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Exhibit 1 - Frank Greystock's DCF Analysis (Assuming Maximized Thouroughput)

1 2 3 4
Year Now 2008 2009 2010 2011
1. Estimate of Incremental Gross Profit in Merseyside
New Output (tons) 267,500 267,500 267,500 267,500
Lost Output--Construction (33,438)
New Sales (Millions) 157.99 185.98 191.56 197.31
New Gross Margin 13.8% 13.8% 13.8% 13.8%
New Gross Profit 21.72 25.57 26.34 27.13

Old Output 250,000 250,000 250,000 250,000


Old Sales 168.75 173.81 179.03 184.40
Old Gross Profit 19.41 19.99 20.59 21.21
Incremental Gross Profit for Merseyside 2.32 5.58 5.75 5.92

2. Estimate of Lost Gross Profit in Rotterdam


New Output (tons) 250,000 250,000 250,000 250,000
New Sales (Millions) 168.75 173.81 179.03 184.40
Gross Margin 11.5% 11.5% 11.5% 11.5%
New Gross Profit 19.41 19.99 20.59 21.21

Old Output 250,000 250,000 250,000 250,000


Old Sales 168.75 173.81 179.03 184.40
Old Gross Profit 19.41 19.99 20.59 21.21
Lost Gross Profit for Rotterdam 0.00 0.00 0.00 0.00

Total Incremental Gross Profit 2.32 5.58 5.75 5.92

2. Estimate of Merseyside Incremental WIP inventory


New WIP inventory 4.21 4.81 4.96 5.11
Old WIP inventory 4.61 4.61 4.75 4.90
Incremental WIP inventory -0.40 0.20 0.20 0.21

3. Estimate of Rotterdam Incremental WIP inventory


New WIP inventory 4.61 4.75 4.90 5.04
Old WIP inventory 4.61 4.75 4.90 5.04
Incremental WIP inventory 0.00 0.00 0.00 0.00

Total Incremental WIP Inventory -0.40 0.20 0.20 0.21

4. Estimate of Incremental Depreciation


Tank Car Depreciation 0.40 0.32
Project Outlay Depreciation 1.60 1.39 1.20 1.04
5. Overhead 0.42 0.42 0.42 0.42
Pretax Incremental Profit -0.10 3.46 3.73 4.14
6. Tax
Tax Expense -0.03 1.04 1.12 1.24
Post-Tax Incremental Profit -0.07 2.42 2.61 2.90
7. Cash Flow Adjustments
Less Capital Expenditures -12.00
Less Cost of Tank Cars -2.00
Add back Depreciation 1.60 1.39 1.60 1.36
Less Added WIP inventory -0.40 -0.60 -0.01 -0.01
7. Free Cash Flow -12.00 1.12 1.21 4.21 4.26

NPV = 12.08
IRR = 23.3%
Payback Period = 4.28 Years -0.279990773
Incremental EPS = 0.0278
5 6 7 8 9 10 11 12 13
2012 2013 2014 2015 2016 2017 2018 2019 2020

267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500

203.22 209.32 215.60 222.07 228.73 235.59 242.66 249.94 257.44


13.8% 13.3% 13.3% 13.3% 13.3% 13.3% 12.5% 12.5% 12.5%
27.94 27.74 28.57 29.42 30.31 31.22 30.33 31.24 32.18

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67
6.10 5.24 5.40 5.56 5.72 5.90 4.25 4.38 4.51

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5%
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6.10 5.24 5.40 5.56 5.72 5.90 4.25 4.38 4.51

5.26 5.45 5.61 5.78 5.95 6.13 6.37 6.56 6.76


5.04 5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39
0.22 0.25 0.26 0.27 0.28 0.29 0.35 0.36 0.37

5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39 6.58


5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39 6.58
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.22 0.25 0.26 0.27 0.28 0.29 0.35 0.36 0.37

0.26 0.20 0.16 0.13 0.10 0.08 0.03 0.03


0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55
0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42
4.52 3.83 4.13 4.42 4.65 4.85 3.25 3.38 3.55

1.36 1.15 1.24 1.33 1.40 1.45 0.98 1.01 1.06


3.17 2.68 2.89 3.09 3.26 3.39 2.28 2.37 2.48

1.16 0.99 0.84 0.72 0.65 0.63 0.58 0.58 0.55


-0.01 -0.04 -0.01 -0.01 -0.01 -0.01 -0.06 -0.01 -0.01
4.32 3.63 3.73 3.80 3.90 4.01 2.79 2.94 3.02
14 15
2021 2022

267,500 267,500

265.16 273.12
12.5% 12.5%
33.15 34.14

250,000 250,000
247.82 255.25
28.50 29.35
4.65 4.79

250,000 250,000
247.82 255.25
11.5% 11.5%
28.50 29.35

250,000 250,000
247.82 255.25
28.50 29.35
0.00 0.00

4.65 4.79

6.96 7.17
6.58 6.78
0.38 0.39

6.78 6.98
6.78 6.98
0.00 0.00

0.38 0.39
0.55 0.55
0.42 0.42
3.68 3.82

1.10 1.15
2.58 2.67

0.55 0.55
-0.01 -0.01
3.11 3.21
Exhibit 2 - Frank Greystock's DCF Analysis (Assuming decline of 2.5% in 2008 and 5% in 2009 from the original output)

1 2 3 4
Year Now 2008 2009 2010 2011
1. Estimate of Incremental Gross Profit in Merseyside
New Output (tons) 267,500 267,500 267,500 267,500
Lost Output--Construction (33,438)
New Sales (Millions) 157.99 185.98 191.56 197.31
New Gross Margin 13.8% 13.8% 13.8% 13.8%
New Gross Profit 21.72 25.57 26.34 27.13

Old Output 243,750 237,500 250,000 250,000


Old Sales 168.75 173.81 179.03 184.40
Old Gross Profit 19.41 19.99 20.59 21.21
Incremental Gross Profit for Merseyside 2.32 5.58 5.75 5.92

2. Estimate of Lost Gross Profit in Rotterdam


New Output (tons) 233,125 207,500 250,000 250,000
New Sales (Millions) 157.36 144.26 179.03 184.40
Gross Margin 11.5% 11.5% 11.5% 11.5%
New Gross Profit 18.10 16.59 20.59 21.21

Old Output 243,750 237,500 250,000 250,000


Old Sales 168.75 173.81 179.03 184.40
Old Gross Profit 19.41 19.99 20.59 21.21
Lost Gross Profit for Rotterdam 1.31 3.40 0.00 0.00

Total Incremental Gross Profit 1.01 2.19 5.75 5.92

2. Estimate of Merseyside Incremental WIP inventory


New WIP inventory 4.21 4.81 4.96 5.11
Old WIP inventory 4.61 4.61 4.75 4.90
Incremental WIP inventory -0.40 0.20 0.20 0.21

3. Estimate of Rotterdam Incremental WIP inventory


New WIP inventory 4.30 3.95 4.90 5.04
Old WIP inventory 4.61 4.75 4.90 5.04
Incremental WIP inventory -0.31 -0.81 0.00 0.00

Total Incremental WIP Inventory -0.72 -0.61 0.20 0.21

4. Estimate of Incremental Depreciation


Tank Car Depreciation 0.40 0.32
Project Outlay Depreciation 1.60 1.39 1.20 1.04
5. Overhead 0.42 0.42 0.42 0.42
Pretax Incremental Profit -1.41 0.06 3.73 4.14
6. Tax
Tax Expense -0.42 0.02 1.12 1.24
Post-Tax Incremental Profit -0.99 0.04 2.61 2.90
7. Cash Flow Adjustments
Less Capital Expenditures -12.00
Less Cost of Tank Cars -2.00
Add back Depreciation 1.60 1.39 1.60 1.36
Less Added WIP inventory -0.72 -0.10 -0.81 -0.01
7. Free Cash Flow -12.00 -0.10 -0.68 3.40 4.26

NPV = 8.80
IRR = 18.7%
Payback Period = 5.21 Years
Incremental EPS = 0.0254
m the original output)

5 6 7 8 9 10 11 12 13
2012 2013 2014 2015 2016 2017 2018 2019 2020

267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500

203.22 209.32 215.60 222.07 228.73 235.59 242.66 249.94 257.44


13.8% 13.3% 13.3% 13.3% 13.3% 13.3% 12.5% 12.5% 12.5%
27.94 27.74 28.57 29.42 30.31 31.22 30.33 31.24 32.18

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67
6.10 5.24 5.40 5.56 5.72 5.90 4.25 4.38 4.51

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5%
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6.10 5.24 5.40 5.56 5.72 5.90 4.25 4.38 4.51

5.26 5.45 5.61 5.78 5.95 6.13 6.37 6.56 6.76


5.04 5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39
0.22 0.25 0.26 0.27 0.28 0.29 0.35 0.36 0.37

5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39 6.58


5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39 6.58
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.22 0.25 0.26 0.27 0.28 0.29 0.35 0.36 0.37

0.26 0.20 0.16 0.13 0.10 0.08 0.03 0.03


0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55
0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42
4.52 3.83 4.13 4.42 4.65 4.85 3.25 3.38 3.55

1.36 1.15 1.24 1.33 1.40 1.45 0.98 1.01 1.06


3.17 2.68 2.89 3.09 3.26 3.39 2.28 2.37 2.48

1.16 0.99 0.84 0.72 0.65 0.63 0.58 0.58 0.55


-0.01 -0.04 -0.01 -0.01 -0.01 -0.01 -0.06 -0.01 -0.01
4.32 3.63 3.73 3.80 3.90 4.01 2.79 2.94 3.02
14 15
2021 2022

267,500 267,500

265.16 273.12
12.5% 12.5%
33.15 34.14

250,000 250,000
247.82 255.25
28.50 29.35
4.65 4.79

250,000 250,000
247.82 255.25
11.5% 11.5%
28.50 29.35

250,000 250,000
247.82 255.25
28.50 29.35
0.00 0.00

4.65 4.79

6.96 7.17
6.58 6.78
0.38 0.39

6.78 6.98
6.78 6.98
0.00 0.00

0.38 0.39
0.55 0.55
0.42 0.42
3.68 3.82

1.10 1.15
2.58 2.67

0.55 0.55
-0.01 -0.01
3.11 3.21
Exhibit 3 - Frank Greystock's DCF Analysis (Assuming decline of 5% in 2008 and 10% in 2009 from the original output)

1 2 3 4
Year Now 2008 2009 2010 2011
1. Estimate of Incremental Gross Profit in Merseyside
New Output (tons) 267,500 267,500 267,500 267,500
Lost Output--Construction (33,438)
New Sales (Millions) 157.99 185.98 191.56 197.31
New Gross Margin 13.8% 13.8% 13.8% 13.8%
New Gross Profit 21.72 25.57 26.34 27.13

Old Output 237,500 225,000 250,000 250,000


Old Sales 168.75 173.81 179.03 184.40
Old Gross Profit 19.41 19.99 20.59 21.21
Incremental Gross Profit for Merseyside 2.32 5.58 5.75 5.92

2. Estimate of Lost Gross Profit in Rotterdam


New Output (tons) 221,146 182,500 250,000 250,000
New Sales (Millions) 149.27 126.88 179.03 184.40
Gross Margin 11.5% 11.5% 11.5% 11.5%
New Gross Profit 17.17 14.59 20.59 21.21

Old Output 237,500 225,000 250,000 250,000


Old Sales 168.75 173.81 179.03 184.40
Old Gross Profit 19.41 19.99 20.59 21.21
Lost Gross Profit for Rotterdam 2.24 5.40 0.00 0.00

Total Incremental Gross Profit 0.08 0.19 5.75 5.92

2. Estimate of Merseyside Incremental WIP inventory


New WIP inventory 4.21 4.81 4.96 5.11
Old WIP inventory 4.61 4.61 4.75 4.90
Incremental WIP inventory -0.40 0.20 0.20 0.21

3. Estimate of Rotterdam Incremental WIP inventory


New WIP inventory 4.08 3.47 4.90 5.04
Old WIP inventory 4.61 4.75 4.90 5.04
Incremental WIP inventory -0.53 -1.28 0.00 0.00

Total Incremental WIP Inventory -0.94 -1.09 0.20 0.21

4. Estimate of Incremental Depreciation


Tank Car Depreciation 0.40 0.32
Project Outlay Depreciation 1.60 1.39 1.20 1.04
5. Overhead 0.42 0.42 0.42 0.42
Pretax Incremental Profit -2.34 -1.94 3.73 4.14
6. Tax
Tax Expense -0.70 -0.58 1.12 1.24
Post-Tax Incremental Profit -1.64 -1.36 2.61 2.90
7. Cash Flow Adjustments
Less Capital Expenditures -12.00
Less Cost of Tank Cars -2.00
Add back Depreciation 1.60 1.39 1.60 1.36
Less Added WIP inventory -0.94 0.15 -1.29 -0.01
7. Free Cash Flow -12.00 -0.98 -1.82 2.92 4.26

NPV = 6.70
IRR = 16.2%
Payback Period = 5.91 Years -0.90934332
Incremental EPS = 0.024 -0.01764957 -0.014618 0.0281041 0.031215
0.023950555
m the original output)

5 6 7 8 9 10 11 12 13
2012 2013 2014 2015 2016 2017 2018 2019 2020

267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500 267,500

203.22 209.32 215.60 222.07 228.73 235.59 242.66 249.94 257.44


13.8% 13.3% 13.3% 13.3% 13.3% 13.3% 12.5% 12.5% 12.5%
27.94 27.74 28.57 29.42 30.31 31.22 30.33 31.24 32.18

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67
6.10 5.24 5.40 5.56 5.72 5.90 4.25 4.38 4.51

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5%
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67

250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000


189.93 195.63 201.50 207.54 213.77 220.18 226.79 233.59 240.60
21.84 22.50 23.17 23.87 24.58 25.32 26.08 26.86 27.67
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6.10 5.24 5.40 5.56 5.72 5.90 4.25 4.38 4.51

5.26 5.45 5.61 5.78 5.95 6.13 6.37 6.56 6.76


5.04 5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39
0.22 0.25 0.26 0.27 0.28 0.29 0.35 0.36 0.37

5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39 6.58


5.19 5.35 5.51 5.68 5.85 6.02 6.20 6.39 6.58
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.22 0.25 0.26 0.27 0.28 0.29 0.35 0.36 0.37

0.26 0.20 0.16 0.13 0.10 0.08 0.03 0.03


0.90 0.78 0.68 0.59 0.55 0.55 0.55 0.55 0.55
0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.42
4.52 3.83 4.13 4.42 4.65 4.85 3.25 3.38 3.55

1.36 1.15 1.24 1.33 1.40 1.45 0.98 1.01 1.06


3.17 2.68 2.89 3.09 3.26 3.39 2.28 2.37 2.48

1.16 0.99 0.84 0.72 0.65 0.63 0.58 0.58 0.55


-0.01 -0.04 -0.01 -0.01 -0.01 -0.01 -0.06 -0.01 -0.01
4.32 3.63 3.73 3.80 3.90 4.01 2.79 2.94 3.02

0.034083 0.028868 0.0311467 0.033295 0.035065 0.036517 0.024514 0.025475 0.026718


14 15
2021 2022

267,500 267,500

265.16 273.12
12.5% 12.5%
33.15 34.14

250,000 250,000
247.82 255.25
28.50 29.35
4.65 4.79

250,000 250,000
247.82 255.25
11.5% 11.5%
28.50 29.35

250,000 250,000
247.82 255.25
28.50 29.35
0.00 0.00

4.65 4.79

6.96 7.17
6.58 6.78
0.38 0.39

6.78 6.98
6.78 6.98
0.00 0.00

0.38 0.39
0.55 0.55
0.42 0.42
3.68 3.82

1.10 1.15
2.58 2.67

0.55 0.55
-0.01 -0.01
3.11 3.21

0.027738 0.028789

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