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<title>CHS Capital - 2012 Highlights</title>
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	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="16" height="1" alt=""></td>
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	<td colspan="9">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="20" alt=""></td>
</tr>
<tr>
	<td rowspan="2" colspan="2">&nbsp;</td>
	<td colspan="2" rowspan="2" align="left" valign="top"><a href="http://www.chsonline.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_chs.gif" width="209" height="58" alt="" border="0"></a></td>
	<td colspan="5">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="33" alt=""></td>
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<tr>
	<td colspan="5" align="left" valign="top"><span style="color:#808184; font-size:14pt; font-family:arial,helvetica,sans-serif; vertical-align:top; font-weight:bold;"
>2012 Highlights</span></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="40" alt=""></td>
</tr>
<tr>
	<td>&nbsp;</td>
	<td colspan="7"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/title_1platform.gif" width="683" height="30" alt=""></td>
	<td>&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="30" alt=""></td>
</tr>
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	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
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<tr>
	<td colspan="2">&nbsp;</td>
	<td valign="top"><a href="http://www.duraline.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_duraline1.gif" width="209" height="44" alt="" border="0"></a></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-4.gif" width="17" height="74" alt=""></td>
	<td colspan="3" align="left" valign="top">In January 2012, CHS Capital&#8482; acquired Dura-Line Holdings, Inc. <em><br>		
		(f.k.a. A-D Technologies)</em>, the global leader of high density polyethylene-based conduit, duct and pressure pipe solutions for the telecom, energy and infrastructure related markets.</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="66" alt=""></td>
</tr>
<tr>
	<td>&nbsp;</td>
	<td colspan="7"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/title_2creating.gif" width="683" height="30" alt=""></td>
	<td>&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="30" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td valign="top"><a href="http://www.heartlanddentalcare.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_heartland1.gif" width="209" height="47" alt="" border="0"></a></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-4.gif" width="17" height="74" alt=""></td>
	<td colspan="3" align="left" valign="top">- Enhanced  management team and recruited three board members<br>
	- Acquired 170 dental offices and opened 40 de novos offices<br>
	- Launched new products and improved processes and systems<br>
	- Sold in December 2012</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="64" alt=""></td>
</tr>
<tr>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td colspan="5"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/gray.gif" width="661" height="1" alt=""></td>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="1" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td valign="top"><a href="http://www.kele.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_kele.gif" width="209" height="52" alt="" border="0"></a></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-4.gif" width="17" height="74" alt=""></td>
	<td colspan="3" align="left" valign="top">- Drove new customer acquisitions and market share growth<br>
	- Improved warehouse operations through process improvement<br>
	- Increased EBITDA by 49% since acquisition<br>
	- Completed dividend recap returning about 50% of initial investment</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="65" alt=""></td>
</tr>
<tr>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td colspan="5"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/gray.gif" width="661" height="1" alt=""></td>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="1" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td valign="top"><a href="http://www.swankav.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_swank1.gif" width="209" height="39" alt="" border="0"></a></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-4.gif" width="17" height="74" alt=""></td>
	<td colspan="3" align="left" valign="top">- Led first ever add-on acquisition<br>
	- Introduced new services, increased profitability and market share<br>
	- Increased U.S. hotel base and expanded into the Middle East <br>
	- Sold in November 2012</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="64" alt=""></td>
</tr>
<tr>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td colspan="5"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/gray.gif" width="661" height="1" alt=""></td>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="1" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td valign="top"><a href="http://www.thermon.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_thermon.gif" width="209" height="62" alt="" border="0"></a></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-5.gif" width="17" height="86" alt=""></td>
	<td colspan="3" align="left" valign="top">- Recruited six board members and enhanced management team<br>
	- Completed major plant expansion, doubling production capacity<br>
	- Refinanced and repaid debt<br>
	- Completed secondary offering in September 2012<br>
	- Distributed remaining shares <em>(NYSE: THR)</em> in December 2012</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="79" alt=""></td>
</tr>
<tr>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td colspan="5"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/gray.gif" width="661" height="1" alt=""></td>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="1" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td valign="top"><a href="http://www.tricorbraun.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_tricor.gif" width="209" height="39" alt="" border="0"></a></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-5.gif" width="17" height="86" alt=""></td>
	<td colspan="3" align="left" valign="top">- Integrated acquisition completed at end of 2011<br>
	- Recruited three executives and one board member<br>
	- Finalized ERP implementation<br>
	- Launched customer-focused Internet business<br>
	- Completed dividend recap in May 2012</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="78" alt=""></td>
</tr>
<tr>
	<td>&nbsp;</td>
	<td colspan="7"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/title_3driving.gif" width="683" height="30" alt=""></td>
	<td>&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="30" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td align="left" valign="top"><a href="http://www.duraline.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_duraline2.gif" width="209" height="61" alt="" border="0"></a><br>
	Acquired PolyPipe Holdings, Inc. <br>
	and Nextube</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-13.gif" width="17" height="125" alt=""></td>
	<td align="left" valign="top"><a href="http://www.gseworld.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_gse.gif" width="209" height="61" alt="" border="0"></a><br>
	Acquired PolyAmerica, L.P.</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-13.gif" width="17" height="125" alt=""></td>
	<td align="left" valign="top"><a href="http://www.lviservices.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_lvi.gif" width="209" height="61" alt="" border="0"></a><br>
	Acquired Randolph Construction Services, Inc.</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="114" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td align="left" valign="top"><a href="http://www.swankav.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_swank2.gif" width="209" height="61" alt="" border="0"></a><br>
	Acquired MVP International</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-13.gif" width="17" height="125" alt=""></td>
	<td align="left" valign="top"><a href="http://www.washlaundry.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_wash.gif" width="209" height="61" alt="" border="0"></a><br>
	Acquired CM Washer Service and Great Lakes Commercial Laundry</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-13.gif" width="17" height="125" alt=""></td>
	<td align="left" valign="top"><a href="http://www.woodstream.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_woodstream.gif" width="209" height="61"></a><br>
	Acquired Senoret Group, Inc.</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="114" alt=""></td>
</tr>
<tr>
	<td>&nbsp;</td>
	<td colspan="7"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/title_4actively.gif" width="683" height="30" alt=""></td>
	<td>&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="30" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="12" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="12" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td align="left" valign="top"><a href="http://www.gseworld.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_gse.gif" width="209" height="61" alt="" border="0"></a><br>
	Completed IPO<br>
	Refinanced first lien credit agreement</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-14.gif" width="17" height="137" alt=""></td>
	<td align="left" valign="top"><a href="http://www.fortiline.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_fortline.gif" width="209" height="61" alt="" border="0"></a><br>
	Completed refinancing</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/back_line-vert-14.gif" width="17" height="137" alt=""></td>
	<td align="left" valign="top"><a href="http://www.lviservices.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_lvi.gif" width="209" height="61" alt="" border="0"></a><br>
	Completed refinancing</td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="125" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td align="left" valign="top"><a href="http://www.royall.com/" target="_blank"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/logo_royall.gif" width="209" height="61" alt="" border="0"></a><br>
	Repriced senior and mezzanine debt</td>
	<td colspan="6"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="137" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="89" alt=""></td>
</tr>
<tr>
	<td>&nbsp;</td>
	<td colspan="7"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/title_5chs.gif" width="683" height="30" alt=""></td>
	<td>&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="30" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="11" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="11" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td colspan="2" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Brian P. Simmons</a>, <em>Managing Partner</em><br>
		312.876.1980</td>
	<td colspan="2" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Thomas J. Formolo</a>, <em>Partner</em><br>
		312.876.8636</td>
	<td colspan="3" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">David O. Hawkins</a>, <em>Partner</em><br>
		312.876.0411</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="39" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td colspan="2" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Daniel J. Hennessy</a>, <em>Partner</em><br>
		312.876.1956</td>
	<td colspan="2" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Richard A. Lobo</a>, <em>Partner</em><br>
		312.876.1766</td>
	<td colspan="3" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Marcus J. George</a>, <em>Partner</em><br>
		312.876.0410</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="37" alt=""></td>
</tr>
<tr>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td colspan="5"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/gray.gif" width="661" height="1" alt=""></td>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="1" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="11" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="11" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td colspan="2" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Robert G. Hogan</a>, <em>Principal</em><br>
		312.876.2679</td>
	<td colspan="5" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Douglas J. Knoch</a>, <em>Principal</em><br>
		312.876.2683</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="37" alt=""></td>
</tr>
<tr>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td colspan="5"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/gray.gif" width="661" height="1" alt=""></td>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="1" alt=""></td>
</tr>
<tr>
	<td colspan="9"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="715" height="11" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="11" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td colspan="2" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Laura L. Lester</a>, <em>Vice President</em><br>
		312.876.7261</td>
	<td colspan="5" align="left" valign="top"><a href="mailto:[email protected]" style="text-decoration:none; color:#000000;">Jocelyn R. Stanley</a>, <em>Vice President</em><br>
		312.876.9411</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="37" alt=""></td>
</tr>
<tr>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td colspan="5"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/gray.gif" width="661" height="1" alt=""></td>
	<td colspan="2"><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="27" height="1" alt=""></td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="1" alt=""></td>
</tr>
<tr>
	<td colspan="2">&nbsp;</td>
	<td colspan="5" align="left" valign="bottom"><span style="color:#000000;">CHS Capital</span> | 10 South Wacker Drive, Suite 3175 | Chicago, Illinois 60606 | 312.876.1840 | <a href="http://www.chsonline.com/" style="text-decoration:none; color:#808184;">www.chsonline.com</a></td>
	<td colspan="2">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="23" alt=""></td>
</tr>
<tr>
	<td colspan="9">&nbsp;</td>
	<td><img src="http://www.chsonline.com/eblast/20130409_Annual/images/spacer.gif" width="1" height="24" alt=""></td>
</tr>
</table>
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Anon7 - 2021