1. © Copyright 2003 Frost & Sullivan. All Rights Reserved. North American Heat Exchanger Market Key End-User Cap on Budgets Reins in Heater Exchanger Market Growth Power Transmission Group “The North American heat exchanger market is facing some tough times as key end-users such as the chemical, petrochemical and power sectors severely cut down on capital expenditure. ”

2. © Copyright 2003 Frost & Sullivan. All Rights Reserved. Current State of Industry In 2002 the total heat exchanger market was estimated to be around $2.04 billion and is declining at the rate of 2.3 percent at the base year The market is expected to grow at a compounded annual rate of 1.5 percent with the market touching the $2.23 billion in the year 2009 Heat exchangers are viewed as capital purchases. The current slowdown in the economy has resulted in postponing or canceling the purchases of new units Replacement of units and spare parts provide the much needed cash flow for most companies

3. © Copyright 2003 Frost & Sullivan. All Rights Reserved. Industry Trends Prices would remain stable till the end of 2004 after which a slight increase of 1.0 or 2.0 percent is expected The common theme across all types of heat exchangers is to reduce the effect of corrosion and increase their efficiency Cooling towers are increasingly being threatened by air cooled heat exchangers Plate heat exchangers have gradually captured market share from shell and tube heat exchangers

4. © Copyright 2003 Frost & Sullivan. All Rights Reserved. Key Features An in-depth analysis of the total North American heat exchanger market Geographical and end-user analysis of heat exchanger market Revenues, pricing, technological and distribution analysis Market drivers, restraints, and challenges Market trends Market share of major heat exchanger companies in North America by product type

5. © Copyright 2003 Frost & Sullivan. All Rights Reserved. What We Offer In-depth analysis of key end-user segments, major heat exchanger technologies and country-wise analysis in North America Proven methodology encompassing extensive primary and secondary data and research covering major heat exchanger companies, end-user companies and products Credible revenue forecast based on accurate data and analysis helps you to formulate right market strategies A detailed analysis of current market trends Comprehensive understanding of heat exchanger industry, market dynamics and strategic recommendations helps you formulate better business decisions

6. © Copyright 2003 Frost & Sullivan. All Rights Reserved. Who Will Benefit? Current Market Participants Find out how you compare to the competition Assess current and future drivers and restraints Understand the dynamics at work in different product and end-user segments Determine and exploit new market share opportunities Current Market Participants - Suppliers Know the conditions of the North American Heat Exchanger market Understand the market position of each supplier Understand the market trends and challenges Understand the market strategies Current Market Participants - Customers Know the conditions of the North American heat exchanger market Understand market trends Understand the market challenges and strategies of manufacturers

7. © Copyright 2003 Frost & Sullivan. All Rights Reserved. Who Will Benefit? (Cont’d) Investment Community Assess current and future drivers and restraints Understand market dynamics, strategy and growth initiatives Identify likely prospects of mergers and acquisitions. Assess attractiveness of investing in the heat exchanger market

8. © Copyright 2003 Frost & Sullivan. All Rights Reserved. What’s Included Market drivers, restraints and challenges Market analysis with information on geographic region, technology and end-user groups Pricing and distribution analysis Revenue forecasts by product type Frost & Sullivan Awards for deserving companies

9. © Copyright 2003 Frost & Sullivan. All Rights Reserved. Alfa Laval Thermal, Inc. API Heat Transfer, Inc. APV Heat Transfer / part of Invensys Baltimore Aircoil Co. Cherry Burrell Evapco, Inc. GEA Power Cooling Systems, Inc. GEA Rainey Corp. Key Market Participants Hamon Cooling Towers, Inc. Heatcraft/ Heat Transfer Hudson Products Corp. Hughes Anderson Heat Exchangers, Inc. ITT Fluids Marley Cooling Technologies Modine Manufacturing Co. Ohmstede Ltd. Tranter PHE, Inc.

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