Waddington North America, Inc.

Sale of the General Packaging Business of Waddington North America, Inc.
(Hopple Plastics) to The Fabri-Form Co.

Minneapolis, January 24, 2004 — Cherry Tree Securities, LLC recently completed the sale of the General Packaging Business of Waddington North America, Inc. (Hopple Plastics), a portfolio company of Code Hennessy & Simmons LLC, to The Fabri-Form Co. Cherry Tree Securities acted as the exclusive investment banking advisor for Waddington North America.

WNA¹s General Packaging Business is a specialty extruder and thermoformer of custom designed, high-value added packaging solutions using various materials and thermoforming techniques. This business sells to consumer products companies, as well as to customers in the filtration, automotive, laboratory supplies, and agrochemical industries. The Fabri-Form Co., a leader in custom thermoformed parts based in Ohio, acquired 100% of the assets of the General Packaging Business in a private transaction.

Cherry Tree is a private investment banking firm, headquartered in Minneapolis, MN, that is focused on companies with enterprise values between $10 million and $200 million. We advise owners who are ready to sell their companies to monetize the wealth they have built. We advise buyers to identify and evaluate strategic investment opportunities in mid-sized companies.

Founded in 1980, Cherry Tree has provided services to over 150 companies in a wide variety of industries. It has formed and managed five private equity funds, and has participated in over 250 private equity financings, over 50 M&A transactions, and 25 public offerings.

For more information, contact: Brent McVay, Principal Cherry Tree Securities, LLC (952) 893-9012