0000950157-16-001921
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160502
DATE AS OF CHANGE:		20160502
EFFECTIVENESS DATE:		20160502

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BENCHMARK ELECTRONICS INC
		CENTRAL INDEX KEY:			0000863436
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		IRS NUMBER:				742211011
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10560
		FILM NUMBER:		161612469

	BUSINESS ADDRESS:	
		STREET 1:		3000 TECHNOLOGY DRIVE
		CITY:			ANGLETON
		STATE:			TX
		ZIP:			77515
		BUSINESS PHONE:		9798496550

	MAIL ADDRESS:	
		STREET 1:		3000 TECHNOLOGY DR
		CITY:			ANGLETON
		STATE:			TX
		ZIP:			77515
</SEC-HEADER>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">UNITED STATES</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Washington, DC 20549</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE 14A</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Rule 14a-101)</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE 14A INFORMATION</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Amendment No. )</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Check the appropriate box: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; COLOR: #000000">&#163;</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Preliminary Proxy Statement</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Definitive Proxy Statement</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Definitive Additional Materials</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Soliciting Material under <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000">&#167;</font> 240.14a-12</div>
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<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">BENCHMARK ELECTRONICS, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Name of Registrant as Specified In Its Charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Payment of Filing Fee (Check the appropriate box):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">No fee required.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Wingdings 2', serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#163;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Title of each class of securities to which transaction applies:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Aggregate number of securities to which transaction applies:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Proposed maximum aggregate value of transaction:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total fee paid:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Fee paid previously with preliminary materials.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Amount Previously Paid:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Form, Schedule or Registration Statement No.:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(3)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Date Filed:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Benchmark Electronics Highlights Track Record of Value Creation in Newly Filed Investor Presentation</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Board&#8217;s Strategic Plan has Delivered Strong Financial Performance and Robust Valuation</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Outlines Best-in-Class Corporate Governance and Strength of Board</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Details Major Deficiencies in Industry Expertise and Business Experience of Engaged Capital Nominees</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Board Urges Shareholders to Vote &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>FOR</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">&#8221; ALL</font> Benchmark&#8217;s Director Nominees on the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold"><u>WHITE</u></font> Proxy Card</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ANGLETON, Texas, May 2, 2016 -- Benchmark Electronics, Inc. (NYSE: BHE) today announced that it has filed an updated investor presentation with the U.S. Securities and Exchange Commission ("SEC") in connection with the Company&#8217;s 2016 Annual Meeting of Shareholders.&#160; The presentation is available under the investor relations section of <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">www.bench.com</font> and on the SEC&#8217;s website at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">www.sec.gov</font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">The presentation highlights Benchmark&#8217;s track record of solid execution under the leadership of the Board and management, which has resulted in a strong valuation relative to peers.</font>&#160;&#160; Benchmark has taken &#8211; and will continue to take &#8211; numerous steps to enhance shareholder value.&#160; These include the ongoing transition of its portfolio and revenue mix into more profitable, higher-margin markets, balanced, disciplined and shareholder-friendly capital allocation, continued execution on initiatives to improve working capital and further improvements to its best-in-class corporate governance.&#160;&#160; Conversely, <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Engaged Capital has not provided any ideas that are additive to actions Benchmark already has underway, its director nominees are unqualified and offer no incremental experience and its analysis is fundamentally flawed and misguided.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">As noted in a recent report by proxy advisory firm Glass Lewis &amp; Co. (&#8220;Glass Lewis&#8221;):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;&#8230;we find several of the board's responses to the Dissident's allegations to be valid, particularly with respect to the intricacies of the Company's business, strategy and industry, which ultimately reveal what is likely a more complex situation than the Dissident perceives and would have other investors believe.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller"> 1</sup></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The very complexity noted by Glass Lewis underscores why the Benchmark Board firmly believes that Engaged Capital&#8217;s unqualified director nominees risk undermining the ongoing successful execution of Benchmark&#8217;s strategy and ability to generate long-term shareholder value.&#160; Furthermore, both Glass Lewis and ISS recommended that shareholders vote in favor of the Company&#8217;s say-on-pay proposal.&#160; The proper incentives are in place, together with the proper and experienced oversight.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">The presentation also details Benchmark&#8217;s successful execution of its strategy to transition its revenue mix toward higher-value markets, and why the acquisition of Secure Technology was an essential building block of this transformation strategy.</font>&#160; The Secure acquisition represented the best use of capital among all alternatives reviewed at the time &#8211; more accretive to growth, margin and long-term return on invested capital (&#8220;ROIC&#8221;) than alternate uses of capital considered.&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">In its recent report, Glass Lewis expressed its support for the merits of the Secure transaction and Benchmark&#8217;s approach to capital allocation in general:</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;&#8230;we believe the Company has adequately defended the Secure acquisition as being consistent with the Company's strategy to expand into higher-margin businesses, having paid a reasonable premium given the valuations of Secure's peers and the attractiveness of the Secure business, and having already realized certain strategic and financial benefits from the acquisition. We also believe the Company has demonstrated an appropriately balanced approach to capital allocation, spread across capital expenditures for organic growth, acquisitions of complementary businesses and consistent returns of capital via share repurchases.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Additionally, the presentation addresses Engaged Capital&#8217;s flawed analysis and misguided claims, including its so-called &#8220;value creation plan&#8221; and critique of Benchmark&#8217;s working capital efficiency.</div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Benchmark recognizes the opportunity to improve working capital, and reaffirms its publicly announced 75-day cash conversion cycle (&#8220;CCC&#8221;) target it expects to achieve by the end of 2016. <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Benchmark hired an external consultant recommended by Engaged Capital, who confirmed the Board&#8217;s assessment of its existing, ongoing initiatives and had no incremental suggestions.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">The presentation also highlights Benchmark&#8217;s best-in-class corporate governance profile and its high-quality Board that is fully aligned with the Benchmark shareholders.</font>&#160; Benchmark&#8217;s governance profile includes:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Three new independent directors have been added in the last five years, with one new director added and a new Chairman appointed in 2016;</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Average director tenure is only 6.3 years, significantly less than our peer group<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup>&#160;median average tenure of 10 years; and</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Under the direction of the Board&#8217;s Compensation Committee, Benchmark has designed a compensation framework to create a &#8220;pay-for-performance&#8221; culture that rewards the Company&#8217;s leadership for delivering results and creating sustainable, long-term shareholder value.&#160; </font>The Compensation Committee regularly evaluates compensation policy and responds to shareholder input.&#160; Recent actions include:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Instituted executive compensation clawback policy in 2015 in the event of a restatement of earnings due to SEC reporting requirements.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup> Peer group includes Celestica, Flextronics, Jabil, Plexus, and Sanmina.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Replaced the inventory turns metric with more holistic CCC targets matching the Company&#8217;s publicly stated CCC goals, demonstrating the Board&#8217;s focus on targeting working capital improvements.</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">As Glass Lewis noted in its report:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#8220;Notably, the board replaced inventory turns in the short-term compensation structure with CCC as a more holistic measurement of working capital efficiency and added CCC targets for 2016. This appears to be a step in the right direction.&#8221;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Lastly, the presentation details the strength of Benchmark&#8217;s directors and why Engaged Capital&#8217;s nominees are unqualified to serve on the Benchmark Board, given their lack of relevant industry and leadership experience.</font>&#160;&#160; Engaged Capital nominees Robert Gifford and Jeffrey McCreary have:</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">Never served in a permanent C-level position</td>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">According to Glass Lewis, Engaged Capital nominee Brendan Springstubb <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">&#8220;lacks requisite experience&#8221;</font> to serve as a director.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">The Benchmark Board has a demonstrated track record of execution.</font>&#160; The Board is composed of eight directors, seven of whom are independent and all of whom have been closely overseeing and stand fully behind management's execution of the Company's strategic initiatives to achieve near- and long-term revenue growth and continued profitability.&#160; All eight of Benchmark's directors are former or current CEOs, CFOs or COOs, and each director&#160;possesses critical knowledge of the Company and the EMS industry that is crucial to the ongoing oversight of the successful execution of management's strategy.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">There is simply no comparison between Benchmark&#8217;s highly qualified and diverse directors and Engaged Capital&#8217;s inferior candidates.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">BENCHMARK SHAREHOLDERS ARE URGED TO VOTE THE <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>WHITE</u></font> PROXY CARD TODAY</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The Benchmark Board of Directors unanimously recommends that shareholders vote the <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>WHITE</u></font> proxy card today &#8220;<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><u>FOR</u></font>&#8221; the election of the Board's experienced and highly qualified director nominees: David Scheible, Michael Dawson, Gayla Delly, Douglas Duncan, Kenneth Lamneck, Bernee Strom, Paul Tufano and Clay Williams.</div>

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<div style="FONT-FAMILY: Arial; LINE-HEIGHT: 1.25">Whether or not you plan to attend the Annual Meeting, you have an opportunity to protect your investment in Benchmark by voting the <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>WHITE</u></font> proxy card. Shareholders are urged to vote today by telephone, by internet, or by signing and dating the <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>WHITE</u></font> proxy card. Please do not return or otherwise vote any blue proxy card sent by Engaged Capital. If any shareholder has already sent back the blue card, they can still change their vote using the <font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>WHITE</u></font> proxy card to support the Benchmark Board's highly qualified director nominees.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">About Benchmark Electronics, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Benchmark provides integrated manufacturing, design and engineering services to original equipment manufacturers of industrial equipment (including equipment for the aerospace and defense industries), telecommunication equipment, computers and related products for business enterprises, medical devices, and test and instrumentation products.&#160; Benchmark's global operations include facilities in seven countries, and its common shares trade on the New York Stock Exchange under the symbol BHE.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Forward-Looking Statements</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><br>
</font> This letter contains forward-looking statements within the scope of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;anticipate,&#8221; &#8220;predict&#8221; and similar expressions, and the negatives thereof, often identify forward-looking statements, which are not limited to historical facts. Our forward-looking statements include, among other things: guidance for 2016; statements, express or implied, concerning future operating results or margins; the ability to generate sales, income or cash flow; the benefits of the Secure acquisition and our ability to continue share repurchases; and Benchmark&#8217;s business and growth strategies and expected growth and performance. Although Benchmark believes these statements are based upon reasonable assumptions, they involve risks and uncertainties relating to our operations, markets and business environment generally. If one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. All forward-looking statements included in this letter are based upon information available to Benchmark as of the date of this document, and the Company assumes no obligation to update them. Readers are advised to consult further disclosures on related subjects, particularly in Item 1A, &#8220;Risk Factors&#8221; of the Company&#8217;s annual report on Form 10-K for the year ended December 31, 2015, in its other filings with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) and in its press releases.</div>

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<div style="FONT-FAMILY: Arial; FONT-WEIGHT: bold; LINE-HEIGHT: 1.25">Additional Information and Where to Find It</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Benchmark has filed a definitive proxy statement with the SEC with respect to the 2016 Annual Meeting and has mailed the definitive proxy statement and accompanying white proxy card to its shareholders. <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">Benchmark shareholders are strongly encouraged to read the definitive proxy statement, the accompanying white proxy card and other documents filed with the SEC carefully in their entirety when they become available because they contain (or will contain) important information.</font> Benchmark, its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from Benchmark shareholders in connection with the matters to be considered at Benchmark&#8217;s 2016 Annual Meeting. Information about Benchmark&#8217;s directors and executive officers is available in Benchmark&#8217;s definitive proxy statement for its 2016 Annual Meeting. Shareholders may obtain a free copy of the definitive proxy statement and any other documents filed by Benchmark with the SEC free of charge at the SEC&#8217;s website at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">www.sec.gov</font>. Copies also are available free of charge on Benchmark&#8217;s website at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-STYLE: italic">www.bench.com</font> under &#8220;Investor Relations &#8211; Annual Reports&#8221; or by contacting Benchmark Investor Relations at (979) 849-6550.</div>

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%%% '_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
