Confidential Memo

To:         Assessment Team

From:    W. Smith, Executive Lead for Catalysts, Coatings, and Performance Materials

Re:         Competitor Benchmarking

We are very excited to have your team assess the competitive performance of our Coatings Group versus the division’s peers.  To assist you in your analysis, we have asked for the financial models to be provided in Excel. The exhibits can be found here:

Case Exhibits, including financial statements, their notes, and product line data.

Good luck with the analysis. The Board of Management is excited to see your results at the next meeting!