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Summary of Carlisle 1Q 2000 Conference Call of 4/18/00 from
And Earnings Release from

Acquired 3 plants from Titan International. 2 plants purchased, 1 plant leased.
All cash transaction: just under $100M cash for $100M+ annual revenues.
Plants provide much needed capacity in tires and wheels.

Record sales, 33rd straight quarterly record. 2nd best earnings quarter.
Net earnings of $25.5M or $0.83 per share, up 17% from first quarter 1999's $21.8M or $0.71 per share.
Sales $434M for quarter, a record, up 11% from $390M for last year's first quarter.
$13M capital expenditures for quarter, down 12% from last year.
Cash Flow from Operations $21M for 1Q, due to higher earnings and depreciation and amortization.
Backlog of $245M, approximately the same as 1Q 1999, but not adjusted for recent acquisitions.
Stronger backlog at Tensolite (specialty cables) and Systems and Equipment (cheese processing). Slight decline in backlog at SynTec (roofing) and Trail King (trailers).

5 acquisitions and 1 joint venture since 1 Jan.
DynAir, a Canadian manufacturer of duct supplies (acquired during Q1).
Damrow Denmark & Damrow USA, equipment suppliers to the cheese industry (acquired during Q1).
Dura-Ware, a manufacturer of commercial cookware and serving-ware (acquired after Q1).
Extract Technologies, Ltd, a U.K. biotech/pharmaceutical systems provider (acquired after Q1).
The tire and wheel consumer products division of Titan International (acquired after Q1).

Construction Materials Segment:
Sales of $88M, up 16% over 1Q 1999 of $76M.
Earnings up 7% over 1Q 1999 of $8.3M.
Carlisle Syntec's domestic roofing sales up 15%, benefited from strong EPDM rubber membrane sales.
EPDM rubber membrane price increase announced 1 April, to recover raw material price increases.
New product: thermoplastic polyolefin (TPO) membrane, which is heat-weldable on roof, and insulation product acquired a year and a half ago.
Acquired DynAir in Feb 2000, a manufacturer of duct supplies. DynAir will complement the product offerings of Carlisle Coatings and Waterproofing's existing business.

Industrial Components Segment:
Sales $163M, up 12% over 1Q 1999. Earnings $24.5M up 20% over 1Q 1999.
Earnings increased faster than sales due to cost reduction and efficiency programs.
Carlisle Tire and Wheel revenues up mid teens. Earnings up low 20's.
Motion Control (braking systems): revenue up 10%. Earnings up sharply over 1999.
Tensolite specialty cables and assemblies: growth in mid teens due to recovery in aerospace market.
Large customer on west coast (ie Boeing, but not mentioned by name) business down 15%, but overall growth due to broad customer base.

Automotive Components Segment:
Record sales of $83M. Earnings $7.2M, up 9% over 1Q 1999.
Steady demand as vehicle builds remain at record levels.
Carlisle adapted to record volumes and continued to reduce inefficiencies related to high demand
Good progress in managing working capital needs.

General Industry Segment:
Sales of $100M, up 15% from 1Q 1999. Earnings $8.6M, up 15% over 1Q 1999.
After eliminating the results of the Perishable Cargo Business which was divested in 1Q 1999, sales up 40% over 1Q 1999 and earnings up 36% over 1Q 1999.
Johnson Truck Bodies, acquired in May 1999, experienced strong demand from home delivery markets.
Extract Technologies, Ltd, a British biotech/pharmaceuticals systems provider will be merged with Carlisle Barrier Systems, to form Carlisle Pharmaceutical Systems.
Scherping Systems (cheese processing systems) contributed to sales and earnings.
Scherping Systems acquired Damrow Denmark and Damrow USA, equipment suppliers to cheese industry in March 2000. With the recent acquisition of Innovative Enginneering of New Zealand, Scherping Systems makes Carlisle the leading global supplier of cheese manufacturing systems.
Cheese systems: sales up 50% from 1999, due to recent acquisitions.
Only the trailer business was soft. Trail King's specialty trailer business benefited from strong demand in the construction market. Diesel fuel price increases have reduced specialty trailer sales to commercial haulers. Positive Economic Value Added (EVA).
Carlisle Food Service revenues up mid teens due to strong international sales. Earnings up 30%.
In April, Carlisle Food Service acquired Dura-Ware Company, a manufacturer of commercial cookware and serving-ware for the foodservice and hospitality markets.
General Industry Segment earnings increase driven by sales increase, particularly at Johnson Truck Bodies, as well as operational improvements at carlisle Systems and Equipment and Carlisle Food Service, offset by softer margins at Trail King and Carlisle Home Products.

Conference Call Question and Answer session:

Will the Titan deal lower margins?
No. The lawn and garden business is seasonal. First half of year is better than second half.
Cost synergies ($4M very preliminary estimate) won't get accomplished yet in second quarter.
Non-compete agreement with Titan International.
Carlisle will supply Titan International with wheels and tires for 5 years, by agreement.
Titan can sell products produced by Carlisle. The Titan brand will continue to exist.
Preserve the 2 brands in the marketplace, to keep the Asian competition out.

Was the roofing business affected by the weather or by buying in anticipation of price increases?
Half was pre-buying, half was real growth. 2nd Quarter growth will be flat.

What was the impact of the resolution of the Boeing strike?
The strike did not impact Carlisle. Only engineering was on strike.

Is Alcatel Network Systems a potential new customer for Tensolite?
Carlisle has been doing business with Alcatel for a long time.

Will food services segment be split out as a separate segment?
No plans. Carlisle just “resegmented”.

Will Carlisle join the online Business to Business marketplace initiative for tires?
No. Carlisle will continue to be the global leader in lawn and garden tires.
Growing in the high 20's for the last 10 years. The model is working.
Will continue with the current model.

Will there be more aggressive growth in auto components?
At capacity now. Will focus on operating margins.
Economic value Added (EVA) is positive and improving.

What about future acquisitions?
There is a good pipeline of potential acquisitions.
Pipeline is as robust as ever. Good opportunities.

Are there labor issues at the Titan plants?
The plants acquired are non-union.
The plant being leased is non-union.
The labor situation is comfortable.
Carlisle has very good labor relations company-wide.
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