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Forward-Looking Statements This presentation contains forward-looking
statements within the meaning of the Private Securities Litigation Act of
1995. These forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ from those projected, anticipated
or implied. The most significant of these uncertainties are described in
Carpenter’s filings with the Securities and Exchange Commission including its
annual report on Form 10-K for the year ended June 30, 2013, 10Qs for the
quarters ended September 30, 2013, December 31, 2013 and March 31, 2014, and
the exhibits attached to those filings. They include but are not limited to:
(1) the cyclical nature of the specialty materials business and certain
end-use markets, including aerospace, defense, industrial, transportation,
consumer, medical, and energy, or other influences on Carpenter’s business
such as new competitors, the consolidation of competitors, customers, and
suppliers or the transfer of manufacturing capacity from the United States to
foreign countries; (2) the ability of Carpenter to achieve cash generation,
growth, profitability, cost savings, productivity improvements or process
changes; (3) the ability to recoup increases in the cost of energy, raw
materials, freight or other factors; (4) domestic and foreign excess
manufacturing capacity for certain metals; (5) fluctuations in currency
exchange rates; (6) the degree of success of government trade actions; (7)
the valuation of the assets and liabilities in Carpenter’s pension trusts and
the accounting for pension plans; (8) possible labor disputes or work
stoppages; (9) the potential that our customers may substitute alternate
materials or adopt different manufacturing practices that replace or limit
the suitability of our products; (10) the ability to successfully acquire and
integrate acquisitions; (11) the availability of credit facilities to
Carpenter, its customers or other members of the supply chain; (12) the
ability to obtain energy or raw materials, especially from suppliers located
in countries that may be subject to unstable political or economic
conditions; (13) Carpenter’s manufacturing processes are dependent upon
highly specialized equipment located primarily in facilities in Reading,
Latrobe and Athens for which there may be limited alternatives if there are
significant equipment failures or catastrophic event; and (14) Carpenter’s
future success depends on the continued service and availability of key
personnel, including members of the executive management team, management,
metallurgists and other skilled personnel and the loss of these key personnel
could affect Carpenter’s ability to perform until suitable replacements are
found. Any of these factors could have an adverse and/or fluctuating effect
on Carpenter’s results of operations. The forward-looking statements in this
document are intended to be subject to the safe harbor protection provided by
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Carpenter undertakes no
obligation to update or revise any forward-looking statements. Non-GAAP
Financial Measures Some of the information included in this presentation is
derived from Carpenter’s consolidated financial information but is not
presented in Carpenter’s financial statements prepared in accordance with
U.S. Generally Accepted Accounting Principles (GAAP). Certain of these data
are considered “non-GAAP financial measures” under SEC rules. These non-GAAP
financial measures supplement our GAAP disclosures and should not be
considered an alternative to the GAAP measure. Reconciliations to the most
directly comparable GAAP financial measures and management’s rationale for
the use of the non-GAAP financial measures can be found in the Appendix to
this presentation. Cautionary Statement
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