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<SEC-DOCUMENT>0000950152-08-009174.txt : 20081112
<SEC-HEADER>0000950152-08-009174.hdr.sgml : 20081111
<ACCEPTANCE-DATETIME>20081112143420
ACCESSION NUMBER:		0000950152-08-009174
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20080930
FILED AS OF DATE:		20081112
DATE AS OF CHANGE:		20081112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CORE MOLDING TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001026655
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS PRODUCTS, NEC [3089]
		IRS NUMBER:				311481870
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12505
		FILM NUMBER:		081180254

	BUSINESS ADDRESS:	
		STREET 1:		800 MANOR PARK DRIVE
		STREET 2:		P O BOX 28183
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43228
		BUSINESS PHONE:		8006666960

	MAIL ADDRESS:	
		STREET 1:		800 MANOR PARK DR
		STREET 2:		P O BOX 28183
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43228

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORE MATERIALS CORP
		DATE OF NAME CHANGE:	19961107
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>l34504ae10vq.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM 10-Q</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 10-Q</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(Mark One)</B>

</DIV>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%"><B>For the quarterly period ended <u>September&nbsp;30, 2008</u>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>OR</B></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%"><B>for the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> To <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission File Number 001-12505</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CORE MOLDING TECHNOLOGIES, INC.<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31-1481870</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">800 Manor Park Drive, P.O. Box 28183</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Columbus, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43228-0183</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive office)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code <U>(614)&nbsp;870-5000</U></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">N/A<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">Former name, former address and former fiscal year, if changed since last report.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed
by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or
for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes <FONT face="Wingdings">&#254;</FONT> &nbsp;&nbsp;&nbsp; NO <FONT face="Wingdings">&#111;</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated

filer,
a non-accelerated filer, or a smaller reporting company.
See the definitions of

&#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller

reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="center" valign="top">Large accelerated filer <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align="center">Non-accelerated filer &nbsp; <FONT face="Wingdings">&#111;</FONT><BR>
(Do not check if a smaller reporting company)</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align="center" valign="top">Smaller Reporting Company <FONT face="Wingdings">&#254;</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a shell company as defined in Rule&nbsp;12b-2 of the Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp; NO <FONT face="Wingdings">&#254;</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of November&nbsp;11, 2008, the latest practicable date, 6,850,896 shares of the registrant&#146;s
common shares were issued and outstanding.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">Part I &#151; Financial Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Item&nbsp;1. Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:67px; text-indent:-15px"><A href="#102">Consolidated Balance Sheets</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:67px; text-indent:-15px"><A href="#103">Consolidated Statements of Income</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:67px; text-indent:-15px"><A href="#104">Consolidated Statement of Stockholders&#146; Equity</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:67px; text-indent:-15px"><A href="#105">Consolidated Statements of Cash Flows</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:67px; text-indent:-15px"><A href="#106">Notes to Consolidated Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Item&nbsp;3. Quantitative and Qualitative Disclosures About Market Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Item&nbsp;4T. Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Part II &#151; Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">Item&nbsp;1. Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Item&nbsp;1A. Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Item&nbsp;2. Unregistered Sales of Equity Securities and Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#114">Item&nbsp;3. Defaults Upon Senior Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Item&nbsp;4. Submission of Matters to a Vote of Security Holders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Item&nbsp;5. Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Item&nbsp;6. Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">Signatures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">Index to Exhibits</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26</TD>
</TR>

<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l34504aexv10wa.htm">EX-10(a)</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l34504aexv31wa.htm">EX-31(a)</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l34504aexv31wb.htm">EX-31(b)</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l34504aexv32wa.htm">EX-32(a)</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="l34504aexv32wb.htm">EX-32(b)</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part 1 &#151; Financial Information</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>Core Molding Technologies, Inc. and Subsidiaries</B></DIV>


<DIV align="left">
<A name="102"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Consolidated Balance Sheets</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable (less allowance for doubtful accounts:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">September&nbsp;30, 2008 - $160,000; December&nbsp;31, 2007 - $334,000)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,905,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,469,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Finished and work in process goods</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,103,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,333,119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stores</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,860,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,011,291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,964,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,344,410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred tax asset-current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,625,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,625,781</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign sales tax receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">959,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">632,329</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,260,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,031,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,845,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,906,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,318,839</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,691,245</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,526,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,215,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,172,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,173,514</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,097,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,097,433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer list / Non-compete</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">74,178,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,695,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and Stockholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities
Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,895,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,865,716</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes payable line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,190,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,251,863</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of postretirement benefits liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">489,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,469,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,537,895</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tooling in progress</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Compensation and related benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,103,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,350,867</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">680,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,221</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,048,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,067,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,983,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,778,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,489,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,913,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate swap</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,566</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Postretirement benefits liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,934,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,952,891</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Commitments and Contingencies</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Stockholders&#146; Equity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred stock &#151; $0.01 par value, authorized shares &#151; 10,000,000;
Outstanding shares: September&nbsp;30, 2008 and December&nbsp;31, 2007 - 0</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock &#151; $0.01 par value, authorized shares - 20,000,000;
Outstanding shares: 6,762,790 at September&nbsp;30, 2008 and
6,727,871 at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,958,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,614,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive loss, net of income tax benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,129,747</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,209,540</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,179,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,179,054</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,802,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,533,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,519,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,826,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">74,178,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,695,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See notes to consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Core Molding Technologies, Inc. and Subsidiaries</B>
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Consolidated Statements of Income</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Unaudited)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net Sales:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,497,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,744,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">84,875,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">79,080,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tooling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,175,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,179,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,363,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,030,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,919,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,054,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,444,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,456,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,214,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,387,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,106,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Postretirement benefits expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">626,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,692,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,828,391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total cost of sales</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,992,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,840,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,079,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,934,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gross Margin</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,037,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,079,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,975,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,509,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling, general and administrative expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,076,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,667,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,621,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,273,378</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Postretirement benefits expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">372,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,963</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total selling, general and administrative
expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,186,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,786,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,994,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,665,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income before interest and taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,851,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,292,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,980,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,844,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(179,395</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(228,696</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(540,866</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(491,409</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income before income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,672,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,112,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,439,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,895,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income tax expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">984,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,171,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,699,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net Income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,687,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">717,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,268,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,196,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income per common share:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Weighted average shares outstanding:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,748,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,441,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,740,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,339,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,048,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,727,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,054,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,658,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See notes to consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Core Molding Technologies, Inc. and Subsidiaries</B>
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Consolidated Statement of Stockholders&#146; Equity</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Unaudited)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Paid-In</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Retained</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Treasury</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stockholders&#146;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Income (Loss)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="27" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at January&nbsp;1,
2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,727,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,614,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,533,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,209,540</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(26,179,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,826,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,268,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,268,341</TD>
    <TD>&nbsp;</TD>
</TR>
<tr>
<TD style="font-size:10pt">&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge accounting
effect of the interest
rate swaps, net of
deferred income tax
expense of $9,209</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,877</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of
unrecognized net loss
on post retirement
benefit, net of tax
expense of $34,083</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,916</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,348,134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common shares issued
from exercise of
stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share-based
compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="27" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at September
30, 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,762,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">67,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,958,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,802,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,129,747</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(26,179,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,519,473</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="27" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See notes to consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Core Molding Technologies, Inc. and Subsidiaries</B>
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Consolidated Statements of Cash Flows</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Unaudited)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from operating activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,268,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,196,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to reconcile net income to net cash provided by
operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,683,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,622,594</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42,162</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,504</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ineffectiveness of swap</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on disposal of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,039</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">(Gain)/Loss on translation of foreign currency financial statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,077</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,826</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in operating assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,436,212</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,550,481</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(713,489</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Prepaid and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(172,882</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70,005</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185,845</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,749,603</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accrued and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,304,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,313,544</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Postretirement benefits liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,078,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,548,375</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash provided by operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,159,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,773,428</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from investing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,794,907</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,507,335</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from sale of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,039</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash used in investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,794,907</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,506,296</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from financing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from issuance of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,732</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax effect from exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,217</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments related to acquisition of stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,215,054</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross repayments on line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,752,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,480,357</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross borrowings on line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,691,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,237,392</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payments of principal on secured note payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(964,287</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(964,285</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Payment of principal on industrial revenue bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(430,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(395,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash provided by (used in) financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,635,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,363,355</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net decrease in cash and cash equivalents</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,096,223</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents at beginning of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,096,223</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents at end of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash paid (received)&nbsp;for:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">463,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(128,812</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes (net of tax refunds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,561,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(412,264</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed asset purchases in accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">143,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See notes to consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Core Molding Technologies, Inc. and Subsidiaries</B>
</DIV>

<DIV align="left">
<A name="106"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Notes to Consolidated Financial Statements</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Unaudited)</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Basis of Presentation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying unaudited consolidated financial statements have been prepared in accordance with
the instructions to Form 10-Q for smaller reporting companies and include all of the information
and disclosures required by accounting principles generally accepted in the United States of
America for interim reporting, which are less than those required for annual reporting. In the
opinion of management, the accompanying unaudited consolidated financial statements contain all
adjustments (all of which are normal and recurring in nature) necessary to present fairly the
financial position of Core Molding Technologies, Inc. and its subsidiaries (&#147;Core Molding
Technologies&#148; or the &#147;Company&#148;) at September&nbsp;30, 2008, the results of operations for the three and
nine months ended September&nbsp;30, 2008, and the cash flows for the nine months ended September&nbsp;30,
2008. The &#147;Consolidated Notes to Financial Statements,&#148; which are contained in the 2007 Annual
Report to Shareholders, should be read in conjunction with these consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies and its subsidiaries operate in the plastics market in a family of
products known as &#147;reinforced plastics.&#148; Reinforced plastics are combinations of resins and
reinforcing fibers (typically glass or carbon) that are molded to shape. Core Molding Technologies
operates four production facilities in Columbus, Ohio; Batavia, Ohio; Gaffney, South Carolina; and
Matamoros, Mexico. The Columbus and Gaffney facilities produce reinforced plastics by compression
molding sheet molding compound (&#147;SMC&#148;) in a closed mold process. The Batavia facility produces
reinforced plastic products by a robotic spray-up open mold process and resin transfer molding
(&#147;RTM&#148;) closed mold process utilizing multiple insert tooling (&#147;MIT&#148;). The Matamoros facility
utilizes spray-up and hand lay-up open mold processes and RTM closed mold process to produce
reinforced plastic products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Net Income per Common Share</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net income per common share is computed based on the weighted average number of common shares
outstanding during the period. Diluted net income per common share is computed similarly but
include the effect of the assumed exercise of dilutive stock options and restricted stock under the
treasury stock method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The computation of basic and diluted net income per common share is as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,687,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">717,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,268,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,196,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares
Outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,748,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,441,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,740,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,339,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus: dilutive options assumed exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">550,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">550,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: shares
assumed repurchased with proceeds from exercise </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(283,037</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(324,299</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(281,788</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(304,545</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus: dilutive effect of nonvested restricted stock grants </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,444</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common and potentially
issuable common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,048,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,727,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,054,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,658,583</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic net income per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted net income per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the nine months ended September&nbsp;30, 2008 and 2007 there were 25,000 and 33,000 antidilutive
options, respectively.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Sales</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies currently has two major customers, Navistar, Inc. (&#147;Navistar&#148;) formerly
known as International Truck &#038; Engine Corporation, and PACCAR, Inc. (&#147;PACCAR&#148;). Major customers
are defined as customers whose sales individually consist of more than ten percent of total sales.
The following table presents sales revenue for the above-mentioned customers for the three and nine
months ended September&nbsp;30, 2008 and 2007:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navistar product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,434,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,175,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,533,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,894,733</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navistar tooling sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,868,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,179,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Navistar sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,508,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,211,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,401,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,074,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PACCAR product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,350,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,318,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,424,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,529,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PACCAR tooling sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">840,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,521,919</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total PACCAR sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,731,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,326,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,265,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,051,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,712,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,250,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,917,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,656,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other tooling sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">469,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total other sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,790,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,382,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,387,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,318,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total product sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,497,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,744,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,875,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,080,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total tooling sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,175,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,179,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,363,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,030,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,919,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,054,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,444,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. Comprehensive Income</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Comprehensive income represents net income plus the results of certain equity changes not reflected
in the Consolidated Statements of Income. The components of comprehensive income, net of tax, are
as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,687,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">717,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,268,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,196,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge accounting
effect of interest
rate swaps, net of
deferred income tax
expense of $11,996
and $9,209 for the
three and nine
months ended
September&nbsp;30, 2008
and net of deferred
tax benefit of
$38,860 and $25,843
for the three and
nine months ended
September&nbsp;30, 2007,
respectively.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,309</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,386</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of
previously
unrecognized
postretirement plan
loss, net of
deferred tax
expense of $11,361
and $34,083 for the
three and nine
months ended
September&nbsp;30, 2008
deferred income tax
expense of $24,877
and $74,630 for the
three and nine
months ended
September&nbsp;30, 2007,
respectively.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,731,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">698,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,348,134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,284,424</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. Postretirement Benefits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The component of expense for all of Core Molding Technologies&#146; postretirement benefits plans for
the three and nine months ended September&nbsp;30, 2008 and 2007 are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>September 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pension expense:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defined contribution plan </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">66,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">127,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">315,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">354,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multi-employer plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Contributions</DIV></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">704,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Health and life insurance:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">788,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">747,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net periodic benefit cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">454,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">516,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,361,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,548,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total postretirement
benefits expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">646,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">746,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,065,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,220,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies&#146; has made payments of approximately $701,000 to pension plans and
$282,000 for postretirement healthcare costs through September&nbsp;30, 2008 and expects to make
approximately $177,000 of pension plans payments through the remainder of 2008. The Company also
expects to make approximately $207,000 of postretirement healthcare payments through the remainder
of 2008, all of which are accrued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Debt</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Interest Rate Swaps</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In conjunction with its variable rate Industrial Revenue Bond (&#147;IRB&#148;) the Company has entered into
an interest rate swap agreement, which is designated as a cash flow hedging instrument. Under this
agreement, the Company pays a fixed rate of 4.89% to the counterparty and receives 76% of the
30-day commercial paper rate. The swap term and notional amount matches the payment schedule on
the IRB with final maturity in April&nbsp;2013. The difference paid or received varies as short-term
interest rates change and is accrued and recognized as an adjustment to interest expense. While
the Company is exposed to credit loss on its interest rate swap in the event of non-performance by
the counterparty to the swap, management believes such non-performance is unlikely to occur given
the financial resources of the counterparty. The effectiveness of the swap is assessed at each
financial reporting date by comparing the commercial paper rate of the swap to the benchmark rate
underlying the variable rate of the IRB. Any ineffectiveness of the swap is recorded as an
adjustment to interest expense and historically has not been material. Interest expense of $54,573
and $9,780 was recorded for the nine months ended September&nbsp;30, 2008 and 2007, respectively,
related to ineffectiveness of the swap. The fair value of the swap was a liability of $232,485 and
$228,156 as of September&nbsp;30, 2008 and December&nbsp;31, 2007, respectively. None of the changes in fair
value of the interest rate swap have been excluded from the assessment of hedge effectiveness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2004, the Company entered into an interest rate swap agreement, which is
designated as a cash flow hedge of the Company&#146;s bank note payable. Under this agreement, the
Company pays a fixed rate of 5.75% to the counterparty and receives LIBOR plus 200 basis points.
The swap term and notional amount match the payment schedule on the bank note payable with final
maturity in January&nbsp;2011. The interest rate swap is a highly effective hedge because the amount,
benchmark interest rate index, term, and repricing dates of both the interest rate swap and the
hedged variable interest cash flows are exactly the same. The fair value of the swap was a
liability of $18,569 and an asset of $4,590 as of September&nbsp;30, 2008 and December&nbsp;31, 2007,
respectively. While the Company is exposed to credit loss on its interest rate swap in the even of
non-performance by the counterparty to the swap, management believes that such non-performance is
unlikely to occur given the financial resources of the counterparty.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Line of Credit</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At September&nbsp;30, 2008, the Company had available a $15,000,000 variable rate bank revolving line of
credit scheduled to mature on April&nbsp;30, 2009. The line of credit bears interest at LIBOR plus 200
basis points. The line of credit is collateralized by all the Company&#146;s assets. At September&nbsp;30,
2008 and December&nbsp;31, 2007 there was an outstanding balance of $8,190,773 and $2,251,863,
respectively. The outstanding balance on the line of credit is due April&nbsp;2009; therefore the
Company has classified the outstanding balance as a current liability on its consolidated balance
sheet. Included in the balance of the line of credit at September&nbsp;30, 2008 is approximately
$7,179,000 of spending for the construction of a new manufacturing facility and transition costs
related to that project. The Company has commitments from a bank for new loan facilities to fund
this project, but has not yet closed on these loans. Upon closing of these loans, proceeds will be
used to pay down the balance on the Line of Credit for this spending.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. Income Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;1, 2007, the Company adopted the provisions of FASB Interpretation No.&nbsp;48, &#147;Accounting
for Uncertainty in Income Taxes an interpretation of FASB Statement No.&nbsp;109&#148; (&#147;FIN 48&#148;). As a
result of the implementation of FIN 48 the Company recognized a $68,000 increase to retained
earnings. This increase is represented by the recognition of state tax benefits of $212,000 and
related accrued interest receivable of $16,000. These benefits generate a federal tax liability of
$60,000. The Company also recorded a liability for unrecognized tax benefits of $52,000 and
$48,000 related to uncertain state and foreign tax positions, respectively and the amounts were
recorded in income tax receivable in the consolidated balance sheet. As of December&nbsp;31, 2007, the
unrecognized tax benefit liability had been reduced to $24,000 due to the resolution of certain
state and foreign tax matters. The unrecognized tax liability of $24,000 favorably settled in 2008
and therefore was credited to tax expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company files income tax returns in the U.S. federal jurisdiction, Mexico and various state
jurisdictions. The Company is no longer subject to U.S. federal and state income tax examinations
by tax authorities for years before 2005 and is subject to income tax examinations by Mexican
authorities since the Company began business in Mexico in 2001. The Company does not anticipate
that the unrecognized tax benefits will significantly change within the next twelve months. The
Company recently was notified that the Company&#146;s 2006 Federal income tax return will be audited.
The audit is in the initial stages and no findings have been made at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. Stock Based Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has a Long Term Equity Incentive Plan (the &#147;2006 Plan&#148;), as approved by the
shareholders in May&nbsp;2006. This 2006 Plan replaced the Long Term Equity Incentive Plan (the
&#147;Original Plan&#148;) as originally approved by the shareholders in May&nbsp;1997 and as amended in May&nbsp;2000.
The 2006 Plan allows for grants to directors and key employees of non-qualified stock options,
incentive stock options, stock appreciation rights, restricted stock, performance shares,
performance units and other incentive awards (&#147;Stock Awards&#148;) up to an aggregate of 3,000,000
awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock
Awards can be granted under the 2006 Plan through the earlier of December&nbsp;31, 2015, or the date the
maximum number of available awards under the 2006 Plan have been granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Stock Options</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following summarizes the activity relating to stock options under the plans mentioned above for
the nine months ended September&nbsp;30, 2008:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Exercise Price</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">620,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,475</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at September&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercisable at September&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following summarizes the status of, and changes to, unvested options during the nine months
ended September&nbsp;30, 2008:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Exercise Price</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unvested at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,635</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,800</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unvested at September&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At September&nbsp;30, 2008 and 2007, there was $170,208 and $315,282, respectively, of total
unrecognized compensation cost, related to unvested stock options granted under the plans. Total
compensation cost related to incentive stock options for the nine months ended September&nbsp;30, 2008
and 2007 was $93,220 and, $96,773, respectively. This compensation expense is allocated such that
$66,977 and $70,375 are included in selling, general and administrative expenses and $26,243 and
$26,398 are recorded in cost of sales for the nine months ended September&nbsp;30, 2008 and 2007,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Restricted Stock</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May of 2006, Core Molding Technologies began granting shares of its common stock to certain
directors, officers, and key managers in the form of Restricted Stock. These awards are recorded at
the market value of Core Molding Technologies&#146; common stock on the date of issuance and amortized
ratably as compensation expense over the applicable vesting period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following summarizes the status of Restricted Stock grants as of September&nbsp;30, 2008 and changes
during the nine months ended September&nbsp;30, 2008:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Grant Date</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair Value</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unvested at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,919</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unvested at September&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of September&nbsp;30, 2008 and 2007, there was $421,954 and $309,976, respectively, of total
unrecognized compensation cost related to Restricted Stock granted under the 2006 Plan. The total
compensation costs related to restricted stock grants for the nine months ended September&nbsp;30, 2008
and 2007 was $160,934 and $109,492, respectively, all of which was recorded to selling, general and
administrative expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;18, 2007, the Company entered into a stock repurchase agreement with Navistar, pursuant to
which the Company repurchased 3,600,000 shares of the Company&#146;s common stock, par value $0.01 per
share, from Navistar in a privately negotiated transaction at $7.25 per share, for a total purchase
price of $26,100,000. The Company used approximately $19&nbsp;million of existing cash and $7.1&nbsp;million
from its revolving line of credit to fund the repurchase. The Company also incurred approximately
$115,000 in costs related to the stock repurchase agreement, which is recorded on the balance sheet
in treasury stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Navistar continues to be a significant stockholder of the Company&#146;s common stock with 664,000
shares, or approximately 9.8% of the shares outstanding at September&nbsp;30, 2008. Navistar is also the
Company&#146;s largest customer, accounting for approximately 57% of the Company&#146;s 2008&nbsp;year-to-date
sales.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;16, 2007, the Board of Directors approved a Shareholders Rights Plan (the &#147;Plan&#148;) in
conjunction with the approval of the repurchase of shares of stock from Navistar. The Plan was
implemented to protect the interests of the Company&#146;s stockholders by encouraging potential buyers
to negotiate directly with the Board prior to attempting a takeover. Under the Plan, each
shareholder will receive a dividend of one right per share of common stock of the Company owned on
the record date, July&nbsp;18, 2007. The rights will not initially be exercisable until, subject to
action by the Board of Directors, a person acquires 15% or more of the voting stock without
approval of the Board. If the rights become exercisable, all holders except the party triggering
the rights shall be entitled to purchase shares of the Company at a discount. Each right entitles
the registered holder to purchase from the Company a unit consisting of one one-thousandth of a
share of Series&nbsp;A Junior Participating Preferred Stock, par value $0.01 per share. In connection
with the adoption of the Rights Agreement, on July&nbsp;18, 2007, the Company filed a Certificate of
Designations of Series&nbsp;A Junior Participating Preferred Stock with the Secretary of State of the
State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. Recent Accounting Pronouncements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2006, the FASB issued Interpretation No.&nbsp;48 (&#147;FIN 48&#148;), <I>&#147;Accounting for Uncertainty in
Income Taxes,&#148; </I>which clarifies the accounting for uncertainty in income taxes recognized in the
financial statements in accordance with FASB Statement No.&nbsp;109, &#147;<I>Accounting for Income Taxes</I>.&#148; FIN
48 provides guidance on the financial statement recognition and measurement of a tax position
taken, or expected to be taken, in a tax return. FIN 48 also provides guidance on derecognition,
classification, interest and penalties, accounting in interim periods, disclosures, and transition.
This interpretation is effective for fiscal years beginning after December&nbsp;15, 2006, and became
effective for the Company on January&nbsp;1, 2007. For benefits to be recognized, a tax position must
be more-likely-than-not to be sustained upon examination by taxing authorities. The amount
recognized is measured as the largest amount of benefit that is greater than 50&nbsp;percent likely of
being realized upon ultimate settlement. The impact of the adoption of FIN 48 is discussed in Note
7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2006, the FASB issued Statement No.&nbsp;157 to define fair value, establish a framework
for measuring fair value and to expand disclosures about &#147;Fair Value Measurements&#148; (&#147;SFAS No.157&#148;).
SFAS No.&nbsp;157 defines fair value, establishes a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No.&nbsp;157 does not change the requirements to apply
fair value in existing accounting standards. Under SFAS No.&nbsp;157, fair value refers to the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants in the market in which the reporting entity transacts. The standard
clarifies that fair value should be based on the assumptions market participants would use when
pricing the asset or liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To increase consistency and comparability in fair value measurements, SFAS No.&nbsp;157 establishes a
fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value
into three levels. The level in the fair value hierarchy disclosed is based on the lowest level of
input that is significant to the fair value measurement. The three levels of the fair value
hierarchy defined by SFAS No.&nbsp;157 are as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 1 inputs are quoted prices (unadjusted)&nbsp;in active markets for
identical asset or liabilities that the company has the ability to
access as of the reporting date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 2 inputs are inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly or indirectly through corroboration with observable market
data.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 3 inputs are unobservable inputs, such as internally developed
pricing models for the asset or liability due to little or no market
activity for the asset or liability.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SFAS No.&nbsp;157 became effective for the Company as of January&nbsp;1, 2008. The provisions of SFAS No.&nbsp;157
are to be applied prospectively, except for the initial impact on the following three items, which
are required to be recorded as an adjustment to the opening balance of retained earnings in the
year of adoption: (1)&nbsp;changes in fair value measurements of existing derivative financial
instruments measured initially using the transaction price under EITF Issue No.&nbsp;02-3, (2)&nbsp;existing
hybrid financial instruments measured initially at fair value using the transaction price and (3)
blockage factor discounts. Under the current disclosure requirements of SFAS 157, the Company&#146;s
lone fair value measure is its interest rate swaps. The swaps fall under Level 2 of the fair value
hierarchy. For further discussion of the interest rate swaps see Note 6. The adoption of SFAS No.
157 did not have an impact on the Company&#146;s January&nbsp;1, 2008 balance of retained earnings and is not
anticipated to have a material impact prospectively.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2008, the FASB issued FASB Staff Position No.&nbsp;FAS 157-2 (&#147;FSP 157-2&#148;), &#147;<I>Effective Date
of FASB Statement No.&nbsp;157</I>&#148;, which provides a one year deferral of the effective date of SFAS No.
157 for non-financial assets and non-financial liabilities, except those that are recognized or
disclosed in the financial statements at fair value at least annually. In accordance with this
interpretation, we have only adopted the provisions of SFAS No.&nbsp;157 with respect to our financial
assets and financial liabilities that are measured at fair value as of the beginning of fiscal year
2008. The provisions of SFAS No.&nbsp;157 have not been applied to non-financial assets and
non-financial liabilities. The major categories of non-financial assets and non-financial
liabilities that are measured at fair value, for which we have not applied the provisions of SFAS
No.&nbsp;157, are as follows: reporting units measured at fair value in the first step of a goodwill
impairment test and long-lived assets measured at fair value for an impairment assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2007, the FASB issued Statement No.&nbsp;159, &#147;<I>The Fair Value Option for Financial Assets
and Financial Liabilities</I>&#148; (&#147;FAS 159&#148;), provides companies with an option to report selected
financial assets and liabilities at fair value. The objective of FAS-159 is to reduce both
complexity in accounting for financial instruments and the volatility in earnings caused by
measuring related assets and liabilities differently. FAS-159 was effective for fiscal years
beginning after November&nbsp;15, 2007. The application of FAS-159 did not have any impact on the
Company&#146;s earnings or financial position, because the Company did not elect to use the fair value
option for any financial assets or liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2007, the FASB issued SFAS No.&nbsp;141R to improve the relevance, representational
faithfulness, and comparability of information that a reporting entity provides in its financial
reports regarding business combinations and its effects, including recognition of assets and
liabilities, the measurement of goodwill and required disclosures. This Statement is effective for
fiscal years, and interim periods within those fiscal years, beginning on or after December&nbsp;15,
2008 and earlier adoption is prohibited. Management is currently evaluating the impact of the
provisions of SFAS No.&nbsp;141R on the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2008, the FASB issued SFAS No.&nbsp;161, &#147;<I>Disclosures about Derivative Instruments and Hedging
Activities</I>&#148; (&#147;SFAS 161&#148;). SFAS 161 is an amendment of FASB Statement No.&nbsp;133, and requires
enhanced disclosures about an entity&#146;s derivative and hedging activities and thereby improves the
transparency of financial reporting. The Statement is effective prospectively for fiscal years
beginning after November&nbsp;15, 2008. Management is currently evaluating the impact of the provisions
of FAS-161 on the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2008, the FASB issued FSP FAS 142-3, &#147;<I>Determination of the Useful Life of Intangible
Assets</I>&#148;. FSP FAS 142-3 amends the factors an entity should consider in developing renewal or
extension assumptions used in determining the useful life of recognized intangible assets under
SFAS No.&nbsp;142, &#147;<I>Goodwill and Other Intangible Assets</I>&#148;. This guidance for determining the useful life
of a recognized intangible asset applies prospectively to intangible assets acquired individually
or with a group of other assets in either an asset acquisition or business combination. FSP FAS
142-3 is effective for fiscal years, and interim periods within those fiscal years, beginning after
December&nbsp;15, 2008, and early adoption is prohibited. We are currently evaluating the impact FSP FAS
142-3 will have on our Consolidated Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2008, the FASB issued Statement of Financial Accounting Standards No.&nbsp;162, <I>The Hierarchy of
Generally Accepted Accounting Principles </I>(&#147;FAS 162&#148;). This Standard identifies the sources of
accounting principles and the framework for selecting the principles to be used in the preparation
of financial statements of nongovernmental entities that are presented in conformity with generally
accepted accounting principles. FAS 162 directs the hierarchy to the entity, rather than the
independent auditors, as the entity is responsible for selecting accounting principles for
financial statements that are presented in conformity with generally accepted accounting
principles. The Standard is effective 60&nbsp;days following SEC approval of the Public Company
Accounting Oversight Board amendments to remove the hierarchy of generally accepted accounting
principles from the auditing standards. FAS 162 is not expected to have an impact on the Company&#146;s
financial condition, results of operations or cash flows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2008, the FASB issued FSP Emerging Issues Task Force (&#147;EITF&#148;) Issue No.&nbsp;03-6-1, <I>Determining
Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities</I>. The
FSP concludes that unvested share-based payment awards that contain rights to receive
nonforfeitable dividends or dividend equivalents are participating securities, and thus, should be
included in the two-class method of computing earnings per share (&#147;EPS&#148;). This FSP is effective for
fiscal years beginning after December&nbsp;15, 2008, and interim periods within those years and requires
that all prior period EPS be adjusted retroactively. We do not have share-based payment awards
that contain rights to nonforfeitable dividends, thus this FSP is not anticipated to have an impact
on our consolidated financial position and results of operations
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part I &#151; Financial Information</B>
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Item&nbsp;2</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Management&#146;s Discussion and Analysis of Financial Conditions and Results of Operations
contains certain forward-looking statements within the meaning of the federal securities laws. As a
general matter, forward-looking statements are those focused upon future plans, objectives or
performance as opposed to historical items and include statements of anticipated events or trends
and expectations and beliefs relating to matters not historical in nature. Such forward-looking
statements involve known and unknown risks and are subject to uncertainties and factors relating to
Core Molding Technologies operations and business environment, all of which are difficult to
predict and many of which are beyond Core Molding Technologies&#146; control. These uncertainties and
factors could cause Core Molding Technologies&#146; actual results to differ materially from those
matters expressed in or implied by such forward-looking statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies believes that the following factors, among others, could affect its
future performance and cause actual results to differ materially from those expressed or implied by
forward-looking statements made in this quarterly report: business conditions in the plastics,
transportation, watercraft and commercial product industries; general economic conditions in the
markets, sometimes driven by federal and state regulations (including engine emission regulations)
in which Core Molding Technologies operates; dependence upon two major customers as the primary
source of Core Molding Technologies&#146; sales revenues; recent efforts of Core Molding Technologies to
expand its customer base; failure of Core Molding Technologies&#146; suppliers to perform their
contractual obligations; the availability of raw materials; inflationary pressures; new
technologies; competitive and regulatory matters; labor relations; the loss or inability of Core
Molding Technologies to attract and retain key personnel; compliance changes to federal, state and
local environmental laws and regulations; the availability of capital; the ability of Core Molding
Technologies to provide on-time delivery to customers, which may require additional shipping
expenses to ensure on-time delivery or otherwise result in late fees; risk of cancellation or
rescheduling of orders; management&#146;s decision to pursue new products or businesses which involve
additional costs, risks or capital expenditures; and other risks identified from time-to-time in
Core Molding Technologies other public documents on file with the Securities and Exchange
Commission, including those described in Item&nbsp;1A of the 2007 Annual Report to Shareholders on Form
10-K.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies is a compounder of sheet molding composite (&#147;SMC&#148;) and molder of
fiberglass reinforced plastics. Core Molding Technologies produces high quality fiberglass
reinforced molded products and SMC materials for varied markets, including light, medium, and
heavy-duty trucks, automobiles and automotive aftermarkets, personal watercraft, and other
commercial products. The demand for Core Molding Technologies&#146; products is affected by economic
conditions in the United States, Canada and Mexico, the cyclicality of markets we serve, regulatory
requirements, interest rates and other factors. Core Molding Technologies&#146; manufacturing
operations have a significant fixed cost component. Accordingly, during periods of changing
demands, the profitability of Core Molding Technologies&#146; operations may change proportionately more
than revenues from operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;31, 1996, Core Molding Technologies acquired substantially all of the assets and
assumed certain liabilities of Columbus Plastics, a wholly owned operating unit of Navistar&#146;s truck
manufacturing division since its formation in late 1980. Columbus Plastics, located in Columbus,
Ohio, was a compounder and compression molder of SMC. In 1998 Core Molding Technologies began
compression molding operations at its second facility in Gaffney, South Carolina, and in October
2001, Core Molding Technologies acquired certain assets of Airshield Corporation. As a result of
this acquisition, Core Molding Technologies expanded its fiberglass molding capabilities to include
the spray up, hand-lay-up open mold processes and resin transfer (&#147;RTM&#148;) closed mold process. In
September&nbsp;2004, Core Molding Technologies acquired substantially all the operating assets of
Keystone Restyling Products, Inc., a privately held manufacturer and distributor of fiberglass
reinforced products for the automotive-aftermarket industry. In August&nbsp;2005, Core Molding
Technologies acquired certain assets of the Cincinnati Fiberglass Division of Diversified Glass,
Inc. a Batavia, Ohio-based, privately held manufacturer and distributor of fiberglass reinforced
plastic components supplied primarily to the heavy-duty truck market. The Batavia, Ohio facility
produces reinforced plastic products by a robotic spray-up open mold process and resin transfer
molding (&#147;RTM&#148;) utilizing multiple insert tooling (&#147;MIT&#148;) closed mold process.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies recorded net income for the nine months ended September&nbsp;30, 2008 of
$4,268,000 or $.63 per basic and $.61 per diluted share, compared with $3,196,000, or $.34 per
basic and $.33 per diluted share, for the nine months ended September&nbsp;30, 2007. In July&nbsp;2007, the
Company purchased 3,600,000 shares of its stock from Navistar. This share repurchase resulted in
a favorable impact on earnings per share for the nine months ended September&nbsp;30, 2008 compared to
the nine months ended September&nbsp;30, 2007, due to lower
outstanding shares.</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company anticipates some softening in sales levels during the fourth quarter of 2008 as a result of
the uncertainties in the current economy.
However, Core Molding Technologies is planning for a modest
improvement in truck demand in 2009. Industry sources are forecasting anywhere from a modest decrease to a significant increase
in truck orders for this time period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, in connection with the construction of a new manufacturing facility in Mexico, the
Company expensed approximately $375,000 of transition costs through September&nbsp;30,
2008. The Company expects to incur approximately $750,000 of additional transition expenses in the fourth quarter of 2008.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Results of Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Three Months Ended September&nbsp;30, 2008, As Compared To Three Months Ended September&nbsp;30, 2007</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net sales for the three months ended September&nbsp;30, 2008, totaled $30,031,000, compared to
$29,920,000 reported for the three months ended September&nbsp;30, 2007. Included in total sales are
tooling project sales of $533,000 and $6,175,000 for the three months ended September&nbsp;30, 2008 and
September&nbsp;30, 2007, respectively. Tooling project sales result from billings to customers for
molds and assembly equipment built specifically for their products. These sales are sporadic in
nature. Total product sales of $29,497,000, which excludes tooling project sales, were
approximately 24% higher for the three months ended September&nbsp;30, 2008, compared to $23,745,000 for
the same period a year ago. The increase in product sales is primarily due to increased volume for
programs started in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales to Navistar totaled $17,509,000 for the three months ended September&nbsp;30, 2008, increasing 56%
from $11,212,000 in sales for the three months ended September&nbsp;30, 2007. Included in total sales
is $75,000 of tooling sales for the three months ended September&nbsp;30, 2008 compared to $37,000 for
the same three months in 2007. Product sales to Navistar were $17,434,000, a 56% increase for the
three months ended September&nbsp;30, 2008 compared to product sales of $11,175,000 for the same period
in 2007. The increase in product sales is primarily due to increased volume for programs started
in 2007, as well as some improvement in the demand for other products that the Company manufactures
for Navistar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales to PACCAR totaled $7,731,000 for the three months ended September&nbsp;30, 2008, decreasing 42%
from $13,326,000 in sales for the three months ended September&nbsp;30, 2007. Included in total sales
is $381,000 of tooling sales for the three months ended September&nbsp;30, 2008 compared to $6,007,000
for the same three months in 2007. Product sales to PACCAR were $7,350,000 for the three months
ended September&nbsp;30, 2008 compared to $7,319,000 for the same period of the prior year. Product
sales were favorably affected by increased volume for programs started in 2007 but largely offset
by a decrease in sales for other products the Company manufactures for PACCAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales to other customers for the three months ended September&nbsp;30, 2008 decreased 11% to $4,790,000
compared to $5,382,000 for the three months ended September&nbsp;30, 2007. This decrease is primarily
related to decreases in product sales to customers in the marine industry, which was partially
offset by increased sales to other customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gross margin was approximately 20% of sales for the three months ended September&nbsp;30, 2008, compared
with 14% for the three months ended September&nbsp;30, 2007. The increase was due to favorable operating
efficiencies and increased fixed cost absorption related to higher product sales. Our
manufacturing operations have significant fixed costs such as depreciation, post retirement
healthcare costs, salary labor, lease expense and energy that do not change proportionately with
sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Selling, general and administrative expenses (&#147;SG&#038;A&#148;) totaled $3,186,000 for the three months ended
September&nbsp;30, 2008, increasing from $2,787,000 for the three months ended September&nbsp;30, 2007. The
increase was primarily due to increases in the Company&#146;s profit sharing amounts resulting from
improved earnings for the three months ended September&nbsp;30, 2008 compared to the three months ended
September&nbsp;30, 2007.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net interest expense totaled $179,000 for the three months ended September&nbsp;30, 2008, compared to
$180,000 for the three months ended September&nbsp;30, 2007. The Company had no interest income for the
three months ended September&nbsp;30, 2008 compared to $49,000 for the three months ended September&nbsp;30,
2007 due to cash previously used for investing being used to repurchase Core Molding Technologies
stock from Navistar in July of 2007.


Interest expense decreased for the three months ending September&nbsp;30, 2008 compared to the three
months ending September&nbsp;30, 2007 due to lower outstanding balances on the line of credit as well as
a reduction in term debt from regularly scheduled principal payments. Partially offsetting the
decrease in interest expense was an increase in expense recorded related to ineffectiveness of the
IRB interest rate swap. Variable interest rates experienced by Core Molding Technologies with
respect to its two long-term borrowing facilities have decreased; however, due to the interest rate
swaps Core Molding Technologies has previously entered into, the interest rate is essentially fixed
for these two debt instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Income taxes for the three months ended September&nbsp;30, 2008, are estimated to be approximately 37%
of total earnings before taxes. In the three months ended September&nbsp;30, 2007 income taxes were
estimated to be 36% of total earnings before taxes. The effective tax
rate increased as a result of a larger proportion of income generated
in higher taxing jurisdictions for the three months ended September
30, 2008 as compared to the three months ended September 30, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies recorded net income for the three months ended September&nbsp;30, 2008 of
$1,688,000 or $.25 per basic and $.24 per diluted share, compared with $717,000, or $.10 per basic
and $.09 per diluted share, for the three months ended September&nbsp;30, 2007. Weighted average
shares outstanding decreased from 7,441,871 in the third quarter 2007, to 6,748,590 in the same
period in 2008 primarily due to the affect of the Company&#146;s purchase of Treasury Stock in July
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nine Months Ended September&nbsp;30, 2008, As Compared To Nine Months Ended September&nbsp;30, 2007</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net sales for the nine months ended September&nbsp;30, 2008, totaled $89,055,000, representing an
approximate 10% decrease from the $99,444,000 reported for the nine months ended September&nbsp;30,
2007. Included in total sales are tooling project sales of $4,179,000 and $20,364,000 for the nine
months ended September&nbsp;30, 2008 and September&nbsp;30, 2007, respectively. Tooling project sales result
from billings to customers for molds and assembly equipment built specifically for their products.
These sales are sporadic in nature. Total product sales of $84,876,000, which excludes tooling
project sales, were approximately 7% higher for the nine months ended September&nbsp;30, 2008, compared
to product sales of $79,081,000 for the nine months ended September&nbsp;30, 2007. The increase in
product sales is primarily due to increased volume of programs started in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales to Navistar totaled $50,402,000 for the nine months ended September&nbsp;30, 2008, compared to
$43,075,000 for the nine months ended September&nbsp;30, 2007. Included in total sales were $2,868,000
of tooling sales for the nine months ended September&nbsp;30, 2008 compared to $8,180,000 for the nine
months ended September&nbsp;30, 2007. Total product sales to Navistar were $47,534,000 an increase of
36% for the nine months ended September&nbsp;30, 2008 compared to product sales of $34,895,000 for the
nine months ended September&nbsp;30, 2007. The increase in product sales is primarily due to increased
volume for programs started in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales to PACCAR totaled $23,266,000 for the nine months ended September&nbsp;30, 2008, as compared to
$33,052,000 reported for the nine months ended September&nbsp;30, 2007. Included in total sales were
$841,000 of tooling sales for the nine months ended September&nbsp;30, 2008 compared to $11,522,000 for
the nine months ended September&nbsp;30, 2007. Total product sales to PACCAR were $22,425,000 an
increase of 4% for the nine months ended September&nbsp;30, 2008 compared to product sales of
$21,530,000 for the nine months ended September&nbsp;30, 2007. The increase in product sales is due to
increased volume for programs started in 2007, partially offset by a decrease in sales for other
products the Company manufactures for PACCAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales to other customers for the nine months ended September&nbsp;30, 2008, decreased approximately 34%
to $15,387,000 from $23,318,000 for the nine months ended September&nbsp;30, 2007. This decrease is
primarily related to decreases in product sales to customers in the marine industry of
approximately $5,360,000 and a decrease in product sales to an automotive customer of $1,115,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gross margin was approximately 18% of sales for the nine months ended September&nbsp;30, 2008, compared
with 14% for the nine months ended September&nbsp;30, 2007. The increase was due to a combination of
factors including higher fixed cost absorption due to product sales volumes and production
efficiencies. Our manufacturing operations have significant fixed costs such as depreciation, post
retirement healthcare costs, salary labor, lease expense and energy that do not change
proportionately with sales. Also contributing to the increase in gross margin was the dilutive
effect tooling project revenue has on gross margin for the nine months ended September&nbsp;30, 2007.
Historically, Core Molding Technologies has not achieved margins on tooling projects similar to
margins on its sales of its products.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Selling, general and administrative expenses (&#147;SG&#038;A&#148;) totaled $8,994,000 for the nine months ended
September&nbsp;30, 2008, increasing from $8,665,000 for the nine months ended September&nbsp;30, 2007. The
increase was primarily due to increases in the Company&#146;s profit sharing amounts resulting from
improved earnings for the nine months ended September&nbsp;30, 2008 compared to the three months ended
September&nbsp;30, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net interest expense totaled $541,000 for the nine months ended September&nbsp;30, 2008, compared to net
interest income of $51,000 for the nine months ended September&nbsp;30, 2007. The Company had no
interest income for the nine months ended September&nbsp;30, 2008 compared to $542,000 for the nine
months ended September&nbsp;30, 2007 due to cash previously used for investing being used to repurchase
Core Molding Technologies stock from Navistar in July of 2007. Interest expense increased to
$541,000 compared to $491,000 for the nine months ended September&nbsp;30, 2007. The increase in
interest expense is primarily a result of borrowings on the line of credit which were used to
finance a portion of the stock repurchase from Navistar. Also contributing to the increase is
additional expense recorded related to ineffectiveness of the IRB interest rate swap. Variable
interest rates experienced by Core Molding Technologies with respect to its two long-term borrowing
facilities have decreased; however, due to the interest rate swaps Core Molding Technologies has
entered into, the interest rate is essentially fixed for these two debt instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Income taxes for the nine months ended September&nbsp;30, 2008, are estimated to be approximately 34% of
total earnings before taxes or $2,172,000. In the nine months ended September&nbsp;30, 2007 income
taxes were estimated to be 35% of total earnings before taxes or $1,699,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies recorded net income for the nine months ended September&nbsp;30, 2008 of
$4,268,000 or $.63 per basic and $.61 per diluted share, compared with $3,196,000, or $.34 per
basic and $.33 per diluted share, for the nine months ended September&nbsp;30, 2007. Weighted average
shares outstanding decreased from 9,339,984 in the three months ended September&nbsp;30, 2007, to
6,740,225 in the same period in 2008 primarily due to the Company&#146;s purchase of Treasury Stock in
July&nbsp;2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity and Capital Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s primary sources of funds have been cash generated from operating activities and
borrowings from third parties. Primary cash requirements are for operating expenses and capital
expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As widely reported, financial markets in the United States, Europe and Asia have been experiencing
extreme disruption in recent months, including, among other things, extreme volatility in security
prices, severely diminished liquidity and credit availability, rating downgrades of certain
investments and declining valuations of others. Governments have taken unprecedented actions
intended to address extreme market conditions that include severely restricted credit and declines
in real estate values. While currently these conditions have not impaired the Company&#146;s ability to
access credit markets and finance our operations, there can be no assurance that there will not be
a further deterioration in financial markets and confidence in major economies, which may impact
the Company&#146;s ability to borrow in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash provided by operating activities for the nine months ended September&nbsp;30, 2008 totaled
$3,160,000. Net income contributed $4,268,000 to operating cash flow. Non-cash deductions of
depreciation and amortization also contributed $2,683,000 to operating cash flow. In addition, the
increase in the postretirement healthcare benefits liability of $1,078,000 is not a current cash
obligation, and this item will not be a cash obligation until additional employees retire and begin
to utilize these benefits. Changes in working capital decreased cash provided by operating
activities by $5,110,000. Changes in working capital primarily relate to an increase in accounts
receivable due to increased product sales for the three months ended September&nbsp;30, 2008 compared to
the three months ended December&nbsp;31, 2007 which is partially offset by lower accrued and other
liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash used in investing activities for the nine months ended September&nbsp;30, 2008 was $7,795,000,
primarily representing purchases related to the Company&#146;s construction of a new manufacturing
facility in Mexico. The Company previously announced plans to invest approximately $20.2&nbsp;million
in the new facility that will replace its existing leased facility in Mexico and add compression
molding capabilities. To finance this project, the Company has received bank financing commitments
for new borrowings. Currently, the Company is using its line of credit until the new financing has
been closed. The Company plans to spend an additional $6,095,000 for the remainder of the year for
capital projects, $5,301,000 of which relates to the Company&#146;s new facility in Mexico. The planned
capital additions are expected to be funded from the new financing, borrowings on the Company&#146;s
line of credit and cash provided by operations. The Company may also undertake other capital
improvement projects in the future as deemed necessary and appropriate.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Financing activities increased cash by $4,635,000. This increase is related to net borrowings of
$5,939,000 on the line of credit. This was partially offset by principal repayments on its secured
note payable of $964,000 and its industrial revenue bond of $430,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At September&nbsp;30, 2008, the Company had no cash on hand and a line of credit of $15,000,000, with a
scheduled maturity of April&nbsp;30, 2009. At September&nbsp;30, 2008, Core Molding Technologies had
outstanding borrowings of $8,191,000 on this line of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of September&nbsp;30, 2008, the Company was in compliance with its financial debt covenants for the
secured note payable, the line of credit and letter of credit securing the industrial revenue bond
and certain equipment leases. The covenants relate to maintaining certain financial ratios.
Management expects Core Molding Technologies to meet these covenants for the year 2008. However,
if a material adverse change in the financial position of Core Molding Technologies should occur,
Core Molding Technologies&#146; liquidity and ability to obtain further financing to fund future
operating and capital requirements could be negatively impacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recently Issued Accounting Standards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2006, the FASB issued Interpretation No.&nbsp;48 (&#147;FIN 48&#148;), <I>&#147;Accounting for Uncertainty in
Income Taxes,&#148; </I>which clarifies the accounting for uncertainty in income taxes recognized in the
financial statements in accordance with FASB Statement No.&nbsp;109, &#147;<I>Accounting for Income Taxes</I>.&#148; FIN
48 provides guidance on the financial statement recognition and measurement of a tax position
taken, or expected to be taken, in a tax return. FIN 48 also provides guidance on derecognition,
classification, interest and penalties, accounting in interim periods, disclosures, and transition.
This interpretation is effective for fiscal years beginning after December&nbsp;15, 2006, and became
effective for the Company on January&nbsp;1, 2007. For benefits to be recognized, a tax position must
be more-likely-than-not to be sustained upon examination by taxing authorities. The amount
recognized is measured as the largest amount of benefit that is greater than 50&nbsp;percent likely of
being realized upon ultimate settlement. The impact of the adoption of FIN 48 is discussed in Note
7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2006, the FASB issued Statement No.&nbsp;157 to define fair value, establish a framework
for measuring fair value and to expand disclosures about &#147;Fair Value Measurements&#148; (&#147;SFAS No.157&#148;).
SFAS No.&nbsp;157 defines fair value, establishes a framework for measuring fair value and expands
disclosures about fair value measurements. SFAS No.&nbsp;157 does not change the requirements to apply
fair value in existing accounting standards. Under SFAS No.&nbsp;157, fair value refers to the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants in the market in which the reporting entity transacts. The standard
clarifies that fair value should be based on the assumptions market participants would use when
pricing the asset or liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To increase consistency and comparability in fair value measurements, SFAS No.&nbsp;157 establishes a
fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value
into three levels. The level in the fair value hierarchy disclosed is based on the lowest level of
input that is significant to the fair value measurement. The three levels of the fair value
hierarchy defined by SFAS No.&nbsp;157 are as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 1 inputs are quoted prices (unadjusted)&nbsp;in active markets for
identical asset or liabilities that the company has the ability to
access as of the reporting date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 2 inputs are inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly or indirectly through corroboration with observable market
data.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 3 inputs are unobservable inputs, such as internally developed
pricing models for the asset or liability due to little or no market
activity for the asset or liability.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SFAS No.&nbsp;157 became effective for the Company as of January&nbsp;1, 2008. The provisions of SFAS No.&nbsp;157
are to be applied prospectively, except for the initial impact on the following three items, which
are required to be recorded as an adjustment to the opening balance of retained earnings in the
year of adoption: (1)&nbsp;changes in fair value measurements of existing derivative financial
instruments measured initially using the transaction price under EITF Issue No.&nbsp;02-3, (2)&nbsp;existing
hybrid financial instruments measured initially at fair value using the transaction price and (3)
blockage factor discounts. Under the current disclosure requirements of SFAS 157, the Company&#146;s
lone fair value measure is its interest rate swaps. The swaps fall under Level 2 of the fair value
hierarchy. For further discussion of the interest rate swaps see Note 6. The adoption of SFAS No.
157 did not have an impact on the Company&#146;s January&nbsp;1, 2008 balance of retained earnings and is not
anticipated to have a material impact prospectively.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2008, the FASB issued FASB Staff Position No.&nbsp;FAS 157-2 (&#147;FSP 157-2&#148;), &#147;<I>Effective Date
of FASB Statement No.&nbsp;157</I>&#148;, which provides a one year deferral of the effective date of SFAS No.
157 for non-financial assets and non-financial liabilities, except those that are recognized or
disclosed in the financial statements at fair value at least annually. In accordance with this
interpretation, we have only adopted the provisions of SFAS No.&nbsp;157 with respect to our financial
assets and financial liabilities that are measured at fair value as of the beginning of fiscal year
2008. The provisions of SFAS No.&nbsp;157 have not been applied to non-financial assets and
non-financial liabilities. The major categories of non-financial assets and non-financial
liabilities that are measured at fair value, for which we have not applied the provisions of SFAS
No.&nbsp;157, are as follows: reporting units measured at fair value in the first step of a goodwill
impairment test and long-lived assets measured at fair value for an impairment assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2007, the FASB issued Statement No.&nbsp;159, &#147;<I>The Fair Value Option for Financial Assets
and Financial Liabilities</I>&#148; (&#147;FAS 159&#148;), provides companies with an option to report selected
financial assets and liabilities at fair value. The objective of FAS-159 is to reduce both
complexity in accounting for financial instruments and the volatility in earnings caused by
measuring related assets and liabilities differently. FAS-159 was effective for fiscal years
beginning after November&nbsp;15, 2007. The application of FAS-159 did not have any impact on the
Company&#146;s earnings or financial position, because the Company did not elect to use the fair value
option for any financial assets or liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2007, the FASB issued SFAS No.&nbsp;141R to improve the relevance, representational
faithfulness, and comparability of information that a reporting entity provides in its financial
reports regarding business combinations and its effects, including recognition of assets and
liabilities, the measurement of goodwill and required disclosures. This Statement is effective for
fiscal years, and interim periods within those fiscal years, beginning on or after December&nbsp;15,
2008 and earlier adoption is prohibited. Management is currently evaluating the impact of the
provisions of SFAS No.&nbsp;141R on the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2008, the FASB issued SFAS No.&nbsp;161, &#147;<I>Disclosures about Derivative Instruments and Hedging
Activities</I>&#148; (&#147;SFAS 161&#148;). SFAS 161 is an amendment of FASB Statement No.&nbsp;133, and requires
enhanced disclosures about an entity&#146;s derivative and hedging activities and thereby improves the
transparency of financial reporting. The Statement is effective prospectively for fiscal years
beginning after November&nbsp;15, 2008. Management is currently evaluating the impact of the provisions
of FAS-161 on the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2008, the FASB issued FSP FAS 142-3, &#147;<I>Determination of the Useful Life of Intangible
Assets</I>&#148;. FSP FAS 142-3 amends the factors an entity should consider in developing renewal or
extension assumptions used in determining the useful life of recognized intangible assets under
SFAS No.&nbsp;142, &#147;<I>Goodwill and Other Intangible Assets</I>&#148;. This guidance for determining the useful life
of a recognized intangible asset applies prospectively to intangible assets acquired individually
or with a group of other assets in either an asset acquisition or business combination. FSP FAS
142-3 is effective for fiscal years, and interim periods within those fiscal years, beginning after
December&nbsp;15, 2008, and early adoption is prohibited. We are currently evaluating the impact FSP FAS
142-3 will have on our Consolidated Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2008, the FASB issued Statement of Financial Accounting Standards No.&nbsp;162, <I>The Hierarchy of
Generally Accepted Accounting Principles </I>(&#147;FAS 162&#148;). This Standard identifies the sources of
accounting principles and the framework for selecting the principles to be used in the preparation
of financial statements of nongovernmental entities that are presented in conformity with generally
accepted accounting principles. FAS 162 directs the hierarchy to the entity, rather than the
independent auditors, as the entity is responsible for selecting accounting principles for
financial statements that are presented in conformity with generally accepted accounting
principles. The Standard is effective 60&nbsp;days following SEC approval of the Public Company
Accounting Oversight Board amendments to remove the hierarchy of generally accepted accounting
principles from the auditing standards. FAS 162 is not expected to have an impact on the Company&#146;s
financial condition, results of operations or cash flows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2008, the FASB issued FSP Emerging Issues Task Force (&#147;EITF&#148;) Issue No.&nbsp;03-6-1, <I>Determining
Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities</I>. The
FSP concludes that unvested share-based payment awards that contain rights to receive
nonforfeitable dividends or dividend equivalents are participating securities, and thus, should be
included in the two-class method of computing earnings per share (&#147;EPS&#148;). This FSP is effective for
fiscal years beginning after December&nbsp;15, 2008, and interim periods within those years and requires
that all prior period EPS be adjusted retroactively. We do not have share-based payment awards
that contain rights to nonforfeitable dividends, thus this FSP is not anticipated to have an impact
on our consolidated financial position and results of operations
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Critical Accounting Policies and Estimates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations discuss the
Company&#146;s consolidated financial statements, which have been prepared in accordance with accounting
principles generally accepted in the United States. The preparation of these consolidated
financial statements requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and the reported amounts of revenues and expenses
during the reporting period. On an on-going basis, management evaluates its estimates and
judgments, including those related to accounts receivable, inventories, post retirement benefits,
and income taxes. Management bases its estimates and judgments on historical experience and on
various other factors that are believed to be reasonable under the circumstances, the results of
which form the basis for making judgments about the carrying value of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates under
different assumptions or conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management believes the following critical accounting policies, among others, affect its more
significant judgments and estimates used in the preparation of its consolidated financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Accounts receivable allowances: </I></B>Management maintains allowances for doubtful accounts for
estimated losses resulting from the inability of its customers to make required payments. If the
financial condition of the Company&#146;s customers were to deteriorate, resulting in an impairment of
their ability to make payments, additional allowances may be required. The Company recorded an
allowance for doubtful accounts of $160,000 at September&nbsp;30, 2008 and $334,000 at December&nbsp;31,
2007. Management also records estimates for customer returns and deductions, discounts offered to
customers, and for price adjustments. Should customer returns and deductions, discounts, and price
adjustments fluctuate from the estimated amounts, additional allowances may be required. The
Company has reduced accounts receivable for chargebacks by $1,705,000 at September&nbsp;30, 2008 and
$1,576,000 at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Inventories: </I></B>Inventories, which include material, labor and manufacturing overhead, are valued at
the lower of cost or market. The inventories are accounted for using the first-in, first-out
(FIFO)&nbsp;method of determining inventory costs. Inventory quantities on-hand are regularly reviewed,
and where necessary, provisions for excess and obsolete inventory are recorded based on historical
and anticipated usage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Goodwill and Long-Lived Assets</I></B>: Management tests for impairment of goodwill annually on December
31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> or as events occur or circumstances change, as defined by SFAS 142, that would more
likely than not reduce the fair value of a reporting unit below its carrying amount. Additionally,
management tests its long-lived assets for impairment if an indicator of impairment exists as
defined by SFAS 144, <I>&#147;Accounting for Impairment or Disposal of Long-Lived Assets&#148;. </I>Should actual
results differ from the assumptions used to determine impairment,
additional provisions may be
required. In particular, decreases in future cash flows from operating activities below the
assumptions could have an adverse effect on the Company&#146;s ability to recover its long-lived assets.
The Company did not have an indicator of impairment as of September&nbsp;30, 2008 and has not recorded
any impairment to goodwill or long-lived assets for the nine months ended September&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Self-Insurance: </I></B>The Company is self-insured with respect to most of its Columbus and Batavia, Ohio
and Gaffney, South Carolina medical and dental claims and Columbus and Batavia, Ohio workers&#146;
compensation claims. The Company has recorded an estimated liability for self-insured medical and
dental claims incurred but not reported and worker&#146;s compensation claims incurred but not reported
at September&nbsp;30, 2008 and December&nbsp;31, 2007 of $1,127,000 and $1,141,000, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Post retirement benefits: </I></B>Management records an accrual for postretirement costs associated with
the health care plan sponsored by Core Molding Technologies for certain Columbus facility employees. Should actual results differ from the assumptions used to determine the reserves,
additional provisions may be required. In particular, increases in future healthcare costs above
the assumptions could have an adverse effect on Core Molding Technologies&#146; operations. The effect
of a change in healthcare costs is described in Note 11 of the Consolidated Notes to Financial
Statements, which are contained in the 2007 Annual Report to Shareholders. Core Molding
Technologies recorded a liability for postretirement healthcare benefits based on actuarially
computed estimates of $17,424,000 at September&nbsp;30, 2008 and $16,442,000 at December&nbsp;31, 2007.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Revenue Recognition: </I></B>Revenue from product sales is recognized at the time products are shipped
and title transfers. Allowances for returned products and other credits are estimated and recorded
as revenue is recognized. Tooling revenue is recognized when the customer approves the tool and
accepts ownership. Progress billings and expenses are shown net as an asset or liability on the
Company&#146;s balance sheet. Tooling in progress can fluctuate significantly from period to period and
is dependent upon the stage of tooling projects and the related billing and expense payment
timetable for individual projects and therefore does not necessarily reflect projected income or
loss from tooling projects. At September&nbsp;30, 2008 the Company has recorded a net liability related
to tooling in progress of $8,000, which represents approximately $3,573,000 of progress tooling
billings and $3,565,000 of progress tooling expenses. At December&nbsp;31, 2007 the Company had
recorded a net liability related to tooling in progress of $102,000, which represents approximately
$4,738,000 of progress tooling billings and $4,636,000 of progress tooling expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Income taxes: </I></B>The Consolidated Balance Sheet at September&nbsp;30, 2008 and December&nbsp;31, 2007, includes
a deferred tax asset of $7,798,000 and $7,799,000, respectively. The Company performs analyses to
evaluate the balance of deferred tax assets that will be realized. Such analyses are based on the
premise that the company is, and will continue to be, a going concern and that it is more likely
than not that deferred tax benefits will be realized through the generation of future taxable
income. For more information, refer to Note 10 in Core Molding Technologies 2007 Annual Report to
Shareholders.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part I &#151; Financial Information</B>
</DIV>

<DIV align="left">
<A name="108"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Item&nbsp;3</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quantitative and Qualitative Disclosures About Market Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies&#146; primary market risk results from changes in the price of commodities
used in its manufacturing operations. Core Molding Technologies is also exposed to fluctuations in
interest rates and foreign currency fluctuations associated with the Mexican Peso. Core Molding
Technologies does not hold any material market risk sensitive instruments for trading purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core Molding Technologies has the following five items that are sensitive to market risks: (1)
Industrial Revenue Bond (&#147;IRB&#148;) with a variable interest rate. The Company has an interest rate
swap to fix the interest rate at 4.89%; (2)&nbsp;revolving line of credit, which bears a variable
interest rate; (3)&nbsp;bank note payable with a variable interest rate. The Company entered into a
swap agreement effective January&nbsp;1, 2004, to fix the interest rate at 5.75%; (4)&nbsp;foreign currency
purchases in which the Company purchases Mexican pesos with United States dollars to meet certain
obligations that arise due to operations at the facility located in Mexico; and (5)&nbsp;raw material
purchases in which Core Molding Technologies purchases various materials for use in production.
The prices of these resins are affected by the prices of crude oil and natural gas as well as
processing capacity versus demand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming a hypothetical 10% increase in commodity prices, Core Molding Technologies would be
impacted by an increase in raw material costs, which would have an adverse affect on operating
margins.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming a hypothetical 10% change in short-term interest rates in both the nine month periods
ended September&nbsp;30, 2008 and 2007, interest expense would not change significantly, as the interest
rate swap agreements would generally offset the impact. Core Molding Technologies&#146; has utilized a
revolving line of credit which has a balance of $8,191,000 at September&nbsp;30, 2008. The interest
rate is impacted by LIBOR. A hypothetical 10% change in short-term interest rates in 2008 could
impact the interest paid by the Company, however, it would not have a material effect on earnings
before tax.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part I &#151; Financial Information</B>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>
<DIV align="center" style="font-size: 10pt"><B>Item&nbsp;4T</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Controls and Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the end of the period covered by this report, the Company has carried out an evaluation,
under the supervision and with the participation of its management, including its Chief Executive
Officer and its Chief Financial Officer, of the effectiveness of the design and operation of its
disclosure controls and procedures (as defined in Rule&nbsp;13a-15(e) of the Exchange Act). Based upon
this evaluation, the Company&#146;s management, including its Chief Executive Officer and its Chief
Financial Officer, concluded that the Company&#146;s disclosure controls and procedures were (i)
effective to ensure that information required to be disclosed in the Company&#146;s reports filed or
submitted under the Exchange Act was accumulated and communicated to the Company&#146;s management,
including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely
decisions regarding required disclosure, and (ii)&nbsp;effective to ensure that information required to
be disclosed in the Company&#146;s reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the Securities and Exchange
Commissions rules and forms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were no changes in internal control over financial reporting (as such term is defined in
Exchange Act Rule&nbsp;13a-15(f)) that occurred in the last fiscal quarter that have materially
affected, or are reasonably likely to materially affect, our internal control over financial
reporting.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part II &#151; Other Information</B>
</DIV>

<DIV align="left">
<A name="111"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;1.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Legal Proceedings</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="112"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;1A.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Risk Factors</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Economic conditions and disruptions in the financial markets could have an
adverse effect on our business, financial condition and results of operations.</B></TD>
</TR>
<tr>
<TD style="font-size:6pt">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The financial markets could experience a period of turmoil, including the
bankruptcy, restructuring or sale of certain financial institutions and the
intervention of the U.S. federal government. While the ultimate outcome of these
types of events in the financial market cannot be predicted, they could have a
material adverse effect on our liquidity and financial condition if our ability to
borrow money from our existing lenders were to be impaired. A crisis in the
financial markets may also have a material adverse impact on the availability and
cost of credit in the future. Our ability to pay our debt or refinance our
obligations will depend on our future performance, which could be affected by, among
other things, prevailing economic conditions. A financial crisis may also have an
adverse effect on the U.S. and world economies, which would have a negative impact
on demand for our products. In addition, tightening of credit markets may have an
adverse impact on our customers&#146; ability to finance the purchase of new heavy-duty
trucks or our suppliers&#146; ability to provide us with raw materials, either of which
could adversely affect our business and results of operations</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="113"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;2.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Unregistered Sales of Equity Securities and Use of Proceeds</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="114"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;3.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Defaults Upon Senior Securities</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="115"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;4.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Submission of Matters to a Vote of Security Holders</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="116"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;5.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Other Information</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="117"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Item&nbsp;6.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Exhibits</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">See Index to Exhibits</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CORE MOLDING TECHNOLOGIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 12, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Kevin L. Barnett
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Kevin L. Barnett&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President, Chief Executive Officer, and
Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: November 12, 2008&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Herman F. Dick, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Herman F. Dick, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President, Secretary, Treasurer and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Asset Purchase Agreement
Dated as of September&nbsp;12, 1996,
As amended October&nbsp;31, 1996,
between Navistar and RYMAC Mortgage
Investment Corporation<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;2-A to
Registration
Statement on Form
S-4 (Registration
No.&nbsp;333-15809)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amendment to Asset Purchase
Agreement dated December&nbsp;16, 1996<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;2(a)(2) to
Annual Report on
Form&nbsp;10-K for the
year-ended December
31, 2001</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2(b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger dated as of
November&nbsp;1, 1996, between Core Molding
Technologies, Inc. and RYMAC Mortgage
Investment Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;2-B to
Registration
Statement on Form
S-4 (Registration
No.&nbsp;333-15809)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2(b)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment to Agreement and Plan
of Merger dated as of December&nbsp;27, 1996
Between Core Molding Technologies, Inc. and
RYMAC Mortgage Investment Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;2(b)(2) to
Annual Report on
Form&nbsp;10-K for the
year ended December
31, 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Asset Purchase Agreement dated as of October
10, 2001, between Core Molding Technologies,
Inc. and Airshield Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;1 to Form
8-K filed October
31, 2001</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of
Core Molding Technologies, Inc.
As filed with the Secretary of State
of Delaware on October&nbsp;8, 1996
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4(a) to
Registration
Statement on Form
S-8 (Registration
No.&nbsp;333-29203)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment of
Certificate of Incorporation
of Core Molding Technologies, Inc.
as filed with the Secretary of State
of Delaware on November&nbsp;6, 1996
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4(b) to
Registration
Statement on Form
S-8 (Registration
No.&nbsp;333-29203)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(a)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of Core
Materials Corporation, reflecting
Amendments through November&nbsp;6,
1996 &#091;for purposes of compliance
with Securities and Exchange
Commission filing requirements only&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4(c) to
Registration
Statement on Form
S-8 (Registration
No.&nbsp;333-29203)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(a)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment of Certificate of
Incorporation as filed with the Secretary of
State of Delaware on August&nbsp;28, 2002
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3(a)(4) to
Quarterly Report on
Form&nbsp;10-Q for the
quarter ended
September&nbsp;30, 2002</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(a)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designation, Preferences and
Rights of Series&nbsp;A Junior Participating
Preferred Stock as filed with the Secretary
of State of Delaware on July&nbsp;18, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3.1 to Form
8-K filed July&nbsp;19,
2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated By-Laws of Core Molding
Technologies, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3.1 to
Current Report on
Form&nbsp;8-K filed
January&nbsp;4, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of Core Molding
Technologies, Inc. as filed with the
Secretary of State of Delaware on October&nbsp;8,
1996
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4(a) to
Registration
Statement on Form
S-8 (Registration
No.&nbsp;333-29203)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment of Certificate
of Incorporation of Core Materials
Corporation as filed with the Secretary of
State of Delaware on November&nbsp;6, 1996
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4(b) to
Registration
Statement on Form
S-8 (Registration
No.&nbsp;333-29203)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(a)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of Core Materials
Corporation, reflecting amendments through
November&nbsp;6, 1996 &#091;for purposes of compliance
with Securities and Exchange Commission
filing requirements only&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4(c) to
Registration
Statement on Form
S-8 (Registration
No.&nbsp;333-29203)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(a)(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment of Certificate of
Incorporation as filed with the Secretary of
State of Delaware on August&nbsp;28, 2002
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3(a)(4) to
Quarterly Report on
Form&nbsp;10-Q for the
quarter ended
September&nbsp;30, 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(a)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designation, Preferences and
Rights of Series&nbsp;A Junior Participating
Preferred Stock as filed with the Secretary
of State of Delaware on July&nbsp;18, 2007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;3.1 to Form
8-K filed July&nbsp;19,
2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stockholder Rights Agreement dated as of July
18, 2007, between Core Molding Technologies,
Inc. and American Stock Transfer &#038; Trust
Company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by
reference to
Exhibit&nbsp;4.1 to
Current Report From
8-K filed July&nbsp;19,
2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maximum Guaranteed Price Design Construction
Contract, effective August&nbsp;27, 2008, between
Corecomposites de Mexico, S. de R.L. de C.V.
and AS construcciones Del Norte, S.A. de C.V.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed Herein</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computation of Net Income per Share
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exhibit&nbsp;11 omitted
because the
required
information is
Included in Notes
to Financial
Statement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section&nbsp;302 Certification by Kevin L.
Barnett, President, Chief Executive Officer,
and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed Herein</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">31(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Section&nbsp;302 Certification by Herman F. Dick,
Jr., Vice President, Secretary, Treasurer,
and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed Herein</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Kevin L. Barnett, Chief
Executive Officer of Core Molding
Technologies, Inc., dated November&nbsp;12, 2008,
pursuant to 18 U.S.C. Section&nbsp;1350
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed Herein</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">32(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Herman F. Dick, Jr., Chief
Financial Officer of Core Molding
Technologies, Inc., dated November&nbsp;12, 2008,
pursuant to 18 U.S.C. Section&nbsp;1350
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed Herein</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP>&nbsp;&nbsp;&nbsp;The Asset Purchase Agreement, as filed with the Securities and Exchange Commission at
Exhibit&nbsp;2-A to Registration Statement on Form S-4 (Registration No.&nbsp;333-15809), omits the exhibits
(including, the Buyer Note, Special Warranty Deed, Supply Agreement, Registration Rights Agreement
and Transition Services Agreement, identified in the Asset Purchase Agreement) and schedules
(including, those identified in Sections&nbsp;1, 3, 4, 5, 6, 8 and 30 of the Asset Purchase Agreement.
Core Molding Technologies, Inc. will provide any omitted exhibit or schedule to the Securities and
Exchange Commission (&#147;SEC&#148;) upon request.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.A
<SEQUENCE>2
<FILENAME>l34504aexv10wa.htm
<DESCRIPTION>EX-10(A)
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-10(a)</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10(a)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MAXIMUM GUARANTEED PRICE DESIGN CONSTRUCTION CONTRACT </B>entered into by and between <B>CORECOMPOSITES DE
MEXICO, S. DE R.L. DE C.V.</B>, represented herein by Mr. <B>STEPHEN JOHN KLESTINEC </B>in his capacity as
General Attorney-in-Fact, hereinafter referred to as &#147;<B>THE OWNER</B>&#148; and <B>AS CONSTRUCCIONES DEL NORTE,
S.A. DE C.V.</B>, represented by Mr. <B>VICTOR ALFONSO SANCHEZ-RUELAS</B>, in his capacity as General
Attorney-in-Fact, hereinafter referred to as &#147;<B>THE CONTRACTOR</B>&#148;, all parties with legal capacity to
enter into and commit themselves pursuant to this Contract, same which is governed by the following
Recitals and Clauses:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>I. The OWNER through its legal representative hereby declares that:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is a corporation organized and existing in accordance with the laws of the
Republic of Mexico and that it has its corporate domicile in Prol. Ave. Uniones y Av.
Michigan, Parque Industrial del Norte, Matamoros, State of Tamaulipas, Mexico. That it
was incorporated through Public Instrument number 7,720, dated October&nbsp;15, 2001, granted
before Mr.&nbsp;Jos&#233; R. Trevi&#241;o-Rodr&#237;guez, Notary Public number 78, for the city of Matamoros,
State of Tamaulipas, which document was recorded in the Public Registry of Property and
Commerce of Matamoros, Tamaulipas, under number 558, volume 3-012, Book First, Commerce
Section on October&nbsp;23, 2001, a copy of which is attached hereto as <B>Exhibit &#147;A&#148;.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That in order to comply with its corporate purpose, its principal has decided to
carry out the construction of an industrial production facility with an approximate area
of 437,270.60 square feet (40,623.43 square meters) on a tract of land owned by OWNER
located in Lote 1 de la Manzana 6, Parque Industrial La Ventana, H. Matamoros, State of
Tamaulipas, Mexico, with a surface area of 90,902.95 square meters. Said construction and
site are detailed in the documents, drawings and specifications approved by the OWNER
which are attached hereto and form a part hereof as <B>Exhibit &#147;B&#148;</B>, and which will
hereinafter be referred to as &#147;The Work&#148;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That it appears represented herein by Mr.&nbsp;Stephen John Klestinec, who evidenced his
capacity as attorney in fact through Public Instrument number 3,895, dated July&nbsp;22, 2008,
granted before Mr.&nbsp;Jorge Luis Velarde-Danache, Notary Public number 150, for the city of
Matamoros, State of Tamaulipas, which document was recorded in the Public Registry of
Property and Commerce of Matamoros, Tamaulipas, under number 334, volume 3-007, Book
First, Commerce Section on August&nbsp;7, 2008, a copy of which is attached hereto as <B>Exhibit
&#147;C&#148;.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That it wishes to enter into this Contract with the CONTRACTOR, in order for it to
perform the construction of the Work in accordance with the terms and</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conditions set forth herein.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>II. The CONTRACTOR through its legal representative hereby declares that:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is a corporation organized and existing in accordance with the laws of the
Republic of Mexico and that it has its corporate domicile in Calixto de Ayala #105, Altos
B, Colonia San Francisco, 87350, H. Matamoros, State of Tamaulipas, Mexico. That it was
incorporated through Public Instrument number 488, dated June&nbsp;19, 1997, granted before Mr.
Jesus Guillermo Villarreal-Rodriguez, Notary Public number 47, for the city of H.
Matamoros, State of Tamaulipas, which document was recorded in the Public Registry of
Property and Commerce of H. Matamoros, State of Tamaulipas, under number 87, volume 87,
Book 1 Second Auxiliary, Commerce Section on June&nbsp;30, 1997, copy of which is attached
hereto as <B>Exhibit &#147;D&#148;.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That CONTRACTOR has filed and is up to date on the following legal registrations, as
indicated with the identification numbers set forth below:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Federal Taxpayer Registration: ACN970619-841</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employer Registration at the IMSS: E9427311100</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That it has the experience to provide technical, consulting, project management,
architectural, engineering and general construction services, pursuant to its corporate
purpose, and that it has the machinery, material, experience, technology, and the
necessary personnel and means to properly execute the Work subject matter of this
Contract.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That it appears represented herein by Mr.&nbsp;Victor Alfonso Sanchez-Ruelas who evidenced
his capacity as attorney in fact through Public Instrument number 530, dated March&nbsp;9,
1999, granted before Mr.&nbsp;Jesus Guillermo Villarreal-Rodriguez, Notary Public number 47,
for the city of H. Matamoros, State of Tamaulipas, which document was recorded in the
Public Registry of Property and Commerce of H. Matamoros, State of Tamaulipas, under
number 188, volume 188, Book 1 Second Auxiliary, Commerce Section on May&nbsp;11, 2000, a copy
of which is attached hereto as <B>Exhibit &#147;G&#148;.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That it wishes to enter into this Contract with OWNER in order for it to perform the
construction of the Work, in accordance with the terms and conditions set forth in this
Contract and in the Contract Documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>III. Both parties state, that:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the execution of this Contract, there has been no duress, violence, bad faith or
error amongst them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In order to carry out the construction referred to in Recital I, paragraph B, they</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>


    <TD colspan="3">hereby formalize this Contract, which will be ruled by the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CLAUSES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 1. DEFINITION OF TERMS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In this Contract, the following expressions shall have the following meanings, which will apply
both in the singular and the plural form:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;OWNER&#148;, as used herein, shall mean Core Composites De Mexico, S. de R.L. de C.V.,
same company that has title to the property where the Work will take place.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;OWNER&#146;S REPRESENTATIVE&#148;, as used herein, shall mean Mr.&nbsp;Mark Patrick Murfitt, or
any other delegated representative of the OWNER which is notified in writing to the CONTRACTOR
and Construction Manager by the OWNER. In compliance with the Contract Document, the OWNER&#146;S
REPRESENTATIVE will be fully authorized and empowered to make decisions on behalf of OWNER in
connection with the performance of the Work, particularly to make and acknowledge entries in
the official log book of the job as provided for herein, to request and to authorize changes,
additions or deletions to the WORK pursuant to the provisions hereof, to execute all required
documentation and to receive portions or the entirety of the WORK from the CONTRACTOR, as
provided in this Contract. Communications given to the CONTRACTOR&#146;S REPRESENTATIVE and/or
OWNER&#146;S REPRESENTATIVE and/or Construction Manager shall be as binding as if given to the
other party&#146;s representative and/or the Construction Manager, if not placed in the Daily
Activity Log; all other communications and/or notices not placed in the Daily Activity Log
shall be confirmed in writing by the receiving party.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GERENTES Y COORDINADORES, S.C. (the &#147;Construction Manager&#148;) will provide administration
services of the Contract as described in the Contract Documents, and shall have the
authority described in Clause Ninth-Bis during the construction process.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CONTRACTOR will have control over or charge of and will be responsible for construction
means, methods, techniques, sequences or procedures, or for safety precautions and programs
in connection with the Work. The Construction Manager will be responsible for the
oversight of the Work in accordance with the Contract Documents under the terms of the
Construction Management Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until changed or removed through written notice from the OWNER to the CONTRACTOR, the
OWNER&#146;S REPRESENTATIVE will be Mr.&nbsp;Mark Patrick Murfitt and the Construction Manager will
be GERENTES Y COORDINADORES, S.C and their representatives and designees.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;CONTRACTOR&#148;, as used herein, shall mean AS Construcciones del Norte, S.A. de C.V.,
and any Subcontractors employed by it.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;CONTRACTOR&#146;S REPRESENTATIVE&#148;, as used herein, shall mean any representative of the
CONTRACTOR, notified in writing by the CONTRACTOR to the OWNER. The CONTRACTOR&#146;S
REPRESENTATIVE will be fully authorized and empowered to make decisions on behalf of the
CONTRACTOR in regards to the performance of the Work, particularly to make and acknowledge
entries in the official log book for the job as provided for herein, to receive from the
OWNER&#146;S REPRESENTATIVE requests for changes, additions or deletions to the Work, to submit
quotations for the execution of said changes, and to deliver to the OWNER&#146;S REPRESENTATIVE
portions or the entirety of the WORK, as provided for herein. Until changed or removed by
written notice from the CONTRACTOR to the OWNER, the CONTRACTOR&#146;S REPRESENTATIVE will be Mr.
Bruno Fuentes-Garza. The CONTRACTOR&#146;S REPRESENTATIVE shall not be removed or replaced from the
project without the OWNER&#146;S and Construction Manager&#146;s expressed written consent, which
consent will not be unreasonably withheld. Likewise, the CONTRACTOR&#146;S REPRESENTATIVE shall be
removed at OWNER&#146;S and Construction Manager&#146;s express written request to CONTRACTOR in case
that he has demonstrated to be negligent and/or inefficient while performing the Work.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">e.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Subcontractor&#148; includes only those having a direct or indirect contract with the
CONTRACTOR, who perform services or furnish material worked to a special design according to
the plans and specifications of the Work, but does not include one who merely furnish
materials. In any event, the CONTRACTOR shall remain liable for the proper and punctual
performance of the work assigned to any Subcontractor hired by CONTRACTOR. CONTRACTOR agrees
to neither assign all or part of the Work to any third parties. CONTRACTOR shall deliver to
OWNER a list of all Subcontractors hired for the Work, and OWNER shall have the right to
reject any Subcontractor therein included. In the event that CONTRACTOR hires a Subcontractor
not stated in the list provided to OWNER, it shall notify this to OWNER, who shall have the
right to reject said Subcontractor. OWNER&#146;S rejection of any Subcontractor must be with a
reasonable cause.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">f.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Supplier&#148; shall include those parties providing only material or equipment for the
performance of the Work pursuant to Clause 2 of this Contract.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">g.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Days&#148; shall mean legal working days in Mexico.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">h.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Work&#148; shall mean the construction in the property of the OWNER in the terms
provided for in this Contract, and the documents, drawings, and specifications that are
attached hereto and made a part hereof as <B>Exhibit &#147;B&#148;</B>, such term shall also include all labor,
materials, equipment and services provided or to be provided by</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the CONTRACTOR to fulfill its obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Building&#148; shall mean the industrial facility to be constructed pursuant to this
Contract.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">j.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Premises&#148; shall mean the location of the land where the Work will take place.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">k.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Daily Activity Log&#148; shall mean the Book where the representatives of the parties
shall keep a daily record of activities and notices related to the Work, same which must be
signed by such representatives in each case.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">l.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;Specifications&#148; shall mean the written requirements for materials, equipment,
construction systems, standards and workmanship for the Work, and performance of related
services.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">m.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The &#147;Project&#148; consists of the construction of the Core Composites facility, in Matamoros,
Tamaulipas, as shown in the Contract Documents prepared by the CONTRACTOR dated August&nbsp;26,
2008 and the Performance Criteria Bid Documents attached to that certain Letter of Intent
entered into by CONTRACTOR and OWNER on June&nbsp;26, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">n.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The &#147;Contract Documents&#148; consist of the Contract between OWNER and CONTRACTOR (hereinafter
the &#147;Contract&#148;), the General Requirements and Performance Criteria Bid Documents attached to
that certain Letter of Intent entered into by CONTRACTOR and OWNER on June&nbsp;26, 2008, the
Drawings, Specifications, addenda issued prior to execution of the Contract, the Construction
Management Agreement other documents listed in the Agreement and Modifications issued after
execution of the Contract and the documents prepared by CONTRACTOR if accepted by the OWNER.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Modification is:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(1)&nbsp;a written amendment to the Contract signed by both parties, or a<BR>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(2)&nbsp;a Change Order,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Unless specifically enumerated in the Contract, the Contract Documents do not
include other documents such as bidding requirements (advertisement or invitation
to bid, Instructions to Bidders, sample forms, the CONTRACTOR&#146;S bid or portions of
addenda relating to bidding requirements).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Contract Documents form the Contract for the construction. The Contract represents
the entire and integrated agreement between the parties hereto and supersedes prior
negotiations, representations or agreements, either written or oral. The Contract may be
amended or modified only by a Modification. The Contract Documents shall not be construed to
create a contractual relationship of any kind
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">between:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(1)&nbsp;The Construction Manager and CONTRACTOR,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(2)&nbsp;Between the OWNER and Subcontractor or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">(3)&nbsp;Between any persons other than the OWNER and CONTRACTOR.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">o.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The &#147;Drawings&#148; are the graphic and pictorial portions of the Contract Documents, wherever
located and whenever issued, showing the design, location and dimensions of the Work,
generally including plans, elevations, sections, details, schedules and diagrams.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">p.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The &#147;Project Manual&#148; is the volume usually assembled for the Work, which may include the
bidding requirements, sample forms, Conditions of the Contract and Specifications.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">q.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Shop Drawings&#148; are drawings, diagrams, schedules and other data specially prepared for the
Work by the CONTRACTOR or a Subcontractor, Sub-subcontractor, manufacturer, supplier or
distributor to illustrate some portion of the Work.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">r.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Product Data&#148; are illustrations, standard schedules, performance charts, instructions,
brochures, diagrams and other information furnished by the CONTRACTOR to illustrate materials
or equipment for some portion of the Work, if applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">s.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Samples&#148; are physical examples, which illustrate materials, equipment or workmanship and
establish standards by which the Work will be judged, if applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">t.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Shop Drawings, Product Data, Samples&#148; and similar submittals are not Contract Documents. The
purpose of their submittal is to demonstrate for those portions of the Work for which
submittals are required the way the CONTRACTOR proposes to conform to the information given
and the design concept expressed in the Contract Documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">u.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Punch List&#148; items are any items of the Work that have not been fully completed when the Work
is at a stage of Substantial Completion, which shall be completed by CONTRACTOR no later than
30 Days after the Substantial Completion has been declared and accepted.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">v.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Beneficial Occupancy&#148; stage of the Work, as described in the Drawings and Specifications,
upon which OWNER may initiate the installation of its machinery and equipment therein. At
this time foundations, steel structure, floors (concrete slab), walls and roofs, including
doors, shall be substantially completed. The architectural, electrical and mechanical Works
shall be completed to the extent necessary for safe and proper installation by OWNER of its
machinery and equipment and commence production testing and employee training, and shall
continue in process without interfering with OWNER&#146;S installation of its</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>machinery and equipment at the manufacturing area. The Building shall be watertight and
temporary sanitary facilities shall be available, having the Building all utilities
connected and operating.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">w.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Substantial Completion&#148;, Means that the Building is fully functional and in operation.
OWNER has full occupancy and operation of the Building and electrical/mechanical systems,
including office area, are possible and all systems have been properly tested, started and are
operating, requiring only minor &#147;Punch List&#148; items to be concluded not to exceed 1-2% of the
Work, which shall not interfere with OWNER&#146;S intended use of the Project.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">x.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Final Completion&#148;, Means that all Punch List items have been totally completed.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">y.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Final Inspection&#148;, Means those studies, test and examinations of the Project, Premises,
Building and Work carried out by the OWNER and/or the Construction Manager in order to receive
any part or stage of the Building from by CONTRACTOR upon its termination.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">z.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Change Order&#148;, shall mean any modification in the Work instructed by OWNER&#146;S REPRESENTATIVE
and Construction Manager as set forth in Clause 17 hereof, which instructions must be in
writing as per the template attached hereto as <B>Exhibit &#147;E&#148;</B>. Said Change Order must be duly
singed by the OWNER&#146;S representative and/or the Constructions Manager&#146;s representatives herein
authorized; and must be singed in acceptance by the CONTRACTOR&#146;S representative in order for
such Change Order to be binding amongst the parties.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">aa.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Force Majeure&#148; shall mean fire, flood, unavoidable casualty, pestilence, earthquake, Acts of
God, civil commotion, national emergency, warlike operation, invasion, rebellion, hostilities,
military or up surged power, sabotage, governmental regulations or controls, labor
disturbances, strikes, or other similar circumstances or events beyond the reasonable control
of the parties. Without limitation, Force Majeure shall exclude bankruptcy or other financial
incapacity of either party or its consultants or subcontractors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 2. INTENT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR agrees to perform, either by itself or by subcontracting, the Work, including but
not limited to all civil and site work required for the completion of the Work, as per instructions
received from the OWNER under the Contract Documents. The CONTRACTOR has visited and examined all
conditions of the construction site and area, and is satisfied with respect to all matters
necessary for carrying out the Work, including but not limited to general working conditions, labor
requirements, accessibility, conditions of the Premises, obstructions, drainage conditions, actual
levels, excavations, fillings, easements, and all other related aspects. The intent of this
Contract is to include in the Work all items necessary for the proper execution and completion
thereof and therefore the performance of the Work shall include all items defined in <B>Exhibit &#147;B&#148;</B>
and in this
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contract, as being necessary to produce the intended results. The CONTRACTOR has investigated all
other conditions as to the character of the site (including concealed and subsurface conditions),
the character and extent of the OWNER&#146;S and other CONTRACTOR&#146;S operations in the area in connection
with the project, and has taken all these matters into account before the execution of this
Contract for which CONTRACTOR is responsible for all &#147;mark outs&#148;, such as designation of corner
points, axels, lot limits, etc. No allowance or extra payment will be made due to any such items
or conditions occasioned by the CONTRACTOR&#146;S failure to make such comparison and examination on
account of interferences Subcontractors actually contracted by it, or by reason of any error,
omission or oversight on the CONTRACTOR&#146;S part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Both parties agreed to contract an expert to carry out soil studies for the press pits foundations.
If from the expert&#146;s opinion the initial Design and Specifications in regards to the press pits
foundations are modified in any manner whatsoever, said modification shall have an impact on the
cost of the press pits. In the event that a modification is required for the press pits, the
parties shall agree through a Change Order as set forth in this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Execution of the Contract by the CONTRACTOR is a representation that the CONTRACTOR has visited the
site, has become familiar with local conditions under which the Work is to be performed and
correlated personal observations with requirements of the Contract Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The intent of the Contract Documents is to include all items necessary for the proper execution and
completion of the Work by the CONTRACTOR. The Contract Documents are complementary, and what is
required by one shall be as binding as if required by all; performance by the CONTRACTOR shall be
required only to the extent consistent with the Contract Documents and reasonably inferable from
them as being necessary to produce the intended results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of conflicts or discrepancies among the Contract Documents, interpretations will be
based on the following priorities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">1. The Contract;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">2. Drawings and Specifications
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">3. Change Order
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">4. Addenda with those of later date having precedence over those of
earlier date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">5. The General Requirements;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of an inconsistency between Drawings and Specifications or within either of the
Contract Documents not clarified by addendum or Change Order, the CONTRACTOR shall promptly notify
such inconsistency to the OWNER; the parties shall review same and resolve same in order not to
delay the Work. If the parties do not agree and resolve such inconsistency within in the next three
Days, the parties shall resolve such inconsistency as provided in Clause 29 herein.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should any error or inconsistency appear in the Drawings or Specifications authorized by the OWNER
for construction to commence, the Drawings shall take precedence, but the CONTRACTOR shall not
proceed with the Work without notifying said error or inconsistency in writing to the OWNER
concerning revisions to the Drawings and/or Specifications, in the understanding that OWNER shall
respond within three Days or else it will be deemed that the Drawings will prevail, in which case,
due to failure of OWNER to respond, CONTRACTOR shall not be held liable for its execution of the
Work in accordance with such Drawings and Specifications authorized by OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Organization of the Specifications into divisions, sections and articles, and arrangement of
Drawings shall not control the CONTRACTOR in dividing the Work among Subcontractors or in
establishing the extent of Work to be performed by any trade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless otherwise stated in the Contract Documents, words which have well-known technical or
construction industry meanings are used in the Contract Documents in accordance with such
recognized meanings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 3. SCOPE OF WORK.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The CONTRACTOR has prepared the design, a set of performance Drawings, Specifications and
schedules to fix and describe the size, dimensions, design parameters, character of the Project,
materials and such other essentials as may be appropriate. Said Drawings, schedules and
Specifications, as reviewed and accepted by the OWNER, shall define the scope of the Work herein
contracted for, shall become a part of this Contract as <B>Exhibit &#147;B&#148; </B>and shall be signed by the
parties upon execution hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR has submitted to the OWNER upon execution hereof a detailed critical path method
schedule (&#147;CPM&#148;) for the Work included in the Contract, which is part of <B>Exhibit &#147;B&#148;</B>. This
schedule reflects the Contract dates and includes all related activities and will enable the OWNER
and Construction Manager, at all times throughout the duration of the Work, to compare actual with
scheduled progress.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CPM schedule shall be revised at least weekly or sooner if required by the conditions of the
Work and Project, shall be related to the entire Project to the extent required by the Contract
Documents, and shall provide for expeditious and practicable execution of the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The OWNER reserves the right to issue a written modification in the sequence of Work set forth in
the approved CPM. However, if the CONTRACTOR determines that such modification in the sequence of
the Work involves an extra cost or a delay in construction, the matter will be resolved by Change
Order with the approvals required under Clauses Ninth Bis. and Seventeenth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The CONTRACTOR will be held responsible for fulfilling specifications execution and supervision
of the Work as set forth in <B>Exhibit &#147;B&#148;</B>, and in accordance with specified and common local industry
practices in the Municipality of Matamoros, State of
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tamaulipas, M&#233;xico. The acceptance by the CONTRACTOR of the Drawings and Specifications is for
general arrangement only, unless otherwise noted, and does not relieve the CONTRACTOR of full
responsibility for the proper, correct, legal and timely execution of the Work required as per the
Contract Documents, including but not limited to dimension and position of the completed Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Drawings and Specifications shall become the property of the OWNER. In order for the Project to
be deemed as Finally Completed, CONTRACTOR shall have delivered to the OWNER two complete printed
sets of As-Built Drawings and Specifications and recorded in a CD-ROM in Auto-Cad version 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In view of the foregoing neither the CONTRACTOR nor any Subcontractor, or material or equipment
supplier shall own or claim a copyright in the Drawings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The CONTRACTOR shall furnish all labor, materials, tools, equipment, construction equipment and
machinery, water, heat, utilities, transportation and all other facilities, means and services
necessary for proper execution and completion of the Work, whether temporary or permanent and
whether or not incorporated or to be incorporated in the Work, as referred to in Clause 2 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;The CONTRACTOR shall perform the Work in accordance with the Contract Documents,
Specifications, Drawings and calculations which, when signed by both parties will be attached to
this Contract as part of <B>Exhibit &#147;B&#148;</B>. The design, engineering and construction monitoring of the
Work shall be performed and supervised by licensed and qualified architects, engineers or such
other professionals in Mexico. The Specifications and Drawings or both shall define the scope of
the Work and include everything incidental, requisite, and necessary to perform the same. The
Specifications and Drawings are to be considered cooperative. All Work shown on the Drawings and
not described in the Specifications and all Work described in the Specifications and not shown on
the Drawings will be considered a part of this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;The OWNER reserves the right to perform work not related with this Project with its own
resources and to award separate contracts in connection with other work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;The CONTRACTOR shall not be considered a representative or agent of the OWNER, except to the
extent that the CONTRACTOR may act on behalf of the OWNER in the obtaining of permits or materials
and in such other specific cases as approved in writing by the OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(g)&nbsp;The Construction Manager and the CONTRACTOR&#146;S REPRESENTATIVE shall keep the Daily Activity Log
up to date, where all delays, changes, variations and in general, all events arising during the
performance hereof, shall be posted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;The CONTRACTOR shall carefully study and compare the Contract Documents with each other and
with information furnished by the OWNER, shall at once report to the Construction Manager errors,
inconsistencies or omissions discovered. The
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR shall be liable to the OWNER and Construction Manager for damages resulting from errors
inconsistencies or omissions in the Contract Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;The CONTRACTOR shall take field measurements and verify the conditions and shall carefully
compare such fields measurements and conditions and other information known to the CONTRACTOR with
the Contract Documents before commencing activities. Errors inconsistencies or omissions discovered
shall be reported to the Construction Manager immediately. The CONTRACTOR will be held responsible
by paying such costs for any inconsistencies in the field measurements, conditions and other
information that affect the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(j)&nbsp;The CONTRACTOR shall supervise and direct the Work, using the CONTRACTOR&#146;S best skill and
attention. The CONTRACTOR shall be solely responsible for and have control over construction means,
methods, techniques, sequences, and procedures and for coordinating all portions of the Work,
unless Contract Documents give other specific instructions concerning these matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(k)&nbsp;The CONTRACTOR shall not be relieved of obligations to perform the Work in accordance with the
Contract Documents either by activities or duties of the Construction Manager in the administration
of the Contract, or by tests, inspections or approvals required or performed by persons other than
the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that OWNER, its subcontractors or any other person appointed by OWNER conduct tests
and/or inspections that cause a delay in the CPM, the CONTRACTOR shall not be liable for any delay
arising therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(l)&nbsp;The CONTRACTOR shall be responsible for inspection of portions of Work already performed under
this Contract to determine that such portions are in proper condition to receive subsequent Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(m)&nbsp;The CONTRACTOR shall enforce strict discipline and good order among the CONTRACTOR&#146;S employees
and other persons carrying out the Contract. The CONTRACTOR shall not permit employment of unfit
persons or persons not skilled in tasks assigned to them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(n)&nbsp;The CONTRACTOR shall maintain at the site for the OWNER one record copy of the Drawings,
Specifications, addenda, Change Orders and other Modifications, in good order and marked currently
to record changes and selections made during construction, and in addition approved Shop Drawings,
Product Data, Samples and similar required submittals. These shall be available to the Construction
Manager and shall be delivered to the Construction Manager for submittal to the OWNER upon
completion of the Work (&#147;As Built&#148; Drawings) as provide under section (b)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(o)&nbsp;The CONTRACTOR shall direct specific attention, in writing or on resubmitted Shop Drawings,
Product Data, Samples or similar submittals to revisions requested by the Construction Manager on
previous submittals.
</DIV>


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</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(p)&nbsp;When professional certification of performance criteria of materials, systems or equipment
is required by the Contract Documents the Construction Manager shall be entitled to rely upon the
accuracy and completeness of such calculations and certifications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 4. REGULATIONS AND PERMITS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR shall, at its cost, perform the Work in accordance with the Contract Documents, that may
require compliance with standard International and US codes and requirements as indicated, as well
as the Construction Regulations applicable in the city of H. Matamoros, State of Tamaulipas, and
any other laws, ordinances or regulations applicable to the execution of the Work. Any fine or
penalty which may be imposed as a consequence of any violation of this provision shall be for the
exclusive account of the CONTRACTOR, and the CONTRACTOR will keep the OWNER harmless against any
loss or liability in the terms of the first paragraph of Clause 26 hereof. If any authority orders
the correction of any part or all of the Work, CONTRACTOR shall correct such deficiency on its
account and shall bear all expenses related thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall confine operations at the site to areas permitted by law, ordinances, permits
and the Contract Documents and shall not unreasonably encumber the site with materials or
equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to enable the OWNER to evidence the full ownership of the Work and to comply with all
applicable laws and regulations, CONTRACTOR covenants and agrees to obtain at its expense, all
required licenses, authorizations and permits on behalf and in the name of the OWNER, including the
construction license, issued by the Municipality of Matamoros, for which OWNER agrees to cooperate
with CONTRACTOR. The registration of the Work with the Mexican Institute of Social Security (IMSS)
shall be made under CONTRACTOR&#146;S name, and CONTRACTOR shall provide OWNER with a copy of such
registration, as well as evidence of payment of contributions to the IMSS and INFONAVIT for the
previous months. The OWNER shall provide to the CONTRACTOR all documents reasonably necessary to
obtain all required licenses and permits. The CONTRACTOR shall obtain the Construction License
mentioned in this paragraph and copies thereof shall be delivered to the OWNER and Construction
Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If however the CONTRACTOR commences the construction of the Work without having obtained the
construction license and IMSS registration mentioned above, the CONTRACTOR will be responsible for
the payment of all fines and penalties imposed upon the OWNER, as well as all loss, costs and
expenses derived from the suspension of the Work by any Governmental Agency, if any, and it hereby
covenants and agrees to hold the OWNER harmless against any and all such fines, penalties and/or
losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the CONTRACTOR performs Work knowing it to be contrary to laws, statutes, ordinances, building
codes, and rules and regulations the CONTRACTOR shall assume full responsibility for such Work and
shall bear the attributable costs.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The certificate of occupancy (&#147;Terminacion de Obra&#148;), if applicable shall be delivered to the
OWNER, together with the request of the CONTRACTOR for the Final Inspection of the finished Work,
in the terms provided for in Clause 30 hereof. The originals of said permits and licenses shall be
delivered to the OWNER upon final acceptance of the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If during the term of execution of the Work any changes or amendments to the established
regulations should occur, CONTRACTOR shall be obligated to implement such changes during the phases
of the Work to be carried out with no further amendments to this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 5. TERM AND TIME SCHEDULE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;CONTRACTOR shall initiate the Work upon execution hereof, and must carry the same to Final
Completion as hereinafter defined, on or before <B>April&nbsp;20, 2009, </B>with reference to the Work
described in Recital I, Paragraph b, except if amended or changed through a Change Order or any
other agreement in writing duly signed by the parties hereof. The CONTRACTOR shall comply with the
Contract Documents and with the CPM (<B>Exhibit &#147;B&#148;</B>) in carrying out the Work, subject to verification
and approval by the OWNER&#146;S REPRESENTATIVE and/or Construction Manager. Such CPM shall include a
job schedule for all trades, including milestone dates for completion of Work, components and
payment schedule and shall be in form and detail acceptable to OWNER. The payment schedule shall
be proportional to the Work performed throughout the duration of this Contract. Time limits stated
in the Contract Documents are of the essence of the Contract. By executing this Contract the
CONTRACTOR confirms that, subject to the proper and timely delivery of the steel and steel
reinforcement, the Contract Time is a reasonable period for performing the Work, for which both
parties agree as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>High Bay Area: </B>CONTRACTOR and OWNER agree that (i)&nbsp;on <U><B>December
1, 2008</B>,</U> CONTRACTOR shall complete and OWNER shall be granted with the
<U><B>Beneficial Occupancy</B></U> of the high bay area and press pits of the Project
for installation of presses (the 100,000 square foot compression molding area and
related utilities, such area is identified in the drawings attached hereto as
<B>Exhibit &#147;B&#148;</B>, hereinafter referred to as the &#147;High Bay Area&#148;), and (ii)&nbsp;on
<U><B>December&nbsp;22, 2008</B>,</U> CONTRACTOR shall complete and OWNER shall be granted
with the full <U><B>Beneficial Occupancy</B></U> of the High Bay Area; (iii)&nbsp;the High
Bay Area shall be completed by CONTRACTOR and granted to OWNER for full production
precisely on <U><B>January&nbsp;22, 2009 </B>in accordance with the CPM</U>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Building: </B>CONTRACTOR and OWNER agree that (i)&nbsp;the <U><B>Substantial
Completion</B></U> shall be completed by CONTRACTOR and granted to the OWNER precisely
on <U><B>March&nbsp;2, 2009; </B></U>(ii)&nbsp;after the date of Substantial Completion, a punch
list shall be prepared within the next 10 (ten)&nbsp;Days by OWNER and CONTRACTOR,
evidencing the pending items to be</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>completed for Final Completion. Such punch list shall be approved by OWNER in
writing in order to constitute a binding document for the parties hereto.
<U><B>Final Completion</B></U> shall occur no later that <B>April&nbsp;20, 2009</B>, and means the
time when the Project is finally completed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All the foregoing dates and terms are defined in the <B>Exhibit &#147;I&#148;</B>
hereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;If in the reasonable opinion of the OWNER or Construction Manager it becomes necessary to work
overtime, nights, weekends and holidays in order to maintain the schedule set up for completing the
Contract within the specified time, the CONTRACTOR shall cause the Work to be so scheduled and
performed without additional cost to the OWNER, unless the Work delay is excused pursuant to Clause
5, Paragraph (c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;CONTRACTOR is expressly responsible for advancing and finishing the Work as per the CPM. In
this regard, CONTRACTOR shall resort at its own cost to any legal means to compensate any delay on
schedule either by implementing night shifts, weekend shifts, as well as work on holidays and extra
hours with no extra charge, unless the delay results from causes directly attributable to OWNER
and/or the Construction Manager and/or OWNER&#146;S subcontractors and/or Force Majeure and/or Change
Orders. The CONTRACTOR shall not be entitled to demand payment of damages or increased costs
suffered due to the delays arising from its own default hereof. The OWNER&#146;S REPRESENTATIVE at the
Work site shall be authorized to sign the Daily Activity Log and certify whether or not casualties
which prevent continuation of the Work arose or not on that day. The supervision and inspection of
the Work by the OWNER or OWNER&#146;S REPRESENTATIVE, and the requirement of corrections to redress
non-conformities with <B>Exhibit &#147;B&#148; </B>shall not be deemed to constitute a delay. For any justified
delay to be valid for purposes of modifying the CPM it shall be notified in writing by CONTRACTOR
to the OWNER&#146;S REPRESENTATIVE and Construction Manager no later than five (5)&nbsp;Days after the date
when the event occurred and thereafter approved by the OWNER&#146;S REPRESENTATIVE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any extension of time for completion shall apply only to such portion or portions of the Work
affected or that could be damaged; the portions not directly or indirectly affected by such causes
shall be completed at the latest on the date set forth in this Contract. Unless otherwise specified
and agreed by the parties, the issuance of any changes to the Work shall not constitute a reason
for changing the time for completion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;In the event OWNER requests CONTRACTOR, by Change Order, except in the event described in
paragraph (b)&nbsp;above, to work overtime in order to complete the Work in advance of the date agreed
upon in the time schedule, the OWNER will reimburse the CONTRACTOR for the actual costs of said
overtime for all field personnel required for such specific overtime work. Prior to such overtime
being worked, the parties shall agree to the personnel who shall work overtime.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;Extra work requested by the OWNER will have its own time schedule and will not be covered by
the term and consideration agreed upon in this Contract.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;Claims relating to time shall be made in accordance with applicable provisions of Clause 29 of
this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(g)&nbsp;Delays and extensions in time for the Work do not preclude recovery of damages by the parties
hereof, under other provisions of the Contract Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 6. CHARACTERISTICS OF THE WORK.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;All materials shall be of the correct type required by the Drawings and Specifications and the
Contract Documents, for the purpose for which they are to be used and shall be new, of the first
quality and best grade of their respective types and of approved manufacture in accordance to the
Specifications. No substitutions or variations from Specifications other than those which are
requested through a Change Order will be permitted after the execution hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;All CONTRACTOR&#146;S installations shall be made so that the component parts will function together
as a workable system, complete with all accessories necessary for its operation, and shall be left
with all equipment properly adjusted and in working order. The Work shall be executed in
conformity with the best local practice and so as to contribute to the efficiency of operation,
minimum maintenance, accessibility, and sightliness and so that the installation will conform and
accommodate itself to the building structure, building and process, equipment and usage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;No substitutions or variations from the Contract Documents, Drawings Specifications, including
those that are attached hereto as part of <B>Exhibit &#147;B&#148;</B>, and except for those which are approved by
OWNER and incorporated into this Contract through a Change Order, will be permitted after the
execution hereof and except where a manufacturer or supplier of a particular material or item is
unable to furnish the item or material specified by the Specifications or Drawings and in such
situations the CONTRACTOR must request by written notice, in the Daily Activity Log, the OWNER&#146;S
approval of a substitute material or item considered to be equal to that specified or shown in the
Drawings or Specifications. OWNER shall approve said material substitution within the next three
Days from CONTRACTOR&#146;S request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;CONTRACTOR shall comply with and be bound by the provisions of the Contract Documents,
Specifications and Drawings that form <B>Exhibit &#147;B&#148; </B>hereto, except in so far as such provisions
conflict with this Contract, in the understanding that whenever the CONTRACTOR deems that a
provision of the Contract Documents, Specifications and Drawings that form <B>Exhibit &#147;B&#148; </B>hereto, is
in conflict with this Contract, is not applicable in a Mexican construction environment context or
is not reasonable considering such context, then the CONTRACTOR will propose to the OWNER that such
conflicting, not applicable or unreasonable provision be eliminated or amended, as the case may be,
and the OWNER at its sole discretion and liability will determine whether or not such provision
should be eliminated or amended.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;The CONTRACTOR shall be responsible for cutting, fitting or patching if required, to complete
the Work or to make its parts fit together properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 7. SAFETY MEASURES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The CONTRACTOR shall take all necessary precautions, and shall provide barricades, guards,
signs, lights, notices and such protection as may be required by laws and regulations and the
Drawings and Specifications and as reasonably determined by OWNER, for the protection of the
OWNER&#146;S and other contractors property, as well as adjacent property, both of new and existing
Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The CONTRACTOR shall be responsible for initiating, maintaining and supervising all safety
precautions and programs in connection with the performance of the Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The CONTRACTOR shall take reasonable precautions for safety of, and shall provide reasonable
protection to prevent damage, injury or loss to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Employees on the Work and other persons who may be affected
thereby;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Work and materials and equipment to be incorporated
therein, whether in storage on or off the site, under care, custody or control
of the CONTRACTOR or the CONTRACTOR&#146;S Subcontractors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other property at the site or adjacent thereto such as trees,
shrubs, lawns, walks, pavements, roadways, structures, and utilities not
designated for removal, relocation or replacement in the course of the
construction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;The CONTRACTOR shall give notices and comply with applicable laws, ordinances, rules,
regulations and lawful orders of public authorities bearing on safety of persons or property or
their protection from damage, injury or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;The CONTRACTOR shall erect and maintain, as required by existing conditions and performance of
the Contract, reasonable safeguards for safety and protection, including posting danger signs and
other warnings against hazards, promulgating safety regulations and notifying owners and users of
adjacent sites and utilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;When use or storage of explosives or other hazardous materials or equipment or unusual methods
are necessary for execution of the Work, the CONTRACTOR shall exercise utmost care and carry on
such activities under supervision of properly qualified personnel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(g)&nbsp;The CONTRACTOR shall promptly remedy damage and loss to property caused in whole or in part by
the CONTRACTOR, its Subcontractor, or anyone directly or indirectly employed by any of them, or by
anyone for whose acts they may be liable and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for which the CONTRACTOR is responsible, except damage or loss attributable to acts or omissions of
the OWNER or Construction Manager or anyone directly or indirectly employed by either of them, or
by anyone for whose acts either of them may be liable, and not attributable to the fault or
negligence of the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;The CONTRACTOR shall designate a responsible member of the CONTRACTOR&#146;S organization at the
site whose duty shall be the prevention of accidents. This person shall be the CONTRACTOR&#146;S
superintendent unless otherwise designated by the CONTRACTOR in writing to the OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;The CONTRACTOR shall not load or permit any part of the construction or site to be loaded so as
to endanger its safety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(j)&nbsp;In an emergency affecting safety of persons or property, the CONTRACTOR shall act, at the
CONTRACTOR&#146;S discretion to prevent threatened damage, injury or loss. Additional compensation or
extension of time claimed by the CONTRACTOR in account of an emergency shall be agreed between the
parties through a Change Order, if appropriate given the nature of the emergency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 8. CONTRACTOR SUPERVISION.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall supervise and direct the Work using its best skill and attention for the
purpose of ascertaining that all materials and labor used in the Work adhere to the Specifications
and Drawings, which are a part of this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For this purpose, the CONTRACTOR shall keep at the Work site during its progress a competent
superintendent, satisfactory to the OWNER. Any superintendent that proves to be justifiably
unsatisfactory to the OWNER shall be promptly replaced by the CONTRACTOR upon the written direction
of the OWNER. The Superintendent or the assistants may be changed through written notice to the
OWNER and Construction Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 9. OWNER&#146;S INSPECTION.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The OWNER&#146;S inspection is for the purpose of ascertaining that the Work is being properly executed.
While the OWNER will supervise the CONTRACTOR through the OWNER&#146;S REPRESENTATIVE and Construction
Manager in the interpretation and execution of the Drawings and Specifications and may assist
CONTRACTOR by furnishing additional information as requested by CONTRACTOR, such supervision and
assistance shall not relieve the CONTRACTOR of any responsibility for the proper execution of the
Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall provide, at all times, proper facilities for access within the property for
the OWNER to make the inspections. CONTRACTOR shall provide OWNER and Construction Manger with
twenty-four (24)&nbsp;hours notice in writing and by posting same in the Daily Activity Log prior to the
covering of any of the Work completed by the CONTRACTOR or Subcontractors. OWNER will have 24
hours starting as of the time the notice is posted in the Daily Activity Log to perform an
inspection of the Work to be
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">covered. In the event the CONTRACTOR covers up Work to be inspected prior to such 24 hour term or
against the written direction of the OWNER and Construction Manager derived from the inspection, it
shall, if requested, uncover such Work for examination at its own expense. If the OWNER requires
to inspect Work previously covered with OWNER&#146;S consent, or without OWNER&#146;S consent when more than
24 hours have lapsed after posting inspection notice in the Daily Activity Log, OWNER shall pay the
cost of said uncovering and subsequent covering of such Work, if the inspected Work is found to be
in conformity with <B>Exhibit &#147;B&#148;</B>. However, if any questionable Work is found to be not in conformity
with <B>Exhibit &#147;B&#148;</B>, the CONTRACTOR shall pay for the correction of such Work and its uncovering and
subsequent covering costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, CONTRACTOR obligates itself to submit to OWNER within the next 2 (two)&nbsp;Days the
reports, documents and data regarding the Work and its performance that may be requested by OWNER&#146;S
REPRESENTATIVE and the Construction Manager. The OWNER may determine the form in which such
reports, documents and data shall be supplied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the CONTRACTOR has not taken the necessary actions to: (i)&nbsp;achieve or maintain the required time
schedule following OWNER&#146;S and Construction Manager&#146;s notification in writing, or (ii)&nbsp;correct the
deficiencies in a manner reasonably acceptable to the OWNER, then OWNER shall direct CONTRACTOR to
establish a schedule recovery plan and within the next five (5)&nbsp;Days achieve and maintain a
reasonable rate of progress. Neither issuance of such written notice and instructions by OWNER nor
the failure to issue such notice and instructions shall relieve CONTRACTOR of its obligation to
achieve the quality of Work and the rate of progress required by this Contract. CONTRACTOR agrees
to take, at its own expense, except in those events herein set forth, whatever measures may be
necessary (such as Working overtime, placing additional laborers and equipment on the job or
Working multiple shifts) to achieve and maintain the agreed time schedule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OWNER and Construction Manager will periodically request from CONTRACTOR evidence of payment of all
IMSS and INFONAVIT contributions that CONTRACTOR is obligated to pay in connection with its
employees performing the Work, and CONTRACTOR shall deliver OWNER a copy of such evidence no later
than 10 (ten)&nbsp;calendar days after such evidence is requested. In the event OWNER or Construction
Manager do not request evidence thereof such omission shall not be interpreted as a waiver of such
right nor result in any liability or responsibility on OWNER or Construction Manager for such
reason nor be interpreted as CONTRACTOR being relieved from any responsibility derived there from.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 9 BIS. SUPERVISION BY CONSTRUCTION MANAGER.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OWNER hereby designates Enrique Arturo Melendez-Silva, Edwin Cordova-Acosta and Jesus Alberto
Arredondo-Oca&#241;as as the supervisors and consultants of the Construction Manager, having, ample
authority to supervise the Work being performed by the CONTRACTOR. Any changes made for an amount
between US$0.00 and US$25,000.00
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will have to be previously approved in writing by the Construction Manager and the OWNER&#146;S
REPRESENTATIVE. Finally, all changes to the Work made under this Contract for an amount exceeding
US$25,000.00 will have to be previously approved in writing by the Construction Manager, the
OWNER&#146;S REPRESENTATIVE, and any of Stephen John Klestinec or Kevin Lee Barnett or Herman Fredrick
Dick, officers of the OWNER. The Construction Manager shall be under the direct command of Mr.&nbsp;Mark
Patrick Murfitt and will have the obligation to oversee the Work, have overall responsibility for
the work, and a representative of CONTRACTOR shall be present full time at the construction site as
of the date of commencement of the Work. The OWNER&#146;S REPRESENATIVE and Construction Manager shall
have the right to supervise CONTRACTOR&#146;S representatives at all times, not being understood that
OWNER, OWNER&#146;S REPRESENTATIVE or Construction Manager take any responsibility for the Work. The
OWNER&#146;S REPRESENTATIVE must approve any change in the person designated as CONTRACTOR&#146;S
REPRESENTATIVE in writing. Furthermore, the OWNER&#146;S REPRESENTATIVE shall have the right at all
times, to request CONTRACTOR to replace CONTRACTOR&#146;S REPRESENTATIVE if the OWNER demonstrates
reasonable cause for such replacement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties may designate any other representatives that they deem convenient for the performance
of this Contract. The parties will have the obligation to notify the other party in writing of
such appointments. No such designation, however, shall relieve such designating party of any of
its obligations under this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 10. COOPERATION IN PERFORMING THE WORK.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR must schedule its Work and placing of materials and equipment, so as to not
interfere with OWNER&#146;S facilities, operations and OWNER&#146;S contractors. Similarly, OWNER, its
Subcontractors and/or Construction Manager shall carry out their activities without interfering
with the CONTRACTOR&#146;S performance of the Work. Where the partiers hereof deem that their activities
may interfere with the other party&#146;s processes or Work, as applicable, it shall notify same through
the Daily Activity Log, no less than 48 hours prior to commencing such operation or Work, as
applicable, that will cause such interference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties hereof shall fully cooperate with each other and all other subcontractors shall and
carefully coordinate their own work with the other parties work to the best advantage of the Work.
The CONTRACTOR will be held responsible for the coordination and cooperation with its
Subcontractors at the proper time as may be required to carry out any changes in the Work covered
by this Contract, which may be necessary to avoid interference. If it becomes necessary for the
CONTRACTOR to make changes to its Work that has been completed and which is caused by failure of
the CONTRACTOR to properly coordinate or cooperate with its Subcontractors or with the OWNER, such
changes shall be made by the CONTRACTOR without cost to OWNER or Construction Manager. Likewise, in
the event that CONTRACTOR is required to make changes to the Work due to failure of OWNER and/or
Construction Manager and/or OWNER&#146;S subcontractors to coordinate their work, such changes shall be
made by the CONTRACTOR. Costs and expenses arising
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">therefrom shall be beard by OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that OWNER incurs into extra cost in the performance of its activities and only and
exclusively in the event that such extra costs arise from CONTRACTOR&#146;S or its Subcontractors&#146;
failure to coordinate their performance of the Work, and such failure interferes with the OWNER&#146;S
activities, CONTRACTOR shall be liable for such extra costs arising therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to allow the OWNER to start its operations as quickly as possible, the CONTRACTOR agrees
to permit the OWNER to make use of any portion or portions of the Work which can be mutually agreed
upon as being available for the OWNER&#146;S operations without interfering with the CONTRACTOR&#146;S
completion of the remaining portions of the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as otherwise provided in the Contract Documents or when direct communications have been
specially authorized, the OWNER and CONTRACTOR shall endeavor to communicate through the
Construction Manager and through the Daily Activity Log. Communications by and with Subcontractors
and material suppliers shall be through the CONTRACTOR. Communications by and with separate
contractors shall be through the OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 11. FIRE PROTECTIVE MEASURES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties will at least comply with the following requirements:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A.&nbsp;Provide accesses to the construction site and around the perimeter of the facility, where
possible. Such access shall be maintained in a serviceable condition suitable at all times for use
by heavy fire fighting equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B.&nbsp;Shall keep the entire site free from trash and combustibles. They shall store flammable liquids
in approved storage containers and shall provide temporary, approved storage facilities when
flammable liquids remain on the site, in compliance with existing regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 12. MATERIALS AND EQUIPMENT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The CONTRACTOR shall be responsible for the transportation, unloading, storing and proper care
of all its materials and equipment delivered at the site, and further shall be responsible for
protecting them from weather, dust, theft and vandalism.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Should any of CONTRACTOR&#146;S materials used in the Work be found by the OWNER or Construction
Manager to be defective or damaged in any way, regardless of the extent of completion of the Work,
the OWNER shall notify the CONTRACTOR in writing and through the Daily Activity Log as soon as such
damaged or defective material or Work is observed and same shall be removed, replaced,
reconstructed or refinished as may be required at the sole discretion of the OWNER unless damaged
by OWNER, Construction
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manager, or its subcontractors, agents and/or employees; notwithstanding the above, the CONTRACTOR
will be responsible for all damages caused by its subcontractors, agents and/or employees and in
such event, the expense of doing so or the cost of delays and of making good other Work affected by
the changes shall be borne by the CONTRACTOR and no extension of time shall be allowed for the
correction of such faulty Work, unless the parties agree on an extension at that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;All of CONTRACTOR&#146;S materials, equipment or other items which are subject matter of this
Contract which may be affected by the weather or dust, shall be covered and protected to keep them
free from damage on the Premises and during transit thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;The parties covenant and agree that title and ownership of all materials supplied by the
CONTRACTOR, its subcontractors, agents and suppliers pursuant to the provisions of this Contract,
will at all times remain vested in the OWNER, starting from the time of their acquisition by the
CONTRACTOR, its Subcontractors, agents and suppliers, or their delivery or installation at the
Premises, whatever happens first, provided however that CONTRACTOR shall be liable for damages and
losses caused to the same until Final Completion of the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;CONTRACTOR must retain all loose and detachable parts of the equipment installed under this
Contract, if any, until the completion of the Work, and shall then turn such parts over to OWNER&#146;S
representatives, with a list detailing said parts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 13. INSTALLATION OF OWNER&#146;S MACHINERY AND EQUIPMENT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR agrees that the OWNER may receive, place and install as much material, machinery and
equipment in those portions of the Work which can be mutually agreed upon as being available for
the OWNER&#146;S operations without interfering with the CONTRACTOR&#146;S completion of the Work. The
CONTRACTOR further agrees to permit, at OWNER&#146;S expense, the placing of such machinery and
equipment into operation by the OWNER&#146;S employees or other contractors and that such action shall
not constitute delivery of the portion or portions of the Work where such installation is carried
out. The CONTRACTOR shall accept delivery of OWNER supplied goods and will protect them from
damages, fire, theft, vandalism and weather until CONTRACTOR installs same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, OWNER shall be liable for any damage to the Work, personal injury or death arising
from the installation of its machinery and equipment in the Building; and shall hold CONTRACTOR
harmless from any and all liability in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 14. ADVANCED USE OF ANY PORTION OF THE WORK.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the requirements of the above Clause 13, the CONTRACTOR agrees that the Work or any
portions thereof which the parties mutually agree can be used by the OWNER without interfering with
the CONTRACTOR&#146;S work, may be occupied and put to use by the OWNER, at its own expense, which
action will not be construed as substantial completion of the Work or any portion thereof, nor
signify the OWNER&#146;S acceptance of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Work or portion thereof, unless otherwise agreed upon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 15. CLEANING OF THE PREMISES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Parties will keep the premises free at all times from accumulations of waste material or
rubbish caused by their respective employees and operations and their Subcontractors and work of
each of them. The CONTRACTOR shall remove and dispose of all debris or rubbish from and around the
site, including all tools, scaffolding and surplus materials in accordance with the applicable
Mexican laws, and shall leave the Work and the premises clean and acceptable to the OWNER. If the
CONTRACTOR fails to clean up the OWNER and Construction Manager may do so and the reasonable cost
thereof shall be deducted from final payment due to the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Furthermore, the CONTRACTOR shall handle and dispose of any hazardous materials and substances
resulting from its performance of the Work, in full compliance with the legal provisions providing
for handling and disposal of such materials and substances and hereby covenants and agrees to keep
the OWNER harmless from any claim, lawsuit, judgment, administrative procedure, sanction or penalty
in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly, OWNER shall handle and dispose of any hazardous materials and substances resulting from
its operations in the Premises, in full compliance with the legal provisions providing for handling
and disposal of such materials and substances and hereby covenants and agrees to keep the
CONTRACTOR harmless from any claim, lawsuit, judgment, administrative procedure, sanction or
penalty in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At completion of the Work the CONTRACTOR shall remove from and about the Premises and the Building
waste materials, rubbish, the CONTRACTOR&#146;S tools, construction equipment, machinery and surplus
materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the CONTRACTOR fails to clean up as provided above,<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>the OWNER may do so and the cost
thereof shall be charged to the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 16. CORRECTION OF THE WORK.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the CONTRACTOR fails to correct Work which is not in accordance with the requirements of the
Contract Documents, after written notice by OWNER requesting the correction of the Work, or
persistently fails to carry out Work in accordance with the Contract Documents, the OWNER by
written order signed personally by their authorized representatives, may order the CONTRACTOR to
stop the Work, or any portion thereof, with no liability to OWNER until the cause for such order
has been eliminated
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the CONTRACTOR defaults or neglects to carryout the Work in accordance with the Contract
Documents and fails within a seven Day period after receipt of written notice from the OWNER to
commence and continue correction of such default or neglect with diligence and promptness, the
OWNER may after such seven Day period without prejudice to other remedies the OWNER may have,
correct such deficiencies. In such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">case an appropriate Change Order shall be issued deducting from payments then or thereafter due to
the CONTRACTOR the cost of correcting such deficiencies, including compensation for the
Construction Manager&#146;s additional services and expenses made necessary by such default, neglect or
failure. Such action by the OWNER and amounts charged to the CONTRACTOR are both subject to prior
approval of the Construction Manager. If payments then or thereafter due to the CONTRACTOR are not
sufficient to cover such amounts, the CONTRACTOR shall pay the difference to the OWNER. In the
event that OWNER&#146;S subcontractors carry out the abovementioned corrections of the Work, then, the
CONTRACTOR shall be released by the OWNER from any liability arising from such correction carried
out by OWNER&#146;S subcontractors only, and shall hold CONTRACTOR harmless from any and all claims
and/or suits that may be filed by any of OWNER&#146;S subcontractors or suppliers used for such
correction only. OWNER shall be responsible for the cost of correcting damaged or defaulty Work
derived from its own negligence or that of its subcontractors, agents and suppliers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall be responsible for the cost of correcting damaged or faulty Work derived from
its own negligence or that of its subcontractors, agents and suppliers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall promptly correct Work rejected by the Construction Manager or failing to
conform to the requirements of the Contract Documents whether observed before or after Substantial
Completion and whether or not fabricated, installed, or completed, but not after the Final
Inspection and acceptance of the Work by OWNER. The CONTRACTOR shall bear costs of correcting such
rejected Work. After Substantial Completion, any and all corrections of the Work will be requested
by OWNER under the warranty as provided for in Clause 21 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall remove from the Premises portions of the Work, which are not in accordance
with the requirements of the Contract Documents and are neither corrected by the CONTRACTOR nor
accepted by the OWNER and Construction Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding anything in this Contract, and pursuant to the provision set forth in this Clause,
if the CONTRACTOR fails to correct nonconforming Work within a reasonable time, the OWNER may
correct it. If the CONTRACTOR does not proceed with correction of such nonconforming Work within a
reasonable time, the OWNER may remove it and store the salvable materials or equipment at the
CONTRACTOR&#146;S expense. If the CONTRACTOR does not pay costs of such removal and storage within ten
Days after written notice, the OWNER will deduct costs, damages and Construction Manager&#146;s fees and
expenses made necessary thereby from the Contract Sum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall bear the cost of correcting destroyed or damaged construction, whether
completed or partially completed, of the OWNER or separate constructors caused by the CONTRACTOR&#146;S
correction or removal of Work which is not in accordance with the requirements of the Contract
Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 17. CHANGES IN THE WORK.</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the Work may be accomplished after execution of the Contract, and without invalidating
the Contract by (i)&nbsp;Change Order; or (ii)&nbsp;an order for minor changes in the Work posted in the
Daily Activity Log.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As applicable, such items will be covered in the form of a Change Order or an order for minor
changes in the Work posted in the Daily Activity Log, issued by the OWNER&#146;S REPRESENTATIVE or
Construction Manager and signed in approval by the CONTRACTOR, and shall be considered part of this
Contract and subject to all the conditions and provisions hereof. The CONTRACTOR shall proceed
with the changes unless it claims that any written instructions or requests from OWNER involve
extra cost or additional time under the Contract in which case, it shall promptly give the OWNER
written notice thereof before proceeding to execute the Work, except in the event of emergency
endangering life or property. In the event the CONTRACTOR provides such notice to OWNER, it shall
not proceed with the Work until further direction from the OWNER. Because time is of the essence
for the Work, OWNER must answer CONTRACTOR&#146;s written notice of such extra cost or additional time
within the next three Days after delivery of same to OWNER&#146;S REPRESENTATIVE. If OWNER does not
comply with the foregoing, CONTRACTOR shall not proceed in accordance with such Change Order and
CONTRACTOR will not be liable in any manner whatsoever for such change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the CONTRACTOR is requested to quote on any extra work at any time during the progress of the
Contract, the parties shall agree in writing on the additional cost and time required for such
extra work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the Work shall be performed under applicable provisions of the Contract Documents, and
the CONTRACTOR shall proceed promptly, unless otherwise provided in the Change Order or order for a
minor change in the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;A <U><B>Change Order</B></U> shall be in writing duly signed by the OWNER, CONTRACTOR and
Construction Manager stating their agreement upon all of the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A change in the Work;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount of the adjustment in the Contract Sum, if applicable; and,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The extent of the adjustment in the Contract Time, if any.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Change Order shall be based upon agreement among the OWNER, CONTRACTOR and Construction Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Change Order provides for an adjustment to the Contract Sum, the adjustment shall be based
on one of the following methods:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mutual acceptance of a lump sum properly itemized and supported by sufficient
substantiating data to permit evaluation;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unit prices stated in the Contract Documents or subsequently agreed upon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cost to be determined in a manner agreed upon by the parties and mutually
acceptable fixed or percentage fee;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon receipt of a Change Order, the CONTRACTOR shall promptly proceed with the change in the Work
involved and advise the Construction Manager of the CONTRACTOR&#146;S agreement or disagreement with the
method, if any, provided in the Change Order for determining the proposed adjustment in the
Contract Sum or Contract Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Change Order signed by the CONTRACTOR indicates the agreement of the CONTRACTOR therewith,
including adjustment in Contract Sum and Contract Time or the method for determining them. Such
agreement shall be effective immediately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the CONTRACTOR does not respond promptly or disagrees with the method for adjustment in the
Contract Sum, the method and the adjustment shall be determined by the Construction Manager on the
basis of reasonable expenditures and savings of those performing the Work attributable to the
change, including, in case of an increase in the Contract Sum, a 10% allowance for overhead and
profit. In such case, the CONTRACTOR shall keep and present, in such form as the Construction
Manager may prescribe, an itemized accounting together with appropriate supporting data. Unless
otherwise provided in the Contract Documents, costs shall be limited to the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Costs of labor, including social security, fringe benefits required by agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Costs of materials, supplies and equipment, including cost of transportation,
whether incorporated or consumed:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rental costs of machinery and equipment, exclusive of hand tools, whether rented
from the CONTRACTOR or others;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Costs of premiums for the guarantee bond, permit fees, and value added tax related
to the Work; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional costs of supervision and field office Personnel directly attributable to
the change.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the OWNER and CONTRACTOR do not agree with the adjustment in Contract Time or the method for
determining it the adjustment or the method shall be referred to the Construction Manager for
determination per Clause 29.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When the OWNER and CONTRACTOR agree with the determination made by the Construction Manager
concerning the adjustments in the Contract Sum and Contract Time, or otherwise reach agreement upon
the adjustments, such agreement shall be effective immediately and shall be recorded by preparation
and execution of an appropriate Change Order.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;An <U><B>order for a minor change</B></U> in the Work, may be issued by the Construction Manager
not involving adjustment in the Contract Sum or extension of the Contract Time and not inconsistent
with the intent of the Contract Documents. Such changes shall be effected by written order and
shall be binding on the OWNER and CONTRACTOR. The CONTRACTOR shall carry out such written orders
promptly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After the Contract has been executed<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>the OWNER and the Construction Manager will
consider a formal request for the substitution of products in place of those specified only under
the conditions set forth in the General Requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 18. TESTS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall furnish all labor and materials required to make all performance and other
tests of its Work, including but not limited to site preparation as required by the Drawings and
Specifications. Such tests shall be made at no additional cost to the OWNER. The CONTRACTOR shall
perform all tests, and the OWNER&#146;S REPRESENTATIVE and Construction Manager must be notified in
writing and through the Daily Activity Log with at least twenty-four hours in advance of said
tests. All Work required to be tested and thereafter buried underground or otherwise concealed,
shall be tested before being buried or covered, and the test conditions shall be applied for a
sufficient length of time to permit adequate inspection. The CONTRACTOR shall furnish the OWNER
with complete written test results and data, as soon as they are available. The OWNER shall have
the right to independently test, at its expense, any portion of the Work. In the event the Work
tested by the OWNER as provided herein is not in conformity with <B>Exhibit &#147;B&#148; </B>hereof, the last
sentence of second paragraph of Clause 9 of this Contract shall apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tests, inspections and approvals of portions of the Work required by the Contract Documents or by
laws, ordinances, rules, regulations or orders of public authorities having jurisdiction shall be
made at an appropriate time. Unless otherwise provided, the CONTRACTOR shall make arrangements for
such tests, inspections and approvals with an independent testing laboratory or entity acceptable
to the OWNER, or with the appropriate public authority, and shall bear all related costs of tests,
inspections and approvals. The CONTRACTOR shall give the Construction Manager timely notice of when
and where tests and inspections are to be made so the Construction Manager may observe such
procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Construction Manager, OWNER or public authorities having jurisdiction determine that
portions of the Work require additional testing, inspection or approval not included in the above
paragraph, the Construction Manager will, upon written authorization from the OWNER, instruct
CONTRACTOR to make arrangements for such additional testing, inspection or approval by an entity
acceptable to the OWNER, and the CONTRACTOR shall give timely notice to the Construction Manager
off when and where tests and inspections are to be made so the Construction Manager may observe
such procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If such procedures for testing, inspection or approval reveal failure of the portions of the Work
to comply with requirements established by the Contract Documents, the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR shall bear all costs made necessary by such failure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Required certificates of testing, inspection or approval shall, unless otherwise required by the
Contract Documents, be secured by the CONTRACTOR and promptly delivered to the Construction
Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Construction Manager is to observe tests, inspections or approvals required by the Contract
Documents, the Construction Manager will do so promptly and, where practicable at the normal place
of testing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tests or inspections conducted pursuant to the Contract Documents shall be made promptly to avoid
unreasonable delays in the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 19. INSURANCE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The CONTRACTOR shall obtain in the name of the CONTRACTOR, from an insurance company with
offices in both the United States of America and in Mexico, authorized to do business in Mexico and
satisfactory to the OWNER, a comprehensive general insurance liability policy, which will include,
but not be limited to the following insurance coverage: An insurance policy in the total amount of
US$2,000,000.00 (Two Million 00/100 Dollars) per occurrence and US$2,000,000.00 (Two Million 00/100
Dollars) aggregate, to protect the OWNER and the CONTRACTOR at all times from any claims resulting
from injury or death of any person or persons, or damages to property caused in whole or in part by
acts or omissions of the CONTRACTOR, OWNER or any other contractor or subcontractors, suppliers or
any other party directly or indirectly employed by them while engaged in the performance of the
Work, or any other activity associated or related with the Work, or Force Majeure, as provided by
the Civil Code for the State of Tamaulipas and the Federal Labor Law of the Mexican Republic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall be responsible for providing coverage for all its workers and employees with
the Mexican Institute of Social Security, pursuant to Clause 27 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approval of the insurance by the OWNER shall not relieve or decrease the liability of CONTRACTOR
hereunder. The OWNER shall be named as an additional insured and such policy shall provide that
the OWNER shall receive thirty (30)&nbsp;calendar days prior written notice of any cancellation of such
policy or of a material change in the coverage thereby provided. In the event of casualty, the
CONTRACTOR shall promptly initiate adjustment procedures with the respective insurance company and
the proceeds paid thereby will be distributed among the parties hereto in accordance to their
respective interests as they appear herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;OWNER shall obtain at its expense, in the name of the OWNER, from an insurance company with
offices in both the United States of America and in Mexico, authorized to do business in Mexico,
the following insurance coverage:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;An insurance policy to protect against all risks of physical damage including but not
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">limited to fire, extended coverage perils, earthquake and flood for the term of construction,
including the materials and accessories for the full cost of replacement of the construction
effected up to the date of the damage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of casualty, the OWNER shall promptly initiate adjustment procedures with the
respective insurance company and the proceeds paid thereby will be distributed among the parties
hereto in accordance to their respective interests as they appear herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As evidence that the parties hereof have provided insurance as required above, they shall furnish
each other with copies of the certificates of insurance issued by corresponding insurers upon
execution of this Contract. Such insurance shall be valid and in effect until final acceptance of
the Work by the OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 20. DAMAGES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR will be held responsible for all losses or damages to all the Work, to the property
of OWNER, to OWNER&#146;S other contractors or to adjacent property, as well as for the injury or death
of its own, and other contractors or OWNER&#146;S employees, agents or any other persons, while they are
on the OWNER&#146;S premises or in adjacent areas, when such damages, injuries or deaths are caused by
any acts or omissions of the CONTRACTOR or its Subcontractors, including their own negligence or
failure to provide proper barricades, guards, and other means of protection. CONTRACTOR shall
defend any and all claims, actions or suits that may be brought against the OWNER in which such
liability may be asserted and shall make good to, and reimburse, the OWNER for any expenditures
which may be incurred by OWNER in the defense of any claim, action or suit in which such liability
may be asserted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The OWNER will be held responsible for all losses or damages to all the Work, to the property of
CONTRACTOR, Subcontractors or other contractors or to adjacent property, as well as for the injury
or death of its own, and other contractors or CONTRACTOR&#146;S employees, agents or any other persons,
while they are on the Premises or in adjacent areas, when such damages, injuries or deaths are
caused by any acts or omissions of the OWNER and/or the Construction Manager or its Subcontractors,
including their own negligence or failure to provide proper barricades, guards, and other means of
protection. OWNER shall defend any and all claims, actions or suits that may be brought against the
CONTRACTOR in which such liability may be asserted and shall make good to, and reimburse, the
CONTRACTOR for any expenditures which may be incurred by CONTRACTOR in the defense of any claim,
action or suit in which such liability may be asserted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 21. WARRANTIES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR hereby agrees to provide a 1 (one)&nbsp;year warranty for the Work commencing on Substantial
Completion Date, for all workmanship and materials used. Moreover, after the 1 (one)&nbsp;year warranty
term has expired, CONTRACTOR shall assign OWNER, to the fullest extent possible, any and all
warranties received by its vendors,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">suppliers and/or Subcontractors., including but not limited to, the warranty for the roofs of the
Work granted by Butler for a term of 10 (ten)&nbsp;years for steel and steel reinforcement materials.
Work will be free of defects not inherent in the quality required or permitted, and that the Work
will conform to the requirements of the Contract Documents. Work not according to the Contract
Documents requirements, including substitutions not properly approved and authorized, under the
Contract Documents, may be considered defective. Except for punch list items, the warranty period
will run from the date the punch list items are delivered. Any imperfections or defects which may
develop or be discovered in the workmanship or materials used or in the fixtures or equipment
furnished by the CONTRACTOR during the corresponding warranty period shall be made good by the
CONTRACTOR, including all necessary costs incidental thereto, without cost to the OWNER. In the
event of any imperfections, and in addition to other recourses available to the OWNER derived from
this Contract or from law, the CONTRACTOR covenants and agrees to replace or repair with comparable
equipment, materials and workmanship, any and all imperfections or defects found in the workmanship
or materials used furnished by the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR hereby agrees to that any persistent imperfection that was corrected by CONTRACTOR
within the warranty term, shall be corrected by CONTRACTOR under this warranty, until said repair
is in good working conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing contained in this Clause shall be construed to establish a period of limitation with
respect to other obligations, which the Contractor might have under the Contract Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that this Contract is terminated by OWNER before the dates set forth in Clause Fifth
hereof, then, the warranty shall become effective for the Work actually performed by CONTRACTOR and
said warranty shall be effective as of the date of termination hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 22. CONSTRUCTION DRAWINGS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on actual field measurements, the CONTRACTOR shall keep a complete set of Drawings and
Specifications at the Work site, which Drawings shall be maintained current and up to date to
reflect any changes due to field conditions and to alterations requested by the OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall maintain marked up &#147;As-Built&#148; Drawings, Specifications and changes due to
field conditions and alterations requested by the OWNER. A complete set of &#147;As-Built drawings&#148;
shall be submitted to Construction Manager for review at the &#147;Substantial Completion Date&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 23. GUARANTEE BOND.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon execution of this Contract, CONTRACTOR must obtain and maintain in full force and effect the
following Bond provided by a bonding company acceptable to the OWNER:
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a) Upon acceptance of the Work by the OWNER and prior to final payment hereof, the CONTRACTOR shall
obtain and provide a guarantee bond from such bonding company as the OWNER may approve and in an
amount equal to ten (10%) percent of the Contract Sum. Said bond shall be in effect through the
warranty period and any extensions thereof as provided in Clause 21. The bond shall cover all the
obligations of the CONTRACTOR under and derived of this Contract, including but not limited to
those of criminal, labor, tax, commercial and civil nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR shall furnish OWNER with certificate for such bond policy required to be provided under
this Contract, which policy shall provide that it shall not be reduced or canceled during its
corresponding term of effectiveness. CONTRACTOR shall furnish OWNER with copy of the receipt of
payment of the corresponding premium on such bond policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The bond policy shall be issued by a company approved by the OWNER, which shall be subject to the
approval of the OWNER as to amount, content, form and expiration date, and shall name OWNER as
beneficiary. The bond policy may only be reduced or canceled with the OWNER&#146;S prior written
approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 24. CONTRACTED SUM &#151; COSTS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The OWNER shall pay to the CONTRACTOR for the performance of the Work and all CONTRACTOR&#146;S
obligations hereunder a price not to exceed US$12,704,365.38 (Twelve Million Seven Hundred Four
Thousand Three Hundred Sixty Five Dollars 38/100), legal currency of the United States of America,
plus the applicable Value Added Tax, for the Work described in <B>Exhibit &#147;A&#148; </B>hereto, excluding the
areas for equipment pits, which maximum price will not exceed US$26,407.80 (Twenty Six Thousand
Four Hundred and Seven Dollars 80/100) legal currency of the United States of America, per press
pit, plus Value Added Tax; however, pit pricing is subject to final soil analysis and may change
based on findings (the &#147;Contract Sum&#148;). The Contract Sum shall be the total payment due from the
OWNER to the CONTRACTOR and shall include, without limitation, the cost of the premium for the
guarantee bond and permits, as contemplated herein, Subcontractors, Suppliers, CONTRACTOR&#146;S fees,
labor, social security, equipment, materials, services and any tax, including any state, federal or
local tax on any material or equipment used in the construction of the Work and those which may be
applicable to this CONTRACT or the performance thereof, the amounts of which are undetermined at
the time of execution of this CONTRACT, except for the applicable Value Added Tax, which will be
paid by OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties hereby acknowledge that OWNER has paid from the above mentioned Contract Sum, in
advance to CONTRACTOR the amount of US$244,387.00 (Two Hundred Forty Four Thousand Three Hundred
Eighty Seven Dollars 00/100) legal currency of the United States of America, plus the applicable
Value Added Tax for the earth and grading work carried out by the CONTRACTOR on the Premises.
Similarly, the OWNER acknowledges that CONTRACTOR has delivered the corresponding
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">invoice(s) for the amounts paid in advance in connection with such grading work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The applicable Value Added Tax to be paid by OWNER shall be itemized separately from the contracted
price on the official invoice or invoices which in accordance with the applicable tax provisions
shall be issued by the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 25. PAYMENTS TO THE CONTRACTOR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The amount of US$1,794,410.85 (One Million Seven Hundred Ninety Four Thousand Four Hundred Ten
Dollars 85/100), of the total Contract Sum, legal currency of United States of America, plus the
applicable Value Added Tax, constitutes the down payment, is paid by OWNER to CONTRACTOR on the
date of execution hereof. Delivery of the down payment herein referred to will be subject to the
condition precedent of CONTRACTOR delivering to OWNER the following documents: (i) <B>Exhibit &#147;B&#148; </B>(the
CPM schedule); (ii)&nbsp;the list of items in which the initial payment must be spent, <B>Exhibit &#147;F&#148;</B>; and
(iii)&nbsp;an invoice for the initial payment amount plus the applicable Value Added Tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Except as provided in Clause 25 Bis hereof, progress payments by the OWNER to the CONTRACTOR
will be made on a monthly basis, and shall be proportionate to the degree of completion of the Work
in accordance to the CPM.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The making of monthly progress payments by the OWNER to the CONTRACTOR will be predicated upon the
CONTRACTOR adhering to the CPM, which is part of <B>Exhibit &#147;B&#148; </B>approved by the OWNER. If the
CONTRACTOR is falling behind the schedule on the performance of the Work, , due to its fault or
negligence, the OWNER may retain the portion of the corresponding progress payments, which is
proportional to the uncompleted Work until such time as the CONTRACTOR actually performs the
portion or the parts of the Work so scheduled. In any event, payments to the CONTRACTOR shall be
made based on the value of Work completed to date, including materials ordered and stored in a
bonded warehouse or storage facility, in accordance with the itemized values contemplated in the
breakdown in <B>Exhibit &#147;B&#148; </B>hereto, and as verified by OWNER&#146;S REPRESENTATIVE and Construction
Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR shall submit application for any partial payment to the OWNER on the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day
of each month. The OWNER and its representative shall review if the Work has been completed
pursuant to the CPM. The CONTRACTOR shall submit to the OWNER or Construction Manager an itemized
Application for Payment for operations completed in accordance with the schedule of values. Such
application shall be supported by such data substantiating the CONTRACTOR&#146;S right to payment as the
OWNER or Construction Manager may require, such as copies of requisitions from Subcontractors and
material suppliers. The OWNER, through its representative on site, shall check the application for
partial payment and, not later than three (3)&nbsp;Days after receipt of such application shall approve
for payment the corresponding sum. The down payment, shall be amortized against the progress
payments of the Work by withholdings of 15% of each progress payment until it is fully amortized,
considering the value of labor, equipment and/or materials which the OWNER estimated has been
acceptably incorporated into the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Work or suitably stored at the site thereof, withholding payment of the remaining 7% (seven
percent) as per the following paragraph (c), less the aggregate of any previous payments. In the
event there are changes in the Work involving additional cost to CONTRACTOR ordered by the OWNER,
they shall be documented as required by Clause 17 of this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the CONTRACTOR&#146;S obligation to deliver to OWNER copy of the previous month contribution
payment to the Mexican Institute of Social Security and INFONAVIT, OWNER shall have the right to
withhold the next months payment, only in the percentage of the contributions not paid to the
Mexican Institute and INFONAVIT for said previous month. Once CONTRACTOR delivers to OWNER proof of
payment of the remaining contributions, OWNER shall release the amounts withheld within the
following 24 hours of receiving such proof of payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;The OWNER will withhold at least 7% (seven percent) of each progress payment throughout the
project to guarantee the correct execution of the Work and all the CONTRACTOR&#146;S undertaking
hereunder. However, the CONTRACTOR shall be entitled to receive the mentioned withholding as per
Clause 30, paragraph c) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Upon termination of the Work, the CONTRACTOR shall be obligated to deliver to the OWNER an
invoice or invoices for the remaining value of the Work and/or amounts effectively paid by OWNER to
CONTRACTOR, which invoices shall segregate the net charges from the respective value added tax and
comply with all tax requisites as provided by Mexican Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;The Construction Manager will, within three (3)&nbsp;Days after receipt of the CONTRACTOR&#146;S
Application for Payment issue to the OWNER a certificate of Payment, with a copy to the CONTRACTOR,
for such amount as the Construction Manager determines is properly due as per the provisions set
forth in this Clause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(f)&nbsp;The issuance of a Certificate for Payment will constitute a representation by the
Construction Manager to the OWNER, based on Construction Manager&#146;s observations at the site and the
data comprising the Application for Payment, that the Work has progressed to the point indicated
and that, to the best of the Construction Manager&#146;s knowledge, information and belief, quality of
the Work is in accordance with the Contract Documents. The foregoing representations are subject to
an evaluation of the Work for conformance with the Contract Documents upon Substantial Completion
to results of subsequent tests and inspections, to minor deviations from the Contract Documents
correctable prior to completion and to specific qualifications expressed by the Construction
Manager. The issuance of a Certificate for Payment will further constitute a representation that
the CONTRACTOR is entitled to payment in the amount certified. However, the issuance of a
Certificate for Payment will not be a representation that the Construction Manager has (1)&nbsp;made
exhaustive or continuous on-site inspections to check the quality or quantity of the Work, (2)
reviewed construction means, methods, techniques, sequences or procedures, (3)&nbsp;reviewed copies of
requisitions received from Subcontractors and material suppliers and other data requested by the
OWNER to substantiate the CONTRACTOR&#146;S right to payment
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or (4)&nbsp;made examination to ascertain how or for what purposes the CONTRACTOR has used money
previously paid on account of the Contract Sum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(g)&nbsp;The Construction Manager may only decide not to certify payment and may withhold a Certificate
for Payment in whole or in part to the extent reasonably necessary to protect the OWNER, in the
event the Work has not been performed according to the Contract Documents. If the Construction
Manager is unable to certify payment in the amount of the Application, the Construction Manager
will notify the CONTRACTOR and OWNER. If the CONTRACTOR and Construction Manager cannot agree on a
revised amount the Construction Manager will promptly issue a Certificate for Payment for the
amount for which the Construction Manager is able to make such representations to the OWNER. The
Construction Manager may also decide not to certify payment or, because of subsequently discovered
evidence or subsequent observations, may nullify the whole or a part of a Certificate for Payment
previously issued to such extent as may be necessary in the Construction Manager&#146;s opinion to
protect the OWNER from loss because of:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">1. Defective Work not remedied;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">2. Third party claims filed or reasonable evidence indicating probable filing of such claims;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">3. Failure of the CONTRACTOR to make payments properly to Subcontractors or for labor,
materials or equipment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">4. Damage to the OWNER or another contractor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">5. Reasonable evidence that the Work will not be completed as per the CPM, and that the unpaid
balance would not be adequate to cover actual or liquidated damages for the anticipated delay;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">6. Persistent failure to carry out the Work in accordance with the Contract Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the above reasons for withholding certification are removed, certification will be made
for amounts previously withheld.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(h)&nbsp;After the Construction Manager has issued a Certificate for Payment, the OWNER shall make
payment in the manner and within the time provided in the Contract Documents, and shall so notify
the Construction Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;Neither the OWNER nor Construction Manager shall have an obligation to pay or to see to the
payment of money to a Subcontractor except as may otherwise be regulated by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(j)&nbsp;Certificate for Payment, a progress payment, or partial or entire use or occupancy of the
Project by the OWNER shall not constitute acceptance of Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(k)&nbsp;Payments due and unpaid under the Contract Documents shall bear interest from the date payment
is due at such rate as the parties may agree upon in writing or in the absence thereof, at the
legal rate prevailing from time to time at the place where the Project is
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">located.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 25 BIS. STEEL AND STEEL STRUCTURE PAYMENTS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties hereby agree and acknowledge that CONTRACTOR has request to Butler de Mexico, S. de
R.L. de C.V. (&#147;Butler&#148;), the steel and steel reinforcement materials required for the Building; and
that Butler as provided a payment schedule for such materials, which is attached hereto as <B>Exhibit
&#147;H&#148;</B>; thus OWNER hereby agrees to pay CONTRACTOR only and exclusively for the steel and steel
reinforcement materials the amounts set forth in <B>Exhibit &#147;H&#148; </B>within 2 Days before its due date set
forth therein, provided, however, that CONTRACTOR shall invoice such payment 7 calendar days in
advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 26. THE PARTIES RESPONSIBILITIES.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The CONTRACTOR shall indemnify and hold harmless the OWNER, Construction Manager, and their
consultants and agents and employees of any of them from and against claims, damages, losses and
expenses, including but not limited to attorneys fees<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>arising out of or resulting from
casualty or death of any person or persons, or damages to property of third parties and from the
performance of the Work, provided that such claim, damage, loss or expense is attributable to
bodily injury, sickness disease or death, or to injury to or destruction of tangible property other
than the Work itself including loss of use resulting therefrom, including, without limitation, the
use, discharge, storage or disposal of any toxic substance or environmental hazardous material, and
the omission in the obtainment of any permit, license or authorization required, but only to the
extent caused in whole or in part by negligent acts or omissions of the CONTRACTOR, a Subcontractor
or anyone directly or indirectly employed by them or anyone for whose acts they may be liable,
regardless of whether or not such claim, damage, loss or expertise is caused in part by a party
indemnified hereunder. Such obligation shall not be construed to negate, abridge, or reduce other
rights or obligations indemnity which would otherwise exist as to a party or person described in
this Paragraph (a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The CONTRACTOR shall forever protect and defend the OWNER in the full and free use and
enjoyment of any and all rights to any invention, machines or devices which may be used as part of
the Work, either in the construction or use after completion, against all suits of all persons
whomsoever and shall pay all royalties and license fees necessary for the use and enjoyment of such
inventions, machines or devices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Furthermore, upon presentation of the request for the first monthly progress payment, the
CONTRACTOR shall submit to the OWNER, an affidavit from the Subcontractors and/or Suppliers used in
the Work stating that no claims, demands, losses, suits, payments, actions, recoveries or judgments
of any and all natures, will be filed against the OWNER for any reason whatsoever, and particularly
for monies owed to them by the CONTRACTOR, and through which they expressly waive the right granted
to them by Article&nbsp;2641 of the Civil Code for the Federal District and its correlative article in
the Civil Code for the State of Tamaulipas.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR agrees to advise all Subcontractors and Suppliers that in any given case they shall seek
recourse for any claims, demands, losses, suits, payments, actions, recoveries or judgments,
directly from the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR further agrees to save and hold the OWNER harmless, thus assuming all responsibility for
any and all claims, demands, losses, suits, payments, actions, recoveries or judgments brought
against the OWNER, by any of CONTRACTOR&#146;S Subcontractors arising out of the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Environmental Liability. CONTRACTOR shall assume all environmental liabilities upon entering
into this Contract and thus, will ensure that the Work shall be free of, and will not be subject
to, any spill, environmentally harmful accident or final disposal or recycling of any material or
waste that is deemed hazardous or dangerous under the terms of the Laws, as defined below, and
agrees to indemnify and to hold OWNER in peace and safe from harm against any all liabilities,
including penalties, losses, demands, claims, payments, suits, actions, recoveries and judgments of
an environmental nature brought against it by reason of any act, omission or misrepresentation of
CONTRACTOR, its agents or employees, or any of its Subcontractors, their agents or employees, in
the execution of the Work. CONTRACTOR shall perform the Work in compliance with all
Federal, State and Municipal Environmental, Health and Safety laws and regulations, statutes,
rules, codes, plans, orders, judgments, decrees, official norms, including but not limited to the
General Law of Ecological Balance and Environmental Protection as amended, the General Law of
Prevention and Integral Management of Wastes and its regulations and the Applicable Mexican
Official Standards as well as under special laws and regulations in the areas of (i)&nbsp;environmental
impact; (ii)&nbsp;prevention and control of air pollution; ( iii )prevention and control of water
pollution; and ( iv ) hazardous wastes, the National Waters Law and its Regulations, the
Regulations on land transportation of hazardous materials and wastes, the Law of Ecological Balance
and Environmental Protection for the State of Tamaulipas and its Regulations, the General
Regulations on Safety and Environmental Health in the Workplace, as applicable, and all other
bodies of law as applicable (hereinafter the &#147;Laws&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR agrees to indemnify and hold OWNER, its officers, representatives, board members,
employees and agents, harmless with respect to any action, proceeding, fine, penalty, information,
judgment, order, decree and change asserted against OWNER for the breach of the Laws by CONTRACTOR
in the performance of the Works and for any damages and losses (&#147;<I>da&#241;os y perjuicios&#148;) </I>caused to
OWNER and/or third parties from such circumstance in accordance with Mexican law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other than those caused by acts or omissions of CONTRACTOR, its employees, subcontractors,
suppliers, employees, consultants and/or agents, in the execution of the Work under the terms of
this Contract, OWNER shall assume any and all environmental liabilities upon its possession of any
portion of the Building and Premises caused by its use of same; and thus, will ensure that its
operations shall be free of, and will not be subject to, any spill, environmentally harmful
accident or final disposal or recycling of any material or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">waste that is deemed hazardous or dangerous under the terms of the Laws, and agrees to indemnify
and to hold CONTRACTOR in peace and safe from harm against any all liabilities imposed on
CONTRACTOR, including penalties, losses, demands, claims, payments, suits, actions, recoveries and
judgments of an environmental nature brought against it by reason of any act, omission or
misrepresentation of OWNER, Construction Manager, its agents or employees, or any of its
Subcontractors, their agents or employees, in the execution of their operation and activities in
the Building and the Premises. OWNER shall conduct its activities in compliance with the Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OWNER agrees to indemnify and hold CONTRACTOR, its officers, representatives, board members,
employees and agents, harmless with respect to any action, proceeding, fine, penalty, information,
judgment, order, decree and change asserted against CONTRACTOR for the breach of the Laws by OWNER
in execution of its activities and for any damages and losses (&#147;<I>da&#241;os y perjuicios&#148;) </I>caused to
CONTRACTOR in accordance with Mexican law, other than those caused by acts or omissions of
CONTRACTOR, its employees, subcontractors, suppliers, employees, consultants and/or agents in the
execution of the Work under the terms of this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 27. LABOR RESPONSIBILITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties shall assume all labor responsibility for all their respective personnel assigned to or
contracted for the performance of the Work, and agree to strictly comply with all their obligations
as employers with respect to their respective personnel under the Federal Labor Law, the Mexican
Institute of Social Security Law; the National Institute of the Fund for Workers Housing Law and
all regulations and ordinances issued under any applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event the CONTRACTOR or its Subcontractors needs for any reason to hire workers that are
unionized, such workers will be preferably hired and the appropriate collective bargaining
agreements will be entered into with the same union with which the OWNER has executed a Collective
Bargaining Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties agree to indemnify and hold each other harmless in the event of any labor claim filed
by any their respective workers or employees, their Subcontractors or Suppliers as well as any
claim filed by the Mexican Institute of Social Security or the Institute of the National Fund for
Workers Housing due to their failure to make payment of their respective dues and taxes derived
from the performance of this CONTRACT. The CONTRACTOR will be obligated to appoint the OWNER as the
owner of the Work in the respective registration notice it files with the Mexican Institute of
Social Security, and it must provide to the OWNER stamped copy of said notice upon final acceptance
of the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 28. SUBCONTRACTORS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon execution of this Contract, CONTRACTOR shall submit a list of contractors for evaluation and
approval by OWNER and Construction Manager. The list of Subcontractors shall become a part hereof
as <B>Exhibit &#147;F&#148;</B>. The selection and supervision of Subcontractors shall be made by the CONTRACTOR at
its own responsibility.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR agrees that it is fully responsible towards the OWNER and Construction Manager for
all acts and omissions of its Subcontractors and of persons either directly or indirectly employed
by them, as well as for acts and omissions of persons directly employed by it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nothing contained herein or in the drawings or specifications shall create any contractual
relationship between the OWNER and any Subcontractor. The CONTRACTOR is not authorized to make any
commitment on behalf of the OWNER or Construction Manager, unless previously authorized to do so in
writing by the OWNER or OWNER&#146;S Representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR agrees to bind all Subcontractors and they in turn agree to be bound by the terms
hereof insofar as they apply to the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall not delegate to Subcontractors the responsibilities and obligations
corresponding to the CONTRACTOR under this Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall cause that all provisions contained herein in regard to warranty, changes and
modifications in the Work, final acceptance of the Work, the right to inspections by the OWNER,
OWNER&#146;S right to terminate the Contract and OWNER&#146;S right to be assigned with the subcontracts if
so chosen, be included in the Contract signed with each one of the Subcontractors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall not contract with a proposed person or entity to which the OWNER or
Construction Manager has made reasonable and timely objection. The CONTRACTOR shall not be required
to contract with anyone to whom the CONTRACTOR has made reasonable objection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall not change a Subcontractor person or entity previously selected if the OWNER
or Construction Manager makes reasonable objection to such change. The OWNER and Construction
Manager shall not request the change of a Subcontractor which they have previously authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 29. CLAIMS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Claim is a demand or assertion by one of the parties seeking, as a matter of right, adjustments
or interpretation of Contract terms, payment of money, extension of time or other relief with
respect to the terms of the Contract. The term &#147;Claim&#148; also includes other disputes and matters in
question between the OWNER and CONTRACTOR arising out of or relating to the Contract Claims must be
made by written notice. The responsibility to substantiate Claims shall rest with the party making
the Claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Decision of Construction Manager</B>. Claims, including those alleging an error or omission by the
CONTRACTOR in the preparation of the plans and specifications for the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Work, shall be referred initially to the Construction Manager for action. A decision by the
Construction Manager, shall be required as a condition precedent to arbitration and/or litigation
of Claim between the CONTRACTOR and OWNER as to all such matters arising prior to the date final
payment is due, regardless of (1)&nbsp;whether such matters relate to execution and progress of the Work
or (2)&nbsp;the extent to which the Work has been completed. The decision by the Construction Manager in
response to a Claim shall not be a condition precedent to arbitration and/or litigation in the
event (1)&nbsp;the position of Construction Manager is vacant, (2)&nbsp;the Construction Manager has not
received evidence or has failed to render a decision within agreed time limits, or (3)&nbsp;the
Construction Manager has failed to take action within ten (10)&nbsp;Days after the claim is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that any of the parties does not agree with the Construction Manager&#146;s decision of a
Claim, as set forth above, the disagreeing party may request the Engineering College in the city of
H. Matamoros, State of Tamaulipas, to appoint an expert approved by both parties, who shall be a
person of known prestige and experience in matters of industrial design and construction, in order
to resolve such Claim. The expert shall decide the dispute based upon a strict enforcement of the
rights and obligations set forth in the Contract. The decision of said expert shall be binding
upon both parties. The fees and expenses involved for the resolution of the dispute shall be
equally borne by both parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Time Limits on Claims. </B>In the understating that Claims during the warranty period will not have a
time limit to exercise them by OWNER, Claims by either party must be made within 10 Days after
occurrence of the event giving rise to such Claim or within 10 Days after the claimant first
recognizes the condition giving rise to the Claim, whichever is later. Claims must be made by
written notice. An additional Claim made after the initial Claim has been implemented by Change
Order will not be considered unless submitted in a timely manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither the final payment nor any part of the retained percentage shall become due until the
CONTRACTOR delivers to the OWNER a complete release and waiver of lien by the CONTRACTOR and
Subcontractors and Suppliers of all claims arising out of this Contract, or receipts for the full
value of the Work in lieu thereof, together with an affidavit stating that the receipts include all
the labor and materials for which a claim could be filed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The duties and obligations imposed by the Contract Documents and the rights and remedies available
thereunder shall be in addition to and not a limitation of any duties, obligations, rights and
remedies otherwise imposed or available by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 30. INSPECTIONS AND FINAL ACCEPTANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The Work shall be subject to inspection by the OWNER and its authorized representatives during
its construction and at other times and places during normal working hours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The Work shall be subject to one Final Inspection and acceptance. Such Final Inspection in
full or in part shall be made within three (3)&nbsp;Days after the corresponding
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">notice of the completion of the Work by the CONTRACTOR is delivered to the OWNER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Five (5)&nbsp;calendar days after said Final Inspection, the OWNER must accept the Work in writing
and it shall deliver the amounts retained as per paragraph (c)&nbsp;of Clause 25 (twenty-five) hereof,
minus the cost to cover the punch list items. The CONTRACTOR shall generate and publish a punch
list, containing pending or defective items that are to be completed or repaired on or before
thirty (30)&nbsp;calendar after the Final Inspection of the Work by the OWNER. The OWNER shall receive
a copy of this punch list, review it for completeness and ensure that the items listed on the punch
list are completed to the OWNER&#146;S satisfaction prior to releasing the amount withheld to cover the
cost of the punch list items. The parties shall agree on the amount to be withheld for punch list
items. Failure to include any items on the punch list will not alter the responsibility of the
CONTRACTOR to complete the Work pursuant to the Drawings and Specifications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon request of the CONTRACTOR, completed defined portions of the Work or punch list items will be
subject to inspection by the OWNER within three (3)&nbsp;Days after the OWNER is notified of their
completion, which inspections shall be in accordance with the same terms, conditions and effects as
set for the Final Inspection. Such partial inspections will not relieve CONTRACTOR from its
guarantee obligation under Clause 21 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Within three (3)&nbsp;Days after any inspection (other than the Final Inspection) requested by the
CONTRACTOR is performed, OWNER shall inform the CONTRACTOR in writing of any defects or
imperfections of the portion of the Work inspected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(e)&nbsp;If from said Final Inspection OWNER agrees with CONTRACTOR&#146;S performance of the Work, the
parties shall sign a delivery minutes for said portion of the inspected Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 31. OCCUPANCY, CONTRACTUAL PENALTY AND EARLY COMPLETION INCENTIVE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Independently of the earlier use of the Building and machinery and equipment installation to
which the OWNER has a right to, in accordance with the provisions herein, the CONTRACTOR agrees and
accepts that on the dates referred to in Clause First and Fifth herein, the OWNER shall have
&#147;Beneficial Occupancy&#148; of the Work, then receive the Work &#147;Substantially Completed&#148; and then
&#147;Finally Completed&#148;. Such terms shall be understood as defined under Clause First and Fifth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;The Work shall be subject to a comprehensive inspection prior to acceptance of each of such
phases. Such Inspections shall be made within seven (7)&nbsp;calendar days after notice that the Work is
ready for each of such phases by the CONTRACTOR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;If the inspection performed by the OWNER confirms that substantially all the Work is ready for
the corresponding phase, the OWNER must accept in writing the corresponding phase of the Building.
At the same time, as it may correspond, the respective punch list will be prepared by the OWNER
containing pending or defective items that are to be completed or repaired on or before thirty (30)
calendar Days thereafter.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;The parties agree that for the delivery of the High Bay Area, as set forth in Clause Fifth,
(a), paragraph 1 above, or delay thereof, the following penalty and incentive shall apply:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that CONTRACTOR does not deliver to OWNER the High Bay
Area, (except if such delay is due to causes directly attributable to OWNER) on
the dates established on Clause Fifth (a)&nbsp;paragraph 1; CONTRACTOR shall be liable
for a daily penalty equivalent to US$5,000.00 (Five Thousand Dollars) per each day
of delay on the dates established on the abovementioned Clause. In any event, the
parties hereby agree that the penalty herein provided will not be cumulative.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that CONTRACTOR delivers to OWNER the High Bay Area
before the dates set forth in Clause 5 (a), paragraph 1 above, then, OWNER shall
pay to CONTRACTOR a daily incentive equivalent to US$5,000.00 (Five Thousand
Dollars) per each day of early delivery of the High Bay Area to OWNER. Should the
other target dates provided in Clause 5 (a), paragraph 1, not be delivered as
early as Beneficial Occupancy of the High Bay Area, or are delivered with less
Days of early delivery, then, the incentive will be based on the fewest days of
early delivery. The number of days on the delivery dates will not be cumulative.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 32. TERMINATION OR SUSPENSION OF THE CONTRACT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Termination by the OWNER without cause.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;The OWNER, at its sole discretion, may terminate this Contract without cause for any reason
whatsoever by sending notice to the CONTRACTOR at least twenty (20)&nbsp;Days prior to the effective
date of termination specified in such notice. After receipt of notice of termination, the
CONTRACTOR shall terminate all work under the Contract immediately, but in no event later than on
the date specified in such notice and, at OWNER&#146;S option, any and all contracts with Subcontractors
shall be, to the extent possible, immediately assigned to OWNER and it may instruct CONTRACTOR to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(l)&nbsp;Terminate all orders and subcontracts chargeable to the performance of this Contract,
which may be terminated without cost;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(2)&nbsp;Terminate and settle subject to approval of the OWNER, other orders and subcontracts
where the cost of settlement will be less than costs which would be incurred if such orders
and Subcontracts were to be completed; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(3)&nbsp;Transfer to the OWNER, in accordance with OWNER&#146;S directions all materials, supplies,
work in process, facilities and equipment acquired by the CONTRACTOR in connection with the
performance of the Work and for which the CONTRACTOR
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">is to be reimbursed hereunder, and all drawings, working drawings, sketches, specifications
and information accumulated for use in the performance of the Work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall, if directed by the OWNER and to the extent stated in the notice of
termination, do such Work as may be necessary to preserve the Work in progress and to protect
material, plant and equipment on the Work or in transit thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Upon termination of the Contract and compliance by the CONTRACTOR with the provisions of the
preceding paragraph, the OWNER shall pay the CONTRACTOR in discharge of all of its obligations
under the Contract, for:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(l)&nbsp;Such portion of the Work as the CONTRACTOR and its Subcontractors shall have completed;
plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(2)&nbsp;The cost to the CONTRACTOR for materials which have been delivered to the plant site of
the OWNER up to the effective date of termination; plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(3)&nbsp;The cost to the CONTRACTOR of acquired materials and equipment to be used during the
term of the Work, for which bona fide irrevocable orders have been placed by the CONTRACTOR
prior to the effective date of termination which have not been terminated and settled
hereunder; plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(4)&nbsp;The cost to the CONTRACTOR of termination and settling orders and subcontracts in
accordance with this provision; plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(5)&nbsp;The cost to the CONTRACTOR of complying with the OWNER&#146;S directions relative to the
preservation of the Work in progress and the protection of materials, plant and equipment
on the Work or in transit thereto; plus
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(6)&nbsp;The cost incurred by CONTRACTOR in the procurement of the permits and governmental
authorizations in order to perform the Work;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(7)&nbsp;The cost and expenses arising from the reasonable settlement and/or early termination
of the CONTRACTOR&#146;S employees labor contracts directly involved in the Work, excluding
management positions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(8)&nbsp;Any other legitimate costs and expenses which CONTRACTOR actually disburse in
connection with the early termination hereof and delivers proof of same to OWNER;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(9)&nbsp;A 7% (seven percent) profit of the difference between the Contract Sum and the sum of
any and all (i)&nbsp;progress payments effectively made by OWNER to CONTRACTOR herein up to the
effective date of termination; and (ii)&nbsp;those costs to be paid, as referred in the
provisions herein above in this paragraph (b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Notwithstanding any other right of CONTRACTOR herein provided, CONTRACTOR
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall have the right to collect from OWNER, for loss, damage or otherwise, on account of such
termination by OWNER, the compensation and payment in accordance with the above provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon termination of this Contract pursuant to this Clause, OWNER shall pay to CONTRACTOR all
amounts arising therefrom within the next twenty (20)&nbsp;Days after the termination date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In any and all subcontracts entered into between the CONTRACTOR and its Subcontractors, in any and
all other commitments and obligations which the CONTRACTOR may undertake or incur, all in
connection with the Work under this Contract, the CONTRACTOR shall, to the extent possible, make
provisions consistent with this Section relative to termination of the Contract by the OWNER and
the payment of obligations in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Without prejudice to any other rights or remedies of OWNER, OWNER may, upon termination and payment
hereof:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Take possession of the site and of all materials, equipment, tools, and
construction equipment and machinery thereon owned by the OWNER;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accept assignment of subcontracts if so elected by OWNER; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Finish the Work by whatever reasonable method the OWNER may deem expedient.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 33. TERMINATION FOR BREACH OF CONTRACT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should the CONTRACTOR at any time (i)&nbsp;be adjudicated as bankrupt, makes a general assignment for
the benefit of creditors, makes or permits the appointment of a receiver for all or substantially
all its property, or fails or refuses to prosecute the Work as provided for herein or (ii)&nbsp;fails to
perform any other requirement of this Contract and does start to cure such failure within the next
five (5)&nbsp;Days after written notice thereof is given by OWNER or presents in writing reasonable
argumentation acceptable to the OWNER as to why such action is not necessary or required or (iii)
does not cure such failure within a reasonable term satisfactory to OWNER taking into consideration
such failure, the OWNER shall have the right, at its election and without prejudice to any other
remedies, to perform an inventory of the advance of the Work up to the date of termination and take
possession for the purposes of completing the Work, of all materials, tools, equipment and
appliances at the site (which are not owned by the CONTRACTOR or Subcontractors), and either
complete or employ any other person or persons to complete the Work. A copy of such inventory shall
be delivered to the CONTRACTOR. In case of such termination of the employment of the CONTRACTOR,
CONTRACTOR shall not be entitled to any further payment other than the portion of the Work
completed pursuant to the Contract Documents up to the effective date of termination, without
prejudice to OWNER&#146;S right to collect from CONTRACTOR any and all damages and losses caused to
OWNER as a result of CONTRACTOR&#146;S breach.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONTRACTOR shall be liable for the Work it has performed until the date of termination hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Should OWNER or its holding company at any time (i)&nbsp;be adjudicated as bankrupt or (ii)&nbsp;fails to
perform any of its obligations under this Contract and does not start to cure such failure within
the next five (5)&nbsp;Days of receiving written notice from CONTRACTOR of such failure, the CONTRACTOR
shall have the right to, at its own discretion, (i)&nbsp;terminate this Contract or (ii)&nbsp;request the
full compliance of OWNER&#146;S obligations hereunder, and CONTRACTOR shall have the right to collect
the reasonable cost and expenses that it may incur by reason of OWNER&#146;S failure to comply herewith,
all other amounts CONTRACTOR shall have right to as set forth in this Contract and any all damages
caused to CONTRACTOR due to OWNER&#146;S breach hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 34. TEMPORARY POWER, WATER, AND LIGHTING.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CONTRACTOR shall provide at its expense any temporary facilities and utilities required for
completion of the Work described in the specification unless otherwise specified in the documents
attached hereto as <B>Exhibit &#147;B&#148;</B>. Such temporary facilities and utilities shall include but not be
limited to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Temporary construction roads, ramps and approaches and maintain them in a
serviceable condition for use by all persons performing work in connection with this
construction project.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Main ladders and runways for the performance of the Work. Subcontractors
shall provide additional ladders and runways as required for the performance of their
own Work.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Field offices and other temporary facilities such as offices, bathrooms,
construction and storage sheds, that the CONTRACTOR and its Subcontractors may
require. The design and location of these temporary facilities shall be as approved
by the OWNER which consent must be granted or denied by the OWNER within five (5)&nbsp;Days
and shall not be unreasonably withheld. When directed by the OWNER, the CONTRACTOR
shall remove the temporary facilities and shall be responsible for Subcontractors,
removing their temporary structures from the premises if same are not necessary to
continue with the Work.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fire protection for the field offices and other temporary structures as
required. The CONTRACTOR shall provide and place in each field office and temporary
structure the fire extinguishers to treat electrical, as well as wood, textile, paper
and rubbish fires. All extinguishers shall be maintained in first class operating
condition.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Temporary dust control measures acceptable to the OWNER and Construction
Manager, at CONTRACTOR&#146;S cost.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 35. ASSIGNMENT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Contract is binding upon both parties hereto, its successors, assigns and transferees.
Neither party may assign this Contract or sublet it as a whole without the written consent of the
other, nor shall the CONTRACTOR assign any monies to become due hereunder without the previous
written consent of the OWNER. However, the parties hereof may assign this Contract to any of its
corporate affiliates or subsidiaries without the consent of each other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 36. APPLICABLE LAW AND JURISDICTION.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On everything related to the interpretation and compliance with this Contract, the parties shall
abide by the provisions of the Civil Code for the State of Tamaulipas and they submit themselves to
the jurisdiction of the Courts in Matamoros, State of Tamaulipas, United Mexican States, thus
expressly waiving any other jurisdiction to which they may be entitled to due to their present or
future domiciles or due to any other reason whatsoever.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 37. NOTICES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All notices required or desired to be given under this Contract shall be in writing and delivered
personally or sent by certified or registered mail, postage prepaid, return receipt requested,
addressed as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OWNER:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Core Composites De Mexico, S. de R.L. de C.V.</B><BR>
Prol. Ave. Uniones y Av. Michigan<BR>
Parque Industrial del Norte<BR>
Matamoros, State of Tamaulipas<BR>
M&#233;xico<BR>
Tel. (868)&nbsp;810-0060<BR>
Fax: (868)&nbsp;810-0065<BR>
Attn: Mr. <B>Mark Murfitt</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>With a copy to:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Baker &#038; McKenzie Abogados, S.C.<BR>
Oficinas en el Parque, Piso 10<BR>
Boulevard Constituci&#243;n No.&nbsp;1884, Pte.<BR>
64650 Monterrey, N.L.<BR>
Tel. (81)&nbsp;8399-1300<BR>
Fax (81)&nbsp;8399-1399<BR>
Attn.: Juan Bernardo Garc&#237;a Garza and/or Juan Salvador Vazquez Silveyra

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONTRACTOR:</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AS Construcciones del Norte, S.A. de C.V.<BR>
Calixto de Ayala #105, Altos B, Colonia San Francisco, 87350<BR>
H. Matamoros, State of Tamaulipas<BR>
Mexico<BR>
Tel: &#043;52 1 (868)&nbsp;816-1140<BR>
Fax: &#043;52 1 (868)&nbsp;813-5729<BR>
Attn: Mr.&nbsp;Victor Alfonso S&#225;nchez Ruelas

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Or to such other address as any of the parties may designate in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CLAUSE 38. SOLE AGREEMENT.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Contract as well as its Exhibits, conform the total and only agreement between the parties
hereof as of this date and shall prevail over any other prior covenant, agreement or understanding
between the parties, either written or oral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Contract is executed by the parties in Matamoros, State of Tamaulipas, on this 27 of August of
2008, in the English and Spanish languages. In the event of any discrepancy between the two texts,
the Spanish version shall prevail.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OWNER<BR>
Corecomposites de Mexico, S. de R.L. de C.V.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>By: Stephen John Klestinec</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Title: Attorney-in-Fact</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONTRACTOR</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AS Construcciones del Norte, S.A de C.V</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>By : Mr.&nbsp;Victor Alfonso Sanchez-Ruelas</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Title: Attorney-in-Fact</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>WITNESS</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WITNESS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBITS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copy of the Articles of Incorporation and current By-Laws of the OWNER.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Drawings and Specifications (Contract Documents).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copy of the Power of Attorney of the OWNER&#146;S representative.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copy of the Articles of Incorporation and current By-Laws of CONTRACTOR.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Change Order.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>List of Materials and Subcontractors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Copy of Power of Attorney of the CONTRACTOR&#146;S representative.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Butler Payment Schedule</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>High Bay Area Delivery Map</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.A
<SEQUENCE>3
<FILENAME>l34504aexv31wa.htm
<DESCRIPTION>EX-31(A)
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-31(a)</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;31(a)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 302 CERTIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Kevin L. Barnett, certify that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Based on my knowledge, this quarterly report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the period
covered by this quarterly report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Based on my knowledge, the financial statements, and other financial information included
in this quarterly report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this
quarterly report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The registrant&#146;s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and we have:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this annual report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter
(the registrant&#146;s fourth fiscal quarter in the case of the annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The registrant&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit
committee of registrant&#146;s board of directors (or persons performing the equivalent functions):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record, process, summarize and report
financial information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant&#146;s internal control over
financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date:
November&nbsp;12, 2008
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                           /s/ Kevin L. Barnett
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Kevin L. Barnett&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President, Chief Executive Officer, and
Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.B
<SEQUENCE>4
<FILENAME>l34504aexv31wb.htm
<DESCRIPTION>EX-31(B)
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-31(b)</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;31(b)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECTION 302 CERTIFICATION</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Herman F. Dick, Jr., certify that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;I have reviewed this quarterly report on Form 10-Q of Core Molding Technologies, Inc.;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Based on my knowledge, this quarterly report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the period
covered by this quarterly report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Based on my knowledge, the financial statements, and other financial information included
in this quarterly report, fairly present in all material respects the financial condition, results
of operations and cash flows of the registrant as of, and for, the periods presented in this
quarterly report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The registrant&#146;s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and we have:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in
which this annual report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the registrant&#146;s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the registrant&#146;s internal control over
financial reporting that occurred during the registrant&#146;s most recent fiscal quarter
(the registrant&#146;s fourth fiscal quarter in the case of the annual report) that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The registrant&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit
committee of registrant&#146;s board of directors (or persons performing the equivalent functions):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record, process, summarize and report
financial information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant&#146;s internal control over
financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date:
November&nbsp;12, 2008
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">     /s/ Herman F. Dick, Jr.
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Herman F. Dick, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Vice President, Secretary, Treasurer
and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.A
<SEQUENCE>5
<FILENAME>l34504aexv32wa.htm
<DESCRIPTION>EX-32(A)
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-32(a)</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;32(a)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORE MOLDING TECHNOLOGIES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Quarterly Report of Core Molding Technologies, Inc. (the &#147;Company&#148;) on
Form 10-Q for the period ended September&nbsp;30, 2008 as filed with the Securities and Exchange
Commission on the date hereof (the &#147;Report&#148;), I, Kevin L. Barnett, President, Chief Executive
Officer, and Director of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted
pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Kevin L. Barnett
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kevin L. Barnett</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer, and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;12, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-32.B
<SEQUENCE>6
<FILENAME>l34504aexv32wb.htm
<DESCRIPTION>EX-32(B)
<TEXT>
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<TITLE>EX-32(b)</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;32(b)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CORE MOLDING TECHNOLOGIES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Quarterly Report of Core Molding Technologies, Inc. (the &#147;Company&#148;) on
Form 10-Q for the period ended September&nbsp;30, 2008 as filed with the Securities and Exchange
Commission on the date hereof (the &#147;Report&#148;), I, Herman F. Dick, Jr., Vice President, Secretary,
Treasurer, and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350,
as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Herman F. Dick, Jr.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Herman F. Dick, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Secretary, Treasurer
and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;12, 2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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