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Cautionary
Statement 2 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, 2014 and the exhibits attached to that filing. 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 a catastrophic event; (14) the ability to
hire and retain key personnel, including members of the executive management
team, management, metallurgists and other skilled personnel; and (15) share
repurchases are at Carpenter’s discretion and could be affected by changes in
Carpenter’s share price, operating results, capital spending, cash flows,
inventory, acquisitions, investments, tax laws, and general market
conditions. 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.
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