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April 9, 2009

SouthernSun 1Q09 Commentary

While studying a range of scientific information lately in an attempt to more accurately grasp the economic impact of a number of governmental programs, including the Government of India’s outcome budget from the Ministry of Power, I fell upon the following term, which I must admit, was previously unknown to me. An extremophile is an organism that lives and thrives in environments that are considered uninhabitable, from places with high levels of toxicity to boiling hot deep sea volcanoes. (continued)

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March 12, 2009

SouthernSun Interim Commentary

The past few days have indeed been more encouraging than six of the past seven months. We would like to make several observations ahead of quarter’s end: (continued)

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January 18, 2009

SouthernSun 4Q08 and 2008 Year End Commentary

As I have been traveling in Asia and the UK the past several weeks, I must admit that I sincerely hoped I would find just the right words to open this letter, given the events of the past year. I feel certain that many of our colleagues in the industry are producing powerful and memorable images in their communication, images that succinctly describe and clarify the year’s key events. The good news is, now having asserted the aforementioned, I am “off the hook”, as it were, for such an introduction. (continued)

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November 17, 2008

SouthernSun Interim Commentary

Many of our portfolio businesses have now reported 3Q08 results and, by-and-large, the results have been reasonably strong. As we suggested in our third quarter commentary, most of our companies were careful to lower expectations due to the macro environment. However, when addressing a number of the specific niche markets in which they operate, the tone was quite confident. We believe that most of our businesses are making excellent progress and have an environment conducive to growing organically and through acquisition. A number of our businesses have successfully renegotiated more favorable credit terms and have even expanded their availability to resource opportunities, whether by business additions or expansion to gain market share. This is of course not true of all of our businesses. We are aggressively addressing many issues that may result in our revaluing a business or determining their future competitiveness with the management of these businesses. (continued)

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October 8, 2008

SouthernSun 3Q08 Commentary

I am writing to you this morning from Dubai in the United Arab Emirates. It strikes me that we must soberly evaluate what we are told by the media and politicians whose lives depend on less-than-verifiable evidence, along with their extrapolation of the obscure. Otherwise, we may be convinced that all business has ceased. Contrary to that belief, all one must do is peek over my hotel balcony and one would see massive infrastructure projects in all phases of construction. Now this is not to say that activity has not slowed and in some places seized up altogether. It is to say that what is in front of you on that TV or in the newspaper may not be all that there is. (continued)

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