The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Objectives of this Presentation Knowledge to learn The aim of this presentation is to underline that LESER is a future-orientated and reliable company. The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

General Remarks General Remarks LESER is a medium-sized, family-owned company, backed up by almost 200 years of tradition. LESER is headquartered in Hamburg /Germany and maintains a state-of-the-art factory with almost 600 employees worldwide. The core business is the safety of pressurized facilities. LESER sells, produces and develops safety valves for all industrial applications. Many years of experience, coupled with state-of-the-art products and services, enable LESER to offer competent solutions to the needs of worldwide customers. LESER follows an in-house manufacturing philosophy and guarantees a high standard of quality, which has allowed LESER to become an industry leader for safety valves worldwide. The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Scope of Supply Product Overview PED Process and General Industrial Safety Valves API High Performance Compact Performance High Efficiency PED and ASME Specialties Clean Service Critical Service Best Availability Modulate Action PED and ASME Only PED The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Sales Figures Sales of Safety Valves Fiscal year 06/07 –11/12 BUD Sales Figures 64.1 MIL $ 75.4 MIL $ 85.4 MIL $ 45.8 Mio. € 53.7 Mio. € 60.8 Mio. € 77.8 MIL $ 55.6 Mio. € 86.8 MIL $ 62 Mio. € 68 Mio. € 95.2 MIL $ BUD 57,4 Mio. € 80,4 MIL $ Sales Exchange Ratio: 1 € = $ 1,40 The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Sales Figures Quantities of Safety Valves Produced Fiscal year 07/08 – 11/12 BUD Sales Figures Units BUD The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Sales Figures Sales per Region (in Value) Fiscal year 10/11 Sales Figures The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Sales Figures Sales per Product Group Fiscal year 10/11 Sales Figures In Value In Units Clean Service 5% Critical Service 2% Modulate Action 9% Compact Performance 41% Clean Service 5% Critical Service 1% Compact Performance 18% Best Availability 5% Modulate Action 12% Spare parts 5% Best Availability 2% Others 3% Others 4% High Performance 34% High Performance 26% API 19% API 9% The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Sales Figures Order Processing Fiscal year 10/11 Sales Figures Assemble to order 83% Manufacture to order 14% Source to order 2% Stock to order 1% The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Market Segments Petrochemical Industry Applications: On- and Offshore Refineries Floating Production Storage Tanks Pipelines Storage and Offloading Market Segments Customers: Main Products: API Compact Performance The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Market Segments Compressors and Pumps Applications: Heat Exchangers Turbo Compressors CO2 –Tanks Blowers Air and Gas Compressors Pumps Market Segments Customers: Main Products: High Performance Compact Performance The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Market Segments Chemical Industry Applications: Reducing Acids Pharmaceuticals Chlorine Manufacturing Chemical Piping Alkalis Market Segments Customers: Main Products: High Performance Critical Service The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Market Segments Food and Beverage Applications: Breweries Filler Dairies Sweet Manufacturing Sterilizers Market Segments Customers: Main Products: Clean Service The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Market Segments Technical Gases Applications: Technical Gases and CO2 Plants LNG / LPG Terminals Cylinder Filling Stations Gas Compressors Market Segments Customers: Main Products: Compact Performance High Performance The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Market Segments Industries and Customer Groups in Germany Others 14% Chemical Industry 46% Market Share 2008 Resellers 15% OEM 30% Pharma & Cosmetic 3% Petro- chemical Industry 8% Big Accounts 20% Low Temperature 6% ECP-Projects 15% Day-by-Day 20% Food and Beverage 15% Construction and OEM 8% OEM = Original Equipment Manufacturer EPC = Engineering Procurement and Construction OEM = Original Equipment Manufacturer EPC = Engineering Procurement and Construction The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Market Share Market Volume approx. $ 820 Mill. Germany (Market Volume 56 Mio. €) Others (approx. 20 manufacturers) Worldwide (Market Volume approx. 820 Mio. $) Market Share (ca. 150 manufacturers) Bailey Birkett 23% Only PRV made of Iron & Steel The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Organization Chart BoM CFO Alexander Vocke Leser Branches Martin Leser Joachim Klaus Mirko Engel CFO Alexander Vocke Leser Branches Martin Leser Sales Mirko Engel (44 employees) Product Management Matthias Stein (10 employees) Organization Materials Management Dirk Folster (19 employees) Human Resources Thomas Raeder (6 employees) Quality Management Jörg Windmüller (7 employees) Finance / Controlling Alexander Vocke (5 employees) IT Volker Kapune (5 employees) Technical Department Bernd Jörgensen (31 employees) Production Joachim Klaus (237 employees) The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

LESER Worldwide 7 Subsidiaries worldwide LESER Polska in Poznan, Poland LESER UK in Bristol, United Kingdom LESER S.A.R.L. in Flourens, France André Ramseyer AG in Flamatt, Switzerland Hong Kong LESER in Shenzhen, China LESER LLC in Charlotte (NC), USA LESER Worldwide LESER Office Middle East, Bahrain FAINGER LESER VALVES in Mumbai and Paithan, India LESER LLP Singapore PROTEGO-LESER do Brasil in Rio de Janeiro, Brazil 7 Subsidiaries worldwide 78 Representatives with 26 central stocks 66 LESER Authorized Repair Centers (LARCs) LESER Representatives LESER Representatives with stock LESER Subsidiaries & Regional offices The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Investment In the last years As a family-owned company all business activities are geared to future development. For this reason LESER is working on a 5 year business plan instead of 3 months like the most big companies. To further increase the market position and to sustain the image as a market and technology leader LESER invested in the last years more than 16 Mio. € / 22.4 Mil. $ in machinery, employees and facility. This means approx. 8,5 % of sales averaged invested per year. 14%* Investment Total Investment: approx. 22,4 Mil. $ 8,2 Mio. € 6%* 11,5 Mil. $ 5%* 2,8 Mio. € 2,4 Mio. € 3,9 Mil. $ 3,4 Mil. $ *Investment Rate Exchange Ratio: 1 € = $ 1,40 The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Employees 600 employees worldwide 48 engineers guarantee a customer-oriented consulting, development and tailor-made solutions Minimum of 3 years education for all apprentices 428 employees in Hamburg and Hohenwestedt Employees 11,2 % Engineers The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02

Summary Family-owned since 1818 in the 5th generation Oldest safety valve manufacturer in Europe and one of the oldest worldwide 100 % sales increase in the last 5 years LESER is No. 1 in Germany and in Europe and No. 3 worldwide All LESER safety valves are German engineered and manufactured Assembled in Germany or locally in one of our various LESER authorized repair centers (LARC) on customer site Broad investment into the future Highly educated and motivated LESER staff Summary The Company | LESER GmbH & Co. KG | 16.03.2011 | Rev. 02