1. 1 Proprietary and Confidential Financial Executives International Presentation November 7, 2007

2. Proprietary and Confidential 2 Speaker Profiles Dave Buttolph, Partner at Brookside Capital Mr. Buttolph is a Managing Director of The Brookside Group. He heads Brookside Mezzanine Partners. Prior to joining Brookside, he was a Partner of two mezzanine investment funds at Canterbury Capital Partners. Mr. Buttolph is a graduate of Boston University and received his Masters in Business Administration from Suffolk University. He has served as an Adjunct Lecturer on Mergers, Acquisitions and Buyouts at the Fordham University Graduate School of Business. dbuttolph@brooksideintl.com dbuttolph@brooksideintl.com Michael Carter, Managing Director at Carter Morse & Mathias Michael Carter is the founding principal of Carter Morse & Mathias. CMM is an investment bank specializing in raising capital, advising on M&A transactions and valuations. Michael began his career in private industry in operations. He was a vice president at Chase Manhattan Bank responsible for middle-market commercial lending and corporate finance activities in New England. He currently serves on the Board of Finance for the Town of Weston and School for Ethical Education. mcarter@cartermorse.commcarter@cartermorse.com David Hoffman, Charterhouse Group David joined Charterhouse Group in 1985. He is responsible for overseeing the firm's overall business development activities. During his early tenure at Charterhouse, he was involved in sourcing, evaluating and executing platform and add-on investments across various industries. Previously, he also served as Principal and Director of Business Development of Odyssey Partners, David holds an M.B.A. from Columbia University and a B.A. from Bucknell University. dhoffman@charterhousegroup.com dhoffman@charterhousegroup.com

3. 3 Proprietary and Confidential Robust M&A Activity  Strong growth in deal volume Source: Mergerstat 10-30-07

4. 4 Proprietary and Confidential Middle Market Deal Statistics  The overall M&A market remains strong, although it is being driven by larger deals Source: Mergerstat - Monthly Flash Reports

5. 5 Proprietary and Confidential Multiples continue to rise  Multiples rising as availability of capital remains strong… Source: S&P EV $10-$500m

6. 6 Proprietary and Confidential Strategic vs. Financial Buyers  The traditional gap between financial buyers and strategic buyers has shrunk dramatically Source: S&P LCD

7. 7 Proprietary and Confidential Record Levels of Private Equity Activity  With record levels of capital raised, readily available leverage, and a bigger appetite for larger deals, private equity transactions have become an important part of the M&A industry. Source: JP Morgan, Dealogic as of 1-12-07

8. 8 Proprietary and Confidential Aggressive Lending Market  “Accommodative” financing market - lenders are taking more risk  Senior leverage multiples are at peak historical levels…until August Source: S&P

9. Proprietary and Confidential 9 Average Debt Multiples of Middle Market LBO Loans (Defined as Issuers with EBITDA of less than $50M) EBITDA adjusted for prospective cost savings or synergies 1997- 3Q07 Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

10. 10 Proprietary and Confidential Record Low Default Rates  Banks and non-bank lenders are selling off positions in the secondary market  Hedge funds and other high-risk investors are buying paper and trying to recapitalize with more leverage Source: Private Equity Analyst supplement - 2006 Review and 2007 Outlook, January 2007

11. Proprietary and Confidential 11 Distribution of B+/B Volume by Weighted Average Institutional Spread As of 10/5/06 LCD began using Corporate Credit Ratings by S&P and Corporate Family Ratings by Moody’s for rated spread and rated upfront fee calculations 1998 – 3Q07 Copyright © 2007 Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

12. 12 Proprietary and Confidential Equity Contributions  PE firms are being required to invest significant equity in their deals  A far cry from the 7% - 15% in the 1980s  Less equity contribution required for the last four years with the abundant availability of leverage Source: S&P LCD

13. 13 Proprietary and Confidential Top 20 M&A Industries Source: Mergerstat 10-30-07

14. Proprietary and Confidential 14 Cap Structure

15. 15 Proprietary and Confidential © 2006 Carter Morse & Mathias, LLC All rights reserved This publication is intended to provide accurate information on the subject matter covered. The information contained herein is assumed to be accurate as of the date of publishing. Some information is based on other non-affiliated information sources whose accuracy cannot be ascertained. It is distributed with the understanding that the publisher and distributor are not rendering legal, accounting, financial or other advice and assume no liability in connection with its use. Thank You.