<SUBMISSION>
<ACCESSION-NUMBER>0000950137-02-003301
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20020624
<FILING-DATE>20020522
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>METALCLAD CORP
<CIK>0000013547
<ASSIGNED-SIC>1700
<IRS-NUMBER>952368719
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-02000
<FILM-NUMBER>02660240
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>800 NICOLLET MALL
<STREET2>SUITE 2690
<CITY>MINNEAPOLIS
<STATE>MN
<ZIP>55402
<PHONE>612 333-0614
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>800 NICOLLET MALL
<STREET2>SUITE 2690
<CITY>MINNEAPOLIS
<STATE>MN
<ZIP>55402
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PHOENIX GEMS INC
<DATE-CHANGED>19730617
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BOWER INDUSTRIES INC
<DATE-CHANGED>19870618
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>c69240ddef14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Metalclad Corporation</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">VOTING INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Proposal No.&nbsp;1 &#151; Election of Directors</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">General</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Information Concerning Nominees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Information Concerning Directors Not Standing for Re-election</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Meetings of Board of Directors</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Committees of Board of Directors</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#007">Audit Committee</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#008">Compensation Committee</A></TD></TR>
<TR><TD></TD><TD></TD><TD colspan="7"><A HREF="#009">Nominating Committee</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Director Compensation</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">Proposal No.&nbsp;2 &#151; Increase of Shares under Stock Option Plan</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">Proposal</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013">Reason for Proposal</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#014">Summary Plan Description</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015">Federal Income Tax Consequences</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">Proposal No.&nbsp;3 &#151; Amend Articles of Incorporation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017">Proposal</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">Specific Language of Amendments</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#019">Purpose and Effect of the Amendments</A></TD></TR>
<TR><TD colspan="9"><A HREF="#020">Executive Compensation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#021">Information Concerning Non-Director Executive Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#022">Summary Compensation Table</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#023">Option Grants in Last Fiscal Year</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024">Aggregated Option Exercises and Year End Option Values</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#025">Equity Compensation Plan Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">Compensation Committee Report</A></TD></TR>
<TR><TD colspan="9"><A HREF="#027">CERTAIN TRANSACTIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#028">Transactions with Executive Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#029">Change in Control</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#030">Vesting of Directors&#146; Options</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#031">Loan to Affiliate of Wayne Mills</A></TD></TR>
<TR><TD colspan="9"><A HREF="#032"> STOCK PERFORMANCE GRAPH</A></TD></TR>
<TR><TD colspan="9"><A HREF="#033"> COMMON STOCK OWNERSHIP</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#034">Share Ownership of Management</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#035">Share Ownership of Certain Beneficial Owners</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#036">Reporting Under Section&nbsp;16(a) of the Securities Exchange Act of 1934</A></TD></TR>
<TR><TD colspan="9"><A HREF="#037">AUDIT COMMITTEE REPORT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#038">INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#039">Auditors</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#040">Audit Fees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#041">All Other Fees</A></TD></TR>
<TR><TD colspan="9"><A HREF="#042">SHAREHOLDER PROPOSALS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2"><B>SCHEDULE 14A<BR>
</B>


<P align="center"><B>Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;)</B></FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed by the
registrant &nbsp;&nbsp;<FONT face="wingdings">&#120;</font></FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a party other than the registrant &nbsp;&nbsp;<img src="c69240dpi5-110.gif"></FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-110.gif">&nbsp;&nbsp; Preliminary proxy statement</FONT></TD>
</TR>
</TABLE>
<p>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-110.gif">&nbsp;&nbsp;
Confidential, for use of the Commission only (as permitted by Rule&nbsp;14a-6(e)(2).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-178.gif">&nbsp;&nbsp; Definitive proxy statement.</FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-110.gif">&nbsp;&nbsp; Definitive additional materials.</FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-110.gif">&nbsp;&nbsp;
Soliciting material pursuant to &#167;240.14a-12.</FONT></TD>
</TR>
</TABLE>


<P align="center">
<HR size="1">
<DIV align="center"><FONT size="2">Metalclad Corporation<BR>(Name of Registrant as Specified in Its Charter)</FONT></DIV>

<p>
<HR size="1">
<P align="center"><FONT size="2">(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of filing fee (check the appropriate box):</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#120;</font>&nbsp;&nbsp; No fee required.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-110.gif">&nbsp;&nbsp; Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-110.gif">&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src="c69240dpi5-110.gif">&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1">


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

<P align="center"><FONT size="2">May&nbsp;24, 2002
</FONT>

<P align="left"><FONT size="2">&nbsp;
</FONT>

<P align="left"><FONT size="2">Dear Shareholder:
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is my first correspondence with you since becoming the Chief
Executive Officer of Metalclad Corporation. I first started investing in
Metalclad because of the potential I saw for its future growth. I want to
assure you that I sought this position because I felt more had to be done to
realize the potential of Metalclad, and believed that I could spearhead that
process.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since I own approximately 22% of Metalclad&#146;s common stock, my interests
are closely aligned with those of the shareholders. Being heavily invested in
Metalclad, it is in my best interests, as well as yours, that we are successful
in our efforts to increase shareholder value. Let me assure you that will be
my focus.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of the annual meeting of the shareholders of Metalclad
Corporation, to be held on June&nbsp;24, 2002, along with the Annual Report on Form
10-K, Proxy Statement and form of proxy, are enclosed. The proposals you are
being asked to vote on are extremely important. Those items are a cornerstone
of my efforts to increase shareholder value. We need your help to go forward.
I encourage you, therefore, to vote in favor of all of our proposals.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions about our proposals, please feel free to call me
or Brian Niebur at (612)&nbsp;333 0614. If you don&#146;t initially get in contact with
Brian or me, please leave a message, and we will get back to you as soon as
possible.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hope to see you at the annual meeting.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="50%"><FONT size="2">Very truly yours,</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="50%"><FONT size="2">/s/ Wayne W. Mills</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="50%"><FONT size="2">Wayne W. Mills</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2"></FONT>



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

<P align="center"><FONT size="2"><B>METALCLAD CORPORATION</B><BR>
800 Nicollet Mall, Suite&nbsp;2690<BR>
Minneapolis, Minnesota 55402</FONT>

<p>


<HR size="1" noshade width="18%">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
to be held on<BR>
June&nbsp;24, 2002</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<p>

<HR size="1" noshade width="18%">






<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby furnished to the shareholders of Metalclad Corporation (a Delaware
corporation) of record as of the close of business on April&nbsp;26, 2002, of the Annual Meeting
of&nbsp;shareholders thereof, to be held at 3:00 p.m. on June&nbsp;24, 2002, at the Hyatt Regency Hotel, 1300
Nicollet Mall, Minneapolis, Minnesota, for the following purposes:

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="2%"></TD>
        <TD width="98%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To elect the members of the Board of Directors of Metalclad Corporation;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To vote on a proposal to increase the number of shares of Metalclad Corporation&#146;s
common stock available under its 2000 Omnibus Stock Option and Incentive Plan from
1,000,000 to 2,000,000;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To vote on a proposal to amend Metalclad Corporation&#146;s Certificate of Incorporation
to change its name to Entrx Corporation, and to increase its authorized preferred stock from
1,500,000 to 5,000,000 shares; and</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To transact such other business as may properly come before the meeting, or any
adjournment thereof.</FONT></TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only shareholders of record as of the close of business on April&nbsp;26, 2002, or their legal
representatives, are entitled to notice and to vote at the Annual Meeting or any adjournment thereof.
Each shareholder is entitled to one vote per share on all matters to be voted on at the Annual Meeting.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Proxy, Proxy Statement and the 2001 Annual Report on Form&nbsp;10K are enclosed herewith.
You are requested to complete and sign the Proxy, which is being solicited by the Board of Directors
and management of Metalclad Corporation, and to return it in the envelope provided.

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="22%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="53%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
By Order of the Board of Directors</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<I>Chairman of the Board</I></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">May&nbsp;24, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<!-- /TOC -->






<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>TABLE OF CONTENTS</B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Voting Information</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Proposal No.&nbsp;1 &#151; Election of Directors</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">General<br>
Information Concerning Nominees<br>
Information Concerning Directors Not Standing for Re-election<br>
Meetings of Board of Directors<br>
Committees of Board of Directors<br></FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Audit Committee<br>
Compensation Committee<br>
Nominating Committee</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Director Compensation</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Proposal No.&nbsp;2 &#151; Increase of Shares under Stock Option Plan</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Proposal<br>
Reason for Proposal<br>
Summary Plan Description<br>
Federal Income Tax Consequences<br></FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Proposal No.&nbsp;3 &#151; Amend Articles of Incorporation</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Proposal<br>
Specific Language of Amendments<br>
Purpose and Effect of the Amendments<br></FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Executive Compensation</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Information Concerning Non-Director Executive Officers<br>
Summary Compensation Table<br>
Option Grants in Last Fiscal Year<br>
Aggregated Option Exercises and Year End Option Values<br>
Equity Compensation Plan Information<br>
Compensation Committee Report</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Certain Transactions</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Transactions with Executive Officers<br>
Change in Control<br>
Vesting of Directors&#146; Options<br>
Loan to Affiliate of Wayne Mills</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Stock Performance Graph</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Common Stock Ownership</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Share Ownership of Management<br>
Share Ownership of Certain Beneficial Owners<br>
Reporting Under Section&nbsp;16(a) of the Securities Exchange Act of 1934</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Audit Committee Report</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Independent Auditors</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Auditors<br>
Audit Fees<br>
All Other Fees</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Shareholder Proposals</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">&nbsp;</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>METALCLAD CORPORATION</B><BR>
800 Nicollet Mall, Suite&nbsp;2690<BR>
Minneapolis, Minnesota 55402</FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>PROXY STATEMENT<BR>
2002 ANNUAL MEETING OF SHAREHOLDERS</B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished to the shareholders of Metalclad Corporation
(hereinafter referred to as &#147;Metalclad&#148;), in connection with the solicitation by the Board
of Directors of Metalclad of proxies to be voted at the annual meeting of Metalclad
shareholders (the &#147;Meeting&#148;), to be held at 3:00 p.m. on June&nbsp;24, 2002 at the Hyatt
Regency Hotel, 1300 Nicollet Mall, Minneapolis, Minnesota. This Proxy Statement and
the accompanying Proxy were first mailed on approximately May&nbsp;24, 2002 to the
shareholders of record of Metalclad as of the close of business on April&nbsp;26, 2002.

</FONT>


<!-- link1 "VOTING INFORMATION" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>VOTING INFORMATION</B>
</FONT>

<P><FONT size="2"><B><I>Who is entitled to vote?</I></B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of common stock of Metalclad who are shareholders of record on April
26, 2002, may vote at the Meeting. As of April&nbsp;26, 2002, there were 7,674,015 shares
of Metalclad&#146;s common stock outstanding.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B><I>What are you voting on?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, the following matters will be voted on:

</FONT>


<P>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">The election of five members of the Board of Directors of Metalclad.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">An increase in the number of shares of common stock available in
Metalclad&#146;s 2000 Stock Option Plan from 1,000,000 shares to 2,000,000
shares.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Amendments to the Certificate of Incorporation of Metalclad to change its
name to &#147;Entrx Corporation,&#148; and in general to increase the number of
authorized shares of preferred stock from 1,500,000 to 5,000,000.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Other matters incident to the conduct of the Meeting.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B><I>How does the Board recommend you vote on the proposals?</I></B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board recommends you vote your shares <B>FOR </B>the election of each of
Metalclad&#146;s nominees for director, <B>FOR </B>an increase in the number of shares available for
purchase under Metalclad&#146;s 2000 Omnibus Stock Option and Incentive Plan, and <B>FOR </B>the
proposed amendments to Metalclad&#146;s Certificate of Incorporation. An abstention from
voting on any
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">-1-</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">proposal or a broker non-vote, except for the election of directors, is the
same as a vote against the proposal.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B><I>Who will be soliciting your vote?</I></B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors is soliciting your vote by mail through this Proxy Statement.
However, your vote may also be solicited in person or by telephone by directors, officers
or employees of Metalclad. Brokers/dealers, nominees, fiduciaries and other custodians
will be requested to forward soliciting materials to beneficial owners of the Company&#146;s
common stock, and will be reimbursed for their expenses in connection with that activity.
The cost of all of this solicitation is being paid for by Metalclad.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B><I>How can you vote?</I></B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your shares as a shareholder of record, you can vote in person at the
Meeting or you can vote by mail. You are a &#147;shareholder of record&#148; if you hold your
shares directly in your own name. If you hold your shares indirectly in the name of a
bank, broker or other nominee, you are a &#147;street name shareholder.&#148; If you are a street
name shareholder, you will receive instructions from your bank, broker or other nominee
describing how to vote your shares.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B><I>How do you vote by Mail?</I></B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can vote by mail by following the instructions on the accompanying proxy
card, signing the card, and mailing it to the address noted on the card or by using the
accompanying envelope provided for that purpose. The proxies named on the proxy card
will vote your shares in accordance with your instructions. If you sign and submit your
proxy card without giving instructions, the proxies named on the proxy card will vote your
shares as recommended by the Board of Directors.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B><I>How can you revoke your proxy card?</I></B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder of record, you can revoke your proxy card by:

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Submitting a new proxy card;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Giving written notice before the meeting to Metalclad&#146;s Secretary, at
800 Nicollet Mall, Suite&nbsp;2690, Minneapolis, Minnesota 55402,
stating that you are revoking your proxy card; or</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Attending the Meeting and voting your shares in person.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merely attending the meeting without voting will not revoke your proxy.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a street name shareholder, you may revoke your proxy only as instructed
by the bank, broker or other nominee holding your shares.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-2-</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"><B><I>How do you sign the proxy card?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sign your name exactly as it appears on the proxy card. If you are signing in a
representative capacity (for example, as a guardian, trustee, executor, administrator,
attorney or the officer or agent of a company), include your name and title or capacity.
If the shares are held in custody (for example, under the Uniform Transfer to Minors Act),
the custodian should sign, not the minor or other beneficiary. If the shares are held in
joint ownership, both owners must sign.

</FONT>


<P><FONT size="2"><B><I>What does it mean if you receive more than one proxy or voting instruction card?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It means your shares are registered differently or are in more than one account.
Please provide voting instructions for all proxy and voting instruction cards you receive
to ensure all your shares are voted.

</FONT>


<P><FONT size="2"><B><I>What constitutes a quorum?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum of shareholders is necessary to hold a valid meeting of shareholders. A
majority of the outstanding shares, present in person or represented by proxy, constitutes
a quorum for the Meeting. Abstentions and broker non-votes (as described below) are
counted as present for establishing a quorum.

</FONT>


<P><FONT size="2"><B><I>How can you cast your vote for directors?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may cast your vote for any nominee as a member of the Board of Directors two
ways. You may cast one vote for each share you own for each nominee, or you may
cumulate your votes. In order to cumulate your votes, you would multiply the number of
directors to be elected (five in this case) by the number of shares you own. This is the
total (or cumulative) number of votes you can exercise. You may then cast this cumulative
number of votes for one nominee, or distribute those votes among two or more nominees
in any proportion you desire. In an uncontested election there is normally no need to
cumulate votes.

</FONT>


<P><FONT size="2"><B><I>How many votes are needed for approval of each proposal?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons nominated to be a member of the Board of Directors are elected by a
plurality. That is, since there are five directorships established by the Board of Directors,
those five nominees who receive the greatest number of votes will be elected as members
of the Board of Directors, regardless of whether they receive the affirmative vote of the
shareholders owning a majority of the shares of common stock present in person or by
proxy. In an uncontested election, the plurality requirement is not a factor.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase of the number of shares of Metalclad&#146;s common stock available for
issuance under the 2000 Omnibus Stock Option and Incentive Plan requires the affirmative
vote of Metalclad&#146;s shareholders owning a majority of the shares present at the Meeting.
This includes shareholders present in person and shareholders who have submitted proxy
cards.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-3-</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendments to Metalclad&#146;s Certificate of Incorporation require the affirmative
vote of Metalclad&#146;s shareholders owning a majority of the outstanding shares of common
stock.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B><I>What is a broker non-vote?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A broker non-vote occurs when a broker submits a proxy card that does not indicate
a vote for some of the proposals because the broker did not receive instructions from the
beneficial owner on how to vote on those proposals and does not have discretionary
authority to vote in the absence of instructions.

</FONT>


<P><FONT size="2"><B><I>How can you attend the Meeting?</I></B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a shareholder of record on April&nbsp;26, 2002, you can attend the meeting
by presenting acceptable identification at the Meeting. If you are a street name shareholder
you may attend the meeting by presenting acceptable identification along with evidence of
your beneficial ownership of Metalclad common stock.

</FONT>


<!-- link1 "Proposal No.&nbsp;1 &#151; Election of Directors" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>Proposal No.&nbsp;1<BR>
ELECTION OF DIRECTORS</B></FONT>




<!-- link2 "General" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2"><B>General</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five persons, four of whom are currently members of Metalclad&#146;s Board of
Directors, are being nominated for election at the Meeting. Unless otherwise directed, it
is the intention of those appointees named in the accompanying Proxy to vote for the
election of Kenneth W. Brimmer, Joseph M. Caldwell, Gary W. Copperud, Wayne W.
Mills and Joseph M. Senser as the members of Metalclad&#146;s Board of Directors. Each
nominee is being nominated for a term of approximately one year, until the next annual
meeting of Metalclad&#146;s shareholders. Messrs.&nbsp;Brimmer, Copperud, Mills and Senser were
appointed as members of Metalclad&#146;s Board of Directors on February&nbsp;13, 2002, to fill
vacancies then existing on the Board of Directors. Mr.&nbsp;Caldwell has not previously served
as a member of the Board of Directors. J. Thomas Talbot, Raymond J. Pacini and Daniel
D. Lane, who are currently members of the Board of Directors, are not standing for
reelection.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MANAGEMENT RECOMMENDS A VOTE IN FAVOR OF EACH OF THE
PROPOSED NOMINEES LISTED BELOW, AND THE PROXIES WILL BE VOTED
IN FAVOR OF SUCH PROPOSED NOMINEES OR AS OTHERWISE DIRECTED.</B>

</FONT>


<!-- link2 "Information Concerning Nominees" -->
<DIV align="left"><A NAME="003"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>Information Concerning Nominees</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, initial year of service as a director, age and respective position of each
nominee as a director of Metalclad as of the date of this Proxy Statement, are as follows:

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-4-</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="37%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="42%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Director Since</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Age</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Position</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Kenneth W. Brimmer(1)(2)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
2002
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">46
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Chairman of the Board and Director</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Wayne W. Mills</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
2002
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">47
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">President, Chief Executive Officer
and a Director</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">Gary W. Copperud(1)(2)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
2002
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">44
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">Joseph M. Senser(1)(2)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
2002
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">45
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">Joseph M. Caldwell</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
N/A
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">34
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Nominee As Director</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="3%" align="center" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="92%"><FONT size="2">Member of the Compensation Committee since February&nbsp;13, 2002.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>

      <TD width="1%" align="center" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="96%"><FONT size="2">Member of the Nominating Committee since February&nbsp;13, 2002.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business experience, principal occupations and directorships in publicly-held
companies for the persons nominated to be directors of Metalclad are set forth below.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenneth W. Brimmer was the chief executive officer and chief financial officer of
Active IQ Technologies, Inc., from March, 2000 until December, 2001, and continues to
act as its chairman of the board of directors. Active IQ Technologies, Inc., which is
headquartered in Minnetonka, Minnesota, is engaged in providing accounting and financial
management software and services, as well as other software and e-business solutions, to
small and medium sized companies, and is listed on the NASDAQ System under the
symbol AIQT. Until April, 2000, Mr.&nbsp;Brimmer was an executive officer of Rainforest
Cafe, Inc., which had offices in Hopkins, Minnesota, serving as its treasurer from 1995,
and its president from April, 1997. Rainforest Cafe, Inc. was the owner and operator of
the &#147;Rainforest Cafe&#148; restaurants located throughout the United States and in several
foreign countries. From 1990 until 1997, Mr.&nbsp;Brimmer was also engaged in an executive
position with Grand Casino, Inc., in Minneapolis, Minnesota, which primarily owned or
managed gaming casinos in Minnesota, Mississippi and Louisiana. Mr.&nbsp;Brimmer is a
certified public accountant. Mr.&nbsp;Brimmer currently serves on the board of directors of
Rainforest Cafe, Inc., a wholly-owned subsidiary of Landry&#146;s Restaurants, Inc., New
Horizons Kid Quest, Inc., Hypertension Diagnostics, Inc. and Sterion Incorporated. Mr.
Brimmer is currently the chairman of the board of directors of both Sterion Incorporated
and Hypertension Diagnostics, Inc.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayne W. Mills has been the president and chief executive officer of Metalclad
since February&nbsp;13, 2002. Mr.&nbsp;Mills is the owner and manager of Blake Capital Partners,
LLC, which he formed in September, 1999, primarily to provide consulting services in the
areas of capital formation, and mergers and acquisitions. From May, 1991 until
September, 1999, Mr.&nbsp;Mills was a registered representative with RJ Steichen &#038; Co., a
broker/dealer in Minneapolis, Minnesota.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph M. Senser is the owner of Joe Senser&#146;s Sports Grill, Inc. which owns and
operates three restaurants in the Minneapolis, Minnesota metropolitan area. Mr.&nbsp;Senser

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-5-</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">opened his first restaurant in 1987. From 1995 until August, 2000, Mr.&nbsp;Senser also acted
as director of community relations for Grand Casino Mille Lacs and Grand Casino
Hinckley, which are native American owned and operated gaming casinos in north-central
Minnesota. Since August, 2000, Mr.&nbsp;Senser has acted as a manager of two related non-
profit organizations, the Milton Hershey School and the Hershey Trust. The Milton
Hershey School, with funding from the Hershey Trust, provides grades K through 12
education and living facilities in Hershey, Pennsylvania, for financially disadvantaged
children.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary W. Copperud has been the president and general manager of CMM Properties,
LLC, in Fort Collins, Colorado, since 1983. CMM Properties, LLC is primarily engaged
in making investments in real estate and equity securities, and the management of those
investments.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph M. Caldwell has been chief executive officer and a member of the board of
directors of Marix Technologies, Inc. since May, 2000. Marix is a privately held
company based in Minneapolis, Minnesota that develops and markets software designs to
facilitate and control offsite access to software applications and access to information.
From March, 1995 to May, 2000, Mr.&nbsp;Caldwell was the chief executive officer of US
Internet Corporation, a Minneapolis-based privately held Internet service provider, with
service in over 1,300 cities nationwide and over 110 cities internationally. In June, 1998,
he co-founded Net Lifestyles, Inc., and has served as co-chairman from June, 1998 to the
present. Net Lifestyles is a privately held direct sales company marketing websites,
e-commerce solutions, and Internet access to individuals and small businesses.

</FONT>


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<DIV align="left"><A NAME="004"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>Information Concerning Directors Not Standing for Re-election</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Thomas Talbot is the owner of The Talbot Company, an investment and asset
management company, and has been the chief executive officer of HAL, Inc., the parent
company of Hawaiian Airlines. He currently serves on the boards of directors of The
Hallwood Group, Inc., Fidelity National Financial, Inc., California Costal Communities,
Inc., Competisys LLC and The Pacific Club. Mr.&nbsp;Talbot has been a director and served
on the Audit Committee of Metalclad since March, 1999, and served on the Compensation
Committee from March, 1999 until February, 2002.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond J. Pacini is the president, chief executive officer, and a director of
California Coastal Communities, Inc. (formerly Koll Real Estate Group, Inc.), where he
has been employed since 1990. Prior to 1998, he was the executive vice president and
chief financial officer of Koll Real Estate Group, Inc. Mr.&nbsp;Pacini has been a director and
served on the Audit Committee of Metalclad since March, 1999, and served on the
Compensation Committee from March, 1999 until February, 2002.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel D. Lane has been the chief executive officer and principal owner of
Lane/Kuhn Pacific, Inc. since 1983. Lane/Kuhn Pacific, Inc., with offices in Newport
Beach, California, is involved in the construction of condominiums and single family
homes, and the

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-6-</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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<P><FONT size="2">development of master-planned communities. Mr.&nbsp;Lane has been in the
development of single family home projects since 1960. Mr.&nbsp;Lane has been a director and
served on the Audit Committee of Metalclad since October, 2001.

</FONT>


<!-- link2 "Meetings of Board of Directors" -->
<DIV align="left"><A NAME="005"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>Meetings of Board of Directors</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2001 the Board of Directors held five
meetings, and acted by unanimous written consent on three occasions. Each member of
the Board of Directors was present for more than 75% of the meetings. None of the
current nominees proposed for election to the Board of Directors served as a director in
the year ended December&nbsp;31, 2001.

</FONT>


<!-- link2 "Committees of Board of Directors" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2"><B>Committees of Board of Directors</B>
</FONT>

<!-- link3 "Audit Committee" -->
<DIV align="left"><A NAME="007"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Audit Committee. </I></B>The Audit Committee has the responsibility of (i)&nbsp;reviewing
audited annual financial statements, and reports and financial statements submitted to any
governmental body or disclosed to the public; (ii)&nbsp;consulting with Metalclad&#146;s independent
auditors on various audit and financial personnel issues, including questions of
independence, disagreement between the auditors and Metalclad&#146;s financial personnel,
reviewing of internal financial controls: (iii)&nbsp;recommending to the Board of Directors the
engagement of independent accountants to audit the financial statements of Metalclad, and
reviewing the performance of such accountants; (iv)&nbsp;reviewing and considering the
appropriateness of accounting principals or practices applied to Metalclad&#146;s financial
statements; and (v)&nbsp;reviewing Metalclad&#146;s financial personnel and organization. The Audit
Committee held two meetings during the year ended December&nbsp;31, 2001.

</FONT>


<!-- link3 "Compensation Committee" -->
<DIV align="left"><A NAME="008"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compensation Committee. </I></B>The Compensation Committee, which consists solely
of non-employee directors, has the obligation to adopt policies applicable to the
establishment and the compensation of Metalclad&#146;s executive officers, and has authority
to consider and recommend to the Board of Directors the salaries, bonuses, share options,
and other forms of compensation of those executive officers. The Compensation
Committee held two meetings during the year ended December&nbsp;31, 2001.

</FONT>


<!-- link3 "Nominating Committee" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nominating Committee. </I></B>Metalclad&#146;s Nominating Committee was established by
the Board of Directors in February, 2002. The Nominating Committee has the authority
to consider the qualifications of and recommend each candidate and incumbent for election
as a director of Metalclad and to nominate candidates to fill Board of Directors vacancies.
In the future, the Nominating Committee will consider shareholder nominations of
candidates for election as directors of Metalclad upon receipt of a written request provided
to Metalclad&#146;s Nominating Committee no later than December&nbsp;31 of the calendar year
preceding the next annual meeting of shareholders together with the written consent of
such person to serve as a director.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-7-</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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<!-- link2 "Director Compensation" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left"><FONT size="2"><B>Director Compensation</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Thomas Talbot, Raymond J. Pacini and Daniel D. Lane, as non-employee
members of the Board of Directors during 2001 and through the date of the Meeting, are
each entitled to receive $2,500 per calendar quarter, $1,000 for attendance at each Board
of Directors meeting and $500 for attendance at each meeting of a Committee of the Board
of Directors. For 2001, Messrs.&nbsp;Talbot, Pacini and Lane received $14,000, $14,000 and
$5,000, respectively, as members of the Board of Directors. In 2001 Metalclad granted
stock options to purchase 25,000 shares of Metalclad&#146;s Common Stock to each of
J.&nbsp;Thomas Talbot, Raymond J. Pacini and Daniel D. Lane. In addition, options to
purchase 20,000 shares of Metalclad common stock were granted to
Messrs.&nbsp;Talbot and Pacini in June, 2001, as members of the compensation committee of the Board of Directors
under the terms of Metalclad&#146;s 2000 Omnibus Stock Option and Incentive Plan. Options
for 45,000 shares were similarly granted to Bruce H. Haglund who was a member of the
Board of Directors and compensation committee through February&nbsp;13, 2002. The options
discussed in this paragraph are exercisable at $2.00 per share, are fully vested and expire
in 2011. (See &#147;CERTAIN TRANSACTIONS &#151; Vesting of Directors Options&#148;)

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary W. Copperud, Kenneth W. Brimmer and Joseph M. Senser, who were elected
as members of the Board of Directors on February&nbsp;13, 2002, were each granted options
to purchase 50,000 shares of Metalclad&#146;s Common Stock at a price of $2.50 per share on
March&nbsp;4, 2002; 16,700 shares of which are immediately exercisable, an additional 16,700
shares of which will be exercisable after March&nbsp;4, 2003, and all shares which will be
exercisable after March&nbsp;4, 2004. These options will vest only while each optionee remains
as a member of the Board of Directors, and expire on March&nbsp;5, 2009. In addition, the
Board of Directors established a plan whereby each member of Metalclad&#146;s Board of
Directors would receive a stock option for 10,000 shares of Metalclad&#146;s common stock in
January of each year, at the then fair market value of the shares. The options granted to
Messrs.&nbsp;Copperud, Brimmer and Senser will only be effective if Proposal No.&nbsp;2 below,
increasing the number of shares available for option grants under Metalclad&#146;s 2000
Omnibus Stock Option and Incentive Plan, is adopted by the shareholders. There is no
current plan to pay any cash compensation to the members of the Board of Directors
elected at the Meeting.

</FONT>


<!-- link1 "Proposal No.&nbsp;2 &#151; Increase of Shares under Stock Option Plan" -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="center"><FONT size="2"><B>Proposal No.&nbsp;2<BR>
INCREASE OF SHARES UNDER STOCK OPTION PLAN</B>
</FONT>

<!-- link2 "Proposal" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="left"><FONT size="2"><B>Proposal</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has proposed to amend Article&nbsp;VI of Metalclad&#146;s 2000
Omnibus Stock Option and Incentive Plan (the &#147;Plan&#148;) to change the number of shares of
common stock authorized for issuance under the Plan from 1,000,000 to 2,000,000 shares
of common stock. The proposed amendment to the second sentence of Article&nbsp;VI of
Metalclad&#146;s Plan reads as follows:
</FONT>


<P align="center"><FONT size="2">-8-</FONT>

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<P>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">&#147;The aggregate number of shares which may be issued as Awards or upon
the exercise of Award under the Plan shall not exceed 2,000,000 Shares.&#148;</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MANAGEMENT RECOMMENDS ADOPTION OF THE PROPOSED
AMENDMENT TO THE PLAN, AND THE PROXIES WILL BE VOTED IN
FAVOR OF SUCH PROPOSAL OR AS OTHERWISE DIRECTED.</B>

</FONT>


<!-- link2 "Reason for Proposal" -->
<DIV align="left"><A NAME="013"></A></DIV>
<P><FONT size="2"><B>Reason for Proposal.</B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Proxy Statement, there were outstanding options granted under
the Plan to purchase an aggregate of 990,000 of Metalclad&#146;s shares of common stock.
These options have been granted under the Plan to the executive officers, employees and
directors of Metalclad and certain of its subsidiaries. Metalclad&#146;s management believes
that granting options for the purchase of common stock of Metalclad will assist it in
attracting and retaining persons of desired ability as key employees and directors of
Metalclad and its subsidiaries, and to motivate such persons to exert their best efforts on
behalf of Metalclad and its subsidiaries. Adoption of the proposed amendment to the Plan
would authorize a sufficient number of shares of Metalclad&#146;s common stock for options
to be granted to such individuals in the future.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board of Directors of Metalclad granted seven year options for
50,000 shares each to Kenneth W. Brimmer, Gary W. Copperud and Joseph M. Senser,
at $2.50 per share, one-third of which will vest immediately, and the remainder which will
vest over two years. The Board of Directors also granted options to Wayne W. Mills and
Brian D. Niebur for 150,000 and 50,000 shares, respectively, at $2.50 per share, vesting
ratably over three years. Mr.&nbsp;Mills&#146; option is for five years, and Mr.&nbsp;Niebur&#146;s option is
for seven years. These options are subject to the approval by Metalclad&#146;s shareholders of
the proposed increase in shares available for options under the Plan.

</FONT>


<!-- link2 "Summary Plan Description" -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="left"><FONT size="2"><B>Summary Plan Description</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Metalclad adopted the Plan in September, 2000 for key
employees and directors of Metalclad and its subsidiaries, a group currently consisting of
approximately 10 persons. The Plan was approved by the shareholders of Metalclad in
November of 2000. The Plan allows for the granting of Awards involving Metalclad&#146;s
common stock in the form of options to purchase stock, stock appreciation rights, stock
payments and other similar rights. Options may be granted under the Plan as either
incentive stock options that qualify for favorable tax treatment upon exercise afforded by
Section&nbsp;422 of the Internal Revenue Code of 1986, as amended, or non-statutory options
that do not qualify for such favorable tax treatment. The Plan may be administered by the
Board of Directors or by a committee comprised of two or more members of the Board of
Directors. The Plan is currently administered by the Board of Directors. The term
&#147;Committee&#148; when used in this discussion of the Plan means the Board of Directors
where, as is currently the case, no committee has been established.

</FONT>


<P align="center"><FONT size="2">-9-</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted under the Plan under such terms and granted under the Plan
conditions as the Committee may determine from time to time, provided that options must
be exercised within a period of not more than ten years after the date the option is granted
(except that options granted to an owner of 10% or more of Metalclad&#146;s outstanding shares
of common stock must be exercised within five years from the date the option is granted).
Options will generally be granted after recommendation by management. In general,
Metalclad will not receive any cash or other consideration for the granting or extension of
options, but options are generally issued in recognition of services rendered or to be
rendered to Metalclad or its subsidiaries.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An optionee granted an incentive stock option or stock appreciation right must
remain an employee of Metalclad or its subsidiary in order to retain any incentive stock
option rights not exercisable. If the optionee&#146;s employment is terminated (other than by
disability or discharge for cause) such optionee or his estate, in the case of death, may,
within three months of such termination, or if an optionee&#146;s employment is terminated due
to disability, such optionee may, within 12&nbsp;months of such termination, exercise any
unexercised portion of his or her option to the extent exercisable at the time of termination.
If an optionee is discharged for cause, his or her option terminates as of the date of
discharge.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of the shares of common stock covered by any incentive stock
option granted under the Plan cannot be less than the fair market value of the shares on the
date the option is granted, as determined by the Committee, except that in the case of
owners of 10% or more of Metalclad&#146;s outstanding shares of common stock, the exercise
price may not be less than 110% of the fair market value of the shares on the date the
option is granted. The exercise price of the shares of common stock covered by a non-
statutory stock option granted under the Plan cannot be less than 85% of the fair market
value of the shares on the date the option is granted, as determined by the Committee.
Options may be exercised through the payment of cash, or with Metalclad&#146;s consent, by
the transfer of Metalclad&#146;s shares of common stock already owned by the optionee, at the
fair market value on the date of exercise, or any combination of cash and shares of
common stock. Except for non-statutory options, the aggregate fair market value of shares
of common stock with respect to which an incentive stock option is exercisable for the first
time during any calendar year by any one person may not exceed $100,000. Options need
not be exercised in the order granted.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Plan, each member of the Board of Directors who is a member of the
Compensation Committee on June 1 of each year, during the term of the Plan, is entitled
to a &#147;formula award&#148; in the form of a non-statutory stock option for 20,000 shares of
common stock at the fair market value as of that date. These options vest ratably over a
three year period. The term of the options is at the discretion of the Board of Directors,
within their limits described above. All formula award options vest upon a change of
control of Metalclad.

</FONT>


<P align="center"><FONT size="2">-10-</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock appreciation rights are rights, granted to an employee under the Plan, to
receive cash or Metalclad common stock based upon and equal to the market price increase
of Metalclad&#146;s common stock over a fixed period. No stock appreciation right has been
granted under the Plan.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock purchase agreements are rights granted to an employee to purchase
Metalclad&#146;s common stock at a discount of not more than 75% of the fair market value of
Metalclad&#146;s common stock, executable within 60&nbsp;days of the date the right was granted.
No rights under a stock purchase agreement have been granted.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may at any time suspend or terminate the Plan or modify
the Plan to make certain administrative changes, such as changes imposed by changing tax
laws. The Board of Directors may not materially (i)&nbsp;increase the benefits accruing to
participants under the Plan, (ii)&nbsp;increase the maximum number of shares of common stock
as to which options may be granted under the Plan, or (iii)&nbsp;modify the requirements as to
eligibility for participation in the Plan without further approval by the shareholders of
Metalclad.

</FONT>


<!-- link2 "Federal Income Tax Consequences" -->
<DIV align="left"><A NAME="015"></A></DIV>
<P align="left"><FONT size="2"><B>Federal Income Tax Consequences</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of Metalclad&#146;s understanding of the federal
income tax consequences of Awards granted under the Plan.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person receiving an option under the Plan (an &#147;Optionee&#148;) will not realize taxable
compensation income upon the grant of an incentive stock option. In addition, assuming
certain holding period requirements are met, an optionee will not realize regular taxable
income upon the exercise of an incentive stock option if the option is exercised while the
optionee is an employee of Metalclad or any of its subsidiaries or within three months after
terminating employment (or within one year after terminating employment by reason of
permanent and total disability). The amount by which the fair market value of the shares
of common stock exceeds the exercise price of the options at the time of exercise is an item
of tax preference for purposes of the alternative minimum tax, which, for some optionees,
could trigger liability for the alternative minimum tax. To qualify for favorable tax
treatment, shares of common stock acquired upon exercise of any incentive stock option
must be held for at least two years from the date of grant of the option and one year from
the date of exercise. Gain upon the sale of shares of common stock acquired pursuant to
exercise of an incentive stock option, but not meeting the holding period requirements
described above (referred to hereafter as a &#147;disqualifying disposition&#148;), will be taxed at
ordinary income rates up to the amount of gain which was deferred upon exercise of the
incentive stock option. Gain in excess of such amount will qualify as long-term capital
gain. Exercise of an incentive stock option does not entitle Metalclad to an income tax
deduction. However, any ordinary compensation income which an optionee realizes when
shares of common stock are sold in a disqualifying disposition will result in Metalclad
being allowed a corresponding income tax deduction at that time.

</FONT>


<P align="center"><FONT size="2">-11-</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An optionee will not realize taxable compensation income upon the grant of a non-
statutory stock option. In general, an optionee who exercises a non-statutory stock option
will realize taxable compensation income at that time equal to the difference between the
fair market value of the shares of common stock on the date of exercise and the exercise
price of the option. Any ordinary compensation income realized by an optionee upon
exercise of a non-statutory stock option will result in Metalclad being allowed a
corresponding income tax deduction at that time. When an optionee disposes of shares of
common stock acquired by the exercise of a non-statutory stock option, any amount
realized which is in excess of the fair market value of the shares of common stock on the
date of exercise will be treated as short-term or long-term capital gain, depending on the
holding period of such shares.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An employee will recognize ordinary compensation income for tax purposes when
the employee receives cash or stock as a result of a stock appreciation right. An employee
will recognize ordinary compensation income upon the receipt of a right under a stock
purchase agreement to the extent that the purchase price is less than 85% of the fair market
value of Metalclad&#146;s common stock on the date the right is granted; otherwise the right is
treated substantially the same as a non-statutory stock option. Whenever the employee
recognizes ordinary compensation income, Metalclad will be allowed a corresponding
income tax deduction of the same amount.

</FONT>


<!-- link1 "Proposal No.&nbsp;3 &#151; Amend Articles of Incorporation" -->
<DIV align="left"><A NAME="016"></A></DIV>
<P align="center"><FONT size="2"><B>Proposal No.&nbsp;3<BR>
AMEND ARTICLES OF INCORPORATION</B></FONT>




<!-- link2 "Proposal" -->
<DIV align="left"><A NAME="017"></A></DIV>
<P align="left"><FONT size="2"><B>Proposal</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors is proposing that the Certificate of Incorporation of
Metalclad be amended to change the name of Metalclad to Entrx Corporation, and to
increase the authorized capital stock of Metalclad from 81,500,000 shares, consisting of
80,000,000 shares of common stock having a par value of $0.10 per share, and 1,500,000
shares of preferred stock having a par value of $10.00, to 85,000,000 shares, consisting
of 80,000,000 shares of common stock having a par value of $0.10 per share, and
5,000,000 shares of preferred stock having a par value of $1.00 per share.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MANAGEMENT RECOMMENDS A VOTE IN FAVOR OF THE PROPOSED
AMENDMENTS TO METALCLAD&#146;S CERTIFICATE OF INCORPORATION, AND
THE PROXIES WILL BE VOTED IN FAVOR OF SUCH AMENDMENTS OR AS
OTHERWISE DIRECTED.</B>

</FONT>


<!-- link2 "Specific Language of Amendments" -->
<DIV align="left"><A NAME="018"></A></DIV>
<P align="left"><FONT size="2"><B>Specific Language of Amendments</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If approved by the Shareholders, the existing &#147;FIRST&#148; and &#147;FOURTH&#148; Sections
of Metalclad&#146;s Certificate of Incorporation as they now read, would be amended in their
entirety to read as follows:

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="97%">
<TR valign="bottom">
        <TD width="14%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="81%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&#147;FIRST:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
The name of the Corporation (hereinafter called the<br>
&#147;Corporation&#148;) is Entrx Corporation.&#148;</FONT></TD>
</TR>
</TABLE>
</CENTER>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-12-</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;FOURTH:

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="11%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="78%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
4.1
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">The total number of shares of stock which the Corporation
shall have authority to issue is 85,000,000, of which
80,000,000 shares shall be Common Stock having a par value
of $0.10 per share, and 5,000,000 shares shall be Preferred
Stock having a par value of $1.00 per share.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
4.2
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Each share of issued and outstanding Common Stock shall
have one vote, and shall be entitled to dividends thereon as and
if declared by the Board of Directors.</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
4.3
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Preferred Stock may be issued in one or more series as
determined by the Board of Directors, and, to the extent not
prohibited by law, the Board of Directors may by resolution
or resolutions, in respect of the Preferred Stock or any series
thereof, designate each such series, and designate the powers,
preferences, qualifications, limitations and restrictions of the
Preferred Stock and each such designated series.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Purpose and Effect of the Amendments" -->
<DIV align="left"><A NAME="019"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>Purpose and Effect of the Amendments</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed change of Metalclad&#146;s name from Metalclad Corporation to Entrx
Corporation is intended to reflect current management&#146;s plan to change the focus of and
diversify Metalclad&#146;s business. Metalclad&#146;s subsidiary, Metalclad Insulation Corporation,
will continue to use the name in connection with its insulation and asbestos abatement
contracting business.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The small increase in Metalclad&#146;s authorized shares from 81,500,000 to 85,000,000
shares, including primarily the increase in the number of preferred shares from 1,500,000
to 5,000,000 shares, is being proposed to allow the Board of Directors to use Metalclad&#146;s
preferred stock to effect future financing and strategic transactions in connection with
Metalclad&#146;s plan to change the focus of and diversify Metalclad&#146;s business. There are
currently 7,674,015 shares of Metalclad&#146;s common stock, and no shares of preferred stock,
outstanding. Metalclad does not currently have any specific plan to issue new shares of
common or preferred stock. Since the Board of Directors can issue shares of authorized
capital stock without shareholders approval, the increase in capital stock will allow the
Board of Directors to dilute the voting interests of current shareholders to a greater degree.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendment to the FOURTH Section of the Certificate of Incorporation involves
the substitution of the language proposed above for the existing language of the FOURTH
Section. Existing provisions of that Section go into significant detail in describing the
powers, rights and preferences which may be established for preferred shares; however,
both the existing FOURTH Section and the proposed amended FOURTH Section leave it
up to the Board of Directors to determine those powers, rights and preferences.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-13-</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors will continue to have great flexibility in establishing the
terms of preferred stock in order to obtain future financing, or to structure acquisitions and
allow strategic transactions. The proposed increase in the number of authorized preferred
shares of capital stock, and the flexibility in structuring the terms and conditions of
preferred stock may be viewed as giving the Board of Directors the ability to make a
takeover attempt more difficult, such as using the shares in a counter offer for the shares
of a bidder and issuing preferred shares to persons friendly to management with superior
voting rights to those held by common stock holders.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use of the increased preferred stock as an anti-takeover device is not a
consideration in management&#146;s recommendation to approve the amendment to Metalclad&#146;s
Certificate of Incorporation, and no such use is currently contemplated.

</FONT>


<!-- link1 "Executive Compensation" -->
<DIV align="left"><A NAME="020"></A></DIV>
<P align="center"><FONT size="2"><B>EXECUTIVE COMPENSATION</B>
</FONT>

<!-- link2 "Information Concerning Non-Director Executive Officers" -->
<DIV align="left"><A NAME="021"></A></DIV>
<P><FONT size="2"><B>Information Concerning Non-Director Executive Officers</B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The names, ages, positions and business experience of Metalclad&#146;s non-director
executive officers, as of the date of this Proxy Statement, are as follows:

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
        <TD width="27%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="60%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Age</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Position</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Brian D. Niebur</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
39
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Treasurer and Chief Financial Officer</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Robert D. Rizzo</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">
56
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">President of Metalclad Insulation
Corporation</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian D. Niebur has been employed part time by Metalclad as its Treasurer and
Chief Financial Officer since February&nbsp;13, 2002. Mr.&nbsp;Niebur is a certified public
accountant, and since July, 2000, has acted as a vice president and controller for Wyncrest
Capital, Inc. in Minneapolis, Minnesota, a privately held venture capital firm. Mr.
Niebur&#146;s primary duties for Wyncrest Capital, Inc. are to act as chief financial officer for
Marix Technologies, Inc., a development stage software company in which Wyncrest
Capital, Inc. has made an equity investment. From August, 1997 until July, 2000, Mr.
Niebur was the controller for Vital Images, Inc., a developer and marketer of medical
visualization and analysis software, in Plymouth, Minnesota. Mr.&nbsp;Niebur was the vice
president and controller of IVI Publishing, Inc. in Eden Prairie, Minnesota, from
September, 1993 until August, 1997. IVI Publishing, Inc. was an electronic publisher of
health and medical information.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert D. Rizzo has been the President and Chief Executive Officer, an employee,
and a member of the Board of Directors of Metalclad Insulation Corporation, a wholly
owned subsidiary of Metalclad, since November, 1999. Prior to November, 1999, Mr.
Rizzo was a project manager at PDG Environmental, Inc., in Pittsburgh, Pennsylvania,
since November, 1997. PDG Environmental, Inc. is engaged in asbestos abatement.
From 1995 until November 1997, Mr.&nbsp;Rizzo was a general manager with Smith
Technology, Inc., an

</FONT>


<P align="center"><FONT size="2">-14-</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2">architectural and engineering firm specializing in hazardous waste
abatement in Newport Beach, California.

</FONT>


<!-- link2 "Summary Compensation Table" -->
<DIV align="left"><A NAME="022"></A></DIV>
<P><FONT size="2"><B>Summary Compensation Table</B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain compensation information for: (1)&nbsp;each person
who served as the Chief Executive Officer of Metalclad at any time during the year ended
December&nbsp;31, 2001, regardless of compensation level, and each of the other executive
officers, other than the Chief Executive Officer, serving as executive officers at December
31, 2001. The foregoing persons are collectively referred to in this Proxy Statement as
the &#147;Named Executive Officers.&#148; Compensation information is shown for fiscal years
1999, 2000 and 2001.

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="31%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Long Term Compensation</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="6"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="10"><FONT size="1"><B>Annual Compensation</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Awards</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="10"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="6"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Restricted</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Other Annual</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Stock</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Underlying</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>All Other</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Salary</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Bonus</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Compensation</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Awards</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Options/SARs</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Compensation</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Name/Principal Position</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Year</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>(#)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Grant S. Kessler (1)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">President and Chief</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">480,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,920</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Executive Officer</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,920</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">250,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,920</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">170,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Anthony C. Dabbene (1)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasurer and Chief</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">360,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">150,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financial Officer</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">100,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Robert D. Rizzo (2)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">President of Metalclad</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">130,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Insulation Corporation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">120,024</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">24,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,106</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1999</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14,375</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
                <TD align="center" nowrap colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<HR size="1" width="18%" align="left" noshade>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Terminated employment on February&nbsp;13, 2002.</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Commenced employment in November, 1999.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Option Grants in Last Fiscal Year" -->
<DIV align="left"><A NAME="023"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B>Option Grants in Last Fiscal Year</B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides certain information regarding options to purchase shares
of Metalclad&#146;s Common Stock granted to the Named Executive Officers during the year
ended December&nbsp;31, 2001.

</FONT>


<P align="center"><FONT size="2">-15-</FONT>

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

<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
        <TD width="32%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="15"><FONT size="1"><B>Individual Grants</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="15"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Percentage of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Potential Realizable</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Number of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Total</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Value of Assumed</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Options/SARs</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Annual Rates of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Underlying</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Granted to</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Exercise</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Stock Price</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Options/SARs</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Employees in</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>or Base</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Appreciation for</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Granted</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Fiscal Year</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Price</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Expiration</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Option Term</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>(#)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>($/Share)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>5% ($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>10%($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top"><FONT size="2">Grant S. Kessler</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">200,000</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">55.6%</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">2.00</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">6/1/11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">251,156</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">637,500</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Anthony C. Dabbene</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">150,000
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">41.7%
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">2.00
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">6/1/11
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">188,669
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">478,125</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Aggregated Option Exercises and Year End Option Values" -->
<DIV align="left"><A NAME="024"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B>Aggregated Option Exercises and Year End Option Values</B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides certain information regarding the exercise of stock
options to purchase shares of Metalclad&#146;s Common Stock during the year ended December
31, 2001, by the Named Executive Officers, and the fiscal year-end value of stock options
held by such officers.

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="18%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="5"><FONT size="1"><B>Number of Securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="5"><FONT size="1"><B>Underlying Unexercised</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Value of Unexercised</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Shares</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="5"><FONT size="1"><B>Options/SARs </B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>In-the-Money Options/SARs</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Acquired on</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="5"><FONT size="1"><B>at Fiscal Year End (#)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>at Fiscal Year End ($)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="1"><B>Exercise (#)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="5"><FONT size="1"><B>Exercisable/Unexercisable)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>(Exercisable/Unexercisable) (1)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="5"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="6"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top"><FONT size="2">Grant S. Kessler</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
None
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">253,333
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">366,667 (2)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">0
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">12,000</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" nowrap><FONT size="2">Anthony C. Dabbene</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
None
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">166,667
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" nowrap valign="top"><FONT size="2">283,333 (2)
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">0
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">8,000</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top"><FONT size="2">Robert D. Rizzo</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
None
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3,334
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">6,666
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">0
</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">0</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Based on a fiscal year end of December&nbsp;31, 2001 and a closing Common Stock
trade price of $2.06 per share on December&nbsp;31, 2001. The value of in-the-money
options is calculated as the difference between the fair market value of the Common
Stock underlying the options at fiscal year end and the exercise price of the options.
Exercisable options refer to those options that are exercisable as of December&nbsp;31,
2001, while unexercisable options refer to those options that become exercisable at
various times thereafter.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Upon the termination of employment on February&nbsp;13, 2002, all 620,000 shares
under option granted to Mr.&nbsp;Kesler vested, with an in-the-money value on that date
of $140,000, and all 450,000 shares under options granted to Mr.&nbsp;Dabbene vested,
with an in-the-money value on that date of $105,000. The in-the-money values are
based upon a closing trade price of $2.70 on February&nbsp;13, 2002.</FONT></TD>
</TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-16-</FONT>

<DIV align="left"><FONT size="1">

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



<!-- link2 "Equity Compensation Plan Information" -->
<DIV align="left"><A NAME="025"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>Equity Compensation Plan Information</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth as of the date of this proxy statement, the total
number of shares of Metalclad&#146;s common stock which may be issued upon the exercise of
outstanding stock options and other rights under compensation plans approved by the
shareholders, and under compensation plans not approved by the shareholders. The table
also sets forth the weighted average purchase price per share of the shares subject to those
options, and the number of shares available for future issuance under those plans.

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="47%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Plan Category</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Number of securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Weighted-average</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Number of securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>to be issued upon</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>exercise price of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>remaining available for</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>exercise of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>outstanding options</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>future issuance under</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>outstanding options,</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>warrants and rights</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>equity compensation</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>warrants and rights</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>plans (excluding securities</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>reflected in column (a))</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>(a)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>(b)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>(c)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity compensation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="center"><FONT size="2">1,690,550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="center"><FONT size="2">$5.60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="center"><FONT size="2">10,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">plans approved by
security holders</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>




<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity compensation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">None</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" colspan="2"><FONT size="2">N/A</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" align="center"><FONT size="2">None</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">plans not approved by
security holders</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" align="center"><FONT size="2">1,690,550</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" colspan="2"><FONT size="2">$5.60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" colspan="2"><FONT size="2">10,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">See Proposal No.&nbsp;2 for a discussion of Metalclad&#146;s 2000 Omnibus Stock Option and
Incentive Plan (the &#147;2000 Plan&#148;), and management&#146;s proposal to increase the number of
shares available for options under the 2000 Plan from 1,000,000 to 2,000,000 shares.
Options for 990,000 shares have been granted under the 2000 Plan. The remaining options
for 700,550 shares were granted under similar plans which were previously adopted and
approved by the shareholders, and which have been terminated. The prices at which all
options are exercisable range from $2.00 to $22.50 per share.

</FONT>


<!-- link2 "Compensation Committee Report" -->
<DIV align="left"><A NAME="026"></A></DIV>
<P align="left"><FONT size="2"><B>Compensation Committee Report</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the Compensation Committee of Metalclad Corporation (the &#147;Company&#148;), it is
our duty to review and recommend the compensation levels for members of Metalclad&#146;s
management, evaluate the performance of management and the administration of
Metalclad&#146;s various incentive plans.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The policies and underlying philosophy governing Metalclad&#146;s compensation
program are to maintain a comprehensive program that is competitive in the marketplace,
provide opportunities integrating salary and stock rights to compensate short and long term

</FONT>


<P align="center"><FONT size="2">-17-</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">performance of management, recognize and reward individual accomplishments and allow
Metalclad to retain seasoned executives who are essential to Metalclad&#146;s success.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining management&#146;s compensation, this Committee evaluates the
compensation paid to management based on their performance, their experience, and the
stage of development of Metalclad. The Committee also takes into account such relevant
external factors as general economic conditions, stock price performance, and stock market
prices generally.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management compensation is composed of salary, bonuses, and options to purchase
shares of Common Stock at the fair market value on the date of grant. The Company
entered into employment agreements with Messrs.&nbsp;Kesler and Dabbene in January, 1998,
which established base salaries and minimum bonus amounts. In January, 2002, these
contracts were amended and restated to reflect changes in the compensation of both
officers and to clarify the intent of the parties in the contract language. Additionally, Mr.
Kesler&#146;s contract was amended to incorporate forgiveness of his debt to Metalclad over the
three year term of the amended contract, as long as he remained employed by Metalclad.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The base salaries for executive officers are determined by evaluating the
responsibilities of the positions held, the individual experience, the competitive
marketplace, the individual&#146;s performance of responsibilities and the individual&#146;s overall
contribution to Metalclad. On January&nbsp;1, 2002 both Mr.&nbsp;Kesler and Mr.&nbsp;Dabbene received
salary increases. Prior to these increases, Mr.&nbsp;Kesler&#146;s last salary increase had been in
1997 and Mr.&nbsp;Dabbene&#146;s last salary increase had also been in 1997. The number of
options granted is scaled to the salary of each individual officer.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee considers and recommends stock option grants under Metalclad&#146;s
stock option plans for key employees and others who make substantial contributions to the
long-term financial success of Metalclad. The Company and the Committee believe that
stock options provide strong incentive to increase the value of stockholders&#146; interests.
Stock option grants are believed by the Committee to help focus management on the long-
term success of Metalclad. The amount of any stock option grant is based primarily on
an individual&#146;s responsibilities and position with Metalclad. Individual awards of options
are effected by the Committee&#146;s subjective evaluation of factors it deems appropriate such
as the assumption of responsibilities, competitive factors and achievements. During 2001
options were granted to Messrs.&nbsp;Kesler and Dabbene for the purchase of 200,000 and
150,000 shares, respectively, at an exercise price of $2.00 per share.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant to the Committee&#146;s recommendations concerning executive compensation
and option grants are significant events which have occurred over time as well as
objectives set for the coming year. With regard to the year ended December&nbsp;31, 2001,
Metalclad (a)&nbsp;increased revenues and profits in its insulation business; (b)&nbsp;obtained
settlement of the NAFTA claim in amount of $16&nbsp;million and (c)&nbsp;obtained the additional
capital necessary to

</FONT>


<P align="center"><FONT size="2">-18-</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">support Metalclad&#146;s operations until receipt of the NAFTA settlement
monies. Additionally, Metalclad was able to realize the full settlement value, with minimal
cost and tax impacts.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive officers devoted substantial time and effort in achieving the
aforementioned objectives while at the same time devoting significant time to the daily
affairs of Metalclad. Based on the performance of management in achieving these
objectives in 2001 and the financial condition of Metalclad, Messrs.&nbsp;Kesler and Dabbene
were granted stock options as described above and awarded a special bonus related to the
NAFTA settlement in the amount of $440,000 for Mr.&nbsp;Kesler and $360,000 for Mr.
Dabbene. Additionally, Mr.&nbsp;Kesler was awarded an incentive bonus of $40,000. Mr.
Dabbene did not receive any incentive bonus.

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
        <TD width="37%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>

</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Compensation Committee</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
/s/ J. Thomas Talbot<BR>
</FONT><HR size="1" noshade><FONT size="2">
J. Thomas Talbot, Chairman</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
/s/ Raymond J. Pacini<BR>
</FONT><HR size="1" noshade><FONT size="2">
Raymond J. Pacini, Member</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>
</TABLE>
</CENTER>
<!-- link1 "CERTAIN TRANSACTIONS" -->
<DIV align="left"><A NAME="027"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>CERTAIN TRANSACTIONS</B>
</FONT>

<!-- link2 "Transactions with Executive Officers" -->
<DIV align="left"><A NAME="028"></A></DIV>
<P align="left"><FONT size="2"><B>Transactions with Executive Officers</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2002, Metalclad entered into Amended and Restated
Employment Agreements (the &#147;Amended Agreements&#148;) between the then president and
chief executive officer of Metalclad, Grant S. Kesler, and the then treasurer and chief
financial officer of Metalclad, Anthony C. Dabbene. The Amended Agreements increased
the salaries of Messrs.&nbsp;Kesler and Dabbene from $250,000 and $180,000, to $300,000 and
$216,000, respectively, changed the definition of a change in control of Metalclad to
include a change in the composition of the Board of Directors, and provided for an
increase in the amount of severance payments and benefits which would be payable to each
in the event they resigned after a change of control.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the resignations of Messrs.&nbsp;Kesler and Dabbene, as set forth under
&#147;Change in Control&#148; below, and in lieu of compensation which would otherwise be due
under change of control provisions contained in their Amended Agreements, Metalclad
issued Mr.&nbsp;Kesler 140,000 shares of Metalclad&#146;s common stock, forgave a loan due from
Mr.&nbsp;Kesler in the amount of $543,000 in exchange for future consulting services and paid
Mr.&nbsp;Kesler $832,000 in cash, and issued Mr.&nbsp;Dabbene 86,000 shares of Metalclad&#146;s
common stock and paid Mr.&nbsp;Dabbene $637,000 in cash. In addition, all outstanding
unvested stock options held by Messrs.&nbsp;Kesler and Dabbene were immediately vested and
became exercisable. Messrs.&nbsp;Kesler and Dabbene have each agreed to act as a consultant
to

</FONT>


<P align="center"><FONT size="2">-19-</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P><FONT size="2">Metalclad under two-year and three-month consulting agreements, respectively. In
addition to the payment discussed above, Mr.&nbsp;Dabbene&#146;s compensation for consulting was
$5,000 per month. A portion of the cash payments due to Mr.&nbsp;Kesler and Mr.&nbsp;Dabbene
($482,000 and $425,000, respectively) was deposited by Metalclad as income and payroll
tax withholding on the total compensation paid to each of them.

</FONT>


<!-- link2 "Change in Control" -->
<DIV align="left"><A NAME="029"></A></DIV>
<P align="left"><FONT size="2"><B>Change in Control</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wayne W. Mills commenced an acquisition of Metalclad shares in November 2000
for investment purposes, with the then understanding and encouragement of Metalclad&#146;s
management. In January 2001, Mr.&nbsp;Mills filed with Metalclad and the Securities and
Exchange Commission a report on form Schedule&nbsp;13D reporting the acquisition of more
than ten percent of the outstanding shares of the corporation by Mr.&nbsp;Mills, his wife and
a company (Blake Capital Partners, LLC) controlled by Mr.&nbsp;Mills. Mr.&nbsp;Mills stated the
shares were acquired for investment purposes and not with an intent to obtain control of
Metalclad.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2001, Mr.&nbsp;Mills amended his Schedule&nbsp;13D to report a determination
by Mr.&nbsp;Mills to undertake efforts to change the management of Metalclad. Mr.&nbsp;Mills
indicated he would seek the cooperation of the then current members of Metalclad&#146;s
management and, if those efforts were not successful, would solicit the shareholders of
Metalclad to elect replacement members to the Metalclad Board of Directors.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2002, as a result of negotiations among Mr.&nbsp;Mills and members of the
Metalclad management, and in order to avoid the cost and disruption to Metalclad&#146;s
business that would likely result from shareholder solicitations, (i)&nbsp;Grant S. Kesler,
Anthony C. Dabbene and Bruce H. Haglund resigned as members of the corporation&#146;s
Board of Directors; (ii)&nbsp;Mr.&nbsp;Mills, Gary W. Copperud, Kenneth W. Brimmer and Joseph
M. Senser were elected to the corporation&#146;s Board of Directors; and (iii)&nbsp;Mr.&nbsp;Mills and
Brian D. Niebur were, respectively, appointed as Metalclad&#146;s chief executive officer and
chief financial officer.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Mills reported that he, his spouse, and Blake Capital Partners, LLC used
personal funds to acquire their Metalclad shares. He further reported that the purchases
were made as open market acquisitions.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the change in management of Metalclad, employment agreements
with Mr.&nbsp;Kesler and Mr.&nbsp;Dabbene were amended, consulting agreements were made with
them and a debt owed to Metalclad by Mr.&nbsp;Kesler was forgiven. The terms of such
amendments, consulting agreements and debt forgiveness are described under
&#147;Transactions with Executive Officers&#148; above.

</FONT>


<!-- link2 "Vesting of Directors&#146; Options" -->
<DIV align="left"><A NAME="030"></A></DIV>
<P align="left"><FONT size="2"><B>Vesting of Directors&#146; Options</B>
</FONT>



<P align="center"><FONT size="2">-20-</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the change in control discussed above, options granted to four non-
executive officers of Metalclad who served as members of the Board of Directors became
fully vested in February, 2002. The following table illustrates the shares that would have
been vested as of June&nbsp;24, 2002, without the change in control, and the total shares that
vested as a result of the change in control:

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="10"><FONT size="1"><B>Vested Shares</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="10"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>Without Change</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>After Change</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="6"><FONT size="1"><B>in Control</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>in Control</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="6"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">J. Thomas Talbot</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Raymond J. Pacini</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Daniel D. Lane</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">25,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bruce H. Haglund</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">51,668</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Loan to Affiliate of Wayne Mills" -->
<DIV align="left"><A NAME="031"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>Loan to Affiliate of Wayne Mills</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;10, 2001, Metalclad loaned Blake Capital Partners, LLC (&#147;Blake
Capital&#148;) a Minnesota limited liability company, $1,250,000 under a non-recourse secured
note (the &#147;Note&#148;) which Blake Capital used to acquire an equity interest in an entity
unrelated to Metalclad. Blake Capital is wholly owned by Wayne W. Mills who later
became a director and the President of Metalclad on February&nbsp;13, 2002. The Note with
interest at the rate of 6% per annum, is due June&nbsp;10, 2002. Blake Capital can extend the
note to for up to 90&nbsp;days beyond June&nbsp;10, 2002, in which case the rate of interest increases
to 12% per annum during that 90&nbsp;day period.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As security for the loan, Mr.&nbsp;Mills pledged 500,000 shares of Metalclad&#146;s common
stock, under the terms of a pledge agreement (the &#147;Pledge Agreement&#148;) dated as of
December&nbsp;10, 2001. The Pledge Agreement provides that Mr.&nbsp;Mills will retain voting
power over the 500,000 shares until such shares are either cancelled or sold to satisfy the
loan under the terms of the Note and Pledge Agreement. To satisfy its obligations under
the Note, all or a portion of the 500,000 shares can be sold at the direction of Blake
Capital, in which case the proceeds of such sale will be applied against the principal and
interest due under the Note, or Blake Capital can request that they be cancelled, in which
case they will carry a value of $2.50 per share which may be applied against the amount
due under the Note. If the Note is in default, Metalclad can cancel the shares at a value
of $2.50 per share, and apply the amount cancelled against the principal and interest due
under the Note.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the Note is non-recourse to Blake Capital, neither Blake Capital nor Mr.&nbsp;Mills
has any personal liability under the Note, and Metalclad&#146;s only recourse for repayment of
the Note is the 500,000 shares of Metalclad common stock pledged as security.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-21-</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Mills began acquiring Metalclad common stock in the open market as an
investment in November, 2000, and by August&nbsp;31, 2001, had acquired 15% of Metalclad&#146;s
outstanding common stock. Under certain provisions of the Delaware Corporation Law
(the &#147;Delaware Law&#148;), if a shareholder acquires 15% of the outstanding common stock
of a corporation incorporated under the Delaware Law without prior approval of the Board
of Directors of that corporation, Metalclad is precluded from entering into certain
transactions without the affirmative vote of holders of at least two-thirds of the shares of
Metalclad&#146;s outstanding common stock, excluding the shares owned by the 15% or greater
shareholder. The precluded transactions include any merger or consolidation of Metalclad
and certain of its subsidiaries with any other corporation in which Mr.&nbsp;Mills had an
interest, certain mergers or consolidations which might be considered as caused by Mr.
Mills under the statute, and the receipt by Mr.&nbsp;Mills of any loan, advance, guarantee,
pledge or other financial benefit. (See &#147;CERTAIN TRANSACTIONS &#151; Change in
Control&#148;). The loan was made to Mr.&nbsp;Mills when he owned more than 15% of the
outstanding common stock of Metalclad. Although members of the Board of Directors of
Metalclad were aware of Mr.&nbsp;Mills purchases of Metalclad common stock, no official
prior approval for such purchases was given by the Board of Directors. As a result, the
loan was likely in violation of Section&nbsp;203 of the Delaware Corporation Law. Neither Mr.
Mills nor the management of Metalclad was aware of the provisions of said Section&nbsp;203
at the time the loan was made.

</FONT>


<!-- link1 " STOCK PERFORMANCE GRAPH" -->
<DIV align="left"><A NAME="032"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>STOCK PERFORMANCE GRAPH</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The graph below provides an indication of the cumulative return on Metalclad&#146;s
common stock as compared to the NASDAQ stock index and to eight specialty trade
contractors (including Metalclad) whose common stock is traded in the NASDAQ market
for the period January&nbsp;1, 1997 through December&nbsp;31, 2001. The graph is presented on
the assumption that $100 was invested at the close of the market on December&nbsp;31, 1996,
in shares of Metalclad common stock, in the NASDAQ stock market index, and in the
eight specialty trade contractors, weighted on the basis of the closing market price as of
December&nbsp;31, 1996, with all dividends reinvested.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><img src="c69240dc6924001.gif" Alt="STOCK PERFORMANCE GRAPH">
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">-22-</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 " COMMON STOCK OWNERSHIP" -->
<DIV align="left"><A NAME="033"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>COMMON STOCK OWNERSHIP</B></FONT>




<!-- link2 "Share Ownership of Management" -->
<DIV align="left"><A NAME="034"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>Share Ownership of Management</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information as of the record date with respect
to the shares of Common Stock beneficially owned by: (i)&nbsp;each
director or director nominees, (ii)&nbsp;each executive
officer, and (iii)&nbsp;all current executive officers (regardless of salary and bonus level) and
directors as a group. Unless otherwise indicated, the shareholders listed in the table below
have sole voting and investment powers with respect to the shares indicated:
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
        <TD width="62%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="11%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Common Shares</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Percentage of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Beneficially</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Outstanding</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="1"><B>Name of Beneficial Owner</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Owned</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Shares (7)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Wayne W. Mills</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,720,000 </FONT></TD>
        <TD nowrap><FONT size="2">(1)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kenneth W. Brimmer</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">116,700 </FONT></TD>
        <TD nowrap><FONT size="2">(2) (3)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gary W. Copperud</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">123,430 </FONT></TD>
        <TD nowrap><FONT size="2">(3)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Joe M. Senser</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">16,700 </FONT></TD>
        <TD nowrap><FONT size="2">(3)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Joseph M. Caldwell</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">N/A</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">J. Thomas Talbot</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">115,000 </FONT></TD>
        <TD nowrap><FONT size="2">(4)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Raymond Pacini</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95,400 </FONT></TD>
        <TD nowrap><FONT size="2">(4)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Daniel D. Lane</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40,000 </FONT></TD>
        <TD nowrap><FONT size="2">(5)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brian D. Niebur</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">N/A</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Robert D. Rizzo</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,334 </FONT></TD>
        <TD nowrap><FONT size="2">(6)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">All executive officers and
directors as a group (10 persons)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,230,564 </FONT></TD>
        <TD nowrap><FONT size="2">(7)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">28.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<HR size="1" width="18%" align="left" noshade>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Less than 1%</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 400,000 shares which are owned by Blake Capital Partners, LLC which
is wholly owned by Mr.&nbsp;Mills, 400,000 shares which are owned by Mr.&nbsp;Mill&#146;s
Individual Retirement Account, and 275,000 shares which are owned by Mr.&nbsp;Mills&#146;
spouse and to which Mr.&nbsp;Mills disclaims beneficial ownership.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 15,000 shares which are owned by Mr.&nbsp;Brimmer&#146;s Individual Retirement
Account, and 5,000 shares which are owned by the Individual Retirement Account
of Mr.&nbsp;Brimmer&#146;s spouse, and to which he disclaims any beneficial interest.</FONT></TD>
</TR>
</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">-23-</FONT>

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 16,700 shares that each of Messrs.&nbsp;Brimmer, Copperud and Senser have
the right to acquire as of June&nbsp;25, 2002 upon exercise of outstanding stock options.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 95,000 shares that each of Messrs.&nbsp;Talbot and Pacini have the right to
acquire as of June&nbsp;25, 2002 upon exercise of outstanding stock options at prices
ranging from $2.00 to $3.00 per share.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 25,000 shares that Mr.&nbsp;Lane has the right to acquire as of June&nbsp;25, 2002
upon exercise of outstanding stock options at $2.00 per share.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(6)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The 3,334 shares may be acquired by Mr.&nbsp;Rizzo as of June&nbsp;25, 2002 at $3.00 per
share.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(7)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The percentage of outstanding shares of common stock as shown in the table above
is calculated on 7,674,015 shares outstanding, as of April&nbsp;26, 2002, plus it assumes
in each case that the shareholder exercised all options available to that person which
would vest as of June&nbsp;25, 2002.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Share Ownership of Certain Beneficial Owners" -->
<DIV align="left"><A NAME="035"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="LEFT"><FONT size="2"><B>Share Ownership of Certain Beneficial Owners</B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the name, address, number of shares of Metalclad&#146;s
common stock beneficially owned, and the percentage of the outstanding shares of common
stock such shares represent, at each person or group of persons, known by Metalclad to
beneficially own more than 5% of Metalclad&#146;s outstanding common stock:

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="54%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Number of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Common Shares</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Percentage of</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Name and Address</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Beneficially</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Outstanding</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>of Beneficial Owner</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Owned</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Shares (4)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="2"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Wayne W. Mills</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,720,000 </FONT></TD>
        <TD nowrap><FONT size="2">(1)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">22.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">5020 Blake Road<BR>
Edina, MN 55436</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Grant S. Kesler</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">793,000 </FONT></TD>
        <TD nowrap><FONT size="2">(2)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">3739 Brighton Point Drive<BR>
Salt Lake City, UT 84121</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Anthony C. Dabbene</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">548,600 </FONT></TD>
        <TD nowrap><FONT size="2">(3)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">26921 Magnolia Court<BR>
Laguna Hills, CA 92653</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 400,000 shares which are owned by Blake Capital Partners, LLC, which
is owned by Mr.&nbsp;Mills, 400,000 shares which are owned by Mr.&nbsp;Mills Individual</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">-24-</FONT>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Retirement Account and 275,000 shares which are owned by Mr.&nbsp;Mills&#146; spouse and
to which Mr.&nbsp;Mills disclaims beneficial ownership. Mr.&nbsp;Mills has pledged 500,000
shares to secure a loan from Metalclad. (See &#147;CERTAIN TRANSACTIONS &#151;
Loan to Affiliate of Wayne Mills&#148;)</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 620,000 shares which Mr.&nbsp;Kesler may purchase under currently
exercisable options for Metalclad&#146;s common stock at prices ranging from $2.00 to
$3.00 per share.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 450,000 shares which Mr.&nbsp;Dabbene may purchase under currently
exercisable options for Metalclad&#146;s common stock at prices ranging from $2.00 to
$3.00 per share.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The percentage of outstanding shares of common stock shown in the table above is
calculated based upon 7,674,015 shares outstanding as of the close of business on
April&nbsp;26, 2002, plus it assumes in each case that the shareholder exercised all
options available to that person which would vest on or before June&nbsp;25, 2002.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "Reporting Under Section&nbsp;16(a) of the Securities Exchange Act of 1934" -->
<DIV align="left"><A NAME="036"></A></DIV>
<P><FONT size="2"><B>Reporting Under Section&nbsp;16(a) of the Securities Exchange Act of 1934</B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires executive officers and
directors of Metalclad, and persons who beneficially own more than 10&nbsp;percent of
Metalclad&#146;s outstanding shares of Common Stock, to file initial reports of ownership and
reports of changes in ownership of securities of Metalclad with the Securities and
Exchange Commission (&#147;SEC&#148;) and the NASDAQ Stock Market. Officers, directors and
persons owning more than 10&nbsp;percent of Metalclad&#146;s outstanding Common Stock are
required by SEC regulation to furnish Metalclad with copies of all Section&nbsp;16(a) forms
filed. Based solely on a review of the copies of such reports and amendments thereto
furnished to or obtained by Metalclad or written representations that no other reports were
required, Metalclad believes that during the year ended December&nbsp;31, 2001, all filing
requirements applicable to its directors, officers or beneficial owners of more than 10
percent of Metalclad&#146;s outstanding shares of Common Stock were complied with.

</FONT>


<!-- link1 "AUDIT COMMITTEE REPORT" -->
<DIV align="left"><A NAME="037"></A></DIV>
<P align="center"><FONT size="2"><B>AUDIT COMMITTEE REPORT</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Audit Committee report shall not be deemed to be soliciting material
or to be filed with the Securities and Exchange Commission under the Securities Act of
1933 or the Securities Exchange Act of 1934 nor incorporated by reference into any
document so filed.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Audit Committee is to assist the Board in its oversight of
management&#146;s conduct of the Company&#146;s financial reporting process. The Audit
Committee reviewed and discussed with management of the Company and Moss Adams
LLP the audited financial statements of the Company contained in the Company&#146;s Annual
Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2001. Management is
responsible for the

</FONT>


<P align="center"><FONT size="2">-25-</FONT>

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<P><FONT size="2">Company&#146;s internal controls and the financial reporting process. Moss
Adams LLP is responsible for performing an independent audit of the Company&#146;s
financial statements in accordance with generally accepted auditing standards and issuing
a report thereon. The Audit Committee&#146;s responsibility is to monitor and oversee these
processes.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee discussed with Moss Adams LLP the matters required by
Codification of Statements on Auditing Standards No.&nbsp;61. The Audit Committee also
received and reviewed the written disclosures and the letter from Moss Adams LLP
required by the Independence Standards Board Standard No.&nbsp;1, and discussed with that
firm its independence from the Company. The Audit Committee discussed with
management of the Company and Moss Adams LLP such other matters and received such
assurances as the Audit Committee deemed appropriate.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee considered the effect that provision of all other non-audit
related fees may have on the independence of Moss Adams LLP. The Audit Committee
has determined that provision of those services is compatible with maintaining the
independence of Moss Adams LLP as the Company&#146;s principal accountants.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing review and discussions and a review of the report of Moss
Adams LLP , and relying thereon, the Audit Committee recommended the inclusion of the
audited financial statements in the Company&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2001.

</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
        <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
The Audit Committee<BR>
Of the Board of Directors</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
/s/ Raymond J. Pacini<BR>
Raymond J. Pacini, Chairman<BR>
J. Thomas Talbot<BR>
Daniel D. Lane</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "INDEPENDENT AUDITORS" -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>INDEPENDENT AUDITORS</B>
</FONT>

<!-- link2 "Auditors" -->
<DIV align="left"><A NAME="039"></A></DIV>
<P align="left"><FONT size="2"><B>Auditors</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Metalclad selected Moss Adams, LLP, certified public
accountants, to audit the accounts of Metalclad for the year ended December&nbsp;31, 2001, and
to perform other appropriate accounting services for Metalclad as needed. No
representative of such accounting firm will be present at the Annual Meeting of
Shareholders to be held on June&nbsp;24, 2002. Moss Adams, LLP has audited the accounts
of Metalclad since 1998.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;4, 2002, Moss Adams, LLP, resigned as Metalclad&#146;s auditors. The report
of Moss Adams, LLP on the financial statements of Metalclad for the years 2000 and 2001
did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or
modified

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-26-</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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<P><FONT size="2">as to uncertainty, audit scope or accounting principles. The resignation of Moss
Adams, LLP was not sought, recommended or approved by the Audit Committee or Board
of Directors of Metalclad. There were no disagreements between the management of
Metalclad and Moss Adams, LLP, with respect to the financial statements of Metalclad
Corporation for the years 2000 and 2001, or any interim period, or any matter of
accounting principles or practices, financial statement disclosure or auditing scope or
procedure, which were not resolved to the satisfaction of Moss Adams, LLP or which
would have caused Moss Adams, LLP to make reference to the subject matter or any such
disagreement in connection with rendering its report on those financial statements.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;16, 2002, upon the recommendation of the Audit Committee, Metalclad
engaged Virchow Krause &#038; Company, LLP, certified public accountants with offices in
Minneapolis, Minnesota, to audit Metalclad&#146;s financial statements for 2002. Metalclad has
not previously engaged Virchow Krause &#038; Company, LLP on any matter.

</FONT>


<!-- link2 "Audit Fees" -->
<DIV align="left"><A NAME="040"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><B>Audit Fees</B></FONT>




<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss Adams, LLP billed Metalclad $52,270 for the audit of Metalclad&#146;s financial
statements for the year ended December&nbsp;31, 2001, and the review of Metalclad&#146;s financial
statements, including those included in Metalclad&#146;s Forms 10-Q filed with the Securities
and Exchange Commission.

</FONT>


<!-- link2 "All Other Fees" -->
<DIV align="left"><A NAME="041"></A></DIV>
<P><FONT size="2"><B>All Other Fees</B></FONT>




<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moss Adams, LLP billed Metalclad $27,510 for services rendered in 2001, other
than those disclosed under &#147;Audit Fees&#148; above, including $14,350 for tax related matters.
The Audit Committee reviewed these other fees, and found them compatible with Moss
Adams, LLP&#146;s independence.

</FONT>


<!-- link1 "SHAREHOLDER PROPOSALS" -->
<DIV align="left"><A NAME="042"></A></DIV>
<P align="center"><FONT size="2"><B>SHAREHOLDER PROPOSALS</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals that shareholders may wish to present at the annual meeting of
Metalclad&#146;s shareholders in 2003 must be received by Metalclad in writing at 800 Nicollet
Mall, Suite&nbsp;2690, Minneapolis, Minnesota, 55402, prior to
January&nbsp;24, 2003, in order
to be included in the proxy statement and form of proxy relating to that meeting.

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Metalclad&#146;s Annual Report on Form&nbsp;10-K filed with the Securities and Exchange
Commission, without the exhibits listed in the Form&nbsp;10-K, has been furnished to each
shareholder of record as of April&nbsp;26, 2002, and has been furnished to nominees of street-
name shareholders in sufficient quantities to be provided to all benefitted shareholders on
April&nbsp;26, 2002. If, however, you as a record or beneficial shareholder on the record date
did not receive a copy of the Annual Report on Form&nbsp;10-K, you may request in writing that
a copy be mailed to you, making a representation (in the case of a street name
shareholder) that you were a beneficial owner of Metalclad&#146;s shares on the record date.
Upon such</I>

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<P align="center"><FONT size="2">-27-</FONT>

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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2"><I>request, the Form&nbsp;10-K Annual Report will be mailed to you without charge.
If you would like a copy of any of the exhibits listed in the Form&nbsp;10-K Annual Report, we
will send mail you a copy upon request and upon the payment of $5.00 per document, and
$0.25 per page. All requests should be made in writing and addressed to Brian Niebur,
Chief Financial Officer, Metalclad Corporation, 800 Nicollet Mall, Suite&nbsp;2690,
Minneapolis, Minnesota 55402.</I>

</FONT>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A form of Proxy is enclosed for your use. Please date, sign and return the
Proxy at your earliest convenience. Prompt return of your Proxy will be appreciated.</B>

</FONT>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">-28-</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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<P align="center"><FONT size="2"><B>PROXY<BR>
METALCLAD CORPORATION<BR>
This Proxy is solicited on Behalf of the Board of Directors and<BR>
Management of Metalclad Corporation</B>
</FONT>

<P><FONT size="2">The undersigned, revoking all prior proxies, hereby appoints Wayne W. Mills and
Kenneth W. Brimmer, and each or either of them, as proxies, with full power of
substitution, to vote all shares of common stock of Metalclad Corporation (the
&#147;Company&#148;) which the undersigned is entitled to vote at the Annual Meeting of
Shareholders of Metalclad Corporation, to be held at the Hyatt Regency Hotel,
1300 Nicollet Mall, Minneapolis, Minnesota on June&nbsp;24, 2002, at
3:00&nbsp;p.m. or
at any adjournment thereof, and hereby instructs said proxies to vote said
shares as specified below:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Election of Directors</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)"> FOR all nominees listed below, <B>except where I have crossed out the name of a nominee</B>,</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">- or -</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)"> I wish to cumulate my vote as follows:</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="19%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="20%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap><FONT size="2">Nominees</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">Number of Votes (See Instruction below)</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Kenneth W. Brimmer
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">__________________________
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Joseph M. Caldwell
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">__________________________</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Gary W. Copperud
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">__________________________</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Wayne W. Mills
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">__________________________</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Joseph M. Senser
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">__________________________</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">- or -</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)"> WITHHOLD AUTHORITY to vote for all nominees listed above.</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><B>INSTRUCTION</B>: If you intend to cumulate your votes, multiply the number of
shares you own by five, and distribute that resulting number among the
nominees as you choose under the column headed &#147;Number of Votes.&#148;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Approval of an amendment to the Company&#146;s 2000 Incentive Stock Option
Plan (the &#147;Plan&#148;) to increase the number of shares of common stock
reserved for issuance under the Plan from 1,000,000 shares to 2,000,000
shares.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">FOR
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">AGAINST
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">ABSTAIN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Approval of amendments to the Company&#146;s Certificate of Incorporation to
change the name of Metalclad Corporation to Entrx Corporation, and to
increase the Company&#146;s authorized preferred stock from 1,500,000 to
5,000,000 shares.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">FOR
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">AGAINST
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">ABSTAIN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In their discretion, the proxies are authorized to vote upon matters
which are incidental to the conduct of the Annual Meeting, and upon other
business of which the Board of Directors is presently unaware and which
may properly come before the meeting, and for the election of any person
as a member of the Board of Directors if a nominee named in the
accompanying Proxy Statement is unable to serve or for good cause will not
serve.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="30%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">FOR
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">AGAINST
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="c69240dbox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">ABSTAIN</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS AND MANAGEMENT OF METALCLAD
CORPORATION AND WILL BE VOTED IN FAVOR OF THE ELECTION OF THE FIVE NOMINEES AND
FOR PROPOSALS 2, 3 AND 4 UNLESS OTHER INSTRUCTIONS ARE GIVEN.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="36%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="49%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Dated:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="left" valign="top"><FONT size="2">, 2002</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2"><HR size="1" noshade></FONT></TD>
        <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="center"><FONT size="2"><HR size="1" noshade>
Signature</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="center"><FONT size="2"><HR size="1" noshade>
Signature</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2">Please sign exactly as your name appears
hereon; if stock is held jointly, each
owner must sign. When signing as executor,
trustee, guardian, attorney, agent or proxy, please
indicate title.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="3" valign="top" align="left"><FONT size="2"><B>Please sign, date and return this Proxy promptly.</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>



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