News Column

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

May 13, 2014

AND RESULTS OF OPERATIONS

The following discussion provides information which the Company's management believes is relevant to an assessment and understanding of the Company's operations and financial condition. This discussion should be read in conjunction with the condensed consolidated financial statements and accompanying notes in addition to the consolidated statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013.



Forward-Looking Statements

Certain disclosures related to acquisitions, refinancing, capital expenditures, resolution of pending litigation, and realization of deferred tax assets contained in this quarterly report involve substantial risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," "project", or the negative of such terms or other similar expressions. These forward-looking statements are not historical facts, but rather are based on management's current expectations, assumptions, and projections about future events. Although management believes that the expectations, assumptions, and projections on which these forward-looking statements are based are reasonable, they nonetheless could prove to be inaccurate, and as a result, the forward-looking statements based on those expectations, assumptions, and projections also could be inaccurate. Forward-looking statements are not guarantees of future performance. Instead, forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions that may cause the Company's strategy, planning, actual results, levels of activity, performance, or achievements to be materially different from any strategy, planning, future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially from those currently anticipated as a result of a number of factors, including the risks and uncertainties discussed under the caption "Risk Factors" set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2013. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements included in this report and the risks and uncertainties discussed under the caption "Risk Factors" set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2013; they should not be regarded as a representation by the Company or any other individual. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this report might not occur or be materially different from those discussed. Page 33 of 48



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General

The Hillman Companies, Inc. and its wholly-owned subsidiaries (collectively, "Hillman" or the "Company") are one of the largest providers of hardware-related products and related merchandising services to retail markets in North America. The Company's principal business is operated through its wholly-owned subsidiary, The Hillman Group, Inc. (the "Hillman Group"). The Hillman Group sells our products to hardware stores, home centers, mass merchants, pet supply stores, and other retail outlets principally in the United States, Canada, Mexico, Australia, Latin America, and the Caribbean. Product lines include thousands of small parts such as fasteners and related hardware items; threaded rod and metal shapes; keys, key duplication systems, and accessories; builder's hardware; and identification items, such as tags and letters, numbers, and signs ("LNS"). The Company supports our product sales with value added services including design and installation of merchandising systems and maintenance of appropriate in-store inventory levels.



Financing Arrangements

In September 1997, The Hillman Group Capital Trust, a Grantor trust (the "Trust"), completed a $105.4 million underwritten public offering of 4,217,724 11.6% Trust Preferred Securities. The Trust invested the proceeds from the sale of the preferred securities in an equal principal amount of 11.6% Junior Subordinated Debentures of Hillman due September 2027. The Company pays interest to the Trust on the Junior Subordinated Debentures underlying the Trust Preferred Securities at the rate of 11.6% per annum on their face amount of $105.4 million, or $12.2 million per annum in the aggregate. The Trust distributes an equivalent amount to the holders of the Trust Preferred Securities. Pursuant to the Indenture that governs the Trust Preferred Securities, the Trust is able to defer distribution payments to holders of the Trust Preferred Securities for a period that cannot exceed 60 months (the "Deferral Period"). During a Deferral Period, the Company is required to accrue the full amount of all interest payable, and such deferred interest payable would become immediately payable by the Company at the end of the Deferral Period. Concurrently with the Merger Transaction, Hillman Group issued $150.0 million aggregate principal amount of senior notes due 2018 (the "10.875% Senior Notes"). On March 16, 2011, Hillman Group completed an offering of $50.0 million aggregate principal amount of 10.875% Senior Notes. Hillman Group received a premium of approximately $4.6 million on the $50.0 million 10.875% Senior Notes offering. On December 21, 2012, Hillman Group completed an offering of $65.0 million aggregate principal amount of temporary 10.875% Senior Notes. The temporary 10.875% Senior Notes were mandatorily exchanged for a like aggregate principal amount of 10.875% Senior Notes on February 19, 2013 in connection with the Paulin Acquisition. Hillman Group received a premium of approximately $4.2 million on the $65.0 million 10.875% Senior Notes offering. The 10.875% Senior Notes are guaranteed by The Hillman Companies, Inc., Hillman Investment Company, and all of the domestic subsidiaries of Hillman Group. Hillman Group pays interest on the 10.875% Senior Notes semi-annually on June 1 and December 1 of each year. Effective November 7, 2012, the Company entered into a Joinder Agreement (the "2012 Incremental Facility") to our $320.0 million senior secured first lien credit facility (the "Senior Facilities"), consisting of a $290.0 million term loan and a $30.0 million revolving credit facility ("Revolver"). The 2012 Incremental Facility increased the aggregate term loan commitments available to Hillman Group under the Senior Facilities by $76.8 million. Subject to the conditions described in Section 17 of the 2012 Incremental Facility, the Company drew down on funds from the 2012 Incremental Facility in order to fund the permitted Paulin Acquisition on February 19, 2013. The proceeds from the 2012 Incremental Facility were also used for general corporate purposes. The aggregate principal amount of commitments under the Senior Facilities, after giving effect to the 2012 Incremental Facility, was $420.0 million. Page 34 of 48



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Effective February 14, 2013, the Company completed an amendment to the credit agreement governing our Senior Facilities. The Senior Facilities amendment modified the term loan pricing to reduce the EuroDollar margin by 50 basis points to 3.00% and reduce the EuroDollar floor on EuroDollar loans by an additional 25 basis points to 1.25%. This amendment modified the term loan pricing to reduce the base rate margin by 50 basis points to 2.00% and reduce the floor on base rate loans by an additional 25 basis points to 2.25%. This amendment also extends the maturity date of the Senior Facilities by one year to May 28, 2017. Effective December 19, 2013, the Company completed an amendment to the credit agreement governing our Senior Facilities. The Senior Facilities amendment modified the term loan pricing to reduce the EuroDollar margin by 25 basis points to 2.75% and reduce the EuroDollar floor on EuroDollar term loans by an additional 25 basis points to 1.00%. This amendment modified the term loan pricing to reduce the base rate margin by 25 basis points to 1.75% and reduce the floor on base rate term loans by an additional 25 basis points to 2.00%. The Senior Facilities contain financial and operating covenants which require the Company to maintain certain financial ratios, including a secured leverage ratio. This debt agreement provides for customary events of default, including, but not limited to, payment defaults, breach of representations or covenants, cross-defaults, bankruptcy events, failure to pay judgments, attachment of its assets, change of control, and the issuance of an order of dissolution. Certain of these events of default are subject to notice and cure periods or materiality thresholds. The occurrence of an event of default permits the lenders under the Senior Facilities to accelerate repayment of all amounts due. The Company was in compliance with all provisions and covenants of the amended Senior Facilities as of March 31, 2014. Acquisitions On February 19, 2013, pursuant to the terms of the previously announced plan of arrangement dated December 17, 2012, the Company acquired all of the issued and outstanding Class A common shares of H. Paulin & Co., Limited (the "Paulin Acquisition"). The aggregate purchase price of the Paulin Acquisition was $103.4 million paid in cash. On March 31, 2013, H. Paulin & Co., Limited was amalgamated with The Hillman Group Canada ULC and continues as a division operating under the trade name of H. Paulin & Co. ("Paulin"). Paulin is a leading Canadian distributor and manufacturer of fasteners, fluid system products, automotive parts, and retail hardware components. Paulin's distribution facilities are located across Canada in Vancouver, Edmonton, Winnipeg, Toronto, Montreal, and Moncton, as well as in Flint, Michigan, and Cleveland, Ohio. Paulin's manufacturing facilities are located in Ontario, Canada. Paulin's annual revenues were approximately $146.4 million for 2013. Page 35 of 48



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Results of Operations

The following analysis of results of operations includes a brief discussion of the factors that affected the Company's operating results and a comparative analysis of the periods for the three months ended March 31, 2014 and 2013.

Three Months Three Months Ended Ended March 31, March 31, 2014 % of 2013 % of (dollars in thousands) Amount Total Amount Total Net sales $ 154,779 100.0 % $ 143,919 100.0 % Cost of sales (exclusive of depreciation and amortization shown separately below) 79,415 51.3 % 73,646 51.2 % Selling 27,117 17.5 % 23,260 16.2 % Warehouse & delivery 19,201 12.4 % 16,361 11.4 % General & administrative 9,525 6.2 % 8,748 6.1 % Acquisition and integration expenses (a) - 0.0 % 2,029 1.4 % Depreciation 6,868 4.4 % 5,542 3.9 % Amortization 5,544 3.6 % 5,446 3.8 % Other expense (income) (488 ) -0.3 % 1,103 0.8 % Income from operations 7,597 4.9 % 7,784 5.4 % Interest expense, net 11,545 7.5 % 11,953 8.3 % Interest expense on junior subordinated notes 3,152 2.0 % 3,152 2.2 % Investment income on trust common securities (95 ) -0.1 % (94 ) -0.1 % Loss before income taxes (7,005 ) -4.5 % (7,227 ) -5.0 % Income tax benefit (2,943 ) -1.9 % (2,642 ) -1.8 % Net loss $ (4,062 ) -2.6 % $ (4,585 ) -3.2 %



(a) Represents expenses for investment banking, legal and other professional fees

incurred in connection with the Paulin Acquisition. Page 36 of 48



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Current Economic Conditions

The Company's business is impacted by general economic conditions in the North American and international markets, particularly the U.S. and Canadian retail markets including hardware stores, home centers, mass merchants, and other retailers. In recent quarters, operations have been negatively impacted by the slow, uneven growth in the U.S. economy, and the retail market we sell into. Although there have been certain signs of improvement in the economy and stabilization of domestic credit markets from the height of the financial crisis, general expectations do not call for significant economic growth to return in the near term and may have the effect of reducing consumer spending which could adversely affect our results of operations during the remainder of 2014 and 2015. The Company's ability to import products in a timely and cost-effective manner may be affected by conditions at ports or issues that otherwise affect transportation and warehousing providers, such as port and shipping capacity, labor disputes, severe weather, or increased homeland security requirements in the U.S. and other countries. These issues could delay importation of products or require the Company to locate alternative ports or warehousing providers to avoid disruption to customers. These alternatives may not be available on short notice or could result in higher transit costs, which could have an adverse impact on the Company's business and financial condition. The Company is sensitive to inflation or deflation present in the economies of the United States and foreign suppliers located primarily in Taiwan and China. Unfavorable exchange rate fluctuations have increased the costs for many of our products. The Company may take pricing action in an attempt to offset a portion of the product cost increases. The ability of the Company's operating divisions to institute price increases and seek price concessions, as appropriate, is dependent on competitive market conditions.



The Three Months Ended March 31, 2014 vs the Three Months Ended March 31, 2013

Net Sales

Net sales for the first quarter of 2014 were $154.8 million, an increase of $10.9 million compared to net sales of $143.9 million for the first quarter of 2013. The increase in revenue was primarily attributable to the inclusion of the Paulin business which contributed approximately $12.6 million in incremental net sales to the first quarter of 2014. The net sales excluding Paulin for the first quarter of 2014 decreased approximately $1.7 million from the first quarter of 2013. This decrease was the result of one less shipping day worth approximately $2.0 million and the unfavorable effects of severe winter weather conditions that hampered our sales efforts in a significant portion of the U.S. Page 37 of 48



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Expenses

Operating expenses were higher for the three months ended March 31, 2014 than the three months ended March 31, 2013. The primary reason for the increase in operating expenses was the inclusion of the Paulin business for the entire first quarter of 2014 compared to approximately six weeks of the first quarter of 2013. The following changes in underlying trends impacted the change in operating expenses:



• The Company's cost of sales expense was $79.4 million, or 51.3% of net

sales, in the first quarter of 2014, an increase of $5.8 million compared

to $73.6 million, or 51.2% of net sales, in the first quarter of 2013. The

primary reason for the increase in cost of sales was the inclusion of the

Paulin business in the first quarter of 2014. Purchasing efficiencies and

stable inventory prices allowed the cost of sales expressed as a

percentage of sales to remain nearly unchanged from the prior year in

spite of incremental Paulin business which carries a higher cost of sales

percentage. • Selling expense was $27.1 million, or 17.5% of net sales, in the first



quarter of 2014, an increase of $3.8 million compared to $23.3 million, or

16.2% of net sales, in the first quarter of 2013. An increase of

approximately $1.3 million in the first quarter of 2014 was attributable

to the new Paulin business. The selling costs from the remaining Hillman

businesses were approximately $2.5 million higher than the comparable 2013

period as a result of higher set up costs on customer displays,

commissions on key vending sales, and marketing related expenditures.

• Warehouse and delivery expense was $19.2 million, or 12.4% of net sales,

in the first quarter of 2014, an increase of $2.8 million compared to

warehouse and delivery expense of $16.4 million, or 11.4% of net sales, in

the first quarter of 2013. In the first quarter of 2014, additional

warehouse and delivery expenses of approximately $2.7 million was attributable to the new Paulin business.



• General and administrative ("G&A") expenses were $9.5 million in the first

quarter of 2014, an increase of $0.8 million compared to $8.7 million in

the first quarter of 2013. The G&A expenses in the 2014 period included

stock compensation cost of approximately $0.2 million and additional costs

from the addition of the Paulin business.



• There were no acquisition and integration costs in the first quarter of

2014. Acquisition and integration costs were $2.0 million in the first quarter of 2013. The decrease is due to the Paulin Acquisition and integration.



• Depreciation expense was $6.9 million in the first quarter of 2014

compared to $5.5 million in the first quarter of 2013. Depreciation

expense of approximately $0.5 million was attributable to the fixed assets

acquired in the Paulin Acquisition. The remaining increase in depreciation

relates primarily to the placement of approximately 800 FastKey machines

in Walmart stores during the first quarter of 2014 and the last three quarters of 2013.



• Interest expense, net, was $11.5 million in the first quarter of 2014

compared to $12.0 million in the first quarter of 2013. The decrease in

interest expense was primarily the result of a 50 basis point reduction in

the interest rate for the Senior Facilities as a result of an amendment to

the credit agreement dated December 19, 2013. Page 38 of 48



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Income Taxes

In the three month period ended March 31, 2014, the Company recorded an income tax benefit of $2.9 million on pre-tax loss of $7.0 million. The effective income tax rate was 42.0% for the three month period ended March 31, 2014.

In the three month period ended March 31, 2013, the Company recorded an income tax benefit of $2.6 million on a pre-tax loss of $7.2 million. The effective income tax rate was 36.6% for the three month period ended March 31, 2013. The difference between the effective income tax rate and the federal statutory rate in the three month period ended March 31, 2014 was affected by a valuation reserve recorded to offset the deferred tax assets of a foreign subsidiary. The remaining differences between the effective income tax rate and the federal statutory rate in the three month period ended March 31, 2014 was primarily due to state and foreign income taxes. The effective income tax rate differed from the federal statutory rate in the three month period ended March 31, 2013 due in part to a reduction of the valuation reserve related to a deferred tax asset that was utilized in the period. The difference is also due in part to a valuation reserve recorded to offset the deferred tax assets of a foreign subsidiary. The remaining differences between the effective income tax rate and the federal statutory rate in the three month period ended March 31, 2013 was primarily due to state and foreign income taxes. Page 39 of 48



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Liquidity and Capital Resources

Cash Flows

The statements of cash flows reflect the changes in cash and cash equivalents for the three months ended March 31, 2014 and the three months ended March 31, 2013 by classifying transactions into three major categories: operating, investing, and financing activities.



Operating Activities

Net cash provided by operating activities for the three months ended March 31, 2014 of $3.4 million was the result of the net loss adjusted for non-cash items of $6.9 million for depreciation, amortization, deferred taxes, deferred financing, and stock-based compensation which was offset by cash related adjustments of $3.5 million for routine operating activities represented by changes in accounts receivable, inventories, accounts payable, accrued liabilities, and other assets. In the first three months of 2014, routine operating activities used cash through an increase in accounts receivable of $7.0 million, an increase in inventories of $6.6 million, and a decrease in other items of $0.5 million. This was partially offset by a decrease in other assets of $4.7 million, an increase in accounts payable of $3.6 million, an increase in other accrued liabilities of $1.3 million, and an increase of $1.0 million in interest payable on the junior subordinated debentures. In the first three months of 2014, the seasonal increases in accounts receivable and inventory were the primary uses of cash flow from operating activities for the period. Net cash used for operating activities for the three months ended March 31, 2013 of $5.1 million was the result of the net loss adjusted for non-cash items of $4.6 million for depreciation, amortization, deferred taxes, deferred financing, stock-based compensation, and non-cash interest which was offset by cash related adjustments of $9.7 million for routine operating activities represented by changes in accounts receivable, inventories, accounts payable, accrued liabilities, and other assets. In the first three months of 2013, routine operating activities used cash through an increase in accounts receivable of $13.4 million, an increase in inventories of $1.6 million, and a decrease in other accrued liabilities of $2.9 million. This was partially offset by decrease in other assets of $3.9 million, an increase in accounts payable of $2.9 million, an increase of $1.0 million in interest payable on the junior subordinated debentures and an increase in other items of $0.4 million. In the first three months of 2013, the increase in accounts receivable was instrumental in the use of cash flow from operating activities for the period.



Investing Activities

Net cash used for investing activities was $6.9 million for the three months ended March 31, 2014. Capital expenditures for the three months totaled $6.9 million, consisting of $3.3 million for key duplicating machines, $1.4 million for engraving machines, $1.4 million for computer software and equipment, and $0.8 million for machinery and equipment. Net cash used for investing activities was $110.0 million for the three months ended March 31, 2013. The Company used $103.4 million for the Paulin Acquisition. Capital expenditures for the three months totaled $6.6 million, consisting of $4.4 million for key duplicating machines, $0.4 million for engraving machines, $1.2 million for computer software and equipment, and $0.6 million for machinery and equipment. Page 40 of 48



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Financing Activities

Net cash used for financing activities was $0.6 million for the three months ended March 31, 2014. The Company received cash of $0.5 million from the exercise of stock options and used cash to pay approximately $1.0 million in principal payments on the senior term loans and $0.1 million on the capitalized lease obligations. Net cash provided by financing activities was $73.6 million for the three months ended March 31, 2013. The borrowings on senior term loans provided $74.6 million, net of the discount of $2.2 million, and were used together with a portion of the borrowings on the 10.875% Senior Notes to pay the purchase price of the Paulin Acquisition and for other corporate purposes. In addition, the Company used cash to pay $0.8 million in principal payments on the senior term loans under the Senior Facilities and $0.2 million in principal payments on capitalized lease obligations.



Liquidity

The Company's management believes that projected cash flows from operations and revolver availability will be sufficient to fund working capital and capital expenditure needs for the next 12 months.



The Company's working capital (current assets minus current liabilities) position of $235.0 million as of March 31, 2014 represents a decrease of $3.8 million from the December 31, 2013 level of $238.8 million.

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Contractual Obligations

The Company's contractual obligations in thousands of dollars as of March 31, 2014 were as follows: Payments Due Less Than More Than Contractual Obligations Total 1 Year 1 to 3 Years 3 to 5 Years 5 Years Junior Subordinated Debentures (1) $ 114,891 $ - $ - $ - $ 114,891



Interest on Jr Subordinated Debentures 165,124 12,231

24,463 24,463 103,967 Senior Term Loans 384,407 3,968 7,936 372,503 - 10.875% Senior Notes 265,000 - - 265,000 - KeyWorks License Agreement 2,693 429 815 757 692 Interest Payments (2) 165,833 43,249 86,094 36,203 287 Operating Leases 64,851 10,187 13,237 10,092 31,335 Deferred Compensation Obligations 1,788 227 - - 1,561 Capital Lease Obligations 613 256 327 30 - Purchase Obligations 1,138 263 350 350 175 Other Obligations 1,931 860 857 214 - Uncertain Tax Position Liabilities 2,007 - - 55 1,952



Total Contractual Cash Obligations (3) $ 1,170,276$ 71,670 $

134,079 $ 709,667$ 254,860



(1) The junior subordinated debentures liquidation value is approximately

$108,704.

(2) Interest payments for borrowings under the Senior Facilities and the 10.875%

Senior Notes. Interest payments on the variable rate Long Term Senior Term

Loans were calculated using the actual interest rate of 3.75% as of March 31,

2014. Interest payments on the 10.875% Senior Notes were calculated at their

fixed rate.

(3) All of the contractual obligations noted above are reflected on the Company's

condensed consolidated balance sheet as of March 31, 2014 except for the

interest payments, purchase obligations, and operating leases.

The Company has a purchase agreement with our supplier of key blanks which requires minimum purchases of 100 million key blanks per year. To the extent minimum purchases of key blanks are below 100 million, the Company must pay the supplier $0.0035 per key multiplied by the shortfall. Since the inception of the contract in 1998, the Company has purchased more than the requisite 100 million key blanks per year from the supplier. In 2013, the Company extended this contract for an additional three years.



As of March 31, 2014, the Company had no material purchase commitments for capital expenditures.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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Borrowings

As of March 31, 2014, the Company had $26.4 million available under the Senior Facilities. The Company had approximately $385.0 million of outstanding debt at March 31, 2014, consisting of $384.4 million in a term loan under our Senior Facilities and $0.6 million in capitalized lease and other obligations. The term loan consisted of a $384.4 million Term B-2 Loan at an interest rate of 3.75%. The capitalized lease obligations were at various interest rates. At March 31, 2014 and December 31, 2013, the Company's borrowings were as follows: March 31, 2014 December 31, 2013 Facility Outstanding Interest Facility Outstanding Interest (dollars in thousands) Amount Amount Rate Amount Amount Rate Term B-2 Loan $ 384,407 3.75 % $ 385,399 3.75 % Revolving credit facility $ 30,000 - - $ 30,000 - - Capital leases & other obligations 571 various 556 various Total secured credit 384,978 385,955 10.875% Senior notes 265,000 10.875 % 265,000 10.875 % Total borrowings $ 649,978$ 650,955



Descriptions of the Company's credit agreement governing the Senior Facilities, as amended, and the 10.875% Senior Notes are contained in the "Financing Arrangements" section of this report on Form 10-Q.

The Senior Facilities require the maintenance of the secured leverage ratio below 4.75 (as amended on April 18, 2011) and limit the ability of the Company to incur debt, make investments, make dividend payments to holders of the Trust Preferred Securities, or undertake certain other business activities. Upon the occurrence of an event of default under the credit agreements, all amounts outstanding, together with accrued interest, could be declared immediately due and payable by our lenders. Below are the calculations of the financial covenant with the Senior Facilities requirement for the twelve trailing months ended March 31, 2014: Ratio (dollars in thousands) Actual Requirement Secured Leverage Ratio Senior term loan balance $ 384,407 Revolver - Capital leases and other credit obligations 571 Total debt $ 384,978 Adjusted EBITDA (1) $ 125,931 Leverage ratio (must be below requirement) 3.06 4.75



(1) Adjusted EBITDA for the twelve months ended March 31, 2014 is defined as

income from operations ($56,254), plus depreciation ($26,122), amortization

($22,210), stock compensation expense ($9,253), restructuring costs ($4,176),

acquisition and integration costs ($7,005), foreign exchange losses ($1,064),

management fees ($77), and minus other ($230). Page 43 of 48



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Critical Accounting Policies and Estimates

Significant accounting policies and estimates are summarized in the notes to the condensed consolidated financial statements. Some accounting policies require management to exercise significant judgment in selecting the appropriate assumptions for calculating financial estimates. Such judgments are subject to an inherent degree of uncertainty. These judgments are based on our historical experience, known trends in our industry, terms of existing contracts, and other information from outside sources, as appropriate. Management believes these estimates and assumptions are reasonable based on the facts and circumstances as of March 31, 2014, however, actual results may differ from these estimates under different assumptions and circumstances. Our critical accounting policies and estimates are discussed in the "Critical Accounting Policies and Estimates" section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission. In addition, our most significant accounting policies are discussed in Note 2 and elsewhere in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2013, which includes audited financial statements. Page 44 of 48



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Item 3.


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