Mountain Lake Grants Presentation

Value Times Three

Grants Spring Conference April 7, 2015

The following information has been prepared solely for use by intended recipients and shall be maintained in strict confidence. The information contained herein reflect the opinions and projections of Mountain Lake Investment Management LLC and its affiliates (collectively Mountain Lake) as of the date of this presentation. All graphics, code, text and design are owned by Mountain Lake. This presentation, in its entirety or in parts, may not be reproduced without prior written permission from Mountain Lake. The information set forth herein does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Certain statements, projections, or other estimates herein are based upon certain assumptions. Other events that were not taken into account may occur and may significantly affect the analysis. Any assumptions should not be construed to be indicative of the actual events that will occur. No representation or warranty is made concerning the accuracy of any data presented. All information provided in this presentation is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. These materials do not constitute an offer to sell, or a solicitation of an offer to buy, interest in any Mountain Lake product.

Disclaimer

Mountain Lake Partners

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70%20

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Cash Position

9/30/2008: 54.5%

3/31/2015: 62.8%

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Weighted Median Market Cap of Equity Investments

Owens-Illinois

3/31/2015 Market Capitalization = $3.8 billion

Owens-Illinois

1903 Michael Owens completes the automated bottle blowing machine and forms Owens Bottle Machine Company.

1929 Owens-Illinois was formed after the acquisition of Illinois Glass. 1958 Owens-Illinois sells Kaylo, its asbestos containing insulation unit, to Owens Corning. During the 10 years of ownership, aggregate sales are less than $40 million.

Corporate History

Owens-Illinois Corporate History

1987 KKR leveraged buyout for $3.7 billion 1988 With the acquisition of Brockway Glass, Owens-Illinois domestic market share is greater than 40% 1991 Initial public offering

2014 Asbestos related payments total $4.4 billion 2015 Current market capitalization is $3.8 billion

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Owens-Illinois Recent Decade of Nothing

Source: Bloomberg

- High fixed costs - Consolidated market - Barriers to entry - Steady demand - Limited growth - Generates lots of cash

Owens-Illinois Glass Bottle Industry Dynamics

European Operating Margin

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E

2016

E

- In Europe, Owens-Illinois has 25% market share.

- The top three firms have 67% market share.

- Normal margins are 12.5%.

Owens-Illinois

Source: Company reports and Mountain Lake estimates

North American Operating Margin

- In North America, Owens-Illinois has 40% market share.

- The top three firms have 85% market share.

- Normal margins are 15%.

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E

Owens-Illinois


- In Brazil, Owens-Illinois has 65% market share.

- In Peru, Ecuador and Columbia, Owens-Illinois has 100% market share.

- Normal margins are 20%.

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E

Owens-Illinois South American Operating Margin


- In China, Owens-Illinois has about a 2% market share with a 0% margin.

- In Australia and New Zealand, Owens-Illinois has 70% market share. Normal margins are 15%.

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Owens-Illinois Asia Pacific Operating Margin


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Owens-Illinois All Regions Operating Margin


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Pretend Free Cash Flow*

Source: Company reports and Mountain Lake estimates *excluding payments for asbestos and restructuring

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2000 2005 2010 2014

Net Debt

Cash used since 2000: $191 million per year

Current leverage ratio: 2.4

Owens-Illinois bi

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Source: Company reports

Asian and European restructurings completed in 2009 and 2015

Cash use since 2009: $114 million per year

Owens-Illinois


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Restructuring Charges

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Cash used since 2009: $158 million per year

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Asbestos Charges Owens-Illinois


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Owens-Illinois Mesothelioma Incidence

Source: National Cancer Institute

010,00020,00030,00040,00050,00060,00070,00080,000

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Asbestos Claims Pending

010,00020,00030,00040,00050,00060,00070,00080,000

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Asbestos Claims Filed

Owens-Illinois Core Competency in Asbestos Litigation


Owens-Illinois Recent Claims Activity

02,0004,0006,0008,000

10,00012,000

2009 2010 2011 2012 2013 2014Disposed Filed


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Reported Free Cash Flow

Owens-Illinois

The impact in 2014 from the strong USD was $40 million.

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Owens-Illinois

Reported Free Cash Flow with Estimates

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Owens-Illinois Reported Free Cash Flow with

Estimates and Adjusted Estimates*

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$0$100$200$300$400$500$600

2009 2010 2011 2012 2013 2014 2015E 2016E

Source: Company reports and Mountain Lake estimates *excluding payments for asbestos and restructuring

Koppers Holdings

3/31/2015 Market Capitalization = $403 million

Koppers Holdings

1914 Heinrich Koppers sells patents for by-product coke ovens to Andrew Mellon for $300,000. Koppers Inc. reorganizes in Pittsburg.

1960 Fletcher Byrom focuses the company on end products.

1988 Beazer plc led an LBO

1997 Hansen plc, who acquired Beazer in 1991, wanted control. Management exercised right of first refusal.

2007 Streamlined company producing carbon materials and wood products has IPO.

Corporate History

Koppers Holdings

Railroad and Utility

39%

Carbon Materials

and Chemicals

61%

2013 Revenues $1.5 billion


COAL TAR

Carbon Pitch 50% Chemical Oils 20% Distillate 30%

Naphthalene Creosote

Phthalic Anhydride

Primary End Products

AluminumVinyl, Paint and

Concrete AdditivesRailroad Crossties

Koppers Holdings


Koppers Holdings Carbon Materials and Chemicals

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2008 2009 2010 2011 2012 2013 2014 2015E

Operating Margins


Koppers Holdings Carbon Materials and Chemicals

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2011 2012 2013 2014 2015E

Return on Invested Capital


Koppers Holdings

$0$200$400$600$800

$1,000

2011 2012 2013 2014

Net Debt

Date Acquisition Product or Service Price 8/15/2014 Osmose Wood preservation $491 M 1/20/2014 Ashcroft Crosstie treating $29.8 M

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Koppers Holdings

11/7/2014 Walt Turner resigns, Leroy Ball appointed CEO

1/14/2015 Company announces delay of low cost naphthalene plant to preserve cash

1/22/2015 Attempt to refinance high cost debt fails

2/26/2015 Company misses earnings guidance for 8th quarter in a row

2/26/2015 Company announces $200mn-$250mn debt reduction target

2/26/2015 Board of Directors suspends dividend

Koppers Holdings

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2011 2011 2012 2012 2013 2013 2014 2014 20152014 Year End Shares = 20.5 million

Source: Bloomberg

Stock Price

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2015 2016-2017 2018-2019 2020+

Debt Maturities

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Koppers Holdings

Railroad and Utility

38%

Performance Chemicals

21%

Carbon Materials

and Chemicals

41%


2015 Revenues $1.8 billion

Koppers Holdings Railroad and Utility

0%2%4%6%8%

10%12%14%

2012 2013 2014 2015E

Operating Margins


Koppers Holdings Railroad and Utility is a Good Business

- Largest supplier of railroad ties to North American railroads

- Two firm concentration is about 80%

- Steady replacement market demand 600 million railroad ties wear out; over 20 million replaced every year

- Long-term contracts with cost-plus pricing

- Minimal capital investment

- Margin opportunity from process improvements

Koppers Holdings Railroad and Utility

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Koppers Holdings Performance Chemicals


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Operating Margins

Koppers Holdings Performance Chemicals is a Good Business

- Wood treatments for outdoors decks

- They are a dominant provider, still gaining market share

- High IP content; patent protection

- Not capital intensive

- Sell to wood treaters who in turn sell to big box stores, contractors and small stores

- Housing starts is a small percent of demand; driven by remodels

Koppers Holdings Performance Chemicals

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Koppers Holdings Operating Income by Segment

In millions 2011 2012 2013 2014 2015E 2016E

Carbon Materials and Chemicals $89.1 $83.1 $43.9 -$5.3 -$9.1

$6.5

Railroad and Utility $34.8 $45.1 $58.3 $53.6 $73.8

$72.6

Performance Chemicals $0.0 $0.0 $0.0 $1.6 $40.6

$37.2

Total Segment Operating Income $123.9 $128.2 $102.2 $49.9 $105.3

$116.3 Source: Company reports and Mountain Lake estimates

Koppers Holdings Free Cash Flow

In millions 2011 2012 2013 2014 2015E 2016E Net Income $37.6 $67.2 $40.1 -$39.4 $37.2 $46.4 Depreciation and Amortization $48.8 $27.6 $29.7 $44.0 $65.0 $61.0 Capital Expenditures -$33.2 -$28.9 -$72.9 -$83.8 -$45.0 -$44.0 Free Cash Flow $53.2 $65.9 -$3.1 -$79.2 $57.2 $63.4


In millions Stella Jones

Koppers Holdings

Koppers without

CMC

Date 3/31/2015 3/31/2015

3/31/2015

Market Capitalization $2,161 $403

$403

Enterprise Value $2,548 $1,217

$1,217

2015E Revenues $1,138 $1,705

$1,005

2015E Operating Income $142 $105

$114

2015E Operating Margin 12.5% 6.2%

11.4%

Koppers Holdings

Source: Bloomberg and Mountain Lake estimates

Tidewater Big Floating Trucks

Boat and/or truck pictures

3/313/2015 Market Capitalization = $898 million

Tidewater

- Safe, efficient and compliant operations

- New vessels that service all water depths

- Geographic diversity

- Strong customer base, relationships and contracting

Big Floating Trucks with a Bow for Extra Beauty

Tidewater Vessel Population by Owner

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Tidewater

Vessel Commitments Jan. 2000 Dec. 2014 Vessel Count Total Cost

Deepwater PSVs 102 $2,900m

Deepwater AHTSs 12 $387m

Towing Supply/Supply 111 $1,667m

Other 53 $227m

Totals 278 $5,181m


Tidewater

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Stock Price

Source: Bloomberg

(in Billions)

Vessel and Related Equipment $4.63 Net PP&E $3.67 Goodwill $0.00 Net Debt $1.41 Equity $2.51

Shares 46.9 M Book Value per Share $53.50 Stock price as of 3/31/2015 $19.14 Market cap as of 3/31/2015 $897 M

Tidewater 12/31/2014 Balance Sheet Items

Source: Company reports and Bloomberg

Tidewater Debt Maturities

Fiscal Year ending March 31

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Vessel Cash Operating Margin

Fiscal Year ending March 31 Source: Company reports and Mountain Lake estimates

Tidewater

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Operating Margin


Tidewater


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Free Cash Flow

Tidewater

We are here, 85 days until positive

free cash flow


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Capital Expenditures

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Tidewater


-$400-$300-$200-$100

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Slide Number 1Slide Number 2Slide Number 3Slide Number 4Slide Number 5Owens-IllinoisOwens-IllinoisSlide Number 8Owens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisOwens-IllinoisSlide Number 25Koppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsSlide Number 34Koppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsKoppers HoldingsTidewaterTidewaterTidewaterTidewaterSlide Number 49TidewaterTidewaterTidewaterTidewaterTidewaterTidewaterTidewaterSlide Number 57

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