Cleary Gull Reiland & McDevitt Inc.: Recent Activity

Recent Activity

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Recent Merger & Acquisition Assignments - Sell Side

Client Location Transaction Role of Cleary Gull

Food Company* Printed Circuit Board Manufacturer* Distributor* Consumer Product Manufact. & Dist.* David White* Distributor* Medical Advances, Inc. Gelman Sciences, Inc. Medalcraft Mint, Inc. Harley-Davidson, Inc. Marsh Electronics Harley-Davidson, Inc. Ace-Tex Kisco Water Treatment Desalnation Systems Agricultural Component Company Harley-Davidson, Inc. Siekert & Baum, Inc. Milsco Manufacturing Co. TNT Pizza Crust Deer Track Park, Inc. Autotrol Corporation Applied Power *Pending or confidential transaction

Midwest Midwest Southeast Midwest Milwaukee, WI Southwest Wauwatosa, WI Ann Arbor, MI Green Bay, WI Milwaukee, WI West Allis, WI Milwaukee, WI Detroit, MI Milwaukee, WI San Diego, CA West Bend, WI Milwaukee, WI Milwaukee, WI Milwaukee, WI Green Bay, WI Watertown, WI Milwaukee, WI Milwaukee, WI

$100 M Sale of Public Company $30 M Sale Assignment $100 M Sale Assignment $75 M Sale Assignment $12 M Sale Assignment $30 M Sale Assignment $13 M Sale Assignment $275 M Sale of Public Company $8 M Sale Assignment $61 M Corp. Divestiture-Comm. Vehicle $18 M Sale Assignment $7 M Sale of Plastic Molder Division $53 M Exclusive Sale to Unitog $6 M Sale Assignment $30 M Sale of Company $30 M Sale Assignment $70 M Sale Assignment-Holiday Rambler $17 M Exclusive Sale to Corporate Express $45 M Sale to Jason, Inc. $35 M Sale to Financial Buyer $25 M Sale to Sanifill, Inc. $44 M Stock Merger with Osmonics Divestiture of Subsidiary

Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to David White Financial Advisor to Seller Financial Advisor to Medical Advances Financial Advisor to Gelman Sciences Financial Advisor to Seller Financial Advisor to Harley-Davidson Financial Advisor to Seller Financial Advisor to Harley-Davidson Financial Advisor to Ace-Tex Financial Advisor to Seller Financial Advisor to Desalination Financial Advisor to Company Financial Advisor to Harley-Davidson Financial Advisor to Siekert & Baum Financial Advisor to Milsco Buyer Introduction Financial Advisor and Agent Financial Advisor to Autotrol Exclusive Agent for Seller

Client	Location	Transaction	Role of Cleary Gull
Food Company* Printed Circuit Board Manufacturer* Distributor* Consumer Product Manufact. & Dist.* David White* Distributor* Medical Advances, Inc. Gelman Sciences, Inc. Medalcraft Mint, Inc. Harley-Davidson, Inc. Marsh Electronics Harley-Davidson, Inc. Ace-Tex Kisco Water Treatment Desalnation Systems Agricultural Component Company Harley-Davidson, Inc. Siekert & Baum, Inc. Milsco Manufacturing Co. TNT Pizza Crust Deer Track Park, Inc. Autotrol Corporation Applied Power *Pending or confidential transaction	Midwest Midwest Southeast Midwest Milwaukee, WI Southwest Wauwatosa, WI Ann Arbor, MI Green Bay, WI Milwaukee, WI West Allis, WI Milwaukee, WI Detroit, MI Milwaukee, WI San Diego, CA West Bend, WI Milwaukee, WI Milwaukee, WI Milwaukee, WI Green Bay, WI Watertown, WI Milwaukee, WI Milwaukee, WI	$100 M Sale of Public Company $30 M Sale Assignment $100 M Sale Assignment $75 M Sale Assignment $12 M Sale Assignment $30 M Sale Assignment $13 M Sale Assignment $275 M Sale of Public Company $8 M Sale Assignment $61 M Corp. Divestiture-Comm. Vehicle $18 M Sale Assignment $7 M Sale of Plastic Molder Division $53 M Exclusive Sale to Unitog $6 M Sale Assignment $30 M Sale of Company $30 M Sale Assignment $70 M Sale Assignment-Holiday Rambler $17 M Exclusive Sale to Corporate Express $45 M Sale to Jason, Inc. $35 M Sale to Financial Buyer $25 M Sale to Sanifill, Inc. $44 M Stock Merger with Osmonics Divestiture of Subsidiary	Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to Seller Financial Advisor to David White Financial Advisor to Seller Financial Advisor to Medical Advances Financial Advisor to Gelman Sciences Financial Advisor to Seller Financial Advisor to Harley-Davidson Financial Advisor to Seller Financial Advisor to Harley-Davidson Financial Advisor to Ace-Tex Financial Advisor to Seller Financial Advisor to Desalination Financial Advisor to Company Financial Advisor to Harley-Davidson Financial Advisor to Siekert & Baum Financial Advisor to Milsco Buyer Introduction Financial Advisor and Agent Financial Advisor to Autotrol Exclusive Agent for Seller

Recent Merger & Acquisition Assignments - Buy Side

Client Location Transaction Role of Cleary Gull

Southern Electronics Doerr Holdings Parker Hannifin Corp. SoftNet Systems, Inc. SoftNet Systems, Inc. NationPage, Inc. NationPage, Inc. Jason Incorporated Siekert & Baum Material Sciences Corp. Gendex Corporation Jason, Inc. *Pending or confidential transaction

Atlanta, GA Grafton, WI Cleveland, OH Lincolnshire, Il Lincolnshire, Il Metuchen, NJ Metuchen, NJ Milwaukee, WI Milwaukee, WI Elk Grove Village, Il Des Plaines, Il Milwaukee, WI

Acquisition of $300 M div. of Globelle, USA Buy Side Advisory Buy Side Advisory $10 M Acquisition of Micrographic Technology $10 M Acquisition of Kansas Communications $7 M Acquisition of PagingPlus $7 M Acquisition of Beep Call, Inc. $55 M Purchase of Koller Industries $9 M Management Buyout $10 M Acquisition of Armco Steel Subsidiary $600 M Acquisition of Dentsply Int'l Acquisition of Division from Bemis Co.

Financial Advisor to Southern Electronics Financial Advisor to Doerr Holdings Financial Advisor to Parker Hannifin Financial Advisor to SoftNet Financial Advisor to SoftNet Financial Advisor to NationPage Financial Advisor/Principal to NationPage Financial Advisor to Jason Advisor & Arranged Financing Fairness Opinion Financial Advisor to Gendex Initiated Sale and Advised Jason

Client	Location	Transaction	Role of Cleary Gull
Southern Electronics Doerr Holdings Parker Hannifin Corp. SoftNet Systems, Inc. SoftNet Systems, Inc. NationPage, Inc. NationPage, Inc. Jason Incorporated Siekert & Baum Material Sciences Corp. Gendex Corporation Jason, Inc. *Pending or confidential transaction	Atlanta, GA Grafton, WI Cleveland, OH Lincolnshire, Il Lincolnshire, Il Metuchen, NJ Metuchen, NJ Milwaukee, WI Milwaukee, WI Elk Grove Village, Il Des Plaines, Il Milwaukee, WI	Acquisition of $300 M div. of Globelle, USA Buy Side Advisory Buy Side Advisory $10 M Acquisition of Micrographic Technology $10 M Acquisition of Kansas Communications $7 M Acquisition of PagingPlus $7 M Acquisition of Beep Call, Inc. $55 M Purchase of Koller Industries $9 M Management Buyout $10 M Acquisition of Armco Steel Subsidiary $600 M Acquisition of Dentsply Int'l Acquisition of Division from Bemis Co.	Financial Advisor to Southern Electronics Financial Advisor to Doerr Holdings Financial Advisor to Parker Hannifin Financial Advisor to SoftNet Financial Advisor to SoftNet Financial Advisor to NationPage Financial Advisor/Principal to NationPage Financial Advisor to Jason Advisor & Arranged Financing Fairness Opinion Financial Advisor to Gendex Initiated Sale and Advised Jason

Recently Completed Valuation & Advisory Assignments

Client Location Transaction Role of Cleary Gull

Manufacturer* Bando McGlocklin New Image BioDenta; Technologies Smileage Dental Plan SoftNet Systems, Inc. Custom Chrome, Inc. Waste Paper Recycler Material Sciences Corp SofNet Systems, Inc. A.O. Smith Rockford Products *Pending or confidential transaction

Midwest Milwaulkee, WI Carlsbad, CA Rancho Cordova, CA Milwaulkee, WI Lincolnshire, Il Morgan Hill, CA Midwest Rockford, Il Lincolnshire, Il Milwaulkee, WI Rockford, Il

Formation of Joint Venture w/Pub Company Valuation/Spin-Off od Assets Fairness Opinion-Acquisition by Dentsply Fairness Opinion-Sale of Stock Fairness Opinion-Sale of Stock of SDP Fairness Opinion-Sale of Assets of CDI Shareholder Defense and Rights Plan Strategic Alternatives Study Shareholder Defense and Rights Plan Fairness Opinion-Sale of Altra Securities Stock Swap, Recap and Special Dividend Strategic Option Study

Financial Advisor Financial Advisor to Bando McGlocklin Financial Advisor to New Image Financial Advisor Financial Advisor Financial Advisor to SofNet Financial Advisor Financial Advisor to Company Financial Advisor Financial Advisor to SofNet Financial Advisor/Fainess Opinion Financial Advisor

Client	Location	Transaction	Role of Cleary Gull
Manufacturer* Bando McGlocklin New Image BioDenta; Technologies Smileage Dental Plan SoftNet Systems, Inc. Custom Chrome, Inc. Waste Paper Recycler Material Sciences Corp SofNet Systems, Inc. A.O. Smith Rockford Products *Pending or confidential transaction	Midwest Milwaulkee, WI Carlsbad, CA Rancho Cordova, CA Milwaulkee, WI Lincolnshire, Il Morgan Hill, CA Midwest Rockford, Il Lincolnshire, Il Milwaulkee, WI Rockford, Il	Formation of Joint Venture w/Pub Company Valuation/Spin-Off od Assets Fairness Opinion-Acquisition by Dentsply Fairness Opinion-Sale of Stock Fairness Opinion-Sale of Stock of SDP Fairness Opinion-Sale of Assets of CDI Shareholder Defense and Rights Plan Strategic Alternatives Study Shareholder Defense and Rights Plan Fairness Opinion-Sale of Altra Securities Stock Swap, Recap and Special Dividend Strategic Option Study	Financial Advisor Financial Advisor to Bando McGlocklin Financial Advisor to New Image Financial Advisor Financial Advisor Financial Advisor to SofNet Financial Advisor Financial Advisor to Company Financial Advisor Financial Advisor to SofNet Financial Advisor/Fainess Opinion Financial Advisor

Recently Completed Public Offerings

Client Location Transaction Role of Cleary Gull Lead Manager

CHS Electronics Distribution Co.* CUNO, Inc. Pioneer Standard Elec., Inc. Osmonics, Inc. CDI Commercial Intertech Meridian Diagnostics, Inc. Jaco Electronics, Inc. NationPage, Inc. Gelman Sciences, Inc. Cherry Corporation Jason Incorporated Dentsply International, Inc. Baldwin Piano & Organ Co. Unitog Corporation Northland Cranberries, Inc. Material Sciences Corporation Sulivan Dental Products Gendex Corporation Schultz Sav-O Stores *Pending or confidential transaction

Miami, FL Southwest Meriden, CT Clevelan, OH Minneapolis, MN Standish, ME Youngstown, OH Cincinnati, OH Hauppauge, NY Metuchen, NJ Ann Arbor, MI Waukegan, WI Milwaukee, WI York, PA Loveland, OH Kansas City, MO WI Rapids, WI Elk Grove Village, Il West Allis, WI Des Plaines, Il Sheboygan, WI

$250 M Secondary Offering $30 M Initial Public Offering $28 M Secondary Offering $50 M Secondary Offering $12 M Secondary Offering $20 M Initial Public Offering $250 M Spin-off of CUNO $19.5 M Secondary Offering $22.4 M Secondary Offering $12.7 M Acquisition Financing $21.1 M Secondary Offering $36 M Common Stock Offering $15 M Common Stock Offering $148 M Common Stock Offering $23.5 M Common Stock Offering $20 M Common Stock Offering $14.8 M Common Stock Offering $23.5 M Common Stock Offering $14.5 M Common Stock Offering $3.05 M Common Stock Offering $9.75 M Common Stock Offering

Co-Manager Co-Manager Co-Manager Co-Manager Sole Manager Co-Manager Fin. Advisor Lead Manager Co-Manager Placement Agent Lead Manager Co-Manager Lead Manager Co-Manager Lead Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager

Raymond James A.G. Edwards Robert W. Baird Lazard Freres Cleary Gull Dean Witter Cleary Gull Crutttenden Roth Cleary Gull Cleary Gull DLJ Cleary Gull Goldman Sachs Cleary Gull George K. Baum Kemper Securities Dillon Read Robert W. Baird Robert W. Baird Kemper Securities

Client	Location	Transaction	Role of Cleary Gull	Lead Manager
CHS Electronics Distribution Co.* CUNO, Inc. Pioneer Standard Elec., Inc. Osmonics, Inc. CDI Commercial Intertech Meridian Diagnostics, Inc. Jaco Electronics, Inc. NationPage, Inc. Gelman Sciences, Inc. Cherry Corporation Jason Incorporated Dentsply International, Inc. Baldwin Piano & Organ Co. Unitog Corporation Northland Cranberries, Inc. Material Sciences Corporation Sulivan Dental Products Gendex Corporation Schultz Sav-O Stores *Pending or confidential transaction	Miami, FL Southwest Meriden, CT Clevelan, OH Minneapolis, MN Standish, ME Youngstown, OH Cincinnati, OH Hauppauge, NY Metuchen, NJ Ann Arbor, MI Waukegan, WI Milwaukee, WI York, PA Loveland, OH Kansas City, MO WI Rapids, WI Elk Grove Village, Il West Allis, WI Des Plaines, Il Sheboygan, WI	$250 M Secondary Offering $30 M Initial Public Offering $28 M Secondary Offering $50 M Secondary Offering $12 M Secondary Offering $20 M Initial Public Offering $250 M Spin-off of CUNO $19.5 M Secondary Offering $22.4 M Secondary Offering $12.7 M Acquisition Financing $21.1 M Secondary Offering $36 M Common Stock Offering $15 M Common Stock Offering $148 M Common Stock Offering $23.5 M Common Stock Offering $20 M Common Stock Offering $14.8 M Common Stock Offering $23.5 M Common Stock Offering $14.5 M Common Stock Offering $3.05 M Common Stock Offering $9.75 M Common Stock Offering	Co-Manager Co-Manager Co-Manager Co-Manager Sole Manager Co-Manager Fin. Advisor Lead Manager Co-Manager Placement Agent Lead Manager Co-Manager Lead Manager Co-Manager Lead Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager	Raymond James A.G. Edwards Robert W. Baird Lazard Freres Cleary Gull Dean Witter Cleary Gull Crutttenden Roth Cleary Gull Cleary Gull DLJ Cleary Gull Goldman Sachs Cleary Gull George K. Baum Kemper Securities Dillon Read Robert W. Baird Robert W. Baird Kemper Securities

Recently Completed Private Placement Transactions

Client Location Transaction Role of Cleary Gull Lead Manager

Financial Services Provider* Food Manufacturer* Contract Manufacturer* Consumer Prod. Manufac.* Ampco Metal SoftNet Systems, Inc. SoftNet Systems, Inc. NationPage, Inc. Louise's Trattoria, Inc. Hypro Corporation Jason Incorporated Siekert & Baum Louise's Trattoria, Inc. *Pending or confidential transaction

Midwest Midwest Southeast Midwest Milwaukee.WI Linconlshire.Il Linconlshire.Il Metuchen, NJ Los Angeles, CA Minneapolis, MN Milwaukee.WI Milwaukee.WI Los Angeles, CA

$100 M Senior Notes Private Placement $6 M Equity/Mezzanine Placement $5 M Equity/Mezzanine Placement $25 M Senior Notes Private Placement $30 M Recapitalization $5 M Acquisition Financing $4.6 M Venture Equity/Mezzanine Placement $9 M Acquisition Financing & Advisor $8.5 M Mezzanine Debt Placement $30 M Debt Restructuring $25 M Senior Notes Private Placement $9 M LBO Financing $7.2 M Venture Equity Placement

Placement Agent Financial Advisor Financial Advisor Placement Agent Financial Advisor Placement Agent Placement Agent/Principal Financial Advisor/Investor Placement Agent Financial Advisor Placement Agent Placement Agent Placement Agent/Principal

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