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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 Carpenters filings with the Securities and
Exchange Commission, including its annual report on Form 10-K for the year ended
June 30, 2014, Form 10-Q for the quarter ended September 30, 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 Carpenters 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 Carpenters 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) Carpenters
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; (15) fluctuations in oil and gas prices and
production; and (16) share repurchases are at Carpenters discretion and
could be affected by changes in Carpenters 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 Carpenters 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 Carpenters
consolidated financial information but is not presented in Carpenters
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 managements rationale for the use of the non-GAAP
financial measures can be found in the Appendix to this presentation.
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