COMPANY PROFILE

Haverstick-Borthwick Company was organized in 1922 and has been serving the Philadelphia construction market since that time in the industrial, commercial and institutional fields. The breadth and diversity of our projects has been a source of strength and flexibility which has benefitted the work which we perform for all of our clients. Major projects have ranged from construction and rehabilitation of major heavy industrial sites to the largest single restoration project funded by the state of Pennsylvania for the Bicentennial in 1976. Heavy industrial clients, such as Budd Company and Boeing Helicopters, have benefitted from our depth of experience in concrete foundation work and rehabilitation of industrial structures while other technology related clients, such as Verizon and Merck & Co., depend upon our expertise in sophisticated laboratory and process installations, clean room construction and rigidly controlled work practices in areas of sensitive equipment installation. Our long list of churches and significant historic restorations is indicative of the care and workmanship which we bring to all of our projects. At the same time, our state of the art scheduling and cost control systems together with our leading edge Safety and Total Quality Management programs assure customers of a total performance package which guarantees completion on time and within budget at the highest level of quality.

Annual billings run approximately 25 to 30 million dollars and our regular field crew is approximately 60 to 80 mechanics and laborers. We maintain labor agreements in the Delaware Valley with our basic trades and also regularly perform work in South Jersey and Delaware. Occasional projects are performed in Maryland, Lancaster/Reading, Harrisburg and the Lehigh Valley. Most of our customers are private and include virtually all the leading corporations and institutions in the Delaware Valley. Our main office is centrally located in Plymouth Meeting, about 30 minutes away from most job sites.

The management team of Haverstick-Borthwick company consists of 7 persons involved in estimating and project management. The President is William A. Cobb, Jr., the Vice President is Arthur P. Cobb, and our Secretary/Controller is Daniel J. DiNardo, CPA. Additional management personnel are Project Managers Edward Weinlein, Jeremy Daross and Steve Gindhart plus Compliance Administrator Stacy Demcher. The total construction experience of these individuals is in excess of 100 years, largely in the renovation and restoration areas. All are actively involved in the management of construction projects and fully support the company's commitment to quality and performance.

The majority of the work done by the company comprising approximately 75% is done on a lump-sum basis, either through competitive bidding or negotiation. The remaining 25% is construction management work often involving unique projects in which we also perform a significant amount of the direct labor. This enables us to give the customer the full advantage of the competitive bidding market for work which is fully defined and for which several contractors are qualified, but to retain direct control of work which does not lend itself to being fully specified for bid and for which our unique qualifications and experience can produce a quality product at the lowest possible cost. The particular administrative arrangement in each construction management contract is tailored to the project and the customer's desires to take advantage of available resources in the most effective way possible.