Core Natural Resources 8K Certain statements and information in this presentation may constitute forward-looking statements within the meaning of | SEC 10 Jan 12

JANUARY 2012

INVESTOR PRESENTATION

Exhibit 99.1

Cautionary Statement Regarding

Forward-Looking Statements

Certain statements and information in this presentation may constitute forward-looking statements within the meaning of

the Private Securities Litigation Reform Act of 1995. The words "believe," “anticipate,” “plan,” “intend,” “foresee,”

"guidance," "potential," "expect," "should," "will" or similar expressions are intended to identify forward-looking

statements (including those contained in certain visual depictions) in this presentation. These forward-looking statements

reflect the Company's current expectations and/or beliefs concerning future events. The Company has made every

reasonable effort to ensure that the information, estimates, forecasts and assumptions on which these statements are

based are current, reasonable and complete. However, these forward-looking statements are subject to a number of risks

and uncertainties that may cause the Company's actual performance to differ materially from that projected in such

statements. Among the factors that could cause actual results to differ materially include, but are not limited to, industry

cyclicality and seasonality and adverse weather conditions; ability to service or refinance the Company's existing debt or

obtain future financing; failure to comply with financial tests and restrictive covenants contained in the Company’s

existing and future debt obligations; recognition of asset impairment charges; fluctuations in customer demand and other

patterns; raw material pricing and supply, including steel; competitive activity and pricing pressure; general economic

conditions affecting the markets we serve; current economic volatility in the U.S. and abroad; pending legal proceedings,

claims and governmental proceedings; costs related to environmental cleanups and liabilities; changes in laws or

regulations; the volatility of the Company's stock price; and the substantial rights, seniority and dilutive effect on our

common stockholders of the convertible preferred stock issued to investment funds affiliated with CD&R, LLC. See also the

"Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended October 30, 2011, and in its

subsequent Quarterly Reports on Form 10-Q which identify other important factors, though not necessarily all such

factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. The

Company expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking

statements, whether as a result of new information, future events, or otherwise.

This presentation may also contain non-GAAP financial information. The Company’s management uses this information in

its internal analysis of results and believes that this information may be informative to investors in gauging the quality of

the Company’s financial performance, identifying trends in our results and providing meaningful period-to-period

comparisons. For additional information regarding these non-GAAP measures, including any required reconciliations to

the most directly comparable financial measure calculated according to GAAP, see in the Appendix section of this

presentation.

Mission Statement

It is our mission

to produce sustainable products and

systems, for the metal construction industry, of

enduring quality

that enhance the beauty, form and

function

of structures in which people work, live,

play, learn, worship and use for storage and

protection.

Vision Statement

It is the vision

of NCI to be the undisputed leader

in the U.S. building construction industry by

providing

superior

products

and

services

through our metal coil coating, metal components

and custom metal building systems divisions.

The Market

Nonresidential Market Segments

•

Significant operating expertise

•

Management

averages

years

experience

the

Metal

Building

Manufacturing

industry

•

Proven ability to operate and grow the business and in the current downturn to

execute cost reduction initiatives

•

Leading market positions in all operating segments

•

High quality,

well

respected

stable

brands

marketed

through

broad

network of

builders and distributors

•

Large variety of products and services

•

Participates in highly fragmented markets and has attractive spread of risk in terms

of geography, end market applications and customer concentration

•

31 manufacturing plants located throughout North America operated in an efficient

“hub-and-spoke”

network

•

Places manufacturing and distribution operations closer to our customers

•

Affiliated builder network and architectural relationships provide substantial and

extended channels to market

•

Each segment uses same type of steel

•

Ability to receive contract pricing without long-term contracts

•

Significant ability to flex manufacturing infrastructure and ESG&A levels to changes

in volume

•

Vertically

integrated

producer

enabling

faster

turnaround

times

–

majority

of orders

are completed in 1 –

3 months

•

Positioned

capitalize

material

conversion

trends

and

green

initiative

•

Actively pursuing market leading initiatives

Leading Market Positions

and Strong Brands

Motivated and Experienced

Management Team

Integrated Business Model

Well Positioned for Growth

Efficient Distribution Model

High Volume Producer with

Flexible Cost Structure

NCI’s Strategic Positioning

Segment EBITDA excludes Corporate Costs of $44.3 MM

Three Integrated Segments

SEGMENT

METAL COIL COATING

METAL COMPONENTS

ENGINEERED BUILDING SYSTEMS

Focus

Cleaning, treating & painting flat

rolled metal coil substrates

Metal roof & wall systems, metal

partitions, metal doors, etc.

Engineered building systems for low rise

nonresidential markets

Key Products

Product Utilization

Used by manufacturers of metal

components and engineered building

systems (NCI’s other segments used

approximately 51% of production).

Also sold to other manufacturers of

painted metal goods, such as the

appliance industry.

Roof and wall systems with specialized

product lines such as insulated metal

panels and standing seam roof panels for

architectural and commercial/industrial

applications, as well as traditional single-

skin, thru-fastener panels primarily used for

agricultural and residential facilities;

secondary structural (purlins and girts), as

well as ancillary accessories such as doors

and trim.

Custom designed, engineered, ready for

assembly primary structural framing,

secondary structural members (purlins, girts) and

metal roofs/walls.

NCI Companies

FY2011 % of Total

Revenue

37%

55%

FY2011 % of Total

EBITDA

28%

37%

35%

State as of close of 2011 unless otherwise noted

181

340

51%

31%

18%

Metal Coil Coating

Cleans, treats, coats and

paints flat-rolled metal

coil substrates

Slits and/or embosses

coated coils

Manufacturers of

painted steel products:

Metal Buildings

Light Fixtures

HVAC

Water Heater Jackets

Walk-in Coolers

PRODUCTS

CUSTOMERS

Light Gauge Coil Coating

Est. Rank

% Market

Precoat Metals Division

45%

NCI

11%

SDI

Steelscape

Others

N/A

27%

Total

100%

Heavy Gauge Hot Rolled Steel Coating

Est. Rank

% Market

NCI

40%

Hanna Steel

24%

Midwest Metal Coaters

17%

SDI

12%

Others

N/A

Total

100%

Source: 2011 NCI Estimates

STATS

(Volume in tons)

Internal:

External:

Construction

All Other

MARKET SHARE

PERFORMANCE

No. of Customers:

No. of Employees:

No. of Plants:

END

USE

(FY 2011)

Revenue, EBITDA and EBITDA Margin %

2003

2004

2005

2006

2007

2008

2009

2010

2011

External Revenue

127

123

111

118

EBITDA

EBITDA Margin %

20.5

25.5

22.9

25.9

37.9

39.9

24.3

32.8

30.0

29,210

969

25%

50%

22%

State as of close of 2011 unless otherwise noted

PRODUCTS

Metal Components

CUSTOMERS

Small, medium and large contractors

Specialty roofers

Engineered building fabricators

Distributors/lumberyards

End users

Pre-formed metal roof and wall systems

Insulated metal panels

Secondary structural members

Flashings and accessories

Roll-up doors and interior partition systems

Metal Components

Est. Rank

% Market

NCI

12%

Fabral

Metal Sales

McElroy

Firestone

Others

N/A

63%

Total

100%

Source: 2010 NCI Estimates

No. of Customers:

No. of Employees:

No. of Plants:

STATS

(Volume in tons)

Internal:

External:

Commercial & Industrial

Ag & Res

Retail

END USE

(FY 2011)

MARKET SHARE

PERFORMANCE

Revenue, EBITDA and EBITDA Margin %

2003*

2004*

2005*

2006*

2007

2008

2009

2010

2011

External Revenue

473

548

567

671

562

600

389

328

354

EBITDA

102

EBITDA Margin %

11.6

15.1

15.2

10.7

15.4

11.8

11.2

8.4

* Fiscal 2006 and prior were not reclassified for the change in reporting structure that transferred certain segment activities

within the Metal Components and Engineered Building Systems segments in fiscal 2008.

State as of close of 2011 unless otherwise noted

3,417

2,104

Engineered Building Systems

Custom engineered buildings

Self-storage mini-warehouses

Long Bay

System

Engineered Building Systems

Est. Rank

% Market

NCI

28%

BlueScope Buildings

28%

Nucor Building Systems

24%

Others

N/A

20%

Total

100%

PRODUCTS

CUSTOMERS

Builder network

General contractors

Developers

Custom fabrication customers

End users

No. of Builders:

No. of Employees:

No. of Plants:

STATS

(Volume in tons)

Commercial & Industrial

Institutional

Agricultural

END USE

(FY 2011)

MARKET SHARE

PERFORMANCE

SALES CHANNEL

67%

20%

13%

Authorized Builders/Erectors

Direct Sales

Resellers/Private Label

Non-Affiliated Builders

Source: 2010 NCI Estimates

Revenue, EBITDA and EBITDA Margin %

2003*

2004*

2005

2006*

2007

2008

2009

2010

2011

External Revenue

297

414

452

782

980

1,066

523

477

530

EBITDA

130

122

EBITDA Margin %

8.1

9.8

11.9

10.7

13.3

11.4

5.6

0.1

5.2

59%

13%

20%

Fiscal 2006 and prior were not reclassified for the change in reporting structure that transferred certain segment

activities within the Metal Components and Engineered Building Systems segments in fiscal 2008.

Architectural Market Activity

Commercial/Industrial Billings Index

Updated: December 2011

Source: American Institute of Architects

Note:

Consistent with the above recent trend, our Buildings

segment new order bookings for our third and fourth quarter

of 2011 increased 42% and 35% over the same periods of

2010, respectively. Through December 2011 these trends

have continued. Our bookings are typically converted to

revenue in 90 to 120 days.

Commercial/Industrial Billings

Nonresidential Construction Activity

Historical and Forecast Volume for Square Feet

Millions of Square Feet

Source: McGraw-Hill

McGraw-Hill

Linear Trend

1,144

1,404

775

671

645

655

1,080

600

800

1,000

1,200

1,400

1,600

1,800

2,000

'67

'68

'69

'70

'71

'72

'73

'74

'75

'76

'77

'78

'79

'80

'81

'82

'83

'84

'85

'86

'87

'88

'89

'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

Updated: October 2011

Lending Standards vs. Construction Activity

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

-20%

-10%

10%

20%

30%

40%

50%

60%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Loan Officer Survey

Construction Activity

Source: McGraw-Hill

Source: Federal Reserve Bank

Updated: November 2011

GDP vs. Construction Activity

Percentage Change Correlation 0.85

Source: McGraw-Hill

-50%

-40%

-30%

-20%

-10%

10%

20%

30%

40%

50%

-10%

-8%

-6%

-4%

-2%

10%

'68

'69

'70

'71

'72

'73

'74

'75

'76

'77

'78

'79

'80

'81

'82

'83

'84

'85

'86

'87

'88

'89

'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

GDP

Construction Activity

Updated: November 2011

Historical Performance & Nonresidential Activity

Adjusted EBITDA vs. Construction Activity

Source: McGraw-Hill

(Dotted line represents projection)

$154

$84

1,867

1,404

$36

775

$201

1,669

$45

$16

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

-$30

-$10

$10

$30

$50

$70

$90

$110

$130

$150

$170

$190

$210

$230

$250

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Adjusted EBITDA

Updated: November 2011

Construction Activity

Historical Performance & Steel Price Activity

Adjusted EBITDA vs. Steel Activity

$154

$84

$201

$45

$16

$36

236

152

156

182

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

$240

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

$220

$240

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Adjusted EBITDA

CRU Steel Price Index

Updated: October 2011

Steel Price Activity

CRU North American Steel Price Index

NCI Plan

The CRU North American Steel Price Index has been published by the CRU since 1994. It’s based on a survey of industry participants and is commonly used in

the settlement of physical and financial contracts within the steel industry. The prices surveyed are purchases for forward delivery, according to lead time,

which will vary by approximately one to two months. To better align with NCI’s fiscal year, the values shown are from October of each year. (1994 Index = 100)

Material Cost Comparisons Over Time

Producer Price Index thru November 2011

100

120

140

160

180

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Concrete Block and Brick

Hardwood Lumber

Asphalt Roofing

Steel Mill Products

Updated: November 2011

Index reset to 2007

as base year

Financial Overview

Historical Financial Perspective

($ in millions, FYE Oct.)

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Revenue

937

1,018

955

953

898

1,085

1,130

1,571

1,625

1,763

965

871

960

% Growth

38.7%

8.7%

-6.2%

-0.2%

-5.8%

20.8%

4.2%

39.0%

3.4%

8.5%

-45.3%

-9.8%

10.2%

COGS

697

762

742

741

701

823

851

1,187

1,221

1,319

749

700

758

% of Revenue

74.4%

74.8%

77.7%

78.0%

75.8%

75.3%

75.6%

75.2%

74.8%

77.6%

80.4%

79.0%

Gross Profit

240

257

213

198

262

279

384

404

444

216

171

202

% Margin

25.6%

25.2%

22.3%

22.0%

24.2%

24.7%

24.4%

24.8%

25.2%

22.4%

19.6%

21.0%

ESG&A

120

131

133

141

140

165

175

246

272

285

211

191

202

% of Revenue

12.8%

12.9%

14.0%

14.8%

15.6%

15.2%

15.5%

15.7%

16.7%

16.2%

21.9%

21.1%

EBIT

120

125

104

138

132

161

(20)

% Margin

12.8%

12.3%

8.4%

7.6%

6.4%

8.9%

9.2%

8.8%

8.1%

9.1%

0.7%

-2.3%

0.2%

Adjusted EBITDA

146

154

105

100

128

138

176

201

% Margin

15.6%

15.1%

11.0%

10.5%

9.3%

11.8%

12.2%

11.2%

10.8%

11.4%

4.7%

1.9%

3.7%

Capex

% of Revenue

3.6%

2.8%

1.6%

1.0%

2.0%

0.9%

1.7%

2.6%

1.4%

2.3%

1.6%

2.2%

RCC

acquisition

completed

April

2006.

Results

included

from

acquisition

date.

Amounts have been retrospectively adjusted as a result of certain reclassifications due to the further integration of RCC and the rationalization of our operations.

Excludes special charges.

Last Nonres Downturn

Current Nonres Downturn

Fiscal Year 2010

ADJUSTED OP PROFIT

$29 million

Adjusted Operating Segment Results

Fiscal Year 2010 vs. Fiscal Year 2011

Before corporate expenses, in addition see Appendix for the reconciliation of the non-GAAP financial measure to the GAAP financial measure.

Fiscal Year 2010

THIRD PARTY SALES

$871 million

Fiscal Year 2011

ADJUSTED OP PROFIT

$55 million

Fiscal Year 2011

THIRD PARTY SALES

$960 million

Metal Coil

Coating

Metal

Components

38%

Engineered

Building

Systems

55%

Engineered

Building

Systems

55%

Metal

Components

37%

Metal Coil

Coating

Engineered

Building

Systems

Metal

Components

63%

Metal Coil

Coating

37%

Engineered

Building

Systems

25%

Metal

Components

42%

Metal Coil

Coating

33%

Engineered Building Systems incurred an adjusted operating loss for fiscal year 2010.

Strategy

Five-Year Growth Strategy

Corporate-Wide Initiatives

•

Fixed

cost

containment

the

nonresidential

construction

market

improves

our top corporate-wide initiative

•

Continue to identify and assess opportunistic acquisitions

•

Enhance plant utilization through expanded use of our Hub & Spoke

Distribution model

•

Continue to focus on leveraging Technology and Automation to be lowest cost

producer

Coatings Division

•

Diversify external customer base to substantially increase toll and package

sales

•

Continue to leverage efficiency improvements to be lowest cost producer

•

Open our recently purchased Middletown, Ohio coating facility

Components Division

•

Expand Insulated Metal Panel product offering utilizing our new state-of-the-art

manufacturing facility in Jackson, MS and other future locations

•

Accelerate and expand Nu-Roof, our retrofit roofing product

Buildings Division

•

Marketing and Sales initiatives that enhance geographic and end market focus

•

Reduce cycle time and costs through virtual centralization of Engineering and

Drafting based on common suite of engineering applications

•

Improving manufacturing efficiencies through the enhancement of our supply

chain

2009 Operational Restructuring

Buildings Group

•

Reduced manufacturing facilities from 15 to 8

•

Maintained customer touch points (sales/service)

•

Transitioned to a single leadership role for both RCC & NCI Buildings

groups

•

Manufacturing operations reorganized

•

Engineering and Drafting reorganized

Components Group

•

Reduced manufacturing facilities from 22 to 18

•

Maintained

the

necessary

footprint

service

external

customers

and

provide support for the Buildings group’s needs

Employee Reduction

3,000

3,500

4,000

4,500

5,000

5,500

6,000

Total Headcount

MANUFACTURING PLANTS

BEFORE AFTER

COATERS

COMPONENTS

BUILDINGS

TOTAL

NCI Manufacturing Plants After Reductions

Before

After

Significant Cost Reductions Completed

Cost Reduction Summary

(in thousands)

COST REDUCTION

HEADCOUNT REDUCTION

BY SEGMENT

Indirect Costs

Direct Variable

Costs

Total Cost

Savings

% Reduction

Number

% Reduction

Buildings

$88,205

$374,188

$462,393

48.2%

1,530

41.8%

Components

23,016

152,532

175,548

33.9%

547

36.7%

Coaters

2,321

29,326

31,647

46.8%

10.3%

Corporate

7,703

5,319

13,022

20.2%

25.3%

Total

$121,245

$561,365

$682,610

42.4%

2,178

37.7%

BY COST LINE ITEM

Cost of Goods

$71,250

$522,664

$593,914

44.8%

1,619

43.3%

Engineering

19,004

3,573

22,577

41.9%

217

33.0%

ESG&A

30,991

35,128

66,119

28.6%

342

24.7%

Total

$121,245

$561,365

$682,610

42.4%

2,178

37.7%

Indirect cost reductions represent 30% of total 2008 indirect costs.

Direct variable costs include such items as Materials, Bonus, Commission, etc. that will vary based on NCI's performance without any other action.

Insulated Metal Panels:

Product & Process Photos

Polyisocyanurate

Insulation

Exterior Metal

Skin

Interior

Metal

Skin

Wide range of market and construction applications

Improves thermal performance

Increases energy efficiency

Supports many LEED and green requirements

Reduces a building’s operational expenses

Easy installation accelerates construction schedules

BEFORE

Retrofit Roofing:

Before and After

Provides a sloped roof solution

that overcomes issues commonly

associated with a flat roof

including water runoff

Can be applied over existing roof

system, eliminating tear-off and

accelerating production schedule

Has all the benefits provided by a

metal roofing system including:

Low maintenance and associated costs

Improves aesthetics of existing roof

Highly durable with a life expectancy of

up to 40 years

Financial Data

$146

$154

$105

$100

$84

$128

$138

$176

$201

$45

$16

$36

$50

$100

$150

$200

$250

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Adjusted EBITDA

$11.70

$12.15

$5.03

$8.40

$6.00

$12.65

$11.78

$16.41

$13.89

$19.54

-$0.68

-$3.21

-$1.96

-$5

$10

$15

$20

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Earnings Per Share

$937

$1,018

$955

$953

$898

$1,085

$1,130

$1,571

$1,625

$1,763

$965

$871

$960

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Sales

Historical Performance

* Adjusted Earnings (Loss) per Diluted Common Share is a non-GAAP financial measure which is

reconciled to the most comparable GAAP financial measure as indicated in the Appendix. The

Adjusted Earnings (Loss) per Diluted Common Share has been retrospectively adjusted for the

Reverse Stock Split that occurred on March 5, 2010.

* Adjusted EBITDA is defined in the Company’s credit facilities and is calculated within the Appendix.

Adjusted Earnings (Loss) Per Diluted Common Share*

Adjusted EBITDA*

Sales

Seasonal Trends

Fiscal Q1 2004 through Q4 2011

*Sales

amounts

have

been

retrospectively

adjusted

result

certain reclassifications due to the further integration of RCC and the rationalization of our operations.

$20.9

$24.3

$36.0

$47.2

$27.9

$28.4

$35.8

$45.6

$31.3

$30.9

$52.2

$61.6

$34.3

$28.3

$53.9

$59.7

$30.7

$42.5

$66.8

$61.0

$1.6

$3.1

$21.4

$18.5

-$2.6

$1.1

$10.2

$7.4

-$4.3

$7.7

$14.7

$17.5

$215

$255

$296

$319

$245

$251

$293

$341

$293

$330

$449

$499

$360

$368

$434

$463

$361

$416

$477

$509

$260

$224

$238

$243

$182

$202

$245

$242

$190

$226

$262

$282

-$50

-$25

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

$300

$325

$350

$375

$400

$425

$450

$475

$500

$525

$550

-$8

-$4

$12

$16

$20

$24

$28

$32

$36

$40

$44

$48

$52

$56

$60

$64

$68

$72

$76

$80

$84

$88

'04

'05

'06

'07

'08 *

'09 *

'09 *'09 *

'10*

'10

'11

Adjusted EBITDA

Sales

NCI Capital Structure Over Time

NCI Sales

NCI’s Capital Structure

Overall Nonresidential Construction Spending

$865

$937

$1,018

$955

$953

$898

$1,085

$1,130

$1,571

$1,625

$1,763

$965

$871

$960

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Sales

$565

$474

$433

$417

$368

$297

$249

$217

$373

$498

$497

$474

$150

$136

$131

$146

$154

$105

$100

$84

$128

$138

$176

$201

$45

$16

$36

$100

$200

$300

$400

$500

$600

May

1998

Oct

1998

Oct

1999

Oct

2000

Oct

2001

Nov

2002

Nov

2003

Oct

2004

Oct

2005

Oct

2006

Oct

2007

Nov

2008

Nov

2009

Oct

2010

Oct

2011

Outstanding Debt

Adjusted EBITDA LTM

$60

$80

$100

$120

$140

$160

$180

$200

$220

$240

$260

Source: McGraw-Hill

Cash Flow

(750,796)

33,531

759,597

53,004

95,336

(21,657)

2,589

(19,068)

(235,874)

250,000

(54,659)

(451)

(12,967)

(53,951)

(99)

22,218

Includes $622.6 million for goodwill and other intangible asset impairment, $97.6 million debt extinguishment charge, $40 million lower of cost or market charge, $11.2 million change

of control charges, $9.1 million restructuring charges and $6.3 million asset impairment.

2007

2005

2004

2003

2006

2008

44,890

22,974

10,029

(54,163)

23,730

(9,327)

3,316

(6,011)

(243,750)

200,000

20,049

(23,701)

(5,982)

22,800

23,007

4,284

19,177

69,268

(4,310)

(17,912)

3,891

(18,331)

(48,550)

(114)

2,401

(46,263)

4,674

51,337

24,488

14,540

27,902

118,267

(27,399)

(19,524)

1,118

(45,805)

(23,700)

180,000

(40,676)

4,408

120,032

192,494

68,946

31,092

13,804

7,672

121,514

(366,598)

(27,056)

308

(393,346)

(78,511)

200,000

(37,572)

12,104

96,021

133

(175,678)

58,568

36,242

6,418

36,397

137,625

(20,086)

(42,041)

5,764

(56,363)

(91,447)

90,500

(36,122)

5,444

(31,625)

379

50,016

($ in thousands)

2009

Investing Cash Flow

Financing Cash Flow

73,278

36,333

19,727

(89,144)

40,194

(24,803)

6,113

(18,690)

(26,529)

(2,226)

(1)

(28,756)

399

(6,853)

2010

(26,877)

34,504

5,311

(6,632)

6,306

(14,030)

767

(13,263)

(15,669)

(125)

(381)

10,140

(6,035)

(8)

(13,000)

2011

(9,950)

33,214

3,501

14,672

41,437

(21,040)

583

(20,457)

(7,148)

(200)

(1,477)

(11,039)

467

(19,397)

(20)

1,563

Includes ($13.0) million and ($10.1) million for restricted cash for cash collateralized letters of credit from fiscal 2009 and 2010, respectively.

Other

Exchange Rate Changes

Net Income (Loss)

Depreciation & Amortization

Changes in Working Capital

Operating Cash Flow

Acquisitions

Capital Expenditures

Investing Cash Flow

Debt Repayment

Debt Issuance

Convertible Preferred Stock

Refinancing Costs

Payment of Cash Dividends on CPS

Financing Cash Flow

Net Increase (Decrease) in Cash

Operating Cash Flow

Other Non-cash Items

Stock Repurchases

Capitalization

Capitalization and Current Trends

2007

2008

2009

2010

2011

Cash

$75

$68

$90

$77

$79

$125 Million Revolver

---

n/a

$125 Million ABL Credit Facility

n/a

---

L+275, Due April 2014

.5% unused Commitment fee

Amended and Restated Term Loan

315

293

150

136

131

L+600, 2% floor, Due April 2014, quarterly

installments of 0.25%

$180 Million 2.25% Convertible Notes

180

---

n/a

Industrial Revenue Bond

---

n/a

Total Debt

$497

$474

$150

$136

$131

Convertible Preferred Stock

---

$223

$257

$274

Dividends payable in cash (8%) or PIK (12%)

Call/Put 2019

Total Stockholders Equity (Deficit)

$540

$624

$50

($3)

($36)

Credit Statistics:

Net Debt

$422

$406

$60

$59

$52

Net Indebtedness

$447

$424

$100

$86

$81

Debt/LTM Adjusted EBITDA

2.8x

2.4x

3.4x

8.5x

3.7x

Net Indebtedness/LTM Adjusted EBITDA

2.2x

5.4x

2.3x

Fixed Charge Coverage Ratio

2.0x

1.0x

<1.0x

The term “Net Debt” is a commonly used financial term calculated as the Company’s outstanding debt less cash on the balance sheet.

The term “Net Indebtedness” is a defined term in our credit facility used for purposes of calculating leverage covenant compliance. “Net Indebtedness” is calculated similarly to “Net Debt”, however, in

determining “Net Indebtedness,” the amount of cash is limited to $50 million.

Term Loan:

ABL:

Available borrowing base is a function of eligible inventory and receivables. If the remaining available borrowing capacity under the ABL is less than $15 million, then a minimum fixed charge

Financial Maintenance Covenants:

Based on the provisions in our Term Loan we effectively have deferred our financial maintenance covenant requirements until at least January 2013.

coverage ratio of 1.0x must be maintained.

(in thousands)

Nov 2, 2008

Nov 1, 2009

Oct 31, 2010

Oct 30, 2011

ASSETS

Current assets:

Cash and cash equivalents

$ 68,201

$ 90,419

$ 77,419

$ 78,982

Restricted cash

5,154

2,839

2,836

Accounts receivable, net

163,005

82,889

81,896

95,381

Inventories, net

192,011

71,537

81,386

88,531

Deferred income taxes

25,315

18,787

15,101

20,405

Income tax receivable

27,622

15,919

1,272

Prepaid expenses and other

18,374

22,816

23,775

24,204

Total current assets

466,906

319,224

298,335

311,611

Property, plant and equipment, net

251,647

232,510

214,453

208,514

Goodwill

616,626

5,200

Intangible assets, net

41,678

28,370

26,312

24,254

Other assets

2,635

28,864

16,224

11,575

Total assets

$ 1,379,492

$ 614,168

$ 560,524

$ 561,154

LIABILITIES AND STOCKHOLDERS’

EQUITY (DEFICIT)

Current liabilities:

Current portion of long-term debt and notes payable

$ 920

$ 14,645

$ 289

$ 292

Accounts payable

100,102

71,252

70,589

88,158

Accrued compensation and benefits

67,429

37,215

31,731

34,616

Other accrued expenses

66,681

55,573

48,269

50,977

Total current liabilities

235,132

178,685

150,878

174,043

Long-term debt

464,324

136,085

136,305

130,699

Deferred income taxes

48,034

18,848

10,947

7,312

Other long-term liabilities

3,928

7,657

4,820

10,081

Total long-term liabilities

516,286

162,590

152,072

148,092

Series B cumulative convertible participating preferred stock

222,815

256,870

273,950

Redeemable common stock

3,418

759

Stockholders’

equity

(deficit)

628,074

50,078

(2,714)

(35,690)

$ 1,379,492

$ 614,168

$ 560,524

$ 561,154

Balance Sheet

Total liabilities

and

stockholders’

equity

(deficit)

BUILDING COMPLEXITIES

FINANCIAL

SUSTAINABILITY

Appendices

End Uses for Complexity Classifications

Financial Appendix

2009 Recapitalization

* On March 5, 2010, the Company filed an amendment to its Certificate of Incorporation to effect the Reverse Stock Split at an exchange ratio of 1-to-5.

As such, we have retrospectively adjusted the shares of common stock.

Replaced revolver with $125

million undrawn ABL facility.

Prior revolver matured in June

2009. The ABL facility matures

in April 2014.

Amended/Extended term loan

and paid down $143 million.

Extended maturity date from

June 2010 to April 2014.

Exchanged convertible notes

for $90 million cash and 14.0*

million shares of common

stock.

Sold $250 million convertible

preferred stock. The preferred

stock has a call/put feature in

2019.

Cash

105

Cash

$125 Million Revolver (L+175)

$125 Million ABL Revolver (L+450)

Term Loan (L+150)

293

Term Loan (L+600, 2% floor)

150

$180 Million 2.25% Convertible Notes

180

Total Debt

150

Industrial Revenue Bond

Total Debt

474

Net Debt

369

Convertible Preferred Stock

223

Stockholder's Deficit

(18)

Stockholder's Equity

Financial Covenants

Capitalization

Aug 2, 2009

Capitalization

Nov 1, 2009

Leverage Ratio Covenant: 4.0x

Senior Leverage Ratio Covenant: 2.75x

Net Indebtedness to Adjusted EBITDA

Covenant Beginning in October 2011: 5.0x

then quarterly step downs

ABL Fixed Charge Coverage Covenant:

1.0:1.0 required only when excess available

borrowings are less than $15 million.

Recapitalization

Oct 20, 2009

Convertible Preferred Stock

Key Terms Regarding Dividend Payments

Dividends may be paid in cash (8% annual rate) or in-kind (12% annual rate) at the Company’s option:

Credit facility restrictions:

Cash dividend payments are generally limited under our term loan

to 50% of the consolidated net income accumulated

subsequent to August 2, 2009, subject to specified adjustments, less the sum of all previous distributions. The term loan

permits the payment of cash dividends up to a maximum of 14.5 million during the term of the loan in the absence of

accumulated earnings.

Dividend Elimination or “knock-out”:

The dividend rate becomes 0% permanently, if at any time after April 2012 the trading price of our common stock exceeds

$12.75 (adjusted for stock splits, etc.) for 20 consecutive trading days. However, in the event of a default, as defined,

certain penalty dividends may be required.

Summary of Preferred and Common Stock Outstanding

Number of Shares of Common Stock, if converted

(millions)

October 31, 2010

October 30, 2011

Series B Convertible Preferred Stock

44.3

46.6

Common Stock

18.4

18.6

Unvested Restricted Common Stock

1.2

1.3

Total Outstanding Shares, if converted

63.9

66.5

Dividend payment date:

March 15 , June 15 , September 15 and December 15 .

Note – Subsequent to October 30, 2011, the Company entered into a Waiver and Consent with the CD&R Funds in which the CD&R Funds agreed to accept a paid-in-kind

dividend on their Preferred Shares for the dividend payment period ending December 15, 2011 computed at the per annum rate of 8% rather than the 12%. The Company

waived certain rights through October 28, 2012 to issue up to $5 million worth of its Common Stock. As a result of accruing the dividend at the stated 12% rate, and

subsequently agreeing to the lower 8% rate, a dividend accrual reversal of $1.4 million will be recorded in the first quarter of fiscal 2012 related to dividends accrued

between September 16, 2011 and October 30, 2011. There is no assurance that the holders of preferred stock will agree to the lower rate of 8% in future periods. At

October 31, 2010 and October 30, 2011, the liquidation preference of the Series B was $292.5 million and $296.8 million, respectively.

Simplified Beneficial Conversion Feature (BCF)

Charge Illustration for Paid In-Kind Dividends

(1)

The daily dividend amount is determined quarterly based on the underlying amount of convertible preferred stock outstanding. The daily dividend

amount is accrued

annual

rate

12%

but

later

paid

cash

instead

in-kind,

the

excess 4% dividend and the related beneficial conversion

feature

charge

would

eliminated

the

period

which

paid.

The

Company

has

the

option

pay

the

dividends

cash

in-kind at 12%,

subject to restrictions in the credit facilities for our term loan and ABL revolver. Further, if at any time after April 2012, our stock trades above $12.75 for

20 consecutive trading days, the underlying basic preferred stock dividends are permanently eliminated thereafter.

(2)

The conversion price of $6.374 reflects the adjustment for the one-for-five reverse stock split that occurred in March 2010.

(3)

The amount of the beneficial conversion feature charged in any quarter will be the sum of the daily BCF amounts calculated as illustrated above and will

depend on the daily closing

price

our

stock

relation

the

$6.374

conversion

price.

The

charge

limited

“capped”

the

underlying dividend

amount. As an example, based on a daily stock price ranging between $8 and $15, the estimated quarterly charge would be $2 million to $7.9 million.

(Dollars and shares in thousands, except per share information)

Daily

Dividend

Accrual (1)

Conversion

Price Per

Share (2)

Closing

Stock

Price

BCF Amount

Per Converted

Common Share

Shares of

Common

Stock, if

Converted

Total BCF Charge

(Assuming stock price

of $8 to $15) (3)

Day 1

86.2

6.374

10.00

3.626

13.5

49.1

Day 2

86.2

6.374

5.00

13.5

Day 3

86.2

6.374

12.00

5.626

13.5

76.1

…

Day 91

86.2

6.374

12.00

5.626

13.5

76.1

Total

7,900.0

1,250.0

Est. $2,000 - $7,900

The following table illustrates a few selected dates out of a full quarter’s calculation of the BCF

charge on our Paid In-Kind Dividends:

Simplified Illustration of Diluted EPS

(dollars and shares in millions, except per share amounts)

(amounts

are

provided

for

illustration

and

are

NOT

historical

forward

looking)

WTD AVG.

EXAMPLE A

EXAMPLE B

OWN. INT.

LOSS

EARNINGS

Diluted EPS Numerator, Two Class Method

Net income (loss) (GAAP)

(100.0)

100.0

Deduct Convertible Preferred Stock dividend

(7.5)

Deduct Convertible Preferred Stock accretion

(0.5)

Deduct non-cash beneficial conversion feature charge

(5.0)

Net income (loss) applicable to common shares

(113.0)

87.0

Deduct earnings allocated to participating securities

Unvested restricted common stock

1.7

Convertible Preferred Stock

67%

58.3

Net income (loss) allocated to common shares

31%

(113.0)

27.0

Diluted EPS Denominator, Two Class Method

Weighted average common shares outstanding

19.5

Unvested restricted common stock

(1.5)

Dilutive impact of stock options outstanding

1.0

Diluted weighted average common shares outstanding

18.0

19.0

(6.28)

1.42

Diluted Earnings Per Share, Two Class Method

Earnings are allocated between those securities that have rights to participate in future dividend distributions based on their relative weighted average

ownership interests. Losses are not allocated to participating securities because they are not contractually obligated to fund or otherwise share in those losses.

Example B assumes that stock options are dilutive after having applied the treasury stock method.

If using the “if converted” method resulted in lower diluted earnings per share than the two class method, the lower amount would generally be reported.

However, given the Company’s capital structure, this is not likely to occur.

Adjusted Earnings (Loss) Per Diluted Share

The Company discloses a tabular comparison of “Adjusted” earnings (loss) per diluted common share and net income (loss), which are non-GAAP measures because they are referred to in the text

of our press releases and are instrumental in comparing the results from period to period. “Adjusted” diluted earnings (loss) per common share and net income (loss) should not be considered in

isolation or as a substitute for earnings (loss) per diluted common share and net income (loss) as reported on the face of our consolidated statement of operations.

On March 5, 2010, the Company filed an amendment to its Certificate of Incorporation to effect the Reverse Stock Split at an exchange ratio of 1-for-5. As such, we have retrospectively adjusted

basic and diluted earnings per common share, common stock, stock options, and common stock equivalents for the reverse stock split in all periods presented.

Earnings (loss) per diluted common share,

GAAP basis

Goodwill and other intangible asset

impairment

Debt extinguishment and refinancing

costs

Lower of cost or market adjustment

Convertible preferred stock beneficial

conversion feature

Change in control charges

Restructuring charge

"Adjusted" diluted earnings (loss) per

common share

a,b

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

$12.15

$4.55

$(9.05)

$6.00

$11.20

$12.08

$15.91

$13.89

$18.49

$(171.18)

$(17.07)

$(2.58)

17.45

136.26

1.45

21.70

0.45

5.85

2.39

13.73

0.51

1.56

0.48

0.15

1.27

0.12

(0.01)

Asset impairment

0.88

0.03

0.04

Interest rate swap

0.43

Environmental and other contingency

adjustments

0.16

0.01

Gain

on embedded derivative

(0.03)

(0.00)

Executive retirement costs

0.45

Group medical benefit

(0.30)

Self insurance reserve

0.08

Adoption of FAS 123 (R)

0.50

$12.15

$5.03

$8.40

$6.00

$12.65

$11.78

$16.41

$13.89

$19.54

$(0.68)

$(3.21)

$(1.96)

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Net income (loss) applicable to common

shares, GAAP basis

$44,407

$16,535

$(33,773)

$22,800

$44,890

$51,337

$68,946

$58,568

$73,278

$(753,633)

$(311,227)

$(47,466)

Goodwill and other intangible asset

impairment

65,087

599,966

Debt extinguishment and refinancing

costs

5,766

95,559

(49)

Lower of cost or market adjustment

1,687

25,773

Convertible preferred stock beneficial

conversion feature

10,526

250,294

9,396

Change in control charges

6,880

Restructuring charge

1,745

652

5,576

2,296

(180)

Asset impairment

3,875

696

691

Interest rate swap

1,893

Environmental and other contingency

adjustments

687

116

181

Gain on embedded derivative

(609)

(16)

Executive retirement costs

1,748

Group medical benefit

(1,250)

Self-insurance reserve

1,477

Adoption of FAS 123 (R)

2,116

1,748

"Adjusted" net income (loss) applicable

to common shares

$44,407

$18,280

$31,314

$22,800

$50,656

$50,087

$71,062

$60,316

$77,462

$(2,898)

$(58,483)

$(35,917)

Adjusted Net Income (Loss) Applicable to

Common Shares

The Company discloses a tabular comparison of “Adjusted” earnings (loss) per diluted common share and net income (loss), which are non-GAAP measures because

they are referred to in the text of our press releases and are instrumental in comparing the results from period to period. “Adjusted” diluted earnings (loss) per

common share and net income (loss) should not be considered in isolation or as a substitute for earnings (loss) per diluted common share and net income (loss) as

reported on the face of our consolidated statement of operations.

Reconciliation of Quarterly Adjusted EBITDA to

Net Income (Loss)

($ in thousands))

a, b

2008

a, b

2008

a, b

2008

a, b

2008

a, b

2009

a, b

2009

a, b

2009

a, b

2009

a, b

2010

2011

Net Income (Loss)

6,100

13,466

30,494

23,218

(529,981)

(121,571)

2,607

(101,851)

(10,486)

(7,656)

(3,299)

(5,436)

(12,725)

(3,229)

2,593

3,411

Income Taxes

3,823

8,537

18,554

17,092

(34,861)

(16,382)

1,825

(7,495)

(5,779)

(5,536)

(221)

(1,794)

(5,009)

(1,786)

---

398

Interest Expense, Net

8,522

7,748

7,463

7,761

6,623

6,168

6,487

9,578

4,507

4,670

4,392

4,258

4,177

3,870

3,864

3,685

Depreciation &

Amortization

9,144

8,645

8,665

8,334

8,324

8,436

7,586

7,640

7,522

7,479

7,457

7,309

7,236

7,187

6,753

Stock-Based Comp

2,871

3,442

1,563

1,628

1,372

1,177

1,241

1,045

801

1,403

1,374

1,375

1,685

1,671

1,776

Goodwill & Other

Intangible Asset

Impairment

---

517,628

104,936

---

Cash Restructuring

Charges (Recovery)

226

640

150

2,479

3,796

1,213

1,564

524

829

551

1,628

---

(575)

283

Transaction Costs

---

629

401

107,718

174

---

(250)

---

Lower of Cost or

Market Adjustment,

Net

---

2,739

29,378

10,608

---

Asset Impairments

(recovery)

---

157

623

5,295

347

1,029

(116)

(64)

221

---

(93)

1,214

Gain on Embedded

Derivative

---

(919)

(4)

(7)

(6)

Pre-Acquisition

Contingency

Adjustment

---

178

252

---

ADJUSTED EBITDA

30,686

42,478

66,782

61,079

1,585

3,092

21,386

18,546

(2,627)

1,069

10,183

7,482

(4,391)

7,707

14,746

17,514

On October 20, 2009, the Company amended and restated its Term Note facility which defines adjusted EBITDA. Adjusted EBITDA excludes non-cash charges for goodwill and other asset impairments,

lower of cost or market charges and stock compensation as well as certain non-recurring charges. As such, the historical information is presented in accordance with the definition above. Concurrent

with the amendment and restatement of the Term Note facility, the Company entered into an Asset-Backed Lending facility which has substantially the same definition of adjusted EBITDA except that

the ABL facility caps certain non-recurring charges. The Company is disclosing adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide

comparability of underlying operational results.

Amounts have been retrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, “Debt with Conversion and Other Options” as well as certain additional

reclassifications due to the further integration of RCC and the rationalization of our operations.

Note: Adjusted EBITDA is defined in the Company’s credit facilities, as amended from time to time.

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Net Income (Loss)

37,318

44,577

44,407

16,535

(33,773)

22,800

44,890

51,337

68,946

58,568

73,278

(750,796)

(26,877)

(9,950)

Income Taxes

24,531

32,294

32,866

16,151

19,970

14,758

29,767

37,383

42,213

37,879

48,006

(56,913)

(13,330)

(6,397)

Interest Expense, Net

20,756

35,449

39,069

33,090

21,591

19,777

15,126

16,931

27,353

36,468

31,494

28,856

17,827

15,596

Depreciation & Amortization

17,818

28,542

33,487

34,866

22,883

23,007

22,974

24,488

30,292

34,697

34,788

31,986

29,767

28,363

401(k) Stock Contributions

2,219

4,144

3,677

3,491

3,581

3,229

5,080

3,849

Stock-Based Compensation

683

3,684

7,161

8,610

9,504

4,835

4,953

6,908

Goodwill & Other Intangible Asset

Impairment

622,564

Cash Restructuring Charges

1,059

9,052

3,532

(292)

Transaction Costs

108,748

(76)

Lower of Cost or Market Adjust., Net

2,739

39,986

Asset Impairment

157

6,291

1,070

1,121

Non-Cash Real Estate Write Down,

Net of Tax

1,330

391

Debt Refinancing

1,001

808

9,879

Cumulative Effects of Accounting Change,

Net of Tax

65,087

Embedded Derivative

(937)

(25)

Pre-Acquisition Contingency Adjust.

178

252

ADJUSTED EBITDA

102,642

146,007

153,506

105,463

100,147

83,962

128,399

137,672

175,965

176,222

201,025

44,609

16,107

35,576

Includes a pre-tax non-cash charge of $67.4 million from adopting SFAS No. 142, Goodwill and Other Intangible Assets.

Reconciliation of Annual Adjusted EBITDA To

Net Income (Loss)

On October 20, 2009, the Company amended and restated its Term Note facility which defines adjusted EBITDA. Adjusted EBITDA excludes non-cash charges

for goodwill and other asset impairments, lower of cost or market charges and stock compensation as well as certain non-recurring charges. As such, the

historical information is presented in accordance with the definition above. Concurrent with the amendment and restatement of the Term Note facility, the

Company entered into an Asset-Backed Lending facility which has substantially the same definition of adjusted EBITDA except that the ABL facility caps certain

non-recurring charges. The Company is disclosing adjusted EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors

to provide comparability of underlying operational results.

Note: Adjusted EBITDA is defined in the Company’s credit facilities, as amended from time to time.

(in thousands)

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

b,c

2009

b,c

2010

Operating Income (Loss), GAAP Basis

79,309

108,442

113,670

64,825

72,224

57,163

96,976

104,470

137,985

131,720

154,826

(683,318)

(24,587)

(1,627)

Goodwill and Other Intangible

Impairments

622,564

Goodwill Amortization

11,208

11,468

12,232

Lower of Cost or Market Charge

2,739

39,986

Change in Control Charges

11,168

Restructuring Charges

2,815

1,059

9,052

3,532

(292)

Asset Impairments

157

6,291

1,070

1,121

Executive Retirement

2,852

Environmental and Other Contingency

Adjustments

1,115

178

252

Increase in Actuarial Determined

General Liability Self-Insurance

Reserve

2,398

Nonrecurring Acquisition Expense

2,060

Adjusted Operating Income (Loss)

81,369

119,650

125,138

79,872

72,224

57,163

96,976

104,470

137,985

131,720

161,633

6,858

(19,807)

1,852

Reconciliation of Operating Income (Loss) to Adjusted

Operating Income (Loss) Excluding Special Charges

The Company discloses a tabular comparison of Adjusted operating income (loss), which is a non-GAAP measure because it is instrumental in comparing the results from

period to period. Adjusted operating income (loss) should not be considered in isolation or as a substitute for operating income (loss) as reported on the face of our

consolidated statement of operations.

Amounts have been retrospectively adjusted as a result of the adoption, effective November 2, 2009, of ASC Subtopic 470-20, "Debt with Conversion and Other Options."

Amounts have been retrospectively adjusted as a result of certain reclassifications due to the further integration of RCC and the rationalization of our operations.

2011

For the Year Ended October 31, 2010

Metal Coil Coating

Metal Components

Engineered Building

Systems

Corporate

Consolidated

Operating Income (Loss), GAAP basis

$16,166

$26,791

($18,438)

($49,106)

($24,587)

Restructuring Charges

---

510

3,022

---

3,532

Asset Impairments

---

147

923

---

1,070

Environmental and Other Contingency Adjustment

---

178

---

178

$16,166

$27,448

($14,315)

($49,106)

($19,807)

Reconciliation of Operating Income (Loss) to Adjusted

Operating Income (Loss) Excluding Special Charges

For the Year Ended October 30, 2011

Metal Coil Coating

Metal Components

Engineered Building

Systems

Corporate

Consolidated

Operating Income (Loss), GAAP basis

$17,944

$20,643

$13,011

($53,225)

($1,627)

Restructuring Recovery

---

(292)

---

(292)

Asset Impairments (Recoveries)

---

(84)

958

247

1,121

Pre-acquisition Contingency Adjustment

---

252

---

252

Increase in Actuarial Determined General Liability Self-

Insurance Reserve

---

2,398

---

2,398

$17,944

$22,957

$13,929

($52,978)

$1,852

The Company discloses a tabular comparison of “Adjusted” operating income (loss), which is a non-GAAP measure because it is referred to in the text of our press release and is

instrumental in comparing the results from period to period. “Adjusted” operating income (loss) should not be considered in isolation or as a substitute for operating income (loss)

as reported on the face of our consolidated statement of operations.

“Adjusted”

Operating Income (Loss)

“Adjusted”

Operating Income (Loss)

Reconciliation of Segment Sales to Third Party

Segment Sales

($ in thousands))

2008

Q1 2009

Q1 2010

Q1 2011

Metal Coil Coating

Total Sales

62,275

14%

41,501

13%

39,031

17%

42,274

18%

Inter-segment

(42,893)

(30,077)

(26,223)

(25,081)

Third Party Sales

19,382

11,424

12,808

17,193

Operating Profit (Loss)

2,687

14%

(63,760)

(558%)

3,119

24%

3,444

20%

Metal Components

Total Sales

145,167

34%

121,480

39%

86,806

38%

90,305

39%

Inter-segment

(21,804)

(20,438)

(16,668)

(16,289)

Third Party Sales

123,363

34%

101,042

39%

70,138

38%

74,016

39%

Operating Profit (Loss)

9,519

(128,607)

(127%)

1,791

353

Engineered Building Systems

Total Sales

226,224

52%

151,848

48%

101,938

45%

101,412

43%

Inter-segment

(7,655)

(4,511)

(2,677)

(2,535)

Third Party Sales

218,569

61%

147,337

57%

99,261

55%

98,877

52%

Operating Profit (Loss)

20,463

(352,214)

(239%)

(5,818)

(6%)

(5,410)

(5%)

Consolidated

Total Sales

433,666

100%

314,829

100%

227,775

100%

233,991

100%

Inter-segment

(72,352)

(55,026)

(45,568)

(43,905)

Third Party Sales

361,314

100%

259,803

100%

182,207

100%

190,086

100%

Operating Profit (Loss)

18,510

(557,833)

(215%)

(12,732)

(7%)

(14,136)

(7%)

Amounts have been retrospectively adjusted as a result of certain reclassifications due to the further integration of RCC and the rationalization of our operations.

Significant special charges include $517.6 million related to goodwill and intangible asset impairments and $29.4 million related to inventory lower of cost or market write downs.

Reconciliation of Segment Sales to Third Party

Segment Sales

($ in thousands))

2008

Q2 2009

Q2 2010

Q2 2011

2008

H1 2009

H1 2010

H1 2011

Metal Coil Coating

Total Sales

80,171

16%

39,526

15%

44,759

18%

47,927

17%

142,446

15%

81,027

14%

83,790

17%

90,201

17%

Inter-segment

(52,883)

(27,313)

(27,663)

(30,942)

(95,776)

(57,390)

(53,886)

(56,023)

Third Party Sales

27,288

12,213

17,096

16,985

46,670

23,637

29,904

34,178

Operating Profit (Loss)

6,698

25%

(42,982)

(352%)

4,092

24%

4,378

26%

9,385

20%

(106,742)

(452%)

7,211

24%

7,822

23%

Metal Components

Total Sales

165,384

33%

101,554

37%

95,069

37%

103,375

37%

310,551

33%

223,034

38%

181,875

38%

193,680

38%

Inter-segment

(26,031)

(14,874)

(20,693)

(20,762)

(47,835)

(35,312)

(37,361)

(37,051)

Third Party Sales

139,353

33%

86,680

39%

74,376

37%

82,613

37%

262,716

34%

187,722

39%

144,514

37%

156,629

38%

Operating Profit (Loss)

15,170

11%

(28,117)

(32%)

5,613

7,400

24,689

(156,724)

(83%)

7,404

7,753

Engineered Building

Systems

Total Sales

259,280

51%

128,795

48%

113,403

45%

129,790

46%

485,504

52%

280,643

48%

215,341

45%

231,202

45%

Inter-segment

(10,151)

(3,407)

(3,302)

(3,823)

(17,806)

(7,918)

(5,979)

(6,358)

Third Party Sales

249,129

60%

125,388

56%

110,101

55%

125,967

56%

467,698

60%

272,725

56%

209,362

55%

224,844

54%

Operating Profit (Loss)

25,326

10%

(46,350)

(37%)

(5,649)

(5%)

(154)

(0%)

45,789

10%

(398,564)

(146%)

(11,467)

(5%)

(5,564)

(2%)

Consolidated

Total Sales

504,835

100%

269,875

100%

253,231

100%

281,092

100%

938,501

100%

584,704

100%

481,006

100%

515,083

100%

Inter-segment

(89,065)

(45,594)

(51,658)

(55,527)

(161,417)

(100,620)

(97,226)

(99,432)

Third Party Sales

415,770

100%

224,281

100%

201,573

100%

225,565

100%

777,084

100%

484,084

100%

383,780

100%

415,651

100%

Operating Profit (Loss)

29,538

(132,018)

(59%)

(9,157)

(5%)

(1,844)

(1%)

48,048

(689,851)

(143%)

(21,889)

(6%)

(15,980)

(4%)

Amounts have been retrospectively adjusted as a result of certain reclassifications due to the further integration of RCC and the rationalization of our operations.

Significant special charges include: $104.9 million related to goodwill and intangible asset impairments ($622.6 million YTD); and, $10.6 million related to inventory lower of cost or

market write downs ($40.0 million YTD).

Reconciliation of Segment Sales to Third Party

Segment Sales

($ in thousands))

2008

Q3 2009

Q3 2010

Q3 2011

Metal Coil Coating

Total Sales

90,731

15%

44,256

15%

51,200

17%

54,472

16%

Inter-segment

(62,842)

(28,196)

(33,315)

(34,651)

Third Party Sales

27,889

16,060

17,885

19,821

Operating Profit (Loss)

11,352

41%

1,016

5,201

29%

5,219

26%

Metal Components

Total Sales

202,826

35%

113,216

40%

115,507

37%

116,050

36%

Inter-segment

(34,367)

(17,134)

(26,090)

(23,049)

Third Party Sales

168,459

35%

96,082

40%

89,417

37%

93,001

35%

Operating Profit (Loss)

32,171

19%

13,128

14%

10,567

12%

6,545

Engineered Building

Systems

Total Sales

292,127

50%

129,819

45%

141,446

46%

155,046

48%

Inter-segment

(11,468)

(4,101)

(3,456)

(5,730)

Third Party Sales

280,659

59%

125,718

53%

137,990

56%

149,316

57%

Operating Profit (Loss)

28,506

10%

9,042

(3,112)

(2%)

7,877

Consolidated

Total Sales

585,684

100%

287,291

100%

308,153

100%

325,568

100%

Inter-segment

(108,677)

(49,431)

(62,861)

(63,430)

Third Party Sales

477,007

100%

237,860

100%

245,292

100%

262,138

100%

Operating Profit (Loss)

55,697

12%

10,227

1,076

6,569

Amounts have been retrospectively adjusted as a result of certain reclassifications due to the further integration of RCC and the rationalization of our operations.

Reconciliation of Segment Sales to Third Party

Segment Sales

($ in thousands))

Q4 2008

Q4 2009

Q4 2010

Q4 2011

2008

H2 2009

H2 2010

H2 2011

Metal Coil Coating

Total Sales

72,480

12%

44,614

15%

46,884

16%

56,425

16%

163,211

14%

88,870

15%

98,084

16%

110,897

17%

Inter-segment

(50,082)

(31,122)

(29,433)

(35,030)

(112,924)

(59,318)

(62,748)

(69,681)

Third Party Sales

22,398

13,492

17,451

21,395

50,287

29,552

35,336

41,216

Operating Profit (Loss)

8,575

38%

6,037

45%

3,754

22%

4,903

23%

19,927

40%

7,053

24%

8,955

25%

10,122

25%

Metal Components

Total Sales

201,878

33%

122,484

41%

118,475

39%

127,925

36%

404,704

34%

235,700

41%

233,982

39%

243,975

36%

Inter-segment

(33,043)

(17,156)

(24,329)

(23,758)

(67,410)

(34,290)

(50,419)

(46,807)

Third Party Sales

168,835

33%

105,328

43%

94,146

39%

104,167

35%

337,294

34%

201,410

42%

183,563

38%

197,168

36%

Operating Profit (Loss)

25,242

15%

13,557

13%

8,820

6,345

57,413

17%

26,685

13%

19,387

11%

12,890

Engineered Building

Systems

Total Sales

331,484

55%

128,476

44%

133,959

45%

162,346

48%

623,611

52%

258,295

44%

275,405

45%

317,392

47%

Inter-segment

(14,068)

(3,988)

(4,102)

(6,120)

(25,536)

(8,089)

(7,558)

(11,850)

Third Party Sales

317,416

63%

124,488

51%

129,857

54%

156,226

57%

598,075

61%

250,206

52%

267,847

55%

305,542

56%

Operating Profit (Loss)

33,857

11%

515

(3,859)

(3%)

10,698

62,363

10%

9,557

(6,971)

(3%)

18,575

Consolidated

Total Sales

605,842

100%

295,574

100%

299,318

100%

346,696

100%

1,191,526

100%

582,865

100%

607,471

100%

672,264

100%

Inter-segment

(97,193)

(52,266)

(57,864)

(64,908)

(205,870)

(101,697)

(120,725)

(128,338)

Third Party Sales

508,649

100%

243,308

100%

241,454

100%

281,788

100%

985,656

100%

481,168

100%

486,746

100%

543,926

100%

Operating Profit (Loss)

51,202

10%

(3,694)

(2%)

(3,774)

(2%)

7,784

106,899

11%

6,533

(2,698)

(1%)

14,353

Amounts have been retrospectively adjusted as a result of certain reclassifications due to the further integration of RCC and the rationalization of our operations.

Significant special charges include: goodwill and intangible asset impairments ($622.6 million YTD); inventory lower of cost or market write downs ($40.0 million YTD); and $11.2

million change of control charges .

Reconciliation of Segment Sales to Third Party

Segment Sales

($ in thousands))

2008

FY 2009

FY 2010

FY 2011

Metal Coil Coating

Total Sales

305,657

14%

169,897

15%

181,874

17%

201,098

17%

Inter-segment

(208,700)

(116,708)

(116,634)

(125,704)

Third Party Sales

96,957

53,189

65,240

75,394

Operating Profit (Loss)

29,312

30%

(99,689)

(187%)

16,166

25%

17,944

24%

Metal Components

Total Sales

715,255

34%

458,734

39%

415,857

38%

437,655

37%

Inter-segment

(115,245)

(69,602)

(87,780)

(83,858)

Third Party Sales

600,010

34%

389,132

40%

328,077

38%

353,797

37%

Operating Profit (Loss)

82,102

14%

(130,039)

(33%)

26,791

20,643

Engineered Building

Systems

Total Sales

1,109,115

52%

538,938

46%

490,746

45%

548,594

46%

Inter-segment

(43,342)

(16,007)

(13,537)

(18,208)

Third Party Sales

1,065,773

61%

522,931

55%

477,209

55%

530,386

55%

Operating Profit (Loss)

108,152

10%

(389,007)

(74%)

(18,438)

(4%)

13,011

Consolidated

Total Sales

2,130,027

100%

1,167,569

100%

1,088,477

100%

1,187,347

100%

Inter-segment

(367,287)

(202,317)

(217,951)

(227,770)

Third Party Sales

1,762,740

100%

965,252

100%

870,526

100%

959,577

100%

Operating Profit (Loss)

154,947

(683,318)

(71%)

(24,587)

(3%)

(1,627)

(0%)

Amounts have been retrospectively adjusted as a result of certain reclassifications due to the further integration of RCC and the rationalization of our operations.

Significant special charges include: goodwill and intangible asset impairments ($622.6 million); inventory lower of cost or market write downs ($40.0 million); and change of control

charges ($11.2 million).

Sustainability Appendix

Green and Energy Efficiency

Environmental and Energy Efficiency

ASHRAE 90.1 -

2010 has been released and the DOE is

requiring states to certify compliance by 2013

ASHRAE 189.1 has been adopted by the U.S. Army as

the preferred green standard for their work.

California is expected to greatly increase their

Cool Roof Requirements in 2013.

LEED continues to increase in popularity. LEED documentation

was issued for more than 170 projects in fiscal 2011 company-

wide.

International Green Construction Code (IgCC)

development is complete

Did not have expected huge R-Value increase for metal

building construction

Has Cool Roof and Continuous Air Barrier requirements

Scheduled to publish in March 2012.

Has Cool Roof, Air Barrier and greatly increased R-Value

requirements

New provisions allow advantage for long-term performance Cool Roofs

NCI Green Benefits

Metal construction products:

Have 30%-60% post-consumer recycled content

Are highly durable and have long life spans

Are Virtually 100% recyclable

Through the use of Cool Roof colors with improved solar

reflectivity and emissivity values we are able to:

Reduce the heat island effect, which affects local climate conditions

and exacerbates pollution and initiates local micro climate changes

Lower energy consumption in warmer climates

Insulated Metal Panels provide higher R-Values per inch,

insulation continuity, and a continuous air barrier, increasing

energy efficiency. Using less energy:

Decreases Green House Gas emissions

Lowers operating costs

Reduces dependence on foreign fuel

Environmental

Economic

Health and Community

Regulatory Requirements

The building envelope is being required to

support many of the regulatory demands to

increase energy efficiency for the complete

building system.

The reduction of air infiltration is the next major step

in code requirements towards improving the energy

efficiency of a building envelope.

NCI manufactures products that meet these requirements today.

R-Value Trends in ASHRAE 90.1

Assembly Air Infiltration

2004

2007

2010

Edition

R-Value Trends in ASHRAE 90.1

Roof

Wall

0.005

0.01

0.015

0.02

0.025

0.03

0.035

0.04

0.045

Insulated

Panel

BattenLok

Double-Lok

Royal

PBR

Designer

Series

Assembly Air Infiltration

Assembly Air Filtration Sources:

American Society of Heating Refrigeration, and Air Conditioning Engineers, Energy Standard for Buildings Except Low-Rise Residential Buildings, Addendum bf, First Public Review, June 2009.

MBCI Engineering technical Bulletin Nos. 202-01-00 and 175-01-97, Revised 02-27-2002; 310-05-01, 04-28-2010; FET Report T129-09, 02-19-09; and Eco-ficient Technical Information Manual.

Note: Air infiltration volumes are measured at reference pressures that sometimes don’t match depending on the applicable standard. In order to compare values, infiltration rates shown

have been normalized to ASHRAE’s reference pressure of 1.57 psf. Actual data ran at the reference pressure will vary somewhat from this.

R-Value Source: American Society of Heating Refrigeration, and Air Conditioning Engineers, Energy Standard for Buildings Except Low-Rise Residential Buildings, Versions as noted.

Note: These values are based on averages of all construction types, excluding mass walls, of all climate zones.

Photovoltaic Systems

Solar photovoltaic systems are quite suitable to metal

roofs, lowering the lifetime cost per watt.

Decreased installation expense

Roof and module life span compatibility

Lower risk due to the lack of roof penetrations

These systems can be sold in three ways depending on size

and viability as a Power Purchase Agreement (PPA) project:

Predesigned kits

Custom designed systems

Turnkey PPAs through a third party

Thin Film

Crystalline

Photovoltaic Systems

Improved efficiency in low or inclined

light conditions

Factory Applied

Approximately 6 Watts per square foot

rated capacity

More efficient in bright/direct sun

Inexpensive and readily available

locally

Approximately 12 Watts per square

foot rated capacity

Actual production can be predicted and design optimized using solar modeling software.

The cost per watt of these two systems varies from $4.75/Watt to

$3.00/Watt as the system

size increases.

Advantages of Metal Roofs

Crystalline

Metal is the only roof material that outlives PV system

Saves cost of removal and replacement involved with other roof materials

Penetration-free mounting

Crystalline modules are mechanically connected

Thin-film modules are adhered

Rail systems typically used on flat roof systems can be eliminated

Metal roofing can offer the lowest in-place cost over the lifetime of the PV system

Thin Film

NCI Building Systems, Inc.

10943 North Sam Houston Parkway West

Houston, Texas 77064

www.ncilp.com

10912

Core Natural Resources 8-KCertain statements and information in this presentation may constitute forward-looking statements within the meaning of