August 16, 2001 - PRESENTATION TO BOARD OF DIRECTORS OF SUNSOURCE - SC 13E3/A: Schedule filed to report going private transactions | Hillman Solutions Corp. (HLMN)

EXHIBIT C.4

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JANNEY MONTGOMERY SCOTT

I N V E S T M E N T B A N K I N G

Established 1832

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Presentation to the
Board of Directors of

[SUNSOURCE LOGO]

August 15, 2001

Table of Contents
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SECTION

1 INTRODUCTION

2 KAR PRODUCTS

3 SUNSOURCE TECHNOLOGY SERVICES

4 THE HILLMAN GROUP

5 VALUATION SUMMARY

6 HISTORICAL STOCK PRICE PERFORMANCE

7 STOCK PREMIUM ANALYSIS

EXHIBITS

1 OVERVIEW OF ALLIED CAPITAL CORPORATION

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INTRODUCTION

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Introduction - Background
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- SunSource, Inc. ("SunSource" or the "Company") has for some time been
evaluating various alternatives to enhance shareholder value.

- Recently, SunSource was approached by Allied Capital Corporation
("Allied") regarding a possible business combination. Allied has
proposed a stock for stock merger offering shares of Allied common stock
for each share of SunSource common stock (the "Transaction"). The
Transaction is valued at $10.375 per share, subject to certain
adjustments. Outstanding options and warrants would vest at closing in
accordance with their terms, and the Company's indebtedness and trust
preferred securities would remain outstanding.

- The following presentation to the Board of Directors of SunSource (the
"Board") provides background to our opinion as to the fairness, from a
financial point of view, of the proposed Transaction with Allied.

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Introduction - Two Types of Value
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- Equity Value: The value of an ownership interest, e.g. in a
corporation, the value of its common stock.

- Enterprise Value: The value of the entire entity, i.e. equity value plus
net debt.

[ENTERPRISE VALUE PIE CHART]

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Transaction Value
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(1) Treasury method used to calculate resulting diluted shares
outstanding from options and warrants.

(2) Includes in-the-money options only; please refer to the
following page for calculation.

(3) Strike proceeds on Allied warrants assume a price of $0.01 per
share.

(4) Subordinated debt includes $29.2 million owed to Allied and
$12.2 million owed to Warburg.

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Introduction - Options Outstanding
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(1) As of May 29, 2001

(2) Equals options outstanding times the exercise price.

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Introduction - Valuation Methodologies
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- In analyzing whether or not the consideration to be received is fair to
shareholders from a financial point of view, reference is often made to
three widely accepted valuation methodologies:

- COMPARABLE COMPANY ANALYSIS - looks at the financial and stock
market performance of comparable publicly traded companies

- COMPARABLE TRANSACTION ANALYSIS - looks at the multiples and
premiums at which comparable mergers and acquisitions have taken
place

- DISCOUNTED CASH FLOW ANALYSIS - looks at a company's ability to
generate future free cash flow

These three methodologies are applied, as appropriate, to a Company's
historical and projected financial results.

- In addition, a review of a Company's Historical Stock Price Performance and
the Stock Price Premium offered in a proposed transaction are relevant as
background information in evaluating a proposal.

- The results of these analyses provide the principal support for a fairness
opinion. However, other factors and analyses are considered, including ones
not purely "mathematical" in nature.

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Approach to Valuation
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- In evaluating the best approach to analyze SunSource, three items stand out:

- First, the Company operates not just one business, but rather
is comprised of three distinct entities: Kar Products ("Kar");
SunSource Technology Services ("STS"); and The Hillman Group
("Hillman")

STS and Hillman are wholly-owned by SunSource, while the Company
retains a 44% interest in Kar and accounts for its investment under
the equity method.

- Second, the Company's recent reported financial results have been
impacted by the numerous acquisitions and divestitures completed
during 2000:

- Sale of Kar (March) - Purchase of Brafasco (October)

- Purchase of Axxess (April) - Purchase of Sharon-Philstone
(November)

- Sale of Harding Glass (April) - Liquidation of Mexico Int.
Supp. (Ongoing)

- Third, SunSource's outstanding debt and trust preferred securities
are obligations of the Company as a whole, rather than obligations
of Kar, STS or Hillman.

- As a result, we believe the most appropriate approach to valuing the
Company is to analyze SunSource (i) from a "sum of the parts" perspective,
rather than on a consolidated basis; (ii) on a proforma basis, i.e. as if
the acquisitions and divestitures were effective as of January 1, 2000; and
(iii) on an Enterprise Value rather thanEquity Value basis.

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KAR PRODUCTS

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Kar Products - Overview
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- Kar Products, Inc. ("Kar") provides personalized, small parts inventory
management services to low volume customers. Kar packages and
inventories over 40,000 items, the largest category of which is
fasteners. Partsare purchased from over 700 regular vendors.

- In March, 2000, the Company raised capital by contributing
its Karoperations to a newly formed partnership, G-C Sun Holdings LP
("G-C"), affiliated with Glencoe Capital LLC ("Glencoe"). The Company
received $105 million in cash proceeds from the transaction through
repayment of assumed debt, and retained a 49% minority interest in G-C.
Glencoe, a private equity firm, obtained a 51% controlling interest.

- After the Brafasco acquisition in October 2000, the Company retained a
44% minority interest in Kar and accounts for its investment under the
equity method.

- Pro forma financial results at Kar have generally been solid, but flat
over the past several years. 2001 cash flow and earnings are projected
to be lower than 2000 results.

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Kar Products - Key Income Statement Items
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- Results thus far in 2001 have been disappointing. Kar's Plan projected
Sales and EBITDA of $38,964 and $6,513, respectively, for the first
quarter; actual results were $36,370 and $5,266, respectively. As a
result of first quarter performance, Kar is not likely to achieve its
original Plan.

----------
(1) Assumes the acquisition of Brafasco had been consummated on January
1, 2000.

(2) LTM figures for the period ending March 31, 2001.

(3) Assumes a tax rate of 40%.

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Kar Products - Key Balance Sheeet Items
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- Kar is substantially leveraged. Almost $100 million of total debt as of
March 31, 2001 results in a Debt/Equity ratio of over 4 times.

- ----------
(1) MRQ figures for the period ended March 31, 2001.

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Kar Products - Comparable Companies Summary
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----------
(1) LTM figures for the period ending March 31, 2001.

(2) Represent First Call consensus estimates; Estimates have been
calendarized.

(3) Adjusted to exclude the highest and lowest value before averaging.

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Kar Products - Comparable Companies Analysis
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- Applying EBIT, EBITDA and Net Income multiples from comparable public
companies to Kar's historical financial results yields a total valuation
range of approximately $45 million to $70 million.

- However, given that SunSource retains only a 44% interest in Kar, the
estimated value range to SunSource is approximately $20 million to $30
million

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Kar Products - Illiquidity Discount
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- Additionally, the Limited Partnership Agreement governing Kar provides the
majority owner of Kar a "call" on SunSource's interest in the event of a
change of control of SunSource. The terms of the call provision
substantially reduce the marketability of Kar to a third party.

- Other things being equal, an interest in a business is worth less if it is a
minority interest and/or if it is not readily marketable. Numerous studies
substantiate the application of discounts for lack of marketability. In
general, the studies support a discount of 30% to 60%. Given the context and
nature of the proposed transaction, an illiquidity discount of 30% to 35%
off of the current public multiples that we have identified is warranted.

---------------------------------------------------
VALUATION RANGE TO SUNSOURCE: $15,000 - $20,000
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SUNSOURCE TECHNOLOGY SERVICES

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SunSource Technology Services - Overview
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- SunSource Technology Services, Inc. ("STS") provides its customers with
systems, parts and engineering services for hydraulic, pneumatic, electronic
and related systems.

- STS' operating performance has suffered recently due to a restructuring of
its sales force in early 1999 and soft market conditions in 2000.

- STS had operating (EBIT) losses for 1999, 2000 and LTM (1) of ($5,077),
($8,481) and ($8,665), respectively, with a projected operating loss for
2001of ($5,050). Net cash flow at STS was a negative ($2,312) for the first
quarter of 2001, and is forecast at a negative ($8,136) for the full year
2001.

- As a result of STS' historical and projected losses, Comparable Company
Analysis and Comparable Transaction Analysis, which generally are based upon
multiples of current or next year's projected income or cash flow, would not
indicate positive values.

- Viewed in light of STS's ongoing negative cash flow and earnings, Balance
Sheet and Discounted Cash Flow Analysis suggest an enterprise value to
SunSource in the range of $20 million to $25 million.

(1) LTM Figures for the period ending March 31, 2001

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STS - Key Income Statement Items
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- First quarter 2001 Sales results did not hit Plan, but the EBITDA Plan was
achieved. STS' Plan projected Sales and EBITDA were $55,513 and $(411),
respectively, for the first quarter; actual results were $52,928 and $(422),
respectively. Updated forecasts project that break even EBITDA is not likely
to occur until 2002

- ----------
(1) LTM figures for the period ending March 31, 2001.

(2) Allocation of corporate operating expenses to STS in accordance with 2001
operating plan.

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Balance Sheet Value - Net Tangible Book
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- STS's book value is $47,280

- Adjusting STS' Equity Value by eliminating Goodwill results in a net
tangible book value of $31,400.

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STS - Discounted Cash Flow Analysis
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NPV of Unlevered FCF (1) $ 14,934
Add: NPV of Tax Shields -
Less: Present Value to Debt Holders -
-----------
Enterprise Value Before Illiquidity Discount $ 14,934
Illiquidity and Non-Control Discount 0%
Total Enterprise Value $ 14,934
Ownership Percentage 100%
VALUE OF ENTERPRISE INTEREST $ 14,934

EBITDA MULTIPLE RANGE
-----------------------------------------------------
5.5x 6.0x 6.5x 7.0x 7.5x
--------- --------- --------- --------- ---------

15.0% $13,453 $15,033 $16,613 $18,194 $19,774
DISCOUNT 16.0% $12,715 $14,234 $15,753 $17,272 $18,792
FACTOR 17.0% $12,012 $13,473 $14,934 $16,395 $17,856
RANGE 18.0% $11,343 $12,748 $14,154 $15,560 $16,965
19.0% $10,705 $12,058 $13,411 $14,763 $16,116

(1) Unlevered Free Cash Flows discounted at 17.0% as of June 15, 2001.

(2) Assumes a terminal value equal to last year EBITDA of $6.0 million
multiplied by an EBITDA multiple of 6 .5x.

(3) Given STS' substantial ongoing losses, it is not projected to incur tax
obligations, or receive tax-related benefits, during the forecast period.

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THE HILLMAN GROUP

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The Hillman Group - Overview
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- The Hillman Group, Inc. ("Hillman") provides small hardware
items and merchandising services to retail outlets through a
nationwide sales and service organization. This operating unit
includes the business of Axxess Technologies, Inc. ("Axxess"), a
manufacturer and marketer of key duplication and identification
systems acquired by SunSource in April 2000.

- Hillman is SunSource's largest and strongest business unit. The
unit's operating cash flow (EBITDA) in 2000 was approximately
$38 million and is projected to grow to roughly $45 million in
2001.

- Comparable Company Analysis, Comparable Transaction Analysis,
and Discounted Cash Flow Analysis suggest an enterprise value to
SunSource in the range of $230 million to $270 million.

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The Hillman Group - Key Income Statement Items
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For the Year Ended December 31,
------------------------------------------------------------------------------------------
Proforma(1) Proforma(1) Projected
----------- ----------- ---------------------------------------------------------------
2000 LTM(2) 2001 2002 2003 2004 2005
----------- ----------- ---------- ---------- ---------- ---------- ----------
(in thousands, except per share data)

Net Revenues $ 239,178 $ 240,639 $ 260,038 $ 292,557 $ 321,820 $ 347,566 $ 371,895
Growth (Decline) in Revenues 3.1% N/A 8.7% 12.5% 10.0% 8.0% 7.0%

Cost of Sales 104,512 103,349 114,079 128,462 141,192 152,487 163,161
---------- --------- --------- ---------- --------- ---------- ---------

Gross Profit 134,667 137,291 145,959 164,095 180,628 195,078 208,734
Gross Margin 56.3% 57.1% 56.1% 56.1% 56.1% 56.1% 56.1%

Operating Expenses - Hillman (3) 93,895 94,550 100,902 110,911 121,598 131,166 140,207
Operating Expenses- Corporate (4) 2,850 2,850 2,850 2,850 2,850 2,850 2,850
---------- --------- --------- ---------- --------- ---------- ---------

Operating Cash Flow (EBITDA) $ 37,922 $ 39,891 $ 42,207 $ 50,334 $ 56,180 $ 61,062 $ 65,676
========== ========= ========= ========== ========= ========== =========

Operating Income (EBIT) $ 25,326 $ 27,295 $ 27,903 $ 37,077 $ 42,923 $ 47,805 $ 52,419
========== ========= ========= ========== ========= ========== =========

- --------------------------------
(1) Assumes the acquisition of Axxess and Sharon-Philstone had been
consummated on January 1, 2000.

(2) LTM figures for the period ending March 31, 2001.

(3) Assumes $5 million in cost cutting initiatives undertaken throughout
FY2000 were fully realized on January 1, 2000.

(4) Estimated allocation of corporate operating expenses to Hillman in
accordance with 2001 operating plan.

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The Hillman Group - Comparable Companies Summary
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LTM (1) LTM (1) LTM (1) 2001(P) (2)
EBITDA EBIT NET INCOME EPS
------ ------- ---------- --------

SERVICE MERCHANDISERS
- ---------------------

Central Garden & Pet Co (CENT) $60,430 $30,215 ($2,681) N/A
Handleman Co (HDL) 104,983 71,764 42,031 $ 1.59
Source Information Mgmt Co (SORC) 16,843 11,886 5,834 $ 0.32
TBC Corporation (TBCC) 56,187 43,578 19,037 $ 1.02

MROS / FLUID POWER DISTRIBUTORS
- -------------------------------
Applied Industrial Tech Inc (AIT) 82,625 60,147 32,198 $ 1.41
Genuine Parts Co (GPC) 734,327 642,810 382,867 $ 2.22
Grainger (W W) Inc (GWW) 447,445 344,032 197,348 $ 2.31
Wesco Intl Inc (WCC) 153,862 126,399 33,417 0.72

ENTERPRISE VALUE / EQUITY VALUE /
---------------------- ---------------------------
LTM LTM LTM 2001(P)
EBITDA EBIT NET INCOME NET INCOME
------ -------- ---------- ----------

SERVICE MERCHANDISERS
- ---------------------

Central Garden & Pet Co (CENT) 7.9 x 15.8 x NM N/A
Handleman Co (HDL) 4.2 x 6.2 x 10.0 x 9.6 x
Source Information Mgmt Co (SORC) 7.4 x 10.4 x 16.2 x 9.4 x
TBC Corporation (TBCC) 5.9 x 7.5 x 9.4 x 8.2 x

MROS / FLUID POWER DISTRIBUTORS
- -------------------------------
Applied Industrial Tech Inc (AIT) 5.5 x 7.5 x 11.3 x 12.2 x
Genuine Parts Co (GPC) 8.0 x 9.2 x 13.1 x 13.0 x
Grainger (W W) Inc (GWW) 9.5 x 12.3 x 20.4 x 18.5 x
Wesco Intl Inc (WCC) 5.7 x 7.0 x 12.7 x 12.3 x

- ------------------
(1) LTM figures for the period ending March 31, 2001.

(2) Represent First Call consensus estimates; Estimates have been
calendarized.

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The Hillman Group - Comparable Companies Analysis
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ENTERPRISE VALUE / EQUITY VALUE /
--------------------- ------------------------------
LTM LTM LTM 2001(P)
EBITDA EBIT NET INCOME NET INCOME
------ ------- ---------- ----------

High 9.5 x 15.8 x 20.4 x 18.5 x
Low 4.2 6.2 9.4 8.2
Median 6.6 8.4 12.7 12.2
Adjusted Average (1) 6.7 9.0 12.7 11.3

HILLMAN - ENTERPRISE VALUE HILLMAN - EQUITY VALUE
----------------------------- ------------------------------
LTM (2) LTM(2) LTM (2) 2001(P)
EBITDA EBIT NET INCOME NET INCOME
--------- --------- ---------- ----------

HILLMAN $ 39,891 $ 27,295 N/A N/A

High $ 378,457 $ 432,007 N/A N/A
Low 169,065 169,233 N/A N/A
Median 263,831 228,227 N/A N/A
Adjusted Average (1) 268,583 245,810 N/A N/A

- -------------------------
(1) Adjusted to exclude the highest and lowest value before averaging.

(2) Proforma LTM results for the period ending March 31, 2001.

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The Hillman Group - Comparable Transactions Summary
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DATE VALUE OF LTM LTM
EFFECTIVE BUYER / SELLER TRANSACTION EBITDA EBIT
- --------- ------------------------------------------------------- ----------- ------ ----

04/07/00 SunSource Inc. / Axxess Technologies $110,000 $17,120 5,583
12/07/99 Honeywell International, Inc. / TriStar Aerospace Co. 262,545 37,611 35,556
04/20/99 The Fairchild Corporation / Kaynar Technologies 364,921 35,623 28,851
03/25/99 TriStar Aerospace Co. / Standard Parts and Equipment Co. 35,200 4,483 4,376
09/04/98 Pentacon / ASI Aerospace Group 87,000 11,442 10,861
07/17/98 Pentacon / Texas International Aviation 32,697 4,018 3,835

ENTERPRISE VALUE /
------------------
DATE LTM LTM
EFFECTIVE BUYER / SELLER EBITDA EBIT
- --------- ------------------------------------------------------- ------ ----

04/07/00 SunSource Inc. / Axxess Technologies 6.3 x 19.4 x
12/07/99 Honeywell International, Inc. / TriStar Aerospace Co. 7.0 x 7.4 x
04/20/99 The Fairchild Corporation / Kaynar Technologies 10.2 x 12.6 x
03/25/99 TriStar Aerospace Co. / Standard Parts and Equipment Co. 7.8 x 8.0 x
09/04/98 Pentacon / ASI Aerospace Group 7.6 x 8.0 x
07/17/98 Pentacon / Texas International Aviation 8.1 x 8.5 x

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The Hillman Group - Comparable Transactions Analysis
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ENTERPRISE VALUE /
------------------------
LTM LTM
EBITDA EBIT
------ ----

High 10.2 x 19.4 x
Low 6.3 x 7.4 x
Median 7.7 x 8.3 x
Adjusted Average (1) 7.6 x 9.3 x

HILLMAN - ENTERPRISE VALUE
--------------------------
LTM LTM
EBITDA EBIT
------ ----

HILLMAN $ 39,891 $ 27,295

High $ 408,639 $ 528,821
Low 252,045 201,548
Median 307,508 225,824
Adjusted Average (1) 304,522 253,774

- --------------------------
(1) Adjusted to exclude the highest and lowest value before averaging.

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The Hillman Group - Discounted Cash Flow Analysis
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PROJECTED
-------------------------------------------------------------- TERMINAL
12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 VALUE
-------------------------------------------------------------- --------

Sales $ 260,038 $ 292,557 $ 321,820 $ 347,566 $ 371,895
(delta) in A/R (4,198) (4,658) (4,249) (3,395) (3,090)
----------- ----------- ----------- ----------- ----------
Cash Sales 255,840 287,899 317,571 344,171 368,805

Cost of Goods Sold 114,079 128,462 141,192 152,487 163,161
(delta) in Inventory (509) 5,643 5,196 5,135 4,695
(delta) in A/P (407) (2,086) (2,006) (1,982) (1,812)
----------- ----------- ----------- ----------- ----------
Cash Cost of Goods Sold 113,163 132,019 144,382 155,640 166,044

Cash Gross Profit 142,677 155,880 173,189 188,531 202,761

Operating Expenses 118,056 127,018 137,705 147,273 156,314
Depreciation & Amortization (14,304) (13,257) (13,257) (13,257) (13,257)
----------- ----------- ----------- ----------- ----------
Cash Operating Expenses 103,752 113,761 124,448 134,016 143,057

Cash Operating Income 38,925 42,119 48,741 54,515 59,703

Less: 40.0% Pro Forma Tax on Taxable Net Income 11,161 14,831 17,169 19,122 20,968
Less: Capital Expenditures 12,645 9,000 9,000 9,000 9,000
----------- ----------- ----------- ----------- ----------

Unlevered FCF to Capital Providers $ 15,119 $ 18,288 $ 22,572 $ 26,393 $ 29,735 $ 426,896 (2)
Interest Expense Tax Shield (3) 5,058 4,438 4,196 3,954 3,712

NPV of Unlevered FCF (1) $ 275,766
Add: NPV of Tax Shields 14,324
Less: Present Value to Debt Holders --
----------
Enterprise Value Before Illiquidity Discount $ 290,090
Illiquidity and Non-Control Discount 0%
Total Enterprise Value $ 290,090
Ownership Percentage 100%
VALUE OF ENTERPRISE INTEREST $ 290,090

EBITDA MULTIPLE RANGE
------------------------------------------------------------------
5.5x 6.0x 6.5x 7.0x 7.5x
------------ ------------ ------------ ------------ ----------

15.0% $275,638 $293,029 $310,420 $327,811 $345,202
DISCOUNT 16.0% $266,581 $283,300 $300,020 $316,740 $333,459
FACTOR 17.0% $257,931 $274,010 $290,090 $306,169 $322,249
RANGE 18.0% $249,666 $265,135 $280,604 $296,073 $311,542
19.0% $241,766 $256,653 $271,539 $286,426 $301,312

(1) Unlevered Free Cash Flows discounted at 17.0% as of June 15, 2001.

(2) Assumes a terminal value equal to last year EBITDA of $65.7 million
multiplied by an EBITDA multiple of 6.5x.

(3) Allocates corporate interest expense tax shield to Hillman in proportion
to allocation of corporate overhead (57%).

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The Hillman Group - Valuation Summary
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[BAR CHART]

Enterprise Value
---------------------------------------------------
Adjusted
Low High Median Average
---------------------------------------------------

COMPARABLE PUBLIC COMPANIES
LTM EBITDA ($39,891) 169,065 378,457 263,831 268,583
LTM EBIT ($27,295) 169,233 432,007 228,227 245,810

COMPARABLE TRANSACTION COMPANIES
LTM EBITDA ($39,891) 252,045 408,639 307,508 304,522
LTM EBIT ($27,295) 201,548 528,821 225,824 253,774

DISCOUNTED CASH FLOW Mid-point Mid-point
--------------------------
DCF - EBITDA ($39,891) 241,766 345,202 290,090 290,090

LTM LTM LTM LTM DCF -
EBITDA EBIT EBITDA EBIT EBITDA

~~($39,891) ($27,295) ($39,891) ($27,295) ($39,891)~~

Comparable Comparable
Public Companies Acquisition Activity DCF
----------------------------------------------------

Median $263,831 $228,227 $307,508 $225,824 $290,090
Adj. Average $268,583 $245,810 $304,522 $253,774 $290,090

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White circles represent median values.

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VALUATION SUMMARY

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Per Share Equity Valuation Range
- --------------------------------------------------------------------------------

Low Transaction High
Value Value Value
-------- ----------- ---------

Kar Value to SunSource $ 15,000 --- $ 20,000
STS Enterprise Value 20,000 --- 25,000
Hillman Enterprise Value 230,000 --- 270,000
-------- ----------- ---------
Total $265,000 $ 298,409 $ 315,000
======== =========== =========
Less: Outstanding Debt (1) 114,849 114,849 114,849

Trust Preferred Securities (1) 105,446 105,446 105,446
-------- ----------- ---------
Total Equity Value $ 44,705 $ 78,114 $ 94,705
======== =========== =========
Diluted Shares Outstanding (2) 7,529 7,529 7,529
Per Share Equity Value $ 5.938 $ 10.375 $ 12.579
======== =========== =========

- ------------------------------------
(1) As of May 31, 2001

(2) Treasury method used to calculate diluted shares outstanding. Refer to
page 6 of this presentation for calculation.

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HISTORICAL STOCK PRICE PERFORMANCE

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Historical Stock Price Performance
- --------------------------------------------------------------------------------

- - In the past two years, the Company's stock has traded as high as $14.50
(on several days in June 1999) and as low as $2.88 (December 6, 2000).
The stock has not traded at or above $12.00 per share since June 30,
1999, despite efforts to deliver shareholder value through a strategic
realignment of the Company's business units.

- - Since early 1999, the Company's stock price has under-performed a
composite of selected publicly trade peers, as well as general market
indices such as the S&P Small Cap Industrials Index and the S&P 500
Composite.

- - In spite of some recent strengthening in the Hillman and Kar businesses,
the restructuring issues, a softening market for the STS segment, and
the highly leveraged nature of the Company's balance sheet, have all
contributed to a steady decline of the Company's stock price over the
past two years.

- - Also contributing to the Company's poor stock performance are investor
preoccupation with larger capitalization stocks and other industry
sectors, a lack of research coverage, and limited float and liquidity of
the Company's shares.

- - Over the past six months, roughly 1.4 million shares of the Company's
common stock have traded, at an average price of $3.83 per share.

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Historical Stock Price Performance
- --------------------------------------------------------------------------------

[STOCK PRICE AND VOLUME ACTIVITY LINE GRAPH]

DATE PRICE VOLUME

6/8/99 14.44 0
6/9/99 14.50 1,000
6/10/99 14.25 1,300
6/11/99 14.50 12,600
6/14/99 14.13 17,000
6/15/99 14.06 600
6/16/99 14.13 9,400
6/17/99 14.50 17,800
6/18/99 14.50 1,000
6/21/99 14.38 1,000
6/22/99 13.94 3,000
6/23/99 13.75 2,700
6/24/99 13.06 10,200
6/25/99 13.13 0
6/28/99 12.88 19,100
6/29/99 12.81 8,800
6/30/99 12.94 1,300
7/1/99 11.00 60,700
7/2/99 10.88 64,400
7/6/99 10.81 56,100
7/7/99 10.44 34,700
7/8/99 9.75 34,800
7/9/99 9.69 24,300
7/12/99 9.44 13,000
7/13/99 8.63 102,900
7/14/99 8.06 100,500
7/15/99 8.44 175,700
7/16/99 8.63 44,600
7/19/99 8.63 47,600
7/20/99 8.69 7,400
7/21/99 8.69 8,100
7/22/99 8.81 15,800
7/23/99 9.13 18,900
7/26/99 9.13 12,100
7/27/99 9.06 78,600
7/28/99 9.13 16,800
7/29/99 8.81 15,800
7/30/99 9.00 19,100
8/2/99 9.06 7,500
8/3/99 8.94 3,700
8/4/99 8.75 12,100
8/5/99 8.69 4,300
8/6/99 8.63 6,100
8/9/99 8.63 5,800
8/10/99 8.69 11,300
8/11/99 8.56 16,700
8/12/99 8.44 14,700
8/13/99 8.44 14,400
8/16/99 8.38 4,900
8/17/99 8.25 17,700
8/18/99 8.19 7,200
8/19/99 7.94 35,700
8/20/99 7.88 3,000
8/23/99 7.75 16,100
8/24/99 7.63 10,700
8/25/99 7.63 4,400
8/26/99 7.31 17,600
8/27/99 7.38 8,400
8/30/99 7.13 4,000
8/31/99 6.88 7,500
9/1/99 6.75 12,500
9/2/99 6.75 6,000
9/3/99 6.75 1,200
9/7/99 7.00 23,600
9/8/99 7.25 25,100
9/9/99 7.38 12,500
9/10/99 7.25 7,500
9/13/99 7.25 15,600
9/14/99 7.00 4,600
9/15/99 6.75 75,200
9/16/99 6.69 3,000
9/17/99 6.50 12,800
9/20/99 6.44 15,900
9/21/99 6.44 7,100
9/22/99 5.69 55,800
9/23/99 5.94 39,100
9/24/99 5.63 42,000
9/27/99 5.44 16,000
9/28/99 5.25 14,800
9/29/99 4.88 26,600
9/30/99 5.63 31,100
10/1/99 5.38 29,900
10/4/99 5.25 31,100
10/5/99 5.25 1,000
10/6/99 5.25 4,200
10/7/99 5.19 9,300
10/8/99 5.50 17,200
10/11/99 5.63 14,800
10/12/99 5.19 47,600
10/13/99 5.19 13,900
10/14/99 5.00 26,200
10/15/99 5.00 10,800
10/18/99 4.63 23,900
10/19/99 5.13 46,800
10/20/99 5.88 23,100
10/21/99 6.38 26,200
10/22/99 6.75 20,600
10/25/99 7.25 22,600
10/26/99 7.13 27,300
10/27/99 7.00 18,300
10/28/99 5.63 68,100
10/29/99 4.81 89,000
11/1/99 4.25 112,100
11/2/99 4.13 59,700
11/3/99 4.69 53,700
11/4/99 4.56 69,700
11/5/99 4.63 8,800
11/8/99 4.38 39,400
11/9/99 4.31 10,600
11/10/99 4.25 16,700
11/11/99 4.13 7,500
11/12/99 4.00 46,400
11/15/99 3.88 23,500
11/16/99 3.75 46,400
11/17/99 3.75 42,100
11/18/99 3.75 43,300
11/19/99 3.81 29,700
11/22/99 3.56 35,800
11/23/99 3.50 476,800
11/24/99 3.94 44,700
11/26/99 4.19 24,400
11/29/99 4.38 50,400
11/30/99 4.88 79,900
12/1/99 5.00 28,000
12/2/99 5.25 35,100
12/3/99 6.50 68,200
12/6/99 6.13 77,100
12/7/99 6.19 21,100
12/8/99 5.50 64,600
12/9/99 5.50 10,100
12/10/99 5.44 20,500
12/13/99 5.38 10,500
12/14/99 5.13 31,300
12/15/99 5.00 5,600
12/16/99 4.31 33,400
12/17/99 4.25 95,700
12/20/99 4.06 32,500
12/21/99 4.00 55,600
12/22/99 3.94 65,400
12/23/99 4.00 28,600
12/27/99 3.94 58,000
12/28/99 4.13 62,700
12/29/99 4.25 27,000
12/30/99 4.31 44,900
12/31/99 4.25 45,000
1/3/00 4.69 17,900
1/4/00 5.19 31,400
1/5/00 5.06 11,300
1/6/00 5.38 35,600
1/7/00 5.25 12,000
1/10/00 5.44 21,600
1/11/00 5.75 21,000
1/12/00 5.81 2,300
1/13/00 5.69 12,200
1/14/00 5.75 14,200
1/18/00 5.88 23,600
1/19/00 6.25 11,100
1/20/00 5.75 45,100
1/21/00 5.44 13,600
1/24/00 5.31 34,100
1/25/00 4.81 42,900
1/26/00 4.50 32,500
1/27/00 5.13 23,800
1/28/00 5.00 11,800
1/31/00 5.00 30,400
2/1/00 5.19 27,600
2/2/00 5.31 5,300
2/3/00 5.00 15,500
2/4/00 5.13 14,400
2/7/00 5.38 3,500
2/8/00 5.13 3,900
2/9/00 5.06 5,700
2/10/00 5.88 110,800
2/11/00 5.69 56,000
2/14/00 5.63 32,900
2/15/00 5.38 12,400
2/16/00 5.38 21,200
2/17/00 5.44 7,600
2/18/00 5.31 9,600
2/22/00 5.25 3,500
2/23/00 5.19 3,700
2/24/00 5.13 2,100
2/25/00 5.00 2,300
2/28/00 4.94 4,300
2/29/00 5.00 1,000
3/1/00 5.00 3,500
3/2/00 5.13 18,400
3/3/00 5.44 31,900
3/6/00 5.25 5,800
3/7/00 5.38 5,700
3/8/00 5.38 6,400
3/9/00 5.31 6,300
3/10/00 5.06 20,900
3/13/00 4.69 23,000
3/14/00 4.69 5,200
3/15/00 4.63 10,200
3/16/00 4.56 2,500
3/17/00 4.63 25,600
3/20/00 4.88 23,300
3/21/00 5.13 13,400
3/22/00 4.88 4,700
3/23/00 4.69 21,900
3/24/00 4.75 4,200
3/27/00 4.75 12,400
3/28/00 4.75 1,500
3/29/00 4.69 6,500
3/30/00 4.63 10,300
3/31/00 4.63 300
4/3/00 4.63 2,500
4/4/00 4.50 13,500
4/5/00 4.50 4,900
4/6/00 4.25 24,500
4/7/00 4.44 2,000
4/10/00 4.75 8,300
4/11/00 4.69 1,000
4/12/00 4.69 5,700
4/13/00 4.75 7,700
4/14/00 4.69 5,800
4/17/00 4.38 10,800
4/18/00 4.38 3,900
4/19/00 4.63 26,100
4/20/00 4.88 30,500
4/24/00 4.81 4,400
4/25/00 4.81 5,500
4/26/00 4.50 10,800
4/27/00 4.69 24,000
4/28/00 4.56 1,500
5/1/00 4.50 6,000
5/2/00 4.50 3,600
5/3/00 4.50 4,700
5/4/00 4.81 12,500
5/5/00 4.69 5,800
5/8/00 4.81 8,100
5/9/00 4.75 7,600
5/10/00 4.56 3,700
5/11/00 4.56 4,000
5/12/00 4.69 4,600
5/15/00 4.75 5,000
5/16/00 4.69 5,200
5/17/00 4.56 5,700
5/18/00 4.75 3,000
5/19/00 4.81 8,100
5/22/00 4.56 3,000
5/23/00 4.38 9,300
5/24/00 4.31 5,900
5/25/00 4.31 2,200
5/26/00 4.44 3,500
5/30/00 4.31 3,700
5/31/00 4.50 8,800
6/1/00 4.38 2,300
6/2/00 4.38 16,700
6/5/00 4.56 3,600
6/6/00 4.44 10,700
6/7/00 4.38 6,100
6/8/00 4.38 6,400
6/9/00 4.44 2,600
6/12/00 4.50 2,800
6/13/00 4.44 3,700
6/14/00 4.44 300
6/15/00 4.44 1,600
6/16/00 4.38 8,300
6/19/00 4.44 3,200
6/20/00 4.44 8,000
6/21/00 4.38 3,300
6/22/00 4.38 36,300
6/23/00 4.88 31,000
6/26/00 4.75 12,700
6/27/00 4.94 4,200
6/28/00 4.94 5,300
6/29/00 5.00 20,200
6/30/00 5.06 45,300
7/3/00 5.06 9,800
7/5/00 5.19 3,700
7/6/00 5.19 11,700
7/7/00 5.19 8,800
7/10/00 5.19 1,700
7/11/00 5.06 1,500
7/12/00 5.06 1,700
7/13/00 5.19 3,100
7/14/00 5.19 800
7/17/00 5.13 5,900
7/18/00 5.19 2,100
7/19/00 5.25 4,000
7/20/00 5.13 8,300
7/21/00 5.13 6,600
7/24/00 5.13 500
7/25/00 5.38 19,000
7/26/00 5.13 8,800
7/27/00 4.94 17,800
7/28/00 4.88 1,000
7/31/00 4.88 6,100
8/1/00 4.88 2,500
8/2/00 4.81 2,700
8/3/00 4.75 2,400
8/4/00 4.69 30,600
8/7/00 4.69 600
8/8/00 4.69 800
8/9/00 4.69 3,500
8/10/00 4.69 2,000
8/11/00 4.69 1,000
8/14/00 4.69 500
8/15/00 4.69 600
8/16/00 4.69 1,100
8/17/00 4.63 2,500
8/18/00 4.69 1,500
8/21/00 4.50 9,000
8/22/00 4.50 5,300
8/23/00 4.50 500
8/24/00 4.50 6,100
8/25/00 4.50 1,600
8/28/00 4.56 100
8/29/00 4.50 2,400
8/30/00 4.50 9,000
8/31/00 4.38 6,900
9/1/00 4.38 6,200
9/5/00 4.31 5,400
9/6/00 4.19 11,500
9/7/00 4.25 2,500
9/8/00 4.25 15,900
9/11/00 4.25 5,400
9/12/00 4.31 3,900
9/13/00 4.38 1,000
9/14/00 4.44 1,900
9/15/00 4.31 1,200
9/18/00 4.25 5,900
9/19/00 4.13 14,500
9/20/00 4.13 3,100
9/21/00 4.13 3,600
9/22/00 4.00 6,900
9/25/00 3.75 22,900
9/26/00 4.00 11,300
9/27/00 3.81 6,700
9/28/00 4.00 2,000
9/29/00 3.94 1,100
10/2/00 3.94 2,100
10/3/00 3.81 6,400
10/4/00 3.81 1,600
10/5/00 3.69 8,300
10/6/00 3.75 1,500
10/9/00 3.75 3,600
10/10/00 3.56 17,700
10/11/00 3.50 25,500
10/12/00 3.44 14,900
10/13/00 3.38 12,000
10/16/00 3.44 1,900
10/17/00 3.25 9,900
10/18/00 3.13 6,600
10/19/00 3.19 9,200
10/20/00 3.00 45,900
10/23/00 3.00 13,800
10/24/00 3.00 58,400
10/25/00 2.94 318,200
10/26/00 3.00 1,500
10/27/00 3.00 8,700
10/30/00 3.13 500
10/31/00 3.00 3,300
11/1/00 3.00 100
11/2/00 3.13 6,000
11/3/00 3.19 2,500
11/6/00 3.00 7,000
11/7/00 3.13 10,800
11/8/00 3.06 6,700
11/9/00 3.31 6,200
11/10/00 3.25 7,100
11/13/00 3.13 5,400
11/14/00 3.13 1,700
11/15/00 3.06 22,300
11/16/00 3.00 15,800
11/17/00 3.13 15,000
11/20/00 3.63 15,200
11/21/00 3.56 10,900
11/22/00 3.50 22,800
11/24/00 3.38 4,700
11/27/00 3.06 22,000
11/28/00 3.13 12,100
11/29/00 3.13 5,400
11/30/00 3.19 15,900
12/1/00 3.06 14,300
12/4/00 2.94 14,800
12/5/00 3.00 85,000
12/6/00 2.88 6,300
12/7/00 3.00 6,600
12/8/00 3.25 38,800
12/11/00 3.38 15,900
12/12/00 3.00 33,900
12/13/00 3.00 3,900
12/14/00 3.00 23,600
12/15/00 3.13 4,100
12/18/00 3.19 29,300
12/19/00 3.19 9,800
12/20/00 3.13 12,300
12/21/00 3.06 8,500
12/22/00 3.06 19,700
12/26/00 3.13 58,200
12/27/00 3.25 22,900
12/28/00 3.06 17,500
12/29/00 3.06 68,600
1/2/01 3.06 3,400
1/3/01 3.13 21,600
1/4/01 3.19 1,800
1/5/01 3.25 9,400
1/8/01 3.25 3,400
1/9/01 3.25 11,600
1/10/01 3.44 15,600
1/11/01 3.44 1,100
1/12/01 3.44 7,500
1/16/01 3.50 8,900
1/17/01 3.38 14,100
1/18/01 3.25 18,000
1/19/01 3.63 27,900
1/22/01 3.69 8,800
1/23/01 3.75 7,000
1/24/01 3.75 200
1/25/01 3.81 5,100
1/26/01 4.06 4,900
1/29/01 4.35 18,500
1/30/01 4.74 37,300
1/31/01 4.76 9,500
2/1/01 4.68 1,800
2/2/01 4.75 2,900
2/5/01 4.75 3,600
2/6/01 4.52 11,400
2/7/01 4.50 4,200
2/8/01 4.65 8,100
2/9/01 4.50 5,200
2/12/01 4.30 10,000
2/13/01 4.10 4,400
2/14/01 4.10 400
2/15/01 4.05 2,700
2/16/01 3.68 24,400
2/20/01 3.70 4,200
2/21/01 3.67 500
2/22/01 3.64 3,000
2/23/01 3.70 100
2/26/01 3.70 2,600
2/27/01 3.70 2,400
2/28/01 3.70 600
3/1/01 3.75 8,100
3/2/01 3.70 3,400
3/5/01 3.70 200
3/6/01 3.79 1,600
3/7/01 3.80 2,000
3/8/01 3.78 1,000
3/9/01 3.83 0
3/12/01 3.80 1,700
3/13/01 3.90 4,300
3/14/01 3.90 1,300
3/15/01 3.90 6,000
3/16/01 3.85 1,400
3/19/01 3.85 200
3/20/01 3.85 100
3/21/01 3.85 200
3/22/01 3.75 4,000
3/23/01 3.75 2,300
3/26/01 3.70 3,500
3/27/01 3.74 2,000
3/28/01 3.90 4,600
3/29/01 3.80 1,400
3/30/01 4.00 6,200
4/2/01 3.90 1,600
4/3/01 4.00 14,600
4/4/01 4.00 2,700
4/5/01 3.85 1,700
4/6/01 3.98 7,000
4/9/01 4.00 25,500
4/10/01 4.10 48,200
4/11/01 4.03 300
4/12/01 3.94 1,600
4/16/01 4.02 800
4/17/01 3.91 500
4/18/01 3.90 9,200
4/19/01 3.90 3,100
4/20/01 3.85 7,500
4/23/01 4.00 53,500
4/24/01 3.90 25,700
4/25/01 3.95 1,100
4/26/01 3.90 2,800
4/27/01 4.00 12,500
4/30/01 3.90 1,300
5/1/01 4.00 51,300
5/2/01 3.99 9,300
5/3/01 3.99 300
5/4/01 4.00 116,900
5/7/01 3.95 1,200
5/8/01 3.90 1,600
5/9/01 3.95 2,100
5/10/01 3.98 2,000
5/11/01 3.90 13,200
5/14/01 3.85 500
5/15/01 3.85 600
5/16/01 3.82 100
5/17/01 3.86 1,400
5/18/01 3.92 18,500
5/21/01 3.84 9,800
5/22/01 4.00 15,000
5/23/01 4.00 76,800
5/24/01 4.00 4,100
5/25/01 4.11 4,800
5/29/01 4.15 6,900
5/30/01 4.50 19,800
5/31/01 5.20 38,000
6/1/01 5.31 13,800
6/4/01 5.30 4,600
6/5/01 5.17 10,900
6/6/01 4.86 12,100
6/7/01 5.00 82,800

---------------------------
35 JANNEY MONTGOMERY SCOTT
===========================

Relative Historical Stock Performance
- --------------------------------------------------------------------------------

Daily from June 7, 2000 - June 7, 2001

[INDEXED PRICES LINE GRAPH]

RELATIVE HISTORICAL STOCK PERFORMANCE

DATE SDP S&P500 PEER GROUP

6/7/00 100.00 100.00 100.00
6/8/00 100.00 99.34 99.46
6/9/00 101.43 99.02 99.20
6/12/00 102.86 98.28 99.06
6/13/00 101.43 99.87 99.80
6/14/00 101.43 99.94 100.30
6/15/00 101.43 100.50 98.63
6/16/00 100.00 99.53 96.60
6/19/00 101.43 101.00 94.87
6/20/00 101.43 100.31 93.55
6/21/00 100.00 100.53 93.49
6/22/00 100.00 98.70 92.62
6/23/00 111.43 97.97 92.81
6/26/00 108.57 98.91 92.35
6/27/00 112.86 98.59 93.11
6/28/00 112.86 98.88 93.13
6/29/00 114.29 98.03 92.25
6/30/00 115.71 98.86 90.03
7/3/00 115.71 99.88 93.39
7/5/00 118.57 98.29 93.43
7/6/00 118.57 99.00 93.62
7/7/00 118.57 100.51 94.89
7/10/00 118.57 100.29 95.42
7/11/00 115.71 100.65 96.65
7/12/00 115.71 101.47 96.20
7/13/00 118.57 101.66 96.22
7/14/00 118.57 102.62 96.34
7/17/00 117.14 102.66 93.91
7/18/00 118.57 101.52 94.20
7/19/00 120.00 100.72 92.41
7/20/00 117.14 101.65 92.01
7/21/00 117.14 100.60 91.01
7/24/00 117.14 99.52 92.41
7/25/00 122.86 100.21 91.87
7/26/00 117.14 98.71 92.29
7/27/00 112.86 98.52 91.29
7/28/00 111.43 96.50 89.98
7/31/00 111.43 97.25 90.14
8/1/00 111.43 97.74 90.89
8/2/00 110.00 97.78 91.88
8/3/00 108.57 98.72 90.10
8/4/00 107.14 99.43 91.03
8/7/00 107.14 100.54 91.25
8/8/00 107.14 100.78 92.36
8/9/00 107.14 100.10 92.45
8/10/00 107.14 99.24 93.13
8/11/00 107.14 100.03 94.78
8/14/00 107.14 101.37 95.86
8/15/00 107.14 100.89 94.27
8/16/00 107.14 100.58 94.60
8/17/00 105.71 101.68 94.18
8/18/00 107.14 101.38 93.72
8/21/00 102.86 101.91 94.15
8/22/00 102.86 101.82 93.65
8/23/00 102.86 102.35 92.34
8/24/00 102.86 102.51 92.91
8/25/00 102.86 102.38 92.67
8/28/00 104.29 102.90 92.25
8/29/00 102.86 102.62 91.74
8/30/00 102.86 102.12 91.49
8/31/00 100.00 103.15 91.49
9/1/00 100.00 103.36 90.69
9/5/00 98.57 102.43 92.40
9/6/00 95.71 101.42 93.18
9/7/00 97.14 102.12 92.85
9/8/00 97.14 101.57 91.97
9/11/00 97.14 101.22 92.99
9/12/00 98.57 100.72 92.68
9/13/00 100.00 100.92 91.89
9/14/00 101.43 100.65 89.36
9/15/00 98.57 99.62 88.27
9/18/00 97.14 98.18 87.05
9/19/00 94.29 99.22 85.57
9/20/00 94.29 98.64 84.66
9/21/00 94.29 98.48 85.05
9/22/00 91.43 98.46 84.54
9/25/00 85.71 97.80 83.48
9/26/00 91.43 97.00 83.24
9/27/00 87.14 96.96 84.32
9/28/00 91.43 99.11 85.48
9/29/00 90.00 97.63 85.22
10/2/00 90.00 97.61 84.37
10/3/00 87.14 96.95 86.63
10/4/00 87.14 97.48 86.67
10/5/00 84.29 97.62 87.40
10/6/00 85.71 95.76 86.42
10/9/00 85.71 95.29 86.48
10/10/00 81.43 94.27 85.95
10/11/00 80.00 92.74 85.82
10/12/00 78.57 90.38 85.41
10/13/00 77.14 93.39 85.85
10/16/00 78.57 93.43 85.40
10/17/00 74.29 91.75 84.49
10/18/00 71.43 91.22 83.49
10/19/00 72.86 94.39 85.92
10/20/00 68.57 94.94 85.21
10/23/00 68.57 94.86 85.22
10/24/00 68.57 95.02 85.93
10/25/00 67.14 92.76 85.09
10/26/00 68.57 92.73 85.73
10/27/00 68.57 93.76 85.42
10/30/00 71.43 95.06 87.36
10/31/00 68.57 97.15 90.98
11/1/00 68.57 96.59 90.02
11/2/00 71.43 97.07 89.82
11/3/00 72.86 96.96 89.89
11/6/00 68.57 97.34 90.76
11/7/00 71.43 97.32 90.18
11/8/00 70.00 95.78 90.04
11/9/00 75.71 95.16 88.95
11/10/00 74.29 92.84 84.16
11/13/00 71.43 91.84 84.71
11/14/00 71.43 93.99 84.93
11/15/00 70.00 94.46 85.41
11/16/00 68.57 93.27 84.57
11/17/00 71.43 92.96 85.45
11/20/00 82.86 91.25 83.74
11/21/00 81.43 91.57 82.89
11/22/00 80.00 89.87 82.11
11/24/00 77.14 91.19 83.78
11/27/00 70.00 91.68 84.65
11/28/00 71.43 90.81 82.86
11/29/00 71.43 91.20 83.42
11/30/00 72.86 89.37 82.51
12/1/00 70.00 89.39 83.89
12/4/00 67.14 90.05 86.28
12/5/00 68.57 93.56 86.57
12/6/00 65.71 91.85 85.52
12/7/00 68.57 91.31 85.83
12/8/00 74.29 93.10 86.57
12/11/00 77.14 93.80 88.05
12/12/00 68.57 93.19 90.33
12/13/00 68.57 92.43 90.39
12/14/00 68.57 91.14 90.37
12/15/00 71.43 89.18 89.95
12/18/00 72.86 89.90 91.96
12/19/00 72.86 88.73 94.89
12/20/00 71.43 85.96 94.21
12/21/00 70.00 86.65 98.55
12/22/00 70.00 88.76 102.12
12/26/00 71.43 89.39 102.74
12/27/00 74.29 90.32 106.84
12/28/00 70.00 90.68 106.72
12/29/00 70.00 89.73 106.78
1/2/01 70.00 87.22 107.22
1/3/01 71.43 91.59 109.52
1/4/01 72.86 90.62 110.23
1/5/01 74.29 88.24 107.99
1/8/01 74.29 88.07 107.84
1/9/01 74.29 88.41 108.55
1/10/01 78.57 89.26 107.49
1/11/01 78.57 90.18 106.52
1/12/01 78.57 89.60 107.19
1/16/01 80.00 90.16 106.27
1/17/01 77.14 90.36 106.06
1/18/01 74.29 91.61 104.29
1/19/01 82.86 91.24 104.67
1/22/01 84.29 91.27 104.35
1/23/01 85.71 92.46 102.84
1/24/01 85.71 92.72 103.20
1/25/01 87.14 92.26 103.07
1/26/01 92.86 92.09 102.21
1/29/01 99.43 92.71 101.63
1/30/01 108.34 93.36 102.54
1/31/01 108.80 92.84 103.88
2/1/01 106.97 93.35 103.47
2/2/01 108.57 91.72 103.49
2/5/01 108.57 92.04 104.27
2/6/01 103.31 91.91 105.46
2/7/01 102.86 91.13 107.43
2/8/01 106.29 90.56 107.87
2/9/01 102.86 89.36 107.49
2/12/01 98.29 90.41 108.52
2/13/01 93.71 89.63 109.59
2/14/01 93.71 89.44 109.28
2/15/01 92.57 90.16 110.48
2/16/01 84.11 88.46 110.62
2/20/01 84.57 86.92 113.28
2/21/01 83.89 85.31 113.46
2/22/01 83.20 85.15 111.45
2/23/01 84.57 84.67 109.59
2/26/01 84.57 86.16 111.22
2/27/01 84.57 85.50 110.54
2/28/01 84.57 84.27 109.70
3/1/01 85.71 84.36 109.81
3/2/01 84.57 83.88 110.62
3/5/01 84.57 84.37 111.41
3/6/01 86.63 85.21 111.41
3/7/01 86.86 85.76 111.02
3/8/01 86.40 85.96 111.33
3/9/01 87.43 83.83 110.01
3/12/01 86.86 80.21 108.65
3/13/01 89.14 81.40 108.18
3/14/01 89.14 79.29 105.21
3/15/01 89.14 79.76 106.43
3/16/01 88.00 78.20 103.88
3/19/01 88.00 79.57 105.33
3/20/01 88.00 77.66 104.89
3/21/01 88.00 76.27 101.89
3/22/01 85.71 75.96 101.27
3/23/01 85.71 77.47 100.37
3/26/01 84.57 78.34 104.10
3/27/01 85.49 80.35 105.05
3/28/01 89.14 78.38 105.49
3/29/01 86.86 78.02 104.26
3/30/01 91.43 78.86 105.55
4/2/01 89.14 77.88 105.94
4/3/01 91.43 75.20 103.38
4/4/01 91.43 74.98 105.70
4/5/01 88.00 78.26 109.25
4/6/01 90.97 76.69 108.29
4/9/01 91.43 77.32 109.49
4/10/01 93.71 79.41 111.57
4/11/01 92.11 79.24 109.25
4/12/01 90.06 80.44 110.59
4/16/01 91.89 80.18 111.70
4/17/01 89.37 81.00 111.73
4/18/01 89.14 84.15 114.98
4/19/01 89.14 85.21 113.45
4/20/01 88.00 84.48 112.92
4/23/01 91.43 83.21 112.65
4/24/01 89.14 82.20 110.84
4/25/01 90.29 83.51 110.36
4/26/01 89.14 83.90 110.47
4/27/01 91.43 85.16 110.59
4/30/01 89.14 84.92 110.94
5/1/01 91.43 86.07 111.13
5/2/01 91.20 86.14 111.63
5/3/01 91.20 84.86 110.58
5/4/01 91.43 86.08 110.87
5/7/01 90.29 85.87 111.64
5/8/01 89.14 85.72 112.32
5/9/01 90.29 85.33 111.75
5/10/01 90.97 85.31 112.51
5/11/01 89.14 84.66 111.94
5/14/01 88.00 84.88 112.27
5/15/01 88.00 84.92 113.06
5/16/01 87.31 87.33 116.52
5/17/01 88.23 87.57 116.35
5/18/01 89.60 87.81 116.09
5/21/01 87.77 89.23 115.61
5/22/01 91.43 88.99 115.52
5/23/01 91.43 87.61 115.41
5/24/01 91.43 87.89 116.22
5/25/01 93.94 86.85 116.41
5/29/01 94.86 86.17 116.84
5/30/01 102.86 84.82 116.69
5/31/01 118.86 85.35 117.54
6/1/01 121.37 85.68 117.01
6/4/01 121.14 86.12 118.27
6/5/01 118.17 87.24 120.79
6/6/01 111.09 86.32 120.71
6/7/01 114.29 86.79 121.25

* Peer Group includes: AIT, B, GPC, HDL, IDG, SORC.
Indexed prices are market cap. weighted.

---------------------------
36 JANNEY MONTGOMERY SCOTT
===========================

Stock Price Performance
- --------------------------------------------------------------------------------

[3 YEAR STOCK PRICE LINE GRAPH]

[3 YEAR VOLUME LINE GRAPH]

STOCK PRICE PERFORMANCE

DATE PRICE VOLUME

6/1/98 27.13 12,200
6/2/98 27.00 3,400
6/3/98 26.88 9,300
6/4/98 26.63 4,800
6/5/98 26.63 4,000
6/8/98 25.88 10,300
6/9/98 25.50 13,000
6/10/98 25.50 3,200
6/11/98 25.25 3,800
6/12/98 25.06 4,100
6/15/98 24.00 17,800
6/16/98 24.38 36,100
6/17/98 24.44 3,300
6/18/98 24.44 3,500
6/19/98 24.13 11,200
6/22/98 24.38 14,300
6/23/98 23.88 12,100
6/24/98 22.63 103,000
6/25/98 22.38 30,100
6/26/98 22.31 10,300
6/29/98 22.00 15,300
6/30/98 21.75 69,000
7/1/98 21.75 7,000
7/2/98 21.38 7,300
7/6/98 21.25 30,900
7/7/98 21.13 1,100
7/8/98 20.81 2,300
7/9/98 20.50 17,000
7/10/98 19.75 34,600
7/13/98 19.88 200
7/14/98 19.88 5,400
7/15/98 20.00 12,800
7/16/98 19.75 8,000
7/17/98 19.88 9,500
7/20/98 19.75 3,400
7/21/98 19.63 60,900
7/22/98 19.50 3,900
7/23/98 19.00 26,800
7/24/98 18.94 700
7/27/98 18.50 3,800
7/28/98 18.50 6,200
7/29/98 18.44 12,100
7/30/98 18.81 68,800
7/31/98 18.75 5,100
8/3/98 18.38 9,500
8/4/98 17.25 40,900
8/5/98 16.00 102,700
8/6/98 16.75 24,300
8/7/98 18.38 28,700
8/10/98 19.00 31,200
8/11/98 18.63 9,400
8/12/98 19.00 52,400
8/13/98 18.88 5,500
8/14/98 19.00 8,600
8/17/98 19.00 43,800
8/18/98 19.25 400
8/19/98 19.50 23,500
8/20/98 19.50 7,900
8/21/98 19.25 27,100
8/24/98 19.50 32,000
8/25/98 19.44 9,700
8/26/98 19.19 70,200
8/27/98 18.25 6,100
8/28/98 17.69 39,500
8/31/98 17.13 44,800
9/1/98 16.94 16,900
9/2/98 17.00 50,600
9/3/98 16.25 9,800
9/4/98 15.56 17,900
9/8/98 15.88 10,100
9/9/98 15.63 6,900
9/10/98 15.50 2,500
9/11/98 15.00 9,800
9/14/98 15.00 36,700
9/15/98 15.00 13,800
9/16/98 15.13 14,200
9/17/98 15.00 4,100
9/18/98 15.06 4,500
9/21/98 15.25 2,700
9/22/98 15.56 3,000
9/23/98 15.75 1,900
9/24/98 15.75 1,300
9/25/98 16.00 73,200
9/28/98 16.13 2,700
9/29/98 16.25 1,100
9/30/98 16.38 500
10/1/98 16.25 9,500
10/2/98 16.19 3,000
10/5/98 16.19 6,900
10/6/98 16.19 6,600
10/7/98 15.81 32,600
10/8/98 14.13 28,300
10/9/98 14.13 36,200
10/12/98 14.50 27,300
10/13/98 14.50 1,000
10/14/98 14.38 2,000
10/15/98 14.38 12,900
10/16/98 14.69 107,300
10/19/98 14.38 25,900
10/20/98 14.00 66,000
10/21/98 14.00 45,000
10/22/98 14.50 117,600
10/23/98 15.25 13,800
10/26/98 15.81 12,900
10/27/98 16.00 14,800
10/28/98 15.75 8,100
10/29/98 15.69 25,700
10/30/98 15.56 30,800
11/2/98 16.00 13,800
11/3/98 17.00 8,400
11/4/98 18.25 22,500
11/5/98 18.75 9,800
11/6/98 18.88 23,800
11/9/98 19.25 23,800
11/10/98 19.00 12,200
11/11/98 18.75 9,200
11/12/98 18.75 3,300
11/13/98 18.75 1,000
11/16/98 18.88 3,000
11/17/98 18.81 1,800
11/18/98 19.25 8,300
11/19/98 19.50 6,200
11/20/98 19.63 500
11/23/98 20.00 9,900
11/24/98 20.13 2,200
11/25/98 20.25 1,600
11/27/98 20.25 400
11/30/98 20.88 11,900
12/1/98 21.00 8,600
12/2/98 21.50 55,900
12/3/98 21.38 44,500
12/4/98 21.56 15,100
12/7/98 21.50 13,000
12/8/98 20.88 7,200
12/9/98 21.06 5,400
12/10/98 20.63 17,000
12/11/98 20.25 3,900
12/14/98 20.13 400
12/15/98 20.63 11,800
12/16/98 20.25 2,400
12/17/98 19.63 6,000
12/18/98 19.63 1,400
12/21/98 19.56 4,900
12/22/98 19.63 8,300
12/23/98 18.69 4,700
12/24/98 18.44 1,600
12/28/98 18.75 7,900
12/29/98 19.00 3,300
12/30/98 18.75 6,400
12/31/98 18.81 23,700
1/4/99 18.31 6,200
1/5/99 18.50 6,500
1/6/99 18.75 5,200
1/7/99 18.94 4,400
1/8/99 18.63 7,200
1/11/99 18.25 1,500
1/12/99 18.25 7,000
1/13/99 18.00 10,400
1/14/99 18.00 6,300
1/15/99 18.25 3,100
1/19/99 18.25 800
1/20/99 18.38 6,200
1/21/99 17.75 29,300
1/22/99 17.38 28,200
1/25/99 17.50 2,700
1/26/99 17.50 19,700
1/27/99 17.75 2,900
1/28/99 18.00 10,100
1/29/99 18.38 1,500
2/1/99 18.44 5,900
2/2/99 18.38 44,600
2/3/99 18.25 6,700
2/4/99 18.56 10,500
2/5/99 18.50 9,600
2/8/99 18.44 5,600
2/9/99 18.31 1,000
2/10/99 18.25 500
2/11/99 18.13 9,400
2/12/99 17.88 6,000
2/16/99 17.69 2,600
2/17/99 17.69 1,800
2/18/99 17.63 1,500
2/19/99 17.75 11,400
2/22/99 17.63 3,600
2/23/99 17.50 1,200
2/24/99 17.50 3,800
2/25/99 17.75 20,400
2/26/99 17.88 21,500
3/1/99 17.94 1,400
3/2/99 17.94 1,900
3/3/99 17.94 6,100
3/4/99 18.38 9,900
3/5/99 18.38 2,300
3/8/99 18.31 5,900
3/9/99 18.25 4,000
3/10/99 18.13 2,000
3/11/99 18.13 3,000
3/12/99 18.13 5,200
3/15/99 18.25 2,600
3/16/99 17.75 8,900
3/17/99 17.88 700
3/18/99 17.94 1,400
3/19/99 15.38 97,300
3/22/99 14.50 12,300
3/23/99 14.44 4,300
3/24/99 14.19 5,700
3/25/99 14.25 5,600
3/26/99 14.00 12,200
3/29/99 13.88 12,400
3/30/99 14.13 3,600
3/31/99 14.13 4,400
4/1/99 14.19 5,200
4/5/99 14.00 7,500
4/6/99 13.63 1,800
4/7/99 13.56 2,900
4/8/99 13.13 12,700
4/9/99 13.06 10,000
4/12/99 12.94 7,100
4/13/99 12.69 23,200
4/14/99 12.88 14,400
4/15/99 13.00 14,200
4/16/99 14.38 16,900
4/19/99 15.13 11,400
4/20/99 15.25 2,300
4/21/99 15.56 7,700
4/22/99 15.25 14,100
4/23/99 15.00 8,400
4/26/99 15.25 3,900
4/27/99 15.63 47,800
4/28/99 15.00 3,800
4/29/99 15.38 9,100
4/30/99 16.13 11,500
5/3/99 16.25 6,700
5/4/99 16.13 10,500
5/5/99 15.88 1,900
5/6/99 15.38 2,700
5/7/99 15.38 36,000
5/10/99 16.00 2,900
5/11/99 16.13 2,600
5/12/99 16.25 1,600
5/13/99 16.31 2,900
5/14/99 16.00 4,300
5/17/99 15.88 2,900
5/18/99 15.50 2,900
5/19/99 15.38 1,600
5/20/99 15.44 1,400
5/21/99 15.38 100
5/24/99 15.13 4,000
5/25/99 14.38 7,300
5/26/99 14.31 9,400
5/27/99 14.25 6,300
5/28/99 14.25 200
6/1/99 14.63 4,700
6/2/99 14.25 2,900
6/3/99 14.38 1,200
6/4/99 14.13 300
6/7/99 14.50 3,700
6/8/99 14.44 0
6/9/99 14.50 1,000
6/10/99 14.25 1,300
6/11/99 14.50 12,600
6/14/99 14.13 17,000
6/15/99 14.06 600
6/16/99 14.13 9,400
6/17/99 14.50 17,800
6/18/99 14.50 1,000
6/21/99 14.38 1,000
6/22/99 13.94 3,000
6/23/99 13.75 2,700
6/24/99 13.06 10,200
6/25/99 13.13 0
6/28/99 12.88 19,100
6/29/99 12.81 8,800
6/30/99 12.94 1,300
7/1/99 11.00 60,700
7/2/99 10.88 64,400
7/6/99 10.81 56,100
7/7/99 10.44 34,700
7/8/99 9.75 34,800
7/9/99 9.69 24,300
7/12/99 9.44 13,000
7/13/99 8.63 102,900
7/14/99 8.06 100,500
7/15/99 8.44 175,700
7/16/99 8.63 44,600
7/19/99 8.63 47,600
7/20/99 8.69 7,400
7/21/99 8.69 8,100
7/22/99 8.81 15,800
7/23/99 9.13 18,900
7/26/99 9.13 12,100
7/27/99 9.06 78,600
7/28/99 9.13 16,800
7/29/99 8.81 15,800
7/30/99 9.00 19,100
8/2/99 9.06 7,500
8/3/99 8.94 3,700
8/4/99 8.75 12,100
8/5/99 8.69 4,300
8/6/99 8.63 6,100
8/9/99 8.63 5,800
8/10/99 8.69 11,300
8/11/99 8.56 16,700
8/12/99 8.44 14,700
8/13/99 8.44 14,400
8/16/99 8.38 4,900
8/17/99 8.25 17,700
8/18/99 8.19 7,200
8/19/99 7.94 35,700
8/20/99 7.88 3,000
8/23/99 7.75 16,100
8/24/99 7.63 10,700
8/25/99 7.63 4,400
8/26/99 7.31 17,600
8/27/99 7.38 8,400
8/30/99 7.13 4,000
8/31/99 6.88 7,500
9/1/99 6.75 12,500
9/2/99 6.75 6,000
9/3/99 6.75 1,200
9/7/99 7.00 23,600
9/8/99 7.25 25,100
9/9/99 7.38 12,500
9/10/99 7.25 7,500
9/13/99 7.25 15,600
9/14/99 7.00 4,600
9/15/99 6.75 75,200
9/16/99 6.69 3,000
9/17/99 6.50 12,800
9/20/99 6.44 15,900
9/21/99 6.44 7,100
9/22/99 5.69 55,800
9/23/99 5.94 39,100
9/24/99 5.63 42,000
9/27/99 5.44 16,000
9/28/99 5.25 14,800
9/29/99 4.88 26,600
9/30/99 5.63 31,100
10/1/99 5.38 29,900
10/4/99 5.25 31,100
10/5/99 5.25 1,000
10/6/99 5.25 4,200
10/7/99 5.19 9,300
10/8/99 5.50 17,200
10/11/99 5.63 14,800
10/12/99 5.19 47,600
10/13/99 5.19 13,900
10/14/99 5.00 26,200
10/15/99 5.00 10,800
10/18/99 4.63 23,900
10/19/99 5.13 46,800
10/20/99 5.88 23,100
10/21/99 6.38 26,200
10/22/99 6.75 20,600
10/25/99 7.25 22,600
10/26/99 7.13 27,300
10/27/99 7.00 18,300
10/28/99 5.63 68,100
10/29/99 4.81 89,000
11/1/99 4.25 112,100
11/2/99 4.13 59,700
11/3/99 4.69 53,700
11/4/99 4.56 69,700
11/5/99 4.63 8,800
11/8/99 4.38 39,400
11/9/99 4.31 10,600
11/10/99 4.25 16,700
11/11/99 4.13 7,500
11/12/99 4.00 46,400
11/15/99 3.88 23,500
11/16/99 3.75 46,400
11/17/99 3.75 42,100
11/18/99 3.75 43,300
11/19/99 3.81 29,700
11/22/99 3.56 35,800
11/23/99 3.50 476,800
11/24/99 3.94 44,700
11/26/99 4.19 24,400
11/29/99 4.38 50,400
11/30/99 4.88 79,900
12/1/99 5.00 28,000
12/2/99 5.25 35,100
12/3/99 6.50 68,200
12/6/99 6.13 77,100
12/7/99 6.19 21,100
12/8/99 5.50 64,600
12/9/99 5.50 10,100
12/10/99 5.44 20,500
12/13/99 5.38 10,500
12/14/99 5.13 31,300
12/15/99 5.00 5,600
12/16/99 4.31 33,400
12/17/99 4.25 95,700
12/20/99 4.06 32,500
12/21/99 4.00 55,600
12/22/99 3.94 65,400
12/23/99 4.00 28,600
12/27/99 3.94 58,000
12/28/99 4.13 62,700
12/29/99 4.25 27,000
12/30/99 4.31 44,900
12/31/99 4.25 45,000
1/3/00 4.69 17,900
1/4/00 5.19 31,400
1/5/00 5.06 11,300
1/6/00 5.38 35,600
1/7/00 5.25 12,000
1/10/00 5.44 21,600
1/11/00 5.75 21,000
1/12/00 5.81 2,300
1/13/00 5.69 12,200
1/14/00 5.75 14,200
1/18/00 5.88 23,600
1/19/00 6.25 11,100
1/20/00 5.75 45,100
1/21/00 5.44 13,600
1/24/00 5.31 34,100
1/25/00 4.81 42,900
1/26/00 4.50 32,500
1/27/00 5.13 23,800
1/28/00 5.00 11,800
1/31/00 5.00 30,400
2/1/00 5.19 27,600
2/2/00 5.31 5,300
2/3/00 5.00 15,500
2/4/00 5.13 14,400
2/7/00 5.38 3,500
2/8/00 5.13 3,900
2/9/00 5.06 5,700
2/10/00 5.88 110,800
2/11/00 5.69 56,000
2/14/00 5.63 32,900
2/15/00 5.38 12,400
2/16/00 5.38 21,200
2/17/00 5.44 7,600
2/18/00 5.31 9,600
2/22/00 5.25 3,500
2/23/00 5.19 3,700
2/24/00 5.13 2,100
2/25/00 5.00 2,300
2/28/00 4.94 4,300
2/29/00 5.00 1,000
3/1/00 5.00 3,500
3/2/00 5.13 18,400
3/3/00 5.44 31,900
3/6/00 5.25 5,800
3/7/00 5.38 5,700
3/8/00 5.38 6,400
3/9/00 5.31 6,300
3/10/00 5.06 20,900
3/13/00 4.69 23,000
3/14/00 4.69 5,200
3/15/00 4.63 10,200
3/16/00 4.56 2,500
3/17/00 4.63 25,600
3/20/00 4.88 23,300
3/21/00 5.13 13,400
3/22/00 4.88 4,700
3/23/00 4.69 21,900
3/24/00 4.75 4,200
3/27/00 4.75 12,400
3/28/00 4.75 1,500
3/29/00 4.69 6,500
3/30/00 4.63 10,300
3/31/00 4.63 300
4/3/00 4.63 2,500
4/4/00 4.50 13,500
4/5/00 4.50 4,900
4/6/00 4.25 24,500
4/7/00 4.44 2,000
4/10/00 4.75 8,300
4/11/00 4.69 1,000
4/12/00 4.69 5,700
4/13/00 4.75 7,700
4/14/00 4.69 5,800
4/17/00 4.38 10,800
4/18/00 4.38 3,900
4/19/00 4.63 26,100
4/20/00 4.88 30,500
4/24/00 4.81 4,400
4/25/00 4.81 5,500
4/26/00 4.50 10,800
4/27/00 4.69 24,000
4/28/00 4.56 1,500
5/1/00 4.50 6,000
5/2/00 4.50 3,600
5/3/00 4.50 4,700
5/4/00 4.81 12,500
5/5/00 4.69 5,800
5/8/00 4.81 8,100
5/9/00 4.75 7,600
5/10/00 4.56 3,700
5/11/00 4.56 4,000
5/12/00 4.69 4,600
5/15/00 4.75 5,000
5/16/00 4.69 5,200
5/17/00 4.56 5,700
5/18/00 4.75 3,000
5/19/00 4.81 8,100
5/22/00 4.56 3,000
5/23/00 4.38 9,300
5/24/00 4.31 5,900
5/25/00 4.31 2,200
5/26/00 4.44 3,500
5/30/00 4.31 3,700
5/31/00 4.50 8,800
6/1/00 4.38 2,300
6/2/00 4.38 16,700
6/5/00 4.56 3,600
6/6/00 4.44 10,700
6/7/00 4.38 6,100
6/8/00 4.38 6,400
6/9/00 4.44 2,600
6/12/00 4.50 2,800
6/13/00 4.44 3,700
6/14/00 4.44 300
6/15/00 4.44 1,600
6/16/00 4.38 8,300
6/19/00 4.44 3,200
6/20/00 4.44 8,000
6/21/00 4.38 3,300
6/22/00 4.38 36,300
6/23/00 4.88 31,000
6/26/00 4.75 12,700
6/27/00 4.94 4,200
6/28/00 4.94 5,300
6/29/00 5.00 20,200
6/30/00 5.06 45,300
7/3/00 5.06 9,800
7/5/00 5.19 3,700
7/6/00 5.19 11,700
7/7/00 5.19 8,800
7/10/00 5.19 1,700
7/11/00 5.06 1,500
7/12/00 5.06 1,700
7/13/00 5.19 3,100
7/14/00 5.19 800
7/17/00 5.13 5,900
7/18/00 5.19 2,100
7/19/00 5.25 4,000
7/20/00 5.13 8,300
7/21/00 5.13 6,600
7/24/00 5.13 500
7/25/00 5.38 19,000
7/26/00 5.13 8,800
7/27/00 4.94 17,800
7/28/00 4.88 1,000
7/31/00 4.88 6,100
8/1/00 4.88 2,500
8/2/00 4.81 2,700
8/3/00 4.75 2,400
8/4/00 4.69 30,600
8/7/00 4.69 600
8/8/00 4.69 800
8/9/00 4.69 3,500
8/10/00 4.69 2,000
8/11/00 4.69 1,000
8/14/00 4.69 500
8/15/00 4.69 600
8/16/00 4.69 1,100
8/17/00 4.63 2,500
8/18/00 4.69 1,500
8/21/00 4.50 9,000
8/22/00 4.50 5,300
8/23/00 4.50 500
8/24/00 4.50 6,100
8/25/00 4.50 1,600
8/28/00 4.56 100
8/29/00 4.50 2,400
8/30/00 4.50 9,000
8/31/00 4.38 6,900
9/1/00 4.38 6,200
9/5/00 4.31 5,400
9/6/00 4.19 11,500
9/7/00 4.25 2,500
9/8/00 4.25 15,900
9/11/00 4.25 5,400
9/12/00 4.31 3,900
9/13/00 4.38 1,000
9/14/00 4.44 1,900
9/15/00 4.31 1,200
9/18/00 4.25 5,900
9/19/00 4.13 14,500
9/20/00 4.13 3,100
9/21/00 4.13 3,600
9/22/00 4.00 6,900
9/25/00 3.75 22,900
9/26/00 4.00 11,300
9/27/00 3.81 6,700
9/28/00 4.00 2,000
9/29/00 3.94 1,100
10/2/00 3.94 2,100
10/3/00 3.81 6,400
10/4/00 3.81 1,600
10/5/00 3.69 8,300
10/6/00 3.75 1,500
10/9/00 3.75 3,600
10/10/00 3.56 17,700
10/11/00 3.50 25,500
10/12/00 3.44 14,900
10/13/00 3.38 12,000
10/16/00 3.44 1,900
10/17/00 3.25 9,900
10/18/00 3.13 6,600
10/19/00 3.19 9,200
10/20/00 3.00 45,900
10/23/00 3.00 13,800
10/24/00 3.00 58,400
10/25/00 2.94 318,200
10/26/00 3.00 1,500
10/27/00 3.00 8,700
10/30/00 3.13 500
10/31/00 3.00 3,300
11/1/00 3.00 100
11/2/00 3.13 6,000
11/3/00 3.19 2,500
11/6/00 3.00 7,000
11/7/00 3.13 10,800
11/8/00 3.06 6,700
11/9/00 3.31 6,200
11/10/00 3.25 7,100
11/13/00 3.13 5,400
11/14/00 3.13 1,700
11/15/00 3.06 22,300
11/16/00 3.00 15,800
11/17/00 3.13 15,000
11/20/00 3.63 15,200
11/21/00 3.56 10,900
11/22/00 3.50 22,800
11/24/00 3.38 4,700
11/27/00 3.06 22,000
11/28/00 3.13 12,100
11/29/00 3.13 5,400
11/30/00 3.19 15,900
12/1/00 3.06 14,300
12/4/00 2.94 14,800
12/5/00 3.00 85,000
12/6/00 2.88 6,300
12/7/00 3.00 6,600
12/8/00 3.25 38,800
12/11/00 3.38 15,900
12/12/00 3.00 33,900
12/13/00 3.00 3,900
12/14/00 3.00 23,600
12/15/00 3.13 4,100
12/18/00 3.19 29,300
12/19/00 3.19 9,800
12/20/00 3.13 12,300
12/21/00 3.06 8,500
12/22/00 3.06 19,700
12/26/00 3.13 58,200
12/27/00 3.25 22,900
12/28/00 3.06 17,500
12/29/00 3.06 68,600
1/2/01 3.06 3,400
1/3/01 3.13 21,600
1/4/01 3.19 1,800
1/5/01 3.25 9,400
1/8/01 3.25 3,400
1/9/01 3.25 11,600
1/10/01 3.44 15,600
1/11/01 3.44 1,100
1/12/01 3.44 7,500
1/16/01 3.50 8,900
1/17/01 3.38 14,100
1/18/01 3.25 18,000
1/19/01 3.63 27,900
1/22/01 3.69 8,800
1/23/01 3.75 7,000
1/24/01 3.75 200
1/25/01 3.81 5,100
1/26/01 4.06 4,900
1/29/01 4.35 18,500
1/30/01 4.74 37,300
1/31/01 4.76 9,500
2/1/01 4.68 1,800
2/2/01 4.75 2,900
2/5/01 4.75 3,600
2/6/01 4.52 11,400
2/7/01 4.50 4,200
2/8/01 4.65 8,100
2/9/01 4.50 5,200
2/12/01 4.30 10,000
2/13/01 4.10 4,400
2/14/01 4.10 400
2/15/01 4.05 2,700
2/16/01 3.68 24,400
2/20/01 3.70 4,200
2/21/01 3.67 500
2/22/01 3.64 3,000
2/23/01 3.70 100
2/26/01 3.70 2,600
2/27/01 3.70 2,400
2/28/01 3.70 600
3/1/01 3.75 8,100
3/2/01 3.70 3,400
3/5/01 3.70 200
3/6/01 3.79 1,600
3/7/01 3.80 2,000
3/8/01 3.78 1,000
3/9/01 3.83 0
3/12/01 3.80 1,700
3/13/01 3.90 4,300
3/14/01 3.90 1,300
3/15/01 3.90 6,000
3/16/01 3.85 1,400
3/19/01 3.85 200
3/20/01 3.85 100
3/21/01 3.85 200
3/22/01 3.75 4,000
3/23/01 3.75 2,300
3/26/01 3.70 3,500
3/27/01 3.74 2,000
3/28/01 3.90 4,600
3/29/01 3.80 1,400
3/30/01 4.00 6,200
4/2/01 3.90 1,600
4/3/01 4.00 14,600
4/4/01 4.00 2,700
4/5/01 3.85 1,700
4/6/01 3.98 7,000
4/9/01 4.00 25,500
4/10/01 4.10 48,200
4/11/01 4.03 300
4/12/01 3.94 1,600
4/16/01 4.02 800
4/17/01 3.91 500
4/18/01 3.90 9,200
4/19/01 3.90 3,100
4/20/01 3.85 7,500
4/23/01 4.00 53,500
4/24/01 3.90 25,700
4/25/01 3.95 1,100
4/26/01 3.90 2,800
4/27/01 4.00 12,500
4/30/01 3.90 1,300
5/1/01 4.00 51,300
5/2/01 3.99 9,300
5/3/01 3.99 300
5/4/01 4.00 116,900
5/7/01 3.95 1,200
5/8/01 3.90 1,600
5/9/01 3.95 2,100
5/10/01 3.98 2,000
5/11/01 3.90 13,200
5/14/01 3.85 500
5/15/01 3.85 600
5/16/01 3.82 100
5/17/01 3.86 1,400
5/18/01 3.92 18,500
5/21/01 3.84 9,800
5/22/01 4.00 15,000
5/23/01 4.00 76,800
5/24/01 4.00 4,100
5/25/01 4.11 4,800
5/29/01 4.15 6,900
5/30/01 4.50 19,800
5/31/01 5.20 38,000
6/1/01 5.31 13,800
6/4/01 5.30 4,600
6/5/01 5.17 10,900
6/6/01 4.86 12,100
6/7/01 5.00 82,800

---------------------------
37 JANNEY MONTGOMERY SCOTT
===========================

Relative Recent Stock Performance - Last Six Months
- --------------------------------------------------------------------------------

Daily from December 7, 2000 - June 7, 2001

[INDEXED PRICES LINE GRAPH]

DATE SDP S&P500 PEER GROUP

12/7/00 100.00 100.00 100.00
12/8/00 108.33 101.96 100.86
12/11/00 112.50 102.73 102.58
12/12/00 100.00 102.06 105.24
12/13/00 100.00 101.22 105.31
12/14/00 100.00 99.81 105.28
12/15/00 104.17 97.66 104.79
12/18/00 106.25 98.45 107.13
12/19/00 106.25 97.18 110.55
12/20/00 104.17 94.13 109.76
12/21/00 102.08 94.89 114.82
12/22/00 102.08 97.20 118.98
12/26/00 104.17 97.89 119.70
12/27/00 108.33 98.91 124.47
12/28/00 102.08 99.31 124.33
12/29/00 102.08 98.27 124.41
1/2/01 102.08 95.51 124.92
1/3/01 104.17 100.30 127.60
1/4/01 106.25 99.24 128.43
1/5/01 108.33 96.64 125.82
1/8/01 108.33 96.45 125.64
1/9/01 108.33 96.82 126.47
1/10/01 114.58 97.75 125.23
1/11/01 114.58 98.75 124.10
1/12/01 114.58 98.12 124.89
1/16/01 116.67 98.74 123.81
1/17/01 112.50 98.95 123.57
1/18/01 108.33 100.33 121.51
1/19/01 120.83 99.92 121.94
1/22/01 122.92 99.95 121.57
1/23/01 125.00 101.25 119.81
1/24/01 125.00 101.54 120.24
1/25/01 127.08 101.04 120.08
1/26/01 135.42 100.85 119.08
1/29/01 145.00 101.53 118.40
1/30/01 158.00 102.25 119.47
1/31/01 158.67 101.67 121.03
2/1/01 156.00 102.23 120.55
2/2/01 158.33 100.44 120.57
2/5/01 158.33 100.80 121.49
2/6/01 150.67 100.65 122.87
2/7/01 150.00 99.80 125.16
2/8/01 155.00 99.18 125.68
2/9/01 150.00 97.86 125.23
2/12/01 143.33 99.01 126.43
2/13/01 136.67 98.16 127.68
2/14/01 136.67 97.94 127.31
2/15/01 135.00 98.74 128.71
2/16/01 122.67 96.87 128.88
2/20/01 123.33 95.19 131.97
2/21/01 122.33 93.43 132.19
2/22/01 121.33 93.25 129.84
2/23/01 123.33 92.73 127.67
2/26/01 123.33 94.35 129.57
2/27/01 123.33 93.63 128.78
2/28/01 123.33 92.29 127.80
3/1/01 125.00 92.38 127.94
3/2/01 123.33 91.86 128.88
3/5/01 123.33 92.40 129.79
3/6/01 126.33 93.32 129.79
3/7/01 126.67 93.92 129.34
3/8/01 126.00 94.13 129.71
3/9/01 127.50 91.80 128.16
3/12/01 126.67 87.84 126.58
3/13/01 130.00 89.14 126.04
3/14/01 130.00 86.84 122.58
3/15/01 130.00 87.35 123.99
3/16/01 128.33 85.63 121.02
3/19/01 128.33 87.14 122.71
3/20/01 128.33 85.04 122.20
3/21/01 128.33 83.52 118.71
3/22/01 125.00 83.18 117.98
3/23/01 125.00 84.84 116.93
3/26/01 123.33 85.79 121.29
3/27/01 124.67 87.99 122.39
3/28/01 130.00 85.84 122.91
3/29/01 126.67 85.44 121.47
3/30/01 133.33 86.36 122.96
4/2/01 130.00 85.29 123.42
4/3/01 133.33 82.35 120.44
4/4/01 133.33 82.11 123.14
4/5/01 128.33 85.70 127.29
4/6/01 132.67 83.99 126.16
4/9/01 133.33 84.67 127.56
4/10/01 136.67 86.96 129.99
4/11/01 134.33 86.78 127.28
4/12/01 131.33 88.09 128.84
4/16/01 134.00 87.80 130.14
4/17/01 130.33 88.71 130.17
4/18/01 130.00 92.16 133.96
4/19/01 130.00 93.31 132.18
4/20/01 128.33 92.51 131.56
4/23/01 133.33 91.13 131.24
4/24/01 130.00 90.02 129.13
4/25/01 131.67 91.46 128.58
4/26/01 130.00 91.88 128.70
4/27/01 133.33 93.26 128.84
4/30/01 130.00 93.00 129.26
5/1/01 133.33 94.26 129.47
5/2/01 133.00 94.33 130.06
5/3/01 133.00 92.93 128.83
5/4/01 133.33 94.27 129.17
5/7/01 131.67 94.04 130.07
5/8/01 130.00 93.87 130.86
5/9/01 131.67 93.45 130.19
5/10/01 132.67 93.42 131.08
5/11/01 130.00 92.71 130.42
5/14/01 128.33 92.96 130.80
5/15/01 128.33 93.00 131.72
5/16/01 127.33 95.64 135.75
5/17/01 128.67 95.90 135.55
5/18/01 130.67 96.16 135.25
5/21/01 128.00 97.71 134.69
5/22/01 133.33 97.46 134.59
5/23/01 133.33 95.94 134.46
5/24/01 133.33 96.25 135.40
5/25/01 137.00 95.11 135.62
5/29/01 138.33 94.37 136.13
5/30/01 150.00 92.89 135.95
5/31/01 173.33 93.47 136.94
6/1/01 177.00 93.83 136.33
6/4/01 176.67 94.31 137.79
6/5/01 172.33 95.54 140.72
6/6/01 162.00 94.53 140.63
6/7/01 166.67 95.04 141.26

* Peer Group includes: AIT, B, GPC, HDL, IDG, SORC.
Indexed prices are market cap. weighted.

---------------------------
38 JANNEY MONTGOMERY SCOTT
===========================

- --------------------------------------------------------------------------------

STOCK PREMIUM ANALYSIS

---------------------------
JANNEY MONTGOMERY SCOTT
===========================

Stock Premium Analysis
- --------------------------------------------------------------------------------

- In order to compare Allied's offer price of $10.375 to
comparable transactions, purchase price premiums for
transactions with the following characteristics were analyzed:

- The target company was a publicly traded entity

- The transaction was completed within the last
six months

- The target company had a market capitalization
between $50 million and $200 million.

- 10 transactions were found, and the average purchase price
premium four weeks prior to announcement was approximately 38%.
The chart on the following page illustrates the number of
transactions that fell within various premium ranges.

- The proposed purchase price per share of $10.375 represents a
105% premium over SunSource's closing price of $5.05 on June
14th, and a 171% premium over SunSource's average closing price
over the past six months of $3.83.

---------------------------
40 JANNEY MONTGOMERY SCOTT
===========================

Stock Premium Analysis
Market Capitalization Between $50 -$200 Million
- --------------------------------------------------------------------------------

HISTOGRAM FOR PURCHASE PREMIUMS FOUR WEEKS PRIOR TO
ANNOUNCEMENT

[BAR CHART]

PURCHASE PREMIUM NUMBER OF ACQUISITIONS

<10% 2
10 to 25% 1
25 to 50% 4
50 to 75% 1
75 to 100% 1
>100% 1

-----------------------
41 JANNEY MONTGOMERY SCOTT
=======================
Stock Price Premium Analysis
- --------------------------------------------------------------------------------

SUNSOURCE, INC.
========================================================================================================================

M&A Premium Analysis for the last six months for Public Target Companies w/ a Market Cap between $50-200 million.
- ------------------------------------------------------------------------------------------------------------------------

TARGET
COMPLETION TARGET BUSINESS ACQUIROR TRANSACTION ENTERPRISE
DATE FULL NAME DESCRIPTION FULL NAME VALUE (mm) VALUE (mm)
- ------------------------------------------------------------------------------------------------------------------------

31 May 2001 Hallwood Energy Corp. Explores, acquires Pure Resources, Inc. $ 221.0 $ 221.0
and develops oil
and gas properties.

31 May 2001 E.W. Blanch Provides integrated Benfield Greig Group Plc 224.3 224.3
Holdings, Inc. risk management
and distribution
services.

21 May 2001 USA Detergents, Inc. Manufactures laundry Church & Dwight Co., Inc. 127.3 142.5
and household
cleaning products

18 May 2001 InterContinental Administers existing Financial Industries Corp. 78.5 151.0
Life Corp. portfolios of
individual and group
life and health
insurance, credit
life, and disability
and annuity products.

11 May 2001 Barringer Develops analytical Smiths Group Plc 87.0 87.0
Technologies, Inc. instruments.

10 May 2001 ASI Solutions Inc. Provides human Aon Corp. 107.0 107.0
resources outsourcing.

01 May 2001 Sequoia Software XML-based Internet Citrix Systems, Inc. 173.6 173.6
Corp. infrastructure
software for creating
interactive e-business
portals.

30 Apr 2001 Kenan Transport Co. Provides transportation Advantage Management 87.5 87.5
services. Group, Inc.

20 Apr 2001 Allergan Specialty Researches, develops Allergan, Inc. 71.0 71.0
Therapeutics, Inc. human pharmaceuticals
products.

16 Feb 2001 Robinson Nugent, Inc. Designs, manufactures, 3M 121.5 121.5
and markets electronic
connectors, integrated
circuit sockets, and
cable assembles.

TARGET PRICE PRIOR
TO ANNOUNCEMENT
TARGET -----------------------------
COMPLETION TARGET BUSINESS ACQUIROR
DATE FULL NAME DESCRIPTION FULL NAME 1 MONTH 1 WEEK 1 DAY
- --------------------------------------------------------------------------------------------------------------------------

31 May 2001 Hallwood Energy Corp. Explores, acquires Pure Resources, Inc. $ 9.34 $ 9.50 $ 9.03
and develops oil
and gas properties.

31 May 2001 E.W. Blanch Provides integrated Benfield Greig Group Plc 9.40 7.26 7.75
Holdings, Inc. risk management
and distribution
services.

21 May 2001 USA Detergents, Inc. Manufactures laundry Church & Dwight Co., Inc. 4.47 4.81 5.81
and household
cleaning products

18 May 2001 InterContinental Administers existing Financial Industries Corp. 9.25 9.88 10.75
Life Corp. portfolios of
individual and group
life and health
insurance, credit
life, and disability
and annuity products.

11 May 2001 Barringer Develops analytical Smiths Group Plc 9.94 9.47 10.00
Technologies, Inc. instruments.

10 May 2001 ASI Solutions Inc. Provides human Aon Corp. 18.00 11.50 11.50
resources outsourcing.

01 May 2001 Sequoia Software XML-based Internet Citrix Systems, Inc. 3.09 3.47 5.00
Corp. infrastructure
software for creating
interactive e-business
portals.

30 Apr 2001 Kenan Transport Co. Provides transportation Advantage Management 25.00 24.13 26.50
services. Group, Inc.

20 Apr 2001 Allergan Specialty Researches, develops Allergan, Inc. 20.50 21.28 22.00
Therapeutics, Inc. human pharmaceuticals
products.

16 Feb 2001 Robinson Nugent, Inc. Designs, manufactures, 3M 16.81 15.69 16.63
and markets electronic
connectors, integrated
circuit sockets, and
cable assembles.

PREMIUM (%) PRICE
TO ANNOUNCEMENT
TARGET -----------------------------
COMPLETION TARGET BUSINESS ACQUIROR
DATE FULL NAME DESCRIPTION FULL NAME 1 DAY 1 WEEK 1 MONTH
- -----------------------------------------------------------------------------------------------------------------------

31 May 2001 Hallwood Energy Corp. Explores, acquires Pure Resources, Inc. 38.4 31.6 33.8
and develops oil
and gas properties.

31 May 2001 E.W. Blanch Provides integrated Benfield Greig Group Plc 74.2 86.0 43.6
Holdings, Inc. risk management
and distribution
services.

21 May 2001 USA Detergents, Inc. Manufactures laundry Church & Dwight Co., Inc. 20.4 45.5 56.6
and household
cleaning products

18 May 2001 InterContinental Administers existing Financial Industries Corp. 72.9 88.3 101.0
Life Corp. portfolios of
individual and group
life and health
insurance, credit
life, and disability
and annuity products.

11 May 2001 Barringer Develops analytical Smiths Group Plc 10.5 16.7 11.2
Technologies, Inc. instruments.

10 May 2001 ASI Solutions Inc. Provides human Aon Corp. 25.4 25.4 -19.9
resources outsourcing.

01 May 2001 Sequoia Software XML-based Internet Citrix Systems, Inc. 12.8 62.6 82.3
Corp. infrastructure
software for creating
interactive e-business
portals.

30 Apr 2001 Kenan Transport Co. Provides transportation Advantage Management 32.1 45.1 40.0
services. Group, Inc.

20 Apr 2001 Allergan Specialty Researches, develops Allergan, Inc. -1.4 2.0 5.9
Therapeutics, Inc. human pharmaceuticals
products.

16 Feb 2001 Robinson Nugent, Inc. Designs, manufactures, 3M 31.1 39.0 29.7
and markets electronic
connectors, integrated
circuit sockets, and
cable assembles.

---------------------------------------------------------------------------------

AVERAGE 129.9 138.6 12.58 11.70 12.50 31.6 44.2 38.4
MEDIAN 114.3 132.0 9.67 9.69 10.38 28.3 42.0 36.9
LOW 71.0 71.0 3.09 3.47 5.00 (1.4) 2.0 (19.9)
HIGH 224.3 224.3 24.13 24.13 26.50 74.2 88.3 101.0
---------------------------------------------------------------------------------

--------------------------
42 JANNEY MONTGOMERY SCOTT
==========================

- --------------------------------------------------------------------------------
OVERVIEW OF ALLIED CAPITAL CORPORATION

-----------------------
JANNEY MONTGOMERY SCOTT
=======================

Allied Capital Corporation Overview
- --------------------------------------------------------------------------------

- - Allied Capital Corporation ("Allied") is a Washington D.C. based company
that was founded in 1958 and has been public since 1960 (NYSE: ALD.) Its
market capitalization is approximately $2.2 billion; the stock currently
trades at approximately $24, representing P/E ratios of approximately
11.5 times LTM net income, 10.8 times the average 2001 analyst estimate
of $2.23 per share, and 9.6 times the average 2002 analyst estimate of
$2.51 per share.

- - Allied is a business development company that provides private
investment capital to private and public companies in a variety of
industries throughout the U.S. Investment activity is focused in two
areas: private finance and commercial real estate finance.

- - Over 70% of Allied's investments are in the private finance sector, and
are generally used to fund growth, buyouts, acquisitions,
recapitalizations, and bridge financings. Allied's investments typically
range in size from $5 million to $30 million, and are generally
structured as unsecured, subordinated loans with equity features such as
warrants or options. Allied also maintains a small portfolio of
commercial real estate loans.

- - Allied experienced strong growth in 2000 driven by strong originations,
but during the first quarter of 2001, buyout and private finance
activity across the industry slowed largely due to credit tightening
among senior lenders.

-----------------------
44 JANNEY MONTGOMERY SCOTT
=======================

ALD - Analysts' Opinions and Earnings Estimates
- --------------------------------------------------------------------------------

2001 2002
ORGANIZATION OPINION ESTIMATE ESTIMATE
- --------------------------------------------------------------------

Merrill Lynch Strong Buy $ 2.27 $ 2.50
BB&T Capital Markets Strong Buy 2.25 2.59
U.S. Bancorp Piper Jaffray Strong Buy 2.25 2.58
Wells Fargo Van Kasper Strong Buy 2.23 --
First Union Securities Strong Buy 2.20 --
Hilliard Lyons Strong Buy 2.20 --
Jolson Merchant Partners Strong Buy 2.20 2.50

Banc of America Securities Buy 2.32 2.70
Friedman, Billings, Ramsey & Co. Buy 2.25 2.50
William Blair & Company Buy 2.25 --
Ferris, Baker Watts & Co. Buy 2.19 2.44

A.G. Edwards & Sons Hold 2.20 2.35
Davenport & Company Hold 2.20 2.50
Robertson Stephens Hold 2.17 2.40
------- ------

Average $ 2.23 $ 2.51

-----------------------
45 JANNEY MONTGOMERY SCOTT
=======================

ALD - Stock Performance
- --------------------------------------------------------------------------------

[3 YEAR STOCK PRICE LINE GRAPH]

[3 YEAR VOLUME LINE GRAPH]

DATE PRICE VOLUME

5/28/98 24.25 193,300
5/29/98 24.25 174,600
6/1/98 24.50 190,100
6/2/98 25.00 64,900
6/3/98 25.13 86,600
6/4/98 26.00 148,200
6/5/98 25.88 98,600
6/8/98 25.38 225,400
6/9/98 24.94 89,300
6/10/98 24.63 62,100
6/11/98 25.00 95,900
6/12/98 24.25 115,300
6/15/98 22.88 241,300
6/16/98 22.13 403,900
6/17/98 22.63 331,000
6/18/98 21.75 438,000
6/19/98 23.50 993,700
6/22/98 23.94 346,300
6/23/98 23.88 319,500
6/24/98 24.50 136,100
6/25/98 24.25 149,200
6/26/98 23.75 217,800
6/29/98 25.13 214,600
6/30/98 24.50 147,100
7/1/98 24.56 138,200
7/2/98 24.50 45,500
7/6/98 24.06 126,000
7/7/98 23.75 63,700
7/8/98 24.50 198,100
7/9/98 24.81 202,600
7/10/98 22.94 611,500
7/13/98 23.25 176,800
7/14/98 23.75 239,800
7/15/98 22.88 203,000
7/16/98 24.25 178,100
7/17/98 23.94 82,100
7/20/98 23.63 71,300
7/21/98 22.75 115,500
7/22/98 22.94 109,400
7/23/98 21.63 392,700
7/24/98 21.25 144,100
7/27/98 20.69 204,000
7/28/98 19.88 378,800
7/29/98 20.38 672,600
7/30/98 21.38 178,600
7/31/98 21.63 142,400
8/3/98 22.13 224,500
8/4/98 21.25 195,700
8/5/98 21.38 270,300
8/6/98 20.94 53,600
8/7/98 21.25 90,100
8/10/98 21.06 79,500
8/11/98 19.88 153,800
8/12/98 20.00 250,600
8/13/98 20.13 77,400
8/14/98 19.88 86,400
8/17/98 19.63 145,000
8/18/98 20.31 190,900
8/19/98 19.75 90,300
8/20/98 19.75 151,200
8/21/98 18.69 189,700
8/24/98 19.00 286,400
8/25/98 18.63 272,100
8/26/98 16.94 562,200
8/27/98 16.00 661,800
8/28/98 16.81 522,400
8/31/98 16.00 326,700
9/1/98 17.06 517,300
9/2/98 17.88 318,100
9/3/98 17.19 153,600
9/4/98 17.25 194,500
9/8/98 17.88 322,400
9/9/98 17.00 281,200
9/10/98 16.38 304,100
9/11/98 16.06 250,100
9/14/98 16.13 267,000
9/15/98 16.06 340,600
9/16/98 15.50 302,100
9/17/98 15.88 218,600
9/18/98 15.63 330,400
9/21/98 15.25 155,700
9/22/98 15.19 392,100
9/23/98 15.19 352,000
9/24/98 15.19 313,100
9/25/98 14.94 413,600
9/28/98 15.94 518,500
9/29/98 18.00 324,900
9/30/98 17.75 147,400
10/1/98 17.63 227,700
10/2/98 17.13 172,800
10/5/98 15.63 406,600
10/6/98 14.63 432,300
10/7/98 12.88 1,241,500
10/8/98 12.50 811,100
10/9/98 15.13 609,400
10/12/98 14.75 404,700
10/13/98 14.75 170,000
10/14/98 15.50 212,000
10/15/98 15.38 233,500
10/16/98 16.44 294,200
10/19/98 16.63 163,700
10/20/98 16.75 226,800
10/21/98 17.38 158,800
10/22/98 17.38 135,700
10/23/98 17.19 120,900
10/26/98 17.88 159,300
10/27/98 16.88 228,100
10/28/98 17.19 127,500
10/29/98 17.88 220,300
10/30/98 18.75 319,500
11/2/98 18.88 170,400
11/3/98 18.88 83,800
11/4/98 18.88 126,800
11/5/98 18.44 118,300
11/6/98 18.00 75,900
11/9/98 18.00 92,500
11/10/98 17.88 131,000
11/11/98 17.25 146,600
11/12/98 17.25 124,000
11/13/98 16.75 168,400
11/16/98 16.94 251,600
11/17/98 16.94 210,800
11/18/98 17.06 219,200
11/19/98 17.44 1,039,700
11/20/98 17.00 745,700
11/23/98 17.00 446,000
11/24/98 17.06 334,200
11/25/98 17.56 175,900
11/27/98 17.75 60,300
11/30/98 18.00 547,200
12/1/98 18.00 98,600
12/2/98 17.94 152,200
12/3/98 18.00 181,800
12/4/98 17.94 204,700
12/7/98 17.94 252,100
12/8/98 17.88 153,400
12/9/98 17.44 273,100
12/10/98 17.19 111,800
12/11/98 17.69 164,700
12/14/98 17.13 214,900
12/15/98 17.13 293,800
12/16/98 17.06 268,100
12/17/98 17.38 239,200
12/18/98 17.56 164,400
12/21/98 16.88 204,800
12/22/98 17.19 234,500
12/23/98 17.13 132,800
12/24/98 17.00 110,500
12/28/98 17.13 136,400
12/29/98 17.19 126,300
12/30/98 17.25 141,800
12/31/98 17.31 67,100
1/4/99 18.25 197,200
1/5/99 18.00 158,800
1/6/99 18.00 251,600
1/7/99 17.88 118,700
1/8/99 18.06 148,300
1/11/99 18.00 150,000
1/12/99 18.00 227,000
1/13/99 17.69 243,300
1/14/99 17.63 93,400
1/15/99 17.53 111,500
1/19/99 17.75 224,900
1/20/99 17.94 437,100
1/21/99 17.94 278,500
1/22/99 18.00 99,600
1/25/99 17.94 144,400
1/26/99 18.00 261,900
1/27/99 18.00 189,600
1/28/99 17.94 229,400
1/29/99 18.00 105,200
2/1/99 17.25 135,100
2/2/99 17.75 280,700
2/3/99 17.75 100,200
2/4/99 17.13 204,700
2/5/99 17.06 84,900
2/8/99 17.00 80,000
2/9/99 16.88 79,100
2/10/99 16.88 87,300
2/11/99 16.94 131,100
2/12/99 17.00 53,600
2/16/99 17.13 132,500
2/17/99 17.00 57,900
2/18/99 16.94 177,900
2/19/99 17.00 136,400
2/22/99 16.81 357,900
2/23/99 16.75 268,300
2/24/99 17.00 326,200
2/25/99 17.03 551,100
2/26/99 17.63 564,600
3/1/99 19.06 506,500
3/2/99 19.31 278,700
3/3/99 19.56 160,800
3/4/99 20.00 196,500
3/5/99 19.69 175,700
3/8/99 19.56 144,500
3/9/99 19.13 202,400
3/10/99 19.00 130,100
3/11/99 19.25 472,000
3/12/99 18.97 200,100
3/15/99 18.75 159,300
3/16/99 18.00 1,122,100
3/17/99 17.94 356,400
3/18/99 17.94 273,000
3/19/99 18.00 166,300
3/22/99 17.88 246,300
3/23/99 17.56 323,800
3/24/99 17.88 179,900
3/25/99 18.75 437,400
3/26/99 18.56 148,500
3/29/99 18.50 331,000
3/30/99 18.06 93,100
3/31/99 18.38 85,900
4/1/99 18.69 292,600
4/5/99 18.50 88,200
4/6/99 18.25 118,100
4/7/99 17.63 155,300
4/8/99 17.20 190,500
4/9/99 17.03 181,900
4/12/99 17.31 137,200
4/13/99 17.25 270,600
4/14/99 17.06 298,400
4/15/99 17.13 195,400
4/16/99 18.06 173,700
4/19/99 18.13 216,200
4/20/99 18.00 150,000
4/21/99 18.00 104,000
4/22/99 18.00 103,600
4/23/99 18.06 56,600
4/26/99 18.13 108,700
4/27/99 18.38 414,200
4/28/99 18.19 305,700
4/29/99 17.94 146,700
4/30/99 18.00 138,300
5/3/99 17.88 112,800
5/4/99 18.00 130,900
5/5/99 17.69 113,600
5/6/99 17.44 249,000
5/7/99 17.56 207,000
5/10/99 17.44 308,800
5/11/99 18.69 750,300
5/12/99 19.25 431,300
5/13/99 19.00 196,800
5/14/99 18.88 257,600
5/17/99 18.94 167,400
5/18/99 18.91 132,000
5/19/99 18.75 174,800
5/20/99 18.94 182,300
5/21/99 19.13 173,300
5/24/99 18.75 159,600
5/25/99 18.63 167,000
5/26/99 18.75 605,000
5/27/99 18.50 58,700
5/28/99 18.63 117,800
6/1/99 18.75 41,300
6/2/99 18.25 91,600
6/3/99 18.81 94,400
6/4/99 18.94 45,900
6/7/99 19.00 69,600
6/8/99 18.94 99,200
6/9/99 19.19 100,700
6/10/99 19.06 59,700
6/11/99 18.81 78,900
6/14/99 19.25 242,900
6/15/99 19.56 131,400
6/16/99 19.38 129,600
6/17/99 19.50 125,800
6/18/99 20.38 331,000
6/21/99 20.69 198,600
6/22/99 20.88 283,300
6/23/99 21.50 292,800
6/24/99 20.75 139,800
6/25/99 20.63 122,500
6/28/99 20.13 170,000
6/29/99 21.38 331,100
6/30/99 24.00 1,037,500
7/1/99 23.00 707,700
7/2/99 22.50 231,300
7/6/99 23.00 500,400
7/7/99 22.75 335,600
7/8/99 22.19 304,400
7/9/99 22.25 252,000
7/12/99 22.38 219,100
7/13/99 21.56 457,100
7/14/99 22.00 307,100
7/15/99 22.56 192,100
7/16/99 22.50 293,500
7/19/99 22.00 134,100
7/20/99 22.00 137,900
7/21/99 22.00 139,700
7/22/99 22.00 125,900
7/23/99 21.94 103,700
7/26/99 21.38 131,900
7/27/99 22.50 203,700
7/28/99 22.19 114,600
7/29/99 23.19 289,000
7/30/99 22.50 169,600
8/2/99 22.50 134,700
8/3/99 22.06 147,700
8/4/99 21.50 119,000
8/5/99 21.13 198,800
8/6/99 20.63 116,000
8/9/99 21.13 182,600
8/10/99 21.63 245,900
8/11/99 22.06 314,800
8/12/99 22.88 354,000
8/13/99 23.25 275,600
8/16/99 23.19 358,300
8/17/99 22.88 298,800
8/18/99 21.75 321,800
8/19/99 21.38 172,500
8/20/99 21.88 172,300
8/23/99 22.56 146,700
8/24/99 22.56 111,700
8/25/99 22.38 134,200
8/26/99 22.25 72,400
8/27/99 22.00 84,500
8/30/99 22.13 264,400
8/31/99 22.59 122,900
9/1/99 22.56 198,100
9/2/99 22.13 159,600
9/3/99 22.06 131,700
9/7/99 22.19 120,400
9/8/99 22.06 214,200
9/9/99 21.59 141,400
9/10/99 21.63 172,300
9/13/99 21.88 174,000
9/14/99 20.88 138,200
9/15/99 20.50 210,300
9/16/99 20.50 226,000
9/17/99 20.94 93,800
9/20/99 21.44 170,900
9/21/99 21.19 166,900
9/22/99 21.75 98,500
9/23/99 20.88 119,300
9/24/99 21.19 90,400
9/27/99 22.13 223,500
9/28/99 21.13 286,900
9/29/99 21.81 87,400
9/30/99 22.44 228,200
10/1/99 22.50 255,700
10/4/99 22.00 166,900
10/5/99 21.75 159,000
10/6/99 23.00 317,100
10/7/99 22.00 244,900
10/8/99 21.88 106,400
10/11/99 21.69 84,100
10/12/99 21.08 100,400
10/13/99 20.81 218,000
10/14/99 20.25 188,500
10/15/99 20.25 384,500
10/18/99 20.25 253,800
10/19/99 20.50 424,900
10/20/99 20.38 306,700
10/21/99 20.00 236,700
10/22/99 19.88 409,100
10/25/99 19.50 428,600
10/26/99 19.50 438,000
10/27/99 19.56 395,500
10/28/99 20.63 386,400
10/29/99 20.06 206,300
11/1/99 19.94 237,300
11/2/99 20.94 219,200
11/3/99 21.25 334,600
11/4/99 20.88 628,100
11/5/99 20.81 388,500
11/8/99 20.38 294,000
11/9/99 20.69 198,500
11/10/99 20.69 148,800
11/11/99 20.81 202,200
11/12/99 20.88 118,400
11/15/99 20.88 157,100
11/16/99 21.00 193,500
11/17/99 20.94 233,700
11/18/99 20.69 142,200
11/19/99 20.50 159,800
11/22/99 20.38 113,100
11/23/99 19.94 146,600
11/24/99 20.19 147,500
11/26/99 19.94 26,200
11/29/99 20.13 152,100
11/30/99 20.25 218,000
12/1/99 20.16 208,800
12/2/99 20.06 157,500
12/3/99 20.13 136,700
12/6/99 19.44 198,000
12/7/99 19.75 148,800
12/8/99 19.69 974,500
12/9/99 19.25 548,900
12/10/99 19.50 560,600
12/13/99 18.81 338,800
12/14/99 18.25 404,900
12/15/99 18.25 557,000
12/16/99 17.38 390,100
12/17/99 18.13 558,400
12/20/99 17.44 262,500
12/21/99 18.56 289,700
12/22/99 17.75 517,200
12/23/99 17.63 433,700
12/27/99 17.44 294,200
12/28/99 17.13 345,800
12/29/99 18.00 325,400
12/30/99 17.75 347,900
12/31/99 18.31 281,900
1/3/00 17.63 450,600
1/4/00 16.75 346,200
1/5/00 16.75 693,800
1/6/00 16.75 367,300
1/7/00 16.44 841,000
1/10/00 16.69 617,200
1/11/00 16.06 598,100
1/12/00 16.38 532,800
1/13/00 17.63 866,900
1/14/00 17.13 518,000
1/18/00 17.75 604,300
1/19/00 17.44 381,800
1/20/00 17.13 495,800
1/21/00 17.13 291,000
1/24/00 16.94 254,800
1/25/00 17.06 217,200
1/26/00 17.31 363,100
1/27/00 17.69 435,400
1/28/00 17.88 329,700
1/31/00 18.50 425,700
2/1/00 18.94 498,500
2/2/00 18.63 216,000
2/3/00 19.31 520,700
2/4/00 19.63 519,000
2/7/00 19.56 423,000
2/8/00 19.69 445,400
2/9/00 18.81 590,900
2/10/00 18.13 357,500
2/11/00 17.69 601,000
2/14/00 17.56 482,600
2/15/00 17.88 376,000
2/16/00 18.50 328,200
2/17/00 18.41 504,600
2/18/00 18.19 268,200
2/22/00 18.44 357,200
2/23/00 18.13 227,100
2/24/00 17.88 232,900
2/25/00 17.88 302,400
2/28/00 17.75 311,300
2/29/00 17.38 456,900
3/1/00 17.94 257,700
3/2/00 17.50 224,700
3/3/00 17.63 263,200
3/6/00 17.25 408,300
3/7/00 16.81 523,800
3/8/00 16.69 1,315,800
3/9/00 17.06 495,400
3/10/00 16.81 421,300
3/13/00 16.56 309,400
3/14/00 16.75 508,000
3/15/00 16.81 272,700
3/16/00 17.94 647,700
3/17/00 17.94 356,200
3/20/00 17.06 197,600
3/21/00 17.56 263,800
3/22/00 17.94 239,700
3/23/00 18.06 267,800
3/24/00 17.88 327,200
3/27/00 17.38 153,200
3/28/00 17.63 241,400
3/29/00 17.19 393,700
3/30/00 17.00 277,700
3/31/00 17.44 314,500
4/3/00 17.69 791,100
4/4/00 17.94 535,500
4/5/00 17.56 544,800
4/6/00 17.63 247,500
4/7/00 17.56 221,500
4/10/00 17.19 344,300
4/11/00 17.44 339,600
4/12/00 17.38 412,400
4/13/00 17.56 381,100
4/14/00 16.56 425,700
4/17/00 17.00 390,100
4/18/00 17.56 382,300
4/19/00 17.13 256,000
4/20/00 17.44 298,900
4/24/00 17.06 213,900
4/25/00 17.50 342,100
4/26/00 17.81 424,200
4/27/00 18.13 482,600
4/28/00 18.69 209,700
5/1/00 18.56 451,300
5/2/00 18.50 306,500
5/3/00 18.06 345,600
5/4/00 17.50 423,500
5/5/00 18.50 219,700
5/8/00 18.31 251,800
5/9/00 17.50 412,700
5/10/00 17.31 616,500
5/11/00 17.50 400,900
5/12/00 17.63 305,300
5/15/00 17.81 373,300
5/16/00 17.81 334,000
5/17/00 17.50 455,800
5/18/00 17.50 426,100
5/19/00 17.31 379,600
5/22/00 17.38 559,700
5/23/00 17.19 357,200
5/24/00 17.31 426,700
5/25/00 17.00 432,700
5/26/00 16.81 401,400
5/30/00 17.00 562,000
5/31/00 17.06 337,700
6/1/00 17.56 300,100
6/2/00 17.63 673,400
6/5/00 17.19 914,700
6/6/00 17.25 574,400
6/7/00 17.06 855,600
6/8/00 17.06 1,393,100
6/9/00 17.00 509,800
6/12/00 17.25 451,400
6/13/00 17.56 640,800
6/14/00 17.44 569,800
6/15/00 17.19 452,300
6/16/00 17.31 574,000
6/19/00 17.31 396,700
6/20/00 17.13 390,000
6/21/00 17.13 304,800
6/22/00 17.00 345,400
6/23/00 17.13 290,400
6/26/00 17.00 249,500
6/27/00 17.25 331,600
6/28/00 17.25 344,500
6/29/00 17.13 370,700
6/30/00 17.00 533,900
7/3/00 17.75 424,900
7/5/00 17.44 235,700
7/6/00 17.75 244,100
7/7/00 17.63 383,900
7/10/00 17.56 341,300
7/11/00 17.56 371,300
7/12/00 17.69 231,500
7/13/00 17.69 265,400
7/14/00 17.56 208,900
7/17/00 17.56 261,500
7/18/00 17.63 326,200
7/19/00 17.56 267,600
7/20/00 17.63 239,100
7/21/00 17.63 249,000
7/24/00 17.69 248,900
7/25/00 18.00 385,700
7/26/00 18.06 342,400
7/27/00 18.00 323,600
7/28/00 18.19 494,400
7/31/00 18.94 622,600
8/1/00 19.00 432,200
8/2/00 19.19 416,200
8/3/00 19.63 468,700
8/4/00 19.63 482,700
8/7/00 19.69 198,600
8/8/00 19.88 223,500
8/9/00 19.63 454,400
8/10/00 19.75 256,300
8/11/00 20.00 337,300
8/14/00 20.06 253,100
8/15/00 19.94 381,700
8/16/00 20.00 188,600
8/17/00 19.81 315,500
8/18/00 19.50 252,300
8/21/00 20.06 258,000
8/22/00 20.13 473,500
8/23/00 20.06 174,600
8/24/00 20.00 268,000
8/25/00 20.00 264,600
8/28/00 20.13 219,400
8/29/00 19.94 250,500
8/30/00 20.06 235,300
8/31/00 20.25 225,700
9/1/00 20.06 252,100
9/5/00 20.00 238,100
9/6/00 20.25 226,900
9/7/00 20.25 229,200
9/8/00 20.38 183,800
9/11/00 20.38 256,100
9/12/00 21.13 381,600
9/13/00 21.00 651,400
9/14/00 20.69 299,800
9/15/00 20.50 316,200
9/18/00 19.69 380,800
9/19/00 20.38 259,900
9/20/00 19.25 529,100
9/21/00 19.75 2,717,500
9/22/00 20.13 766,000
9/25/00 20.19 769,900
9/26/00 20.06 596,900
9/27/00 20.44 743,000
9/28/00 20.75 594,300
9/29/00 20.75 396,700
10/2/00 20.69 440,600
10/3/00 18.50 1,449,600
10/4/00 19.00 933,200
10/5/00 19.56 958,000
10/6/00 19.69 1,068,200
10/9/00 19.88 794,500
10/10/00 19.56 694,100
10/11/00 19.75 312,900
10/12/00 18.81 550,400
10/13/00 19.44 256,200
10/16/00 19.50 315,400
10/17/00 19.38 530,000
10/18/00 19.06 341,300
10/19/00 19.31 247,300
10/20/00 19.50 217,600
10/23/00 18.94 198,300
10/24/00 19.13 457,700
10/25/00 19.31 226,700
10/26/00 19.31 340,500
10/27/00 19.88 401,400
10/30/00 20.38 250,000
10/31/00 20.63 395,200
11/1/00 20.63 275,000
11/2/00 20.56 310,800
11/3/00 20.63 175,800
11/6/00 20.88 266,700
11/7/00 20.13 458,200
11/8/00 20.00 719,800
11/9/00 20.00 388,600
11/10/00 19.56 186,200
11/13/00 19.81 215,700
11/14/00 20.27 299,800
11/15/00 20.31 259,000
11/16/00 20.13 259,900
11/17/00 20.13 288,100
11/20/00 20.19 484,900
11/21/00 20.38 376,100
11/22/00 20.38 266,800
11/24/00 20.31 118,700
11/27/00 20.38 361,600
11/28/00 20.13 195,400
11/29/00 20.13 231,900
11/30/00 20.44 370,300
12/1/00 20.69 388,400
12/4/00 19.81 546,200
12/5/00 20.56 569,500
12/6/00 20.31 258,100
12/7/00 20.38 182,500
12/8/00 21.00 474,400
12/11/00 21.38 480,700
12/12/00 20.94 254,100
12/13/00 20.31 301,500
12/14/00 20.38 200,600
12/15/00 20.56 293,800
12/18/00 20.88 243,000
12/19/00 20.38 261,400
12/20/00 20.00 410,200
12/21/00 20.50 386,000
12/22/00 20.94 259,300
12/26/00 20.94 301,000
12/27/00 21.00 219,100
12/28/00 21.06 417,900
12/29/00 20.88 345,000
1/2/01 20.69 342,800
1/3/01 21.13 954,600
1/4/01 21.19 458,900
1/5/01 21.06 506,400
1/8/01 21.13 294,100
1/9/01 21.31 349,500
1/10/01 22.00 612,200
1/11/01 22.50 471,100
1/12/01 22.25 800,200
1/16/01 22.63 365,000
1/17/01 22.13 322,300
1/18/01 22.06 502,600
1/19/01 22.13 370,100
1/22/01 22.88 534,800
1/23/01 23.00 379,600
1/24/01 23.00 393,100
1/25/01 22.88 465,200
1/26/01 23.00 357,800
1/29/01 23.00 465,600
1/30/01 23.00 413,400
1/31/01 23.06 652,900
2/1/01 23.38 589,700
2/2/01 23.75 321,300
2/5/01 24.00 425,300
2/6/01 24.25 616,300
2/7/01 24.25 590,500
2/8/01 24.25 301,400
2/9/01 24.13 507,900
2/12/01 24.06 392,300
2/13/01 24.19 608,700
2/14/01 23.50 1,057,000
2/15/01 23.63 640,400
2/16/01 23.75 312,400
2/20/01 23.94 435,600
2/21/01 23.69 480,200
2/22/01 23.56 484,100
2/23/01 23.50 512,400
2/26/01 23.75 280,900
2/27/01 24.06 692,000
2/28/01 23.88 446,500
3/1/01 24.00 224,600
3/2/01 24.13 398,100
3/5/01 24.31 225,100
3/6/01 24.63 231,600
3/7/01 24.94 301,800
3/8/01 24.94 347,800
3/9/01 24.81 277,000
3/12/01 23.94 223,500
3/13/01 24.38 311,300
3/14/01 23.38 469,500
3/15/01 23.38 478,100
3/16/01 22.50 445,900
3/19/01 22.88 476,900
3/20/01 22.13 307,500
3/21/01 21.94 546,000
3/22/01 21.19 760,200
3/23/01 22.19 424,400
3/26/01 22.94 237,200
3/27/01 23.13 371,100
3/28/01 22.69 223,700
3/29/01 22.75 453,100
3/30/01 20.13 2,184,900
4/2/01 20.63 1,024,900
4/3/01 21.06 899,600
4/4/01 20.75 1,276,400
4/5/01 21.88 978,500
4/6/01 20.94 595,000
4/9/01 21.60 320,000
4/10/01 21.58 429,200
4/11/01 19.57 1,878,300
4/12/01 20.25 887,500
4/16/01 19.90 723,800
4/17/01 19.88 611,600
4/18/01 19.90 1,240,500
4/19/01 20.04 814,800
4/20/01 20.45 861,800
4/23/01 20.49 726,100
4/24/01 22.03 1,906,300
4/25/01 22.95 1,131,800
4/26/01 23.61 1,008,600
4/27/01 23.75 410,000
4/30/01 23.27 431,000
5/1/01 23.14 562,000
5/2/01 22.78 580,000
5/3/01 21.93 2,875,700
5/4/01 22.43 826,800
5/7/01 22.27 454,500
5/8/01 22.78 612,300
5/9/01 22.50 600,200
5/10/01 22.55 341,500
5/11/01 22.81 472,700
5/14/01 23.20 594,900
5/15/01 23.47 505,100
5/16/01 23.98 692,400
5/17/01 24.16 514,800
5/18/01 23.58 806,600
5/21/01 24.93 893,900
5/22/01 24.89 671,900
5/23/01 24.62 663,300
5/24/01 24.67 444,700
5/25/01 24.61 380,900
5/29/01 24.82 282,600
5/30/01 24.85 401,900
5/31/01 24.66 433,700
6/1/01 24.87 366,900
6/4/01 25.07 551,700
6/5/01 25.40 877,400
6/6/01 25.35 648,400
6/7/01 25.05 330,600

-------------------------
46 JANNEY MONTGOMERY SCOTT
=========================

ALD - Comparable Group Summary Data
- --------------------------------------------------------------------------------

MARKET LTM LTM LTM LTM CY2001(P) CY2002(P)
CAP REVENUE EBITDA EBIT NET INCOME EPS EPS
----------- ----------- ----------- ----------- ----------- ----------- -----------

ALLIED CAPITAL CP $ 2,193,408 $ 232,763 $ 130,852 $ 129,872 $ 165,548 $ 2.23 $ 2.51

Am Cap Strategies Ltd 741,691 72,682 57,578 56,233 51,276 2.28 2.61
Amresco Inc 12,703 145,847 (97,010) (113,537) (198,091) N/A N/A
Cit Group Inc 10,224,414 4,345,900 2,445,800 1,010,500 627,800 2.52 2.83
Heller Financial Inc 1,612,402 1,030,000 466,000 416,000 254,000 3.06 3.51

ENTERPRISE VALUE / EQUITY VALUE /
STOCK ---------------------------------------- ----------------------------------------
PRICE LTM LTM LTM LTM CY2001(P) CY2002(P)
(06/14/01) REVENUE EBITDA EBIT NET INCOME NET INCOME NET INCOME
----------- ----------- ----------- ----------- ----------- ----------- -----------

ALLIED CAPITAL CP $ 24.00 13.2 x 23.5 x 23.7 x 11.5 x 10.8 x 9.6 x

Am Cap Strategies Ltd 26.21 12.7 x 16.1 x 16.4 x 12.9 x 11.5 x 10.0 x
Amresco Inc 1.20 7.3 x NM NM NM N/A N/A
Cit Group Inc 38.95 10.9 x 19.4 x 47.0 x 13.3 x 15.5 x 13.8 x
Heller Financial Inc 35.16 16.0 x 35.4 x 39.6 x 13.5 x 11.5 x 10.0 x

ENTERPRISE VALUE / EQUITY VALUE /
------------------------------------ ----------------------------------------------
LTM LTM LTM LTM CY2001(P) CY2002(P)
REVENUE EBITDA EBIT NET INCOME NET INCOME NET INCOME
-------- -------- ------- ----------- ----------- -----------

High 16.0 x 35.4 x 47.0 x 13.5 x 15.5 x 13.8 x
Low 7.3 16.1 16.4 12.9 11.5 10.0
Median 11.8 19.4 39.6 13.3 11.5 10.0

-----------------------
47 JANNEY MONTGOMERY SCOTT
=======================

ALD - Income Statement Summary
- --------------------------------------------------------------------------------

FOR THE FISCAL YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------
1997 (1) 1998 (2) 1999
-------- -------- --------

Interest and Dividend Income $ 86,882 89.2% $ 80,281 87.3% $121,112 85.8%
Premiums from Loan Dispositions 7,277 7.5% 5,949 6.5% 14,284 10.1%
Investment Advisory Fees and Other Income 3,246 3.3% 5,696 6.2% 5,744 4.1%
-------- -------- --------
Total Interest & Related Portfolio Income 97,405 100.0% 91,926 100.0% 141,140 100.0%
Interest Expense 26,952 27.7% 20,694 22.5% 34,860 24.7%
Employee Expense 10,258 10.5% 11,829 12.9% 16,136 11.4%
Administrative Expense 8,970 9.2% 11,921 13.0% 12,350 8.8%
-------- -------- --------
Total Operating Expenses 46,180 47.4% 44,444 48.3% 63,346 44.9%
Formula and Cut-off Awards - 0.0% 7,049 7.7% 6,753 4.8%
-------- -------- --------
Operating Income Before Gains 51,225 52.6% 40,433 44.0% 71,041 50.3%
Net Realized Gains 10,704 11.0% 22,541 24.5% 25,391 18.0%
Net Unrealized Gains 7,209 7.4% 1,079 1.2% 2,138 1.5%
-------- -------- --------
Total Net Gains 17,913 18.4% 23,620 25.7% 27,529 19.5%
-------- -------- --------
Net Income before Taxes 69,138 71.0% 64,053 69.7% 98,570 69.8%
Income tax expense/(benefit) 1,444 1.5% 787 0.9% - 0.0%
-------- -------- --------
Net Income $ 67,694 69.5% $ 63,266 68.8% $ 98,570 69.8%
======== ======== ========
Earnings Per Share - Basic $ 1.38 $ 1.22 $ 1.65
Earnings Per Share - Diluted $ 1.37 $ 1.22 $ 1.64

FOR THE FISCAL YEAR ENDED
DECEMBER 31, LATEST 12 MONTHS
-------------------------- -------------------
2000 3/31/01
-------- --------

Interest and Dividend Income $182,307 86.2% $198,370 85.2%
Premiums from Loan Dispositions 16,138 7.6% 13,670 5.9%
Investment Advisory Fees and Other Income 13,144 6.2% 20,723 8.9%
-------- --------
Total Interest & Related Portfolio Income 211,589 100.0% 232,763 100.0%
Interest Expense 57,412 27.1% 61,031 26.2%
Employee Expense 19,842 9.4% 21,691 9.3%
Administrative Expense 15,435 7.3% 15,649 6.7%
-------- --------
Total Operating Expenses 92,689 43.8% 98,371 42.3%
Formula and Cut-off Awards 6,183 2.9% 4,520 1.9%
-------- --------
Operating Income Before Gains 112,717 53.3% 129,872 55.8%
Net Realized Gains 15,523 7.3% 14,501 6.2%
Net Unrealized Gains 14,861 7.0% 21,175 9.1%
-------- --------
Total Net Gains 30,384 14.4% 35,676 15.3%
-------- --------
Net Income before Taxes 143,101 67.6% 165,548 71.1%
Income tax expense/(benefit) - 0.0% - 0.0%
-------- --------
Net Income $143,101 67.6% $165,548 71.1%
======== ========
Earnings Per Share - Basic $ 1.96 $ 2.12
Earnings Per Share - Diluted $ 1.95 $ 2.10

REVENUES NET INCOME
[BAR CHART] [BAR CHART]

YEAR REVENUES YEAR NET INCOME

1997 $ 97,405 1997 $ 67,694
1998 $ 91,926 1998 $ 63,266
1999 $ 141,140 1999 $ 98,570
2000 $ 211,589 2000 $ 143,101
LTM $ 232,763 LTM $ 165,548

(1) 1997 results have been adjusted to exclude $5.2 million in merger
related expenses

(2) 1998 results have been adjusted to exclude a $14.3 million in
post-merger gain on securitization of commercial mortgage loans

---------------------------
48 JANNEY MONTGOMERY SCOTT
===========================

ALD - Quarterly Results
- --------------------------------------------------------------------------------

FOR THE QUARTER ENDED
--------------------------------------------------------------------------
12/31/99 3/31/00 6/30/00
-------- --------- ---------

Interest and Dividend Income $ 35,396 83.7% $ 38,728 88.2% $ 42,986 86.0%
Premiums from Loan Dispositions 5,252 12.4% 3,289 7.5% 4,554 9.1%
Investment Advisory Fees and Other Income 1,630 3.9% 1,880 4.3% 2,425 4.9%
-------- --------- ---------
Total Interest & Related Portfolio Income 42,278 100.0% 43,897 100.0% 49,965 100.0%
Interest Expense 10,687 25.3% 12,311 28.0% 14,280 28.6%
Employee Expense 4,833 11.4% 4,569 10.4% 5,191 10.4%
Administrative Expense 3,874 9.2% 2,753 6.3% 4,082 8.2%
-------- --------- ---------
Total Operating Expenses 19,394 45.9% 19,633 44.7% 23,553 47.1%
Formula and Cut-off Awards 1,565 3.7% 1,691 3.9% 1,712 3.4%
-------- --------- ---------
Operating Income Before Gains 21,319 50.4% 22,573 51.4% 24,700 49.4%
Net Realized Gains 8,943 21.2% 2,176 5.0% 12,865 25.7%
Net Unrealized Gains 663 1.6% 4,832 11.0% (2,775) -5.6%
-------- --------- ---------
Total Net Gains 9,606 22.7% 7,008 16.0% 10,090 20.2%
-------- --------- ---------
Net Income before Taxes 30,925 73.1% 29,581 67.4% 34,790 69.6%
Income tax expense/(benefit) - 0.0% - 0.0% - 0.0%
-------- --------- ---------
Net Income $ 30,925 73.1% $ 29,581 67.4% $ 34,790 69.6%
======== ========= =========

Earnings Per Share - Basic $ 0.49 $ 0.45 $ 0.50
Earnings Per Share - Diluted $ 0.49 $ 0.45 $ 0.50

FOR THE QUARTER ENDED
------------------------------------------------------------------------
9/30/00 12/31/00 3/31/01
--------- -------- ---------

Interest and Dividend Income $ 48,054 85.8% $ 51,762 83.8% $ 54,875 84.3%
Premiums from Loan Dispositions 2,909 5.2% 5,386 8.7% 821 1.3%
Investment Advisory Fees and Other Income 5,029 9.0% 4,587 7.4% 9,375 14.4%
--------- -------- ---------
Total Interest & Related Portfolio Income 55,992 100.0% 61,735 100.0% 65,071 100.0%
Interest Expense 15,054 26.9% 15,767 25.5% 15,930 24.5%
Employee Expense 4,949 8.8% 5,133 8.3% 6,418 9.9%
Administrative Expense 3,876 6.9% 4,724 7.7% 2,967 4.6%
--------- -------- ---------
Total Operating Expenses 23,879 42.6% 25,624 41.5% 25,315 38.9%
Formula and Cut-off Awards 1,394 2.5% 1,386 2.2% 28 0.0%
--------- -------- ---------
Operating Income Before Gains 30,719 54.9% 34,725 56.2% 39,728 61.1%
Net Realized Gains 8,054 14.4% (7,572) -12.3% 1,154 1.8%
Net Unrealized Gains (2,324) -4.2% 15,128 24.5% 11,146 17.1%
--------- -------- ---------
Total Net Gains 5,730 10.2% 7,556 12.2% 12,300 18.9%
--------- -------- ---------
Net Income before Taxes 36,449 65.1% 42,281 68.5% 52,028 80.0%
Income tax expense/(benefit) - 0.0% - 0.0% - 0.0%
--------- -------- ---------
Net Income $ 36,449 65.1% $ 42,281 68.5% $ 52,028 80.0%
========= ======== =========

Earnings Per Share - Basic $ 0.48 $ 0.52 $ 0.61
Earnings Per Share - Diluted $ 0.48 $ 0.52 $ 0.60

REVENUES NET INCOME
[BAR CHART] [BAR CHART]

QUARTER REVENUES QUARTER NET INCOME

Dec-99 $ 42,278 Dec-99 $ 30,925
Mar-00 $ 43,897 Mar-00 $ 29,581
Jun-00 $ 49,965 Jun-00 $ 34,790
Sep-00 $ 55,992 Sep-00 $ 36,449
Dec-00 $ 61,735 Dec-00 $ 42,281
Mar-01 $ 65,071 Mar-01 $ 52,028

-----------------------
49 JANNEY MONTGOMERY SCOTT
=======================

ALD - Balance Sheet Data
- --------------------------------------------------------------------------------

12/31/98 12/31/99 12/31/00 3/31/01
---------- ---------- ---------- ----------

Portfolio at value:
Private Finance $ 339,163 $ 647,040 $1,282,467 $1,303,288
Commercial Real Estate Finance 346,860 520,029 505,534 583,465
Small Business Finance 114,251 61,428 - -
---------- ---------- ---------- ----------
Total Portfolio Value 800,274 1,228,497 1,788,001 1,886,753

Cash and Equivalents 25,075 18,155 2,449 9,392
Other Assets 30,730 43,386 63,367 77,353
---------- ---------- ---------- ----------
Total Assets $ 856,079 $1,290,038 $1,853,817 $1,973,498
========== ========== ========== ==========

Notes Payable and Debentures 239,350 487,350 704,648 715,276
Revolving Credit Facilities 95,000 105,500 82,000 168,500
Accounts Payable and Other Liabilities 29,612 22,675 30,477 28,477
---------- ---------- ---------- ----------
Total Liabilities 363,962 615,525 817,125 912,253

Preferred Stock 7,000 7,000 7,000 7,000
Shareholders' Equity 485,117 667,513 1,029,692 1,054,245
---------- ---------- ---------- ----------
Total Liabilities and Equity $ 856,079 $1,290,038 $1,853,817 $1,973,498
========== ========== ========== ==========

Debt/Equity 0.68 0.88 0.76 0.83
Debt/Total Capitalization 0.40 0.47 0.43 0.45
Return on Assets 7.9% 8.0% 8.0% 8.8%

---------------------------
50 JANNEY MONTGOMERY SCOTT
===========================

ALD - Shareholder Profile
- --------------------------------------------------------------------------------

SHARES BENEFICIAL
INSTITUTIONAL INVESTORS (1) HELD (000s) OWNERSHIP
- --------------------------- ----------- ---------

Goldman Sachs 2,044 2.2%
Franklin Resource 1,917 2.1%
Lazard Freres 1,892 2.1%
JP Morgan 1,614 1.8%
Barclays Global 1,528 1.7%
T Rowe Price 1,445 1.6%
Fenimore Asset 1,057 1.2%
Mellon Bank 1,015 1.1%
Managers Fund 815 0.9%
Vanguard Group 733 0.8%
Fidelity Management 679 0.7%
Merrill Lynch 666 0.7%
State Street 662 0.7%
Wasatch Advisors 661 0.7%
Schroder Investment 554 0.6%
Loomis Sayles 547 0.6%
Ashford Capital Management 537 0.6%
Neuberger & Berman 506 0.6%
TIAA-CREF Investment 501 0.5%
All Other Institutional Investors 12,659 13.9%
--------
32,031 35.0%

SHARES BENEFICIAL
DIRECTORS AND OFFICERS (2) HELD (000s) OWNERSHIP
- -------------------------- ----------- ---------

William L. Walton 916 1.0%
Joan M. Sweeney 584 0.6%
G. Cabell Williams, III 583 0.6%
John M. Scheurer 551 0.6%
George C. Williams, Jr 433 0.5%
Philip A. McNeill 342 0.4%
Guy T. Steuart, II 333 0.4%
Warren K. Montouri 241 0.3%
Thomas H. Westbrook 237 0.3%
Scott S. Binder 190 0.2%
Penni F. Roll 111 0.1%
Samuel B. Guren 103 0.1%
All Other Management 552 0.6%
--------
5,177 5.7%

INSTITUTIONAL INVESTORS 32,031 35.0%
MANAGEMENT 5,177 5.7%
ESTIMATED RETAIL FLOAT 54,184 59.3%
------- -------
TOTAL SHARES OUTSTANDING (3) 91,392 100.0%

(1) Source: Bloomberg

(2) Source: March 28, 2001 Proxy

(3) Source: Shares outstanding as of May 15, 2001

[PIE CHART]

BENEFICIAL OWNERSHIP

Institutional Investors 35.0%
Management 5.7%
Estimated Retail Float 59.3%

---------------------------
51 JANNEY MONTGOMERY SCOTT
===========================

- --------------------------------------------------------------------------------
END OF PRESENTATION

-----------------------
JANNEY MONTGOMERY SCOTT
=======================

Stock Premium Analysis
- --------------------------------------------------------------------------------

- In order to compare Allied's offer price of $10.375 to
comparable transactions, purchase price premiums for
transactions with the following characteristics were analyzed:

- The target company was a publicly traded entity

- The transaction was completed within the last
six months

- The target company had a market capitalization
between $50 million and $200 million.

- 52 transactions were found, and the average purchase price
premium four weeks prior to announcement was approximately 56%.
The chart on the following page illustrates the number of
transactions that fell within various premium ranges.

- The proposed purchase price per share of $10.375 represents a
105% premium over SunSource's closing price of $5.05 on June
14th, and a 171% premium over SunSource's average closing price
over the past six months of $3.83.

---------------------------
53 JANNEY MONTGOMERY SCOTT
===========================

- --------------------------------------------------------------------------------

HISTOGRAM FOR PURCHASE PREMIUMS FOUR WEEKS PRIOR TO
ANNOUNCEMENT

[BAR GRAPH]

PURCHASE PREMIUM NUMBER OF ACQUISITIONS

<10% 9
10 to 25% 7
25 to 50% 14
50 to 75% 10
75 to 100% 3
>100% 9

-----------------------
54 JANNEY MONTGOMERY SCOTT
=======================
SUNSOURCE, INC.
================================================================================
M&A Premium Analysis for the last six months for Public Target Companies w/
a Market Cap between $50-200 million.
- --------------------------------------------------------------------------------

COMPLETION TARGET TICKER TRANSACTION ENTERPRISE
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME VALUE (MM) VALUE (MM)
- -----------------------------------------------------------------------------------------------------------------------------------

07 Jun 2001 SMOP Southern Mineral Explores oil and PetroCorp, Inc. $ 75.0 $ 75.0
Corp. gas properties.

07 Jun 2001 OSH Oshman's Sporting Operates sporting Gart Sports Company 139.9 139.9
Goods Inc. goods specialty stores.

31 May 2001 CMSS Credit Management Provides transactional First American 45.5 42.0
Solutions, Inc. software. Financial Corp.

31 May 2001 HECO Hallwood Energy Corp. Explores, acquires Pure Resources, Inc 221.0 221.0
and develops oil
and gas properties.

31 May 2001 EWB E.W. Blanch Provides integrated Benfield Greig 224.3 224.3
Holdings, Inc. risk management and Group Plc
distribution services.

21 May 2001 USAD USA Detergents, Inc. Manufactures laundry Church & Dwight 127.3 142.5
and household Co., Inc.
cleaning products.

18 May 2001 ILCO InterContinental Administers existing Financial 78.5 151.0
Life Corp. portfolios of individual Industries Corp.
and group life and
health insurance.

16 May 2001 BARG Bargo Energy Co. Develops oil, Bellwether 241.1 241.1
natural gas properties. Exploration Co.

15 May 2001 VRES VICORP Operates, franchises Investor Group 174.8 174.8
Restaurants, Inc. family-type restaurants.

14 May 2001 FLIB First Liberty Bank holding company. Community Bank 101.8 101.8
Bank Corp. System, Inc.

11 May 2001 BARR Barringer Develops analytical Smiths Group Plc 87.0 87.0
Technologies Inc. instruments.

10 May 2001 ASIS ASI Solutions Inc. Provides human Aon Corp. 107.0 107.0
resources outsourcing.

01 May 2001 PBOC PBOC Holdings, Inc. Holding company FBOP Corp. 198.8 198.8
for People's Bank
of California.

01 May 2001 CENL Centennial Manufactures PC Solectron Corp. 45.5 45.5
Technologies, Inc. card-based solutions.

01 May 2001 SQSW Sequoia Software XML-based Internet Citrix Systems, Inc. 173.6 173.6
Corp. infrastructure software
for creating interactive
e-business portals.

30 Apr 2001 KTCO Kenan Transport Co. Provides transportation Advantage Management 87.5 87.5
services. Group, Inc.

25 Apr 2001 VX VIALOG Corporation Provides teleconferencing Genesys SA 155.5 155.5
and other group
communications services.

23 Apr 2001 COHB Cohoes Bancorp, Inc. Holding company - Hudson River 154.3 154.3
Cohoes Savings Bank. Bancorp, Inc.

TARGET PRICE
PRIOR TO ANNOUNCEMENT
----------------------------
COMPLETION TARGET TICKER
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME 1 MONTH 1 WEEK
- --------------------------------------------------------------------------------------------------------------------------------

07 Jun 2001 SMOP Southern Mineral Explores oil and PetroCorp, Inc. $ 3.38 $ 3.25
Corp. gas properties.

07 Jun 2001 OSH Oshman's Sporting Operates sporting Gart Sports Company 8.88 9.40
Goods Inc. goods specialty stores.

31 May 2001 CMSS Credit Management Provides transactional First American 1.25 4.06
Solutions, Inc. software. Financial Corp.

31 May 2001 HECO Hallwood Energy Corp. Explores, acquires Pure Resources, Inc 9.34 9.50
and develops oil
and gas properties.

31 May 2001 EWB E.W. Blanch Provides integrated Benfield Greig 9.40 7.26
Holdings, Inc. risk management and Group Plc
distribution services.

21 May 2001 USAD USA Detergents, Manufactures laundry Church & Dwight 4.47 4.81
Inc. and household Co., Inc.
cleaning products.

18 May 2001 ILCO InterContinental Administers existing Financial 9.25 9.88
Life Corp. portfolios of individual Industries Corp.
and group life and
health insurance.

16 May 2001 BARG Bargo Energy Co. Develops oil, Bellwether 0.88 1.03
natural gas properties. Exploration Co.

15 May 2001 VRES VICORP Operates, franchises Investor Group 16.88 19.06
Restaurants, Inc. family-type restaurants.

14 May 2001 FLIB First Liberty Bank Bank holding company. Community Bank 11.00 13.25
Corp. System, Inc.

11 May 2001 BARR Barringer Develops analytical Smiths Group Plc 9.94 9.47
Technologies Inc. instruments.

10 May 2001 ASIS ASI Solutions Inc. Provides human Aon Corp. 18.00 11.50
resources outsourcing.

01 May 2001 PBOC PBOC Holdings, Inc. Holding company FBOP Corp. 6.88 9.25
for People's Bank
of California.

01 May 2001 CENL Centennial Manufactures PC Solectron Corp. 11.00 14.88
Technologies, Inc. card-based solutions.

01 May 2001 SQSW Sequoia Software XML-based Internet Citrix Systems, Inc. 3.09 3.47
Corp. infrastructure software
for creating interactive
e-business portals.

30 Apr 2001 KTCO Kenan Transport Co. Provides transportation Advantage Management 25.00 24.13
services. Group, Inc.

25 Apr 2001 VX VIALOG Corporation Provides teleconferencing Genesys SA 8.19 7.00
and other group
communications services.

23 Apr 2001 COHB Cohoes Bancorp, Inc. Holding company - Hudson River 16.88 16.88
Cohoes Savings Bank. Bancorp, Inc.

PREMIUM
TARGET PRICE (%) PRIOR
PRIOR TO
TO ANNOUNCEMENT ANOUNCEMENT
--------------- -----------
COMPLETION TARGET TICKER
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME 1 DAY 1 DAY
- -----------------------------------------------------------------------------------------------------------------------------------

07 Jun 2001 SMOP Southern Mineral Explores oil and PetroCorp, Inc. $ 3.13 50.7
Corp. gas properties.

07 Jun 2001 OSH Oshman's Sporting Operates sporting Gart Sports Company 9.35 79.3
Goods Inc. goods specialty stores.

31 May 2001 CMSS Credit Management Provides transactional First American 3.38 72.4
Solutions, Inc. software. Financial Corp.

31 May 2001 HECO Hallwood Energy Corp. Explores, acquires Pure Resources, Inc 9.03 38.4
and develops oil
and gas properties.

31 May 2001 EWB E.W. Blanch Provides integrated Benfield Greig 7.75 74.2
Holdings, Inc. risk management and Group Plc
distribution services.

21 May 2001 USAD USA Detergents, Inc. Manufactures laundry Church & Dwight 5.81 20.4
and household Co., Inc.
cleaning products.

18 May 2001 ILCO InterContinental Administers existing Financial 10.75 72.9
Life Corp. portfolios of individual Industries Corp.
and group life and
health insurance.

16 May 2001 BARG Bargo Energy Co. Develops oil, Bellwether 1.72 (26.7)
natural gas properties. Exploration Co.

15 May 2001 VRES VICORP Operates, franchises Investor Group 18.88 35.9
Restaurants, Inc. family-type restaurants.

14 May 2001 FLIB First Liberty Bank Bank holding company. Community Bank 13.25 20.2
Corp. System, Inc.

11 May 2001 BARR Barringer Develops analytical Smiths Group Plc 10.00 10.5
Technologies Inc. instruments.

10 May 2001 ASIS ASI Solutions Inc. Provides human Aon Corp. 11.50 25.4
resources outsourcing.

01 May 2001 PBOC PBOC Holdings, Inc. Holding company FBOP Corp. 9.19 8.8
for People's Bank
of California.

01 May 2001 CENL Centennial Manufactures PC Solectron Corp. 18.38 (23.5)
Technologies, Inc. card-based solutions.

01 May 2001 SQSW Sequoia Software Corp. XML-based Internet Citrix Systems, Inc. 5.00 12.8
infrastructure software
for creating interactive
e-business portals.

30 Apr 2001 KTCO Kenan Transport Co. Provides transportation Advantage Management 26.50 32.1
services. Group, Inc.

25 Apr 2001 VX VIALOG Corporation Provides teleconferencing Genesys SA 8.81 (21.7)
and other group
communications services.

23 Apr 2001 COHB Cohoes Bancorp, Inc. Holding company - Hudson River 17.00 14.7
Cohoes Savings Bank. Bancorp, Inc.

PREMIUM (%) PRIOR
TO ANOUNCEMENT
-------------------------
COMPLETION TARGET TICKER
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME 1 WEEK 1 MONTH
- ---------------------------------------------------------------------------------------------------------------------------------

07 Jun 2001 SMOP Southern Mineral Explores oil and PetroCorp, Inc. 44.9 39.6
Corp. gas properties.

07 Jun 2001 OSH Oshman's Sporting Operates sporting Gart Sports Company 78.3 88.8
Goods Inc. goods specialty stores.

31 May 2001 CMSS Credit Management Provides transactional First American 43.2 365.4
Solutions, Inc. software. Financial Corp.

31 May 2001 HECO Hallwood Energy Corp. Explores, acquires Pure Resources, Inc 31.6 33.8
and develops oil
and gas properties.

31 May 2001 EWB E.W. Blanch Provides integrated Benfield Greig 86.0 43.6
Holdings, Inc. risk management and Group Plc
distribution services.

21 May 2001 USAD USA Detergents, Inc. Manufactures laundry Church & Dwight 45.5 56.6
and household Co., Inc.
cleaning products.

18 May 2001 ILCO InterContinental Administers existing Financial 88.3 101.0
Life Corp. portfolios of individual Industries Corp.
and group life and
health insurance.

16 May 2001 BARG Bargo Energy Co. Develops oil, Bellwether 22.2 44.0
natural gas properties. Exploration Co.

15 May 2001 VRES VICORP Operates, franchises Investor Group 34.6 52.0
Restaurants, Inc. family-type restaurants.

14 May 2001 FLIB First Liberty Bank Bank holding company. Community Bank 20.2 44.8
Corp. System, Inc.

11 May 2001 BARR Barringer Develops analytical Smiths Group Plc 16.7 11.2
Technologies Inc. instruments.

10 May 2001 ASIS ASI Solutions Inc. Provides human Aon Corp. 25.4 (19.9)
resources outsourcing.

01 May 2001 PBOC PBOC Holdings, Inc. Holding company FBOP Corp. 8.1 45.5
for People's Bank
of California.

01 May 2001 CENL Centennial Manufactures PC Solectron Corp. (5.5) 27.8
Technologies, Inc. card-based solutions.

01 May 2001 SQSW Sequoia Software XML-based Internet Citrix Systems, Inc. 62.6 82.3
Corp. infrastructure software
for creating interactive
e-business portals.

30 Apr 2001 KTCO Kenan Transport Co. Provides transportation Advantage Management 45.1 40.0
services. Group, Inc.

25 Apr 2001 VX VIALOG Corporation Provides teleconferencing Genesys SA (1.4) (15.7)
and other group
communications services.

23 Apr 2001 COHB Cohoes Bancorp, Inc. Holding company - Hudson River 15.6 15.6
Cohoes Savings Bank. Bancorp, Inc.

-----------------------------
55 JANNEY MONTGOMERY SCOTT
=============================
SUNSOURCE, INC.
===============================================================================
M&A Premium Analysis for the last six months for Public Target Companies w/ a
Market Cap Between $50-200million.
- --------------------------------------------------------------------------------

COMPLETION TARGET TICKER TRANSACTION ENTERPRISE
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME VALUE (MM) VALUE (MM)
- ------------------------------------------------------------------------------------------------------------------------------------

20 Apr 2001 ASTI Allergan Specialty Researches, Allergan, Inc. 71.0 71.0
Therapeutics, Inc. develops human
pharmaceuticals products.

18 Apr 2001 HPRT Heartport, Inc. Manufactures Johnson & Johnson 104.0 104.0
cardiovascular devices.

06 Apr 2001 CCRO ClinTrials Global contract medical Inveresk Plc / 110.4 110.4
Research, Inc. research organization. Indigo
Acquisition Corp.

05 Apr 2001 LABT Labtec, Inc. (NEW) Develops high-technology Logitech 109.3 109.3
peripherals and accessories. International S.A.

02 Apr 2001 BAYB Bay Bancshares, Holding company for SouthTrust Corp. 55.1 55.1
Inc. bayshore National Bank.

30 Mar 2001 ELBI Eldorado Holding company. Zions Bancorporation 169.7 169.7
Bancshares, Inc.

30 Mar 2001 BTOB SierraCities.com, Provides comprehensive American Express Co. 108.2 108.2
Inc. online financing.

22 Mar 2001 TXLID Texoil, Inc. Acquires, develops oil, Ocean Energy, Inc. 124.9 124.9
gas reserves.

15 Mar 2001 RMY Delco Remy Manufactures electrical, Court Square 116.3 247.4
International, Inc. power/drive train Capital Ltd.
components.

07 Mar 2001 GSY Guest Supply, Inc. Supplies personal care SYSCO Corporation 222.5 222.5
amenities.

05 Mar 2001 FSPT FirstSpartan Holding company for BB&T Corp. 135.8 135.8
Financial Corp. First Federal Bank.

01 Mar 2001 WSTR WesterFed Holding company for Glacier Bancorp 95.1 95.1
Financial Corp. Western Security Bank. Inc.

28 Feb 2001 EFS Enhance Financial Through its subsidiaries, Radian Group Inc. 532.1 532.1
Services Group it reinsures financial
guarantees of municipal
and asset-backed debt
obligations.

26 Feb 2001 SHWC ShowCase Provides fully integrated, SPSS Inc. 73.0 55.8
Corporation business intelligence
solutions for IBM AS/400
customers.

16 Feb 2001 RNIC Robinson Nugent, Designs, manufactures, 3M 121.5 121.5
Inc. and markets electronic
connectors, integrated circuit
sockets, and cable assemblies.

15 Feb 2001 NTCR NetCreations, Inc. Provides electronic mail address Seal Pagine 109.7 109.7
management. Gialle S.p.A

13 Feb 2001 JSBA Jefferson Savings The holding company for Union 168.1 168.1
Bancorp, Inc. Jefferson Heritage Bank. Planters Corp.

07 Feb 2001 CAIR Corsair Provides software solutions Lightbridge. Inc. 132.1 132.1
Communications, for the wireless industry.
Inc.

02 Feb 2001 APLN @plan.Inc. Provides market research, DoubleClick Inc. 89.4 89.4
decision support and planning
systems specifically designed
for internet advertisers,
advertising agencies and web
publishers.

TARGET PRICE PRIOR TO
ANNOUNCEMENT
----------------------------
COMPLETION TARGET TICKER
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME 1 MONTH 1 WEEK
- ------------------------------------------------------------------------------------------------------------------------------------

20 Apr 2001 ASTI Allergan Specialty Researches, Allergan, Inc. 20.50 21.28
Therapeutics, Inc. develops human
pharmaceuticals products.

18 Apr 2001 HPRT Heartport, Inc. Manufactures Johnson & Johnson 1.69 1.88
cardiovascular devices.

06 Apr 2001 CCRO ClinTrials Global contract medical Inveresk Plc / 6.00 6.13
Research, Inc. research organization. Indigo
Acquisition Corp.

05 Apr 2001 LABT Labtec, Inc. (NEW) Develops high-technology Logitech 6.22 9.88
peripherals and accessories. International S.A.

02 Apr 2001 BAYB Bay Bancshares, Holding company for SouthTrust Corp. 23.00 22.00
Inc. bayshore National Bank.

30 Mar 2001 ELBI Eldorado Holding company. Zions Bancorporation 7.88 8.38
Bancshares, Inc.

30 Mar 2001 BTOB SierraCities.com, Provides comprehensive American Express Co. 1.75 3.75
Inc. online financing.

22 Mar 2001 TXLID Texoil, Inc. Acquires, develops oil, Ocean Energy, Inc. 6.81 7.63
gas reserves.

15 Mar 2001 RMY Delco Remy Manufactures electrical, Court Square 6.88 6.00
International, Inc. power/drive train Capital Ltd.
components.

07 Mar 2001 GSY Guest Supply, Inc. Supplies personal care SYSCO Corporation 16.38 17.38
amenities.

05 Mar 2001 FSPT FirstSpartan Holding company for BB&T Corp. 18.75 20.06
Financial Corp. First Federal Bank.

01 Mar 2001 WSTR WesterFed Holding company for Glacier Bancorp 15.63 15.75
Financial Corp. Western Security Bank. Inc.

28 Feb 2001 EFS Enhance Financial Through its subsidiaries, Radian Group Inc. 12.50 13.56
Services Group it reinsures financial
guarantees of municipal
and asset-backed debt
obligations.

26 Feb 2001 SHWC ShowCase Provides fully integrated, SPSS Inc. 6.75 5.00
Corporation business intelligence
solutions for IBM AS/400
customers.

16 Feb 2001 RNIC Robinson Nugent, Designs, manufactures, 3M 16.81 15.69
Inc. and markets electronic
connectors, integrated circuit
sockets, and cable assemblies.

15 Feb 2001 NTCR NetCreations, Inc. Provides electronic mail address Seal Pagine 6.00 5.59
management. Gialle S.p.A

13 Feb 2001 JSBA Jefferson Savings The holding company for Union 10.00 10.94
Bancorp, Inc. Jefferson Heritage Bank. Planters Corp.

07 Feb 2001 CAIR Corsair Provides software solutions Lightbridge. Inc. 9.00 6.91
Communications, for the wireless industry.
Inc.

02 Feb 2001 APLN @plan.Inc. Provides market research, DoubleClick Inc. 6.50 6.38
decision support and planning
systems specifically designed
for internet advertisers,
advertising agencies and web
publishers.

TARGET PREMIUM
PRICE PRIOR TO (%) PRIOR
ANNOUNCEMENT TO ANNOUNCEMENT
-------------- -----------------
COMPLETION TARGET TICKER
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME 1 DAY 1 DAY
- -----------------------------------------------------------------------------------------------------------------------------------

20 Apr 2001 ASTI Allergan Specialty Researches, Allergan, Inc. 22.00 (1.4)
Therapeutics, Inc. develops human
pharmaceuticals products.

18 Apr 2001 HPRT Heartport, Inc. Manufactures Johnson & Johnson 2.06 40.1
cardiovascular devices.

06 Apr 2001 CCRO ClinTrials Global contract medical Inveresk Plc / 5.75 4.3
Research, Inc. research organization. Indigo
Acquisition Corp.

05 Apr 2001 LABT Labtec, Inc. (NEW) Develops high-technology Logitech 11.88 42.8
peripherals and accessories. International S.A.

02 Apr 2001 BAYB Bay Bancshares, Holding company for SouthTrust Corp. 22.00 20.1
Inc. bayshore National Bank.

30 Mar 2001 ELBI Eldorado Holding company. Zions Bancorporation 8.88 35.0
Bancshares, Inc.

30 Mar 2001 BTOB SierraCities.com, Provides comprehensive American Express Co. 4.06 39.8
Inc. online financing.

22 Mar 2001 TXLID Texoil, Inc. Acquires, develops oil, Ocean Energy, Inc. 7.56 9.1
gas reserves.

15 Mar 2001 RMY Delco Remy Manufactures electrical, Court Square 5.44 74.7
International, Inc. power/drive train Capital Ltd.
components.

07 Mar 2001 GSY Guest Supply, Inc. Supplies personal care SYSCO Corporation 18.69 32.5
amenities.

05 Mar 2001 FSPT FirstSpartan Holding company for BB&T Corp. 20.38 77.9
Financial Corp. First Federal Bank.

01 Mar 2001 WSTR WesterFed Holding company for Glacier Bancorp 15.75 49.1
Financial Corp. Western Security Bank. Inc.

28 Feb 2001 EFS Enhance Financial Through its subsidiaries, Radian Group Inc. 13.81 (0.2)
Services Group it reinsures financial
guarantees of municipal
and asset-backed debt
obligations.

26 Feb 2001 SHWC ShowCase Provides fully integrated, SPSS Inc. 5.56 22.1
Corporation business intelligence
solutions for IBM AS/400
customers.

16 Feb 2001 RNIC Robinson Nugent, Designs, manufactures, 3M 16.63 31.1
Inc. and markets electronic
connectors, integrated circuit
sockets, and cable assemblies.

15 Feb 2001 NTCR NetCreations, Inc. Provides electronic mail address Seal Pagine 4.38 60.0
management. Gialle S.p.A

13 Feb 2001 JSBA Jefferson Savings The holding company for Union 11.31 49.1
Bancorp, Inc. Jefferson Heritage Bank. Planters Corp.

07 Feb 2001 CAIR Corsair Provides software solutions Lightbridge. Inc. 7.38 3.3
Communications, for the wireless industry.
Inc.

02 Feb 2001 APLN @plan.Inc. Provides market research, DoubleClick Inc. 7.25 9.1
decision support and planning
systems specifically designed
for internet advertisers,
advertising agencies and web
publishers.

PREMIUM
(%) PRIOR
TO ANNOUNCEMENT
-----------------
COMPLETION TARGET TICKER
DATE SYMBOL TARGET FULL NAME TARGET BUSINESS DESCRIPTION ACQUIROR FULL NAME 1 MONTH
- ----------------------------------------------------------------------------------------------------------------------------------

20 Apr 2001 ASTI Allergan Specialty Researches, Allergan, Inc. 5.9
Therapeutics, Inc. develops human
pharmaceuticals products.

18 Apr 2001 HPRT Heartport, Inc. Manufactures Johnson & Johnson 71.3
cardiovascular devices.

06 Apr 2001 CCRO ClinTrials Global contract medical Inveresk Plc / -
Research, Inc. research organization. Indigo
Acquisition Corp.

05 Apr 2001 LABT Labtec, Inc. (NEW) Develops high-technology Logitech 172.6
peripherals and accessories. International S.A.

02 Apr 2001 BAYB Bay Bancshares, Holding company for SouthTrust Corp. 14.9
Inc. bayshore National Bank.

30 Mar 2001 ELBI Eldorado Holding company. Zions Bancorporation 52.1
Bancshares, Inc.

30 Mar 2001 BTOB SierraCities.com, Provides comprehensive American Express Co. 225.6
Inc. online financing.

22 Mar 2001 TXLID Texoil, Inc. Acquires, develops oil, Ocean Energy, Inc. 21.1
gas reserves.

15 Mar 2001 RMY Delco Remy Manufactures electrical, Court Square 38.2
International, Inc. power/drive train Capital Ltd.
components.

07 Mar 2001 GSY Guest Supply, Inc. Supplies personal care SYSCO Corporation 51.3
amenities.

05 Mar 2001 FSPT FirstSpartan Holding company for BB&T Corp. 93.3
Financial Corp. First Federal Bank.

01 Mar 2001 WSTR WesterFed Holding company for Glacier Bancorp 50.3
Financial Corp. Western Security Bank. Inc.

28 Feb 2001 EFS Enhance Financial Through its subsidiaries, Radian Group Inc. 10.2
Services Group it reinsures financial
guarantees of municipal
and asset-backed debt
obligations.

26 Feb 2001 SHWC ShowCase Provides fully integrated, SPSS Inc. 0.6
Corporation business intelligence
solutions for IBM AS/400
customers.

16 Feb 2001 RNIC Robinson Nugent, Designs, manufactures, 3M 29.7
Inc. and markets electronic
connectors, integrated circuit
sockets, and cable assemblies.

15 Feb 2001 NTCR NetCreations, Inc. Provides electronic mail address Seal Pagine 16.7
management. Gialle S.p.A

13 Feb 2001 JSBA Jefferson Savings The holding company for Union 68.7
Bancorp, Inc. Jefferson Heritage Bank. Planters Corp.

07 Feb 2001 CAIR Corsair Provides software solutions Lightbridge. Inc. (15.3)
Communications, for the wireless industry.
Inc.

02 Feb 2001 APLN @plan.Inc. Provides market research, DoubleClick Inc. 21.7
decision support and planning
systems specifically designed
for internet advertisers,
advertising agencies and web
publishers.

-----------------------
JANNEY MONTGOMERY SCOTT
=======================

56
SUNSOURCE, INC.
- -----------------------------------------------------------------------------
M&A Premium Analysis for the last six months for Public Target Companies w/ a
Market Cap between $50-200 million.
- -----------------------------------------------------------------------------

TARGET TARGET
COMPLETION TICKER TARGET BUSINESS ACQUIROR TRANSACTION ENTERPRISE
DATE SYMBOL FULL NAME DESCRIPTION FULL NAME VALUE(MM) VALUE(MM)
- ----------------------------------------------------------------------------------------------------------------------------------

01 Feb 2001 LOIS Loislaw.com Provides legal Wolters 92.5 92.5
information to Kluwer NV
law firms.

25 Jan 2001 GPM Getty Petroleum Marketing Markets petroleum Lukoil-Holding 70.0 70.0
products.

25 Jan 2001 RAMP Ramp Networks, Inc. Provides shared Nokia OYJ 125.9 126.9
Internet access
solutions.

24 Jan 2001 DETC Detection Systems, Inc. Manufactures Robert Bosch GmbH 121.7 121.7
equipment for
electronic
protection industry.

23 Jan 2001 WHI Washington Homes, Inc. Designs, builds Hovnanian 130.5 130.5
and markets single- Enterprises Inc.
family detached
houses, townhouses
and condominiums
for first-time
homebuyers.

18 Jan 2001 LIND Lindberg Corp. Provides metal heat Bodycote 159.4 159.4
treating processes. Investments VI, Inc.

05 Jan 2001 SNB Sunburst Hospitality Owns and operates
Corporation extended-stay,
traditional all Management Group 379.7 379.7
suites, full service,
and limited-service
hotels.

03 Jan 2001 EQNX Equinox Systems, Inc. Designs and markets Avocent Corporation 53.2 53.2
server-based
communications
hardware and software
for Internet access
and commercial
applications.

02 Jan 2001 LINE onlinetradinginc.com Provides financial Omega Research, Inc. 38.2 38.2
brokerage services
through a variety of
media, including the
Internet.

02 Jan 2001 JWG JWGenesis Financial Corp. Provides a wide range First Union Corp. 102.3 102.3
of financial services
to individuals,
businesses and other
brokerage firms.

31 Dec 2000 HPBC Home Port Bancorp Inc. Attracts deposits and Seacoast Financial 68.2 54.0
offers residential and Services Corp.
commercial real estate
mortgage.

31 Dec 2000 BCL BLC Financial Services, Inc. Originates, sells, and Allied Capital Corp. 103.5 103.5
services loans to small
businesses.

22 Dec 2000 FFYF FFY Financial Corp. Savings and loan First Place 82.2 82.2
holding company. Financial Corp.

21 Dec 2000 NWGN Newgen Results Corp. Database management and TeleTech Holdings, 139.5 139.5
technology firm in Inc.
the service arena of the
automotive industry.

20 Dec 2000 TACO Taco Cabana, Inc. Operates a chain of Carrols Corporation 146.9 146.9
Mexican food
restaurants.

TARGET PRICE PRIOR TO
TARGET TARGET ANNOUNCEMENT
COMPLETION TICKER TARGET BUSINESS ACQUIROR ---------------------------
DATE SYMBOL FULL NAME DESCRIPTION FULL NAME 1 MONTH 1 WEEK 1 DAY
- -----------------------------------------------------------------------------------------------------------------------------------

01 Feb 2001 LOIS Loislaw.com Provides legal Wolters 1.50 1.03 1.50
information to Kluwer NV
law firms.

25 Jan 2001 GPM Getty Petroleum Marketing Markets petroleum Lukoil-Holding 3.81 3.38 3.44
products.

25 Jan 2001 RAMP Ramp Networks, Inc. Provides shared Nokia OYJ 2.75 3.75 4.97
Internet access
solutions.

24 Jan 2001 DETC Detection Systems, Inc. Manufactures Robert Bosch GmbH 12.25 12.44 13.00
equipment for
electronic
protection industry.

23 Jan 2001 WHI Washington Homes, Inc. Designs, builds Hovnanian 6.50 7.25 7.13
and markets single- Enterprises Inc.
family detached
houses, townhouses
and condominiums
for first-time
homebuyers.

18 Jan 2001 LIND Lindberg Corp. Provides metal heat Bodycote 7.06 8.50 8.94
treating processes. Investments VI, Inc.

05 Jan 2001 SNB Sunburst Hospitality Owns and operates
Corporation extended-stay,
traditional all Management Group 5.75 5.44 5.63
suites, full service,
and limited-service
hotels.

03 Jan 2001 EQNX Equinox Systems, Inc. Designs and markets Avocent Corporation 6.00 7.00 7.00
server-based
communications
hardware and software
for Internet access
and commercial
applications.

02 Jan 2001 LINE onlinetradinginc.com Provides financial Omega Research, Inc. 11.00 11.38 12.63
brokerage services
through a variety of
media, including the
Internet.

02 Jan 2001 JWG JWGenesis Financial Corp. Provides a wide range First Union Corp. 8.00 11.81 14.88
of financial services
to individuals,
businesses and other
brokerage firms.

31 Dec 2000 HPBC Home Port Bancorp Inc. Attracts deposits and Seacoast Financial 23.75 24.75 25.31
offers residential and Services Corp.
commercial real estate
mortgage.

31 Dec 2000 BCL BLC Financial Services, Inc. Originates, sells, and Allied Capital Corp. 1.88 2.13 2.19
services loans to small
businesses.

22 Dec 2000 FFYF FFY Financial Corp. Savings and loan First Place 11.06 10.00 10.00
holding company. Financial Corp.

21 Dec 2000 NWGN Newgen Results Corp. Database management and TeleTech Holdings, 13.75 13.38 13.88
technology firm in Inc.
the service arena of the
automotive industry.

20 Dec 2000 TACO Taco Cabana, Inc. Operates a chain of Carrols Corporation 4.31 4.31 4.16
Mexican food
restaurants.

PREMIUM (%) PRIOR TO
TARGET TARGET ANNOUNCEMENT
COMPLETION TICKER TARGET BUSINESS ACQUIROR -------------------------
DATE SYMBOL FULL NAME DESCRIPTION FULL NAME 1 DAY 1 WEEK 1 MONTH
- ----------------------------------------------------------------------------------------------------------------------------------

01 Feb 2001 LOIS Loislaw.com Provides legal Wolters 190.3 322.2 190.3
information to Kluwer NV
law firms.

25 Jan 2001 GPM Getty Petroleum Marketing Markets petroleum Lukoil-Holding 45.5 48.1 31.1
products.

25 Jan 2001 RAMP Ramp Networks, Inc. Provides shared Nokia OYJ 16.7 54.7 110.9
Internet access
solutions.

24 Jan 2001 DETC Detection Systems, Inc. Manufactures Robert Bosch GmbH 38.5 44.7 46.9
equipment for
electronic
protection industry.

23 Jan 2001 WHI Washington Homes, Inc. Designs, builds Hovnanian 41.5 39.0 55.1
and markets single- Enterprises Inc.
family detached
houses, townhouses
and condominiums
for first-time
homebuyers.

18 Jan 2001 LIND Lindberg Corp. Provides metal heat Bodycote 102.8 113.2 156.6
treating processes. Investments VI, Inc.

05 Jan 2001 SNB Sunburst Hospitality Owns and operates
Corporation extended-stay,
traditional all Management Group 31.1 35.6 28.3
suites, full service,
and limited-service
hotels.

03 Jan 2001 EQNX Equinox Systems, Inc. Designs and markets Avocent Corporation 39.3 39.3 62.5
server-based
communications
hardware and software
for Internet access
and commercial
applications.

02 Jan 2001 LINE onlinetradinginc.com Provides financial Omega Research, Inc. (73.6) (70.7) (69.7)
brokerage services
through a variety of
media, including the
Internet.

02 Jan 2001 JWG JWGenesis Financial Corp. Provides a wide range First Union Corp. (19.3) 1.6 50.0
of financial services
to individuals,
businesses and other
brokerage firms.

31 Dec 2000 HPBC Home Port Bancorp Inc. Attracts deposits and Seacoast Financial 46.2 49.5 55.8
offers residential and Services Corp.
commercial real estate
mortgage.

31 Dec 2000 BCL BLC Financial Services, Inc. Originates, sells, and Allied Capital Corp. 71.8 76.8 100.4
services loans to small
businesses.

22 Dec 2000 FFYF FFY Financial Corp. Savings and loan First Place 19.6 19.6 8.1
holding company. Financial Corp.

21 Dec 2000 NWGN Newgen Results Corp. Database management and TeleTech Holdings, (4.5) (0.9) (3.6)
technology firm in Inc.
the service arena of the
automotive industry.

20 Dec 2000 TACO Taco Cabana, Inc. Operates a chain of Carrols Corporation 117.5 109.6 109.6
Mexican food
restaurants.

---------------------------------------------------------------------------------------------

AVERAGE 132.7 136.2 9.46 9.78 10.28 33.8 42.6 56.1
MEDIAN 113.4 121.6 8.09 8.88 8.98 32.3 39.2 44.4
LOW 38.2 38.2 0.88 1.03 1.50 (73.6) (70.7) (69.7)
HIGH 532.1 532.1 25.00 24.75 26.50 190.3 322.2 365.4
---------------------------------------------------------------------------------------------

-----------------------------
57 JANNEY MONTGOMERY SCOTT
=============================

Form: SC 13E3/A

Documents

PRESENTATION TO BOARD OF DIRECTORS OF SUNSOURCE