1

1

3/27/08

Fourth Quarter and Full Year 2007

Fourth Quarter and Full Year 2007

Earnings Call Webcast

Earnings Call Webcast

March 27, 2008

March 27, 2008

9:00 am EDT

9:00 am EDT

Exhibit 99.2

2

2

3/27/08

Forward Looking Statements

Forward Looking Statements

The

following

information

contains,

or

may

be

deemed

to

contain,

“forward-

looking

statements”

(as

defined

in

the

U.S.

Private

Securities

Litigation

Reform

Act

of

1995).

By

their

nature,

forward-looking

statements

involve

risks

and

uncertainties

because

they

relate

to

events

and

depend

on

circumstances

that

may

or

may

not

occur

in

the

future.

Our

future

results

may

vary

from

the

results

expressed

in,

or

implied

by,

the

following

forward-looking

statements,

possibly

to

a

material

degree.

For

a

discussion

of

some

of

the

important

factors

that

could

cause

our

results

to

differ

from

those

expressed

in,

or

implied

by,

the

following

forward-looking

statements,

please

refer

to

our

annual

report

on

Form

10-K,

in

particular,

the

“Risk

Factors”

section

thereof,

and

our

quarterly

reports

on

Form

10-Q

filed

with

the

Securities

and

Exchange

Commission.

3

3

3/27/08

Reported Results

Reported Results

All periods exclude global Zinc segment

2007 reported results include:

Full year of Corus Aluminum

Wabash Alloys from mid-September

Minor impact from EKCO Products and Alumox

2006 includes five months of Corus Aluminum and excludes the 2007

acquisitions of EKCO Products, Wabash Alloys, and Alumox

Commentary focused on non-GAAP measure EBITDA from continuing

operations, excluding special items:

Purchase accounting

Mark-to-market gains and losses on derivative financial instruments

Restructuring and other charges

TPG management fees

Stock-based compensation expense

4

4

3/27/08

2007 Recap

2007 Recap

Highlights

Significant cash generation of $422M

Portfolio optimization

Wabash Alloys acquisition

Zinc sold for $295M

Gross productivity of $121M*

Maintained margins

Completed 2 major expansions

Excellent performance in Recycling

*Includes full year of Corus Aluminum productivity

Challenges

North American volume

Rolled Products

Specification Alloy

Commodity cost inflation/input costs

Alloy hardeners (zinc, copper, mag)

Natural gas

Rolling ingots

Fourth quarter “one-time”

costs

Absorption

Environmental reserves

Other costs

Addressing Cost Base in Current Economic Environment

5

5

3/27/08

2007 Performance

2007 Performance

162

340

31

$ 4,196

2006

422

372

(94)

$ 5,990

2007

Free Cash Flow

EBITDA from Continuing Operations,

Excluding Special Items

Income (Loss) from Continuing

Operations

Revenues

($M)

Reported Results

Note: See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations, excluding special items on slide

29. See

reconciliation

of

cash

flow

from

operating

activities

of

continuing

operations

to

free

cash

flow

on

slide

30.

6

6

3/27/08

Full Year Comparison

Full Year Comparison

EBITDA from Continuing Operations, Excluding Special Items

* Does not reflect productivity benefits realized by acquired operations of Corus Aluminum from 1/07-7/07.

Note: Amounts represent management estimates.  Variances do not reflect the impact of the Corus Aluminum acquisition

from 01/07 –

07/07. See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations,

excluding special items on slide 29.

$372

$28

$340

($24)

($63)

($24)

($37)

($13)

($32)

$111

$86

$200

$300

$400

$500

$600

7

7

3/27/08

“One-Time”

“One-Time”

Costs

Costs

($32)

(9)

Accounting Conformity Changes

2007

vs

2006

(3)

Other Items

(15)

Absorption

($5)

Environmental Reserve

Non-Recurring

Costs

Disappointing;

Not

Expected

to

Repeat

in

2008

8

8

3/27/08

Pounds Shipped

Pounds Shipped

(1)

(1)

5,943

6,215

Total

3,818

3,870

Global Recycling

2,125

2,345

Global Rolled and Extruded Products

2007

2006

(1) Shipments reflect the acquisitions of Corus Aluminum, EKCO Products and Wabash Alloys as if they had occurred on January 1, 2006.

9

9

3/27/08

2007 North American Rolled Products

2007 North American Rolled Products

Building & Construction Volumes

(Indexed to 1Q06)

Distribution Volumes

(Indexed to 1Q06)

Source: Management estimates and U.S. Census

Bureau’s seasonally adjusted annual rates.

Source: Management estimates and MSCI data.

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

Aleris

Shipments

Housting

Starts

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

Aleris

Shipments

MSCI Inventory

10

10

3/27/08

Margin Performance

Margin Performance

Global Rolled Products

Global Aluminum Recycling

Maintained Margin Despite Demand Erosion

Improved Pricing During 2007

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

1Q07

2Q07

3Q07

4Q07

$0.05

$0.06

$0.07

$0.08

$0.09

$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

1Q07

2Q07

3Q07

4Q07

11

11

3/27/08

0.50

0.60

0.70

0.80

0.90

1.00

1.10

4Q06

1Q07

2Q07

3Q07

4Q07

High Value Products

Lower Margin Products

European Rolled Products Shipments

European Rolled Products Shipments

LTM Shipments

Good Volume Growth in Value Added Product Lines

12

12

3/27/08

2007 Gross Productivity Recap

2007 Gross Productivity Recap

2007

Manufacturing

$    92

Metals

20

Non-metals/Other

9

Total

$  121

2007

Six Sigma

$    36

Energy / Recovery     

14

Headcount

13

Other Cost Reductions

18

Throughput

11

Total

$    92

Continued Relentless Focus on Productivity

($M)

13

13

3/27/08

Commodity Cost Inflation

Commodity Cost Inflation

Hardeners

(Indexed to 1Q06)

Natural Gas

(Indexed to 2006)

Source: Management data.

Source: Management data.

Driving to Recover Through Productivity and Announced Price Increases

0.8

1.0

1.2

1.4

1.6

1.8

2.0

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

Magnesium

Silicon

Copper

Zinc

0.7

0.8

0.9

1.0

1.1

2006

2007

14

14

3/27/08

Aluminum LME and Currency

Aluminum LME and Currency

Currency

(USD/Foreign Currencies

Indexed to 1Q 06)

Aluminum LME

Source: Management data.

Sources: Management data.

Better Hedging Programs Expected to Reduce Volatility

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

Real

Canadian

Euro

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

$1.30

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

15

15

3/27/08

2007 Free Cash Flow Summary

2007 Free Cash Flow Summary

Working Capital Drove Cash Generation

2007

Sources

Adjusted EBITDA

$372

Inventory

$123

Working Capital

242

Receivables

54

Capital Expenditures

(192)

Payables

65

Free Cash Flow

(1)

$422

Total

$242

(1)

These totals all exclude Zinc for 2007

($Millions)

Inventory

Improved 8 days DIO; inventory turns increased from 6 to 7

Receivables

2 day improvement in DSO

Payables

Selectively extended payment terms

Total

Improved 14 days down to 56; WC turns increased from 5.2 to 6.6

Note:  See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations, excluding special items

16

16

3/27/08

Financial Statistics

Financial Statistics

($M)

5.7x

-

Net Debt Adjusted for Zinc to Term

Loan Agreement EBITDA

427

-

Term Loan Agreement EBITDA**

369

N/A

Liquidity*

2,434

N/A

Net Debt Adjusted for Zinc Proceeds

2,654

2,462

Net Debt

$     192

$     119

Capital Expenditures

2007

2006

*Liquidity computed as revolver availability plus cash on hand.

**Term

loan

agreement

EBITDA

includes

the

acquisitions

of

Wabash

Alloys

and

EKCO

Products

as

if

they

had

occurred

on

January

1, 2007 and also includes synergies as permitted by our Term Loan Agreement. See slide 32 for a reconciliation of pro forma net

loss to term loan agreement EBITDA.

17

17

3/27/08

($36)

$52

$111

($18)

($37)

($14)

($66)

($14)

$288

$39

$305

$200

$250

$300

$350

$400

$450

$500

Global Rolled and Extruded Products –

Global Rolled and Extruded Products –

Full Year

Full Year

($ & Lbs. in Millions)

2006 vs. 2007

$ 0.36

$ 0.62

288

181

$ 2,726

1,641

2006

$ 0.40

Conversion Cost, $/Lb.

$ 0.67

Material Margin, $/Lb.

305

EBITDA, Excluding Special Items

51

Segment Income

$ 4,305

Revenues

2,113

Volume, Lbs. Shipped

2007

Note: Amounts represent management’s estimates.

Note: See reconciliation of segment income to segment  EBITDA, Excluding

Special Items on slide 31.

18

18

3/27/08

Global Recycling –

Global Recycling –

Full Year

Full Year

108

115

EBITDA, Excluding Special Items

60

85

Segment Income

$ 1,809

$ 1,489

Revenues

3,244

2,890

Volume, Lbs. Shipped

2007

2006

2006 vs. 2007

Note: Amounts represent management’s estimates.

($ & Lbs. in Millions)

Note: See reconciliation of segment income to segment  EBITDA, Excluding

Special Items on slide 31.

($8)

$2

$33

($9)

($12)

$108

$115

($13)

$40

$60

$80

$100

$120

$140

$160

19

19

3/27/08

Fourth Quarter Performance

Fourth Quarter Performance

Strong Cash Generation in Challenging Quarter

11

87

6

$1,338

4Q 2006

(1)

212

Free Cash Flow

49

EBITDA from Continuing Operations,

Excluding Special Items

(70)

Income (Loss) from Continuing Operations

$1,534

Revenues

4Q 2007

($ & Lbs. in Millions)

(1)

Excludes Wabash Alloys & EKCO Products acquisitions.

Note: See reconciliation of income (loss) from continuing operations to EBITDA from continuing operations, excluding special items on slide

29.

See

reconciliation

of

cash

flow

from

operating

activities

of

continuing

operations

to

free

cash

flow

on

slide

30.

20

20

3/27/08

$49

($9)

($16)

($10)

$87

($19)

($12)

($11)

$19

$20

$40

$50

$60

$70

$80

$90

$100

$110

$120

$130

$140

Fourth Quarter Comparison

Fourth Quarter Comparison

EBITDA from Continuing Operations, Excluding Special Items

Note: Amounts represent management’s estimates. See reconciliation of income (loss) from

continuing operations to EBITDA from continuing operations, excluding special items on slide 29.

21

21

3/27/08

Global Rolled and Extruded Products –

Global Rolled and Extruded Products –

4Q

4Q

Weak

U.S.

Demand

&

4Q

Non-Recurring

Costs

Impacted

Profitability

($ & Lbs. in Millions)

0.40

$ 0.63

80

45

$ 979

534

Q406

0.50

Conversion Cost, $/Lb.

$ 0.69

Material Margin, $/Lb.

24

EBITDA, Excluding Special Items

(29)

Segment Income (Loss)

$1,005

Revenues

498

Volume, Lbs. Shipped

Q407

Note: See reconciliation of segment income (loss)  to segment  EBITDA, excluding special items on slide 31.

22

22

3/27/08

Global Recycling –

Global Recycling –

Q4

Q4

($M)

24

22

EBITDA, Excluding Special Items

10

14

Segment Income

$ 541

$ 373

Revenues

810

569

Volume, Lbs. Shipped

4Q07

4Q06

Europe

and

Americas

Recycling

Productivity

Drives

Improvement

Note: See reconciliation of segment income (loss)  to segment  EBITDA, excluding special items on slide 31.

23

23

3/27/08

N. A. Rolled Products

Consolidated Beloit / Roxboro into Ashville (3Q07)

Shutdown Toronto (1Q08)

Shutdown Bedford (2Q08)

Idled 3

rd

party Richmond production (1Q08)

Recycling Americas

Shutdown Dickson, Guelph and Monterrey (4Q07)

Idled Tipton (1Q08)

Other / SG&A

Restructured Europe Recycling / Extrusions

Combined N. A. Spec Alloy and Recycling management team

Other Back office consolidations

Attacking the Costs

Attacking the Costs

Evaluating Other Initiatives

24

24

3/27/08

Positioning the Cost Base

Positioning the Cost Base

$   60-72

9

700

TOTAL

10-15

2

Other Initiatives

8-9

3

Recycling / Spec / Wabash Initiatives

16-20

-

Europe Initiatives

$    26-28

4

Rolled Products Initiatives

Announced:

2008 -

09

Savings

Facilities

Headcount

($M)

25

25

3/27/08

Started up new heat treat plate facility in Duffel (4Q07)

Started up  160”

hot mill in Koblenz for growing aerospace business (1Q08)

Finalizing new wide heat treat capabilities for Duffel hard alloy extrusions (2Q08)

Progressing 148”

hot mill project start-up in Duffel (1Q09)

Strategic Europe Investments

Strategic Europe Investments

Strategically Position Europe in High Value / Growth Products

26

26

3/27/08

13.00

13.50

14.00

14.50

15.00

15.50

16.00

2004

2005

2006

2007

2008

350

400

450

500

550

600

75

95

115

135

155

175

195

MSCI Inventory

MSCI Shipments

2008 Outlook –

2008 Outlook –

U. S. Outlook

U. S. Outlook

0

1

2

3

4

2006

2007

2008

Housing Starts

Distributor Inventories and Shipments

Expect Continued Challenges/Headwinds in U.S.

U.S. Industrial Production

Source: JD Power, National Sources

0

500

1000

1500

2000

2500

% of Change from Previous Yr

Source: Davenport Equity Research.

Source: MCSI data.

Source: Brook Hunt report, February 2008.

North America Vehicle Production

27

27

3/27/08

2008 Outlook -

2008 Outlook -

Europe

Europe

European Light Vehicle Assembly

Euro Zone Industrial Production

Europe Expected to Remain Stable

Commercial Airplane Projected Deliveries

Note:  Airplane deliveries reflect Airbus and Boeing only.

Source:  Management Estimate

0

1

2

3

4

2006

2007

2008

% of Change from Previous Yr

Source:  J.D. Power, National Sources.

Source  Brook Hunt, February 2008

European Residential Building Permits

Source:  Eurostat

EU25

0

20

40

60

80

100

120

140

160

18

19

20

21

22

23

24

2004

2005

2006

2007

2008

1,246

1,218

916

1,021

1,128

600

750

900

1,050

1,200

1,350

2007E

2008E

2009E

2010E

2011E

28

28

3/27/08

Reconciliations of Non-GAAP Measures

and Appendix

This presentation refers to various non-GAAP (generally accepted accounting principles) financial

measures including EBITDA from continuing operations, EBITDA from continuing operations, excluding

special

items,

and

free

cash

flow

from

continuing

operations.

The

methods

used

to

compute

these

measures

are

likely

to

differ

from

the

methods

used

by

other

companies.

These

non-GAAP

measures

have limitations as analytical tools and should be considered in

addition to, not in isolation or as a

substitute for, or superior to, Aleris’s measures of financial performance prepared in accordance with

GAAP.

You

are

encouraged

to

review

the

accompanying

tables

reconciling

the

non-GAAP

financial

measures to comparable GAAP amounts.

29

29

3/27/08

Reconciliation of (Loss) Income from Continuing Operations to EBITDA

and EBITDA from Continuing Operations, Excluding Special Items

For the three

months ended

December 31

For the 

year ended

December 31

2007

2006

2007

2006

(Successor)

(Combined)

(Successor)

(Combined)

(Loss)

income from continuing operations

$ (69.9)

$

5.9

$

(94.1)

$30.8

Interest expense, net

53.5

24.3

205.9

79.9

Income taxes

(39.1)

6.8

(89.2)

24.1

Minority interests

(0.9)

(1.0)

0.1

0.1

Depreciation and amortization     

54.6

45.2

202.9

106.8

EBITDAfrom continuing operations

(1.8)

81.2

225.6

241.7

Unrealized losses (gains)  on derivative financial

instruments

11.2

(35.3)

(3.9)

(28.3)

Restructuring and other charges

21.6

39.7

32.8

41.9

Impact of recording acquired assets at fair value

15.1

11.2

104.3

43.9

Sponsor management fee

2.3

--

9.1

--

Stock-based compensation expense

1.0

3.5

3.9

10.2

Loss on early extinguishment of debt

--

0.7

--

54.4

Gain on sale of Carson, CA property

--

(13.8)

--

(13.8)

Realized hedge gain-Corus Aluminum acquisition

--

--

--

(9.8)

EBITDAfrom continuing operations, excluding

special items  

$49.4

$87.2

$  371.8

$  340.2

30

30

3/27/08

Reconciliation of Cash Flow from Operating Activities

Reconciliation of Cash Flow from Operating Activities

of Continuing Operations to Free Cash Flow

of Continuing Operations to Free Cash Flow

(unaudited)

(in millions)

For the three

months

ended

December 31

For the

year

ended

December 31

2007

2006

2007

2006

(Successor)

(Combined)

(Successor)

(Combined)

Free cash flow

$212.3

$11.0

$421.7

$161.7

Increase (decrease) in accounts receivable, net

(183.7)

(37.4)

33.0

332.5

Increase (decrease) in inventories

(70.4)

106.9

(95.1)

558.2

Impact of recording acquired inventory at fair valu

e

-

(46.3)

46.3

(46.3)

Increase

in accounts payable

25.3

(15.5)

(146.2)

(335.5)

Less purchased working capital

0.6

-

(79.7)

(449.8)

Capital expenditures

65.3

68.5

191.8

119.4

EBITDA, excluding special items

49.4

87.2

371.8

340.2

Unrealized (losses) gains on derivative financial instruments

(11.2)

35.3

3.9

28.3

Loss on

early extinguishment of debt

-

(0.7)

-

(54.4)

Realized hedge gain-Corus Aluminum acquisition

-

-

-

9.8

Gain on sale of Carson, CA property

-

13.8

-

13.8

Restructuring and other charges

(21.6)

(39.7)

(32.8)

(41.9)

Impact of recording acquired assets at fair value

(15.1)

(11.2)

(104.3)

(43.9)

Sponsor management fee

(2.3)

-

(9.1)

-

Stock-based compensation expense

(1.0)

(3.5)

(3.9)

(10.2)

EBITDA

from continuing operations

(1.8)

81.2

225.6

241.7

Interest expense, net

(53.5)

(24.3)

(205.9)

(79.9)

Benefit from (provision for) income taxes

39.1

6.8

89.2

(24.1)

Depreciation and amortization

(54.6)

(45.2)

(202.9)

(106.8)

Minority interest, net of provision for income taxes

0.9

1.0

(0.1)

(0.1)

Net income (loss)

from continuing operations

(69.9)

5.9

(94.1)

30.8

Depreciation and amortization

54.6

45.2

202.9

106.8

Benefit from

deferred income taxes

(49.6)

14.7

(99.9)

11.8

Excess income tax benefits from exercise of stock options

-

-

-

(3.6)

Restructuring and other charges:

Charges

21.6

39.7

32.8

41.9

Payments

(3.8)

(24.1)

(15.7)

(30.0)

Non-cash loss on early extinguishment of debt

-

-

-

16.4

Stock-based compensation expense

1.0

3.5

3.9

10.2

Proceeds from settlement of currency derivative financial instruments

-

-

-

(9.8)

Unrealized losses (gains) on derivative financial instruments

11.2

(35.3)

(3.9)

(28.3)

Non-cash charges related to step-up in carrying value of inventory

1.1

(3.7)

47.3

-

(Gain) loss on sale of property, plant, and equipment

(0.6)

(14.7)

(0.6)

(14.7)

Other non-cash charges

1.9

2.4

10.0

6.1

Net change in operating assets and liabilities

191.2

30.7

219.4

71.0

Cash provided by operating activities

from continuing operations

$158.7

$64.3

$302.1

$

208.6

31

31

3/27/08

Reconciliation of Segment (Loss) Income to

Reconciliation of Segment (Loss) Income to

Segment EBITDA, Excluding Special Items

Segment EBITDA, Excluding Special Items

(unaudited)

(in millions)

For the three months

ended  December 31

For the year ended

December 31

2007

2006

2007

2006

Global Rolled and Extruded Products

Segment (loss) income

$(29.2)

$45.4

$50.8

$180.7

Purchase accounting adjustments

15.4

11.4

100.8

43.9

Gain on sale of Carson, CA property

--

(13.8)

--

(13.8)

Stock-based compensation expense

--

0.8

--

1.8

Segment income, excluding special items

(13.8)

43.8

151.6

212.6

Depreciation

and amortization

37.6

36.4

153.6

75.5

Segment EBITDA, excluding special items

$23.8

$80.2

$305.2

$288.1

Global Recycling

Segment income

$9.9

$14.0

$59.8

$84.8

Purchase accounting adjustments

(0.5)

--

3.4

--

Stock-based compensation expense

--

0.2

--

0.4

Segment income, excluding special items

9.4

14.2

63.2

85.2

Depreciation and amortization

14.8

7.8

45.0

29.5

Segment EBITDA, excluding

special items

$24.2

$22.0

$108.2

$114.7

32

32

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Reconciliation of Pro Forma Loss from Continuing Operations to Pro Forma

Reconciliation of Pro Forma Loss from Continuing Operations to Pro Forma

EBITDA from Continuing Operations and Term Loan Agreement EBITDA

EBITDA from Continuing Operations and Term Loan Agreement EBITDA

(unaudited)

(in millions)

For the year

ended

December

31, 2007

Pro forma loss

from continuing operations

(3)

$ (97.0)

Interest expense, net

218.3

Income taxes

(91.1)

Minority interests

0.1

Depreciation and amortization

210.8

Pro forma EBITDA

from continuing operations

241.1

Unrealized losses

on derivative financial instruments

(3.8)

Restructuring and other charges

32.8

Impact of recording acquired assets at fair value

104.3

Sponsor management fee

9.1

Stock-based compensation expense

3.9

Estimated synergies -

Corus Aluminum

18.0

Estimated

synergies –

Wabash Alloys

20.0

Estimated synergies -

EKCO Products

2.0

Term

Loan Agreement EBITDA

$427.4

1.

Represents unaudited pro forma financial information for the year

ended December

31, 2007 and presents the

Company’s combined results of operations as if the acquisitions

of

Wabash Alloys and EKCO Products

had

occurred on January

1, 2007.  Term Loan

EBITDA

includes the expected synergy savings from the Corus

Aluminum, Wabash Alloys,

and EKCO

Products acquisitions

as permitted by the Company’s Term Loan

Agreement.  The unaudited pro forma information is not necessarily indicative of the consolidated results of

operations that would have occurred had the acquisitions of Wabash Alloys and EKCO Products

been made at the

beginning of the period presented or the future results of combined operations.

2.

Pro forma loss from continuing operations of

$97.0

million consists of Aleris’s

historical loss from continuing

operations

of $94.1

million, Wabash Alloys’

historical net income of $6.7

million, EKCO Products’

historical net

income of $0.6

million, and pro forma adjustments of ($10.2) million.  The net income of Wabash Alloys and

EKCO Products are estimates and are based on estimated financial

information

provided by the management of

those entities. 

33

33

3/27/08

Appendix –

Appendix –

Special Items

Special Items

-

$ 104

-

$ 15

-

13

-

13

Asset Impairments

$29

$ 150

$ 11

$  51

Total Special Items

-

$   4

-

$ 1

Stock Based Compensation

$9

$  9

$   2

$  2

TPG Management Fees

-

-

-

$ 11

Mark-to-market timing differences

Loss on FAS 133

-

57

-

14

Derivative financial instruments

-

$    47

-

$ 1

Non-cash cost of sales increase with inventory step up

12

$ 20

12

$ 33

1

$ 9

-

$ 22

Other

Purchasing Accounting

3

3

3

3

Exit Costs

$ 5

$ 5

$  5

$  5

Headcount reductions/severance

Restructuring

and

Other

Charges

(1)

Cash

Reported

Cash

Reported

($M)

4Q 2007

Full Year 2007

(1) Excludes $ 20.3 of cash restructuring charges recorded through the purchase price allocations of TPG and Wabash.