Armor All, ALISO VIEJO

Nature of Business: Manufacturer and supplier of automotive appearence products. Employees: 123 Orange County: 97 Stock Designation: Listed on NASDAQ “Armor” Ticker Symbol: “ARMR” Friday’s Stock Close: $10.75 Change: -$0.25

Analyst review: “Apparently during the later part of the ‘80s they gave excessive credit terms to their retail customers and stuffied the trade with product--in essence, ‘dumping’--and it caught with them . . . fiscal ’91 was disastrous in terms of earnings. But this is clearly a turnaround situation, and the first quarter results of fiscal ’92 have shown some significant improvement. We’ve been impressed with the new CEO on-board last April. While their profits were decimated by excess inventory, most of the channels are pretty clean now, so they can get back to a pretty normal order pattern. I think they can grow earnings at a 50% rate over the next two years from thatdepressed base “ --Eric McKissack, portfolio manager Ariel Capital Management Inc., Chicago

5 YEAR SUMMARY: SALES VS. PROFITS

Fiscal year ending Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 1987 1988 1989 1990 1991 Net Sales $107.0 $126.4 $162.8 $165.4 $133.8 Net Profit (Loss) $17.0 $22.3 $27.1 $18.8 $6.8

Corporate Outlook: “Armor All has re-established its long-held tradition of growth. Sales are up 17% year to date, and our outlook is excellent. We have three major objectives: to continue to hold our towering 80% market share in protectants; to build our wax business--we acquired Rain Dance and Rally waxes three years ago--and to expand our business to international markets. We have found that people around the world love Armor All.” Kenneth M. Evans, president/CEO

5-YEAR SUMMARY: RETURN ON STOCKHOLDER INVESTMENT

Fiscal year ending Mar. 31 Mar. 31 Mar. 31 Mar. 31 1987* 1988 1989 1990 52-Week High $19.25 $27.25 $24.25 $24.00 52-Week Low $10.25 $10.75 $17.50 $13.25 Price Per Share $18.88 $19.50 $18.75 $15.25 Net Earnings (Loss) Per Share $0.82 $1.07 $1.30 $0.90 Price-to-Earnings Ratio 23:1 18:1 14:1 17:1 Average Return to Investor 26% 29% 29% 19%

Fiscal year ending Mar. 31 1991 52-Week High $17.25 52-Week Low $9.38 Price Per Share $11.25 Net Earnings (Loss) Per Share $0.33 Price-to-Earnings Ratio 34:1 Average Return to Investor 7%

* Armor All Products Corp.’s initial public offering was in October, 1986, so figures are only for six months; parent, McKesson Corp., still owns 83% of the company’s stock.

For more information, call or write Armor All Products Corp.: 6 Liberty Drive, Aliso Viejo, Calif., 92656. (714) 362-0600

Source: Armor All Products Corp.; Newport Securities