industrial quarterly dialogue...

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For additional information, contact the NCA Industrial Growth Investment Banking Team:

Edward Casas, MD Senior Managing Director Head of Navigant Capital Advisors 847/583‐1619 [email protected]

Gregory F. Hagood, CFA Managing Director Investment Banking Practice Area Leader 404/504‐2017 [email protected]

Matthew Caine, CFA Director Industrial Growth Group Head 404/504‐2010 [email protected]

Alan J. Mustacchi Managing Director 646/227‐4348 [email protected]

Julie DeLong, CFA Director Valuation Services 404/602‐5021 [email protected] About Navigant Capital Advisors Navigant Capital Advisors is the dedicated corporate finance business unit of Navigant Consulting, Inc. (NYSE: NCI). Navigant Consulting is a specialized independent consulting firm providing financial, operational, dispute and regulatory advisory services to large companies, financial institutions, legal counsel and government agencies. We offer independent and objective advice supported by advanced technical skills, proven competence and in-depth industry knowledge.

The NCA Quarterly Dialogue for Industrial Growth contains news, statistics, and trends impacting select companies within the Industrial Manufacturing and Distribution sectors. Analysis is further organized to include: (i) Analytical Instrumentation and Testing Equipment, (ii) Electronics and Components, (iii) Precision Machine Products, Tooling and Stampings, (iv) Metals, (v) Resource Recovery and Waste Management, (vi) Chemicals, and (vii) Plastics and Packaging companies.

Renewable Energy engages in the production, distribution, and marketing of ethanol and related products in the U.S.

September 24, 2010 ‐ Stericycle, Inc. (NasdaqGS: SRCL) entered into an agreement to acquire Healthcare Waste Solutions, LLC (HWS) from Altaris Capital Partners and other shareholders for approximately $250 million in cash. Healthcare Waste Solutions provides healthcare waste services. It offers confidential document destruction, pharmaceutical waste, pathology waste, chemotherapeutic waste, sharps management, e‐waste, recycled waste, bio hazardous waste, regulated medical waste, and solid waste services.

August 25, 2010 ‐ Stryker Corp. (NYSE: SYK) entered into a definitive agreement to acquire Gaymar Industries, Inc. from Nautic Partners and Norwest Equity Partners for approximately $150 million in cash. Gaymar Industries manufactures temperature and pressure ulcer management devices.

August 2, 2010 ‐ SAIC, Inc. (NYSE: SAI) signed a definitive agreement to acquire Reveal Imaging Technologies, Inc. from Brown Brothers Harriman, Flybridge Capital Partners, General Catalyst Partners, and Greylock Partners. Reveal Imaging Technologies develops security inspection systems that inspect airline passenger checked baggage.

July 1, 2010 – Ametek Inc. (NYSE: AME) acquired HaydonKerk Motion Solutions from Harbour Group for approximately $270 million in cash. HaydonKerk Motion Solutions engages in the design, manufacture, and marketing of precision linear motion products.

Industrial GrowthQuarterly DialogueIndustrial Growth

THIRD QUARTER 2010 QUARTERLY D I A LOG UE

Restructuring • Valuation • Mergers, Acquisitions & Divestitures • Private PlacementsRealizing Value … Delivering Results

Atlanta • Chicago • New York • San Francisco Investment banking, private placement, merger, acquisition and divestiture services offered through Navigant Capital Advisors, LLC. Member FINRA/SIPC.

Significant Q3 Transactions

September 28, 2010 ‐ Green Plains Renewable Energy, Inc. agreed to acquire Global Ethanol LLC from Global Ethanol Holdings Limited and other investors for approximately $170 million in cash, stock and assumption of debt. Global Ethanol engages in the production of ethanol. Green Plains

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Industrial GrowthT H I R D Q U A R T E R 2 0 1 0 Q U A R T E R L Y D I A L O G U E

October, 2010 To The Friends and Clients of Navigant Capital Advisors: Domestic economic activity, particularly within the industrial sector, during Q3 2010 showed promising signs of growth, though at a modest pace. The National Bureau of Economic Research (NBER) announced that the recession which began in December 2007 officially ended in June 2009 as GDP growth moved into positive territory. However, a guarded tone remains amongst industrial managers for the outlook into 2011 as investor sentiment appears lofty against earnings visibility. The recent NBER announcement supports the notion that economic conditions have ceased to worsen, which, combined with some pre‐election sentiment, certainly led to the run‐up in equities at the end of the quarter. Yet, muted key economic indicators and concerns of global government fiscal austerity remind us that a full recovery will occur over a long and gradual process. • Consumer spending moved upward with modest growth in non‐automotive retail sales. • Significant cuts in government employees (primarily temporary census workers) led to a decline of 95,000 jobs in September. While

the economy’s low point had passed 15 months ago, the U.S. labor market and unemployment rates indicate a painful recovery. • The U.S. personal savings rate has stabilized at roughly 6%, a level not seen since the early 1990s, suggesting that consumers have

committed their focus towards paying down debt and/or growing their savings. In examining the industrial sector, recent channel conversations indicate that demand is stabilizing or moving in a positive direction for the quarter despite some macro cross currents. October’s PMI was attractive as readings in the 52‐55 range indicate maintenance of a healthy level of industrial production. M&A activity continues to impress with marked improvements over the previous year. • Global M&A deal value in Q3 2010 increased 40% over Q2 2009 deal value due to strong valuations and larger deal sizes, rather

than by any marked increase in the number of transactions. • M&A activity in the industrials sector was up in Q3 from Q2, with both the volume and value of transactions increasing. Total

value was $7 billion, more than double Q2’s underwhelming volume of $3 billion. • As opportunistic buyers look to expand their portfolios at discounted valuations, distressed M&A volume in the past year has

surged, with a 37% increase in activity from LTM Q3 2009. • Financial buyers remain active purchasers, with nearly $190 billion in announced deals in LTM Q3 2010, a 115% increase over LTM

Q3 2009. The return of financial buyers has increased competition for desirable targets, resulting in stronger deal valuations. These elements of positive trends and news, particularly M&A volume, are welcome additions to our economy, yet investors should remain mindful of downside risk and “getting ahead of ourselves” with expected returns. We welcome the opportunity to discuss with you the corporate financing needs of your company and the value of our full‐service advisory services for industrial growth firms.

Matt Caine, CFA Director (404) 504‐2010 [email protected]

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INDUSTRIAL GROWTH QUARTERLY DIALOGUE Third Quarter 2010

TABLE OF CONTENTS

Upcoming Industry Conventions and Conferences 1

Market Summary 2

Industrial Growth Industry Stock Market Value Index 4

NCA Industrial Growth Universe – 5 Public Company Equity Market Value Analysis

Analytical Instrumentation & Testing Equipment 8

Electronics & Components 11

Precision Machine Products, Tooling & Stampings 15

Metals 19

Resource Recovery & Waste Management 23

Chemicals 26

Plastics & Packaging 30

Industrial Growth Industry Transactions 34

General Distressed Market Indicators 37

Industrial Growth Industry Distressed News 39

Notes / Subscription Form 40 ©2010 Navigant Capital Advisors, LLC. All rights reserved. Navigant Capital Advisors, LLC (Member FINRA, SIPC) is a wholly owned broker/dealer of Navigant Consulting, Inc. Navigant Consulting is not a certified public accounting firm and does not provide audit, attest, or public accounting services. See www.navigantconsulting.com/licensing for a complete listing of private investigator licenses. NCA gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authors and are subject to change. NCA makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. (Officers, directors and employees of Navigant Consulting, Inc. and its subsidiaries may have positions in the securities of the companies discussed.) This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not be construed as such. NCA or its affiliates may from time to time provide investment banking or related services to these companies. Like all NCA employees, the authors of this publication receive compensation that is affected by overall firm profitability


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Upcoming Industry Conventions and Conferences

Analytical Instrumentation and Testing Equipment International Test Conference Ops Manage ‘10 October 31 – November 5, 2010 October 18‐22, 2010 Austin, Texas Orlando, Florida Electronics and Components Institute of Electrical & Electronics 2011 International Consumer Engineers (IEEE) Series Meeting Electronics Show November 15‐19, 2010 January 6‐9, 2011 New Brunswick, New Jersey Las Vegas, Nevada Precision Machine Products, Tooling and Stampings 2010 SIBR/STTR National Conference Power‐Gen International November 8‐10, 2010 December 14‐16, 2010 Oklahoma City, Oklahoma Orlando, Florida Metals AMM Scrap Conference 5th Annual Moving Metals Conference October 19‐20, 2010 December 8‐9. 2010 Philadelphia, Pennsylvania Pittsburgh, Pennsylvania

Resource Recovery and Waste Management Institute of Scrap Recycling Industries Waste Expo Safety & Environmental Council Meeting May 9‐11, 2011 October 26‐28, 2010 Dallas, Texas St. Louis, Missouri Chemicals American Institute of Chemical Engineers InformEx USA 10th Annual Meeting February 7‐10, 2011 November 7‐12, 2010 Charlotte, North Carolina Salt Lake City, Utah Plastics and Packaging 7th Annual Security Printing Conference Composites & Polycon 2011 November 15‐17, 2010 February 2‐4, 2011 Ft. Lauderdale, Florida Ft. Lauderdale, Florida


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Market Summary

Economic and Employment Data

Major Equity Market Indices

Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010Gross Domestic Product Growth ‐4.0% ‐6.8% ‐4.9% ‐0.7% 1.6% 5.0% 3.7% 1.7%Employment Cost Index (3‐month % Change) 0.6% 0.4% 0.4% 0.4% 0.4% 0.4% 0.6% 0.5%

Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10Unemployment Rate 9.7% 9.8% 10.1% 10.0% 10.0% 9.7% 9.7% 9.7% 9.9% 9.7% 9.5% 9.5% 9.6% 9.6%Total Nonfarm Payroll Employment (000ʹs) 130,082 129,857 129,633 129,697 129,588 129,602 129,641 129,849 130,162 130,595 130,470 130,353 130296(P) 130201(P)Change in Nonfarm Payroll Employment (000ʹs) ‐212 ‐225 ‐224 64 ‐109 14 39 208 313 432 ‐175 ‐66 ‐57(P) ‐95(P)Average Hourly Earnings $22.28 $22.30 $22.35 $22.39 $22.38 $22.45 $22.48 $22.48 $22.50 $22.55 $22.53 $22.59 22.66(P) 22.67(P)Consumer Price Index (1‐month % Change) 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% 0.1% ‐0.1% ‐0.2% ‐0.1% 0.3% 0.3% 0.1%U.S. International Trade ‐ Total Exports (Billions) $130.4 $134.2 $138.1 $139.0 $143.4 $144.5 $144.4 $150.0 $148.8 $152.6 $150.6 $153.3U.S. International Trade ‐ Total Imports (Billions) $161.4 $169.3 $170.4 $174.3 $180.5 $179.4 $184.3 $189.7 $188.9 $194.4 $200.3 $196.1Balance on Goods and Services Trade (Billions) ($31.1) ($35.2) ($32.3) ($35.3) ($37.1) ($34.8) ($39.9) ($39.7) ($40.0) ($41.8) ($49.8) ($42.8)

Index 9/30/2010 3 Months Ago 1 Year Ago 2 Years Ago 3 Months Ago 1 Year Ago 2 Years Ago

Dow Jones Industrial 10,788.1 9,774.0 9,712.3 10,850.7 10.4% 11.1% ‐0.6%NASDAQ Composite 2,368.6 2,109.2 2,122.4 2,091.9 12.3% 11.6% 13.2%Russell 2000 676.1 609.5 604.3 679.6 10.9% 11.9% ‐0.5%S&P 500 1,141.2 1,030.7 1,057.1 1,166.4 10.7% 8.0% ‐2.2%Wilshire 5000 11,947.1 10,750.0 10,911.7 11,875.4 11.1% 9.5% 0.6%

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Market Summary (Cont.)

Benchmark Interest Rates

Interest Rate Spreads

Interest Rate 9/30/2010 1‐Year Ago

Prime Rate 3.25% 3.25%1‐Month Libor 0.26% 0.25%3‐Month Libor 0.29% 0.29%6‐Month Libor 0.46% 0.63%12‐Month Libor 0.78% 1.26%2‐Year Treasury 0.44% 0.97%10‐Year Treasury 2.52% 3.31%30‐Year Treasury 3.69% 4.05%

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TermTreasuryYTM YTM

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Spread(BPS)

3‐Month 0.22% 0.61% 39 1.59% 137 3.47% 325 4.21% 399 6‐Month 0.24% 0.70% 46 1.65% 141 3.48% 324 4.16% 392 2‐Year 0.47% 1.24% 77 2.20% 173 4.02% 355 4.77% 430 5‐Year 1.32% 2.21% 89 3.29% 197 5.26% 394 6.43% 511 10‐Year 2.65% 3.64% 99 4.65% 200 6.76% 411 8.45% 580 30‐Year 3.75% 4.75% 100 5.79% 204 7.60% 385 9.22% 547

AA Corporate BBB Corporate BB Corporate B Corporate


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Industrial Growth Industry Stock Market Value Index

S&P Industrials Index vs. the Dow Jones Industrial Average during the last 12 months

S&P Industrials Index vs. the NASDAQ Composite during the last 12 months

S&P Industrials Index vs. the S&P 500 during the last 12 months

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NCA Industrial Growth Universe

Public Company Equity Market Value Analysis

Market Capitalizations % ChangeSegments/Companies Ticker as of 9/30/2010 ($mm) 3‐Month 6‐Month 12‐Month

Analytical Instrumentation and Testing Equipment:Ametek Inc. AME 5,087.8 19.2% 15.0% 35.5%Cognex Corp. CGNX 1,064.4 52.6% 45.1% 63.8%Electro Scientific Industries Inc. ESIO 310.8 ‐16.4% ‐12.0% ‐15.1%ESCO Technologies Inc. ESE 880.8 29.3% 4.7% ‐15.0%HEICO Corp. HEI 1,274.3 26.9% 9.9% 29.6%Measurement Specialties Inc. MEAS 269.1 35.0% 26.0% 81.9%Mettler‐Toledo International, Inc. MTD 4,157.2 10.7% 12.8% 36.1%MTS Systems Corp. MTSC 502.9 6.1% 5.0% 3.2%

Electronics and Components:Baldor Electric Co. BEZ 1,898.0 12.4% 8.5% 49.1%Bel Fuse Inc. BELF.B 243.9 26.1% 5.6% 12.0%Coleman Cable, Inc. CCIX 103.9 6.2% 24.3% 41.3%Cooper Industries Ltd. CBE 8,091.9 10.2% 1.0% 29.2%Eaton Corporation ETN 13,841.8 26.2% 9.7% 47.7%Littelfuse Inc. LFUS 965.0 39.3% 16.0% 69.2%Molex Inc. MOLX 3,379.7 14.3% 0.1% ‐2.4%Technitrol Inc. TNL 182.9 40.4% ‐16.0% ‐51.7%Thomas & Betts Corp. TNB 2,133.0 16.4% 3.2% 34.2%

Precision Machine Products, Tooling and Stampings:Curtiss‐Wright Corp. CW 1,396.0 4.8% ‐12.4% ‐10.2%Hardinge Inc. HDNG 88.9 ‐10.1% ‐14.9% 24.4%Hurco Companies Inc. HURC 115.9 21.1% 7.0% 5.4%Kaydon Corporation KDN 1,157.4 5.3% ‐8.2% 7.4%Kennametal Inc. KMT 2,535.4 22.0% 10.6% 26.7%RBC Bearings Inc. ROLL 739.2 17.3% 6.8% 46.0%Shiloh Industries Inc. SHLO 160.1 14.4% 71.6% 117.5%Timken Co. TKR 3,711.0 47.5% 27.4% 63.6%

Metals ‐ ProcessorsAllegheny Technologies Inc. ATI 4,578.8 5.1% ‐13.6% 33.4%AM Castle & Co. CAS 304.2 ‐4.5% 1.5% 33.6%Commercial Metals Company CMC 1,656.3 9.7% ‐2.6% ‐17.8%Reliance Steel & Aluminum Co. RS 3,084.3 15.0% ‐15.1% ‐1.4%Russel Metals Inc. TSX:RUS 1,262.1 16.5% 4.5% 23.9%Schnitzer Steel Industries Inc. SCHN 1,342.3 23.3% ‐8.0% ‐10.8%Sims Metal Management Limited ASX:SGM 3,598.4 3.2% ‐18.4% ‐13.6%Worthington Industries, Inc. WOR 1,119.6 9.9% ‐18.2% 1.8%

Metals ‐ Tube and Pipe Producers:AK Steel Holding Corp. AKS 1,518.9 15.9% ‐39.5% ‐29.6%Northwest Pipe Co. NWPX 161.6 ‐7.9% ‐19.9% ‐47.8%SSAB AB SSAB A 33,754.3 1.3% ‐17.7% ‐1.3%Steel Dynamics Inc. STLD 3,059.6 7.2% ‐19.0% ‐7.3%Synalloy Corp. SYNL 53.4 1.2% 4.8% ‐10.2%Tenaris SA CM:TEN 16,610.2 ‐1.7% ‐12.0% 15.5%United States Steel Corp. X 6,293.8 13.9% ‐30.9% ‐1.0%Wolverine Tube Inc. WLVT 1.4 ‐30.0% ‐22.2% ‐68.2%

Resource Recovery and Waste Management:American Ecology Corp. ECOL 292.9 9.8% ‐0.7% ‐14.4%Casella Waste Systems Inc. CWST 109.9 10.9% ‐15.7% 45.3%CECO Environmental Corp. CECE 85.5 27.1% 67.4% 59.5%Clean Harbors, Inc. CLH 1,783.0 2.2% 22.3% 21.0%Heritage‐Crystal Clean, Inc HCCI 141.4 27.3% 16.8% 3.6%Republic Services Inc. RSG 11,677.7 2.9% 5.6% 15.9%Waste Connections Inc. WCN 3,065.4 13.2% 16.3% 32.6%Waste Management, Inc. WM 17,063.6 12.9% 2.3% 16.1%WCA Waste Corporation WCAA 96.9 7.6% ‐5.8% 51.8%


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Public Company Equity Market Value Analysis (Cont.)

Market Capitalizations % ChangeSegments/Companies Ticker as of 9/30/2010 ($mm) 3‐Month 6‐Month 12‐Month

Diversified Chemicals:Ashland Inc. ASH 3,839.7 5.4% ‐6.8% 19.4%Cabot Corp. CBT 2,128.0 35.0% 7.1% 40.8%The Dow Chemical Company DOW 31,849.6 16.3% ‐6.4% 6.8%Eastman Chemical Co. EMN 5,345.9 38.5% 16.0% 37.4%EI DuPont de Nemours & Co. DD 40,448.6 29.1% 20.0% 39.3%FMC Corp. FMC 4,958.5 18.8% 12.5% 21.6%Olin Corp. OLN 1,596.6 11.9% 3.3% 17.0%Penford Corp. PENX 52.4 ‐28.9% ‐55.1% ‐35.2%

Specialty Chemicals:Albemarle Corp. ALB 4,273.6 17.8% 9.8% 34.9%Arch Chemicals Inc. ARJ 881.5 14.2% 2.1% 17.4%Chemtura Corporation CEMJ.Q 107.1 ‐24.0% ‐67.8% ‐52.6%Ecolab Inc. ECL 11,837.8 12.9% 14.1% 8.1%Ferro Corp. FOE 1,110.2 74.9% 46.5% 177.5%HB Fuller Co. FUL 973.2 4.7% ‐14.3% ‐4.2%International Flavors & Fragrances Inc. IFF 3,874.7 14.9% 2.5% 29.3%Lubrizol Corp. LZ 7,153.1 30.6% 14.5% 48.0%Minerals Technologies Inc. MTX 1,093.8 22.4% 12.5% 22.8%OM Group Inc. OMG 929.7 26.2% ‐10.2% ‐0.4%PolyOne Corporation POL 1,125.4 44.1% 18.7% 82.5%Quaker Chemical Corporation KWR 366.6 21.3% 21.4% 51.3%Stepan Company SCL 594.1 ‐13.3% 6.7% 2.1%Valspar Corp. VAL 3,136.3 4.8% 7.2% 13.1%

Industrial Gases:Air Products & Chemicals Inc. APD 17,602.2 27.9% 12.2% 8.0%Airgas Inc. ARG 5,685.2 9.5% 8.0% 43.6%Praxair Inc. PX 27,625.4 18.8% 8.7% 10.2%

Paper and Corrugated Packaging:Graphic Packaging Holding Company GPK 1,147.7 6.2% ‐7.4% 44.7%Greif Inc. GEF 2,742.3 7.5% 9.0% 9.0%International Paper Co. IP 9,505.3 ‐3.8% ‐11.5% ‐1.2%MeadWestvaco Corporation MWV 4,164.1 9.8% ‐4.9% 9.1%Packaging Corp. of America PKG 2,401.0 5.7% ‐5.3% 14.3%Rock‐Tenn Co. RKT 1,940.3 0.3% 9.7% 6.7%Sonoco Products Co. SON 3,366.0 10.0% 9.0% 22.4%Temple‐Inland Inc. TIN 2,010.9 ‐9.6% ‐8.5% 15.0%

Plastics/Films:A. Schulman, Inc. SHLM 634.4 26.8% ‐1.7% 22.1%AptarGroup, Inc. ATR 3,080.8 20.0% 15.4% 21.8%Intertape Polymer Group Inc. ITP 91.4 ‐29.5% ‐53.3% ‐45.6%Myers Industries Inc. MYE 303.3 6.2% ‐18.3% ‐20.2%RPC Group plc RPC 21.2 ‐30.4% 254.8% 108.9%Spartech Corp. SEH 253.4 ‐20.0% ‐29.9% ‐23.4%Tredegar Corp. TG 604.2 12.4% 5.0% 22.6%

Flexible Packaging:AEP Industries Inc. AEPI 148.5 ‐9.3% ‐16.7% ‐45.4%Bemis Co. Inc. BMS 3,465.0 17.7% 10.7% 23.8%CCL Industries Inc. CCL.B 964.2 4.2% 5.2% 34.2%Multi‐Color Corp. LABL 203.5 60.8% 39.0% 8.1%Pactiv Corp. PTV 4,491.8 21.4% 34.8% 30.7%Sealed Air Corporation SEE 3,587.9 14.1% 7.1% 15.1%Winpak Ltd. WPK 705.9 21.7% 20.7% 22.0%


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Public Company Equity Market Value Analysis (Cont.)

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Valuation Metrics

Performance Metrics

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Analytical Instrumentation & Testing Equipment Index NASDAQ Composite Index S&P 500 Index

Valuation MetricsRecent Shares Market Enterprise Last Twelve Months

Stock Price Outstanding 52‐Week 52‐Week Capitalization Value EV/ EV/ EV/Company Ticker (9/30/2010) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT

Analytical Instrumentation and Testing EquipmentAmetek Inc. AME $47.77 106.5 $48.61 $33.26 $5,087.8 $5,866.5 2.53x 11.6x 13.5xCognex Corp. CGNX 26.82 39.7 27.40 15.59 1,064.4 929.1 4.16x 21.9x NMElectro Scientific Industries Inc. ESIO 11.11 28.0 15.05 9.34 310.8 141.6 0.77x NM NMESCO Technologies Inc. ESE 33.26 26.5 42.24 24.55 880.8 1,024.5 1.69x 10.4x 13.4xHEICO Corp. HEI 45.64 32.9 47.53 29.58 1,274.3 1,450.3 2.45x 11.9x 14.0xMeasurement Specialties Inc. MEAS 18.48 14.6 18.94 7.25 269.1 318.2 1.30x 7.6x 11.4xMettler‐Toledo International, Inc. MTD 124.44 33.4 130.17 88.34 4,157.2 4,346.3 2.30x 12.2x 13.6xMTS Systems Corp. MTSC 31.00 16.2 31.66 24.85 502.9 440.0 1.22x 16.3x 28.3x

High 4.16x 21.9x 28.3xLow 0.77x 7.6x 11.4xMean 2.05x 13.1x 15.7xMedian 1.99x 11.9x 13.5x

TTM Financials MarginsTTM Revenue TTM TTM TTM 2010 2011 Gross LTM LTM Debt/

Company Ticker as of: Growth Revenue EBIT EBITDA EBITDA EBITDA Profit EBITDA EBIT EBITDA

Analytical Instrumentation and Testing EquipmentAmetek Inc. AME 6/30/2010 ‐7.7% $2,169.2 $384.7 $452.2 $521.2 $579.2 32.0% 20.8% 17.7% 2.2xCognex Corp. CGNX 7/4/2010 12.6% 223.3 32.7 42.5 74.7 86.3 72.0% 19.0% 14.7% NAElectro Scientific Industries Inc. ESIO 7/3/2010 59.4% 184.8 (14.4) (2.2) NA NA 38.6% ‐1.2% ‐7.8% NAESCO Technologies Inc. ESE 6/30/2010 ‐11.4% 569.0 64.8 82.6 97.0 105.9 40.5% 14.5% 11.4% 2.0xHEICO Corp. HEI 7/31/2010 7.2% 591.3 103.9 121.4 121.6 137.2 35.5% 20.5% 17.6% 0.4xMeasurement Specialties Inc. MEAS 6/30/2010 20.3% 227.1 19.3 33.4 46.3 54.3 40.5% 14.7% 8.5% 2.2xMettler‐Toledo International, Inc. MTD 6/30/2010 1.8% 1,832.5 307.6 342.9 362.1 388.5 52.4% 18.7% 16.8% 0.9xMTS Systems Corp. MTSC 7/3/2010 ‐17.6% 362.0 15.5 27.0 NA NA 37.2% 7.5% 4.3% 1.5x

High 72.0% 20.8% 17.7% 2.2xLow 32.0% (1.2%) (7.8%) 0.4xMean 43.6% 14.3% 10.4% 1.5xMedian 39.6% 16.7% 13.0% 1.8x


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Analytical Instrumentation & Testing Equipment (Cont.)

Third Quarter 2010 News September 20, 2010 ‐ Boston Scientific Corporation (NYSE: BSX) signed a definitive agreement to acquire Asthmatx, Inc. from a group of investors for approximately $440 million. Asthmatx, Inc. designs, develops, and manufactures catheter‐based medical devices for the treatment of asthma. Boston Scientific Corporation develops, manufactures, and markets medical devices used in various interventional medical specialties worldwide. September 13, 2010 ‐ William Demant Holding A/S (CPSE: WDH) entered into a definitive merger agreement to acquire Otix Global, Inc. (NasdaqGM: OTIX) for $49.7 million in cash. Otix Global, Inc. designs, develops, manufactures, and markets digital hearing aids primarily to hearing impaired consumers. William Demant Holding A/S develops, manufactures, and sells products and equipment designed to aid the hearing and communication of individuals worldwide. September 1, 2010 ‐ ERBA Diagnostics Mannheim GmbH acquired 72.43% stake in IVAX Diagnostics Inc. (AMEX:IVD) from Debregeas & Associes Pharma SAS, Umbria LLC, Patrice Debregeas and Paul Kennedy for $15 million in cash. IVAX Diagnostics, Inc., through its subsidiaries, engages in the development, manufacture, and marketing of diagnostic test kits and automated systems that are used to aid in the detection of disease markers primarily in the areas of autoimmune and infectious diseases. ERBA Diagnostics Mannheim GmbH engages in the manufacture and sale of in vitro diagnostic testing products. August 25, 2010 ‐ Stryker Corp. (NYSE: SYK) entered into a definitive agreement to acquire Gaymar Industries, Inc. from Nautic Partners, LLC and Norwest Equity Partners for approximately $150 million in cash. Gaymar Industries, Inc. manufactures temperature and pressure ulcer management devices Stryker Corporation, together with its subsidiaries, operates as a medical technology company worldwide. July 30, 2010 ‐ PerkinElmer Inc. (NYSE: PKI) acquired VisEn Medical, Inc. for $29.8 million in cash. VisEn Medical, Inc. designs, develops, and commercializes fluorescence in vivo imaging technology platforms. PerkinElmer, Inc. provides technology, services, and solutions to the diagnostics, research, environmental, safety and security, industrial and laboratory services markets. July 11, 2010 ‐ Codman & Shurtleff, Inc. entered into a definitive agreement to acquire Micrus Endovascular Corp. (NasdaqGM: MEND) from HBM Partners Ltd., Fidelity Management & Research Company, Edward C. Johnson 3d and other shareholders for approximately $390 million in cash. Micrus Endovascular Corporation develops, manufactures, and markets implantable and disposable medical devices for the treatment of cerebral vascular diseases. Codman & Shurtleff, Inc. develops and markets diagnostic and therapeutic products for the treatment of central nervous system disorders. July 6, 2010 – Alcon Inc. (NYSE: ACL) signed a definitive agreement to acquire LensX Lasers, Inc. from SV Life Sciences Fund IV of SV Life Sciences Advisers LLP, Venture Investors, LLC, Versant Ventures, InterWest Partners and others for approximately $740 million. LensX Lasers, Inc. manufactures cataract surgery lasers. Alcon, Inc. engages in the development, manufacture, and marketing of pharmaceuticals, surgical equipment and devices, and consumer eye care products to treat primarily diseases and disorders of the eye.


10

Analytical Instrumentation & Testing Equipment (Cont.)

Benchmarking

Ametek Inc. $2,316.5 Electro Scientific Industries Inc. 59.4%Mettler‐Toledo International, Inc. 1,887.1 Measurement Specialties Inc. 37.5%ESCO Technologies Inc. 607.5 Cognex Corp. 12.6%HEICO Corp. 591.3 Mettler‐Toledo International, Inc. 9.3%MTS Systems Corp. 362.0 HEICO Corp. 7.2%Measurement Specialties Inc. 244.3 Ametek Inc. 5.4%Cognex Corp. 223.3 ESCO Technologies Inc. ‐1.9%Electro Scientific Industries Inc. 184.8 MTS Systems Corp. ‐17.6%

Ametek Inc. 18.8% Ametek Inc. 21.8%HEICO Corp. 17.6% HEICO Corp. 20.5%Mettler‐Toledo International, Inc. 16.9% Cognex Corp. 19.0%Cognex Corp. 14.7% Mettler‐Toledo International, Inc. 18.8%ESCO Technologies Inc. 12.6% Measurement Specialties Inc. 17.2%Measurement Specialties Inc. 11.5% ESCO Technologies Inc. 16.2%MTS Systems Corp. 4.3% MTS Systems Corp. 7.5%Electro Scientific Industries Inc. ‐7.8% Electro Scientific Industries Inc. ‐1.2%

Electro Scientific Industries Inc. 0.0% Electro Scientific Industries Inc. 0.0xCognex Corp. 0.0% Cognex Corp. 0.0xHEICO Corp. 7.4% HEICO Corp. 0.4xMTS Systems Corp. 18.7% Mettler‐Toledo International, Inc. 1.0xESCO Technologies Inc. 21.7% MTS Systems Corp. 1.5xMettler‐Toledo International, Inc. 31.3% ESCO Technologies Inc. 1.6xMeasurement Specialties Inc. 33.8% Ametek Inc. 2.2xAmetek Inc. 39.9% Measurement Specialties Inc. 2.2x

(Debt/Capitalization) (Total Debt/EBITDA)

PROFITABILITY PROFITABILITY(EBIT Margin %) (EBITDA Margin %)

SIZE HISTORICAL GROWTH(Revenue in $mm) (Annual Revenue)

LEVERAGE LEVERAGE


11


80.0

100.0

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160.0



Electronics & Components Index NASDAQ Composite Index S&P 500 Index



Electronics and ComponentsBaldor Electric Co. BEZ $40.40 47.0 $41.51 $24.67 $1,898.0 $3,024.1 1.92x 10.8x 14.4xBel Fuse Inc. BELF.B 20.82 11.7 25.15 16.27 243.9 168.3 0.63x 6.4x NMColeman Cable, Inc. CCIX 5.99 17.3 7.08 3.00 103.9 356.0 0.54x 5.6x 8.3xCooper Industries plc CBE 48.93 165.4 51.74 36.25 8,091.9 8,595.2 1.70x 10.2x 12.4xEaton Corporation ETN 82.49 167.8 84.34 53.95 13,841.8 16,570.8 1.26x 9.8x 14.5xLittelfuse Inc. LFUS 43.70 22.1 44.65 24.37 965.0 932.2 1.71x 8.2x 12.0xMolex Inc. MOLX 20.93 174.5 23.66 17.50 3,379.7 3,278.3 1.01x 5.5x 9.3xTechnitrol Inc. TNL 4.41 41.5 10.47 2.70 182.9 289.4 0.15x 2.4x 4.2xThomas & Betts Corp. TNB 41.02 52.0 44.05 28.36 2,133.0 2,413.5 1.20x 7.6x 10.2x


Performance MetricsTTM Financials Margins

TTM Revenue TTM TTM TTM 2010 2011 Gross LTM LTM Debt/Company Ticker as of: Growth Revenue EBIT EBITDA EBITDA EBITDA Profit EBITDA EBIT EBITDA

Electronics and ComponentsBaldor Electric Co. BEZ 7/3/2010 ‐11.0% $1,573.8 $210.1 $278.9 $311.8 $365.8 30.5% 17.7% 13.4% 4.1xBel Fuse Inc. BELF.B 6/30/2010 6.5% 227.8 5.6 13.2 28.8 30.7 18.0% 5.8% 2.4% NAColeman Cable, Inc. CCIX 6/30/2010 ‐11.6% 603.9 39.8 61.3 67.2 71.8 15.1% 10.2% 6.6% 4.4xCooper Industries plc CBE 6/30/2010 ‐11.6% 5,108.3 672.3 820.7 827.4 891.3 32.9% 16.1% 13.2% 1.1xEaton Corporation ETN 6/30/2010 ‐5.1% 12,640.0 1,160.0 1,729.0 1,714.6 1,937.9 30.8% 13.7% 9.2% 2.0xLittelfuse Inc. LFUS 7/3/2010 26.1% 546.3 77.8 113.3 140.3 156.5 35.7% 20.7% 14.2% 0.5xMolex Inc. MOLX 6/30/2010 16.5% 3,007.2 281.8 520.5 698.6 755.8 29.7% 17.3% 9.4% 0.6xTechnitrol Inc. TNL 6/25/2010 ‐14.3% 416.1 12.6 31.6 39.3 56.0 25.3% 7.6% 3.0% 4.0xThomas & Betts Corp. TNB 6/30/2010 ‐9.1% 1,962.0 221.9 298.6 334.4 368.2 30.8% 15.2% 11.3% 2.2x

High 35.7% 20.7% 14.2% 4.4xLow 15.1% 5.8% 2.4% 0.5xMean 27.6% 13.8% 9.2% 2.4xMedian 30.5% 15.2% 9.4% 2.1x


12

Electronics & Components (Cont.)

Third Quarter 2010 News

September 29, 2010 ‐ Danaher Corp. (NYSE: DHR) signed a definitive agreement to acquire Keithley Instruments Inc. (NYSE: KEI) from Joe Keithley and other shareholders for approximately $350 million in cash. Keithley Instruments, Inc. designs, develops, manufactures, and markets electronic instruments and systems for use in production testing, process monitoring, product development, and research. Danaher Corporation, together with its subsidiaries, designs, manufactures, and markets professional, medical, industrial, commercial, and consumer products in the United States and internationally. September 19, 2010 ‐ Safran SA (ENXTPA: SAF) entered into a definitive agreement to acquire L‐1 Identity Solutions (NYSE: ID) for $1.1 billion in cash. L‐1 Identity Solutions, Inc. provides technology, products, systems and solutions, and services to protect and secure personal identities and assets in the United States and internationally. Safran S.A. engages in the aerospace propulsion, aircraft equipment, defense, and security businesses worldwide. September 19, 2010 ‐ Arrow Electronics, Inc. (NYSE: ARW) signed a definitive agreement to acquire Nu Horizons Electronics Corp. (NasdaqGS: NUHC) for approximately $130 million. Nu Horizons Electronics Corp., together with its subsidiaries, engages in the distribution of active and passive electronic components to original equipment manufacturers of electronic products in North America, Asia, and Europe. Arrow Electronics, Inc. distributes a range of electronic components and enterprise computing products, services, and solutions to industrial and commercial users worldwide. September 7, 2010 ‐ Mine Safety Appliances Co. (NYSE: MSA) signed an agreement to acquire all the assets of General Monitors, Inc. for $280 million. General Monitors, Inc. designs, develops, and manufactures gas monitoring and flame detection instrumentation. Mine Safety Appliances Company develops, manufactures, and supplies health and safety products used by workers in the fire service, homeland security, construction, and other industries, as well as the military. August 31, 2010 ‐ Veritas Capital through Veritas Capital Fund III, L.P. agreed to acquire Illumination and Detection Solutions business from PerkinElmer Inc. (NYSE: PKI) for approximately $480 million in cash. Illumination and Detection Solutions Business represent the combined operations of PerkinElmer Canada, Inc., PerkinElmer Elcos GmbH, PerkinElmer Industrial (Shenzhen) Ltd., PerkinElmer Optoelectronics Philippines, Inc., PerkinElmer Q‐Arc Ltd., PerkinElmer Sensors, Inc., and PT PerkinElmer Batam. PerkinElmer Canada, Inc. develops illumination and detection solutions, as well as digital imaging solutions for original equipment manufacturers (OEMs) in health, safety and security markets. Veritas Capital is a private equity firm specializing in investments in leveraged recapitalizations, buyouts, and growth capital investments. August 29, 2010 ‐ 3M Co. (NYSE: MMM) entered into a definitive agreement to acquire Cogent Inc. (NasdaqGS: COGT) for approximately $930 million in cash. Cogent, Inc. provides automated fingerprint identification systems (AFIS) and other fingerprint biometrics solutions to governments, law enforcement agencies, and other organizations worldwide. 3M Company, together with its subsidiaries, operates as a diversified technology company worldwide.


13

August 16, 2010 ‐ Hunting plc (LSE: HTG) agreed to acquire Innova‐Extel Acquisition Holdings Inc. from American Capital, Ltd. (NasdaqGS: ACAS), senior management of Innova‐Extel and other investors for approximately $130 million in cash. Innova‐Extel Acquisition Holdings Inc. develops and distributes environment electronics technology. Hunting PLC, through its subsidiaries, provides energy services to the oil and gas companies worldwide. August 16, 2010 ‐ FLIR Systems, Inc. (NasdaqGS: FLIR) signed a definitive agreement to acquire ICx Technologies, Inc. (NasdaqGM: ICXT) from Wexford Spectrum Investors LLC, Wexford Catalyst Investors LLC, Debello Investors LLC funds of Wexford Capital LLC, Digital Power Capital LLC and Dp1, Llc for approximately $260 million in cash. ICx Technologies, Inc., together with its subsidiaries, engages in the development and integration of advanced sensor technologies for homeland security, force protection, and commercial applications. FLIR Systems, Inc. designs, manufactures, and markets thermal imaging and stabilized camera systems worldwide. August 9, 2010 ‐ Wyle entered into a definitive agreement to acquire CAS, Inc. from ITT Corporation (NYSE: ITT) for approximately $240 million in cash. CAS, Inc., a department of defense weapon system analysis contractor, provides engineering, analytical, and automation services solutions for material development, combat development, test and evaluation, and operational user customers. Wyle provides aerospace engineering, Information Technology (IT) consulting, and life sciences services. August 2, 2010 ‐ SAIC, Inc. (NYSE: SAI) signed a definitive agreement to acquire Reveal Imaging Technologies, Inc. from Brown Brothers Harriman, Flybridge Capital Partners, General Catalyst Partners, and Greylock Partners. Reveal Imaging Technologies, Inc. develops security inspection systems that inspect airline passenger checked baggage. SAIC, Inc. provides scientific, engineering, systems integration, and technical services and solutions.


14

Electronics & Components (Cont.)

Benchmarking

Eaton Corporation $13,183.0 Bel Fuse Inc. 39.2%Cooper Industries plc 5,062.6 Molex Inc. 33.7%Molex Inc. 3,230.8 Littelfuse Inc. 26.1%Thomas & Betts Corp. 2,009.9 Coleman Cable, Inc. 20.4%Thanulux Public Co. Ltd. 1,963.0 Eaton Corporation 7.8%Baldor Electric Co. 1,573.8 Thomas & Betts Corp. 1.7%Coleman Cable, Inc. 657.7 Thanulux Public Co. Ltd. 0.3%Littelfuse Inc. 546.3 Cooper Industries plc ‐5.1%Bel Fuse Inc. 267.5 Baldor Electric Co. ‐11.0%

Littelfuse Inc. 14.2% Littelfuse Inc. 20.7%Cooper Industries plc 13.7% Molex Inc. 18.3%Baldor Electric Co. 13.4% Baldor Electric Co. 17.7%Thomas & Betts Corp. 11.8% Cooper Industries plc 16.6%Molex Inc. 11.0% Thomas & Betts Corp. 15.7%Eaton Corporation 8.7% Eaton Corporation 12.9%Bel Fuse Inc. 6.7% Bel Fuse Inc. 9.8%Coleman Cable, Inc. 6.6% Coleman Cable, Inc. 9.7%Thanulux Public Co. Ltd. 3.5% Thanulux Public Co. Ltd. 6.2%

Bel Fuse Inc. 0.0% Bel Fuse Inc. 0.0xThanulux Public Co. Ltd. 0.0% Thanulux Public Co. Ltd. 0.0xLittelfuse Inc. 11.7% Littelfuse Inc. 0.5xMolex Inc. 12.0% Molex Inc. 0.5xCooper Industries plc 23.5% Cooper Industries plc 1.1xThomas & Betts Corp. 31.7% Eaton Corporation 2.1xEaton Corporation 32.6% Thomas & Betts Corp. 2.1xBaldor Electric Co. 54.5% Baldor Electric Co. 4.1xColeman Cable, Inc. 96.8% Coleman Cable, Inc. 4.3x




LEVERAGE LEVERAGE


15


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100.0

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160.0



Precision Machine Products, Tooling & Stampings Index NASDAQ Composite Index S&P 500 Index



Precision Machine Products, Tooling and StampingsCurtiss‐Wright Corp. CW $30.30 46.1 $37.54 $26.11 $1,396.0 $1,861.0 0.99x 7.0x 9.8xHardinge Inc. HDNG 7.66 11.6 10.09 4.54 88.9 70.9 0.31x NM NMHurco Companies Inc. HURC 18.00 6.4 20.18 13.83 115.9 70.7 0.75x NM NMKaydon Corporation KDN 34.60 33.5 45.69 30.66 1,157.4 873.7 1.85x 7.6x 9.7xKennametal Inc. KMT 30.93 82.0 34.89 21.66 2,535.4 2,775.2 1.38x 9.2x 13.5xRBC Bearings Inc. ROLL 33.98 21.8 34.60 19.23 739.2 733.6 2.50x 13.8x 17.8xShiloh Industries Inc. SHLO 9.68 16.5 10.39 3.76 160.1 193.1 0.45x 5.1x NMTimken Co. TKR 38.36 96.7 39.59 20.84 3,711.0 3,426.8 0.91x 5.8x 8.3x




Precision Machine Products, Tooling and StampingsCurtiss‐Wright Corp. CW 6/30/2010 1.5% $1,842.5 $177.0 $254.5 $259.5 $284.5 33.1% 13.8% 9.6% 2.1xHardinge Inc. HDNG 6/30/2010 ‐22.4% 209.8 (17.2) (9.5) NA NA 20.2% ‐4.5% ‐8.2% NMHurco Companies Inc. HURC 7/31/2010 ‐18.2% 94.4 (8.0) (5.5) NA NA 21.3% ‐5.8% ‐8.4% NAKaydon Corporation KDN 7/3/2010 1.2% 473.2 90.0 114.3 116.3 129.7 34.6% 24.2% 19.0% NAKennametal Inc. KMT 6/30/2010 ‐5.8% 1,884.1 142.2 238.6 369.7 416.6 33.5% 12.7% 7.5% 1.4xRBC Bearings Inc. ROLL 7/3/2010 ‐10.3% 293.3 41.2 53.3 70.8 82.8 31.0% 18.2% 14.0% 0.6xShiloh Industries Inc. SHLO 7/31/2010 50.6% 431.6 10.3 37.7 43.5 50.1 7.0% 8.7% 2.4% 0.9xTimken Co. TKR 6/30/2010 ‐14.2% 3,463.3 308.2 485.8 638.9 738.9 23.1% 14.0% 8.9% 1.0x



16

Precision Machine Products, Tooling & Stampings (Cont.)

Third Quarter 2010 News September 30, 2010 ‐ Tulsa Winch Group acquired Gear Products, Inc. from Blount International Inc. (NYSE: BLT) for $25 million in cash. Gear Products, Inc. manufactures mechanical power transmission components for original equipment manufacturers in the utility, construction, forestry, marine, and mining markets in North America. Tulsa Winch Group develops and manufactures winch, gear box, and load systems. September 8, 2010 ‐ Measurement Specialties, Inc. (NASDAQ: MEAS) acquired Pressure Systems, Inc. from Esterline Technologies Corp. (NYSE: ESL) for $25 million in cash. Pressure Systems, Inc. manufactures precision level and pressure instrumentation for environmental, industrial, and aerospace applications. Measurement Specialties, Inc. engages in the design, development, and manufacture of sensors and sensor‐based systems for original equipment manufacturers and end users. August 31, 2010 ‐ Gorman‐Rupp Co. (AMEX: GRC) reached an agreement in principle to acquire the business of National Pump Company, LLC. National Pump Company, LLC engages in the research and development, design, production, and testing of water or oil lubricated and threaded or flanged construction vertical turbine, lineshaft, and submersible pumps for commercial, residential, and agricultural applications in the United States. The Gorman‐Rupp Company engages in the design, manufacture, and sale of pumps and related fluid control products worldwide. August 9, 2010 ‐ Blount, Inc. signed a stock purchase agreement to acquire SpeeCo, Inc. from Pfingsten Partners, L.L.C. through Pfingsten Executive Fund III, L.P. for $90 million in cash. SpeeCo, Inc. manufactures tractor linkage parts and farm accessories. Blount, Inc. engages in the manufacture, marketing, and distribution of equipment, accessories, and replacement parts to the forestry, yard care, and general contractor industries worldwide. July 29, 2010 ‐ Stanley Black & Decker, Inc. (NYSE: SWK) acquired CRC‐Evans Pipeline International, Inc. from a group of investors led by private equity firm, Natural Gas Partners, for approximately $450 million in cash. CRC‐Evans Pipeline International, Inc. provides equipment and services for the land and offshore construction of pipelines to the pipeline industry. Stanley Black & Decker, Inc. manufactures tools and engineered security solutions worldwide. July 27, 2010 ‐ Layne Christensen Co. (NasdaqGS: LAYN) acquired the assets of Intevras Technologies, LLC for $19.4 million. INTEVRAS Technologies, LLC develops and owns technologies for water purification, remediation, and process improvement. Layne Christensen Company and its subsidiaries provide drilling and construction services and related products to the water infrastructure and mineral exploration markets. July 12, 2010 ‐ Allis‐Chalmers Energy, Inc. (NYSE: ALY) acquired American Well Control, Inc. for $21.5 million in cash and stock. American Well Control, Inc. manufactures high pressure valves used in hydraulic fracturing in the unconventional gas shale plays. Allis‐Chalmers Energy Inc. provides services and equipment to oil and natural gas exploration and production companies in the United States.


17

July 6, 2010 ‐ Converted Organics Inc. (NasdaqCM: COIN) signed an agreement to acquire TerraSphere Systems, LLC from Edward J. Gildea, Mark C. Gildea, William A. Gildea and other individual sellers for $11.8 million in stock. TerraSphere Systems, LLC designs and builds systems for growing organic fruits and vegetables in a controlled indoor environment. Converted Organics Inc. manufactures all‐natural fertilizer and soil amendment products combining disease suppression and nutrition characteristics from food waste and other raw materials. July 1, 2010 – Ametek Inc. (NYSE: AME) acquired HaydonKerk Motion Solutions from Harbour Group for approximately $270 million in cash. HaydonKerk Motion Solutions engages in the design, manufacture, and marketing of precision linear motion products. Ametek, Inc. manufactures and sells electronic instruments and electromechanical devices in North America, Europe, Asia, and South America.


18

Precision Machine Products, Tooling & Stampings (Cont.)

Benchmarking

Timken Co. $3,759.4 Shiloh Industries Inc. 50.6%Kennametal Inc. 2,003.8 Kennametal Inc. 13.5%Curtiss‐Wright Corp. 1,872.5 Timken Co. 8.5%Kaydon Corporation 473.2 Curtiss‐Wright Corp. 3.2%Shiloh Industries Inc. 431.6 Kaydon Corporation 1.2%RBC Bearings Inc. 293.3 Hardinge Inc. ‐0.9%Hardinge Inc. 231.6 RBC Bearings Inc. ‐10.3%Hurco Companies Inc. 94.4 Hurco Companies Inc. ‐18.2%

Kaydon Corporation 19.0% Kaydon Corporation 24.2%RBC Bearings Inc. 14.0% RBC Bearings Inc. 18.2%Timken Co. 11.0% Timken Co. 15.7%Kennametal Inc. 10.2% Kennametal Inc. 15.0%Curtiss‐Wright Corp. 10.1% Curtiss‐Wright Corp. 14.3%Shiloh Industries Inc. 2.4% Shiloh Industries Inc. 8.7%Hardinge Inc. ‐5.6% Hardinge Inc. ‐2.4%Hurco Companies Inc. ‐8.4% Hurco Companies Inc. ‐5.8%

Hurco Companies Inc. 0.0% Hurco Companies Inc. 0.0xKaydon Corporation 0.0% Kaydon Corporation 0.0xHardinge Inc. 5.2% RBC Bearings Inc. 0.6xRBC Bearings Inc. 10.0% Timken Co. 0.8xKennametal Inc. 18.5% Shiloh Industries Inc. 0.9xTimken Co. 21.6% Kennametal Inc. 1.1xShiloh Industries Inc. 24.9% Curtiss‐Wright Corp. 2.0xCurtiss‐Wright Corp. 31.8% Hardinge Inc. NM




LEVERAGE LEVERAGE


19

Metals

80.0

100.0

120.0

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160.0



Metals - Processors Index Metals -- Tube and Pipe Producers Index NASDAQ Composite Index S&P 500 Index


Stock Price Outstanding 52‐Week 52‐Week Capitalization Value EV/ EV/ EV/Company Ticker (9/30/2010) (mm) High Low ($mm) ($mm) Revenue EBITDA1 EBIT2

Metals ProcessorsAllegheny Technologies Inc. ATI $46.45 98.6 $58.25 $29.62 $4,578.8 $5,351.3 1.40x 15.5x 24.5xAM Castle & Co. CAS 13.25 23.0 19.29 8.74 304.2 363.7 0.41x NM NMCommercial Metals Company CMC 14.49 114.3 18.88 12.12 1,656.3 2,713.3 0.43x 44.2x NMReliance Steel & Aluminum Co. RS 41.53 74.3 55.47 34.58 3,084.3 4,051.4 0.68x 7.7x 10.0xRussel Metals Inc. TSX:RUS 21.14 59.7 22.25 15.30 1,262.1 1,315.3 0.64x NM NMSchnitzer Steel Industries Inc. SCHN 48.28 27.8 60.12 37.00 1,342.3 1,416.1 0.62x 7.9x 12.1xSims Metal Management Limited ASX:SGM 17.64 204.0 25.50 15.38 3,598.4 3,575.0 0.48x 11.2x NMWorthington Industries, Inc. WOR 15.03 74.5 17.97 10.70 1,119.6 1,507.5 0.70x 9.9x NM

Tube and Pipe ProducersAK Steel Holding Corporation AKS 13.81 110.0 26.75 11.34 1,518.9 1,890.0 0.32x 2.7x NMNorthwest Pipe Co. NWPX 17.50 9.2 35.56 14.62 161.6 243.4 0.69x 24.9x 92.7xSSAB AB SSAB A 107.50 323.9 136.10 95.50 33,754.3 50,196.3 1.32x 14.8x NMSteel Dynamics Inc. STLD 14.11 216.8 20.47 12.89 3,059.6 5,289.6 0.89x 7.5x 11.0xSynalloy Corp. SYNL 8.50 6.3 11.04 7.47 53.4 55.6 0.45x 12.0x 24.3xTenaris SA CM:TEN 14.07 1,180.5 17.55 11.35 16,610.2 16,650.7 2.22x 8.5x 11.5xUnited States Steel Corp. X 43.84 143.6 70.95 33.25 6,293.8 9,007.8 0.55x NM NMWolverine Tube Inc. WLVT.Q 0.00 40.6 0.11 0.03 1.4 145.7 0.33x NM NM

High 2.22x 24.9x 24.5xLow 0.32x 2.7x 10.0x

[1] Commercial Metals Co. is excluded from the EV/EBITDA calculations. Mean 0.76x 11.1x 15.6x[2] Northwest Pipe Co. is excluded from the EV/EBIT calculations. Median 0.63x 9.9x 11.8x


20

Metals (Cont.)

Third Quarter 2010 News September 14, 2010 ‐ Gerdau Ameristeel US, Inc. signed a definitive agreement to acquire TAMCO Steel, Inc. from Ameron International Corporation (NYSE: AMN), Tokyo Steel Manufacturing Co. Ltd. (TSE: 5423) and Mitsui & Co. (U.S.A.), Inc. for approximately $170 million. TAMCO Steel, Inc. operates as a steel mini‐mill that recycles ferrous scrap metal into concrete reinforcing bars in various lengths, sizes, and grades. Ameron International Corporation, together with its subsidiaries, manufactures and sells engineered products and materials for the chemical, industrial, energy, transportation, and infrastructure industries from its plants in North America, South America, Europe, and Asia. September 13, 2010 ‐ Tara Minerals Corp. (OTCBB: TARM) signed a tentative agreement to acquire Tara Gold Resources Corp. (OTCPK: TRGD) for $82.8 million. Tara Gold Resources Corp., through its subsidiaries, engages in the acquisition, exploration, and development of mineral resource properties in the United States and Mexico. Tara Minerals Corp., an exploration stage company, engages in the acquisition, exploration, and development of mineral resource properties in Mexico. August 28, 2010 ‐ Fronteer Gold Inc (TSX: FRG) entered into an agreement to acquire AuEx Ventures, Inc. (TSX: XAU) for approximately CAD 240 million in cash and stock. AuEx Ventures, Inc., an exploration stage company, engages in the acquisition and exploration of precious metal properties. Fronteer Development Group Inc. engages in the acquisition, exploration, and development of mineral resource properties in Canada, the United States, Mexico, and Turkey.



Metals ProcessorsAllegheny Technologies Inc. ATI 9/30/2010 14.1% $3,825.9 $218.5 $346.0 $466.9 $755.4 13.6% 9.0% 5.7% 3.1xAM Castle & Co. CAS 9/30/2010 ‐6.7% 889.4 (28.2) (7.5) 17.3 50.9 10.9% ‐0.8% ‐3.2% NMCommercial Metals Company CMC 8/31/2010 ‐1.6% 6,306.1 (107.6) 61.3 487.8 650.4 6.3% 1.0% ‐1.7% 24.0xReliance Steel & Aluminum Co. RS 9/30/2010 ‐3.0% 6,001.7 405.3 523.2 519.7 689.7 26.6% 8.7% 6.8% 2.1xRussel Metals Inc. TSX:RUS 9/30/2010 ‐14.1% 1,982.2 93.6 116.9 150.9 183.8 18.1% 5.9% 4.7% 2.8xSchnitzer Steel Industries Inc. SCHN 8/31/2010 28.8% 2,301.2 116.8 180.2 251.3 299.0 12.2% 7.8% 5.1% 0.6xSims Metal Management Limited ASX:SGM 6/30/2010 ‐13.6% 6,316.2 149.3 271.2 495.6 669.9 17.3% 4.3% 2.4% 0.37xWorthington Industries, Inc. WOR 8/31/2010 0.3% 2,142.3 88.3 152.9 182.7 215.8 14.5% 7.1% 4.1% 2.8x

Tube and Pipe ProducersAK Steel Holding Corporation AKS 9/30/2010 39.9% 5,897.6 473.8 691.5 302.3 489.5 15.0% 11.7% 8.0% 0.7xNorthwest Pipe Co. NWPX 9/30/2010 5.5% 354.1 2.6 9.8 15.1 25.9 8.3% 2.8% 0.7% 11.3xSSAB AB SSAB A 9/30/2010 9.7% 5,595.0 135.9 499.8 NA NA 11.2% 8.9% 2.4% 5.3xSteel Dynamics Inc. STLD 9/30/2010 49.2% 5,952.6 479.6 703.4 671.7 994.7 13.1% 11.8% 8.1% 3.4xSynalloy Corp. SYNL 7/3/2010 ‐3.5% 123.1 2.3 4.6 0.0 0.0 9.4% 3.8% 1.9% NATenaris SA CM:TEN 9/30/2010 ‐21.2% 7,494.9 1,450.3 1,957.2 2,210.1 3,143.7 39.1% 26.1% 19.4% 0.6xUnited States Steel Corp. X 9/30/2010 35.0% 16,462.0 (323.0) 344.0 1,114.8 2,036.8 5.7% 2.1% ‐2.0% 10.6xWolverine Tube Inc. WLVT.Q 12/31/2009 ‐45.5% 444.9 (9.2) (1.8) NA NA 3.2% ‐0.4% ‐2.1% NM



21

August 9, 2010 ‐ Kaiser Aluminum Corporation (NasdaqGS: KALU) acquired Nichols Wire, Inc. for $16.4 million. Nichols Wire, Inc. manufactures bare mechanical alloy wire products. Kaiser Aluminum Corporation manufactures semi‐fabricated aluminum products primarily in the United States, Canada, and the United Kingdom August 2, 2010 ‐ North American Gold & Minerals Fund (OTCBB: NMGL) signed a letter of intent to acquire 23.22% stake in Bouse Gold Inc. and 46.84% stake in Copperstone Mining Limited from Western Diversified Mining Resources, Inc. South Copperstone Inc. and Bouse Gold, Inc. represents the combined operations of South Copperstone Inc. and Bouse Gold, Inc. in their sale to North American Gold & Minerals Fund. North American Gold & Minerals Fund, an exploration stage company, engages in the acquisition, exploration, and development of natural resource properties in the United States.


22

Metals (Cont.)

Benchmarking

Metals Processors Metals ProcessorsSims Metal Management Limited $7,462.9 Schnitzer Steel Industries Inc. 28.8%Commercial Metals Company 6,306.1 Allegheny Technologies Inc. 14.1%Reliance Steel & Aluminum Co. 6,001.7 Worthington Industries, Inc. 0.3%Allegheny Technologies Inc. 3,825.9 Commercial Metals Company ‐1.6%Schnitzer Steel Industries Inc. 2,301.2 Reliance Steel & Aluminum Co. ‐3.0%Worthington Industries, Inc. 2,142.3 AM Castle & Co. ‐6.7%Russel Metals Inc. 2,046.6 Sims Metal Management Limited ‐13.6%AM Castle & Co. 889.4 Russel Metals Inc. ‐14.1%

Tube and Pipe Producers Tube and Pipe ProducersSSAB AB 37,962.0 Steel Dynamics Inc. 49.2%United States Steel Corp. 16,462.0 AK Steel Holding Corporation 39.9%Tenaris SA 7,494.9 United States Steel Corp. 35.0%Steel Dynamics Inc. 5,952.6 SSAB AB 9.7%AK Steel Holding Corporation 5,897.6 Northwest Pipe Co. 5.5%Wolverine Tube Inc. 444.9 Synalloy Corp. ‐3.5%Northwest Pipe Co. 354.1 Tenaris SA ‐21.2%Synalloy Corp. 123.1 Wolverine Tube Inc. ‐45.5%

Metals Processors Metals ProcessorsReliance Steel & Aluminum Co. 6.8% Allegheny Technologies Inc. 9.0%Allegheny Technologies Inc. 5.7% Reliance Steel & Aluminum Co. 8.7%Schnitzer Steel Industries Inc. 5.1% Schnitzer Steel Industries Inc. 7.8%Russel Metals Inc. 4.7% Worthington Industries, Inc. 7.1%Worthington Industries, Inc. 4.1% Russel Metals Inc. 5.9%Sims Metal Management Limited 2.4% Sims Metal Management Limited 4.3%Commercial Metals Company ‐1.7% Commercial Metals Company 1.0%AM Castle & Co. ‐3.2% AM Castle & Co. ‐0.8%

Tube and Pipe Producers Tube and Pipe ProducersTenaris SA 19.4% Tenaris SA 26.1%Steel Dynamics Inc. 8.1% Steel Dynamics Inc. 11.8%AK Steel Holding Corporation 8.0% AK Steel Holding Corporation 11.7%SSAB AB 2.4% SSAB AB 8.9%Synalloy Corp. 1.9% Synalloy Corp. 3.8%Northwest Pipe Co. 0.7% Northwest Pipe Co. 2.8%United States Steel Corp. ‐2.0% United States Steel Corp. 2.1%Wolverine Tube Inc. ‐2.1% Wolverine Tube Inc. ‐0.4%

Metals Processors Metals ProcessorsSims Metal Management Limited 3.5% Sims Metal Management Limited 0.4xSchnitzer Steel Industries Inc. 9.3% Schnitzer Steel Industries Inc. 0.6xAM Castle & Co. 21.7% Reliance Steel & Aluminum Co. 2.1xReliance Steel & Aluminum Co. 28.2% Russel Metals Inc. 2.8xRussel Metals Inc. 29.4% Worthington Industries, Inc. 2.8xAllegheny Technologies Inc. 33.2% Allegheny Technologies Inc. 3.1xWorthington Industries, Inc. 37.9% Commercial Metals Company 24.0xCommercial Metals Company 54.0% AM Castle & Co. NM

Tube and Pipe Producers Tube and Pipe ProducersSynalloy Corp. 3.6% Synalloy Corp. 0.5xTenaris SA 9.5% Tenaris SA 0.6xNorthwest Pipe Co. 30.8% AK Steel Holding Corporation 0.7xSSAB AB 37.7% Steel Dynamics Inc. 3.4xAK Steel Holding Corporation 38.6% SSAB AB 5.3xUnited States Steel Corp. 44.7% United States Steel Corp. 10.6xSteel Dynamics Inc. 53.5% Northwest Pipe Co. 11.3xWolverine Tube Inc. 167.0% Wolverine Tube Inc. NM




LEVERAGE LEVERAGE


23


80.0

100.0

120.0

140.0

160.0



Resource Recovery & Waste Management Index NASDAQ Composite Index S&P 500 Index



Resource Recovery and Waste ManagementUS Ecology, Inc. ECOL 16.00 18.3 19.90 12.98 292.9 260.7 2.93x 10.6x 14.7xCasella Waste Systems Inc. CWST 4.20 26.2 5.39 2.55 109.9 675.9 1.28x 6.0x 14.6xCECO Environmental Corp. CECE 5.97 14.3 6.19 3.10 85.5 98.1 0.70x 17.7x 27.5xClean Harbors, Inc. CLH 67.75 26.3 72.14 52.00 1,783.0 1,795.7 1.08x 6.2x 8.9xHeritage‐Crystal Clean, Inc HCCI 9.95 14.2 13.04 7.51 141.4 118.7 1.12x 13.1x 23.8xRepublic Services, Inc. RSG 30.49 383.0 32.95 25.15 11,677.7 18,741.5 2.32x 7.7x 12.5xWaste Connections Inc. WCN 39.66 77.3 40.44 28.36 3,065.4 3,929.8 3.04x 9.6x 14.8xWaste Management, Inc. WM 35.74 477.4 36.24 28.28 17,063.6 25,822.6 2.09x 8.2x 13.2xWCA Waste Corporation WCAA 4.80 20.2 5.25 3.67 96.9 312.3 1.43x 6.2x 14.3x




Resource Recovery and Waste ManagementUS Ecology, Inc. ECOL 6/30/2010 ‐35.7% $100.5 $17.5 $24.3 $26.4 $35.9 30.8% 24.2% 17.4% 0.001xCasella Waste Systems Inc. CWST 7/31/2010 0.6% 529.7 46.3 111.8 122.2 125.3 33.0% 21.1% 8.7% 5.1xCECO Environmental Corp. CECE 6/30/2010 ‐7.4% 138.4 2.3 4.4 7.9 NA 22.5% 3.2% 1.7% 3.4xClean Harbors, Inc. CLH 6/30/2010 56.6% 1,479.1 153.2 238.5 281.7 269.3 29.1% 16.1% 10.4% 1.3xHeritage‐Crystal Clean, Inc HCCI 6/19/2010 ‐4.6% 101.6 4.8 8.9 NA 15.2 74.7% 8.8% 4.8% NARepublic Services, Inc. RSG 6/30/2010 30.5% 8,096.6 1,529.3 2,459.3 2,540.2 2,720.9 41.2% 30.4% 18.9% 2.9xWaste Connections Inc. WCN 6/30/2010 15.1% 1,263.9 253.4 395.6 417.8 453.7 42.5% 31.3% 20.0% 2.2xWaste Management, Inc. WM 6/30/2010 ‐2.2% 12,122.0 1,940.0 3,115.0 3,372.4 3,593.5 37.2% 25.7% 16.0% 3.1xWCA Waste Corporation WCAA 6/30/2010 1.8% 208.4 22.0 50.1 55.0 NA 29.7% 24.0% 10.6% 4.4x



24

Resource Recovery & Waste Management (Cont.)

Third Quarter 2010 News September 24, 2010 ‐ Stericycle, Inc. (NasdaqGS: SRCL) entered into an agreement to acquire Healthcare Waste Solutions, LLC (HWS) from Altaris Capital Partners, LLC and other shareholders for approximately $250 million in cash. Healthcare Waste Solutions, LLC provides healthcare waste services. It offers confidential document destruction, pharmaceutical waste, pathology waste, chemotherapeutic waste, sharps management, e‐waste, recycled waste, bio hazardous waste, regulated medical waste, and solid waste services. September 13, 2010 ‐ US Ecology, Inc. (NasdaqGS: ECOL) signed a definitive agreement to acquire Seaway TLC Inc. from Marsulex Inc. (TSX: MLX) for CAD 80 million. Seaway TLC Inc. offers inorganic and hazardous industrial waste and contaminated soil treatment services. U.S. Ecology, Inc., through its subsidiaries, provides radioactive, hazardous, polychlorinated biphenyls, and non‐hazardous industrial waste management and recycling services in the United States. August 17, 2010 ‐ Coolbrands International Inc. (TSX: COB) entered into a merger agreement to acquire Swisher International, Inc. from H. Wayne Huizenga, Steve Berrard and other shareholders for CAD 98.8 million in stock. Swisher International, Inc. engages in the marketing of franchises, which provide hygiene services and products for public restrooms, residential maid services and residential and commercial pest control services. Coolbrands International Inc. does not have any significant operations.


25

Resource Recovery & Waste Management (Cont.)

Benchmarking

Waste Management, Inc. $12,334.0 Clean Harbors, Inc. 70.0%Republic Services, Inc. 8,084.8 Waste Connections Inc. 13.4%Clean Harbors, Inc. 1,661.2 CECO Environmental Corp. 11.2%Waste Connections Inc. 1,293.7 Republic Services, Inc. 8.6%Casella Waste Systems Inc. 529.7 WCA Waste Corporation 8.2%WCA Waste Corporation 218.1 Waste Management, Inc. 3.7%CECO Environmental Corp. 140.2 Heritage‐Crystal Clean, Inc 2.8%Heritage‐Crystal Clean, Inc 106.0 Casella Waste Systems Inc. 0.6%US Ecology, Inc. 89.0 US Ecology, Inc. ‐41.8%

Waste Connections Inc. 20.5% Waste Connections Inc. 31.8%US Ecology, Inc. 19.9% Republic Services, Inc. 29.9%Republic Services, Inc. 18.5% US Ecology, Inc. 27.5%Waste Management, Inc. 15.9% Waste Management, Inc. 25.5%Clean Harbors, Inc. 12.2% WCA Waste Corporation 23.3%WCA Waste Corporation 10.0% Casella Waste Systems Inc. 21.1%Casella Waste Systems Inc. 8.7% Clean Harbors, Inc. 17.6%Heritage‐Crystal Clean, Inc 4.7% Heritage‐Crystal Clean, Inc 8.6%CECO Environmental Corp. 2.5% CECO Environmental Corp. 3.9%

Heritage‐Crystal Clean, Inc 0.0% Heritage‐Crystal Clean, Inc 0.0xUS Ecology, Inc. 0.0% US Ecology, Inc. 0.0xClean Harbors, Inc. 27.5% Clean Harbors, Inc. 1.0xCECO Environmental Corp. 29.0% Waste Connections Inc. 2.1xWaste Connections Inc. 38.5% CECO Environmental Corp. 2.5xRepublic Services, Inc. 47.1% Republic Services, Inc. 2.9xWCA Waste Corporation 57.5% Waste Management, Inc. 2.9xWaste Management, Inc. 58.3% WCA Waste Corporation 4.3xCasella Waste Systems Inc. 92.1% Casella Waste Systems Inc. 5.1x




LEVERAGE LEVERAGE


26

Chemicals

80.0

100.0

120.0

140.0

160.0



Diversified Chemicals Index Specialty Chemicals Index Industrial Gases Index NASDAQ Composite Index S&P 500 Index



Diversified ChemicalsAshland Inc. ASH $48.77 78.7 $63.73 $33.29 $3,839.7 4,776.7 0.53x 5.8x 9.1xCabot Corp. CBT 32.57 65.3 34.00 20.95 2,128.0 2,602.0 0.90x 6.7x 10.5xThe Dow Chemical Company DOW 27.46 1,159.9 32.05 22.42 31,849.6 55,002.6 1.05x 9.4x 19.4xEastman Chemical Co. EMN 74.00 72.2 74.85 49.85 5,345.9 6,521.9 1.03x 5.6x 7.3xEI DuPont de Nemours & Co. DD 44.62 906.5 45.87 30.06 40,448.6 47,404.6 1.51x 9.0x 12.2xFMC Corp. FMC 68.41 72.5 69.38 49.53 4,958.5 5,491.9 1.81x 8.7x 11.0xOlin Corp. OLN 20.16 79.2 22.39 14.35 1,596.6 1,611.7 1.04x 8.3x 14.8xPenford Corporation PENX 4.61 11.4 12.15 4.50 52.4 109.8 0.43x 11.1x NM

Specialty ChemicalsAlbemarle Corp. ALB 46.81 91.3 47.15 31.00 4,273.6 4,795.0 2.07x 9.9x 12.4xArch Chemicals Inc. ARJ 35.09 25.1 37.66 25.95 881.5 1,003.3 0.67x 6.6x 9.4xChemtura Corporation CHMT 0.00 0.0 0.00 0.00 0.0 0.0 0.00x 0.0x 0.0xEcolab Inc. ECL 50.74 233.3 51.23 40.66 11,837.8 12,683.5 2.09x 11.0x 15.6xFerro Corp. FOE 12.89 86.1 13.77 5.40 1,110.2 1,458.7 0.72x 5.5x 8.0xHB Fuller Co. FUL 19.87 49.0 24.66 18.47 973.2 1,107.5 0.83x 7.1x 9.8xInternational Flavors & Fragrances In IFF 48.52 79.9 51.77 36.67 3,874.7 4,750.8 1.84x 9.2x 11.0xLubrizol Corporation LZ 105.97 67.5 107.45 66.05 7,153.1 7,603.7 1.44x 6.1x 7.1xMinerals Technologies Inc. MTX 58.92 18.6 64.96 45.58 1,093.8 872.0 0.87x 5.8x 10.5xOM Group Inc. OMG 30.12 30.9 39.06 21.97 929.7 707.4 0.62x 3.8x 5.2xPolyOne Corporation POL 12.09 93.1 12.59 5.45 1,125.4 1,274.1 0.50x 6.4x 9.0xQuaker Chemical Corporation KWR 32.56 11.3 38.16 16.14 366.6 411.3 0.77x 6.8x 8.3xStepan Company SCL 59.11 10.1 79.75 45.99 594.1 640.7 0.46x 4.3x 5.9xThe Valspar Corporation VAL 31.85 98.5 33.13 25.11 3,136.3 3,783.1 1.21x 8.0x 9.7x

Industrial GasesAir Products & Chemicals Inc. APD 82.82 212.5 85.44 64.13 17,602.2 21,564.3 2.39x 9.2x 14.5xAirgas Inc. ARG 67.95 83.7 68.30 41.82 5,685.2 7,407.3 1.84x 10.6x 16.2xPraxair Inc. PX 90.26 306.1 91.00 72.70 27,625.4 32,918.4 3.33x 12.1x 18.1x



27

Chemicals (Cont.)



Diversified ChemicalsAshland Inc. ASH 9/30/2010 11.2% $9,012.0 $532.0 $836.0 $977.4 $1,055.5 22.4% 9.3% 5.9% 1.5xCabot Corp. CBT 9/30/2010 29.0% 2,893.0 248.0 390.7 456.5 456.7 19.5% 13.5% 8.6% 1.7xThe Dow Chemical Company DOW 9/30/2010 21.1% 52,369.0 2,838.0 5,849.0 7,055.9 8,123.1 14.6% 11.2% 5.4% 3.6xEastman Chemical Co. EMN 9/30/2010 25.3% 6,345.0 889.0 1,161.0 1,173.8 1,185.6 23.3% 18.3% 14.0% 1.4xEI DuPont de Nemours & Co. DD 9/30/2010 17.8% 30,520.0 3,886.0 5,278.0 5,766.7 5,914.3 29.1% 16.9% 12.4% 2.3xFMC Corp. FMC 9/30/2010 6.5% 3,027.9 497.7 630.4 673.1 744.4 33.3% 20.8% 16.4% 1.1xOlin Corp. OLN 9/30/2010 ‐3.9% 1,551.4 108.8 194.8 226.5 293.5 15.3% 12.6% 7.0% 2.0xPenford Corporation PENX 8/31/2010 ‐0.5% 254.3 (4.9) 9.9 30.0 0.0 9.2% 3.9% ‐1.9% 6.0x

Specialty ChemicalsAlbemarle Corp. ALB 9/30/2010 17.9% 2,316.0 385.5 483.0 501.3 546.1 30.2% 20.9% 16.6% 1.6xArch Chemicals Inc. ARJ 9/30/2010 19.6% 1,506.2 106.8 152.5 145.6 159.0 30.4% 10.1% 7.1% 1.6xChemtura Corporation CHMT 9/30/2010 12.0% 2,678.0 169.0 317.0 0.0 NA 24.7% 11.8% 6.3% 7.1xEcolab Inc. ECL 9/30/2010 4.5% 6,078.7 811.4 1,156.6 1,178.7 1,274.6 50.5% 19.0% 13.3% 0.9xFerro Corp. FOE 9/30/2010 24.0% 2,023.3 183.1 267.3 263.9 266.0 22.5% 13.2% 9.1% 1.2xHB Fuller Co. FUL 8/28/2010 7.6% 1,337.5 112.6 156.6 154.5 175.5 30.2% 11.7% 8.4% 1.9xInternational Flavors & Fragrances In IFF 9/30/2010 13.1% 2,578.6 433.2 513.8 496.9 528.7 41.7% 19.9% 16.8% 1.8xLubrizol Corporation LZ 9/30/2010 17.9% 5,288.8 1,070.5 1,240.4 1,321.1 1,333.3 33.4% 23.5% 20.2% 1.1xMinerals Technologies Inc. MTX 7/4/2010 5.0% 999.7 82.9 151.5 167.4 173.1 19.7% 15.2% 8.3% 0.7xOM Group Inc. OMG 9/30/2010 23.5% 1,144.9 135.3 184.7 176.5 200.5 24.6% 16.1% 11.8% NAPolyOne Corporation POL 9/30/2010 24.7% 2,556.6 142.2 198.7 207.6 234.4 16.9% 7.8% 5.6% 2.3xQuaker Chemical Corporation KWR 9/30/2010 22.4% 533.7 49.8 60.9 NA NA 36.1% 11.4% 9.3% 1.0xStepan Company SCL 9/30/2010 3.8% 1,381.1 108.4 147.5 NA NA 17.0% 10.7% 7.9% 1.2xThe Valspar Corporation VAL 7/30/2010 3.3% 3,126.4 390.5 471.2 462.3 512.8 34.4% 15.1% 12.5% 1.9x

Industrial GasesAir Products & Chemicals Inc. APD 9/30/2010 9.3% 9,026.0 1,490.1 2,353.5 2,598.5 2,777.1 28.0% 26.1% 16.5% 1.8xAirgas Inc. ARG 9/30/2010 0.3% 4,031.2 458.3 701.6 752.7 822.6 54.9% 17.4% 11.4% 2.4xPraxair Inc. PX 9/30/2010 10.6% 9,900.0 1,820.0 2,728.0 3,058.2 3,333.3 43.1% 27.6% 18.4% 1.9x

High 54.9% 27.6% 20.2% 7.1xLow 9.2% 3.9% (1.9%) 0.7xMean 28.2% 15.4% 10.7% 2.1xMedian 28.0% 15.1% 9.3% 1.7x


28

Chemicals (Cont.)

Third Quarter 2010 News September 28, 2010 ‐ Green Plains Renewable Energy, Inc. agreed to acquire Global Ethanol LLC from Global Ethanol Holdings Limited and other investors for approximately $170 million in cash, stock and assumption of debt. Global Ethanol LLC engages in the production of ethanol. Green Plains Renewable Energy, Inc. engages in the production, distribution, and marketing of ethanol and related by‐products in the United States. September 28, 2010 ‐ Pacific Ethanol, Inc. (NasdaqCM: PEIX) agreed to acquire stake in New PE Holdco LLC for a total of $26.4 million. New PE Holdco LLC owns and operates ethanol manufacturing plants. Pacific Ethanol, Inc. produces and sells ethanol and its co‐products in the western United States, primarily in California, Nevada, Arizona, Oregon, Colorado, Idaho, and Washington. September 10, 2010 ‐ Hercules Fluid Power Group acquired All Seals Inc. from J Barnett for $11.9 million in cash. All Seals Inc. designs, manufactures, and distributes various rubber and plastic products. Hercules Fluid Power Group supplies hydraulic seals, gaskets, cylinders, and attachment kits for heavy mobile machinery applications in the United States, Canada, and China. July 23, 2010 ‐ Nolato AB (OM: NOLA B) acquired the assets of Contour Plastics, Inc. from Barry Grant for $22 million. Nolato Contour, a precision plastic and silicone injection molding company, engages in designing, producing, and supplying plastic parts and assemblies for medical, electronics, consumer, and commercial markets in the United States. Nolato AB engages in the development and manufacture of polymer components and product systems in plastic, rubber, silicone, and thermoplastic elastomers for various industries worldwide. July 8, 2010 ‐ Mason Wells entered into an agreement to acquire Appleton Performance Packaging from Appleton Papers Inc. for $58 million. Appleton Papers Inc. creates product solutions through its development and use of coating formulations, coating applications and Encapsys® encapsulation technology. Mason Wells is a private equity firm specializing in leveraged buyouts and recapitalizations of middle market companies. July 2, 2010 – Mason Wells through Mason Wells Buyout Fund II, L.P. signed a stock purchase agreement to acquire American Plastics Company, Inc. and New England Extrusion Inc. from Appleton Papers Inc. for $58 million. American Plastics Company, Inc. manufactures multi‐layered films and commercial packaging. Mason Wells is a private equity firm specializing in leveraged buyouts and recapitalizations of middle market companies.


29

Chemicals (Cont.)

Benchmarking

Diversified Chemicals Diversified ChemicalsThe Dow Chemical Company $52,369.0 Cabot Corp. 29.0%EI DuPont de Nemours & Co. 31,308.0 Eastman Chemical Co. 25.3%Ashland Inc. 9,012.0 The Dow Chemical Company 21.1%Eastman Chemical Co. 6,345.0 EI DuPont de Nemours & Co. 17.8%FMC Corp. 3,027.9 Ashland Inc. 11.2%Cabot Corp. 2,893.0 FMC Corp. 6.5%Olin Corp. 1,551.4 Penford Corporation ‐0.5%Penford Corporation 254.3 Olin Corp. ‐3.9%

Specialty Chemicals Specialty ChemicalsEcolab Inc. 6,078.7 PolyOne Corporation 24.7%Lubrizol Corporation 5,288.8 Ferro Corp. 24.0%The Valspar Corporation 3,126.4 OM Group Inc. 23.5%Chemtura Corporation 2,678.0 Quaker Chemical Corporation 22.4%International Flavors & Fragrances Inc. 2,578.6 Arch Chemicals Inc. 19.6%PolyOne Corporation 2,556.6 Lubrizol Corporation 17.9%Albemarle Corp. 2,316.0 Albemarle Corp. 17.9%Ferro Corp. 2,023.3 International Flavors & Fragrances Inc. 13.1%Arch Chemicals Inc. 1,506.2 Chemtura Corporation 12.0%Stepan Company 1,381.1 HB Fuller Co. 7.6%HB Fuller Co. 1,337.5 Minerals Technologies Inc. 5.0%OM Group Inc. 1,144.9 Ecolab Inc. 4.5%Minerals Technologies Inc. 999.7 Stepan Company 3.8%Quaker Chemical Corporation 533.7 The Valspar Corporation 3.3%

Industrial Gases Industrial GasesPraxair Inc. 9,900.0 Praxair Inc. 10.6%Air Products & Chemicals Inc. 9,026.0 Air Products & Chemicals Inc. 9.3%Airgas Inc. 4,031.2 Airgas Inc. 0.3%

Diversified Chemicals Diversified ChemicalsFMC Corp. 16.4% FMC Corp. 20.8%Eastman Chemical Co. 14.0% Eastman Chemical Co. 18.3%EI DuPont de Nemours & Co. 12.4% EI DuPont de Nemours & Co. 16.9%Cabot Corp. 8.6% Cabot Corp. 13.5%Olin Corp. 7.0% Olin Corp. 12.6%Ashland Inc. 5.9% The Dow Chemical Company 11.2%The Dow Chemical Company 5.4% Ashland Inc. 9.3%Penford Corporation ‐1.9% Penford Corporation 3.9%

Specialty Chemicals Specialty ChemicalsLubrizol Corporation 20.2% Lubrizol Corporation 23.5%International Flavors & Fragrances Inc. 16.8% Albemarle Corp. 20.9%Albemarle Corp. 16.6% International Flavors & Fragrances Inc. 19.9%Ecolab Inc. 13.3% Ecolab Inc. 19.0%The Valspar Corporation 12.5% OM Group Inc. 16.1%OM Group Inc. 11.8% Minerals Technologies Inc. 15.2%Quaker Chemical Corporation 9.3% The Valspar Corporation 15.1%Ferro Corp. 9.1% Ferro Corp. 13.2%HB Fuller Co. 8.4% Chemtura Corporation 11.8%Minerals Technologies Inc. 8.3% HB Fuller Co. 11.7%Stepan Company 7.9% Quaker Chemical Corporation 11.4%Arch Chemicals Inc. 7.1% Stepan Company 10.7%Chemtura Corporation 6.3% Arch Chemicals Inc. 10.1%PolyOne Corporation 5.6% PolyOne Corporation 7.8%

Industrial Gases Industrial GasesPraxair Inc. 18.4% Praxair Inc. 27.6%Air Products & Chemicals Inc. 16.5% Air Products & Chemicals Inc. 26.1%Airgas Inc. 11.4% Airgas Inc. 17.4%

Diversified Chemicals Diversified ChemicalsAshland Inc. 24.3% FMC Corp. 1.1xOlin Corp. 31.2% Eastman Chemical Co. 1.4xCabot Corp. 31.5% Ashland Inc. 1.5xFMC Corp. 33.0% Cabot Corp. 1.7xPenford Corporation 41.8% Olin Corp. 2.0xEastman Chemical Co. 47.0% EI DuPont de Nemours & Co. 2.3xThe Dow Chemical Company 48.3% The Dow Chemical Company 3.6xEI DuPont de Nemours & Co. 56.2% Penford Corporation 6.0x

Specialty Chemicals Specialty ChemicalsOM Group Inc. 8.8% OM Group Inc. 0.7xMinerals Technologies Inc. 11.9% Minerals Technologies Inc. 0.7xQuaker Chemical Corporation 24.6% Ecolab Inc. 0.9xHB Fuller Co. 33.3% Quaker Chemical Corporation 1.0xEcolab Inc. 33.5% Lubrizol Corporation 1.1xStepan Company 33.9% Stepan Company 1.2xAlbemarle Corp. 34.7% Ferro Corp. 1.2xArch Chemicals Inc. 35.9% Albemarle Corp. 1.6xFerro Corp. 36.2% Arch Chemicals Inc. 1.6xThe Valspar Corporation 36.2% International Flavors & Fragrances Inc. 1.8xLubrizol Corporation 37.0% The Valspar Corporation 1.9xInternational Flavors & Fragrances Inc. 49.9% HB Fuller Co. 1.9xPolyOne Corporation 51.8% PolyOne Corporation 2.3xChemtura Corporation 102.1% Chemtura Corporation 7.1x

Industrial Gases Industrial GasesAir Products & Chemicals Inc. 42.0% Air Products & Chemicals Inc. 1.8xPraxair Inc. 44.5% Praxair Inc. 1.9xAirgas Inc. 46.5% Airgas Inc. 2.4x



LEVERAGE LEVERAGE(Debt/Capitalization) (Total Debt/EBITDA)


30


80.0

100.0

120.0

140.0

160.0

Oct-09 Nov-09 Dec-09 Feb-10 Mar-10 May-10 Jun-10 Jul-10 Sep-10


Paper and Corrugated Packaing Index Plastics/Films Index Flexible Packaging Index NASDAQ Composite Index S&P 500 Index


Stock Price Outstanding 52‐Week 52‐Week Capitalization Value EV/ EV/ EV/Company Ticker (9/30/2010) (mm) High Low ($mm) ($mm) Revenue EBITDA EBIT1

Paper and Corrugated PackagingGraphic Packaging Holding Company GPK 3.34 343.6 4.10 2.18 1,147.7 3,776.7 0.93x 6.3x 12.0xGreif, Inc. GEF 58.84 47.2 61.02 46.01 2,742.3 3,733.4 1.16x 7.5x 9.8xInternational Paper Co. IP 21.75 437.0 29.25 19.33 9,505.3 16,827.3 0.68x 5.0x 8.8xMeadWestvaco Corporation MWV 24.38 170.8 29.74 20.81 4,164.1 5,675.1 0.90x 6.2x 11.7xPackaging Corp. of America PKG 23.17 103.6 26.48 18.21 2,401.0 2,911.2 1.24x 9.1x 17.7xRock‐Tenn Co. RKT 49.81 39.0 55.90 37.25 1,940.3 3,070.4 1.02x 5.9x 8.1xSonoco Products Co. SON 33.44 100.7 35.87 26.17 3,366.0 3,794.0 0.95x 7.2x 10.7xTemple‐Inland Inc. TIN 18.66 107.8 25.03 14.85 2,010.9 2,798.9 0.76x 6.5x 11.9x

Plastics/FilmsA. Schulman, Inc. SHLM 20.15 31.5 27.23 16.15 634.4 693.7 0.44x 7.6x 10.9xAptarGroup, Inc. ATR 45.67 67.5 46.55 34.46 3,080.8 3,126.8 1.53x 7.8x 11.8xIntertape Polymer Group Inc. ITP 1.55 59.0 3.60 1.52 91.4 328.3 0.47x 9.0x NMMyers Industries Inc. MYE 8.59 35.3 11.55 6.20 303.3 414.1 0.56x 10.0x 51.4xRPC Group plc LSE:RPC 2.95 99.3 3.05 2.16 292.9 374.2 0.50x NM NMSpartech Corp. SEH 8.21 30.9 15.55 6.06 253.4 417.1 0.41x 6.8x 16.7xTredegar Corp. TG 18.98 31.8 19.54 12.97 604.2 552.5 0.77x 6.7x 14.0x

Flexible PackagingAEP Industries Inc. AEPI 23.62 6.3 42.50 20.03 148.5 341.1 0.44x 9.8x 24.7xBemis Company, Inc. BMS 31.75 109.1 32.00 24.92 3,465.0 4,902.3 1.09x 8.4x 12.7xCCL Industries Inc. CCL.B 28.96 33.2 32.13 21.06 964.2 1,303.3 1.09x 5.9x 10.5xMulti‐Color Corp. LABL 15.40 13.2 15.81 9.79 203.5 283.0 0.94x 6.5x 9.5xPactiv Corp. PTV 32.98 136.2 32.99 21.55 4,491.8 5,987.8 1.69x 8.8x 12.1xSealed Air Corporation SEE 22.48 159.6 23.43 18.43 3,587.9 4,501.5 1.02x 6.6x 8.6xWinpak Ltd. WPK 10.86 65.0 11.74 7.36 705.9 652.4 1.17x 6.4x 8.7x

IQ405869 High 1.53x 10.0x 24.7xLow 0.41x 5.0x 8.1x

{1} Myers Industries Inc. is excluded from the EV/EBIT calculations. Mean 0.86x 7.3x 12.1xMedian 0.93x 6.8x 11.7x


31

Plastics & Packaging (Cont.)



Paper and Corrugated PackagingGraphic Packaging Holding Company GPK 9/30/2010 ‐2.5% $4,062.0 $315.7 $602.0 $579.7 $621.3 13.9% 14.8% 7.8% 4.5xGreif, Inc. GEF 7/31/2010 6.8% 3,228.1 381.6 494.6 492.0 582.5 21.7% 15.3% 11.8% 2.2xInternational Paper Co. IP 9/30/2010 2.9% 24,625.0 1,908.0 3,388.0 3,274.0 3,674.9 27.5% 13.8% 7.7% 2.6xMeadWestvaco Corporation MWV 9/30/2010 9.4% 6,276.0 484.7 910.7 955.3 1,003.2 20.2% 14.5% 7.7% 2.3xPackaging Corp. of America PKG 9/30/2010 8.3% 2,341.2 164.1 320.2 455.4 536.6 20.2% 13.7% 7.0% 2.2xRock‐Tenn Co. RKT 9/30/2010 6.7% 3,001.4 372.8 520.2 558.1 534.1 24.0% 17.3% 12.4% 2.2xSonoco Products Co. SON 9/26/2010 13.3% 3,998.9 356.1 526.0 534.9 579.5 19.0% 13.2% 8.9% 1.2xTemple‐Inland Inc. TIN 10/2/2010 ‐0.4% 3,692.0 236.0 430.0 429.8 631.4 11.9% 11.6% 6.4% 1.6x

Plastics/FilmsA. Schulman, Inc. SHLM 8/31/2010 24.3% 1,590.4 63.9 91.2 NA NA 14.9% 5.7% 4.0% 1.7xAptarGroup, Inc. ATR 9/30/2010 13.3% 2,041.6 265.9 403.2 407.6 424.3 34.1% 19.7% 13.0% 0.8xIntertape Polymer Group Inc. ITP 9/30/2010 15.4% 701.2 0.1 36.7 NA NA 11.5% 5.2% 0.0% 6.1xMyers Industries Inc. MYE 9/30/2010 6.5% 737.7 8.1 41.5 NA NA 21.4% 5.6% 1.1% 2.6xRPC Group plc LSE:RPC 9/30/2010 1.3% 1,177.9 72.4 123.1 NA NA 51.4% 10.5% 6.1% 1.3xSpartech Corp. SEH 7/31/2010 4.5% 1,005.9 25.0 61.2 59.3 77.3 11.3% 6.1% 2.5% 2.7xTredegar Corp. TG 9/30/2010 5.9% 719.3 39.6 82.5 93.7 109.8 16.9% 11.5% 5.5% 0.0x

Flexible PackagingAEP Industries Inc. AEPI 7/31/2010 2.3% 770.0 13.8 34.7 NA NA 14.4% 4.5% 1.8% 5.6xBemis Company, Inc. BMS 9/30/2010 29.2% 4,492.2 386.3 583.4 646.6 718.0 19.0% 13.0% 8.6% 2.4xCCL Industries Inc. CCL.B 9/30/2010 ‐0.1% 1,162.4 119.9 212.8 214.6 226.4 22.7% 18.3% 10.3% 2.0xMulti‐Color Corp. LABL 9/30/2010 10.6% 300.0 29.8 43.7 NA NA 18.7% 14.6% 9.9% 3.1xPactiv Corp. PTV 9/30/2010 4.7% 3,548.0 493.0 684.0 748.8 800.6 28.5% 19.3% 13.9% 2.1xSealed Air Corporation SEE 9/30/2010 3.8% 4,427.3 525.5 680.2 711.8 753.6 28.2% 15.4% 11.9% 2.3xWinpak Ltd. WPK 9/26/2010 11.9% 560.0 75.2 102.5 107.2 112.8 28.9% 18.3% 13.4% NA



32


Third Quarter 2010 News September 1, 2010 ‐ Atlas Holdings LLC signed a definitive agreement to acquire global media and entertainment packaging business from MeadWestvaco Corporation (NYSE: MWV) for $68 million in cash. MeadWestvaco Corporation, Global Media and Entertainment Packaging Business comprise global media and entertainment packaging business. Atlas Holdings LLC is a private equity firm specializing in mid‐market special situations, buyouts, bankruptcy purchases, restructurings, turnarounds, leveraged ESOP acquisitions, and difficult transactions with labor issues, environmental challenges or complex operating configurations. August 16, 2010 ‐ Reynolds Group Holding Ltd. entered into a definitive merger agreement to acquire Pactiv Corp. (NYSE: PTV) for $4.6 billion. Pactiv Corporation engages in the manufacture and sale of consumer and foodservice/food packaging products in the United States and internationally. Reynolds Group Holdings Ltd. engages in the manufacture and supply of consumer food and beverage packaging and storage products in Asia, Europe, North America, and South America. August 9, 2010 – Graham Packaging Acquisition Corp. agreed to acquire Liquid Container, LP for approximately $570 million. Liquid Container, LP manufactures and supplies stock and custom plastic packaging solutions in North America. Graham Packaging Acquisition Corp. operates as a subsidiary of Graham Packaging Holdings Co. Graham Packaging is a worldwide leader in the design, manufacture and sale of technology‐based, customized blow molded plastic containers for the branded food and beverage, household, personal care/specialty and automotive lubricants product categories.


33


Benchmarking

Paper and Corrugated Packaging Paper and Corrugated PackagingInternational Paper Co. $24,625.0 Sonoco Products Co. 13.3%MeadWestvaco Corporation 6,276.0 MeadWestvaco Corporation 9.4%Graphic Packaging Holding Company 4,062.0 Packaging Corp. of America 8.3%Sonoco Products Co. 3,998.9 Greif, Inc. 6.8%Temple‐Inland Inc. 3,692.0 Rock‐Tenn Co. 6.7%Greif, Inc. 3,228.1 International Paper Co. 2.9%Rock‐Tenn Co. 3,001.4 Temple‐Inland Inc. ‐0.4%Packaging Corp. of America 2,341.2 Graphic Packaging Holding Company ‐2.5%

Plastics/Films Plastics/FilmsAptarGroup, Inc. 2,041.6 A. Schulman, Inc. 24.3%A. Schulman, Inc. 1,590.4 Intertape Polymer Group Inc. 15.4%Spartech Corp. 1,005.9 AptarGroup, Inc. 13.3%RPC Group plc 749.9 Myers Industries Inc. 6.5%Myers Industries Inc. 737.7 Tredegar Corp. 5.9%Tredegar Corp. 719.3 Spartech Corp. 4.5%Intertape Polymer Group Inc. 701.2 RPC Group plc 1.3%

Flexible Packaging Flexible PackagingBemis Company, Inc. 4,492.2 Bemis Company, Inc. 29.2%Sealed Air Corporation 4,427.3 Winpak Ltd. 11.9%Pactiv Corp. 3,548.0 Multi‐Color Corp. 10.6%CCL Industries Inc. 1,200.2 Pactiv Corp. 4.7%AEP Industries Inc. 770.0 Sealed Air Corporation 3.8%Winpak Ltd. 560.0 AEP Industries Inc. 2.3%Multi‐Color Corp. 300.0 CCL Industries Inc. ‐0.1%

Paper and Corrugated Packaging Paper and Corrugated PackagingRock‐Tenn Co. 12.4% Rock‐Tenn Co. 17.3%Greif, Inc. 11.8% Greif, Inc. 15.3%Sonoco Products Co. 8.9% Graphic Packaging Holding Company 14.8%Graphic Packaging Holding Company 7.8% MeadWestvaco Corporation 14.5%International Paper Co. 7.7% International Paper Co. 13.8%MeadWestvaco Corporation 7.7% Packaging Corp. of America 13.7%Packaging Corp. of America 7.0% Sonoco Products Co. 13.2%Temple‐Inland Inc. 6.4% Temple‐Inland Inc. 11.6%

Plastics/Films Plastics/FilmsAptarGroup, Inc. 13.0% AptarGroup, Inc. 19.7%RPC Group plc 6.1% Tredegar Corp. 11.5%Tredegar Corp. 5.5% RPC Group plc 10.5%A. Schulman, Inc. 4.0% Spartech Corp. 6.1%Spartech Corp. 2.5% A. Schulman, Inc. 5.7%Myers Industries Inc. 1.1% Myers Industries Inc. 5.6%Intertape Polymer Group Inc. 0.0% Intertape Polymer Group Inc. 5.2%

Flexible Packaging Flexible PackagingPactiv Corp. 13.9% Pactiv Corp. 19.3%Winpak Ltd. 13.4% CCL Industries Inc. 18.3%Sealed Air Corporation 11.9% Winpak Ltd. 18.3%CCL Industries Inc. 10.3% Sealed Air Corporation 15.4%Multi‐Color Corp. 9.9% Multi‐Color Corp. 14.6%Bemis Company, Inc. 8.6% Bemis Company, Inc. 13.0%AEP Industries Inc. 1.8% AEP Industries Inc. 4.5%

Paper and Corrugated Packaging Paper and Corrugated PackagingSonoco Products Co. 29.4% Sonoco Products Co. 1.2xMeadWestvaco Corporation 38.8% Temple‐Inland Inc. 1.6xTemple‐Inland Inc. 41.0% Greif, Inc. 2.2xPackaging Corp. of America 42.4% Rock‐Tenn Co. 2.2xGreif, Inc. 47.7% Packaging Corp. of America 2.2xRock‐Tenn Co. 52.4% MeadWestvaco Corporation 2.3xInternational Paper Co. 56.9% International Paper Co. 2.6xGraphic Packaging Holding Company 78.9% Graphic Packaging Holding Company 4.5x

Plastics/Films Plastics/FilmsTredegar Corp. 0.2% Tredegar Corp. 0.0xAptarGroup, Inc. 19.9% AptarGroup, Inc. 0.8xA. Schulman, Inc. 23.9% RPC Group plc 1.3xMyers Industries Inc. 29.0% A. Schulman, Inc. 1.7xRPC Group plc 39.2% Myers Industries Inc. 2.6xSpartech Corp. 40.0% Spartech Corp. 2.7xIntertape Polymer Group Inc. 49.8% Intertape Polymer Group Inc. 6.1x

Flexible Packaging Flexible PackagingWinpak Ltd. 0.0% Winpak Ltd. 0.0xCCL Industries Inc. 36.1% CCL Industries Inc. 2.0xSealed Air Corporation 39.8% Pactiv Corp. 2.1xBemis Company, Inc. 41.9% Sealed Air Corporation 2.3xMulti‐Color Corp. 43.5% Bemis Company, Inc. 2.4xPactiv Corp. 53.4% Multi‐Color Corp. 3.1xAEP Industries Inc. 73.8% AEP Industries Inc. 5.6x


LEVERAGE LEVERAGE(Debt/Capitalization) (Total Debt/EBITDA)



34

Industrial Growth Industry Transactions*

Announced Third Quarter 2010

Enterprise Enterprise Value to:Date Target Buyer Primary Industry Value Revenue EBITDA EBIT

9/30/2010 Peoria Tube Forming Corp. National Tube Form, LLC Fabricated Structural Metal Products (Prima ‐ ‐ ‐ ‐9/30/2010 Gear Products, Inc. Tulsa Winch Group Industrial Machinery (Primary) $25.0 ‐ ‐ ‐9/30/2010 National Tube Form, LLC Wind Point Partners Fabricated Structural Metal Products (Prima ‐ ‐ ‐ ‐9/29/2010 Vision Technologies, Inc. Video Display Corp. (NasdaqGM:VIDE) Measuring, Analyzing, and Controlling Inst ‐ ‐ ‐ ‐9/29/2010 Keithley Instruments Inc. (NYSE:KEI) Danaher Corp. (NYSE:DHR) Measuring, Analyzing, and Controlling Inst $326.0 2.9x 23.1x 28.6x9/24/2010 Healthcare Waste Solutions, LLC Stericycle, Inc . (NasdaqGS:SRCL) Environmental and Facilities Services (Prim $245.0 4.9x ‐ ‐9/24/2010 VIM Recycling, Inc . Soil Solutions Co. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐9/24/2010 Sabre Industrial, Inc ., Prior to Reverse Merger

With Tsingyuan Group (Hong Kong) Co., Ltd.Sabre Industrial, Inc . (OTCPK:SBRD) Measuring, Analyzing, and Controlling Inst ‐ ‐ ‐ ‐

9/24/2010 S&C Salvage Co. Acme Refining Company Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐9/24/2010 Quant Technologies LLC, WCPC Assets TSI Incorporated Measuring, Analyzing, and Controlling Inst ‐ ‐ ‐ ‐9/22/2010 Embry Solutions, Inc., Lena May Saltwater

Disposal Facility and Additional AssetsAdvanced Lighting Solutions, Inc. (OTCPK:AVLSEnvironmental and Facilities Services (Prim ‐ ‐ ‐ ‐

9/21/2010 SOS Metals Island Recycling, LLC Schnitzer Steel Industries Inc. (NasdaqGS:SCHN) Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐9/21/2010 Cozzini, Inc. Middleby Corp. (NasdaqGS:MIDD) Industrial Machinery (Primary) ‐ ‐ ‐ ‐9/16/2010 BFG Supply Co. LLC Tricor Pacific Capital, Inc . Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐9/13/2010 Seaway TLC Inc. US Ecology, Inc. (NasdaqGS:ECOL) Environmental and Facilities Services (Prim $77.8 ‐ ‐ ‐9/13/2010 Recovery Technologies Corp. InChem Corporation Specialty Chemicals (Primary) ‐ ‐ ‐ ‐9/13/2010 OI Corp. (NasdaqGM:OICO) ITT Corporation (NYSE:ITT) Measuring, Analyzing, and Controlling Inst $23.6 1.1x 10.1x 12.8x9/12/2010 Nimet Industries, Inc. Pioneer Metal Finishing Corporation Fabricated Structural Metal Products (Prima ‐ ‐ ‐ ‐9/10/2010 Anheuser‐Busch InBev, Barley Processing

Facilities At Ralston And Powell In Northern Wyoming

Whitebox Commodities Holdings Corp. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐

9/8/2010 Innerpac, Inc. ‐ Paper Packaging (Primary) ‐ ‐ ‐ ‐9/8/2010 Pressure Systems, Inc. Measurement Specialties Inc. (NasdaqGS:MEAS) Industrial Machinery (Primary) $25.0 ‐ ‐ ‐9/7/2010 General Monitors, Inc. Mine Safety Appliances Co. (NYSE:MSA) Measuring, Analyzing, and Controlling Inst $280.0 3.5x ‐ ‐9/3/2010 Southland Sanitation, LLC Advanced Disposal Services, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐9/2/2010 Tropic Green Lawn & Tree Care Swingle, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐9/2/2010 Metro Hauling Services, LLC Advanced Disposal Services, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐9/1/2010 MeadWestvaco Corporation, Global Media and

Entertainment Packaging BusinessAtlas Holdings LLC Plastic Packaging (Primary) $68.0 ‐ ‐ ‐

9/1/2010 Tobin Manufacturing LLC Rhino Linings Corporation Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/31/2010 Hydroflow Systems, LLC and Systems

Equipment DivisionEriez Manufacturing Co. Industrial Machinery (Primary) ‐ ‐ ‐ ‐

8/31/2010 Extech, LLC Acuren Inspection, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐8/31/2010 National Pump Company, LLC Gorman‐Rupp Co. (AMEX:GRC) Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/30/2010 ESA PWA Environmental Science Associates, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐8/30/2010 EnviroLogix, Inc. Ensign‐Bickford Industries, Inc . Measuring, Analyzing, and Controlling Inst ‐ ‐ ‐ ‐8/30/2010 isel Robotik USA , LLC Moog Inc . (NYSE:MOG.A) Electrical Components and Equipment (Prim ‐ ‐ ‐ ‐8/26/2010 Sabre Industrial, Inc ., Prior to Reverse Merger

With Tsingyuan Group (Hong Kong) Co., Ltd.‐ Measuring, Analyzing, and Controlling Inst $0.7 ‐ ‐ ‐

8/25/2010 Alpha Plastics, Inc. Irving Place Capital Plastic Packaging (Primary) ‐ ‐ ‐ ‐8/24/2010 Citrus Waste Services, Inc Waste Pro USA Inc . Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐8/23/2010 New Century Remanufacturing, Inc . ‐ Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/23/2010 Oak Ridge Micro‐energy Inc. (OTCBB:OKME.D) Defense Technology Corporation Electrical Components and Equipment (Prim ‐ ‐ ‐ ‐

8/20/2010 W.A. Brown & Son, Inc. Southern Stainless Equipment Co., Inc. Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/19/2010 American Reliance Inc. Ametek Inc. (NYSE:AME) Electrical Components and Equipment (Prim ‐ ‐ ‐ ‐8/18/2010 EQ Oklahoma, Inc. EQ ‐ The Environmental Quality Company Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐8/18/2010 Planet Impact, Inc. Coastal Capital Acquisition Corp. (OTCPK:CCAJ) Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐8/17/2010 Swisher International, Inc . Coolbrands International Inc. (TSX:COB) Environmental and Facilities Services (Prim $95.7 1.7x ‐ ‐8/17/2010 WahlcoMetroflex, Inc. Senior plc (LSE:SNR) Fabricated Structural Metal Products (Prima $13.3 0.6x ‐ ‐8/17/2010 Weaver Silos & Reclaimers, Inc. CST Industries, Inc. Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/16/2010 Oil Filtration Systems, Inc. Clark‐Reliance Corporation Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/16/2010 Engineered Controls International, Inc. Sentinel Capital Partners, L.L.C. Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/16/2010 Sherwin‐Williams Co., Kemgard® Flame

Retardant and Smoke Suppressant BusinessHuber Engineered Materials Specialty Chemicals (Primary) ‐ ‐ ‐ ‐

8/16/2010 Pactiv Corp. (NYSE:PTV) Reynolds Group Holdings Ltd. Plastic Packaging (Primary) $6,133.0 1.8x 8.6x 11.7x8/16/2010 Alpha Packaging Solutions, Inc. Protective Packaging Solutions, LLC Paper Packaging (Primary) ‐ ‐ ‐ ‐8/16/2010 nCoat, Inc ., Substantially All Assets Fort Ashford Funds, LLC Specialty Chemicals (Primary) ‐ ‐ ‐ ‐8/11/2010 AMAX USA, LLC. ‐ Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/10/2010 Urban Agricultural Corp. Aquamer Medical Corp. (OTCBB:AQUM) Environmental and Facilities Services (Prim $18.0 ‐ ‐ ‐8/9/2010 Liquid Container, LP Graham Packaging Acquisition Corp. Plastic Packaging (Primary) $568.0 ‐ ‐ ‐8/8/2010 Genesis Fluid Solutions, Ltd. ‐ Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/7/2010 Standard Alloys & Manufacturing Company KSB Aktiengesellschaft (DB:KSB) Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/6/2010 Semco Instruments Inc. TransDigm Group Incorporated (NYSE:TDG) Measuring, Analyzing, and Controlling Inst $73.1 1.9x 11.2x 11.7x8/4/2010 HK Systems, Inc. Dematic Corp. Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/4/2010 Jen‐Coat, Inc. Wellspring Capital Management LLC Paper Packaging (Primary) ‐ ‐ ‐ ‐8/4/2010 The Dumpster Company, LLC Advanced Disposal Services, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐8/3/2010 Construction Waste Services, LLC Advanced Disposal Services, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐8/3/2010 Totally Green, LLC Naturally Iowa, Inc. (OTCPK:NLIA) Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/3/2010 Cryotech International, Inc. Chart Industries Inc. (NasdaqGS:GTLS) Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/3/2010 Global Flow Technologies Forum Energy Technologies Industrial Machinery (Primary) ‐ ‐ ‐ ‐8/2/2010 Progressive Equipment, Inc. and Premier

Lubrication Systems, Inc .Compressor Products International, Inc. Industrial Machinery (Primary) ‐ ‐ ‐ ‐

8/2/2010 Titchener Iron Works, Inc. Moro Corp. (OTCPK:MRCR) Fabricated Structural Metal Products (Prima ‐ ‐ ‐ ‐


35

Industrial Growth Industry Transactions* (Cont.)

Announced Third Quarter 2010

*Includes transactions occurring within segments of the “NCA Industrial Growth Universe”

Enterprise Enterprise Value to:Date Target Buyer Primary Industry Value Revenue EBITDA EBIT

7/31/2010 UZ Engineered Products Applied Industrial Technologies, Inc. (NYSE:AIT) Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/31/2010 Fenn‐Vac, Inc. ‐ Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/30/2010 Smitty ʹs Welding Supply, Inc. ILMO Products Company Industrial Gases (Primary) ‐ ‐ ‐ ‐7/30/2010 Celmet Co., Inc. IEC Electronics Corp. (AMEX:IEC) Fabricated Structural Metal Products (Prima $2.0 0.6x ‐ ‐7/30/2010 CC Technology, Inc. Compressor Products International, Inc. Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/29/2010 Automotive Paint Distribution Business Serving

Boston & Two Wholesale Recycling OperationsLKQ Corp. (NasdaqGS:LKQX) Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐

7/29/2010 CRC‐Evans Pipeline International, Inc. Stanley Black & Decker, Inc. (NYSE:SWK) Industrial Machinery (Primary) $445.0 1.8x ‐ ‐7/28/2010 Millennia, Inc. Prior to Reverse Merger with

Reunion Sports Group LLCMillennia Inc. (OTCBB:MENA) Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐

7/27/2010 Intevras Technologies, LLC Layne Christensen Co. (NasdaqGS:LAYN) Industrial Machinery (Primary) $19.4 ‐ ‐ ‐7/27/2010 Kaiser Aluminum Corporation, Manufacturing

Facility Located In GreenwoodRevstone Industries, LLC Fabricated Structural Metal Products (Prima $4.8 ‐ ‐ ‐

7/26/2010 Specific Equipment Company Aqua‐Chem, Inc. Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/26/2010 Renaissance Lighting, Inc. Acuity Brands Lighting, Inc. Electrical Components and Equipment (Prim ‐ ‐ ‐ ‐7/26/2010 Magic Aire ‐ Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/22/2010 Sauer‐Danfoss (US) Company, Dukes & EHV

Spool Valve Product LinesQuality Control Corp. Industrial Machinery (Primary) ‐ ‐ ‐ ‐

7/22/2010 Tappan Wire & Cable, Inc. Southwire Company Electrical Components and Equipment (Prim ‐ ‐ ‐ ‐7/21/2010 Enviro‐Fill, Inc. Ameri‐Kart Corp. Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/21/2010 E‐Mon, LLC Honeywell International Inc. (NYSE:HON) Measuring, Analyzing, and Controlling Inst ‐ ‐ ‐ ‐7/19/2010 QM Bearings and Power Transmission, Inc. Timken Co. (NYSE:TKR) Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/19/2010 Calpet/R&G Group of Companies R3 Treatment Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/19/2010 US Liquids of Louisiana, L.P. R3 Treatment Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/19/2010 Metrigraphics, LLC New England Capital Partners; Clarkston MerchantFabricated Structural Metal Products (Prima $2.5 ‐ ‐ ‐7/19/2010 Martek Power Laser Drive Martek Power, Inc. Electrical Components and Equipment (Prim ‐ ‐ ‐ ‐7/17/2010 Vac and Jet Services, LLC Freedom Environmental Services, Inc. (OTCPK:FREnvironmental and Facilities Services (Prim $0.4 ‐ ‐ ‐7/16/2010 PSC, LLC Lindsay Goldberg Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/16/2010 SENTECH, Inc. SRA International Inc. (NYSE:SRX) Environmental and Facilities Services (Prim $25.0 ‐ ‐ ‐7/16/2010 Siemens Corporation, Assets of Former Portland

Oregon FacilityRoyal Bearing, Inc.; Kravas Equipment, Inc.; NorthElectrical Components and Equipment (Prim ‐ ‐ ‐ ‐

7/15/2010 Heatrex, Inc. Industrial Engineering and Equipment Company, InIndustrial Machinery (Primary) ‐ ‐ ‐ ‐7/15/2010 Indian Trail Service Company ‐ Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/15/2010 Maine Machine Products Company GenNx360 Capital Partners Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/14/2010 Worthington Industries, 160,000 Square Feet

Fabrication Plant in USSupermetal Structures Inc. Fabricated Structural Metal Products (Prima ‐ ‐ ‐ ‐

7/14/2010 G&B Specialties, Inc. and Bach‐Simpson Corporation

Westinghouse Air Brake Technologies CorporatioMeasuring, Analyzing, and Controlling Inst $45.0 1.5x ‐ ‐

7/14/2010 EagleSpan Steel Structures, LLC Behlen Mfg. Co. Fabricated Structural Metal Products (Prima ‐ ‐ ‐ ‐7/13/2010 Freedom Environmental Services, Inc., Prior To

Reverse Merger With B&P Environmental Solutions, LLC (OTCPK:FRDM)

Freedom Environmental Services, Inc. (OTCPK:FREnvironmental and Facilities Services (Prim ‐ ‐ ‐ ‐

7/13/2010 Forest Hills Lawn Service, Inc. BIO Landscape and Maintenance, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/13/2010 Evergreen Recycling LLC Republic Services, Inc. (NYSE:RSG) Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/13/2010 Lipo Chemicals, Inc. Vantage Specialty Chemicals Specialty Chemicals (Primary) ‐ ‐ ‐ ‐7/12/2010 Reliable Recycling, Inc. Alter Trading Corporation Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/12/2010 American Well Control, Inc. Allis‐Chalmers Energy, Inc. (NYSE:ALY) Industrial Machinery (Primary) $21.5 1.2x 5.3x ‐7/9/2010 Heat Transfer Products Group Monomoy Capital Partners; Starboard Capital PartnIndustrial Machinery (Primary) ‐ ‐ ‐ ‐7/8/2010 Hartney Greymont, Inc. The Davey Tree Expert Company Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/7/2010 Gallucci Sanitation Inc. Interstate Waste Services, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/7/2010 Pro‐Water, LLC Sustainable Environmental Technologies CorporatEnvironmental and Facilities Services (Prim $2.9 ‐ ‐ ‐7/7/2010 R.G. Mull Disposal Service Interstate Waste Services, Inc. Environmental and Facilities Services (Prim ‐ ‐ ‐ ‐7/7/2010 Arga Controls Inc. Electro Switch Corp. Measuring, Analyzing, and Controlling Inst ‐ ‐ ‐ ‐7/7/2010 Peterson Machine & Manufacturing Inc. MultiSource Manufacturing, LLC Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/6/2010 STADCO, Inc. Corinthian Capital Group, LLC Industrial Machinery (Primary) ‐ ‐ ‐ ‐7/2/2010 Ultra‐Tech Lingting LLC Purespectrum, Inc. (OTCPK:PSRU) Electrical Components and Equipment (Prim ‐ ‐ ‐ ‐7/1/2010 HaydonKerk Motion Solutions Ametek Inc. (NYSE:AME) Industrial Machinery (Primary) $270.0 3.2x ‐ ‐7/1/2010 Innov‐X Systems, Inc. Olympus NDT Corporation Measuring, Analyzing, and Controlling Inst $77.5 1.9x ‐ ‐7/1/2010 Hoefler Consulting Group SLR Consulting Ltd. Environmental and Facilities Services (Prim $7.6 ‐ ‐ ‐7/1/2010 Eco‐Snow Systems Inc. Rave LLC Industrial Machinery (Primary) ‐ ‐ ‐ ‐



36

Industrial Growth Industry Transactions* (Cont.)

Announced Transactions

* Includes transactions occurring within segments of the “NCA Industrial Growth Universe”

0

20

40

60

80

100

120

140

160

180

Q4 ́08 Q1 ́09 Q2 ́09 Q3 ́09 Q4 ́09 Q1 ́10 Q2 ́10 Q3 ́10

# of Deals

Number of Transactions

`

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

Q4 ́08 Q1 ́09 Q2 ́09 Q3 ́09 Q4 ́09 Q1 ́10 Q2 ́10 Q3 ́10

$mms

Value of Transactions

`


37

General Distressed Market Indicators

Business Bankruptcy Filings

Source: Federal Judiciary

U.S. Speculative‐Grade Default Rate versus Distressed Credit Ratio

Source: Standard and Poor’s “U.S. Distressed Debt Monitor,” September 21, 2010

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Chapter 7BankruptcyReform

Chapter 11

Chapter 12/13

Oct-10

Standard & Poorʹs distress ratio decreased marginally to 11.8% on Sept. 15. The distress ratio is lower than its long‐term average of 15.7% following a prolonged period at more elevated levels. This steady decline in the distress ratio has pushed the 12‐month moving average down to 12.3% from 25.6% six months ago, indicating an extended period of more favorable lending conditions.

Business bankruptcy filings totaled 59,608 in the 12‐month period ending June 30, 2010, up 8% from the 55,021 business bankruptcies filed during the previous year.


38

General Distressed Market Indicators (Cont.)

Distribution of Standard and Poor’s Distress Ratio by Industry

Source: Standard and Poor’s “U.S. Distressed Debt Monitor,” September 21, 2010

Institutional Loans That Have Defaulted During 3Q10

Source: Standard & Poor’s LCD “3Q10 Institutional Loan Default Quarterly Review”

Issuer Industry Deal Date Default Date

Bankruptcy Date

Total Initial Amount

Initial Institutional Amount

Workflow Management Printing & Publishing Nov-05 Sep-10 425$ 385$ Graceway Pharmaceuticals Healthcare Apr-07 Sep-10 330$ 330$ Oriental Trading Company Retailing Jul-06 Aug-10 460$ 410$ Boston Generating Utilities Dec-06 Aug-10 Aug-10 1,800$ 1,730$ American Safety Razor Consumer Nondurables Jul-06 Jul-10 435$ 400$ Oriental Trading Company Retailing Jul-06 Jul-10 180$ 180$


39

Industrial Growth Industry Distressed News

Third Quarter 2010 September 20, 2010 ‐ Zenitech Corporation filed its S‐1 for the period ending Dec 31, 2009. In this report its auditor, Malone & Bailey, PLLC, gave an unqualified opinion expressing doubt that the company can continue as a going concern. September 15, 2010 ‐ OMC, Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York, Manhattan. August 17, 2010 ‐ Microvision Inc. filed its S‐1 for the period ending Dec 31, 2009. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. August 16, 2010 ‐ nCoat, Inc. LLC filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Middle District of North Carolina. August 11, 2010 ‐ McGill Steel, LLC, Alloway Stamping & Machine Co., Inc. and group of individuals filed an involuntary petition against Industrial Modeling International, LLC for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the Eastern District of Tennessee. August 9, 2010 ‐ The U.S. Bankruptcy Court approved the motion for joint administration for Chemtura Corporation. The Chapter 11 case of Chemtura Canada Co./Cie., a subsidiary of the company, would be jointly administered under Chemtura Corporation, as the lead debtor. August 3, 2010 ‐ DoALL Company, Cutco Industrial Supply, Inc. and Tool Crib Supply, Inc. filed an involuntary petition against V‐S Industries, Inc. for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the Northern District of Illinois. July 30, 2010 ‐ Economy Freight Inc., Matrix Polymers, Inc. and Trademark Plastics Corp. filed an involuntary petition against Target Holdings Inc. for liquidation under Chapter 7 in the U.S. Bankruptcy Court for the District of New Jersey. July 13, 2010 ‐ PV Powered, Inc. filed its 10K for the period ending Dec 31, 2009. In this report its auditor, Moss Adams LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. July 12, 2010 ‐ Leslie Controls, Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.


40

Notes

Certain industry participants were excluded from this newsletter due to a lack of trading volume, a lack of available financial information, a bankruptcy filing or a change in their business plan.

Enterprise Value (EV) = Common equity value + preferred equity + debt – cash & short‐term investments.

EBITDA = Earnings before interest, taxes, depreciation and amortization.

EBIT = Earnings before interest and taxes.

YTM = Yield to Maturity.

EV multiples are based on the book value of the companies’ debt and not current trading volume. The numbers presented in this report have been adjusted to exclude non‐recurring and extraordinary items, net of taxes.

NA = Not available.

Sources: Capital IQ, Bloomberg, company 10‐K, 10‐Q and 8‐K SEC filings, annual reports and press releases.

Any public companies chosen for the “NCA Industrial Growth Universe” are companies commonly used for industry information to show performance within a sector. They do not include all public companies that could be categorized within the sector and were not created as benchmarks; they do not imply benchmarking and do not constitute recommendations for a particular security and/or sector. The charts and graphs used in this report have been compiled by Navigant Capital Advisors solely for purposes of illustration.

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