Exhibit (c)(7)
| Process Update September 8, 2010 |
| ProcessSummary•Covington has contacted 64 potential partners since launching the process on June 2nd•45 parties responded, 19 parties were unresponsive – 28 were not interested in reviewing – 17 signed NDAs o 9 declined after reviewing dataroom o 8 received bid letters - - 2 sent bids - - Moving forward with Swenson Granite |
| SwensonGraniteUpdate•BankFinancing –People’s United selected as lead lender o Signed term sheet o Paid $50,000 o Began environmental and asset valuation studies –People’s selected Key Bank as second lender –Commitment letter expected 9/10 –Definitive loan approval expected end of September•DraftMerger Agreement sent to Sheehan Phinney 9/1 |
| Timing Update• Covington/Skadden to provide update |