Noble International, Ltd. Investor Presentation Acquisition of Pullman Industries

1
Noble International, Ltd.Investor Presentation
Acquisition ofPullman Industries

• October 12, 2006

2
Pullman Fact Sheet

• Seven locations in the US and Mexico
• Corporate headquarters in Troy, MI
• Four manufacturing locations in the US
• South Haven, MI (2)
• Spring Lake, MI
• Butler, IN
• Two manufacturing locations in Mexico
• Queretaro
• Puebla
• Key Customers
• US customers include GM, Ford and DCX
• Mexico customers include VW, Nissan, GM and
  Faurecia

3
World Footprint of NobleIncluding Pullman
South Haven, MI (2) Spring Lake, MI
Brantford, ONT
Warren, MI
Stow, OH
Shelbyville, KY
Butler, IN
Silao, MEX
Queretaro, MEX
Puebla, MEX
Adelaide, AUS
Noble Now Operates 12 Production Facilities Total
Associates 2050 Noble 850, Pullman - 1200
4
Pullman Product Overview

• Provides roll-formed products primarily to auto
  industry
• Structural components
• Impact systems
• Trim components
• Products include
• Door frames, glass channels, load floors, door
  beams, cross members, headers, A-D pillars,
  bumpers, roof bows, rockers, etc.
• Small non-automotive (office furniture) plant in
  Spring Lake, MI
• Trademarked and patented P-Tech process
• Process of transforming low strength steel into
  ultra high strength steel UHSS
• Currently providing UHSS bumpers for the Ford
  Mustang
• Launching UHSS bumpers for 2008 Ford Focus in
  mid-2007

5
Pullman Revenue Facts

• 2006E revenue approximately 200 million
• 2007E revenue - 200 - 215 million
• Significant amount of new business being launched
  through 2007
• No product overlap with Noble

6
Transaction Details

• Total purchase price of approximately 120
  million
• Price is 4x Pullmans 2007E EBITDA of 30 million
• New credit facility - 70 M, five-year term 40
  M revolver
• Sr Debt/EBITDA ratio at end of 2007 projected at
  1.0 1.2x

7
Financial Expectations

• Total 2007 projected revenue of 690 million
• Projected 2007 earnings per diluted share of
  1.50
• Projected 2007 net income of 22 million
• Estimated earnings growth of 70 over 2006E
  income of 13 million
• Estimated 2007 EBITDA approximately 75 million
• EBITDA in 2007 projected to more than double
  Nobles 2006 EBITDA
• 2006 Guidance revised to reflect lower production
  and transaction-related costs
• Pullman not expected to contribute to 2006
  earnings
• Projected 2006 EPS of 0.90 - 0.95 per share
• Estimated 2006 Noble EBITDA of 32 million