1. The Industry Leaders vs. The Laggards: A Look at the Substantial Differences Presented to the Texas Aggregates and Concrete Association by J. Andrew Reynolds Allen-Villere Partners June 15, 2007

2. Review Of Changes Since The Last Survey  As in the past, the Industry Data Survey measured the Upper Quartile as compared to the Typical Member. This year, the IDS accountants captured the data on the Lowest Quartile as well, giving us a opportunity to examine the range of financial performance in the industry for the first time.  The Industry Leaders (the “Upper Quartile”) have further expanded the margin of lead over the Typical Member compared to the previous year, and they dramatically outperform the Laggards (the “Lowest Quartile”), as measured in Profit Per Yard.

3. Review Of Changes Since The Last Survey  As in prior years, the Upper Quartile rose to the top due almost exclusively to dramatic improvements in Net Sales Price.  Their performance in Net Sales Price exceeds the Typical Member by $4.20, and outpaces the Lowest Quartile by $12.87, accounting for nearly all of their profit advantage.  This key finding speaks to the importance of the Selling Price in determining the ultimate profitability of a producer. Those who enjoy the higher per-yard prices outpace the rest of the industry in the all-important measure of Profit Per Yard.

4. Review Of Changes Since The Last Survey  We believe that the Lowest Quartile may have issues with pricing strength in their market, as dramatically lower materials costs may be down- drafting the selling price in their markets.  Conversely, the Upper Quartile may be selling higher-spec jobs, combined with vertical integration that drives top-dollar transfer costs in many cases.

5. Differences in Performance: This Year vs Last

6. Differences in Performance: This Year vs. Last

7. The Upper Quartile in 2005: How Did They Distinguish Themselves? Where the Upper Quartile Has Excelled  Value-Added Revenue Products  Direct Fixed Costs - Plant Where the Lowest Quartile Has Excelled  Material Costs  General & Administrative Expenses Where the Lowest Quartile Has Lagged  Revenue – Total Average Selling Price  Variable Delivery Costs

8. The Upper Quartile: Where They Excel  Value-Added Products  Direct Fixed Costs - Plant

9. The Upper Quartile: Where They Excel Value – Added Products  The Upper Quartile was able to increase their total average selling price by charging more for Value-Added product offerings (products other than yards of concrete), or miscellaneous charges

10. The Upper Quartile: Where They Excel Value – Added Products   The Upper Quartile charged $3.57 per yard more for Value-Added products when compared the Lowest Quartile   They also charged $2.11 per yard more for Fuel Surcharges when compared to the Lowest Quartile, for a total advantage of $5.68

11. The Upper Quartile: Where They Excel

13. Where the Lowest Quartile Companies Have Excelled  Material Costs  General & Administrative Expenses

14. Where the Lowest Quartile Companies Have Excelled Material Costs  The Lowest Quartile spent $5.57 less when compared to the Upper Quartile.  Key factors contributing to comparison include:  Cement costs were $1.56 less when compared to the Upper Quartile  Coarse Aggregates were $2.10 less when compared to the Upper Quartile, and Fine Aggregates were $1.62 less

15. Where the Lowest Quartile Companies Have Excelled

16. General & Administrative Expenses  The Lowest Quartile was $0.35 less when compared to the Upper Quartile  A key factor contributing to their advantage is that Other General & Administrative Expenses were $1.15 less when compared to the Upper Quartile

17. Where the Lowest Quartile Companies Have Excelled

18. Where the Lowest Quartile Has Lagged  Revenue – Total Average Selling Price  Variable Delivery Costs

19. Where the Lowest Quartile Has Lagged Revenue – Total Average Selling Price  The Lowest Quartile had a Selling Price of $12.87 less when compared to the Upper Quartile.  Key factors contributing to comparison include:  Value-Added products was $3.57 per yard less when compared to the Upper Quartile  Fuel Surcharge revenue was $2.11 per yard less when compared to the Upper Quartile

20. Where the Lowest Quartile Has Lagged

21. Variable Delivery Costs  The Lowest Quartile spent $1.20 more when compared to the Upper Quartile  Key factors contributing to comparison include:  Fringes were $0.36 more when compared to the Upper Quartile  Repairs & Maintenance was $0.49 more…

22. Where the Lowest Quartile Has Lagged

23. …And a Final Look at The IDS By Size and Region  Like every year, there are certain trends we see with regards to size and regions  This year, the comparison of the Upper to the Lower Quartiles makes this illustration even more interesting

24. Profit Model Ratios  Pre-Tax Profit Margin %  Asset Turnover  Return on Assets (ROA) %  Return on Equity (ROE) %

25. Profit as a Percentage of Sales by Company Size

26. Profit as a Percentage of Sales by Regions

27. Return on Equity (ROE) % by Company Size

28. Return on Equity (ROE) % by Regions

29. Summary  The Industry recovered dramatically in 2005  Profit margins have skyrocketed, more than doubling over 2004  The Typical Member enjoyed profits of $6.14 per yard, setting a new record for the industry, and substantially exceeding the prior record of $5.27 set in 1999

30. Summary  The Upper Quartile saw even greater prosperity, with profits of $9.62 per yard, nearly double the 1999 record  The Upper Quartile also expanded their profit advantage over the Typical Member as a percentage over last year  The Lowest Quartile suffered, with a profit of $0.89 per yard, illustrating the struggle of competing in markets with weak pricing

31. Our Peek Into The 2006 Results (to be reported in the Fall 2007)  The slowdown in housing could lead us to a flat year in terms of financial performance  Pricing strength and growth has ebbed in parts of the country  Despite the housing slowdown, commercial and public work is still strong, and is picking up the slack in many markets  We see the 2006 numbers coming in similar to 2005, with growth cooling off from the blistering pace of profitability and performance of last year

32. And Finally, A Word About Us  Allen-Villere Partners is a transaction- oriented private investment banking and consulting services firm that focuses on the ready-mixed concrete, aggregates and concrete products industries

33. Industry Activities  The firm was pivotal in the creation and refinement of the annual Industry Data Survey, and still provides significant time and resources in assisting NRMCA in the planning and execution of the survey each year. It is considered a key benchmarking tool and has become a standard of measure for performance in the ready- mixed concrete industry  Six years ago, the firm led the initiative to create an industry-standard Chart of Accounts, which is in the process of being implemented by the ABA and AICPA, and as a revised SIC code

34. Value Added Services  Mergers & Acquisitions  Valuation & Fairness Opinions  Financial Restructuring and Workout Services  Financing Services  Strategic Planning  Environmental & Permitting Services  Management Consulting & Training  Expert Testimony

35. Our Track Record  We have been involved in almost 50 M&A transactions over the past 20 years, with almost twenty of those in the last five.  We have conducted over 500 valuations of ready mixed concrete companies in 40 states.  We are considered the pre-eminent investment bank working exclusively in the middle markets of the ready mixed concrete, construction aggregates, and concrete products industries.

36. The William B. Allen Award  NRMCA created this award which is to be bestowed annually to an individual in lifetime recognition of outstanding contributions to the business of the ready mixed concrete industry  The Award was named after our Founder and Senior Partner, Bill Allen, acknowledging almost 60 years of leadership in this industry  The 2007 Recipient was Gene Martineau, the recently retired CEO of U.S. Concrete – he received his award at the NRMCA Annual Convention this past Spring

37. And finally… Thank You!