SC 13E3/A

SECURITIES AND EXCHANGE COMMISSION,

Washington, D.C. 20549

SCHEDULE 13E-3/A

(RULE 13e-100) TRANSACTION STATEMENT UNDER SECTION 13(e)

OF THE SECURITIES EXCHANGE ACT OF 1934

AND RULE 13e-3 THEREUNDER

(Amendment No. 2)

BCT International, Inc.

(Name of the Issuer)

BCT International, Inc.

Phoenix Group of Florida, Inc.

Phoenix Acquisition Corp.

William A. Wilkerson

(Name of Person(s) Filing Statement)

BCT International, Inc.

common stock, par value $0.04 per share

(Title of Class of Securities)

055-355-101

(CUSIP Number of Class of Securities)

BCT International, Inc. 3000 Northeast 30th Place 5th Floor Fort Lauderdale, Florida 33306	Phoenix Group of Florida, Inc. 3000 Northeast 30th Place 5th Floor Fort Lauderdale, Florida 33306
Phoenix Acquisition Corp. 3000 Northeast 30th Place 5th Floor Fort Lauderdale, Florida 33306	William A. Wilkerson 3000 Northeast 30th Place 5th Floor Fort Lauderdale, Florida 33306

(Name, Address and Telephone Numbers of Persons Authorized to Receive Notices and Communications on Behalf of Person(s) Filing Statement) with copies to:

Robert Macaulay Mitrani, Rynor, Adamsky & Macaulay, P.A. 2200 SunTrust International Center One Southeast Third Avenue Miami, Florida 33131 Dennis J. Olle Adorno & Yoss, P.A. 2601 S. Bayshore Drive Suite 1600 Miami, Florida 33133 Joseph Greenberg Gardner, Carton & Douglas Suite 3700 191 N. Wacker Drive Chicago, Illinois 60606

This statement is filed in connection with (check the appropriate box):

a.	x	The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
b.	¨	The filing of a registration statement under the Securities Act of 1933.
c.	¨	A tender offer.
d.	¨	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:  x

Check the following box if the filing is a final amendment reporting the results of the transaction:  ¨

CALCULATION OF FILING FEE

Transaction Valuation*	Amount of Filing Fee**
$4,862,378	$972.48

*  The transaction valuation was based upon the product of 2,431,189 shares of common stock and the merger consideration of $2.00 per share.

** The amount of the filing fee, calculated in accordance with Rule 0-11(b) of the Securities Exchange Act of 1934, equals 1/50 of 1% of the transaction valuation.

x Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a) (2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid: $972.48                    

Form or Registration No.: Schedule 14A                

Filing Party: BCT International, Inc.                                

Date Filed: June 17, 2003                                                         

SECTION 13E-3 TRANSACTION STATEMENT

INTRODUCTION

This Amendment No. 2 (this “Amendment”) amends, supplements and restates the Rule 13e-3 Transaction Statement on Schedule 13E-3, as amended (the “Schedule 13E-3”) and is filed by: (1) BCT International, Inc., a Delaware corporation (“BCTI”), the issuer of the equity securities that are the subject of the Rule 13e-3 transaction described therein, (2) Phoenix Group of Florida, Inc., a Nevada corporation (“Phoenix”), (3) Phoenix Acquisition Corp., a Delaware corporation (the “Merger Sub”), a wholly-owned subsidiary of Phoenix, formed solely for the purpose of effecting the Rule 13e-3 transaction described herein, and (4) William A. Wilkerson, an individual (“Wilkerson”), who is 100% owner of Phoenix and a senior executive officer and director of BCTI, Phoenix and the Merger Sub. BCTI, Phoenix, the Merger Sub, and Wilkerson are referred to individually, as a “Filing Person” and collectively, as the “Filing Persons.” Phoenix, Merger Sub and Wilkerson and any other person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, Phoenix, Merger Sub and Wilkerson is referred to as the “Acquisition Group.”

Pursuant to an Agreement and Plan of Merger dated as of May 29, 2003 (the “Merger Agreement”), by and among Phoenix, the Merger Sub and BCTI, the Merger Sub will merge into BCTI (the “Merger”). As a result of the Merger, each outstanding share of BCTI common stock, par value $0.04 per share (the “Common Stock”), will be cancelled and converted into the right to receive $2.00 in cash, other than any outstanding share of Common Stock that is held by stockholders who perfect their appraisal rights under Delaware law or any outstanding share of Common Stock beneficially owned by a Filing Person or the Acquisition Group. After the Merger, BCTI will be a privately held corporation, 100% of which will be beneficially owned by the Acquisition Group.

Concurrently with the filing of this Amendment, BCTI is filing a revised preliminary proxy statement (the “Proxy Statement”) pursuant to Section 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which the BCTI board of directors is soliciting proxies from holders of outstanding shares of Common Stock in connection with the Merger. The cross reference sheet below is being supplied pursuant to General Instructions F and G to Schedule 13E-3 and shows the location in the Proxy Statement of the information required to be included in response to the Items of this Amendment. The information set forth in the Proxy Statement including all appendices thereto, is hereby incorporated herein by reference and the responses to each Item in this Amendment are qualified in their entirety by the information contained in the Proxy Statement and the appendices thereto.

ITEM 1. SUMMARY TERM SHEET.

REGULATION M-A ITEM 1001

The information set forth in the Proxy Statement under the captions “Summary Term Sheet” and “Questions and Answers about the Merger” is incorporated herein by reference.

ITEM 2. SUBJECT COMPANY INFORMATION.

REGULATION M-A ITEM 1002

(a) The information set forth in the Proxy Statement under the caption “Summary Term Sheet – The Parties to the Merger” is incorporated herein by reference.

(b) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – The Special Meeting Date, Time and Place”, “Special Meeting” and “Special Meeting – Voting Rights; Vote Required for Adoption and Approval” is incorporated herein by reference.

(c) The information set forth in the Proxy Statement under the caption “Comparative Market Price Data” is incorporated herein by reference.

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(d) The information set forth in the Proxy Statement under the caption “Dividend Policy” is incorporated herein by reference.

(e) Not applicable.

(f) The information set forth in the Proxy Statement under the captions “Special Factors – Background of the Merger” and “Prior Stock Purchases” is incorporated herein by reference.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON.

REGULATION M-A ITEM 1003

(a)-(c) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – The Parties to the Merger” and “Conflicts of Interest” is incorporated herein by reference.

During the past five years, none of BCTI, Phoenix, the Merger Sub, or William A. Wilkerson has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

Directors and Executive Officers of BCTI. Set forth in the table below are the name, address and the present principal occupation or employment of any corporation or other organization in which such occupation or employment is conducted, and the five year employment history of each of the directors and executive officers of BCTI. Each person identified below is a United States citizen. Unless indicated otherwise, each person’s principal address and telephone number are 3000 N.E. 30th Place, 5th Floor, Fort Lauderdale, Florida 33306 and 954-563-1224.

Name	Present Principal Occupation or Employment and Name Material Positions Held During the Past Five Years
William A. Wilkerson	William Wilkerson has been Chairman of the Board and a Director of BCTI since January 1986. He was Chief Executive Officer of BCTI from May 1988 until October 1997. He was President and Chief Executive Officer of Business Cards Tomorrow, Inc. (a Florida corporation) from January 1978 to January 1982 and Chairman from January 1982 to January 1986. In February 2001, he was appointed Chief Executive Officer, and in May 2001 was appointed President as well.
Michael R. Hull	Michael R. Hull joined BCTI in May 1996 and became Vice President/Chief Financial Officer and Treasurer beginning May 31, 1996. Mr. Hull is a certified public accountant, a member of the Florida Institute of Certified Public Accountants and the American Institute of Certified Public Accountants and had previously worked in public accounting since 1985. Prior to joining BCTI, Mr. Hull served as an audit senior manager with the accounting firm of Price Waterhouse LLP for three years.
John N. Galardi	John N. Galardi was formerly a Director of BCTI from August 1990 to November 1995. He joined the Board again in November 2000. He has been a franchisor for more than 30 years and is the Chairman of the Board of Galardi Group, Inc., a restaurant holding company based in Newport Beach, California, which operates 350 fast food restaurants. In addition, Mr. Galardi is an investor in several other private businesses.

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Jeffrey Hewson	Jeffrey Hewson has over 30 years experience in the manufacture and distribution of office and computer supplies. In 1990 Mr. Hewson became President and Director of United Stationers Inc., a leading wholesale distributor of office and computer-related products. He retired as President of United Stationers at the end of 1995, but stayed on the United Stationers Board of Directors until November 1997. Mr. Hewson was also the master license franchisee for BCT Canada, which he successfully developed to nine franchised plants which were sold back to the Company in 1989. Mr. Hewson currently serves as director or consultant to numerous companies in the computer and office supply industry.
Henry A. Johnson	Henry A. Johnson, founder of BCT, has been a Director of BCTI since January 1986. Mr. Johnson was appointed Senior Vice President of BCTI effective March 1, 2001. From January 1986 until October 1988, he was Senior Vice President/Operations of BCTI. In February 1989, he accepted the additional responsibilities of Executive Vice President of BCT. Previously, he was Senior Vice President/Operations for Business Cards Tomorrow, Inc. (a Florida corporation), from January 1978. In March 1990, he retired from his position with BCT. Since March 1991, Mr. Johnson has owned and his family has operated a private printing business, Colorful Copies, located in Las Vegas, Nevada.
Philip Pisciotta	Philip Pisciotta joined the BCTI Board of Directors in June 2001. He brings experience in the areas of franchising, facilities management, manufacturing, construction, and development. Since 1986 he has been the CEO and Chairman of The Cove Group, Denver, Colorado, as well as a major stockholder of that company. He is a member of the board of directors of The Galardi Group.
Warren Ryan	Warren Ryan was appointed to the BCTI Board in June, 2003. Mr. Ryan has been President of Ryanco, Inc., of Mesa Arizona, a diversified financial services company, since 1970. He has over thirty years of legal and real estate transaction experience.

To the knowledge of BCTI, during the past five years, none of the foregoing directors or executive officers have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

Directors and Executive Officers of Phoenix. Set forth in the table below are the name, address and the present principal occupation or employment of any corporation or other organization in which such occupation or employment is conducted, and the five year employment history of each of the directors and executive officers of Phoenix. Each person identified below is a United States citizen. Unless indicated otherwise, each person’s address is 3000 N.E. 30th Place, 5th Floor, Fort Lauderdale, Florida 33306.

Name	Present Principal Occupation or Employment and Material Positions Held During the Past Five Years
William A. Wilkerson	See description under “BCTI.”

To the knowledge of Phoenix and BCTI, during the past five years, none of the foregoing directors or executive officers have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

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Directors and Executive Officers of Phoenix Acquisition Corp. Set forth in the table below are the name, address and the present principal occupations or employment of any corporation or other organization in which such occupation or employment is conducted, and the five year employment history of each of the directors and executive officers of the Merger Sub. Each person identified below is a United States citizen. Phoenix principally employs each director and executive officer and, unless otherwise indicated, each person’s business address is 3000 N.E. 30th Place, Fort Lauderdale, Florida 33306.

Name	Present Principal Occupation or Employment and Material Positions Held During the Past Five Years
William A. Wilkerson	Chairman of the Board of Directors and Chief Executive Officer, see description under “BCTI.”

To the knowledge of Phoenix and Phoenix Acquisition Corp., during the past five years, none of the foregoing directors or executive officers have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

ITEM 4. TERMS OF THE TRANSACTION.

REGULATION M-A ITEM 1004

(a)(1)	Not applicable.
(a)(2)(i)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet” is incorporated herein by reference.
(a)(2)(ii)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Consideration to be Offered to Our Stockholders”, “The Merger – Payment of Merger Consideration and Surrender of Stock Certificates” and “The Merger Agreement – Consideration to be Offered to Our Stockholders” is incorporated herein by reference.
(a)(2)(iii)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Purpose and Structure of the Merger”, “Special Factors – Background of the Merger”, “Special Factors – Opinion of Capitalink”, “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors”, “Special Factors – BCTI’s Position as to the Fairness of the Merger”, “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” and “Special Factors – Purpose and Structure of the Merger” is incorporated herein by reference.
(a)(2)(iv)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Special Meeting – Voting Rights; Vote Required for Adoption and Approval” is incorporated herein by reference.
(a)(2)(v)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – The Special Meeting Date, Time and Place”, “Special Meeting – Proposal to be Considered at the Special Meeting”, “Special Factors – Purpose and Structure of the Merger”, “Special Factors – Certain Effects of the Merger” and “The Merger – Payment of Merger Consideration and Surrender of Stock Certificates” is incorporated herein by reference.
(a)(2)(vi)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Accounting Treatment” and “The Merger – Accounting Treatment” is incorporated herein by reference.

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(a)(2)(vii)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Material U.S. Federal Income Tax Consequences to Our Stockholders” and “Special Factors – Material U.S. Federal Income Tax Consequences of the Merger to Our Stockholders” is incorporated herein by reference.
(c)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Special Meeting – Proposal to be Considered at the Special Meeting”, “Special Factors – Purpose and Structure of the Merger”, “Special Factors – Certain Effects of the Merger” and “The Merger – Payment of Merger Consideration and Surrender of Stock Certificates” is incorporated herein by reference.
(d)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Appraisal Rights”, “Special Meeting – Appraisal Rights” and “The Merger – Appraisal Rights” is incorporated herein by reference.
(e)	None.
(f)	Not applicable.

ITEM 5. PAST CONTRACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

REGULATION M-A ITEM 1005

(a)(1)	The information set forth in the Proxy Statement under the captions “Special Factors – Background of the Merger” and “Conflicts of Interest – Certain Relationships between BCTI and the Acquisition Group” is incorporated herein by reference.
(a)(2)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Conflicts of Interest” and “Conflicts of Interest – Directors, Officers and Controlling Persons” is incorporated herein by reference.
(b)-(c)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Conflicts of Interest”, “Special Factors – Background of the Merger” and “Conflicts of Interest – Other Conflicts – Employment Arrangements and Compensation Plans” is incorporated herein by reference.
(e)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Conflicts of Interest”, “Special Meeting – Voting Rights; Vote Required for Adoption and Approval”, “Special Factors – Background of the Merger” and “Conflicts of Interest – Certain Relationships between BCTI and the Acquisition Group” is incorporated herein by reference.

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS

REGULATION M-A ITEM 1006

(b)	The information set forth in the Proxy Statement under the captions “Special Meeting”, “Special Factors – Purpose and Structure of the Merger”, “Special Factors – Certain Effects of the Merger” and “The Merger Agreement – Consideration to be Offered to Our Stockholders” is incorporated herein by reference.
(c)(1)-(8)	The information set forth in the Proxy Statement under the captions “Special Factors – Certain Effects of the Merger” and “The Merger Agreement – Generally” is incorporated herein by reference.

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ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.

REGULATION M-A ITEM 1013

(a)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Purpose and Structure of the Merger”, “Special Factors – Background of the Merger”, “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors”, “Special Factors – BCTI’s Position as to the Fairness of the Merger”, “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” and “Special Factors – Purpose and Structure of the Merger”, is incorporated herein by reference.
(b)	The information set forth in the Proxy Statement under the captions “Special Factors – Background of the Merger”, “Special Factors – Opinion of Capitalink as to the Fairness of the Merger”, “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board Directors”, “Special Factors – BCTI’s Position as to the Fairness of the Merger”, “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” and “Special Factors – Purpose and Structure of the Merger” is incorporated herein by reference.
(c)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Recommendations of the S pecial Committee and Our Board Directors”, “Summary Term Sheet – Opinion of Capitalink”, “Special Factors – Background of the Merger”, “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors”, “Special Factors – The Acquisition Group’s Position as to Fairness of the Merger” and “Special Factors – Purpose and Structure of the Merger” is incorporated herein by reference.
(d)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Purpose and Structure of the Merger”, “Summary Term Sheet – Opinion of Capitalink”, “Summary Term Sheet – Material U.S. Federal Income Tax Consequences to Our Stockholders”, “Special Factors – Background of the Merger”, “Special Factors – Opinion of Capitalink”, “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors”, “Special Factors – Purpose and Structure of the Merger”, “Special Factors – Certain Effects of the Merger”, “Special Factors – Material U.S. Federal Income Tax Consequences of the Merger to Our Stockholders” and “The Merger” is incorporated herein by reference.
	The federal income tax consequences to the acquisition group are as follows: The creation of Phoenix Acquisition Corp. and its merger with and into BCTI will be disregarded for federal income tax purposes because Phoenix Acquisition Corp. was organized by Phoenix to participate in the Merger merely as a conduit to enable Phoenix to acquire the common stock of BCTI. With respect to Phoenix and Wilkerson, the merger transaction will be treated as a taxable stock acquisition and Phoenix’s basis in the BCTI common stock purchased would be increased by an amount equal to the merger consideration paid to the holders of the BCTI common stock surrendered in the Merger. There will be no federal income tax consequences of the merger to BCTI, as it will continue operating as the surviving corporation.

ITEM 8. FAIRNESS OF THE TRANSACTION.

REGULATION M-A ITEM 1014

(a)-(b) Each of the Filing Persons believes that the Merger and its terms, as proposed, are fair to the shareholders of BCTI (other than the Acquisition Group). For a discussion of the factors considered by the Filing Persons in determining the fairness of the Merger, see the information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Purpose and Structure of the Merger”, “Summary Term Sheet – Recommendations of the Special Committee and Our Board of Directors”, “Summary Term Sheet – BCTI’s Position as to the Fairness of the Merger”, “Summary Term Sheet – The Acquisition Group’s Position as to the Fairness of the Merger”, “Special Factors – Background of the Merger”,

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	“Special Factors – Opinion of Capitalink”, “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors”, “Special Factors – BCTI’s Position as to the Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to Fairness of the Merger” which is incorporated herein by reference.
(c)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – The Special Meeting Date, Time and Place”, “Special Meeting – Voting Rights; Vote Required for Adoption and Approval”, “The Merger Agreement” and “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors” is incorporated herein by reference.
(d)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Recommendations of the Special Committee and Our Board of Directors”, “Summary Term Sheet – The Acquisition Group’s Position as to the Fairness of the Merger”, “Special Factors – Background of the Merger”, “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference.
(e)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Recommendations of the Special Committee and Our Board of Directors”, “Special Factors – Background of the Merger”, “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors”, “Special Factors – BCTI’s Position as to Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to the Fairness of Merger” is incorporated herein by reference.
(f)	Not applicable.

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS.

REGULATION M-A ITEM 1015

(a)-(c)      The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Opinion of Capitalink”, “Special Factors – Background of the Merger”, “Special Factors – Opinion of Capitalink”, “Special Factors – Reasons for Recommendations to the Special Committee and Our Board of Directors”, “Special Factors – BCTI’s Position as to the Fairness of the Merger”, “Special Factors – The Acquisition Group’s Position as to Fairness of the Merger” and “The Merger – Financing of the Merger; Fees and Expenses of the Merger”, is incorporated herein by reference. The written Opinion of the Capitalink, dated May 27, 2003, is attached to the Proxy Statement as Appendix B.

ITEM 10. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

REGULATION M-A ITEM 1007

(a)-(d)      The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Financing of the Merger” and “The Merger – Financing of the Merger; Fees and Expenses of the Merger” is incorporated herein by reference. A Commitment Letter from Bank of America, N.A. to Phoenix and Merger Sub, dated June 6, 2003, is attached hereto as Exhibit 16(b).

ITEM 11. INTEREST IN THE SUBJECT COMPANY SECURITIES.

REGULATION M-A ITEM 1008

(a) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – Other Filing Persons”, “Special Meeting – Voting Rights; Vote Required for Adoption and Approval”, “Special Factors – Background of the Merger”, “Conflicts of Interest” and “Other Matters – Security Ownership of Certain Beneficial Owners and Management” is incorporated herein by reference.

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(b)	The information set forth in the Proxy Statement under the captions “Other Matters – Prior Stock Purchases” and “Special Factors – Background of the Merger” is incorporated herein by reference.
ITEM 12.   THE SOLICITATION OR RECOMMENDATION. REGULATION M-A ITEM 1012
(d)	The information set forth in the Proxy Statement under the captions “Special Meeting – Voting Rights; Vote Required for Adoption and Approval” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference.
(e)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Recommendations of the Special Committee and Our Board of Directors”, “Summary Term Sheet – Opinion of Capitalink”, “Special Factors – Background of the Merger”, “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors”, “Special Factors – BCTI’s Position as to the Fairness of the Merger” and “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger” is incorporated herein by reference.
ITEM 13.   FINANCIAL STATEMENTS. REGULATION M-A ITEM 1010
(a)	The information set forth in the Proxy Statement under the captions “Comparative Market Price Data”, “Selected Financial Information” and “Financial Statements of BCTI” is incorporated herein by reference.
(b)	Not applicable.
ITEM 14.   PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED. REGULATION M-A ITEM 1009
(a)-(b)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger”, “Summary Term Sheet – The Special Meeting Date, Time and Place”, “Special Meeting – Voting Rights; Vote Required for Adoption and Approval”, “Special Meeting – Solicitation of Proxies”, “Special Factors – The Acquisition Group’s Position as to the Fairness of the Merger”, “The Merger – Financing of the Merger; Fees and Expenses of the Merger” and “Appendix B – Opinion of Capitalink” is incorporated herein by reference.
ITEM 15.   OTHER MATERIAL INFORMATION. REGULATION M-A ITEM 1011
(b)	The information set forth in the Proxy Statement and appendices thereto is incorporated herein by reference.
ITEM 16.   EXHIBITS. REGULATION M-A ITEM 1016
(a)	Preliminary Proxy Statement of BCT International, Inc., dated September 23, 2003, (the “Preliminary Proxy Statement”) is incorporated herein by reference.
(b)	Commitment Letter from Bank of America, N.A. to Phoenix Group of Florida, Inc. and Phoenix Acquisition Corp., dated June 6, 2003, is attached hereto as Exhibit 16(b).
(c)(1)	Report of Capitalink, L.C., dated May 20, 2003, is attached hereto as Exhibit 16(c)(1).

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(c)(2)	Opinion of Capitalink, L.C., dated May 27, 2003, is attached hereto as Exhibit 16(c)(2).
(c)(3)	Report of Capitalink, L.C., dated May 27, 2003 is attached hereto as Exhibit 16(c)(3).
(c)(4)	Report of Capitalink, L.C., dated November 20, 2001, is attached hereto as Exhibit 16(c)(4).
(c)(5)	March 26, 2003 Letter to Board of Directors from the Special Committee with March 25, 2003 letter to Special Committee from Capitalink attached is attached hereto as Exhibit 16(c)(5).
(c)(6)	Capitalink Draft Analysis dated February 20, 2003 is attached hereto as Exhibit 16(c).
(d)	Agreement and Plan of Merger, dated as of May 29, 2003, by and among Phoenix Group of Florida Group, Inc., Phoenix Acquisition Corp., William A. Wilkerson and BCT International, Inc., included as Appendix A to the Preliminary Proxy Statement and incorporated herein by reference.
(f)	Section 262 of the Delaware General Corporation Law, included as Appendix C to the Preliminary Proxy Statement and incorporated herein by reference.
(g)	Not applicable.

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(h) SIGNATURE

After due inquiry and to the best of their knowledge and belief, each of the undersigned does certify that the information set forth in this statement is true, complete and correct.

BCT INTERNATIONAL, INC.
By:	/s/    MICHAEL R. HULL
Name:	Michael R. Hull
Title:	Chief Financial Officer
PHOENIX GROUP OF FLORIDA, INC.
By:	/s/    WILLIAM A. WILKERSON
Name:	William A. Wilkerson
Title:	President
PHOENIX ACQUISITION CORP.
By:	/s/    WILLIAM A. WILKERSON
Name:	William A. Wilkerson
Title:	President
WILLIAM A. WILKERSON
By:	/s/    WILLIAM A. WILKERSON
Name:	William A. Wilkerson

Dated: September 23, 2003

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EX-16.B

                                                                   Exhibit 16(b)

                                                          Bank of America [LOGO]

                                   June 6, 2003

Phoenix Group of Florida, Inc. and Phoenix Acquisition Corp.
3000 Northeast 30/th/ Place, Fifth Floor
Fort Lauderdale, Florida 33306
Attention:  William A. Wilkerson, CEO

                  BCT/Phoenix Acquisition Corp. Merger Financing

Dear Sirs:

Bank of America, N.A., a national banking association ("Bank"), is pleased to
have approved for the Borrower described below credit facilities consisting of a
term loan (denoted below by "I") and a revolving line of credit (denoted below
by "II"), referred to herein individually as a "Loan" and collectively as
"Loans," in amounts, for the purposes, on the terms and subject to the
conditions, described below.

Borrower:

Phoenix Group of Florida, Inc., a Nevada corporation ("Phoenix") of which the
majority owner is William A. Wilkerson ("Wilkerson"); and Phoenix Acquisition
Corp., a Delaware corporation ("Merger Sub") and a wholly-owned subsidiary of
Phoenix.

As stated below under "Conditions to First Advance for Both Loans," it is a
condition precedent to Bank's obligation to fund the Loans that Merger Sub will
merge with and into BCT International, Inc., a Delaware corporation ("BCT"),
with BCT continuing as the surviving corporation, under the Acquisition
Agreement, as hereinafter defined (the "Merger").

Amounts of Loans:

     I. Up to $4,000,000 in the form of a term loan (the "Term Loan"), the final
notional amount to be equal to $2.00 multiplied by the number of shares of the
outstanding Common Stock, par value $.04 per share, of BCT ("BCT Common Stock")
to be converted into the right to receive the cash merger consideration under an
Agreement and Plan of Merger among Phoenix, Merger Sub, Wilkerson and BCT (the
"Acquisition Agreement"), it being understood that to the extent the principal
amount of the Term Loan is less than the total required cash merger
consideration, Borrower will provide the balance of such consideration from its
own funds. The Acquisition Agreement shall be subject to approval by Bank in its
sole discretion.



BCT International, Inc.
June 6, 2003
Page 2

     II. $500,000 revolving line of credit (the "Line of Credit").

Purpose:

     I. To finance (i) the acquisition of the outstanding BCT Common Stock not
beneficially owned by Phoenix, Merger Sub, Wilkerson, or any other affiliate of
Phoenix other than BCT, pursuant to the Acquisition Agreement, and (ii) repay
all outstanding indebtedness of Phoenix or BCT to Bank.

     II. For general working capital and to replace Bank's existing lines of
credit to Phoenix and BCT.

Interest Rates:

     I. 30-day LIBOR, as determined by Bank and adjusted for reserves, deposit
insurance assessments and other regulatory costs, plus 2.65%.

     II. Daily Floating LIBOR, as determined by Bank and adjusted for reserves,
deposit insurance assessments and other regulatory costs, plus 2.50%.

Hedge:

     I. Bank, at its discretion, may require that all or a portion of the
interest rate be fixed using a fixed rate hedge with a counterparty acceptable
to Bank.

Maintenance of Bank Accounts:

The Borrower shall maintain its principal operating account with the Bank.

Prepayment:

     I. May be prepaid at any time or from time to time, provided that the
amount prepaid is accompanied by all accrued and unpaid interest thereon and is
applied to the unpaid installments in their inverse order of maturity.

     II. Prior to the Line Maturity, as hereinafter defined, Borrower may
borrow, repay and reborrow under the Line of Credit so long as the maximum
principal amount outstanding does not exceed the maximum amount of the Line of
Credit and no default has occurred.

Repayment Terms; Maturity:

     I. Forty-seven (47) consecutive equal monthly installments, each of
$54,166.67 of principal, plus accrued interest, and one final installment of all
unpaid principal in the approximate amount of $1,454,166.51, plus unpaid accrued
interest. Installments will be due on the first day of



BCT International, Inc.
June 6, 2003
Page 3

each month beginning in the first month following the Closing Date of the Loans.

     II. Due on the first anniversary of the date of closing ("Line Maturity")
under the Loan Documents, as hereinafter defined, subject to acceleration upon
the occurrence of an event of default under the Loan Documents. The Line of
Credit shall be subject an annual review by the Bank, which shall not be under
any obligation to renew same. All advances under the Line of Credit must be
repaid to zero for at least thirty (30) consecutive days during each 12-month
period until the Line Maturity. No advances shall be made on or after the Line
Maturity.

Loan Documents for Both Loans:

The Loans shall be made under and governed by definitive loan documents to be
executed and delivered by Borrower, BCT and Guarantor to Bank and containing the
terms set forth in this commitment and such other terms, conditions,
representations, warranties, covenants and indemnifications as are usual and
customary in lending transactions such as the Loans, which documents shall
include a credit agreement, promissory notes, a security agreement by Borrower,
an assumption agreement by BCT, guarantees, subordination agreements by
shareholders and affiliates of Borrower and BCT, financing statements and such
other documents, instruments, guarantees, certificates and agreements executed
or delivered by Borrower, BCT, any guarantor or third party in connection with
the Loans (collectively, the "Loan Documents"). It is understood that, subject
to the terms and conditions set forth herein, the Loan Documents may be entered
into at any time during the period commencing on June 3, 2003 or any earlier
date of acceptance of this commitment and continuing through the 60/th/ day
after the date of such acceptance, as such period may be extended as stated
below under "Expiration." Closing and funding of the Loans must take place not
later than 30- days after the date of execution and delivery of the Loan
Documents.

Collateral for Both Loans and Any Hedging Obligations to Bank:

A first priority security interest in all assets, including without limitation
all accounts receivable, chattel paper, deposit accounts, investment property,
letter-of-credit rights, goods, inventory, equipment, fixtures, general
intangibles, payment intangibles, instruments, documents, and commercial tort
claims now owned or hereafter acquired by Borrower or BCT and all replacements
and substitutions thereof, a collateral assignment of $2,000,000 of insurance on
the life of Wilkerson, and proceeds of all of the foregoing (the "Collateral").

Guarantor for Both Loans:

The Loans shall be unconditionally and fully guaranteed by Wilkerson, whose
obligations to Bank shall be joint and several with Borrower, BCT and all future
guarantors, if any, and shall be on such other written terms as are acceptable
to Bank in its sole discretion.

Subordination for Both Loans:

All shareholders and affiliates of Borrower and, after the Merger shall have
become effective, all



BCT International, Inc.
June 6, 2003
Page 4

shareholders and affiliates of BCT, shall subordinate their rights as lenders
and secured parties to the rights of Bank, on written terms acceptable to Bank,
in its sole discretion.

Conditions to First Advance for Both Loans:

Prior to the making by Bank of the first advance to Borrower or BCT of the
Loans, the following conditions precedent, among others to be set forth in the
Loan Documents, shall have been satisfied.

1. Bank shall have received, duly executed, all Loan Documents and any other
documents and instruments necessary or advisable in connection with the Loans,
all of which shall be in form and substance satisfactory to Bank and its
counsel in their discretion. Without limiting the generality of the foregoing,
the assumption agreement between BCT and Bank included in the Loan Documents
shall include (a) the agreement by BCT (i) to be substituted for Borrower as
borrower and debtor under all of the Loan Documents (including, without
limitation, the security agreement); (ii) to pay, perform, satisfy and discharge
all of Borrower's obligations and liabilities under the Loan Documents, and
(iii) to execute and deliver any and all documents, instruments and agreements
and to pay all costs necessary to perfect, and to protect against the rights or
interests of third parties, the security interest in the Collateral in favor of
Bank under the Loan Documents, and (b) the authorization by BCT of Bank to file
all financing statements and amendments to financing statements deemed necessary
by Bank to perfect Bank's security interest in the Collateral under the Loan
Documents.

2. The Merger shall have become effective and all outstanding shares of BCT
Common Stock, other than shares owned by Phoenix, Merger Sub, Wilkerson, or any
other affiliate of Phoenix other than BCT, shall been converted into the right
to receive the cash merger consideration under the Acquisition Agreement.

3. All financing statements, amendments to financing statements, notices and
other documents, instruments and agreements and instruments deemed by Bank and
its counsel in their discretion to be necessary or advisable in connection with
the Collateral shall have been recorded or filed in all necessary places, and
sent to or received by all necessary persons, as the case may be.

4. Bank shall have received (i) casualty insurance policies on tangible personal
property naming Bank as a loss payee thereunder, and (ii) evidence satisfactory
to Bank as to the validity, enforceability and priority of Bank's security
interest therein subject only to such exceptions as may be acceptable to Bank in
its sole discretion.

5. Bank shall have received the written opinion of Borrower's and BCT's counsel
as to the validity and enforceability of the Loan Documents, compliance by
Borrower and BCT with applicable federal and state laws, including without
limitation rules and regulations of the Securities and Exchange Commission and
state governmental authorities and such other matters as Bank may require in its
sole discretion.

6. No change in business, ownership or senior management of Borrower or BCT
before closing



BCT International, Inc.
June 6, 2003
Page 5

under the Loan Documents, otherwise than as contemplated by the Acquisition
Agreement.

7. Borrower shall have obtained insurance in the face amount of $2,000,000 on
the life of Wilkerson and collaterally assigned such insurance to Bank as
additional collateral for the Loans.

8. Bank shall have received any and all other financial information as it may
reasonably require.

9. The Bank's existing lines of credit to Phoenix and BCT shall have been paid
to zero and Bank's commitment to lend thereunder terminated by Phoenix and BCT.

10. Satisfaction of other conditions customarily imposed by Bank on loans
similar to the Loans.

Conditions to Each Subsequent Advance:

     II.  Prior to the disbursement by Bank of any advances to BCT, as successor
by Merger of Merger Sub, under the Line of Credit: Bank shall have determined
that there shall exist no event of default as defined in the Loan Documents; the
representations and warranties contained in the Loan Documents shall be true and
accurate in all material respects as of the date of such advance; there shall
have occurred no material adverse change in the condition, financial or
otherwise, of BCT, Guarantor or any other person liable or to become liable for
repayment of the Loans; and Bank shall have determined that the prospect of
payment or performance of the Loans has not been materially impaired.

Advance Procedure:

     II.  Advances on the Line of Credit will be made by telephonic or written
communication from a person believed by Bank to be an authorized representative
of BCT, as successor by Merger of Merger Sub. Unless otherwise agreed by Bank,
all advances will be made to a demand deposit account maintained at Bank in the
name of BCT.

Reporting Requirements for Both Loans:

So long as BCT, as successor by Merger of Merger Sub, is indebted to Bank, BCT
shall submit to Bank the following:

     1.   Quarterly, within 45 days after the end of each fiscal quarter,
internally prepared financial statements of BCT, including a balance sheet and
statement of operations.

     2.   Annually, within ninety (90)days following the end of BCT's fiscal
year, audited financial statements prepared in accordance with generally
accepted accounting principles ("GAAP") and reported on by a firm of independent
certified public accountants acceptable to Bank, including a balance sheet,
statement of operations, statement of changes in stockholders' equity and
statement of cash flows.



BCT International, Inc.
June 6, 2003
Page 6

All BCT financial statements shall be prepared on a consolidated and
consolidating basis if BCT has any subsidiaries.

     3.   Guarantor shall submit to Bank his federal income tax returns within
ten days after filing same with the Internal Revenue Service. He shall also
submit to Bank his year-end personal financial statement, on a form approved by
Bank, on or prior to January 31 of the succeeding year.

     4.   BCT shall submit to Bank each quarter a report showing a detailed
aging of accounts receivable and an inventory accounting on the last day of each
quarter as of the end of the preceding quarter.

     5.   Such other documents and reporting requirements as Bank may from time
to time require.

Financial Covenants:

The Loan Documents will contain the following financial covenants, compliance
with each of which will be measured as of the last day of each fiscal quarter of
BCT:

     1.   Maximum Funded Senior Debt to EBITDA:

          Funded Senior Debt to EBITDA ratio (tested quarterly on a rolling four
(4) quarter basis) commencing:

          a)  From closing through Feb. 29, 2004 not to exceed 3.50 to 1
          b)  From March 1, 2004 through Feb. 28, 2005 not to exceed 2.50 to 1
          c)  From March 1, 2005 through Feb. 28, 2006 not to exceed 2.0 to 1
          d)  From March 1, 2006 and at all times thereafter not to exceed 1.0
              to 1

As used herein, "Funded Senior Debt" means all outstanding indebtedness for
borrowed money under the Loans and "EBITDA" means the sum of net income before
taxes, plus interest expense, plus depreciation, amortization and other non-cash
charges.

     2.   Maximum Total Liabilities to Tangible Net Worth:

          a)   From closing of the Loans through Feb 28, 2005 not to exceed .85
               to 1

          b)   From March 1, 2005 and at all times thereafter not to exceed .75
               to 1

     3.   Minimum Fixed Charge Coverage Ratio:

As tested quarterly on a rolling four (4) quarter basis, at least 1.5:1,
calculated as follows: (i) EBITDAR minus maintenance capital expenditures and
any distributions and dividends to stockholders; divided by (ii) interest
plus current portion of all long-term debt plus current portion of



BCT International, Inc.
June 6, 2003
Page 7

all long-term capitalized leases plus rent expense plus cash taxes paid plus all
distributions to stockholders.

As used herein, "EBITDAR" means EBITDA plus all rent expense.

All accounting terms not specifically defined or specified herein shall have the
meanings generally attributed to such terms under GAAP, as in effect from time
to time, consistently applied.

Affirmative Covenants:

The Loan Documents will contain customary affirmative covenants, including,
without limitation, delivery of financial statements, reports and other
information requested by Bank; maintenance of insurance; continuation of
business and maintenance of existence; compliance with laws; payment of taxes;
maintenance of property and notice of environmental claims.

Negative Covenants:

The Loan Documents will contain customary negative covenants, including, without
limitation, capital expenditures not to exceed $200,000 per annum on an
non-cumulative basis, and limitations on lease expenditures, compensation,
transfer of assets or control; liens, borrowings, payments of dividends and
distributions, and change of business. At all times while BCT has in effect an
election under Subchapter S of the Internal Revenue Code, provided no event of
default shall have occurred and be continuing, BCT shall be permitted to pay
dividends to its shareholders in an amount sufficient to provide them with funds
to pay their income taxes on BCT's S corporation income.

Closing Costs and Expenses:

Borrower or BCT, as successor by Merger of Merger Sub, shall pay all costs and
expenses incurred by Bank in connection with Bank's review, due diligence and
closing of the Loans, including attorneys' fees and expenses in connection with
the negotiation and preparation of the Loan Documents, the costs of any
collateral or other audit by Bank, appraisal and inspection fees, whether or not
either of the Loans actually closes.

Material Adverse Change:

This commitment may be terminated, in the sole discretion of Bank, upon the
occurrence of a material adverse change, in the sole judgment of Bank, in the
condition, financial or otherwise, of Borrower, BCT or Guarantor.

Non-Assignable:

This commitment and the right of Borrower and BCT, as successor by Merger of
Merger Sub, to receive the Loans may not be assigned by Borrower or BCT.



BCT International, Inc.
June 6, 2003
Page 8

Reliance:

This commitment constitutes an offer by Bank to Borrower to make the Loans on
the terns and conditions set forth herein and should not be relied upon by any
third party other than BCT, as successor by Merger of Merger Sub, for any
purpose.

Counterparts:

This commitment may be executed simultaneously in two or more counterparts, each
of which shall be deemed an original for evidentiary purposes, but all of which
together shall constitute one and the same instrument.

Successors and Assigns:

This commitment shall be binding on both parties thereto, their successors,
assigns and representatives.

Default:

Borrower and BCT, as successor by Merger of Merger Sub, shall be in default
under any and all Loan Documents if it defaults in the payment of any amounts
due and owing under either of the Loans or any other obligation of Borrower or
BCI', as successor by Merger of Merger Sub, to Bank or to any other party or if
Borrower or BCT, as successor by Merger of Merger Sub, fails to timely and
properly perform, keep and observe any term, covenant, agreement or condition in
any of the Loan Documents.

Amendment and Waiver:

No alteration, modification, amendment or waiver of any terms and conditions of
this commitment, or of any of the documents required by or delivered to Bank
under this commitment, shall be effective or enforceable against Bank unless set
forth in a writing signed by Bank.

Governing Law:

This commitment and the Loans shall be governed by and construed in accordance
with the laws of the State of Florida without regard to choice of law
principles.

Integration:

The terns set forth above represent the entire understanding between Borrower
and Bank with respect to the subject matter of this commitment, and this
commitment supersedes any prior and contemporaneous agreements, commitments,
discussions and understandings, loan proposals or terns sheets, oral or written,
with respect to the subject matter of this commitment.



BCT International, Inc.
June 6, 2003
Page 9

Arbitration:

ANY CONTROVERSY OR CLAIM BETWEEN THE PARTIES HERETO INCLUDING BUT NOT LIMITED TO
THOSE ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY RELATED INSTRUMENTS,
AGREEMENTS OR DOCUMENTS, INCLUDING ANY CLAIM BASED ON OR ARISING FROM AN ALLEGED
TORT, SHALL BE DETERMINED BY BINDING ARBITRATION IN ACCORDANCE WITH THE FEDERAL
ARBITRATION ACT (OR IF NOT APPLICABLE, THE APPLICABLE STATE LAW), THE RULES OF
PRACTICE AND PROCEDURE FOR THE ARBITRATION OF COMMERCIAL DISPUTES OF
J.A.M.S./ENDISPUTE OR ANY SUCCESSOR THEREOF ("J.A.M.S."), AND THE "SPECIAL
RULES" SET FORTH BELOW OR IN ANY OF THE LOAN DOCUMENTS. IN THE EVENT OF ANY
INCONSISTENCY, THE SPECIAL RULES SHALL CONTROL. JUDGMENT UPON ANY ARBITRATION
AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION. EITHER PARTY TO THIS
AGREEMENT MAY BRING AN ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING, TO
COMPEL, ARBITRATION OF ANY CONTROVERSY OR CLAIM TO WHICH THIS AGREEMENT APPLIES
IN ANY COURT HAVING JURISDICTION OVER SUCH ACTION.

     A. SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN THE COUNTY OF
BORROWER'S DOMICILE AT THE TIME OF THE EXECUTION OF THIS AGREEMENT OR, IF THERE
IS REAL OR PERSONAL PROPERTY COLLATERAL, IN THE COUNTY WHERE SUCH REAL OR
PERSONAL PROPERTY IS LOCATED, AND ADMINISTERED BY J.A.M.S., WHICH WILL APPOINT
AN ARBITRATOR; IF J.A.M.S. IS UNABLE OR LEGALLY PRECLUDED FROM ADMINISTERING THE
ARBITRATION, THEN THE AMERICAN ARBITRATION ASSOCIATION WILL SERVE. ALL
ARBITRATION HEARINGS WILL BE COMMENCED WITHIN 90 DAYS OF THE DEMAND FOR
ARBITRATION; FURTHER, THE ARBITRATOR SHALL ONLY, UPON A SHOWING OF CAUSE, BE
PERMITTED TO EXTEND THE COMMENCEMENT OF SUCH HEARING FOR UP TO AN ADDITIONAL 60
DAYS.

     B. RESERVATION OF RIGHTS. NOTHING IN THIS ARBITRATION PROVISION SHALL BE
DEEMED TO (I) LIMIT THE APPLICABILITY OF ANY OTHERWISE APPLICABLE STATUTES OF
LIMITATION OR REPOSE AND ANY WAIVERS CONTAINED IN THIS AGREEMENT; OR (II) BE A
WAIVER BY BANK OF THE PROTECTION AFFORDED TO IT BY 12 U.S.C. SEC. 91 OR ANY
SUBSTANTIALLY EQUIVALENT STATE LAW; OR (III) LIMIT THE RIGHT OF BANK HERETO (A)
TO EXERCISE SELF HELP REMEDIES SUCH AS (BUT NOT LIMITED TO) SETOFF, OR (B) TO
FORECLOSE AGAINST ANY REAL OR PERSONAL PROPERTY COLLATERAL, OR (C) TO OBTAIN
FROM A COURT PROVISIONAL OR ANCILLARY REMEDIES SUCH AS (BUT NOT LIMITED TO)
INJUNCTIVE RELIEF, WRIT OF POSSESSION OR THE APPOINTMENT OF A RECEIVER. BANK MAY
EXERCISE SUCH SELF HELP RIGHTS, FORECLOSE UPON SUCH PROPERTY, OR OBTAIN SUCH
PROVISIONAL



BCT International, Inc.
June 6, 2003
Page 10

OR ANCILLARY REMEDIES BEFORE, DURING OR AFTER THE PENDENCY OF ANY ARBITRATION
PROCEEDING BROUGHT PURSUANT TO THIS AGREEMENT. NEITHER THIS EXERCISE OF SELF
HELP REMEDIES NOR THE INSTITUTION OR MAINTENANCE OF AN ACTION FOR FORECLOSURE OR
PROVISIONAL OR ANCILIARY REMEDIES SHALL CONSTITUTE A WAIVER OF THE RIGHT OF ANY
PARTY, INCLUDING THE CLAIMANT IN ANY SUCH ACTION, TO ARBITRATE THE MERITS OF THE
CONTROVERSY OR CLAIM OCCASIONING RESORT TO SUCH REMEDIES.

Commitment Fee:

Borrower agrees to pay a commitment fee of $45,000, of which $25,000 shall be
paid upon Bank's acceptance of this commitment and $20,000 shall be paid at
closing. The fee shall be non-refundable, regardless whether either or both of
the Loans close.

Expiration

Except as provided in the next sentence, this commitment is to be closed within
60 days of its acceptance date. If this commitment is not accepted by June 10,
2003 and the Loans are not closed within 60 days of the acceptance date, Bank
shall have no further obligation to extend credit hereunder; provided, however,
that Borrower may extend this commitment for two additional 30-day periods upon
written (included faxed or electronically transmitted) notice to Bank of such
extension and payment of a non-refundable fee of $10,000 prior to the
commencement of each such additional 30-day period without the necessity of any
consent or action by Bank, which payment(s) will be applied to the $45,000
commitment fee referred to above upon closing of the Loans. In no event shall
this commitment be extended beyond October 2, 2003 without the prior written
authorization from Bank, which may be withheld in the sole discretion of Bank.

If you find the terms and conditions of this commitment to be acceptable to you,
please execute the enclosed copy of this letter and return it to the
undersigned.

We appreciate the opportunity to provide you with the financial services of Bank
of America, N.A.

                   [Balance of page intentionally left blank]



BCT International, Inc.
June 6, 2003
Page 11


Very truly yours,

BANK OF AMERICA, N.A.


By:   Frank Vrabel
    ----------------------------------------------
      Frank Vrabel, Senior Vice President


 Accepted and agreed to this
 ___ day of June, 2003 by:

 PHOENIX GROUP OF FLORIDA, INC.

 By:   William A. Wilkerson
    ---------------------------------------------
       William A. Wilkerson,
       President

 PHOENIX ACQUISITION CORP.

 By:   William A. Wilkerson
    ---------------------------------------------
       William A. Wilkerson,
       President

EX-16.(C)(1)

                                                                Exhibit 16(c)(1)

BCT International, Inc.                                             CONFIDENTIAL

05.20.03

       PRESENTATION TO THE INDEPENDENT COMMITTEE OF THE BOARD OF DIRECTORS

This presentation and its analyses are only for the use of the Independent
Committee of the Board of Directors and are not intended to, nor should they be,
relied upon by any other party, including shareholders of BCT International,
Inc. The consent of Capitalink is required prior to the disclosure to any third
party of this presentation, its analyses, or of the assessments made by
Capitalink. These materials are based solely on information contained in
publicly available documents and certain other information provided to
Capitalink by management and the Independent Committee of the Board of
Directors. Capitalink has not attempted to investigate or verify the accuracy or
completeness of such publicly available information or other information
provided to Capitalink. Capitalink has relied upon the accuracy and completeness
of such publicly available information and other information supplied to
Capitalink. These materials are being furnished, and should be considered only
in connection with, the oral presentation being provided by Capitalink in
connection herewith. The preparation of these materials was completed on May 19,
2003 based on information publicly available or supplied to Capitalink through
such date. Capitalink is not obligated to update this presentation or its
analyses to reflect any information that becomes publicly available or that is
provided to Capitalink after such date.

[LOGO OF BCT(R)]                                            [LOGO OF CAPITALINK]

                                                    Smart Investment Banking(sm)



BCT International, Inc.                                             CONFIDENTIAL

TABLE OF CONTENTS

              TRANSACTION OVERVIEW...............................3

              COMPANY OVERVIEW..................................12

              COMPANY FINANCIAL PERFORMANCE.....................15

              COMPANY MARKET PERFORMANCE........................28

              VALUATION ANALYSIS................................35

Page 2



BCT International, Inc.                                             CONFIDENTIAL

                              TRANSACTION OVERVIEW

Page 3



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
INTRODUCTION

        .       The Independent Committee of the Board of Directors of BCT
                International, Inc. ("BCT" or the "Company") has retained
                Capitalink, L.C. ("Capitalink") as financial advisor and to
                render an opinion as to whether, on the date of such opinion,
                the Merger Consideration (as defined below) as set forth in the
                draft Agreement and Plan of Merger, dated May 19, 2003, by and
                among the Company, Phoenix Group of Florida, Inc. ("Phoenix"),
                Phoenix Acquisition Corp and William A. Wilkerson ("Wilkerson",
                and collectively with Phoenix, the "Phoenix Group") (the "Draft
                Agreement"), to purchase, by means of a merger, all of the
                Company's outstanding common stock that is not beneficially
                owned by Phoenix or Wilkerson, or their respective affiliates
                (the "Non-Affiliated Stockholders")(the "Proposed Transaction")
                is fair, from a financial point of view, to the Non-Affiliated
                Stockholders of the Company.

        .       The Company's common stock is publicly traded on the
                over-the-counter market under the symbol "BCTI", and as of
                May 19, 2003, there were 5,121,471 shares of the Company's
                common stock outstanding (excluding treasury shares).

        .       The closing price of the Company's stock on May 19, 2003 (date
                presentation materials completed) was $0.95.

        .       The consideration proposed by Phoenix is $2.00 in cash for each
                share of the Company's common stock not beneficially owned by
                the Phoenix Group (the "Merger Consideration").

        .       Wilkerson, who is also the Company's Chairman and Chief
                Executive Officer, owns Phoenix.

        .       The Phoenix Group beneficially owns 2,690,282 shares of common
                stock or approximately 52.6% of the issued and outstanding
                common stock. In addition, Wilkerson has an option to acquire an
                additional 327,500 shares of the common stock. If this option
                were exercised the Phoenix Group would then be the owner of
                3,094,487 shares of common stock or approximately 55.4% of the
                issued and outstanding common stock.

Page 4



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
SUMMARY OF PROPOSED TRANSACTION TERMS

        Merger Consideration:           $2.00 per share.

        Transaction Structure:          The Phoenix Group will acquire the
                                        outstanding common stock of the Company
                                        that it does not own through a merger
                                        with a wholly owned subsidiary of
                                        Phoenix with the Company, which shall
                                        continue to operate under the name BCT
                                        International, Inc.

        Estimated Timetable:            The agreement is terminable by either
                                        party if not consummated on or prior to
                                        December 31, 2003.

        Shareholder Vote:               The Company shall hold a stockholders
                                        meeting to be held as promptly as
                                        practicable for the purposes of voting
                                        upon the approval of the Proposed
                                        Transaction. A majority of the
                                        outstanding shares of common stock held
                                        by the Non-Affiliated Stockholders is
                                        required to approve the Proposed
                                        Transaction.

        Dissenters Rights:              The consummation of the proposed
                                        transaction is conditioned, among other
                                        things, on holders of no more than 25%
                                        of the Company's outstanding common
                                        stock exercising their right to dissent
                                        from the Proposed Transaction, under the
                                        Delaware General Corporation Law (the
                                        "DGCL"). To the extent provided by the
                                        DGCL, Phoenix will not make any payment
                                        of merger consideration with respect to
                                        shares held by any person who elects to
                                        demand appraisal of such dissenting
                                        stockholder's shares and duly and timely
                                        complies with all the provisions of the
                                        DGCL concerning the right of holders of
                                        shares to require appraisal of their
                                        shares, but such dissenting stockholders
                                        shall have the right to receive such
                                        consideration as may be determined to be
                                        due such dissenting stockholders
                                        pursuant to the DGCL.

Page 5



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
SUMMARY OF PROPOSED TRANSACTION TERMS

        Stock Options Generally:        The Company will take necessary action
                                        to cause all outstanding options to
                                        terminate and expire upon consummation
                                        of the Proposed Transaction. No
                                        consideration shall be paid with respect
                                        to Company options beneficially owned by
                                        Wilkerson.

        Phoenix Group Stock Options:    Members of the Phoenix Group shall not
                                        exercise options to purchase any
                                        additional shares of the Company's
                                        common stock, and the Company shall not
                                        exercise options to acquire any shares
                                        of its common stock from members of the
                                        Phoenix Group; provided however, that if
                                        there is a Competing Proposal or a
                                        Superior Proposal (each as defined in
                                        the Draft Agreement), Phoenix shall
                                        grant the Independent Committee a proxy
                                        to vote 454,036 shares of the Company's
                                        common stock currently held by members
                                        of the Phoenix Group (which are subject
                                        to an option held by the Company to
                                        purchase such shares).

        Competing Transactions:         The Company may enter into discussions
                                        or negotiate with a party that makes an
                                        unsolicited written, bona fide proposal
                                        to the Company, provided, among other
                                        things, that Phoenix Group is provided
                                        with reasonable notice of the existence
                                        of such discussions or negotiations.

Page 6



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
BACKGROUND OF AND EVENTS LEADING TO PROPOSED TRANSACTION

        .       In September 2001, Phoenix offered to acquire the Company's
                outstanding stock not owned or controlled by the Phoenix Group
                for $0.85 per share in cash. During the Fall of 2001, the
                Independent Committee negotiated with members of the Phoenix
                Group, which concluded in an offer accepted at $1.13 in cash.

        .       Subsequently, during the Securities and Exchange Commission
                review period, the Company and Phoenix Group agreed to terminate
                the offer. Pursuant to prior agreements, the Company retained
                options to acquire certain shares the Phoenix Group owned at
                prices ranging from $0.90 to $1.75.

        .       In October 2002, the Company received an unsolicited indication
                of interest letter from a third party considering an offer to
                acquire the Company at a price ranging from $1.25 to $1.75 per
                share.

        .       The Company had a preliminary discussion with the third party
                regarding their intentions. About that same time, management had
                begun to revise and update its business plans and strategy.
                Management asked the third party for a period of time to
                finalize their new plans and budgets.

        .       In January 2003, the Independent Committee retained Capitalink
                to serve as its financial advisor. In addition, management
                presented the Independent Committee and Capitalink with a
                revised business plan and budgets. Subsequently Capitalink
                reviewed with management their business plan and budgets.

        .       During January through March 2003, the Independent Committee and
                Capitalink had numerous meetings and discussions regarding the
                Company's strategic alternatives and management's revised
                business plan and budgets.

        .       In late March 2003, Capitalink provided the Independent
                Committee with its recommendations.

        .       On April 23, 2003, the Company received a proposal from Phoenix
                to acquire the outstanding shares of the Company's common stock
                not owned by the Phoenix Group for cash consideration. The
                proposal indicated a belief that the fair range of per share
                consideration was $1.50 to $1.60, but that the Phoenix Group was
                willing to negotiate a price closer to $2.00 per share.

Page 7



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
BACKGROUND OF AND EVENTS LEADING TO PROPOSED TRANSACTION

        .       The Phoenix Group and the Independent Committee entered into
                negotiations, and on May 5, 2003, the Phoenix Group submitted a
                proposal of $1.85 per share.

        .       The Independent Committee had additional discussions with
                Capitalink and subsequently entered into further negotiations
                with the Phoenix Group.

        .       On May 8, 2003, the Independent Committee and the Phoenix Group
                agreed on per share consideration of $2.00.

        .       The Independent Committee subsequently instructed Capitalink to
                undertake its analyses required to issue a fairness opinion.

Page 8



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

        .       The Independent Committee has retained Capitalink to render an
                opinion as to the fairness, from a financial point of view, of a
                proposal by Phoenix to purchase, by means of a merger, all of
                the Company's outstanding common stock not beneficially owned by
                the Phoenix Group.

        .       For purposes of rendering its opinion, Capitalink has:

                .       Reviewed documents relating to the Proposed Transaction,
                        including the Draft Agreement.
                .       Reviewed publicly available financial information and
                        other data with respect to the Company, including the
                        Annual Report on Form 10-K for the fiscal year ended
                        February 28, 2002, and the Quarterly Report on Form 10-Q
                        for the quarter ended November 30, 2002.
                .       Reviewed draft financial information provided by the
                        Company for the fiscal year ended February 28, 2003.
                .       Reviewed and analyzed the Company's projected unlevered
                        free cash flows and prepared discounted cash flows.
                .       Reviewed and analyzed certain financial characteristics
                        of companies that were deemed to have characteristics
                        comparable to those of the Company.
                .       Reviewed and analyzed the premiums paid in transactions
                        involving the acquisition of a minority ownership
                        interest in publicly-traded companies.
                .       Reviewed and analyzed the premiums implied by the per
                        share consideration in the Proposed Transaction.
                .       Reviewed and analyzed the Company's adjusted book value.
                .       Reviewed and analyzed the market value of the Notes (as
                        defined below).
                .       Reviewed and discussed with representatives of the
                        management of the Company certain financial and
                        operating information furnished by them, including
                        financial analyses and projections and related
                        assumptions with respect to the business, operations and
                        prospects of the Company.
                .       Considered the historical financial results and present
                        financial condition of the Company.
                .       Reviewed certain publicly available information
                        concerning the trading of, and the trading market for,
                        the common stock of the Company.
                .       Inquired about and discussed the Proposed Transaction
                        and other matters related thereto with Company
                        management, the Independent Committee and its legal
                        counsel.

Page 9



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

                .       Performed such other analyses and examinations as were
                        deemed appropriate.

        .       The Capitalink opinion is necessarily based upon market,
                economic and other conditions, as they exist on, and could be
                evaluated as of May 20, 2003. Accordingly, although subsequent
                developments may affect its opinion, Capitalink does not assume
                any obligation to update, review or reaffirm its opinion.

        .       Capitalink assumes that the Proposed Transaction will be
                consummated substantially in accordance with the terms set forth
                in the Draft Agreement, without any further amendments thereto,
                and without waiver by the Company of any of the conditions to
                any obligations or in the alternative that any such amendments,
                revisions or waivers thereto will not be detrimental to the
                Company or the Non-Affiliated Stockholders of the Company.

        .       Capitalink has relied upon and assumed the accuracy and
                completeness of all of the financial and other information that
                was used by it without assuming any responsibility for any
                independent verification of any such information and has further
                relied upon the assurances of Company management that it is not
                aware of any facts or circumstances that would make any such
                information inaccurate or misleading. With respect to the
                financial projections utilized, Capitalink assumed that such
                projections have been reasonably prepared on a basis reflecting
                the best currently available estimates and judgments, and that
                such projections provide a reasonable basis upon which it could
                form an opinion.

        .       Capitalink has not made a physical inspection of the properties
                and facilities of the Company and has not made or obtained any
                evaluations or appraisals of the assets and liabilities
                (contingent or otherwise) of the Company.

Page 10



BCT International, Inc.                                             CONFIDENTIAL

TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

        .       Capitalink assumed that the Proposed Transaction will be
                consummated in a manner that complies in all respects with the
                applicable provisions of the Securities Act of 1933, as amended,
                the Securities Exchange Act of 1934, as amended, and all other
                applicable federal and state statues, rules and regulations. In
                addition, based upon discussions with the Company, it is assumed
                that the Proposed Transaction will be a taxable event to the
                Company's stockholders.

        .       Capitalink has not been requested to opine as to, and the
                opinion does not in any manner address, the underlying business
                decision of the Company to proceed with or affect the Proposed
                Transaction.

        .       Capitalink was not asked to consider, and its opinion does not
                address, the relative merits of the Proposed Transaction as
                compared to any alternative business strategy that might exist
                for the Company. Capitalink was not engaged to seek alternatives
                to the Proposed Transaction that might exist for the Company.

        .       The opinion is for the use and benefit of the Independent
                Committee in connection with its consideration of the Proposed
                Transaction and is not intended to be and does not constitute a
                recommendation to any stockholder of the Company as to how such
                stockholder should vote in connection with the Proposed
                Transaction. We do not express any opinion as to the underlying
                valuation or future performance of the Company or the price at
                which the Company's common stock would trade at any time in the
                future.

Page 11



BCT International, Inc.                                             CONFIDENTIAL

                                COMPANY OVERVIEW

Page 12



BCT International, Inc.                                             CONFIDENTIAL

OVERVIEW OF COMPANY
SUMMARY

        .       BCT International, Inc. is the holding company of Business Cards
                Tomorrow, Inc. Business Cards Tomorrow, Inc.'s franchise system
                is the world's largest wholesale franchise printing chain,
                specializing in thermography products, labels, rubber stamps and
                business announcements for resale by retail printing providers.

        .       As of May 2003, 82 BCT franchises were in operation in 36 states
                and Canada (eight franchises).

        .       Thermography is a specialized printing process that gives a
                raised printing effect similar to engraving and requires
                specialized equipment and operating techniques which commercial
                printers, quick printers, office superstores and other retail
                dealers choose not to invest in.

        .       The Company's franchises typically operate through the placement
                of business card, stationery, rubber stamp and labels catalogs
                with commercial and retail "quick" printers, office superstores,
                forms brokers, office supply companies and stationers in the
                franchises' trade areas.

        .       Franchises specialize in the fast turnaround of their products,
                delivering many items, such as business cards, in one business
                day, with most products being delivered within two days of the
                date of order.

        .       BCT's operations also include the Pelican Paper Products
                Division ("PPP") that supplies paper products, press supplies
                and press parts to the BCT franchises (PPP is a primary supplier
                of paper products for the BCT franchises). PPP purchases raw
                paper directly from paper mills and paper brokers and utilizes
                the services of converters to convert the raw material to
                finished paper products.

        .       PPP also performs converting and handling services for third
                parties. PPP utilizes three public storage facilities located
                strategically throughout the United States to house and ship out
                paper products to the franchises.

        .       The Company's Orderprinting.com is a web-based ordering system
                that allows users to special order products from a personalized
                Internet site. The orders are electronically transmitted to the
                local BCT franchise for processing.

Page 13



BCT International, Inc.                                             CONFIDENTIAL

OVERVIEW OF COMPANY
SUMMARY

        .       BCT derives its revenue from five principal sources: (i)
                royalties, which are based on a percentage of sales of the BCT
                franchises; (ii) franchise fees from newly franchised franchises
                and resale fees from the resale of operating franchises; (iii)
                sales of paper products to franchisees; (iv) catalog and
                miscellaneous equipment and parts sales classified as printing
                sales; and (v) interest income from financing franchise
                acquisitions (primarily resales) and receivables.

        .       Capitalink noted several general factors to be considered in
                connection with the status of BCT as a publicly traded company:

                .       The Company's common stock was delisted from NASDAQ
                        National Market based on its failure to meet the minimum
                        market value public float requirement of $5 million and
                        it has traded on the OTC Bulletin Board since September
                        2001.

                .       The Company does not have a distinct comparable peer
                        group. For this reason, among others, the Company does
                        not have any analyst coverage.

                .       The Company's common stock historically has a limited
                        trading volume and therefore a lack of liquidity for the
                        Company's stockholders.

                .       The Company is not part of a high-growth industry that
                        attracts investor interest and a high trading multiple.

                .       The Company has not realized the benefits of public
                        company status (i.e., ability to raise capital, use of
                        stock as currency in acquisitions), but incurs the
                        increased expenses necessary to comply with reporting
                        requirements and other public company obligations.

Page 14



BCT International, Inc.                                             CONFIDENTIAL

                          COMPANY FINANCIAL PERFORMANCE

Page 15



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE

        .       Capitalink reviewed the Company's historical and estimated
                financial data for the five years ended February 28, 2003. In
                addition, Capitalink reviewed the Company's preliminary
                projections for the fiscal years ("FY") ending February 29, 2004
                through February 28, 2007.

        .       Revenue for the Company remained constant over the historical
                and review period - with a low of $17.5 million and a high of
                $19.3 million. Of the total revenue, approximately 28% is
                derived from royalties and franchise fees and approximately 64%
                from paper and printing sales. For FY2003, the Company also
                derived revenue of approximately $1.0 million from the operation
                of two Company-owned plants.

        .       Over the past five fiscal years, the Company's gross margin for
                paper and printing sales has remained constant at approximately
                15%. However, the Company's earning before interest, taxes,
                depreciation and amortization ("EBITDA") has gradually fallen
                from a high of $3.0 million in FY1999 to $791,000 in FY2002,
                primarily as a result of rising selling, general and
                administrative costs. In addition, FY2002 EBITDA was negatively
                impacted from the downturn in the U.S. economy as a result of
                the events of September 11th. For FY2003, EBITDA increased
                slightly to approximately $1.2 million.

        .       Despite little growth in the Company's underlying business, the
                Company's capital position has improved significantly over the
                past five years, with rising cash balances of approximately $1.1
                million in FY1999 to $4.2 million in FY2003. This is primarily a
                result of the repayment of notes owed to the Company by
                franchisees (the "Notes"). The Notes primarily are comprised of
                overdue accounts receivable relating to the sale of paper
                products and royalty revenue that have been converted into
                longer-term commitments. Of the Company's approximately $10.6
                million of total receivables as of February 28, 2003,
                approximately $6.8 million are represented by the Notes.

        .       As of February 28, 2003, the Company had approximately $523,000
                in interest-bearing debt, the majority of which relates to
                equipment leases on the Company's plant operations.

        .       Given the little growth seen in the Company's core franchising
                business, the Company has begun several new initiatives, which
                include the addition of Company-owned plants and the
                implementation and roll-out of satellite stores. The satellite
                store plan will involve the franchising of smaller franchise
                regions to individuals who contract to provide business cards
                and other forms to customers within that region. The

Page 16



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE

                supply  of the cards and other forms would be provided by plants
                owned by the Company or other franchisees.

Page 17



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE
Normalized Comparative Summary Income Statements
($ in thousands except per share)



                                                                         for years ended February 28/29,
                                                            -------------------------------------------------------
                                                              1999        2000        2001        2002       2003E
                                                            -------------------------------------------------------
                                                                                            
Revenue
     Royalties and Franchise Fees                           $  5,356    $  5,394    $  5,267    $  5,117   $  5,221
     Paper and Printing Sales                                 12,817      13,881      13,424      12,068     12,019
     Sales of Franchises                                          87          27          46          99          4
     Company Owned Plant Sales                                     -           -           -           -      1,036
     Other Fees                                                    -           -         262         315        426
                                                            -------------------------------------------------------
                                         Total Revenue        18,260      19,302      18,999      17,599     18,706
Cost of Revenue
     Cost of Paper and Printing Sales                         10,939      11,574      11,605      10,592     10,410
     Cost of Company Owned Plant Sales                             -           -           -           -        237
                                                            -------------------------------------------------------
                                      Cost of  Revenue        10,939      11,574      11,605      10,592     10,647
                                                            -------------------------------------------------------
                                          Gross Profit         7,321       7,728       7,394       7,007      8,059

     Selling, General & Admin                                  4,290       6,619       6,455       6,376      6,863
     Other                                                       186         189         232         226        241
                                                            -------------------------------------------------------
                              Total Operating Expenses         4,476       6,808       6,687       6,602      7,104
                                                            -------------------------------------------------------
                               Operating Income (Loss)         2,845         920         707         405        955

Interest Income (Expense)                                        340         336         381         408        303
Other Income (Expense)                                             6         952          49           -         18
                                                            -------------------------------------------------------
                                 Pre-tax Income (Loss)         3,191       2,208       1,137         813      1,276
Income Tax (Benefit)                                             690         837         442         321        491
                                                            -------------------------------------------------------
                                 Normalized Net Income      $  2,501    $  1,371    $    695    $    492   $    785
                                                            =======================================================

Normalized EBIT                                             $  2,851    $  1,872    $    756    $    405   $    973
     Total Depreciation & Amortization                      $    186    $    189    $    232    $    226   $    241
Normalized EBITDA                                           $  3,037    $  2,061    $    988    $    631   $  1,214
     Capital Expenditures, net of Disposals (CAPEX, net)    $     82    $    262    $    150    $    162   $    427
Normalized EBITDA - CAPEX                                   $  2,955    $  1,799    $    838    $    469   $    787

EARNINGS PER SHARE
     Basic Normalized EPS                                   $   0.47    $   0.26    $   0.13    $   0.10   $   0.15
     Basic Reported EPS                                     $   0.41    $   0.19    $   0.13    $   0.10   $   0.15
     Weighted Average Shares Outstanding (thousands)           5,323       5,257       5,214       5,123      5,121

     Diluted Normalized EPS                                 $   0.45    $   0.25    $   0.13    $   0.10   $   0.15
     Diluted Reported EPS                                   $   0.39    $   0.19    $   0.13    $   0.10   $   0.15
     Weighted Average Shares Outstanding (thousands)           5,596       5,388       5,235       5,123      5,121

NORMALIZING RECONCILIATION
     Discontinued Operations, net of Taxes                  $   (327)   $   (357)   $    (31)   $      -   $      -
     Extraordinary Items, net of Taxes                             -           -           -           -          -
                                                            -------------------------------------------------------
                 Total Reconciling Items, net of Taxes      $   (327)   $   (357)   $    (31)   $      -   $      -
                                                            =======================================================

                         Reported Income Tax (Benefit)      $    690    $    837    $    442    $    321   $    491
                            Reported Net Income (Loss)      $  2,174    $  1,014    $    664    $    492   $    785


Sources of information: Company financial statements and management.

Page 18



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE
Normalized Common Sized Summary Income Statements



                                                                for years ended February 28/29,
                                                           -----------------------------------------
                                                           1999     2000     2001     2002     2003E
                                                           -----------------------------------------
                                                                                
Revenue
   Royalties and Franchise Fees                             29.3%    27.9%    27.7%    29.1%    27.9%
   Paper and Printing Sales                                 70.2%    71.9%    70.7%    68.6%    64.3%
   Sales of Franchises                                       0.5%     0.1%     0.2%     0.6%     0.0%
   Company Owned Plant Sales                                 0.0%     0.0%     0.0%     0.0%     5.5%
   Other Fees                                                0.0%     0.0%     1.4%     1.8%     2.3%
                                                           -----------------------------------------
                                       Total Revenue       100.0%   100.0%   100.0%   100.0%   100.0%

Cost of Revenue
   Cost of Paper and Printing Sales                         59.9%    60.0%    61.1%    60.2%    55.7%
   Cost of Company Owned Plant Sales                         0.0%     0.0%     0.0%     0.0%     1.3%
                                                           -----------------------------------------
                                     Cost of Revenue        59.9%    60.0%    61.1%    60.2%    56.9%
                                                           -----------------------------------------
                                        Gross Profit        40.1%    40.0%    38.9%    39.8%    43.1%

   Selling, General & Admin                                 23.5%    34.3%    34.0%    36.2%    36.7%
   Other                                                     1.0%     1.0%     1.2%     1.3%     1.3%
                                                           -----------------------------------------
                            Total Operating Expenses        24.5%    35.3%    35.2%    37.5%    38.0%
                                                           -----------------------------------------
                             Operating Income (Loss)        15.6%     4.8%     3.7%     2.3%     5.1%

Interest Income (Expense)                                    1.9%     1.7%     2.0%     2.3%     1.6%
Other Income (Expense)                                       0.0%     4.9%     0.3%     0.0%     0.1%
                                                           -----------------------------------------
                               Pre-tax Income (Loss)        17.5%    11.4%     6.0%     4.6%     6.8%
Income Tax (Benefit)                                         3.8%     4.3%     2.3%     1.8%     2.6%
                                                           -----------------------------------------
                               Normalized Net Income        13.7%     7.1%     3.7%     2.8%     4.2%
                                                           =========================================

Normalized EBIT                                             15.6%     9.7%     4.0%     2.3%     5.2%
   Total Depreciation & Amortization                         1.0%     1.0%     1.2%     1.3%     1.3%
Normalized EBITDA                                           16.6%    10.7%     5.2%     3.6%     6.5%
   Capital Expenditures, net of Disposals (CAPEX, net)       0.4%     1.4%     0.8%     0.9%     2.3%
Normalized EBITDA - CAPEX                                   16.2%     9.3%     4.4%     2.7%     4.2%

Normalizing Reconciliation
Discontinued Operations, net of Taxes                       -1.8%    -1.8%    -0.2%     0.0%     0.0%
Extraordinary Items, net of Taxes                            0.0%     0.0%     0.0%     0.0%     0.0%
                                                           -----------------------------------------
               Total Reconciling Items, net of Taxes        -1.8%    -1.8%    -0.2%     0.0%     0.0%
                                                           =========================================

                       Reported Income Tax (Benefit)         3.8%     4.3%     2.3%     1.8%     2.6%
                          Reported Net Income (Loss)        11.9%     5.3%     3.5%     2.8%     4.2%


Sources of information: Company financial statements and management.

Page 19



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE
Comparative Summary Balance Sheets
($ in thousands, except per share)



                                                                  as of February 28/29,
                                                     --------------------------------------------------------
                                                       1999        2000        2001        2002       2003E
                                                     --------------------------------------------------------
                                                                                      
ASSETS
Current Assets
   Cash & Equivalents                                $  1,143    $  1,906    $  1,799    $  4,819    $  4,244
   Accounts and Notes Receivable, net                   3,252       3,293       3,568       2,889       3,076
   Inventory                                            2,122       2,359       2,352       1,887       2,668
   Deferred Income Taxes                                  476         482         321         419         369
   Prepaid & Other                                      1,281         408         134         259         513
                                                     --------------------------------------------------------
                              Total Current Assets      8,274       8,448       8,174      10,273      10,870

Property & Equipment                                    1,442       1,633       1,707       1,869       2,638
Less Accumulated Depreciation                            (982)     (1,104)     (1,234)     (1,434)     (1,649)
                                                     --------------------------------------------------------
                         Property & Equipment, net        460         529         473         435         989

Accounts and Notes Receivable, net                      6,052       7,275       6,362       5,170       4,807
Deferred Income Taxes                                     246         722         925         970         956
Intangible Assets, net                                    284         258         232         206         180
Other Assets                                               90          89          24          24          47
                                                     --------------------------------------------------------
                                                     $ 15,406    $ 17,321    $ 16,190    $ 17,078    $ 17,849
                                                     ========================================================
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
   Accounts Payable                                  $    844    $  1,111    $    597    $    432    $    875
   Accrued Expenses                                       753       1,349         403         871         519
   Interest Bearing Debt                                  113         104          86         560         255
   Other                                                  311         218         167         125          55
                                                     --------------------------------------------------------
                         Total Current Liabilities      2,021       2,782       1,253       1,988       1,704

Long Term Interest Bearing Debt                           433         330         236           -         268
Other Long Term                                             -         453         417         334         335
                                                     --------------------------------------------------------
                                 Total Liabilities      2,454       3,565       1,906       2,322       2,307

Stockholders' Equity
   Preferred Stock                                         60           -           -           -           -
   Common Stock                                           230         233         233         233         233
   Paid in Capital                                     12,506      12,597      12,597      12,605      12,605
   Accumulated Earnings (Deficit)                       1,322       2,334       2,998       3,490       4,276
   Treasury Stock & Stock Receivable                   (1,166)     (1,408)     (1,544)     (1,572)     (1,572)
                                                     --------------------------------------------------------
                        Total Stockholders' Equity     12,952      13,756      14,284      14,756      15,542
                                                     --------------------------------------------------------
                                                     $ 15,406    $ 17,321    $ 16,190    $ 17,078    $ 17,849
                                                     ========================================================
Net Working Capital                                  $  6,253    $  5,666    $  6,921    $  8,285    $  9,166
Common Shares Outstanding (thousands)                   5,257       5,231       5,136       5,121       5,121
Book Value per Share                                 $   2.46    $   2.63    $   2.78    $   2.88    $   3.03
Tangible Book Value Per Share                        $   2.41    $   2.58    $   2.74    $   2.84    $   3.00


Sources of information: Company financial statements and management.

Page 20



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE
Common Sized Summary Balance Sheets



                                                                    as of February 28/29,
                                                       -----------------------------------------
                                                        1999     2000     2001     2002    2003E
                                                       -----------------------------------------
                                                                            
ASSETS
Current Assets
   Cash & Equivalents                                    7.4%    11.0%    11.1%    28.2%    23.8%
   Accounts and Notes Receivable, net                   21.1%    19.0%    22.0%    16.9%    17.2%
   Inventory                                            13.8%    13.6%    14.5%    11.0%    14.9%
   Deferred Income Taxes                                 3.1%     2.8%     2.0%     2.5%     2.1%
   Prepaid & Other                                       8.3%     2.4%     0.8%     1.5%     2.9%
                                                       -----------------------------------------
                             Total Current Assets       53.7%    48.8%    50.5%    60.2%    60.9%

Property & Equipment                                     9.4%     9.4%    10.5%    10.9%    14.8%
Less Accumulated Depreciation                           -6.4%    -6.4%    -7.6%    -8.4%    -9.2%
                                                       -----------------------------------------
                        Property & Equipment, net        3.0%     3.1%     2.9%     2.5%     5.5%
Accounts and Notes Receivable, net                      39.3%    42.0%    39.3%    30.3%    26.9%
Deferred Income Taxes                                    1.6%     4.2%     5.7%     5.7%     5.4%
Intangible Assets, net                                   1.8%     1.5%     1.4%     1.2%     1.0%
Other Assets                                             0.6%     0.5%     0.1%     0.1%     0.3%
                                                       -----------------------------------------
                                                       100.0%   100.0%   100.0%   100.0%   100.0%
                                                       =========================================
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
   Accounts Payable                                      5.5%     6.4%     3.7%     2.5%     4.9%
   Accrued Expenses                                      4.9%     7.8%     2.5%     5.1%     2.9%
   Interest Bearing Debt                                 0.7%     0.6%     0.5%     3.3%     1.4%
   Other                                                 2.0%     1.3%     1.0%     0.7%     0.3%
                                                       -----------------------------------------
                        Total Current Liabilities       13.1%    16.1%     7.7%    11.6%     9.5%

Long Term Interest Bearing Debt                          2.8%     1.9%     1.5%     0.0%     1.5%
Other Long Term                                          0.0%     2.6%     2.6%     2.0%     1.9%
                                                       -----------------------------------------
                                Total Liabilities       15.9%    20.6%    11.8%    13.6%    12.9%

Stockholders' Equity
   Preferred Stock                                       0.4%     0.0%     0.0%     0.0%     0.0%
   Common Stock                                          1.5%     1.3%     1.4%     1.4%     1.3%
   Paid in Capital                                      81.2%    72.7%    77.8%    73.8%    70.6%
   Accumulated Earnings (Deficit)                        8.6%    13.5%    18.5%    20.4%    24.0%
   Treasury Stock & Stock Receivable                    -7.6%    -8.1%    -9.5%    -9.2%    -8.8%
                                                       -----------------------------------------
                       Total Stockholders' Equity       84.1%    79.4%    88.2%    86.4%    87.1%
                                                       -----------------------------------------
                                                       100.0%   100.0%   100.0%   100.0%   100.0%
                                                       =========================================

Net Working Capital                                     40.6%    32.7%    42.7%    48.5%    51.4%


Sources of information: Company financial statements and management.

Page 21



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE
Comparative Financial Analysis
($ in thousands, except per share)



                                                                    as of & for years ended February 28/29,
                                                         -------------------------------------------------------------
                                                            1999        2000          2001         2002        2003E
                                                         -------------------------------------------------------------
                                                                                              
FINANCIAL REVIEW
   Revenue                                               $   18,260   $  19,302    $  18,999    $  17,599    $  18,706
   Gross Profit                                          $    7,321   $   7,728    $   7,394    $   7,007    $   8,059
   Total Operating Expenses                              $    4,476   $   6,808    $   6,687    $   6,602    $   7,104
   Operating Income                                      $    2,845   $     920    $     707    $     405    $     955
   Pre-tax Income (Loss)                                 $    3,191   $   2,208    $   1,137    $     813    $   1,276
   Normalized Net Income (Loss)                          $    2,501   $   1,371    $     695    $     492    $     785
   Normalized EBIT                                       $    2,851   $   1,872    $     756    $     405    $     973
   Normalized EBITDA                                     $    3,037   $   2,061    $     988    $     631    $   1,214
   Normalized Basic EPS                                  $     0.41   $    0.19    $    0.13    $    0.10    $    0.15
   Normalized Diluted EPS                                $     0.39   $    0.19    $    0.13    $    0.10    $    0.15
   Total Assets                                          $   15,406   $  17,321    $  16,190    $  17,078    $  17,849
   Net Worth                                             $   12,952   $  13,756    $  14,284    $  14,756    $  15,542
   Tangible Net Worth                                    $   12,668   $  13,498    $  14,052    $  14,550    $  15,362
   Total Interest Bearing Debt                           $      546   $     434    $     322    $     560    $     523
   Net Interest Bearing Debt                             $     (597)  $  (1,472)   $  (1,477)   $  (4,259)   $  (3,721)
   Total Capitalization                                  $   13,498   $  14,190    $  14,606    $  15,316    $  16,065

FINANCIAL STRENGTH
   Quick Ratio                                                  3.0         2.2          4.6          4.2          4.8
   Current Ratio                                                4.1         3.0          6.5          5.2          6.4
   Total Liabilities to Net Worth                              18.9%       25.9%        13.3%        15.7%        14.8%
   Total Interest Bearing Debt to Net Worth                     4.2%        3.2%         2.3%         3.8%         3.4%
   Total Interest Bearing Debt to Total Capitalization          4.0%        3.1%         2.2%         3.7%         3.3%
   Net Interest Bearing Debt to Total Capitalization           -4.4%      -10.4%       -10.1%       -27.8%       -23.2%
   Interest Expense to Interest Bearing Debt                     na          na           na           na           na
   Total Interest Bearing Debt to Normalized EBITDA             0.2         0.2          0.3          0.9          0.4
   Normalized EBITDA to Interest Expense                         na          na           na           na           na
   Normalized EBITDA-CAPEX, net to Interest Exp.                 na          na           na           na           na

EFFECTIVENESS AND EFFICIENCY
   Accounts Receivable Turnover                                  na         5.9          5.5          5.5          6.3
   Inventory Turnover                                            na         5.2          4.9          5.0          4.7
   Asset Turnover                                                na         1.2          1.1          1.1          1.1
   Days Sales Outstanding                                        na        61.9         65.9         67.0         58.2
   Days Inventory Outstanding                                    na        70.7         74.1         73.0         78.1
   Days Payable Outstanding                                      na        14.8         15.0         13.5          9.0
   Normalized EBIT to Average Assets                             na        11.4%         4.5%         2.4%         5.6%
   Normalized EBIT to Net Worth                                  na        14.0%         5.4%         2.8%         6.4%
   Normalized EBITDA to Average Assets                           na        12.6%         5.9%         3.8%         7.0%
   Normalized EBITDA to Net Worth                                na        15.4%         7.0%         4.3%         8.0%
   Normalized Net Income to Average Assets                       na         8.4%         4.1%         3.0%         4.5%
   Normalized Net Income to Net Worth                            na        10.3%         5.0%         3.4%         5.2%


Sources of information: Company financial statements and management

Page 22



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE
Comparative Financial Analysis Continued
($ in thousands, except per share)



                                                    as of & for years ended February 28/29,
                                                   -----------------------------------------
                                                    1999     2000     2001     2002    2003E
                                                   -----------------------------------------
                                                                        
PROFITABILITY RATIOS (as % of Revenue)
   Gross Profit Margin                              40.1%    40.0%    38.9%    39.8%    43.1%
   SG&A                                             23.5%    34.3%    34.0%    36.2%    36.7%
   Total Operating Expenses                         24.5%    35.3%    35.2%    37.5%    38.0%
   Operating Income                                 15.6%     4.8%     3.7%     2.3%     5.1%
   Pre-tax Income (Loss)                            17.5%    11.4%     6.0%     4.6%     6.8%
   Normalized Net Income (Loss)                     13.7%     7.1%     3.7%     2.8%     4.2%
   Normalized EBIT                                  15.6%     9.7%     4.0%     2.3%     5.2%
   Normalized EBITDA                                16.6%    10.7%     5.2%     3.6%     6.5%

GROWTH RATES
   Revenue                                            na      5.7%    -1.6%    -7.4%     6.3%
   Gross Profit                                       na      5.6%    -4.3%    -5.2%    15.0%
   Operating Income                                   na    -67.7%   -23.2%   -42.7%   135.8%
   Pre-tax Income (Loss)                              na    -30.8%   -48.5%   -28.5%    56.9%
   Normalized Net Income (Loss)                       na    -45.2%   -49.3%   -29.2%    59.6%
   Normalized EBIT                                    na    -34.3%   -59.6%   -46.4%   140.2%
   Normalized EBITDA                                  na    -32.1%   -52.1%   -36.1%    92.4%
   Normalized Basic EPS                               na    -53.7%   -31.6%   -23.1%    50.0%
   Normalized Diluted EPS                             na    -51.3%   -31.6%   -23.1%    50.0%
   Total Assets                                       na     12.4%    -6.5%     5.5%     4.5%
   Net Worth                                          na      6.2%     3.8%     3.3%     5.3%
   Tangible Net Worth                                 na      6.6%     4.1%     3.5%     5.6%
   CAPEX, net                                         na    219.5%   -42.7%     8.0%   163.6%

CUMULATIVE AVERAGE GROWTH RATE (CAGR) STATISTICS
   Revenue                                            na      5.7%     2.0%    -1.2%     0.6%
   Gross Profit                                       na      5.6%     0.5%    -1.5%     2.4%
   Operating Income                                   na    -67.7%   -50.1%   -47.8%   -23.9%
   Pre-tax Income (Loss)                              na    -30.8%   -40.3%   -36.6%   -20.5%
   Normalized Net Income (Loss)                       na    -45.2%   -47.3%   -41.8%   -25.2%
   Normalized EBIT                                    na    -34.3%   -48.5%   -47.8%   -23.6%
   Normalized EBITDA                                  na    -32.1%   -43.0%   -40.8%   -20.5%
   Normalized Basic EPS                               na    -53.7%   -43.7%   -37.5%   -22.2%
   Normalized Diluted EPS                             na    -51.3%   -42.3%   -36.5%   -21.2%
   Total Assets                                       na     12.4%     2.5%     3.5%     3.7%
   Net Worth                                          na      6.2%     5.0%     4.4%     4.7%
   Tangible Net Worth                                 na      6.6%     5.3%     4.7%     4.9%
   CAPEX, net                                         na    219.5%    35.3%    25.5%    51.1%

DEPRECIATION & Capital Spending
   Depreciation to CAPEX, net                      226.8%    72.1%   154.7%   139.5%    56.4%
   CAPEX, net to Revenue                             0.4%     1.4%     0.8%     0.9%     2.3%


Sources of information: Company financial statements and management

Page 23



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE

Selected Normalized Income Statement Graphs
($ in thousands, except per share)



                              FY 1999    FY 2000     FY 2001    FY 2002     FY 2003E
                             -------------------------------------------------------
                                                            
                                                  [Bar Graph]
                     Revenue $  18,260  $  19,302   $  18,999  $  17,599   $  18,706
                                                  [Bar Graph]
                Gross Profit $   7,321  $   7,728   $   7,394  $   7,007   $   8,059
                                                  [Bar Graph]
    Total Operating Expenses $   4,476  $   6,808   $   6,687  $   6,602   $   7,104
                                                  [Bar Graph]
            Operating Income $   2,845  $     920   $     707  $     405   $     955
                                                  [Bar Graph]
   Interest Income (Expense) $     340  $     336   $     381  $     408   $     303
                                                  [Bar Graph]
             Normalized EBIT $   2,851  $   1,872   $     756  $     405   $     973
                                                  [Bar Graph]
           Normalized EBITDA $   3,037  $   2,061   $     988  $     631   $   1,214
                                                  [Bar Graph]
Normalized Net Income (Loss) $   2,501  $   1,371   $     695  $     492   $     785


Sources of information: Company financial statements and management

Page 24



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE

Selected Normalized Profitability and Cost Ratio (as % of Revenue) Graphs



                              FY 1999    FY 2000      FY 2001    FY 2002    FY 2003E
                             -------------------------------------------------------
                                                                 
                                                  [Bar Graph]
         Gross Profit Margin      40.1%      40.0%       38.9%      39.8%       43.1%
                                                  [Bar Graph]
                        SG&A      23.5%      34.3%       34.0%      36.2%       36.7%
                                                  [Bar Graph]
            Operating Income      15.6%       4.8%        3.7%       2.3%        5.1%
                                                  [Bar Graph]
   Interest Income (Expense)       1.9%       1.7%        2.0%       2.3%        1.6%
                                                  [Bar Graph]
       Pre-tax Income (Loss)      17.5%      11.4%        6.0%       4.6%        6.8%
                                                  [Bar Graph]
Normalized Net Income (Loss)      13.7%       7.1%        3.7%       2.8%        4.2%
                                                  [Bar Graph]
             Normalized EBIT      15.6%       9.7%        4.0%       2.3%        5.2%
                                                  [Bar Graph]
           Normalized EBITDA      16.6%      10.7%        5.2%       3.6%        6.5%
                                                  [Bar Graph]
       CAPEX, net to Revenue       0.4%       1.4%        0.8%       0.9%        2.3%


Sources of information: Company financial statements and management

Page 25



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE

Selected Normalized Financial Strength Graphs
($ in thousands)


                                                      FY 1999    FY 2000     FY 2001    FY 2002   FY 2003E
                                                    ------------------------------------------------------
                                                                                  
                                                                       [Bar Graph]
                                Net Working Capital $   6,253   $   5,666  $   6,921   $  8,285  $   9,166
                                                                       [Bar Graph]
                                        Quick Ratio       3.0         2.2        4.6        4.2        4.8
                                                                       [Bar Graph]
                                      Current Ratio       4.1         3.0        6.5        5.2        6.4
                                                                       [Bar Graph]
                     Total Liabilities to Net Worth      18.9%       25.9%      13.3%      15.7%      14.8%
                                                                       [Bar Graph]
           Total Interest Bearing Debt to Net Worth       4.2%        3.2%       2.3%       3.8%       3.4%
                                                                       [Bar Graph]
Total Interest Bearing Debt to Total Capitalization       4.0%        3.1%       2.2%       3.7%       3.3%
                                                                       [Bar Graph]
          Interest Expense to Interest Bearing Debt        na          na         na         na         na
                                                                       [Bar Graph]
              Total Interest Bearing Debt to EBITDA       0.2         0.2        0.3        0.9        0.4
                                                                       [Bar Graph]
                         EBITDA to Interest Expense        na          na         na         na         na


Sources of information: Company financial statements and management

Page 26



BCT International, Inc.                                             CONFIDENTIAL

COMPANY FINANCIAL PERFORMANCE

Selected Normalized Efficiency Graphs



                                          FY 2000     FY 2001    FY 2002    FY 2003E
                                        --------------------------------------------
                                                                    
                                                          [Bar Graph]
                Days Sales Outstanding       61.9        65.9       67.0        58.2
                                                          [Bar Graph]
            Days Inventory Outstanding       70.7        74.1       73.0        78.1
                                                          [Bar Graph]
              Days Payable Outstanding       14.8        15.0       13.5         9.0
                                                          [Bar Graph]
     Normalized EBIT to Average Assets       11.4%        4.5%       2.4%        5.6%
                                                          [Bar Graph]
  Normalized EBIT to Average Net Worth       14.0%        5.4%       2.8%        6.4%
                                                          [Bar Graph]
   Normalized EBITDA to Average Assets       12.6%        5.9%       3.8%        7.0%
                                                          [Bar Graph]
Normalized EBITDA to Average Net Worth       15.4%        7.0%       4.3%        8.0%
                                                          [Bar Graph]
          Net Income to Average Assets        8.4%        4.1%       3.0%        4.5%
                                                          [Bar Graph]
       Net Income to Average Net Worth       10.3%        5.0%       3.4%        5.2%


Sources of information: Company financial statements and management

Page 27



BCT International, Inc.                                             CONFIDENTIAL

                           COMPANY MARKET PERFORMANCE

Page 28



BCT International, Inc.                                             CONFIDENTIAL

COMPANY MARKET PERFORMANCE

        .       Capitalink reviewed the daily closing market price and trading
                volume of the Company's common stock over the period commencing
                May 20, 2002 through May 19, 2003.

        .       Capitalink compared the daily closing market price performance
                of the Company's common stock for such period to both the
                Comparable Companies (as defined below) and the Russell 3000
                Index.

        .       Capitalink calculated total trading volumes at various closing
                price ranges of the Company's common stock. In addition, the
                number of trading days, and the respective percentages, at
                certain trading volumes, was set forth.

        .       Capitalink noted the following characteristics of the Company's
                common stock:

                .       The Company's stock has experienced limited liquidity
                        with the average and median daily number of shares
                        traded equal to 5,379 and 200 respectively. It was
                        further noted that there was no volume on 114 trading
                        days or approximately 45.2% of the available trading
                        days.

                .       During the twelve months ended May 19, 2003 the
                        Company's share price has ranged from as high as $1.05
                        to as low as $0.67. The Company's common stock closed at
                        $0.95 on May 19, 2003.

        .       Capitalink noted that during the twelve months ended May 19,
                2003, the Company's common stock increased 15.9%, while the
                Comparable Companies index fell slightly by 1.0% and the Russell
                3000 Index declined 15.7%.

Page 29



BCT International, Inc.                                             CONFIDENTIAL

COMPANY MARKET PERFORMANCE

                       BCTI Closing Price & Volume History

              [Bar Graph]
       DATE       VOLUME     BCTI CLOSE
     ------------------------------------
     19-May-03       6400            0.95
     16-May-03          0            1.00
     15-May-03          0            1.00
     14-May-03          0            1.00
     13-May-03      3,500            1.00
     12-May-03          0            0.95
      9-May-03          0            0.95
      8-May-03          0            0.95
      7-May-03      2,500            0.95
      6-May-03      6,000            1.04
      5-May-03      5,500            1.01
      2-May-03      2,000            1.01
      1-May-03      4,600            1.05
     30-Apr-03          0            0.98
     29-Apr-03          0            0.98
     28-Apr-03        500            0.98
     25-Apr-03     17,900            0.99
     24-Apr-03      9,100            0.99
     23-Apr-03      7,000            0.95
     22-Apr-03      7,800            0.91
     21-Apr-03      1,900            0.91
     17-Apr-03        200            0.91
     16-Apr-03          0            0.91
     15-Apr-03          0            0.91
     14-Apr-03        300            0.91
     11-Apr-03          0            0.91
     10-Apr-03          0            0.91
      9-Apr-03        100            0.91
      8-Apr-03          0            0.91
      7-Apr-03      9,500            0.91
      4-Apr-03          0            0.95
      3-Apr-03      7,500            0.95
      2-Apr-03          0            0.92
      1-Apr-03        300            0.92
     31-Mar-03          0            0.92
     28-Mar-03        200            0.92
     27-Mar-03        200            0.92
     26-Mar-03          0            0.92
     25-Mar-03      7,300            0.92
     24-Mar-03          0            0.92
     21-Mar-03      6,000            0.92
     20-Mar-03      2,500            0.92
     19-Mar-03      5,500            0.92
     18-Mar-03      3,000            0.92
     17-Mar-03          0            0.92
     14-Mar-03          0            0.92
     13-Mar-03          0            0.92
     12-Mar-03          0            0.92
     11-Mar-03          0            0.92
     10-Mar-03        100            0.92
      7-Mar-03          0            0.93
      6-Mar-03          0            0.93
      5-Mar-03      2,000            0.93
      4-Mar-03      3,600            0.92
      3-Mar-03          0            0.92
     28-Feb-03        100            0.92
     27-Feb-03     10,000            0.96
     26-Feb-03          0            0.91
     25-Feb-03          0            0.91
     24-Feb-03          0            0.91
     21-Feb-03          0            0.91
     20-Feb-03          0            0.76
     19-Feb-03          0            0.91
     18-Feb-03      29800            0.91
     14-Feb-03        800            0.97
     13-Feb-03       5800            0.96
     12-Feb-03          0            0.97
     11-Feb-03        500            0.97
     10-Feb-03       9500            0.99
      7-Feb-03          0            0.98
      6-Feb-03          0            0.98
      5-Feb-03          0            0.98
      4-Feb-03       5000            0.98
      3-Feb-03        700            0.96
     31-Jan-03       5000            0.96
     30-Jan-03          0            0.96
     29-Jan-03          0            0.96
     28-Jan-03        100            0.96
     27-Jan-03          0            0.96
     24-Jan-03       6200            0.96
     23-Jan-03       1000            1.01
     22-Jan-03        100            1.03
     21-Jan-03       2200            1.01
     17-Jan-03    181,100            1.05
     16-Jan-03     57,600            1.02
     15-Jan-03     17,000             0.9
     14-Jan-03        300             0.9
     13-Jan-03          0            0.81
     10-Jan-03          0            0.81
      9-Jan-03      1,000            0.81
      8-Jan-03        300            0.81
      7-Jan-03          0            0.81
      6-Jan-03          0            0.81
      3-Jan-03          0            0.81
      2-Jan-03          0            0.81
     31-Dec-02     13,100            0.81
     30-Dec-02     16,000             0.8
     27-Dec-02        100            0.78
     26-Dec-02      1,600            0.78
     24-Dec-02          0            0.78
     23-Dec-02          0            0.78
     20-Dec-02        400            0.78
     19-Dec-02          0            0.85
     18-Dec-02      2,300            0.85
     17-Dec-02        100            0.78
     16-Dec-02          0            0.78
     13-Dec-02          0            0.78
     12-Dec-02          0            0.78
     11-Dec-02          0            0.78
     10-Dec-02          0            0.78
      9-Dec-02        200            0.78
      6-Dec-02      6,700            0.78
      5-Dec-02          0            0.76
      4-Dec-02     16,000            0.76
      3-Dec-02          0            0.83
      2-Dec-02      7,300            0.83
     29-Nov-02          0           0.761
     27-Nov-02      4,100           0.761
     26-Nov-02      2,500            0.76
     25-Nov-02        300            0.75
     22-Nov-02        800             0.9
     21-Nov-02          0            0.75
     20-Nov-02      1,100            0.75
     19-Nov-02      4,100            0.75
     18-Nov-02      1,800            0.75
     15-Nov-02          0            0.75
     14-Nov-02          0            0.75
     13-Nov-02          0            0.75
     12-Nov-02          0            0.75
     11-Nov-02          0            0.75
      8-Nov-02      7,900            0.75
      7-Nov-02     13,000            0.76
      6-Nov-02      1,700            0.72
      5-Nov-02          0            0.72
      4-Nov-02          0            0.72
      1-Nov-02      2,500            0.72
     31-Oct-02     15,500            0.75
     30-Oct-02      3,800           0.685
     29-Oct-02          0            0.68
     28-Oct-02        200            0.68
     25-Oct-02     14,900            0.68
     24-Oct-02          0            0.74
     23-Oct-02        500            0.74
     22-Oct-02          0            0.68
     21-Oct-02          0            0.68
     18-Oct-02        500            0.68
     17-Oct-02          0            0.68
     16-Oct-02      1,000            0.68
     15-Oct-02        200            0.68
     14-Oct-02          0            0.67
     11-Oct-02     16,700            0.67
     10-Oct-02          0            0.71
      9-Oct-02      5,000            0.71
      8-Oct-02      6,500            0.72
      7-Oct-02      7,200            0.72
      4-Oct-02        100            0.71
      3-Oct-02          0            0.71
      2-Oct-02        100            0.71
      1-Oct-02          0             0.7
     30-Sep-02      9,400             0.7
     27-Sep-02          0            0.71
     26-Sep-02      2,000            0.71
     25-Sep-02      4,300            0.71
     24-Sep-02     11,100             0.7
     23-Sep-02      2,000             0.7
     20-Sep-02      5,000            0.73
     19-Sep-02     88,700            0.72
     18-Sep-02          0            0.78
     17-Sep-02      1,800            0.78
     16-Sep-02     55,900           0.765
     13-Sep-02          0            0.76
     12-Sep-02          0            0.76
     11-Sep-02        200            0.76
     10-Sep-02          0            0.82
      9-Sep-02     10,000            0.82
      6-Sep-02          0            0.81
      5-Sep-02          0            0.81
      4-Sep-02      2,500            0.81
      3-Sep-02      4,000            0.83
     30-Aug-02        100            0.81
     29-Aug-02          0             0.8
     28-Aug-02          0             0.8
     27-Aug-02          0             0.8
     26-Aug-02          0             0.8
     23-Aug-02        500             0.8
     22-Aug-02          0            0.82
     21-Aug-02     15,000            0.82
     20-Aug-02     16,000            0.85
     19-Aug-02      5,000            0.93
     16-Aug-02          0            0.85
     15-Aug-02      2,400            0.85
     14-Aug-02     17,000            0.85
     13-Aug-02      6,000           0.858
     12-Aug-02      5,500             0.8
      9-Aug-02          0            0.75
      8-Aug-02     34,300            0.75
      7-Aug-02      4,500            0.81
      6-Aug-02          0            0.81
      5-Aug-02    175,200            0.81
      2-Aug-02        200            0.81
      1-Aug-02          0            0.81
     31-Jul-02          0            0.81
     30-Jul-02      2,600            0.81
     29-Jul-02      7,200             0.8
     26-Jul-02     71,900            0.81
     25-Jul-02      5,700            0.79
     24-Jul-02        500            0.78
     23-Jul-02      3,000            0.78
     22-Jul-02      3,500            0.75
     19-Jul-02          0             0.8
     18-Jul-02      1,500             0.8
     17-Jul-02          0            0.78
     16-Jul-02      1,500            0.78
     15-Jul-02      2,500            0.82
     12-Jul-02      5,000            0.82
     11-Jul-02          0            0.77
     10-Jul-02          0            0.77
      9-Jul-02          0            0.77
      8-Jul-02      2,500            0.77
      5-Jul-02          0            0.79
      3-Jul-02     64,600            0.79
      2-Jul-02     11,000            0.79
      1-Jul-02          0            0.84
     28-Jun-02          0            0.84
     27-Jun-02          0            0.84
     26-Jun-02          0            0.84
     25-Jun-02          0            0.84
     24-Jun-02          0            0.84
     21-Jun-02          0            0.84
     20-Jun-02      5,700            0.84
     19-Jun-02        100            0.82
     18-Jun-02      2,000            0.82
     17-Jun-02          0            0.82
     14-Jun-02          0            0.82
     13-Jun-02          0            0.82
     12-Jun-02     10,000            0.82
     11-Jun-02      2,400            0.83
     10-Jun-02          0            0.83
      7-Jun-02          0            0.83
      6-Jun-02      2,000            0.83
      5-Jun-02      1,000            0.83
      4-Jun-02      9,500            0.83
      3-Jun-02        200            0.85
     31-May-02          0            0.82
     30-May-02          0            0.82
     29-May-02        200            0.82
     28-May-02          0            0.85
     24-May-02          0            0.85
     23-May-02          0            0.85
     22-May-02      26300            0.85
     21-May-02          0            0.82
     20-May-02       1500            0.82



       Start                 End                 High           Average     Median           Low          Avg. Volume  Median Volume
- -------------------  -------------------  ------------------   ---------   --------  -------------------  -----------  -------------
                                                                                                  
20-May-02  $ 0.8200  19-May-03  $ 0.9500  1-May-03  $ 1.0500   $  0.8386   $ 0.8200  14-Oct-02  $ 0.6700        5,379            200


Sources of information: Commodity Systems, Inc.

Page 30



BCT International, Inc.                                             CONFIDENTIAL

COMPANY MARKET PERFORMANCE

BCTI vs Comparable Company Index vs Russel 3000 Index

                          [Bar Graph]
                   -------------------------------------------
                     COMPANY        COMPARABLE       RUSSELL
       DATE           INDEX           INDEX         3000 INDEX
     ---------------------------------------------------------
     19-May-03          115.9             99.0            84.3
     16-May-03          122.0            100.2            86.3
     15-May-03          122.0             99.6            86.6
     14-May-03          122.0             99.8            86.0
     13-May-03          122.0             98.9            86.2
     12-May-03          115.9            100.1            86.4
      9-May-03          115.9             98.0            85.3
      8-May-03          115.9             96.1            84.2
      7-May-03          115.9             97.4            85.0
      6-May-03          126.8             98.2            85.4
      5-May-03          123.2             96.3            84.7
      2-May-03          123.2             96.0            84.9
      1-May-03          128.0             95.5            83.6
     30-Apr-03          119.5             96.2            83.6
     29-Apr-03          119.5             93.3            83.6
     28-Apr-03          119.5             94.3            83.3
     25-Apr-03          120.7             91.9            81.9
     24-Apr-03          120.7             91.5            83.0
     23-Apr-03          115.9             91.6            83.7
     22-Apr-03          111.0             92.7            83.0
     21-Apr-03          111.0             91.2            81.3
     17-Apr-03          111.0             90.5            81.4
     16-Apr-03          111.0             90.5            80.2
     15-Apr-03          111.0             90.1            81.1
     14-Apr-03          111.0             88.6            80.6
     11-Apr-03          111.0             88.2            79.1
     10-Apr-03          111.0             88.3            79.3
      9-Apr-03          111.0             88.7            78.9
      8-Apr-03          111.0             90.0            79.9
      7-Apr-03          111.0             88.8            80.2
      4-Apr-03          115.9             88.2            80.0
      3-Apr-03          115.9             89.8            79.9
      2-Apr-03          112.2             89.7            80.3
      1-Apr-03          112.2             89.2            78.3
     31-Mar-03          112.2             89.3            77.4
     28-Mar-03          112.2             90.6            78.7
     27-Mar-03          112.2             90.8            79.1
     26-Mar-03          112.2             92.0            79.2
     25-Mar-03          112.2             92.6            79.7
     24-Mar-03          112.2             91.1            78.7
     21-Mar-03          112.2             93.0            81.5
     20-Mar-03          112.2             91.7            79.7
     19-Mar-03          112.2             91.0            79.5
     18-Mar-03          112.2             90.7            78.9
     17-Mar-03          112.2             93.0            78.5
     14-Mar-03          112.2             93.6            75.9
     13-Mar-03          112.2             97.3            75.8
     12-Mar-03          112.2             94.7            73.4
     11-Mar-03          112.2             95.4            73.2
     10-Mar-03          112.2             95.3            73.7
      7-Mar-03          113.4             96.8            75.6
      6-Mar-03          113.4             96.7            75.0
      5-Mar-03          113.4             96.5            75.7
      4-Mar-03          112.2             96.8            75.1
      3-Mar-03          112.2             95.7            76.2
     28-Feb-03          112.2             95.8            76.7
     27-Feb-03          117.1             94.9            76.4
     26-Feb-03          111.0             94.3            75.5
     25-Feb-03          111.0             95.6            76.5
     24-Feb-03          111.0             95.4            75.9
     21-Feb-03          111.0             95.8            77.3
     20-Feb-03           92.7             95.4            76.3
     19-Feb-03          111.0             96.5            76.9
     18-Feb-03          111.0             96.7            77.5
     14-Feb-03          118.3             97.6            76.0
     13-Feb-03          117.1             97.7            74.6
     12-Feb-03          118.3             95.3            74.7
     11-Feb-03          118.3             96.6            75.7
     10-Feb-03          120.7             97.8            76.3
      7-Feb-03          119.5             97.0            75.7
      6-Feb-03          119.5             98.2            76.5
      5-Feb-03          119.5             98.1            77.0
      4-Feb-03          119.5             99.4            77.4
      3-Feb-03          117.1            100.9            78.5
     31-Jan-03          117.1            101.1            78.2
     30-Jan-03          117.1             99.6            77.1
     29-Jan-03          117.1             99.0            78.8
     28-Jan-03          117.1             98.0            78.3
     27-Jan-03          117.1             95.5            77.3
     24-Jan-03          117.1             96.2            78.6
     23-Jan-03          123.2             96.7            80.9
     22-Jan-03          125.6             92.0            80.1
     21-Jan-03          123.2             91.5            80.9
     17-Jan-03          128.0             93.5            82.1
     16-Jan-03          124.4             86.2            83.3
     15-Jan-03          109.8             85.8            83.6
     14-Jan-03          109.8             85.8            84.7
     13-Jan-03           98.8             85.7            84.3
     10-Jan-03           98.8             86.0            84.4
      9-Jan-03           98.8             86.4            84.4
      8-Jan-03           98.8             84.1            82.8
      7-Jan-03           98.8             84.1            84.0
      6-Jan-03           98.8             84.5            84.6
      3-Jan-03           98.8             81.6            82.7
      2-Jan-03           98.8             82.8            82.8
     31-Dec-02           98.8             80.9            80.2
     30-Dec-02           97.6             81.4            80.1
     27-Dec-02           95.1             81.3            79.9
     26-Dec-02           95.1             81.5            81.1
     24-Dec-02           95.1             80.3            81.3
     23-Dec-02           95.1             80.2            81.8
     20-Dec-02           95.1             80.0            81.6
     19-Dec-02          103.7             79.0            80.5
     18-Dec-02          103.7             77.6            81.1
     17-Dec-02           95.1             78.9            82.2
     16-Dec-02           95.1             78.9            82.9
     13-Dec-02           95.1             77.5            81.1
     12-Dec-02           95.1             77.9            82.2
     11-Dec-02           95.1             77.3            82.4
     10-Dec-02           95.1             77.4            82.3
      9-Dec-02           95.1             74.9            81.2
      6-Dec-02           95.1             78.9            83.0
      5-Dec-02           92.7             77.5            82.5
      4-Dec-02           92.7             78.0            83.4
      3-Dec-02          101.2             78.6            83.8
      2-Dec-02          101.2             79.0            85.1
     29-Nov-02           92.8             80.6            85.2
     27-Nov-02           92.8             80.1            85.4
     26-Nov-02           92.7             79.1            83.1
     25-Nov-02           91.5             81.6            84.9
     22-Nov-02          109.8             81.5            84.6
     21-Nov-02           91.5             82.5            84.8
     20-Nov-02           91.5             81.9            83.0
     19-Nov-02           91.5             80.2            81.4
     18-Nov-02           91.5             81.0            81.8
     15-Nov-02           91.5             82.8            82.6
     14-Nov-02           91.5             81.6            82.1
     13-Nov-02           91.5             80.2            80.1
     12-Nov-02           91.5             79.3            80.2
     11-Nov-02           91.5             78.6            79.5
      8-Nov-02           91.5             80.9            81.2
      7-Nov-02           92.7             80.7            82.0
      6-Nov-02           87.8             82.5            83.9
      5-Nov-02           87.8             81.8            83.1
      4-Nov-02           87.8             81.9            82.5
      1-Nov-02           87.8             82.6            81.9
     31-Oct-02           91.5             79.1            80.5
     30-Oct-02           83.5             78.7            80.8
     29-Oct-02           82.9             77.9            80.0
     28-Oct-02           82.9             77.1            80.7
     25-Oct-02           82.9             76.8            81.4
     24-Oct-02           90.2             76.0            80.0
     23-Oct-02           90.2             78.5            81.2
     22-Oct-02           82.9             76.9            80.6
     21-Oct-02           82.9             76.8            81.5
     18-Oct-02           82.9             73.6            80.1
     17-Oct-02           82.9             73.9            79.8
     16-Oct-02           82.9             71.4            77.9
     15-Oct-02           82.9             72.8            79.8
     14-Oct-02           81.7             69.4            76.3
     11-Oct-02           81.7             69.6            75.7
     10-Oct-02           86.6             67.9            73.0
      9-Oct-02           86.6             67.0            70.5
      8-Oct-02           87.8             68.8            72.5
      7-Oct-02           87.8             70.6            71.5
      4-Oct-02           86.6             73.4            72.9
      3-Oct-02           86.6             74.8            74.7
      2-Oct-02           86.6             76.6            75.5
      1-Oct-02           85.4             77.3            77.4
     30-Sep-02           85.4             73.5            74.6
     27-Sep-02           86.6             74.2            75.6
     26-Sep-02           86.6             76.4            78.0
     25-Sep-02           86.6             75.2            76.6
     24-Sep-02           85.4             73.6            74.8
     23-Sep-02           85.4             76.2            76.0
     20-Sep-02           89.0             78.1            77.1
     19-Sep-02           87.8             76.7            77.0
     18-Sep-02           95.1             78.0            79.3
     17-Sep-02           95.1             78.3            79.7
     16-Sep-02           93.3             79.6            81.3
     13-Sep-02           92.7             79.6            81.3
     12-Sep-02           92.7             80.6            81.0
     11-Sep-02           92.7             82.3            83.0
     10-Sep-02          100.0             81.4            83.0
      9-Sep-02          100.0             82.0            82.5
      6-Sep-02           98.8             82.8            81.7
      5-Sep-02           98.8             80.0            80.3
      4-Sep-02           98.8             83.2            81.6
      3-Sep-02          101.2             80.0            80.2
     30-Aug-02           98.8             83.0            83.5
     29-Aug-02           97.6             81.4            83.7
     28-Aug-02           97.6             82.7            83.6
     27-Aug-02           97.6             84.8            85.1
     26-Aug-02           97.6             84.9            86.4
     23-Aug-02           97.6             84.0            85.7
     22-Aug-02          100.0             83.1            87.7
     21-Aug-02          100.0             81.0            86.6
     20-Aug-02          103.7             79.7            85.4
     19-Aug-02          113.4             80.3            86.6
     16-Aug-02          103.7             78.7            84.7
     15-Aug-02          103.7             78.2            83.7
     14-Aug-02          103.7             78.3            83.7
     13-Aug-02          104.6             77.0            80.7
     12-Aug-02           97.6             76.3            82.5
      9-Aug-02           91.5             77.7            82.9
      8-Aug-02           91.5             76.4            82.7
      7-Aug-02           98.8             75.3            80.2
      6-Aug-02           98.8             76.1            78.7
      5-Aug-02           98.8             72.3            76.4
      2-Aug-02           98.8             73.4            79.0
      1-Aug-02           98.8             75.9            81.0
     31-Jul-02           98.8             75.4            83.3
     30-Jul-02           98.8             75.4            82.7
     29-Jul-02           97.6             76.1            82.3
     26-Jul-02           98.8             71.1            78.1
     25-Jul-02           96.3             69.5            76.9
     24-Jul-02           95.1             70.4            77.2
     23-Jul-02           95.1             67.9            73.2
     22-Jul-02           91.5             71.5            75.3
     19-Jul-02           97.6             73.3            77.8
     18-Jul-02           97.6             75.2            80.6
     17-Jul-02           95.1             77.1            82.9
     16-Jul-02           95.1             77.1            82.4
     15-Jul-02          100.0             77.0            83.6
     12-Jul-02          100.0             80.8            83.9
     11-Jul-02           93.9             81.0            84.4
     10-Jul-02           93.9             83.2            83.9
      9-Jul-02           93.9             83.9            86.6
      8-Jul-02           93.9             85.6            88.8
      5-Jul-02           96.3             84.8            89.9
      3-Jul-02           96.3             82.8            86.8
      2-Jul-02           96.3             82.8            86.4
      1-Jul-02          102.4             87.3            88.4
     28-Jun-02          102.4             89.6            90.6
     27-Jun-02          102.4             89.1            90.5
     26-Jun-02          102.4             89.6            89.0
     25-Jun-02          102.4             88.5            89.2
     24-Jun-02          102.4             88.7            90.7
     21-Jun-02          102.4             87.4            90.5
     20-Jun-02          102.4             88.5            92.0
     19-Jun-02          100.0             86.0            93.3
     18-Jun-02          100.0             86.9            94.8
     17-Jun-02          100.0             86.9            94.8
     14-Jun-02          100.0             85.1            92.2
     13-Jun-02          100.0             86.0            92.3
     12-Jun-02          100.0             89.3            93.3
     11-Jun-02          101.2             86.6            92.8
     10-Jun-02          101.2             89.4            94.4
      7-Jun-02          101.2             91.8            94.2
      6-Jun-02          101.2             91.4            94.1
      5-Jun-02          101.2             97.1            96.0
      4-Jun-02          101.2             98.5            95.3
      3-Jun-02          103.7             99.1            95.4
     31-May-02          100.0             99.6            97.7
     30-May-02          100.0             99.5            97.5
     29-May-02          100.0             99.1            97.8
     28-May-02          103.7            100.3            98.4
     24-May-02          103.7            101.0            99.2
     23-May-02          103.7            102.2           100.4
     22-May-02          103.7          101.104        99.29366
     21-May-02          100.0         100.2193        98.86757
     20-May-02          100.0              100             100

     % Change                  BCTI       Comparables      Russell 3000
     First Half of Period      -8.5%         -19.8%              -18.6%
     Second Half of Period     26.7%          23.6%                3.6%
     Full Period               15.9%          -1.0%              -15.7%
- --------------------------------------------------------------------------------

(1) Reflects the market cap weighted prices of the comparable companies utilized
    in the Comparable Company Analysis.

Sources of information: Commodity Systems, Inc.

Page 31



BCT International, Inc.                                             CONFIDENTIAL

COMPANY MARKET PERFORMANCE

          BCTI Closing Price Ranges as Percentage of Total Trading Days
                           May 20, 2002 - May 19, 2003

[CHART APPEARS HERE]



Price Range   $0.000 - $0.675   $0.676 - $0.725   $0.726 - $0.775  $0.776 - $0.825   $0.826 - $0.875  $0.876 - $0.925
- ---------------------------------------------------------------------------------------------------------------------
                                                                                          
Days in Range        2                 29               33               71                 29               41
Percentage          0.8%              11.5%            13.1%            28.2%              11.5%            16.3%


Price Range   $0.926 - $0.975   $0.976 - $1.025   $1.026 +
- ------------------------------------------------------------
                                             
Days in Range       24                19               4
Percentage         9.5%              7.5%             1.6%


Sources of information: Commodity Systems, Inc.

Page 32



BCT International, Inc.                                             CONFIDENTIAL

COMPANY MARKET PERFORMANCE

        BCTI Trading Volume per Price Range as Percentage of Total Volume
                           May 20, 2002 - May 19, 2003

[CHART APPEARS HERE]



Price Range   $0.000 - $0.675   $0.676 - $0.725   $0.726 - $0.775  $0.776 - $0.825   $0.826 - $0.875  $0.876 - $0.925
- ---------------------------------------------------------------------------------------------------------------------
                                                                                         
Volume             16,700           161,200           168,200          445,600           102,100           96,500
Percentage          1.2%             11.9%             12.4%            32.9%              7.5%              7.1%


Price Range   $0.926 - $0.975   $0.976 - $1.025   $1.026 +
- ------------------------------------------------------------
                                            
Volume             59,500           113,800          191,800
Percentage          4.4%             8.4%             14.2%


Sources of information: Commodity Systems, Inc.

Page 33



BCT International, Inc.                                             CONFIDENTIAL

COMPANY MARKET PERFORMANCE

            BCTI Trading Volume Ranges as Percentage of Total Volume
                           May 20, 2002 - May 19, 2003

[CHART APPEARS HERE]



                No volume   **0*0,250   **0,251*1,000   **1,001*2,500   **2,501*5,000  **5,001*10,000   **10,001*25,000   **25,001
              --------------------------------------------------------------------------------------------------------------------
                                                                                                     
Days in Range     114          21            19               26             19              29                14             10
Percentage       45.2%        8.3%          7.5%            10.3%           7.5%           11.5%              5.6%           4.0%


Sources of information: Commodity Systems, Inc.

Page 34



BCT International, Inc.                                             CONFIDENTIAL

                               VALUATION ANALYSIS

Page 35



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
METHODOLOGIES

        .       Based upon a review of the Company's historical financial data,
                projections, and certain other qualitative data, Capitalink
                utilized several valuation methodologies to determine a range of
                values for the Company.

        .       Capitalink did not form a conclusion as to whether any
                individual analysis, considered in isolation, supported or
                failed to support an opinion as to the fairness, from a
                financial point of view, of the Proposed Transaction.

        .       Capitalink did not place any particular reliance or weight on
                any individual analysis, but instead concluded that the
                analyses, taken as a whole, supported its determination.
                Accordingly, the analyses must be considered as a whole and
                selecting portions of analyses or the factors considered,
                without considering all analyses and factors collectively, could
                create an incomplete and incorrect view of the process
                underlying the analyses in connection with the preparation of
                the opinion.

        .       The financial reviews and analyses include information presented
                in tabular format. In order to fully understand Capitalink's
                financial review and analyses, the tables must be read together
                with the text of the presentation. The tables alone are not a
                complete description of the financial review and analyses and
                considering the tables alone could create a misleading or
                incomplete view of Capitalink's financial review and analyses.

        .       The methodologies utilized by Capitalink included:

                .       A review of the historical and projected financial
                        information of the Company as prepared by management.

                .       A review and comparison of the trading of, and the
                        trading market for, the common stock of the Company, the
                        Comparable Companies and a general market index.

                .       A review of a discounted cash flow analysis of the
                        Company, with sensitivity analyses based on a range of
                        assumptions.

                .       A review and comparison of trading multiples for deemed
                        comparable publicly-traded companies for the Company.

Page 36



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
METHODOLOGIES

                .       A review and comparison of the premiums paid in
                        transactions involving the acquisition of a minority
                        ownership interest in publicly-traded companies.

                .       A review of the premiums implied by the per share
                        consideration in the Proposed Transaction.

                .       A review and determination of the Company's adjusted
                        book value analysis.

                .       A review and determination of the market value of the
                        Notes.

Page 37



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS

                 ILLUSTRATIVE INDICATED REFERENCE RANGE SUMMARY

                                 [Bar Graph]
                                                  RANGE
                                            ----------------
    Discounted Cash Flow Analysis           $ 1.89 -- $ 2.06

      Comparable Company Analysis           $ 1.57 -- $ 2.20

  Minority Interest Acquisitions/
          Premiums Paid Analysis            $ 1.29 -- $ 1.51

 Adjusted Net Book Value Analysis           $ 2.02 -- $ 2.02

     One Year Stock Trading Range           $ 0.67 -- $ 1.05

             Merger Consideration           $ 2.00 -- $ 2.00

(1) Please reference the appropriate Analysis for further discussion and sources
    of information.

Page 38



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
Indicated Reference Range Summary
($ in thousands, except per share)



Methodology (1)                                 Statistic    Selected Multiple Range   TIC/Enterprise Value   Indicated Share Price
- --------------------------------------------   -----------   -----------------------   --------------------   ---------------------
                                                                                                  
DISCOUNTED CASH FLOW ANALYSIS
  Revenue Terminal Multiple                                                            $   3,381 - $  4,638   $    1.88 - $    2.11
  EBITDA Terminal Multiple                                                             $   3,972 - $  4,808   $    1.99 - $    2.14
  Perpetual Growth Terminal Value                                                      $   2,809 - $  3,645   $    1.78 - $    1.93
       Indicated Reference Range                                                                              $    1.89 - $    2.06

COMPARABLE COMPANY ANALYSIS
  Total Invested Capital as Multiple of:
    LTM Revenue                                $    18,381              0.32x - 0.59x  $   5,853 - $ 10,890   $    0.88 - $    1.77
    LTM EBITDA                                 $       988               5.4x -  7.7x  $   5,327 - $  7,628   $    0.79 - $    1.20
  Enterprise Value as Multiple of:
    LTM Revenue                                $    18,381              0.32x - 0.58x  $   5,835 - $ 10,707   $    2.36 - $    3.22
    LTM EBITDA                                 $       988               5.3x -  7.4x  $   5,238 - $  7,295   $    2.26 - $    2.62
       Indicated Reference Range                                                                              $    1.57 - $    2.20

MINORITY INTEREST ACQUISITIONS PREMIUMS PAID
 ANALYSIS
  Prior One Day                                $      0.95              33.3% - 54.8%                         $    1.27 - $    1.47
  Prior Five Day                               $      0.95              40.5% - 64.0%                         $    1.33 - $    1.56
  Prior 30 Day                                 $      0.91              40.8% - 63.9%                         $    1.28 - $    1.49
       Indicated Reference Range                                                                              $    1.29 - $    1.51

PREMIUMS PAID ANALYSIS
  Closing Price as of May 19, 2003                   110.5%
  Prior Day Closing Price                            100.0%
  Prior 5 Trading Day Average Closing Price          104.1%
  Prior 10 Trading Day Average Closing Price         104.1%
  Prior 20 Trading Day Average Closing Price         104.6%
  Prior 30 Trading Day Average Closing Price         109.1%
  Prior 60 Trading Day Average Closing Price         113.0%
  Prior 90 Trading Day Average Closing Price         112.8%
  Prior Six Month Average Closing Price              122.1%
  Prior Year Average Closing Price                   138.5%

ADJUSTED NET BOOK VALUE ANALYSIS
  As of February 28, 2003                                                                                                 $    2.02


(1) Please reference the appropriate Analysis for further discussion and
    sources of information.

Page 39



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

        .       The discounted cash flow analysis estimates value based upon a
                company's projected future free cash flow discounted at a rate
                reflecting risks inherent in its business and capital structure.
                Unlevered free cash flow represents the amount of cash generated
                and available for principal, interest and dividend payments
                after providing for ongoing business operations.

        .       While the discounted cash flow analysis is the most scientific
                of the methodologies, it is dependent on projections and is
                further dependent on numerous industry-specific and
                macroeconomic factors.

        .       Capitalink performed discounted cash flow analyses based on the
                preliminary projected cash flows for the Company's (i) base case
                franchising operations, (ii) Company-owned plants, and (iii)
                satellite stores concept. A set of projected cash flows was
                derived for each operation, as differing sets of assumptions
                were applied to each given the specific risks of each operation.

        .       The range of terminal values represents the residual value of
                the operation at the end of the forecast period. Capitalink
                presented a range of terminal values by applying a range of
                multiples to each of the operations FY2007 projected revenue and
                EBITDA.

        .       In addition, Capitalink presented a perpetual growth scenario
                whereby ranges of growth rates were applied to the operation's
                FY2007 free cash flows in order to determine a terminal value,
                rather than multiples.

        .       In each of the scenarios noted in (i) to (iii) above, ranges of
                enterprise values were derived. These operation value ranges
                were added together to derive the total estimated enterprise
                value of the Company. The total enterprise value range was
                reduced by the Company's net debt to arrive at an equity value
                range. The Company's estimated net debt as of February 28, 2003
                was approximately ($7.3) million, which includes approximately
                $523,000 in interest bearing debt, $4.2 million in cash, an
                estimated $1.0 million from the exercise of in the money ("ITM")
                options and an assumed $2.5 million fair market value of the
                Notes (see Notes analysis).

Page 40



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

        .       Taking into account the enterprise value ranges for all three
                operations, and the Company's net debt and common stock share
                equivalents of 5.68 million, Capitalink calculated a range of
                indicated shares prices of between $1.89 and $2.06.

        .       Capitalink noted that the offer price of the Proposed
                Transaction was within this indicated valuation range.

BASE CASE OPERATIONS

        .       The Company's base case operations include the Company's core
                franchising revenues and expenses and the Company's general and
                administration expenses. Capitalink utilized the forecasts
                provided by Company management, which show little growth in
                revenues, constant margins, and a gradual increase in salaries
                and other general and administration expenses. For the forecast
                period, the Company projects a gradual decrease in EBITDA from
                approximately $1.4 million for FY2004, to approximately $615,000
                for FY2007.

        .       In order to arrive at a present value, Capitalink utilized
                discount rates ranging from 16.0% to 18.5%. This was based on an
                estimated weighted average cost of capital ("WACC") of 17.3%
                (based on the Company's existing debt and an 18.8% estimated
                cost of equity).

        .       The results of the base case discounted cash flow analysis under
                the three terminal value scenarios were as follows:

                .       Utilizing the revenue terminal scenario (range of 0.15
                        times to 0.2 times), Capitalink calculated a range of
                        indicated enterprise value of $3.4 million to $4.1
                        million.
                .       Utilizing the EBITDA terminal scenario (range of 3.5
                        times to 4.0 times), Capitalink calculated a range of
                        indicated enterprise values of $3.1 million to $3.5
                        million.
                .       Utilizing a perpetual growth scenario (growth rates of
                        2.75% to 3.00%), Capitalink calculated a range of
                        indicated enterprise values of $2.9 million to $3.3
                        million.

Page 41



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

COMPANY-OWNED PLANT OPERATIONS

        .       The Company's plant operations include the associated revenues
                and expenses related to the operation of the Company-owned
                plants. The Company currently owns a plant in San Francisco and
                Tampa and expects to purchase an additional three plants over
                the next three years. Capitalink utilized the forecasts provided
                by Company management, which show an increase in revenue from
                $3.7 million for FY2004 to $7.8 million for FY2007, and EBITDA
                from $180,000 in FY2004 to $1.1 million in FY2007.

        .       In order to arrive at a present value, Capitalink utilized
                discount rates ranging from 23.0% to 25.5%. This was based on an
                estimated WACC of 24.5% (based on the Company's existing debt
                and a 26.8% estimated cost of equity).

        .       The results of the Company plant discounted cash flow analysis
                under the three terminal value scenarios were as follows:

                .       Utilizing the revenue terminal scenario (range of 0.4
                        times to 0.5 times), Capitalink calculated a range of
                        indicated enterprise value of $(290,000) to $195,000.
                .       Utilizing the EBITDA terminal scenario (range of 4.5
                        times to 5.0 times), Capitalink calculated a range of
                        indicated enterprise values of $490,000 to $913,000.
                .       Utilizing a perpetual growth scenario (growth rates of
                        4.50% to 4.75%), Capitalink calculated a range of
                        indicated enterprise values of $(357,000) to $(35,000).

SATELLITE STORE OPERATIONS

        .       The Company's satellite store operations include the associated
                revenues and expenses related to the franchising of satellite
                stores in regions that are currently underserved by BCT or are
                not profitable enough to justify the existence of a full plant.
                The Company is currently testing the concept in Tampa. The
                Company expects to roll out these new line of stores across the
                country gradually over the next five years and projects a total
                of 14 satellite stores in operation by FY2007.

Page 42



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

        .       In order to arrive at a present value, Capitalink utilized
                discount rates ranging from 20.5% to 23.0%. This was based on an
                estimated WACC of 21.8% (based on the Company's existing debt
                and a 23.8% estimated cost of equity).

        .       The results of the satellite store discounted cash flow analysis
                under the three terminal value scenarios were as follows:

                .       Utilizing the revenue terminal scenario (range of 0.9
                        times to 1.0 times), Capitalink calculated a range of
                        indicated enterprise value of $234,000 and $315,000.
                .       Utilizing the EBITDA terminal scenario (range of 6.0
                        times to 6.5 times), Capitalink calculated a range of
                        indicated enterprise values of $308,000 to $389,000.
                .       Utilizing a perpetual growth scenario (with growth rates
                        of 10.50% to 10.75%), Capitalink calculated a range of
                        indicated enterprise values of $257,000 to $428,000.

Page 43



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

DISCOUNTED CASH FLOW ANALYSIS - INDICATED REFERENCE RANGE
($ in thousands, except per share)



                                               Selected                                    Indicated Equity        Indicated Share
                                            Multiple Range      Indicated EV Value            Value (1)               Price (2)
                                           ----------------    ---------------------    ---------------------    -----------------
                                                                                                     
REVENUE TERMINAL VALUE ANALYSIS
  Base Case                                   0.15x -  0.20x   $  3,437  -  $  4,129
  Company Owned Plants                        0.40x -  0.50x       (290) -       195
  Satellite Store Initiative                  0.90x -  1.00x        234  -       315
                                                                --------     -------
                                                                $  3,381 -  $  4,638    $ 10,713  -  $ 11,970    $ 1.88  -  $ 2.11
                                                                ========     =======

EBITDA TERMINAL VALUE ANALYSIS
  Base Case                                     3.5x  - 4.0x   $  3,173  -  $  3,505
  Company Owned Plants                          4.5x  - 5.0x        490  -       913
  Satellite Store Initiative                    6.0x  - 6.5x        308  -       389
                                                                --------     -------
                                                                $  3,972 -  $  4,808    $ 11,304  -  $ 12,140    $ 1.99  -  $ 2.14
                                                                ========     =======

PERPETUAL GROWTH TERMINAL VALUE ANALYSIS
  Base Case                                   2.75% -  3.00%   $  2,909  -  $  3,252
  Company Owned Plants                        4.50% -  4.75%       (357) -       (35)
  Satellite Store Initiative                 10.50% - 10.75%        257  -       428
                                                               --------     --------
                                                               $  2,809  -  $  3,645   $ 10,141  -  $ 10,977    $ 1.78  -  $ 1.93
                                                               ========     ========

Indicated Reference Range                                                                                       $ 1.89  -  $ 2.06


(1)     Adjusted for ($7,332) net debt, which includes assumed cash from in the
        money options/warrants and the net present value of notes receivable.
(2)     Based upon and assumes 5,686 common stock share equivalents outstanding.

Page 44



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

FINANCIAL PROJECTIONS - BASE CASE PROJECTIONS
($ in thousands)



                                              ACTUAL/ESTIMATED                           PROJECTED
                                           -----------------------   -------------------------------------------------
                                                FYE FEB 28/29                          FYE FEB 28/29
                                           -----------------------   -------------------------------------------------
                                              2002         2003         2004         2005         2006         2007
                                           -----------------------   -------------------------------------------------
                                                                                          
REVENUE
  Royalty Income                           $    5,117   $    5,221   $    5,209   $    5,209   $    5,209   $    5,209
  Pelican Paper Sales                          12,068       12,019       12,000       12,000       12,000       12,000
  Franchise Sales                                  99            4            -            -            -            -
  OPC Fees                                        306          426          360          330          330          330
  Company Plant Sales                               -            -            -            -            -            -
                                           -----------------------   -------------------------------------------------
                                               17,590       17,670       17,569       17,539       17,539       17,539

Cost of Goods Sold                             10,726       10,410       10,468       10,480       10,492       10,492
                                           -----------------------   -------------------------------------------------
Gross Margin                                    6,864        7,260        7,101        7,059        7,047        7,047

OPERATING EXPENSES
  Salaries & Employee Benefits                   3219        2,763        3,074        3,258        3,454        3,661
  Consultancy Costs                               602          519          400          400          400          400
  Occupancy Costs                                 200          216          220          234          249          249
  Travel and Entertainment                        147          188          238          246          254          262
  Bad Debt                                       1300        1,400          900          900          900          900
  Other G&A                                       739          765          848          882          921          960
                                           -----------------------   -------------------------------------------------
                                                6,207        5,851        5,680        5,920        6,178        6,432
                                           -----------------------   -------------------------------------------------

EBITDA                                            657        1,409        1,421        1,139          869          615

  Deprec. & Amort                                 226          218          200          200          200          200
                                           -----------------------   -------------------------------------------------

EBIT                                              431        1,191        1,221          939          669          415

  Income Taxes                                    168          464          476          366          261          162
                                           -----------------------   -------------------------------------------------

Unlevered After-tax Income                        263          727          745          573          408          253

  Add: Deprec. & Amort                            226          218          200          200          200          200
  Add: Change in Net WC                             -       (1,151)         311           12            8            9
  Less: Capital Expenditures                      162          520          150          150          150          150
                                           -----------------------   -------------------------------------------------

Unlevered Free Cash Flows                  $      327   $     (726)  $    1,106   $      635   $      466   $      312
                                           =======================   =================================================

INCOME TAX EXPENSE AND ASSUMPTIONS
  Statutory Tax Rate                             39.0%        39.0%        39.0%        39.0%        39.0%        39.0%
  Effective Tax Rate                             39.0%        39.0%        39.0%        39.0%        39.0%        39.0%

  Current Period Tax                       $      168   $      464   $      476   $      366   $      261   $      162
  NOL Usage                                         -            -            -            -            -            -
                                           -----------------------   -------------------------------------------------
  Income Tax Expense                       $      168   $      464   $      476   $      366   $      261   $      162
                                           =======================   =================================================

  Ending NOL Balance                                    $        -   $        -   $        -   $        -   $        -
                                                        ==========   =================================================


                                              ACTUAL/ESTIMATED                             PROJECTED
                                           -----------------------    ----------------------------------------------------
                                               FYE FEB 28/29                             FYE FEB 28/29
                                           -----------------------    ----------------------------------------------------
                                              2002         2003          2004          2005          2006          2007
                                           -----------------------    ----------------------------------------------------
                                                                                              
GROWTH ASSUMPTIONS
  Royalty Income                                   na          2.0%         -0.2%          0.0%          0.0%          0.0%
  Pelican Paper Sales                              na         -0.4%         -0.2%          0.0%          0.0%          0.0%
  Franchise Sales                                  na        -96.0%       -100.0%           na            na            na
  OPC Fees                                         na         39.2%        -15.5%         -8.3%          0.0%          0.0%
  Company Plant Sales                              na           na            na            na            na            na
  Total Revenue                                    na          0.5%         -0.6%         -0.2%          0.0%          0.0%

  Cost of Goods Sold                               na         -2.9%          0.6%          0.1%          0.1%          0.0%
  Gross Margin                                     na          5.8%         -2.2%         -0.6%         -0.2%          0.0%

  Salaries & Employee Benefits                     na        -14.2%         11.3%          6.0%          6.0%          6.0%
  Consultancy Costs                                na        -13.8%        -22.9%          0.0%          0.0%          0.0%
  Occupancy Costs                                  na          8.0%          1.9%          6.4%          6.4%          0.0%
  Travel and Entertainment                         na         27.9%         26.6%          3.4%          3.3%          3.1%
  Bad Debt                                         na          7.7%        -35.7%          0.0%          0.0%          0.0%
  Other G&A                                        na          3.5%         10.8%          4.0%          4.4%          4.2%
  Total Operating Expenses                         na         -5.7%         -2.9%          4.2%          4.4%          4.1%
  EBITDA                                           na        114.5%          0.9%        -19.8%        -23.7%        -29.2%
  Unlevered After-tax Income                       na        176.3%          2.5%        -23.1%        -28.8%        -38.0%

MARGIN REVIEW
  Cost of Paper Sales Margin                     11.1%        13.4%         12.8%         12.7%         12.6%         12.6%
  Gross Margin                                   39.0%        41.1%         40.4%         40.2%         40.2%         40.2%
  EBITDA Margin                                   3.7%         8.0%          8.1%          6.5%          5.0%          3.5%

NON-CASH WORKING CAPITAL ASSUMPTIONS
  AR Days Outstanding                                           64            60            60            60            60
  A/R - % of Sales                                            17.5%         16.4%         16.4%         16.4%         16.4%
  Days Inventory Outs.                                          91            90            90            90            90
  Inv - % Cost of Sales                                       24.9%         24.7%         24.7%         24.7%         24.7%
  Prepay - % of Direct and Op Costs                            5.4%          4.0%          4.0%          4.0%          4.0%
  AP Days Outstanding                                           20            10            10            10            10
  A/P - % of Direct and Op Costs                               5.4%          2.7%          2.7%          2.7%          2.7%
  Acc Exp - % of Direct and Op Costs                           3.5%          5.0%          5.0%          5.0%          5.0%

NON-CASH NET WORKING CAPITAL
  Accounts Receivable                      $    2,889   $    3,076    $    2,888    $    2,883    $    2,883    $    2,883
  Inventory                                     1,887        2,668         2,581         2,584         2,587         2,587
  Prepayments                                     678          882           646           656           667           677
  Accounts Payable                                432          875           442           449           457           464
  Acc Exp & Deferred Rev                          996          574           807           820           834           846
                                           -----------------------    ----------------------------------------------------
  Non-Cash Net WC                          $    4,026   $    5,177    $    4,866    $    4,854    $    4,846    $    4,837
                                           =======================    ====================================================
  Change in Non-Cash Net WC                             $   (1,151)   $      311    $       12    $        8    $        9
                                                        ==========    ====================================================


Sources of information: Company financials, projections and management.

Page 45



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

DISCOUNTED CASH FLOW ANALYSIS - BASE CASE PROJECTIONS
($ in thousands)

REVENUE TERMINAL VALUE ANALYSIS



                          ESTIMATED RANGE OF ENTERPRISE VALUES
- -----------------------------------------------------------------------------------------
                                        TERMINAL REVENUE MULTIPLES
   Discount      ------------------------------------------------------------------------
     Rate          0.05x        0.10x        0.15x       0.20x       0.25x        0.30x
- -----------------------------------------------------------------------------------------
                                                             
       11.0%     $   2,777    $   3,385    $   3,994   $   4,602   $   5,211   $    5,820
       13.5%     $   2,666    $   3,229    $   3,792   $   4,355   $   4,918   $    5,481
       16.0%     $   2,564    $   3,085    $   3,607   $   4,129   $   4,650   $    5,172
       18.5%     $   2,469    $   2,953    $   3,437   $   3,922   $   4,406   $    4,890
       21.0%     $   2,382    $   2,832    $   3,282   $   3,732   $   4,182   $    4,632
       23.5%     $   2,301    $   2,719    $   3,138   $   3,557   $   3,976   $    4,395

                               Average of Box          $   3,774




              DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
- -----------------------------------------------------------------------------------------
                                        TERMINAL REVENUE MULTIPLES
   Discount      ------------------------------------------------------------------------
     Rate          0.05x        0.10x        0.15x       0.20x       0.25x        0.30x
- -----------------------------------------------------------------------------------------
                                                                   
       11.0%          21.9%        36.0%        45.7%       52.9%       58.4%        62.7%
       13.5%          21.1%        34.9%        44.5%       51.7%       57.2%        61.6%
       16.0%          20.3%        33.8%        43.4%       50.5%       56.1%        60.5%
       18.5%          19.6%        32.8%        42.3%       49.4%       54.9%        59.4%
       21.0%          18.9%        31.8%        41.1%       48.2%       53.8%        58.3%
       23.5%          18.2%        30.8%        40.0%       47.1%       52.7%        57.2%

                               Average of Box               46.4%


EBITDA TERMINAL VALUE ANALYSIS



                      ESTIMATED RANGE OF ENTERPRISE VALUES
- -----------------------------------------------------------------------------------------
                                        TERMINAL EBITDA MULTIPLES
   Discount      ------------------------------------------------------------------------
     Rate          2.50x        3.00x         3.50x      4.00x       4.50x        5.00x
- -----------------------------------------------------------------------------------------
                                                             
       11.0%     $   3,235    $   3,448    $   3,662   $   3,875   $   4,089   $    4,302
       13.5%     $   3,090    $   3,287    $   3,485   $   3,682   $   3,879   $    4,077
       16.0%     $   2,957    $   3,139    $   3,322   $   3,505   $   3,688   $    3,871
       18.5%     $   2,834    $   3,004    $   3,173   $   3,343   $   3,513   $    3,683
       21.0%     $   2,721    $   2,878    $   3,036   $   3,194   $   3,352   $    3,510
       23.5%     $   2,616    $   2,763    $   2,910   $   3,057   $   3,204   $    3,351

                               Average of Box          $   3,336




              DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
- -----------------------------------------------------------------------------------------
                                        TERMINAL EBITDA MULTIPLES
   Discount      ------------------------------------------------------------------------
     Rate          2.50x        3.00x        3.50x       4.00x       4.50x        5.00x
- -----------------------------------------------------------------------------------------
                                                                   
       11.0%          33.0%        37.1%        40.8%       44.1%       47.0%        49.6%
       13.5%          31.9%        36.0%        39.7%       42.9%       45.8%        48.4%
       16.0%          30.9%        35.0%        38.5%       41.7%       44.6%        47.3%
       18.5%          30.0%        33.9%        37.4%       40.6%       43.5%        46.1%
       21.0%          29.0%        32.9%        36.4%       39.5%       42.4%        45.0%
       23.5%          28.1%        31.9%        35.3%       38.4%       41.3%        43.8%

                               Average of Box               39.6%


PERPETUAL GROWTH TERMINAL VALUE ANALYSIS



                           ESTIMATED RANGE OF ENTERPRISE VALUES
- -----------------------------------------------------------------------------------------
                                 TERMINAL PERPETUAL GROWTH RATES
   Discount      ------------------------------------------------------------------------
     Rate          2.25%        2.50%         2.75%      3.00%       3.25%        3.50%
- -----------------------------------------------------------------------------------------
                                                             
       11.0%     $   4,243    $   4,311    $   4,384   $   4,462   $   4,544   $   4,632
       13.5%     $   3,596    $   3,635    $   3,676   $   3,719   $   3,765   $   3,812
       16.0%     $   3,174    $   3,199    $   3,225   $   3,252   $   3,280   $   3,309
       18.5%     $   2,874    $   2,891    $   2,909   $   2,927   $   2,946   $   2,965
       21.0%     $   2,648    $   2,660    $   2,673   $   2,685   $   2,699   $   2,713
       23.5%     $   2,470    $   2,479    $   2,488   $   2,498   $   2,508   $   2,518

                               Average of Box          $   3,078




              DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
- -----------------------------------------------------------------------------------------
                                 TERMINAL PERPETUAL GROWTH RATES
   Discount      ------------------------------------------------------------------------
     Rate          2.25%        2.50%         2.75%      3.00%       3.25%        3.50%
- -----------------------------------------------------------------------------------------
                                                                   
       11.0%          48.9%        49.7%        50.6%       51.4%       52.3%        53.2%
       13.5%          41.5%        42.2%        42.8%       43.5%       44.1%        44.8%
       16.0%          35.7%        36.2%        36.7%       37.2%       37.7%        38.3%
       18.5%          30.9%        31.3%        31.8%       32.2%       32.6%        33.1%
       21.0%          27.0%        27.4%        27.7%       28.1%       28.4%        28.8%
       23.5%          23.8%        24.1%        24.4%       24.7%       25.0%        25.3%

                               Average of Box               34.5%


All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

Page 46



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS
FINANCIAL PROJECTIONS - COMPANY OWNED PLANT PROJECTIONS
($ in thousands)



                                          ACTUAL/ESTIMATED                     PROJECTED
                                         ------------------   -----------------------------------------------
                                            FYE FEB 28/29                    FYE FEB 28/29
                                         ------------------   -----------------------------------------------
                                          2002       2003       2004         2005         2006          2007
                                         ------------------   -----------------------------------------------
                                                                                   
REVENUE
     San Francisco                       $    -    $    286   $    688     $    791     $    869     $    913
     Tampa                                    -         750      1,620        1,782        1,960        2,156
     Mid-South                                -           -        700        1,470        1,544        1,621
     Mid-West                                 -           -        700        1,470        1,544        1,621
     Northeast                                -           -          -        1,050        1,470        1,543
                                         ------------------   -----------------------------------------------
                                              -       1,036      3,708        6,563        7,387        7,854

Cost of Goods Sold                            -         237        846        1,502        1,690        1,797
                                         ------------------   -----------------------------------------------
Gross Margin                                  -         799      2,862        5,061        5,697        6,057

OPERATING EXPENSES
     Salaries & Employee Benefits             -           -      1,746        2,870        3,155        3,354
     Occupancy Costs                          -           -        177          318          352          368
     Equipment Leases                         -           -         81           89           76           76
     Advertising                              -           -         72          114          120          120
     Delivery Expense                         -           -        348          525          591          628
     Training Costs                                                100          150          238          250
     Other                                    -         995        158          248          181          179
                                         ------------------   -----------------------------------------------
                                              -         995      2,682        4,314        4,713        4,975
                                         ------------------   -----------------------------------------------
EBITDA                                        -        (196)       180          747          984        1,082

     Deprec. & Amort                          -          23        100          100          100          100
                                         ------------------   -----------------------------------------------
EBIT                                          -        (219)        80          647          884          982

     Income Taxes                             -         (85         31          252          345          383
                                         ------------------   -----------------------------------------------
Unlevered After-tax Income                    -        (134)        49          395          539          599

     Add: Deprec. & Amort                     -          23        100          100          100          100
     Add: Change in Net WC                    -           -       (305)        (235)         (68)         (38)
     Less: Capital Expenditures               -           -      1,800          975           75           75
                                         ------------------   -----------------------------------------------
Unlevered Free Cash Flows                $    -    $   (111)  $ (1,956)    $   (715)    $    496     $    586
                                         ==================   ===============================================
INCOME TAX EXPENSE AND ASSUMPTIONS
     Statutory Tax Rate                     0.0%       39.0       39.0%        39.0%        39.0%        39.0%
     Effective Tax Rate                     0.0%       39.0       39.0%        39.0%        39.0%        39.0%

     Current Period Tax                  $    -    $    (85)  $     31     $    252     $    345     $    383
     NOL Usage                                -           -          -            -            -            -
                                         ------------------   -----------------------------------------------
     Income Tax Expense                  $    -    $    (85)  $     31     $    252     $    345     $    383
                                         ==================   ===============================================
     Ending NOL Balance                            $      -   $      -     $      -     $      -     $      -
                                                   ========   ===============================================


                                          ACTUAL/ESTIMATED                        PROJECTED
                                         ------------------   -----------------------------------------------
                                            FYE FEB 28/29                       FYE FEB 28/29
                                         ------------------   -----------------------------------------------
                                            2002     2003       2004         2005         2006         2007
                                         ------------------   -----------------------------------------------
                                                                                     
GROWTH ASSUMPTIONS
     San Francisco                            na        na      140.4%         15.0%         9.9%         5.1%
     Tampa                                    na        na      116.0%         10.0%        10.0%        10.0%
     Mid-South                                na        na          na        110.0%         5.0%         5.0%
     Mid-West                                 na        na          na        110.0%         5.0%         5.0%
     Northeast                                na        na          na           na         40.0%         5.0%
     Total Revenue                            na        na       257.9%        77.0%        12.6%         6.3%

     Cost of Goods Sold                       na        na       256.9%        77.5%        12.6%         6.3%
     Gross Margin                             na        na       258.2%        76.9%        12.6%         6.3%

     Salaries & Employee Benefits             na        na          na         64.3%         9.9%         6.3%
     Occupancy Costs                          na        na          na         79.8%        10.7%         4.5%
     Equipment Leases                         na        na          na          9.5%       -14.6%         0.0%
     Advertising                              na        na          na         58.3%         5.3%         0.0%
     Delivery Expense                         na        na          na         51.1%        12.6%         6.3%
     Training Costs                           na        na          na         50.0%        58.7%         5.0%
     Other                                    na        na       -84.1%        57.1%       -27.0%        -1.1%
     Total Operating Expenses                 na        na       169.5%        60.9%         9.2%         5.6%
     EBITDA                                   na        na          na        315.9%        31.7%        10.0%
     Unlevered After-tax Income               na        na          na        712.4%        36.6%        11.1%

MARGIN REVIEW
     Cost of Paper Sales Margin               na        na        47.8%        15.7%        13.8%        16.7%
     Gross Margin                             na        na        77.2%        77.1%        77.1%        77.1%
     EBITDA Margin                            na        na         4.8%        11.4%        13.3%        13.8%

NON-CASH WORKING CAPITAL ASSUMPTIONS
     AR Days Outstanding                                na          30           30           30           30
     A/R - % of Sales                                   na         8.2%         8.2%         8.2%         8.2%
     Days Inventory Outs.                               na           -            -            -            -
     Inv - % Cost of Sales                              na         0.0%         0.0%         0.0%         0.0%
     Prepay - % of Direct and Op Costs                  na         0.0%         0.0%         0.0%         0.0%
     AP Days Outstanding                                na           -            -            -            -
     A/P - % of Direct and Op Costs                     na         0.0%         0.0%         0.0%         0.0%
     Acc Exp - % of Direct and Op Costs                 na         0.0%         0.0%         0.0%         0.0%

NON-CASH NET WORKING CAPITAL
     Accounts Receivable                 $     -    $    -    $    305     $    539     $    607       $  646
     Inventory                                 -         -           -            -            -            -
     Prepayments                               -         -           -            -            -            -
     Accounts Payable                          -         -           -            -            -            -
     Accrued Expenses                          -         -           -            -            -            -
                                         ------------------   -----------------------------------------------
     Non-Cash Net WC                     $     -    $    -    $    305     $    539     $    607       $  646
                                         ==================   ===============================================
     Change in Non-Cash Net WC                      $    -    $   (305)    $   (235)    $    (68)      $  (38)
                                                    =======   ===============================================


Sources of information: Company financials, projections and management.

Page 47



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS - COMPANY OWNED PLANT PROJECTIONS
($ in thousands)

REVENUE TERMINAL VALUE ANALYSIS



                                           ESTIMATED RANGE OF ENTERPRISE VALUES
- ------------------------------------------------------------------------------------------------------------
                                                      TERMINAL REVENUE MULTIPLES
    Discount     -------------------------------------------------------------------------------------------
      Rate          0.20x             0.30x           0.40x             0.50x          0.60x         0.70x
- ------------------------------------------------------------------------------------------------------------
                                                                                 
       18.0%     $     (822)       $    (382)       $      58         $    498        $   938      $   1,378
       20.5%     $     (888)       $    (479)       $     (70)        $    339        $   747      $   1,156
       23.0%     $     (947)       $    (567)       $    (186)        $    195        $   575      $     956
       25.5%     $     (999)       $    (645)       $    (290)        $     65        $   419      $     774
       28.0%     $   (1,046)       $    (715)       $    (384)        $    (53)       $   278      $     609
       30.5%     $   (1,087)       $    (778)       $    (469)        $   (159)       $   150      $     459

                                              Average of Box          $    (54)




                                  DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
- ------------------------------------------------------------------------------------------------------------
                                                      TERMINAL REVENUE MULTIPLES
    Discount     -------------------------------------------------------------------------------------------
      Rate          0.20x             0.30x           0.40x             0.50x          0.60x         0.70x
- ------------------------------------------------------------------------------------------------------------
                                                                                     
       18.0%         -107.1%          -345.6%          3032.2%           441.7%         281.4%         223.5%
       20.5%          -92.1%          -255.9%         -2322.9%           604.0%         328.3%         247.5%
       23.0%          -80.4%          -201.5%          -818.5%           977.9%         397.0%         278.7%
       25.5%          -71.0%          -165.0%          -489.1%          2744.9%         507.5%         320.8%
       28.0%          -63.3%          -138.9%          -344.9%         -3128.1%         714.2%         380.4%
       30.5%          -56.9%          -119.3%          -264.0%          -971.0%        1236.9%         471.4%

                                              Average of Box             603.8%


EBITDA TERMINAL VALUE ANALYSIS



                                      ESTIMATED RANGE OF ENTERPRISE VALUES
- ------------------------------------------------------------------------------------------------------------
                                                      TERMINAL EBITDA MULTIPLES
    Discount     -------------------------------------------------------------------------------------------
      Rate          3.50x            4.00x            4.50x             5.00x          5.50x         6.00x
- ------------------------------------------------------------------------------------------------------------
                                                                                 
       18.0%     $      420        $     723        $   1,026         $  1,329        $ 1,632      $   1,935
       20.5%     $      266        $     547        $     829         $  1,111        $ 1,392      $   1,674
       23.0%     $      127        $     389        $     651         $    913        $ 1,175      $   1,437
       25.5%     $        1        $     246        $     490         $    734        $   979      $   1,223
       28.0%     $     (112)       $     116        $     344         $    572        $   800      $   1,028
       30.5%     $     (214)       $      (1)       $     212         $    425        $   638      $     851

                                              Average of Box          $    697




                                  DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
- ------------------------------------------------------------------------------------------------------------
                                                      TERMINAL EBITDA MULTIPLES
    Discount     -------------------------------------------------------------------------------------------
      Rate          3.50x            4.00x            4.50x             5.00x          5.50x         6.00x
- ------------------------------------------------------------------------------------------------------------
                                                                                     
       18.0%          505.6%           335.5%          265.9%            228.1%         204.3%         188.0%
       20.5%          742.3%           411.7%          305.8%            253.6%         222.5%         201.9%
       23.0%         1447.8%           539.3%          362.4%            287.1%         245.3%         218.8%
       25.5%       123579.0%           795.5%          448.7%            332.7%         274.6%         239.7%
       28.0%        -1426.2%          1571.2%          596.4%            398.5%         313.5%         266.1%
       30.5%         -695.6%       -126359.9%          905.7%            501.6%         367.4%         300.5%

                                              Average of Box             357.7%


PERPETUAL GROWTH TERMINAL VALUE ANALYSIS


                                         ESTIMATED RANGE OF ENTERPRISE VALUES
- ------------------------------------------------------------------------------------------------------------
                                                   TERMINAL PERPETUAL GROWTH RATES
    Discount     -------------------------------------------------------------------------------------------
      Rate          4.00%            4.25%            4.50%             4.75%          5.00%         5.25%
- ------------------------------------------------------------------------------------------------------------
                                                                                 
       18.0%     $      801        $     853        $     907         $    963        $ 1,022      $   1,082
       20.5%     $      267        $     303        $     340         $    378        $   417      $     457
       23.0%     $     (113)       $     (88)       $     (62)        $    (35)       $    (7)     $      22
       25.5%     $     (395)       $    (376)       $    (357)        $   (337)       $  (317)     $    (296)
       28.0%     $     (610)       $    (595)       $    (580)        $   (565)       $  (550)     $    (534)
       30.5%     $     (776)       $    (765)       $    (754)        $   (742)       $  (730)     $    (718)

                                              Average of Box          $   (197)




                                  DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
- ------------------------------------------------------------------------------------------------------------
                                                   TERMINAL PERPETUAL GROWTH RATES
    Discount     -------------------------------------------------------------------------------------------
      Rate          4.00%            4.25%            4.50%             4.75%          5.00%         5.25%
- ------------------------------------------------------------------------------------------------------------
                                                                                    
       18.0%          312.6%           299.5%           287.6%           276.7%         266.6%         257.2%
       20.5%          738.0%           663.0%           602.1%           551.7%         509.2%         473.1%
       23.0%        -1408.2%         -1847.2%         -2677.2%         -4841.4%      -24719.4%        8014.2%
       25.5%         -332.4%          -354.2%          -379.0%          -407.2%        -439.9%        -478.0%
       28.0%         -180.1%          -187.0%          -194.3%          -202.1%        -210.6%        -219.8%
       30.5%         -119.7%          -123.0%          -126.4%          -130.0%        -133.8%        -137.8%

                                              Average of Box           -2076.2%


All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

Page 48



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

FINANCIAL PROJECTIONS - SATELLITE STORE PROJECTIONS
($ in thousands)



                                      ACTUAL/ESTIMATED                          PROJECTED
                                    ---------------------    -----------------------------------------------
                                        FYE FEB 28/29                         FYE FEB 28/29
                                    ---------------------    -----------------------------------------------
                                      2002         2003         2004         2005         2006        2007
                                    ---------------------    -----------------------------------------------
                                                                                  
REVENUE
    Royalty Income                  $       -    $      -    $       -    $      23     $    123    $    293
    Pelican Paper Sales                     -           -            -           42          231         548
    Franchise Sales                         -           -           35          140          140         140
    OPC Fees                                -           -            -            -            -           -
    Company Plant Sales                     -           -            -            -            -           -
                                    ---------------------    -----------------------------------------------
                                            -           -           35          205          494         981

Cost of Goods Sold                          -           -            -           37          201         477
                                    ---------------------    -----------------------------------------------
Gross Margin                                -           -           35          168          293         504

OPERATING EXPENSES
    Salaries & Employee Benefits            -           -           39          142          146         149
    Advertising                             -           -           25           25           25          25
    Admin                                   -           -            8            6            6           6
    Other                                   -           -           92          141          146         151
                                    ---------------------    -----------------------------------------------
                                            -           -          164          314          323         331
                                    ---------------------    -----------------------------------------------

EBITDA                                      -           -         (129)        (146)         (29)        173

    Deprec. & Amort.                        -           -            -            -            -           -
                                    ---------------------    -----------------------------------------------

EBIT                                        -           -         (129)        (146)         (29)        173

    Income Taxes                            -           -            -            -            -           -
                                    ---------------------    -----------------------------------------------

Unlevered After-tax Income                  -           -         (129)        (146)         (29)        173

    Add: Deprec. & Amort.                   -           -            -            -            -           -
    Add: Change in Net WC                   -           -            -           (5)         (24)        (40)
    Less: Capital Expenditures              -           -            -            -            -           -
                                    ---------------------    -----------------------------------------------

Unlevered Free Cash Flows           $       -    $      -    $    (129)   $    (151)    $    (53)   $    133
                                    =====================    ===============================================

INCOME TAX EXPENSE AND ASSUMPTIONS
    Statutory Tax Rate                                            39.0%        39.0%        39.0%       39.0%
    Effective Tax Rate                     na          na          0.0%         0.0%         0.0%        0.0%

    Current Period Tax              $       -    $      -    $     (50)   $     (57)    $    (11)   $     67
    NOL Usage                               -           -           50           57           11         (67)
                                    ---------------------    -----------------------------------------------
    Income Tax Expense              $       -    $      -    $       -    $       -     $      -    $      -
                                    =====================    ===============================================

    Ending NOL Balance                           $      -    $      50    $     107     $    118    $     40
                                                 ========    ===============================================


                                               ACTUAL/ESTIMATED                          PROJECTED
                                            ----------------------    ------------------------------------------------
                                                 FYE FEB 28/29                         FYE FEB 28/29
                                            ----------------------    ------------------------------------------------
                                              2002          2003         2004        2005          2006         2007
                                            ----------------------    ------------------------------------------------
                                                                                           
GROWTH ASSUMPTIONS
    Royalty Income                                 na           na           na           na        448.0%       137.2%
    Pelican Paper Sales                            na           na           na           na        448.0%       137.2%
    Franchise Sales                                na           na           na        300.0%         0.0%         0.0%
    OPC Fees                                       na           na           na           na           na           na
    Company Plant Sales                            na           na           na           na           na           na
    Total Revenue                                  na           na           na        484.8%       141.6%        98.4%

    Cost of Goods Sold                             na           na           na           na        448.0%       137.2%
    Gross Margin                                   na           na           na        380.0%        74.6%        71.7%

    Salaries & Employee Benefits                   na           na           na        268.8%         2.5%         2.4%
    Advertising                                    na           na           na          0.0%         0.0%         0.0%
    Admin                                          na           na           na        -25.0%         0.0%         0.0%
    Other                                          na           na           na         53.3%         3.5%         3.4%
    Total Operating Expenses                       na           na           na         92.0%         2.7%         2.6%
    EBITDA                                         na           na           na           na           na           na
    Unlevered After-tax Income                     na           na           na           na           na           na

MARGIN REVIEW
    Cost of Paper Sales Margin                     na           na           na         13.0%        13.0%        13.0%
    Gross Margin                                   na           na        100.0%        82.1%        59.3%        51.4%
    EBITDA Margin                                  na           na       -367.1%       -71.3%        -5.9%        17.6%

NON-CASH WORKING CAPITAL ASSUMPTIONS
    AR Days Outstanding                                         na           30           30           30           30
    A/R - % of Sales                                            na          8.2%         8.2%         8.2%         8.2%
    Days Inventory Outs.                                        na            -            -            -            -
    Inv - % Cost of Sales                                       na          0.0%         0.0%         0.0%         0.0%
    Prepay - % of Direct and Op Costs                           na          0.0%         0.0%         0.0%         0.0%
    AP Days Outstanding                                         na            -            -            -            -
    A/P - % of Direct and Op Costs                              na          0.0%         0.0%         0.0%         0.0%
    Acc Exp - % of Direct and Op Costs                          na          0.0%         0.0%         0.0%         0.0%

NON-CASH NET WORKING CAPITAL
    Accounts Receivable                     $       -    $       -    $       -    $       5    $      29    $      69
    Inventory                                       -            -            -            -            -            -
    Prepayments                                     -            -            -            -            -            -
    Accounts Payable                                -            -            -            -            -            -
    Accrued Expenses                                -            -            -            -            -            -
                                            ----------------------    ------------------------------------------------
    Non-Cash Net WC                         $       -    $       -    $       -    $       5    $      29    $      69
                                            ======================    ================================================
    Change in Non-Cash Net WC                            $       -    $       -    $      (5)   $     (24)   $     (40)
                                                         =========    ================================================


Sources of information: Company financials, projections and management.

Page 49



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

DISCOUNTED CASH FLOW ANALYSIS - SATELLITE STORE PROJECTIONS
($ in thousands)

REVENUE TERMINAL VALUE ANALYSIS
- -----------------------------------------------------------------------
                    ESTIMATED RANGE OF ENTERPRISE VALUES
   --------------------------------------------------------------------
                             TERMINAL REVENUE MULTIPLES
   Discount   ---------------------------------------------------------
     Rate      0.70x     0.80x     0.90x     1.00x     1.10x     1.20x
   --------------------------------------------------------------------
       15.5%  $   216   $   276   $   335   $   394   $   453   $   513
       18.0%  $   188   $   243   $   298   $   353   $   408   $   463
       20.5%  $   162   $   213   $   264   $   315   $   366   $   417
       23.0%  $   139   $   186   $   234   $   281   $   329   $   376
       25.5%  $   118   $   162   $   206   $   251   $   295   $   339
       28.0%  $    99   $   140   $   181   $   223   $   264   $   305

                      Average of Box        $   274

           DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
   --------------------------------------------------------------------
                             TERMINAL REVENUE MULTIPLES
   Discount   ---------------------------------------------------------
     Rate      0.70x     0.80x     0.90x     1.00x     1.10x     1.20x
   --------------------------------------------------------------------
       15.5%    191.6%    171.9%    159.2%    150.3%    143.7%    138.7%
       18.0%    204.9%    181.1%    166.2%    155.8%    148.3%    142.6%
       20.5%    220.7%    191.8%    174.0%    162.0%    153.4%    146.9%
       23.0%    239.9%    204.2%    183.0%    169.0%    159.0%    151.5%
       25.5%    263.4%    218.7%    193.2%    176.8%    165.2%    156.7%
       28.0%    293.1%    236.1%    205.1%    185.6%    172.2%    162.4%

                       Average of Box         172.0%

EBITDA TERMINAL VALUE ANALYSIS
- -----------------------------------------------------------------------
                    ESTIMATED RANGE OF ENTERPRISE VALUES
   --------------------------------------------------------------------
                             TERMINAL EBITDA MULTIPLES
   Discount   ---------------------------------------------------------
     Rate      5.00x     5.50x     6.00x     6.50x     7.00x     7.50x
   --------------------------------------------------------------------
       15.5%  $   324   $   376   $   428   $   480   $   532   $   584
       18.0%  $   287   $   336   $   384   $   432   $   481   $   529
       20.5%  $   254   $   299   $   344   $   389   $   434   $   479
       23.0%  $   225   $   267   $   308   $   350   $   392   $   434
       25.5%  $   198   $   237   $   276   $   315   $   354   $   393
       28.0%  $   173   $   210   $   246   $   283   $   319   $   356

                      Average of Box        $   348

           DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
   --------------------------------------------------------------------
                              TERMINAL EBITDA MULTIPLES
   Discount   ---------------------------------------------------------
     Rate      5.00x     5.50x     6.00x     6.50x     7.00x     7.50x
   --------------------------------------------------------------------
       15.5%    161.3%    152.8%    146.3%    141.3%    137.2%    133.9%
       18.0%    168.6%    158.7%    151.3%    145.6%    141.0%    137.2%
       20.5%    176.9%    165.3%    156.8%    150.2%    145.0%    140.8%
       23.0%    186.4%    172.8%    162.9%    155.4%    149.5%    144.7%
       25.5%    197.3%    181.2%    169.7%    161.1%    154.4%    149.0%
       28.0%    209.9%    190.8%    177.4%    167.4%    159.7%    153.6%

                       Average of Box         156.3%

PERPETUAL GROWTH TERMINAL VALUE ANALYSIS
- -----------------------------------------------------------------------
                    ESTIMATED RANGE OF ENTERPRISE VALUES
   --------------------------------------------------------------------
                           TERMINAL PERPETUAL GROWTH RATES
   Discount   ---------------------------------------------------------
     Rate     10.00%    10.25%    10.50%    10.75%    11.00%    11.25%
   --------------------------------------------------------------------
       15.5%  $ 1,075   $ 1,139   $ 1,209   $ 1,286   $ 1,372   $ 1,468
       18.0%  $   615   $   643   $   673   $   705   $   740   $   776
       20.5%  $   379   $   395   $   411   $   428   $   446   $   465
       23.0%  $   238   $   248   $   257   $   268   $   278   $   290
       25.5%  $   145   $   152   $   158   $   165   $   172   $   179
       28.0%  $   81    $    85   $    90   $    95   $    99   $   104

                      Average of Box        $   341

               DISCOUNTED TERMINAL VALUES AS % OF ENTERPRISE VALUES
   --------------------------------------------------------------------
                           TERMINAL PERPETUAL GROWTH RATES
   Discount   ---------------------------------------------------------
     Rate     10.00%    10.25%    10.50%    10.75%    11.00%    11.25%
   --------------------------------------------------------------------
       15.5%    118.4%    117.4%    116.4%    115.4%    114.4%    113.5%
       18.0%    132.0%    130.6%    129.3%    127.9%    126.6%    125.4%
       20.5%    151.5%    149.5%    147.6%    145.7%    143.9%    142.1%
       23.0%    181.5%    178.3%    175.3%    172.5%    169.7%    167.0%
       25.5%    232.3%    226.8%    221.5%    216.6%    211.8%    207.3%
       28.0%    335.9%    323.6%    312.2%    301.6%    291.8%    282.6%

                       Average of Box         160.3%

All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

Page 50



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Cost of Capital Calculation & Net Debt
($ and shares in thousands, except per share)

COST OF EQUITY+A33                             Company Owned
                                   Base Case       Plants      Satellite Stores
                                   ---------   -------------   ----------------
 Riskless (1)
    20 year treasury yield (Rf)          4.7%            4.7%               4.7%
 Risk (2)
    Equity risk premium (EP)             7.8%            7.8%               7.8%
    Industry risk premium (IP)          -2.9%           -2.9%              -2.9%
    Size Premium (SP)                    9.2%            9.2%               9.2%
 Company Specific
    Operational Risk                     0.0%            3.0%               0.0%
    New Strategy Risk                    0.0%            5.0%               5.0%
                                   ---------   -------------   ----------------
 Cost of Equity                         18.8%           26.8%              23.8%
                                   =========   =============   ================

WEIGHTED AVERAGE COST OF CAPITAL

 After Tax Cost of Debt                 3.4%             3.4%               3.4%
                                   =========   =============   ================
 Weighted Average Cost of Capital      17.3%            24.5%              21.8%
                                   =========   =============   ================

EQUITY VALUE NET DEBT ASSUMPTIONS

                                                  As of Feb 28, 2003
                                     ------------------------------------------
                                                Company Owned
                                     Base Case      Plants     Satellite Stores
                                     ---------  -------------  ----------------
 Debt & Other Obligations
    Interest Bearing Debt            $     523  $         523  $            523
    Minority Interests                       -              -                 -
    Preferred Stock                          -              -                 -
                                     ---------  -------------  ----------------
                                           523            523               523
                                     ---------  -------------  ----------------

 Less Cash
    Cash on Hand                         4,244          4,244             4,244
    Assumed $ - exercise of options      1,017          1,017             1,017
    Assumed $ - Notes (3)                2,594          2,594             2,594
                                     ---------  -------------  ----------------
                                         7,855          7,855             7,855
                                     ---------  -------------  ----------------
 Net Debt                            $  (7,332) $      (7,332) $        (7,332)
                                     =========  =============  ================

COST OF DEBT

                          Nominal               % of        Weighted
 Type of Debt              Rate      Amount    of Debt    Cost of Debt
 ----------------------------------------------------------------------
 Note 1                      9.00%   $  193       36.9%             3.3%
 Note 2                      6.50%      182       34.8%             2.3%
 Note 3                      0.00%      148       28.3%             0.0%

                                     ------    -------    -------------
                                     $  523      100.0%             5.6%
                                     ======    =======    =============

CAPITALIZATION

                                    Stock Price     Market          % of
 Type                Shares Outs.    19-May-03       Value      Total Capital
 ----------------------------------------------------------------------------
 Debt                                              $    523               9.7%
 Common Stock               5,121   $    0.9500       4,865              90.3%
                                                   --------    --------------
                                                   $  5,388             100.0%
                                                   ========    ==============

COMMON STOCK EQUIVALENTS



                                                        As of Feb 28, 2003
                                           ------------------------------------------
                                                      Company Owned
                                           Base Case      Plants     Satellite Stores
                                           ---------  -------------  ----------------
                                                                       
 Common Stock Outstanding                      5,121          5,121             5,121
 Stock issued re Other                             -              -                 -
                                           ---------  -------------  ----------------
                                               5,121          5,121             5,121
                                           ---------  -------------  ----------------
 Options in the money:    Avg Exercise $
 Options * $2.00          $         1.80         565            565               565
                                                   -              -                 -
                                           ---------  -------------  ----------------
                                                 565            565               565
                                           ---------  -------------  ----------------
 Total Common Stock Equivalents                5,686          5,686             5,686
                                           =========  =============  ================


* denotes less than or equal to

- ----------
(1) As reported by the Federal Reserve Board on a weekly-average basis for the
    week ended March 9, 2003.
(2) Sourced from the Ibbotson SBBI Valuation Edition 2003 Yearbook. Industry
    risk premium is based on SIC 27 (Printing, Publishing, And Allied
    Industries) and SIC 511 (Paper & Paper Products).
(3) See Notes Analysis for details.

Sources of information: Company financials, projections & management, Ibbotson
2003 SBBI and Federal Reserve Board.

Page 51



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

     .    The selected comparable company analysis compares the trading
          multiples of the Company with those of other publicly traded companies
          that are similar with respect to business and revenue model, operating
          sector, size and target customer base.

     .    Capitalink located five companies that it deemed comparable to the
          Company with respect to their industry sector and market served (the
          "Comparable Companies"). However, none of the Comparable Companies are
          involved in franchising. All provide commercial printing services
          including business forms and labels, and the supply of paper and
          related products as their primary business and are classified either
          under the SIC code 27 (Printing, Publishing and Allied Services)
          and/or 511 (Paper and Paper Products).

     .    Based on size (in terms of enterprise value and revenues), BCT is in
          the lower range of the Comparable Companies. As of May 19, 2003, the
          enterprise values for the Comparable Companies ranged from
          approximately $43.7 million to approximately $2.3 billion and revenue
          ranged from approximately $134.8 million to approximately $2.0
          billion. In comparison, BCT had an enterprise value and latest twelve
          months ("LTM") revenue of approximately $888,000 and $18.4 million,
          respectively.

     .    Multiples utilizing market value, total invested capital ("TIC") and
          enterprise value were used in the analyses. The differences among the
          three are as follows:

               .    Market value equals price per share times number of shares
                    outstanding,
               .    TIC equals market value plus interest bearing debt,
                    preferred stock and minority interest, and
               .    Enterprise value equals TIC, less cash and equivalents.

     .    Multiples based on TIC were calculated given the significant level of
          cash held by the Company (approximately $4.8 million, as of November
          30, 2002). The significant difference between the multiples based on
          TIC and enterprise value suggests that the market is not fully valuing
          the cash and assets of the business.

Page 52



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

     .    Market  values were used to calculate  multiples of earnings per share
          ("EPS"),  common equity, and net tangible common equity, while TIC and
          enterprise values were used to calculate multiples of LTM revenue, LTM
          EBITDA,  and total  assets.  For  comparison  purposes,  all operating
          profits  including  EBITDA  were  normalized  to exclude  unusual  and
          extra-ordinary expenses or income.

     .    The comparable company analysis generated a wide range of multiples:

               .    Based on TIC, the mean LTM revenue and EBITDA multiple was
                    0.71 times and 8.6 times respectively, compared with 0.31
                    times and 5.8 times, respectively for the Company.
               .    Based on enterprise value, the mean LTM revenue and EBITDA
                    multiple was 0.69 times and 8.3 times respectively, compared
                    with 0.05 times and 0.9 times, respectively for the Company.

     .    Capitalink noted that the EBITDA margin for the Company of 5.4% was
          lower than all of the Comparable Companies (the median of which was
          9.4%) with the exception of Impresso (3.1%). This might account for
          the lower valuation of the Company relative to the Comparable
          Companies, despite the fact that most of the Company's profits come
          from its franchising operations.

     .    Capitalink also noted that the Company's debt ratio (5.1%) is much
          lower than any of the Comparable Companies (the mean of which was
          60.7%). This explains the significant difference between multiples
          based on TIC and enterprise value for the Comparable Companies
          relative to the Company.

     .    Capitalink also calculated and compared the implied multiples for the
          Company based on the Merger Consideration in the Proposed Transaction.
          Based on TIC, this would represent an LTM revenue and LTM EBITDA
          multiple of 0.66 times and 12.3 times, respectively, which is
          significantly greater than the average of the Comparable Companies.
          However, based on enterprise value, this would represent a LTM revenue
          and LTM EBITDA multiple of 0.21 times and 3.8 times, respectively.
          These multiples lie just below the low end of the range of the
          Comparable Companies. In determining the enterprise value for this
          calculation, Capitalink included both cash balances and an estimation
          of the fair market value of the Notes (see Notes analysis).

Page 53



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

     .    Capitalink expects the Company's valuation multiples to be below the
          Comparable Companies due to the smaller size of the Company, lower
          historical growth and limited future growth.

     .    Capitalink selected an appropriate multiple range for the Company as
          follows:

               .    0.32 times to 0.59 times LTM revenue based on TIC, and 0.32
                    times to 0.58 times LTM revenue based on enterprise value.
               .    5.4 times to 7.7 times LTM EBITDA based on TIC, and 5.3
                    times to 7.4 times LTM EBITDA based on enterprise value.

     .    Based on the selected multiple ranges, Capitalink calculated a range
          of indicated share prices of $1.57 to $2.20.

     .    Capitalink noted that the offer price of the Proposed Transaction was
          within this indicated valuation range.

     .    An analysis of publicly-traded comparable companies is not
          mathematical; rather it involves complex consideration and judgments
          concerning differences in financial and operating characteristics of
          the Comparable Companies and other factors that could affect the
          public trading of the Comparable Companies.

Page 54



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

COMPARABLE COMPANY ANALYSIS - INDICATED REFERENCE RANGE
($ in thousands, except per share)



                                             Statistic   Selected Multiple Range   Indicated TIC/EV Value
                                             ---------   -----------------------   ----------------------
                                                                          
     TOTAL INVESTED CAPITAL (TIC) MULTIPLE
        LTM Revenue                          $  18,381              0.32x - 0.59x  $  5,853  -  $  10,890
        LTM EBITDA                           $     988               5.4x  - 7.7x  $  5,327  -  $   7,628

     TOTAL ENTERPRISE VALUE (EV) MULTIPLE
        LTM Revenue                          $  18,381              0.32x - 0.58x  $  5,835  -  $  10,707
        LTM EBITDA                           $     988               5.3x  - 7.4x  $  5,238  -  $   7,295

     Indicated Reference Range


                                             Indicated Equity Value(1)  Indicated Share Price (2)
                                             -------------------------  -------------------------
                                                                  
     TOTAL INVESTED CAPITAL (TIC) MULTIPLE
        LTM Revenue                          $     5,025  -  $  10,062  $     0.88  -  $     1.77
        LTM EBITDA                           $     4,499  -  $   6,800  $     0.79  -  $     1.20

     TOTAL ENTERPRISE VALUE (EV) MULTIPLE
        LTM Revenue                          $    13,423  -  $  18,295  $     2.36  -  $     3.22
        LTM EBITDA                           $    12,826  -  $  14,883  $     2.26  -  $     2.62

     INDICATED REFERENCE RANGE                                          $     1.57  -  $     2.20


- ----------
(1)  Adjusted for $828 and ($7,588) debt and net debt, respectively for TIC and
     EV. Net debt includes assumed cash from in the money options/warrants and
     the net present value of notes receivable.
(2)  Based upon and assumes 5,686 common stock share equivalents outstanding.

Page 55



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

COMPARABLE COMPANY ANALYSIS - VALUATION MULTIPLES
($ in thousands, except per share data)



                                                                          Total
                                           % Below/Above     Market     Invested     Enterprise
                              Stock Price     52-week        Value       Capital       Value
           Company             19-May-03      High-Low         MV        TIC (1)       EV (2)
- ----------------------------  -----------  -------------  -----------  -----------  -----------
                                                                     
Consolidated Graphics, Inc.   $    18.320   27.3% - 27.7% $   244,169  $   420,503  $   413,453

Mail-Well, Inc.                     2.310  65.2% - 143.2%     111,672      888,923      888,579

Impreso, Inc.                       2.030   42.7% - 18.0%      10,716       42,919       42,787

Moore Corporation(4)               12.050   16.6% - 53.5%   1,365,542    2,461,655    2,341,674

Wallace Computer Services(4)       26.860    0.3% - 70.0%   1,134,674    1,343,581    1,284,804

     High                                                 $ 1,365,542  $ 2,461,655  $ 2,341,674
     Mean                                                     573,355    1,031,516      994,260
     Median                                                   244,169      888,923      888,579
     Low                                                       10,716       42,919       42,787

BCT International             $     0.950   11.2% - 41.8% $     4,865  $     5,693  $       888

BCT International - Merger
 Consideration(5)                                         $    11,372  $    12,200  $     3,784


                                MV as a Multiple of      TIC as a Multiple of     EV as a Multiple of
                              -----------------------  -----------------------  -----------------------  5 Yr EPS
                               LTM  Common  Net Tang.    LTM     LTM     Total    LTM     LTM     Total   Growth
           Company             EPS  Equity    Equity   Revenue  EBITDA  Assets  Revenue  EBITDA  Assets  Proj. (3)
- ----------------------------  ----  ------  ---------  -------  ------  ------  -------  ------  ------  ---------
                                                                                
Consolidated Graphics, Inc.   15.3x    1.0x       1.8x    0.59x    5.4x    0.7x    0.58x    5.3x    0.7x      10.0%

Mail-Well, Inc.                1.8     2.1         na     0.52     6.7     0.8     0.52     6.7     0.8        5.0%

Impreso, Inc.                 16.9     0.6        0.6     0.32    10.1     0.7     0.32    10.1     0.7         na

Moore Corporation(4)          15.1     3.2        4.4     1.22    12.9     1.0     1.16    12.3     1.0         na

Wallace Computer Services(4)  14.0     2.4        4.0     0.89     7.7     1.4     0.85     7.4     1.4         na

     High                     16.9x    3.2x       4.4x    1.22x   12.9x    1.4x    1.16x   12.3x    1.4x      10.0%
     Mean                     12.6     1.9        2.7     0.71     8.6     0.9     0.69     8.3     0.9        7.5%
     Median                   15.1     2.1        2.9     0.59     7.7     0.8     0.58     7.4     0.8        7.5%
     Low                       1.8     0.6        0.6     0.32     5.4     0.7     0.32     5.3     0.7        5.0%

BCT International             10.6x    0.3x       0.3x    0.31x    5.8x    0.3x    0.05x    0.9x    0.0x        na

BCT International - Merger
 Consideration(5)             24.7x    0.7x       0.8x    0.66x   12.3x    0.7x    0.21x    3.8x    0.2x        na


(1)  Total Invested Capital equals Market Value plus total debt, preferred
     stock, and minority interests.
(2)  Enterprise Value equals Market Value plus total debt, preferred stock, and
     minority interests, less cash.
(3)  Sources of estimates: Multex Estimates and other various securities
     analysts' estimates and reports.
(4)  Merger of Moore and Wallace in final stages.
(5)  Reflects Merger Consideration, the effect of in-the-money options/warrants
     and the net present value of notes receivable.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 56



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

COMPARABLE COMPANY ANALYSIS - MARGIN AND OTHER ANALYSES

($ in thousands)



                                                                                   LTM (1)
                                                   -----------------------------------------------------------------
                                                              as Percentage of Revenue                  Return on
                                                   ------------------------------------------------  ----------------
                                                    Gross           Operating                  Net   Average  Average
           Company            Ticker    Revenue    Margin  S G & A    Margin   EBITDA  EBIT  Income   Assets   Equity
- ----------------------------  ------  -----------  ------  -------  ---------  ------  ----  ------  -------  -------
                                                                                  
Consolidated Graphics, Inc.   CGX     $   709,780    24.5%    19.0%       5.5%   11.0%  5.5%   2.2%      2.6%     5.7%

Mail-Well, Inc.               MWL       1,712,542    19.8%    15.1%       4.7%    7.8%  4.6%   3.7%      5.7%   130.5%

Impreso, Inc.                 ZCOM        134,781    10.1%     7.3%       2.7%    3.1%  2.2%   0.5%      1.0%     3.9%

Moore Corporation             MCL       2,019,683    31.9%    26.2%       5.7%    9.4%  5.2%   4.4%      4.7%    22.0%

Wallace Computer Services     WCS       1,505,704    27.3%    19.9%       7.4%   11.6%  7.4%   5.3%      8.6%    17.4%

     High                             $ 2,019,683    31.9%    26.2%       7.4%   11.6%  7.4%   5.3%      8.6%   130.5%
     Mean                               1,216,498    22.7%    17.5%       5.2%    8.6%  5.0%   3.2%      4.5%    35.9%
     Median                             1,505,704    24.5%    19.0%       5.5%    9.4%  5.2%   3.7%      4.7%    17.4%
     Low                                  134,781    10.1%     7.3%       2.7%    3.1%  2.2%   0.5%      1.0%     3.9%

BCT International             BCTI    $    18,381    43.1%    39.0%       4.1%    5.4%  4.1%   2.5%      2.6%     3.1%


                                               LTM (1)                      as of Latest Available Filing
                                      -------------------------  --------------------------------------------------
                                                           Days            Total Debt     Total   Total   Latest FY
                                        A/R       Inv.    Sales  Current    to Total      Debt   Debt to     Rev
           Company            Ticker  Turnover  Turnover  Outs.   Ratio   Capitaliztion  to TIC  EBITDA    Growth
- ----------------------------  ------  --------  --------  -----  -------  -------------  ------  -------  ---------
                                                                                    
Consolidated Graphics, Inc.   CGX          6.0x    16.55x  60.4      1.7           41.4%   41.6%     2.3x      -5.8%

Mail-Well, Inc.               MWL          7.7      13.2   47.6      1.5           93.6%   87.4%     5.8x      -7.5%

Impreso, Inc.                 ZCOM         9.2       3.5   39.8      1.3           65.5%   74.3%     7.6x      27.9%

Moore Corporation             MCL          5.9      10.3   62.0      1.3           72.0%   43.9%     5.7x      -5.4%

Wallace Computer Services     WCS          6.3      12.5   57.6      2.7           30.8%   15.5%     1.2x      -8.5%

     High                                  9.2x     16.5x  62.0      2.7           93.6%   87.4%     7.6x      27.9%
     Mean                                  7.0      11.2   53.5      1.7           60.7%   52.6%     4.5        0.1%
     Median                                6.3      12.5   57.6      1.5           65.5%   43.9%     5.7       -5.8%
     Low                                   5.9       3.5   39.8      1.3           30.8%   15.5%     1.2       -8.5%

BCT International             BCTI         7.0x     4.56x  52.4      5.0            5.1%   13.9%     0.8x      -7.3%


(1)  May exclude special items, such as extraordinary and non-recurring
     expenses. See individual company overviews for details of exclusions, if
     any.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 57



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

COMPARABLE COMPANY ANALYSIS - INCOME STATEMENT OVERVIEW
($ in thousands, except per share data)



                                       Revenue                    EBITDA (1)              EBIT (1)               Net Income (1)
                              -------------------------   ----------------------   ----------------------   ----------------------
                                              Latest                     Latest                  Latest                    Latest
      Company                     LTM          10-K          LTM          10-K        LTM         10-K         LTM          10-K
- ---------------------------   -----------   -----------   ----------   ---------   ---------   ----------   ----------   ---------
                                                                                                 
Consolidated Graphics, Inc.   $   709,780   $   643,948   $   77,984   $  84,256   $  39,343   $   42,944   $   15,887   $  16,680

Mail-Well, Inc.                 1,712,542     1,728,705      133,127     133,309      78,546       77,856       62,777      70,169

Impreso, Inc.                     134,781       123,065        4,234       4,730       2,972        3,468          655       1,063

Moore Corporation               2,019,683     2,038,039      190,747     175,393     104,981       88,647       89,073      72,408

Wallace Computer Services       1,505,704     1,545,629      174,014     176,292     111,510      109,885       80,056      89,588

     High                     $  2,019,68   $ 2,038,039   $  190,747   $ 176,292   $ 111,510   $  109,885   $   89,073   $  89,588
     Mean                       1,216,498     1,215,877      116,021     114,796      67,470       64,560       49,690      49,982
     Median                     1,505,704     1,545,629      133,127     133,309      78,546       77,856       62,777      70,169
     Low                          134,781       123,065        4,234       4,730       2,972        3,468          655       1,063

BCT International             $    18,381   $    18,007   $      988   $   1,039   $     755   $      813   $      460   $     492


                                       EPS (1)
                              -------------------------     Latest       Latest
                                              Latest       Available    Available
     Company                      LTM          10-K          10-Q         10-K
- ---------------------------   -----------   -----------   ----------   ----------
                                                           
Consolidated Graphics, Inc.   $      1.20   $      1.27    31-Dec-02   31-Mar-02

Mail-Well, Inc.                      1.32          1.47    31-Mar-03   31-Dec-02

Impreso, Inc.                        0.12          0.20    28-Feb-03   31-Aug-02

Moore Corporation                    0.80          0.65    31-Mar-03   31-Dec-02

Wallace Computer Services            1.92          2.17    31-Jan-03   31-Jul-02

     High                     $      1.92   $      2.17
     Mean                            1.07          1.15
     Median                          1.20          1.27
     Low                             0.12          0.20

BCT International             $      0.09   $      0.10    30-Nov-02    28-Feb-02


(1)  May exclude special items, such as extraordinary and non-recurring
     expenses. See individual company overviews for details of exclusions, if
     any.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 58



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

COMPARABLE COMPANY ANALYSIS - BALANCE SHEET OVERVIEW
($ in thousands)



                                                             As of Latest Available Filing
                              ---------------------------------------------------------------------------------------------
                                 Cash,                                   Total
                              Equivalents     Accounts                  Current                  Intangibles,      Total
        Company               & Mrkt Sec    Receivables   Inventory      Assets      PPE, net        net           Assets
- ---------------------------   -----------   -----------   ----------   ----------   ----------   ------------   -----------
                                                                                           
Consolidated Graphics, Inc.   $     7,050   $   113,018   $   31,991   $  162,276   $  281,661   $    110,556   $   562,466

Mail-Well, Inc.                       344       227,049      104,546      380,164      379,677        311,578     1,110,270

Impreso, Inc.                         132        13,562       34,318       48,816       15,411              -        64,327

Moore Corporation                 119,981       344,567      137,372      673,487      252,549        113,927     2,352,830

Wallace Computer Services          58,777       229,882       89,799      419,524      307,745        184,624       931,247

     High                     $   119,981   $   344,567   $  137,372   $  673,487   $  379,677   $    311,578   $ 2,352,830
     Mean                          37,257       185,616       79,605      336,853      247,409        144,137     1,004,228
     Median                         7,050       227,049       89,799      380,164      281,661        113,927       931,247
     Low                              132        13,562       31,991       48,816       15,411              -        64,327

BCT International             $     4,805   $     2,386   $    2,697   $   10,806   $      963   $        186   $    18,185


                                         As of Latest Available  Filing
                              -------------------------------------------------------
                                 Total                                                     Latest
                                Current        Total        Total       Net Tangible      Available
      Company                 Liabilities      Debt        Common Eq     Common Eq         Filing
- ---------------------------   -----------   -----------   ----------   --------------   ------------
                                                                            
Consolidated Graphics, Inc.   $    97,442   $   176,334   $  249,809   $      139,253      31-Dec-02

Mail-Well, Inc.                   255,547       777,251       53,449         (258,129)     31-Mar-03

Impreso, Inc.                      36,194        32,203       16,944           16,944      28-Feb-03

Moore Corporation                 538,210     1,096,113      425,819          311,892      31-Mar-03

Wallace Computer Services         155,862       208,907      468,983          284,359      31-Jan-03

     High                     $   538,210   $ 1,096,113   $  468,983   $      311,892
     Mean                         216,651       458,162      243,001           98,864
     Median                       155,862       208,907      249,809          139,253
     Low                           36,194        32,203       16,944         (258,129)

BCT International             $     2,146   $       828   $   15,291   $       15,105      30-Nov-02


Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 59



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

                      CONSOLIDATED GRAPHICS, INC. OVERVIEW

            Name            Consolidated Graphic
          Symbol            CGX
Latest Fiscal YE            31-Mar-02
 Latest Rprt Per            31-Dec-02

                            Address 5858 Westheimer
                       City, State Zip Houston, TX 77057
                             Telephone 713-787-0977
                        Website consolidatedgraphics.com

                         Officers Joe Davis, Chmn & CEO

A national provider of commercial printing services. Sales are mainly derived
from commercial printing services, which include electronic prepress, printing,
finishing, storage and delivery of high quality, custom-designed products.
Examples of such products include multicolor product and capability brochures,
shareholder communications, catalogs, training manuals, point-of-purchase
marketing materials and direct mail pieces.

                       INCOME AND CASHFLOW STATEMENT DATA



($ in thousands, except per share)
                                                                   Nine Months Ended        Fiscal Years Ended
                                                       LTM       ----------------------   ----------------------
                                                      Dec-02     Dec-02         Dec-01      Mar-02       Mar-01
                                                     ---------   ----------   ---------   ----------   ---------
                                                                                        
Revenue                                              $ 709,780   $  544,174   $ 478,342   $  643,948   $ 683,396
COGS                                                   535,750      411,860     353,257      477,147     494,158
                                                     ---------   ----------   ---------   ----------   ---------
                                      Gross Profit     174,030      132,314     125,085      166,801     189,238
Selling, General & Administrative                      134,687       98,188      87,358      123,857     124,665
Research & Development                                       -            -           -            -           -
Other Operating                                              -            -           -            -           -
                                                     ---------   ----------   ---------   ----------   ---------
                                  Operating Income      39,343       34,126      37,727       42,944      64,573
Interest Income / (Expense), net                       (11,053)      (8,020)    (12,111)     (15,144)    (20,858)
Other Income / (Expense), net                                -            -           -            -           -
                                                     ---------   ----------   ---------   ----------   ---------
                                    Pre-tax Income      28,290       26,106      25,616       27,800      43,715
Taxes                                                   12,403        9,920       8,637       11,120      15,164
                                                     ---------   ----------   ---------   ----------   ---------
                                  After-tax Income      15,887       16,186      16,979       16,680      28,551
Minority Interest                                            -            -           -            -           -
Equity in Affiliates                                         -            -           -            -           -
                                                     ---------   ----------   ---------   ----------   ---------
                             Normalized Net Income      15,887       16,186      16,979       16,680      28,551
Preferred Dividends                                          -            -           -            -           -
                                                     ---------   ----------   ---------   ----------   ---------
                   Normalized Net Income to Common   $  15,887   $   16,186   $  16,979   $   16,680   $  28,551
                                                     =========   ==========   =========   ==========   =========
                                              EBIT   $  39,343   $   34,126   $  37,727   $   42,944   $  64,573
                       Depreciation & Amortization   $  38,641   $   27,658   $  30,329   $   41,312   $  38,783
                                            EBITDA   $  77,984   $   61,784   $  68,056   $   84,256   $ 103,356
                                             CAPEX   $  14,838   $    9,507   $  10,939   $   16,270   $  26,434
                                    EBITDA - CAPEX   $  63,146   $   52,277   $  57,117   $   67,986   $  76,922
                          GAAP Operating Cash Flow   $  86,415   $   72,566   $  55,907   $   69,756   $  68,118

Basic Reported Weighted Avg Shares Out (000's)                       13,212      13,054       13,107      13,142
                              Basic Normalized EPS   $    1.20   $     1.23   $    1.30   $     1.27   $    2.17
                                Basic Reported EPS   $   (4.12)  $    (4.40)  $    0.99   $     1.27   $    1.68
Diluted Reported Weighted Avg Shares Out (000's)                     13,528      13,334       13,380      13,186
                            Diluted Normalized EPS   $    1.18   $     1.20   $    1.27   $     1.25   $    2.17
                              Diluted Reported EPS   $   (4.02)  $    (4.30)  $    0.97   $     1.25   $    1.68

                            NORMALIZED RECONCILIATION

Restructuring/Goodwill Impairment                    $ (70,351)  $  (74,376)  $  (4,025)  $        -   $  (6,440)
Other Unusual (Expense) Gain Items                           -            -           -            -           -
Tax Shelter (Charge) on Unusual Items                        -            -           -            -           -
                                                     ---------   ----------   ---------   ----------   ---------
Unusual (Exp) Gain Items, net of Taxes                 (70,351)     (74,376)     (4,025)           -      (6,440)
Accounting Changes, net of Taxes                             -            -           -            -           -
Discontinued Operations, net of Taxes                        -            -           -            -           -
Extraordinary Items, net of Taxes                            -            -           -            -           -
                                                     ---------   ----------   ---------   ----------   ---------
Total Reconciling Items, net of Taxes                $ (70,351)  $  (74,376)  $  (4,025)  $        -   $  (6,440)
                                                     =========   ==========   =========   ==========   =========

         Reported Income Tax (Benefit)               $  12,403   $    9,920   $   8,637   $   11,120   $  15,164
            Reported Net Income (Loss)               $ (54,464)  $  (58,190)  $  12,954   $   16,680   $  22,111

                  PROFITABILITY & COST RATIOS (AS % OF REVENUE)

Gross Profit                                              24.5%        24.3%       26.1%        25.9%       27.7%
S,G & A                                                   19.0%        18.0%       18.3%        19.2%       18.2%
Operating Income                                           5.5%         6.3%        7.9%         6.7%        9.4%
Pre-Tax                                                    4.0%         4.8%        5.4%         4.3%        6.4%
EBIT                                                       5.5%         6.3%        7.9%         6.7%        9.4%
EBITDA                                                    11.0%        11.4%       14.2%        13.1%       15.1%
Normalized Net Income to Common                            2.2%         3.0%        3.5%         2.6%        4.2%
Reported Net Income                                       -7.7%       -10.7%        2.7%         2.6%        3.2%
CAPEX                                                      2.1%         1.7%        2.3%         2.5%        3.9%


                               BALANCE SHEET DATA


($ in thousands, except per share)                                        As of
                                                       As of     ----------------------
                                                     31-Dec-02     Mar-02       Mar-01
                                                     ---------   ----------   ---------
                                                                     
Cash & Equivalents                                   $   7,050   $    8,955   $   8,667
Marketable Securities                                        -            -           -
                                                     ---------   ----------   ---------
Total Cash & Mkt Securities                              7,050        8,955       8,667
Accounts Receivable                                    113,018      121,981     116,095
Inventory                                               31,991       32,771      31,536
Other Current Assets                                    10,217       11,267       8,628
                                                     ---------   ----------   ---------
                              Total Current Assets     162,276      174,974     164,926
PPE, net                                               281,661      293,831     299,871
Intangibles, net                                       110,556      199,331     203,030
Investments                                                  -            -           -
Other Assets                                             7,973        8,597       6,840
                                                     ---------   ----------   ---------
                                      Total Assets   $ 562,466   $  676,733   $ 674,667
                                                     =========   ==========   =========

Accounts Payable                                     $  32,759   $   32,068   $  33,865
Accrued Expenses                                        43,435       37,382      32,609
Short Term Debt                                         21,198       19,877      18,711
Short Term Capital Leases                                    -            -           -
Other Current Liabilities                                   50          611         253
                                                     ---------   ----------   ---------
                         Total Current Liabilities      97,442       89,938      85,438
Other LT Liabilities                                    60,079       66,337      54,966
Long Term Debt                                         155,136      213,860     246,729
Long Term Capital Leases                                     -            -           -
Minority Interests                                           -            -           -
Pref Stock (Liq Value)                                       -            -           -
                                                     ---------   ----------   ---------
                    Total Liabilities & Pref Stock     312,657      370,135     387,133
                                                     ---------   ----------   ---------
Common Equity                                          249,809      306,598     287,534
                                                     ---------   ----------   ---------
                        Total Liabilities & Equity   $ 562,466   $  676,733   $ 674,667
                                                     =========   ==========   =========

Common Shares Outstanding (000's)                       13,314       13,206      13,019
                              Cash Value per share   $    0.53   $     0.68   $    0.67
                              Book Value per share   $   18.76   $    23.22   $   22.09
                     Tangible Book Value per share   $   10.46   $     8.12   $    6.49

                          EFFECTIVENESS AND EFFICIENCY

A/R Turnover                                              6.04x        5.41x       5.89x
Inventory Turnover                                       16.55x       14.84x      15.67x
Asset Turnover                                            1.15x        0.95x       1.01x
Days Sales Outstanding                                    60.4         67.5        62.0
Days Inventory Outstanding                                22.1         24.6        23.3
Days Payable Outstanding                                  17.6         20.0        20.0
Return on Avg Assets                                       2.6%         2.5%         na
Return on Avg Common Equity                                5.7%         5.6%         na

                               FINANCIAL STRENGTH

Current Ratio                                             1.67         1.95        1.93
Quick Ratio                                               1.34         1.58        1.56
Total Debt                                           $ 176,334   $  233,737   $ 265,440
Net Debt                                             $ 169,284   $  224,782   $ 256,773
Total Capitalization                                 $ 426,143   $  540,335   $ 552,974
Total Debt/Total Capitalization                           41.4%        43.3%       48.0%
Net Debt/Total Capitalization                             39.7%        41.6%       46.4%
Total Debt/TIC                                            41.9%        55.6%       63.1%
Total Debt/EBITDA                                         2.26x        2.77x       2.57x
Total Debt/EBITDA-CAPEX                                   2.79x        3.44x       3.45x
EBITDA/Interest Expense                                   7.06x        5.56x       4.96x
EBITDA-CAPEX/Interest Expense                             5.71x        4.49x       3.69x


                               MARKET INFORMATION

As of Date                                                       19-May-03
Exchange                                                               NYSE
Stock Price                                                      $    18.32
52 Week High                                                     $    25.20
52 Week Low                                                      $    14.35
Avg. Daily Volume (000's)                                                56
Beta                                                                   0.53
Shares Outstanding (000's)                                           13,328
Total Outstanding Warrants & Options (000's)                              -
Float (000's)                                                        11,100

Market Cap                                                       $  244,169
Total Invested Capital (TIC)                                     $  420,503
Enterprise Value (EV)                                            $  413,453
Ownership
   Insiders% Owned                                                    17.00%
   Institutional % Owned                                              59.00%
      Number of Institutions                                            235

                                VALUATION RATIOS

                                                        Multiple of
                                             ----------------------------------
                                             Market Cap     TIC          EV
                                             ----------------------------------
Latest Twelve Months
   Revenue                                         0.34x       0.59x       0.58x
   EBIT                                            6.21x      10.69x      10.51x
   EBITDA                                          3.13x       5.39x       5.30x
   Normalized Net Income                          15.37x      26.47x      26.02x
   Basic Normalized EPS                           15.27x         na          na
Projected
   Mar-04 Mean Revenue                             0.34x       0.59x       0.58x
   Mar-05 Mean Revenue                             0.33x       0.57x       0.56x
   Mar-04 Mean EPS                                18.69x         na          na
   Mar-05 Mean EPS                                  na           na          na
Most Recent Filing
   Assets                                          0.43x       0.75x       0.74x
   Common Equity                                   0.98x         na          na
   Tangible Common Equity                          1.75x         na          na

                            MEAN CONSENSUS ESTIMATES

Year Ending                           # Ests       Revenue       EPS
- -----------------------------------------------------------------------
March-04                                     1   $  712,300   $    0.98
March-05                                     1   $  733,700          na
LT Growth                                    1                    10.00%

                               PERIOD GROWTH RATES

                                 Nine Months Ended   Fiscal Years Ended
                                      Dec-02               Mar-02
                                 -----------------   ------------------
Revenue                                       13.8%                -5.8%
EBIT                                          -9.5%               -33.5%
EBITDA                                        -9.2%               -18.5%

NOTES
   Add backs include restructuring expenses and asset impairment charges.

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 60



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

                            MAIL-WELL, INC. OVERVIEW

            Name            Mail-Well, Inc.
          Symbol            MWL
Latest Fiscal YE            31-Dec-02
 Latest Rprt Per            31-Mar-03

                      Address 8310 S. Valley Highway #400
                      City, State Zip Englewood, CO 80112
                            Telephone (303) 790-8023
                               Website imagex.com

                        Officers Paul Reilly, Pres & CEO

Operates 103 printing and manufacturing facilities throughout North America and
three in the United Kingdom. The Company provides high-impact color printing,
and general commercial printing. The Company also has an envelope business that
provides customized envelopes and packaging products, including Tyvek mailers
used by the United States Postal Service, sold directly to end users or to
independent distributors who sell to end users, and envelopes and other products
sold to wholesalers, paper merchants, printers, brokerage firms, office product
establishments and superstores.

                       INCOME AND CASHFLOW STATEMENT DATA



($ in thousands, except per share)
                                                                       Three Months Ended        Fiscal Years Ended
                                                         LTM        -----------------------   -------------------------
                                                        Mar-03        Mar-03       Mar-02        Dec-02        Dec-01
                                                      -----------   ----------   ----------   -----------   -----------
                                                                                             
Revenue                                               $ 1,712,542   $  427,319   $  443,482   $ 1,728,705   $ 1,868,768
COGS                                                    1,373,380      343,472      355,453     1,385,361     1,481,135
                                                      -----------   ----------   ----------   -----------   -----------
                                        Gross Profit      339,162       83,847       88,029       343,344       387,633
Selling, General & Administrative                         259,023       63,480       68,191       263,734       277,004
Research & Development                                          -            -            -             -             -
Other Operating                                                 -            -            -             -             -
                                                      -----------   ----------   ----------   -----------   -----------
                                    Operating Income       80,139       20,367       19,838        79,610       110,629
Interest Income / (Expense), net                          (73,535)     (17,979)     (14,905)      (70,461)      (63,314)
Other Income / (Expense), net                              (1,593)        (131)        (292)       (1,754)       (1,923)
                                                      -----------   ----------   ----------   -----------   -----------
                                      Pre-tax Income        5,011        2,257        4,641         7,395        45,392
Taxes                                                     (57,766)         484       (4,524)      (62,774)       (5,200)
                                                      -----------   ----------   ----------   -----------   -----------
                                    After-tax Income       62,777        1,773        9,165        70,169        50,592
Minority Interest                                               -            -            -             -             -
Equity in Affiliates                                            -            -            -             -             -
                                                      -----------   ----------   ----------   -----------   -----------
                               Normalized Net Income       62,777        1,773        9,165        70,169        50,592
Preferred Dividends                                             -            -            -             -             -
                                                      -----------   ----------   ----------   -----------   -----------
                     Normalized Net Income to Common  $    62,777   $    1,773   $    9,165   $    70,169   $    50,592
                                                      ===========   ==========   ==========   ===========   ===========

                                                EBIT  $    78,546   $   20,236   $   19,546   $    77,856   $   108,706
                         Depreciation & Amortization  $    54,581   $   12,573   $   13,445   $    55,453   $    69,402
                                              EBITDA  $   133,127   $   32,809   $   32,991   $   133,309   $   178,108
                                               CAPEX  $    25,972   $    6,416   $   11,340   $    30,896   $    32,742
                                      EBITDA - CAPEX  $   107,155   $   26,393   $   21,651   $   102,413   $   145,366
                            GAAP Operating Cash Flow  $     1,845   $  (13,440)  $    7,686   $    22,971   $   170,935

Basic Reported Weighted Avg Shares Out (000's)                          47,668       47,358        47,665        47,562
                                Basic Normalized EPS  $      1.32   $     0.04   $     0.19   $      1.47   $      1.06
                                  Basic Reported EPS  $     (1.35)  $     0.07   $    (2.82)  $     (4.24)  $     (2.86)
Diluted Reported Weighted Avg Shares Out (000's)                        48,376       47,358        47,665        47,562
                              Diluted Normalized EPS  $      1.32   $     0.04   $     0.19   $      1.47   $      1.06
                                Diluted Reported EPS  $     (1.36)  $     0.06   $    (2.82)  $     (4.24)  $     (2.86)

                            NORMALIZED RECONCILIATION

Restructuring/Goodwill Impairment                     $   (74,422)  $   (1,130)  $  (22,774)  $   (96,066)  $   (95,805)
Other Unusual (Expense) Gain Items                              -            -            -             -             -
Tax Shelter (Charge) on Unusual Items                     (37,466)           -            -       (37,466)            -
                                                      -----------   ----------   ----------   -----------   -----------
Unusual (Exp) Gain Items, net of Taxes                   (111,888)      (1,130)     (22,774)     (133,532)      (95,805)
Accounting Changes, net of Taxes                                -            -            -             -             -
Discontinued Operations, net of Taxes                      (6,369)       2,500       (7,999)      (16,868)      (91,004)
Extraordinary Items, net of Taxes                         (10,125)           -            -       (10,125)            -
                                                      -----------   ----------   ----------   -----------   -----------
Total Reconciling Items, net of Taxes                 $  (128,382)  $    1,370   $ (142,521)  $  (272,273)  $  (186,809)
                                                      ===========   ==========   ==========   ===========   ===========

                       Reported Income Tax (Benefit)  $   (20,300)  $      484   $   (4,524)  $   (25,308)  $    (5,200)
                          Reported Net Income (Loss)  $   (65,605)  $    3,143   $ (133,356)  $  (202,104)  $  (136,217)

                  PROFITABILITY & COST RATIOS (AS % OF REVENUE)

Gross Profit                                                 19.8%        19.6%        19.8%         19.9%         20.7%
S,G & A                                                      15.1%        14.9%        15.4%         15.3%         14.8%
Operating Income                                              4.7%         4.8%         4.5%          4.6%          5.9%
Pre-Tax                                                       0.3%         0.5%         1.0%          0.4%          2.4%
EBIT                                                          4.6%         4.7%         4.4%          4.5%          5.8%
EBITDA                                                        7.8%         7.7%         7.4%          7.7%          9.5%
Normalized Net Income to Common                               3.7%         0.4%         2.1%          4.1%          2.7%
Reported Net Income                                          -3.8%         0.7%       -30.1%        -11.7%         -7.3%
CAPEX                                                         1.5%         1.5%         2.6%          1.8%          1.8%


                               BALANCE SHEET DATA



($ in thousands, except per share)                                  As of
                                               As of      --------------------------
                                             31-Mar-03       Dec-02        Dec-01
                                            -----------   -----------   ------------
                                                               
Cash & Equivalents                          $       344   $     2,650   $        894
Marketable Securities                                 -             -              -
                                            -----------   -----------   ------------
Total Cash & Mkt Securities                         344         2,650            894
Accounts Receivable                             227,049       219,924        233,045
Inventory                                       104,546       103,533        111,648
Other Current Assets                             48,225        50,254        233,462
                                            -----------   -----------   ------------
                     Total Current Assets       380,164       376,361        579,049
PPE, net                                        379,677       379,624        428,564
Intangibles, net                                311,578       308,947        420,723
Investments                                           -             -              -
Other Assets                                     38,851        42,435         48,531
                                            -----------   -----------   ------------
                             Total Assets   $ 1,110,270   $ 1,107,367   $  1,476,867
                                            ===========   ===========   ============

Accounts Payable                            $   143,715   $   151,930   $    160,659
Accrued Expenses                                 49,660        53,292         51,407
Short Term Debt                                   2,193         2,961        303,170
Short Term Capital Leases                             -             -              -
Other Current Liabilities                        59,979        67,848         62,520
                                            -----------   -----------   ------------
                Total Current Liabilities       255,547       276,031        577,756
Other LT Liabilities                             26,216        27,630        105,183
Long Term Debt                                  775,058       760,938        552,051
Long Term Capital Leases                              -             -              -
Minority Interests                                    -             -              -
Pref Stock (Liq Value)                                -             -              -
                                            -----------   -----------   ------------
           Total Liabilities & Pref Stock     1,056,821     1,064,599      1,234,990
                                            -----------   -----------   ------------
Common Equity                                    53,449        42,768        241,877
                                            -----------   -----------   ------------
               Total Liabilities & Equity   $ 1,110,270   $ 1,107,367   $  1,476,867
                                            ===========   ===========   ============

Common Shares Outstanding (000's)                48,343        48,337         48,326
                     Cash Value per share   $      0.01   $      0.05   $       0.02
                     Book Value per share   $      1.11   $      0.88   $       5.01
            Tangible Book Value per share   $     (5.34)  $     (5.51)  $      (3.70)

                          EFFECTIVENESS AND EFFICIENCY

A/R Turnover                                       7.66x         7.63x          8.02x
Inventory Turnover                                13.20x        12.88x         13.27x
Asset Turnover                                     1.54x         1.34x          1.27x
Days Sales Outstanding                             47.6          47.8           45.5
Days Inventory Outstanding                         27.7          28.3           27.5
Days Payable Outstanding                           33.1          34.6           33.4
Return on Avg Assets                                5.7%          5.4%            na
Return on Avg Common Equity                       130.5%         49.3%            na

                               FINANCIAL STRENGTH

Current Ratio                                      1.49          1.36           1.00
Quick Ratio                                        1.08          0.99           0.81
Total Debt                                  $   777,251   $   763,899   $    855,221
Net Debt                                    $   776,907   $   761,249   $    854,327
Total Capitalization                        $   830,700   $   806,667   $  1,097,098
Total Debt/Total Capitalization                    93.6%         94.7%          78.0%
Net Debt/Total Capitalization                      93.5%         94.4%          77.9%
Total Debt/TIC                                     87.4%         85.9%          96.2%
Total Debt/EBITDA                                  5.84x         5.73x          4.80x
Total Debt/EBITDA-CAPEX                            7.25x         7.46x          5.88x
EBITDA/Interest Expense                            1.81x         1.89x          2.81x
EBITDA-CAPEX/Interest Expense                      1.46x         1.45x          2.30x


                               MARKET INFORMATION

As of Date                                                            19-May-03
Exchange                                                                   NYSE
Stock Price                                                        $       2.31
52 Week High                                                       $       6.63
52 Week Low                                                        $       0.95
Avg. Daily Volume (000's)                                                    92
Beta                                                                       1.53
Shares Outstanding (000's)                                               48,343
Total Outstanding Warrants & Options (000's)                                  -
Float (000's)                                                            26,300

Market Cap                                                         $    111,672
Total Invested Capital (TIC)                                       $    888,923
Enterprise Value (EV)                                              $    888,579
Ownership
   Insiders% Owned                                                        46.00%
   Institutional % Owned                                                  54.00%
      Number of Institutions                                                117

                                VALUATION RATIOS

                                                         Multiple of
                                            ------------------------------------
                                             Market Cap       TIC           EV
                                            ------------------------------------
Latest Twelve Months
   Revenue                                         0.07x         0.52x     0.52x
   EBIT                                            1.42x        11.32x    11.31x
   EBITDA                                          0.84x         6.68x     6.67x
   Normalized Net Income                           1.78x        14.16x    14.15x
   Basic Normalized EPS                            1.75x           na        na
Projected
   Dec-03 Mean Revenue                             0.07x         0.52x     0.52x
   Dec-04 Mean Revenue                             0.06x         0.52x     0.51x
   Dec-03 Mean EPS                                 9.24x           na        na
   Dec-04 Mean EPS                                 5.50x           na        na
Most Recent Filing
   Assets                                          0.10x         0.80x     0.80x
   Common Equity                                   2.09x           na        na
   Tangible Common Equity                            na            na        na

                            MEAN CONSENSUS ESTIMATES

Year Ending                                   # Ests        Revenue       EPS
- --------------------------------------------------------------------------------
December-03                                           1   $ 1,696,000   $  0.25
December-04                                           1   $ 1,726,000   $  0.42
LT Growth                                             -                    5.00%

                               PERIOD GROWTH RATES

                                     Three Months Ended      Fiscal Years Ended
                                           Mar-03                 Dec-02
                                     ------------------      ------------------
Revenue                                            -3.6%                   -7.5%
EBIT                                                3.5%                  -28.4%
EBITDA                                             -0.6%                  -25.2%

NOTES
   Add backs include restructuring expenses and asset impairment charges.
   Discontinued operations represent sale of label & printed office product
   segments.
   Extraordinary items include gain from settlement of debt.

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 61



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

                             IMPRESO, INC. OVERVIEW

            Name          Impreso, Inc.
          Symbol          ZCOM
Latest Fiscal YE          31-Aug-02
 Latest Rprt Per          28-Feb-03

                         Address 652 Southwestern Blvd.
                        City, State Zip Coppell, TX 75019
                             Telephone 972-462-0100
                             Website tstimpreso.com

                        Officers Marshall Sorokwasz, CEO

Impreso, Inc. is the holding company of TST/Impreso, Inc. (TST), a manufacturer
and distributor to dealers and other resellers of various paper and film
products for commercial and home use in domestic and international markets, and
Hotsheet.com, Inc., the owner of Hotsheet.com, an online Web reference
directory. TST manufactures and distributes its products under its own IMPRESO
label, generic labels and private labels. Hotsheet is an Internet Website
directory, or portal, specializing in listing popular and useful Web
destinations utilized by a wide general audience.

                       INCOME AND CASHFLOW STATEMENT DATA



($ in thousands, except per share)
                                                                        Six Months Ended          Fiscal Years Ended
                                                          LTM       -----------------------   -------------------------
                                                         Feb-03       Feb-03       Feb-02       Aug-02         Aug-01
                                                      -----------   ----------   ----------   -----------   -----------
                                                                                             
Revenue                                               $   134,781   $   63,512   $   51,796   $   123,065   $    96,208
COGS                                                      121,187       57,062       46,323       110,448        84,752
                                                      -----------   ----------   ----------   -----------   -----------
                                        Gross Profit       13,594        6,450        5,473        12,617        11,456
Selling, General & Administrative                           9,896        4,785        4,221         9,332         7,872
Research & Development                                          -            -            -             -             -
Other Operating                                                 -            -            -             -             -
                                                      -----------   ----------   ----------   -----------   -----------
                                    Operating Income        3,698        1,665        1,252         3,285         3,584
Interest Income / (Expense), net                           (1,871)        (958)        (831)       (1,744)       (1,633)
Other Income / (Expense), net                                (726)         157        1,066           183            72
                                                      -----------   ----------   ----------   -----------   -----------
                                      Pre-tax Income        1,101          864        1,487         1,724         2,023
Taxes                                                         446          343          558           661           776
                                                      -----------   ----------   ----------   -----------   -----------
                                    After-tax Income          655          521          929         1,063         1,247
Minority Interest                                               -            -            -             -             -
Equity in Affiliates                                            -            -            -             -             -
                                                      -----------   ----------   ----------   -----------   -----------
                               Normalized Net Income          655          521          929         1,063         1,247
Preferred Dividends                                             -            -            -             -             -
                                                      -----------   ----------   ----------   -----------   -----------
                     Normalized Net Income to Common  $       655   $      521   $      929   $     1,063   $     1,247
                                                      ===========   ==========   ==========   ===========   ===========

                                                EBIT  $     2,972   $    1,822   $    2,318   $     3,468   $     3,656
                         Depreciation & Amortization  $     1,262   $        -   $        -   $     1,262   $       874
                                              EBITDA  $     4,234   $    1,822   $    2,318   $     4,730   $     4,530
                                               CAPEX  $     1,540   $        -   $        -   $     1,540   $     1,200
                                      EBITDA - CAPEX  $     2,694   $    1,822   $    2,318   $     3,190   $     3,330
                            GAAP Operating Cash Flow  $     5,441   $        -   $        -   $     5,441   $     4,946

Basic Reported Weighted Avg Shares Out (000's)                           5,279        5,279         5,279         5,281
                                Basic Normalized EPS  $      0.12   $     0.10   $     0.18   $      0.20   $      0.24
                                  Basic Reported EPS  $      0.24   $     0.10   $     0.18   $      0.32   $      0.24
Diluted Reported Weighted Avg Shares Out (000's)                         5,279        5,279         5,279         5,281
                              Diluted Normalized EPS  $      0.12   $     0.10   $     0.18   $      0.20   $      0.24
                                Diluted Reported EPS  $      0.24   $     0.10   $     0.18   $      0.32   $      0.24

                            NORMALIZED RECONCILIATION

Restructuring/Goodwill Impairment                     $         -   $        -   $        -   $         -   $         -
Other Unusual (Expense) Gain Items                          1,005            -            -         1,005             -
Tax Shelter (Charge) on Unusual Items                        (392)           -            -          (392)            -
                                                      -----------   ----------   ----------   -----------   -----------
Unusual (Exp) Gain Items, net of Taxes                        613            -            -           613             -
Accounting Changes, net of Taxes                                -            -            -             -             -
Discontinued Operations, net of Taxes                           -            -            -             -             -
Extraordinary Items, net of Taxes                               -            -            -             -             -
                                                      -----------   ----------   ----------   -----------   -----------
Total Reconciling Items, net of Taxes                 $       613   $        -   $        -   $       613   $         -
                                                      ===========   ==========   ==========   ===========   ===========

                       Reported Income Tax (Benefit)  $       838   $      343   $      558   $     1,053   $       776
                          Reported Net Income (Loss)  $     1,268   $      521   $      929   $     1,676   $     1,247

                  PROFITABILITY & COST RATIOS (as % of Revenue)

Gross Profit                                                 10.1%        10.2%        10.6%         10.3%         11.9%
S,G & A                                                       7.3%         7.5%         8.1%          7.6%          8.2%
Operating Income                                              2.7%         2.6%         2.4%          2.7%          3.7%
Pre-Tax                                                       0.8%         1.4%         2.9%          1.4%          2.1%
EBIT                                                          2.2%         2.9%         4.5%          2.8%          3.8%
EBITDA                                                        3.1%         2.9%         4.5%          3.8%          4.7%
Normalized Net Income to Common                               0.5%         0.8%         1.8%          0.9%          1.3%
Reported Net Income                                           0.9%         0.8%         1.8%          1.4%          1.3%
CAPEX                                                         1.1%         0.0%         0.0%          1.3%          1.2%


                               BALANCE SHEET DATA

($ in thousands, except per share)                           As of
                                          As of     ----------------------
                                        28-Feb-03     Aug-02       Aug-01
                                       ----------   ----------   ---------
Cash & Equivalents                     $      132   $      203   $     211
Marketable Securities                           -            -           -
                                       ----------   ----------   ---------
Total Cash & Mkt Securities                   132          203         211
Accounts Receivable                        13,562       15,864      11,748
Inventory                                  34,318       34,111      38,460
Other Current Assets                          804          740         351
                                       ----------   ----------   ---------
               Total Current Assets        48,816       50,918      50,770
PPE, net                                   15,411       15,939      11,213
Intangibles, net                                -            -           -
Investments                                     -            -           -
Other Assets                                  100          115         219
                                       ----------   ----------   ---------
                       Total Assets    $   64,327   $   66,972   $  62,202
                                       ==========   ==========   =========

Accounts Payable                       $   11,606   $   16,302   $  18,572
Accrued Expenses                            2,596        3,703       1,942
Short Term Debt                            21,992       18,992      19,720
Short Term Capital Leases                       -            -           -
Other Current Liabilities                       -            -           -
                                       ----------   ----------   ---------
          Total Current Liabilities        36,194       38,997      40,234
Other LT Liabilities                          978          949         927
Long Term Debt                             10,211       10,609       6,328
Long Term Capital Leases                        -            -           -
Minority Interests                              -            -           -
Pref Stock (Liq Value)                          -            -           -
                                       ----------   ----------   ---------
     Total Liabilities & Pref Stock        47,383       50,555      47,489
                                       ----------   ----------   ---------
Common Equity                              16,944       16,417      14,713
                                       ----------   ----------   ---------
         Total Liabilities & Equity    $   64,327   $   66,972   $  62,202
                                       ==========   ==========   =========

Common Shares Outstanding (000's)           5,279        5,279       5,265
               Cash Value per share    $     0.03   $     0.04   $    0.04
               Book Value per share    $     3.21   $     3.11   $    2.79
      Tangible Book Value per share    $     3.21   $     3.11   $    2.79

                          EFFECTIVENESS AND EFFICIENCY

A/R Turnover                                 9.16x        8.91x       8.19x
Inventory Turnover                           3.54x        3.04x       2.20x
Asset Turnover                               2.05x        1.91x       1.55x
Days Sales Outstanding                       39.8         40.9        44.6
Days Inventory Outstanding                  103.0        119.9       165.6
Days Payable Outstanding                     38.9         53.1        73.2
Return on Avg Assets                          1.0%         1.6%         na
Return on Avg Common Equity                   3.9%         6.8%         na

                               FINANCIAL STRENGTH

Current Ratio                                1.35         1.31        1.26
Quick Ratio                                  0.40         0.43        0.31
Total Debt                             $   32,203   $   29,601   $  26,048
Net Debt                               $   32,071   $   29,398   $  25,837
Total Capitalization                   $   49,147   $   46,018   $  40,761
Total Debt/Total Capitalization              65.5%        64.3%       63.9%
Net Debt/Total Capitalization                65.3%        63.9%       63.4%
Total Debt/TIC                               75.0%        69.0%       60.7%
Total Debt/EBITDA                            7.61x        6.26x       5.75x
Total Debt/EBITDA-CAPEX                     11.95x        9.28x       7.82x
EBITDA/Interest Expense                      2.26x        2.71x       2.77x
EBITDA-CAPEX/Interest Expense                1.44x        1.83x       2.04x

                               MARKET INFORMATION

As of Date                                                             19-May-03
Exchange                                                                 NASDAQ
Stock Price                                                       $        2.03
52 Week High                                                      $        3.54
52 Week Low                                                       $        1.72
Avg. Daily Volume (000's)                                                     2
Beta                                                                       0.94
Shares Outstanding (000's)                                                5,279
Total Outstanding Warrants & Options (000's)                                  -
Float (000's)                                                             1,700

Market Cap                                                        $      10,716
Total Invested Capital (TIC)                                      $      42,919
Enterprise Value (EV)                                             $      42,787

Ownership
   Insiders % Owned                                                       68.00%
   Institutional % Owned                                                   3.00%
      Number of Institutions                                                  9

                                VALUATION RATIOS

                                                    Multiple of
                                       -----------------------------------
                                       Market Cap      TIC          EV
                                       -----------------------------------
Latest Twelve Months
   Revenue                                   0.08x        0.32x       0.32x
   EBIT                                      3.61x       14.44x      14.40x
   EBITDA                                    2.53x       10.14x      10.11x
   Normalized Net Income                    16.36x       65.53x      65.33x
   Basic Normalized EPS                     16.92x          na          na
Projected
   Dec-02 Mean Revenue                         na           na          na
   Dec-03 Mean Revenue                         na           na          na
   Dec-02 Mean EPS                             na           na          na
   Dec-03 Mean EPS                             na           na          na
Most Recent Filing
   Assets                                    0.17x        0.67x       0.67x
   Common Equity                             0.63x          na          na
   Tangible Common Equity                    0.63x          na          na

                            MEAN CONSENSUS ESTIMATES

Year Ending                              # Ests       Revenue       EPS
- --------------------------------------------------------------------------
December-02                                    na           na          na
December-03                                    na           na          na
LT Growth                                      na           na          na

                               PERIOD GROWTH RATES

                                       Six Months Ended    Fiscal Years Ended
                                            Feb-03               Aug-02
                                       ----------------    ------------------
Revenue                                            22.6%                 27.9%
EBIT                                              -21.4%                 -5.1%
EBITDA                                            -21.4%                  4.4%

NOTES
   Unusual expense relates to litigation settlement

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 62



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

                           MOORE CORPORATION OVERVIEW

            Name     Moore Corporation
          Symbol     MCL
Latest Fiscal YE     31-Dec-02
 Latest Rprt Per     31-Mar-03

                            Address 6100 Vipond Drive
                  City, State Zip Mississauga, ON L5T 2, Canada
                            Telephone (905) 362-3100
                          Website http://www.moore.com/

                       Officers Alfred Eckert, III, Chair

Moore operates in three complementary business segments: Forms and Labels,
Outsourcing and Commercial. The Forms and Labels business designs, manufactures
and sells paper based and electronic business forms and labels, and provides
electronic print management solutions. The Outsourcing business provides
high-quality, high-volume variably imaged print and mail, electronic statement
and database management services. The Commercial business produces high-quality,
multi-color personalized business communications and provides direct marketing
services.

                       INCOME AND CASHFLOW STATEMENT DATA



($ in thousands, except per share)
                                                                             Three Months Ended             Fiscal Years Ended
                                                           LTM         ----------------------------    ----------------------------
                                                          Mar-03          Mar-03          Mar-02          Dec-02         Dec-01
                                                       ------------    ----------------------------    ----------------------------
                                                                                                        
Revenue                                                $  2,019,683    $    511,145    $    529,501    $  2,038,039    $   2,154,57
COGS                                                      1,374,451         345,452         361,008       1,390,007       1,552,561
                                                       ------------    ----------------------------    ----------------------------
                          Gross Profit                      645,232         165,693         168,493         648,032         602,013
Selling, General & Administrative                           529,559         129,833         146,633         546,359         814,658
Research & Development                                            -               -               -               -               -
Other Operating                                                   -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                      Operating Income                      115,673          35,860          21,860         101,673        (212,645)
Interest Income / (Expense), net                            (16,033)         (6,499)         (2,611)        (12,145)        (23,758)
Other Income / (Expense), net                               (10,692)            839          (1,495)        (13,026)        (22,338)
                                                       ------------    ----------------------------    ----------------------------
                        Pre-tax Income                       88,948          30,200          17,754          76,502        (258,741)
Taxes                                                        (1,482)            840           4,794           2,472         (32,192)
                                                       ------------    ----------------------------    ----------------------------
                      After-tax Income                       90,430          29,360          12,960          74,030        (226,549)
Minority Interest                                            (1,357)           (202)           (467)         (1,622)         (1,810)
Equity in Affiliates                                              -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                 Normalized Net Income                       89,073          29,158          12,493          72,408        (228,359)
Preferred Dividends                                               -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
       Normalized Net Income to Common                 $     89,073    $     29,158    $     12,493    $     72,408    $   (228,359)
                                                       ============    ============================    ============================

                                  EBIT                 $    104,981    $     36,699    $     20,365    $     88,647    $   (234,983)
           Depreciation & Amortization                 $     85,766    $     21,175    $     22,155    $     86,746    $    239,072
                                EBITDA                 $    190,747    $     57,874    $     42,520    $    175,393    $      4,089
                                 CAPEX                 $     14,441    $      7,583    $      2,083    $      8,941    $     37,072
                        EBITDA - CAPEX                 $    176,306    $     50,291    $     40,437    $    166,452    $    (32,983)
              GAAP Operating Cash Flow                 $    134,865    $    (22,395)   $      1,135    $    158,395    $    137,121

Basic Reported Weighted Avg Shares Out (000's)                              112,276         111,848         111,556        88,648
                  Basic Normalized EPS                 $       0.80    $       0.26    $       0.11    $       0.65    $    (2.58)
                    Basic Reported EPS                 $       0.81    $       0.26    $       0.11    $       0.66    $    (4.21)
Diluted Reported Weighted Avg Shares Out (000's)                            113,229         114,269         114,022        88,648
                Diluted Normalized EPS                 $       0.79    $       0.26    $       0.11    $       0.64    $    (2.58)
                  Diluted Reported EPS                 $       0.79    $       0.26    $       0.11    $       0.64    $    (4.21)

                            NORMALIZED RECONCILIATION

Restructuring/Goodwill Impairment                      $        850    $          -    $          -    $        850    $   (129,679)
Other Unusual (Expense) Gain Items                                -               -               -               -         (15,345)
Tax Shelter (Charge) on Unusual Items                             -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
Unusual (Exp) Gain Items, net of Taxes                          850               -               -             850        (145,024)
Accounting Changes, net of Taxes                                  -               -               -               -               -
Discontinued Operations, net of Taxes                             -               -               -               -               -
Extraordinary Items, net of Taxes                                 -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
Total Reconciling Items, net of Taxes                  $        850    $          -    $          -    $        850    $   (145,024)
                                                       ============    ============================    ============================

         Reported Income Tax (Benefit)                 $     (1,482)   $        840    $      4,794    $      2,472    $    (32,192)
            Reported Net Income (Loss)                 $     89,923    $     29,158    $     12,493    $     73,258    $   (373,383)

                  PROFITABILITY & COST RATIOS (AS % OF REVENUE)

Gross Profit                                                   31.9%           32.4%           31.8%           31.8%           27.9%
S,G & A                                                        26.2%           25.4%           27.7%           26.8%           37.8%
Operating Income                                                5.7%            7.0%            4.1%            5.0%           -9.9%
Pre-Tax                                                         4.4%            5.9%            3.4%            3.8%          -12.0%
EBIT                                                            5.2%            7.2%            3.8%            4.3%          -10.9%
EBITDA                                                          9.4%           11.3%            8.0%            8.6%            0.2%
Normalized Net Income to Common                                 4.4%            5.7%            2.4%            3.6%          -10.6%
Reported Net Income                                             4.5%            5.7%            2.4%            3.6%          -17.3%
CAPEX                                                           0.7%            1.5%            0.4%            0.4%            1.7%


                               BALANCE SHEET DATA

($ in thousands, except per share)                              As of
                                           As of      -------------------------
                                         31-Mar-03      Dec-02         Dec-01
                                        -----------   -------------------------
Cash & Equivalents                      $   119,981   $   139,630   $    84,855
Marketable Securities                             -             -             -
                                        -----------   -------------------------
Total Cash & Mkt Securities                 119,981       139,630        84,855
Accounts Receivable                         344,567       341,383       336,153
Inventory                                   137,372       129,889       128,421
Other Current Assets                         71,567        49,229        27,110
                                        -----------   -------------------------
                 Total Current Assets       673,487       660,131       576,539
PPE, net                                    252,549       255,722       307,640
Intangibles, net                            113,927       112,688        42,294
Investments                                 928,151        32,256        32,204
Other Assets                                384,716       378,962       378,309
                                        -----------   -------------------------
                         Total Assets   $ 2,352,830   $ 1,439,759   $ 1,336,986
                                        ===========   =========================
Accounts Payable                        $   450,779   $   486,507   $   486,626
Accrued Expenses                                  -             -             -
Short Term Debt                               2,642         2,135        18,034
Short Term Capital Leases                         -             -             -
Other Current Liabilities                    84,789        79,904        84,182
                                        -----------   -------------------------
            Total Current Liabilities       538,210       568,546       588,842
Other LT Liabilities                        295,330       294,602       304,632
Long Term Debt                            1,087,106       187,463       111,062
Long Term Capital Leases                          -             -             -
Minority Interests                            6,365         6,652        11,200
Pref Stock (Liq Value)                            -             -             -
                                        -----------   -------------------------
       Total Liabilities & Pref Stock     1,927,011     1,057,263     1,015,736
                                        -----------   -------------------------
Common Equity                               425,819       382,496       321,250
                                        -----------   -------------------------
           Total Liabilities & Equity   $ 2,352,830   $ 1,439,759   $ 1,336,986
                                        ===========   =========================

Common Shares Outstanding (000's)           113,398       111,842       111,804
                 Cash Value per share   $      1.06   $      1.25   $      0.76
                 Book Value per share   $      3.76   $      3.42   $      2.87
        Tangible Book Value per share   $      2.75   $      2.41   $      2.50

                          EFFECTIVENESS AND EFFICIENCY

A/R Turnover                                   5.89x         6.02x         6.41x
Inventory Turnover                            10.29x        10.76x        12.09x
Asset Turnover                                 1.07x         1.47x         1.61x
Days Sales Outstanding                         62.0          60.7          56.9
Days Inventory Outstanding                     35.5          33.9          30.2
Days Payable Outstanding                       89.8          91.7          75.0
Return on Avg Assets                            4.7%          5.2%           na
Return on Avg Common Equity                    22.0%         20.6%           na

                               FINANCIAL STRENGTH

Current Ratio                                  1.25          1.16          0.98
Quick Ratio                                    1.00          0.93          0.76
Total Debt                              $ 1,096,113   $   196,250   $   140,296
Net Debt                                $   976,132   $    56,620   $    55,441
Total Capitalization                    $ 1,521,932   $   578,746   $   461,546
Total Debt/Total Capitalization                72.0%         33.9%         30.4%
Net Debt/Total Capitalization                  64.1%          9.8%         12.0%
Total Debt/TIC                                 44.5%          8.0%          5.7%
Total Debt/EBITDA                              5.75x         1.12x        34.31x
Total Debt/EBITDA-CAPEX                        6.22x         1.18x           na
EBITDA/Interest Expense                       11.90x        14.44x         0.17x
EBITDA-CAPEX/Interest Expense                 11.00x        13.71x           na

                               MARKET INFORMATION

As of Date                                              19-May-03
Exchange                                                     NYSE
Stock Price                                          $      12.05
52 Week High                                         $      14.45
52 Week Low                                          $       7.85
Avg. Daily Volume (000's)                                       1
Beta                                                         0.69
Shares Outstanding (000's)                                113,323
Total Outstanding Warrants & Options (000's)                    -
Float (000's)                                             111,100

Market Cap                                           $  1,365,542
Total Invested Capital (TIC)                         $  2,461,655
Enterprise Value (EV)                                $  2,341,674
OWNERSHIP
  Insiders % Owned                                           2.00%
  Institutional % Owned                                     70.00%
    Number of Institutions                                    226

                                VALUATION RATIOS

                                    Multiple of
                            ---------------------------
                            Market Cap    TIC      EV
                            ---------------------------
Latest Twelve Months
  Revenue                        0.68x    1.22x    1.16x
  EBIT                          13.01x   23.45x   22.31x
  EBITDA                         7.16x   12.91x   12.28x
  Normalized Net Income         15.33x   27.64x   26.29x
  Basic Normalized EPS          15.06x      na       na
Projected
  Dec-03 Mean Revenue            0.54x    0.97x    0.93x
  Dec-04 Mean Revenue            0.48x    0.87x    0.82x
  Dec-03 Mean EPS               14.01x      na       na
  Dec-04 Mean EPS               10.86x      na       na
Most Recent Filing
  Assets                         0.58x    1.05x    1.00x
  Common Equity                  3.21x      na       na
  Tangible Common Equity         4.38x      na       na

                            MEAN CONSENSUS ESTIMATES

Year Ending      # Ests     Revenue       EPS
- ----------------------------------------------
December-03           2   $ 2,529,010   $ 0.86
December-04           2   $ 2,845,600   $ 1.11
LT Growth            na            na       na

                               PERIOD GROWTH RATES

                 Three Months Ended   Fiscal Years Ended
                       Mar-03               Dec-02
                 ---------------------------------------
Revenue                        -3.5%                -5.4%
EBIT                           80.2%              -137.7%
EBITDA                         36.1%              4189.4%

NOTES
     Add backs include restructuring cost provisioning, and debt settlement
     expenses.

     Note - Merger with Wallace in final stages.

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 63



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

                       WALLACE COMPUTER SERVICES OVERVIEW

            Name     Wallace Computer Se
          Symbol     WCS
Latest Fiscal YE     31-Jul-02
 Latest Rprt Per     31-Jan-03

                            Address 2275 Cabot Drive
                         City, State Zip Lisle, IL 60532
                            Telephone (630) 588-5000
                         Website http://www.wallace.com/

                          Officers M. David Jones, CEO

A provider of printed products and print management services to Fortune 1000
customers. The Company operates in two business segments: the forms and labels
segment and the integrated graphics segment. The principal products and services
supplied by the forms and labels segment include the design and manufacture of
paper-based forms, the manufacture of both electronic data processing (EDP)
labels and packaging labels, as well as the manufacture and distribution of a
standard line of office products.

                       INCOME AND CASHFLOW STATEMENT DATA




($ in thousands, except per share)
                                                                            Six Months Ended                 Fiscal Years Ended
                                                            LTM        ----------------------------    ----------------------------
                                                          Jan-03          Jan-03          Jan-02          Jul-02          Jul-01
                                                       ------------    ----------------------------    ----------------------------
                                                                                                        
Revenue                                                $  1,505,704    $    764,888    $    804,813    $  1,545,629    $  1,689,534
COGS                                                      1,094,087         555,959         596,266       1,134,394       1,236,589
                                                       ------------    ----------------------------    ----------------------------
                          Gross Profit                      411,617         208,929         208,547         411,235         452,945
Selling, General & Administrative                           300,107         155,599         156,842         301,350         334,452
Research & Development                                            -               -               -               -               -
Other Operating                                                   -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                      Operating Income                      111,510          53,330          51,705         109,885         118,493
Interest Income / (Expense), net                            (18,231)         (8,917)        (11,529)        (20,843)        (28,273)
Other Income / (Expense), net                                     -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                        Pre-tax Income                       93,279          44,413          40,176          89,042          90,220
Taxes                                                        13,223          16,633           2,864            (546)         36,311
                                                       ------------    ----------------------------    ----------------------------
                      After-tax Income                       80,056          27,780          37,312          89,588          53,909
Minority Interest                                                 -               -               -               -               -
Equity in Affiliates                                              -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                 Normalized Net Income                       80,056          27,780          37,312          89,588          53,909
Preferred Dividends                                               -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
       Normalized Net Income to Common                 $     80,056    $     27,780    $     37,312    $     89,588    $     53,909
                                                       ============    ============================    ============================

                                  EBIT                 $    111,510    $     53,330    $     51,705    $    109,885    $    118,493
           Depreciation & Amortization                 $     62,504    $     30,848    $     34,751    $     66,407    $     78,848
                                EBITDA                 $    174,014    $     84,178    $     86,456    $    176,292    $    197,341
                                 CAPEX                 $     26,715    $     15,067    $     11,603    $     23,251    $     41,310
                        EBITDA - CAPEX                 $    147,299    $     69,111    $     74,853    $    153,041    $    156,031
              GAAP Operating Cash Flow                 $    133,352    $     53,099    $     61,300    $    141,553    $    175,703

Basic Reported Weighted Avg Shares Out (000's)                               41,917          41,098          41,326          40,699
                  Basic Normalized EPS                 $       1.92    $       0.66    $       0.91    $       2.17    $       1.32
                    Basic Reported EPS                 $       1.28    $       0.65    $      (3.40)   $      (2.77)   $       1.31
Diluted Reported Weighted Avg Shares Out (000's)                             42,483          41,098          41,699          40,951
                Diluted Normalized EPS                 $       1.89    $       0.65    $       0.91    $       2.15    $       1.32
                  Diluted Reported EPS                 $       1.29    $       0.64    $      (3.40)   $      (2.75)   $       1.30

                            NORMALIZED RECONCILIATION

Restructuring/Goodwill Impairment                      $    (11,096)   $       (643)   $    (32,832)   $    (43,285)   $       (513)
Other Unusual (Expense) Gain Items                                -               -               -               -               -
Tax Shelter (Charge) on Unusual Items                       (16,881)              -               -         (16,881)           (200)
                                                       ------------    ----------------------------    ----------------------------
Unusual (Exp) Gain Items, net of Taxes                      (27,977)           (643)        (32,832)        (60,166)           (713)
Accounting Changes, net of Taxes                                  -               -        (144,078)       (144,078)              -
Discontinued Operations, net of Taxes                             -               -               -               -               -
Extraordinary Items, net of Taxes                                 -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
Total Reconciling Items, net of Taxes                  $    (27,977)   $       (643)   $   (176,910)   $   (204,244)   $       (713)
                                                       ============    ============================    ============================

         Reported Income Tax (Benefit)                 $     30,104    $     16,633    $      2,864    $     16,335    $     36,511
            Reported Net Income (Loss)                 $     52,079    $     27,137    $   (139,598)   $   (114,656)   $     53,196

                  PROFITABILITY & COST RATIOS (as % of Revenue)

Gross Profit                                                   27.3%           27.3%           25.9%           26.6%           26.8%
S,G & A                                                        19.9%           20.3%           19.5%           19.5%           19.8%
Operating Income                                                7.4%            7.0%            6.4%            7.1%            7.0%
Pre-Tax                                                         6.2%            5.8%            5.0%            5.8%            5.3%
EBIT                                                            7.4%            7.0%            6.4%            7.1%            7.0%
EBITDA                                                         11.6%           11.0%           10.7%           11.4%           11.7%
Normalized Net Income to Common                                 5.3%            3.6%            4.6%            5.8%            3.2%
Reported Net Income                                             3.5%            3.5%          -17.3%           -7.4%            3.1%
CAPEX                                                           1.8%            2.0%            1.4%            1.5%            2.4%


                               BALANCE SHEET DATA



($ in thousands, except per share)                              As of
                                           As of      -------------------------
                                         31-Jan-03       Jul-02        Jul-01
                                        -----------   -------------------------
                                                           
Cash & Equivalents                      $    58,777   $    25,178   $         -
Marketable Securities                             -             -             -
                                        -----------   -------------------------
Total Cash & Mkt Securities                  58,777        25,178             -
Accounts Receivable                         229,882       245,141       280,456
Inventory                                    89,799        85,437       100,922
Other Current Assets                         41,066        49,159        33,661
                                        -----------   -------------------------
                 Total Current Assets       419,524       404,915       415,039
PPE, net                                    307,745       318,338       391,166
Intangibles, net                            184,624       188,101       340,180
Investments                                       -             -             -
Other Assets                                 19,354        18,640        18,037
                                        -----------   -------------------------
                         Total Assets   $   931,247   $   929,994   $ 1,164,422
                                        ===========   =========================

Accounts Payable                        $    68,942   $    78,403   $    74,087
Accrued Expenses                             86,241        76,467        91,284
Short Term Debt                                 679         1,233         4,000
Short Term Capital Leases                         -             -             -
Other Current Liabilities                         -        13,373        20,231
                                        -----------   -------------------------
            Total Current Liabilities       155,862       169,476       189,602
Other LT Liabilities                         98,174       102,086       110,116
Long Term Debt                              208,228       209,303       284,087
Long Term Capital Leases                          -             -             -
Minority Interests                                -             -             -
Pref Stock (Liq Value)                            -             -             -
                                        -----------   -------------------------
       Total Liabilities & Pref Stock       462,264       480,865       583,805
                                        -----------   -------------------------
Common Equity                               468,983       449,129       580,617
                                        -----------   -------------------------
           Total Liabilities & Equity   $   931,247   $   929,994   $ 1,164,422
                                        ===========   =========================

Common Shares Outstanding (000's)            42,244        41,556        40,889
                 Cash Value per share   $      1.39   $      0.61   $         -
                 Book Value per share   $     11.10   $     10.81   $     14.20
        Tangible Book Value per share   $      6.73   $      6.28   $      5.88

                          EFFECTIVENESS AND EFFICIENCY

A/R Turnover                                   6.34x         5.88x         6.02x
Inventory Turnover                            12.49x        12.17x        12.25x
Asset Turnover                                 1.62x         1.48x         1.45x
Days Sales Outstanding                         57.6          62.1          60.6
Days Inventory Outstanding                     29.2          30.0          29.8
Days Payable Outstanding                       19.3          19.4          17.2
Return on Avg Assets                           8.6%          8.6%           na
Return on Avg Common Equity                    17.4%         17.4%           na

                               FINANCIAL STRENGTH

Current Ratio                                  2.69           2.39         2.19
Quick Ratio                                    2.12           1.89         1.66
Total Debt                              $   208,907    $   210,536   $  288,087
Net Debt                                $   150,130    $   185,358   $  288,087
Total Capitalization                    $   677,890    $   659,665   $  868,704
Total Debt/Total Capitalization                30.8%          31.9%        33.2%
Net Debt/Total Capitalization                  22.1%          28.1%        33.2%
Total Debt/TIC                                 15.5%          15.7%        21.4%
Total Debt/EBITDA                              1.20x          1.19x        1.46x
Total Debt/EBITDA-CAPEX                        1.42x          1.38x        1.85x
EBITDA/Interest Expense                        9.54x          8.46x        6.98x
EBITDA-CAPEX/Interest Expense                  8.08x          7.34x        5.52x


                         MARKET INFORMATION

As of Date                                              19-May-03
Exchange                                                     NYSE
Stock Price                                          $      26.86
52 Week High                                         $      26.94
52 Week Low                                          $      15.80
Avg. Daily Volume (000's)                                     340
Beta                                                         0.82
Shares Outstanding (000's)                                 42,244
Total Outstanding Warrants & Options (000's)                    -
Float (000's)                                              41,000

Market Cap                                           $  1,134,674
Total Invested Capital (TIC)                         $  1,343,581
Enterprise Value (EV)                                $  1,284,804
OWNERSHIP
  Insiders % Owned                                           3.00%
  Institutional % Owned                                     83.00%
    Number of Institutions                                    329

                                VALUATION RATIOS

                                    Multiple of
                            ---------------------------
                            Market Cap    TIC       EV
                            ---------------------------
Latest Twelve Months
  Revenue                         0.75x   0.89x    0.85x
  EBIT                           10.18x  12.05x   11.52x
  EBITDA                          6.52x   7.72x    7.38x
  Normalized Net Income          14.17x  16.78x   16.05x
  Basic Normalized EPS           13.99x     na       na
Projected
  Dec-02 Mean Revenue               na      na       na
  Dec-03 Mean Revenue               na      na       na
  Dec-02 Mean EPS                   na      na       na
  Dec-03 Mean EPS                   na      na       na
Most Recent Filing
  Assets                          1.22x   1.44x    1.38x
  Common Equity                   2.42x     na       na
  Tangible Common Equity          3.99x     na       na

                            MEAN CONSENSUS ESTIMATES

Year Ending        # Ests     Revenue    EPS
- ----------------------------------------------
December-02             na         na       na
December-03             na         na       na
LT Growth               na         na       na

                               PERIOD GROWTH RATES

                  Six Months Ended    Fiscal Years Ended
                        Jan-03              Jul-02
- --------------------------------------------------------
Revenue                        -5.0%                -8.5%
EBIT                            3.1%                -7.3%
EBITDA                         -2.6%               -10.7%

NOTES
     Add backs reflect restructuring charges and change in accounting principle
     in accordance with SFAS No.142 (Goodwill impairment).

     Note - Merger with Moore in final stages.

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 64



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

                           BCT INTERNATIONAL OVERVIEW

            Name     BCT International
          Symbol     BCTI
Latest Fiscal YE     28-Feb-02
 Latest Rprt Per     30-Nov-02

                           Address 3000 NE 30th Place
                    City, State Zip Ft. Lauderdale, FL 33306
                             Telephone 954-563-1224
                                     Website

                          Officers Bill Wilkerson, CEO

BCT International, Inc. operates the Business Cards Tomorrow franchise system.
Founded in 1975, the system has grown to include 82 Business Cards Tomorrow
Franchises specializing in thermography products, labels, rubber stamps and
business announcements for resale by retail printing providers in 36 states and
Canada. BCT's operations also include the Pelican Paper Products Division (PPP),
which supplies paper products, press supplies and press parts to the BCT
Franchises.

                       INCOME AND CASHFLOW STATEMENT DATA



($ in thousands, except per share)
                                                                             Nine Months Ended             Fiscal Years Ended
                                                            LTM        ----------------------------    ----------------------------
                                                           Nov-02         Nov-02          Nov-01          Feb-02          Feb-01
                                                       ------------    ----------------------------    ----------------------------
                                                                                                        
Revenue                                                $     18,381    $     14,097    $     13,723    $     18,007    $     19,429
COGS                                                         10,460           7,941           8,073          10,592          11,605
                                                       ------------    ----------------------------    ----------------------------
                          Gross Profit                        7,921           6,156           5,650           7,415           7,824
Selling, General & Administrative                             7,166           5,279           4,715           6,602           6,687
Research & Development                                            -               -               -               -               -
Other Operating                                                   -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                      Operating Income                          755             877             935             813           1,137
Interest Income / (Expense), net                                  -               -               -               -               -
Other Income / (Expense), net                                     -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                        Pre-tax Income                          755             877             935             813           1,137
Taxes                                                           295             342             368             321             442
                                                       ------------    ----------------------------    ----------------------------
                      After-tax Income                          460             535             567             492             695
Minority Interest                                                 -               -               -               -               -
Equity in Affiliates                                              -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
                 Normalized Net Income                          460             535             567             492             695
Preferred Dividends                                               -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
       Normalized Net Income to Common                 $        460    $        535    $        567    $        492    $        695
                                                       ============    ============================    ============================

                                  EBIT                 $        755    $        877    $        935    $        813    $      1,137
           Depreciation & Amortization                 $        233    $        177    $        170    $        226    $        232
                                EBITDA                 $        988    $      1,054    $      1,105    $      1,039    $      1,369
                                 CAPEX                 $        142    $        124    $        144    $        162    $        150
                        EBITDA - CAPEX                 $        846    $        930    $        961    $        877    $      1,219
              GAAP Operating Cash Flow                 $        981    $        450    $      2,729    $      3,260    $        316

Basic Reported Weighted Avg Shares Out (000's)                                5,121           5,121           5,123           5,214
                  Basic Normalized EPS                 $       0.09    $       0.10    $       0.11    $       0.10    $       0.13
                    Basic Reported EPS                 $       0.09    $       0.10    $       0.11    $       0.10    $       0.13
Diluted Reported Weighted Avg Shares Out (000's)                              5,121           5,121           5,123           5,235
                Diluted Normalized EPS                 $       0.09    $       0.10    $       0.11    $       0.10    $       0.13
                  Diluted Reported EPS                 $       0.09    $       0.10    $       0.11    $       0.10    $       0.13

                            NORMALIZED RECONCILIATION

Restructuring/Goodwill Impairment                      $          -    $          -    $          -    $          -    $          -
Other Unusual (Expense) Gain Items                                -               -               -               -               -
Tax Shelter (Charge) on Unusual Items                             -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
Unusual (Exp) Gain Items, net of Taxes                            -               -               -               -               -
Accounting Changes, net of Taxes                                  -               -               -               -               -
Discontinued Operations, net of Taxes                             -               -               -               -             (31)
Extraordinary Items, net of Taxes                                 -               -               -               -               -
                                                       ------------    ----------------------------    ----------------------------
Total Reconciling Items, net of Taxes                  $          -    $          -    $          -    $          -    $        (31)
                                                       ============    ============================    ============================

         Reported Income Tax (Benefit)                 $        295   $         342    $        368    $        321    $        442
            Reported Net Income (Loss)                 $        460   $         535    $        567    $        492    $        664

                  PROFITABILITY & COST RATIOS (AS % OF REVENUE)

Gross Profit                                                   43.1%           43.7%           41.2%           41.2%           40.3%
S,G & A                                                        39.0%           37.4%           34.4%           36.7%           34.4%
Operating Income                                                4.1%            6.2%            6.8%            4.5%            5.9%
Pre-Tax                                                         4.1%            6.2%            6.8%            4.5%            5.9%
EBIT                                                            4.1%            6.2%            6.8%            4.5%            5.9%
EBITDA                                                          5.4%            7.5%            8.1%            5.8%            7.0%
Normalized Net Income to Common                                 2.5%            3.8%            4.1%            2.7%            3.6%
Reported Net Income                                             2.5%            3.8%            4.1%            2.7%            3.4%
CAPEX                                                           0.8%            0.9%            1.0%            0.9%            0.8%


                               BALANCE SHEET DATA

($ in thousands, except per share)                              As of
                                           As of      -------------------------
                                         30-Nov-02       Feb-02        Feb-01
                                        -----------   -------------------------
Cash & Equivalents                      $     4,805   $     4,819   $     1,799
Marketable Securities                             -             -             -
                                        -----------   -------------------------
Total Cash & Mkt Securities                   4,805         4,819         1,799
Accounts Receivable                           2,386         2,889         3,568
Inventory                                     2,697         1,887         2,352
Other Current Assets                            918           678           455
                                        -----------   -------------------------
                 Total Current Assets        10,806        10,273         8,174
PPE, net                                        963           435           473
Intangibles, net                                186           206           232
Investments                                      43            24            24
Other Assets                                  6,187         6,140         7,287
                                        -----------   -------------------------
                         Total Assets   $    18,185   $    17,078   $    16,190
                                        ===========   =========================

Accounts Payable                        $       789   $       432   $       597
Accrued Expenses                                938           791           403
Short Term Debt                                 294           640            86
Short Term Capital Leases                         -             -             -
Other Current Liabilities                       125           125           167
                                        -----------   -------------------------
            Total Current Liabilities         2,146         1,988         1,253
Other LT Liabilities                            214           334           417
Long Term Debt                                  534             -           236
Long Term Capital Leases                          -             -             -
Minority Interests                                -             -             -
Pref Stock (Liq Value)                            -             -             -
                                        -----------   -------------------------
       Total Liabilities & Pref Stock         2,894         2,322         1,906
                                        -----------   -------------------------
Common Equity                                15,291        14,756        14,284
                                        -----------   -------------------------
           Total Liabilities & Equity   $    18,185   $    17,078   $    16,190
                                        ===========   =========================

Common Shares Outstanding (000's)             5,121         5,121         5,136
                 Cash Value per share   $      0.94   $      0.94   $      0.35
                 Book Value per share   $      2.99   $      2.88   $      2.78
        Tangible Book Value per share   $      2.95   $      2.84   $      2.74

                          EFFECTIVENESS AND EFFICIENCY

A/R Turnover                                   6.97x         5.58x         5.45x
Inventory Turnover                             4.56x         5.00x         4.93x
Asset Turnover                                 1.04x         1.08x         1.20x
Days Sales Outstanding                         52.4          65.4          67.0
Days Inventory Outstanding                     80.0          73.0          74.0
Days Payable Outstanding                       12.6          10.9          11.9
Return on Avg Assets                            2.6%          3.0%           na
Return on Avg Common Equity                     3.1%          3.4%           na

                               FINANCIAL STRENGTH

Current Ratio                                  5.04          5.17          6.52
Quick Ratio                                    3.78          4.22          4.65
Total Debt                              $       828   $       640   $       322
Net Debt                                $    (3,977)  $    (4,179)  $    (1,477)
Total Capitalization                    $    16,119   $    15,396   $    14,606
Total Debt/Total Capitalization                 5.1%          4.2%          2.2%
Net Debt/Total Capitalization                 -24.7%        -27.1%        -10.1%
Total Debt/TIC                                 14.5%         11.2%          5.7%
Total Debt/EBITDA                              0.84x         0.62x         0.24x
Total Debt/EBITDA-CAPEX                        0.98x         0.73x         0.26x
EBITDA/Interest Expense                          na            na            na
EBITDA-CAPEX/Interest Expense                    na            na            na

                               MARKET INFORMATION

As of Date                                              19-May-03
Exchange                                                   OTC BB
Stock Price                                          $       0.95
52 Week High                                         $       1.07
52 Week Low                                          $       0.67
Avg. Daily Volume (000's)                                       3
Beta                                                         0.83
Shares Outstanding (000's)                                  5,121
Total Outstanding Warrants & Options (000's)                   -
Float (000's)                                               2,800

Market Cap                                           $      4,865
Total Invested Capital (TIC)                         $      5,693
Enterprise Value (EV)                                $        888

OWNERSHIP
  Insiders % Owned                                          52.00%
  Institutional % Owned                                      2.00%
    Number of Institutions                                      4

                                                       VALUATION RATIOS

                                     Multiple of
                            ---------------------------
                            Market Cap    TIC       EV
                            ---------------------------
Latest Twelve Months
  Revenue                         0.26x   0.31x    0.05x
  EBIT                            6.44x   7.54x    1.18x
  EBITDA                          4.92x   5.76x    0.90x
  Normalized Net Income          10.58x  12.38x    1.93x
  Basic Normalized EPS           10.56x     na       na
Projected
  Dec-02 Mean Revenue               na      na       na
  Dec-03 Mean Revenue               na      na       na
  Dec-02 Mean EPS                   na      na       na
  Dec-03 Mean EPS                   na      na       na
Most Recent Filing
  Assets                          0.27x   0.31x    0.05x
  Common Equity                   0.32x     na       na
  Tangible Common Equity          0.32x     na       na

                            MEAN CONSENSUS ESTIMATES

Year Ending        # Ests     Revenue    EPS
- ----------------------------------------------
December-02             na          -   $    -
December-03             na          -   $    -
LT Growth               na         na       na

                               PERIOD GROWTH RATES

                  Nine Months Ended   Fiscal Years Ended
                        Nov-02              Feb-02
                 ---------------------------------------
Revenue                         2.7%                -7.3%
EBIT                           -6.2%               -28.5%
EBITDA                         -4.6%               -24.1%

NOTES

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 65



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
MINORITY INTEREST ACQUISITION PREMIUMS ANALYSIS

        .       The minority interest acquisition premiums analysis involves the
                comparison of the premium derived in the Proposed Transaction to
                premiums in other transactions where a minority interest of a
                public company was acquired. Capitalink reviewed the one-day,
                five-day and 30-day premiums for all minority interest
                transactions where:

                        .       The acquiring party previously had greater than
                                50% shareholding in the target company,
                        .       The transaction was announced on or after
                                January 2001, and
                        .       The transaction value is less than or equal to
                                $25.0 million.

        .       Capitalink believes an examination of the premiums paid in
                minority acquisitions are more appropriate than transactions
                involving a control acquisition and are more comparable to the
                Proposed Transaction. The premium in such a scenario should not
                be as high as a situation where control is acquired.

        .       Based on the premiums paid in the scenario set forth above,
                Capitalink derived an indicated range of per share market values
                for the Company using the prior one-day, five-day and 30-day
                share price as of May 19, 2003. Based on the selected multiple
                ranges, Capitalink calculated a range of indicated share prices
                of $1.29 to $1.51.

        .       Capitalink noted that the offer price of the Proposed
                Transaction was above this indicated valuation range.

Page 66



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
MINORITY INTEREST ACQUISITION PREMIUMS ANALYSIS

INDICATED REFERENCE RANGE - ACQUISITIONS PREMIUMS PAID ANALYSIS



                                           Statistic     Selected Multiple Range     Indicated Share Price
                                           ---------     -----------------------     ---------------------
                                                                            
        ACQUISITIONS PREMIUMS PAID (1)
          Prior One Day                    $    0.95          33.3% - 54.8%          $  1.27   -   $  1.47
          Prior 5 Day                      $    0.95          40.5% - 64.0%          $  1.33   -   $  1.56
          Prior 30 Day                     $    0.91          40.8% - 63.9%          $  1.28   -   $  1.49

        Indicated Reference Range                                                    $  1.29   -   $  1.51


- ----------
(1)  Includes acquisitions by controlling shareholder (*50%)of minority
     interests from January 2001 with deal value * $25 million. Acquisitions at
     a discount (negative premiums) have been excluded.

* denotes less than or equal to

Sources of information: Commodity Systems, Inc. and Mergerstat, Inc.

Page 67



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
MINORITY INTEREST ACQUISITION PREMIUMS ANALYSIS

ACQUISITION PREMIUMS PAID ANALYSIS (1)



                                                                               PREVIOUS                         PREMIUMS
 ANNOUNC.                                                                      OWNERSHIP   PERCENTAGE   ------------------------
   DATE      SELLER                     BUYER                                 PERCENTAGE     SOUGHT     1 DAY    5 DAY    30 DAY
 ---------   ------------------------   -----------------------------------   ----------   ----------   ------   ------   ------
                                                                                                     
  5-May-03   Westerbeke Corp            Westerbeke Acquisition Corp                56.20%       43.80%   65.75%   65.75%   71.43%
  5-May-03   Atlantic Data Services     Private Group Led by Management of
              Inc                        Atlantic Data                             65.06%       34.94%    1.01%    2.04%   14.50%
  5-May-03   Semele Group Inc           Private Group Led by Management of
                                         Semele Group Inc                          53.08%       46.92%   25.00%   25.00%   21.21%
 29-Apr-03   RWD Technologies Inc       Research Park Acquisition Inc              66.00%       34.00%  128.26%  147.06%  156.10%
 27-Mar-03   DSI Toys Inc               DSI Acquisition Inc                        73.28%       26.72%   11.90%    8.05%    0.00%
 26-Mar-03   InvestorsBancorp Inc       Private Group Led by Management of
                                         InvestorsBancor                            61.80%      38.20%   -1.39%    4.80%    9.65%
 24-Mar-03   Judge Group Inc            Private Group Led by Management of
                                         Judge Group Inc                           60.00%       40.00%   17.14%   12.33%   29.13%
  6-Feb-03   deltathree Inc             Atarey Hasharon Chevra Lepituach
                                         Vehashkaot Benadl                         71.00%       29.00%   37.25%   27.27%   48.94%
  3-Feb-03   9278 Communications Inc    NTSE Holding Corp                          54.20%       45.80%  185.71%  257.14%  150.00%
 29-Jan-03   DSI Toys Inc               Mvii Llc                                   55.20%       44.80%   -2.22%   -6.38%   15.79%
 22-Nov-02   Unimark Group Inc (The)    M&M Nominee LLC                            62.50%       37.50%  132.14%  160.00%   66.67%
 19-Nov-02   MDI Entertainment Inc      Scientific Games Corp                      66.00%       34.00%   27.27%   40.00%   53.85%
 13-Nov-02   Media Source Inc           Private Group Led By Davis                 65.90%       34.10%   12.44%   45.16%   36.36%
 19-Sep-02   WJ Communications Inc      Fox Paine & Co LLC                         65.50%       34.50%    0.92%    0.00%   29.41%
 13-Aug-02   Oriole Homes Corp          Levy Group (The)                           60.10%       39.90%   63.33%   63.33%   29.29%
 13-Aug-02   R-B Rubber Products Inc    Dash Multi-Corp Inc                        70.00%       30.00%   83.01%   69.70%   95.80%
  5-Aug-02   Sandata Technologies Inc   Sandata Acquisition Corp                   74.40%       25.60%  282.00%  516.13%  180.88%
 12-Jun-02   Swiss Army Brands Inc      Victorinox AG                              66.90%       33.10%   41.73%   42.63%   40.85%
 16-May-02   Electric Lightwave Inc     Citizens Communications Co                 85.00%       15.00%  105.88%   79.49%   55.56%
 16-May-02   Balanced Care Corp         IPC Advisors Sarl                          53.30%       46.70%  150.00%  177.78%  127.27%
 10-Apr-02   PartsBase Inc              Private Group Led by Robert A
                                         Hammond Jr                                65.00%       35.00%   95.83%   95.83%   95.83%
  3-Apr-02   CBNY Investment Services   Private Group Led By CBNY
              Corp                       Investment Services Mgmt                  73.60%       26.40%    1.30%    1.00%    1.00%
 28-Mar-02   Shibazaki Seisakusho Ltd   Alcoa Inc                                  50.50%       20.30%   30.87%   28.09%   44.71%
 14-Mar-02   Konover Property Trust     Prometheus Southeast Retail Trust          66.00%       34.00%   20.00%   20.00%   24.26%
 11-Mar-02   Hawker Pacific Aerospace   Deutsche Lufthansa AG                      72.70%       27.30%    2.20%    3.50%   51.16%
  6-Mar-02   CAA AG                     Harman International Industries Inc        78.15%       21.85%    0.44%   27.50%   12.50%
 22-Jan-02   Rottlund Co Inc (The)      Private Group Led by David and
                                         Bernard Rotter                            71.40%       28.60%   18.06%   29.79%   46.63%
 16-Nov-01   Ugly Duckling Corp         Private Group led by
                                         Ernest C Garcia II                        61.00%       39.00%   41.77%   42.91%   30.74%
 18-Sep-01   Organic Inc                Seneca Investments LLC                     80.90%       19.10%   13.79%   17.86%   37.50%
 22-Aug-01   HomeServices.Com Inc       Berkshire Hathaway Inc                     83.50%       16.50%   38.78%   40.50%   66.67%
 14-Aug-01   National Home Centers      Private Group Led By Dwain
              Inc                        A Newman                                  63.49%       36.51%   21.74%   17.65%   35.92%
  3-Aug-01   Lincoln Snacks Co          Lincoln Snacks Acquisition Corp            89.80%       10.20%   12.90%   16.67%   27.27%
  6-Jun-01   HIS Sportswear AG          VF Corp                                    85.00%       15.00%   18.48%   46.72%   32.09%
 30-Apr-01   STV Group Inc              Private Group Led By ESOP Of STV
                                         Group Inc                                 62.81%       37.19%   97.37%  110.28%   80.00%
 27-Apr-01   Pierre Foods Inc           PF Management Inc                          63.00%       37.00%  101.61%   62.34%  121.24%
  2-Apr-01   Milestone Properties Inc   Concord Assets Group Inc                   68.80%       31.20%   40.96%   40.96%   40.96%
 27-Mar-01   Hahn Automotive            Private Group Led By Futerman
              Warehouse Inc                                                        64.00%       36.00%   33.33%   33.33%    9.89%
  9-Feb-01   Marketing Specialists      Private Group Led By Richmont
              Corp                       Capital Partners I                        83.20%       16.80%   98.41%   66.67%  468.18%
 24-Jan-01   Firecom Inc                Private Group Led By Mendez                68.80%       31.20%   59.09%   59.09%   34.62%

                                                                                           High          282.0%   516.1%   468.2%
                                                                                           Mean           54.8%    64.0%    63.9%
                                                                                           Median         33.3%    40.5%    40.8%
                                                                                           Low            -2.2%    -6.4%     0.0%


- ----------
(1)  Includes acquisitions by controlling shareholder (*50%)of minority
     interests from January 2001 with deal value * $25 million. Acquisitions at
     a discount (negative premiums) have been excluded.

* denotes less than or equal to

Sources of information: Mergerstat, Inc.

Page 68



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS

        .       The premiums paid analysis involves the comparison of Merger
                Consideration to the average closing price of the Company's
                common stock over varying time periods prior to May 19, 2003.

        .       The analysis suggests that for the periods calculated, the
                Merger Consideration represents a significant premium (100.0% to
                138.5%) over the average closing share price for each period.
                The premium as of May 19, 2003 was 110.5%.

        .       In addition, the daily premium or discount over the period May
                20, 2002 to May 19, 2003 was graphed based on Merger
                Consideration. For the full prior one-year period, the Merger
                Consideration represented a significant premium over the
                prevailing daily share price.

Page 69



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS

PREMIUMS PAID ANALYSIS

Merger Consideration                                       $ 2.0000

                                                             Price
                                                           per Share    Premium
                                                           ---------    -------

Closing Price as of May 19, 2003                           $  0.9500      110.5%

Sensitivity Analysis:
             Prior Day Closing Price                       $  1.0000      100.0%

             Prior 5 Trading Day Average Closing Price     $  0.9800      104.1%

             Prior 10 Trading Day Average Closing Price    $  0.9800      104.1%

             Prior 20 Trading Day Average Closing Price    $  0.9775      104.6%

             Prior 30 Trading Day Average Closing Price    $  0.9563      109.1%

             Prior 60 Trading Day Average Closing Price    $  0.9392      113.0%

             Prior 90 Trading Day Average Closing Price    $  0.9399      112.8%

             Prior Six Month Average Closing Price         $  0.9003      122.1%

             Prior Year Average Closing Price              $  0.8386      138.5%

Sources of information: Draft Agreement and Commodity Systems, Inc.

Page 70



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS

                     BCTI DAILY MERGER CONSIDERATION PREMIUM

                          (MAY 23, 2002 - MAY 23, 2003)

                                   [Bar Graph]

                                            DAILY
                                           PREMIUM/
                              DATE        (DISCOUNT)
                           ----------     -----------
                            5/19/2003           110.5%
                            5/16/2003           100.0%
                            5/15/2003           100.0%
                            5/14/2003           100.0%
                            5/13/2003           100.0%
                            5/12/2003           110.5%
                             5/9/2003           110.5%
                             5/8/2003           110.5%
                             5/7/2003           110.5%
                             5/6/2003            92.3%
                             5/5/2003            98.0%
                             5/2/2003            98.0%
                             5/1/2003            90.5%
                            4/30/2003           104.1%
                            4/29/2003           104.1%
                            4/28/2003           104.1%
                            4/25/2003           102.0%
                            4/24/2003           102.0%
                            4/23/2003           110.5%
                            4/22/2003           119.8%
                            4/21/2003           119.8%
                            4/17/2003           119.8%
                            4/16/2003           119.8%
                            4/15/2003           119.8%
                            4/14/2003           119.8%
                            4/11/2003           119.8%
                            4/10/2003           119.8%
                             4/9/2003           119.8%
                             4/8/2003           119.8%
                             4/7/2003           119.8%
                             4/4/2003           110.5%
                             4/3/2003           110.5%
                             4/2/2003           117.4%
                             4/1/2003           117.4%
                            3/31/2003           117.4%
                            3/28/2003           117.4%
                            3/27/2003           117.4%
                            3/26/2003           117.4%
                            3/25/2003           117.4%
                            3/24/2003           117.4%
                            3/21/2003           117.4%
                            3/20/2003           117.4%
                            3/19/2003           117.4%
                            3/18/2003           117.4%
                            3/17/2003           117.4%
                            3/14/2003           117.4%
                            3/13/2003           117.4%
                            3/12/2003           117.4%
                            3/11/2003           117.4%
                            3/10/2003           117.4%
                             3/7/2003           115.1%
                             3/6/2003           115.1%
                             3/5/2003           115.1%
                             3/4/2003           117.4%
                             3/3/2003           117.4%
                            2/28/2003           117.4%
                            2/27/2003           108.3%
                            2/26/2003           119.8%
                            2/25/2003           119.8%
                            2/24/2003           119.8%
                            2/21/2003           119.8%
                            2/20/2003           163.2%
                            2/19/2003           119.8%
                            2/18/2003           119.8%
                            2/14/2003           106.2%
                            2/13/2003           108.3%
                            2/12/2003           106.2%
                            2/11/2003           106.2%
                            2/10/2003           102.0%
                             2/7/2003           104.1%
                             2/6/2003           104.1%
                             2/5/2003           104.1%
                             2/4/2003           104.1%
                             2/3/2003           108.3%
                            1/31/2003           108.3%
                            1/30/2003           108.3%
                            1/29/2003           108.3%
                            1/28/2003           108.3%
                            1/27/2003           108.3%
                            1/24/2003           108.3%
                            1/23/2003            98.0%
                            1/22/2003            94.2%
                            1/21/2003            98.0%
                            1/17/2003            90.5%
                            1/16/2003            96.1%
                            1/15/2003           122.2%
                            1/14/2003           122.2%
                            1/13/2003           146.9%
                            1/10/2003           146.9%
                             1/9/2003           146.9%
                             1/8/2003           146.9%
                             1/7/2003           146.9%
                             1/6/2003           146.9%
                             1/3/2003           146.9%
                             1/2/2003           146.9%
                           12/31/2002           146.9%
                           12/30/2002           150.0%
                           12/27/2002           156.4%
                           12/26/2002           156.4%
                           12/24/2002           156.4%
                           12/23/2002           156.4%
                           12/20/2002           156.4%
                           12/19/2002           135.3%
                           12/18/2002           135.3%
                           12/17/2002           156.4%
                           12/16/2002           156.4%
                           12/13/2002           156.4%
                           12/12/2002           156.4%
                           12/11/2002           156.4%
                           12/10/2002           156.4%
                            12/9/2002           156.4%
                            12/6/2002           156.4%
                            12/5/2002           163.2%
                            12/4/2002           163.2%
                            12/3/2002           141.0%
                            12/2/2002           141.0%
                           11/29/2002           162.8%
                           11/27/2002           162.8%
                           11/26/2002           163.2%
                           11/25/2002           166.7%
                           11/22/2002           122.2%
                           11/21/2002           166.7%
                           11/20/2002           166.7%
                           11/19/2002           166.7%
                           11/18/2002           166.7%
                           11/15/2002           166.7%
                           11/14/2002           166.7%
                           11/13/2002           166.7%
                           11/12/2002           166.7%
                           11/11/2002           166.7%
                            11/8/2002           166.7%
                            11/7/2002           163.2%
                            11/6/2002           177.8%
                            11/5/2002           177.8%
                            11/4/2002           177.8%
                            11/1/2002           177.8%
                           10/31/2002           166.7%
                           10/30/2002           192.0%
                           10/29/2002           194.1%
                           10/28/2002           194.1%
                           10/25/2002           194.1%
                           10/24/2002           170.3%
                           10/23/2002           170.3%
                           10/22/2002           194.1%
                           10/21/2002           194.1%
                           10/18/2002           194.1%
                           10/17/2002           194.1%
                           10/16/2002           194.1%
                           10/15/2002           194.1%
                           10/14/2002           198.5%
                           10/11/2002           198.5%
                           10/10/2002           181.7%
                            10/9/2002           181.7%
                            10/8/2002           177.8%
                            10/7/2002           177.8%
                            10/4/2002           181.7%
                            10/3/2002           181.7%
                            10/2/2002           181.7%
                            10/1/2002           185.7%
                            9/30/2002           185.7%
                            9/27/2002           181.7%
                            9/26/2002           181.7%
                            9/25/2002           181.7%
                            9/24/2002           185.7%
                            9/23/2002           185.7%
                            9/20/2002           174.0%
                            9/19/2002           177.8%
                            9/18/2002           156.4%
                            9/17/2002           156.4%
                            9/16/2002           161.4%
                            9/13/2002           163.2%
                            9/12/2002           163.2%
                            9/11/2002           163.2%
                            9/10/2002           143.9%
                             9/9/2002           143.9%
                             9/6/2002           146.9%
                             9/5/2002           146.9%
                             9/4/2002           146.9%
                             9/3/2002           141.0%
                            8/30/2002           146.9%
                            8/29/2002           150.0%
                            8/28/2002           150.0%
                            8/27/2002           150.0%
                            8/26/2002           150.0%
                            8/23/2002           150.0%
                            8/22/2002           143.9%
                            8/21/2002           143.9%
                            8/20/2002           135.3%
                            8/19/2002           115.1%
                            8/16/2002           135.3%
                            8/15/2002           135.3%
                            8/14/2002           135.3%
                            8/13/2002           133.1%
                            8/12/2002           150.0%
                             8/9/2002           166.7%
                             8/8/2002           166.7%
                             8/7/2002           146.9%
                             8/6/2002           146.9%
                             8/5/2002           146.9%
                             8/2/2002           146.9%
                             8/1/2002           146.9%
                            7/31/2002           146.9%
                            7/30/2002           146.9%
                            7/29/2002           150.0%
                            7/26/2002           146.9%
                            7/25/2002           153.2%
                            7/24/2002           156.4%
                            7/23/2002           156.4%
                            7/22/2002           166.7%
                            7/19/2002           150.0%
                            7/18/2002           150.0%
                            7/17/2002           156.4%
                            7/16/2002           156.4%
                            7/15/2002           143.9%
                            7/12/2002           143.9%
                            7/11/2002           159.7%
                            7/10/2002           159.7%
                             7/9/2002           159.7%
                             7/8/2002           159.7%
                             7/5/2002           153.2%
                             7/3/2002           153.2%
                             7/2/2002           153.2%
                             7/1/2002           138.1%
                            6/28/2002           138.1%
                            6/27/2002           138.1%
                            6/26/2002           138.1%
                            6/25/2002           138.1%
                            6/24/2002           138.1%
                            6/21/2002           138.1%
                            6/20/2002           138.1%
                            6/19/2002           143.9%
                            6/18/2002           143.9%
                            6/17/2002           143.9%
                            6/14/2002           143.9%
                            6/13/2002           143.9%
                            6/12/2002           143.9%
                            6/11/2002           141.0%
                            6/10/2002           141.0%
                             6/7/2002           141.0%
                             6/6/2002           141.0%
                             6/5/2002           141.0%
                             6/4/2002           141.0%
                             6/3/2002           135.3%
                            5/31/2002           143.9%
                            5/30/2002           143.9%
                            5/29/2002           143.9%
                            5/28/2002           135.3%
                            5/24/2002           135.3%
                            5/23/2002           135.3%
                            22-May-02           135.3%
                            21-May-02           143.9%
                            20-May-02           143.9%

Sources of information: Draft Agreement and Commodity Systems, Inc.

Page 71



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS

        .       Capitalink performed an adjusted book value analysis, based upon
                a going concern premise, to determine the value of the Company
                assuming all of its assets were valued at market value. Under
                historical cost accounting most assets in the Company's
                financial statements are generally not reflected at market
                value, but reflect historical acquisition costs.

        .       For the purposes of this analysis, based upon discussions with
                Company management and utilizing the Company's balance sheet as
                of February 28, 2003, the following adjustments to market value
                were assumed:

                        .       Accounts receivable for collectability and
                                timing issues.
                        .       Inventory to reflect spoilage, wastage, obsolete
                                inventory and timing issues.
                        .       Property, plant and equipment to reflect
                                obsolescence and current market value.
                        .       Notes to reflect market value (see Notes
                                Analysis).
                        .       No market value for intangible assets.
                        .       Deferred taxes for timing issues.

        .       The results of the analysis indicate that the market value of
                the Company's assets is approximately $12.8 million. After
                deducting total liabilities of approximately $2.3 million, the
                adjusted net book value of common equity is approximately $10.5
                million. Taking into account the 565,000 assumed in the money
                options, Capitalink calculated an indicated equity value of
                approximately $11.5 million or $2.02 per share.

        .       Capitalink noted that the offer price of the Proposed
                Transaction was slightly below this indicated valuation range.

Page 72



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS

ADJUSTED NET BOOK VALUE ANALYSIS
($ in thousands)

                                     FEB 28, 2003E
                                       UNADJUSTED
                                       BOOK VALUE    Adjs (1)   Notes   ADJUSTED
                                     -------------   --------   -----   --------
Assets:
    Cash & Equivalents               $       4,244   $      -           $  4,244
    Accounts Receivable, net                 2,570       (643)    a        1,928
    Notes Receivables, net                   5,313     (2,719)    b        2,594
    Inventory                                2,668       (534)    c        2,134
    Deferred Income Taxes                    1,325       (504)    d          821
    Prepaid & Other                            513          -                513
    Net Property, Plant &
     Equipment                                 989       (495)    e          495
    Intangible Assets                          180       (180)    f            -
    Other                                       47          -                 47
                                     -------------   --------           --------

Total Assets                         $      17,849   $ (5,074)          $ 12,775
                                     =============   ========           ========
Liabilities:
    Accounts Payable                           875          -                875
    Accrued Expenses                           519          -                519
    Interest Bearing Debt                      523          -                523
    Deferred Revenue                           390          -                390

                                     -------------   --------           --------
                                             2,307          -              2,307

Contingent Liabilities:
    Contingencies                                -          -                  -
                                     -------------   --------           --------

                                                 -          -                  -
                                     -------------   --------           --------

Total Liabilities                            2,307          -              2,307
                                     -------------   --------           --------

Net Book Value                       $      15,542   $ (5,074)          $ 10,468
                                     =============   ========           ========

Adjusted Net Book Value:
  Indicated Net Book Value                                              $ 10,468
  Cash from assumed exercise of
   in the money options                                                    1,017
                                                                        --------

Indicated Equity Value                                                    11,485
                                                                        ========

Common Stock Equivalents:
  Common Stock Shares Outstanding                                          5,121
  Shares from in the money options                                           565
                                                                        --------

Total Common Stock Equivalents                                             5,686
                                                                        ========

Indicated Share Price                                                   $   2.02
                                                                        ========

ADJUSTMENT A55NOTES:
 a 25% market value adjustment for collectability and timing issues.
 b See Note Analysis for details.
 c 20% market value adjustment for spoilage, wastage, usage and timing issues.
 d Market value calculated at Base Case WACC and estimated three year horizon.
 e 50% market value adjustment for obsolescence.
 f No market value.

- ----------
(1)  Assumes assets are sold as part of ongoing business. Estimated market value
     adjustments determined in discussions with Company management. Please note,
     this analysis is not a liquidation analysis, which would have resulting in
     substantially lower indicated values.

Sources of information: Company financials and management.

Page 73



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
NOTES RECEIVABLE NET PRESENT VALUE ANALYSIS

        .       Capitalink reviewed the Notes to determine their estimated
                current market value. The Notes were primarily generated from
                overdue accounts receivables owed by franchisees as a result of
                royalty and paper product payments that were in default. These
                balances were rolled into each of the Notes, each with a
                scheduled payment plan. Although the Company does provide a
                reserve for collectability of the Notes, it does not take into
                account the current market value of the Notes.

        .       The Notes represent a level of excess working capital in the
                Company's operations that would not normally be taken into
                account in any cash flow valuation based on earnings or
                revenues. Consequently, Capitalink separately determined the
                Note's estimated current market value, and utilizing that
                indicated value in its valuation analyses, providing greater
                accuracy as to the Company's value.

        .       As of February 28, 2003, the Company had approximately 39 Notes
                totaling approximately $6.8 million. Based on discussions with
                Company management, Capitalink determined the payment
                probability for each of the Notes. Payment probability was based
                on a number of factors, including the franchisee's performance
                record, debt balances, management quality, security, and local
                market growth. In the aggregate, the payment probability was
                approximately 55%, or receipt of approximately $3.7 million is
                expected, over the aggregate life of the Notes.

        .       Utilizing the Company's base case WACC of 17.3% (as discussed in
                the Discounted Cash Flow Analysis) and applying the varying time
                horizons for each of the Notes, Capitalink derived the net
                present value of the amount anticipated to be collected. The net
                present value of the amount to be collected was calculated to be
                approximately $2.6 million.

        .       It is important to note that Capitalink derived payment
                probabilities of the Notes in conjunction with and based on
                discussions with management. Capitalink does not guarantee or
                assure, in any respect, that any of the Notes will be collected.

Page 74



BCT International, Inc.                                             CONFIDENTIAL

VALUATION ANALYSIS
NOTES RECEIVABLE NET PRESENT VALUE ANALYSIS

NOTES RECEIVABLE NET PRESENT VALUE ANALYSIS
($ in thousands)



                                     FEB 28, 2003                                                         NET
                                       PRINCIPAL      ADJUSTED        EXPECTED          AVERAGE         PRESENT
                                        BALANCE       VALUE (1)     REALIZATION %    TERM (MONTHS)     VALUE (2)
                                     ------------     ---------     -------------    -------------     ---------
                                                                                        
     Total Notes Receivable          $      6,813     $   3,744             55.0%               67     $   2,594

     NOTES RECEIVABLE STATISTICS
       Number of Issued Notes                  39

       Size Statistics
         Largest                     $        898
         Average                     $        175
         Median                      $         98
         Smallest                    $          5


- ----------
(1)  Realization based on discussions with Company management, given the
     performance of each plant, accounts receivable balance, expected collateral
     and payment history of each note holder.

(2)  Determined by discounting the after tax principal and interest cash flows
     of the notes at the Company's base case WACC estimated at 17.3%.

Sources of information: Company financial statements and management.

Page 75

EX-16.(C)(2)

[LOGO] Smart Investment Banking	Capitalink, L.C. Member NASD|SIPC
		Columbus Center One Alhambra Plaza, Suite 1410 Coral Gables, Florida 33134
		Phone 305-446-2026 Fax 305-446-2926 www.capitalinklc.com

May 27, 2003

Independent Committee of the Board of Directors

BCT International, Inc.

3000 N.E. 30^th Place

5^th floor

Fort Lauderdale, FL 33306

Gentlemen:

We have been advised that, pursuant to a draft Agreement and Plan of Merger, dated May 19, 2003, by and among the BCT International, Inc. (the “Company”), Phoenix Group of Florida, Inc. (“Phoenix”), Phoenix Acquisition Corp. and William A. Wilkerson (“Wilkerson”, and collectively with Phoenix, the “Phoenix Group”) (the “Draft Agreement”), Phoenix intends to purchase, by means of a merger, all of the Company’s outstanding common stock that is not beneficially owned by Phoenix or Wilkerson, or their respective affiliates (the “Acquisition Group”) in exchange for $2.00 in cash for each share of the Company’s common stock (the “Merger Consideration”).

The transaction described above is referred to as the “Proposed Transaction.” We have been retained to render an opinion as to whether, on the date of such opinion, the Merger Consideration is fair, from a financial point of view, to the stockholders of the Company other than the Acquisition Group and officers, directors and affiliates of the Company (the “Non-Affiliated Stockholders”).

We have not been requested to opine as to, and our opinion does not in any manner address, the underlying business decision of the Company to proceed with or effect the Proposed Transaction. In addition, we have not been requested to explore any alternatives to the Proposed Transaction. Further, our opinion does not address the relative merits of the Proposed Transaction as compared to any alternative business strategy that might exist for the Company.

In arriving at our opinion, we took into account our assessment of general economic, market and financial conditions as well as our experience in connection with similar transactions and securities valuations generally and, among other things (i) reviewed documents relating to the Proposed Transaction, including the Draft Agreement; (ii) reviewed publicly available financial information and other data with respect to the Company, including the Annual Report on Form 10-K for the fiscal year ended February 28, 2002, and the Quarterly Report on Form 10-Q for the quarter ended November 30, 2002; (iii) reviewed draft financial information provided by the Company for the fiscal year ended February 28, 2003; (iv) reviewed and analyzed the Company’s projected unlevered free cash flows and prepared discounted cash flows; (v)

Mergers & Acquisitions         Fairness Opinions & Valuations     Restructuring Capital Raising Financial Advisory

Independent Committee of the Board of Directors	May 27, 2003
BCT International, Inc	Page 2

reviewed and analyzed certain financial characteristics of companies that were deemed to have characteristics comparable to those of the Company; (vi) reviewed and analyzed the premiums paid in transactions involving the acquisition of a minority ownership interest in publicly-traded companies; (vii) reviewed and analyzed the premiums implied by the per share consideration in the Proposed Transaction; (viii) reviewed and analyzed the Company’s adjusted book value; (ix) reviewed and analyzed the market value of certain notes receivable; (x) reviewed and discussed with representatives of the management of the Company certain financial and operating information furnished by them, including financial analyses and projections and related assumptions with respect to the business, operations and prospects of the Company; (xi) considered the historical financial results and present financial condition of the Company; (xii) reviewed certain publicly available information concerning the trading of, and the trading market for, the common stock of the Company; (xiii) inquired about and discussed the Proposed Transaction and other matters related thereto with Company management, the Independent Committee and its legal counsel; and (xiv) performed such other analyses and examinations as were deemed appropriate.

In arriving at our opinion, we have relied upon and assumed the accuracy and completeness of all of the financial and other information that was used without assuming any responsibility for any independent verification of any such information and we have further relied upon the assurances of Company management that it is not aware of any facts or circumstances that would make any such information inaccurate or misleading. With respect to the financial projections utilized, we assumed that such projections have been reasonably prepared on a basis reflecting the best currently available estimates and judgments, and that such projections provide a reasonable basis upon which we could form an opinion. We have not made a physical inspection of the properties and facilities of the Company and have not made or obtained any evaluations or appraisals of the assets and liabilities (contingent or otherwise) of the Company. We have assumed that the Proposed Transaction will be consummated in a manner that complies in all respects with the applicable provisions of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and all other applicable federal and state statues, rules and regulations. In addition, based upon discussions with the Company, it is assumed that the Proposed Transaction will be a taxable event to the Company’s stockholders.

We have also assumed, with your consent, that the Proposed Transaction will be consummated substantially in accordance with the terms set forth in the Draft Agreement, without any further amendments thereto, and without waiver by the Company of any of the conditions to any obligations or in the alternative that any such amendments, revisions or waivers thereto will not be detrimental to the Non-Affiliated Stockholders of the Company.

Our opinion is necessarily based upon market, economic and other conditions as they existed on, and could be evaluated as of, May 27, 2003. Accordingly, although subsequent developments may affect our opinion, we have not assumed any obligation to update, review or reaffirm our opinion.

Our opinion is for the use and benefit of the Independent Committee and the Board of Directors in connection with its consideration of the Proposed Transaction and is not intended to be and does not constitute a recommendation to any stockholder of the Company as to how such stockholder should vote in connection with the Proposed Transaction. We do not express any

Independent Committee of the Board of Directors	May 27, 2003
BCT International, Inc	Page 3

opinion as to the underlying valuation or future performance of the Company or the price at which the Company’s common stock would trade at any time in the future. Based upon and subject to the foregoing, it is our opinion that, as of the date of this letter, the Merger Consideration is fair, from a financial point of view, to the Non-Affiliated Stockholders of the Company.

In connection with our services, we have previously received a retainer and will receive the balance of our fee upon the rendering of this opinion. In addition, the Company has agreed to indemnify us for certain liabilities that may arise out of the rendering this opinion.

Our opinion is for the use and benefit of the Independent Committee and the Board of Directors and is rendered in connection with its consideration of the Proposed Transaction and may not be used by the Company for any other purpose or reproduced, disseminated, quoted or referred to by the Company at any time, in any manner or for any purpose, without the prior written consent of Capitalink, except that this opinion may be reproduced in full in, and references to the opinion and to Capitalink and its relationship with the Company may be included in, any proxy statement or other materials relating to the Proposed Transaction that the Company files with the U.S. Securities and Exchange Commission.

Very truly yours,

CAPITALINK, L.C.

EX-16.(C)(3)

                                                                Exhibit 16(C)(3)



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
05.27.03

                         PRESENTATION TO THE INDEPENDENT
                       COMMITTEE OF THE BOARD OF DIRECTORS

This presentation and its analyses are only for the use of the Independent
Committee of the Board of Directors and are not intended to, nor should they be,
relied upon by any other party, including shareholders of BCT International,
Inc. The consent of Capitalink is required prior to the disclosure to any third
party of this presentation, its analyses, or of the assessments made by
Capitalink. These materials are based solely on information contained in
publicly available documents and certain other information provided to
Capitalink by management and the Independent Committee of the Board of
Directors. Capitalink has not attempted to investigate or verify the accuracy or
completeness of such publicly available information or other information
provided to Capitalink. Capitalink has relied upon the accuracy and completeness
of such publicly available information and other information supplied to
Capitalink. These materials are being furnished, and should be considered only
in connection with, the oral presentation being provided by Capitalink in
connection herewith. The preparation of these materials was completed on May 23,
2003 based on information publicly available or supplied to Capitalink through
such date. Capitalink is not obligated to update this presentation or its
analyses to reflect any information that becomes publicly available or that is
provided to Capitalink after such date.

[LOGO] BCT                                              [LOGO] CAPITAL LINK
                                                    Smart Investment Banking/SM/



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TABLE OF CONTENTS

TRANSACTION OVERVIEW...........................................................3

COMPANY OVERVIEW..............................................................12

COMPANY FINANCIAL PERFORMANCE.................................................15

COMPANY MARKET PERFORMANCE....................................................28

VALUATION ANALYSIS............................................................35

Page 2



BCT International, Inc.                                             CONFIDENTIAL
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                              TRANSACTION OVERVIEW

Page 3



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
INTRODUCTION

     .    The Independent Committee of the Board of Directors of BCT
          International, Inc. ("BCT" or the "Company") has retained Capitalink,
          L.C. ("Capitalink") as financial advisor and to render an opinion as
          to whether, on the date of such opinion, the Merger Consideration (as
          defined below) as set forth in the draft Agreement and Plan of Merger,
          dated May 19, 2003, by and among the Company, Phoenix Group of
          Florida, Inc. ("Phoenix"), Phoenix Acquisition Corp and William A.
          Wilkerson ("Wilkerson", and collectively with Phoenix, the "Phoenix
          Group") (the "Draft Agreement"), to purchase, by means of a merger,
          all of the Company's outstanding common stock that is not beneficially
          owned by Phoenix or Wilkerson, or their respective affiliates (the
          "Non-Affiliated Stockholders")(the "Proposed Transaction") is fair,
          from a financial point of view, to the Non-Affiliated Stockholders of
          the Company.

     .    The Company's common stock is publicly traded on the over-the-counter
          market under the symbol "BCTI", and as of May 23, 2003, there were
          5,121,471 shares of the Company's common stock outstanding (excluding
          treasury shares).

     .    The closing price of the Company's stock on May 23, 2003 (date
          presentation materials completed) was $1.00.

     .    The consideration proposed by Phoenix is $2.00 in cash for each share
          of the Company's common stock not beneficially owned by the Phoenix
          Group (the "Merger Consideration").

     .    Wilkerson, who is also the Company's Chairman and Chief Executive
          Officer, owns Phoenix.

     .    The Phoenix Group beneficially owns 2,690,282 shares of common stock
          or approximately 52.6% of the issued and outstanding common stock. In
          addition, Wilkerson has an option to acquire an additional 327,500
          shares of the common stock. If this option were exercised the Phoenix
          Group would then be the owner of 3,094,487 shares of common stock or
          approximately 55.4% of the issued and outstanding common stock.

Page 4



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SUMMARY OF PROPOSED TRANSACTION TERMS

     Merger Consideration:          $2.00 per share.

     Transaction Structure:         The Phoenix Group will acquire the
                                    outstanding common stock of the Company that
                                    it does not own through a merger with a
                                    wholly owned subsidiary of Phoenix with the
                                    Company, which shall continue to operate
                                    under the name BCT International, Inc.

     Estimated Timetable:           The agreement is terminable by either party
                                    if not consummated on or prior to December
                                    31, 2003.

     Shareholder Vote:              The Company shall hold a stockholders
                                    meeting to be held as promptly as
                                    practicable for the purposes of voting upon
                                    the approval of the Proposed Transaction. A
                                    majority of the outstanding shares of common
                                    stock held by the Non-Affiliated
                                    Stockholders is required to approve the
                                    Proposed Transaction.

     Dissenters Rights:             The consummation of the proposed transaction
                                    is conditioned, among other things, on
                                    holders of no more than 25% of the Company's
                                    outstanding common stock exercising their
                                    right to dissent from the Proposed
                                    Transaction, under the Delaware General
                                    Corporation Law (the "DGCL"). To the extent
                                    provided by the DGCL, Phoenix will not make
                                    any payment of merger consideration with
                                    respect to shares held by any person who
                                    elects to demand appraisal of such
                                    dissenting stockholder's shares and duly and
                                    timely complies with all the provisions of
                                    the DGCL concerning the right of holders of
                                    shares to require appraisal of their shares,
                                    but such dissenting stockholders shall have
                                    the right to receive such consideration as
                                    may be determined to be due such dissenting
                                    stockholders pursuant to the DGCL.

Page 5



BCT International, Inc.                                             CONFIDENTIAL
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TRANSACTION OVERVIEW
SUMMARY OF PROPOSED TRANSACTION TERMS

     Stock Options Generally:       The Company will take necessary action to
                                    cause all outstanding options to terminate
                                    and expire upon consummation of the Proposed
                                    Transaction. No consideration shall be paid
                                    with respect to Company options beneficially
                                    owned by Wilkerson.

     Phoenix Group Stock Options:   Members of the Phoenix Group shall not
                                    exercise options to purchase any additional
                                    shares of the Company's common stock, and
                                    the Company shall not exercise options to
                                    acquire any shares of its common stock from
                                    members of the Phoenix Group; provided
                                    however, that if there is a Competing
                                    Proposal or a Superior Proposal (each as
                                    defined in the Draft Agreement), Phoenix
                                    shall grant the Independent Committee a
                                    proxy to vote 454,036 shares of the
                                    Company's common stock currently held by
                                    members of the Phoenix Group (which are
                                    subject to an option held by the Company to
                                    purchase such shares).

     Competing Transactions:        The Company may enter into discussions or
                                    negotiate with a party that makes an
                                    unsolicited written, bona fide proposal to
                                    the Company, provided, among other things,
                                    that Phoenix Group is provided with
                                    reasonable notice of the existence of such
                                    discussions or negotiations.

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BCT International, Inc.                                             CONFIDENTIAL
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TRANSACTION OVERVIEW
BACKGROUND OF AND EVENTS LEADING TO PROPOSED TRANSACTION

     .    In September 2001, Phoenix offered to acquire the Company's
          outstanding stock not owned or controlled by the Phoenix Group for
          $0.85 per share in cash. During the Fall of 2001, the Independent
          Committee negotiated with members of the Phoenix Group, which
          concluded in an offer accepted at $1.13 in cash.

     .    Subsequently, during the Securities and Exchange Commission review
          period, the Company and Phoenix Group agreed to terminate the offer.
          Pursuant to prior agreements, the Company retained options to acquire
          certain shares the Phoenix Group owned at prices ranging from $0.90 to
          $1.75.

     .    In October 2002, the Company received an unsolicited indication of
          interest letter from a third party considering an offer to acquire the
          Company at a price ranging from $1.25 to $1.75 per share.

     .    The Company had a preliminary discussion with the third party
          regarding their intentions. About that same time, management had begun
          to revise and update its business plans and strategy. Management asked
          the third party for a period of time to finalize their new plans and
          budgets.

     .    In January 2003, the Independent Committee retained Capitalink to
          serve as its financial advisor. In addition, management presented the
          Independent Committee and Capitalink with a revised business plan and
          budgets. Subsequently Capitalink reviewed with management their
          business plan and budgets.

     .    During January through March 2003, the Independent Committee and
          Capitalink had numerous meetings and discussions regarding the
          Company's strategic alternatives and management's revised business
          plan and budgets.

     .    In late March 2003, Capitalink provided the Independent Committee with
          its recommendations.

     .    On April 23, 2003, the Company received a proposal from Phoenix to
          acquire the outstanding shares of the Company's common stock not owned
          by the Phoenix Group for cash consideration. The proposal indicated a
          belief that the fair range of per share consideration was $1.50 to
          $1.60, but that the Phoenix Group was willing to negotiate a price
          closer to $2.00 per share.

Page 7



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
BACKGROUND OF AND EVENTS LEADING TO PROPOSED TRANSACTION

     .    The Phoenix Group and the Independent Committee entered into
          negotiations, and on May 5, 2003, the Phoenix Group submitted a
          proposal of $1.85 per share.

     .    The Independent Committee had additional discussions with Capitalink
          and subsequently entered into further negotiations with the Phoenix
          Group.

     .    On May 8, 2003, the Independent Committee and the Phoenix Group agreed
          on per share consideration of $2.00.

     .    The Independent Committee subsequently instructed Capitalink to
          undertake its analyses required to issue a fairness opinion.

Page 8



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

     .    The Independent Committee has retained Capitalink to render an opinion
          as to the fairness, from a financial point of view, of a proposal by
          Phoenix to purchase, by means of a merger, all of the Company's
          outstanding common stock not beneficially owned by the Phoenix Group.

     .    For purposes of rendering its opinion, Capitalink has:

          .    Reviewed documents relating to the Proposed Transaction,
               including the Draft Agreement.

          .    Reviewed publicly available financial information and other data
               with respect to the Company, including the Annual Report on Form
               10-K for the fiscal year ended February 28, 2002, and the
               Quarterly Report on Form 10-Q for the quarter ended November 30,
               2002.

          .    Reviewed draft financial information provided by the Company for
               the fiscal year ended February 28, 2003.

          .    Reviewed and analyzed the Company's projected unlevered free cash
               flows and prepared discounted cash flows.

          .    Reviewed and analyzed certain financial characteristics of
               companies that were deemed to have characteristics comparable to
               those of the Company.

          .    Reviewed and analyzed the premiums paid in transactions involving
               the acquisition of a minority ownership interest in
               publicly-traded companies.

          .    Reviewed and analyzed the premiums implied by the per share
               consideration in the Proposed Transaction.

          .    Reviewed and analyzed the Company's adjusted book value.

          .    Reviewed and analyzed the market value of the Notes (as defined
               below).

          .    Reviewed and discussed with representatives of the management of
               the Company certain financial and operating information furnished
               by them, including financial analyses and projections and related
               assumptions with respect to the business, operations and
               prospects of the Company.

          .    Considered the historical financial results and present financial
               condition of the Company.

          .    Reviewed certain publicly available information concerning the
               trading of, and the trading market for, the common stock of the
               Company.

          .    Inquired about and discussed the Proposed Transaction and other
               matters related thereto with Company management, the Independent
               Committee and its legal counsel.

Page 9



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

          .    Performed such other analyses and examinations as were deemed
               appropriate.

     .    The Capitalink opinion is necessarily based upon market, economic and
          other conditions, as they exist on, and could be evaluated as of May
          23, 2003. Accordingly, although subsequent developments may affect its
          opinion, Capitalink does not assume any obligation to update, review
          or reaffirm its opinion.

     .    Capitalink assumes that the Proposed Transaction will be consummated
          substantially in accordance with the terms set forth in the Draft
          Agreement, without any further amendments thereto, and without waiver
          by the Company of any of the conditions to any obligations or in the
          alternative that any such amendments, revisions or waivers thereto
          will not be detrimental to the Company or the Non-Affiliated
          Stockholders of the Company.

     .    Capitalink has relied upon and assumed the accuracy and completeness
          of all of the financial and other information that was used by it
          without assuming any responsibility for any independent verification
          of any such information and has further relied upon the assurances of
          Company management that it is not aware of any facts or circumstances
          that would make any such information inaccurate or misleading. With
          respect to the financial projections utilized, Capitalink assumed that
          such projections have been reasonably prepared on a basis reflecting
          the best currently available estimates and judgments, and that such
          projections provide a reasonable basis upon which it could form an
          opinion.

     .    Capitalink has not made a physical inspection of the properties and
          facilities of the Company and has not made or obtained any evaluations
          or appraisals of the assets and liabilities (contingent or otherwise)
          of the Company.

Page 10



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

     .    Capitalink assumed that the Proposed Transaction will be consummated
          in a manner that complies in all respects with the applicable
          provisions of the Securities Act of 1933, as amended, the Securities
          Exchange Act of 1934, as amended, and all other applicable federal and
          state statues, rules and regulations. In addition, based upon
          discussions with the Company, it is assumed that the Proposed
          Transaction will be a taxable event to the Company's stockholders.

     .    Capitalink has not been requested to opine as to, and the opinion does
          not in any manner address, the underlying business decision of the
          Company to proceed with or affect the Proposed Transaction.

     .    Capitalink was not asked to consider, and its opinion does not
          address, the relative merits of the Proposed Transaction as compared
          to any alternative business strategy that might exist for the Company.
          Capitalink was not engaged to seek alternatives to the Proposed
          Transaction that might exist for the Company.

     .    The opinion is for the use and benefit of the Independent Committee in
          connection with its consideration of the Proposed Transaction and is
          not intended to be and does not constitute a recommendation to any
          stockholder of the Company as to how such stockholder should vote in
          connection with the Proposed Transaction. We do not express any
          opinion as to the underlying valuation or future performance of the
          Company or the price at which the Company's common stock would trade
          at any time in the future.

Page 11



BCT International, Inc.                                             CONFIDENTIAL
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                                COMPANY OVERVIEW

Page 12



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
SUMMARY

     .    BCT International, Inc. is the holding company of Business Cards
          Tomorrow, Inc. Business Cards Tomorrow, Inc.'s franchise system is the
          world's largest wholesale franchise printing chain, specializing in
          thermography products, labels, rubber stamps and business
          announcements for resale by retail printing providers.

     .    As of May 2003, 82 BCT franchises were in operation in 36 states and
          Canada (eight franchises).

     .    Thermography is a specialized printing process that gives a raised
          printing effect similar to engraving and requires specialized
          equipment and operating techniques which commercial printers, quick
          printers, office superstores and other retail dealers choose not to
          invest in.

     .    The Company's franchises typically operate through the placement of
          business card, stationery, rubber stamp and labels catalogs with
          commercial and retail "quick" printers, office superstores, forms
          brokers, office supply companies and stationers in the franchises'
          trade areas.

     .    Franchises specialize in the fast turnaround of their products,
          delivering many items, such as business cards, in one business day,
          with most products being delivered within two days of the date of
          order.

     .    BCT's operations also include the Pelican Paper Products Division
          ("PPP") that supplies paper products, press supplies and press parts
          to the BCT franchises (PPP is a primary supplier of paper products for
          the BCT franchises). PPP purchases raw paper directly from paper mills
          and paper brokers and utilizes the services of converters to convert
          the raw material to finished paper products.

     .    PPP also performs converting and handling services for third parties.
          PPP utilizes three public storage facilities located strategically
          throughout the United States to house and ship out paper products to
          the franchises.

     .    The Company's Orderprinting.com is a web-based ordering system that
          allows users to special order products from a personalized Internet
          site. The orders are electronically transmitted to the local BCT
          franchise for processing.

Page 13



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
SUMMARY

     .    BCT derives its revenue from five principal sources: (i) royalties,
          which are based on a percentage of sales of the BCT franchises; (ii)
          franchise fees from newly franchised franchises and resale fees from
          the resale of operating franchises; (iii) sales of paper products to
          franchisees; (iv) catalog and miscellaneous equipment and parts sales
          classified as printing sales; and (v) interest income from financing
          franchise acquisitions (primarily resales) and receivables.

     .    Capitalink noted several general factors to be considered in
          connection with the status of BCT as a publicly traded company:

          .    The Company's common stock was delisted from NASDAQ National
               Market based on its failure to meet the minimum market value
               public float requirement of $5 million and it has traded on the
               OTC Bulletin Board since September 2001.

          .    The Company does not have a distinct comparable peer group. For
               this reason, among others, the Company does not have any analyst
               coverage.

          .    The Company's common stock historically has a limited trading
               volume and therefore a lack of liquidity for the Company's
               stockholders.

          .    The Company is not part of a high-growth industry that attracts
               investor interest and a high trading multiple.

          .    The Company has not realized the benefits of public company
               status (i.e., ability to raise capital, use of stock as currency
               in acquisitions), but incurs the increased expenses necessary to
               comply with reporting requirements and other public company
               obligations.

Page 14



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------

                          COMPANY FINANCIAL PERFORMANCE

Page 15



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE

     .    Capitalink reviewed the Company's historical and estimated financial
          data for the five years ended February 28, 2003. In addition,
          Capitalink reviewed the Company's preliminary projections for the
          fiscal years ("FY") ending February 29, 2004 through February 28,
          2007.

     .    Revenue for the Company remained constant over the historical and
          review period - with a low of $17.5 million and a high of $19.3
          million. Of the total revenue, approximately 28% is derived from
          royalties and franchise fees and approximately 64% from paper and
          printing sales. For FY2003, the Company also derived revenue of
          approximately $1.0 million from the operation of two Company-owned
          plants.

     .    Over the past five fiscal years, the Company's gross margin for paper
          and printing sales has remained constant at approximately 15%.
          However, the Company's earning before interest, taxes, depreciation
          and amortization ("EBITDA") has gradually fallen from a high of $3.0
          million in FY1999 to $791,000 in FY2002, primarily as a result of
          rising selling, general and administrative costs. In addition, FY2002
          EBITDA was negatively impacted from the downturn in the U.S. economy
          as a result of the events of September 11th. For FY2003, EBITDA
          increased slightly to approximately $1.2 million.

     .    Despite little growth in the Company's underlying business, the
          Company's capital position has improved significantly over the past
          five years, with rising cash balances of approximately $1.1 million in
          FY1999 to $4.2 million in FY2003. This is primarily a result of the
          repayment of notes owed to the Company by franchisees (the "Notes").
          The Notes primarily are comprised of overdue accounts receivable
          relating to the sale of paper products and royalty revenue that have
          been converted into longer-term commitments. Of the Company's
          approximately $10.6 million of total receivables as of February 28,
          2003, approximately $6.8 million are represented by the Notes.

     .    As of February 28, 2003, the Company had approximately $523,000 in
          interest-bearing debt, the majority of which relates to equipment
          leases on the Company's plant operations.

     .    Given the little growth seen in the Company's core franchising
          business, the Company has begun several new initiatives, which include
          the addition of Company-owned plants and the implementation and
          roll-out of satellite stores. The satellite store plan will involve
          the franchising of smaller franchise regions to individuals who
          contract to provide business cards and other forms to customers within
          that region. The

Page 16



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE

          supply of the cards and other forms would be provided by plants owned
          by the Company or other franchisees.

Page 17



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE
Normalized Comparative Summary Income Statements
($ in thousands except per share)



                                                                 for years ended February 28/29,
                                                         -----------------------------------------------
                                                           1999      2000      2001      2002     2003E
                                                         -----------------------------------------------
                                                                                  
Revenue
   Royalties and Franchise Fees                          $ 5,356   $ 5,394   $ 5,267   $ 5,117   $ 5,221
   Paper and Printing Sales                               12,817    13,881    13,424    12,068    12,019
   Sales of Franchises                                        87        27        46        99         4
   Company Owned Plant Sales                                  --        --        --        --     1,036
   Other Fees                                                 --        --       262       315       426
                                                         -----------------------------------------------
                                         Total Revenue    18,260    19,302    18,999    17,599    18,706
Cost of Revenue
   Cost of Paper and Printing Sales                       10,939    11,574    11,605    10,592    10,410
   Cost of Company Owned Plant Sales                          --        --        --        --       237
                                                         -----------------------------------------------
                                       Cost of Revenue    10,939    11,574    11,605    10,592    10,647
                                                         -----------------------------------------------
                                          Gross Profit     7,321     7,728     7,394     7,007     8,059
   Selling, General & Admin                                4,290     6,619     6,455     6,376     6,863
   Other                                                     186       189       232       226       241
                                                         -----------------------------------------------
                              Total Operating Expenses     4,476     6,808     6,687     6,602     7,104
                                                         -----------------------------------------------
                               Operating Income (Loss)     2,845       920       707       405       955
Interest Income (Expense)                                    340       336       381       408       303
Other Income (Expense)                                         6       952        49        --        18
                                                         -----------------------------------------------
                                 Pre-tax Income (Loss)     3,191     2,208     1,137       813     1,276
Income Tax (Benefit)                                         690       837       442       321       491
                                                         -----------------------------------------------
                                 Normalized Net Income   $ 2,501   $ 1,371   $   695   $   492   $   785
                                                         ===============================================
Normalized EBIT                                          $ 2,851   $ 1,872   $   756   $   405   $   973
   Total Depreciation & Amortization                     $   186   $   189   $   232   $   226   $   241
Normalized EBITDA                                        $ 3,037   $ 2,061   $   988   $   631   $ 1,214
   Capital Expenditures, net of Disposals (CAPEX, net)   $    82   $   262   $   150   $   162   $   427
Normalized EBITDA - CAPEX                                $ 2,955   $ 1,799   $   838   $   469   $   787

Earnings per Share
   Basic Normalized EPS                                  $  0.47   $  0.26   $  0.13   $  0.10   $  0.15
   Basic Reported EPS                                    $  0.41   $  0.19   $  0.13   $  0.10   $  0.15
   Weighted Average Shares Outstanding (thousands)         5,323     5,257     5,214     5,123     5,121

   Diluted Normalized EPS                                $  0.45   $  0.25   $  0.13   $  0.10   $  0.15
   Diluted Reported EPS                                  $  0.39   $  0.19   $  0.13   $  0.10   $  0.15
   Weighted Average Shares Outstanding (thousands)         5,596     5,388     5,235     5,123     5,121
Normalizing Reconciliation
   Discontinued Operations, net of Taxes                 $  (327)  $  (357)  $   (31)  $    --   $    --
   Extraordinary Items, net of Taxes                          --        --        --        --        --
                                                         -----------------------------------------------
                 Total Reconciling Items, net of Taxes   $  (327)  $  (357)  $   (31)  $    --   $    --
                                                         ===============================================
                         Reported Income Tax (Benefit)   $   690   $   837   $   442   $   321   $   491
                            Reported Net Income (Loss)   $ 2,174   $ 1,014   $   664   $   492   $   785


- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management.

Page 18



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE
Normalized Common Sized Summary Income Statements



                                                            for years ended February 28/29,
                                                         -------------------------------------
                                                          1999    2000    2001    2002   2003E
                                                         -------------------------------------
                                                                          
Revenue
   Royalties and Franchise Fees                           29.3%   27.9%   27.7%   29.1%   27.9%
   Paper and Printing Sales                               70.2%   71.9%   70.7%   68.6%   64.3%
   Sales of Franchises                                     0.5%    0.1%    0.2%    0.6%    0.0%
   Company Owned Plant Sales                               0.0%    0.0%    0.0%    0.0%    5.5%
   Other Fees                                              0.0%    0.0%    1.4%    1.8%    2.3%
                                                         -------------------------------------
                                         Total Revenue   100.0%  100.0%  100.0%  100.0%  100.0%
Cost of Revenue
   Cost of Paper and Printing Sales                       59.9%   60.0%   61.1%   60.2%   55.7%
   Cost of Company Owned Plant Sales                       0.0%    0.0%    0.0%    0.0%    1.3%
                                                         -------------------------------------
                                       Cost of Revenue    59.9%   60.0%   61.1%   60.2%   56.9%
                                                         -------------------------------------
                                          Gross Profit    40.1%   40.0%   38.9%   39.8%   43.1%

   Selling, General & Admin                               23.5%   34.3%   34.0%   36.2%   36.7%
   Other                                                   1.0%    1.0%    1.2%    1.3%    1.3%
                                                         -------------------------------------
                              Total Operating Expenses    24.5%   35.3%   35.2%   37.5%   38.0%
                                                         -------------------------------------
                               Operating Income (Loss)    15.6%    4.8%    3.7%    2.3%    5.1%
Interest Income (Expense)                                  1.9%    1.7%    2.0%    2.3%    1.6%
Other Income (Expense)                                     0.0%    4.9%    0.3%    0.0%    0.1%
                                                         -------------------------------------
                                 Pre-tax Income (Loss)    17.5%   11.4%    6.0%    4.6%    6.8%
Income Tax (Benefit)                                       3.8%    4.3%    2.3%    1.8%    2.6%
                                                         -------------------------------------
                                 Normalized Net Income    13.7%    7.1%    3.7%    2.8%    4.2%
                                                         =====================================

Normalized EBIT                                           15.6%    9.7%    4.0%    2.3%    5.2%
   Total Depreciation & Amortization                       1.0%    1.0%    1.2%    1.3%    1.3%
Normalized EBITDA                                         16.6%   10.7%    5.2%    3.6%    6.5%
   Capital Expenditures, net of Disposals (CAPEX, net)     0.4%    1.4%    0.8%    0.9%    2.3%
Normalized EBITDA - CAPEX                                 16.2%    9.3%    4.4%    2.7%    4.2%

Normalizing Reconciliation
Discontinued Operations, net of Taxes                     -1.8%   -1.8%   -0.2%    0.0%    0.0%
Extraordinary Items, net of Taxes                          0.0%    0.0%    0.0%    0.0%    0.0%
                                                         -------------------------------------
                 Total Reconciling Items, net of Taxes    -1.8%   -1.8%   -0.2%    0.0%    0.0%
                                                         =====================================

                         Reported Income Tax (Benefit)     3.8%    4.3%    2.3%    1.8%    2.6%
                            Reported Net Income (Loss)    11.9%    5.3%    3.5%    2.8%    4.2%


- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management.

Page 19



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE
Comparative Summary Balance Sheets
($ in thousands, except per share)



                                                        as of February 28/29,
                                           -----------------------------------------------
                                             1999      2000      2001      2002     2003E
                                           -----------------------------------------------
                                                                    
Assets
Current Assets
   Cash & Equivalents                      $ 1,143   $ 1,906   $ 1,799   $ 4,819   $ 4,244
   Accounts and Notes Receivable, net        3,252     3,293     3,568     2,889     3,076
   Inventory                                 2,122     2,359     2,352     1,887     2,668
   Deferred Income Taxes                       476       482       321       419       369
   Prepaid & Other                           1,281       408       134       259       513
                                           -----------------------------------------------
                    Total Current Assets     8,274     8,448     8,174    10,273    10,870
Property & Equipment                         1,442     1,633     1,707     1,869     2,638
Less Accumulated Depreciation                 (982)   (1,104)   (1,234)   (1,434)   (1,649)
                                           -----------------------------------------------
               Property & Equipment, net       460       529       473       435       989
Accounts and Notes Receivable, net           6,052     7,275     6,362     5,170     4,807
Deferred Income Taxes                          246       722       925       970       956
Intangible Assets, net                         284       258       232       206       180
Other Assets                                    90        89        24        24        47
                                           -----------------------------------------------
                                           $15,406   $17,321   $16,190   $17,078   $17,849
                                           ===============================================
Liabilities & Stockholders' Equity
Current Liabilities
   Accounts Payable                        $   844   $ 1,111   $   597   $   432   $   875
   Accrued Expenses                            753     1,349       403       871       519
   Interest Bearing Debt                       113       104        86       560       255
   Other                                       311       218       167       125        55
                                           -----------------------------------------------
               Total Current Liabilities     2,021     2,782     1,253     1,988     1,704
Long Term Interest Bearing Debt                433       330       236        --       268
Other Long Term                                 --       453       417       334       335
                                           -----------------------------------------------
                       Total Liabilities     2,454     3,565     1,906     2,322     2,307
Stockholders' Equity
   Preferred Stock                              60        --        --        --        --
   Common Stock                                230       233       233       233       233
   Paid in Capital                          12,506    12,597    12,597    12,605    12,605
   Accumulated Earnings (Deficit)            1,322     2,334     2,998     3,490     4,276
   Treasury Stock & Stock Receivable        (1,166)   (1,408)   (1,544)   (1,572)   (1,572)
                                           -----------------------------------------------
              Total Stockholders' Equity    12,952    13,756    14,284    14,756    15,542
                                           -----------------------------------------------
                                           $15,406   $17,321   $16,190   $17,078   $17,849
                                           ===============================================
Net Working Capital                        $ 6,253   $ 5,666   $ 6,921   $ 8,285   $ 9,166
Common Shares Outstanding (thousands)        5,257     5,231     5,136     5,121     5,121
Book Value per Share                       $  2.46   $  2.63   $  2.78   $  2.88   $  3.03
Tangible Book Value Per Share              $  2.41   $  2.58   $  2.74   $  2.84   $  3.00


- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management.

Page 20



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE
Common Sized Summary Balance Sheets



                                                   as of February 28/29,
                                           -------------------------------------
                                            1999    2000    2001    2002   2003E
                                           -------------------------------------
                                                            
Assets
Current Assets
   Cash & Equivalents                        7.4%   11.0%   11.1%   28.2%   23.8%
   Accounts and Notes Receivable, net       21.1%   19.0%   22.0%   16.9%   17.2%
   Inventory                                13.8%   13.6%   14.5%   11.0%   14.9%
   Deferred Income Taxes                     3.1%    2.8%    2.0%    2.5%    2.1%
   Prepaid & Other                           8.3%    2.4%    0.8%    1.5%    2.9%
                                           -------------------------------------
                    Total Current Assets    53.7%   48.8%   50.5%   60.2%   60.9%

Property & Equipment                         9.4%    9.4%   10.5%   10.9%   14.8%
Less Accumulated Depreciation               -6.4%   -6.4%   -7.6%   -8.4%   -9.2%
                                           -------------------------------------
               Property & Equipment, net     3.0%    3.1%    2.9%    2.5%    5.5%
Accounts and Notes Receivable, net          39.3%   42.0%   39.3%   30.3%   26.9%
Deferred Income Taxes                        1.6%    4.2%    5.7%    5.7%    5.4%
Intangible Assets, net                       1.8%    1.5%    1.4%    1.2%    1.0%
Other Assets                                 0.6%    0.5%    0.1%    0.1%    0.3%
                                           -------------------------------------
                                           100.0%  100.0%  100.0%  100.0%  100.0%
                                           =====================================
Liabilities & Stockholders' Equity
Current Liabilities
   Accounts Payable                          5.5%    6.4%    3.7%    2.5%    4.9%
   Accrued Expenses                          4.9%    7.8%    2.5%    5.1%    2.9%
   Interest Bearing Debt                     0.7%    0.6%    0.5%    3.3%    1.4%
   Other                                     2.0%    1.3%    1.0%    0.7%    0.3%
                                           -------------------------------------
               Total Current Liabilities    13.1%   16.1%    7.7%   11.6%    9.5%

Long Term Interest Bearing Debt              2.8%    1.9%    1.5%    0.0%    1.5%
Other Long Term                              0.0%    2.6%    2.6%    2.0%    1.9%
                                           -------------------------------------
                       Total Liabilities    15.9%   20.6%   11.8%   13.6%   12.9%

Stockholders' Equity
   Preferred Stock                           0.4%    0.0%    0.0%    0.0%    0.0%
   Common Stock                              1.5%    1.3%    1.4%    1.4%    1.3%
   Paid in Capital                          81.2%   72.7%   77.8%   73.8%   70.6%
   Accumulated Earnings (Deficit)            8.6%   13.5%   18.5%   20.4%   24.0%
   Treasury Stock & Stock Receivable        -7.6%   -8.1%   -9.5%   -9.2%   -8.8%
                                           -------------------------------------
              Total Stockholders' Equity    84.1%   79.4%   88.2%   86.4%   87.1%
                                           -------------------------------------
                                           100.0%  100.0%  100.0%  100.0%  100.0%
                                           =====================================
Net Working Capital                         40.6%   32.7%   42.7%   48.5%   51.4%


- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management.

Page 21



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE
Comparative Financial Analysis
($ in thousands, except per share)



                                                              as of & for years ended February 28/29,
                                                         -----------------------------------------------
                                                           1999      2000      2001      2002     2003E
                                                         -------   -------   -------   -------   -------
                                                                                  
Financial Review
   Revenue                                               $18,260   $19,302   $18,999   $17,599   $18,706
   Gross Profit                                          $ 7,321   $ 7,728   $ 7,394   $ 7,007   $ 8,059
   Total Operating Expenses                              $ 4,476   $ 6,808   $ 6,687   $ 6,602   $ 7,104
   Operating Income                                      $ 2,845   $   920   $   707   $   405   $   955
   Pre-tax Income (Loss)                                 $ 3,191   $ 2,208   $ 1,137   $   813   $ 1,276
   Normalized Net Income (Loss)                          $ 2,501   $ 1,371   $   695   $   492   $   785
   Normalized EBIT                                       $ 2,851   $ 1,872   $   756   $   405   $   973
   Normalized EBITDA                                     $ 3,037   $ 2,061   $   988   $   631   $ 1,214
   Normalized Basic EPS                                  $  0.41   $  0.19   $  0.13   $  0.10   $  0.15
   Normalized Diluted EPS                                $  0.39   $  0.19   $  0.13   $  0.10   $  0.15
   Total Assets                                          $15,406   $17,321   $16,190   $17,078   $17,849
   Net Worth                                             $12,952   $13,756   $14,284   $14,756   $15,542
   Tangible Net Worth                                    $12,668   $13,498   $14,052   $14,550   $15,362
   Total Interest Bearing Debt                           $   546   $   434   $   322   $   560   $   523
   Net Interest Bearing Debt                             $  (597)  $(1,472)  $(1,477)  $(4,259)  $(3,721)
   Total Capitalization                                  $13,498   $14,190   $14,606   $15,316   $16,065

Financial Strength
   Quick Ratio                                               3.0       2.2       4.6       4.2       4.8
   Current Ratio                                             4.1       3.0       6.5       5.2       6.4
   Total Liabilities to Net Worth                           18.9%     25.9%     13.3%     15.7%     14.8%
   Total Interest Bearing Debt to Net Worth                  4.2%      3.2%      2.3%      3.8%      3.4%
   Total Interest Bearing Debt to Total Capitalization       4.0%      3.1%      2.2%      3.7%      3.3%
   Net Interest Bearing Debt to Total Capitalization        -4.4%    -10.4%    -10.1%    -27.8%    -23.2%
   Interest Expense to Interest Bearing Debt                  na        na        na        na        na
   Total Interest Bearing Debt to Normalized EBITDA          0.2       0.2       0.3       0.9       0.4
   Normalized EBITDA to Interest Expense                      na        na        na        na        na
   Normalized EBITDA-CAPEX, net to Interest Exp               na        na        na        na        na

Effectiveness and Efficiency
   Accounts Receivable Turnover                               na       5.9       5.5       5.5       6.3
   Inventory Turnover                                         na       5.2       4.9       5.0       4.7
   Asset Turnover                                             na       1.2       1.1       1.1       1.1
   Days Sales Outstanding                                     na      61.9      65.9      67.0      58.2
   Days Inventory Outstanding                                 na      70.7      74.1      73.0      78.1
   Days Payable Outstanding                                   na      14.8      15.0      13.5       9.0
   Normalized EBIT to Average Assets                          na      11.4%      4.5%      2.4%      5.6%
   Normalized EBIT to Net Worth                               na      14.0%      5.4%      2.8%      6.4%
   Normalized EBITDA to Average Assets                        na      12.6%      5.9%      3.8%      7.0%
   Normalized EBITDA to Net Worth                             na      15.4%      7.0%      4.3%      8.0%
   Normalized Net Income to Average Assets                    na       8.4%      4.1%      3.0%      4.5%
   Normalized Net Income to Net Worth                         na      10.3%      5.0%      3.4%      5.2%


- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management

Page 22



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE
Comparative Financial Analysis Continued
($ in thousands, except per share)



                                                   as of & for years ended February 28/29,
                                                   ---------------------------------------
                                                     1999    2000    2001    2002   2003E
                                                    -----   -----   -----   -----   -----
                                                                     
Profitability Ratios (as % of Revenue)
   Gross Profit Margin                               40.1%   40.0%   38.9%   39.8%   43.1%
   SG&A                                              23.5%   34.3%   34.0%   36.2%   36.7%
   Total Operating Expenses                          24.5%   35.3%   35.2%   37.5%   38.0%
   Operating Income                                  15.6%    4.8%    3.7%    2.3%    5.1%
   Pre-tax Income (Loss)                             17.5%   11.4%    6.0%    4.6%    6.8%
   Normalized Net Income (Loss)                      13.7%    7.1%    3.7%    2.8%    4.2%
   Normalized EBIT                                   15.6%    9.7%    4.0%    2.3%    5.2%
   Normalized EBITDA                                 16.6%   10.7%    5.2%    3.6%    6.5%

Growth Rates
   Revenue                                             na     5.7%  -1.6%    -7.4%    6.3%
   Gross Profit                                        na     5.6%  -4.3%    -5.2%   15.0%
   Operating Income                                    na   -67.7%  -23.2%  -42.7%  135.8%
   Pre-tax Income (Loss)                               na   -30.8%  -48.5%  -28.5%   56.9%
   Normalized Net Income (Loss)                        na   -45.2%  -49.3%  -29.2%   59.6%
   Normalized EBIT                                     na   -34.3%  -59.6%  -46.4%  140.2%
   Normalized EBITDA                                   na   -32.1%  -52.1%  -36.1%   92.4%
   Normalized Basic EPS                                na   -53.7%  -31.6%  -23.1%   50.0%
   Normalized Diluted EPS                              na   -51.3%  -31.6%  -23.1%   50.0%
   Total Assets                                        na    12.4%   -6.5%    5.5%    4.5%
   Net Worth                                           na     6.2%    3.8%    3.3%    5.3%
   Tangible Net Worth                                  na     6.6%    4.1%    3.5%    5.6%
   CAPEX, net                                          na   219.5%  -42.7%    8.0%  163.6%

Cumulative Average Growth Rate (CAGR) Statistics
   Revenue                                             na     5.7%    2.0%   -1.2%    0.6%
   Gross Profit                                        na     5.6%    0.5%   -1.5%    2.4%
   Operating Income                                    na   -67.7%  -50.1%  -47.8%  -23.9%
   Pre-tax Income (Loss)                               na   -30.8%  -40.3%  -36.6%  -20.5%
   Normalized Net Income (Loss)                        na   -45.2%  -47.3%  -41.8%  -25.2%
   Normalized EBIT                                     na   -34.3%  -48.5%  -47.8%  -23.6%
   Normalized EBITDA                                   na   -32.1%  -43.0%  -40.8%  -20.5%
   Normalized Basic EPS                                na   -53.7%  -43.7%  -37.5%  -22.2%
   Normalized Diluted EPS                              na   -51.3%  -42.3%  -36.5%  -21.2%
   Total Assets                                        na    12.4%    2.5%    3.5%    3.7%
   Net Worth                                           na     6.2%    5.0%    4.4%    4.7%
   Tangible Net Worth                                  na     6.6%    5.3%    4.7%    4.9%
   CAPEX, net                                          na   219.5%   35.3%   25.5%   51.1%

Depreciation & Capital Spending
   Depreciation to CAPEX, net                       226.8%   72.1%  154.7%  139.5%   56.4%
   CAPEX, net to Revenue                              0.4%    1.4%    0.8%    0.9%    2.3%


- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management

Page 23



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE

Selected Normalized Income Statement Graphs
($ in thousands, except per share)



                               FY 1999    FY 2000     FY 2001     FY 2002   FY 2003E
                             ---------------------------------------------------------
                                                            
                                                    [Bar Graph]
                     Revenue  $  18,260  $  19,302   $  18,999   $  17,599  $  18,706
                                                    [Bar Graph]
                Gross Profit  $   7,321  $   7,728   $   7,394   $   7,007  $   8,059
                                                    [Bar Graph]
    Total Operating Expenses  $   4,476  $   6,808   $   6,687   $   6,602  $   7,104
                                                    [Bar Graph]
            Operating Income  $   2,845  $     920   $     707   $     405  $     955
                                                    [Bar Graph]
   Interest Income (Expense)  $     340  $     336   $     381   $     408  $     303
                                                    [Bar Graph]
             Normalized EBIT  $   2,851  $   1,872   $     756   $     405  $     973
                                                    [Bar Graph]
           Normalized EBITDA  $   3,037  $   2,061   $     988   $     631  $   1,214
                                                    [Bar Graph]
Normalized Net Income (Loss)  $   2,501  $   1,371   $     695   $     492  $     785

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Sources of information: Company financial statements and management

Page 24



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE

Selected Normalized Profitablity and Cost Ratio (as % of Revenue) Graphs



                               FY 1999    FY 2000     FY 2001     FY 2002   FY 2003E
                             ---------------------------------------------------------
                                                             
                                               [Graph Appears Here]
         Gross Profit Margin      40.1%      40.0%       38.9%       39.8%      43.1%
                                               [Graph Appears Here]
                        SG&A      23.5%      34.3%       34.0%       36.2%      36.7%
                                               [Graph Appears Here]
            Operating Income      15.6%       4.8%        3.7%        2.3%       5.1%
                                               [Graph Appears Here]
   Interest Income (Expense)       1.9%       1.7%        2.0%        2.3%       1.6%
                                               [Graph Appears Here]
       Pre-tax Income (Loss)      17.5%      11.4%        6.0%        4.6%       6.8%
                                               [Graph Appears Here]
Normalized Net Income (Loss)      13.7%       7.1%        3.7%        2.8%       4.2%
                                               [Graph Appears Here]
             Normalized EBIT      15.6%       9.7%        4.0%        2.3%       5.2%
                                               [Graph Appears Here]
           Normalized EBITDA      16.6%      10.7%        5.2%        3.6%       6.5%
                                               [Graph Appears Here]
       CAPEX, net to Revenue       0.4%       1.4%        0.8%        0.9%       2.3%


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Sources of information: Company financial statements and management

Page 25



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE

Selected Normalized Financial Strength Graphs
($ in thousands)

                FY 1999   FY 2000   FY 2001   FY 2002  FY 2003E
                              [Graph Appears Here]

                               Net Working Capital
               $ 6,253   $ 5,666   $ 6,921   $ 8,285   $ 9,166
                              [Graph Appears Here]

                                   Quick Ratio
                   3.0       2.2       4.6       4.2       4.8
                              [Graph Appears Here]

                                  Current Ratio
                   4.1       3.0       6.5       5.2       6.4
                              [Graph Appears Here]

                         Total Liabilities to Net Worth
                  18.9%     25.9%     13.3%     15.7%     14.8%
                              [Graph Appears Here]

                    Total Interest Bearing Debt to Net Worth
                   4.2%      3.2%      2.3%      3.8%      3.4%
                              [Graph Appears Here]

               Total Interest Bearing Debt to Total Capitalization
                   4.0%      3.1%      2.2%      3.7%      3.3%
                              [Graph Appears Here]

                    Interest Expense to Interest Bearing Debt
                    na        na        na        na        na
                              [Graph Appears Here]

                      Total Interest Bearing Debt to EBITDA
                   0.2       0.2       0.3       0.9       0.4
                              [Graph Appears Here]

                           EBITDA to Interest Expense
                    na        na        na        na        na

- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management

Page 26

                                        3



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY FINANCIAL PERFORMANCE

Selected Normalized Efficency Graphs

               FY 2000        FY 2001         FY 2002        FY 2003E
              --------------------------------------------------------

                             Days Sales Outstanding
                              [Graph Appears Here]
               61.9            65.9             67.0           58.2

                           Days Inventory Outstanding
                              [Graph Appears Here]
               70.7            74.1             73.0           78.1

                            Days Payable Outstanding
                              [Graph Appears Here]
               14.8            15.0             13.5            9.0

                        Normalized EBIT to Average Assets
                              [Graph Appears Here]
               11.4%            4.5%             2.4%           5.6%

                      Normalized EBIT to Average Net Worth
                              [Graph Appears Here]
               14.0%            5.4%             2.8%           6.4%

                       Normalized EBITDA to Average Assets
                              [Graph Appears Here]
               12.6%            5.9%             3.8%           7.0%

                     Normalized EBITDA to Average Net Worth
                              [Graph Appears Here]
               15.4%            7.0%             4.3%           8.0%

                          Net Income to Average Assets
                              [Graph Appears Here]
                8.4%            4.1%             3.0%           4.5%

                         Net Income to Average Net Worth
                              [Graph Appears Here]
               10.3%            5.0%             3.4%           5.2%

- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management

Page 27



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------

                           COMPANY MARKET PERFORMANCE

Page 28



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY MARKET PERFORMANCE

     .    Capitalink reviewed the daily closing market price and trading volume
          of the Company's common stock over the period commencing May 23, 2002
          through May 23, 2003.

     .    Capitalink compared the daily closing market price performance of the
          Company's common stock for such period to both the Comparable
          Companies (as defined below) and the Russell 3000 Index.

     .    Capitalink calculated total trading volumes at various closing price
          ranges of the Company's common stock. In addition, the number of
          trading days, and the respective percentages, at certain trading
          volumes, was set forth.

     .    Capitalink noted the following characteristics of the Company's common
          stock:

          .    The Company's stock has experienced limited liquidity with the
               average and median daily number of shares traded equal to 5,279
               and 200 respectively. It was further noted that there was no
               volume on 115 trading days or approximately 45.5% of the
               available trading days.
          .    During the twelve months ended May 23, 2003 the Company's share
               price has ranged from as high as $1.05 to as low as $0.67. The
               Company's common stock closed at $1.00 on May 23, 2003.

     .    Capitalink noted that during the twelve months ended May 19, 2003, the
          Company's common stock increased 17.6%, while the Comparable Companies
          index fell slightly by 1.2% and the Russell 3000 Index declined 14.7%.

Page 29



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY MARKET PERFORMANCE

                   BCTI Closing Price & Trading Volume History

                           May 23, 2002 - May 23, 2003

                                  [LINE CHART]

 BCTI Closing Price  & Volume History
   ------------------------------

                [Graph Appears Here]

      Date       Volume       BCTI Close
   ------------------------------------
   23-May-03           0           1.00
   22-May-03        7600           1.00
   21-May-03           0           0.93
   20-May-03         300           0.93
   19-May-03        6400           0.95
   16-May-03           0           1.00
   15-May-03           0           1.00
   14-May-03           0           1.00
   13-May-03       3,500           1.00
   12-May-03           0           0.95
   09-May-03           0           0.95
   08-May-03           0           0.95
   07-May-03       2,500           0.95
   06-May-03       6,000           1.04
   05-May-03       5,500           1.01
   02-May-03       2,000           1.01
   01-May-03       4,600           1.05
   30-Apr-03           0           0.98
   29-Apr-03           0           0.98
   28-Apr-03         500           0.98
   25-Apr-03      17,900           0.99
   24-Apr-03       9,100           0.99
   23-Apr-03       7,000           0.95
   22-Apr-03       7,800           0.91
   21-Apr-03       1,900           0.91
   17-Apr-03         200           0.91
   16-Apr-03           0           0.91
   15-Apr-03           0           0.91
   14-Apr-03         300           0.91
   11-Apr-03           0           0.91
   10-Apr-03           0           0.91
   09-Apr-03         100           0.91
   08-Apr-03           0           0.91
   07-Apr-03       9,500           0.91
   04-Apr-03           0           0.95
   03-Apr-03       7,500           0.95
   02-Apr-03           0           0.92
   01-Apr-03         300           0.92
   31-Mar-03           0           0.92
   28-Mar-03         200           0.92
   27-Mar-03         200           0.92
   26-Mar-03           0           0.92
   25-Mar-03       7,300           0.92
   24-Mar-03           0           0.92
   21-Mar-03       6,000           0.92
   20-Mar-03       2,500           0.92
   19-Mar-03       5,500           0.92
   18-Mar-03       3,000           0.92
   17-Mar-03           0           0.92
   14-Mar-03           0           0.92
   13-Mar-03           0           0.92
   12-Mar-03           0           0.92
   11-Mar-03           0           0.92
   10-Mar-03         100           0.92
   07-Mar-03           0           0.93
   06-Mar-03           0           0.93
   05-Mar-03       2,000           0.93
   04-Mar-03       3,600           0.92
   03-Mar-03           0           0.92
   28-Feb-03         100           0.92
   27-Feb-03      10,000           0.96
   26-Feb-03           0           0.91
   25-Feb-03           0           0.91
   24-Feb-03           0           0.91
   21-Feb-03           0           0.91
   20-Feb-03           0           0.76
   19-Feb-03           0           0.91
   18-Feb-03       29800           0.91
   14-Feb-03         800           0.97
   13-Feb-03        5800           0.96
   12-Feb-03           0           0.97
   11-Feb-03         500           0.97
   10-Feb-03        9500           0.99
   07-Feb-03           0           0.98
   06-Feb-03           0           0.98
   05-Feb-03           0           0.98
   04-Feb-03        5000           0.98
   03-Feb-03         700           0.96
   31-Jan-03        5000           0.96
   30-Jan-03           0           0.96
   29-Jan-03           0           0.96
   28-Jan-03         100           0.96
   27-Jan-03           0           0.96
   24-Jan-03        6200           0.96
   23-Jan-03        1000           1.01
   22-Jan-03         100           1.03
   21-Jan-03        2200           1.01
   17-Jan-03     181,100           1.05
   16-Jan-03      57,600           1.02
   15-Jan-03      17,000            0.9
   14-Jan-03         300            0.9
   13-Jan-03           0           0.81
   10-Jan-03           0           0.81
   09-Jan-03       1,000           0.81
   08-Jan-03         300           0.81
   07-Jan-03           0           0.81
   06-Jan-03           0           0.81
   03-Jan-03           0           0.81
   02-Jan-03           0           0.81
   31-Dec-02      13,100           0.81
   30-Dec-02      16,000            0.8
   27-Dec-02         100           0.78
   26-Dec-02       1,600           0.78
   24-Dec-02           0           0.78
   23-Dec-02           0           0.78
   20-Dec-02         400           0.78
   19-Dec-02           0           0.85
   18-Dec-02       2,300           0.85
   17-Dec-02         100           0.78
   16-Dec-02           0           0.78
   13-Dec-02           0           0.78
   12-Dec-02           0           0.78
   11-Dec-02           0           0.78
   10-Dec-02           0           0.78
   09-Dec-02         200           0.78
   06-Dec-02       6,700           0.78
   05-Dec-02           0           0.76
   04-Dec-02      16,000           0.76
   03-Dec-02           0           0.83
   02-Dec-02       7,300           0.83
   29-Nov-02           0          0.761
   27-Nov-02       4,100          0.761
   26-Nov-02       2,500           0.76
   25-Nov-02         300           0.75
   22-Nov-02         800            0.9
   21-Nov-02           0           0.75
   20-Nov-02       1,100           0.75
   19-Nov-02       4,100           0.75
   18-Nov-02       1,800           0.75
   15-Nov-02           0           0.75
   14-Nov-02           0           0.75
   13-Nov-02           0           0.75
   12-Nov-02           0           0.75
   11-Nov-02           0           0.75
   08-Nov-02       7,900           0.75
   07-Nov-02      13,000           0.76
   06-Nov-02       1,700           0.72
   05-Nov-02           0           0.72
   04-Nov-02           0           0.72
   01-Nov-02       2,500           0.72
   31-Oct-02      15,500           0.75
   30-Oct-02       3,800          0.685
   29-Oct-02           0           0.68
   28-Oct-02         200           0.68
   25-Oct-02      14,900           0.68
   24-Oct-02           0           0.74
   23-Oct-02         500           0.74
   22-Oct-02           0           0.68
   21-Oct-02           0           0.68
   18-Oct-02         500           0.68
   17-Oct-02           0           0.68
   16-Oct-02       1,000           0.68
   15-Oct-02         200           0.68
   14-Oct-02           0           0.67
   11-Oct-02      16,700           0.67
   10-Oct-02           0           0.71
   09-Oct-02       5,000           0.71
   08-Oct-02       6,500           0.72
   07-Oct-02       7,200           0.72
   04-Oct-02         100           0.71
   03-Oct-02           0           0.71
   02-Oct-02         100           0.71
   01-Oct-02           0            0.7
   30-Sep-02       9,400            0.7
   27-Sep-02           0           0.71
   26-Sep-02       2,000           0.71
   25-Sep-02       4,300           0.71
   24-Sep-02      11,100            0.7
   23-Sep-02       2,000            0.7
   20-Sep-02       5,000           0.73
   19-Sep-02      88,700           0.72
   18-Sep-02           0           0.78
   17-Sep-02       1,800           0.78
   16-Sep-02      55,900          0.765
   13-Sep-02           0           0.76
   12-Sep-02           0           0.76
   11-Sep-02         200           0.76
   10-Sep-02           0           0.82
   09-Sep-02      10,000           0.82
   06-Sep-02           0           0.81
   05-Sep-02           0           0.81
   04-Sep-02       2,500           0.81
   03-Sep-02       4,000           0.83
   30-Aug-02         100           0.81
   29-Aug-02           0            0.8
   28-Aug-02           0            0.8
   27-Aug-02           0            0.8
   26-Aug-02           0            0.8
   23-Aug-02         500            0.8
   22-Aug-02           0           0.82
   21-Aug-02      15,000           0.82
   20-Aug-02      16,000           0.85
   19-Aug-02       5,000           0.93
   16-Aug-02           0           0.85
   15-Aug-02       2,400           0.85
   14-Aug-02      17,000           0.85
   13-Aug-02       6,000          0.858
   12-Aug-02       5,500            0.8
   09-Aug-02           0           0.75
   08-Aug-02      34,300           0.75
   07-Aug-02       4,500           0.81
   06-Aug-02           0           0.81
   05-Aug-02     175,200           0.81
   02-Aug-02         200           0.81
   01-Aug-02           0           0.81
   31-Jul-02           0           0.81
   30-Jul-02       2,600           0.81
   29-Jul-02       7,200            0.8
   26-Jul-02      71,900           0.81
   25-Jul-02       5,700           0.79
   24-Jul-02         500           0.78
   23-Jul-02       3,000           0.78
   22-Jul-02       3,500           0.75
   19-Jul-02           0            0.8
   18-Jul-02       1,500            0.8
   17-Jul-02           0           0.78
   16-Jul-02       1,500           0.78
   15-Jul-02       2,500           0.82
   12-Jul-02       5,000           0.82
   11-Jul-02           0           0.77
   10-Jul-02           0           0.77
   09-Jul-02           0           0.77
   08-Jul-02       2,500           0.77
   05-Jul-02           0           0.79
   03-Jul-02      64,600           0.79
   02-Jul-02      11,000           0.79
   01-Jul-02           0           0.84
   28-Jun-02           0           0.84
   27-Jun-02           0           0.84
   26-Jun-02           0           0.84
   25-Jun-02           0           0.84
   24-Jun-02           0           0.84
   21-Jun-02           0           0.84
   20-Jun-02       5,700           0.84
   19-Jun-02         100           0.82
   18-Jun-02       2,000           0.82
   17-Jun-02           0           0.82
   14-Jun-02           0           0.82
   13-Jun-02           0           0.82
   12-Jun-02      10,000           0.82
   11-Jun-02       2,400           0.83
   10-Jun-02           0           0.83
   07-Jun-02           0           0.83
   06-Jun-02       2,000           0.83
   05-Jun-02       1,000           0.83
   04-Jun-02       9,500           0.83
   03-Jun-02         200           0.85
   31-May-02           0           0.82
   30-May-02           0           0.82
   29-May-02         200           0.82
   28-May-02           0           0.85
   24-May-02           0           0.85
   23-May-02           0           0.85



       Start                   End                 High          Average     Median            Low         Avg.Volume  Median Volume
- -------------------   -------------------   ------------------   --------   --------   ------------------- ----------  -------------
23-May-02  $ 0.8500   23-May-03  $ 1.0000   1-May-03  $ 1.0500   $ 0.8407   $ 0.8200   14-Oct-02  $ 0.6700      5.279            200
                                                                                                  


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

Page 30



BCT International, Inc.                                            CONFIDENTIAL
- -------------------------------------------------------------------------------
COMPANY MARKET PERFORMANCE


              BCTI vs Comparable Company Index vs Russel 3000 Index
                   -------------------------------------------

                              [Graph Appears Here]
                   -------------------------------------------
                                      Company     Comparable      Russell
                        Date          Index        Company      3000 Index
              ------------------------------------------------------------
                       23-May-03         17.6           98.8          85.3
                       22-May-03         17.6           97.8          85.1
                       21-May-03         09.4           96.8          84.3
                       20-May-03         09.4           96.1          83.9
                       19-May-03         11.8           96.3          84.0
                       16-May-03         17.6           97.5          86.0
                       15-May-03         17.6           96.9          86.3
                       14-May-03         17.6           97.1          85.7
                       13-May-03         17.6           96.2          85.9
                       12-May-03         11.8           97.5          86.1
                       09-May-03         11.8           95.3          85.0
                       08-May-03         11.8           93.5          83.9
                       07-May-03         11.8           94.7          84.7
                       06-May-03         22.4           95.5          85.1
                       05-May-03         18.8           93.7          84.4
                       02-May-03         18.8           93.4          84.6
                       01-May-03         23.5           92.9          83.3
                       30-Apr-03         15.3           93.6          83.3
                       29-Apr-03         15.3           90.7          83.3
                       28-Apr-03         15.3           91.7          83.0
                       25-Apr-03         16.5           89.3          81.6
                       24-Apr-03         16.5           89.0          82.7
                       23-Apr-03         11.8           89.0          83.4
                       22-Apr-03         07.1           90.1          82.7
                       21-Apr-03         07.1           88.6          81.0
                       17-Apr-03         07.1           88.0          81.1
                       16-Apr-03         07.1           88.0          79.9
                       15-Apr-03         07.1           87.6          80.8
                       14-Apr-03         07.1           86.1          80.3
                       11-Apr-03         07.1           85.7          78.8
                       10-Apr-03         07.1           85.8          79.0
                       09-Apr-03         07.1           86.2          78.6
                       08-Apr-03         07.1           87.5          79.6
                       07-Apr-03         07.1           86.3          79.9
                       04-Apr-03         11.8           85.8          79.7
                       03-Apr-03         11.8           87.2          79.6
                       02-Apr-03         08.2           87.1          80.0
                       01-Apr-03         08.2           86.7          78.0
                       31-Mar-03         08.2           86.8          77.1
                       28-Mar-03         08.2           88.1          78.4
                       27-Mar-03         08.2           88.3          78.8
                       26-Mar-03         08.2           89.4          78.9
                       25-Mar-03         08.2           90.0          79.4
                       24-Mar-03         08.2           88.5          78.4
                       21-Mar-03         08.2           90.4          81.2
                       20-Mar-03         08.2           89.1          79.4
                       19-Mar-03         08.2           88.5          79.2
                       18-Mar-03         08.2           88.2          78.6
                       17-Mar-03         08.2           90.4          78.2
                       14-Mar-03         08.2           91.0          75.6
                       13-Mar-03         08.2           94.6          75.5
                       12-Mar-03         08.2           92.0          73.1
                       11-Mar-03         08.2           92.8          72.9
                       10-Mar-03         08.2           92.7          73.5
                       07-Mar-03         09.4           94.2          75.3
                       06-Mar-03         09.4           94.0          74.8
                       05-Mar-03         09.4           93.9          75.4
                       04-Mar-03         08.2           94.1          74.8
                       03-Mar-03         08.2           93.1          75.9
                       28-Feb-03         08.2           93.1          76.4
                       27-Feb-03         12.9           92.2          76.1
                       26-Feb-03         07.1           91.7          75.2
                       25-Feb-03         07.1           92.9          76.2
                       24-Feb-03         07.1           92.7          75.6
                       21-Feb-03         07.1           93.1          77.0
                       20-Feb-03         89.4           92.8          76.0
                       19-Feb-03         07.1           93.9          76.7
                       18-Feb-03         07.1           94.0          77.2
                       14-Feb-03         14.1           94.9          75.7
                       13-Feb-03         12.9           95.1          74.3
                       12-Feb-03         14.1           92.7          74.4
                       11-Feb-03         14.1           93.9          75.4
                       10-Feb-03         16.5           95.1          76.0
                       07-Feb-03         15.3           94.3          75.5
                       06-Feb-03         15.3           95.6          76.3
                       05-Feb-03         15.3           95.4          76.8
                       04-Feb-03         15.3           96.7          77.2
                       03-Feb-03         12.9           98.2          78.2
                       31-Jan-03         12.9           98.3          77.9
                       30-Jan-03         12.9           96.8          76.8
                       29-Jan-03         12.9           96.2          78.5
                       28-Jan-03         12.9           95.3          78.0
                       27-Jan-03         12.9           92.8          77.1
                       24-Jan-03         12.9           93.5          78.3
                       23-Jan-03         18.8           94.0          80.6
                       22-Jan-03         21.2           89.5          79.8
                       21-Jan-03         18.8           88.9          80.6
                       17-Jan-03         23.5           91.0          81.8
                       16-Jan-03         20.0           83.9          83.0
                       15-Jan-03         05.9           83.6          83.3
                       14-Jan-03         05.9           83.6          84.4
                       13-Jan-03         95.3           83.5          84.0
                       10-Jan-03         95.3           83.7          84.1
                       09-Jan-03         95.3           84.1          84.0
                       08-Jan-03         95.3           81.9          82.5
                       07-Jan-03         95.3           81.8          83.7
                       06-Jan-03         95.3           82.3          84.3
                       03-Jan-03         95.3           79.4          82.4
                       02-Jan-03         95.3           80.5          82.5
                       31-Dec-02         95.3           78.7          79.9
                       30-Dec-02         94.1           79.2          79.8
                       27-Dec-02         91.8           79.0          79.6
                       26-Dec-02         91.8           79.2          80.8
                       24-Dec-02         91.8           78.1          81.0
                       23-Dec-02         91.8           78.0          81.5
                       20-Dec-02         91.8           77.8          81.3
                       19-Dec-02         00.0           76.8          80.2
                       18-Dec-02         00.0           75.5          80.8
                       17-Dec-02         91.8           76.7          81.9
                       16-Dec-02         91.8           76.8          82.6
                       13-Dec-02         91.8           75.4          80.8
                       12-Dec-02         91.8           75.9          81.9
                       11-Dec-02         91.8           75.3          82.1
                       10-Dec-02         91.8           75.4          82.0
                       09-Dec-02         91.8           72.9          80.9
                       06-Dec-02         91.8           76.9          82.7
                       05-Dec-02         89.4           75.5          82.2
                       04-Dec-02         89.4           76.0          83.1
                       03-Dec-02         97.6           76.6          83.5
                       02-Dec-02         97.6           77.1          84.8
                       29-Nov-02         89.5           78.6          84.9
                       27-Nov-02         89.5           78.1          85.1
                       26-Nov-02         89.4           77.1          82.8
                       25-Nov-02         88.2           79.6          84.6
                       22-Nov-02        105.9           79.4          84.3
                       21-Nov-02         88.2           80.5          84.5
                       20-Nov-02         88.2           79.9          82.7
                       19-Nov-02         88.2           78.2          81.1
                       18-Nov-02         88.2           79.0          81.5
                       15-Nov-02         88.2           80.7          82.3
                       14-Nov-02         88.2           79.5          81.8
                       13-Nov-02         88.2           78.2          79.8
                       12-Nov-02         88.2           77.3          79.9
                       11-Nov-02         88.2           76.6          79.2
                       08-Nov-02         88.2           78.9          80.9
                       07-Nov-02         89.4           78.7          81.7
                       06-Nov-02         84.7           80.4          83.6
                       05-Nov-02         84.7           79.7          82.8
                       04-Nov-02         84.7           79.9          82.2
                       01-Nov-02         84.7           80.5          81.6
                       31-Oct-02         88.2           77.1          80.2
                       30-Oct-02         80.6           76.8          80.5
                       29-Oct-02         80.0           75.9          79.7
                       28-Oct-02         80.0           75.1          80.4
                       25-Oct-02         80.0           74.9          81.1
                       24-Oct-02         87.1           74.0          79.7
                       23-Oct-02         87.1           76.5          80.9
                       22-Oct-02         80.0           74.9          80.3
                       21-Oct-02         80.0           74.8          81.2
                       18-Oct-02         80.0           71.6          79.9
                       17-Oct-02         80.0           72.0          79.5
                       16-Oct-02         80.0           69.5          77.6
                       15-Oct-02         80.0           70.9          79.5
                       14-Oct-02         78.8           67.6          76.0
                       11-Oct-02         78.8           67.8          75.4
                       10-Oct-02         83.5           66.1          72.7
                       09-Oct-02         83.5           65.3          70.2
                       08-Oct-02         84.7           67.0          72.3
                       07-Oct-02         84.7           68.8          71.2
                       04-Oct-02         83.5           71.5          72.6
                       03-Oct-02         83.5           72.8          74.4
                       02-Oct-02         83.5           74.6          75.2
                       01-Oct-02         82.4           75.3          77.1
                       30-Sep-02         82.4           71.6          74.4
                       27-Sep-02         83.5           72.2          75.3
                       26-Sep-02         83.5           74.4          77.7
                       25-Sep-02         83.5           73.3          76.4
                       24-Sep-02         82.4           71.7          74.5
                       23-Sep-02         82.4           74.3          75.8
                       20-Sep-02         85.9           76.1          76.8
                       19-Sep-02         84.7           74.8          76.7
                       18-Sep-02         91.8           76.0          79.0
                       17-Sep-02         91.8           76.3          79.4
                       16-Sep-02         90.0           77.6          81.0
                       13-Sep-02         89.4           77.5          81.0
                       12-Sep-02         89.4           78.5          80.7
                       11-Sep-02         89.4           80.2          82.7
                       10-Sep-02         96.5           79.3          82.7
                       09-Sep-02         96.5           79.9          82.2
                       06-Sep-02         95.3           80.8          81.4
                       05-Sep-02         95.3           78.0          80.0
                       04-Sep-02         95.3           81.1          81.3
                       03-Sep-02         97.6           78.0          79.9
                       30-Aug-02         95.3           80.9          83.2
                       29-Aug-02         94.1           79.3          83.4
                       28-Aug-02         94.1           80.7          83.3
                       27-Aug-02         94.1           82.7          84.8
                       26-Aug-02         94.1           82.8          86.1
                       23-Aug-02         94.1           81.9          85.4
                       22-Aug-02         96.5           81.0          87.4
                       21-Aug-02         96.5           79.0          86.3
                       20-Aug-02        100.0           77.7          85.1
                       19-Aug-02        109.4           78.2          86.2
                       16-Aug-02        100.0           76.7          84.4
                       15-Aug-02        100.0           76.2          83.4
                       14-Aug-02        100.0           76.3          83.4
                       13-Aug-02        100.9           75.0          80.4
                       12-Aug-02         94.1           74.4          82.2
                       09-Aug-02         88.2           75.8          82.6
                       08-Aug-02         88.2           74.4          82.3
                       07-Aug-02         95.3           73.3          79.9
                       06-Aug-02         95.3           74.1          78.4
                       05-Aug-02         95.3           70.5          76.1
                       02-Aug-02         95.3           71.5          78.8
                       01-Aug-02         95.3           74.0          80.7
                       31-Jul-02         95.3           73.5          83.0
                       30-Jul-02         95.3           73.5          82.4
                       29-Jul-02         94.1           74.2          82.0
                       26-Jul-02         95.3           69.3          77.8
                       25-Jul-02         92.9           67.7          76.6
                       24-Jul-02         91.8           68.7          77.0
                       23-Jul-02         91.8           66.2          72.9
                       22-Jul-02         88.2           69.7          75.0
                       19-Jul-02         94.1           71.5          77.5
                       18-Jul-02         94.1           73.4          80.3
                       17-Jul-02         91.8           75.2          82.6
                       16-Jul-02         91.8           75.2          82.1
                       15-Jul-02         96.5           75.1          83.3
                       12-Jul-02         96.5           78.9          83.6
                       11-Jul-02         90.6           79.0          84.1
                       10-Jul-02         90.6           81.3          83.6
                       09-Jul-02         90.6           81.9          86.3
                       08-Jul-02         90.6           83.6          88.4
                       05-Jul-02         92.9           82.9          89.6
                       03-Jul-02         92.9           81.0          86.5
                       02-Jul-02         92.9           81.0          86.1
                       01-Jul-02         98.8           85.3          88.1
                       28-Jun-02         98.8           87.5          90.2
                       27-Jun-02         98.8           87.1          90.1
                       26-Jun-02         98.8           87.6          88.6
                       25-Jun-02         98.8           86.6          88.9
                       24-Jun-02         98.8           86.8          90.4
                       21-Jun-02         98.8           85.5          90.2
                       20-Jun-02         98.8           86.6          91.6
                       19-Jun-02         96.5           84.2          92.9
                       18-Jun-02         96.5           85.0          94.5
                       17-Jun-02         96.5           85.0          94.4
                       14-Jun-02         96.5           83.2          91.8
                       13-Jun-02         96.5           84.1          91.9
                       12-Jun-02         96.5           87.4          92.9
                       11-Jun-02         97.6           84.8          92.4
                       10-Jun-02         97.6           87.5          94.1
                       07-Jun-02         97.6           89.8          93.9
                       06-Jun-02         97.6           89.5          93.8
                       05-Jun-02         97.6           95.0          95.7
                       04-Jun-02         97.6           96.4          94.9
                       03-Jun-02        100.0           97.0          95.0
                       31-May-02         96.5           97.5          97.4
                       30-May-02         96.5           97.4          97.2
                       29-May-02         96.5           97.0          97.4
                       28-May-02        100.0           98.1          98.1
                       24-May-02        100.0           98.8          98.8
                       23-May-02        100.0          100.0         100.0

% Change                     BCTI         Comparables          Russell 3000
First Half of Period         5.9%            -20.6%               -15.7%
Second Half of Period       11.1%             24.4%                 1.2%
Full Period                 17.6%             -1.2%               -14.7%

- --------------------------------------------------------------------------------
(1)  Reflects the market cap weighted prices of the comparable companies
     utilized in the Comparable Company Analysis.

Sources of information: Commodity Systems, Inc.

Page 31



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY MARKET PERFORMANCE

          BCTI Closing Price Ranges as Percentage of Total Trading Days

                           May 23, 2002 - May 23, 2003

                                  [BAR GRAPH]



 Price Range   $0.000 - $0.675  $0.676 - $0.725  $0.726 - $0.775  $0.776 - $0.825  $0.826 - $0.875  $0.876 - $0.925
- -------------------------------------------------------------------------------------------------------------------
                                                                                       
Days in Range          2               29              33                69               28               41
Percentage           0.8%            11.5%           13.0%             27.3%            11.1%            16.2%


 Price Range   $0.926 - $0.975  $0.976 - $1.025  $1.026 +
- ---------------------------------------------------------
                                          
Days in Range         26               21            4
Percentage          10.3%             8.3%         1.6%


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

Page 32



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY MARKET PERFORMANCE

        BCTI Trading Volume per Price Range as Percentage of Total Volume

                           May 23, 2002 - May 23, 2003

                                  [BAR GRAPH]



Price Range  $0.000 - $0.675  $0.676 - $0.725  $0.726 - $0.775  $0.776 - $0.825  $0.826 - $0.875  $0.876 - $0.925  $0.926 - $0.975
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
Volume           16,700           161,200          168,200          444,100           75,800           96,500          59,800
Percentage          1.3%             12.1%            12.6%            33.3%             5.7%             7.2%            4.5%


Price Range  $0.976 - $1.025  $1.026 +
- --------------------------------------
                         
Volume           121,400       191,800
Percentage           9.1%         14.4%


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

Page 33



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
COMPANY MARKET PERFORMANCE

           BCTI Trading Volume Ranges as a Percentage of Total Volume

                          May 23, 2002 - May 23, 2003

                                  [BAR GRAPH]



               No volume  **0* 0,250   **0,251*1,000  **1,001*2,500  **2,501*5,000  **5,001*10,000  **10,001*25,000  **25,001
               --------------------------------------------------------------------------------------------------------------
                                                                                               
Days in Range     115         21             20             25             19              30              14            9
Percentage       45.5%       8.3%           7.9%           9.9%           7.5%           11.9%            5.5%         3.6%


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

Page 34



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------

                               VALUATION ANALYSIS

Page 35



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
METHODOLOGIES

     .    Based upon a review of the Company's historical financial data,
          projections, and certain other qualitative data, Capitalink utilized
          several valuation methodologies to determine a range of values for the
          Company.

     .    Capitalink did not form a conclusion as to whether any individual
          analysis, considered in isolation, supported or failed to support an
          opinion as to the fairness, from a financial point of view, of the
          Proposed Transaction.

     .    Capitalink did not place any particular reliance or weight on any
          individual analysis, but instead concluded that the analyses, taken as
          a whole, supported its determination. Accordingly, the analyses must
          be considered as a whole and selecting portions of analyses or the
          factors considered, without considering all analyses and factors
          collectively, could create an incomplete and incorrect view of the
          process underlying the analyses in connection with the preparation of
          the opinion.

     .    The financial reviews and analyses include information presented in
          tabular format. In order to fully understand Capitalink's financial
          review and analyses, the tables must be read together with the text of
          the presentation. The tables alone are not a complete description of
          the financial review and analyses and considering the tables alone
          could create a misleading or incomplete view of Capitalink's financial
          review and analyses.

     .    The methodologies utilized by Capitalink included:

          .    A review of the historical and projected financial information of
               the Company as prepared by management.
          .    A review and comparison of the trading of, and the trading market
               for, the common stock of the Company, the Comparable Companies
               and a general market index.
          .    A review of a discounted cash flow analysis of the Company, with
               sensitivity analyses based on a range of assumptions.
          .    A review and comparison of trading multiples for deemed
               comparable publicly-traded companies for the Company.

Page 36



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
METHODOLOGIES

          .    A review and comparison of the premiums paid in transactions
               involving the acquisition of a minority ownership interest in
               publicly-traded companies.
          .    A review of the premiums implied by the per share consideration
               in the Proposed Transaction.
          .    A review and determination of the Company's adjusted book value
               analysis.
          .    A review and determination of the market value of the Notes.

Page 37



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS

                 Illustrative Indicated Reference Range Summary
                 ----------------------------------------------


                              [Graph Appears Here]

                                            Range
                                      ------------------
Discounted Cash Flow Analysis           $1.88 -- $2.06


Comparable Company  Analysis            $1.58 -- $2.20


Minority Interest Acquisitions/         $1.36 -- $1.58
     Premiums Paid Analysis


Adjusted Net Book Value Analysis        $2.02 -- $2.02


One Year Stock Trading Range            $0.67 -- $1.05


     Merger Consideration               $2.00 -- $2.00

- --------------------------------------------------------------------------------
(1)  Please reference the appropriate Analysis for further discussion and
     sources of information.

Page 38



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
Indicated Reference Range Summary
($ in thousands, except per share)



                                                                    Selected Multiple    TIC/Enterprise    Indicated Share
Methodology (1)                                         Statistic        Range                Value             Price
- -----------------------------------------------------   ---------   -----------------   ----------------   ---------------
                                                                                               
Discounted Cash Flow Analysis
   Revenue Terminal Multiple                                                            $3,381 - $ 4,638   $1.88 -  $ 2.10
   EBITDA Terminal Multiple                                                             $3,972 - $ 4,808   $1.99 -  $ 2.13
   Perpetual Growth Terminal Value                                                      $2,809 - $ 3,645   $1.78 -  $ 1.93
                            Indicated Reference Range                                                      $1.88 -  $ 2.06

Comparable Company Analysis
   Total Invested Capital as Multiple of:
      LTM Revenue                                        $18,381      0.32x - 0.59x     $5,961 - $10,852   $0.90 -  $ 1.76
      LTM EBITDA                                         $   988       5.4x -  7.7x     $5,309 - $ 7,628   $0.79 -  $ 1.20
   Enterprise Value as Multiple of:
      LTM Revenue                                        $18,381      0.32x - 0.58x     $5,943 - $10,669   $2.38 -  $ 3.21
      LTM EBITDA                                         $   988       5.3x -  7.4x     $5,220 - $ 7,295   $2.25 -  $ 2.62
                            Indicated Reference Range                                                      $1.58 -  $ 2.20

Minority Interest Acquisitions Premiums Paid Analysis
   Prior One Day                                         $  1.00      33.3% - 54.8%                        $1.33 -  $ 1.55
   Prior Five Day                                        $  1.00      40.5% - 64.0%                        $1.40 -  $ 1.64
   Prior 30 Day                                          $  0.95      40.8% - 63.9%                        $1.34 -  $ 1.56
                            Indicated Reference Range                                                      $1.36 -  $ 1.58

Premiums Paid Analysis
   Closing Price as of May 23, 2003                        100.0%
   Prior Day Closing Price                                 100.0%
   Prior 5 Trading Day Average Closing Price               107.9%
   Prior 10 Trading Day Average Closing Price              104.9%
   Prior 20 Trading Day Average Closing Price              103.5%
   Prior 30 Trading Day Average Closing Price              107.2%
   Prior 60 Trading Day Average Closing Price              112.0%
   Prior 90 Trading Day Average Closing Price              111.0%
   Prior Six Month Average Closing Price                   120.7%
   Prior Year Average Closing Price                        137.9%

Adjusted Net Book Value Analysis
   As of February 28, 2003                                                                                          $ 2.02


- --------------------------------------------------------------------------------
(1)  Please reference the appropriate Analysis for further discussion and
     sources of information.

Page 39



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

     .    The discounted cash flow analysis estimates value based upon a
          company's projected future free cash flow discounted at a rate
          reflecting risks inherent in its business and capital structure.
          Unlevered free cash flow represents the amount of cash generated and
          available for principal, interest and dividend payments after
          providing for ongoing business operations.

     .    While the discounted cash flow analysis is the most scientific of the
          methodologies, it is dependent on projections and is further dependent
          on numerous industry-specific and macroeconomic factors.

     .    Capitalink performed discounted cash flow analyses based on the
          preliminary projected cash flows for the Company's (i) base case
          franchising operations, (ii) Company-owned plants, and (iii) satellite
          stores concept. A set of projected cash flows was derived for each
          operation, as differing sets of assumptions were applied to each given
          the specific risks of each operation.

     .    The range of terminal values represents the residual value of the
          operation at the end of the forecast period. Capitalink presented a
          range of terminal values by applying a range of multiples to each of
          the operations FY2007 projected revenue and EBITDA.

     .    In addition, Capitalink presented a perpetual growth scenario whereby
          ranges of growth rates were applied to the operation's FY2007 free
          cash flows in order to determine a terminal value, rather than
          multiples.

     .    In each of the scenarios noted in (i) to (iii) above, ranges of
          enterprise values were derived. These operation value ranges were
          added together to derive the total estimated enterprise value of the
          Company. The total enterprise value range was reduced by the Company's
          net debt to arrive at an equity value range. The Company's estimated
          net debt as of February 28, 2003 was approximately ($7.3) million,
          which includes approximately $523,000 in interest bearing debt, $4.2
          million in cash, an estimated $1.0 million from the exercise of in the
          money ("ITM") options and an assumed $2.6 million market value of the
          Notes (see Notes analysis).

Page 40



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

     .    Taking into account the enterprise value ranges for all three
          operations, and the Company's net debt and common stock share
          equivalents of 5.68 million, Capitalink calculated a range of
          indicated shares prices of between $1.88 and $2.06.

     .    Capitalink noted that the offer price of the Proposed Transaction was
          within this indicated valuation range.

Base Case Operations

     .    The Company's base case operations include the Company's core
          franchising revenues and expenses and the Company's general and
          administration expenses. Capitalink utilized the forecasts provided by
          Company management, which show little growth in revenues, constant
          margins, and a gradual increase in salaries and other general and
          administration expenses. For the forecast period, the Company projects
          a gradual decrease in EBITDA from approximately $1.4 million for
          FY2004, to approximately $615,000 for FY2007.

     .    In order to arrive at a present value, Capitalink utilized discount
          rates ranging from 16.0% to 18.5%. This was based on an estimated
          weighted average cost of capital ("WACC") of 17.4% (based on the
          Company's existing debt and an 18.8% estimated cost of equity).

     .    The results of the base case discounted cash flow analysis under the
          three terminal value scenarios were as follows:

          .    Utilizing the revenue terminal scenario (range of 0.15 times to
               0.2 times), Capitalink calculated a range of indicated enterprise
               value of $3.4 million to $4.1 million.
          .    Utilizing the EBITDA terminal scenario (range of 3.5 times to 4.0
               times), Capitalink calculated a range of indicated enterprise
               values of $3.1 million to $3.5 million.
          .    Utilizing a perpetual growth scenario (growth rates of 2.75% to
               3.00%), Capitalink calculated a range of indicated enterprise
               values of $2.9 million to $3.3 million.

Page 41



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Company-owned Plant Operations

     .    The Company's plant operations include the associated revenues and
          expenses related to the operation of the Company-owned plants. The
          Company currently owns a plant in San Francisco and Tampa and expects
          to purchase an additional three plants over the next three years.
          Capitalink utilized the forecasts provided by Company management,
          which show an increase in revenue from $3.7 million for FY2004 to $7.8
          million for FY2007, and EBITDA from $180,000 in FY2004 to $1.1 million
          in FY2007.

     .    In order to arrive at a present value, Capitalink utilized discount
          rates ranging from 23.0% to 25.5%. This was based on an estimated WACC
          of 24.6% (based on the Company's existing debt and a 26.8% estimated
          cost of equity).

     .    The results of the Company plant discounted cash flow analysis under
          the three terminal value scenarios were as follows:

          .    Utilizing the revenue terminal scenario (range of 0.4 times to
               0.5 times), Capitalink calculated a range of indicated enterprise
               value of $(290,000) to $195,000.
          .    Utilizing the EBITDA terminal scenario (range of 4.5 times to 5.0
               times), Capitalink calculated a range of indicated enterprise
               values of $490,000 to $913,000.
          .    Utilizing a perpetual growth scenario (growth rates of 4.50% to
               4.75%), Capitalink calculated a range of indicated enterprise
               values of $(357,000) to $(35,000).

Satellite Store Operations

     .    The Company's satellite store operations include the associated
          revenues and expenses related to the franchising of satellite stores
          in regions that are currently underserved by BCT or are not profitable
          enough to justify the existence of a full plant. The Company is
          currently testing the concept in Tampa. The Company expects to roll
          out these new line of stores across the country gradually over the
          next five years and projects a total of 14 satellite stores in
          operation by FY2007.

Page 42



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

     .    In order to arrive at a present value, Capitalink utilized discount
          rates ranging from 20.5% to 23.0%. This was based on an estimated WACC
          of 21.9% (based on the Company's existing debt and a 23.8% estimated
          cost of equity).

     .    The results of the satellite store discounted cash flow analysis under
          the three terminal value scenarios were as follows:

          .    Utilizing the revenue terminal scenario (range of 0.9 times to
               1.0 times), Capitalink calculated a range of indicated enterprise
               value of $234,000 and $315,000.
          .    Utilizing the EBITDA terminal scenario (range of 6.0 times to 6.5
               times), Capitalink calculated a range of indicated enterprise
               values of $308,000 to $389,000.
          .    Utilizing a perpetual growth scenario (with growth rates of
               10.50% to 10.75%), Capitalink calculated a range of indicated
               enterprise values of $257,000 to $428,000.

Page 43



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Discounted Cash Flow Analysis - Indicated Reference Range
($ in thousands, except per share)



                                                                                           Indicated Equity   Indicated Share
                                           Selected Multiple Range   Indicated EV Value       Value (1)          Price (2)
                                           -----------------------   ------------------   -----------------   ---------------
                                                                                                   
Revenue Terminal Value Analysis
   Base Case                                   0.15x -  0.20x         $3,437  - $4,129
   Company Owned Plants                        0.40x -  0.50x           (290) -    195
   Satellite Store Initiative                  0.90x -  1.00x            234  -    315
                                                                      ------    ------
                                                                      $3,381  - $4,638    $10,706 - $11,963    $1.88 - $2.10
                                                                      ======    ======

EBITDA Terminal Value Analysis
   Base Case                                    3.5x -   4.0x         $3,173  - $3,505
   Company Owned Plants                         4.5x -   5.0x            490  -    913
   Satellite Store Initiative                   6.0x -   6.5x            308  -    389
                                                                      ------    ------
                                                                      $3,972  - $4,808    $11,297 - $12,133    $1.99 - $2.13
                                                                      ======    ======

Perpetual Growth Terminal Value Analysis
   Base Case                                   2.75% -  3.00%         $2,909  - $3,252
   Company Owned Plants                        4.50% -  4.75%           (357) -    (35)
   Satellite Store Initiative                 10.50% - 10.75%            257  -    428
                                                                      ------    ------
                                                                      $2,809  - $3,645    $10,134 - $10,970    $1.78 - $1.93
                                                                      ======    ======

Indicated Reference Range                                                                                      $1.88 - $2.06


- --------------------------------------------------------------------------------

(1)  Adjusted for ($7,325) net debt, which includes assumed cash from in the
     money options/warrants and the net present value of notes receivable.
(2)  Based upon and assumes 5,686 common stock share equivalents outstanding.

Page 44



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Financial Projections - Base Case Projections
($ in thousands)



                                      Actual/Estimated               Projected
                                     -----------------   -------------------------------------
                                       FYE Feb 28/29                FYE Feb 28/29
                                     -----------------   -------------------------------------
                                      2002       2003      2004     2005       2006     2007
                                     -----------------   -------------------------------------
                                                                     
Revenue
   Royalty Income                    $ 5,117   $ 5,221   $ 5,209   $ 5,209   $ 5,209   $ 5,209
   Pelican Paper Sales                12,068    12,019    12,000    12,000    12,000    12,000
   Franchise Sales                        99         4        --        --        --        --
   OPC Fees                              306       426       360       330       330       330
   Company Plant Sales                    --        --        --        --        --        --
                                     -----------------   -------------------------------------
                                      17,590    17,670    17,569    17,539    17,539    17,539

Cost of Goods Sold                    10,726    10,410    10,468    10,480    10,492    10,492
                                     -----------------   -------------------------------------
Gross Margin                           6,864     7,260     7,101     7,059     7,047     7,047

Operating Expenses
   Salaries & Employee Benefits         3219     2,763     3,074     3,258     3,454     3,661
   Consultancy Costs                     602       519       400       400       400       400
   Occupancy Costs                       200       216       220       234       249       249
   Travel and Entertainment              147       188       238       246       254       262
   Bad Debt                             1300     1,400       900       900       900       900
   Other G&A                             739       765       848       882       921       960
                                     -----------------   -------------------------------------
                                       6,207     5,851     5,680     5,920     6,178     6,432
                                     -----------------   -------------------------------------

EBITDA                                   657     1,409     1,421     1,139       869       615

   Deprec. & Amort                       226       218       200       200       200       200
                                     -----------------   -------------------------------------

EBIT                                     431     1,191     1,221       939       669       415

   Income Taxes                          168       464       476       366       261       162
                                     -----------------   -------------------------------------

Unlevered After-tax Income               263       727       745       573       408       253

   Add: Deprec. & Amort                  226       218       200       200       200       200
   Add: Change in Net WC                  --    (1,151)      311        12         8         9
   Less: Capital Expenditures            162       520       150       150       150       150
                                     -----------------   -------------------------------------

Unlevered Free Cash Flows            $   327   $  (726)  $ 1,106   $   635   $   466   $   312
                                     =================   =====================================

Income Tax Expense and Assumptions
   Statutory Tax Rate                   39.0%     39.0%     39.0%     39.0%     39.0%     39.0%
   Effective Tax Rate                   39.0%     39.0%     39.0%     39.0%     39.0%     39.0%

   Current Period Tax                $   168   $   464   $   476   $   366   $   261   $   162
   NOL Usage                              --        --        --        --        --        --
                                     -----------------   -------------------------------------
   Income Tax Expense                $   168   $   464   $   476   $   366   $   261   $   162
                                     =================   =====================================

   Ending NOL Balance                          $    --   $    --   $    --   $    --   $    --
                                               =======   =====================================




                                        Actual/Estimated             Projected
                                        ----------------   ---------------------------------
                                          FYE Feb 28/29             FYE Feb 28/29
                                        ----------------   ---------------------------------
                                         2002      2003     2004     2005     2006     2007
                                        ----------------   ---------------------------------
                                                                    
Growth Assumptions
   Royalty Income                           na       2.0%    -0.2%     0.0%     0.0%     0.0%
   Pelican Paper Sales                      na      -0.4%    -0.2%     0.0%     0.0%     0.0%
   Franchise Sales                          na     -96.0%  -100.0%      na       na       na
   OPC Fees                                 na      39.2%   -15.5%    -8.3%     0.0%     0.0%
   Company Plant Sales                      na        na       na       na       na       na
   Total Revenue                            na       0.5%    -0.6%    -0.2%     0.0%     0.0%

   Cost of Goods Sold                       na      -2.9%     0.6%     0.1%     0.1%     0.0%
   Gross Margin                             na       5.8%    -2.2%    -0.6%    -0.2%     0.0%

   Salaries & Employee Benefits             na     -14.2%    11.3%     6.0%     6.0%     6.0%
   Consultancy Costs                        na     -13.8%   -22.9%     0.0%     0.0%     0.0%
   Occupancy Costs                          na       8.0%     1.9%     6.4%     6.4%     0.0%
   Travel and Entertainment                 na      27.9%    26.6%     3.4%     3.3%     3.1%
   Bad Debt                                 na       7.7%   -35.7%     0.0%     0.0%     0.0%
   Other G&A                                na       3.5%    10.8%     4.0%     4.4%     4.2%
   Total Operating Expenses                 na      -5.7%    -2.9%     4.2%     4.4%     4.1%
   EBITDA                                   na     114.5%     0.9%   -19.8%   -23.7%   -29.2%
   Unlevered After-tax Income               na     176.3%     2.5%   -23.1%   -28.8%   -38.0%

Margin Review
   Cost of Paper Sales Margin             11.1%     13.4%    12.8%    12.7%    12.6%    12.6%
   Gross Margin                           39.0%     41.1%    40.4%    40.2%    40.2%    40.2%
   EBITDA Margin                           3.7%      8.0%     8.1%     6.5%     5.0%     3.5%

Non-Cash Working Capital Assumptions
   AR Days Outstanding                                64       60       60       60       60
   A/R - % of Sales                                 17.5%    16.4%    16.4%    16.4%    16.4%
   Days Inventory Outs.                               91       90       90       90       90
   Inv - % Cost of Sales                            24.9%    24.7%    24.7%    24.7%    24.7%
   Prepay - % of Direct and Op Costs                 5.4%     4.0%     4.0%     4.0%     4.0%
   AP Days Outstanding                                20       10       10       10       10
   A/P - % of Direct and Op Costs                    5.4%     2.7%     2.7%     2.7%     2.7%
   Acc Exp - % of Direct and Op Costs                3.5%     5.0%     5.0%     5.0%     5.0%

Non-Cash Net Working Capital
   Accounts Receivable                  $2,889   $ 3,076   $2,888   $2,883   $2,883   $2,883
   Inventory                             1,887     2,668    2,581    2,584    2,587    2,587
   Prepayments                             678       882      646      656      667      677
   Accounts Payable                        432       875      442      449      457      464
   Acc Exp & Deferred Rev                  996       574      807      820      834      846
                                        ----------------   ---------------------------------
   Non-Cash Net WC                      $4,026   $ 5,177   $4,866   $4,854   $4,846   $4,837
                                        ================   =================================
   Change in Non-Cash Net WC                     $(1,151)  $  311   $   12   $    8   $    9
                                                 =======   =================================


- --------------------------------------------------------------------------------
Sources of information: Company financials, projections and management.

Page 45



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Discounted Cash Flow Analysis - Base Case Projections
($ in thousands)

Revenue Terminal Value Analysis
- --------------------------------------------------------------------------------
                      Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------
                                          Terminal Revenue Multiples
Discount                    ---------------------------------------------------
  Rate                       0.05x    0.10x    0.15x    0.20x    0.25x    0.30x
- -------------------------------------------------------------------------------
11.0%                       $2,777   $3,385   $3,994   $4,602   $5,211   $5,820
13.5%                       $2,666   $3,229   $3,792   $4,355   $4,918   $5,481
                                              ---------------
16.0%                       $2,564   $3,085   $3,607   $4,129   $4,650   $5,172
18.5%                       $2,469   $2,953   $3,437   $3,922   $4,406   $4,890
                                              ---------------
21.0%                       $2,382   $2,832   $3,282   $3,732   $4,182   $4,632
23.5%                       $2,301   $2,719   $3,138   $3,557   $3,976   $4,395

                                                       ------
                                      Average of Box   $3,774
                                                       ------

- --------------------------------------------------------------------------------
              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------
                                          Terminal Revenue Multiples
Discount                    ---------------------------------------------------
  Rate                       0.05x    0.10x    0.15x    0.20x    0.25x    0.30x
- -------------------------------------------------------------------------------
11.0%                         21.9%    36.0%    45.7%    52.9%    58.4%    62.7%
13.5%                         21.1%    34.9%    44.5%    51.7%    57.2%    61.6%
                                                -------------
16.0%                         20.3%    33.8%    43.4%    50.5%    56.1%    60.5%
18.5%                         19.6%    32.8%    42.3%    49.4%    54.9%    59.4%
                                                -------------
21.0%                         18.9%    31.8%    41.1%    48.2%    53.8%    58.3%
23.5%                         18.2%    30.8%    40.0%    47.1%    52.7%    57.2%

                                                         ----
                                      Average of Box     46.4%
                                                         ----
EBITDA Terminal Value Analysis
- -------------------------------------------------------------------------------
                      Estimated Range of Enterprise Values
- -------------------------------------------------------------------------------
                                          Terminal EBITDA Multiples
Discount                    ---------------------------------------------------
  Rate                       2.50x    3.00x    3.50x    4.00x    4.50x    5.00x
- -------------------------------------------------------------------------------
11.0%                       $3,235   $3,448   $3,662   $3,875   $4,089   $4,302
13.5%                       $3,090   $3,287   $3,485   $3,682   $3,879   $4,077
                                              ---------------
16.0%                       $2,957   $3,139   $3,322   $3,505   $3,688   $3,871
18.5%                       $2,834   $3,004   $3,173   $3,343   $3,513   $3,683
                                              ---------------
21.0%                       $2,721   $2,878   $3,036   $3,194   $3,352   $3,510
23.5%                       $2,616   $2,763   $2,910   $3,057   $3,204   $3,351

                                                       ------
                                      Average of Box   $3,336
                                                       ------

- --------------------------------------------------------------------------------
              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------
                                          Terminal EBITDA Multiples
Discount                    ---------------------------------------------------
  Rate                       2.50x    3.00x    3.50x    4.00x    4.50x    5.00x
- -------------------------------------------------------------------------------
11.0%                         33.0%    37.1%    40.8%    44.1%    47.0%    49.6%
13.5%                         31.9%    36.0%    39.7%    42.9%    45.8%    48.4%
                                                -------------
16.0%                         30.9%    35.0%    38.5%    41.7%    44.6%    47.3%
18.5%                         30.0%    33.9%    37.4%    40.6%    43.5%    46.1%
                                                -------------
21.0%                         29.0%    32.9%    36.4%    39.5%    42.4%    45.0%
23.5%                         28.1%    31.9%    35.3%    38.4%    41.3%    43.8%

                                                         ----
                                      Average of Box     39.6%
                                                         ----

Perpetual Growth Terminal Value Analysis
- --------------------------------------------------------------------------------
                      Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------
                                       Terminal Perpetual Growth Rates
Discount                    ---------------------------------------------------
  Rate                       2.25%    2.50%    2.75%    3.00%    3.25%    3.50%
- -------------------------------------------------------------------------------
11.0%                       $4,243   $4,311   $4,384   $4,462   $4,544   $4,632
13.5%                       $3,596   $3,635   $3,676   $3,719   $3,765   $3,812
                                              ---------------
16.0%                       $3,174   $3,199   $3,225   $3,252   $3,280   $3,309
18.5%                       $2,874   $2,891   $2,909   $2,927   $2,946   $2,965
                                              ---------------
21.0%                       $2,648   $2,660   $2,673   $2,685   $2,699   $2,713
23.5%                       $2,470   $2,479   $2,488   $2,498   $2,508   $2,518

                                                       ------
                                      Average of Box   $3,078
                                                       ------

- --------------------------------------------------------------------------------
              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------
                                        Terminal Perpetual Growth Rates
Discount                      -------------------------------------------------
  Rate                        2.25%    2.50%    2.75%    3.00%    3.25%    3.50%
- -------------------------------------------------------------------------------
11.0%                         48.9%    49.7%    50.6%    51.4%    52.3%    53.2%
13.5%                         41.5%    42.2%    42.8%    43.5%    44.1%    44.8%
                                                -------------
16.0%                         35.7%    36.2%    36.7%    37.2%    37.7%    38.3%
18.5%                         30.9%    31.3%    31.8%    32.2%    32.6%    33.1%
                                                -------------
21.0%                         27.0%    27.4%    27.7%    28.1%    28.4%    28.8%
23.5%                         23.8%    24.1%    24.4%    24.7%    25.0%    25.3%

                                                         ----
                                      Average of Box     34.5%
                                                         ----

- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

Page 46



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS
Financial Projections - Company Owned Plant Projections
($ in thousands)



                                    Actual/Estimated               Projected
                                    ----------------   ----------------------------------
                                      FYE Feb 28/29              FYE Feb 28/29
                                    ----------------   ----------------------------------
                                      2002    2003      2004      2005     2006     2007
                                      -------------    ----------------------------------
                                                                 
Revenue
   San Francisco                      $ --   $  286    $   688   $  791   $  869   $  913
   Tampa                                --      750      1,620    1,782    1,960    2,156
   Mid-South                            --       --        700    1,470    1,544    1,621
   Mid-West                             --       --        700    1,470    1,544    1,621
   Northeast                            --       --         --    1,050    1,470    1,543
                                      -------------    ----------------------------------
                                        --    1,036      3,708    6,563    7,387    7,854

Cost of Goods Sold                      --      237        846    1,502    1,690    1,797
                                      -------------    ----------------------------------
Gross Margin                            --      799      2,862    5,061    5,697    6,057

Operating Expenses
   Salaries & Employee Benefits         --       --      1,746    2,870    3,155    3,354
   Occupancy Costs                      --       --        177      318      352      368
   Equipment Leases                     --       --         81       89       76       76
   Advertising                          --       --         72      114      120      120
   Delivery Expense                     --       --        348      525      591      628
   Training Costs                                          100      150      238      250
   Other                                --      995        158      248      181      179
                                      -------------    ----------------------------------
                                        --      995      2,682    4,314    4,713    4,975
                                      -------------    ----------------------------------

EBITDA                                  --     (196)       180      747      984    1,082

   Deprec. & Amort.                     --       23        100      100      100      100
                                      -------------    ----------------------------------

EBIT                                    --     (219)        80      647      884      982

   Income Taxes                         --      (85)        31      252      345      383
                                      -------------    ----------------------------------

Unlevered After-tax Income              --     (134)        49      395      539      599

   Add: Deprec. & Amort.                --       23        100      100      100      100
   Add: Change in Net WC                --       --       (305)    (235)     (68)     (38)
   Less: Capital Expenditures           --       --      1,800      975       75       75
                                      -------------    ----------------------------------
Unlevered Free Cash Flows             $ --   $ (111)   $(1,956)  $ (715)  $  496   $  586
                                      =============    ==================================

Income Tax Expense and Assumptions
   Statutory Tax Rate                  0.0%    39.0%      39.0%    39.0%    39.0%    39.0%
   Effective Tax Rate                  0.0%    39.0%      39.0%    39.0%    39.0%    39.0%

   Current Period Tax                 $ --   $  (85)   $    31   $  252   $  345   $  383
   NOL Usage                            --       --         --       --       --       --
                                      -------------    ----------------------------------
   Income Tax Expense                 $ --   $  (85)   $    31   $  252   $  345   $  383
                                      =============    ==================================
   Ending NOL Balance                        $   --    $    --   $   --   $   --   $   --
                                             ======    ==================================




                                    Actual/Estimated               Projected
                                    ----------------   --------------------------------
                                      FYE Feb 28/29              FYE Feb 28/29
                                    ----------------   --------------------------------
                                       2002   2003      2004     2005     2006     2007
                                       -----------     --------------------------------
                                                                
Growth Assumptions
   San Francisco                        na    na        140.4%    15.0%     9.9%    5.1%
   Tampa                                na    na        116.0%    10.0%    10.0%   10.0%
   Mid-South                            na    na           na    110.0%     5.0%    5.0%
   Mid-West                             na    na           na    110.0%     5.0%    5.0%
   Northeast                            na    na           na       na     40.0%    5.0%
   Total Revenue                        na    na        257.9%    77.0%    12.6%    6.3%

   Cost of Goods Sold                   na    na        256.9%    77.5%    12.6%    6.3%
   Gross Margin                         na    na        258.2%    76.9%    12.6%    6.3%

   Salaries & Employee Benefits         na    na           na     64.3%     9.9%    6.3%
   Occupancy Costs                      na    na           na     79.8%    10.7%    4.5%
   Equipment Leases                     na    na           na      9.5%   -14.6%    0.0%
   Advertising                          na    na           na     58.3%     5.3%    0.0%
   Delivery Expense                     na    na           na     51.1%    12.6%    6.3%
   Training Costs                       na    na           na     50.0%    58.7%    5.0%
   Other                                na    na        -84.1%    57.1%   -27.0%   -1.1%
   Total Operating Expenses             na    na        169.5%    60.9%     9.2%    5.6%
   EBITDA                               na    na           na    315.9%    31.7%   10.0%
   Unlevered After-tax Income           na    na           na    712.4%    36.6%   11.1%

Margin Review
   Cost of Paper Sales Margin           na    na         47.8%    15.7%    13.8%   16.7%
   Gross Margin                         na    na         77.2%    77.1%    77.1%   77.1%
   EBITDA Margin                        na    na          4.8%    11.4%    13.3%   13.8%

Non-Cash Working Capital Assumptions
   AR Days Outstanding                        na           30       30       30      30
   A/R - % of Sales                           na          8.2%     8.2%     8.2%    8.2%
   Days Inventory Outs.                       na           --       --       --      --
   Inv - % Cost of Sales                      na          0.0%     0.0%     0.0%    0.0%
   Prepay - % of Direct and Op Costs          na          0.0%     0.0%     0.0%    0.0%
   AP Days Outstanding                        na           --       --       --      --
   A/P - % of Direct and Op Costs             na          0.0%     0.0%     0.0%    0.0%
   Acc Exp - % of Direct and Op Costs         na          0.0%     0.0%     0.0%    0.0%

Non-Cash Net Working Capital
   Accounts Receivable                 $--   $--       $  305   $  539   $  607   $ 646
   Inventory                            --    --           --       --       --      --
   Prepayments                          --    --           --       --       --      --
   Accounts Payable                     --    --           --       --       --      --
   Accrued Expenses                     --    --           --       --       --      --
                                       ---------       --------------------------------
   Non-Cash Net WC                     $--   $--       $  305   $  539   $  607   $ 646
                                       =========       ================================
   Change in Non-Cash Net WC                 $--       $ (305)  $ (235)  $  (68)  $ (38)
                                             ===       ================================


- --------------------------------------------------------------------------------
Sources of information: Company financials, projections and management.

Page 47



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS
Discounted Cash Flow Analysis - Company Owned Plant Projections
($ in thousands)

Revenue Terminal Value Analysis
- --------------------------------------------------------------------------------

                         Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------
                                      Terminal Revenue Multiples
Discount                ------------------------------------------------------
  Rate                   0.20x     0.30x    0.40x     0.50x     0.60x    0.70x
- ------------------------------------------------------------------------------
18.0%                   $  (822)   $(382)    $  58     $ 498     $938   $1,378
20.5%                   $  (888)   $(479)    $ (70)    $ 339     $747   $1,156
                                             ---------------
23.0%                   $  (947)   $(567)    $(186)    $ 195     $575   $  956
25.5%                   $  (999)   $(645)    $(290)    $  65     $419   $  774
                                             ---------------
28.0%                   $(1,046)   $(715)    $(384)    $ (53)    $278   $  609
30.5%                   $(1,087)   $(778)    $(469)    $(159)    $150   $  459

                                                       -----
                                   Average of Box      $ (54)
                                                       -----

              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------
                                     Terminal Revenue Multiples
Discount                ------------------------------------------------------
  Rate                   0.20x     0.30x    0.40x     0.50x     0.60x    0.70x
- ------------------------------------------------------------------------------
18.0%                    -107.1%  -345.6%   3032.2%    441.7%   281.4%   223.5%
20.5%                     -92.1%  -255.9%  -2322.9%    604.0%   328.3%   247.5%
                                           -----------------
23.0%                     -80.4%  -201.5%   -818.5%    977.9%   397.0%   278.7%
25.5%                     -71.0%  -165.0%   -489.1%   2744.9%   507.5%   320.8%
                                           -----------------
28.0%                     -63.3%  -138.9%   -344.9%  -3128.1%   714.2%   380.4%
30.5%                     -56.9%  -119.3%   -264.0%   -971.0%  1236.9%   471.4%

                                                     -------
                                   Average of Box      603.8%
                                                     -------

EBITDA Terminal Value Analysis
- --------------------------------------------------------------------------------
                      Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------
                                  Terminal EBITDA Multiples
Discount              ----------------------------------------------------------
  Rate                  3.50x      4.00x      4.50x    5.00x    5.50x    6.00x
- --------------------------------------------------------------------------------
18.0%                    $ 420        $723   $1,026   $1,329   $1,632   $1,935
20.5%                    $ 266        $547   $  829   $1,111   $1,392   $1,674
                                             ---------------
23.0%                    $ 127        $389   $  651   $  913   $1,175   $1,437
25.5%                    $   1        $246   $  490   $  734   $  979   $1,223
                                             ---------------
28.0%                    $(112)       $116   $  344   $  572   $  800   $1,028
30.5%                    $(214)       $ (1)  $  212   $  425   $  638   $  851

                                                       ------
                                   Average of Box      $  697
                                                       ------

              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------
                                     Terminal EBITDA Multiples
Discount             ---------------------------------------------------------
  Rate                  3.50x      4.00x      4.50x    5.00x    5.50x    6.00x
- ------------------------------------------------------------------------------
18.0%                    505.6%      335.5%   265.9%   228.1%   204.3%   188.0%
20.5%                    742.3%      411.7%   305.8%   253.6%   222.5%   201.9%
                                             ---------------
23.0%                   1447.8%      539.3%   362.4%   287.1%   245.3%   218.8%
25.5%                 123579.0%      795.5%   448.7%   332.7%   274.6%   239.7%
                                             ---------------
28.0%                  -1426.2%     1571.2%   596.4%   398.5%   313.5%   266.1%
30.5%                   -695.6%  -126359.9%   905.7%   501.6%   367.4%   300.5%

                                                       -----
                                   Average of Box      357.7%
                                                       -----

Perpetual Growth Terminal Value Analysis
- --------------------------------------------------------------------------------
                      Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------
                                 Terminal Perpetual Growth Rates
Discount              ----------------------------------------------------------
  Rate                 4.00%     4.25%     4.50%     4.75%      5.00%     5.25%
- -------------------------------------------------------------------------------
18.0%                   $ 801     $ 853     $ 907     $ 963     $1,022   $1,082
20.5%                   $ 267     $ 303     $ 340     $ 378     $  417   $  457
                                            ---------------
23.0%                   $(113)    $ (88)    $ (62)    $ (35)    $   (7)  $   22
25.5%                   $(395)    $(376)    $(357)    $(337)    $ (317)  $ (296)
                                            ---------------
28.0%                   $(610)    $(595)    $(580)    $(565)    $ (550)  $ (534)
30.5%                   $(776)    $(765)    $(754)    $(742)    $ (730)  $ (718)

                                                      -----
                                   Average of Box     $(197)
                                                      -----

- --------------------------------------------------------------------------------
              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------
                                Terminal Perpetual Growth Rates
Discount              ---------------------------------------------------------
  Rate                 4.00%     4.25%     4.50%     4.75%      5.00%     5.25%
- -------------------------------------------------------------------------------
18.0%                   312.6%    299.5%    287.6%    276.7%     266.6%   257.2%
20.5%                   738.0%    663.0%    602.1%    551.7%     509.2%   473.1%
                                          -----------------
23.0%                 -1408.2%  -1847.2%  -2677.2%  -4841.4%  -24719.4%  8014.2%
25.5%                  -332.4%   -354.2%   -379.0%   -407.2%    -439.9%  -478.0%
                                          -----------------
28.0%                  -180.1%   -187.0%   -194.3%   -202.1%    -210.6%  -219.8%
30.5%                  -119.7%   -123.0%   -126.4%   -130.0%    -133.8%  -137.8%

                                                    -------
                                   Average of Box   -2076.2%
                                                    -------

- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

Page 48



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS
Financial Projections - Satellite Store Projections
($ in thousands)



                                     Actual/Estimated             Projected
                                     ----------------   -----------------------------
                                       FYE Feb 28/29            FYE Feb 28/29
                                     ----------------   -----------------------------
                                        2002   2003      2004    2005    2006    2007
                                       ------------     -----------------------------
                                                              
Revenue
   Royalty Income                      $--     $--      $  --   $  23   $ 123   $ 293
   Pelican Paper Sales                  --      --         --      42     231     548
   Franchise Sales                      --      --         35     140     140     140
   OPC Fees                             --      --         --      --      --      --
   Company Plant Sales                  --      --         --      --      --      --
                                       -----------      -----------------------------
                                        --      --         35     205     494     981

Cost of Goods Sold                      --      --         --      37     201     477
                                       -----------      -----------------------------
Gross Margin                            --      --         35     168     293     504

Operating Expenses
   Salaries & Employee Benefits         --      --         39     142     146     149
   Advertising                          --      --         25      25      25      25
   Admin                                --      --          8       6       6       6
   Other                                --      --         92     141     146     151
                                       -----------      -----------------------------
                                        --      --        164     314     323     331
                                       -----------      -----------------------------

EBITDA                                  --      --       (129)   (146)    (29)    173

   Deprec. & Amort                      --      --         --      --      --      --
                                       -----------      -----------------------------
EBIT                                    --      --       (129)   (146)    (29)    173

Income Taxes                            --      --         --      --      --      --
                                       -----------      -----------------------------
Unlevered After-tax Income              --      --       (129)   (146)    (29)    173

   Add: Deprec. & Amort                 --      --         --      --      --      --
   Add: Change in Net WC                --      --         --      (5)    (24)    (40)
   Less: Capital Expenditures           --      --         --      --      --      --
                                       -----------      -----------------------------

Unlevered Free Cash Flows              $--     $--      $(129)  $(151)  $ (53)  $ 133
                                       ===========      =============================

Income Tax Expense and Assumptions
   Statutory Tax Rate                                    39.0%   39.0%   39.0%   39.0%
   Effective Tax Rate                   na      na        0.0%    0.0%    0.0%    0.0%

   Current Period Tax                  $--     $--      $ (50)  $ (57)  $ (11)  $  67
   NOL Usage                            --      --         50      57      11     (67)
                                       -----------      -----------------------------
   Income Tax Expense                  $--     $--      $  --   $  --   $  --   $  --
                                       ===========      =============================

   Ending NOL Balance                          $--      $  50   $ 107   $ 118   $  40
                                               ===      =============================





                                        Actual/Estimated                Projected
                                        ----------------   ----------------------------------
                                          FYE Feb 28/29               FYE Feb 28/29
                                        ----------------   ----------------------------------
                                           2002   2003      2004      2005     2006     2007
                                           ----   ----     -------   ------   ------   ------
                                                                     
Growth Assumptions
   Royalty Income                           na     na           na       na    448.0%   137.2%
   Pelican Paper Sales                      na     na           na       na    448.0%   137.2%
   Franchise Sales                          na     na           na    300.0%     0.0%     0.0%
   OPC Fees                                 na     na           na       na       na       na
   Company Plant Sales                      na     na           na       na       na       na
   Total Revenue                            na     na           na    484.8%   141.6%    98.4%

   Cost of Goods Sold                       na     na           na       na    448.0%   137.2%
   Gross Margin                             na     na           na    380.0%    74.6%    71.7%

   Salaries & Employee Benefits             na     na           na    268.8%     2.5%     2.4%
   Advertising                              na     na           na      0.0%     0.0%     0.0%
   Admin                                    na     na           na    -25.0%     0.0%     0.0%
   Other                                    na     na           na     53.3%     3.5%     3.4%
   Total Operating Expenses                 na     na           na     92.0%     2.7%     2.6%
   EBITDA                                   na     na           na       na       na       na
   Unlevered After-tax Income               na     na           na       na       na       na

Margin Review
   Cost of Paper Sales Margin               na     na           na     13.0%    13.0%    13.0%
   Gross Margin                             na     na        100.0%    82.1%    59.3%    51.4%
   EBITDA Margin                            na     na       -367.1%   -71.3%    -5.9%    17.6%

Non-Cash Working Capital Assumptions
   AR Days Outstanding                             na           30       30       30       30
   A/R - % of Sales                                na          8.2%     8.2%     8.2%     8.2%
   Days Inventory Outs                             na           --       --       --       --
   Inv - % Cost of Sales                           na          0.0%     0.0%     0.0%     0.0%
   Prepay - % of Direct and Op Costs               na          0.0%     0.0%     0.0%     0.0%
   AP Days Outstanding                             na           --       --       --       --
   A/P - % of Direct and Op Costs                  na          0.0%     0.0%     0.0%     0.0%
   Acc Exp - % of Direct and Op Costs              na          0.0%     0.0%     0.0%     0.0%

Non-Cash Net Working Capital
   Accounts Receivable                     $--    $--      $    --   $    5   $   29   $   69
   Inventory                                --     --           --       --       --       --
   Prepayments                              --     --           --       --       --       --
   Accounts Payable                         --     --           --       --       --       --
   Accrued Expenses                         --     --           --       --       --       --
                                           ----------      ----------------------------------
   Non-Cash Net WC                         $--    $--      $    --   $    5   $   29   $   69
                                           ==========      ==================================

   Change in Non-Cash Net WC                      $--      $    --   $   (5)  $  (24)  $  (40)
                                                  ===      ==================================


- --------------------------------------------------------------------------------
Sources of information: Company financials, projections and management.

Page 49



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS
   Discounted Cash Flow Analysis - Satellite Store Projections
   ($ in thousands)

Revenue Terminal Value Analysis
- --------------------------------------------------------------------------------

                      Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------

                                             Terminal Revenue Multiples
Discount                          ---------------------------------------------
  Rate                            0.70x   0.80x   0.90x   1.00x   1.10x   1.20x
- -------------------------------------------------------------------------------
15.5%                              $216    $276    $335    $394    $453    $513
18.0%                              $188    $243    $298    $353    $408    $463
                                                   ------------
20.5%                              $162    $213    $264    $315    $366    $417
23.0%                              $139    $186    $234    $281    $329    $376
                                                   ------------
25.5%                              $118    $162    $206    $251    $295    $339
28.0%                              $ 99    $140    $181    $223    $264    $305

                                                           ----
                                         Average of Box    $274
                                                           ----

              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------

                                             Terminal Revenue Multiples
Discount                          ---------------------------------------------
  Rate                            0.70x   0.80x   0.90x   1.00x   1.10x   1.20x
- -------------------------------------------------------------------------------
15.5%                             191.6%  171.9%  159.2%  150.3%  143.7%  138.7%
18.0%                             204.9%  181.1%  166.2%  155.8%  148.3%  142.6%
                                                  -------------
20.5%                             220.7%  191.8%  174.0%  162.0%  153.4%  146.9%
23.0%                             239.9%  204.2%  183.0%  169.0%  159.0%  151.5%
                                                  -------------
25.5%                             263.4%  218.7%  193.2%  176.8%  165.2%  156.7%
28.0%                             293.1%  236.1%  205.1%  185.6%  172.2%  162.4%

                                                          -----
                                         Average of Box   172.0%
                                                          -----

EBITDA Terminal Value Analysis
- --------------------------------------------------------------------------------

                      Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------

                                             Terminal EBITDA Multiples
Discount                          ---------------------------------------------
  Rate                            5.00x   5.50x   6.00x   6.50x   7.00x   7.50x
- -------------------------------------------------------------------------------
15.5%                              $324    $376    $428    $480    $532    $584
18.0%                              $287    $336    $384    $432    $481    $529
                                                   ------------
20.5%                              $254    $299    $344    $389    $434    $479
23.0%                              $225    $267    $308    $350    $392    $434
                                                   ------------
25.5%                              $198    $237    $276    $315    $354    $393
28.0%                              $173    $210    $246    $283    $319    $356

                                                          -----
                                         Average of Box   $ 348
                                                          -----

              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------

                                            Terminal EBITDA Multiples
Discount                          ---------------------------------------------
  Rate                            5.00x   5.50x   6.00x   6.50x   7.00x   7.50x
- -------------------------------------------------------------------------------
15.5%                             161.3%  152.8%  146.3%  141.3%  137.2%  133.9%
18.0%                             168.6%  158.7%  151.3%  145.6%  141.0%  137.2%
                                                  -------------
20.5%                             176.9%  165.3%  156.8%  150.2%  145.0%  140.8%
23.0%                             186.4%  172.8%  162.9%  155.4%  149.5%  144.7%
                                                  -------------
25.5%                             197.3%  181.2%  169.7%  161.1%  154.4%  149.0%
28.0%                             209.9%  190.8%  177.4%  167.4%  159.7%  153.6%

                                                          -----
                                         Average of Box   156.3%
                                                          -----

Perpetual Growth Terminal Value Analysis
- --------------------------------------------------------------------------------

                      Estimated Range of Enterprise Values
- --------------------------------------------------------------------------------

                                      Terminal Perpetual Growth Rates
Discount                     ---------------------------------------------------
  Rate                       10.00%   10.25%   10.50%   10.75%   11.00%   11.25%
- --------------------------------------------------------------------------------
15.5%                        $1,075   $1,139   $1,209   $1,286   $1,372   $1,468
18.0%                        $  615   $  643   $  673   $  705   $  740   $  776
                                               ---------------
20.5%                        $  379   $  395   $  411   $  428   $  446   $  465
23.0%                        $  238   $  248   $  257   $  268   $  278   $  290
                                               ---------------
25.5%                        $  145   $  152   $  158   $  165   $  172   $  179
28.0%                        $   81   $   85   $   90   $   95   $   99   $  104

                                                        ------
                                       Average of Box   $  341
                                                        ------

              Discounted Terminal Values as % of Enterprise Values
- --------------------------------------------------------------------------------

                                         Terminal Perpetual Growth Rates
Discount                     ---------------------------------------------------
  Rate                       10.00%   10.25%   10.50%   10.75%   11.00%   11.25%
- --------------------------------------------------------------------------------
15.5%                        118.4%   117.4%   116.4%   115.4%   114.4%   113.5%
18.0%                        132.0%   130.6%   129.3%   127.9%   126.6%   125.4%
                                               --------------
20.5%                        151.5%   149.5%   147.6%   145.7%   143.9%   142.1%
23.0%                        181.5%   178.3%   175.3%   172.5%   169.7%   167.0%
                                               --------------
25.5%                        232.3%   226.8%   221.5%   216.6%   211.8%   207.3%
28.0%                        335.9%   323.6%   312.2%   301.6%   291.8%   282.6%

                                                        -----
                                       Average of Box   160.3%
                                                        -----

- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

Page 50



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS
Cost of Capital Calculation & Net Debt
($ and shares in thousands, except per share)

Cost of Equity+A33                               Company Owned
                                     Base Case       Plants     Satellite Stores
                                     ---------   -------------  ----------------
Riskless (1)
   20 year treasury yield (Rf)          4.7%           4.7%           4.7%
Risk (2)
   Equity risk premium (EP)             7.8%           7.8%           7.8%
   Industry risk premium (IP)          -2.9%          -2.9%          -2.9%
   Size Premium (SP)                    9.2%           9.2%           9.2%
Company Specific
   Operational Risk                     0.0%           3.0%           0.0%
   New Strategy Risk                    0.0%           5.0%           5.0%
                                       ----           ----           ----
Cost of Equity                         18.8%          26.8%          23.8%
                                       ====           ====           ====
Weighted Average Cost of Capital

   After Tax Cost of Debt               3.4%           3.4%           3.4%
                                       ====           ====           ====
   Weighted Average Cost of Capital    17.4%          24.6%          21.9%
                                       ====           ====           ====

Equity Value Net Debt Assumptions
                                               As of Feb 28, 2003
                                     -------------------------------------------
                                                 Company Owned
                                     Base Case       Plants     Satellite Stores
                                     ---------   -------------  ----------------
Debt & Other Obligations
   Interest Bearing Debt              $   523       $   523         $   523
   Minority Interests                      --            --              --
   Preferred Stock                         --            --              --
                                      -------       -------         -------
                                          523           523             523
                                      -------       -------         -------
Less Cash
   Cash on Hand                         4,244         4,244           4,244
   Assumed $ - exercise of options      1,017         1,017           1,017
   Assumed $ - Notes (3)                2,587         2,587           2,587
                                      -------       -------         -------
                                        7,848         7,848           7,848
                                      -------       -------         -------
Net Debt                              $(7,325)      $(7,325)        $(7,325)
                                      =======       =======         =======

Cost of Debt
                                    Nominal               % of        Weighted
Type of Debt                         Rate      Amount    of Debt    Cost of Debt
- ------------                        -------    ------    -------    ------------
Note 1                               9.00%      $193       36.9%        3.3%
Note 2                               6.50%       182       34.8%        2.3%
Note 3                               0.00%       148       28.3%        0.0%

                                                ----      -----         ---
                                                $523      100.0%        5.6%
                                                ====      =====         ===

Capitalization
                                            Stock Price   Market      % of
Type                         Shares Outs.    23-May-03    Value    Total Capital
- ----                         ------------    ---------    ------   -------------
Debt                                                      $  523        9.3%
Common Stock                     5,121        $1.0000      5,121       90.7%
                                                          ------      -----
                                                          $5,644      100.0%
                                                          ======      =====

Common Stock Equivalents



                                                   As of Feb 28, 2003
                                         -------------------------------------------
                                                     Company Owned
                                         Base Case       Plants      Satellite Stores
                                         ---------   -------------   ----------------
                                                                  
Common Stock Outstanding                   5,121        5,121              5,121
Stock issued re Other                         --           --                 --
                                           -----        -----              -----
                                           5,121        5,121              5,121
                                           -----        -----              -----
Options in the money:     Avg Exercise $
Options less than $2.00   $1.80              565          565                565
                                              --           --                 --
                                           -----        -----              -----
                                             565          565                565
                                           -----        -----              -----
Total Common Stock Equivalents             5,686        5,686              5,686
                                           =====        =====              =====


- --------------------------------------------------------------------------------
(1)  As reported by the Federal Reserve Board on a weekly-average basis for the
     week ended March 9, 2003.
(2)  Sourced from the Ibbotson SBBI Valuation Edition 2003 Yearbook. Industry
     risk premium is based on SIC 27 (Printing, Publishing, And Allied
     Industries) and SIC 511 (Paper & Paper Products).
(3)  See Notes Analysis for details.

Sources of information: Company financials, projections & management, Ibbotson
2003 SBBI and Federal Reserve Board.

Page 51



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

     .    The selected comparable company analysis compares the trading
          multiples of the Company with those of other publicly traded companies
          that are similar with respect to business and revenue model, operating
          sector, size and target customer base.

     .    Capitalink located five companies that it deemed comparable to the
          Company with respect to their industry sector and market served (the
          "Comparable Companies"). However, none of the Comparable Companies are
          involved in franchising. All provide commercial printing services
          including business forms and labels, and the supply of paper and
          related products as their primary business and are classified either
          under the SIC code 27 (Printing, Publishing and Allied Services)
          and/or 511 (Paper and Paper Products).

     .    Based on size (in terms of enterprise value and revenues), BCT is in
          the lower range of the Comparable Companies. As of May 23, 2003, the
          enterprise values for the Comparable Companies ranged from
          approximately $43.7 million to approximately $2.5 billion and revenue
          ranged from approximately $134.8 million to approximately $2.0
          billion. In comparison, BCT had an enterprise value and latest twelve
          months ("LTM") revenue of approximately $1.1 million and $18.4
          million, respectively.

     .    Multiples utilizing market value, total invested capital ("TIC") and
          enterprise value were used in the analyses. The differences among the
          three are as follows:

          .    Market value equals price per share times number of shares
               outstanding,
          .    TIC equals market value plus interest bearing debt, preferred
               stock and minority interest, and
          .    Enterprise value equals TIC, less cash and equivalents.

     .    Multiples based on TIC were calculated given the significant level of
          cash held by the Company (approximately $4.8 million, as of November
          30, 2002). The significant difference between the multiples based on
          TIC and enterprise value suggests that the market is not fully valuing
          the cash and assets of the business.

Page 52



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

     .    Market values were used to calculate multiples of earnings per share
          ("EPS"), common equity, and net tangible common equity, while TIC and
          enterprise values were used to calculate multiples of LTM revenue, LTM
          EBITDA, and total assets. For comparison purposes, all operating
          profits including EBITDA were normalized to exclude unusual and
          extra-ordinary expenses or income.

     .    The comparable company analysis generated a wide range of multiples:

          .    Based on TIC, the mean LTM revenue and EBITDA multiple was 0.72
               times and 8.7 times respectively, compared with 0.32 times and
               6.0 times, respectively for the Company.
          .    Based on enterprise value, the mean LTM revenue and EBITDA
               multiple was 0.70 times and 8.5 times respectively, compared with
               0.06 times and 1.2 times, respectively for the Company.

     .    Capitalink noted that the EBITDA margin for the Company of 5.4% was
          lower than all of the Comparable Companies (the median of which was
          9.4%) with the exception of Impresso (3.1%). This might account for
          the lower valuation of the Company relative to the Comparable
          Companies, despite the fact that most of the Company's profits come
          from its franchising operations.

     .    Capitalink also noted that the Company's debt ratio (5.1%) is much
          lower than any of the Comparable Companies (the mean of which was
          60.7%). This explains the significant difference between multiples
          based on TIC and enterprise value for the Comparable Companies
          relative to the Company.

     .    Capitalink also calculated and compared the implied multiples for the
          Company based on the Merger Consideration in the Proposed Transaction.
          Based on TIC, this would represent an LTM revenue and LTM EBITDA
          multiple of 0.66 times and 12.3 times, respectively, which is
          significantly greater than the average of the Comparable Companies.
          However, based on enterprise value, this would represent a LTM revenue
          and LTM EBITDA multiple of 0.21 times and 3.8 times, respectively.
          These multiples lie just below the low end of the range of the
          Comparable Companies. In determining the enterprise value for this
          calculation, Capitalink included both cash balances and an estimation
          of the fair market value of the Notes (see Notes Analysis).

Page 53



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

     .    Capitalink expects the Company's valuation multiples to be below the
          Comparable Companies due to the smaller size of the Company, lower
          historical growth and limited future growth.

     .    Capitalink selected an appropriate multiple range for the Company as
          follows:

          .    0.32 times to 0.59 times LTM revenue based on TIC, and 0.32 times
               to 0.58 times LTM revenue based on enterprise value.
          .    5.4 times to 7.7 times LTM EBITDA based on TIC, and 5.3 times to
               7.4 times LTM EBITDA based on enterprise value.

     .    Based on the selected multiple ranges, Capitalink calculated a range
          of indicated share prices of $1.58 to $2.20.

     .    Capitalink noted that the offer price of the Proposed Transaction was
          within this indicated valuation range.

     .    An analysis of publicly-traded comparable companies is not
          mathematical; rather it involves complex consideration and judgments
          concerning differences in financial and operating characteristics of
          the Comparable Companies and other factors that could affect the
          public trading of the Comparable Companies.

Page 54



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS
Comparable Company Analysis - Indicated Reference Range
($ in thousands, except per share)



                                                       Selected         Indicated          Indicated           Indicated
                                        Statistic   Multiple Range     TIC/EV Value      Equity Value (1)   Share Price (2)
                                        ---------   --------------   ----------------   -----------------   ---------------
                                                                                              
Total Invested Capital (TIC) Multiple
   LTM Revenue                           $18,381     0.32x - 0.59x   $5,961 - $10,852   $ 5,133 - $10,024    $0.90 - $1.76
   LTM EBITDA                            $   988       5.4x - 7.7x   $5,309 - $ 7,628   $ 4,481 - $ 6,800    $0.79 - $1.20

Total Enterprise Value (EV) Multiple
   LTM Revenue                           $18,381     0.32x - 0.58x   $5,943 - $10,669   $13,524 - $18,250    $2.38 - $3.21
   LTM EBITDA                            $   988       5.3x - 7.4x   $5,220 - $ 7,295   $12,801 - $14,876    $2.25 - $2.62

Indicated Reference Range                                                                                    $1.58 - $2.20


- --------------------------------------------------------------------------------
(1)  Adjusted for $828 and ($7,581) debt and net debt, respectively for TIC and
     EV. Net debt includes assumed cash from in the money options/warrants and
     the net present value of notes receivable.
(2)  Based upon and assumes 5,686 common stock share equivalents outstanding.

Page 55



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Valuation Multiples
($ in thousands, except per share data)



                                                                             Total
                                              % Below/Above     Market      Invested    Enterprise
                                Stock Price      52-week        Value        Capital      Value
           Company               23-May-03       High-Low         MV         TIC (1)      EV (2)
- -----------------------------   -----------   -------------   ----------   ----------   ----------
                                                                         
Consolidated Graphics, Inc.       $18.210     27.7% -  26.9%  $  242,703   $  419,037   $  411,987

Mail-Well, Inc.                     2.550     61.5% - 168.4%     123,275      900,526      900,182

Impreso, Inc.                       2.180     37.0% -  26.7%      11,508       43,711       43,579

Moore Corporation (4)              12.730     11.9% -  62.2%   1,442,602    2,538,715    2,418,734

Wallace Computer Services (4)      26.860      0.3% -  70.0%   1,134,674    1,343,581    1,284,804

                                                     ---------------------------------------------
                                                     High     $1,442,602   $2,538,715   $2,418,734
                                                     Mean        590,952    1,049,114    1,011,857
                                                     Median      242,703      900,526      900,182
                                                     Low          11,508       43,711       43,579
                                                     ---------------------------------------------

BCT International                 $ 1.000      6.5% -  49.3%  $    5,121   $    5,949   $    1,144

BCT International - Merger
   Consideration (5)                                          $   11,372   $   12,200   $    3,791


                                   MV as a Multiple of         TIC as a Multiple of        EV as a Multiple of
                                -------------------------   -------------------------   -------------------------    5 Yr EPS
                                 LTM   Common   Net Tang.     LTM       LTM     Total     LTM       LTM     Total    Growth
           Company               EPS   Equity    Equity     Revenue   EBITDA   Assets   Revenue   EBITDA   Assets   Proj. (3)
- -----------------------------   ----   ------   ---------   -------   ------   ------   -------   ------   ------   ---------
                                                                                        
Consolidated Graphics, Inc.     15.2x   1.0x       1.7x      0.59x      5.4x    0.7x     0.58x      5.3x    0.7x      10.0%

Mail-Well, Inc.                  1.9    2.3         na       0.53       6.8     0.8      0.53       6.8     0.8        5.0%

Impreso, Inc.                   18.2    0.7        0.7       0.32      10.3     0.7      0.32      10.3     0.7         na

Moore Corporation (4)           15.9    3.4        4.6       1.26      13.3     1.1      1.20      12.7     1.0         na

Wallace Computer Services (4)   14.0    2.4        4.0       0.89       7.7     1.4      0.85       7.4     1.4         na

                       ------------------------------------------------------------------------------------------------------
                       High     18.2x   3.4x       4.6x      1.26x     13.3x    1.4x     1.20x     12.7x    1.4x      10.0%
                       Mean     13.0    2.0        2.8       0.72       8.7     1.0      0.70       8.5     0.9        7.5%
                       Median   15.2    2.3        2.9       0.59       7.7     0.8      0.58       7.4     0.8        7.5%
                       Low       1.9    0.7        0.7       0.32       5.4     0.7      0.32       5.3     0.7        5.0%
                       ------------------------------------------------------------------------------------------------------

BCT International               11.1x   0.3x       0.3x      0.32x      6.0x    0.3x     0.06x      1.2x    0.1x        na

BCT International - Merger
   Consideration (5)            24.7x   0.7x       0.8x      0.66x     12.3x    0.7x     0.21x      3.8x    0.2x        na



- --------------------------------------------------------------------------------
(1)  Total Invested Capital equals Market Value plus total debt, preferred
     stock, and minority interests.
(2)  Enterprise Value equals Market Value plus total debt, preferred stock, and
     minority interests, less cash.
(3)  Sources of estimates: Multex Estimates and other various securities
     analysts' estimates and reports.
(4)  Merger of Moore and Wallace in final stages.
(5)  Reflects Merger Consideration, the effect of in-the-money options/warrants
     and the net present value of notes receivable.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 56



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Margin and Other Analyses
($ in thousands)



                                                                                 LTM (1)
                                       --------------------------------------------------------------------------------------
                                                                 as Percentage of Revenue                      Return on
                                                    -----------------------------------------------------   -----------------
                                                    Gross              Operating                    Net     Average   Average
Company                       Ticker    Revenue     Margin   S G & A     Margin    EBITDA   EBIT   Income   Assets    Equity
- ---------------------------   ------   ----------   ------   -------   ---------   ------   ----   ------   -------   -------
                                                                                           
Consolidated Graphics, Inc.   CGX      $  709,780    24.5%    19.0%       5.5%      11.0%    5.5%   2.2%      2.6%       5.7%

Mail-Well, Inc.               MWL       1,712,542    19.8%    15.1%       4.7%       7.8%    4.6%   3.7%      5.7%     130.5%

Impreso, Inc.                 ZCOM        134,781    10.1%     7.3%       2.7%       3.1%    2.2%   0.5%      1.0%       3.9%

Moore Corporation             MCL       2,019,683    31.9%    26.2%       5.7%       9.4%    5.2%   4.4%      4.7%      22.0%

Wallace Computer Services     WCS       1,505,704    27.3%    19.9%       7.4%      11.6%    7.4%   5.3%      8.6%      17.4%

                              -----------------------------------------------------------------------------------------------
                              High     $2,019,683    31.9%    26.2%       7.4%      11.6%    7.4%   5.3%      8.6%     130.5%
                              Mean      1,216,498    22.7%    17.5%       5.2%       8.6%    5.0%   3.2%      4.5%      35.9%
                              Median    1,505,704    24.5%    19.0%       5.5%       9.4%    5.2%   3.7%      4.7%      17.4%
                              Low         134,781    10.1%     7.3%       2.7%       3.1%    2.2%   0.5%      1.0%       3.9%
                              -----------------------------------------------------------------------------------------------

BCT International             BCTI     $   18,381    43.1%    39.0%       4.1%       5.4%    4.1%   2.5%      2.6%       3.1%


                                            LTM (1)                            as of Latest Available  Filing
                              -------------------------------------   ---------------------------------------------
                                                    Days                Total Debt     Total     Total    Latest FY
                                A/R        Inv.     Sales   Current      to Total       Debt    Debt to     Rev
Company                       Turnover   Turnover   Outs.    Ratio    Capitalization   to TIC   EBITDA     Growth
- ---------------------------   --------   --------   -----   -------   --------------   ------   -------   ---------
                                                                                    
Consolidated Graphics, Inc.     6.0x      16.55x     60.4     1.7          41.4%         41.6%    2.3x      -5.8%

Mail-Well, Inc.                 7.7        13.2      47.6     1.5          93.6%         87.4%    5.8x      -7.5%

Impreso, Inc.                   9.2         3.5      39.8     1.3          65.5%         74.3%    7.6x      27.9%

Moore Corporation               5.9        10.3      62.0     1.3          72.0%         43.9%    5.7x      -5.4%

Wallace Computer Services       6.3        12.5      57.6     2.7          30.8%         15.5%    1.2x      -8.5%

                              -------------------------------------------------------------------------------------
                                9.2x       16.5x     62.0     2.7          93.6%         87.4%    7.6x      27.9%
                                7.0        11.2      53.5     1.7          60.7%         52.6%    4.5        0.1%
                                6.3        12.5      57.6     1.5          65.5%         43.9%    5.7       -5.8%
                                5.9         3.5      39.8     1.3          30.8%         15.5%    1.2       -8.5%
                              -------------------------------------------------------------------------------------

BCT International               7.0x       4.56x     52.4     5.0           5.1%         13.9%    0.8x      -7.3%



- --------------------------------------------------------------------------------
(1) May exclude special items, such as extraordinary and non-recurring expenses.
See individual company overviews for details of exclusions, if any.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 57



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Income Statement Overview
($ in thousands, except per share data)



                                       Revenue              EBITDA (1)              EBIT (1)
                              -----------------------   -------------------   -------------------
                                             Latest                 Latest                Latest
       Company                   LTM          10-K        LTM        10-K       LTM        10-K
- ---------------------------   ----------   ----------   --------   --------   --------   --------
                                                                       
Consolidated Graphics, Inc.   $  709,780   $  643,948   $ 77,984   $ 84,256   $ 39,343   $ 42,944

Mail-Well, Inc.                1,712,542    1,728,705    133,127    133,309     78,546     77,856

Impreso, Inc.                    134,781      123,065      4,234      4,730      2,972      3,468

Moore Corporation              2,019,683    2,038,039    190,747    175,393    104,981     88,647

Wallace Computer Services      1,505,704    1,545,629    174,014    176,292    111,510    109,885

                     ----------------------------------------------------------------------------
                     High     $2,019,683   $2,038,039   $190,747   $176,292   $111,510   $109,885
                     Mean      1,216,498    1,215,877    116,021    114,796     67,470     64,560
                     Median    1,505,704    1,545,629    133,127    133,309     78,546     77,856
                     Low         134,781      123,065      4,234      4,730      2,972      3,468
                     ----------------------------------------------------------------------------

BCT International             $   18,381   $   18,007   $    988   $  1,039   $    755   $    813


                                Net Income (1)         EPS (1)
                              -----------------   --------------    Latest      Latest
                                        Latest            Latest   Available   Available
       Company                  LTM      10-K      LTM     10-K      10-Q        10-K
- ---------------------------   -------   -------   -----   ------   ---------   ---------
                                                             
Consolidated Graphics, Inc.   $15,887   $16,680   $1.20   $1.27    31-Dec-02   31-Mar-02

Mail-Well, Inc.                62,777    70,169    1.32    1.47    31-Mar-03   31-Dec-02

Impreso, Inc.                     655     1,063    0.12    0.20    28-Feb-03   31-Aug-02

Moore Corporation              89,073    72,408    0.80    0.65    31-Mar-03   31-Dec-02

Wallace Computer Services      80,056    89,588    1.92    2.17    31-Jan-03   31-Jul-02

                     ------------------------------------------
                     High     $89,073   $89,588   $1.92   $2.17
                     Mean      49,690    49,982    1.07    1.15
                     Median    62,777    70,169    1.20    1.27
                     Low          655     1,063    0.12    0.20
                     ------------------------------------------

BCT International             $   460   $   492   $0.09   $0.10    30-Nov-02   28-Feb-02


- --------------------------------------------------------------------------------
(1)  May exclude special items, such as extraordinary and non-recurring
     expenses. See individual company overviews for details of exclusions, if
     any.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 58



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Balance Sheet Overview
($ in thousands)



                                                           As of Latest Available Filing
                              ---------------------------------------------------------------------------------------
                                 Cash,                                  Total
                              Equivalents     Accounts                 Current              Intangibles,      Total
         Company               & Mrkt Sec   Receivables   Inventory     Assets   PPE, net       net          Assets
- ---------------------------   -----------   -----------   ---------   --------   --------   ------------   ----------
                                                                                      
Consolidated Graphics, Inc.    $  7,050       $113,018     $ 31,991   $162,276   $281,661     $110,556     $  562,466

Mail-Well, Inc.                     344        227,049      104,546    380,164    379,677      311,578      1,110,270

Impreso, Inc.                       132         13,562       34,318     48,816     15,411           --         64,327

Moore Corporation               119,981        344,567      137,372    673,487    252,549      113,927      2,352,830

Wallace Computer Services        58,777        229,882       89,799    419,524    307,745      184,624        931,247

                     ------------------------------------------------------------------------------------------------
                     High      $119,981       $344,567     $137,372   $673,487   $379,677     $311,578     $2,352,830
                     Mean        37,257        185,616       79,605    336,853    247,409      144,137      1,004,228
                     Median       7,050        227,049       89,799    380,164    281,661      113,927        931,247
                     Low            132         13,562       31,991     48,816     15,411           --         64,327
                     ------------------------------------------------------------------------------------------------

BCT International              $  4,805       $  2,386     $  2,697   $ 10,806   $    963     $    186     $   18,185


                                          As of Latest Available Filing
                              -----------------------------------------------------
                                                                                       Latest
                              Total Current     Total        Total     Net Tangible   Available
         Company               Liabilities       Debt      Common Eq     Common Eq     Filing
- ---------------------------   -------------   ----------   ---------   ------------   ---------
                                                                       
Consolidated Graphics, Inc.      $ 97,442     $  176,334    $249,809    $ 139,253     31-Dec-02

Mail-Well, Inc.                   255,547        777,251      53,449     (258,129)    31-Mar-03

Impreso, Inc.                      36,194         32,203      16,944       16,944     28-Feb-03

Moore Corporation                 538,210      1,096,113     425,819      311,892     31-Mar-03

Wallace Computer Services         155,862        208,907     468,983      284,359     31-Jan-03

                     ------------------------------------------------------------
                     High        $538,210     $1,096,113    $468,983    $ 311,892
                     Mean         216,651        458,162     243,001       98,864
                     Median       155,862        208,907     249,809      139,253
                     Low           36,194         32,203      16,944     (258,129)
                     ------------------------------------------------------------

BCT International                $  2,146     $      828    $ 15,291    $  15,105     30-Nov-02


- --------------------------------------------------------------------------------
Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
& Hoovers.

Page 59



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                      Consolidated Graphics, Inc. Overview
- --------------------------------------------------------------------------------

Name              Consolidated Graphic  Address 5858              Officers
Symbol            CGX                   Westheimer                Joe Davis,
Latest Fiscal YE  31-Mar-02             City, State Zip           Chmn & CEO
Latest Rprt Per   31-Dec-02             Houston, TX 77057
                                        Telephone
                                        713-787-0977
                                        Website
                                        consolidatedgraphics.com

A national provider of commercial printing services. Sales are mainly derived
from commercial printing services, which include electronic prepress, printing,
finishing, storage and delivery of high quality, custom-designed products.
Examples of such products include multicolor and capability brochures,
shareholder communications, catalogs, training manuals, point-of-purchase
marketing materials and direct mail pieces.
- --------------------------------------------------------------------------------



- ------------------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- ------------------------------------------------------------------------------------------
($ in thousands, except per share)
                                                  Nine Months Ended     Fiscal Years Ended
                                        LTM      -----------------------------------------
                                       Dec-02     Dec-02     Dec-01     Mar-02     Mar-01
                                      --------   -------------------   -------------------
                                                                   
Revenue                               $709,780   $544,174   $478,342   $643,948   $683,396
COGS                                   535,750    411,860    353,257    477,147    494,158
                                      --------   -------------------   -------------------
                       Gross Profit    174,030    132,314    125,085    166,801    189,238
Selling, General &
   Administrative                      134,687     98,188     87,358    123,857    124,665
Research & Development                      --         --         --         --         --
Other Operating                             --         --         --         --         --
                                      --------   -------------------   -------------------
                   Operating Income     39,343     34,126     37,727     42,944     64,573
Interest Income / (Expense), net       (11,053)    (8,020)   (12,111)   (15,144)   (20,858)
Other Income / (Expense), net               --         --         --         --         --
                                      --------   -------------------   -------------------
                     Pre-tax Income     28,290     26,106     25,616     27,800     43,715
Taxes                                   12,403      9,920      8,637     11,120     15,164
                                      --------   -------------------   -------------------
                   After-tax Income     15,887     16,186     16,979     16,680     28,551
Minority Interest                           --         --         --         --         --
Equity in Affiliates                        --         --         --         --         --
                                      --------   -------------------   -------------------
              Normalized Net Income     15,887     16,186     16,979     16,680     28,551
Preferred Dividends                         --         --         --         --         --
                                      --------   -------------------   -------------------
    Normalized Net Income to Common   $ 15,887   $ 16,186   $ 16,979   $ 16,680   $ 28,551
                                      ========   ===================   ===================

                               EBIT   $ 39,343   $ 34,126   $ 37,727   $ 42,944   $ 64,573
        Depreciation & Amortization   $ 38,641   $ 27,658   $ 30,329   $ 41,312   $ 38,783
                             EBITDA   $ 77,984   $ 61,784   $ 68,056   $ 84,256   $103,356
                              CAPEX   $ 14,838   $  9,507   $ 10,939   $ 16,270   $ 26,434
                     EBITDA - CAPEX   $ 63,146   $ 52,277   $ 57,117   $ 67,986   $ 76,922
           GAAP Operating Cash Flow   $ 86,415   $ 72,566   $ 55,907   $ 69,756   $ 68,118

Basic Reported Weighted Avg
   Shares Out (000's)                              13,212     13,054     13,107     13,142
               Basic Normalized EPS   $   1.20   $   1.23   $   1.30   $   1.27   $   2.17
                 Basic Reported EPS   $  (4.12)  $  (4.40)  $   0.99   $   1.27   $   1.68
Diluted Reported Weighted Avg
   Shares Out (000's)                              13,528     13,334     13,380     13,186
             Diluted Normalized EPS   $   1.18   $   1.20   $   1.27   $   1.25   $   2.17
               Diluted Reported EPS   $  (4.02)  $  (4.30)  $   0.97   $   1.25   $   1.68
- ------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------
                                   Normalized Reconciliation
- ------------------------------------------------------------------------------------------
Restructuring/Goodwill Impairment     $(70,351)  $(74,376)  $ (4,025)  $     --   $ (6,440)
Other Unusual (Expense) Gain Items          --         --         --         --         --
Tax Shelter (Charge) on Unusual
   Items                                    --         --         --         --         --
                                      --------   -------------------   -------------------
Unusual (Exp) Gain Items, net
   of Taxes                            (70,351)   (74,376)    (4,025)        --     (6,440)
Accounting Changes, net of Taxes            --         --         --         --         --
Discontinued Operations, net of
   Taxes                                    --         --         --         --         --
Extraordinary Items, net of
   Taxes                                    --         --         --         --         --
                                      --------   -------------------   -------------------
Total Reconciling Items, net of
   Taxes                              $(70,351)  $(74,376)  $ (4,025)  $     --   $ (6,440)
                                      ========   ===================   ===================

      Reported Income Tax (Benefit)   $ 12,403   $  9,920   $  8,637   $ 11,120   $ 15,164
         Reported Net Income (Loss)   $(54,464)  $(58,190)  $ 12,954   $ 16,680   $ 22,111
- ------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------
                       Profitability & Cost Ratios (as % of Revenue)
- ------------------------------------------------------------------------------------------
Gross Profit                              24.5%      24.3%      26.1%      25.9%      27.7%
S,G & A                                   19.0%      18.0%      18.3%      19.2%      18.2%
Operating Income                           5.5%       6.3%       7.9%       6.7%       9.4%
Pre-Tax                                    4.0%       4.8%       5.4%       4.3%       6.4%
EBIT                                       5.5%       6.3%       7.9%       6.7%       9.4%
EBITDA                                    11.0%      11.4%      14.2%      13.1%      15.1%
Normalized Net Income to Common            2.2%       3.0%       3.5%       2.6%       4.2%
Reported Net Income                       -7.7%     -10.7%       2.7%       2.6%       3.2%
CAPEX                                      2.1%       1.7%       2.3%       2.5%       3.9%
- ------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)                                 As of
                                                  As of     -------------------
                                                31-Dec-02    Mar-02     Mar-01
                                                ---------   -------------------
Cash & Equivalents                               $  7,050   $  8,955   $  8,667
Marketable Securities                                  --         --         --
                                                 --------   -------------------
Total Cash & Mkt Securities                         7,050      8,955      8,667
Accounts Receivable                               113,018    121,981    116,095
Inventory                                          31,991     32,771     31,536
Other Current Assets                               10,217     11,267      8,628
                                                 --------   -------------------
                         Total Current Assets     162,276    174,974    164,926
PPE, net                                          281,661    293,831    299,871
Intangibles, net                                  110,556    199,331    203,030
Investments                                            --         --         --
Other Assets                                        7,973      8,597      6,840
                                                 --------   -------------------
                                 Total Assets    $562,466   $676,733   $674,667
                                                 ========   ===================
Accounts Payable                                 $ 32,759   $ 32,068   $ 33,865
Accrued Expenses                                   43,435     37,382     32,609
Short Term Debt                                    21,198     19,877     18,711
Short Term Capital Leases                              --         --         --
Other Current Liabilities                              50        611        253
                                                 --------   -------------------
                    Total Current Liabilities      97,442     89,938     85,438
Other LT Liabilities                               60,079     66,337     54,966
Long Term Debt                                    155,136    213,860    246,729
Long Term Capital Leases                               --         --         --
Minority Interests                                     --         --         --
Pref Stock (Liq Value)                                 --         --         --
                                                 --------   -------------------
               Total Liabilities & Pref Stock     312,657    370,135    387,133
                                                 --------   -------------------
Common Equity                                     249,809    306,598    287,534
                                                 --------   -------------------
                   Total Liabilities & Equity    $562,466   $676,733   $674,667
                                                 ========   ===================

Common Shares Outstanding (000's)                  13,314     13,206     13,019
                         Cash Value per share    $   0.53   $   0.68   $   0.67
                         Book Value per share    $  18.76   $  23.22   $  22.09
                Tangible Book Value per share    $  10.46   $   8.12   $   6.49
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                                         6.04x      5.41x      5.89x
Inventory Turnover                                  16.55x     14.84x     15.67x
Asset Turnover                                       1.15x      0.95x      1.01x
Days Sales Outstanding                               60.4       67.5       62.0
Days Inventory Outstanding                           22.1       24.6       23.3
Days Payable Outstanding                             17.6       20.0       20.0
Return on Avg Assets                                  2.6%       2.5%        na
Return on Avg Common Equity                           5.7%       5.6%        na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                                        1.67       1.95       1.93
Quick Ratio                                          1.34       1.58       1.56
Total Debt                                       $176,334   $233,737   $265,440
Net Debt                                         $169,284   $224,782   $256,773
Total Capitalization                             $426,143   $540,335   $552,974
Total Debt/Total Capitalization                      41.4%      43.3%      48.0%
Net Debt/Total Capitalization                        39.7%      41.6%      46.4%
Total Debt/TIC                                       42.1%      55.8%      63.3%
Total Debt/EBITDA                                    2.26x      2.77x      2.57x
Total Debt/EBITDA-CAPEX                              2.79x      3.44x      3.45x
EBITDA/Interest Expense                              7.06x      5.56x      4.96x
EBITDA-CAPEX/Interest Expense                        5.71x      4.49x      3.69x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                                            23-May-03
- ----------                                                            ---------
Exchange                                                                   NYSE
Stock Price                                                            $  18.21
52 Week High                                                           $  25.20
52 Week Low                                                            $  14.35
Avg. Daily Volume (000's)                                                    56
Beta                                                                       0.53
Shares Outstanding (000's)                                               13,328
Total Outstanding Warrants & Options (000's)                                 --
Float (000's)                                                            11,100
Market Cap                                                             $242,703
Total Invested Capital (TIC)                                           $419,037
Enterprise Value (EV)                                                  $411,987
Ownership
   Insiders % Owned                                                       17.00%
   Institutional
      % Owned                                                             59.00%
      Number of Institutions                                                235
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                             Multiple of
                                                     ---------------------------
                                                     Market Cap    TIC     EV
                                                     ---------------------------
Latest Twelve Months
   Revenue                                              0.34x      0.59x   0.58x
   EBIT                                                 6.17x     10.65x  10.47x
   EBITDA                                               3.11x      5.37x   5.28x
   Normalized Net Income                               15.28x     26.38x  25.93x
   Basic Normalized EPS                                15.18x        na      na
Projected
   Mar-04 Mean Revenue                                  0.34x      0.59x   0.58x
   Mar-05 Mean Revenue                                  0.33x      0.57x   0.56x
   Mar-04 Mean EPS                                     18.58x        na      na
   Mar-05 Mean EPS                                        na         na      na
Most Recent Filing
   Assets                                               0.43x      0.74x   0.73x
   Common Equity                                        0.97x        na      na
   Tangible Common Equity                               1.74x        na      na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                                          # Ests    Revenue    EPS
- --------------------------------------------------------------------------------
March-04                                               1      $712,300   $ 0.98
March-05                                               1      $733,700       na
LT Growth                                              1                  10.00%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------
                                           Nine Months Ended  Fiscal Years Ended
                                                Dec-02              Mar-02
                                           -------------------------------------
Revenue                                         13.8%               -5.8%
EBIT                                            -9.5%              -33.5%
EBITDA                                          -9.2%              -18.5%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Notes
   Add backs include restructuring expenses and asset impairment charges.
- --------------------------------------------------------------------------------

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 60



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                            Mail-Well, Inc. Overview
- --------------------------------------------------------------------------------
Name              Mail-Well, Inc.  Address 8310 S. Valley Highway  #400 Officers
Symbol            MWL              City, State Zip Englewood,      Paul Reilly,
Latest Fiscal YE  31-Dec-02        CO 80112                        Pres & CEO
                                   Telephone (303) 790-8023
Latest Rprt Per   31-Mar-03        Website imagex.com

Operates 103 printing and manufacturing facilities throughout North America and
three in the United Kingdom. The Company provides high-impact color printing,
and general commercial printing. The Company also has an envelope business that
provides customized envelopes and packaging products, including Tyvek mailers
used by the United States Postal Service, sold directly to end users or to
independent distributors who sell to end users, and envelopes and other products
sold to wholesalers, paper merchants, printers, brokerage firms, office product
establishments and superstores.
- --------------------------------------------------------------------------------



- ---------------------------------------------------------------------------------------------------------------
                                       Income and Cashflow Statement Data
- ---------------------------------------------------------------------------------------------------------------
($ in thousands, except per share)

                                                                 Three Months Ended      Fiscal Years Ended
                                                      LTM       --------------------   -----------------------
                                                     Mar-03      Mar-03     Mar-02       Dec-02       Dec-01
                                                   ----------   --------------------   -----------------------
                                                                                     
Revenue                                            $1,712,542   $427,319   $ 443,482   $1,728,705   $1,868,768
COGS                                                1,373,380    343,472     355,453    1,385,361    1,481,135
                                                   ----------   --------------------   -----------------------
                                    Gross Profit      339,162     83,847      88,029      343,344      387,633
Selling, General &
   Administrative                                     259,023     63,480      68,191      263,734      277,004
Research & Development                                     --         --          --           --           --
Other Operating                                            --         --          --           --           --
                                                   ----------   --------------------   -----------------------
                                Operating Income       80,139     20,367      19,838       79,610      110,629
Interest Income / (Expense), net                      (73,535)   (17,979)    (14,905)     (70,461)     (63,314)
Other Income / (Expense), net                          (1,593)      (131)       (292)      (1,754)      (1,923)
                                                   ----------   --------------------   -----------------------
                                  Pre-tax Income        5,011      2,257       4,641        7,395       45,392
Taxes                                                 (57,766)       484      (4,524)     (62,774)      (5,200)
                                                   ----------   --------------------   -----------------------
                                After-tax Income       62,777      1,773       9,165       70,169       50,592
Minority Interest                                          --         --          --           --           --
Equity in Affiliates                                       --         --          --           --           --
                                                   ----------   --------------------   -----------------------
                           Normalized Net Income       62,777      1,773       9,165       70,169       50,592
Preferred Dividends                                        --         --          --           --           --
                                                   ----------   --------------------   -----------------------
                 Normalized Net Income to Common   $   62,777   $  1,773   $   9,165   $   70,169   $   50,592
                                                   ==========   ====================   =======================

                                            EBIT   $   78,546   $ 20,236   $  19,546   $   77,856   $  108,706
                     Depreciation & Amortization   $   54,581   $ 12,573   $  13,445   $   55,453   $   69,402
                                          EBITDA   $  133,127   $ 32,809   $  32,991   $  133,309   $  178,108
                                           CAPEX   $   25,972   $  6,416   $  11,340   $   30,896   $   32,742
                                  EBITDA - CAPEX   $  107,155   $ 26,393   $  21,651   $  102,413   $  145,366
                        GAAP Operating Cash Flow   $    1,845   $(13,440)  $   7,686   $   22,971   $  170,935

Basic Reported Weighted Avg Shares Out (000's)                    47,668      47,358       47,665       47,562
                            Basic Normalized EPS   $     1.32   $   0.04   $    0.19   $     1.47   $     1.06
                              Basic Reported EPS   $    (1.35)  $   0.07   $   (2.82)  $    (4.24)  $    (2.86)
Diluted Reported Weighted Avg Shares Out (000's)                  48,376      47,358       47,665       47,562
                          Diluted Normalized EPS   $     1.32   $   0.04   $    0.19   $     1.47   $     1.06
                            Diluted Reported EPS   $    (1.36)  $   0.06   $   (2.82)  $    (4.24)  $    (2.86)
- ---------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------
                                          Normalized Reconciliation
- ---------------------------------------------------------------------------------------------------------------
Restructuring/Goodwill Impairment                  $  (74,422)  $ (1,130)  $ (22,774)  $  (96,066)  $  (95,805)
Other Unusual (Expense) Gain Items                         --         --          --           --           --
Tax Shelter (Charge) on Unusual Items                 (37,466)        --          --      (37,466)          --
                                                   ----------   --------------------   -----------------------
Unusual (Exp) Gain Items, net of Taxes               (111,888)    (1,130)    (22,774)    (133,532)     (95,805)
Accounting Changes, net of Taxes                           --         --    (111,748)    (111,748)          --
Discontinued Operations, net of Taxes                  (6,369)     2,500      (7,999)     (16,868)     (91,004)
Extraordinary Items, net of Taxes                     (10,125)        --          --      (10,125)          --
                                                   ----------   --------------------   -----------------------
Total Reconciling Items, net of Taxes              $ (128,382)  $  1,370   $(142,521)  $ (272,273)  $ (186,809)
                                                   ==========   ====================   =======================

                   Reported Income Tax (Benefit)   $  (20,300)  $    484   $  (4,524)  $  (25,308)  $   (5,200)
                      Reported Net Income (Loss)   $  (65,605)  $  3,143   $(133,356)  $ (202,104)  $ (136,217)
- ---------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------
                                 Profitability & Cost Ratios (as % of Revenue)
- ---------------------------------------------------------------------------------------------------------------
Gross Profit                                             19.8%      19.6%       19.8%        19.9%        20.7%
S,G & A                                                  15.1%      14.9%       15.4%        15.3%        14.8%
Operating Income                                          4.7%       4.8%        4.5%         4.6%         5.9%
Pre-Tax                                                   0.3%       0.5%        1.0%         0.4%         2.4%
EBIT                                                      4.6%       4.7%        4.4%         4.5%         5.8%
EBITDA                                                    7.8%       7.7%        7.4%         7.7%         9.5%
Normalized Net Income to Common                           3.7%       0.4%        2.1%         4.1%         2.7%
Reported Net Income                                      -3.8%       0.7%      -30.1%       -11.7%        -7.3%
CAPEX                                                     1.5%       1.5%        2.6%         1.8%         1.8%
- ---------------------------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                           Balance Sheet Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)                              As of
                                            As of      ------------------------
                                          31-Mar-03      Dec-02        Dec-01
                                         ----------    ------------------------
Cash & Equivalents                       $      344    $    2,650    $      894
Marketable Securities                            --            --            --
                                         ----------    ------------------------
Total Cash & Mkt Securities                     344         2,650           894
Accounts Receivable                         227,049       219,924       233,045
Inventory                                   104,546       103,533       111,648
Other Current Assets                         48,225        50,254       233,462
                                         ----------    ------------------------
                 Total Current Assets       380,164       376,361       579,049
PPE, net                                    379,677       379,624       428,564
Intangibles, net                            311,578       308,947       420,723
Investments                                      --            --            --
Other Assets                                 38,851        42,435        48,531
                                         ----------    ------------------------
                         Total Assets    $1,110,270    $1,107,367    $1,476,867
                                         ==========    ========================

Accounts Payable                         $  143,715    $  151,930    $  160,659
Accrued Expenses                             49,660        53,292        51,407
Short Term Debt                               2,193         2,961       303,170
Short Term Capital Leases                        --            --            --
Other Current Liabilities                    59,979        67,848        62,520
                                         ----------    ------------------------
            Total Current Liabilities       255,547       276,031       577,756
Other LT Liabilities                         26,216        27,630       105,183
Long Term Debt                              775,058       760,938       552,051
Long Term Capital Leases                         --            --            --
Minority Interests                               --            --            --
Pref Stock (Liq Value)                           --            --            --
                                         ----------    ------------------------
       Total Liabilities & Pref Stock     1,056,821     1,064,599     1,234,990
                                         ----------    ------------------------
Common Equity                                53,449        42,768       241,877
                                         ----------    ------------------------
           Total Liabilities & Equity    $1,110,270    $ 1,107,36    $1,476,867
                                         ==========    ========================

Common Shares Outstanding (000's)            48,343        48,337        48,326
                 Cash Value per share    $     0.01    $     0.05    $     0.02
                 Book Value per share    $     1.11    $     0.88    $     5.01
        Tangible Book Value per share    $    (5.34)   $    (5.51)   $    (3.70)
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                                   7.66x         7.63x         8.02x
Inventory Turnover                            13.20x        12.88x        13.27x
Asset Turnover                                 1.54x         1.34x         1.27x
Days Sales Outstanding                         47.6          47.8          45.5
Days Inventory Outstanding                     27.7          28.3          27.5
Days Payable Outstanding                       33.1          34.6          33.4
Return on Avg Assets                            5.7%          5.4%           na
Return on Avg Common
   Equity                                     130.5%         49.3%           na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                                  1.49          1.36          1.00
Quick Ratio                                    1.08          0.99          0.81
Total Debt                               $  777,251    $  763,899    $  855,221
Net Debt                                 $  776,907    $  761,249    $  854,327
Total Capitalization                     $  830,700    $  806,667    $1,097,098
Total Debt/Total Capitalization                93.6%         94.7%         78.0%
Net Debt/Total Capitalization                  93.5%         94.4%         77.9%
Total Debt/TIC                                 86.3%         84.8%         95.0%
Total Debt/EBITDA                              5.84x         5.73x         4.80x
Total Debt/EBITDA-CAPEX                        7.25x         7.46x         5.88x
EBITDA/Interest Expense                        1.81x         1.89x         2.81x
EBITDA-CAPEX/Interest Expense                  1.46x         1.45x         2.30x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                                             23-May-03
- ----------                                                             ---------
Exchange                                                                   NYSE
Stock Price                                                            $   2.55
52 Week High                                                           $   6.63
52 Week Low                                                            $   0.95
Avg. Daily Volume (000's)                                                    92
Beta                                                                       1.53
Shares Outstanding (000's)                                               48,343
Total Outstanding Warrants & Options (000's)                                 --
Float (000's)                                                            26,300

Market Cap                                                             $123,275
Total Invested Capital (TIC)                                           $900,526
Enterprise Value (EV)                                                  $900,182
Ownership
   Insiders % Owned                                                       46.00%
   Institutional
      %Owned                                                              54.00%
      Number of Institutions                                                117
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                         Multiple of
                                         ---------------------------------------
                                         Market Cap          TIC            EV
                                         ---------------------------------------
Latest Twelve Months
   Revenue                                  0.07x            0.53x         0.53x
   EBIT                                     1.57x           11.46x        11.46x
   EBITDA                                   0.93x            6.76x         6.76x
   Normalized Net Income                    1.96x           14.34x        14.34x
   Basic Normalized EPS                     1.93x              na            na
Projected
   Dec-03 Mean Revenue                      0.07x            0.53x         0.53x
   Dec-04 Mean Revenue                      0.07x            0.52x         0.52x
   Dec-03 Mean EPS                         10.20x              na            na
   Dec-04 Mean EPS                          6.07x              na            na
Most Recent Filing
   Assets                                   0.11x            0.81x         0.81x
   Common Equity                            2.31x              na            na
   Tangible Common Equity                     na               na             na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                                # Ests          Revenue         EPS
- --------------------------------------------------------------------------------
December-03                                   1          $1,696,000       $0.25
December-04                                   1          $1,726,000       $0.42
LT Growth                                    --                            5.00%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------
                                    Three Months Ended        Fiscal Years Ended
                                          Mar-03                     Dec-02
                                    ------------------        ------------------
Revenue                                    -3.6%                      -7.5%
EBIT                                        3.5%                     -28.4%
EBITDA                                     -0.6%                     -25.2%

- --------------------------------------------------------------------------------
Notes
     Add backs include restructuring expenses and asset impairment charges.
     Discontinued operations represent sale of label & printed office product
     segments.
     Extraordinary items include gain from settlement of debt.
- --------------------------------------------------------------------------------
Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 61



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                             Impreso, Inc. Overview
- --------------------------------------------------------------------------------
Name              Impreso, Inc.  Address 652               Officers
                                 Southwestern Blvd.        Marshall Sorokwasz,
Symbol            ZCOM           City, State Zip Coppell,  CEO
                                 TX 75019
Latest Fiscal YE  31-Aug-02      Telephone 972-462-0100
Latest Rprt Per   28-Feb-03      Website tstimpreso.com

Impreso, Inc. is the holding company of TST/Impreso, Inc. (TST), a manufacturer
and distributor to dealers and other resellers of various paper and film
products for commercial and home use in domestic and international markets, and
Hotsheet.com, Inc., the owner of Hotsheet.com, an online Web reference
directory. TST manufactures and distributes its products under its own IMPRESO
label, generic labels and private labels. Hotsheet is an Internet Website
directory, or portal, specializing in listing popular and useful Web
destinations utilized by a wide general audience.



- ------------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- ------------------------------------------------------------------------------------
($ in thousands, except per share)

                                              Six Months Ended    Fiscal Years Ended
                                     LTM      -----------------   ------------------
                                    Feb-03    Feb-03    Feb-02     Aug-02     Aug-01
                                   --------   -----------------   ------------------
                                                              
Revenue                            $134,781   $63,512   $51,796   $123,065   $96,208
COGS                                121,187    57,062    46,323    110,448    84,752
                                   --------   -----------------   ------------------
                    Gross Profit     13,594     6,450     5,473     12,617    11,456
Selling, General &
   Administrative                     9,896     4,785     4,221      9,332     7,872
Research & Development                   --        --        --         --        --
Other Operating                          --        --        --         --        --
                                   --------   -----------------   ------------------
                Operating Income      3,698     1,665     1,252      3,285     3,584
Interest Income / (Expense), net     (1,871)     (958)     (831)    (1,744)   (1,633)
Other Income / (Expense), net          (726)      157     1,066        183        72
                                   --------   -----------------   ------------------
                  Pre-tax Income      1,101       864     1,487      1,724     2,023
Taxes                                   446       343       558        661       776
                                   --------   -----------------   ------------------
                After-tax Income        655       521       929      1,063     1,247
Minority Interest                        --        --        --         --        --
Equity in Affiliates                     --        --        --         --        --
                                   --------   -----------------   ------------------
           Normalized Net Income        655       521       929      1,063     1,247
Preferred Dividends                      --        --        --         --        --
                                   --------   -----------------   ------------------
 Normalized Net Income to Common   $    655   $   521   $   929   $  1,063   $ 1,247
                                   ========   =================   ==================

                            EBIT   $  2,972   $ 1,822   $ 2,318   $  3,468   $ 3,656
     Depreciation & Amortization   $  1,262   $    --   $    --   $  1,262   $   874
                          EBITDA   $  4,234   $ 1,822   $ 2,318   $  4,730   $ 4,530
                           CAPEX   $  1,540   $    --   $    --   $  1,540   $ 1,200
                  EBITDA - CAPEX   $  2,694   $ 1,822   $ 2,318   $  3,190   $ 3,330
        GAAP Operating Cash Flow   $  5,441   $    --   $    --   $  5,441   $ 4,946

Basic Reported Weighted Avg
   Shares Out (000's)                           5,279     5,279      5,279     5,281
            Basic Normalized EPS   $   0.12   $  0.10   $  0.18   $   0.20   $  0.24
              Basic Reported EPS   $   0.24   $  0.10   $  0.18   $   0.32   $  0.24
Diluted Reported Weighted
   Avg Shares Out (000's)                       5,279     5,279      5,279     5,281
          Diluted Normalized EPS   $   0.12   $  0.10   $  0.18   $   0.20   $  0.24
            Diluted Reported EPS   $   0.24   $  0.10   $  0.18   $   0.32   $  0.24
- ------------------------------------------------------------------------------------




- ------------------------------------------------------------------------------------
                             Normalized Reconciliation
- ------------------------------------------------------------------------------------
                                                              
Restructuring/Goodwill
   Impairment                      $     --   $    --   $    --   $     --   $    --
Other Unusual (Expense) Gain
   Items                              1,005        --        --      1,005        --
Tax Shelter (Charge) on Unusual
   Items                               (392)       --        --       (392)       --
                                   --------   -----------------   ------------------
Unusual (Exp) Gain Items, net
   of Taxes                             613        --        --        613        --
Accounting Changes, net of Taxes         --        --        --         --        --
Discontinued Operations, net of
   Taxes                                 --        --        --         --        --
Extraordinary Items, net of
   Taxes                                 --        --        --         --        --
                                   --------   -----------------   ------------------
Total Reconciling Items, net of
   Taxes                           $    613   $    --   $    --   $    613   $    --
                                   ========   =================   ==================

   Reported Income Tax (Benefit)   $    838   $   343   $   558   $  1,053   $   776
      Reported Net Income (Loss)   $  1,268   $   521   $   929   $  1,676   $ 1,247
- ------------------------------------------------------------------------------------




- ------------------------------------------------------------------------------------
                   Profitability & Cost Ratios (as % of Revenue)
- ------------------------------------------------------------------------------------
                                                                 
Gross Profit                           10.1%     10.2%     10.6%      10.3%     11.9%
S,G & A                                 7.3%      7.5%      8.1%       7.6%      8.2%
Operating Income                        2.7%      2.6%      2.4%       2.7%      3.7%
Pre-Tax                                 0.8%      1.4%      2.9%       1.4%      2.1%
EBIT                                    2.2%      2.9%      4.5%       2.8%      3.8%
EBITDA                                  3.1%      2.9%      4.5%       3.8%      4.7%
Normalized Net Income to Common         0.5%      0.8%      1.8%       0.9%      1.3%
Reported Net Income                     0.9%      0.8%      1.8%       1.4%      1.3%
CAPEX                                   1.1%      0.0%      0.0%       1.3%      1.2%
- ------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)

                                                                   As of
                                                    As of     -----------------
                                                  28-Feb-03    Aug-02    Aug-01
                                                  ---------   -----------------
Cash & Equivalents                                 $   132    $   203   $   211
Marketable Securities                                   --         --        --
                                                   -------    -------   -------
Total Cash & Mkt Securities                            132        203       211
Accounts Receivable                                 13,562     15,864    11,748
Inventory                                           34,318     34,111    38,460
Other Current Assets                                   804        740       351
                                                   -------    -------   -------
              Total Current Assets                  48,816     50,918    50,770
PPE, net                                            15,411     15,939    11,213
Intangibles, net                                        --         --        --
Investments                                             --         --        --
Other Assets                                           100        115       219
                                                   -------    -------   -------
                      Total Assets                 $64,327    $66,972   $62,202
                                                   =======    =======   =======
Accounts Payable                                   $11,606    $16,302   $18,572
Accrued Expenses                                     2,596      3,703     1,942
Short Term Debt                                     21,992     18,992    19,720
Short Term Capital Leases                               --         --        --
Other Current Liabilities                               --         --        --
                                                   -------    -------   -------
         Total Current Liabilities                  36,194     38,997    40,234
Other LT Liabilities                                   978        949       927
Long Term Debt                                      10,211     10,609     6,328
Long Term Capital Leases                                --         --        --
Minority Interests                                      --         --        --
Pref Stock (Liq Value)                                  --         --        --
                                                   -------    -------   -------
    Total Liabilities & Pref Stock                  47,383     50,555    47,489
                                                   -------    -------   -------
Common Equity                                       16,944     16,417    14,713
                                                   -------    -------   -------
       Total Liabilities & Equity                  $64,327    $66,972   $62,202
                                                   =======    =======   =======
Common Shares Outstanding  (000's)                   5,279      5,279     5,265

              Cash Value per share                 $  0.03    $  0.04   $  0.04
              Book Value per share                 $  3.21    $  3.11   $  2.79
     Tangible Book Value per share                 $  3.21    $  3.11   $  2.79
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------

A/R Turnover                                          9.16x      8.91x     8.19x
Inventory Turnover                                    3.54x      3.04x     2.20x
Asset Turnover                                        2.05x      1.91x     1.55x
Days Sales Outstanding                                39.8       40.9      44.6
Days Inventory Outstanding                           103.0      119.9     165.6
Days Payable Outstanding                              38.9       53.1      73.2
Return on Avg Assets                                   1.0%       1.6%       na
Return on Avg Common Equity                            3.9%       6.8%       na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------

Current Ratio                                         1.35       1.31      1.26
Quick Ratio                                           0.40       0.43      0.31
Total Debt                                         $32,203    $29,601   $26,048
Net Debt                                           $32,071    $29,398   $25,837
Total Capitalization                               $49,147    $46,018   $40,761
Total Debt/Total Capitalization                       65.5%      64.3%     63.9%
Net Debt/Total Capitalization                         65.3%      63.9%     63.4%
Total Debt/TIC                                        73.7%      67.7%     59.6%
Total Debt/EBITDA                                     7.61x      6.26x     5.75x
Total Debt/EBITDA-CAPEX                              11.95x      9.28x     7.82x
EBITDA/Interest Expense                               2.26x      2.71x     2.77x
EBITDA-CAPEX/Interest Expense                         1.44x      1.83x     2.04x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                                            23-May-03
Exchange                                                               NASDAQ
                                                                      ---------
Stock Price                                                            $  2.18
52 Week High                                                           $  3.46
52 Week Low                                                            $  1.72
Avg. Daily Volume (000's)                                                    2
Beta                                                                      0.94
Shares Outstanding (000's)                                               5,279
Total Outstanding Warrants & Options (000's)                                --
Float (000's)                                                            1,700

Market Cap                                                             $11,508
Total Invested Capital (TIC)                                           $43,711
Enterprise Value (EV)                                                  $43,579
Ownership
   Insiders % Owned                                                      68.00%
   Institutional
      % Owned                                                             3.00%
      Number of Institutions                                                 9
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                            Multiple of
                                                     -------------------------
                                                     Market Cap   TIC     EV
                                                     -------------------------
Latest Twelve Months
   Revenue                                              0.09x     0.32x   0.32x
   EBIT                                                 3.87x    14.71x  14.66x
   EBITDA                                               2.72x    10.32x  10.29x
   Normalized Net Income                               17.57x    66.74x  66.54x
   Basic Normalized EPS                                18.17x       na      na
Projected
   Dec-02 Mean Revenue                                    na        na      na
   Dec-03 Mean Revenue                                    na        na      na
   Dec-02 Mean EPS                                        na        na      na
   Dec-03 Mean EPS                                        na        na      na
Most Recent Filing
   Assets                                               0.18x     0.68x   0.68x
   Common Equity                                        0.68x       na      na
   Tangible Common Equity                               0.68x       na      na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                                               # Ests   Revenue   EPS
- -----------                                               ----------------------
December-02                                                 na        na      na
December-03                                                 na        na      na
LT Growth                                                   na        na      na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                       Period Growth Rates
- --------------------------------------------------------------------------------
                                           Six Months Ended   Fiscal Years Ended
                                                Feb-03              Aug-02
                                           ----------------   ------------------
Revenue                                          22.6%               27.9%
EBIT                                            -21.4%               -5.1%
EBITDA                                          -21.4%                4.4%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Notes

     Unusual expense relates to litigation settlement
- --------------------------------------------------------------------------------

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 62



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                           Moore Corporation Overview
- --------------------------------------------------------------------------------

Name               Moore         Address 6100 Vipond Drive   Officers
                   Corporation   City, State Zip             Alfred Eckert,
Symbol             MCL           Mississauga, ON L5T 2,      III, Chair
Latest Fiscal YE   31-Dec-02     Canada
Latest Rprt Per    31-Mar-03     Telephone (905) 362-3100
                                 Website http:
                                 //www.moore.com/

Moore operates in three complementary business segments: Forms and Labels,
Outsourcing and Commercial. The Forms and Labels business designs, manufactures
and sells paper based and electronic business forms and labels, and provides
electronic print management solutions. The Outsourcing business provides
high-quality, high-volume variably imaged print and mail, electronic statement
and database management services. The Commercial business produces high-quality,
multi-color personalized business communications and provides direct marketing
services.
- --------------------------------------------------------------------------------



- --------------------------------------------------------------------------------------------
                              Income and Cashflow Statement Data
- --------------------------------------------------------------------------------------------

($ in thousands, except per share)
                                               Three Months Ended      Fiscal Years Ended
                                     LTM       -------------------   -----------------------
                                    Mar-03      Mar-03     Mar-02      Dec-02       Dec-01
                                  ----------   -------------------   -----------------------
                                                                   
Revenue                           $2,019,683   $511,145   $529,501   $2,038,039   $2,154,574
COGS                               1,374,451    345,452    361,008    1,390,007    1,552,561
                                  ----------   -------------------   -----------------------
                   Gross Profit      645,232    165,693    168,493      648,032      602,013
Selling, General &
   Administrative                    529,559    129,833    146,633      546,359      814,658
Research & Development                    --         --         --           --           --
Other Operating                           --         --         --           --           --
                                  ----------   -------------------   -----------------------
               Operating Income      115,673     35,860     21,860      101,673     (212,645)
Interest Income / (Expense),
   net                               (16,033)    (6,499)    (2,611)     (12,145)     (23,758)
Other Income / (Expense), net        (10,692)       839     (1,495)     (13,026)     (22,338)
                                  ----------   -------------------   -----------------------
                 Pre-tax Income       88,948     30,200     17,754       76,502     (258,741)
Taxes                                 (1,482)       840      4,794        2,472      (32,192)
                                  ----------   -------------------   -----------------------
               After-tax Income       90,430     29,360     12,960       74,030     (226,549)
Minority Interest                     (1,357)      (202)      (467)      (1,622)      (1,810)
Equity in Affiliates                      --         --         --           --           --
                                  ----------   -------------------   -----------------------
          Normalized Net Income       89,073     29,158     12,493       72,408     (228,359)
Preferred Dividends                       --         --         --                        --
                                  ----------   -------------------   -----------------------
   Normalized Net Income to
      Common                      $   89,073   $ 29,158   $ 12,493   $   72,408   $ (228,359)
                                  ==========   ===================   =======================
                           EBIT   $  104,981   $ 36,699   $ 20,365   $   88,647   $ (234,983)
    Depreciation & Amortization   $   85,766   $ 21,175   $ 22,155   $   86,746   $  239,072
                         EBITDA   $  190,747   $ 57,874   $ 42,520   $  175,393   $    4,089
                          CAPEX   $   14,441   $  7,583   $  2,083   $    8,941   $   37,072
                 EBITDA - CAPEX   $  176,306   $ 50,291   $ 40,437   $  166,452   $  (32,983)
       GAAP Operating Cash Flow   $  134,865   $(22,395)  $  1,135   $  158,395   $  137,121
Basic Reported Weighted Avg
   Shares Out (000's)                           112,276    111,848      111,556       88,648

           Basic Normalized EPS   $     0.80   $   0.26   $   0.11   $     0.65   $    (2.58)
             Basic Reported EPS   $     0.81   $   0.26   $   0.11   $     0.66   $    (4.21)
Diluted Reported Weighted Avg
   Shares Out (000's)                           113,229    114,269      114,022       88,648

         Diluted Normalized EPS   $     0.79   $   0.26   $   0.11   $     0.64   $    (2.58)
           Diluted Reported EPS   $     0.79   $   0.26   $   0.11   $     0.64   $    (4.21)
- --------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------
                                  Normalized Reconciliation
- --------------------------------------------------------------------------------------------
Restructuring/Goodwill
   Impairment                     $      850   $     --   $     --   $      850   $ (129,679)
Other Unusual (Expense) Gain
   Items                                  --         --         --           --      (15,345)
Tax Shelter (Charge) on Unusual
   Items                                  --         --         --           --           --
                                  ----------   --------   --------   -----------------------
Unusual (Exp) Gain Items, net
   of Taxes                              850         --         --          850     (145,024)
Accounting Changes, net of
   Taxes                                  --         --         --           --           --
Discontinued Operations, net of
   Taxes                                  --         --         --           --           --
Extraordinary Items, net of
   Taxes                                  --         --         --           --           --
                                  ----------   --------   --------   -----------------------
Total Reconciling Items, net of
   Taxes                          $      850   $     --   $     --   $      850   $ (145,024)
                                  ==========   ========   ========   =======================
  Reported Income Tax (Benefit)   $   (1,482)  $    840   $  4,794   $    2,472   $  (32,192)
     Reported Net Income (Loss)   $   89,923   $ 29,158   $ 12,493   $   73,258   $ (373,383)
- --------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------
                     Profitability & Cost Ratios (as % of Revenue)
- --------------------------------------------------------------------------------------------
Gross Profit                            31.9%      32.4%      31.8%        31.8%        27.9%
S, G & A                                26.2%      25.4%      27.7%        26.8%        37.8%
Operating Income                         5.7%       7.0%       4.1%         5.0%        -9.9%
Pre-Tax                                  4.4%       5.9%       3.4%         3.8%       -12.0%
EBIT                                     5.2%       7.2%       3.8%         4.3%       -10.9%
EBITDA                                   9.4%      11.3%       8.0%         8.6%         0.2%
Normalized Net Income to Common          4.4%       5.7%       2.4%         3.6%       -10.6%
Reported Net Income                      4.5%       5.7%       2.4%         3.6%       -17.3%
CAPEX                                    0.7%       1.5%       0.4%         0.4%         1.7%
- --------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)                               As of
                                             As of      ------------------------
                                           31-Mar-03      Dec-02       Dec-01
                                           ----------   ------------------------
Cash & Equivalents                         $  119,981   $  139,630   $   84,855
Marketable Securities                              --           --           --
                                           ----------   ------------------------
Total Cash & Mkt
   Securities                                 119,981      139,630       84,855
Accounts Receivable                           344,567      341,383      336,153
Inventory                                     137,372      129,889      128,421
Other Current Assets                           71,567       49,229       27,110
                                           ----------   ------------------------
                    Total Current Assets      673,487      660,131      576,539
PPE, net                                      252,549      255,722      307,640
Intangibles, net                              113,927      112,688       42,294
Investments                                   928,151       32,256       32,204
Other Assets                                  384,716      378,962      378,309
                                           ----------   ------------------------
                            Total Assets   $2,352,830   $ 1,439,75   $1,336,986
                                           ==========   ========================
Accounts Payable                           $  450,779   $  486,507   $  486,626
Accrued Expenses                                   --           --           --
Short Term Debt                                 2,642        2,135       18,034
Short Term Capital Leases                          --           --           --
Other Current Liabilities                      84,789       79,904       84,182
                                           ----------   ------------------------
               Total Current Liabilities      538,210      568,546      588,842
Other LT Liabilities                          295,330      294,602      304,632
Long Term Debt                              1,087,106      187,463      111,062
Long Term Capital Leases                           --           --           --
Minority Interests                              6,365        6,652       11,200
Pref Stock (Liq Value)                             --           --           --
                                           ----------   ------------------------
          Total Liabilities & Pref Stock    1,927,011    1,057,263    1,015,736
                                           ----------   ------------------------
Common Equity                                 425,819      382,496      321,250
                                           ----------   ------------------------
              Total Liabilities & Equity   $2,352,830   $ 1,439,75   $1,336,986
                                           ==========   =======================

Common Shares Outstanding
   (000's)                                    113,398      111,842      111,804
                    Cash Value per share   $     1.06   $     1.25   $     0.76
                    Book Value per share   $     3.76   $     3.42   $     2.87
           Tangible Book Value per share   $     2.75   $     2.41   $     2.50
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                                     5.89x        6.02x        6.41x
Inventory Turnover                              10.29x       10.76x       12.09x
Asset Turnover                                   1.07x        1.47x        1.61x
Days Sales Outstanding                           62.0         60.7         56.9
Days Inventory Outstanding                       35.5         33.9         30.2
Days Payable Outstanding                         89.8         91.7         75.0
Return on Avg Assets                              4.7%         5.2%          na
Return on Avg Common Equity                      22.0%        20.6%          na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                             Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                                    1.25         1.16         0.98
Quick Ratio                                      1.00         0.93         0.76
Total Debt                                 $1,096,113   $  196,250   $  140,296
Net Debt                                   $  976,132   $   56,620   $   55,441
Total Capitalization                       $1,521,932   $  578,746   $  461,546
Total Debt/Total                                 72.0%        33.9%        30.4%
Capitalization
Net Debt/Total                                   64.1%         9.8%        12.0%
Capitalization
Total Debt/TIC                                   43.2%         7.7%         5.5%
Total Debt/EBITDA                                5.75x        1.12x       34.31x
Total Debt/EBITDA-CAPEX                          6.22x        1.18x          na
EBITDA/Interest Expense                         11.90x       14.44x        0.17x
EBITDA-CAPEX/Interest Expense                   11.00x       13.71x          na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                                           23-May-03
                                                                     ----------
Exchange                                                                   NYSE
Stock Price                                                          $    12.73
52 Week High                                                         $    14.45
52 Week Low                                                          $     7.85
Avg. Daily Volume (000's)                                                     1
Beta                                                                       0.69
Shares Outstanding (000's)                                              113,323
Total Outstanding Warrants & Options (000's)                                 --
Float (000's)                                                           111,100

Market Cap                                                           $1,442,602
Total Invested Capital (TIC)                                         $2,538,715
Enterprise Value (EV)                                                $2,418,734
Ownership
   Insiders % Owned                                                        2.00%
   Institutional
      % Owned                                                             70.00%
      Number of Institutions                                                226
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Valuation Ratios
- --------------------------------------------------------------------------------
                                                             Mutiple of
                                                     --------------------------
                                                     Market Cap    TIC     EV
                                                     --------------------------
Latest Twelve Months
   Revenue                                              0.71x      1.26x   1.20x
   EBIT                                                13.74x     24.18x  23.04x
   EBITDA                                               7.56x     13.31x  12.68x
   Normalized Net Income                               16.20x     28.50x  27.15x
   Basic Normalized EPS                                15.91x        na      na
Projected
   Dec-03 Mean Revenue                                  0.57x      1.00x   0.96x
   Dec-04 Mean Revenue                                  0.51x      0.89x   0.85x
   Dec-03 Mean EPS                                     14.80x        na      na
   Dec-04 Mean EPS                                     11.47x        na      na
Most Recent Filing
   Assets                                               0.61x      1.08x   1.03x
   Common Equity                                        3.39x        na      na
   Tangible Common Equity                               4.63x        na      na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- -------------------------------------------------------------------------------
Year Ending                                         # Ests    Revenue      EPS
- -------------------------------------------------------------------------------
December-03                                            2     $2,529,010   $0.86
December-04                                            2     $2,845,600   $1.11
LT Growth                                             na             na      na
- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------
                                         Three Months Ended   Fiscal Years Ended
                                               Mar-03               Dec-02
                                         ------------------   ------------------
Revenue                                         -3.5%                 -5.4%
EBIT                                            80.2%               -137.7%
EBITDA                                          36.1%               4189.4%

- --------------------------------------------------------------------------------
Notes

     Add backs include restructuring cost provisioning, and debt settlement
     expenses.

     Note - Merger with Wallace in final stages.
- --------------------------------------------------------------------------------
Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 63



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS
- --------------------------------------------------------------------------------
                       Wallace Computer Services Overview
- --------------------------------------------------------------------------------
Name              Wallace Computer Se_  Address 2275            Officers
                                        Cabot Drive             M. David Jones,
Symbol            WCS                   City, State Zip Lisle,  CEO
                                        IL 60532
Latest Fiscal YE  31-Jul-02             Telephone
                                        (630) 588-5000
Latest Rprt Per   31-Jan-03             Website
                                        http://www.wallace.com/

A provider of printed products and print management services to Fortune 1000
customers. The Company operates in two business segments: the forms and labels
segment and the integrated graphics segment. The principal products and services
supplied by the forms and labels segment include the design and manufacture of
paper-based forms, the manufacture of both electronic data processing (EDP)
labels and packaging labels, as well as the manufacture and distribution of a
standard line of office products.
- --------------------------------------------------------------------------------



- -----------------------------------------------------------------------------------------------
                               Income and Cashflow Statement Data
- -----------------------------------------------------------------------------------------------
($ in thousands, except per share)
                                                  Six Months Ended       Fiscal Years Ended
                                      LTM       --------------------   -----------------------
                                     Jan-03      Jan-03     Jan-02       Jul-02       Jul-01
                                   ----------   --------   ---------   ----------   ----------
                                                                     
Revenue                            $1,505,704   $764,888   $804,813    $1,545,629   $1,689,534
COGS                                1,094,087    555,959    596,266     1,134,394    1,236,589
                                   ----------   --------   --------    ----------   ----------
                    Gross Profit      411,617    208,929    208,547       411,235      452,945
Selling, General &
Administrative                        300,107    155,599    156,842       301,350      334,452
Research & Development                     --         --         --            --           --
Other Operating                            --         --         --            --           --
                                   ----------   --------   --------    ----------   ----------
                Operating Income      111,510     53,330     51,705       109,885      118,493
Interest Income / (Expense), net      (18,231)    (8,917)   (11,529)      (20,843)     (28,273)
Other Income / (Expense), net              --         --         --            --           --
                                   ----------   --------   --------    ----------   ----------
                  Pre-tax Income       93,279     44,413     40,176        89,042       90,220
Taxes                                  13,223     16,633      2,864          (546)      36,311
                                   ----------   --------   --------    ----------   ----------
                After-tax Income       80,056     27,780     37,312        89,588       53,909
Minority Interest                          --         --         --            --           --
Equity in Affiliates                       --         --         --            --           --
                                   ----------   --------   --------    ----------   ----------
           Normalized Net Income       80,056     27,780     37,312        89,588       53,909
Preferred Dividends                        --         --         --            --           --
                                   ----------   --------   --------    ----------   ----------
   Normalized Net Income to
      Common                       $   80,056   $ 27,780   $ 37,312    $   89,588   $   53,909
                                   ==========   ========   ========    ==========   ==========

                            EBIT   $  111,510   $ 53,330   $ 51,705    $  109,885   $  118,493
     Depreciation & Amortization   $   62,504   $ 30,848   $ 34,751    $   66,407   $   78,848
                          EBITDA   $  174,014   $ 84,178   $ 86,456    $  176,292   $  197,341
                           CAPEX   $   26,715   $ 15,067   $ 11,603    $   23,251   $   41,310
                  EBITDA - CAPEX   $  147,299   $ 69,111   $ 74,853    $  153,041   $  156,031
        GAAP Operating Cash Flow   $  133,352   $ 53,099   $ 61,300    $  141,553   $  175,703

Basic Reported Weighted Avg
   Shares Out (000's)                             41,917     41,098        41,326       40,699
            Basic Normalized EPS   $     1.92   $   0.66   $   0.91    $     2.17   $     1.32
              Basic Reported EPS   $     1.28   $   0.65   $  (3.40)   $    (2.77)  $     1.31
Diluted Reported Weighted Avg
   Shares Out (000's)                             42,483     41,098        41,699       40,951
          Diluted Normalized EPS   $     1.89   $   0.65   $   0.91    $     2.15   $     1.32
            Diluted Reported EPS   $     1.29   $   0.64   $  (3.40)   $    (2.75)  $     1.30
- ----------------------------------------------------------------------------------------------




- ---------------------------------------------------------------------------------------
                                   Normalized Reconciliation
- ---------------------------------------------------------------------------------------
                                                                 
Restructuring/Goodwill
   Impairment                      $(11,096)  $  (643)  $ (32,832)  $ (43,285)  $  (513)
Other Unusual (Expense) Gain
   Items                                 --        --          --          --        --
Tax Shelter (Charge) on Unusual
   Items                            (16,881)       --          --     (16,881)     (200)
                                   --------   -------   ---------   ---------   -------
Unusual (Exp) Gain Items, net
   of Taxes                         (27,977)     (643)    (32,832)    (60,166)     (713)
Accounting Changes, net of Taxes         --        --    (144,078)   (144,078)       --
Discontinued Operations, net of
   Taxes                                 --        --          --          --        --
Extraordinary Items, net of
   Taxes                                 --        --          --          --        --
                                   --------   -------   ---------   ---------   -------
Total Reconciling Items, net of
   Taxes                           $(27,977)  $  (643)  $(176,910)  $(204,244)  $  (713)
                                   ========   =======   =========   =========   =======

   Reported Income Tax (Benefit)   $ 30,104   $16,633   $   2,864   $  16,335   $36,511
      Reported Net Income (Loss)   $ 52,079   $27,137   $(139,598)  $(114,656)  $53,196
- ---------------------------------------------------------------------------------------




- -----------------------------------------------------------------------------------------------
                          Profitability & Cost Ratios (as % of Revenue)
- -----------------------------------------------------------------------------------------------
                                                                           
Gross Profit                             27.3%      27.3%       25.9%        26.6%        26.8%
S,G & A                                  19.9%      20.3%       19.5%        19.5%        19.8%
Operating Income                          7.4%       7.0%        6.4%         7.1%         7.0%
Pre-Tax                                   6.2%       5.8%        5.0%         5.8%         5.3%
EBIT                                      7.4%       7.0%        6.4%         7.1%         7.0%
EBITDA                                   11.6%      11.0%       10.7%        11.4%        11.7%
Normalized Net Income to Common           5.3%       3.6%        4.6%         5.8%         3.2%
Reported Net Income                       3.5%       3.5%      -17.3%        -7.4%         3.1%
CAPEX                                     1.8%       2.0%        1.4%         1.5%         2.4%
- -----------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)
                                                                As of
                                              As of     ----------------------
                                            31-Jan-03    Jul-02      Jul-01
                                            ---------   --------    ----------
Cash & Equivalents                          $ 58,777    $ 25,178    $       --
Marketable Securities                             --          --            --
                                            --------    --------    ----------
Total Cash & Mkt
   Securities                                 58,777      25,178            --
Accounts Receivable                          229,882     245,141       280,456
Inventory                                     89,799      85,437       100,922
Other Current Assets                          41,066      49,159        33,661
                                            --------    --------    ----------
                     Total Current Assets    419,524     404,915       415,039
PPE, net                                     307,745     318,338       391,166
Intangibles, net                             184,624     188,101       340,180
Investments                                       --          --            --
Other Assets                                  19,354      18,640        18,037
                                            --------    --------    ----------
                             Total Assets   $931,247    $929,994    $1,164,422
                                            ========    ========    ==========

Accounts Payable                            $ 68,942    $ 78,403    $   74,087
Accrued Expenses                              86,241      76,467        91,284
Short Term Debt                                  679       1,233         4,000
Short Term Capital Leases                         --          --            --
Other Current Liabilities                         --      13,373        20,231
                                            --------    --------    ----------
                Total Current Liabilities    155,862     169,476       189,602
Other LT Liabilities                          98,174     102,086       110,116
Long Term Debt                               208,228     209,303       284,087
Long Term Capital Leases                          --          --            --
Minority Interests                                --          --            --
Pref Stock (Liq Value)                            --          --            --
                                            --------    --------    ----------
           Total Liabilities & Pref Stock    462,264     480,865       583,805
                                            --------    --------    ----------
Common Equity                                468,983     449,129       580,617
                                            --------    --------    ----------
               Total Liabilities & Equity   $931,247    $929,994    $1,164,422
                                            ========    ========    ==========

Common Shares Outstanding (000's)             42,244      41,556        40,889

                     Cash Value per share   $   1.39    $   0.61    $       --
                     Book Value per share   $  11.10    $  10.81    $    14.20
            Tangible Book Value per share   $   6.73    $   6.28    $     5.88
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                                    6.34x       5.88x         6.02x
Inventory Turnover                             12.49x      12.17x        12.25x
Asset Turnover                                  1.62x       1.48x         1.45x
Days Sales Outstanding                          57.6        62.1          60.6
Days Inventory Outstanding                      29.2        30.0          29.8
Days Payable Outstanding                        19.3        19.4          17.2
Return on Avg Assets                             8.6%        8.6%           na
Return on Avg Common
   Equity                                       17.4%       17.4%           na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                                   2.69        2.39          2.19
Quick Ratio                                     2.12        1.89          1.66
Total Debt                                  $208,907    $210,536      $288,087
Net Debt                                    $150,130    $185,358      $288,087
Total Capitalization                        $677,890    $659,665      $868,704
Total Debt/Total
   Capitalization                               30.8%       31.9%         33.2%
Net Debt/Total
   Capitalization                               22.1%       28.1%         33.2%
Total Debt/TIC                                  15.5%       15.7%         21.4%
Total Debt/EBITDA                               1.20x       1.19x         1.46x
Total Debt/EBITDA-CAPEX                         1.42x       1.38x         1.85x
EBITDA/Interest Expense                         9.54x       8.46x         6.98x
EBITDA-CAPEX/Interest Expense                   8.08x       7.34x         5.52x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                                           23-May-03
- ----------                                                           ---------
Exchange                                                                  NYSE
Stock Price                                                          $    26.86
52 Week High                                                         $    26.94
52 Week Low                                                          $    15.80
Avg. Daily Volume
   (000's)                                                                  340
Beta                                                                       0.82
Shares Outstanding
   (000's)                                                               42,244
Total Outstanding Warrants &
   Options (000's)                                                           --
Float (000's)                                                            41,000

Market Cap                                                           $1,134,674
Total Invested Capital (TIC)                                         $1,343,581
Enterprise Value (EV)                                                $1,284,804
Ownership
   Insiders % Owned                                                        3.00%
   Institutional
      % Owned                                                             83.00%
      Number of Institutions                                                 329
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                           Multiple of
                                                   ---------------------------
                                                   Market Cap     TIC      EV
                                                   ----------    -----   ------
Latest Twelve Months
   Revenue                                               0.75x    0.89x    0.85x
   EBIT                                                 10.18x   12.05x   11.52x
   EBITDA                                                6.52x    7.72x    7.38x
   Normalized Net Income                                14.17x   16.78x   16.05x
   Basic Normalized EPS                                 13.99x      na       na
Projected
   Dec-02 Mean Revenue                                     na       na       na
   Dec-03 Mean Revenue                                     na       na       na
   Dec-02 Mean EPS                                         na       na       na
   Dec-03 Mean EPS                                         na       na       na
Most Recent Filing
   Assets                                                1.22x    1.44x    1.38x
   Common Equity                                         2.42x      na       na
   Tangible Common Equity                                3.99x      na       na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                                          # Ests    Revenue    EPS
- --------------------------------------------------------------------------------
December-02                                               na        na        na
December-03                                               na        na        na
LT Growth                                                 na        na        na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------
                                           Six Months Ended   Fiscal Years Ended
                                                Jan-03             Jul-02
                                           ----------------   ------------------
Revenue                                          -5.0%              -8.5%
EBIT                                              3.1%              -7.3%
EBITDA                                           -2.6%             -10.7%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Notes

     Add backs reflect restructuring charges and change in accounting principle
     in accordance with SFAS No.142 (Goodwill impairment).

     Note - Merger with Moore in final stages.
- --------------------------------------------------------------------------------
Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 64



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                           BCT International Overview
- --------------------------------------------------------------------------------

Name              BCT            Address 3000 NE         Officers
                  International  30th Place              Bill Wilkerson,
Symbol            BCTI           City, State Zip Ft.     CEO
                                 Lauderdale, FL 33306
Latest Fiscal YE  28-Feb-02      Telephone 954-563-1224
Latest Rprt Per   30-Nov-02      Website

BCT International, Inc. operates the Business Cards Tomorrow franchise system.
Founded in 1975, the system has grown to include 82 Business Cards Tomorrow
Franchises specializing in thermography products, labels, rubber stamps and
business announcements for resale by retail printing providers in 36 states and
Canada. BCT's operations also include the Pelican Paper Products Division (PPP),
which supplies paper products, press supplies and press parts to the BCT
Franchises.
- --------------------------------------------------------------------------------



- -------------------------------------------------------------------------------------------
                              Income and Cashflow Statement Data
- -------------------------------------------------------------------------------------------
($ in thousands, except per share)
                                                     Nine Months Ended   Fiscal Years Ended
                                             LTM     -----------------   ------------------
                                            Nov-02    Nov-02    Nov-01     Feb-02    Feb-01
                                           -------   -----------------   ------------------
                                                                     
Revenue                                    $18,381   $14,097   $13,723    $18,007   $19,429
COGS                                        10,460     7,941     8,073     10,592    11,605
                                           -------   -----------------    -----------------
                            Gross Profit     7,921     6,156     5,650      7,415     7,824
Selling, General &
   Administrative                            7,166     5,279     4,715      6,602     6,687
Research & Development                          --        --        --         --        --
Other Operating                                 --        --        --         --        --
                                           -------   -----------------    -----------------
                        Operating Income       755       877       935        813     1,137
Interest Income / (Expense), net                --        --        --         --        --
Other Income / (Expense), net                   --        --        --         --        --
                                           -------   -----------------    -----------------
                          Pre-tax Income       755       877       935        813     1,137
Taxes                                          295       342       368        321       442
                                           -------   -----------------    -----------------
                        After-tax Income       460       535       567        492       695
Minority Interest                               --        --        --         --        --
Equity in Affiliates                            --        --        --         --        --
                                           -------   -----------------    -----------------
                   Normalized Net Income       460       535       567        492       695
Preferred Dividends                             --        --        --         --        --
                                           -------   -----------------    -----------------
   Normalized Net Income to Common         $   460   $   535   $   567    $   492   $   695
                                           =======   =================    =================

                                    EBIT   $   755   $   877   $   935    $   813   $ 1,137
             Depreciation & Amortization   $   233   $   177   $   170    $   226   $   232
                                  EBITDA   $   988   $ 1,054   $ 1,105    $ 1,039   $ 1,369
                                   CAPEX   $   142   $   124   $   144    $   162   $   150
                          EBITDA - CAPEX   $   846   $   930   $   961    $   877   $ 1,219
                GAAP Operating Cash Flow   $   981   $   450   $ 2,729    $ 3,260   $   316

Basic Reported Weighted Avg Shares
   Out (000's)                                         5,121     5,121      5,123     5,214
                    Basic Normalized EPS   $  0.09   $  0.10   $  0.11    $  0.10   $  0.13
                      Basic Reported EPS   $  0.09   $  0.10   $  0.11    $  0.10   $  0.13
Diluted Reported Weighted Avg Shares
   Out (000's)                                         5,121     5,121      5,123     5,235
                  Diluted Normalized EPS   $  0.09   $  0.10   $  0.11    $  0.10   $  0.13
                    Diluted Reported EPS   $  0.09   $  0.10   $  0.11    $  0.10   $  0.13
- -------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------
                            Normalized Reconciliation
- -------------------------------------------------------------------------------------------
Restructuring/Goodwill Impairment          $    --   $    --   $    --    $    --   $    --
Other Unusual (Expense) Gain Items              --        --        --         --        --
Tax Shelter (Charge) on Unusual Items           --        --        --         --        --
                                           -------   -----------------    -----------------
Unusual (Exp) Gain Items, net of Taxes          --        --        --         --        --
Accounting Changes, net of Taxes                --        --        --         --        --
Discontinued Operations, net of Taxes           --        --        --         --       (31)
Extraordinary Items, net of Taxes               --        --        --         --        --
                                           -------   -----------------    -----------------
Total Reconciling Items, net of Taxes      $    --   $    --   $    --    $    --   $   (31)
                                           =======   =================    =================

           Reported Income Tax (Benefit)   $   295   $   342   $   368    $   321   $   442
              Reported Net Income (Loss)   $   460   $   535   $   567    $   492   $   664
- -------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------
                 Profitability & Cost Ratios (as % of Revenue)
- -------------------------------------------------------------------------------------------
Gross Profit                                  43.1%     43.7%     41.2%      41.2%     40.3%
S,G & A                                       39.0%     37.4%     34.4%      36.7%     34.4%
Operating Income                               4.1%      6.2%      6.8%       4.5%      5.9%
Pre-Tax                                        4.1%      6.2%      6.8%       4.5%      5.9%
EBIT                                           4.1%      6.2%      6.8%       4.5%      5.9%
EBITDA                                         5.4%      7.5%      8.1%       5.8%      7.0%
Normalized Net Income to Common                2.5%      3.8%      4.1%       2.7%      3.6%
Reported Net Income                            2.5%      3.8%      4.1%       2.7%      3.4%
CAPEX                                          0.8%      0.9%      1.0%       0.9%      0.8%
- -------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------

($ in thousands, except per share)
                                                                    As of
                                                    As of     -----------------
                                                  30-Nov-02    Feb-02    Feb-01
                                                  ---------   -----------------
Cash & Equivalents                                 $ 4,805    $ 4,819   $ 1,799
Marketable Securities                                   --         --        --
                                                   --------   -----------------
Total Cash & Mkt Securities                          4,805      4,819     1,799
Accounts Receivable                                  2,386      2,889     3,568
Inventory                                            2,697      1,887     2,352
Other Current Assets                                   918        678       455
                                                   --------   -----------------
                           Total Current Assets     10,806     10,273     8,174
PPE, net                                               963        435       473
Intangibles, net                                       186        206       232
Investments                                             43         24        24
Other Assets                                         6,187      6,140     7,287
                                                   --------   -----------------
                                   Total Assets    $18,185    $17,078   $16,190
                                                   ========   =================

Accounts Payable                                   $   789    $   432   $   597
Accrued Expenses                                       938        791       403
Short Term Debt                                        294        640        86
Short Term Capital Leases                               --         --        --
Other Current Liabilities                              125        125       167
                                                   --------   -----------------
                      Total Current Liabilities      2,146      1,988     1,253
Other LT Liabilities                                   214        334       417
Long Term Debt                                         534         --       236
Long Term Capital Leases                                --         --        --
Minority Interests                                      --         --        --
Pref Stock (Liq Value)                                  --         --        --
                                                   --------   -----------------
                 Total Liabilities & Pref Stock      2,894      2,322     1,906
                                                   --------   -----------------
Common Equity                                       15,291     14,756    14,284
                                                   --------   -----------------
                     Total Liabilities & Equity    $18,185    $17,078   $16,190
                                                   ========   =================

Common Shares Outstanding (000's)                    5,121      5,121     5,136
                           Cash Value per share    $  0.94    $  0.94   $  0.35
                           Book Value per share    $  2.99    $  2.88   $  2.78
                  Tangible Book Value per share    $  2.95    $  2.84   $  2.74
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                                          6.97x      5.58x     5.45x
Inventory Turnover                                    4.56x      5.00x     4.93x
Asset Turnover                                        1.04x      1.08x     1.20x
Days Sales Outstanding                                52.4       65.4      67.0
Days Inventory Outstanding                            80.0       73.0      74.0
Days Payable Outstanding                              12.6       10.9      11.9
Return on Avg Assets                                   2.6%       3.0%       na
Return on Avg Common Equity                            3.1%       3.4%       na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                                         5.04       5.17      6.52
Quick Ratio                                           3.78       4.22      4.65
Total Debt                                         $   828    $   640   $   322
Net Debt                                           $(3,977)   $(4,179)  $(1,477)
Total Capitalization                               $16,119    $15,396   $14,606
Total Debt/Total Capitalization                        5.1%       4.2%      2.2%
Net Debt/Total Capitalization                        -24.7%     -27.1%    -10.1%
Total Debt/TIC                                        13.9%      10.8%      5.4%
Total Debt/EBITDA                                     0.84x      0.62x     0.24x
Total Debt/EBITDA-CAPEX                               0.98x      0.73x     0.26x
EBITDA/Interest Expense                                 na         na        na
EBITDA-CAPEX/Interest Expense                           na         na        na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                                             23-May-03
Exchange                                                                OTC BB
Stock Price                                                             $ 1.00
52 Week High                                                            $ 1.07
52 Week Low                                                             $ 0.67
Avg. Daily Volume (000's)                                                    3
Beta                                                                      0.83
Shares Outstanding (000's)                                               5,121
Total Outstanding Warrants &
   Options (000's)                                                          --
Float (000's)                                                            2,800

Market Cap                                                              $5,121
Total Invested Capital (TIC)                                            $5,949
Enterprise Value (EV)                                                   $1,144
Ownership
   Insiders % Owned                                                      52.00%
   Institutional
      % Owned                                                             2.00%
      Number of Institutions                                                 4
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                              Multple of
                                                     --------------------------
                                                     Market Cap     TIC     EV
                                                     --------------------------
Latest Twelve Months
   Revenue                                              0.28x      0.32x   0.06x
   EBIT                                                 6.78x      7.88x   1.52x
   EBITDA                                               5.18x      6.02x   1.16x
   Normalized Net Income                               11.13x     12.93x   2.49x
   Basic Normalized EPS                                11.11x         na     na
Projected
   Dec-02 Mean Revenue                                     na         na     na
   Dec-03 Mean Revenue                                     na         na     na
   Dec-02 Mean EPS                                         na         na     na
   Dec-03 Mean EPS                                         na         na     na
Most Recent Filing
   Assets                                               0.28x      0.33x   0.06x
   Common Equity                                        0.33x         na     na
   Tangible Common Equity                               0.34x         na     na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                                               # Ests   Revenue   EPS
- --------------------------------------------------------------------------------
December-02                                                 na       --      $--
December-03                                                 na       --      $--
LT Growth                                                   na       na       na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                              Period Growth Rates
- --------------------------------------------------------------------------------
                                          Nine Months Ended   Fiscal Years Ended
                                               Nov-02               Feb-02
                                          -----------------   ------------------
Revenue                                          2.7%                -7.3%
EBIT                                            -6.2%               -28.5%
EBITDA                                          -4.6%               -24.1%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Notes
- --------------------------------------------------------------------------------

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoover

Page 65



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
MINORITY INTEREST ACQUISITION PREMIUMS ANALYSIS

     .    The minority interest acquisition premiums analysis involves the
          comparison of the premium derived in the Proposed Transaction to
          premiums in other transactions where a minority interest of a public
          company was acquired. Capitalink reviewed the one-day, five-day and
          30-day premiums for all minority interest transactions where:

          .    The acquiring party previously had greater than 50% shareholding
               in the target company,
          .    The transaction was announced on or after January 2001, and
          .    The transaction value is less than or equal to $25.0 million.

     .    Capitalink believes an examination of the premiums paid in minority
          acquisitions are more appropriate than transactions involving a
          control acquisition and are more comparable to the Proposed
          Transaction. The premium in such a scenario should not be as high as a
          situation where control is acquired.

     .    Based on the premiums paid in the scenario set forth above, Capitalink
          derived an indicated range of per share market values for the Company
          using the prior one-day, five-day and 30-day share price as of May 23,
          2003. Based on the selected multiple ranges, Capitalink calculated a
          range of indicated share prices of $1.36 to $1.58.

     .    Capitalink noted that the offer price of the Proposed Transaction was
          above this indicated valuation range.

Page 66



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
MINORITY INTEREST ACQUISITION PREMIUMS ANALYSIS

Indicated Reference Range - Acquisitions Premiums Paid Analysis



                                 Statistic   Selected Multiple Range   Indicated Share Price
                                 ---------   -----------------------   ---------------------
                                                                  
Acquisitions Premiums Paid (1)
   Prior One Day                   $1.00          33.3% - 54.8%            $1.33 - $1.55
   Prior 5 Day                     $1.00          40.5% - 64.0%            $1.40 - $1.64
   Prior 30 Day                    $0.95          40.8% - 63.9%            $1.34 - $1.56


Indicated Reference Range                                                  $1.36 - $1.58


- --------------------------------------------------------------------------------
(1)  Includes acquisitions by controlling shareholder (greater than 50%)of
     minority interests from January 2001 with deal value less than $25 million.
     Acquisitions at a discount (negative premiums) have been excluded.

Sources of information: Commodity Systems, Inc. and Mergerstat, Inc.

Page 67



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
MINORITY INTEREST ACQUISITION PREMIUMS ANALYSIS

Acquisition Premiums Paid Analysis (1)



                                                                                     Previous                       Premiums
Announc.                                                                            Ownership   Percentage  ----------------------
  Date     Seller                         Buyer                                     Percentage    Sought    1 Day   5 Day   30 Day
- ---------  -----------------------------  ----------------------------------------  ----------  ----------  ------  ------  ------
                                                                                                  
 5-May-03  Westerbeke Corp                Westerbeke Acquisition Corp                 56.20%      43.80%     65.75%  65.75%  71.43%
 5-May-03  Atlantic Data Services Inc     Private Group Led by Management of
                                             Atlantic Data                            65.06%      34.94%      1.01%   2.04%  14.50%
 5-May-03  Semele Group Inc               Private Group Led by Management of
                                             Semele Group Inc                         53.08%      46.92%     25.00%  25.00%  21.21%
29-Apr-03  RWD Technologies Inc           Research Park Acquisition Inc               66.00%      34.00%    128.26% 147.06% 156.10%
27-Mar-03  DSI Toys Inc                   DSI Acquisition Inc                         73.28%      26.72%     11.90%   8.05%   0.00%
26-Mar-03  InvestorsBancorp Inc           Private Group Led by Management of
                                             InvestorsBancor                          61.80%      38.20%     -1.39%   4.80%   9.65%
24-Mar-03  Judge Group Inc                Private Group Led by Management of
                                             Judge Group Inc                          60.00%      40.00%     17.14%  12.33%  29.13%
 6-Feb-03  deltathree Inc                 Atarey Hasharon Chevra Lepituach
                                             Vehashkaot Benadl                        71.00%      29.00%     37.25%  27.27%  48.94%
 3-Feb-03  9278 Communications Inc        NTSE Holding Corp                           54.20%      45.80%    185.71% 257.14% 150.00%
29-Jan-03  DSI Toys Inc                   Mvii Llc                                    55.20%      44.80%     -2.22%  -6.38%  15.79%
22-Nov-02  Unimark Group Inc (The)        M&M Nominee LLC                             62.50%      37.50%    132.14% 160.00%  66.67%
19-Nov-02  MDI Entertainment Inc          Scientific Games Corp                       66.00%      34.00%     27.27%  40.00%  53.85%
13-Nov-02  Media Source Inc               Private Group Led By Davis                  65.90%      34.10%     12.44%  45.16%  36.36%
19-Sep-02  WJ Communications Inc          Fox Paine & Co LLC                          65.50%      34.50%      0.92%   0.00%  29.41%
13-Aug-02  Oriole Homes Corp              Levy Group (The)                            60.10%      39.90%     63.33%  63.33%  29.29%
13-Aug-02  R-B Rubber Products Inc        Dash Multi-Corp Inc                         70.00%      30.00%     83.01%  69.70%  95.80%
5-Aug-02   Sandata Technologies Inc       Sandata Acquisition Corp                    74.40%      25.60%    282.00% 516.13% 180.88%
12-Jun-02  Swiss Army Brands Inc          Victorinox AG                               66.90%      33.10%     41.73%  42.63%  40.85%
16-May-02  Electric Lightwave Inc         Citizens Communications Co                  85.00%      15.00%    105.88%  79.49%  55.56%
16-May-02  Balanced Care Corp             IPC Advisors Sarl                           53.30%      46.70%    150.00% 177.78% 127.27%
10-Apr-02  PartsBase Inc                  Private Group Led by Robert A Hammond Jr    65.00%      35.00%     95.83%  95.83%  95.83%
 3-Apr-02  CBNY Investment Services Corp  Private Group Led By CBNY Investment
                                             Services Mgmt                            73.60%      26.40%      1.30%   1.00%   1.00%
28-Mar-02  Shibazaki Seisakusho Ltd       Alcoa Inc                                   50.50%      20.30%     30.87%  28.09%  44.71%
14-Mar-02  Konover Property Trust         Prometheus Southeast Retail Trust           66.00%      34.00%     20.00%  20.00%  24.26%
11-Mar-02  Hawker Pacific Aerospace       Deutsche Lufthansa AG                       72.70%      27.30%      2.20%   3.50%  51.16%
 6-Mar-02  CAA AG                         Harman International Industries Inc         78.15%      21.85%      0.44%  27.50%  12.50%
22-Jan-02  Rottlund Co Inc (The)          Private Group Led by David and
                                             Bernard Rotter                           71.40%      28.60%     18.06%  29.79%  46.63%
16-Nov-01  Ugly Duckling Corp             Private Group led by Ernest C Garcia II     61.00%      39.00%     41.77%  42.91%  30.74%
18-Sep-01  Organic Inc                    Seneca Investments LLC                      80.90%      19.10%     13.79%  17.86%  37.50%
22-Aug-01  HomeServices.Com Inc           Berkshire Hathaway Inc                      83.50%      16.50%     38.78%  40.50%  66.67%
14-Aug-01  National Home Centers Inc      Private Group Led By Dwain A Newman         63.49%      36.51%     21.74%  17.65%  35.92%
 3-Aug-01  Lincoln Snacks Co              Lincoln Snacks Acquisition Corp             89.80%      10.20%     12.90%  16.67%  27.27%
 6-Jun-01  HIS Sportswear AG              VF Corp                                     85.00%      15.00%     18.48%  46.72%  32.09%
30-Apr-01  STV Group Inc                  Private Group Led By ESOP Of STV
                                             Group Inc                                62.81%      37.19%     97.37% 110.28%  80.00%
27-Apr-01  Pierre Foods Inc               PF Management Inc                           63.00%      37.00%    101.61%  62.34% 121.24%
 2-Apr-01  Milestone Properties Inc       Concord Assets Group Inc                    68.80%      31.20%     40.96%  40.96%  40.96%
27-Mar-01  Hahn Automotive Warehouse Inc  Private Group Led By Futerman               64.00%      36.00%     33.33%  33.33%   9.89%
 9-Feb-01  Marketing Specialists Corp     Private Group Led By Richmont Capital
                                             Partners I                               83.20%      16.80%     98.41%  66.67% 468.18%
24-Jan-01  Firecom Inc                    Private Group Led By Mendez                 68.80%      31.20%     59.09%  59.09%  34.62%

                                                                                                ----------------------------------
                                                                                                High         282.0%  516.1%  468.2%
                                                                                                Mean          54.8%   64.0%   63.9%
                                                                                                Median        33.3%   40.5%   40.8%
                                                                                                Low           -2.2%   -6.4%    0.0%
                                                                                                ----------------------------------


- --------------------------------------------------------------------------------
(1)  Includes acquisitions by controlling shareholder (greater than 50%)of
     minority interests from January 2001 with deal value less than $25 million.

     Acquisitions at a discount (negative premiums) have been excluded.

Sources of information: Mergerstat, Inc.

Page 68



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS

     .    The premiums paid analysis involves the comparison of Merger
          Consideration to the average closing price of the Company's common
          stock over varying time periods prior to May 23, 2003.

     .    The analysis suggests that for the periods calculated, the Merger
          Consideration represents a significant premium (100.0% to 138.5%) over
          the average closing share price for each period. The premium as of May
          23, 2003 was 100.0%.

     .    In addition, the daily premium or discount over the period May 23,
          2002 to May 23, 2003 was graphed based on Merger Consideration. For
          the full prior one-year period, the Merger Consideration represented a
          significant premium over the prevailing daily share price.

Page 69



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS
Premiums Paid Analysis

Merger Consideration                                          $2.0000

                                                               Price
                                                             per Share   Premium
                                                             ---------   -------
Closing Price as of May 23, 2003                              $1.0000    100.0%

Sensitivity Analysis:
   Prior Day Closing Price                                    $1.0000    100.0%

   Prior 5 Trading Day Average Closing Price                  $0.9620    107.9%

   Prior 10 Trading Day Average Closing Price                 $0.9760    104.9%

   Prior 20 Trading Day Average Closing Price                 $0.9830    103.5%

   Prior 30 Trading Day Average Closing Price                 $0.9653    107.2%

   Prior 60 Trading Day Average Closing Price                 $0.9435    112.0%

   Prior 90 Trading Day Average Closing Price                 $0.9479    111.0%

   Prior Six Month Average Closing Price                      $0.9060    120.7%

   Prior Year Average Closing Price                           $0.8407    137.9%

- --------------------------------------------------------------------------------
Sources of information: Draft Agreement and Commodity Systems, Inc.

Page 70



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS

                                            Daily

                                           Premium/

                                  Date    (Discount)
                              ----------------------
                               05/23/2003    100.0%
                               05/22/2003    100.0%
                               05/21/2003    115.1%
                               05/20/2003    115.1%
                               05/19/2003    110.5%
                               05/16/2003    100.0%
                               05/15/2003    100.0%
                               05/14/2003    100.0%
                               05/13/2003    100.0%
                               05/12/2003    110.5%
                               05/09/2003    110.5%
                               05/08/2003    110.5%
                               05/07/2003    110.5%
                               05/06/2003     92.3%
                               05/05/2003     98.0%
                               05/02/2003     98.0%
                               05/01/2003     90.5%
                               04/30/2003    104.1%
                               04/29/2003    104.1%
                               04/28/2003    104.1%
                               04/25/2003    102.0%
                               04/24/2003    102.0%
                               04/23/2003    110.5%
                               04/22/2003    119.8%
                               04/21/2003    119.8%
                               04/17/2003    119.8%
                               04/16/2003    119.8%
                               04/15/2003    119.8%
                               04/14/2003    119.8%
                               04/11/2003    119.8%
                               04/10/2003    119.8%
                               04/09/2003    119.8%
                               04/08/2003    119.8%
                               04/07/2003    119.8%
                               04/04/2003    110.5%
                               04/03/2003    110.5%
                               04/02/2003    117.4%
                               04/01/2003    117.4%
                               03/31/2003    117.4%
                               03/28/2003    117.4%
                               03/27/2003    117.4%
                               03/26/2003    117.4%
                               03/25/2003    117.4%
                               03/24/2003    117.4%
                               03/21/2003    117.4%
                               03/20/2003    117.4%
                               03/19/2003    117.4%
                               03/18/2003    117.4%
                               03/17/2003    117.4%
                               03/14/2003    117.4%
                               03/13/2003    117.4%
                               03/12/2003    117.4%
                               03/11/2003    117.4%
                               03/10/2003    117.4%
                               03/07/2003    115.1%
                               03/06/2003    115.1%
                               03/05/2003    115.1%
                               03/04/2003    117.4%
                               03/03/2003    117.4%
                               02/28/2003    117.4%
                               02/27/2003    108.3%
                               02/26/2003    119.8%
                               02/25/2003    119.8%
                               02/24/2003    119.8%
                               02/21/2003    119.8%
                               02/20/2003    163.2%
                               02/19/2003    119.8%
                               02/18/2003    119.8%
                               02/14/2003    106.2%
                               02/13/2003    108.3%
                               02/12/2003    106.2%
                               02/11/2003    106.2%
                               02/10/2003    102.0%
                               02/07/2003    104.1%
                               02/06/2003    104.1%
                               02/05/2003    104.1%
                               02/04/2003    104.1%
                               02/03/2003    108.3%
                               01/31/2003    108.3%
                               01/30/2003    108.3%
                               01/29/2003    108.3%
                               01/28/2003    108.3%
                               01/27/2003    108.3%
                               01/24/2003    108.3%
                               01/23/2003     98.0%
                               01/22/2003     94.2%
                               01/21/2003     98.0%
                               01/17/2003     90.5%
                               01/16/2003     96.1%
                               01/15/2003    122.2%
                               01/14/2003    122.2%
                               01/13/2003    146.9%
                               01/10/2003    146.9%
                               01/09/2003    146.9%
                               01/08/2003    146.9%
                               01/07/2003    146.9%
                               01/06/2003    146.9%
                               01/03/2003    146.9%
                               01/02/2003    146.9%
                               12/31/2002    146.9%
                               12/30/2002    150.0%
                               12/27/2002    156.4%
                               12/26/2002    156.4%
                               12/24/2002    156.4%
                               12/23/2002    156.4%
                               12/20/2002    156.4%
                               12/19/2002    135.3%
                               12/18/2002    135.3%
                               12/17/2002    156.4%
                               12/16/2002    156.4%
                               12/13/2002    156.4%
                               12/12/2002    156.4%
                               12/11/2002    156.4%
                               12/10/2002    156.4%
                               12/09/2002    156.4%
                               12/06/2002    156.4%
                               12/05/2002    163.2%
                               12/04/2002    163.2%
                               12/03/2002    141.0%
                               12/02/2002    141.0%
                               11/29/2002    162.8%
                               11/27/2002    162.8%
                               11/26/2002    163.2%
                               11/25/2002    166.7%
                               11/22/2002    122.2%
                               11/21/2002    166.7%
                               11/20/2002    166.7%
                               11/19/2002    166.7%
                               11/18/2002    166.7%
                               11/15/2002    166.7%
                               11/14/2002    166.7%
                               11/13/2002    166.7%
                               11/12/2002    166.7%
                               11/11/2002    166.7%
                               11/08/2002    166.7%
                               11/07/2002    163.2%
                               11/06/2002    177.8%
                               11/05/2002    177.8%
                               11/04/2002    177.8%
                               11/01/2002    177.8%
                               10/31/2002    166.7%
                               10/30/2002    192.0%
                               10/29/2002    194.1%
                               10/28/2002    194.1%
                               10/25/2002    194.1%
                               10/24/2002    170.3%
                               10/23/2002    170.3%
                               10/22/2002    194.1%
                               10/21/2002    194.1%
                               10/18/2002    194.1%
                               10/17/2002    194.1%
                               10/16/2002    194.1%
                               10/15/2002    194.1%
                               10/14/2002    198.5%
                               10/11/2002    198.5%
                               10/10/2002    181.7%
                               10/09/2002    181.7%
                               10/08/2002    177.8%
                               10/07/2002    177.8%
                               10/04/2002    181.7%
                               10/03/2002    181.7%
                               10/02/2002    181.7%
                               10/01/2002    185.7%
                               09/30/2002    185.7%
                               09/27/2002    181.7%
                               09/26/2002    181.7%
                               09/25/2002    181.7%
                               09/24/2002    185.7%
                               09/23/2002    185.7%
                               09/20/2002    174.0%
                               09/19/2002    177.8%
                               09/18/2002    156.4%
                               09/17/2002    156.4%
                               09/16/2002    161.4%
                               09/13/2002    163.2%
                               09/12/2002    163.2%
                               09/11/2002    163.2%
                               09/10/2002    143.9%
                               09/09/2002    143.9%
                               09/06/2002    146.9%
                               09/05/2002    146.9%
                               09/04/2002    146.9%
                               09/03/2002    141.0%
                               08/30/2002    146.9%
                               08/29/2002    150.0%
                               08/28/2002    150.0%
                               08/27/2002    150.0%
                               08/26/2002    150.0%
                               08/23/2002    150.0%
                               08/22/2002    143.9%
                               08/21/2002    143.9%
                               08/20/2002    135.3%
                               08/19/2002    115.1%
                               08/16/2002    135.3%
                               08/15/2002    135.3%
                               08/14/2002    135.3%
                               08/13/2002    133.1%
                               08/12/2002    150.0%
                               08/09/2002    166.7%
                               08/08/2002    166.7%
                               08/07/2002    146.9%
                               08/06/2002    146.9%
                               08/05/2002    146.9%
                               08/02/2002    146.9%
                               08/01/2002    146.9%
                               07/31/2002    146.9%
                               07/30/2002    146.9%
                               07/29/2002    150.0%
                               07/26/2002    146.9%
                               07/25/2002    153.2%
                               07/24/2002    156.4%
                               07/23/2002    156.4%
                               07/22/2002    166.7%
                               07/19/2002    150.0%
                               07/18/2002    150.0%
                               07/17/2002    156.4%
                               07/16/2002    156.4%
                               07/15/2002    143.9%
                               07/12/2002    143.9%
                               07/11/2002    159.7%
                               07/10/2002    159.7%
                               07/09/2002    159.7%
                               07/08/2002    159.7%
                               07/05/2002    153.2%
                               07/03/2002    153.2%
                               07/02/2002    153.2%
                               07/01/2002    138.1%
                               06/28/2002    138.1%
                               06/27/2002    138.1%
                               06/26/2002    138.1%
                               06/25/2002    138.1%
                               06/24/2002    138.1%
                               06/21/2002    138.1%
                               06/20/2002    138.1%
                               06/19/2002    143.9%
                               06/18/2002    143.9%
                               06/17/2002    143.9%
                               06/14/2002    143.9%
                               06/13/2002    143.9%
                               06/12/2002    143.9%
                               06/11/2002    141.0%
                               06/10/2002    141.0%
                               06/07/2002    141.0%
                               06/06/2002    141.0%
                               06/05/2002    141.0%
                               06/04/2002    141.0%
                               06/03/2002    135.3%
                               05/31/2002    143.9%
                               05/30/2002    143.9%
                               05/29/2002    143.9%
                               05/28/2002    135.3%
                               05/24/2002    135.3%
                               05/23/2002    135.3%

- --------------------------------------------------------------------------------
Sources of information: Draft Agreement and Commodity Systems, Inc.

Page 71



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS

     .    Capitalink performed an adjusted book value analysis, based upon a
          going concern premise, to determine the value of the Company assuming
          all of its assets were valued at market value. Under historical cost
          accounting most assets in the Company's financial statements are
          generally not reflected at market value, but reflect historical
          acquisition costs.

     .    For the purposes of this analysis, based upon discussions with Company
          management and utilizing the Company's balance sheet as of February
          28, 2003, the following adjustments to market value were assumed:

          .    Accounts receivable for collectability and timing issues.
          .    Inventory to reflect spoilage, wastage, obsolete inventory and
               timing issues.
          .    Property, plant and equipment to reflect obsolescence and current
               market value.
          .    Notes to reflect market value (see Notes Analysis).
          .    No market value for intangible assets.
          .    Deferred taxes for timing issues.

     .    The results of the analysis indicate that the market value of the
          Company's assets is approximately $12.8 million. After deducting total
          liabilities of approximately $2.3 million, the adjusted net book value
          of common equity is approximately $10.5 million. Taking into account
          the 565,000 assumed in the money options, Capitalink calculated an
          indicated equity value of approximately $11.5 million or $2.02 per
          share.

     .    Capitalink noted that the offer price of the Proposed Transaction was
          slightly below this indicated valuation range.

Page 72



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS
Adjusted Net Book Value Analysis
($ in thousands)



                                              Feb 28, 2003E
                                                Unadjusted
                                                Book Value    Adjs (1)   Notes   Adjusted
                                              -------------   --------   -----   --------
                                                                         
Assets:
   Cash & Equivalents                            $ 4,244       $    --            $ 4,244
   Accounts Receivable, net                        2,570          (643)    a        1,928
   Notes Receivables, net                          5,313        (2,726)    b        2,587
   Inventory                                       2,668          (534)    c        2,134
   Deferred Income Taxes                           1,325          (506)    d          819
   Prepaid & Other                                   513            --                513
   Net Property, Plant & Equipment                   989          (495)    e          495
   Intangible Assets                                 180          (180)    f           --
   Other                                              47            --                 47
                                                 -------       -------            -------

Total Assets                                     $17,849       $(5,083)           $12,766
                                                 =======       =======            =======

Liabilities:
   Accounts Payable                                  875            --                875
   Accrued Expenses                                  519            --                519
   Interest Bearing Debt                             523            --                523
   Deferred Revenue                                  390            --                390
                                                 -------       -------            -------
                                                   2,307            --              2,307
Contingent Liabilities:
   Contingencies                                      --            --                 --
                                                 -------       -------            -------

                                                      --            --                 --
                                                 -------       -------            -------

Total Liabilities                                  2,307            --              2,307
                                                 -------       -------            -------

Net Book Value                                   $15,542       $(5,083)           $10,459
                                                 =======       =======            =======

Adjusted Net Book Value:
   Indicated Net Book Value                                                       $10,459
   Cash from assumed exercise of in the
      money options                                                                 1,017
                                                                                  -------

Indicated Equity Value                                                             11,476
                                                                                  =======

Common Stock Equivalents:
   Common Stock Shares Outstanding                                                  5,121
   Shares from in the money options                                                   565
                                                                                  -------

Total Common Stock Equivalents                                                      5,686
                                                                                  =======

Indicated Share Price                                                             $  2.02
                                                                                  =======


Adjustment A55Notes:

a    25% market value adjustment for collectability and timing issues.
b    See Note Analysis for details.
c    20% market value adjustment for spoilage, wastage, usage and timing issues.
d    Market value calculated at Base Case WACC and estimated three year horizon.
e    50% market value adjustment for obsolescence.
f    No market value.

- --------------------------------------------------------------------------------
(1)  Assumes assets are sold as part of ongoing business. Estimated market value
     adjustments determined in discussions with Company management. Please note,
     this analysis is not a liquidation analysis, which would have resulting in
     substantially lower indicated values.

Sources of information: Company financials and management.

Page 73



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
NOTES RECEIVABLE NET PRESENT VALUE ANALYSIS

     .    Capitalink reviewed the Notes to determine their estimated current
          market value. The Notes were primarily generated from overdue accounts
          receivables owed by franchisees as a result of royalty and paper
          product payments that were in default. These balances were rolled into
          each of the Notes, each with a scheduled payment plan. Although the
          Company does provide a reserve for collectability of the Notes, it
          does not take into account the current market value of the Notes.

     .    The Notes represent a level of excess working capital in the Company's
          operations that would not normally be taken into account in any cash
          flow valuation based on earnings or revenues. Consequently, Capitalink
          separately determined the Note's estimated current market value, and
          utilizing that indicated value in its valuation analyses, providing
          greater accuracy as to the Company's value.

     .    As of February 28, 2003, the Company had approximately 39 Notes
          totaling approximately $6.8 million. Based on discussions with Company
          management, Capitalink determined the payment probability for each of
          the Notes. Payment probability was based on a number of factors,
          including the franchisee's performance record, debt balances,
          management quality, security, and local market growth. In the
          aggregate, the payment probability was approximately 55%, or receipt
          of approximately $3.7 million is expected, over the aggregate life of
          the Notes.

     .    Utilizing the Company's base case WACC of 17.4% (as discussed in the
          Discounted Cash Flow Analysis) and applying the varying time horizons
          for each of the Notes, Capitalink derived the net present value of the
          amount anticipated to be collected. The net present value of the
          amount to be collected was calculated to be approximately $2.6
          million.

     .    It is important to note that Capitalink derived payment probabilities
          of the Notes in conjunction with and based on discussions with
          management. Capitalink does not guarantee or assure, in any respect,
          that any of the Notes will be collected.

Page 74



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
NOTES RECEIVABLE NET PRESENT VALUE ANALYSIS
Notes Receivable Net Present Value Analysis
($ in thousands)



                                     Feb 28, 2003                                                  Net
                                      Principal     Adjusted      Expected        Average        Present
                                       Balance      Value (1)   Realization %   Term (Months)   Value (2)
                                     ------------   ---------   -------------   -------------   ---------
                                                                                   
Total Notes Receivable                  $6,813       $3,744         55.0%           67            $2,587

Notes Receivable Statistics
   Number of Issued Notes                   39

   Size Statistics
      Largest                           $  898
      Average                           $  175
      Median                            $   98
      Smallest                          $    5


- --------------------------------------------------------------------------------
(1)  Realization based on discussions with Company management, given the
     performance of each plant, accounts receivable balance, expected collateral
     and payment history of each note holder.
(2)  Determined by discounting the after tax principal and interest cash flows
     of the notes at the Company's base case WACC estimated at 17.4%.

Sources of information: Company financial statements and management.

Page 75

EX-16.(C)(4)

                                                                EXHIBIT 16(C)(4)

BCT InternationaL, Inc.                                            CONFIDENTIAL
- --------------------------------------------------------------------------------
11.20.01


                                     [LOGO]


         PRESENTATION TO THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS

This presentation and its analyses are only for the use of the Special Committee
of the Board of Directors and are not intended to, nor should they be, relied
upon by any other party, including shareholders of the Company. The consent of
Capitalink is required prior to the disclosure to any third party of this
presentation, its analyses, or of the assessments made by Capitalink. These
materials are based solely on information contained in publicly available
documents and certain other information provided to Capitalink by management and
the Special Committee. Capitalink has not attempted to investigate or verify the
accuracy or completeness of such publicly available information or other
information provided to Capitalink. Capitalink has relied upon the accuracy and
completeness of such publicly available information and other information
supplied to Capitalink. These materials are being furnished, and should be
considered only in connection with, the oral presentation being provided by
Capitalink in connection herewith. The preparation of these materials was
completed on November 16, 2001 based on information publicly available or
supplied to Capitalink through such date (except that Capitalink reviewed two
draft Agreements and Plans of Merger dated November 19 and 20, 2001). Capitalink
is not obligated to update this presentation or its analyses to reflect any
information that becomes publicly available or that is provided to Capitalink
after such date.

                                                                          [LOGO]


                                                   Smart Investment Banking (SM)



BCT InternationaL, Inc.                                            CONFIDENTIAL
- --------------------------------------------------------------------------------
TABLE OF CONTENTS




                TRANSACTION OVERVIEW .........................  3

                OVERVIEW OF COMPANY .......................... 15

                VALUATION ANALYSIS ........................... 32

Page 2



BCT InternationaL, Inc.                                            CONFIDENTIAL
- --------------------------------------------------------------------------------





                              TRANSACTION OVERVIEW


Page 3



BCT InternationaL, Inc.                                            CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
INTRODUCTION

        .  The Special Committee of the Board of Directors of BCT International,
           Inc. ("BCT" or the "Company") has retained Capitalink, L.C.
           ("Capitalink") to render an opinion as to the fairness, from a
           financial point of view, of a proposal by Phoenix Group of Florida,
           Inc. ("Phoenix") to purchase, by means of merger to be voted on by
           the Company's stockholders, all of the Company's outstanding common
           stock that is not beneficially owned by Phoenix or William A.
           Wilkerson ("Wilkerson"), or their respective affiliates (collectively
           the "Phoenix Group") (the "Proposed Transaction").

        .  The Company's common stock is publicly traded on the over-the-counter
           market under the symbol "BCTI", and as of August 31, 2001, there were
           approximately 5,121,000 shares of the Company's common stock
           outstanding (excluding treasury shares).

        .  The closing price of the Company's stock on November 16, 2001 (date
           presentation materials completed) and September 20, 2001 (date first
           offer was communicated) was $0.69 and $0.65, respectively.

        .  The consideration proposed by Phoenix is $1.13 in cash for each share
           of the Company's common stock not beneficially owned by the Phoenix
           Group.

        .  Wilkerson, who is also the Company's Chairman and Chief Executive
           Officer, owns Phoenix.

        .  As reported in the Schedule 13D/A filed by the Phoenix Group on
           September 7, 2001, Phoenix beneficially owns 2,702,312 shares of
           common stock or 51.6% of the issued and outstanding common stock and
           Wilkerson beneficially owns 62,675 shares of common stock or 1.2% of
           the issued and outstanding common stock. In addition, Wilkerson has
           an option to acquire an additional 330,000 shares of the common stock
           pursuant to the Company's employee option plan. If this option were

Page 4



BCT InternationaL, Inc.                                            CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
INTRODUCTION

           exercised Wilkerson would be the owner of 392,675 shares of common
           stock or 7.1% of the issued and outstanding common stock.

        .  As reported in the Schedule 13D/A on or about September 1, 2001,
           Phoenix entered into various oral agreements to privately purchase an
           aggregate of 288,858 shares of common stock from several shareholders
           for a purchase price of $0.90 per share. In addition, Phoenix
           reported that it had exercised a previously disclosed option dated
           May 31, 2001 to purchase 623,782 shares from a private shareholder
           for a purchase price of $1.75 per share.

        .  In connection with its purchases Phoenix borrowed certain funds
           pursuant to a $2,000,000 bank credit facility. As reported in the
           Company's Form 8-K filed on August 31, 2001, as a condition of the
           borrowing, the Company agreed to provide a corporate guaranty,
           including a pledge of substantially all of the Company assets.
           Wilkerson requested that the Company provide this guaranty. The
           Company formed a Special Committee of the Board of Directors
           consisting of Jeffrey Hewson and Phil Pisciotta to consider this
           request. Acting on the Special Committee's recommendation, the
           Company entered into an agreement with Phoenix and Wilkerson (the
           "Phoenix Agreement") to provide the corporate guaranty on the
           conditions that:

           1.   The last year of Wilkerson's employment agreement with the
                Company was eliminated, so that the agreement now terminates on
                February 28, 2002.

           2.   Wilkerson and Phoenix, jointly and severally, agreed to (i)
                grant the Company an assignable one-year option to repurchase
                all of the shares of the Company's common stock bought with the
                borrowed funds at the same price paid by Phoenix and (ii) pay
                the Company's expenses incurred in connection with the
                transaction described below, unless (a) Wilkerson and/or Phoenix
                make an offer (which may be contingent upon the receipt of
                financing) on or before

Page 5



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
INTRODUCTION


               September30, 2001, to purchase for cash all of the Company's
               shares which are held by all other shareholders, and providing
               for a closing of that transaction on or before April 15, 2002 and
               (b) such transaction closes on terms deemed fair to the Company
               and its shareholders by the Special Committee.

          3.   Wilkerson and Phoenix, jointly and severally, agreed to
               immediately reimburse the Company and its subsidiary (Business
               Cards Tomorrow, Inc.) for all payments the Company (and its
               subsidiary) make pursuant to the corporate guaranty described
               above. As collateral for their reimbursement obligations,
               Wilkerson and Phoenix granted to the Company a first priority
               security interest in any and all shares of the Company's common
               stock which Phoenix purchases with the borrowed funds and a
               subordinated security interest in the 935,382 shares of the
               Company's common stock already owned by Phoenix and pledged to
               the bank.

Page 6



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SUMMARY OF PROPOSED TRANACTIONS TERMS

              Price:                     $1.13 per share.

              Transaction Structure:     The Phoenix Group will acquire the
                                         outstanding common stock of the Company
                                         that it does not own through a merger
                                         with a wholly owned subsidiary of
                                         Phoenix with the Company, which shall
                                         continue to operate under the name BCT
                                         International, Inc.

              Estimated Timetable:       The agreement is terminable by either
                                         party if not consummated on or prior to
                                         April 15, 2002.

              Dissenters Rights:         The consummation of the proposed
                                         transaction is conditioned, among other
                                         things, on holders of no more than 25%
                                         of the Company's outstanding common
                                         stock exercising their right to dissent
                                         from the Proposed Transaction, under
                                         the Delaware General Corporation Law
                                         (the "DGCL"). To the extent provided by
                                         the DGCL, Phoenix will not make any
                                         payment of merger consideration with
                                         respect to shares held by any person
                                         who elects to demand appraisal of such
                                         dissenting stockholder's shares and
                                         duly and timely complies with all the
                                         provisions of the DGCL concerning the
                                         right of holders of shares to require
                                         appraisal of their shares, but such
                                         dissenting stockholders shall have the
                                         right to receive such consideration as
                                         may be determined to be due such
                                         dissenting stockholders pursuant to the
                                         DGCL.

              Stock Options:             The Company will take necessary action
                                         to cause all outstanding options to
                                         terminate and expire upon consummation
                                         of the Proposed Transaction. Any shares
                                         issued prior to closing pursuant to the
                                         exercise of options will be acquired at
                                         $1.13 per share. Notwithstanding the
                                         foregoing, no

Page 7



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SUMMARY OF PROPOSED TRANACTIONS TERMS


              consideration shall be paid with respect to Company options
              beneficially owned by Wilkerson.

Page 8



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
BACKGROUND OF AND EVENTS LEADING TO PROPOSED TRANSACTION

           .   May 21, 2001: Wilkerson acquires an option to purchase 623,782
               shares of the Company's common stock at an exercise price of
               $1.75 per share from a private shareholder.

           .   June 19, 2001: A special committee was formed consisting of
               Jeffrey Hewson and Phil Pisciotta.

           .   June 29, 2001: Wilkerson files an amended Form 13D disclosing the
               option and that he is considering various alternative courses of
               action with respect to the management and ongoing operations of
               the Company, including without limitation: (i) the acquisition of
               additional common stock of the Company; (ii) the acquisition of
               all or substantially all of the assets of the Company or all of
               the remaining outstanding Common Stock of the Company (whether by
               means of a merger or another form of transaction); (iii) meetings
               and discussions with the Board of Directors of the Company (on
               which Wilkerson already serves) with the intent to influence the
               Company's business and affairs in this regard; and (iv) any other
               activities deemed by Wilkerson to be effective for the purpose of
               so influencing the business and affairs of the Company.

           .   August 9, 2001: The Company enters into the Phoenix Agreement
               with Phoenix and Wilkerson in which the Company guarantees a
               $2,000,000 loan for the benefit of Phoenix and Wilkerson.

           .   August 22, 2001: Phoenix and Wilkerson jointly file a Form 13D
               disclosing that Wilkerson transferred 935,582 shares of common
               stock to Phoenix and that Phoenix acquired the rights to purchase
               618,442 shares of Common Stock at a price of $1.50 per share from
               a private shareholder. In addition, the Form 13D discloses that
               on August 20 and 21, 2001, Phoenix purchased 237,848 shares of
               common stock in private transactions for an aggregate purchase
               price of $214,063 ($.90 per share).

           .   August 31, 2001: The Company files a Form 8-K disclosing the
               Phoenix Agreement.

Page 9



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
BACKGROUND OF AND EVENTS LEADING TO PROPOSED TRANSACTION

           .   September 7, 2001: Phoenix and Wilkerson file an amended Schedule
               13D disclosing, among other things, private purchases totaling
               288,858 shares of common stock at a purchase price of $0.90 per
               share.

           .   September 10, 2001: On September 10, 2001, the Company's common
               stock was delisted from NASDAQ National Market based on its
               failure to meet the minimum market value public float requirement
               of $5 million and began trading on the OTC Bulletin Board.

           .   September 20, 2001: Offer letter from Phoenix to the Company's
               Board indicating a proposal to acquire the Company's outstanding
               stock not owned or controlled by the Phoenix Group for $0.85 per
               share in cash. The Special Committee retains Capitalink to
               provide the fairness opinion in connection with the Proposed
               Transaction. Capitalink provides Special Committee with document
               request list.

           .   October 4, 2001: Capitalink reviews with the Special Committee
               its preliminary analysis of the Proposed Transaction and the
               potential valuation range of the Company.

           .   October 16, 2001: Conference call for Capitalink to update the
               Special Committee on its findings.

           .   October 18, 2001: Conference call for Capitalink to update the
               Special Committee on its findings.

           .   October 22, 2001: Special Committee receives verbal offer
               increasing per share consideration to $0.95.

           .   October 24, 2001: Conference call for Capitalink to update the
               Special Committee on its findings.

Page 10



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
BACKGROUND OF AND EVENTS LEADING TO PROPOSED TRANSACTION


          .    October 26, 2001: Special Committee receives verbal offer
               increasing per share consideration to $1.10.

          .    November 1, 2001: Conference call for Capitalink to update the
               Special Committee on its findings.

          .    November 5, 2001: Special Committee receives written offer
               increasing per share consideration to $1.13.

          .    November 7, 2001: Conference call for the Special Committee to
               discuss the $1.13 per share offer that has been verbally
               communicated.

          .    November 15, 2001: Draft Agreement and Plan of Merger circulated
               which includes the $1.13 per share offer.

          .    November 19, 2001: Amended Draft Agreement and Plan of Merger
               circulated.

          .    November 20, 2001: Draft Final Agreement and Plan of Merger
               circulated.

Page 11



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

          .    The Special Committee has retained Capitalink to render an
               opinion as to the fairness, from a financial point of view, of a
               proposal by Phoenix to purchase, by means of a merger to be voted
               on by the Company's stockholders, all of the Company's
               outstanding common stock not beneficially owned by the Phoenix
               Group.

          .    For purposes of rendering its opinion, Capitalink has:

                    .    Reviewed documents relating to the Proposed
                         Transaction, including a draft Agreement and Plan of
                         Merger among Phoenix, Phoenix Acquisition Corp., and
                         the Company, as received on November 20, 2001 (the
                         "Agreement"). Capitalink assumes that the Proposed
                         Transaction will be consummated in accordance with the
                         terms described in the Agreement, and that any
                         revisions thereto will not be detrimental to the
                         Company or to the holders of its common stock, other
                         than the Phoenix Group.

                    .    Reviewed publicly available financial information and
                         other data with respect to the Company, including the
                         Annual Report on Form 10-K for the fiscal year ended
                         February 28, 2001, the Quarterly Report on Form 10-Q
                         for the quarter ended August 31, 2001, the Current
                         Report on Form 8-K dated August 15, 2001, the amended
                         Schedule 13D dated June 20, 2001 filed by Wilkerson,
                         the Schedule 13D dated August 15, 2001 filed by Phoenix
                         and Wilkerson, the amended Schedule 13D dated August
                         29, 2001 filed by Steven N. Bronson, the amended
                         Schedule 13D dated September 1, 2001 filed by Phoenix
                         and Wilkerson, and certain other relevant financial and
                         operating data relating to the Company made available
                         to Capitalink.

                    .    Reviewed and analyzed certain financial characteristics
                         of companies that were deemed to have characteristics
                         comparable to those of BCT (however, no companies were
                         deemed to be directly comparable to BCT).

                    .    Reviewed and analyzed the premium to be paid in the
                         Proposed Transaction and premiums paid in certain other
                         transactions (however, no transactions were deemed to
                         be directly comparable to the Proposed Transaction).

Page 12



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

               .     Reviewed and discussed with representatives of the
                     management of BCT certain financial and operating
                     information furnished by them, including financial analyses
                     and projections and related assumptions with respect to the
                     business, operations and prospects of the Company.

               .     Considered the historical financial results and present
                     financial condition of BCT.

               .     Reviewed certain publicly available information concerning
                     the trading of, and the trading market for, the common
                     stock of BCT.

               .     Inquired about and discussed the Proposed Transaction and
                     other matters related thereto with BCT management, the
                     Special Committee and its legal counsel.

               .     Performed such other analyses and examinations as were
                     deemed appropriate

          .    The Capitalink opinion is necessarily based upon market, economic
               and other conditions, as they exist on, and could be evaluated as
               of, November 16, 2001. Accordingly, although subsequent
               developments may affect its opinion, Capitalink does not assume
               any obligation to update, review or reaffirm its opinion.

          .    Capitalink has relied upon and assumed the accuracy and
               completeness of all of the financial and other information that
               was used by it without assuming any responsibility for any
               independent verification of any such information and has further
               relied upon the assurances of Company management that it is not
               aware of any facts or circumstances that would make any such
               information inaccurate or misleading. With respect to the
               financial projections utilized, Capitalink assumed that such
               projections have been reasonably prepared on a basis reflecting
               the best currently available estimates and judgments, and that
               such projections provide a reasonable basis upon which it could
               form an opinion.

Page 13



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
TRANSACTION OVERVIEW
SCOPE OF ENGAGEMENT

               .     Capitalink has not made a physical inspection of the
                     properties and facilities of BCT, and has not made or
                     obtained any evaluations or appraisals of the assets and
                     liabilities (contingent or otherwise) of the Company.

               .     Capitalink assumed that the Proposed Transaction will be
                     consummated in a manner that complies in all respects with
                     the applicable provisions of the Securities Act of 1933, as
                     amended, the Securities Exchange Act of 1934, as amended,
                     and all other applicable federal and state statues, rules
                     and regulations. In addition, based upon discussions with
                     the Company, it is assumed that the Proposed Transaction
                     will be a taxable event to the BCT shareholders.

               .     Capitalink has not been requested to opine as to, and the
                     opinion does not in any manner address, the underlying
                     business decision of BCT to proceed with or affect the
                     Proposed Transaction.

               .     Capitalink has not been requested to explore any
                     alternatives to the Proposed Transaction.

               .     The opinion does not intend to be and does not constitute a
                     recommendation to any shareholder of BCT as to how such
                     shareholder should vote with respect to the Proposed
                     Transaction if such matter is put before the shareholders.

Page 14



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------








                               OVERVIEW OF COMPANY

Page 15



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
SUMMARY

               .     The Company operates the Business Cards Tomorrow franchise
                     system, the world's largest wholesale franchise printing
                     chain.

               .     The Company was founded in 1975, and its franchises
                     specialize in thermography products, labels, rubber stamps
                     and business announcements for resale by retail printing
                     providers.

               .     Thermography is a specialized printing process that gives a
                     raised printing effect similar to engraving and requires
                     specialized equipment and operating techniques which
                     commercial printers, quick printers, office superstores and
                     other retail dealers choose not to invest in.

               .     The franchises typically operate through the placement of
                     business card, stationery, rubber stamp and labels catalogs
                     with commercial and retail "quick" printers, office
                     superstores, forms brokers, office supply companies and
                     stationers in the franchises' trade areas.

               .     Franchises specialize in the fast turnaround of their
                     products, delivering many items, such as business cards, in
                     one business day, with most products being delivered within
                     two days of the date of order.

               .     BCT's operations also include the Pelican Paper Products
                     Division ("PPP") that supplies paper products, press
                     supplies and press parts to the BCT franchises. PPP is a
                     primary supplier of paper products for the BCT franchises.
                     PPP purchases raw paper directly from paper mills and paper
                     brokers and utilizes the services of converters to convert
                     the raw material to finished paper products.

Page 16



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
SUMMARY

          .    PPP also performs converting and handling services for third
               parties. PPP utilizes three public storage facilities located
               strategically throughout the United States to house and ship out
               paper products to the franchises.

          .    BCT derives revenues from five principal sources: (i) royalties,
               which are based on a percentage of sales of the BCT franchises;
               (ii) franchise fees from newly franchised franchises and resale
               fees from the resale of operating franchises; (iii) sales of
               paper products to franchisees; (iv) catalog and miscellaneous
               equipment and parts sales classified as printing sales; and (v)
               interest income from financing franchise acquisitions (primarily
               resales) and receivables.

          .    Capitalink noted several general factors to be considered in
               connection with the status of BCT as a publicly traded company:

                  .  On September 10, 2001, the Company's common stock was
                     delisted from NASDAQ National Market based on its failure
                     to meet the minimum market value public float requirement
                     of $5 million and began trading on the OTC Bulletin Board.

                  .  As noted hereinafter, the Company does not have a distinct
                     comparable peer group. For this reason, among others, the
                     Company does not have any analyst coverage.

                  .  The Company's common stock historically has a limited
                     trading volume and therefore a lack of liquidity for the
                     Company's shareholders.

                  .  The Company is not part of a high-growth industry that
                     attracts investor interest and a high trading multiple.

                  .  The Company has not realized the benefits of public company
                     status (i.e., ability to raise capital, use of stock as
                     currency in acquisitions), but incurs the increased
                     expenses necessary to comply with reporting requirements
                     and other public company obligations.

Page 17



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW

          .    Capitalink reviewed the Company's historical financial data and
               noted decreasing revenue both for the three months and the six
               months ended August 31, 2001 as compared to the corresponding
               periods in the prior fiscal year.

          .    Earnings from operations have decreased over the last two years
               and, on an annualized basis, for the six months ended August 31,
               2001.

          .    Capitalink also reviewed the Company's systemwide historical and
               projected sales information. In addition, Capitalink also
               reviewed Company projections for the fiscal years ending February
               2002, 2003 and 2004.

Page 18



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW

Comparative Summary Income Statements
($ in thousands except per share)



                                                                                                      for 6 months ended     LTM
                                                            for years ended February 28/29,                August 31,     August 31,
                                                    ------------------------------------------------- ------------------  ----------
                                                      1997      1998      1999      2000      2001      2000      2001       2001
                                                    ------------------------------------------------- ------------------  ----------
                                                                                                  
Royalties and Franchise Fees                        $  4,852  $  4,921  $  5,356  $  5,394  $  5,267  $  2,757  $  2,614   $  5,124
Paper and Printing Sales                              10,118    11,734    12,817    13,881    13,424     6,911     6,385     12,898
Sales of Franchises                                       40        44        87        27        46        24        22         44
Other Fees                                                 -         -         -         -       262       169       173        266
                                                    ------------------------------------------------- ------------------  ----------
                                      Total Revenue   15,010    16,699    18,260    19,302    18,999     9,861     9,194     18,332
                                                    ------------------------------------------------- ------------------  ----------

Cost of Paper and Printing Sales                       8,823     9,857    10,939    11,574    11,605     5,877     5,527     11,255
Selling, General & Administrative                      5,820     4,171     4,290     6,619     6,455     2,553     3,240      7,142
Depreciation and Amortization                            247       199       186       189       232       101       114        245
                                                    ------------------------------------------------- ------------------  ----------
                           Total Operating Expenses   14,890    14,227    15,415    18,382    18,292     8,531     8,881     18,642
                                                    ------------------------------------------------- ------------------  ----------
                            Operating Income (Loss)      120     2,472     2,845       920       707     1,330       313       (310)

Interest Income (Expense)                                206       321       340       336       381       100       139        420
Other Income (Expense)                                     -         2         6       952        49         -         -         49
                                                    ------------------------------------------------- ------------------  ----------
                              Pre-tax Income (Loss)      326     2,795     3,191     2,208     1,137     1,430       452        159
Income Tax (Benefit)                                      54       986       690       837       442       557       176         61
                                                    ------------------------------------------------- ------------------  ----------
     Income (Loss) from Continuing Operations            272     1,809     2,501     1,371       695       873       276         98

Discontinued Operations, net of Taxes                   (657)     (244)     (327)     (357)      (31)      (31)        -          -
                                                    ------------------------------------------------- ------------------  ----------
                                  Net Income (Loss) $   (385) $  1,565  $  2,174  $  1,014  $    664  $    842  $    276   $     98
                                                    ================================================= ==================  ==========

Property & Equipment Depreciation & Amortization    $    221  $    173  $    160  $    163  $    206  $     87  $    100   $    219
                                                    ================================================= ==================  ==========
Total Depreciation & Amortization                   $    247  $    199  $    186  $    189  $    232  $    101  $    114   $    245
                                                    ================================================= ==================  ==========
Capital Expenditures, net of Disposals (CAPEX, net) $    240  $     88  $     82  $    262  $    150  $    132  $     51   $     69
                                                    ================================================= ==================  ==========

Basic Earnings Per Share:
   From Continuing Operations                       $   0.05  $   0.35  $   0.47  $   0.26  $   0.13  $   0.17  $   0.05   $   0.01
                                                    ================================================= ==================  ==========
   From Extraordinary Items                         $  (0.13) $  (0.05) $  (0.06) $  (0.07) $  (0.01) $  (0.01) $      -   $      -
                                                    ================================================= ==================  ==========
   Net Income (Loss)                                $  (0.08) $   0.30  $   0.41  $   0.19  $   0.13  $   0.16  $   0.05   $   0.02
                                                    ================================================= ==================  ==========
Weighted Average Shares Outstanding (thousands)        5,018     5,230     5,323     5,257     5,214     5,231     5,124
                                                    ================================================= ==================

Diluted Earnings Per Share:
   From Continuing Operations                       $   0.05  $   0.33  $   0.45  $   0.25  $   0.13  $   0.17  $   0.05   $   0.01
                                                    ================================================= ==================  ==========
   From Extraordinary Items                         $  (0.13) $  (0.04) $  (0.06) $  (0.07) $  (0.01) $  (0.01) $      -   $      -
                                                    ================================================= ==================  ==========
   Net Income (Loss)                                $  (0.08) $   0.28  $   0.39  $   0.19  $   0.13  $   0.16  $   0.05   $   0.02
                                                    ================================================= ==================  ==========
Weighted Average Shares Outstanding (thousands)        5,018     5,540     5,596     5,388     5,235     5,246     5,124
                                                    ================================================= ==================


- --------------------------------------------------------------------------------
Sources of information: Company Financial Statements and Management

Page 19



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW


Common Sized Summary Income Statements



                                                                                                   for 6 months ended     LTM
                                                             for years ended February 28/29,            August 31,     August 31,
                                                     --------------------------------------------  ------------------  ----------
                                                        1997     1998     1999     2000     2001      2000      2001      2001
                                                     --------------------------------------------  ------------------  ----------
                                                                                               
Royalties and Franchise Fees                            32.3%    29.5%    29.3%    27.9%    27.7%     28.0%     28.4%       28.0%
Paper and Printing Sales                                67.4%    70.3%    70.2%    71.9%    70.7%     70.1%     69.4%       70.4%
Sales of Franchises                                      0.3%     0.3%     0.5%     0.1%     0.2%      0.2%      0.2%        0.2%
Other Fees                                               0.0%     0.0%     0.0%     0.0%     1.4%      1.7%      1.9%        1.5%
                                                     --------------------------------------------  ------------------  ----------
                                      Total Revenue    100.0%   100.0%   100.0%   100.0%   100.0%    100.0%    100.0%      100.0%
                                                     --------------------------------------------  ------------------  ----------

Cost of Paper and Printing Sales                        58.8%    59.0%    59.9%    60.0%    61.1%     59.6%     60.1%       61.4%
Selling, General & Administrative                       38.8%    25.0%    23.5%    34.3%    34.0%     25.9%     35.2%       39.0%
Depreciation and Amortization                            1.6%     1.2%     1.0%     1.0%     1.2%      1.0%      1.2%        1.3%
                                                     --------------------------------------------  ------------------  ----------
                           Total Operating Expenses     99.2%    85.2%    84.4%    95.2%    96.3%     86.5%     96.6%      101.7%
                                                     --------------------------------------------  ------------------  ----------
                            Operating Income (Loss)      0.8%    14.8%    15.6%     4.8%     3.7%     13.5%      3.4%       -1.7%

Interest Income (Expense)                                1.4%     1.9%     1.9%     1.7%     2.0%      1.0%      1.5%        2.3%
Other Income (Expense)                                   0.0%     0.0%     0.0%     4.9%     0.3%      0.0%      0.0%        0.3%
                                                     --------------------------------------------  ------------------  ----------
                              Pre-tax Income (Loss)      2.2%    16.7%    17.5%    11.4%     6.0%     14.5%      4.9%        0.9%
Income Tax (Benefit)                                     0.4%     5.9%     3.8%     4.3%     2.3%      5.6%      1.9%        0.3%
                                                     --------------------------------------------  ------------------  ----------
           Income (Loss) from Continuing Operations      1.8%    10.8%    13.7%     7.1%     3.7%      8.9%      3.0%        0.5%

Discontinued Operations, net of Taxes                   -4.4%    -1.5%    -1.8%    -1.8%    -0.2%     -0.3%      0.0%        0.0%
                                                     --------------------------------------------  ------------------  ----------
                                  Net Income (Loss)     -2.6%     9.4%    11.9%     5.3%     3.5%      8.5%      3.0%        0.5%
                                                     ============================================  ==================  ==========

Property & Equipment Depreciation & Amortization         1.5%     1.0%     0.9%     0.8%     1.1%      0.9%      1.1%        1.2%
                                                     ============================================  ==================  ==========
Total Depreciation & Amortization                        1.6%     1.2%     1.0%     1.0%     1.2%      1.0%      1.2%        1.3%
                                                     ============================================  ==================  ==========
Capital Expenditures, net of Disposals (CAPEX, net)      1.6%     0.5%     0.4%     1.4%     0.8%      1.3%      0.6%        0.4%
                                                     ============================================  ==================  ==========



- --------------------------------------------------------------------------------
Sources of information: Company Financial Statements and Management

Page 20



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW


Comparative Summary Balance Sheets
($ in thousands, except per share)



                                                            as of February 28/29,                  as of August 31,
                                            --------------------------------------------------  --------------------
                                               1997      1998      1999      2000      2001        2000      2001
                                            --------------------------------------------------  --------------------
                                                                                      
Assets
Current Assets
   Cash & Equivalents                        $    314  $    989  $  1,143  $  1,906  $  1,799    $  1,316  $  3,170
   Accounts and Notes Receivable, net           1,641     2,418     3,252     3,293     3,568       3,100     2,043
   Inventory                                    2,468     2,354     2,122     2,359     2,352       2,648     2,375
   Deferred Income Taxes                          312       919       476       482       321         408       321
   Prepaid & Other                                523       950     1,281       408       134         351       261
                                            --------------------------------------------------  --------------------
                      Total Current Assets      5,258     7,630     8,274     8,448     8,174       7,823     8,170

Property & Equipment                            1,437     1,331     1,442     1,633     1,707       1,690     1,759
Less Accumulated Depreciation                    (675)     (794)     (982)   (1,104)   (1,234)     (1,119)   (1,336)
                                            --------------------------------------------------  --------------------
                 Property & Equipment, net        762       537       460       529       473         571       423
Accounts and Notes Receivable, net              3,209     5,376     6,052     7,275     6,362       7,635     6,511
Deferred Income Taxes                           1,569       214       246       722       925         819       809
Intangible Assets, net                            337       311       284       258       232         245       219
Other Assets                                       94        89        90        89        24          24        24
                                            --------------------------------------------------  --------------------
                                             $ 11,229  $ 14,157  $ 15,406  $ 17,321  $ 16,190    $ 17,117  $ 16,156
                                            ==================================================  ====================
Liabilities & Stockholders' Equity
Current Liabilities
   Accounts Payable                          $  1,032  $  1,264  $    844  $  1,111  $    597    $    950  $    286
   Accrued Expenses                               291       777       753     1,349       403         604       563
   Interest Bearing Debt                           49       105       113       104        86         104        86
   Interest Bearing Debt, Affiliates                -         -         -         -         -           -         -
   Other                                          272       339       311       218       167         218       167
                                            --------------------------------------------------  --------------------
                 Total Current Liabilities      1,644     2,485     2,021     2,782     1,253       1,876     1,102

Long Term Interest Bearing Debt                   215       539       433       330       236         271       194
Long Term Interest Bearing Debt,
Affiliates                                          -         -         -         -         -           -         -
Other Long Term                                     -         -         -       453       417         372       320
                                            --------------------------------------------------  --------------------
                         Total Liabilities      1,859     3,024     2,454     3,565     1,906       2,519     1,616

Stockholders' Equity
   Preferred Stock                                 60        60        60         -         -           -         -
   Common Stock                                   216       223       230       233       233         233       233
   Paid in Capital                             12,056    12,254    12,506    12,597    12,597      12,597    12,605
   Accumulated Earnings (Deficit)              (2,403)     (845)    1,322     2,334     2,998       3,176     3,274
   Treasury Stock                                (559)     (559)   (1,166)   (1,408)   (1,544)     (1,408)   (1,572)
                                            --------------------------------------------------  --------------------
                Total Stockholders' Equity      9,370    11,133    12,952    13,756    14,284      14,598    14,540
                                            --------------------------------------------------  --------------------
                                             $ 11,229  $ 14,157  $ 15,406  $ 17,321  $ 16,190    $ 17,117  $ 16,156
                                            ==================================================  ====================

Net Working Capital                          $  3,614  $  5,145  $  6,253  $  5,666  $  6,921    $  5,947  $  7,068
                                            ==================================================  ====================
Book Value per Share                         $   1.81  $   2.09  $   2.46  $   2.68  $   2.78    $   2.79  $   2.84
                                            ==================================================  ====================



- --------------------------------------------------------------------------------
Sources of information: Company Financial Statements and Management

Page 21




BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW


Common Sized Summary Balance Sheets



                                                             as of February 28/29,           as of August 31,
                                                   ----------------------------------------  ----------------
                                                      1997    1998    1999    2000    2001     2000    2001
                                                   ----------------------------------------  ----------------
                                                                                
Assets
Current Assets
   Cash & Equivalents                                  2.8%    7.0%    7.4%   11.0%   11.1%      7.7%   19.6%
   Accounts and Notes Receivable, net                 14.6%   17.1%   21.1%   19.0%   22.0%     18.1%   12.6%
   Inventory                                          22.0%   16.6%   13.8%   13.6%   14.5%     15.5%   14.7%
   Deferred Income Taxes                               2.8%    6.5%    3.1%    2.8%    2.0%      2.4%    2.0%
   Prepaid & Other                                     4.7%    6.7%    8.3%    2.4%    0.8%      2.1%    1.6%
                                                   ----------------------------------------  ----------------
                          Total Current Assets        46.8%   53.9%   53.7%   48.8%   50.5%     45.7%   50.6%

Property & Equipment                                  12.8%    9.4%    9.4%    9.4%   10.5%      9.9%   10.9%
Less Accumulated Depreciation                         -6.0%   -5.6%   -6.4%   -6.4%   -7.6%     -6.5%   -8.3%
                                                   ----------------------------------------  ----------------
                     Property & Equipment, net         6.8%    3.8%    3.0%    3.1%    2.9%      3.3%    2.6%
Accounts and Notes Receivable, net                    28.6%   38.0%   39.3%   42.0%   39.3%     44.6%   40.3%
Deferred Income Taxes                                 14.0%    1.5%    1.6%    4.2%    5.7%      4.8%    5.0%
Intangible Assets, net                                 3.0%    2.2%    1.8%    1.5%    1.4%      1.4%    1.4%
Other Assets                                           0.8%    0.6%    0.6%    0.5%    0.1%      0.1%    0.1%
                                                   ----------------------------------------  ----------------
                                                     100.0%  100.0%  100.0%  100.0%  100.0%    100.0%  100.0%
                                                   ========================================  ================

Liabilities & Stockholders' Equity
Current Liabilities
   Accounts Payable                                    9.2%    8.9%    5.5%    6.4%    3.7%      5.6%    1.8%
   Accrued Expenses                                    2.6%    5.5%    4.9%    7.8%    2.5%      3.5%    3.5%
   Interest Bearing Debt                               0.4%    0.7%    0.7%    0.6%    0.5%      0.6%    0.5%
   Interest Bearing Debt, Affiliates                   0.0%    0.0%    0.0%    0.0%    0.0%      0.0%    0.0%
   Other                                               2.4%    2.4%    2.0%    1.3%    1.0%      1.3%    1.0%
                                                   ----------------------------------------  ----------------
                     Total Current Liabilities        14.6%   17.6%   13.1%   16.1%    7.7%     11.0%    6.8%

Long Term Interest Bearing Debt                        1.9%    3.8%    2.8%    1.9%    1.5%      1.6%    1.2%
Long Term Interest Bearing Debt, Affiliates            0.0%    0.0%    0.0%    0.0%    0.0%      0.0%    0.0%
Other Long Term                                        0.0%    0.0%    0.0%    2.6%    2.6%      2.2%    2.0%
                                                   ----------------------------------------  ----------------
                             Total Liabilities        16.6%   21.4%   15.9%   20.6%   11.8%     14.7%   10.0%

Stockholders' Equity
   Preferred Stock                                     0.5%    0.4%    0.4%    0.0%    0.0%      0.0%    0.0%
   Common Stock                                        1.9%    1.6%    1.5%    1.3%    1.4%      1.4%    1.4%
   Paid in Capital                                   107.4%   86.6%   81.2%   72.7%   77.8%     73.6%   78.0%
   Accumulated Earnings (Deficit)                    -21.4%   -6.0%    8.6%   13.5%   18.5%     18.6%   20.3%
   Treasury Stock                                     -5.0%   -3.9%   -7.6%   -8.1%   -9.5%     -8.2%   -9.7%
                                                   ----------------------------------------  ----------------
                    Total Stockholders' Equity        83.4%   78.6%   84.1%   79.4%   88.2%     85.3%   90.0%
                                                   ----------------------------------------  ----------------
                                                     100.0%  100.0%  100.0%  100.0%  100.0%    100.0%  100.0%
                                                   ========================================  ================
Net Working Capital                                   32.2%   36.3%   40.6%   32.7%   42.7%     34.7%   43.7%
                                                   ========================================  ================



- -------------------------------------------------------------------------------
Sources of information: Company Financial Statements and Management

Page 22



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW


Comparative Financial Analysis
($ in thousands, except per share)



                                                                                                            as of &        as of &
                                                                                                         for 6 months      for LTM
                                                         as of & for years ended February 28/29,       ended August 31,   August 31,
                                                    ------------------------------------------------- ------------------  ----------
                                                       1997      1998      1999      2000      2001      2000      2001      2001
                                                    ------------------------------------------------- ------------------  ----------
                                                                                                  
Financial Review
  Revenue                                           $ 15,010  $ 16,699  $ 18,260  $ 19,302  $ 18,999  $  9,861  $  9,194   $ 18,332
  Paper and Printing Sales Gross Margin             $  1,295  $  1,877  $  1,878  $  2,307  $  1,819  $  1,034  $    858   $  1,643
  Operating Income                                  $    120  $  2,472  $  2,845  $    920  $    707  $  1,330  $    313   $   (310)
  Pre-tax Income (Loss)                             $    326  $  2,795  $  3,191  $  2,208  $  1,137  $  1,430  $    452   $    159
  Profit (Loss) from Continuing Operations          $    272  $  1,809  $  2,501  $  1,371  $    695  $    873  $    276   $     98
  Net Income (Loss)                                 $   (385) $  1,565  $  2,174  $  1,014  $    664  $    842  $    276   $     98
  Earnings before Interest & Taxes (EBIT)           $    120  $  2,474  $  2,851  $  1,872  $    756  $  1,330  $    313   $   (261)
  Earnings before Interest, Tax, Deprec             $    367  $  2,673  $  3,037  $  2,061  $    988  $  1,431  $    427   $    (16)
  & Amort (EBITDA)
  Basic Earnings Per Share                          $  (0.08) $   0.30  $   0.41  $   0.19  $   0.13  $   0.16  $   0.05   $   0.02
  Diluted Earnings Per Share                        $  (0.08) $   0.28  $   0.39  $   0.19  $   0.13  $   0.16  $   0.05   $   0.02
  Total Assets                                      $ 11,229  $ 14,157  $ 15,406  $ 17,321  $ 16,190  $ 17,117  $ 16,156   $ 16,156
  Net Worth                                         $  9,370  $ 11,133  $ 12,952  $ 13,756  $ 14,284  $ 14,598  $ 14,540   $ 14,540
  Tangible Net Worth                                $  9,033  $ 10,822  $ 12,668  $ 13,498  $ 14,052  $ 14,353  $ 14,321   $ 14,321
  Total Interest Bearing Debt                       $    264  $    644  $    546  $    434  $    322  $    375  $    280   $    280
  Net Interest Bearing Debt                         $    (50) $   (345) $   (597) $ (1,472) $ (1,477) $   (941) $ (2,890)  $ (2,890)
  Total Capitalization                              $  9,634  $ 11,777  $ 13,498  $ 14,190  $ 14,606  $ 14,973  $ 14,820   $ 14,820
  Common Shares Outstanding (thousands)                5,184     5,322     5,257     5,231     5,136     5,231     5,121      5,121
  Book Value per Share                              $   1.81  $   2.09  $   2.46  $   2.68  $   2.78  $   2.79  $   2.84   $   2.84
  Tangible Book Value per Share                     $   1.74  $   2.03  $   2.41  $   2.58  $   2.74  $   2.74  $   2.80   $   2.80

Financial Strength
  Quick Ratio                                            1.7       2.1       3.0       2.2       4.6       2.8       5.3        5.3
  Current Ratio                                          3.2       3.1       4.1       3.0       6.5       4.2       7.4        7.4
  Total Liabilities to Net Worth                        19.8%     27.2%     18.9%     25.9%     13.3%     17.3%     11.1%      11.1%
  Total Interest Bearing Debt to Net Worth               2.8%      5.8%      4.2%      3.2%      2.3%      2.6%      1.9%       1.9%
  Total Interest Bearing Debt to Total
  Capitalization                                         2.7%      5.5%      4.0%      3.1%      2.2%      2.5%      1.9%       1.9%
  Net Interest Bearing Debt to Total Capitalization     -0.5%     -2.9%     -4.4%    -10.4%    -10.1%     -6.3%    -19.5%     -19.5%
  Interest Expense to Interest Bearing Debt               na        na        na        na        na        na        na         na
  Total Interest Bearing Debt to EBITDA                  0.7       0.2       0.2       0.2       0.3       0.3       0.7         na
  EBITDA to Interest Expense                              na        na        na        na        na        na        na         na
  EBITDA less CAPEX, net to Interest Expense              na        na        na        na        na        na        na         na

Effectiveness and Efficiency
  Accounts Receivable Turnover                            na       8.2       6.4       5.9       5.5       3.1       3.3        7.1
  Inventory Turnover                                      na       4.1       4.9       5.2       4.9       2.3       2.3        4.5
  Asset Turnover                                          na       1.3       1.2       1.2       1.1       0.6       0.6        1.1
  Days Sales Outstanding                                  na      44.4      56.7      61.9      65.9      59.6      56.1       51.2
  Days Inventory Outstanding                              na      89.3      74.7      70.7      74.1      78.4      79.1       81.4
  Days Payable Outstanding                                na      27.4      23.4      17.1      12.1      22.5       9.3       12.3
  EBIT to Average Assets                                  na      19.5%     19.3%     11.4%      4.5%       na        na       -1.6%
  EBIT to Average Net Worth                               na      24.1%     23.7%     14.0%      5.4%       na        na       -1.8%
  EBITDA to Average Assets                                na      21.1%     20.5%     12.6%      5.9%       na        na       -0.1%
  EBITDA to Average Net Worth                             na      26.1%     25.2%     15.4%      7.0%       na        na       -0.1%
  Net Income to Average Assets                            na      12.3%     14.7%      6.2%      4.0%       na        na        0.6%
  Net Income to Average Net Worth                         na      15.3%     18.1%      7.6%      4.7%       na        na        0.7%


- --------------------------------------------------------------------------------
Sources of information: Company Financial Statements and Management

Page 23



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW

Comparative Financial Analysis Continued
($ in thousands, except per share)



                                                                                                            as of &        as of &
                                                                                                         for 6 months      for LTM
                                                         as of & for years ended February 28/29,       ended August 31,   August 31,
                                                    ------------------------------------------------- ------------------  ----------
                                                       1997      1998      1999      2000      2001      2000      2001      2001
                                                    ------------------------------------------------- ------------------  ----------
                                                                                                  
Profitability Ratios
   Paper and Printing Sales Gross Margin                12.8%     16.0%     14.7%     16.6%     13.6%     15.0%     13.4%      12.7%
   The following Ratios are as % of Revenue
   SG&A                                                 38.8%     25.0%     23.5%     34.3%     34.0%     25.9%     35.2%      39.0%
   Operating Income                                      0.8%     14.8%     15.6%      4.8%      3.7%     13.5%      3.4%      -1.7%
   Pre-tax Income (Loss)                                 2.2%     16.7%     17.5%     11.4%      6.0%     14.5%      4.9%       0.9%
   Profit (Loss) from Continuing Operations              1.8%     10.8%     13.7%      7.1%      3.7%      8.9%      3.0%       0.5%
   Net Income (Loss)                                    -2.6%      9.4%     11.9%      5.3%      3.5%      8.5%      3.0%       0.5%
   EBIT                                                  0.8%     14.8%     15.6%      9.7%      4.0%     13.5%      3.4%      -1.4%
   EBITDA                                                2.4%     16.0%     16.6%     10.7%      5.2%     14.5%      4.6%      -0.1%

Growth Rates
   Revenue                                                na      11.3%      9.3%      5.7%     -1.6%       na      -6.8%      -3.5%
   Operating Income                                       na    1960.0%     15.1%    -67.7%    -23.2%       na     -76.5%    -143.8%
   Pre-tax Income (Loss)                                  na     757.4%     14.2%    -30.8%    -48.5%       na     -68.4%     -86.0%
   Profit (Loss) from Continuing Operations               na     565.1%     38.3%    -45.2%    -49.3%       na     -68.4%     -85.9%
   Net Income (Loss)                                      na        na      38.9%    -53.4%    -34.5%       na     -67.2%     -85.2%
   EBIT                                                   na    1961.7%     15.2%    -34.3%    -59.6%       na     -76.5%    -134.5%
   EBITDA                                                 na     628.3%     13.6%    -32.1%    -52.1%       na     -70.2%    -101.6%
   Basic Earnings Per Share                               na        na      36.7%    -53.7%    -31.6%       na     -68.8%     -84.6%
   Diluted Earnings Per Share                             na        na      39.3%    -51.3%    -31.6%       na     -68.8%     -84.6%
   Total Assets                                           na      26.1%      8.8%     12.4%     -6.5%       na      -5.6%      -0.2%
   Net Worth                                              na      18.8%     16.3%      6.2%      3.8%       na      -0.4%       1.8%
   Tangible Net Worth                                     na      19.8%     17.1%      6.6%      4.1%       na      -0.2%       1.9%
   CAPEX, net                                             na     -63.3%     -6.8%    219.5%    -42.7%       na     -61.4%     -54.0%

Cumulative Average Growth Rate (CAGR) Statistics
   Revenue                                                na      11.3%     10.3%      8.7%      6.1%       na        na         na
   Operating Income                                       na    1960.0%    386.9%     97.2%     55.8%       na        na         na
   Pre-tax Income (Loss)                                  na     757.4%    212.9%     89.2%     36.7%       na        na         na
   Profit (Loss) from Continuing Operations               na     565.1%    203.2%     71.5%     26.4%       na        na         na
   Net Income (Loss)                                      na        na        na        na        na        na        na         na
   EBIT                                                   na    1961.7%    387.4%    149.9%     58.4%       na        na         na
   EBITDA                                                 na     628.3%    187.7%     77.7%     28.1%       na        na         na
   Basic Earnings Per Share                               na        na        na        na        na        na        na         na
   Diluted Earnings Per Share                             na        na        na        na        na        na        na         na
   Total Assets                                           na      26.1%     17.1%     15.5%      9.6%       na        na         na
   Net Worth                                              na      18.8%     17.6%     13.7%     11.1%       na        na         na
   Tangible Net Worth                                     na      19.8%     18.4%     14.3%     11.7%       na        na         na
   CAPEX, net                                             na     -63.3%    -41.5%      3.0%    -11.1%       na        na         na

Depreciation & Capital Spending
   Depreciation to CAPEX, net                           92.1%    196.6%    195.1%     62.2%    137.3%     65.9%    196.1%     317.4%
   CAPEX, net to Revenue                                 1.6%      0.5%      0.4%      1.4%      0.8%      1.3%      0.6%       0.4%



- --------------------------------------------------------------------------------
Sources of information: Company Financial Statements and Management

Page 24



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
FINANCIAL REVIEW


Systemwide Actual and Projected Sales Review



                                                                         Sales
                                   ----------------------------------------------------------------------------------
                                                   Actual                                   Projected
                                   ------------------------------------------ ---------------------------------------
                                      FY 1999       FY 2000      FY 2001        FY2002       FY 2003       FY 2004
                                   ------------------------------------------ ---------------------------------------
                                                                                     
Printing Sales

   Systemwide                      $105,328,121  $107,685,767  $107,185,301  $101,551,214  $ 94,688,309  $ 93,826,516
   Number of Plants                          87            86            87            83            74            74

   Highest Plant                   $  3,595,387  $  3,806,428  $  3,723,336  $  3,663,390  $  3,844,675  $  4,036,909
   Average Plant                   $  1,210,668  $  1,237,767  $  1,232,015  $  1,167,255  $  1,088,371  $  1,078,466
   Median Plant                    $    972,334  $  1,045,389  $  1,125,191  $  1,007,492  $    914,929  $    875,628
   Lowest Plant (1)                $     12,785  $     12,542  $     68,330  $     77,763  $     73,875  $     77,569

   Total Top 10 Plants             $ 27,029,595  $ 28,114,873  $ 27,146,357  $ 26,810,424  $ 27,156,727  $ 27,691,457
   Total Top 20 Plants             $ 45,156,731  $ 46,974,683  $ 46,045,662  $ 44,955,726  $ 45,064,845  $ 45,611,841
   Total Top 30 Plants             $ 59,478,452    61,625,333  $ 60,668,063  $ 59,597,446  $ 59,648,800  $ 60,188,854

   As % of Total Plants Sales
   Top 10 Plants                          25.66%        26.11%        25.33%        26.40%        28.68%        29.51%
   Top 20 Plants                          42.87%        43.62%        42.96%        44.27%        47.59%        48.61%
   Top 30 Plants                          56.47%        57.23%        56.60%        58.69%        62.99%        64.15%


                                                       Growth                           Compound Growth
                                  --------------------------------------------------- -------------------
                                           Actual                   Projected          Actual   Projected
                                  --------------------------------------------------- -------------------
                                  FY 2000  FY 2001  5mFY02  FY 2002  FY 2003  FY 2004  '99-'01   '99-'04
                                  --------------------------------------------------- -------------------
                                                                        
Printing Sales

   Systemwide                       2.24%   -0.46%  -5.01%   -5.26%   -6.76%   -0.91%    0.88%   -2.89%
   Number of Plants                -1.15%    1.16%     na   -10.84%  -10.84%    0.00%    0.00%   -3.19%

   Highest Plant                    5.87%   -2.18%     na     4.95%    4.95%    5.00%    1.76%    2.34%
   Average Plant                    2.24%   -0.46%     na    -6.76%   -6.76%   -0.91%    0.88%   -2.29%
   Median Plant                     7.51%    7.63%     na    -9.19%   -9.19%   -4.30%    7.57%   -2.07%
   Lowest Plant (1)                -1.90%  444.81%     na    -5.00%   -5.00%    5.00%  131.18%   43.42%

   Total Top 10 Plants              4.02%   -3.44%     na     1.29%    1.29%    1.97%    0.22%    0.49%
   Total Top 20 Plants              4.03%   -1.98%     na     0.24%    0.24%    1.21%    0.98%    0.20%
   Total Top 30 Plants              3.61%   -1.55%     na     0.09%    0.09%    0.91%    1.00%    0.24%

   As % of Total Plants Sales
   Top 10 Plants
   Top 20 Plants
   Top 30 Plants



                                                                         Sales
                                   -------------------------------------------------------------------------------
                                                   Actual                                  Projected
                                   -------------------------------------  ----------------------------------------
                                      FY 1999     FY 2000      FY 2001       FY2002      FY 2003       FY 2004
                                   -------------------------------------  ----------------------------------------
                                                                                  
Paper Sales

   Systemwide                             na   $13,641,759   $13,455,224  $12,557,761  $11,720,158   $10,938,423

   Highest Plant                          na   $   562,184   $   576,980  $   538,495  $   502,578   $   469,056
   Average Plant                          na   $   152,593   $   154,658  $   144,342  $   134,714   $   125,729
   Median Plant                           na   $   126,770   $   132,394  $   123,563  $   115,322   $   107,630
   Lowest Plant (1)                       na   $    25,670   $    20,593  $    19,219  $    17,938   $    16,741

   Total Top 10 Plants                    na   $ 3,831,955   $ 3,820,878  $ 3,566,025  $ 3,328,172   $ 3,106,182
   Total Top 20 Plants                    na   $ 6,142,096   $ 6,192,476  $ 5,779,438  $ 5,393,949   $ 5,034,173
   Total Top 30 Plants                    na   $ 7,966,964   $ 8,050,597  $ 7,513,622  $ 7,012,464   $ 6,544,732

   As % of Total Plants Sales

   Top 10 Plants                          na          28.9%         28.4%        28.4%        28.4%         28.4%
   Top 20 Plants                          na          46.3%         46.0%        46.0%        46.0%         46.0%
   Top 30 Plants                          na          60.0%         59.8%        59.8%        59.8%         59.8%


                                                   Growth                             Compound Growth
                              ----------------------------------------------------  -------------------
                                        Actual                   Projected          Actual   Projected
                              ------------------------- --------------------------  -------------------
                              FY 2000  FY 2001  5mFY02  FY 2002  FY 2003  FY 2004   '00-'01   '00-'04
                              ------------------------- --------------------------  -------------------
                                                                     
Paper Sales

   Systemwide                      na    -1.37%  17.23%   -6.67%  -6.67%    -6.67%   -1.37%    -5.37%

   Highest Plant                   na     2.63%     na    -6.67%  -6.67%    -6.67%    2.63%    -4.43%
   Average Plant                   na     1.35%     na    -6.67%  -6.67%    -6.67%    1.35%    -4.73%
   Median Plant                    na     4.44%     na    -6.67%  -6.67%    -6.67%    4.44%    -4.01%
   Lowest Plant (1)                na   -19.78%     na    -6.67%  -6.67%    -6.67%  -19.78%   -10.14%

   Total Top 10 Plants             na    -0.29%     na    -6.67%  -6.67%    -6.67%   -0.29%    -5.11%
   Total Top 20 Plants             na     0.82%     na    -6.67%  -6.67%    -6.67%    0.82%    -4.85%
   Total Top 30 Plants             na     1.05%     na    -6.67%  -6.67%    -6.67%    1.05%    -4.80%

   As % of Total Plants Sales
   Top 10 Plants                   na     28.9%            28.4%   28.4%     28.4%    28.4%
   Top 20 Plants                   na     46.3%            46.0%   46.0%     46.0%    46.0%
   Top 30 Plants                   na     60.0%            59.8%   59.8%     59.8%    59.8%



- --------------------------------------------------------------------------------
(1) Excludes Plants with no reported sales.


Sources of information: Company Financials, Projections and Management.

Page 25



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
STOCK REVIEW

        .     Capitalink reviewed the daily closing market price and trading
              volume of the BCT common stock over the period from November 16,
              2000 through November 16, 2001.

        .     Capitalink compared the daily closing market price performance of
              the BCT common stock for such period to both the Comparable
              Companies (as defined hereinafter) and the Russell 3000 Index.

        .     Capitalink calculated total trading volumes at various closing
              price ranges of BCT common stock. In addition, the number of
              trading days, and the respective percentages, at certain trading
              volumes, was set forth.

        .     There was a total of 103 trading days, or 41.4%, where the daily
              trading volume was less than 1,000 shares or the stock did not
              trade.

Page 26



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
STOCK REVIEW

                   BCT Closing Price & Trading Volume History
                     November 16, 2000 - November 16, 2001



                              [GRAPH APPEARS HERE]

BCT International                         Page 27

- --------------------------------------------------------

                 Date             Volume          Close

- --------------------------------------------------------
               16-Nov-01            1000           0.69
               15-Nov-01            5500            0.7
               14-Nov-01            9700           0.56
               13-Nov-01            2500           0.56
               12-Nov-01            1600           0.56
                9-Nov-01               0            0.6
                8-Nov-01             400            0.6
                7-Nov-01               0            0.6
                6-Nov-01           18500            0.6
                5-Nov-01           85400            0.5
                2-Nov-01               0           0.66
                1-Nov-01               0           0.66
               31-Oct-01           12500           0.66
               30-Oct-01             600           0.57
               29-Oct-01           11300           0.55
               26-Oct-01               0           0.65
               25-Oct-01               0           0.65
               24-Oct-01               0           0.65
               23-Oct-01             200           0.65
               22-Oct-01               0           0.66
               19-Oct-01            3200           0.66
               18-Oct-01            3400           0.65
               17-Oct-01            1000           0.75
               16-Oct-01           15000           0.66
               15-Oct-01             500           0.75
               12-Oct-01               0           0.71
               11-Oct-01             200           0.71
               10-Oct-01            2500            0.8
                9-Oct-01            3800           0.78
                8-Oct-01               0           0.71
                5-Oct-01           14300           0.71
                4-Oct-01               0           0.63
                3-Oct-01           45300           0.63
                2-Oct-01            3200           0.59
                1-Oct-01               0           0.58
               28-Sep-01               0           0.58
               27-Sep-01             200           0.58
               26-Sep-01           45200           0.61
               25-Sep-01            1500           0.75
               24-Sep-01            5400           0.65
               21-Sep-01            4500           0.65
               20-Sep-01             100           0.65
               19-Sep-01            2700           0.63
               18-Sep-01            2700           0.65
               17-Sep-01               0           0.57
               10-Sep-01            6200           0.57
                7-Sep-01               0           0.76
                6-Sep-01             200           0.76
                5-Sep-01           23800            0.8
                4-Sep-01            1000            0.8
               31-Aug-01            6200            0.8
               30-Aug-01            8000           0.75
               29-Aug-01               0            0.9
               28-Aug-01            9500            0.9
               27-Aug-01               0           0.84
               24-Aug-01            5300           0.84
               23-Aug-01            7800           0.84
               22-Aug-01           14800           0.85
               21-Aug-01            8300           0.85
               20-Aug-01            2000           0.83
               17-Aug-01            1200           0.85
               16-Aug-01             100           0.85
               15-Aug-01            1000           0.85
               14-Aug-01            4100           0.91
               13-Aug-01            6500           0.86
               10-Aug-01               0           0.94
                9-Aug-01             100           0.94
                8-Aug-01            1000           0.86
                7-Aug-01               0           0.87
                6-Aug-01               0           0.87
                3-Aug-01             400           0.87
                2-Aug-01            5000           0.86
                1-Aug-01            8600            0.9
               31-Jul-01             100           0.95
               30-Jul-01           13600            0.9
               27-Jul-01           25600           0.88
               26-Jul-01           39600           0.85
               25-Jul-01           30700           0.76
               24-Jul-01               0           1.01
               23-Jul-01               0           1.01
               20-Jul-01           13400           1.01
               19-Jul-01            2600           1.02
               18-Jul-01            2100           1.03
               17-Jul-01            6500           1.06
               16-Jul-01             100           1.04
               13-Jul-01               0           1.04
               12-Jul-01            2600           1.04
               11-Jul-01            1500           0.98
               10-Jul-01             300              1
                9-Jul-01            1100           1.02
                6-Jul-01            8000           1.03
                5-Jul-01            8800            1.1
                3-Jul-01            1500           1.08
                2-Jul-01            1800            1.1
               29-Jun-01            5700           1.03
               28-Jun-01           11400           1.08
               27-Jun-01               0           0.95
               26-Jun-01               0           0.97
               25-Jun-01             200           0.97
               22-Jun-01            4900           0.97
               21-Jun-01            2200           0.96
               20-Jun-01            1700           0.98
               19-Jun-01            4100              1
               18-Jun-01           23800           1.01
               15-Jun-01               0           1.05
               14-Jun-01               0           1.05
               13-Jun-01            6600           1.05
               12-Jun-01            7700              1
               11-Jun-01           26900           0.91
                8-Jun-01            8800           1.01
                7-Jun-01            2000           1.02
                6-Jun-01           12700           1.03
                5-Jun-01            4700           1.16
                4-Jun-01            1700           1.27
                1-Jun-01               0           1.26
               31-May-01            5500           1.26
               30-May-01             300           1.15
               29-May-01           10300           1.12
               25-May-01               0           1.26
               24-May-01            5700           1.26
               23-May-01               0            1.4
               22-May-01               0            1.4
               21-May-01             200            1.4
               18-May-01            5700           1.26
               17-May-01           36500           1.26
               16-May-01             900           1.29
               15-May-01             400            1.3
               14-May-01           14600           1.24
               11-May-01               0           1.29
               10-May-01            2100           1.29
                9-May-01            1600            1.3
                8-May-01            2300            1.3
                7-May-01            2000           1.31
                4-May-01               0           1.22
                3-May-01               0           1.22
                2-May-01             500           1.22
                1-May-01            5100           1.25
               30-Apr-01             300           1.25
               27-Apr-01               0           1.25
               26-Apr-01               0           1.25
               25-Apr-01               0           1.25
               24-Apr-01               0           1.25
               23-Apr-01             500           1.25
               20-Apr-01               0            1.4
               19-Apr-01            7500            1.4
               18-Apr-01           12000           1.25
               17-Apr-01               0           1.19
               16-Apr-01               0           1.19
               12-Apr-01             700           1.19
               11-Apr-01               0           1.11
               10-Apr-01            1000           1.11
                9-Apr-01            1800            1.1
                6-Apr-01            7800         0.9375
                5-Apr-01            6000         1.0625
                4-Apr-01            4000              1
                3-Apr-01           13000              1
                2-Apr-01           10100         1.0938
               30-Mar-01             200         1.1562
               29-Mar-01            1100         1.1562
               28-Mar-01            1500         1.1562
               27-Mar-01            1000         1.1875
               26-Mar-01            1700         1.1875
               23-Mar-01               0         1.2188
               22-Mar-01            1300         1.2188
               21-Mar-01            5800           1.25
               20-Mar-01               0         1.3125
               19-Mar-01               0         1.3125
               16-Mar-01            2100         1.3125
               15-Mar-01               0          1.375
               14-Mar-01             600          1.375
               13-Mar-01               0          1.375
               12-Mar-01            1800          1.375
                9-Mar-01             900          1.375
                8-Mar-01            1700          1.375
                7-Mar-01             500          1.375
                6-Mar-01            3500          1.375
                5-Mar-01            2000            1.5
                2-Mar-01               0         1.5625
                1-Mar-01               0         1.5625
               28-Feb-01           10500         1.5625
               27-Feb-01            4600         1.4375
               26-Feb-01           36300         1.4375
               23-Feb-01           19100          1.375
               22-Feb-01           34900           1.25
               21-Feb-01            8500         1.2188
               20-Feb-01             100           1.25
               16-Feb-01             100           1.25
               15-Feb-01            4500         1.1875
               14-Feb-01            7400         1.1875
               13-Feb-01            2000         1.2188
               12-Feb-01            6200         1.2188
                9-Feb-01            3900           1.25
                8-Feb-01               0          1.375
                7-Feb-01             200          1.375
                6-Feb-01            5600           1.25
                5-Feb-01               0         1.2812
                2-Feb-01             400         1.2812
                1-Feb-01             200          1.375
               31-Jan-01            4500          1.375
               30-Jan-01           15700          1.375
               29-Jan-01               0         1.2812
               26-Jan-01            3000         1.2812
               25-Jan-01            4700         1.2188
               24-Jan-01             200         1.3125
               23-Jan-01             800         1.2812
               22-Jan-01           24600         1.3125
               19-Jan-01               0         1.3125
               18-Jan-01            1100         1.3125
               17-Jan-01             200         1.3125
               16-Jan-01               0         1.3125
               12-Jan-01           16500         1.3125
               11-Jan-01            2900         1.3125
               10-Jan-01            2900         1.3125
                9-Jan-01               0         1.3125
                8-Jan-01            2800         1.3125
                5-Jan-01           20200         1.3438
                4-Jan-01             500         1.3125
                3-Jan-01            6100          1.375
                2-Jan-01            2000          1.375
               29-Dec-00           18000         1.3125
               28-Dec-00           43800         1.3125
               27-Dec-00           15600          1.375
               26-Dec-00           23200          1.375
               22-Dec-00           51100          1.375
               21-Dec-00           15100          1.375
               20-Dec-00           90100          1.375
               19-Dec-00           10600         1.4375
               18-Dec-00           22700            1.5
               15-Dec-00            3200          1.375
               14-Dec-00            1600          1.375
               13-Dec-00             100          1.375
               12-Dec-00           10500         1.3125
               11-Dec-00            6100           1.25
                8-Dec-00            9800         1.1875
                7-Dec-00           21700         1.3438
                6-Dec-00               0         1.3125
                5-Dec-00               0         1.3125
                4-Dec-00            5000         1.3125
                1-Dec-00            2000         1.4375
               30-Nov-00               0         1.5156
               29-Nov-00           30700         1.5156
               28-Nov-00             500         1.4844
               27-Nov-00           13700         1.5625
               24-Nov-00            6500         1.5312
               22-Nov-00            2200         1.5312
               21-Nov-00            2800         1.5312
               20-Nov-00            4400         1.5625
               17-Nov-00           18700          1.625
               16-Nov-00            4100         1.5625








       Start               End                High         Average    Median           Low          Avg. Volume   Median Volume
- ------------------- ------------------ ------------------  --------  ---------  -----------------  ------------   -------------
                                                                                             
16-Nov-00 S 1.5625  16-Nov-01 S 0.6900 17-Nov-00 S 1.6250  S 1.0869  S  1.1562  5-Nov-01 S 0.5000      6,350          2,000


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.


Page 27



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
STOCK REVIEW

           BCT vs Comparable Company Index (1) and Russell 3000 Index
                      November 16, 2000 - November 16, 2001


                              [GRAPH APPEARS HERE]

                                           Indexed
                       --------------------------------------------------
               Date             Company       Comparables     Russell 3K
- -------------------------------------------------------------------------
             16-Nov-01            44.2          143.88           82.8
             15-Nov-01            44.8          145.12           83.0
             14-Nov-01            35.8          145.38           83.0
             13-Nov-01            35.8          145.24           82.7
             12-Nov-01            35.8          146.37           81.2
              9-Nov-01            38.4          140.69           81.2
              8-Nov-01            38.4          142.96           81.2
              7-Nov-01            38.4          144.38           81.1
              6-Nov-01            38.4          144.00           81.3
              5-Nov-01            32.0          148.77           80.1
              2-Nov-01            42.2          149.69           79.0
              1-Nov-01            42.2          148.47           78.9
             31-Oct-01            42.2          145.31           77.2
             30-Oct-01            36.5          146.62           77.1
             29-Oct-01            35.2          141.48           78.5
             26-Oct-01            41.6          143.54           80.3
             25-Oct-01            41.6          145.26           80.0
             24-Oct-01            41.6          146.66           78.9
             23-Oct-01            41.6          152.33           78.8
             22-Oct-01            42.2          155.16           79.2
             19-Oct-01            42.2          156.32           78.1
             18-Oct-01            41.6          160.18           77.6
             17-Oct-01            48.0          162.16           78.3
             16-Oct-01            42.2          163.52           79.8
             15-Oct-01            48.0          165.22           79.2
             12-Oct-01            45.4          162.57           79.3
             11-Oct-01            45.4          161.65           79.8
             10-Oct-01            51.2          157.68           78.4
              9-Oct-01            49.9          159.63           76.6
              8-Oct-01            45.4          158.74           77.0
              5-Oct-01            45.4          160.64           77.6
              4-Oct-01            40.3          157.17           77.6
              3-Oct-01            40.3          157.56           77.7
              2-Oct-01            37.8          156.25           76.1
              1-Oct-01            37.1          149.09           75.2
             28-Sep-01            37.1          149.94           75.5
             27-Sep-01            37.1          148.76           73.8
             26-Sep-01            39.0          146.34           73.0
             25-Sep-01            48.0          148.36           73.5
             24-Sep-01            41.6          134.32           72.9
             21-Sep-01            41.6          127.86           70.2
             20-Sep-01            41.6          134.39           71.6
             19-Sep-01            40.3          144.91           73.9
             18-Sep-01            41.6          154.39           75.2
             17-Sep-01            36.5          161.27           75.8
             10-Sep-01            36.5          167.59           79.7
              7-Sep-01            48.6          173.35           79.4
              6-Sep-01            48.6          175.31           80.9
              5-Sep-01            51.2          182.19           82.6
              4-Sep-01            51.2          184.55           82.9
             31-Aug-01            51.2          191.16           82.9
             30-Aug-01            48.0          191.12           82.6
             29-Aug-01            57.6          192.05           83.9
             28-Aug-01            57.6          191.96           84.8
             27-Aug-01            53.8          190.75           86.0
             24-Aug-01            53.8          184.59           86.4
             23-Aug-01            53.8          186.36           84.8
             22-Aug-01            54.4          187.07           85.0
             21-Aug-01            54.4          188.00           84.4
             20-Aug-01            53.1          183.63           85.4
             17-Aug-01            54.4          184.62           84.8
             16-Aug-01            54.4          185.19           86.2
             15-Aug-01            54.4          179.78           86.0
             14-Aug-01            58.2          181.52           86.6
             13-Aug-01            55.0          182.77           86.9
             10-Aug-01            60.2          183.46           86.7
              9-Aug-01            60.2          182.61           86.2
              8-Aug-01            55.0          183.31           86.3
              7-Aug-01            55.7          178.79           87.8
              6-Aug-01            55.7          183.27           87.6
              3-Aug-01            55.7          188.94           88.6
              2-Aug-01            55.0          189.20           89.0
              1-Aug-01            57.6          190.89           88.7
             31-Jul-01            60.8          184.12           88.2
             30-Jul-01            57.6          176.14           87.8
             27-Jul-01            56.3          167.49           87.9
             26-Jul-01            54.4          158.57           87.6
             25-Jul-01            48.6          149.42           86.6
             24-Jul-01            64.6          144.98           85.4
             23-Jul-01            64.6          148.38           86.9
             20-Jul-01            64.6          149.52           88.2
             19-Jul-01            65.3          148.03           88.5
             18-Jul-01            65.9          145.76           88.0
             17-Jul-01            67.8          141.18           88.6
             16-Jul-01            66.6          140.44           87.6
             13-Jul-01            66.6          139.19           88.7
             12-Jul-01            66.6          139.19           88.2
             11-Jul-01            62.7          140.71           86.1
             10-Jul-01            64.0          141.06           86.3
              9-Jul-01            65.3          140.96           87.6
              6-Jul-01            65.9          145.19           87.0
              5-Jul-01            70.4          144.24           89.1
              3-Jul-01            69.1          152.15           90.2
              2-Jul-01            70.4          154.63           90.4
             29-Jun-01            65.9          146.35           89.8
             28-Jun-01            69.1          144.84           89.7
             27-Jun-01            60.8          145.71           88.5
             26-Jun-01            62.1          141.35           88.8
             25-Jun-01            62.1          137.02           88.9
             22-Jun-01            62.1          138.29           89.4
             21-Jun-01            61.4          132.86           90.3
             20-Jun-01            62.7          138.27           89.4
             19-Jun-01            64.0          148.47           88.5
             18-Jun-01            64.6          152.62           88.3
             15-Jun-01            67.2          153.01           88.7
             14-Jun-01            67.2          153.40           89.1
             13-Jun-01            67.2          152.08           90.8
             12-Jun-01            64.0          156.55           91.8
             11-Jun-01            58.2          156.92           91.7
              8-Jun-01            64.6          157.16           92.6
              7-Jun-01            65.3          156.93           93.5
              6-Jun-01            65.9          155.26           92.9
              5-Jun-01            74.2          150.25           93.9
              4-Jun-01            81.3          151.06           92.5
              1-Jun-01            80.6          149.22           92.1
             31-May-01            80.6          144.66           91.6
             30-May-01            73.6          145.93           91.0
             29-May-01            71.7          151.64           92.5
             25-May-01            80.6          150.86           93.4
             24-May-01            80.6          146.45           94.4
             23-May-01            89.6          144.46           94.1
             22-May-01            89.6          141.87           95.7
             21-May-01            89.6          140.38           95.9
             18-May-01            80.6          135.25           94.2
             17-May-01            80.6          136.85           93.9
             16-May-01            82.6          141.38           93.5
             15-May-01            83.2          134.53           91.0
             14-May-01            79.4          136.43           90.9
             11-May-01            82.6          136.74           90.7
             10-May-01            82.6          131.27           91.4
              9-May-01            83.2          128.89           91.5
              8-May-01            83.2          129.32           91.9
              7-May-01            83.8          128.60           92.0
              4-May-01            78.1          123.74           92.3
              3-May-01            78.1          124.05           91.0
              2-May-01            78.1          123.25           92.4
              1-May-01            80.0          123.16           92.2
             30-Apr-01            80.0          118.82           91.0
             27-Apr-01            80.0          116.62           91.0
             26-Apr-01            80.0          118.82           89.7
             25-Apr-01            80.0          114.86           89.2
             24-Apr-01            80.0          117.84           87.7
             23-Apr-01            80.0          115.93           88.7
             20-Apr-01            89.6          115.11           90.2
             19-Apr-01            89.6          110.11           91.0
             18-Apr-01            80.0          108.50           89.7
             17-Apr-01            76.2          107.33           86.5
             16-Apr-01            76.2          104.45           85.5
             12-Apr-01            76.2          105.80           85.9
             11-Apr-01            71.0          106.84           84.6
             10-Apr-01            71.0          105.33           84.7
              9-Apr-01            70.4          105.62           82.4
              6-Apr-01            60.0          106.82           81.7
              5-Apr-01            68.0          106.54           83.4
              4-Apr-01            64.0          107.04           79.8
              3-Apr-01            64.0          113.29           80.1
              2-Apr-01            70.0          114.92           83.0
             30-Mar-01            74.0          114.96           84.3
             29-Mar-01            74.0          109.53           83.3
             28-Mar-01            74.0          113.65           83.7
             27-Mar-01            76.0          113.51           85.8
             26-Mar-01            76.0          113.84           83.8
             23-Mar-01            78.0          112.08           82.8
             22-Mar-01            78.0          114.54           81.2
             21-Mar-01            80.0          115.21           81.6
             20-Mar-01            84.0          116.22           83.1
             19-Mar-01            84.0          114.65           85.1
             16-Mar-01            84.0          119.64           83.6
             15-Mar-01            88.0          115.38           85.3
             14-Mar-01            88.0          119.77           85.0
             13-Mar-01            88.0          121.64           87.2
             12-Mar-01            88.0          121.79           85.8
              9-Mar-01            88.0          122.73           89.6
              8-Mar-01            88.0          123.25           91.9
              7-Mar-01            88.0          122.20           91.9
              6-Mar-01            88.0          122.55           91.4
              5-Mar-01            96.0          123.46           90.5
              2-Mar-01           100.0          121.70           90.0
              1-Mar-01           100.0          123.13           90.3
             28-Feb-01           100.0          128.23           90.2
             27-Feb-01            92.0          128.46           91.5
             26-Feb-01            92.0          122.45           92.5
             23-Feb-01            88.0          122.31           90.8
             22-Feb-01            80.0          124.08           91.1
             21-Feb-01            78.0          127.81           91.5
             20-Feb-01            80.0          128.11           93.2
             16-Feb-01            80.0          125.94           95.0
             15-Feb-01            76.0          115.60           96.7
             14-Feb-01            76.0          116.41           95.8
             13-Feb-01            78.0          116.20           95.8
             12-Feb-01            78.0          113.79           96.7
              9-Feb-01            80.0          112.56           95.6
              8-Feb-01            88.0          110.15           96.8
              7-Feb-01            88.0          112.67           97.5
              6-Feb-01            80.0          113.50           98.4
              5-Feb-01            82.0          114.13           98.3
              2-Feb-01            82.0          114.80           98.1
              1-Feb-01            88.0          114.47           99.9
             31-Jan-01            88.0          112.55           99.4
             30-Jan-01            88.0          113.28          100.1
             29-Jan-01            82.0          116.90           99.4
             26-Jan-01            82.0          120.24           98.6
             25-Jan-01            78.0          118.72           98.7
             24-Jan-01            84.0          120.13           99.4
             23-Jan-01            82.0          121.26           99.1
             22-Jan-01            84.0          121.36           97.6
             19-Jan-01            84.0          120.16           97.6
             18-Jan-01            84.0          113.75           98.1
             17-Jan-01            84.0          137.43           97.0
             16-Jan-01            84.0          144.14           96.7
             12-Jan-01            84.0          145.43           96.0
             11-Jan-01            84.0          120.68           96.5
             10-Jan-01            84.0          119.54           95.3
              9-Jan-01            84.0          119.21           94.0
              8-Jan-01            84.0          116.42           93.6
              5-Jan-01            86.0          110.92           93.9
              4-Jan-01            84.0          110.58           96.6
              3-Jan-01            88.0          108.54           97.9
              2-Jan-01            88.0          110.17           93.0
             29-Dec-00            84.0           99.55           96.2
             28-Dec-00            84.0           94.32           97.4
             27-Dec-00            88.0           93.80           96.7
             26-Dec-00            88.0           94.48           95.5
             22-Dec-00            88.0           96.06           94.9
             21-Dec-00            88.0           96.28           92.2
             20-Dec-00            88.0           95.57           91.7
             19-Dec-00            92.0           94.54           94.9
             18-Dec-00            96.0           95.11           96.3
             15-Dec-00            88.0           97.50           95.5
             14-Dec-00            88.0           98.26           97.4
             13-Dec-00            88.0           97.90           99.1
             12-Dec-00            84.0          101.92          100.1
             11-Dec-00            80.0           95.02          101.0
              8-Dec-00            76.0           96.39          100.0
              7-Dec-00            86.0           99.11           97.5
              6-Dec-00            84.0           98.66           97.9
              5-Dec-00            84.0           95.21           99.7
              4-Dec-00            84.0           96.62           95.5
              1-Dec-00            92.0           96.44           95.1
             30-Nov-00            97.0           97.25           94.7
             29-Nov-00            97.0           97.60           96.7
             28-Nov-00            95.0           97.38           96.4
             27-Nov-00           100.0           97.03           97.8
             24-Nov-00            98.0           95.90           97.4
             22-Nov-00            98.0           97.47           95.6
             21-Nov-00            98.0           97.05           97.5
             20-Nov-00           100.0           98.70           97.4
             17-Nov-00           104.0          100.12           99.6
             16-Nov-00           100.0          100.00          100.0


- --------------------------------------------------------------------------------
(1) Reflects the market cap weighted prices of the comparable companies utilized
in the Comparable Company Analysis.

Sources of information: Commodity Systems, Inc.

Page 28




BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
STOCK REVIEW

          BCT Closing Price Ranges as Percentage of Total Trading Days
                     November 16, 2000 - November 16, 2001



                              [GRAPH APPEARS HERE]





Price Range    S0.000 - S0.750   S0.751 S0.875   S0.876 S1.000   S1.001 - S1.125   S1.126 - S1.250   S1.251 - S1.375
- ---------------------------------------------------------------------------------------------------------------------
                                                                                   
Days in Range          45              24             23                29                38                66
Percentage           18.1%            9.6%           9.2%              11.6%             15.3%             26.5%


Price Range    S1.376 - S1.500   S1.501 - S1.625  S1.626+
- --------------------------------------------------------------------------------
                                            
Days in Range        12                12            0
Percentage          4.8%              4.8%          0.0%


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

Page 29



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
STOCK REVIEW


        BCT Trading Volume per Price Range as Percentage of Total Volume
                      November 16, 2000 - November 16, 2001


                              [GRAPH APPEARS HERE]




Price Range    S0.000 - S0.750   S0.751 - S0.875   S0.876 - S1.000   S1.001 - S1.125   S1.126 - S1.250   S1.251 - S1.375
- ---------------------------------------------------------------------------------------------------------------------
                                                                                   
Volume             311,800           161,200         135,900         148,700           145,100           498,400
Percentage          19.7%              10.2%            8.6%            9.4%              9.2%              31.5%


Price Range    S1.376 - S1.500   S1.501 - S1.625  S1.626+
- --------------------------------------------------------------------------------
                                            
Volume              86,400            93,600         0
Percentage           5.5%              5.9%         0.0%


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

Page 30



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
OVERVIEW OF COMPANY
STOCK REVIEW


           BCT Trading Volume Ranges as a Percentage of Total Volume
                     November 16, 2000 - November 16, 2001

                              [GRAPH APPEARS HERE]

                 No volume   *0**1,000  *1,001**2,500  *2,501**5,000 *5,001**10,000  *10,001**25,000 *25,001**50,000  *50,001
                 ------------------------------------------------------------------------------------------------------------------
                                                                                              
Days in Range       58          45            34            30             35               33             11            3
Percentage        23.3%       18.1%         13.7%         12.0%          14.1%            13.3%           4.4%         1.2%



- --------------------------------------------------------------------------------
Sources of information Commodity Systems, Inc.

*  means more than
** means less than

Page 31



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------



                               VALUATION ANALYSIS

Page 32



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
METHODOLOGIES

         .    Based upon a review of the Company's historical financial data,
              projections, and certain other qualitative data, Capitalink
              utilized several methodologies to determine a range of value of
              the Company's outstanding common stock that is not beneficially
              owned by the Phoenix Group.

         .    Capitalink did not form a conclusion as to whether any individual
              analysis, considered in isolation, supported or failed to support
              an opinion as to the fairness, from a financial point of view, of
              the Proposed Transaction to the BCT shareholders other than the
              Phoenix Group.

         .    Capitalink did not place any particular reliance or weight on any
              individual analysis, but instead concluded that the analyses,
              taken as a whole, supported its determination. Accordingly, the
              analyses must be considered as a whole and selecting portions of
              analyses or the factors considered, without considering all
              analyses and factors collectively, could create an incomplete and
              incorrect view of the process underlying the analyses in
              connection with the preparation of the opinion.

         .    The methodologies utilized by Capitalink included:

                .  A review of the historical and projected financial
                   information of the Company as filed publicly (with respect to
                   the historical data) and prepared by Company management.
                .  A review and comparison of trading multiples for comparable
                   publicly-traded companies.
                .  Performing a discounted cash flow analysis of the Company
                   with sensitivity analyses based on a range of assumptions.
                .  A review of the acquisition premiums paid relative to recent
                   public market trading prices (i) for acquisitions where the
                   enterprise value of the transaction was less than $25
                   million, and (ii) for acquisitions of minority interests
                   where the enterprise value of the transaction was less than
                   $25 million.
                .  A review of the premium of the consideration in the Proposed
                   Transaction as compared to the closing prices of the
                   Company's common stock over varying time frames.
                .  A review of the Company's balance sheet to determine an
                   approximate adjusted net book value.

Page 33



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
METHODOLOGIES

         .   It is noted that Capitalink undertook an extensive search for
             transactions that might be deemed comparable to the Proposed
             Transaction in order to undertake an analysis of the applicable
             multiples in such transactions. However, there were no such
             transactions identified.

Page 34



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SUMMARY REVIEW

Valuation Summary
$ in thousands, except per share)



                                                                  Company                 Implied Price Per Share (1)
                                                                                  ---------------------------------------------
Methodology                                                     Statistic (1)         High       Mean     Median       Low
- ------------------------------------------------------------    -------------     ---------------------------------------------
                                                                                                     
Comparable Company Analysis
   LTM Earnings                                                    $      98      $    0.26   $   0.22  $    0.24   $     0.16
   Estimated Current Fiscal Year Earnings                          $     519      $    1.03   $   1.03  $    1.03   $     1.03
   Estimated Next Fiscal Year Earnings                             $     371      $    0.67   $   0.67  $    0.67   $     0.67
   Common Equity                                                   $  14,540      $    2.37   $   1.86  $    1.91   $     1.12

Discounted Cash Flow Analysis
   Management Case - EBITDA Multiple                                      na      $    1.24   $   1.22        na    $     1.21
   Management Case - Perpetual Growth                                     na      $    1.09   $   1.09        na    $     1.08
   Revised Case - EBITDA Multiple                                         na      $    1.47   $   1.44        na    $     1.42
   Revised Case - Perpetual Growth                                        na      $    1.23   $   1.21        na    $     1.20

Acquisitions Premiums Analysis
   Control Acquisitions - Stock Price One Day Prior                       na      $    2.59   $   1.20  $    1.05   $     0.72
   Control Acquisitions - Stock Price Five Days Prior                     na      $    3.33   $   1.09  $    0.96   $     0.48
   Minority Interest Acquisitions - Stock Price One Day Prior             na      $    2.67   $   1.01  $    0.88   $     0.69
   Minority Interest Acquisitions - Stock Price Five Days Prior           na      $    2.58   $   0.91  $    0.81   $     0.60
   Minority Interest Acquisitions - Stock Price Thirty Days Prior         na      $    2.38   $   1.01  $    0.90   $     0.72


Adjusted Book Value Analysis
   Liquidation Premise                                             $   5,213             na   $   1.02         na           na

Premiums Paid Analysis
   As of November 16, 2001                                              63.8%
   One Day Prior                                                        61.4%
   Average 5 Days Prior                                                 84.0%
   Average 10 Days Prior                                                89.3%
   Average 20 Days Prior                                                83.3%
   Average 30 Days Prior                                                73.8%
   Average 60 Days Prior                                                65.1%
   Average 90 Days Prior                                                47.2%
   Average Six Months Prior                                             30.4%
   Average One Year Prior                                                4.0%


- --------------------------------------------------------------------------------
(1) Please reference the appropriate Analysis for further discussion and sources
    of information.

Page 35



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS


         .     The selected comparable company analysis provides a range of
               value, at a given point in time, based on the market's perception
               (as reflected in stock prices) of publicly traded companies
               deemed similar to BCT.

         .     The Company's distinct niche as a franchisor of wholesale
               printers eliminates the possibility of locating directly
               comparable public companies. Capitalink focused on the printing
               industry, locating six companies (the "Comparable Companies").

         .     Only one of the Comparable Companies, IPI Inc., is a franchisor.

         .     Based on its market value of approximately $3.5 million, BCT is
               smaller than all but one of the Comparable Companies.

         .     Capitalink focused on the Comparable Companies' respective market
               values relative to (a) last twelve months ("LTM") earnings per
               share ("EPS"), (b) estimated current fiscal year ("CFY") EPS, (c)
               estimated next fiscal year ("NFY") EPS, and (d) common equity.

         .     While earnings is the most relevant characteristic to be
               compared, only three of the Comparable Companies had a positive
               LTM EPS, and only one, Consolidated Graphics, Inc. had estimated
               CFY and NFY EPS. It is noted that Consolidated Graphics is
               considerably larger than the other Comparable Companies, both in
               terms of market value and revenue.

Page 36



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

         .     It is noted that the consideration in the Proposed Transaction
               falls in the lower end of the implied market values derived from
               the Comparable Companies' common equity multiple.

         .     Based both on the lack of publicly traded companies that are
               deemed directly comparable to BCT and on the lack of earnings
               characteristics for the Comparable Companies, Capitalink has not
               placed significant weight on the selected comparable company
               analysis.

         .     An analysis of publicly-traded comparable companies is not
               mathematical; rather it involves complex consideration and
               judgments concerning differences in financial and operating
               characteristics of the Comparable Companies and other factors
               that could affect the public trading of the Comparable Companies.

Page 37



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

 Comparable Company Analysis - Implied Value
 ($ in thousands, except per share)



                                                          Earnings
                                             -----------------------------------
                                               LTM       Est CFY (1)  Est NFY (1)   Common Equity
                                             ---------   -----------  ----------    ---------------
                                                                        
 BCT International                            $      98   $    519     $   371        $   14,540

- ---------------------------------------------------------------------------------------------------

Comparable Companies Multiples

   High                                           13.4x      10.2x        9.2x              0.8x
   Mean                                           11.4       10.2         9.2               0.7
   Median                                         12.5       10.2         9.2               0.7
   Low                                             8.4       10.2         9.2               0.4

Implied Range of Enterprise Value
   High                                             na         na          na                na
   Mean                                             na         na          na                na
   Median                                           na         na          na                na
   Low                                              na         na          na                na

Implied Range of Market Value (2)
   High                                      $   1,310   $  5,269     $ 3,420        $   12,154
   Mean                                          1,121      5,269       3,420             9,531
   Median                                        1,225      5,269       3,420             9,819
   Low                                             828      5,269       3,420             5,759

Implied Range of Market Value Per Share (3)
   High                                      $    0.26   $   1.03     $  0.67        $     2.37
   Mean                                           0.22       1.03        0.67              1.86
   Median                                         0.24       1.03        0.67              1.91
   Low                                            0.16       1.03        0.67              1.12

- ---------------------------------------------------------------------------------------------------

 _______________________________________________________________________________
(1) Estimates have been derived from Company Projections and Management.
(2) Assumes Net Debt of ($5,136). See DCF Analysis for calculation.
(3) Assumes 5,136 shares outstanding. See DCF Analysis for calculation.

Sources of information: SEC Edgar filings, Multex, Inc., Bloomberg, LP,
Commodity Systems, Inc., and/or Hoovers, Inc.

Page 38



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Valuation Multiples
($ in thousands, except per share data)



                                     % Below/Above                                Market Value as a Multiple of
                                                                         ----------------------------------------------
                           Stock
                           Price      52-week        Market   Enterprise               EPS            Common  Net Tang.
                                                                         ----------------------------
         Company         16-Nov-01    High-Low       Value     Value (1)   LTM  Est CFY(2) Est NFY(2) Equity  Common Eq
   --------------------  ---------  --------------  -------- ----------- ------ ---------- ---------- ------- ---------
                                                                                      
   Consolidated
   Graphics, Inc       $   16.040   27.4%  - 63.5%  $209,643  $445,461    13.4x    10.2x    9.2x       0.7x      2.1x

   Geographics, Inc.        0.090   79.5%  - 63.6%     3,437    13,819      na      na       na        0.7       1.6

   IPI Inc                  4.100   25.5%  - 98.8%    18,778    (7,402)     na      na       na        0.7       0.7

   Impreso, Inc             2.250   33.2%  - 50.0%    11,880    35,595    12.5      na       na        0.8       0.8

   iPrint Technologies      0.200   89.2%  - 25.0%     6,048     6,062      na      na       na        0.4       0.4

   Paris Corporation        3.040   17.8%  - 73.7%     9,941     2,768     8.4      na       na        0.6       0.6


                                                       --------------------------------------------------------------
                                                       High               13.4x    10.2x    9.2x       0.8x      2.1x
                                                       Mean               11.4     10.2     9.2        0.7       1.1
                                                       Median             12.5     10.2     9.2        0.7       0.8
                                                       Low                 8.4     10.2     9.2        0.4       0.4
                                                       -------------------------------------------------------------

   BCT International   $    0.690   57.5%  - 38.0%  $  3,533  $    643    69.0x     6.9x    9.6x       0.2x      0.2x


                                        Enterprise Value as a Multiple of    5 Year
                           ---------------------------------------------

                                    Revenue             LTM    LTM         EPS Growth
                           -------------------------
Company                    LTM Est CFY(2) Est NFY(2) EBIT   EBITDA Assets  Proj.(2)
                           --- ---------- ---------- ----   ------ ------  ---------
                                                      
Consolidated
Graphics, Inc                0.7x   0.7x     0.6x      9.7x   5.1x    0.7x   15.0%

Graphics, Inc                0.4     na       na        na     na     0.5      na

IPI Inc                       na     na       na        na     na      na      na

Impreso, Inc                 0.4     na       na      11.3    9.0     0.6      na

iPrint Technologies          0.5    0.6      0.4        na     na     0.3      na

Paris Corporation            0.1     na       na       1.3    1.0     0.1      na

                             -------------------------------------------------------
                             0.7x   0.7x     0.6x     11.3x   9.0x    0.7x   15.0%
                             0.4    0.6      0.5       7.4    5.0     0.5    15.0%
                             0.4    0.6      0.5       9.7    5.1     0.5    15.0%
                             0.1    0.6      0.4       1.3    1.0     0.1    15.0%
                             -------------------------------------------------------

BCT International            0.0x   0.0x     0.0x       na     na     0.0x     na

- --------------------------------------------------------------------------------
(1) Enterprise Value equals Market Value plus total debt, preferred stock, and
    minority interests, less cash.
(2) Sources of estimates: Multex Research and other various securities analysts'
    estimates and reports.

     Sources of information: SEC Edgar filings, Multex, Inc., Bloomberg, LP,
     Commodity Systems, Inc., and/or Hoovers, Inc.

Page 39



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Margin and Other Analyses
($ in thousands)



                                                                          LTM (1)
                            ----------------------------------------------------------------------------
                                               as Percentage of Revenue                  Return on
                            ----------------------------------------------------------------------------
                                      Gross          Operating                 Net   Average   Average
      Company       Ticker   Revenue  Margin  SG & A  Margin   EBITDA  EBIT   Income  Assets   Common Eq
- ------------------ -------- --------- ------  ------ --------  ------  ----   ------ -------   ---------
                                                                      
Consolidated
Graphics, Inc        CGX    $661,999  26.6%   18.7%    6.9%    13.2%    6.9%    2.3%   2.3%      5.3%

Geographics, Inc.    GGIT     35,922  12.3%   25.8%   13.4%     7.7%   13.5%   16.7%  22.6%    110.9%

IPI Inc              IDH       8,069  81.2%   80.1%  -12.8%     7.0%  -12.8%  -10.5%   2.9%      3.7%

Impreso, Inc         ZCOM     87,820  11.8%    8.4%    3.4%     4.5%    3.6%    1.1%   1.9%      6.7%

iPrint Technologies  IPRT     11,806  35.0%  147.0%  177.4%  -130.1%  164.1% -164.1%  71.4%    -87.9%

Paris Corporation    PBFI     43,232  12.7%    9.8%    2.9%     6.6%    5.1%    2.7%   5.8%      7.8%


                     --------------------------------------------------------------------------------
                     High   $661,999  81.2%  147.0%    6.9%    13.2%    6.9%    2.7%   5.8%      7.8%
                     Mean    141,475  29.9%   48.3%  -31.7%   -20.1%  -29.1%  -30.9% -14.5%   - 30.4%
                     Median   39,577  19.7%   22.3%   -4.9%    -1.3%   -4.6%   -4.7%  -0.5%      0.8%
                     Low       8,069  11.8%    8.4% -177.4%  -130.1% -164.1% -164.1% -71.4%   -110.9%
                     --------------------------------------------------------------------------------


BCT International   BCTI    $ 18,332  38.6%   39.0%   -1.7%    -0.1%   -1.4%    0.5%   0.6%      0.7%


                                                                    as of Latest Available Filing
- -----------------------------------------------------------------------------------------------------
                        Accts                   Days             Total Debt   Total Debt   Latest FY
                     Receivable  Inventory     Sales    Current   to Total        to        Revenue
      Company         Turnover   Turnover   Outstanding  Ratio  Capitalization  EBITDA      Growth
- -------------------- --------------------------------------------------------------------------------
                                                                         
Consolidated
Graphics, Inc           5.8x      15.52x       63.2       2.1        44.8%      2.8x          9.4%

Geographics, Inc.       5.6        4.53x       65.0       0.7        67.4%       na          34.3%

IPI Inc                 6.6        7.09x       55.6       5.1         0.2%       na          -9.6%

Impreso, Inc            8.9        2.68x       41.0       1.3        62.7%      6.0x         20.5%

iPrint Technologies     5.9          na        62.3       3.0         0.1%       na         424.2%

Paris Corporation       8.0        9.80x       45.7       3.5         8.2%      0.5x         21.4%


                       -----------------------------------------------------------------------------
            High        8.9x       15.5x       65.0       5.1        67.4%      6.0x        424.2%
            Mean        6.8         7.9        55.5       2.6        30.6%      3.1          83.4%
            Median      6.2         7.1        59.0       2.6        26.5%      2.8          20.9%
            Low         5.6         2.7        41.0       0.7         0.1%      0.5          -9.6%
                       -----------------------------------------------------------------------------


BCT International       6.5x       4.76x       55.9       7.4         1.9%       na          -1.6%


________________________________________________________________________________

(1) May exclude special items, such as extraordinary and non-recurring
    expenses. See individual company overviews for details of exclusions, if
    any.

Sources of information: SEC Edgar filings, Multex, Inc., Bloomberg, LP,
Commodity Systems, Inc., and/or Hoovers, Inc.

Page 40



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Income Statement Overview
($ in thousands, except per share data)



                                   Revenue              EBITDA (1)           EBIT (1)            Net Income (1)        EPS (1)
                             --------------------  -------------------  -------------------   -------------------  ----------------
                                          Latest               Latest               Latest                Latest             Latest
        Company                  LTM       10-K       LTM       10-K       LTM       10-K        LTM       10-K       LTM     10-K
- ---------------------------  ---------- ---------  ---------  --------  ---------  --------   ---------  --------  --------  ------
                                                                                               
Consolidated Graphics, Inc    $661,999   $683,396  $ 87,129   $ 97,063  $ 45,985   $ 58,280   $ 15,541   $ 22,111   $ 1.20   $ 1.68

Geographics, Inc.               35,922     36,602    (2,783)    (2,064)   (4,862)    (3,863)    (6,002)    (5,007)   (0.17)   (0.14)

IPI Inc                          8,069      9,294      (567)       330    (1,030)      (204)      (851)      (192)   (0.17)   (0.04)

Impreso, Inc                    87,820     74,118     3,962      3,481     3,156      2,792        934        931     0.18     0.18

iPrint Technologies             11,806     17,069   (15,365)   (32,017)  (19,369)   (35,975)   (19,369)   (35,975)   (0.62)   (1.39)

Paris Corporation               43,232     43,011     2,847      1,991     2,191      1,263      1,166        663     0.36     0.21


                     ---------------------------------------------------------------------------------------------------------------
                      High    $661,999   $683,396  $ 87,129   $ 97,063  $ 45,985   $ 58,280   $   15,541 $ 22,111   $ 1.20   $ 1.68
                      Mean     141,475    143,915    12,537     11,464     4,345      3,716       (1,430)  (2,912)    0.13     0.08
                      Median    39,577     39,807     1,140      1,161       581        530           42      235     0.00     0.07
                      Low        8,069      9,294   (15,365)   (32,017)  (19,369)   (35,975)     (19,369) (35,975)   (0.62)   (1.39)
                     ---------------------------------------------------------------------------------------------------------------



BCT International             $ 18,332   $ 18,999  $    (16)  $    988   $  (261)  $    756   $       98 $    695   $ 0.01   $ 0.13


                               Latest     Latest

                              Available  Available
         Company                10-Q       10-K
- ---------------------------   ---------  ---------
                                   
Consolidated Graphics, Inc    30-Sep-01  31-Mar-01

Geographics, Inc.             30-Jun-01  31-Mar-01

IPI Inc                       31-Aug-01  30-Nov-00

Impreso, Inc                  31-May-01  31-Aug-00

iPrint Technologies           30-Sep-01  31-Dec-00

Paris Corporation             30-Jun-01  30-Sep-00





BCT International              31-Aug-01  28-Feb-01


- --------------------------------------------------------------------------------
(1) May exclude special items, such as extraordinary and non-recurring expenses.
    See individual company overviews for details of exclusions, if any.

Sources of information: SEC Edgar filings, Multex, Inc., Bloomberg, LP,
Commodity Systems, Inc., and/or Hoovers, Inc.

Page 41



  BCT International, Inc.                                           CONFIDENTIAL
  ------------------------------------------------------------------------------
  VALUATION ANALYSIS
  SELECTED COMPARABLE COMPANY ANALYSIS

Comparable Company Analysis - Balance Sheet Overview
($ in thousands)



                                                             As of Latest Available Filing
                        --------------------------------------------------------------------------------------------------------
                           Cash,                                   Total                                              Total
                        Equivalents    Accounts                   Current                 Intangibles,     Total     Current
Company                  & Mrkt Sec   Receivables  Inventory       Assets      PPE, net       net         Assets   Liabilities
- ----------------------  -----------   ----------  -----------   ----------   -----------   ----------   ---------   ----------
                                                                                            
Consolidated            $     6,850   $  113,255  $    31,045   $  161,768   $   287,603   $  200,904   $ 657,829   $   77,532

Graphics, Inc

Geographics, Inc.               177        5,453        7,268       13,463         9,141        2,907      25,753       18,013

IPI Inc                      26,229        1,089          187       29,705           660        2,624      33,594        5,863

Impreso, Inc                    198       10,800       36,667       48,138        10,562            -      58,940       37,382

iPrint Technologies           7,446        2,156            -       14,719         2,657            -      20,137        4,860

Paris Corporation             8,537        5,401        3,842       18,750         1,598            -      20,921        5,358



          High          $    26,229   $  113,255  $    36,667   $  161,768   $   287,603   $  200,904   $ 657,829   $   77,532
          Mean                8,240       23,026       13,168       47,757        52,037       34,406     136,196       24,835
          Median              7,148        5,427        5,555       24,228         5,899        1,312      29,674       11,938
          Low                   177        1,089            -       13,463           660            -      20,137        4,860



BCT International       $     3,170   $    2,043  $     2,375   $    8,170   $       423   $      219   $  16,156   $    1,102



                         ----------------------------------------------------
                                                          Net         Latest
                            Total         Total        Tangible     Available
Company                      Debt       Common Eq      Common Eq      Filing
- ----------------------    -----------   ----------   -----------    ---------
                                                            
Consolidated              $   242,668   $  298,423   $    97,519    30-Sep-01

Graphics, Inc

Geographics, Inc.              10,559        5,113         2,206    30-Jun-01

IPI Inc                            49       27,682        25,058    31-Aug-01

Impreso, Inc                   23,913       14,212        14,212    31-May-01

iPrint Technologies                14       15,269        15,269    30-Sep-01

Paris Corporation               1,364       15,338        15,338    30-Jun-01



          High            $   242,668   $  298,423   $    97,519
          Mean                 46,428       62,673        28,267
          Median                5,962       15,304        15,304
          Low                      14        5,113         2,206



BCT International         $       280   $   14,540   $    14,321    31-Aug-01



- --------------------------------------------------------------------------------
Sources of information: SEC Edgar filings, Multex, Inc., Bloomberg, LP,
Commodity Systems, Inc., and/or Hoovers, Inc.


  Page 42



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                       Consolidated Graphics, Inc Overview
- --------------------------------------------------------------------------------

                                                                                          
            Name  Consolidated Graphic       Address 5858 Westheimer       Officers Joe Davis           Attorneys
          Symbol  CGX                   City, State Zip Houston, TX 77057           Charles White        Auditors  Arthur Andersen
Latest Fiscal YE  31-Mar-01                   Telephone 713-787-0977                Wayne Rose     Transfer Agent  American Stock
 Latest Rprt Per  30-Sep-01                      Fax 713-787-5013                                                  Transfer & Trust



Consolidated Graphics has bought more than 60 medium-sized printing firms since
1985. CGX, which is one of the nation's largest commercial printers, generates
most of its sales by printing items such as brochures, catalogs, and direct mail
fliers. The company also provides electronic services (online digital asset
management, online purchasing) and fulfillment services.

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)



                                             LTM              Six Months Ended                Fiscal Years Ended
                                                           ------------------------        ------------------------
                                            Sep-01          Sep-01          Sep-00          Mar-01          Mar-00
                                           --------        ------------------------        ------------------------
                                                                                            
Revenue                                    $661,999        $ 324,59        $345,989        $683,396        $624,895
COGS                                        485,738         238,882         247,302         494,158         437,345
                                           --------        ------------------------        ------------------------
                     Gross Profit           176,261          85,710          98,687         189,238         187,550
Selling, General &                          123,983          61,312          61,994         124,665         109,944
Administrative
Research & Development                            -               -               -               -               -
Other Operating                               6,440               -               -           6,440               -
                                           --------        ------------------------        ------------------------
                 Operating Income            45,838          24,398          36,693          58,133          77,606
Interest Expense, net                        19,660           8,764          10,109          21,005          13,584
Other, net                                      147               -               -             147             108
                                           --------        ------------------------        ------------------------
                   Pre-tax Income            26,325          15,634          26,584          37,275          64,130
Taxes                                        10,784           6,254          10,634          15,164          25,651
                                           --------        ------------------------        ------------------------
                 After-tax Income            15,541           9,380          15,950          22,111          38,479

Minority Interest                                 -               -               -               -               -
Equity in Affiliates                              -               -               -               -               -
            Normalized Net Income            15,541           9,380          15,950          22,111          38,479
Preferred Dividends                               -               -               -               -               -
                                           --------        ------------------------        ------------------------
  Normalized Net Income to Common          $ 15,541        $  9,380        $ 15,950        $ 22,111        $ 38,479
                                           ========        ========================        ========================
                             EBIT          $ 45,985        $ 24,398        $ 36,693        $ 58,280        $ 77,714
      Depreciation & Amortization          $ 41,144        $ 20,832        $ 18,471        $ 38,783        $ 32,881
                           EBITDA          $ 87,129        $ 45,230        $ 55,164        $ 97,063        $110,595
                            CAPEX          $ 21,852        $  7,485        $ 12,067        $ 26,434        $ 25,172
                   EBITDA - CAPEX          $ 65,277        $ 37,745        $ 43,097        $ 70,629        $ 85,423
         GAAP Operating Cash Flow          $ 61,951        $ 28,304        $ 34,471        $ 68,118        $ 68,319

- --------------------------------------------------------------------------------


- --------------------------------------------------------------------------------------------------------
Special Item Reconciliation:
                                                                                  
Pre-tax Special Items
          Unusual Items                                 $      -   $     - $       -  $      -   $     -
          Accounting Changes                            $      -   $     - $       -  $      -   $     -
          Discontinued                                  $      -   $     - $       -  $      -   $     -
          Operations
          Extraordinary Items                           $      -   $     - $       -  $      -   $     -
          Total                                         $      -   $     - $       -  $      -   $     -
Total After-tax Special Items                           $      -   $     - $       -  $      -   $     -
Tax Provision on Special Items                          $      -   $     - $       -  $      -   $     -
Reported Taxes                                          $ 10,784   $ 6,254 $  10,634  $ 15,164   $25,651
Reported Net Income                                     $ 15,541   $ 9,380 $  15,950  $ 22,111   $38,479
- --------------------------------------------------------------------------------------------------------



- --------------------------------------------------------------------------------------------------------
                                                                                  
Basic Reported Weighted Avg Shares Out (000's)                      13,054    13,318    13,142    15,155
Basic Normalized EPS                                    $   1.20   $  0.72 $    1.20  $   1.68   $  2.54
Basic Reported EPS                                      $   1.20   $  0.72 $    1.20  $   1.68   $  2.54
Diluted Reported Weighted Avg Shares Out (000's)                    13,334    13,329    13,186    15,336
Diluted Normalized EPS                                  $   1.18   $  0.70 $    1.20  $   1.68   $  2.51
Diluted Reported EPS                                    $   1.18   $  0.70 $    1.20  $   1.68   $  2.51

- --------------------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                     Profitability Ratios (as % of Revenue)
- --------------------------------------------------------------------------------
Core Gross Profit            26.6%       26.4%     28.5%     27.7%     30.0%
S,G & A                      18.7%       18.9%     17.9%     18.2%     17.6%
Operating Income              6.9%        7.5%     10.6%      8.5%     12.4%
Pre-Tax                       4.0%        4.8%      7.7%      5.5%     10.3%
EBIT                          6.9%        7.5%     10.6%      8.5%     12.4%
EBITDA                       13.2%       13.9%     15.9%     14.2%     17.7%
Normalized Net Income         2.3%        2.9%      4.6%      3.2%      6.2%
Reported Net Income           2.3%        2.9%      4.6%      3.2%      6.2%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------



($ in thousands, except per share)                                As of             As of
                                                                            ---------------------
                                                                30-Sep-01     Mar-01      Mar-00
                                                                ---------   ---------------------
                                                                               
Cash & Equivalents                                              $   6,850   $   8,667   $   8,197
Marketable Securities                                                   -           -           -
                                                                ---------   ---------------------
Total Cash & Mkt Securities                                         6,850       8,667       8,197
Accounts Receivable                                               113,255     116,095     115,646
Inventory                                                          31,045      31,536      32,670
Other Current Assets                                               10,618       8,628       8,518
                                                                ---------   ---------------------
             Total Current Assets                                 161,768     164,926     165,031
PPE, net                                                          287,603     299,871     310,344
Intangibles, net                                                  200,904     203,030     198,588
Investments                                                             -           -           -
Other Assets                                                        7,554       6,840       6,885
                                                                ---------   ---------------------
               Total Assets                                     $ 657,829   $ 674,667   $ 680,848
                                                                =========   =====================

Accounts Payable                                                $  23,994   $  33,865   $  55,780
Accrued Expenses                                                   32,425      32,609      35,260
Short Term Debt                                                    16,443      18,711       5,083
Short Term Capital Leases                                               -           -           -
Other Current Liabilities                                           4,670         253       3,607
                                                                ---------   ---------------------
        Total Current Liabilities                                  77,532      85,438      99,730
Other LT Liabilities                                               55,649      54,966      47,180
Long Term Debt                                                    226,225     246,729     261,407
Long Term Capital Leases                                                -           -           -
Minority Interests                                                      -           -           -
Pref Stock (Liq Value)                                                  -           -           -
                                                                ---------   ---------------------
                     Total Liabilities & Pref Stock               359,406     387,133     408,317
                                                                ---------   ---------------------
Common Equity                                                     298,423     287,534     272,531
                                                                ---------   ---------------------
     Total Liabilities & Equity                                 $ 657,829   $ 674,667   $ 680,848
                                                                =========   =====================
Common Shares Outstanding (000's)                                  13,134      13,019      13,708
          Cash Value per share                                  $    0.52   $    0.67   $    0.60
          Book Value per share                                  $   22.72   $   22.09   $   19.88
   Tangible Book Value per share                                $    7.42   $    6.49   $    5.39

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                         5.77 x           5.90 x          5.40 x
Inventory Turnover                  15.52 x          15.39 x         13.39 x
Asset Turnover                       0.99 x           1.01 x          0.92 x
Days Sales Outstanding               63.2             61.9            67.5
Days Inventory Outstanding           23.5             23.7            27.3
Days Payable Outstanding             17.1             26.2            37.2
Return on Avg Assets                  2.3%             3.3%             na
Return on Avg Common Equity           5.3%             7.9%             na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                           2.09          1.93             1.65
Quick Ratio                             1.69          1.56             1.33
Total Debt                         $ 242,668     $ 265,440        $ 266,490
Net Debt                           $ 235,818     $ 256,773        $ 258,293
Total Capitalization               $ 541,091     $ 552,974        $ 539,021
Total Debt/Total Capitalization         44.8%         48.0%            49.4%
Net Debt/Total Capitalization           43.6%         46.4%            47.9%
Total Debt/EBITDA                       2.79 x        2.73 x           2.41 x
EBITDA/Interest Expense                 4.43 x        4.62 x           8.14 x
EBITDA-CAPEX/Interest Expense           3.32 x        3.36 x           6.29 x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                      16-Nov-01
Exchange                                             NYSE
Stock Price                                  $      16.04
52 Week High                                 $      22.10
52 Week Low                                  $       9.81
Avg. Daily Volume (000's)                              35
Beta                                                 0.72
Shares Outstanding (000's)                         13,070
Total Outstanding Warrants & Options (000's)            -
Float (000's)                                       8,800

Market Cap                                   $  209,642.8
Enterprise Value (EV)                        $  445,460.8

Institutional
   % Owned                                          40.00%
   Number of Institutions                             157
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                            Multiple of
                                       ---------------------
                                       Market Cap      EV
                                       ---------------------
Latest Twelve Months
   Revenue                                  0.32x      0.67x
   EBIT                                     4.56x      9.69x
   EBITDA                                   2.41x      5.11x
   Normalized Net Income                   13.49x     28.66x
   Basic Normalized EPS                    13.37x

Projected
   Mar-02 Mean Revenue                      0.31x      0.67x
   Mar-02 Mean Revenue                      0.30x      0.65x
   Mar-02 Mean EPS                         10.15x        na
   Mar-03 Mean EPS                          9.22x        na
Most Recent Filing
   Assets                                   0.32x      0.68x
   Common Equity                            0.70x      1.49x
   Tangible Common Equity                   2.15x      4.57x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending             # Ests       Revenue          EPS
- --------------------------------------------------------------------------------
March-02                       2    $668,700     $       1.58
March-03                       2    $688,760     $       1.74
LT Growth                      1          na            15.00%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------
                     Six Months Ended                  Fiscal Years Ended
                          Sep-01                             Mar-01
                     ----------------                  ------------------
Revenue                    -6.2%                                9.4%
EBIT                      -33.5%                              -25.0%
EBITDA                    -18.0%                              -12.2%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Notes



- --------------------------------------------------------------------------------
Sources: Multex, Yahoo Finance, and Hoovers

Page 43



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                           Geographics, Inc. Overview
- --------------------------------------------------------------------------------

            Name     Geographics, Inc.
          Symbol     GGIT
Latest Fiscal YE     31-Mar-01
 Latest Rprt Per     30-Jun-01

      Address 1555 Odell Road
City, State Zip Blaine, WA 98231
      Telephone 360-332-6711
         Fax 360-332-6352

Officers James Dorman
         William Graham
         John Rossmiller
         William Paquin

            Attorneys
          Auditors KPMG
Transfer Agent Montreal Trust Centre
- --------------------------------------------------------------------------------
Geographics is primarily engaged in the development, manufacture, marketing and
distribution of specialty paper products, generally made using pre-printed
designs, including stationery, business cards, brochures, memo pads, and poster
boards. Geographics is also engaged in the development, marketing and
distribution of plastic ready-to-assemble filing and storage cabinets.
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)



                                      LTM       Three Months Ended     Fiscal Years Ended
                                              ----------------------  --------------------
                                     Jun-01      Jun-01     Jun-00      Mar-01    Mar-00
                                    --------- ----------------------  --------------------
                                                                   
Revenue                             $ 35,922    $ 8,524    $ 9,204    $ 36,602    $27,255
COGS                                  31,486      7,039      6,499      30,946     18,999
                                    --------- ----------------------  --------------------
                 Gross Profit          4,436      1,485      2,705       5,656      8,256
Selling, General & Administrative      9,267      1,915      2,135       9,487      7,576
Research & Development                     -          -          -           -          -
Other Operating                            -          -          -           -          -
                                    --------- ----------------------  --------------------
             Operating Income         (4,831)      (430)       570      (3,831)       680
Interest Expense, net                  1,140        218        222       1,144        927
Other, net                               (31)       (13)       (14)        (32)       483
                                    --------- ----------------------  --------------------
               Pre-tax Income         (6,002)      (661)       334      (5,007)       236
Taxes                                      -          -          -           -          -
                                    --------- ----------------------  --------------------
             After-tax Income         (6,002)      (661)       334      (5,007)       236

Minority Interest                          -          -          -           -          -
Equity in Affiliates                       -          -          -           -          -
                                    --------- ----------------------  --------------------
        Normalized Net Income         (6,002)      (661)       334      (5,007)       236
Preferred Dividends                        -          -          -           -          -
                                    --------- ----------------------  --------------------
     Normalized Net Income to
                       Common       $ (6,002)   $  (661)   $   334    $  5,007)   $   236
                                    ========= ======================  ====================
                         EBIT       $ (4,862)   $  (443)   $   556    $ (3,863)   $ 1,163
     Depreciation & Amortization    $  2,079    $   687    $   407    $  1,799    $ 1,330

                       EBITDA       $ (2,783)   $   244    $   963    $ (2,064)   $ 2,493
                        CAPEX       $  1,534    $   507    $    77    $  1,104    $   444
               EBITDA - CAPEX       $ (4,317)   $  (263)   $   886    $ (3,168)   $ 2,049
        GAAP Operating Cash Flow    $   (242)   $   386    $   274    $   (354)   $(2,621)
- -------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
Special Item Reconciliation:
Pre-tax Special Items
          Unusual Items      $      -   $      -  $     -  $      -    $    -
          Accounting Changes $      -   $      -  $     -  $      -    $    -
          Discontinued       $      -   $      -  $     -  $      -    $    -
          Operations
          Extraordinary      $      -   $      -  $     -  $      -    $    -
          Items
          Total              $      -   $      -  $     -  $      -    $    -
Total After-tax Special      $      -   $      -  $     -  $      -    $    -
Items
Tax Provision on Special     $      -   $      -  $     -  $      -    $    -
Items
Reported Taxes               $      -   $      -  $     -  $      -    $    -
Reported Net Income          $ (6,002)  $   (661) $   334  $ (5,007)   $  236
- --------------------------------------------------------------------------------


- ----------------------------------------------------------------------------------------------------
                                                                            
Basic Reported Weighted Avg Shares Out (000's)                35,284    35,832    35,284     19,442
Basic Normalized EPS                              $ (0.17) $   (0.02)  $  0.01  $  (0.14)   $  0.01
Basic Reported EPS                                $ (0.17) $   (0.02)  $  0.01  $  (0.14)   $  0.01
Diluted Reported Weighted Avg Shares Out (000's)              35,284    36,711    35,284     20,599
Diluted Normalized EPS                            $ (0.17) $   (0.02)  $  0.01  $  (0.14)   $  0.01
Diluted Reported EPS                              $ (0.17) $   (0.02)  $  0.01  $  (0.14)   $  0.01
- ----------------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
                     Profitability Ratios (as % of Revenue)
- --------------------------------------------------------------------------------
Core Gross Profit                12.3%      17.4%    29.4%     15.5%     30.3%
S,G & A                          25.8%      22.5%    23.2%     25.9%     27.8%
Operating Income                 13.4%       5.0%     6.2%    -10.5%      2.5%
Pre-Tax                         -16.7%      -7.8%     3.6%    -13.7%      0.9%
EBIT                             13.5%      -5.2%     6.0%     10.6%      4.3%
EBITDA                           -7.7%       2.9%    10.5%     -5.6%      9.1%
Normalized Net Income            16.7%       7.8%     3.6%     13.7%      0.9%
Reported Net Income             -16.7%      -7.8%     3.6%    -13.7%      0.9%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)        As of                 As of
                                                    ----------------------------
                                        30-Jun-01       Mar-01         Mar-00
                                       -----------  ----------------------------
Cash & Equivalents                      $     177     $     421      $     361
Marketable Securities                           -             -              -
                                       -----------  ----------------------------
Total Cash & Mkt                              177           421            361
Securities
Accounts Receivable                         5,453         7,344          6,079
Inventory                                   7,268         6,634          5,301
Other Current Assets                          565           604            562
                                       -----------  ----------------------------
             Total Current Assets          13,463        15,003         12,303
PPE, net                                    9,141         9,007          9,305
Intangibles, net                            2,907         3,127            317
Investments                                                   -              -
Other Assets                                  242           198            442
                                       -----------  ----------------------------
               Total Assets             $  25,753     $  27,335      $  22,367
                                       ===========  ============================

Accounts Payable                        $   5,919     $   5,401      $   3,699
Accrued Expenses                            2,881         4,237          2,084
Short Term Debt                             7,932         8,407          5,765
Short Term Capital Leases                       -             -              -
Other Current Liabilities                   1,281         1,950          1,628
                                       -----------  ----------------------------
        Total Current Liabilities          18,013        19,995         13,176
Other LT Liabilities                            -             -              -
Long Term Debt                              2,627         1,629          3,539
Long Term Capital Leases                        -             -              -
Minority Interests                              -             -              -
Pref Stock (Liq Value)                          -             -              -
                                       -----------  ----------------------------
     Total Liabilities & Pref Stock        20,640        21,624         16,715
                                       -----------  ----------------------------
Common Equity                               5,113         5,711          5,652
                                       -----------  ----------------------------
     Total Liabilities & Equity         $  25,753     $  27,335      $  22,367
                                       ===========  ============================

Common Shares Outstanding (000's)          38,192        38,193         26,966
          Cash Value per share          $    0.00     $    0.01      $    0.01
          Book Value per share          $    0.13     $    0.15      $    0.21
  Tangible Book Value per share         $    0.06     $    0.07      $    0.20
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                            5.61 x      5.45 x      4.48 x
Inventory Turnover                      4.53 x      5.19 x      3.58 x
Asset Turnover                          1.35 x      1.47 x      1.22 x
Days Sales Outstanding                  65.0        66.9        81.4
Days Inventory Outstanding              80.6        70.4       101.8
Days Payable Outstanding                50.7        41.1        50.8
Return on Avg Assets                   -22.6%      -20.1%         na
Return on Avg Common Equity           -110.9%      -88.1%         na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                             0.75        0.75           0.93
Quick Ratio                               0.34        0.42           0.53
Total Debt                            $ 10,559    $ 10,036       $  9,304
Net Debt                              $ 10,382    $  9,615       $  8,943
Total Capitalization                  $ 15,672    $ 15,747       $ 14,956
Total Debt/Total Capitalization           67.4%       63.7%          62.2%
Net Debt/Total Capitalization             66.2%       61.1%          59.8%
Total Debt/EBITDA                           na          na           3.73 x
EBITDA/Interest Expense                     na          na           2.69 x
EBITDA-CAPEX/Interest Expense               na          na           2.21 x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                                         16-Nov-01
Exchange                                              OTC BB
Stock Price                                     $       0.09
52 Week High                                    $       0.44
52 Week Low                                     $       0.06
Avg. Daily Volume (000's)                                 18
Beta                                                   (0.28)
Shares Outstanding (000's)                            38,190
Total Outstanding Warrants & Options (000's)               -
Float (000's)                                         26,000
Market Cap                                      $    3,437.1
Enterprise Value (EV)                           $   13,819.1
Institutional
   % Owned                                              0.00%
   Number of Institutions                                  -
- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                             Multiple of
                                                --------------------------------
                                                   Market Cap           EV
                                                --------------------------------
Latest Twelve Months
   Revenue                                               0.10x          0.38x
   EBIT                                                    na             na
   EBITDA                                                  na             na
   Normalized Net Income                                   na             na
   Basic Normalized EPS                                    na
Projected
   Dec-01 Mean Revenue                                     na             na
   Dec-01 Mean Revenue                                     na             na
   Dec-01 Mean EPS                                         na             na
   Dec-02 Mean EPS                                         na             na
Most Recent Filing
   Assets                                                0.13x          0.54x
   Common Equity                                         0.67x          2.70x
   Tangible Common Equity                                1.56x          6.26x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                                # Ests      Revenue      EPS
- --------------------------------------------------------------------------------
December-01                                      -     $      -    $       -
December-02                                      -     $      -    $       -
LT Growth                                        -             na           na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                              Period Growth Rates
- --------------------------------------------------------------------------------
                                        Three Months Ended    Fiscal Years Ended
                                              Jun-01                 Mar-01
                                         ----------------      ----------------
Revenue                                           -7.4%                   34.3%
EBIT                                            -179.7%                 -432.2%
EBITDA                                           -74.7%                 -182.8%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes




- --------------------------------------------------------------------------------
Sources: Multex, Yahoo Finance, and Hoovers

Page 44



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS
- --------------------------------------------------------------------------------
                                IPI Inc Overview
- --------------------------------------------------------------------------------
Name              IPI Inc
Symbol            IDH
Latest Fiscal YE  30-Nov-00
Latest Rprt Per   31-Aug-01

Address 8091 Wallace Road
City, State Zip Eden Prairie, MN 55344
Telephone 952-975-6200
Fax 952-975-6262

Officers Robert Sutter
         David Engel
         David Oswald
         Margo Barnhart

               Attorneys
Auditors       Arthur Andersen
Transfer Agent Norwest Bank Minnesota

IPI has about 220 franchised Insty-Printslocations which provide graphic design,
typesetting, binding, and other commercial printing services to companies for
products such as stationery, business cards, forms, brochures, and overhead
transparencies. Subsidiary Change of Mind Learning Systems franchises
Dreamcatcher Learning Centers, which provide supplemental education in reading,
writing, math, G.E.D. & college prep studies.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- --------------------------------------------------------------------------------

($ in thousands, except per share)

                                LTM    Nine Months Ended   Fiscal Years Ended
                                       -----------------  -------------------
                              Aug-01   Aug-01    Aug-00    Nov-00     Nov-99
                             --------  -----------------  -------------------
Revenue                      $  8,069  $ 5,851  $  7,076  $  9,294  $  10,278
COGS                            1,521    4,999     5,944     2,466      3,026
                             --------  -----------------  -------------------
               Gross Profit     6,548      852     1,132     6,828      7,252

Selling, General &
Administrative                  6,466    1,059       513     5,920      4,853
Research & Development              -        -         -         -          -
Other Operating                 1,112        -         -     1,112        240
                             --------  -----------------  -------------------
           Operating Income    (1,030)    (207)      619      (204)     2,159

Interest Expense, net             388      (89)     (360)      117          -
Other, net                          -        -         -         -          -
                             --------  -----------------  -------------------
             Pre-tax Income    (1,418)    (118)      979      (321)     2,159
Taxes                            (567)     (47)      391      (129)       864
                             --------  -----------------  -------------------
           After-tax Income      (851)     (71)      588      (192)     1,295
Minority Interest                   -        -         -         -          -
Equity in Affiliates                -        -         -         -          -
                             --------  -----------------  -------------------
      Normalized Net Income      (851)     (71)      588      (192)     1,295

Preferred Dividends                 -        -         -         -          -
                             --------  -----------------  -------------------
Normalized Net Income to
   Common                    $   (851) $   (71) $    588  $   (192) $   1,295
                             ========  =================  ===================

                        EBIT $ (1,030) $  (207) $    619  $   (204) $   2,159
 Depreciation & Amortization $    463  $   328  $    399  $    534  $     440
                      EBITDA $   (567) $   121  $  1,018  $    330  $   2,599
                       CAPEX $    185  $   101  $    125  $    209  $     371
              EBITDA - CAPEX $   (752) $    20  $    893  $    121  $   2,228
    GAAP Operating Cash Flow $ (2,153) $(1,592) $  1,292  $    731  $   2,214
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Special Item Reconciliation:

Pre-tax Special Items
          Unusual Items      $ 16,578  $16,148  $    474 $     904  $     811
          Accounting Changes $      -  $     -  $      - $       -  $       -
          Discontinued       $      -  $     -  $      - $       -  $       -
          Operations
          Extraordinary      $      -  $     -  $      - $       -  $       -
          Items
          Total              $ 16,578  $16,148  $    474 $     904  $     811
Total After-tax Special
  Items                      $  9,947  $ 9,689  $    284 $     542  $     487
Tax Provision on Special
Items                        $  6,631  $ 6,459  $    190 $     362  $     324
Reported Taxes               $  6,064  $ 6,412  $    581 $     233  $   1,188
Reported Net Income          $  9,096  $ 9,618  $    872 $     350  $   1,782
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Basic Reported Weighted Avg
 Shares Out (000's)                      4,859     4,843     4,847      4,734
Basic Normalized EPS         $  (0.17) $ (0.01) $   0.12 $   (0.04) $    0.27
Basic Reported EPS           $   1.87  $  1.98  $   0.18 $    0.07  $    0.38
Diluted Reported Weighted
 Avg Shares Out (000's)                  4,859     4,843     4,847      4,734
Diluted Normalized EPS       $  (0.17) $ (0.01) $   0.12 $   (0.04) $    0.27
Diluted Reported EPS         $   1.87  $  1.98  $   0.18 $    0.07  $    0.38
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                     Profitability Ratios (as % of Revenue)
- --------------------------------------------------------------------------------
Core Gross Profit                81.2%    14.6%     16.0%     73.5%      70.6%
S,G & A                          80.1%    18.1%      7.2%     63.7%      47.2%
Operating Income                -12.8%     3.5%      8.7%     -2.2%      21.0%
Pre-Tax                          17.6%    -2.0%     13.8%     -3.5%      21.0%
EBIT                            -12.8%     3.5%      8.7%     -2.2%      21.0%
EBITDA                            7.0%     2.1%     14.4%      3.6%      25.3%
Normalized Net Income           -10.5%     1.2%      8.3%      2.1%      12.6%
Reported Net Income             112.7%   164.4%     12.3%      3.8%      17.3%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------

($ in thousands, except per share)           As of          As of
                                                     ------------------
                                           31-Aug-01  Nov-00     Nov-99
                                           --------- ------------------
Cash & Equivalents                         $   8,370 $    643  $  2,022
Marketable Securities                         17,859   15,638     6,504
                                           --------- ------------------
Total Cash & Mkt Securities                   26,229   16,281     8,526
Accounts Receivable                            1,089    1,370     1,371
Inventory                                        187      242       271
Other Current Assets                           2,200    2,103     4,591
                                           --------- ------------------
             Total Current Assets             29,705   19,996    14,759

PPE, net                                         660      776     1,246
Intangibles, net                               2,624    3,393     3,151
Investments                                        -        -         -
Other Assets                                     605      753       860
                                           --------- ------------------
                     Total Assets          $  33,594 $ 24,918  $ 20,016
                                           ========= ==================

Accounts Payable                           $     281 $    676  $    485
Accrued Expenses                                 861    1,023       878
Short Term Debt                                    -    4,438         -
Short Term Capital Leases                          -        -         -
Other Current Liabilities                      4,721      200       390
                                           --------- ------------------
        Total Current Liabilities              5,863    6,337     1,753

Other LT Liabilities                               -        -         -
Long Term Debt                                     -        -         -
Long Term Capital Leases                          49      105       319
Minority Interests                                 -        -         -
Pref Stock (Liq Value)                             -        -         -
                                           --------- ------------------
   Total Liabilities & Pref Stock              5,912    6,442     2,072
                                           --------- ------------------
Common Equity                                 27,682   18,476    17,944
                                           --------- ------------------
       Total Liabilities & Equity          $  33,594 $ 24,918  $ 20,016
                                           ========= ==================

Common Shares Outstanding (000's)              4,859    4,859     4,734
             Cash Value per share          $    5.40 $   3.35  $   1.80
             Book Value per share          $    5.70 $   3.80  $   3.79
    Tangible Book Value per share          $    5.16 $   3.10  $   3.12
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------

A/R Turnover                                    6.56x    6.78x     7.50x
Inventory Turnover                              7.09x    9.61x    11.17x
Asset Turnover                                  0.28x    0.41x     0.51x
Days Sales Outstanding                          55.6     53.8      48.7
Days Inventory Outstanding                      51.5     38.0      32.7
Days Payable Outstanding                        19.2     22.3      21.8
Return on Avg Assets                            -2.9%    -0.9%     na
Return on Avg Common Equity                     -3.7%    -1.1%     na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------

Current Ratio                                   5.07     3.16      8.42
Quick Ratio                                     5.03     3.12      8.26
Total Debt                                 $      49 $  4,543  $    319
Net Debt                                   $ (26,180)$(11,738) $ (8,207)
Total Capitalization                       $  27,731 $ 23,019  $ 18,263
Total Debt/Total Capitalization                  0.2%    19.7%      1.7%
Net Debt/Total Capitalization                  -94.4%   -51.0%    -44.9%
Total Debt/EBITDA                               na      13.77x     0.12x
EBITDA/Interest Expense                         na       2.82x       na
EBITDA-CAPEX/Interest Expense                   na       1.03x       na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Market Information

As of Date                                                     16-Nov-01
Exchange                                                            AMEX
Stock Price                                                    $    4.10
52 Week High                                                   $    5.50
52 Week Low                                                    $    2.06
Avg. Daily Volume (000's)                                              9
Beta                                                                0.15
Shares Outstanding (000's)                                         4,580
Total Outstanding Warrants & Options (000's)                           -
Float (000's)                                                      1,500

Market Cap                                                     $18,778.0
Enterprise Value (EV)                                          $(7,402.0)

Institutional
   % Owned                                                          8.00%
   Number of Institutions                                              5
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                           Multiple of
                                                       ----------------
                                                       Market Cap    EV
                                                       ----------------
Latest Twelve Months
   Revenue                                               2.33x       na
   EBIT                                                    na        na
   EBITDA                                                  na        na
   Normalized Net Income                                   na        na
   Basic Normalized EPS                                    na

Projected
   Dec-01 Mean Revenue                                     na        na
   Dec-01 Mean Revenue                                     na        na
   Dec-01 Mean EPS                                         na        na
   Dec-02 Mean EPS                                         na        na

Most Recent Filing
   Assets                                                0.56x       na
   Common Equity                                         0.68x       na
   Tangible Common Equity                                0.75x       na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                                  # Ests    Revenue      EPS
- --------------------------------------------------------------------------------
December-01                                        - $      -  $      -
December-02                                        - $      -  $      -
LT Growth                                          -       na        na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------

                                         Nine Months Ended Fiscal Years Ended
                                              Aug-01           Nov-00
                                            ---------         --------
Revenue                                       -17.3%            -9.6%
EBIT                                         -133.4%          -109.4%
EBITDA                                        -88.1%           -87.3%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes
Unusual Items comprise investment income.

- --------------------------------------------------------------------------------

Sources: Multex, Yahoo Finance, and Hoovers

Page 45



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS



- ------------------------------------------------------------------------------------------------------------------------------------
                              Impreso, Inc Overview
- ------------------------------------------------------------------------------------------------------------------------------------
            Name   Impreso, Inc         Address 652 Southwestern        Officers Marshall Sorokwasz          Attorneys
          Symbol   ZCOM            City, State Zip Coppell, TX 75019         Richard Bloom              Auditors Arthur Andersen
Latest Fiscal YE   31-Aug-00            Telephone 972-462-0100               Donald Jett             Transfer Agent American Stock
 Latest Rprt Per   31-May-01              Fax 972-462-7764                   Susan Atkins                   Transfer & Trust
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------
                                             Income and Cashflow Statement Data
- ------------------------------------------------------------------------------------------------------------------------------------
($ in thousands, except per share)
                                       LTM              Nine Months Ended            Fiscal Years Ended
                                                      ---------------------        ----------------------
                                     May-01            May-01       May-00           Aug-00       Aug-99
                                   ---------          ---------------------        ----------------------
                                                                                   
Revenue                            $ 87,820           $65,660     $ 51,958         $ 74,118       $61,506
COGS                                 77,481            57,863       45,007           64,625        53,845
                                   ---------          ---------------------        ----------------------
                    Gross Profit     10,339             7,797        6,951            9,493         7,661
Selling, General & Administrative     7,397             5,582        5,023            6,838         5,606
Research & Development                    -                 -            -                -             -
Other Operating                           -                 -            -                -             -
                                   ---------          ---------------------        ----------------------
                Operating Income      2,942             2,215        1,928            2,655         2,055
Interest Expense, net                 1,547             1,140          897            1,304           833
Other, net                              214               159           82              137            42
                                   ---------          ---------------------        ----------------------
                  Pre-tax Income      1,609             1,234        1,113            1,488         1,264
Taxes                                   675               488          370              557           490
                                   ---------          ---------------------        ----------------------
                After-tax Income        934               746          743              931           774
Minority Interest                         -                 -            -                -             -
Equity in Affiliates                      -                 -            -                -             -
                                   ---------          ---------------------        ----------------------
           Normalized Net Income        934               746          743              931           774
Preferred Dividends                       -                 -            -                -             -
                                   ---------          ---------------------        ----------------------
 Normalized Net Income to Common   $    934           $   746     $    743         $    931       $   774
                                   =========          =====================        ======================
                            EBIT   $  3,156           $ 2,374     $  2,010         $  2,792       $ 2,097
     Depreciation & Amortization   $    806           $   619     $    502         $    689       $   545
                          EBITDA   $  3,962           $ 2,993     $  2,512         $  3,481       $ 2,642
                           CAPEX   $  1,482           $   220     $  1,035         $  2,297       $   658
                  EBITDA - CAPEX   $  2,480           $ 2,773     $  1,477         $  1,184       $ 1,984
        GAAP Operating Cash Flow   $  3,675           $(5,098     $ (3,676)        $ (5,099)      $   (91)

- ---------------------------------------------------------------------------------------------------------



- ---------------------------------------------------------------------------------------------------------
Special Item Reconciliation:

Pre-tax Special Items
                                                                                   
          Unusual Items            $      -           $     -     $      -         $      -       $     -
          Accounting Changes       $      -           $     -     $      -         $      -       $     -
          Discontinued Operations  $      -           $     -     $      -         $      -       $     -
          Extraordinary Items      $      -           $     -     $      -         $      -       $     -
          Total                    $      -           $     -     $      -         $      -       $     -
Total After-tax Special Items      $      -           $     -     $      -         $      -       $     -
Tax Provision on Special Items     $      -           $     -     $      -         $      -       $     -
Reported Taxes                     $    675           $   488     $    370         $    557       $   490
Reported Net Income                $    934           $   746     $    743         $    931       $   774
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Basic Reported Weighted Avg                             5,283        5,293            5,293         5,293
Shares Out (000's)
Basic Normalized EPS               $   0.18           $  0.14     $   0.14         $   0.18       $  0.15
Basic Reported EPS                 $   0.18           $  0.14     $   0.14         $   0.18       $  0.15
Diluted Reported Weighted Avg                           5,283        5,293            5,293         5,293
Shares Out (000's)
Diluted Normalized EPS             $   0.18           $  0.14     $   0.14         $   0.18       $  0.15
Diluted Reported EPS               $   0.18           $  0.14     $   0.14         $   0.18       $  0.15
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
                            Profitability Ratios (as % of Revenue)
- ---------------------------------------------------------------------------------------------------------
Core Gross Profit                      11.8%             11.9%        13.4%            12.8%         12.5%
S,G & A                                 8.4%              8.5%         9.7%             9.2%          9.1%
Operating Income                        3.4%              3.4%         3.7%             3.6%          3.3%
Pre-Tax                                 1.8%              1.9%         2.1%             2.0%          2.1%
EBIT                                    3.6%              3.6%         3.9%             3.8%          3.4%
EBITDA                                  4.5%              4.6%         4.8%             4.7%          4.3%
Normalized Net Income                   1.1%              1.1%         1.4%             1.3%          1.3%
Reported Net Income                     1.1%              1.1%         1.4%             1.3%          1.3%
- ---------------------------------------------------------------------------------------------------------



Under the IBM brand, IMPRESO brand and private label, Impreso makes
continuous-feed stock business forms, thermal and plain fax paper, paper for
copy machines and printers, and special surface papers. They have three
manufacturing plants and distributes in North America through over 45
warehouses.

- -------------------------------------------------------------------------------
                             Balance Sheet Data
- -------------------------------------------------------------------------------
($ in thousands, except per share)         As of             As of
                                                    -------------------------
                                        31-May-01      Aug-00        Aug-99
                                      ------------  -------------------------
Cash & Equivalents                      $     187     $   150     $     23
Marketable Securities                          11          11           11
                                        ---------     -------     --------
Total Cash & Mkt Securities                   198         161           34
Accounts Receivable                        10,800       8,914        6,296
Inventory                                  36,667      21,233       18,801
Other Current Assets                          473         280          724
                                        ---------     -------     --------
             Total Current Assets          48,138      30,588       25,855
PPE, net                                   10,562       8,769        7,210
Intangibles, net                                -           -            -
Investments                                     -           -            -
Other Assets                                  240          27           19
                                        ---------     -------     --------
                     Total Assets       $  58,940     $39,384     $ 33,084
                                        =========     =======     ========

Accounts Payable                        $  16,176     $ 6,624     $  9,054
Accrued Expenses                            3,157       1,985        1,679
Short Term Debt                            17,425      12,469        6,358
Short Term Capital Leases                       -           -            -
Other Current Liabilities                     624         255           63
                                        ---------     -------     --------
        Total Current Liabilities          37,382      21,333       17,154
Other LT Liabilities                          858         764          728
Long Term Debt                              6,488       3,782        2,629
Long Term Capital Leases                        -           -            -
Minority Interests                              -           -            -
Pref Stock (Liq Value)                          -           -            -
                                        ---------     -------     --------
   Total Liabilities & Pref Stock          44,728      25,879       20,511
                                        ---------     -------     --------
Common Equity                              14,212      13,505       12,573
                                        ---------     -------     --------
       Total Liabilities & Equity       $  58,940     $39,384     $ 33,084
                                        =========     =======     ========

Common Shares Outstanding (000's)           5,293       5,293        5,293
             Cash Value per share       $    0.04     $  0.03     $   0.01
             Book Value per share       $    2.69     $  2.55     $   2.38
    Tangible Book Value per share       $    2.69     $  2.55     $   2.38
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
                   Effectiveness and Efficiency
- -------------------------------------------------------------------------------
A/R Turnover                                 8.91 x      9.75 x       9.77 x
Inventory Turnover                           2.68 x      3.23 x       2.86 x
Asset Turnover                               1.79 x      2.05 x       1.86 x
Days Sales                                     41.0        37.5         37.4
Outstanding
Days Inventory                                136.4       113.1        127.4
Outstanding
Days Payable                                   49.0        40.0         55.6
Outstanding
Return on Avg Assets                            1.9%        2.6%          na
Return on Avg                                   6.7%        7.1%          na
Common Equity
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
                      Financial Strength
- -------------------------------------------------------------------------------
Current Ratio                                 1.29        1.43         1.51
Quick Ratio                                   0.31        0.44         0.41
Total Debt                              $   23,913    $ 16,251    $   8,987
Net Debt                                $   23,715    $ 16,090    $   8,953
Total Capitalization                    $   38,125    $ 29,756    $  21,560
Total Debt/Total                              62.7%       54.6%        41.7%
Capitalization
Net Debt/Total                                62.2%       54.1%        41.5%
Capitalization
Total Debt/EBITDA                             6.04x       4.67x        3.40x
EBITDA/Interest Expense                       2.56x       2.67x        3.17x
EBITDA-CAPEX/Interest Expense                 1.60x       0.91x        2.38x
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
                          Market Information
- -------------------------------------------------------------------------------
As of Date                                        16-Nov-01
Exchange                                           NasdaqSC
Stock Price                                    $       2.25
52 Week High                                   $       3.37
52 Week Low                                    $       1.50
Avg. Daily Volume (000's)                                 1
Beta                                                   1.19
Shares Outstanding (000's)                            5,280
Total Outstanding Warrants & Options (000's)              -

Float (000's)                                         1,500

Market Cap                                     $   11,880.0
Enterprise Value (EV)                          $   35,595.0

Institutional
   % Owned                                             1.00%
   Number of Institutions                                10
- -------------------------------------------------------------------------------
                         Valuation Ratios
- -------------------------------------------------------------------------------
                                                          Multiple of
                                              ---------------------------------
                                                   Market Cap      EV
                                              ---------------------------------

Latest Twelve Months
   Revenue                                             0.14x      0.41x
   EBIT                                                3.76x     11.28x
   EBITDA                                              3.00x      8.98x
   Normalized Net Income                              12.72x     38.11x
   Basic Normalized EPS                               12.50x
Projected
   Dec-01 Mean Revenue                                    na         na
   Dec-01 Mean Revenue                                    na         na
   Dec-01 Mean EPS                                        na         na
   Dec-02 Mean EPS                                        na         na
Most Recent Filing
   Assets                                              0.20x      0.60x
   Common Equity                                       0.84x      2.50x
   Tangible Common Equity                              0.84x      2.50x
- -------------------------------------------------------------------------------
                       Mean Consensus Estimates
- -------------------------------------------------------------------------------
Year Ending             # Ests      Revenue     EPS
- -------------------------------------------------------------------------------
December-01                -         $   -      $     -
December-02                -         $   -      $     -
LT Growth                  -            na           na
- -------------------------------------------------------------------------------
                       Period Growth Rates
- -------------------------------------------------------------------------------
                    Nine Months Ended        Fiscal Years Ended
                          May-01                    Aug-00
                   --------------------     --------------------
Revenue                   26.4%                     20.5%
EBIT                      18.1%                     33.1%
EBITDA                    19.1%                     31.8%
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Notes




- -------------------------------------------------------------------------------
Sources: Multex, Yahoo Finance, and Hoovers

Page 46



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                          iPrint Technologies Overview
- --------------------------------------------------------------------------------
            Name   iPrint Technologies
          Symbol   IPRT
Latest Fiscal YE   31-Dec-00
Latest Rprt Per    30-Sep-01

      Address 255 Constitution
City, State Zip Menlo Park, CA 94025
       Telephone 650-298-8500
          Fax 650-364-7742

Officers  Royal Farros
          Robyn Cerutti
          Gregory Korjeff
          Nickoletta Swank

Attorneys
Auditors  Arthur Andersen
Transfer  Agent American Stock Transfer & Trust

iPrint Technologies allows customers to design, proof, and order some 3,500
customized print products -- including cards, stationery, label, mugs, and
T-shirts -- through its retail Web site. The company, which outsources the
printing work, also offers specialized printing and photocopying services;
operates co-branded printing Web sites with 3M, OfficeMax, and other firms; and
develops sites for third parties.



- -----------------------------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- -----------------------------------------------------------------------------------------------------
($ in thousands, except per share)
                                              LTM      Nine Months Ended      Fiscal Years Ended
                                                       -----------------      ------------------
                                             Sep-01    Sep-01      Sep-00       Dec-00       Dec-99
                                           --------  ---------   ---------   ----------   ----------
                                                                           
Revenue                                    $ 11,806  $   7,273   $  12,536   $   17,069   $    3,256
COGS                                          7,671      4,623       8,973       12,021        2,265
                                           --------  ---------   ---------   ----------   ----------
                            Gross Profit      4,135      2,650       3,563        5,048          991
Selling, General & Administrative            17,349     11,659      29,074       34,764       10,534
Research & Development                        5,877      4,120       4,895        6,652        3,544
Other Operating                               1,849          -           -        1,849          668
                                           --------  ---------   ---------   ----------   ----------
                        Operating Income    (20,940)   (13,129)    (30,406)     (38,217)     (13,755)
Interest Expense, net                             -          -           -            -            -
Other, net                                    1,571        968       1,639        2,242          323
                                           --------  ---------   ---------   ----------   ----------
                          Pre-tax Income    (19,369)   (12,161)    (28,767)     (35,975)     (13,432)

Taxes                                             -          -           -            -            -
                                           --------  ---------   ---------   ----------   ----------
                        After-tax Income    (19,369)   (12,161)    (28,767)     (35,975)     (13,432)

Minority Interest                                 -          -           -            -            -
Equity in Affiliates                              -          -           -            -            -
                                           --------  ---------   ---------   ----------   ----------
                   Normalized Net Income    (19,369)   (12,161)    (28,767)     (35,975)     (13,432)

Preferred Dividends                               -          -           -            -            -
                                           --------  ---------   ---------   ----------   ----------
         Normalized Net Income to Common   $(19,369)   (12,161)  $ (28,767)  $  (35,975)  $  (13,432)
                                           ========    =======   =========   ==========   ==========

                                    EBIT   $(19,369)   (12,161)  $ (28,767)  $  (35,975)  $  (13,432)
             Depreciation & Amortization   $  4,004  $   1,550   $   1,504   $    3,958   $      362
                                  EBITDA   $(15,365) $ (10,611)  $ (27,263)  $  (32,017)  $  (13,070)
                                   CAPEX   $    505  $     372   $   3,589   $    3,722   $    1,851
                          EBITDA - CAPEX   $(15,870) $ (10,983)  $ (30,852)  $  (35,739)  $  (14,921)
                GAAP Operating Cash Flow   $(16,469) $ (11,035)  $ (26,566)  $  (32,000)  $  (10,845)
- -----------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------
Special Item Reconciliation:

Pre-tax Special Items
          Unusual Items                    $ (1,379) $  (1,379)  $       -   $        -   $        -
          Accounting Changes               $      -  $       -   $       -   $        -   $        -
          Discontinued Operations          $      -  $       -   $       -   $        -   $        -
          Extraordinary Items              $      -  $       -   $       -   $        -   $        -
          Total                            $ (1,379) $  (1,379)  $       -   $        -   $        -
Total After-tax Special Items              $ (1,379) $  (1,379)  $       -   $        -   $        -
Tax Provision on Special Items             $      -  $       -   $       -   $        -   $        -
Reported Taxes                             $      -  $       -   $       -   $        -   $        -
Reported Net Income                        $(20,748) $ (13,540)  $ (28,767)  $  (35,975)  $  (13,432)
- -----------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------
Basic Reported Weighted Avg
Shares Out (000's)                           30,180     24,606      25,970        7,265
Basic Normalized EPS                       $  (0.62) $   (0.40)  $   (1.17)  $    (1.39)  $    (1.85)
Basic Reported EPS                         $  (0.67) $   (0.45)  $   (1.17)  $    (1.39)  $    (1.85)
Diluted Reported Weighted Avg
Shares Out (000's)                           30,180     24,606      25,970        7,265
Diluted Normalized EPS                     $  (0.62) $   (0.40)  $   (1.17)  $    (1.39)  $    (1.85)
Diluted Reported EPS                       $  (0.67) $   (0.45)  $   (1.17)  $    (1.39)  $    (1.85)
- -----------------------------------------------------------------------------------------------------

- -----------------------------------------------------------------------------------------------------
                                   Profitability Ratios (as % of Revenue)
- -----------------------------------------------------------------------------------------------------
Core Gross Profit                              35.0%      36.4%       28.4%        29.6%        30.4%
S,G & A                                       147.0%     160.3%      231.9%       203.7%       323.5%
Operating Income                             -177.4%    -180.5%     -242.5%      -223.9%      -422.5%
Pre-Tax                                      -164.1%    -167.2%     -229.5%      -210.8%      -412.5%
EBIT                                         -164.1%    -167.2%     -229.5%      -210.8%      -412.5%
EBITDA                                       -130.1%    -145.9%     -217.5%      -187.6%      -401.4%
Normalized Net Income                        -164.1%    -167.2%     -229.5%      -210.8%      -412.5%
Reported Net Income                          -175.7%    -186.2%     -229.5%      -210.8%      -412.5%
- -----------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------

($ in thousands, except per share)


                                         As of              As of
                                                   -----------------------
                                       30-Sep-01     Dec-00       Dec-99
                                       ---------   ---------    ----------
Cash & Equivalents                     $   7,090   $  19,283    $   15,080
Marketable Securities                        356         356             -
                                       ---------   ---------    ----------
Total Cash & Mkt Securities                7,446      19,639        15,080
Accounts Receivable                        2,156       1,874           255
Inventory                                      -           -             -
Other Current Assets                       5,117       8,300           892
                                       ---------   ---------   -----------
              Total Current Assets        14,719      29,813        16,227
PPE, net                                   2,657       4,070         2,136
Intangibles, net                               -           -             -
Investments                                    -           -             -
Other Assets                               2,761         205             -
                                       ---------   ---------    ----------
                      Total Assets     $  20,137   $  34,088    $   18,363
                                       =========   =========    ==========


Accounts Payable                       $   1,934   $   2,509    $      935
Accrued Expenses                           2,920       2,546         2,121
Short Term Debt                                6         196            96
Short Term Capital Leases                      -           -             -
Other Current Liabilities                      -           -             -
                                       ---------   ---------    ----------
         Total Current Liabilities         4,860       5,251         3,152


Other LT Liabilities                           -           -             -
Long Term Debt                                 8          12           119
Long Term Capital Leases                       -           -             -
Minority Interests                             -           -             -
Pref Stock (Liq Value)                         -           -        30,793
                                       ---------   ---------    ----------
     Total Liabilities &  Pref Stock       4,868       5,263        34,064
                                       ---------   ---------    ----------
Common Equity                             15,269      28,825       (15,701)
                                       ---------   ---------    ----------
        Total Liabilities & Equity     $  20,137   $  34,088    $   18,363
                                       =========   =========    ==========

Common Shares Outstanding (000's)         30,240      30,054         8,336

              Cash Value per share     $    0.25   $    0.65    $     1.81
              Book Value per share     $    0.50   $    0.96    $    (1.88)
   Tangible Book Value per share       $    0.50   $    0.96    $    (1.88)
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------

A/R Turnover                              5.86 x     16.03 x       12.77 x
Inventory Turnover                            na          na            na
Asset Turnover                            0.44 x      0.65 x        0.18 x
Days Sales Outstanding                      62.3        22.8          28.6
Days Inventory Outstanding                    na          na            na
Days Payable Outstanding                    24.8        11.4          20.1
Return on Avg Assets                       -71.4%     -137.2%           na
Return on Avg Common Equity                -87.9%     -548.2%           na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Financial Strength
- --------------------------------------------------------------------------------

Current Ratio                               3.03        5.68          5.15
Quick Ratio                                 3.03        5.68          5.15
Total Debt                            $       14    $    208   $    31,008
Net Debt (1)                          $       14    $    208   $    31,008
Total Capitalization                  $   15,283    $ 29,033   $    15,307
Total Debt/Total Capitalization              0.1%        0.7%        202.6%
Net Debt/Total Capitalization                0.1%        0.7%        202.6%
Total Debt/EBITDA                             na          na            na
EBITDA/Interest Expense                       na          na            na
EBITDA-CAPEX/Interest Expense                 na          na            na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------

As of Date                                                        16-Nov-01
Exchange                                                           NasdaqNM
Stock Price                                                   $        0.20
52 Week High                                                  $        1.84
52 Week Low                                                   $        0.16
Avg. Daily Volume (000's)                                                26
Beta                                                                      -
Shares Outstanding (000's)                                           30,240
Total Outstanding Warrants & Options (000's)                              -
Float (000's)                                                        11,000

Market Cap                                                    $     6,048.0
Enterprise Value (EV)                                         $     6,062.0

Institutional
   % Owned                                                             1.00%
   Number of Institutions                                                17
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------
                                                            Multiple of
                                                          ----------------
                                                          Market Cap    EV
                                                          ----------------
Latest Twelve Months
   Revenue                                                0.51x       0.51x
   EBIT                                                      na         na
   EBITDA                                                    na         na
   Normalized Net Income                                     na         na
   Basic Normalized EPS                                      na
Projected
   Dec-01  Mean Revenue                                    0.56x      0.56x
   Dec-01 Mean Revenue                                     0.39x      0.39x
   Dec-01 Mean EPS                                           na         na
   Dec-02 Mean EPS                                           na         na
Most Recent Filing
   Assets                                                  0.30x      0.30x
   Common Equity                                           0.40x      0.40x
   Tangible Common Equity                                  0.40x      0.40x
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending                            # Ests     Revenue          EPS
- --------------------------------------------------------------------------------
December-01                              4        $ 10,871        $   (0.57)
December-02                              1        $ 15,560        $   (0.05)
LT Growth                                -              na               na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------
                           Nine Months Ended                 Fiscal Years Ended
                                 Sep-01                           Dec-00
                                 ------                           ------
Revenue                          -42.0%                           424.2%
EBIT                             -57.7%                           167.8%
EBITDA                           -61.1%                           145.0%
- --------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
Notes

YTD 9/01 unusual items are restructuring expenses.

(1) Cash is not included in the calcuation for Net Debt due to the large
    requirements of cash working capital in the business
- --------------------------------------------------------------------------------
Sources: Multex, Yahoo Finance, and Hoovers

Page 47



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS

- --------------------------------------------------------------------------------
                           Paris Corporation Overview
- --------------------------------------------------------------------------------
            Name  Paris Corporation
          Symbol  PBFI
Latest Fiscal YE  30-Sep-00
 Latest Rprt Per  30-Jun-01

        Address  122 Kisel Road
City, State Zip  Burlington, NJ 08016
      Telephone  609-387-7300
            Fax  609-971-6658

Officers Dominic Toscani
          Gerard Toscani
          William Lomano

         Attorneys
         Auditors Goldenberg Rosenthal
Transfer Agent Chase Mellon Shareholder Services

Paris makes papers and other products for laser and inkjet printers, including
its growing Burlington line, which has a marketing agreement with Microsoft's
Picture It creative software products. Paris sells its products through office T
products distributors and retailers in North America. It also owns 57% of
Signature, which markets office products to supermarkets and drugstores.



- -------------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- -------------------------------------------------------------------------------------
($ in thousands, except per share)
                               LTM            Nine Months     Fiscal Years Ended
                                         --------------------------------------------
                                           Ended
                              Jun-01      Jun-01      Jun-00      Sep-00      Sep-99
                             --------    --------    --------    --------    --------
                                                              
Revenue                      $ 43,232    $ 32,278    $ 32,057    $ 43,011    $ 35,433
COGS                           37,743      27,887      28,665      38,521      31,358
                             --------    --------------------    --------------------
                    Gross
                    Profit      5,489       4,391       3,392       4,490       4,075
Selling, General &              4,238       3,319       3,318       4,237       3,808
Administrative
Research & Development              -           -           -           -           -
Other Operating                     -           -           -           -           -
                             --------    --------------------    --------------------
             Operating
             Income             5,489       4,391       3,392       4,490       4,075
Interest Expense, net             149         149           7           7          58
Other, net                        940         602         672       1,010       1,250
                             --------    --------------------    --------------------
                  Pre-tax
                  Income        2,042       1,525         739       1,256       1,459
Taxes                             710         424         317         603         548
                             --------    --------------------    --------------------
               After-tax
               Income           1,332       1,101         422         653         911
Minority Interest                (166)       (141)         35          10          50
Equity in Affiliates                -           -           -           -           -
          Normalized Net        1,166         960         457         663         961
          Income
Preferred Dividends                 -           -           -           -           -
                             --------    --------------------    --------------------
   Normalized Net Income to  $  1,166    $    960    $    457    $    663    $    961
                             ========    ====================    ====================
   Common

                       EBIT  $  2,191    $  1,674    $    746    $  1,263    $  1,517
     Depreciation &
      Amortization           $    656    $    299    $    371    $    728    $    556
                     EBITDA  $  2,847    $  1,973    $  1,117    $  1,991    $  2,073
                      CAPEX  $   (368)   $   (320)   $    248    $    200    $    912
             EBITDA - CAPEX  $  3,215    $  2,293    $    869    $  1,791    $  1,161
     GAAP Operating Cash
        Flow                 $  2,354    $  1,155    $   (840)   $    359    $    628
- ---------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------
Special Item Reconciliation:
Pre-tax Special Items
          Unusual Items      $      -    $      -    $      -    $      -    $      -
          Accounting Changes $      -    $      -    $      -    $      -    $      -
          Discontinued       $      -    $      -    $      -    $      -    $      -
          Operations
          Extraordinary      $      -    $      -    $      -    $      -    $      -
          Items
          Total              $      -    $      -    $      -    $      -    $      -
Total After-tax Special
Items                        $      -    $      -    $      -    $      -    $      -
Tax Provision on Special
Items                        $      -    $      -    $      -    $      -    $      -
Reported Taxes               $    710    $    424    $    317    $    603    $    548
Reported Net Income          $  1,166    $    960    $    457    $    663    $    961
- ---------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------
Basic Reported Weighted Avg
Shares Out (000's)                          3,310       3,264       3,234       3,526
Basic Normalized EPS         $   0.36    $   0.29    $   0.14    $   0.21    $   0.27
Basic Reported EPS           $   0.36    $   0.29    $   0.14    $   0.21    $   0.27
Diluted Reported Weighted Avg
Shares Out (000's)                          3,310       3,264       3,234       3,526
Diluted Normalized EPS       $   0.36    $   0.29    $   0.14    $   0.21    $   0.27
Diluted Reported EPS         $   0.36    $   0.29    $   0.14    $   0.21    $   0.27
- ---------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------
                     Profitability Ratios (as % of Revenue)
- ---------------------------------------------------------------------------------------
Core Gross Profit                12.7%       13.6%       10.6%       10.4%       11.5%
S,G & A                           9.8%       10.3%       10.4%        9.9%       10.7%
Operating Income                  2.9%        3.3%        0.2%        0.6%        0.8%
Pre-Tax                           4.7%        4.7%        2.3%        2.9%        4.1%
EBIT                              5.1%        5.2%        2.3%        2.9%        4.3%
EBITDA                            6.6%        6.1%        3.5%        4.6%        5.9%
Normalized Net Income             2.7%        3.0%        1.4%        1.5%        2.7%
Reported Net Income               2.7%        3.0%        1.4%        1.5%        2.7%
- ---------------------------------------------------------------------------------------


- ---------------------------------------------------------------------------
                               Balance Sheet Data
- ---------------------------------------------------------------------------
($ in thousands, except per share)         As of            As of
                                                    ---------------------
                                         30-Jun-01    Sep-00     Sep-99
                                         ---------- ---------------------
Cash & Equivalents                       $   4,475  $   2,828  $    3,880
Marketable Securities                        4,062      3,686       3,567
                                         ---------  ---------------------
Total Cash & Mkt Securities                  8,537      6,514       7,447
Accounts Receivable                          5,401      5,422       5,959
Inventory                                    3,842      3,862       4,167
Other Current Assets                           970      1,096         645
                                         ---------  ---------------------
             Total Current Assets           18,750     16,894      18,218

PPE, net                                     1,598      1,590       1,942
Intangibles, net                                 -          -           -
Investments                                      -        251         500
Other Assets                                   573        542         760
                                         ---------  ---------------------
                Total Assets             $  20,921  $  19,277  $   21,420
                                         =========  =====================

Accounts Payable                         $   3,564  $   4,147  $    5,197
Accrued Expenses                               289        297         700
Short Term Debt                              1,139          -           -
Short Term Capital                               -          -           -
Leases
Other Current                                  366        330         623
                                         ---------  ---------------------
Liabilities
         Total Current Liabilities           5,358      4,774       6,520

Other LT Liabilities                             -          -         219
Long Term Debt                                   -          -           -
Long Term Capital Leases                         -          -           -
Minority Interests                             225         84          94
Pref Stock (Liq Value)                           -          -           -
                                         ---------  ---------------------
     Total Liabilities & Pref Stock      $   5,583      4,858       6,833
                                         ---------  ---------------------
Common Equity                               15,338     14,419      14,587
                                         ---------  ---------------------
         Total Liabilities & Equity      $  20,921  $  19,277  $   21,420
                                         =========  =====================

Common Shares Outstanding (000's)            3,271      3,938       3,938
           Cash Value per share          $    2.61  $    1.65  $     1.89
           Book Value per share          $    4.69  $    3.66  $     3.70
  Tangible Book Value per share          $    4.69  $    3.66  $     3.70
- ---------------------------------------------------------------------------

- ---------------------------------------------------------------------------
                          Effectiveness and Efficiency
- ---------------------------------------------------------------------------
A/R Turnover                                  7.99x      7.56x       5.95x
Inventory Turnover                            9.80x      9.60x       7.53x
Asset Turnover                                2.15x      2.11x       1.65x
Days Sales Outstanding                        45.7       48.3        61.4
Days Inventory Outstanding                    37.3       38.0        48.5
Days Payable Outstanding                      33.5       39.9        53.9
Return on Avg Assets                           5.8%       3.3%         na
Return on Avg Commin Equity                    7.8%       4.6%         na
- ---------------------------------------------------------------------------

- ---------------------------------------------------------------------------
                               Financial Strength
- ---------------------------------------------------------------------------
Current Ratio                                 3.50       3.54        2.79
Quick Ratio                                   2.78       2.73        2.16
Total Debt                               $   1,364  $      84  $       94
Net Debt                                 $  (7,173) $  (6,430) $   (7,353)
Total Capitalization                     $  16,702  $  14,503  $   14,681
Total Debt/Total Capitalization                8.2%       0.6%        0.6%
Net Debt/Total Capitalization                -42.9%     -44.3%      -50.1%
Total Debt/EBITDA                             0.48x      0.04x       0.05x
EBITDA/Interest Expense                      19.11x    284.43x      35.74x
EBITDA-CAPEX/Interest                        21.58x    255.86x      20.02x
Expense
- ---------------------------------------------------------------------------

- ---------------------------------------------------------------------------
                               Market Information
- ---------------------------------------------------------------------------
As of Date                                                       16-Nov-01
Exchange                                                          NasdaqSC
Stock Price                                                   $       3.04
52 Week High                                                  $       3.70
52 Week Low                                                   $       1.75
Avg. Daily Volume (000's)                                                1
Beta                                                                     -
Shares Outstanding (000's)                                           3,270
Total Outstanding Warrants & Options (000's)                             -
Float (000's)                                                        1,000

Market Cap                                                    $    9,940.8
Enterprise Value (EV)                                         $    2,767.8

Institutional
   % Owned                                                            1.00%
   Number of Institutions                                                5
- ---------------------------------------------------------------------------

- ---------------------------------------------------------------------------
                                Valuation Ratios
- ---------------------------------------------------------------------------
                                                            Multiple of
                                                   ------------------------
                                                    Market Cap         EV
                                                   ------------------------
Latest Twelve
Months
   Revenue                                             0.23x          0.06x
   EBIT                                                4.54x          1.26x
   EBITDA                                              3.49x          0.97x
   Normalized Net Income                               8.53x          2.37x
   Basic Normalized EPS                                8.44x
Projected
   Dec-01 Mean Revenue                                   na             na
   Dec-01 Mean Revenue                                   na             na
   Dec-01 Mean EPS                                       na             na
   Dec-02 Mean EPS                                       na             na
Most Recent Filing
   Assets                                              0.48x          0.13x
   Common Equity                                       0.65x          0.18x
   Tangible Common Equity                              0.65x          0.18x
- ---------------------------------------------------------------------------

- -----------------------------------------------------------------------
                            Mean Consensus Estimates
- -----------------------------------------------------------------------
Year Ending                   # Ests          Revenue          EPS
- -----------------------------------------------------------------------
December-01                           -     $    -          $       -
December-02                           -     $    -          $       -
LT Growth                             -         na                 na
- -----------------------------------------------------------------------

- -----------------------------------------------------------------------
                               Period Growth Rates
- -----------------------------------------------------------------------
                      Nine Months Ended            Fiscal Years Ended

                            Jun-01                       Sep-00
                      -----------------            ------------------
Revenue                           0.7%                         21.4%
EBIT                            124.4%                        -16.7%
EBITDA                           76.6%                         -4.0%

- -----------------------------------------------------------------------
Notes




- -----------------------------------------------------------------------
Sources: Multex, Yahoo Finance, and Hoovers

Page 48



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
SELECTED COMPARABLE COMPANY ANALYSIS
- --------------------------------------------------------------------------------
                           BCT International Overview
- --------------------------------------------------------------------------------
            Name   BCT International
          Symbol   BCTI
Latest Fiscal YE   28-Feb-01
 Latest Rprt Per   31-Aug-01


Address 3000 N.E. 30th Pl
City, State Zip Fort Lauderdale, FL 33306
Telephone 954-563-1224
Fax 954-565-0742


Officers  William Wilkerson
          Michael Hull
          Henry Johnson


Attorneys
Auditors PriceWaterhouseCoopers
Transfer Agent Registrar & Transfer Co


BCT International is a wholesale printing chain with 84 franchises in the US,
Canada, and Argentina. The franchises specialize in thermography and make items
such as business cards, letterheads, and labels, which are sold to retail
printers, mailing centers, and superstores. BCT's Pelican Paper Products
division supplies paper and printing equipment to the franchisees. The company
also operates Orderprinting.com.

- --------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)

                                       Six Months Ended    Fiscal Years Ended
                                LTM    -----------------  --------------------
                              Aug-01   Aug-01    Aug-00    Feb-01     Feb-00
                             --------  -------   -------  --------    --------
Revenue                      $ 18,332  $ 9,194   $ 9,861  $ 18,999    $ 19,302
COGS                           11,255    5,527     5,877    11,605      11,574
                             --------   ------   -------  --------    --------
            Gross Profit        7,077    3,667     3,984     7,394       7,728
Selling, General &
Administrative                  7,142    3,240     2,553     6,455       6,619
Research & Development              -        -         -         -           -
Other Operating                   245      114       101       232         189
                             --------   ------   -------  --------    --------
       Operating Income          (310)     313     1,330       707         920
Interest Expense, net            (420)    (139)     (100)     (381)       (336)
Other, net                         49        -         -        49          11
                             --------   ------   -------  --------    --------
            Pre-tax Income        159      452     1,430     1,137       1,267
Taxes                              61      176       557       442         479
                             --------   ------   -------  --------    --------
          After-tax Income   $     98   $  276   $   873  $    695    $    788
Minority Interest                   -        -         -         -           -
Equity in Affiliates                -        -         -         -           -
                             --------   ------   -------  --------    --------
          Normalized Net
           Income                  98      276       873       695         788
Preferred Dividends                 -        -         -         -           -
   Normalized Net Income to  --------   ------   -------  --------    --------
   Common                    $     98   $  276   $   873  $    695    $    788
                             ========   ======   =======  ========    ========
                     EBIT    $   (261)  $  313   $ 1,330  $    756    $    931
     Depreciation &
     Amortization            $    245   $  114   $   101  $    232    $    189

                             $    (16)  $  427   $ 1,431  $    988    $  1,120
                     EBITDA
                             $     69   $   51   $   132  $    150    $    262
                     CAPEX
             EBITDA - CAPEX  $    (85)  $  376   $ 1,299  $    838    $    858
   GAAP Operating Cash fLOW  $  2,171   $1,456   $  (399) $    316    $  1,437
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Special Item Reconciliation:

Pre-tax Special Items

          Unusual Items      $   -   $     -   $      -   $      -   $       -


          Accounting Changes $   -   $     -   $      -   $      -   $       -
          Discontinued
          Operations         $   -   $     -   $   (31)   $   (31)   $   (357)
          Extraordinary
          Items              $   -   $     -   $      -   $      -   $     941
          Total              $   -   $     -   $   (31)   $   (31)   $     584
Total After-tax Special
Items                        $   -   $     -   $   (31)   $   (31)   $     226
Tax Provision on Special
Items                        $   -   $     -   $      -   $      -   $     358
Reported Taxes               $  61   $   176   $    557   $    442   $     837
Reported Net Income          $  98   $   276   $    842   $    664   $   1,014
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Basic Reported Weighted Avg
Shares Out (000's)                        5,124      5,231      5,214    5,257
Basic Normalized EPS         $   0.01 $    0.05 $     0.17 $     0.13 $   0.15
Basic Reported EPS           $   0.02 $    0.05 $     0.16 $     0.13 $   0.19
Diluted Reported Weighted Avg
Shares Out (000's)                        5,124      5,246      5,235    5,388
Diluted Normalized EPS       $   0.01 $    0.05 $     0.17 $     0.13 $   0.15
Diluted Reported EPS         $   0.02 $    0.05 $     0.16 $     0.13 $   0.19
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                     Profitability Ratios (as % of Revenue)
- --------------------------------------------------------------------------------

Core Gross Profit                 38.6%   39.9%     40.4%   38.9%     40.0%
S,G & A                           39.0%   35.2%     25.9%   34.0%     34.3%
Operating Income                  -1.7%    3.4%     13.5%    3.7%      4.8%
Pre-Tax                            0.9%    4.9%     14.5%    6.0%      6.6%
EBIT                              -1.4%    3.4%     13.5%    4.0%      4.8%
EBITDA                            -0.1%    4.6%     14.5%    5.2%      5.8%
Normalized Net Income              0.5%    3.0%      8.9%    3.7%      4.1%
Reported Net Income                0.5%    3.0%      8.5%    3.5%      5.3%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Balance Sheet Data
- --------------------------------------------------------------------------------

($ in thousands,              As of           As of
except per share)                      -------------------
                            31-Aug-01   Feb-01     Feb-00
                            ---------  -------  ----------
Cash & Equivalents          $   3,170  $ 1,799  $    1,906
Marketable Securities               -        -           -
                            ---------  -------  ----------
Total Cash & Mkt
Securities                      3,170    1,799       1,906
Accounts Receivable             2,043    3,568       3,293
Inventory                       2,375    2,352       2,359
Other Current Assets              582      455         890
                            ---------  -------  ----------
      Total Current Assets      8,170    8,174       8,448
PPE, net                          423      473         529
Intangibles, net                  219      232         258
Investments                         -        -           -
Other Assets                    7,344    7,311       8,086
                            ---------  -------  ----------
      Total Assets          $  16,156  $16,190  $   17,321
                            =========  =======  ==========

Accounts Payable            $     286  $   597  $    1,111
Accrued Expenses                  563      403       1,349
Short Term Debt                    86       86         104
Short Term Capital Leases           -        -           -

Other Current
 Liabilities                      167      167         218
                            ---------  -------  ----------
      Total Current
        Liabilities             1,102    1,253       2,782
Other LT Liabilities              320      417         453
Long Term Debt                    194      236         330
Long Term Capital Leases            -        -           -
Minority Interests                  -        -           -
Pref Stock (Liq Value)              -        -           -
                            ---------  -------  ----------
 Total Liabilities &
   Pref Stock                   1,616    1,906       3,565
                            ---------  -------  ----------
Common Equity                  14,540   14,284      13,756
                            ---------  -------  ----------
 Total Liabilities &
     Equity                 $  16,156  $16,190  $   17,321
                            =========  =======  ==========

Common Shares
  Outstanding (000's)           5,121    5,136       5,231
    Cash Value per share    $    0.62  $  0.35  $     0.36
     Book Value per share   $    2.84  $  2.78  $     2.63
   Tangible Book Value      $    2.80  $  2.74  $     2.58
   per share
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                     6.53 x  5.54 x    5.86 x
Inventory Turnover               4.76 x  4.93 x    4.91 x
Asset Turnover                   1.13 x  1.13 x    1.11 x
Days Sales Outstanding           55.9    65.9      62.3
Days Inventory Outstanding       76.6    74.1      74.4
Days Payable Outstanding          8.6    17.0      22.1
Return on Avg Assets              0.6%    4.1%       na
Return on Avg Common Equity       0.7%    5.0%       na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                      Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                 7.41      6.52        3.04
Quick Ratio                   5.26      4.65        2.19
Total Debt              $      280  $    322   $     434
Net Debt                $   (2,890) $ (1,477)  $  (1,472)
Total Capitalization    $   14,820  $ 14,606   $  14,190
Total Debt/Total
Capitalization                1.9%      2.2%         3.1%
Net Debt/Total
Capitalization              -19.5%    -10.1%       -10.4%
Total Debt/EBITDA              na      0.33 x       0.39 x
EBITDA/Interest
Expense                        na        na           na
EBITDA-CAPEX/Interest
Expense                        na        na           na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Market Information
- --------------------------------------------------------------------------------
As of Date                         16-Nov-01
Exchange                              OTC BB
Stock Price                     $       0.69
52 Week High                    $       1.63
52 Week Low                     $       0.50
Avg. Daily Volume (000's)                  6
Beta                                    0.47
Shares Outstanding (000's)             5,121
Total Outstanding Warrants &
Options (000's)                            -
Float (000's)                          2,700
Market Cap                      $    3,533.5
Enterprise Value (EV)           $      643.5

Institutional

   % Owned                              1.00%
   Number of Institutions                  8
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                                Valuation Ratios
- --------------------------------------------------------------------------------

                                Multiple of
                             ----------------------
                             Market Cap   EV
                             ----------------------

Latest Twelve Months
   Revenue                      0.19x   0.04x
   EBIT                           na      na
   EBITDA                         na      na
   Normalized Net Income       36.06x   6.57x
   Basic Normalized EPS        69.00x
Projected
   Dec-01 Mean Revenue          0.20x   0.04x
   Dec-01 Mean Revenue          0.21x   0.04x
   Dec-01 Mean EPS              6.93x     na
   Dec-02 Mean EPS              9.56x     na
Most Recent Filing
   Assets                       0.22x   0.04x
   Common Equity                0.24x   0.04x
   Tangible Common Equity       0.25x   0.04x
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                            Mean Consensus Estimates
- --------------------------------------------------------------------------------
Year Ending    # Ests   Revenue      EPS
- --------------------------------------------------------------------------------
December-01       -     $ 17,726   $      0.10
December-02       -     $ 16,610   $      0.07
LT Growth         -           na            na
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
                               Period Growth Rates
- --------------------------------------------------------------------------------
                  Six Months Ended  Fiscal Years Ended
                        Aug-01          Feb-01
                        ------          ------
Revenue                  -6.8%          -1.6%
EBIT                    -76.5%         -18.8%
EBITDA                  -70.2%         -11.8%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Notes
FY00 & FY01 discontinued operation are losses from Company owned franchises.
FY00 extraordinary item is legal settlement.
- --------------------------------------------------------------------------------
 Sources: Multex, Yahoo Finance, and Hoovers

Page 49



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

         .     The discounted cash flow analysis estimates value based on a
               company's projected future free cash flow discounted at a rate
               reflecting risks inherent in its business and capital structure.
               Free cash flow represents the amount of cash generated and
               available for principal, interest and dividend payments after
               providing for ongoing business operations.

         .     While the discounted cash flow analysis is the most scientific of
               the methodologies, it is dependent on projections provided by the
               Company and is further dependent on numerous industry-specific
               and macroeconomic factors.

         .     Capitalink utilized both the forecasts provided by Company
               management ("Management Case"), and the resulting forecasts based
               on certain modifications made by Capitalink to the Management
               Case ("Revised Case").

                 . Management Case assumed fiscal year ending February 2003 and
                   2004 growth rates for royalty income to be -5.4% and -1.0%,
                   respectively, the Revised Case assumed 0% growth in each
                   year.

                 . Management Case assumed fiscal year ending February 2003 and
                   2004 growth rates for paper sales to be -6.7% for each year,
                   the Revised Case assumed 0% growth in each year. Capitalink
                   undertook two sets of discounted cash flow analyses, based on
                   each of the Management Case and the Revised Case.

                 . Under the Management Case, projected free cash flows in
                   fiscal years 2003 and 2004 are $578,000 and $522,000,
                   respectively.

                 . Under the Revised Case, projected free cash flows in fiscal
                   years 2003 and 2004 are $507,000 and $600,000, respectively.
                   The lower free cash in year 2003 under the Revised Case
                   results from the higher levels of working capital required by
                   the greater revenue as compared to the Management Case.

Page 50



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

         .    In order to arrive at a present value of the free cash flows,
              Capitalink utilized discount rates ranging from 25.0% to 37.5%.
              This range was based on a derived weighted average cost of capital
              equal to 31.4%:

                  .   Capital structure is 7.3% debt, 92.7% equity.

                  .   Cost of equity was determined to be 33.5% based on the
                      riskless and risk-based rates.

                  .   Cost of debt was determined to be 8.0% based on
                      outstanding acquisition notes payable.

         .    The range of terminal values represents the residual value of the
              Company at the end of the forecast period. Capitalink presented a
              range of terminal values by applying a range of multiples to the
              Company's projected EBITDA. Capitalink noted that utilizing the
              EBITDA multiple; the terminal value on average represented 101.5%
              and 101.1% of the implied enterprise value for the Management Case
              and Revised Case, respectively. Thus, all of the value was derived
              from a terminal event and not the projected free cash flows.

         .    In addition, Capitalink presented a perpetual growth scenario
              whereby ranges of growth rates were applied to the Company's 2004
              free cash flows in order to determine a terminal value, rather
              than multiples. Capitalink noted that utilizing the perpetual
              growth scenario; the terminal value on average represented 104.2%
              and 102.4% of the implied enterprise value for the Management Case
              and Revised Case, respectively. Thus, all of the value was derived
              from a terminal event and not the projected free cash flows.

         .    In each of the scenarios discussed, a range of enterprise values
              was derived. The enterprise values were reduced by net debt to
              arrive at an equity value. Because the "net debt" is actually a
              negative due to the Company's available cash and the calculated
              present value of the notes receivable (as

Page 51



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

              discussed later and assumed to be available excess working
              capital), such net debt is added to the enterprise value to arrive
              at a market value.

         .    It was noted that utilizing either terminal value scenario under
              both Management and Revised Cases the net debt represented in
              excess of 70% of the respectively calculated equity values.

         .    Capitalink calculated a range of equity values per share based on
              approximately 5,136,000 shares outstanding as of August 31, 2001.
              The shares outstanding are comprised of 5,121,000 shares of common
              stock, and 15,000 "in-the-money" options, at an exercise price is
              $1.12 or below.

         .    Capitalink found that the midpoints of the ranges of equity values
              per share with respect to the EBITDA multiple were $1.22 under the
              Management Case, and $1.44 under the Revised Case. Under the
              perpetual growth scenario, the midpoints were $1.09 under the
              Management Case, and $1.21 under the Revised Case.

Page 52







BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Financial Projections - Management Case
($ in thousands)



                                               Actual                          Projected
                                ---------------------------------- ------------------------------------------
                                        FY ended          6 Mths     6 Mths              FY ended
                                     February 28/29     Mar - Aug  Sep - Feb          February 28/29
                                ----------------------                       --------------------------------
                                     2000       2001       2001       2002      2002      2003         2004
                                ---------------------------------- ------------------------------------------
                                                                                
Revenues
   Royalty Income                  $ 5,394    $ 5,267    $ 2,614    $ 2,543    $ 5,157    $ 4,877    $ 4,829
   Pelican Paper Sales              13,881     13,424      6,385      6,144     12,529     11,693     10,913
   Franchise Sales                      27         46         22         18         40         40         40
   Other                               952        311        139        130        269        282        297
                                ---------------------------------- ------------------------------------------
   Total                           $20,254    $19,048    $ 9,160    $ 8,835    $17,995    $16,893    $16,079

Cost of Goods Sold
   Cost of Sales Paper              11,574     11,605      5,527      5,394     10,921     10,193      9,513
                                ---------------------------------- ------------------------------------------

Gross Margin                       $ 8,680    $ 7,443    $ 3,633    $ 3,441    $ 7,074    $ 6,700    $ 6,566

Less Operating Expenses
   Salaries & Employee Benefits         na      2,787      1,660      1,367      3,027      2,740      2,822
   General and Administrative           na        574        235        335        570        599        616
   IT Programming Costs                 na        669        258        199        457        550        550
   Occupancy Costs                      na        204         93         89        182        187        193
   Travel and Entertainment             na        375        177        193        370        389        396
   Professional Fees                    na        236        251        328        579        200        206
   Bad Debt                             na      1,452        450        450        900        900        900
   Management Incentive                 na        125        100        100        200        250        250
   Net Loss Company Plants              na         31         16         68         84        120         75
                                ---------------------------------- ------------------------------------------
   Total                             6,619      6,453      3,240      3,129      6,369      5,934      6,009
                                ---------------------------------- ------------------------------------------

EBITDA                             $ 2,061    $   990    $   393    $   312    $   705    $   766    $   557
                                ================================== ==========================================




                                          Actual                       Projected
                                     ----------------- --------------------------------------------
                                         FY ended         6 Mths                 FY ended
                                      February 28/29     Sep - Feb            February 28/29
                                     ----------------- --------------------------------------------
                                      2000       2001       2002       2002       2003        2004
                                     ----------------- --------------------------------------------
                                                                            
Growth Assumptions
   Royalty Income                       na       -2.4%      -2.7%      -2.1%      -5.4%       -1.0%
   Pelican Paper Sales                  na       -3.3%      -3.8%      -6.7%      -6.7%       -6.7%
   Franchise Sales                      na       70.4%     -18.2%     -13.0%       0.0%        0.0%
   Other                                na      -67.3%      -6.5%     -13.5%       5.0%        5.0%
                                     ----------------- --------------------------------------------
   Total                                na       -6.0%     -53.6%      -5.5%      -6.1%       -4.8%

 Margin Assumptions
   Cost of Paper Sales Margin         16.6%      13.6%      12.2%      12.8%      12.8%       12.8%

   Gross Margin                       42.9%      39.1%      38.9%      39.3%      39.7%       40.8%

Growth Assumptions
   Salaries & Employee Benefits         na         na      -17.7%       8.6%      -9.5%        3.0%
   General and Administrative           na         na       42.6%      -0.7%       5.0%        3.0%
   IT Programming Costs                 na         na      -22.9%     -31.7%      20.4%        0.0%
   Occupancy Costs                      na         na       -4.3%     -10.8%       3.0%        3.0%
   Travel and Entertainment             na         na        9.0%      -1.3%       5.0%        2.0%
   Professional Fees                    na         na       30.7%     145.3%     -65.5%        3.0%
   Bad Debt                             na         na        0.0%     -38.0%       0.0%        0.0%
   Management Incentive                 na         na        0.0%      60.0%      25.0%        0.0%
                                     ----------------- --------------------------------------------
   Net Loss Company Plants              na         na      325.0%     171.0%      42.9%      -37.5%
                                        na       -2.5%      -3.4%      -1.3%      -6.8%        1.3%

Margin Review
   EBITDA Margin %                    10.2%       5.2%       3.5%       3.9%       4.5%        3.5%


- --------------------------------------------------------------------------------
Sources of information: Company Financials, Projections and Management.

  Page 53



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS


Discounted Cash Flow Analysis - Management Case
($ in thousands, except per share)

Free Cash Flows



                                         Actual                    Projected
                             ---------------------------- ------------------------------
                                   FY ended                                  FY ended
                                February 28/29   6 Mths        6 Mths     February 28/29
                             -----------------  Mar - Aug    Sep - Feb    --------------
                                2000     2001     2001     2002      2003      2004
                             ---------------------------- ------------------------------
                                                         
Revenue                       $ 20,254 $ 19,048 $ 9,160  $ 8,835 $ 16,893  $ 16,079
   Cost of Sales                11,574   11,605   5,527    5,394   10,193     9,513
                             ---------------------------- ------------------------------
   Gross Margin                  8,680    7,443   3,633    3,441    6,700     6,566
   Operating Expenses            6,619    6,455   3,240    3,129    5,934     6,009
                             ---------------------------- ------------------------------
EBITDA                           2,061      988     393      312      766       557
   less: Deprec. & Amort.          189      232     114      137      220       220
                             ---------------------------- ------------------------------
EBIT                             1,872      756     279      175      546       337
   Income Taxes                    837      442     176       69      216       133
                             ---------------------------- ------------------------------
After-tax Income before          1,035      314     103      106      330       204
Interest
   Add: Deprec. & Amort.           189      232     114      137      220       220
   Add: (Used) Sourced by Net    1,365   (1,505)  1,374     (906)     278       248
   Wkg Cap.
   Less: Capital Expenditures      262      150      51       99      250       150
                             ---------------------------- ------------------------------
Free Cash Flows               $  2,327  $(1,109)$ 1,540   $ (762)   $ 578     $ 522
                             ============================ ==============================


Estimated Range of Enterprise Values

                            Terminal EBITDA Multiple
Discount  ----------------------------------------------------------
 Rate         2.75x    3.25x    3.75x    4.00x    4.50x    5.00x
- --------------------------------------------------------------------

  25.0%      $  960   $1,129   $1,297   $1,382   $1,550   $1,719
  27.5%      $  899   $1,060   $1,221   $1,302   $1,463   $1,625
                              -----------------
  30.0%      $  841   $  996 | $1,150   $1,227 | $1,382   $1,536
  32.5%      $  787   $  935 | $1,083   $1,157 | $1,305   $1,453
                              -----------------
  35.0%      $  736   $  878   $1,020   $1,091   $1,232   $1,374
  37.5%      $  688   $  824   $  960   $1,028   $1,164   $1,300

                                     ----------
                  Average of Box    | $  1,154 |
                                     ----------



Estimated Range of Equity Values

                          Terminal EBITDA Multiple
 Discount  ---------------------------------------------------------
  Rate        2.75x    3.25x    3.75x    4.00x    4.50x    5.00x
- --------------------------------------------------------------------

  25.0%      $6,097   $6,266   $6,434   $6,519   $6,687   $6,856
  27.5%      $6,036   $6,197   $6,358   $6,439   $6,600   $6,761
                              -----------------
  30.0%      $5,978   $6,132 | $6,287   $6,364 | $6,518   $6,673
  32.5%      $5,924   $6,072 | $6,220   $6,294 | $6,442   $6,589
                              -----------------
  35.0%      $5,873   $6,015   $6,156   $6,227   $6,369   $6,511
  37.5%      $5,825   $5,961   $6,097   $6,165   $6,301   $6,437

                                     ----------
                   Average of Box   | $  6,291 |
                                     ----------


                                                --------------------------------
                                                Terminal Value - EBITDA Multiple
                                                --------------------------------

Terminal Values

                                    Terminal EBITDA Multiple
                       ---------------------------------------------------------
                          2.75x    3.25x     3.75x    4.00x   4.50x    5.00x
                       ---------------------------------------------------------
EBITDA Terminal Value   $  1,532  $ 1,811  $ 2,090  $ 2,229  $ 2,507  $ 2,786
                       =========================================================



Discounted Terminal Values as Percentage of Enterprise Values

                            Terminal EBITDA Multiple
 Discount   --------------------------------------------------------
  Rate        2.75x     3.25x    3.75x    4.00x    4.50x    5.00x
- --------------------------------------------------------------------

  25.0%       159.6%    97.1%    97.5%    97.6%    97.9%    98.1%
  27.5%        98.7%    98.9%    99.0%    99.1%    99.2%    99.3%
                               -----------------
  30.0%       100.9%   100.8% | 100.7%   100.6% | 100.6%   100.5%
  32.5%       103.4%   102.8% | 102.4%   102.3% | 102.0%   101.8%
                               -----------------
  35.0%       106.0%   105.0%   104.3%   104.0%   103.6%   103.2%
  37.5%       108.8%   107.3%   106.3%   105.9%   105.2%   104.7%

                                       ---------
                    Average of Box    |  101.5% |
                                       ---------


Estimated Range of Equity Values per Share

                             Terminal EBITDA Multiple
Discount   ------------------------------------------------------
  Rate        2.75x      3.25x   3.75x   4.00x   4.50x   5.00x
- -----------------------------------------------------------------

  25.0%      $ 1.19     $ 1.22  $ 1.25  $ 1.27  $ 1.30  $ 1.33
  27.5%      $ 1.18     $ 1.21  $ 1.24  $ 1.25  $ 1.29  $ 1.32
                               ----------------
  30.0%      $ 1.16     $ 1.19| $ 1.22  $ 1.24 |$ 1.27  $ 1.30
  32.5%      $ 1.15     $ 1.18| $ 1.21  $ 1.23 |$ 1.25  $ 1.28
                               ----------------
  35.0%      $ 1.14     $ 1.17  $ 1.20  $ 1.21  $ 1.24  $ 1.27
  37.5%      $ 1.13     $ 1.16  $ 1.19  $ 1.20  $ 1.23  $ 1.25

                                       --------
                    Average of Box    | $ 1.22 |
                                       --------

- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company Financials, Projections and Management.


Page 54



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS



Discounted Cash Flow Analysis - Management Case
($ in thousands, except per share)


Free Cash Flows

                                          Actual                          Projected
                          ----------------------------------- ---------------------------------
                                   FY ended                                      FY ended
                                February 28/29       6 Mths     6 Mths       February 28/29
                          -----------------------  Mar - Aug   Sep - Feb   --------------------
                               2000       2001        2001       2002        2003       2004
                          ----------------------------------- ---------------------------------
                                                                     
Revenue                     $ 20,254   $ 19,048    $  9,160   $  8,835    $ 16,893   $ 16,079
   Cost of Sales              11,574     11,605       5,527      5,394      10,193      9,513
                          ----------------------------------- ---------------------------------
   Gross Margin                8,680      7,443       3,633      3,441       6,700      6,566
   Operating Expenses          6,619      6,455       3,240      3,129       5,934      6,009
                          ----------------------------------- ---------------------------------
EBITDA                         2,061        988         393        312         766        557
   less: Deprec. & Amort         189        232         114        137         220        220
                          ----------------------------------- ---------------------------------
EBIT                           1,872        756         279        175         546        337
   Income Taxes                  837        442         176         69         216        133
                          ----------------------------------- ---------------------------------
After-tax Income before
  Interest                     1,035        314         103        106         330        204
   Add: Deprec. & Amort          189        232         114        137         220        220
   Add: (Used) from by
     Net WC                    1,365     (1,505)      1,374       (906)        278        248
   Less: Capital
     Expenditures                262        150          51         99         250        150
                          ----------------------------------- ---------------------------------
Free Cash Flows             $  2,327   $ (1,109)   $  1,540   $   (762)   $    578   $    522
                          =================================== =================================


Estimated Range of Enterprise Values

                   Terminal Perpetual Growth Rates
 Discount   ----------------------------------------------
  Rate         3.25%   3.50%  3.75%  4.00%  4.25%  4.50%
- ----------------------------------------------------------

  25.0%         $665   $674   $684   $694   $705   $716
  27.5%         $554   $561   $569   $577   $585   $594
                             -------------
  30.0%         $462   $469 | $475   $481 | $488   $495
  32.5%         $386   $391 | $396   $401 | $407   $412
                             -------------
  35.0%         $320   $324   $329   $333   $337   $342
  37.5%         $263   $267   $271   $274   $278   $282

                                   -------
                Average of Box    | $ 438 |
                                   -------

Estimated Range of Equity Values

                            Terminal Perpetual Growth Rates
Discount     -----------------------------------------------------------
  Rate             3.25%    3.50%    3.75%    4.00%    4.25%   4.50%
             -----------------------------------------------------------

  25.0%           $5,801   $5,811   $5,821   $5,831   $5,842   $5,852
  27.5%           $5,691   $5,698   $5,706   $5,714   $5,722   $5,731
                                   -----------------
  30.0%           $5,599   $5,605 | $5,612   $5,618 | $5,625   $5,631
  32.5%           $5,522   $5,528 | $5,533   $5,538 | $5,543   $5,549
                                   -----------------
  35.0%           $5,457   $5,461   $5,465   $5,470   $5,474   $5,479
  37.5%           $5,400   $5,404   $5,407   $5,411   $5,415   $5,419

                                           ---------
                        Average of Box    | $ 5,575 |
                                           ---------



                                             -----------------------------------
                                              Terminal Value - Perpetual Growth
                                             -----------------------------------

Terminal Values
                                  Terminal Perpetual Growth Rates
                         -------------------------------------------------
                         -------------------------------------------------
                           3.25%   3.50%   3.75%   4.00%   4.25%   4.50%
                         -------------------------------------------------

EBITDA                     $575    $577    $578    $579    $581    $582
   less: Deprec. &
     Amort                  200     200     200     200     200     200
                         -------------------------------------------------
EBIT                        375     377     378     379     381     382
   Income Taxes             148     149     149     150     150     151
                         -------------------------------------------------
After-tax Income before
  Int                       227     228     229     230     230     231
   Add: Deprec. & Amort     200     200     200     200     200     200
   Add: (Used) from by
   Net WC                    --      --      --      --      --      --

   Less: Capital
     Expenditures           200     200     200     200     200     200
                         ------------------------------------------------
Free Cash Flows            $227    $228    $229    $230    $230    $231
                         ================================================



Disc Rate               Perpetual Growth Terminal Values
- ------------------------------------------------------------------

  25.0%       $1,044   $1,060   $1,076   $1,093   $1,111   $1,128
  27.5%       $  936   $  950   $  963   $  977   $  991   $1,006
  30.0%       $  849   $  860   $  871   $  883   $  895   $  907
  32.5%       $  776   $  786   $  796   $  806   $  816   $  826
  35.0%       $  715   $  724   $  732   $  741   $  749   $  758
  37.5%       $  663   $  670   $  678   $  685   $  693   $  701


Discounted Terminal Values as Percentage of Enterprise Values

                                    Terminal Perpetual Growth Rates
        Discount     -----------------------------------------------------------
          Rate            3.25%    3.50%    3.75%    4.00%    4.25%     4.50%
      --------------------------------------------------------------------------

          25.0%           95.1%    95.2%    95.2%    95.3%    95.4%     95.4%
          27.5%           97.9%    97.9%    97.9%    98.0%    98.0%     98.0%
                                          -----------------
          30.0%          101.7%   101.7% | 101.7%   101.7% | 101.6%    101.6%
          32.5%          106.9%   106.8% | 106.7%   106.6% | 106.5%    106.4%
                                          -----------------
          35.0%          113.7%   113.6%   113.4%   113.2%   113.0%    112.9%
          37.5%          123.0%   122.7%   122.4%   122.1%   121.8%    121.5%

                                                   --------
                                 Average of Box   | 104.2% |
                                                   --------

Estimated Range of Equity Values per Share

                                Terminal Perpetual Growth Rates
   Discount    -----------------------------------------------------------------
     Rate          3.25%     3.50%      3.75%      4.00%      4.25%       4.50%
 -------------------------------------------------------------------------------

     25.0%        $ 1.13    $ 1.13     $ 1.13     $ 1.14     $ 1.14      $ 1.14
     27.5%        $ 1.11    $ 1.11     $ 1.11     $ 1.11     $ 1.11      $ 1.12
                                     --------------------
     30.0%        $ 1.09    $ 1.09  |  $ 1.09     $ 1.09 |   $ 1.10      $ 1.10
     32.5%        $ 1.08    $ 1.08  |  $ 1.08     $ 1.08 |   $ 1.08      $ 1.08
                                     --------------------
     35.0%        $ 1.06    $ 1.06     $ 1.06     $ 1.06     $ 1.07      $ 1.07
     37.5%        $ 1.05    $ 1.05     $ 1.05     $ 1.05     $ 1.05      $ 1.06

                                                ---------
                             Average of Box    | $  1.09 |
                                                ---------
- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company Financials, Projections and Management.


Page 55



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Long Term and Equity Assumptions - Management Case
($ in thousands)



                                             Actual                         Projected
                                 -------------------------- ----------------------------------------
                                      FY ended                               FY ended
                                  February 28/29    6 Mths    6 Mths      February 28/29
                                 ---------------  Mar - Aug  Sep - Feb  -----------------  Terminal
                                  2000      2001     2001      2002        2003     2004    Period
                                 -------------------------- ----------------------------------------
                                                                    
Existing Fixed Assets
   Gross Assets                   $1,633   $1,707   $1,759   $1,759      $1,759   $1,759
     Less Acc Deprec               1,104    1,234    1,335    1,439       1,563    1,657
                                 -------------------------- -----------------------------
   Net Book Value                 $  529   $  473   $  424   $  320      $  196   $  102
                                 ========================== =============================
   Deprec Expense                 $  163   $  206   $  101   $  104      $  124   $   94   $   70
                                 ========================== ========================================

New Fixed Assets

   Capex                                                     $   99      $  250   $  150   $  200
                                                            ========================================
   Total Capex
                          Years
   Deprec Expense           5                                $   20      $   70   $  100   $  100
                                                            ========================================

   Net Book Value
     Mach & Equip                                            $   99      $  349   $  499
   Gross Assets                                              $   99      $  349   $  499
     Less Acc Deprec                                             20          90      190
                                                            -----------------------------
   Net Book Value                                            $   79      $  259   $  309
                                                            =============================

Total Assets
   Gross Assets                   $1,633   $1,707   $1,759   $1,858      $2,108   $2,258
     Less Acc Deprec               1,104    1,234    1,335    1,459       1,653    1,847
                                 -------------------------- -----------------------------
   Net Book Value                 $  529   $  473   $  424   $  399      $  455   $  411
                                 ========================== =============================
   Deprec Expense                 $  163   $  206   $  101   $  124      $  194   $  194   $  170
                                 ========================== ========================================

Intangibles
   Gross Intangible               $  474   $  474   $  474   $  474      $  474   $  474
     Less Acc Amort                  216      242      255      268         294      320
                                 ========================== ========================================
   Net Book Value                 $  258   $  232   $  219   $  206      $  180   $  154
                                 ========================== ========================================
   Amort Expense                  $   26   $   26   $   13   $   13      $   26   $   26   $   30
                                 ========================== ========================================

Deprec & Amort Expense            $  189   $  232   $  114   $  137      $  220   $  220   $  200
                                 ========================== ========================================


                                                     Actual
                                                     as of
                                                   8/31/2001
                                                  ----------
Equity Value Assumptions
   Debt & Other Obligations
     Interest Bearing Debt                        $      280
     Contingent Liabilities (1)                          550
     Other                                                 -
                                                  ----------
                                                         830
                                                  ----------
   Less Cash
     Cash on Hand                                      3,170
     Assumed cash from exercise of
       options                                            17
     Assumed value of notes (2)                        2,780
                                                 -----------
                                                       5,967
                                                 -----------
   Net Debt                                       $   (5,137)
                                                 ===========
   Common Stock Equivalents (in
     thousands)
     Common Stock Outstanding                          5,121
     Stock issued re Other                                 -
                                                 -----------
                                                       5,121
                                                 -----------

                                   Exercise $
     Options in the money: Plan 1    $  1.12              15
                           Plan 2    $  -                  -
                                                 -----------
                                                          15
                                                 -----------
   Total Common Stock Equivalents                      5,136
                                                 ===========

- --------------------------------------------------------------------------------
 (1) Guarantee of a plant purchase obligation to a third party.
 (2) Based upon a collectibility and recovery analysis prepared in consultation
     with Company Management. See Note Receivable Summary Analysis.

 Sources of information: Company Financials, Projections and Management.


Page 56



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS


Operating and Working Capital Assumptions - Management Case
($ in thousands)



                                              Actual                              Projected
                                   ----------------------------  -----------------------------------------
                                        FY ended        6 Mths     6 Mths         FY ended
                                     February 28/29   Mar - Aug   Sep - Feb    February 28/29    Terminal
                                   ------------------                        ------------------
                                     2000      2001     2001        2002       2003      2004     Period
                                   ----------------------------  -----------------------------------------
                                                                            
Growth Statistics and Assumptions
  Revenue                               na     -6.0%        na      -53.6%       91.2%     -4.8%
  Cost of Sales                         na      0.3%        na       53.5%       89.0%     -6.7%
  Operating Expenses                    na      2.5%        na      -51.5%       89.7%      1.3%
  EBITDA                                na    -52.1%        na      -68.4%      145.4%    -27.2%
  EBIT                                  na    -59.6%        na      -76.9%      211.8%    -38.2%
  After-tax Income Pre-Interest         na    -69.7%        na      -66.3%      211.8%    -38.2%

Profitability
  Gross Margin                        42.9%    39.1%      39.7%      38.9%       39.7%     40.8%
  EBITDA                              10.2%     5.2%       4.3%       3.5%        4.5%      3.5%
  EBIT                                 9.2%     4.0%       3.0%       2.0%        3.2%      2.1%
  After-tax Income Pre-Interest        5.1%     1.6%       1.1%       1.2%        2.0%      1.3%

Income Tax Expense and Assumptions
  Statutory Tax Rate                                                 39.5%       39.5%     39.5%
  Effective Tax Rate                  44.7%    58.5%      63.1%      39.5%       39.5%     39.5%   39.5%

  Current Period Tax               $   837  $   442    $   176    $    69     $   216   $   133
  NOL Usage                              -        -                     -           -         -
                                   ----------------------------  -------------------------------
   Income Tax Expense              $   837  $   442    $   176    $    69     $   216   $   133
                                   ============================  ===============================

  Ending NOL Balance                                   $     -    $     -     $     -   $     -
                                                      =========  ===============================


                                              Actual                              Projected
                                   ----------------------------  -----------------------------------------
                                        FY ended        6 Mths     6 Mths         FY ended
                                     February 28/29   Mar - Aug   Sep - Feb    February 28/29    Terminal
                                   ------------------                        ------------------
                                     2000      2001     2001        2002       2003      2004     Period
                                   ----------------------------  -----------------------------------------
                                                                            
Non-Cash Working Capital
 Assumptions
  Accounts Receivable (AR)
    AR Days Outstanding                 59       68         na         65          65        65
    % of Sales                        16.3%    18.7%        na       17.8%       17.8%     17.8%

  Inventory
    Days Inventory Outs.                74       74         na         74          74        74
    % Cost of Sales                   20.4%    20.3%        na       20.3%       20.3%     20.3%

  Prepayments
    % of Direct and Op Costs           2.2%     0.7%        na        0.7%        0.7%      0.7%

  Accounts Payable (AP)
    AP Days Outstanding                 22       12         na         12          12        12
    % of Direct and Op Costs           6.1%     3.3%        na        3.3%        3.3%      3.3%

  Accrued Expenses & Other
    % of Direct and Op Costs           8.6%     3.2%        na        3.2%        3.2%      3.2%

Changes in Non-Cash Net Working
 Capital
  Accounts Receivables             $ 3,293  $ 3,568    $ 2,043    $ 3,205     $ 3,008   $ 2,863
  Inventory                          2,359    2,352      2,375      2,214       2,066     1,929
  Prepayments                          408      134        111        121         113       109
  Accounts Payables                  1,111      597        286        568         530       510
  Accrued Expenses & Other           1,567      570        730        553         516       497
                                   ---------------------------   -------------------------------
    Non-Cash Net WC                $ 3,382  $ 4,887    $ 3,513    $ 4,419     $ 4,141   $ 3,893
                                   ============================  ===============================
    % of EBITDA                      164.1%   494.6%     893.9%    1416.3%      540.8%    698.7%
                                   ============================  ===============================

    Cash Flow (Used) Sourced by
    Non-Cash Net Wrkg Cap          $ 1,365  $(1,505)   $ 1,374    $  (906)    $   278   $   248   $     -
                                   ============================  =========================================



- --------------------------------------------------------------------------------
Sources of information: Company Financials, Projections and Management.

Page 57



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Cost of Capital Calculation
($ in thousands, except per share)

Cost of Common Stock

   Riskless (1)
     20 year treasury coupon (Rf)             5.0%
   Risk (2)
     Equity risk premium (EP)                 7.8%
     Industry risk premium (IP)               2.3%
     Size Premium (SP)                        8.4%
     Company Specific Risk                   10.0%
                                             -----
                                             33.5%
                                             =====

Cost of Debt
                                Nominal                  % of         Weighted
   Type of Debt                  Rate         Amount    of Debt     Cost of Debt
   -----------------------------------------------------------------------------

   Acquisition Notes Payble      8.00%       $   280     100.0%         8.0%
                                                   -       0.0%         0.0%
                                                   -       0.0%         0.0%
                                                   -       0.0%         0.0%
                                                   -       0.0%         0.0%
                                             -----------------------------------
                                             $   280     100.0%         8.0%
                                             ===================================

   Note: Company has $2m unused line of credit at LIBOR + 2.35%.  As of
         November 16, 2001 LIBOR was 2.10%.

Weighted Average Cost of Capital



                        Shares Outs.     Stock Price   Market          % of       Nominal    Effective    Cost of        Weighted
   Type                 (in thousands)     16-Nov-01   Value      Total Capital    Rate       Tax Rate    Capital    Cost of Capital
                        ------------------------------------------------------------------------------------------------------------
                                                                                             
   Debt                                               $   280            7.3%       8.0%        39.5%       4.8%            0.4%
   Common Stock            5,121          $ 0.6900      3,533           92.7%      33.5%                   33.5%           31.0%
                                                      -------         -------                                             ------
                                                      $ 3,813          100.0%                                              31.4%
                                                      =======         =======                                             ======


- --------------------------------------------------------------------------------
(1) As reported by the Federal Reserve Board on a weekly-average basis for the
week ended November 9, 2001.
(2) Sourced from the Ibbotson SBBI Valuation Edition 2001 Yearbook.

Sources of information: Company Financials, Projections and Management.

Page 58



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS

Financial Projections - Revised Case
($ in thousands)



                                         Actual                           Projected (1)
                                    ----------------------------- ------------------------------------
                                        FY ended         6 Mths    6 Mths             FY ended
                                     February 28/29    Mar - Aug  Sep - Feb        February 28/29
                                    ------------------                       -------------------------
                                      2000      2001      2001      2002      2002      2003     2004
                                    ----------------------------- ------------------------------------
                                                                          
Revenues
   Royalty Income                   $ 5,394   $ 5,267   $ 2,614   $ 2,543   $ 5,157   $ 5,157  $ 5,157
   Pelican Paper Sales               13,881    13,424     6,385     6,144    12,529    12,529   12,529
   Franchise Sales                       27        46        22        18        40        40       40
   Other                                952       311       139       130       269       282      297
                                    ----------------------------- ------------------------------------
   Total                            $20,254   $19,048   $ 9,160   $ 8,835   $17,995   $18,008  $18,023

Cost of Goods Sold
   Cost of Sales Paper               11,574    11,605     5,527     5,394    10,921    10,921   10,921
                                    ----------------------------- ------------------------------------

Gross Margin                        $ 8,680   $ 7,443   $ 3,633   $ 3,441   $ 7,074   $ 7,087  $ 7,102

Less Operating Expenses
   Salaries & Employee Benefits          na     2,787     1,660     1,367     3,027     2,740    2,822
   General and Administrative            na       574       235       335       570       599      616
   IT Programming Costs                  na       669       258       199       457       550      550
   Occupancy Costs                       na       204        93        89       182       187      193
   Travel and Entertainment              na       375       177       193       370       389      396
   Professional Fees                     na       236       251       328       579       200      206
   Bad Debt                              na     1,452       450       450       900       900      900
   Management Incentive                  na       125       100       100       200       250      250
   Net Loss Company Plants               na        31        16        68        84       120       75
                                    ----------------------------- ------------------------------------
   Total                              6,619     6,453     3,240     3,129     6,369     5,934    6,009
                                    ----------------------------- ------------------------------------

EBITDA                              $ 2,061   $   990   $   393   $   312   $   705   $ 1,153  $ 1,093
                                    ============================= ====================================




                                         Actual                    Projected (1)
                                     --------------- ------------------------------------
                                        FY ended        6 Mths            FY ended
                                     February 28/29    Sep - Feb       February 28/29
                                     ---------------             ------------------------
                                      2000    2001       2002      2002     2003     2004
                                     --------------- ------------------------------------
                                                                   
Growth Assumptions
   Royalty Income                       na    -2.4%      -2.7%     -2.1%    0.0%     0.0%
   Pelican Paper Sales                  na    -3.3%      -3.8%      6.7%    0.0%     0.0%
   Franchise Sales                      na    70.4%     -18.2%    -13.0%    0.0%     0.0%
   Other                                na   -67.3%      -6.5%    -13.5%    5.0%     5.0%
                                     --------------- ------------------------------------
   Total                                na    -6.0%     -53.6%     -5.5%    0.1%     0.1%

Margin Assumptions
   Cost of Paper Sales Margin         16.6%   13.6%      12.2%     12.8%   12.8%    12.8%

   Gross Margin                       42.9%   39.1%      38.9%     39.3%   39.4%    39.4%

Growth Assumptions
   Salaries & Employee Benefits         na      na      -17.7%      8.6%   -9.5%     3.0%
   General and Administrative           na      na       42.6%     -0.7%    5.0%     3.0%
   IT Programming Costs                 na      na      -22.9%    -31.7%   20.4%     0.0%
   Occupancy Costs                      na      na       -4.3%    -10.8%    3.0%     3.0%
   Travel and Entertainment             na      na        9.0%     -1.3%    5.0%     2.0%
   Professional Fees                    na      na       30.7%    145.3%  -65.5%     3.0%
   Bad Debt                             na      na        0.0%    -38.0%    0.0%     0.0%
   Management Incentive                 na      na        0.0%     60.0%   25.0%     0.0%
   Net Loss Company Plants              na      na      325.0%    171.0%   42.9%   -37.5%
                                     --------------- ------------------------------------
                                        na    -2.5%      -3.4%     -1.3%   89.7%     1.3%

Margin Review
   EBITDA Margin %                    10.2%    5.2%       3.5%      3.9%    6.4%     6.1%



- -------------------------------------------------------------------------------
(1) All assumptions remain the same as in Management Case except royalty income
and paper sales stabilize after FY 2002.

Sources of information: Company Financials, Projections and Management.

Page 59




BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS


Discounted Cash Flow Analysis - Revised Case     Terminal Values-EBITDA-Multiple
($ in thousands, except per share)


Free Cash Flows


                                         Actual                                      Projected
                                 --------------------------------------------------------------------
                                       FY ended                                      FY ended
                                     February 28/29       6 Mths     6 Mths        February 28/29
                                 ---------------------    Mar-Aug    Sep-Feb   ----------------------
                                    2000       2001        2001       2002        2003       2004
                                 --------------------------------------------------------------------
                                                                         
Revenue                          $20,254    $19,048      $9,160     $8,835     $18,008     $18,023
   Cost of Sales                  11,574     11,605       5,527      5,394      10,921      10,921
   Gross Margin                    8,680      7,443       3,633      3,441       7,087       7,102
   Operating Expenses              6,619      6,455       3,240      3,129       5,934       6,009
EBITDA                             2,061        988         393        312       1,153       1,093
   less: Deprec. & Amort             189        232         114        137         220         220
EBIT                               1,872        756         279        175         933         873
   Income Taxes                      837        442         176         69         369         345
After-tax Income before            1,035        314         103        106         564         528
Interest
   Add: Deprec. & Amort              189        232         114        137         220         220
   Add: (Used) Sourced by Net      1,365     (1,505)      1,374       (906)        (27)          2
   Wkg Cap
   Less: Capital Expenditures        262        150          51         99         250         150
Free Cash Flows                  $ 2,327    $(1,109)     $1,540     $ (762)    $   507     $   600
                                 =================================================================


Estimated Range of Enterprise Values


                                                     Terminal EBITDA   Multiple
                      Discount   -----------------------------------------------------------------
                        Rate      2.75x      3.25x        3.75x      4.00x      4.50x       5.00x
                   -------------------------------------------------------------------------------
                                                                        
                       25.0%     $1,845     $2,176       $2,506     $2,671     $3,002      $3,333
                       27.5%     $1,744     $2,060       $2,376     $2,535     $2,851      $3,167
                       30.0%     $1,649     $1,952       $2,255     $2,406     $2,709      $3,011
                       32.5%     $1,560     $1,850       $2,140     $2,285     $2,575      $2,865
                       35.0%     $1,476     $1,755       $2,033     $2,172     $2,450      $2,728
                       37.5%     $1,398     $1,664       $1,931     $2,065     $2,332      $2,598

                                                                --------
                                                    Average of  $  2,272
                                                                --------



Estimated Range of Equity Values


                                                     Terminal EBITDA   Multiple
                      Discount   -----------------------------------------------------------------
                        Rate      2.75x      3.25x        3.75x      4.00x      4.50x       5.00x
                   -------------------------------------------------------------------------------
                                                                        
                       25.0%     $6,982     $7,312       $7,643     $7,808     $8,139      $8,470
                       27.5%     $6,881     $7,197       $7,513     $7,671     $7,988      $8,304
                       30.0%     $6,786     $7,089       $7,391     $7,543     $7,846      $8,148
                       32.5%     $6,697     $6,987       $7,277     $7,422     $7,712      $8,002
                       35.0%     $6,613     $6,891       $7,169     $7,308     $7,587      $7,865
                       37.5%     $6,534     $6,801       $7,068     $7,201     $7,468      $7,735

                                                                --------
                                                    Average of  $  7,408
                                                                --------



Terminal Values


                                                     Terminal EBITDA   Multiple
                                 -----------------------------------------------------------------
                                  2.75x      3.25x        3.75x      4.00x      4.50x       5.00x
                                 -----------------------------------------------------------------
                                                                           
EBITDA Terminal Value            $3,005     $3,551       $4,097     $4,370     $4,917      $5,463
                                 =================================================================



Discounted Terminal Values as Percentage of Enterprise Values


                                                     Terminal EBITDA   Multiple
                      Discount   -----------------------------------------------------------------
                        Rate      2.75x      3.25x        3.75x      4.00x      4.50x       5.00x
                   -------------------------------------------------------------------------------
                                                                        
                       25.0%     162.9%      98.8%        99.0%      99.0%      99.1%       99.2%
                       27.5%      99.7%      99.8%        99.8%      99.8%      99.8%       99.9%
                       30.0%     101.0%     100.8%       100.7%     100.7%     100.6%      100.5%
                       32.5%     102.2%     101.9%       101.6%     101.5%     101.4%      101.2%
                       35.0%     103.6%     103.0%       102.6%     102.4%     102.2%      101.9%
                       37.5%     105.0%     104.2%       103.6%     103.4%     103.0%      102.7%

                                                                ------
                                                    Average of  101.1%
                                                                ------



Estimated Range of Equity Values per Share


                                                     Terminal EBITDA   Multiple
                      Discount   -----------------------------------------------------------------
                        Rate      2.75x      3.25x        3.75x      4.00x      4.50x       5.00x
                   -------------------------------------------------------------------------------
                                                                        
                       25.0%     $1.36      $1.42        $1.49      $1.52      $1.58       $1.65
                       27.5%     $1.34      $1.40        $1.46      $1.49      $1.56       $1.62
                       30.0%     $1.32      $1.38        $1.44      $1.47      $1.53       $1.59
                       32.5%     $1.30      $1.36        $1.42      $1.45      $1.50       $1.56
                       35.0%     $1.29      $1.34        $1.40      $1.42      $1.48       $1.53
                       37.5%     $1.27      $1.32        $1.38      $1.40      $1.45       $1.51

                                                                --------
                                                    Average of  $   1.44
                                                                --------




- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company Financials, Projections and Management.

Page 60



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS



Discounted Cash Flow Analysis - Revised Case
($ in thousands, except per share)



Free Cash Flows
                                    Actual                  Projected
                          ------------------------------------------------------
                            FY ended       6 Mths     6 Mths     FY ended
                            February 28/29 Mar - Aug Sep - Feb  February 28/29
                          ----------------                     -----------------
                            2000    2001     2001     2002    2003   2004
                          ------------------------------------------------------
Revenue                   $20,254 $19,048 $ 9,160  $ 8,835  $18,008 $18,023
   Cost of Sales           11,574  11,605   5,527    5,394   10,921  10,921
                          ------------------------------------------------------
   Gross Margin            8,680    7,443    3,633    3,441   7,087   7,102
   Operating Expenses      6,619    6,455    3,240    3,129   5,934   6,009
                          ------------------------------------------------------
EBITDA                     2,061      988      393      312   1,153   1,093
   less: Deprec. & Amort.    189      232      114      137     220     220
                          ------------------------------------------------------
EBIT                       1,872      756      279      175     933     873
   Income Taxes              837      442      176       69     369     345
                          ------------------------------------------------------
After-tax Income before    1,035      314      103      106     564    528
Interest
   Add: Deprec. & Amort.     189      232      114      137     220    220
   Add: (Used) from by     1,365   (1,505)   1,374     (906)    (27)     2
   Net WC
   Less: Capital
   Expenditures              262      150       51       99     250    150
                          ------------------------------------------------------
Free Cash Flows           $2,327  $(1,109) $ 1,540   $ (762) $  507 $  600
                          ======================================================

Estimated Range of Enterprise
Values
                                    Terminal Perpetual Growth Rates
Discount                  ------------------------------------------------------
Rate                         3.25%   3.50%    3.75%   4.00%    4.25%    4.50%
                          ------------------------------------------------------
          25.0%           $ 1,589 $ 1,612 $ 1,635  $ 1,659 $  1,683  $  1,708
          27.5%           $ 1,345 $ 1,363 $ 1,381  $ 1,400 $  1,419  $  1,439
          30.0%           $ 1,147 $ 1,162 $ 1,177  $ 1,192 $  1,207  $  1,222
          32.5%           $   984 $   996 $ 1,008  $ 1,020 $  1,033  $  1,045
          35.0%           $   847 $   857 $   867  $   877 $    887  $    898
          37.5%           $   731 $   739 $   747  $   756 $    765  $    773

                                                    -------
                                  Average of Box    $ 1,099
                                                    -------

Estimated Range of Equity
Values
                                    Terminal Perpetual Growth Rates
Discount                  ------------------------------------------------------
Rate                        3.25%   3.50%    3.75%   4.00%    4.25%     4.50%
                          ------------------------------------------------------
          25.0%           $ 6,726 $ 6,748 $ 6,772  $ 6,796 $  6,820  $  6,845
          27.5%           $ 6,482 $ 6,500 $ 6,518  $ 6,537 $  6,556  $  6,575
          30.0%           $ 6,284 $ 6,299 $ 6,313  $ 6,328 $  6,344  $  6,359
          32.5%           $ 6,121 $ 6,133 $ 6,145  $ 6,157 $  6,170  $  6,182
          35.0%           $ 5,984 $ 5,994 $ 6,004  $ 6,014 $  6,024  $  6,035
          37.5%           $ 5,868 $ 5,876 $ 5,884  $ 5,893 $  5,901  $  5,910

                                                   -------
                                  Average of Box   $ 6,236
                                                   -------


                                               ---------------------------------
                                               Terminal Value - Perpetual Growth
                                               ---------------------------------

Terminal Values

                                  Terminal Perpetual Growth Rates
                          ------------------------------------------------------
                            3.25%   3.50%   3.75%    4.00%   4.25%   4.50%
                          ------------------------------------------------------
EBITDA                     $1,128  $1,131  $1,134   $1,136  $1,139  $1,142
   less: Deprec. &            200     200     200      200     200     200
                          ------------------------------------------------------
   Amort.
EBIT                          928     931     934      936     939     942
   Income Taxes               367     368     369      370     371     372
                          ------------------------------------------------------
After-tax Income before       561     563     565      566     568     570
Int.
   Add: Deprec. & Amort.      200     200     200      200     200     200
   Add: (Used) from by          -       -       -        -       -       -
   Net WC
   Less: Capital
   Expenditures               200     200     200      200     200     200
                          ------------------------------------------------------
Free Cash Flows            $  561  $  563  $  565   $  566  $  568  $  570
                          ======================================================


Disc Rate                           Perpetual Growth Terminal  Values
                          ---------------------------------------------------
          25.0%           $ 2,582 $ 2,619 $ 2,658  $ 2,697 $  2,738 $  2,779
          27.5%           $ 2,315 $ 2,346 $ 2,378  $ 2,410 $  2,443 $  2,477
          30.0%           $ 2,099 $ 2,125 $ 2,152  $ 2,179 $  2,206 $  2,234
          32.5%           $ 1,920 $ 1,942 $ 1,964  $ 1,988 $  2,011 $  2,035
          35.0%           $ 1,768 $ 1,788 $ 1,807  $ 1,827 $  1,847 $  1,868
          37.5%           $ 1,639 $ 1,656 $ 1,673  $ 1,691 $  1,709 $  1,727

Discounted Terminal Values as Percentage of
Enterprise Values
                                 Terminal Perpetual Growth Rates
Discount                  -------------------------------------------------
Rate                      3.25%    3.50%   3.75%    4.00%   4.25%     4.50%
                          -------------------------------------------------
          25.0%            98.3%   98.4%    98.4%   98.4%    98.4%    98.5%
          27.5%            99.7%   99.7%    99.7%   99.7%    99.7%    99.7%
          30.0%           101.4%  101.4%   101.3%  101.3%   101.3%   101.3%
          32.5%           103.5%  103.5%   103.5%  103.4%   103.4%   103.3%
          35.0%           106.2%  106.2%   106.1%  106.0%   106.0%   105.9%
          37.5%           109.6%  109.5%   109.4%  109.3%   109.2%   109.0%

                                                   ------
                                 Average of Box    102.4%
                                                   ------
Estimated Range of Equity Values
per Share
                                  Terminal Perpetual Growth Rates
Discount                 --------------------------------------------------
Rate                       3.25%    3.50%   3.75%    4.00%   4.25%    4.50%
                         --------------------------------------------------
          25.0%          $  1.31  $  1.31 $  1.32  $  1.32  $ 1.33   $ 1.33
          27.5%          $  1.26  $  1.27 $  1.27  $  1.27  $ 1.28   $ 1.28
          30.0%          $  1.22  $  1.23 $  1.23  $  1.23  $ 1.24   $ 1.24
          32.5%          $  1.19  $  1.19 $  1.20  $  1.20  $ 1.20   $ 1.20
          35.0%          $  1.17  $  1.17 $  1.17  $  1.17  $ 1.17   $ 1.17
          37.5%          $  1.14  $  1.14 $  1.15  $  1.15  $ 1.15   $ 1.15

                                                   -------
                                Average of Box     $  1.21
                                                   -------
- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company Financials, Projections and Management.

Page 61



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS



Long Term and Equity Assumptions - Revised Case
($ in thousands)


                                             Actual                          Projected
                                 ------------------------------  -------------------------------------
                                      FY ended          6 Mths    6 Mths        FY ended
                                   February 28/29     Mar - Aug  Sep - Feb   February 28/29   Terminal
                                 ------------------                         --------------------------
                                   2000      2001       2001        2002     2003     2004    Period
                                 ------------------------------  -------------------------------------

                                                                  
Existing Fixed Assets

   Gross Assets                  $ 1,633   $ 1,707   $  1,759    $  1,759  $ 1,759  $ 1,759
     Less Acc Deprec               1,104     1,234      1,335       1,439    1,563    1,657
                                 ------------------------------  --------------------------
   Net Book Value                $   529   $   473   $    424    $    320  $   196  $   102
                                 ==============================  ==========================
   Deprec Expense                $   163   $   206   $    101    $    104  $   124  $    94  $  70
                                 ==============================  =====================================

New Fixed Assets

   Capex                                                         $     99  $   250  $   150  $ 200
                                                                 =================================
   Total Capex
                          Years
   Deprec Expense         5                                      $     20  $    70  $   100  $ 100
                                                                 =================================

   Net Book Value
     Mach & Equip                                                $     99  $   349  $   499
   Gross Assets                                                  $     99  $   349  $   499
     Less Acc Deprec                                                   20       90      190
                                                                 --------------------------
   Net Book Value                                                $     79  $   259  $   309
                                                                 ==========================

Total Assets

   Gross Assets                  $ 1,633   $ 1,707   $  1,759    $  1,858  $ 2,108  $ 2,258
     Less Acc Deprec               1,104     1,234      1,335       1,459    1,653    1,847
                                 ------------------------------  --------------------------
   Net Book Value                $   529   $   473   $    424    $    399  $   455  $   411
                                 ==============================  ==========================
   Deprec Expense                $   163   $   206   $    101    $    124  $   194  $   194  $ 170
                                 ==============================  =====================================

Intangibles

   Gross Intangible              $   474   $   474   $    474    $    474  $   474  $   474
     Less Acc Amort                  216       242        255         268      294      320
                                 ------------------------------  --------------------------
   Net Book Value                $   258   $   232   $    219    $    206  $   180  $   154
                                 ==============================  ==========================
   Amort Expense                 $    26   $    26   $     13    $     13  $    26  $    26  $  30
                                 ==============================  =====================================
Deprec & Amort Expense           $   189   $   232   $    114    $    137  $   220  $   220  $ 200
                                 ==============================  =====================================






                                                   Actual
                                                   as of
                                                 8/31/2001
                                               -------------
                                             
Equity Value Assumptions
   Debt & Other Obligations
     Interest Bearing Debt                     $         280
     Contingent Liabilities (1)                          550
     Other                                                 -
                                               -------------
                                                         830
                                               -------------

   Less Cash
     Cash on Hand                                      3,170
     Assumed cash from exercise of
     options                                              17

     Assumed value of notes (2)                        2,780
                                               -------------
                                                       5,967
                                               -------------
   Net Debt                                    $      (5,137)
                                               =============


   Common Stock Equivalents (in
   thousands)
     Common Stock Outstanding                          5,121
     Stock issued re Other                                 -
                                               -------------
                                                       5,121

                                   Exercise $

     Options in the money: Plan 1    $  1.12              15
                           Plan 2    $  -                  -
                                               -------------
                                                          15
                                               -------------
   Total Common Stock Equivalents                      5,136
                                               =============

- --------------------------------------------------------------------------------
(1) Guarantee of a plant purchase obligation to a third party.
(2) Based upon a collectibility and recovery analysis prepared in consultation
    with Company Management. See Note Receivable Summary Analysis.

Sources of information: Company Financials, Projections and Management.



Page 62




BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
DISCOUNTED CASH FLOW ANALYSIS



Operating and Working Capital Assumptions - Revised Case
($ in thousands)



                                Actual                            Projected
                            --------------------------------------------------------------
                               FY ended      6 Mths    6 Mths      FY ended
                            February 28/29   Mar-Aug   Sep-Feb  February 28/29
                            --------------                      --------------    Terminal
                             2000     2001     2001     2002     2003     2004     Period
                            --------------------------------------------------------------
                                                             
Growth Statistics and
Assumptions
   Revenue                    na      -6.0%     na     -53.6%   103.8%     0.1%
   Cost of Sales              na       0.3%     na     -53.5%   102.5%     0.0%
   Operating Expenses         na      -2.5%     na     -51.5%    89.7%     1.3%
   EBITDA                     na     -52.1%     na     -68.4%   269.5%    -5.2%
   EBIT                       na     -59.6%     na     -76.9%   433.1%    -6.5%
   After-tax Income
   before Inter               na     -69.7%     na     -66.3%   433.1%    -6.5%

Profitability
   Gross Margin              42.9%    39.1%    39.7%    38.9%    39.4%    39.4%
   EBITDA                    10.2%     5.2%     4.3%     3.5%     6.4%     6.1%
   EBIT                       9.2%     4.0%     3.0%     2.0%     5.2%     4.8%
   After-tax Income           5.1%     1.6%     1.1%     1.2%     3.1%     2.9%
   before Inter

Income Tax Expense and
Assumptions
   Statutory Tax Rate                                   39.5%    39.5%    39.5%
   Effective Tax Rate        44.7%    58.5%    63.1%    39.5%    39.5%    39.5%     39.5%

   Current Period Tax       $ 837    $ 442    $ 176   $   69   $  369    $ 345
   NOL Usage                   -        -                 -        -        -
                            --------------------------------------------------
     Income Tax Expense     $ 837    $ 442    $ 176   $   69   $  369    $ 345
                            ==================================================
   Ending NOL Balance                         $  -    $   -    $   -     $ -
                                              ================================




                                Actual                              Projected
                            ----------------------------------------------------------------
                               FY ended        6 Mths    6 Mths      FY ended
                            February 28/29     Mar-Aug   Sep-Feb  February 28/29
                            --------------                        --------------    Terminal
                             2000      2001      2001     2002     2003     2004     Period
                            ----------------------------------------------------------------
                                                              
Non-Cash Working Capital
Assumptions
   Accounts Receivable (AR)
     AR Days Outstanding       59        68       na        65       65       65
     % of Sales              16.3%     18.7%      na      17.8%    17.8%    17.8%

   Inventory
     Days Inventory
     Outstanding               74        74       na        74       74       74
     % Cost of Sales         20.4%     20.3%      na      20.3%    20.3%    20.3%

   Prepayments
     % of Direct and Op
     Costs                    2.2%      0.7%      na       0.7%     0.7%     0.7%

   Accounts Payable (AP)
     AP Days Outstanding       22        12       na        12       12       12
     % of Direct and Op
     Costs                    6.1%      3.3%      na       3.3%     3.3%     3.3%

   Accrued Expenses & Other
     % of Direct and Op
     Costs                    8.6%      3.2%      na       3.2%     3.2%     3.2%

Changes in Non-Cash Net
Working Capital
   Accounts Receivables     $3,293  $ 3,568    $2,043  $ 3,205   $3,207   $3,209
   Inventory                 2,359    2,352     2,375    2,214    2,214    2,214
   Prepayments                 408      134       111      121      118      119
   Accounts Payables         1,111      597       286      568      554      557
   Accrued Expenses &
   Other                     1,567      570       730      553      539      542
                            ----------------------------------------------------
     Non-Cash Net WC        $3,382  $ 4,887    $3,513  $ 4,419   $4,446   $4,444
                            ====================================================
     % of EBITDA             164.1%   494.6%    893.9%  1416.3%   385.6%   406.7%
                            ====================================================
     Cash Flow (Used)
     Sourced by Non-Cash
     Net Wrkg Cap           $1,365  $(1,505)   $1,374  $  (906)  $  (27)  $    2     $   -
                            ===============================================================



- --------------------------------------------------------------------------------
Sources of information: Company Financials, Projections and Management.

Page 63



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS

        .   The premiums paid analysis involves the comparison of the
            consideration in the Proposed Transaction to the average closing
            price of the Company's common stock over varying time periods prior
            to November 16, 2001.

        .   The premium in the Proposed Transaction is based on the
            consideration per share of $1.13.

        .   It is noted that the per share consideration of $1.13 in the
            Proposed Transaction has represented a premium to the trading price
            of the Company's since June 2001; however, prior to such time, it
            would have represented a discount to the stock price for most of
            November 2000 - May 2001.

Page 64



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS


Premiums Paid Analysis


Per Share Consideration                                    $    1.1300




                                                          Closing Price
                                                            per Share       Premium
                                                          -------------    ---------
                                                                     
As of November 16, 2001                                    $    0.6900         63.8%

Sensitivity Analysis:
           Prior Day Closing Price                         $    0.7000         61.4%

           Prior 5 Trading Day Average Closing Price       $    0.6140         84.0%

           Prior 10 Trading Day Average Closing Price      $    0.5970         89.3%

           Prior 20 Trading Day Average Closing Price      $    0.6165         83.3%

           Prior 30 Trading Day Average Closing Price      $    0.6503         73.8%

           Prior 60 Trading Day Average Closing Price      $    0.6843         65.1%

           Prior 90 Trading Day Average Closing Price      $    0.7677         47.2%

           Prior Six Month Average Closing Price           $    0.8666         30.4%

           Prior Year Average Closing Price                $    1.0869          4.0%



- --------------------------------------------------------------------------------
Sources of information: Draft Agreement. Share price data provided by Commodity
Systems, Inc.

Page 65



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
PREMIUMS PAID ANALYSIS


                    BCT International - Daily Premiums Paid
                     November 16, 2000 - November 16, 2001

Daily Exchange Premium/(Discount) Analysis                       Page 66



                               BCTI          Offer                  Premium/
                Date           Close         Price                 (Discount)
            ----------------------------------------              -----------
              16-Nov-01          0.69       $ 1.1300                   63.8%
              15-Nov-01           0.7       $ 1.1300                   61.4%
              14-Nov-01          0.56       $ 1.1300                  101.8%
              13-Nov-01          0.56       $ 1.1300                  101.8%
              12-Nov-01          0.56       $ 1.1300                  101.8%
               9-Nov-01           0.6       $ 1.1300                   88.3%
               8-Nov-01           0.6       $ 1.1300                   88.3%
               7-Nov-01           0.6       $ 1.1300                   88.3%
               6-Nov-01           0.6       $ 1.1300                   88.3%
               5-Nov-01           0.5       $ 1.1300                  126.0%
               2-Nov-01          0.66       $ 1.1300                   71.2%
               1-Nov-01          0.66       $ 1.1300                   71.2%
              31-Oct-01          0.66       $ 1.1300                   71.2%
              30-Oct-01          0.57       $ 1.1300                   98.2%
              29-Oct-01          0.55       $ 1.1300                  105.5%
              26-Oct-01          0.65       $ 1.1300                   73.8%
              25-Oct-01          0.65       $ 1.1300                   73.8%
              24-Oct-01          0.65       $ 1.1300                   73.8%
              23-Oct-01          0.65       $ 1.1300                   73.8%
              22-Oct-01          0.66       $ 1.1300                   71.2%
              19-Oct-01          0.66       $ 1.1300                   71.2%
              18-Oct-01          0.65       $ 1.1300                   73.8%
              17-Oct-01          0.75       $ 1.1300                   50.7%
              16-Oct-01          0.66       $ 1.1300                   71.2%
              15-Oct-01          0.75       $ 1.1300                   50.7%
              12-Oct-01          0.71       $ 1.1300                   59.2%
              11-Oct-01          0.71       $ 1.1300                   59.2%
              10-Oct-01           0.8       $ 1.1300                   41.3%
               9-Oct-01          0.78       $ 1.1300                   44.9%
               8-Oct-01          0.71       $ 1.1300                   59.2%
               5-Oct-01          0.71       $ 1.1300                   59.2%
               4-Oct-01          0.63       $ 1.1300                   79.4%
               3-Oct-01          0.63       $ 1.1300                   79.4%
               2-Oct-01          0.59       $ 1.1300                   91.5%
               1-Oct-01          0.58       $ 1.1300                   94.8%
              28-Sep-01          0.58       $ 1.1300                   94.8%
              27-Sep-01          0.58       $ 1.1300                   94.8%
              26-Sep-01          0.61       $ 1.1300                   85.2%
              25-Sep-01          0.75       $ 1.1300                   50.7%
              24-Sep-01          0.65       $ 1.1300                   73.8%
              21-Sep-01          0.65       $ 1.1300                   73.8%
              20-Sep-01          0.65       $ 1.1300                   73.8%
              19-Sep-01          0.63       $ 1.1300                   79.4%
              18-Sep-01          0.65       $ 1.1300                   73.8%
              17-Sep-01          0.57       $ 1.1300                   98.2%
              10-Sep-01          0.57       $ 1.1300                   98.2%
               7-Sep-01          0.76       $ 1.1300                   48.7%
               6-Sep-01          0.76       $ 1.1300                   48.7%
               5-Sep-01           0.8       $ 1.1300                   41.3%
               4-Sep-01           0.8       $ 1.1300                   41.3%
              31-Aug-01           0.8       $ 1.1300                   41.3%
              30-Aug-01          0.75       $ 1.1300                   50.7%
              29-Aug-01           0.9       $ 1.1300                   25.6%
              28-Aug-01           0.9       $ 1.1300                   25.6%
              27-Aug-01          0.84       $ 1.1300                   34.5%
              24-Aug-01          0.84       $ 1.1300                   34.5%
              23-Aug-01          0.84       $ 1.1300                   34.5%
              22-Aug-01          0.85       $ 1.1300                   32.9%
              21-Aug-01          0.85       $ 1.1300                   32.9%
              20-Aug-01          0.83       $ 1.1300                   36.1%
              17-Aug-01          0.85       $ 1.1300                   32.9%
              16-Aug-01          0.85       $ 1.1300                   32.9%
              15-Aug-01          0.85       $ 1.1300                   32.9%
              14-Aug-01          0.91       $ 1.1300                   24.2%
              13-Aug-01          0.86       $ 1.1300                   31.4%
              10-Aug-01          0.94       $ 1.1300                   20.2%
               9-Aug-01          0.94       $ 1.1300                   20.2%
               8-Aug-01          0.86       $ 1.1300                   31.4%
               7-Aug-01          0.87       $ 1.1300                   29.9%
               6-Aug-01          0.87       $ 1.1300                   29.9%
               3-Aug-01          0.87       $ 1.1300                   29.9%
               2-Aug-01          0.86       $ 1.1300                   31.4%
               1-Aug-01           0.9       $ 1.1300                   25.6%
              31-Jul-01          0.95       $ 1.1300                   18.9%
              30-Jul-01           0.9       $ 1.1300                   25.6%
              27-Jul-01          0.88       $ 1.1300                   28.4%
              26-Jul-01          0.85       $ 1.1300                   32.9%
              25-Jul-01          0.76       $ 1.1300                   48.7%
              24-Jul-01          1.01       $ 1.1300                   11.9%
              23-Jul-01          1.01       $ 1.1300                   11.9%
              20-Jul-01          1.01       $ 1.1300                   11.9%
              19-Jul-01          1.02       $ 1.1300                   10.8%
              18-Jul-01          1.03       $ 1.1300                    9.7%
              17-Jul-01          1.06       $ 1.1300                    6.6%
              16-Jul-01          1.04       $ 1.1300                    8.7%
              13-Jul-01          1.04       $ 1.1300                    8.7%
              12-Jul-01          1.04       $ 1.1300                    8.7%
              11-Jul-01          0.98       $ 1.1300                   15.3%
              10-Jul-01             1       $ 1.1300                   13.0%
               9-Jul-01          1.02       $ 1.1300                   10.8%
               6-Jul-01          1.03       $ 1.1300                    9.7%
               5-Jul-01           1.1       $ 1.1300                    2.7%
               3-Jul-01          1.08       $ 1.1300                    4.6%
               2-Jul-01           1.1       $ 1.1300                    2.7%
              29-Jun-01          1.03       $ 1.1300                    9.7%
              28-Jun-01          1.08       $ 1.1300                    4.6%
              27-Jun-01          0.95       $ 1.1300                   18.9%
              26-Jun-01          0.97       $ 1.1300                   16.5%
              25-Jun-01          0.97       $ 1.1300                   16.5%
              22-Jun-01          0.97       $ 1.1300                   16.5%
              21-Jun-01          0.96       $ 1.1300                   17.7%
              20-Jun-01          0.98       $ 1.1300                   15.3%
              19-Jun-01             1       $ 1.1300                   13.0%
              18-Jun-01          1.01       $ 1.1300                   11.9%
              15-Jun-01          1.05       $ 1.1300                    7.6%
              14-Jun-01          1.05       $ 1.1300                    7.6%
              13-Jun-01          1.05       $ 1.1300                    7.6%
              12-Jun-01             1       $ 1.1300                   13.0%
              11-Jun-01          0.91       $ 1.1300                   24.2%
               8-Jun-01          1.01       $ 1.1300                   11.9%
               7-Jun-01          1.02       $ 1.1300                   10.8%
               6-Jun-01          1.03       $ 1.1300                    9.7%
               5-Jun-01          1.16       $ 1.1300                   -2.6%
               4-Jun-01          1.27       $ 1.1300                  -11.0%
               1-Jun-01          1.26       $ 1.1300                  -10.3%
              31-May-01          1.26       $ 1.1300                  -10.3%
              30-May-01          1.15       $ 1.1300                   -1.7%
              29-May-01          1.12       $ 1.1300                    0.9%
              25-May-01          1.26       $ 1.1300                  -10.3%
              24-May-01          1.26       $ 1.1300                  -10.3%
              23-May-01           1.4       $ 1.1300                  -19.3%
              22-May-01           1.4       $ 1.1300                  -19.3%
              21-May-01           1.4       $ 1.1300                  -19.3%
              18-May-01          1.26       $ 1.1300                  -10.3%
              17-May-01          1.26       $ 1.1300                  -10.3%
              16-May-01          1.29       $ 1.1300                  -12.4%
              15-May-01           1.3       $ 1.1300                  -13.1%
              14-May-01          1.24       $ 1.1300                   -8.9%
              11-May-01          1.29       $ 1.1300                  -12.4%
              10-May-01          1.29       $ 1.1300                  -12.4%
               9-May-01           1.3       $ 1.1300                  -13.1%
               8-May-01           1.3       $ 1.1300                  -13.1%
               7-May-01          1.31       $ 1.1300                  -13.7%
               4-May-01          1.22       $ 1.1300                   -7.4%
               3-May-01          1.22       $ 1.1300                   -7.4%
               2-May-01          1.22       $ 1.1300                   -7.4%
               1-May-01          1.25       $ 1.1300                   -9.6%
              30-Apr-01          1.25       $ 1.1300                   -9.6%
              27-Apr-01          1.25       $ 1.1300                   -9.6%
              26-Apr-01          1.25       $ 1.1300                   -9.6%
              25-Apr-01          1.25       $ 1.1300                   -9.6%
              24-Apr-01          1.25       $ 1.1300                   -9.6%
              23-Apr-01          1.25       $ 1.1300                   -9.6%
              20-Apr-01           1.4       $ 1.1300                  -19.3%
              19-Apr-01           1.4       $ 1.1300                  -19.3%
              18-Apr-01          1.25       $ 1.1300                   -9.6%
              17-Apr-01          1.19       $ 1.1300                   -5.0%
              16-Apr-01          1.19       $ 1.1300                   -5.0%
              12-Apr-01          1.19       $ 1.1300                   -5.0%
              11-Apr-01          1.11       $ 1.1300                    1.8%
              10-Apr-01          1.11       $ 1.1300                    1.8%
               9-Apr-01           1.1       $ 1.1300                    2.7%
               6-Apr-01        0.9375       $ 1.1300                   20.5%
               5-Apr-01        1.0625       $ 1.1300                    6.4%
               4-Apr-01             1       $ 1.1300                   13.0%
               3-Apr-01             1       $ 1.1300                   13.0%
               2-Apr-01        1.0938       $ 1.1300                    3.3%
              30-Mar-01        1.1562       $ 1.1300                   -2.3%
              29-Mar-01        1.1562       $ 1.1300                   -2.3%
              28-Mar-01        1.1562       $ 1.1300                   -2.3%
              27-Mar-01        1.1875       $ 1.1300                   -4.8%
              26-Mar-01        1.1875       $ 1.1300                   -4.8%
              23-Mar-01        1.2188       $ 1.1300                   -7.3%
              22-Mar-01        1.2188       $ 1.1300                   -7.3%
              21-Mar-01          1.25       $ 1.1300                   -9.6%
              20-Mar-01        1.3125       $ 1.1300                  -13.9%
              19-Mar-01        1.3125       $ 1.1300                  -13.9%
              16-Mar-01        1.3125       $ 1.1300                  -13.9%
              15-Mar-01         1.375       $ 1.1300                  -17.8%
              14-Mar-01         1.375       $ 1.1300                  -17.8%
              13-Mar-01         1.375       $ 1.1300                  -17.8%
              12-Mar-01         1.375       $ 1.1300                  -17.8%
               9-Mar-01         1.375       $ 1.1300                  -17.8%
               8-Mar-01         1.375       $ 1.1300                  -17.8%
               7-Mar-01         1.375       $ 1.1300                  -17.8%
               6-Mar-01         1.375       $ 1.1300                  -17.8%
               5-Mar-01           1.5       $ 1.1300                  -24.7%
               2-Mar-01        1.5625       $ 1.1300                  -27.7%
               1-Mar-01        1.5625       $ 1.1300                  -27.7%
              28-Feb-01        1.5625       $ 1.1300                  -27.7%
              27-Feb-01        1.4375       $ 1.1300                  -21.4%
              26-Feb-01        1.4375       $ 1.1300                  -21.4%
              23-Feb-01         1.375       $ 1.1300                  -17.8%
              22-Feb-01          1.25       $ 1.1300                   -9.6%
              21-Feb-01        1.2188       $ 1.1300                   -7.3%
              20-Feb-01          1.25       $ 1.1300                   -9.6%
              16-Feb-01          1.25       $ 1.1300                   -9.6%
              15-Feb-01        1.1875       $ 1.1300                   -4.8%
              14-Feb-01        1.1875       $ 1.1300                   -4.8%
              13-Feb-01        1.2188       $ 1.1300                   -7.3%
              12-Feb-01        1.2188       $ 1.1300                   -7.3%
               9-Feb-01          1.25       $ 1.1300                   -9.6%
               8-Feb-01         1.375       $ 1.1300                  -17.8%
               7-Feb-01         1.375       $ 1.1300                  -17.8%
               6-Feb-01          1.25       $ 1.1300                   -9.6%
               5-Feb-01        1.2812       $ 1.1300                  -11.8%
               2-Feb-01        1.2812       $ 1.1300                  -11.8%
               1-Feb-01         1.375       $ 1.1300                  -17.8%
              31-Jan-01         1.375       $ 1.1300                  -17.8%
              30-Jan-01         1.375       $ 1.1300                  -17.8%
              29-Jan-01        1.2812       $ 1.1300                  -11.8%
              26-Jan-01        1.2812       $ 1.1300                  -11.8%
              25-Jan-01        1.2188       $ 1.1300                   -7.3%
              24-Jan-01        1.3125       $ 1.1300                  -13.9%
              23-Jan-01        1.2812       $ 1.1300                  -11.8%
              22-Jan-01        1.3125       $ 1.1300                  -13.9%
              19-Jan-01        1.3125       $ 1.1300                  -13.9%
              18-Jan-01        1.3125       $ 1.1300                  -13.9%
              17-Jan-01        1.3125       $ 1.1300                  -13.9%
              16-Jan-01        1.3125       $ 1.1300                  -13.9%
              12-Jan-01        1.3125       $ 1.1300                  -13.9%
              11-Jan-01        1.3125       $ 1.1300                  -13.9%
              10-Jan-01        1.3125       $ 1.1300                  -13.9%
               9-Jan-01        1.3125       $ 1.1300                  -13.9%
               8-Jan-01        1.3125       $ 1.1300                  -13.9%
               5-Jan-01        1.3438       $ 1.1300                  -15.9%
               4-Jan-01        1.3125       $ 1.1300                  -13.9%
               3-Jan-01         1.375       $ 1.1300                  -17.8%
               2-Jan-01         1.375       $ 1.1300                  -17.8%
              29-Dec-00        1.3125       $ 1.1300                  -13.9%
              28-Dec-00        1.3125       $ 1.1300                  -13.9%
              27-Dec-00         1.375       $ 1.1300                  -17.8%
              26-Dec-00         1.375       $ 1.1300                  -17.8%
              22-Dec-00         1.375       $ 1.1300                  -17.8%
              21-Dec-00         1.375       $ 1.1300                  -17.8%
              20-Dec-00         1.375       $ 1.1300                  -17.8%
              19-Dec-00        1.4375       $ 1.1300                  -21.4%
              18-Dec-00           1.5       $ 1.1300                  -24.7%
              15-Dec-00         1.375       $ 1.1300                  -17.8%
              14-Dec-00         1.375       $ 1.1300                  -17.8%
              13-Dec-00         1.375       $ 1.1300                  -17.8%
              12-Dec-00        1.3125       $ 1.1300                  -13.9%
              11-Dec-00          1.25       $ 1.1300                   -9.6%
               8-Dec-00        1.1875       $ 1.1300                   -4.8%
               7-Dec-00        1.3438       $ 1.1300                  -15.9%
               6-Dec-00        1.3125       $ 1.1300                  -13.9%
               5-Dec-00        1.3125       $ 1.1300                  -13.9%
               4-Dec-00        1.3125       $ 1.1300                  -13.9%
               1-Dec-00        1.4375       $ 1.1300                  -21.4%
              30-Nov-00        1.5156       $ 1.1300                  -25.4%
              29-Nov-00        1.5156       $ 1.1300                  -25.4%
              28-Nov-00        1.4844       $ 1.1300                  -23.9%
              27-Nov-00        1.5625       $ 1.1300                  -27.7%
              24-Nov-00        1.5312       $ 1.1300                  -26.2%
              22-Nov-00        1.5312       $ 1.1300                  -26.2%
              21-Nov-00        1.5312       $ 1.1300                  -26.2%
              20-Nov-00        1.5625       $ 1.1300                  -27.7%
              17-Nov-00         1.625       $ 1.1300                  -30.5%
              16-Nov-00        1.5625

Premiums Paid Analysis



Per Share Consideration                                                  $  1.1300



                                                                     Closing Price
                                                                       per Share                    Premium
                                                                     --------------              --------------

As of November 16, 2001                                                  $  0.6900                   63.8%

Sensitivity Analysis:

              Prior Day Closing Price                                    $  0.7000                   61.4%

              Prior 5 Trading Day Average Closing Price                  $  0.6140                   84.0%

              Prior 10 Trading Day Average Closing Price                 $  0.5970                   89.3%

              Prior 20 Trading Day Average Closing Price                 $  0.6165                   83.3%

              Prior 30 Trading Day Average Closing Price                 $  0.6503                   73.8%

              Prior 60 Trading Day Average Closing Price                 $  0.6843                   65.1%

              Prior 90 Trading Day Average Closing Price                 $  0.7677                   47.2%

              Prior Six Month Average Closing Price                      $  0.8666                   30.4%

              Prior Year Average Closing Price                           $  1.0869                    4.0%









Page 66



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ACQUISITION PREMIUMS ANALYSIS

        .   The acquisition premiums analysis involves the comparison of the
            premium in the Proposed Transaction to premiums in other
            transactions. Capitalink reviewed the premiums paid in two groups of
            acquisitions. It is noted that neither of the groups of acquisitions
            represent transactions comparable to the Proposed Transaction, as
            such comparable transactions could not be located:

                .   Acquisitions since January 1, 2001 where the enterprise
                    value of the acquired company was less than $25 million.

                .   Acquisitions of minority interests since January 1999 with
                    deal size less than $25 million.



        .   Capitalink believes an examination of the premiums paid in the
            minority acquisitions are significant as, in the Proposed
            Transaction, the acquisition on its own does not convey control of
            the acquired company. The premium in such a scenario should not be
            as high as a situation where control is acquired.

        .   Based on the premiums paid in the scenarios set forth above,
            Capitalink derived an implied range of per share market values in
            the Proposed Transaction (i.e., what the consideration in the
            Proposed Transaction would be if the premium was as noted in the
            low, mean, median, and high ranges of the selected acquisitions).
            The mean and medians of the implied value per share for the total
            market acquisitions ranged from $.96 - $1.20; and for the minority
            interest acquisitions, ranged from $.81 - $1.01.

Page 67



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ACQUISITION PREMIUMS ANALYSIS


Acquisition Premiums Analysis



                                                           Prior One Day Prior 5 Day Prior 30 Day
                                                           ------------- ----------- ------------
                                                                            
  Share Price                                              $       0.69  $     0.60  $      0.66

  Transaction Premium (at $1.13 per Share Consideration)           63.8%       88.3%        71.2%



Using Recent Total Market Acquisition Premiums (1)
- --------------------------------------------------------------------------------

  Acquisition Premium
     High                                          275.0%     455.6%
     Mean                                           73.5%      82.3%
     Median                                         51.7%      60.0%
     Low                                             3.8%     -19.8%

  Implied Range of Market Value per Share
     High                                       $   2.59  $    3.33
     Mean                                           1.20       1.09
     Median                                         1.05       0.96
     Low                                            0.72       0.48

- --------------------------------------------------------------------------------


Using Recent Total Market, Minority Interest Acquisition Premiums (2)
- --------------------------------------------------------------------------------

  Acquisition Premium
     High                                          286.7%     329.4%     260.8%
     Mean                                           46.6%      51.2%      53.1%
     Median                                         27.6%      34.5%      36.1%
     Low                                             0.0%       0.0%       9.5%

  Implied Range of Market Value per Share
     High                                       $   2.67  $    2.58  $    2.38
     Mean                                           1.01       0.91       1.01
     Median                                         0.88       0.81       0.90
     Low                                            0.69       0.60       0.72

- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------

(1) Includes all transactions since January 1, 2001 with enterprise value * $25
million.

(2) Includes all minority interest transactions since January 1, 1999 with a
deal value * $25 million.

* represents less than sign


Sources of information: Commodity Systems, Inc, Mergerstat, Inc. and Bloomberg,
LP.

Page 68



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS

        .   The adjusted net book value analysis is balance sheet-oriented
            methodology whereby a company's balance sheet is restated to fair
            market value. This involves the revaluation of the assets and
            liabilities recorded on the balance sheet, and the identification
            and valuation of otherwise unrecorded tangible and intangible assets
            and liabilities.

        .   In the use of the adjusted net book value analysis, Capitalink
            assumed the value of the Company in an orderly liquidation. In such
            a liquidation scenario, Capitalink assumed that the assets are sold
            piecemeal, not as part of a mass assemblage. It is further assumed
            that the assets have been given adequate exposure in their normal
            secondary market, and there is an incurred liquidation cost.

        .   Capitalink utilized the Company's balance sheet as of August 31,
            2001, the latest available financial data prior to the date of the
            opinion. The balance sheet indicates a net book value, prior to any
            adjustment, of approximately $14.5 million.

        .   Each of the adjustments are footnoted on the attached analysis;
            however, please note the following:

                .   Both inventory and plant and equipment are discounted
                    significantly based on their specialized natures and the
                    existence of a limited marketplace.

                .   The Company has an aggregate of $7,284,000 in notes
                    receivable from 31 of its franchisees (the "Notes"). Based
                    on discussions with Company management, Capitalink
                    determined the payment probability for each of the Notes.
                    Payment probability is based on a number of factors
                    including, the franchisee's performance record, debt
                    balances, management quality, and local market. In the
                    aggregate, the payment probability was 52%, or receipt of
                    $3,814,000 is expected, over the aggregate life of the
                    Notes.

                .   Additionally, based on discussions with Company management,
                    it was determined that the Company would collect an
                    aggregate $2,018,000 from the collateral and guarantees
                    securing the

Page 69



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS

            Notes.  Therefore, over the aggregate life of the Notes,
            approximately $5,832,000 is expected to be collected, or 80% of the
            value of the Notes.

        .   Utilizing the Company's weighted average cost of capital (as
            discussed in the discounted cash flow analysis) and applying the
            varying time horizons for each of the Notes, Capitalink derived the
            net present value of the amount anticipated to be collected. The net
            present value of the amount to be collected was calculated to be
            approximately $2,780,000, which is the adjusted amount reflected in
            the adjusted net book value analysis.

        .   It is important to note that Capitalink derived payment
            probabilities of the Notes in conjunction with and based on
            discussions with management. Capitalink does not assure that the
            amounts noted herein will be collected.

  .   The adjusted net book value of $6,516,000 would be further reduced by the
      liquidation costs of 20%, resulting in a fair market value of $5,213,000,
      or $.1.02 per share.

Page 70




BCT International, Inc.                                            CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS

Adjusted Net Book Value Analysis
as of August 31, 2001
($ in thousands)

                                             |-----------------------------|
                                             |     Liquidation Premise     |
                                             | --------------------------- |
                                Unadjusted   |                             |
                                Book Value   | Adjs (1)   Notes   Adjusted |
                               ------------  |---------- ------- ----------|
Current Assets:                              |                             |
   Cash & Equivalents           $   2,823    | $      -           $  2,823 |
   Cash National Account              347    |     (149)    a          198 |
   Accounts Receivable, net         2,818    |   (1,409)    b        1,409 |
   Inventory                        2,375    |   (1,544)    c          831 |
   Assets Held For Sale               150    |     (150)    d            - |
   Prepaid Expenses                   111    |     (111)    e            - |
                                ----------   | ---------          -------- |
Total Current Assets                8,624    |   (3,363)             5,261 |
                                             |                             |
Long Term Assets:                            |                             |
   Net Property, Plant &              423    |     (275)    f          148 |
   Equipment                                 |                             |
   Notes Receivables, net           5,736    |   (2,956)    g        2,780 |
   Intangible Assets                  219    |     (219)    h            - |
   Security Deposits                   24    |         -    I           24 |
   Deferred Tax Assets              1,155    |   (1,155)    j            - |
                                ----------   | ---------          -------- |
Total Long Term Assets              1,398    |   (1,374)                24 |
                                ----------   | ---------          -------- |
                                             |                             |
Total Assets                    $  16,181    | $ (7,968)          $  8,213 |
                                ==========   | =========          ======== |
                                             |-----------------------------|



                                             |-----------------------------|
                                             |     Liquidation Premise     |
                                             | --------------------------- |
                                Unadjusted   |                             |
                                Book Value   | Adjs (1)   Notes   Adjusted |
                               ------------  |---------- ------- ----------|
                                             |                             |
Current Liabilities:                         |                             |
   Notes Payable, Current              86    |        -                 86 |
   Accounts Payable                   286    |     (149)    k          137 |
   Accured Expenses                   580    |        -                580 |
   Deferred Revenue, Current            -    |        -                  - |
                                ----------   | ---------          -------- |
Total Current Liabilities             952    |     (149)               803 |
                                             |                             |
Long Term Liabilities                        |                             |
   Notes Payable                      194    |        -                194 |
   Deferred Revenue                   487    |     (487)    l            - |
                                ----------   | ---------          -------- |
Total Long Term Liabilities           681    |        -                194 |
                                             |                             |
Contingent Liabilities                       |                             |
   Other                                -    |      700     m          700 |
                                ----------   | ---------          -------- |
Total Contingent Liabilities            -    |      700                700 |
                                ----------   | ---------          -------- |
                                             |                             |
Total Liabilities                   1,633    |        -              1,697 |
                                ----------   | ---------          -------- |
                                             |                             |
Net Book Value                  $  14,548    | $ (7,968)          $  6,516 |
                                ==========   | =========          ======== |
                                             |-----------------------------|

Adjusted Net Book Value                                              6,516
   Less Liquidation Costs (2)          20%                          (1,303)
                                                                  --------
                                                                  $  5,213
                                                                  ========

Fair Market Value

Number Outstanding Shares as of August 31, 2001   5,121
Fair Market Value, Per Share                                      $   1.02
                                                                  ========


Explanation of Notes:
a  Amounts due to franchises and to the national account.
b  Expect to collect 50% of total Accounts Receivable.
c  65% reduction due to specialized inventory and limited market.
d  Includes BCT's share of BCT Hawaii. FMV is negative.
e  No value under liquidation scenario.
f  65% reduction due to specialized assets and limited market.
g  Adjusted as per Notes analysis.
h  Consist of rights to franchise BCTs in Canada. No Liquidation value.
I  No value under liquidation scenario.
j  No value under liquidation scenario.
k  Corresponding liability removed as per adjustment in (a)
l  No value under liquidation scenario.
m  Contingent liabilities include note guarantee for BUT 3039 and remaining
   office leases.
- --------------------------------------------------------------------------------
(1)  Adjustments determined in discussions with Company Management.
(2)  Liquidation costs include legal, accounting, and adminstrative expenses.

Sources of Information: Company Financials and Management

Page 71



BCT International, Inc.                                             CONFIDENTIAL
- --------------------------------------------------------------------------------
VALUATION ANALYSIS
ADJUSTED NET BOOK VALUE ANALYSIS


Notes Receivable Summary Analysis
 as of August 31, 2001
($ in thousands)



Total Notes Receivable         $ 7,284
Number of Notes Receivable          31

 Largest Note Receivable       $   730
 Average Note Receivable       $   235
 Median Note Receivable        $   211
 Smallest Note Receivable      $     6



Collections and Recoveries (1)

                                        Percent                       Percent
                                       Collected      Net Present    Collected
                              Amount  or Recovered     Value (4)   or Recovered
                             -------  ------------    -----------  ------------

 Estimated Collections (2)   $ 3,814         52.4%    $     1,830         25.1%
 Estimated Recoveries (3)      2,018         27.7%            949         13.0%
                             -------  ------------    -----------  ------------
                             $ 5,832         80.1%    $     2,780         38.2%
                             =======  ============    ===========  ============




- --------------------------------------------------------------------------------
(1) The collectibility and recovery analysis was prepared in consultation with
Company Management.
(2) Represents estimated receipts during the term or any applicable default
period.
(3) Represents estimated recovery, net of collection costs, from collateral or
guarantees.
(4) Present value of receipts and recovery calculated at the Company's Weighted
Average Cost of Capital (WACC). See DCF Analysis for WACC calculation.


Sources of Information: Company Financials and Management

Page 72

EX-16.(C)(5)

                                                                  Exhibit 16c(5)

                                 March 26, 2003

Board of Directors
BCT International, Inc.
3000 NE 30th Place
5th Floor
Fort Lauderdale, Florida 33306

Gentlemen:

     The Company has, during the past eighteen to twenty-four months, gone
through some changes and new circumstances that have required increased
attention from our Board and the formation of an Independent Special Committee,
composed of the two of us. The Special Committee was formed by the Board on June
19, 2001 to (i) consider the terms and conditions of a "going private"
transaction proposed by Bill Wilkerson, and (ii) consider any other bona fide
offers made to the Company in this respect.

     The "going-private" program, started in mid-2001, was not successfully
completed. At that time, the Board felt that a "going private" transaction would
give shareholders a liquidity opportunity at a difficult time for the Company
and for the market for small company shares. In support, the Board agreed to
underwrite a significant change in the Company's shareholding by employing the
Company's assets to guarantee a $2 million bank loan provided to Bill to enable
him to acquire Company shares. The outcome was that Bill increased his
shareholding from approximately 20% to over 50% of the outstanding stock. One
proviso was that the Company could for a year purchase these newly acquired
shares, at Bill's cost, via an option that expires this April 15th. This was
designed to give the Board flexibility in the event that Bill did not complete
the "going-private" transaction.

     In October 2002, several months after the "going-private" transaction had
been terminated, the Company received a letter from New Valley Corporation,
indicating its preliminary interest in acquiring all of the Company's stock at
between $1.25 and $1.75 per share. Since new management and initiatives were
showing promise of significantly increasing the value of the Company and,
presumably, the price that an acquirer would be willing to pay, we elected to
defer a definitive response to New Valley until the Company's new business plan
was fully prepared and an analysis of the Company's value giving effect to the
new business plan could be obtained. The most recent direct contact with New
Valley was a letter from this Special Committee indicating that the Board valued
the Company at a higher level than before given recent performance and the
business plan. They have since verbally indicated to Capitalink a fairly
lukewarm interest given the expiring option and potentially higher price they
would be required to pay.

     During this same overall period of time, the Company has achieved a
substantial improvement in operating performance and debt collection under the
"new" day-to-day leadership of Hank Johnson and his team. This current and
potential performance was reflected in the detailed Business Plan created by
management at the end of last year and the beginning of this year.

     The business plan was partly developed with input provided by Edison
Partners, a well recognized financial advisory organization. They were also
asked to provide a professional valuation, given the new business plan.



Board of Directors
BCT international, Inc.
March 26,2003
Page 2

     Throughout this process, Capitalink and Gardner, Carlton & Douglas have
provided professional guidance and advice to Phil and me. Capitalink has
provided a valuation and some recommendations for the Board to consider. These
are addressed in the attached letter.

     It is apparent given the Company's current and potential cash pool,
together with the spread of valuations provided by both Edison and Capitalink,
that there is an opportunity for the Board to unlock some value for the benefit
of all the shareholders, without diminishing the Company's ongoing development.
At a minimum, the Special Committee recommends that the Board immediately
approve the exercise by the Company of its option to purchase for $0.90 per
share the approximately 454,000 shares acquired by Bill at $0.90 per share
during his "going-private" attempt.

     As Directors of the Company, we respectfully suggest that during the
remaining option period the Board also seriously consider and act on one or more
of the other suggestions contained in the attached letter from Capitalink
designed to enhance shareholder value, assuming that Bill still does not wish to
extend the option period and given no further interest from New Valley at an
acceptable higher valuation.

     We believe that the functions and responsibilities of the Special
Committee as authorized by the Board in June 2001 have now been completed.

                                         Sincerely,


                                 /s/ Jeff Hewson            /s/ Philip Pisciotta
                                 ---------------            --------------------
                                     Jeff Hewson                Philip Pisciotta



                                                    Attachment to Exhibit 16c(5)
                                                  ______________________________
[LOGO] CAPITALINK                                 Columbus Center
Smart Investment Banking(__)                      One Alhambra Plaza, Suite 1410
                                                  Coral Gables, Florida 33134

                                                    Phone 305-446-2026
                                                      Fax 305-44_-2926
                                                  www.capitalinklc.com

     March 25, 2003

     Mr. Jeffrey K. Hewson
     Chairman
     Independent Committee of the Board of Directors
     BCT International, Inc.
     3000 N.E. 30th Place
     5th floor
     Fort Lauderdale, FL 33306

     Dear Jeff:

     Pursuant to the Agreement dated January 21, 2003 between Capitalink, L.C.
     ("Capitalink") and the Independent Committee of the Board of Directors of
     BCT International, Inc. (the "Independent Committee"), Capitalink has been
     retained to assist and advise the Independent Committee in connection with
     the potential purchase of the outstanding shares of common stock of BCT
     International, Inc. (the "Company") by merger or otherwise. The Company has
     received an indication of interest from New Valley Corporation ("New
     Valley") to acquire the Company's outstanding shares of common stock.

     In providing the recommendations set forth below, we took into account our
     assessment of general economic, market and financial conditions as well as
     our experience in similar types of transactions and securities valuations
     generally.

     We also (i) reviewed publicly available financial information and other
     data with respect to the Company, including the quarterly report on Form
     10-QSB for the quarterly period ended November 30, 2002, the annual report
     on Form l0-KSB for the fiscal year ended February 28, 2002, and the draft
     balance sheet as of February 28, 2003 (ii) reviewed and analyzed the
     Company's current capitalization table on a basic and fully-diluted basis,
     (iii) reviewed certain publicly available information concerning the
     trading of, and the trading market for, the common stock of the Company,
     (iv) considered the historical financial results and present financial
     condition of the Company, (v) reviewed and analyzed the Company's business
     plan and financial projections based on three potential scenarios - base
     case, Company store case and satellite store case (the "Scenarios") and
     varying combinations of the Scenarios, (vi) reviewed and analyzed the
     Company's notes receivable, (vii) reviewed and analyzed the Company's
     projected unlevered

Mergers & Acquisitions | Fairness Opinions & Valuations | Restructuring |
Capital Raising | Financial Advisory



     March 25, 2003
     Page 2

     free cash flows under each of the Scenarios, and prepared discounted cash
     flow analyses based on various assumptions with respect to the Company's
     weighted average cost of capital and terminal values, (viii) reviewed and
     analyzed certain financial characteristics of companies that were deemed to
     have characteristics comparable to those of the Company, (ix) analyzed and
     reviewed the impact on the Company's capitalization of various combinations
     of (a) the repurchase of certain tranches of shares from Mr. Wilkerson, (b)
     the repurchase of shares from the public, and (c) a cash distribution to
     shareholders through a dividend, (x) inquired about and discussed the
     Company's options and other matters related thereto with Company management
     and its legal counsel, and (xi) performed such other analyses and
     examinations as were deemed appropriate.

     We have relied upon and assumed the accuracy and completeness of all of the
     financial and other information that was used without assuming any
     responsibility for any independent verification of any such information and
     we have further relied upon the assurances of Company management that it is
     not aware of any facts or circumstances that would make any such
     information inaccurate or misleading. With respect to the financial
     projections utilized, we assumed that such projections have been reasonably
     prepared on a basis reflecting the best currently available estimates and
     judgments, and that such projections provide a reasonable basis upon which
     we could form a recommendation. We have not made a physical inspection of
     the properties and facilities of the Company, and have not made or obtained
     any evaluations or appraisals of the assets and liabilities (contingent or
     otherwise) of the Company. Further, we have not reviewed existing, or been
     requested to make recommendations regarding, management stock option plans,
     employment agreements or similar incentive-based information.

     The following factors are important in our recommendation of potential
     undertakings by the Independent Committee and Board to maximize shareholder
     value:

          1.   We have specifically been asked not to market the Company and
               seek out alternative offers.

          2.   The Company has a significant amount of cash - approximately $4.8
               million ($0.94 per share) - as of November 30, 2002.

          3.   The closing price of the Company's common stock was $0.92 per
               share as of March 24, 2003, while an analysis of the discounted
               cash flow of the Company's base case financial projections
               resulted in an average of the equity value per share equal to
               approximately $2.00.

          4.   The Company has formulated an alternative business plan,
               utilizing the Company store and satellite store cases (the
               "Alternative Plan"), which indicates a current value of the
               Company's common stock of approximately $2.50 per share.

          5.   The indication of interest from New Valley places a value range
               of $1.25 to $1.75 per share.

     As discussed in our meeting of February 24, in subsequent conversations,
     and as set forth in the analysis attached hereto, we believe that, at a
     price of $0.92 per share, the Company is currently undervalued and that the
     Board should consider various alternatives in an attempt to "unlock" the
     unrecognized value.



     March 25, 2003
     Page 3

     You will recall that the first alternative we recommended to the
     Independent Committee was to see if Mr. Wilkerson would attempt to acquire
     the balance of the Company's shares that he does not beneficially own by
     utilizing the Company's cash balances through a self-tender offer at $2.00
     per share. The Independent Committee subsequently informed us that Mr.
     Wilkerson rejected this alternative because he felt it would unduly
     leverage the Company. It should be noted that our analysis does not
     indicate that this would be the case. We then recommended as an alternative
     that Mr. Wilkerson extend the expiration date of the options to purchase
     shares beneficially owned by Mr. Wilkerson in order to allow the Company to
     negotiate with New Valley. The Independent Committee subsequently informed
     us that Mr. Wilkerson also rejected this alternative.

     Based upon the foregoing, we recommend that the Independent Committee
     undertake the following steps:

          A.   Determine New Valley's interest in acquiring the outstanding
               shares of common stock of the Company at a valuation range in
               excess of $1.75 per share.

          B.   Further, we recommend that the Company immediately exercise its
               option to purchase approximately 454,000 shares at an exercise
               price of $0.90 per share from Mr. Wilkerson.

     If the Company receives an indication that New Valley would not be
     interested in acquiring the Company at values greater than $1.75 per share,
     the Independent Committee has requested we consider (i) the Independent
     Committee's preference to buy a portion of Mr. Wilkerson's shares in order
     to reduce his ownership interest to approximately 45.0%/l/, and (ii) the
     Independent Committee's desire to return cash to its shareholders either
     through a public tender offer or cash dividend.

     Based upon these additional factors and the foregoing, we would then
     recommend the Independent Committee undertake the following steps:

          A.   The Company should issue a cash dividend of $.60 per share, or
               approximately $2.8 million in the aggregate, or

          B.   The Company exercises its option to purchase approximately
               618,400 shares at an exercise price of $1.50 per share from Mr.
               Wilkerson/2/. In addition the Company should tender the public
               shareholders for approximately 500,000 shares at a purchase price
               of $1.50 per share.

- ----------
/1/ It is noted that, although Mr. Wilkinson's ownership interest might drop
below 50%, Capitalink believes he would retain effective control.
/2/ We understand that the Company has made loans to, and guarantees on behalf
of, Mr. Wilkerson. Our recommendations assume that such loans will be satisfied
by Mr. Wilkerson with proceeds from the Company's exercise of the options.



     March 25, 2003
     Page 4

     Subsequent to the initial preparation of this letter in draft form, the
     Independent Committee further instructed us to request from the Company
     draft financial information for the fiscal year ended February 28, 2003. As
     of today's date, we have received a draft balance sheet that indicates a
     cash balance of approximately $4.2 million ($0.83 per share), and working
     capital of approximately $8.7 million. The draft balance sheet indicates a
     similar working capital position to, and stronger current ratio than the
     balance sheet as of November 30, 2002. Based upon our limited review of the
     draft balance sheet, we do not believe revisions are required to our
     recommendations set forth herein.

     Our recommendation is for the use and benefit of the Independent Committee
     and may not be used by the Company for any other purpose or reproduced,
     disseminated, quoted or referred to by the Company at any time. Further,
     our recommendation does not consider the requirements, if any, of the
     Sarbenes-Oxley Act of 2002, nor have we examined such requirements, if any.

     We performed a variety of financial and comparative analyses for the
     purpose of rendering these recommendations. We believe that our analyses
     must be considered as a whole and that selecting portions of the analyses,
     without considering all analyses and factors, could create a misleading
     view of the underlying processes. The analyses we performed are not
     necessarily indicative of actual values or actual future results, which may
     be significantly more or less favorable than suggested by such analyses. In
     addition, we do not express any opinion as to the underlying valuation or
     future performance of the Company or the price at which the Company's
     common stock would trade at any time in the future.

     Sincerely yours,

     CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Step One - Exercise Option on Wilkerson's $0.90 shares.
($ and shares balances in thousands, except per share amounts)



                                                    Option
                                    Current       Exercise (1)   Proforma Post Step One
                                 --------------   ------------   ----------------------
                                           % of                                % of
Shareholding (Basic)             Shares   Total      Shares          Shares   Total
                                 ------   -----      ------          ------   -----
                                                               
   Wilkerson: $0.90 Shares          454               (454)              --
              $1.50 Shares          618                 --              618
              Other               1,618                 --            1,618
                                  -----               ----            -----
                                  2,690    52.5%      (454)           2,236    47.9%

   Other Shareholders             2,431    47.5%        --            2,431    52.1%
                                  -----   -----       ----            -----   -----
                                  5,121   100.0%      (454)           4,667   100.0%
                                  =====   =====       ====            =====   =====

Shareholding (ITM Diluted) (2)

   Wilkerson: $0.90 Shares          454               (454)              --
              $1.50 Shares          618                 --              618
              Other               1,945                 --            1,945
                                  -----               ----            -----
                                  3,018    53.1%      (454)           2,564    49.0%

   Other Shareholders             2,668    46.9%        --            2.668    51.0%
                                  -----   -----       ----            -----   -----
                                  5,686   100.0%      (454)           5,232   100.0%
                                  =====   =====       ====            =====   =====


                                                        Proforma
                             Current (3)    Cost of   Post Step One
                               Balance     Exercise      Balance
                             -----------   --------   -------------
Cash Balances

   Cash on Hand                 $4,805      $(409)       $4,396
                                ======      =====        ======
   Cash on Hand, Per Share      $ 0.94                   $ 0.94
                                ======                   ======

- --------------------------------------------------------------------------------
(1)  Exercise of the Company's option to buyback approximately 454,000 shares
     from Wi1kerson at $0.90 per share.
(2)  Includes warrants and options assumed to be in-the-money (ITM), ie. <
     $2.00.
(3)  Based on cash balances as of November 30, 2002.

Sources of information: Company financial statements and management

March 25, 2003                                                   Capitalink, L C

                                        1



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Step Two - Comparison of Option A and B
($ and shares balances in thousands, except per share amounts)



                                             Total Cash    % of Total   Dividend/Cost      Shares
                                            Required (1)    Cash (2)    Per Share (2)   Repurchased
                                            ------------   ----------   -------------   -----------
                                                                               
Step Two - Option A: Cash Dividend

   Wilkerson                                   $1,342         47.9%         $0.60             na
   Other Shareholders                           1,459         52.1%         $0.60             na
                                               ------        -----
                                               $2,800        100.0%         $0.60
                                               ======        =====

   Cash Balance, Post Step Two - Option A      $1,596
                                               ======

Step Two - Option B: Exercise Option on
   Wilkerson's $1.50 shares and initiate
   $1.50 public tender offer

   Wilkerson                                   $  928         52.2%         $1.50            618
   Other Shareholders                             750         42.2%         $1.50            500
   Estimated Costs of Public Tender Offer         100          5.6%
                                               ------        -----                         -----
                                               $1,778        100.0%         $1.59          1,118
                                               ======        =====                         =====

   Cash Balance, Post Step Two - Option B      $2,619
                                               ======


                                            % of Total Basic
                                               Shares O/S                              Issues
                                            ----------------   ------------------------------------------------------
                                                         
Step Two - Option A: Cash Dividend

   Wilkerson                                      47.9%        1) Fast Implementation, requires only board approval
   Other Shareholders                             52.1%        2) Minimal or no costs
                                                 -----
                                                 100.0%        3) Dividends subject to investor's ordinary income tax
                                                 =====
   Cash Balance, Post Step Two - Option A


Step Two - Option B: Exercise Option on
   Wilkerson's $1.50 shares and initiate
   $1.50 public tender offer

   Wilkerson                                      45.6%        1) Requires SEC filings
   Other Shareholders                             54.4%        2) Longer implementation
   Estimated Costs of Public Tender Offer                      3) Costs of public tender (legal, accounting, other)
                                                 -----
                                                 100.0%        4) Tender offer proceeds subject to capital gains tax.
                                                 =====
   Cash Balance, Post Step Two - Option B


- --------------------------------------------------------------------------------
(1)  See corresponding analysis.
(2)  Based on basic shares oustanding post step one, of approximately 4.667
     million shares.

Sources of information: Company financial statements and management

March 25, 2003                                                   Capitalink, L C

                                        2



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Step Two - Option A: Cash Dividend
($ and shares balances in thousands, except per share amounts)

                                                              Proforma
                                 Proforma          Cash     Post Step Two
                             Post Step One (1)   Dividend     Option A
                             -----------------   --------   -------------
Cash Balances
   Cash on Hand                   $4,396         $(2,800)      $1,596
                                  ======         =======       ======
   Cash on Hand, Per Share        $ 0.94         $ (0.60)      $ 0.34
                                  ======         =======       ======

- --------------------------------------------------------------------------------
(1)  Assumed share and cash balances after completion of Step One.
(2)  Based on basic shares outstanding post step one, of approximately 4.667
     million shares.

Sources of information: Company financial statements and management

March 25, 2003                                                   Capitalink, L.C

                                        3



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Step Two - Option B: Exercise Option on Wilkerson's $1.50 shares and initiate
$1.50 public tender offer
($ and shares balances in thousands, expect per share amounts)



                                    Proforma        Option Exercise &           Proforma
                                Post Step One (1)   Public Tender (2)   Post Step Two - Option B
                                -----------------   -----------------   ------------------------
                                           %of                                         %of
                                 Shares   Total          Shares              Shares   Total
                                 ------   -----          ------              ------   -----
                                                                       
Shareholding (Basic)
   Wilkerson:  $0.90 Shares         --                       --                  --
               $1.50 Shares        618                     (618)                 --
               Other             1,618                       --               1,618
                                 -----                   ------               -----
                                 2,236     47.9%           (618)              1,618    45.6%

   Other Shareholders            2,431     52.1%           (500)              1,931    54.4%
                                 -----    -----          ------               -----   -----
                                 4,667    100.0%         (1,737)              3,549   100.0%
                                 =====    =====          ======               =====   =====

Shareholding (ITM Diluted)(3)
   Wilkerson:  $0.90 Shares         --                       --                  --
               $1.50 Shares        618                     (618)                 --
               Other             1,945                                        1,945
                                 -----                                        -----
                                 2,564     49.0%                              1,945    47.3%
   Other Shareholders            2,668     51.0%           (500)              2,168    52.7%
                                 -----    -----          ------               -----   -----
                                 5,232    100.0%         (1,118)              4,114   100.0%
                                 =====    =====          ======               =====   =====


                              Step 1              Step 2.Opt. B
                             Proforma                Proforma
                              Balance   Cost(4)      Balance
                             --------   -------   -------------
Cash Balances
   Cash on Hand                $4,396   $(1,778)      $2,619
                               ======   =======       ======
   Cash on Hand, Per Share     $ 0.94                 $ 0.74
                               ======                 ======

- --------------------------------------------------------------------------------
(1)  Assumed share and cash balances after Completion of Step One.
(2)  Exercise of the Company's option to buyback approximately 618,000 shares
     from Wilkerson at $1.50 per share and public tender offer to buy 500,000
     shares at $1.50.
(3)  Includes Warrants and options assumed to be in-the-money (ITM),ie. <$2.00.
(4)  Total cost of completing $1.50 buyback from Wilkerson and through public
     tender offer, plus an additional $100,000 to cover administration costs of
     tender offer.

Sources of information: Company financial statements and management

March 25, 2003                                                   Capitalink, L.C

                                        4



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Cash Flow Analysis
($ in thousand, except per share amounts)



                                                              Base Case Only                        Full Plan(1)
                                                    ----------------------------------   ----------------------------------
                                                            FYB February 28/29                    FYB February 28/29
                                                    ----------------------------------   ----------------------------------
                                                      2004     2005     2006     2007      2004     2005     2006     2007
                                                    -------   ------   ------   ------   -------   ------   ------   ------
                                                                                             
   EBITDA
      Base Case                                     $ 1,486   $1,204   $  934   $  680   $ 1,486   $1,204   $  934   $  680
      Company Stores                                     --       --       --       --       180      747      984    1,082
      Satellite Stores                                   --       --       --       --        28      517      751    1,195
                                                    -------   ------   ------   ------   -------   ------   ------   ------
   Total EBITDA                                       1,486    1,204      934      680     1,693    2,468    2,669    2,957
      Less Depreciation & Amort                         200      200      200      200       300      300      300      300
                                                    -------   ------   ------   ------   -------   ------   ------   ------
   EBIT                                               1,286    1,004      734      480     1,393    2,168    2,369    2,657
         Less Taxes                                     502      392      286      187       543      846      924    1,036
         Add Depreciation & Amort                       200      200      200      200       300      300      300      300
         Less Change in Working Capital                 233       14       10       10      (336)    (700)      77      173
         Less Capital Expenditure                       150      150      150      150     1,950    1,123      225      225
   Add Cash Received From Notes (3)                     692      692      692      692       692      692      692      692
                                                    -------   ------   ------   ------   -------   ------   ------   ------
   Free Cash Flow                                   $ 1,759   $1,368   $1,200   $1,045   $  (445)  $  490   $2,289   $2,561
                                                    =======   ======   ======   ======   =======   ======   ======   ======

Pro Forma Step One
   Opening Cash                                     $ 4,805   $6,156   $7,524   $8,724   $ 4,805   $3,952   $4,442   $6,731
   Free Cash Flow                                     1,759    1,368    1,200    1,045   $  (445)  $  490   $2,289   $2,561
   Step One (4)                                        (409)      --       --       --      (409)      --       --       --
                                                    -------   ------   ------   ------   -------   ------   ------   ------
   Closing Cash                                     $ 6,156   $7,524   $8,724   $9,769   $ 3,952   $4,442   $6,731   $9,292
                                                    =======   ======   ======   ======   =======   ======   ======   ======

Pro Forma Step Two-Option A
   Opening Cash                                     $ 4,805   $3,355   $4,724   $5,924   $ 4,805   $1,151   $1,642   $3,_31
   Free Cash Flow                                     1,759    1,368    1,200    1,045      (445)     490    2,289    2,561
   Step One (4)                                        (409)      --       --       --      (409)      --       --       --
   Step Two-Option A (5)                             (2,800)      --       --       --    (2,800)      --       --       --
                                                    -------   ------   ------   ------   -------   ------   ------   ------
   Closing Cash                                     $ 3,355   $4,724   $5,924   $6,968   $ 1,151   $1,642   $3,931   $6,492
                                                    =======   ======   ======   ======   =======   ======   ======   ======

Pro Forma Step Two-Option B
   Opening Cash                                     $ 4,805   $4,378   $5,747   $6,946   $ 4,805   $2,174   $2,664   $4,953
   Free Cash Flow                                     1,759    1,368    1,200    1,045      (445)     490    2,289    2,561
   Step One (4)                                        (409)      --       --       --      (409)      --       --       --
   Step Two - Option B (6)                           (1,778)      --       --       --    (1,778)      --       --       --
                                                    -------   ------   ------   ------   -------   ------   ------   ------
   Closing Cash                                     $ 4,378   $5,747   $6,946   $7,991   $ 2,174   $2,664   $4,953   $7,515
                                                    =======   ======   ======   ======   =======   ======   ======   ======


                                                    Full Plan (Deferred Company Store Expansion)(2)
                                                    -----------------------------------------------
                                                                  FYB February 28/29
                                                    -----------------------------------------------
                                                            2004     2005     2006     2007
                                                          -------   ------   ------   ------
                                                                          
   EBITDA
      Base Case                                           $ 1,486   $1,204   $  934   $  680
      Company Stores                                           80      496      901    1,049
      Satellite Stores                                         28      517      751    1,195
                                                          -------   ------   ------   ------
   Total EBITDA                                             1,593    2,217    2,585    2,924
      Less Depreciation & Amort                               300      300      300      300
                                                          -------   ------   ------   ------
   EBIT                                                     1,293    1,917    2,285    2,624
         Less Taxes                                           504      748      891    1,023
         Add Depreciation & Amort                             300      300      300      300
         Less Change in Working Capital                      (336)    (700)      77      173
         Less Capital Expenditure                           1,050    1,125    1,125      225
   Add Cash Received, From Notes (3)                          692      692      692      692
                                                          -------   ------   ------   ------
   Free Cash Flow                                         $   395   $  337   $1,338   $2,541
                                                          =======   ======   ======   ======

Pro Forma Step One
   Opening Cash                                           $ 4,805   $4,791   $5,128   $6,466
   Free Cash Flow                                         $   395   $  337   $1,338   $2,541
   Step One (4)                                              (409)      --       --       --
                                                          -------   ------   ------   ------
   Closing Cash                                           $ 4,791   $5,128   $6,466   $9,007
                                                          =======   ======   ======   ======

Pro Forma Step Two - Option A
   Opening Cash                                           $ 4,805   $1,9_0   $2,327   $3,665
   Free Cash Flow                                             395      337    1,338    2,541
   Step One (4)                                              (409)      --       --       --
   Step Two - Option A (5)                                 (2,800)      --       --       --
                                                          -------   ------   ------   ------
   Closing Cash                                           $ 1,990   $2,327   $3,665   $6,206
                                                          =======   ======   ======   ======

Pro Forma Step Two - Option B
   Opening Cash                                           $ 4,805   $3,013   $3,350   $4,688
   Free Cash Flow                                             395      337    1,338    2,541
   Step One (4)                                              (409)      --       --       --
   Step Two - Option B (6)                                 (1,778)      --       --       --
                                                          -------   ------   ------   ------
   Closing Cash                                           $ 3,013   $3,350   $4,688   $7,229
                                                          =======   ======   ======   ======


- --------------------------------------------------------------------------------
(1)  Assumes base case, company owned stores and satellite store initiatives are
     implemented.
(2)  Assumes the delayed purchase of two company owned stores and assuming only
     one store is purchased each year between 2004 and 2006.
(3)  Based on company's projections of probable receipts for fiscal year 2004.
(4)  Exercise of the company's option to buyback approximately 454,000 shares
     from Wilkerson at $0.90 per share.
(5)  Cash dividend of approximately $0.60 per share.
(6)  Exercise of the Company's option to buyback approximately 618,000 shares
     from Wilkerson at $1.50 per share and public lender offer to buy 500,000
     shares at $1.50

Sources of information Company Financials, Management and SEC fillings.

March 23, 2003                                                   Capitalink, L C

                                        5

EX-16.(C)(6)

 BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------

                                                                    Exhibit 16C6

                                 Draft Analysis
                             As of February 20, 2003

This presentation and its analyses are only for the use of the Special Committee
and the Board of Directors and are not intended to, nor should they be, relied
upon by any other party, including stockholders of BCT International, Inc. The
consent of Capitalink is required prior to the disclosure to any third party of
this presentation, its analyses, or of the assessments made by Capitalink. These
materials are based solely on information contained in publicly available
documents and certain other information provided to Capitalink by management,
the Special Committee and the Board of Directors. Capitalink has not attempted
to investigate or verify the accuracy or completeness of such publicly available
information or other information provided to Capitalink. Capitalink has relied
upon the accuracy and completeness of such publicly available information and
other information to Capitalink.

                                       1



 BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------
 Table of Contents

        1  -   Strategic Discussion Points

        2  -   Financial and Indicated Value Summary

        3  -   Key Discussion Points

        4  -   Capitalization Table

        5  -   Market Performance

        6  -   Financial Performance

        7  -   Notes Receivable Analysis

        8  -   Discounted Cash Flow Analysis

        9  -   Comparable Company Analysis

       10  -   Share Repurchase Analysis

                                       2



 BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------


                   Strategic Discussion Points

                                       3



 BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------
 Strategic Discussions Points


        1  -   Business Plan - Status Quo vs Proposed.

        2  -   Status Quo.

        3  -   Negotiate with New Valley.

        4  -   Market Company - Strategic / Financial Buyers.

        5  -   Exercise all/part of Company's option to buy Wilkerson's shares.

        6  -   Buyback shares at market.

        7  -   Buyback using tender offer.

        8  -   Issue cash dividend.

        9  -   Employment Agreement / Options - Wilkerson

       10  -   Employment Agreement / Options - Others

       11  -   Timing Issues

                                       4



 BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------


                    Financial and Indicated Value Summary

                                       5



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Summary Financials

($ in thousands)



                                                    Actual/Estimated                                   Projected
                                      ---------------------------------------------- -----------------------------------------------
                                                        FY ended                                        FY ended
                                                     February 28/29                                  February 28/29
                                      ---------------------------------------------- -----------------------------------------------
                                         2000       2001        2002        2003        2004        2005        2006       2007
                                      ---------------------------------------------- -----------------------------------------------
                                                                                                   
Revenues
  Base Case                             $ 19,302    $ 18,999    $ 17,599   $ 17,781     $ 17,569    $ 17,539   $ 17,539    $ 17,539
  Company Stores                               -           -           -        528        3,708       6,563      7,387       7,854
  Satellite Stores                             -           -           -          -          371       1,299      2,215       3,386
                                      ---------------------------------------------- -----------------------------------------------
     Total Revenue                      $ 19,302    $ 18,999    $ 17,599   $ 18,309     $ 21,647    $ 25,400   $ 27,141    $ 28,779
                                      ============================================== ===============================================


EBITDA
  Base Case                             $  2,061    $    988    $    781   $  1,218     $  1,486    $  1,204   $    934    $    680
  Company Stores                               -           -           -       (200)          80         597        746         832
  Satellite Stores                             -           -           -          -           28         517        751       1,195
                                      ---------------------------------------------- -----------------------------------------------
     Total EBITDA                       $  2,061    $    988    $    781   $  1,018     $  1,593    $  2,318   $  2,431    $  2,707
                                      ============================================== ===============================================


Free Cash Flow
  Base Case (1)                         $  1,085    $    141    $  3,098   $    443     $  1,067    $    676   $    508    $    353
  Company Stores                               -           -           -          -       (2,925)        102        351         433
  Satellite Stores                             -           -           -          -         (248)       (164)       593         931
                                      ---------------------------------------------- -----------------------------------------------
     Total Free Cash Flow               $  1,085    $    141    $  3,098   $    443     $ (2,105)   $    615   $  1,452    $  1,717
                                      ============================================== ===============================================



- --------------------------------------------------------------------------------
(1) Base Case free cash flow for 2000 to 2002 is based on cash flow statements
    for Company.

Sources of information: Company Financials, Projections and Management.

                                       6



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Summary Indicated Value



($ in thousands)                                     Scenarios (1)                                 Scenarios (1)
                                     -------------------------------------------   ---------------------------------------------
                                                    BC          BC       BC+CS                    BC           BC         BC+CS
                                        BC         +CS         + SS       +SS         BC         +CS         + SS         +SS
                                     --------    --------    --------   --------   --------    --------    --------    ---------
                                                                                               
Indicated Values

    Enterprise Value                 $  3,631    $  3,189    $  6,546   $  6,103
                                     ========    ========    ========   ========

    Market Value                     $ 11,421    $ 10,979    $ 14,855   $ 14,412
                                     ========    ========    ========   ========

    Market Value Per Share           $   2.01    $   1.93    $   2.51   $   2.44
                                     ========    ========    ========   ========

    Assumed Shares Outstanding          5,686       5,686       5,916      5,916
                                     ========    ========    ========   ========



                         Wilkerson
                          Buyback               No Open Market Purchase             Open Market Purchase of 500 Shares @ $1.00
                                     -------------------------------------------   ---------------------------------------------
                                                                                               
                               200   $   2.05    $  1.975    $ 2.5797   $  2.49    $   2.15    $  2.075    $  2.727    $  2.632
                               500   $   2.11    $  2.021    $ 2.6502   $  2.57    $   2.23    $  2.133    $  2.823    $  2.732
                               800   $   2.15    $  2.065    $ 2.7206   $  2.64    $   2.28    $  2.188    $  2.918    $  2.811
                              1100   $   2.19    $  2.099    $ 2.8009   $  2.71    $   2.33    $  2.233    $  3.013    $  2.901
                              1400   $   2.22    $  2.122    $ 2.8712   $  2.77    $   2.38    $  2.268    $  3.106    $  2.990



                                     Open Market Purchase of 750 Shares @ $1.20     Open Market Purchase of 1,250 Shares @ $1.40
                                     -------------------------------------------   ---------------------------------------------
                                                                                               
                               200   $   2.18    $   2.09    $   2.77   $   2.68   $   2.24    $   2.14    $   2.89    $   2.80
                               500   $   2.26    $   2.16    $   2.89   $   2.79   $   2.34    $   2.22    $   3.03    $   2.93
                               800   $   2.32    $   2.21    $   2.98   $   2.88   $   2.40    $   2.28    $   3.15    $   3.04
                              1100   $   2.38    $   2.27    $   3.09   $   2.98   $   2.48    $   2.35    $   3.29    $   3.16
                              1400   $   2.44    $   2.31    $   3.20   $   3.08   $   2.56    $   2.41    $   3.43    $   3.29




- --------------------------------------------------------------------------------
(1) Base Case free cash flow for 2000 to 2002 is based on cash flow statements
    for Company.

Sources of information: Company Financials, Projections and Management.

                                       7



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------

                              Key Discussion Points

                                       8



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Key Discussion Points

     Capitalization Table

          1)   Company is currently majority owned by Wilkerson who has 52.5%
               and 53.1% on a basic and ITM fully diluted level, respectively.

          2)   Issue of Hummingbird intentions given their shareholding of 9.8%
               on a basic level.

          3)   Less than 0.4% of total common shares oustanding (excluding
               holdings of Wilkerson/Phoenix) is traded on average each day.

     Stock Analysis

          1)   Share price performance of Company has been poor. For the past
               three years, the Company has traded below $2.00 and has remained
               below $1.00 for most of the last twelve months ("LTM").

          2)   Average price was $0.85 over LTM and $1.72 since September 1997.

          3)   Trading volume of Company also low. Company did not trade for 41%
               over the available trading days over LTM. Average and median
               volume is 8,108 and 200 respectively.

     Company History, Analysis and Graphs

          1)   Financial performance of Company has been consistent with no
               signficant increases or falls in revenue and profitability over
               last three years.

          2)   Company has significant amount of cash available of $4.8 million
               and very little debt of $828,000 (relating to notes generated
               through acquisition of Company stores).

          3)   Tangible book value per share is $2.59, consisting primarily of
               cash and accounts and notes receivable owed by franchisees.

     Notes Analysis

          1)   Examined notes receivables which total $6.7 million and applied
               payment probability based on likelihood of being paid. Also
               present valued the note payments to derive NPV of notes using
               Company's base case WACC.

          2)   Of the $6.7 million notes, approximately $3.8 million are
               considered collectible for our analysis, which equates to a
               present value of approximately $2.8 million.

                                       9



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Key Discussion Points

     Discounted Cash Flow Analysis

          1)   Conducted three sets of DCF's based on the Base Case Scenario
               (BC), Company Owned Franchises Scenario (CS) and Satellite Store
               scenario (SS).

          2)   For each scenario we used three different DCF methodologies
               (terminal revenue, EBITDA and perpetual growth), and three
               different WACC based on the differing risks of each scenario.

          3)   We used projections provided by the Company to calculate the
               indicated market value per share of persuing each scenario
               combination.

          4)   Based on the projections, it makes sense to continue with the
               satellite store iniatives. Question of whether the ownership of
               company owned stores is required to complete the SS plan.

          5)   CS scenario in itself results in a lower valuation for the
               Company due to the high price paid for the stores (0.6x revenue),
               and the extra training costs of area managers, etc. If satellite
               stores are predominantly owned by existing franchisees, then
               company owned stores are less important to this strategy.

          6)   Based on analysis, value range of Company is between $2.01 and
               $2.44 under a base case and under all three cases scenario,
               respectively (assuming no share buyback transaction).

     Comparable Company Analysis

          1)   No real comparables to the Company, so little reliance will be
               placed on this analysis.

          2)   Included comparable companies that were involved in commercial
               printing/and or paper-related distribution/resellers.

          3)   Company is trading well below this group on an enterprise value
               basis and towards the low end of the group on a total invested
               capital basis.

          4)   EBITDA multiple more reliable than revenue multiples for Company
               due to revenue mix of pelican paper sales and royalty revenue.

                                       10



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Key Discussion Points

     Share Repurchase Analysis

          1)   Key is to balance the following issues:

               - What percentage ownership do you want Wilkerson to have post
                 share repurchase program?

                    Company can potentially repurchase up to 1.4 million shares
                    from Wilkerson at an average price of $1.36 for all three
                    tranches of $0.90, $1.50 and $1.75 shares. This could be
                    limited by the inclusion of shares purchased using the $2.0
                    milion loan guaranteed by the Company. Wilkerson's
                    shareholding can potentially fall from 52.5% to 34.7%.

               - Will it be cheaper to buy on the open market or a combination
                 of both?

                    If Company can repurchase shares on the open market at
                    average prices less than what they can buy from Wilkerson,
                    then it would have a greater positive impact on the share
                    price. However, if purchase shares on open market, then the
                    percentage of Wilkerson and Hummingbird's holdings will
                    increase.

               - What impact will the share buyback have on liquidity of the
                 stock?

                    If the Company buybacks Wilkerson's shares, then there will
                    be little impact on liquidity as his shares are not traded
                    on market. However, an open market repurchase will impact
                    the number of shares circulating on the market which
                    although will increase the theorectical market value per
                    share, may be impacted by further illiquidity issues.

               - How much cash do we have to complete a buyback?

                    The Company currently has approximately $4.8 million in
                    cash, of which they require $2.0 million in cash for the
                    next fiscal year and approximately $1.0 million in reserves.
                    This leaves approximately $1.8 million to use in a share
                    buyback or alternatively cash dividend, etc. However, this
                    does not include expected cash received from the exercise of
                    ITM options and the receipt of note payments (expected to be
                    approximately $692,000 in fiscal 2004).

                                       11



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Key Discussion Points

               - What Impact will the share buyback have on the Company's share
                 price?

                    The Company's share price is likely to increase relative to
                    the number of shares repurchased and the amount of cash used
                    to buy back the shares. The more shares purchased at a lower
                    share price, the higher the underlying value of the stock.

               - Should a cash dividend be given instead?

                    Announcement of cash dividend may immediately increase share
                    price by amount of dividend as the market is not giving full
                    value to the cash balances held by the Company. However,
                    once the share price becomes ex, the share price will fall
                    by the amount of the dividend (but perhaps no less than the
                    original price before the dividend was announced). Potential
                    new tax laws favor cash dividends as under a buyback the
                    shareholder is taxed in relation to their cost basis.
                    Wilkerson's shareholding will remain the same if cash
                    dividend is chosen. Cash dividend will decrease the value of
                    the Company placed by New Valley.

                                       12



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------

                              Capitalization Table

                                       13


BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Capitalization Table (1)
($ in thousands, except per share amounts)



                                                                                                             % of Total Outstanding
                                                                                                            ------------------------
                                                                                                                       ITM
                               Price        Common               ITM        ITM Fully   Other     Fully               Fully   Fully
                            Purchased (2)   Stock   Basic (3)  Options (4)   Diluted   Options   Diluted     Basic   Diluted Diluted
                           --------------   ------  ---------  ----------- ----------  -------   -------     -----   ------- -------
                                                                                               
William A. Wilkerson (5)
           Prior Purchases                  38,600
      Capital Contribution                 955,382
           Other Purchases    $ 0.90       454,036
                              $ 1.50       618,482
                              $ 1.75       623,782
                                         ---------
                     Total               2,690,282  2,690,282    327,500    3,017,782         -   3,017,782   52.5%   53.1%    50.2%
                                         =========

Other Officers & Directors

                     Total                 109,548    109,548    200,460      310,008   215,000     525,008    2.1%    5.5%     8.7%
                                         =========


Hummingbird Management,
LLC (6)

           Prior Purchases        na       385,912
          Recent Purchases    $ 0.70         5,000
                              $ 0.98        22,500
                              $ 1.05        89,655
                                         ---------
                                           503,067    503,067          -      503,067               503,067    9.8%    8.8%     8.4%
                                         =========

Other Shareholders/
Option holders                                      1,818,561     36,625    1,855,186   105,000   1,960,186   35.5%   32.6%    32.6%

                                                   ----------    -------    ---------   -------   ---------  ------  ------   ------
Total Shares Outstanding                            5,121,458    564,585    5,686,043   320,000   6,006,043  100.0%  100.0%   100.0%
                                                                 =======                =======              ======  ======   ======

                   Plus Treasury Stock                707,000                 707,000               707,000
                                                   ----------               ---------             ---------
                   Total Shares Issued              5,828,458                6,393,04             6,713,043
                                                   ==========               =========             =========

- --------------------------------------------------------------------------------
(1) As of February 14th, 2003.
(2) Where known, the purchase price paid per share is presented.
(3) Based on total common shares outstanding, excluding in-the-money ("ITM")
    options and warrants.
(4) ITM options include all warrants and options with exercise price less than
    or equal to $2.00
(5) Includes shares and options held by Wilkerson and Phoenix Group.
(6) Based on SEC 13D Filing by Hummingbird Management, LLC, dated January 17,
    2003.

Sources of information: Company Financials, Management and SEC filings.

DRAFT ANALYSIS - 2/20/2003               14                     CAPITALINK, L.C.




BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------






                               Market Performance









DRAFT ANALYSIS - 2/20/2003             15                       CAPITALINK, L.C.






BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------

            BCT International Closing Price & Trading Volume History

                     September 29, 1997 - February 20, 2003




                                     [GRAPH]










       Start                 End                High          Average    Median           Low           Avg. Volume   Median Volume
- ------------------  ------------------  ------------------   ---------  ---------  ------------------  -------------  --------------
                                                                                                 
29-Sep-97 $ 2.6250  17-Feb-03 $ 0.9100  06-Apr-98 $ 3.6250   $ 1.7253   $ 1.6094   26-Oct-98 $ 0.2813      59,740         38,650


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

DRAFT ANALYSIS - 2/20/2003             16                       CAPITALINK, L.C.








BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------

            BCT International Closing Price & Trading Volume History

                     February 20, 2002 - February 20, 2003





                                    [GRAPH]






       Start                  End                  High          Average    Median           Low         Avg. Volume   Median Volume
- -------------------  -------------------  -------------------   ---------  --------  ------------------  -----------   -------------
                                                                                                  
20-Feb-02  $ 1.1010  20-Feb-03  $ 0.9100  01-Apr-02  $ 1.1100   $ 0.8529   $ 0.8100  26-Apr-02 $ 0.5600      8,108          200


- --------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.

DRAFT ANALYSIS - 2/20/2003            17                        CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------

    BCT International vs Comparable Company Index (1) and Russell 3000 Index

                      February 20, 2002 - February 20, 2003

                                    [CHART]


    ----- BCT International         Comparables           ----- Russell 3000


- --------------------------------------------------------------------------------
 % Change                BCT Internation:      Comparables      Russell 3000
 First Half of Period        -22.8%               -4.8%            -14.9%
 Second Half of Period         7.4%               22.8%            -10.7%
 Full Period                 -17.3%               16.1%            -23.4%
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
(1) Reflects the market cap weighted prices of the comparable companies utilized
    in the Comparable Company Analysis.

Sources of information: Commodity Systems, Inc.

DRAFT ANALYSIS - 2/20/2003            18                        CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
     BCT International Closing Price Ranges as Percentage of Total Trading

                     February 20, 2003 - February 20, 2003


                                   [CHART]





Price Range    $0.000 - $0.600     $0.601 - $0.675     $0.676 - $0.750     $0.751 - $0.825     $0.826 - $0.900
- ----------------------------------------------------------------------------------------------------------------
                                                                                
Days in Range         1                   2                   51                 93                   35
Percentage          0.4%                0.8%                20.2%              36.8%                13.8%




Price Range    $0.901 - $0.975     $0.976 - $1.050     $1.051 - $1.125     $1.126 +
- ------------------------------------------------------------------------------------
                                                               
Days in Range         15                  26                  30              0
Percentage           5.9%               10.3%               11.9%           0.0%


- ----------------------------------------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.



DRAFT ANALYSIS - 2/20/2003              19                      CAPITALINK, L.C.





BCT International, Inc.                                                                   Confidential
- ------------------------------------------------------------------------------------------------------
            BCT International Trading Volume per Price Range as Percentage of Total

                            February 20, 2002 - February 20, 2003

                                            [CHART]


Price Range   $0.000 - $0.600   $0.601 - $0.675  $0.676 - $0.750  $0.751 - $0.825  $0.826 - $0.900
- ---------------------------------------------------------------------------------------------------
                                                                    
Volume            386,700           16,700           499,300         588,100           133,200
Percentage         18.9%             0.8%             24.3%           28.7%              6.5%




              $0.901 - $0.975   $0.976 - $1.050   $1.051 - $1.125    $1.126 +
              ------------------------------------------------------------------
                                                      
Volume             53,900            282,500           91,000             0
Percentage          2.6%              13.8%             4.4%            0.0%


- ------------------------------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.



DRAFT ANALYSIS - 2/20/2003             20                       CAPITALINK, L.C.





BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
                             BCT International Trading Volume Ranges as a Percentage of Total

                                         February 20, 2002 - February 20, 2003

                                                      [CHART]

                           greater  less    greater  less   greater  less   greater  less   greater  less    greater  less    less
                    No      than    than     than    than    than    than    than    than    than    than     than    than    than
                  volume      0     0,250    0,251   1,000   1,001   2,500   2,501   5,000   5,001  10,000    10,001 25,000   25,001
                 -------------------------------------------------------------------------------------------------------------------
                                                                                                      
Days in Range      109           19                21             23              21              26               19           15
Percentage        43.1%         7.5%              8.3%           9.1%            8.3%           10.3%             7.5%         5.9%



- ------------------------------------------------------------------------------------------------------------------------------------
Sources of information: Commodity Systems, Inc.


DRAFT ANALYSIS - 2/20/2003            21                        CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------






                              Financial Performance







DRAFT ANALYSIS - 2/20/2003              22                      CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Normalized Comparative Summary Income Statements
($ in thousands except per share)




                                                                                 for years ended February 28,
                                                          --------------------------------------------------------------------------
                                                               1998           1999           2000           2001           2002
                                                          --------------------------------------------------------------------------
                                                                                                         
 Revenue
   Royalties and Franchise Fees                              $  4,921       $  5,356       $  5,394       $  5,267       $  5,117
   Paper an Printing Sales                                     11,734         12,817         13,881         13,424         12,068
   Sales of Franchises                                             44             87             27             46             99
   Company-Owned Franchise Sales                                    -              -              -              -              -
   Other Fees                                                       -              -              -            262            315
                                                          --------------------------------------------------------------------------
                             Total Revenue                   $ 16,699       $ 18,260       $ 19,302       $ 18,999       $ 17,599

 Cost of Revenue
    Cost of Paper and Printing Sales                            9,857         10,939         11,574         11,605         10,592
    Cost of Company-Owned Franchise Sales                           -              -              -              -              -
                                                          --------------------------------------------------------------------------
                           Cost of Revenue                      9,857         10,939         11,574         11,605         10,592
                                                          --------------------------------------------------------------------------
                              Gross Profit                      6,842          7,321          7,728          7,394          7,007

    Selling, General & Admin                                    4,171          4,290          6,619          6,455          6,226
    Other                                                         199            186            189            232            226
                                                          --------------------------------------------------------------------------
                  Total Operating Expenses                      4,370          4,476          6,808          6,687          6,452
                                                          --------------------------------------------------------------------------
                   Operating Income (Loss)                      2,472          2,845            920            707            555

 Interest Income (Expense)                                        321            340            336            381            408
 Other Income (Expense)                                             2              6            952             49              -
                                                          --------------------------------------------------------------------------
                     Pre-tax Income (Loss)                      2,795          3,191          2,208          1,137            963
 Income Tax (Benefit)                                             986            690            837            442            380
                                                          --------------------------------------------------------------------------
                     Normalized Net Income                   $  1,809       $  2,501       $  1,371       $    695       $    584
                                                          ==========================================================================

 Normalized EBIT                                             $  2,474       $  2,851       $  1,872       $    756       $    555
   Total Depreciation & Amortization                         $    199       $    186       $    189       $    232       $    226
 Normalized EBITDA                                           $  2,673       $  3,037       $  2,061       $    988       $    781
   Capital Expenditures, net of Disposals (CAPEX, net)       $     88       $     82       $    262       $    150       $    162
 Normalized EBITDA - CAPEX                                   $  2,585       $  2,955       $  1,799       $    838       $    619

 Earnings per Share
    Basic Normalized EPS                                     $   0.35       $   0.47       $   0.26       $   0.13       $   0.11
    Basic Reported EPS                                       $   0.30       $   0.41       $   0.19       $   0.13       $   0.10
    Weighted Average Shares Outstanding (thousands)             5,230          5,323          5,257          5,214          5,123

    Diluted Normalized EPS                                   $   0.33       $   0.45       $   0.25       $   0.13       $   0.11
    Diluted Reported EPS                                     $   0.28       $   0.39       $   0.19       $   0.13       $   0.10
    Weighted Average Shares Outstanding (thousands)             5,540          5,596          5,388          5,235          5,123

 Normalizing Reconciliation
    Unusual (Expense) Gain Items                             $       -      $       -      $       -      $       -      $   (150)
    Income Tax Shelter (Charge) from Unusual Items                   -              -              -              -            59
                                                          --------------------------------------------------------------------------
           Unusual (Expense) Gain Items, net of Taxes                -              -              -              -           (92)
    Discontinued Operations, net of Taxes                         (244)          (327)          (357)           (31)            -
                                                          --------------------------------------------------------------------------
                Total Reconciling Items, net of Taxes        $    (244)     $    (327)     $    (357)     $     (31)     $    (92)
                                                          ==========================================================================

                        Reported Income Tax (Benefit)        $     986      $     690      $     837      $     442      $     321
                           Reported Net Income (Loss)        $   1,565      $   2,174      $   1,014      $     664      $     492
             Reported Comprehensive Net Income (Loss)        $   1,565      $   2,174      $   1,014      $     664      $     492



                                                             for the 9 months ended            LTM
                                                                   November 30,            November 30,
                                                          ------------------------------  ---------------
                                                               2001           2002             2002
                                                          ------------------------------  ---------------

 Revenue
   Royalties and Franchise Fees                              $   3,844      $   3,894      $   5,167
   Paper an Printing Sales                                       9,297          9,080         11,851
   Sales of Franchises                                              89              3             13
   Company-Owned Franchise Sales                                     -            528            528
   Other Fees                                                      190            338            463
                                                          ------------------------------  ---------------
                             Total Revenue                   $  13,420      $  13,843      $  18,022

 Cost of Revenue
    Cost of Paper and Printing Sales                             8,073          7,822         10,341
    Cost of Company-Owned Franchise Sales                            -            119            119
                                                          ------------------------------  ---------------
                           Cost of Revenue                       8,073          7,941         10,460
                                                          ------------------------------  ---------------
                              Gross Profit                       5,347          5,902          7,562

    Selling, General & Admin                                     4,395          5,102          6,933
    Other                                                          170            177            233
                                                          ------------------------------  ---------------
                  Total Operating Expenses                       4,565          5,279          7,166
                                                          ------------------------------  ---------------
                   Operating Income (Loss)                         782            623            396

 Interest Income (Expense)                                         303            254            359
 Other Income (Expense)                                              -              -              -
                                                          ------------------------------  ---------------
                     Pre-tax Income (Loss)                       1,085            877            755
 Income Tax (Benefit)                                              427            342            295
                                                          ------------------------------  ---------------
                     Normalized Net Income                   $     659      $     535      $     460
                                                          ==============================  ===============

 Normalized EBIT                                             $     782      $     623      $     396
   Total Depreciation & Amortization                         $     170      $     177      $     233
 Normalized EBITDA                                           $     952      $     800      $     629
   Capital Expenditures, net of Disposals (CAPEX, net)       $     144      $     124      $     142
 Normalized EBITDA - CAPEX                                   $     808      $     676      $     487

 Earnings per Share
    Basic Normalized EPS                                     $    0.13      $    0.10      $    0.08
    Basic Reported EPS                                       $    0.11      $    0.10      $    0.09
    Weighted Average Shares Outstanding (thousands)              5,123          5,121

    Diluted Normalized EPS                                   $    0.13      $    0.10      $    0.08
    Diluted Reported EPS                                     $    0.11      $    0.10      $    0.09
    Weighted Average Shares Outstanding (thousands)              5,123          5,121

 Normalizing Reconciliation
    Unusual (Expense) Gain Items                             $    (150)     $       -      $       -
    Income Tax Shelter (Charge) from Unusual Items                  59              -              -
                                                          ------------------------------  ---------------
           Unusual (Expense) Gain Items, net of Taxes              (92)             -              -
    Discontinued Operations, net of Taxes                            -              -              -
                                                          ------------------------------  ---------------
                Total Reconciling Items, net of Taxes        $     (92)     $       -      $       -
                                                          ==============================  ===============
                        Reported Income Tax (Benefit)        $     368      $     342      $     295
                           Reported Net Income (Loss)        $     567      $     535      $     460
             Reported Comprehensive Net Income (Loss)        $     567      $     535      $     460

- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                  23                  CAPITALINK, L.C.





BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
Normalized Common Sized Summary Income Statements

                                                                                               for the 9 months ended        LTM
                                                     for years ended February 28,                    November 30,       November 30,
                                             ---------------------------------------------------------------------------------------
                                                1998       1999      2000      2001    2002         2001      2002           2002
                                             ---------------------------------------------------------------------------------------
                                                                                                 
Revenue

  Royalties and Franchise Fees                  29.5%      29.3%     27.9%     27.7%   29.1%        28.6%     28.1%          28.7%
  Paper an Printing Sales                       70.3%      70.2%     71.9%     70.7%   68.6%        69.3%     65.6%          65.8%
  Sales of Franchises                            0.3%       0.5%      0.1%      0.2%    0.6%         0.7%      0.0%           0.1%
  Company-Owned Franchise Sales                  0.0%       0.0%      0.0%      0.0%    0.0%         0.0%      3.8%           2.9%
  Other Fees                                     0.0%       0.0%      0.0%      1.4%    1.8%         1.4%      2.4%           2.6%
                                             -------------------------------------------------   ---------------------    ----------
              Total Revenue                    100.0%     100.0%    100.0%    100.0%  100.0%       100.0%    100.0%         100.0%

Cost of Revenue

  Cost of Paper and Printing Sales              59.0%      59.9%     60.0%     61.1%   60.2%        60.2%     56.5%          57.4%
  Cost of Company-Owned Franchise Sales          0.0%       0.0%      0.0%      0.0%    0.0%         0.0%      0.9%           0.7%
                                             -------------------------------------------------   --------------------     ----------
              Cost of Revenue                   59.0%      59.9%     60.0%     61.1%   60.2%        60.2%     57.4%          58.0%
                                             -------------------------------------------------   --------------------     ----------
              Gross Profit                      41.0%      40.1%     40.0%     38.9%   39.8%        39.8%     42.6%          42.0%

  Selling, General & Admin                      25.0%      23.5%     34.3%     34.0%   35.4%        32.7%     36.9%          38.5%
  Other                                          1.2%       1.0%      1.0%      1.2%    1.3%         1.3%      1.3%           1.3%
                                             -------------------------------------------------   --------------------     ----------
              Total Operating Expenses          26.2%      24.5%     35.3%     35.2%   36.7%        34.0%     38.1%          39.8%
                                             -------------------------------------------------   --------------------     ----------
              Operating Income (Loss)           14.8%      15.6%      4.8%      3.7%    3.2%         5.8%      4.5%           2.2%

Interest Income (Expense)                        1.9%       1.9%      1.7%      2.0%    2.3%         2.3%      1.8%           2.0%
Other Income (Expense)                           0.0%       0.0%      4.9%      0.3%    0.0%         0.0%      0.0%           0.0%
                                             -------------------------------------------------   --------------------     ----------
              Pre-tax Income (Loss)             16.7%      17.5%     11.4%      6.0%    5.5%         8.1%      6.3%           4.2%
Income Tax (Benefit)                             5.9%       3.8%      4.3%      2.3%    2.2%         3.2%      2.5%           1.6%
                                             -------------------------------------------------   --------------------     ----------
              Normalized Net Income             10.8%      13.7%      7.1%      3.7%    3.3%         4.9%      3.9%           2.6%
                                             =================================================   ====================     ==========

Normalized EBIT                                 14.8%      15.6%      9.7%      4.0%    3.2%         5.8%      4.5%           2.2%
  Total Depreciation & Amortization              1.2%       1.0%      1.0%      1.2%    1.3%         1.3%      1.3%           1.3%
Normalized EBITDA                               16.0%      16.6%     10.7%      5.2%    4.4%         7.1%      5.8%           3.5%
  Capital Expenditures, net of
 Disposals (CAPEX, net)                          0.5%       0.4%      1.4%      0.8%    0.9%         1.1%      0.9%           0.8%
Normalized EBITDA - CAPEX                       15.5%      16.2%      9.3%      4.4%    3.5%         6.0%      4.9%           2.7%

Normalizing Reconciliation

  Unusual (Expense) Gain Items                  0.0%        0.0%      0.0%      0.0%   -0.9%        -1.1%      0.0%           0.0%
  Income Tax Shelter (Charge)
  from Unusual Items                            0.0%        0.0%      0.0%      0.0%    0.3%         0.4%      0.0%           0.0%
                                             -------------------------------------------------   --------------------     ----------
         Unusual (Expense) Gain Item            0.0%        0.0%      0.0%      0.0%   -0.5%        -0.7%      0.0%           0.0%
Discontinued Operations, net of Taxes          -1.5%       -1.8%     -1.8%     -0.2%    0.0%         0.0%      0.0%           0.0%
                                             -------------------------------------------------   --------------------     ----------
         Total Reconciling Items, net of       -1.5%       -1.8%     -1.8%     -0.2%   -0.5%        -0.7%      0.0%           0.0%
         Taxes                               =================================================   ====================     ==========
              Reported Income Tax (Benefit)     5.9%        3.8%      4.3%      2.3%    1.8%         2.7%      2.5%           1.6%
              Reported Net Income (Loss)        9.4%       11.9%      5.3%      3.5%    2.8%         4.2%      3.9%           2.6%
              Reported Comprehensive Net
              Income(Loss)                      9.4%       11.9%      5.3%      3.5%    2.8%         4.2%      3.9%           2.6%


- ------------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/2/2003                                                                                           CAPITALINK, L.C.


                                       24






BCT International, Inc.                                                                                                Confidential
- -----------------------------------------------------------------------------------------------------------------------------------
Comparative Summary Balance Sheets
 ($ in thousands, except per share)
                                                                         as of February 28,                    as of November 30,
                                                      ------------------------------------------------------  ---------------------
 Assets                                                  1998        1999       2000      2001        2002        2001        2002
                                                      ------------------------------------------------------  ---------------------
 Current Assets
      Cash & Equivalents                                 $ 989     $ 1,143    $ 1,906   $ 1,799     $ 4,819     $ 4,328     $ 4,805
      Accounts Receivable                                2,418       3,252      3,293     3,568       2,889       1,800       2,386
      Inventory                                          2,354       2,122      2,359     2,352       1,887       2,415       2,697
      Deferred Income Taxes                                919         476        482       321         419         321         419
      Prepaid & Other                                      950       1,281        408       134         259         280         499
                                                      ------------------------------------------------------  ---------------------
          Total Current Assets                           7,630       8,274      8,448     8,174      10,273       9,144      10,806

 Property & Equipment                                    1,331       1,442      1,633     1,707       1,869       1,851       2,551
 Less Accumulated Depreciation                            (794)       (982)    (1,104)   (1,234)     (1,434)     (1,384)     (1,588
                                                      ------------------------------------------------------  ---------------------
          Property & Equipment, net                        537         460        529       473         435         467         963
 Accounts and Notes Receivable, net                      5,376       6,052      7,275     6,362       5,170       6,143       5,186
 Deferred Income Taxes                                     214         246        722       925         970         809       1,001
 Intangible Assets, net                                    311         284        258       232         206         212         186
 Other Assets                                               89          90         89        24          24          24          43
                                                      ------------------------------------------------------  ---------------------
                                                      $ 14,157    $ 15,406   $ 17,321  $ 16,190    $ 17,078    $ 16,799    $ 18,185
                                                      ======================================================  =====================
 Liabilities & Stockholders' Equity
 Current Liabilities
      Accounts Payable                                $  1,264       $ 844    $ 1,111     $ 597       $ 432       $ 658       $ 789
      Accrued Expenses                                     777         753      1,349       403         871         699         938
      Interest Bearing Debt                                105         113        104        86         560          86         294
      Interest Bearing Debt, Affiliates                      -           -          -         -           -           -           -
      Other                                                339         311        218       167         125           -         125
                                                      ------------------------------------------------------  ---------------------
          Total Current Liabilities                      2,485       2,021      2,782     1,253       1,988       1,443       2,146

 Long Term Interest Bearing Debt                           539         433        330       236           -         172         534
 Other Long Term                                             -           -        453       417         334         353         214
                                                      ------------------------------------------------------  ---------------------
          Total Liabilities                              3,024       2,454      3,565     1,906       2,322       1,968       2,894

 Stockholders' Equity
      Preferred Stock                                       60          60          -         -           -           -           -
      Common Stock                                         223         230        233       233         233         233         233
      Paid in Capital                                   12,254      12,506     12,597    12,597      12,605      12,605      12,605
      Accumulated Earnings (Deficit)                      (845)      1,322      2,334     2,998       3,490       3,565       4,025
      Treasury Stock & Stock Receivable                   (559)     (1,166)    (1,408)   (1,544)     (1,572)     (1,572)     (1,572
                                                      ------------------------------------------------------  ---------------------
          Total Stockholders' Equity                    11,133      12,952     13,756    14,284      14,756      14,831      15,291
                                                      ------------------------------------------------------  ---------------------
                                                      $ 14,157    $ 15,406   $ 17,321  $ 16,190    $ 17,078    $ 16,799    $ 18,185
                                                      ======================================================  =====================

 Net Working Capital                                   $ 5,145     $ 6,253    $ 5,666   $ 6,921     $ 8,285     $ 7,701     $ 8,660
 Common Shares Outstanding
    (thousands)                                          5,322       5,257      5,231     5,136       5,121       5,115       5,121
 Book Value per Share                                   $ 2.09      $ 2.46     $ 2.63    $ 2.78      $ 2.88      $ 2.90      $ 2.99
 Tangible Book Value Per Share                          $ 2.03      $ 2.41     $ 2.58    $ 2.74      $ 2.84      $ 2.86      $ 2.95

- -----------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                                                                         CAPITALINK, L.C.

                                   25





BCT International, Inc.                                                                                                Confidential
- -----------------------------------------------------------------------------------------------------------------------------------
Common Sized Summary Balance Sheet

                                                                    as of February 28,                      as of November 30,
                                                 ----------------------------------------------------  ----------------------------
 Assets                                              1998      1999      2000       2001        2002         2001       2002
                                                 ----------------------------------------------------  ----------------------------
                                                                                                    
 Current Assets

      Cash & Equivalents                             7.0%      7.4%      11.0%      11.1%       28.2%        25.8%      26.4%
      Accounts Receivable                           17.1%     21.1%      19.0%      22.0%       16.9%        10.7%      13.1%
      Inventory                                     16.6%     13.8%      13.6%      14.5%       11.0%        14.4%      14.8%
      Deferred Income Taxes                          6.5%      3.1%       2.8%       2.0%        2.5%         1.9%       2.3%
      Prepaid & Other                                6.7%      8.3%       2.4%       0.8%        1.5%         1.7%       2.7%
                                                 ----------------------------------------------------  ----------------------------
                   Total Current Assets             53.9%     53.7%      48.8%      50.5%       60.2%        54.4%      59.4%

 Property & Equipment                                9.4%      9.4%       9.4%      10.5%       10.9%        11.0%      14.0%
 Less Accumulated Depreciation                      -5.6%     -6.4%      -6.4%      -7.6%       -8.4%        -8.2%      -8.7%
                                                 ----------------------------------------------------  ----------------------------
                   Property & Equipment, net         3.8%      3.0%       3.1%       2.9%        2.5%         2.8%       5.3%
 Accounts and Notes Receivable, net                 38.0%     39.3%      42.0%      39.3%       30.3%        36.6       28.5%
 Deferred Income Taxes                               1.5%      1.6%       4.2%       5.7%        5.7%         4.8%       5.5%
 Intangible Assets, net                              2.2%      1.8%       1.5%       1.4%        1.2%         1.3%       1.0%
 Other Assets                                        0.6%      0.6%       0.5%       0.1%        0.1%         0.1%       0.2%
                                                 ----------------------------------------------------  ----------------------------
                                                   100.0%    100.0%     100.0%     100.0%      100.0%       100.0%     100.0%
                                                 ====================================================  ============================
 Liabilities & Stockholders' Equity
 Current Liabilities

      Accounts Payable                               8.9%      5.5%       6.4%        3.7%       2.5%         3.9%       4.3%
      Accrued Expenses                               5.5%      4.9%       7.8%        2.5%       5.1%         4.2%       5.2%
      Interest Bearing Debt                          0.7%      0.7%       0.6%        0.5%       3.3%         0.5%       1.6%
      Interest Bearing Debt, Affiliates              0.0%      0.0%       0.0%        0.0%       0.0%         0.0%       0.0%
      Other                                          2.4%      2.0%       1.3%        1.0%       0.7%         0.0%       0.7%
                                                   --------------------------------------------------  ----------------------------
                   Total Current Liabilities        17.6%     13.1%      16.1%        7.7%      11.6%         8.6%      11.8%

 Long Term Interest Bearing Debt                     3.8%      2.8%       1.9%        1.5%       0.0%         1.0%       2.9%
 Long Term Interest Bearing Debt, Affiliates         0.0%      0.0%       0.0%        0.0%       0.0%         0.0%       0.0%
 Other Long Term                                     0.0%      0.0%       2.6%        2.6%       2.0%         2.1%       1.2%

                                                   --------------------------------------------------  ----------------------------
                   Total Liabilities                21.4%     15.9%      20.6%       11.8%      13.6%        11.7%      15.9%

 Stockholders' Equity

      Preferred Stock                                0.4%      0.4%       0.0%        0.0%       0.0%         0.0%       0.0%
      Common Stock                                   1.6%      1.5%       1.3%        1.4%       1.4%         1.4        1.3%
      Paid in Capital                               86.6%     81.2%      72.7%       77.8%      73.8%        75.0%      69.3%
      Accumulated Earnings (Deficit)                -6.0%      8.6%      13.5%       18.5%      20.4%        21.2%      22.1%
      Treasury Stock & Stock Receivable             -3.9%     -7.6%      -8.1%       -9.5%      -9.2%        -9.4%      -8.6%
                                                   --------------------------------------------------  ----------------------------
                  Total Stockholders' Equity        78.6%     84.1%      79.4%       88.2%      86.4%        88.3%      84.1%
                                                   --------------------------------------------------  ----------------------------
                                                   100.0%    100.0%     100.0%      100.0%     100.0%       100.0%     100.0%
                                                   ==================================================  ============================

 Net Working Capital                                36.3%     40.6%      32.7%       42.7%      48.5%        45.8%      47.6%


- -----------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                                                                         CAPITALINK, L.C.

                                       26





BCT International, Inc.                                                                                               Confidential
- ----------------------------------------------------------------------------------------------------------------------------------
Comparative Financial Analysis
($ in thousands, except per share)



                                                                               as of & for years ended February 28,
                                                               -------------------------------------------------------------------
                                                               1998          1999          2000          2001           2002
                                                               -------------------------------------------------------------------
                                                                                                        
 Financial Review

      Revenue                                                 $ 16,699      $ 18,260      $ 19,302      $ 18,999       $ 17,599
      Gross Profit                                            $  6,842      $  7,321      $  7,728      $  7,394       $  7,007
      Total Operating Expenses                                $  4,370      $  4,476      $  6,808      $  6,687       $  6,452
      Operating Income                                        $  2,472      $  2,845      $    920      $    707       $    555
      Pre-tax Income (Loss)                                   $  2,795      $  3,191      $  2,208      $  1,137       $    963
      Normalized Net Income (Loss)                            $  1,809      $  2,501      $  1,371      $    695       $    584
      Normalized EBIT                                         $  2,474      $  2,851      $  1,872      $    756       $    555
      Normalized EBITDA                                       $  2,673      $  3,037      $  2,061      $    988       $    781
      Normalized Basic EPS                                    $   0.30      $   0.41      $   0.19      $   0.13       $   0.10
      Normalized Diluted EPS                                  $   0.28      $   0.39      $   0.19      $   0.13       $   0.10
      Total Assets                                             FALSE        $ 15,406      $ 17,321      $ 16,190       $ 17,078
      Net Worth                                               $ 11,133      $ 12,952      $ 13,756      $ 14,284       $ 14,756
      Tangible Net Worth                                      $ 10,822      $ 12,668      $ 13,498      $ 14,052       $ 14,550
      Total Interest Bearing Debt                             $    644      $    546      $    434      $    322       $    560
      Net Interest Bearing Debt                               $   (345)     $   (597)     $ (1,472)     $ (1,477)      $ (4,259)
      Total Capitalization                                    $ 11,777      $ 13,498      $ 14,190      $ 14,606       $ 15,316

 Financial Strength

      Quick Ratio                                                  2.1           3.0           2.2           4.6            4.2
      Current Ratio                                                3.1           4.1           3.0           6.5            5.2
      Total Liabilities to Net Worth                              27.2%         18.9%         25.9%         13.3%          15.7%
      Total Interest Bearing Debt to Net Worth                     5.8%          4.2%          3.2%          2.3%           3.8%
      Total Interest Bearing Debt to Total Capitalization          5.5%          4.0%          3.1%          2.2%           3.7%
      Net Interest Bearing Debt to Total Capitalization           -2.9%         -4.4%        -10.4%        -10.1%         -27.8%
      Interest Expense to Interest Bearing Debt                     na            na            na            na             na
      Total Interest Bearing Debt to Normalized EBITDA             0.2           0.2           0.2           0.3            0.7
      Normalized EBITDA to Interest Expense                         na            na            na            na             na
      Normalized EBITDA-CAPEX, net to Interest Exp.                 na            na            na            na             na

 Effectiveness and Efficiency

      Accounts Receivable Turnover                                  na           5.6           5.9           5.3            6.1
      Inventory Turnover                                            na           5.2           4.9           4.9            5.6
      Asset Turnover                                                na           1.2           1.1           1.2            1.0
      Days Sales Outstanding                                        na          65.0          62.3          68.5           59.9
      Days Inventory Outstanding                                    na          70.8          74.4          74.0           65.0
      Days Payable Outstanding                                      na          20.1          14.2          10.3           11.7
      Normalized EBIT to Average Assets                             na          18.5%         10.8%          4.7%           3.2%
      Normalized EBIT to Net Worth                                  na          22.0%         13.6%          5.3%           3.8%
      Normalized EBITDA to Average Assets                           na          19.7%         11.9%          6.1%           4.6%
      Normalized EBITDA to Net Worth                                na          23.4%         15.0%          6.9%           5.3%
      Normalized Net Income to Average Assets                       na          16.2%          7.9%          4.3%           3.4%
      Normalized Net Income to Net Worth                            na          19.3%         10.0%          4.9%           4.0%







                                                                     as of & for the 9 months ended           as of & for LTM
                                                                             November 30,                       November 30,
                                                                     ----------------------------              --------------
                                                                         2001          2002                        2002
                                                                     ----------------------------              --------------
 Financial Review

      Revenue                                                           $ 13,420      $ 13,843                    $ 18,022
      Gross Profit                                                      $  5,347      $  5,902                    $  7,562
      Total Operating Expenses                                          $  4,565      $  5,279                    $  7,166
      Operating Income                                                  $    782      $    623                    $    396
      Pre-tax Income (Loss)                                             $  1,085      $    877                    $    755
      Normalized Net Income (Loss)                                      $    659      $    535                    $    460
      Normalized EBIT                                                   $    782      $    623                    $    396
      Normalized EBITDA                                                 $    952      $    800                    $    629
      Normalized Basic EPS                                              $   0.11      $   0.10                    $   0.09
      Normalized Diluted EPS                                            $   0.11      $   0.10                    $   0.09
      Total Assets                                                      $ 16,799      $ 18,185                    $ 18,185
      Net Worth                                                         $ 14,831      $ 15,291                    $ 15,291
      Tangible Net Worth                                                $ 14,619      $ 15,105                    $ 15,105
      Total Interest Bearing Debt                                       $    258      $    828                    $    828
      Net Interest Bearing Debt                                         $ (4,070)     $ (3,977)                   $ (3,977)
      Total Capitalization                                              $ 15,089      $ 16,119                    $ 16,119

 Financial Strength

      Quick Ratio                                                            4.7           3.8                         3.8
      Current Ratio                                                          6.3           5.0                         5.0
      Total Liabilities to Net Worth                                        13.3%         18.9%                       18.9%
      Total Interest Bearing Debt to Net Worth                               1.7%          5.4%                        5.4%
      Total Interest Bearing Debt to Total Capitalization                    1.7%          5.1%                        5.1%
      Net Interest Bearing Debt to Total Capitalization                    -27.0%        -24.7%                      -24.7%
      Interest Expense to Interest Bearing Debt                               na            na                          na
      Total Interest Bearing Debt to Normalized EBITDA                       0.3           1.0                         1.3
      Normalized EBITDA to Interest Expense                                   na            na                          na
      Normalized EBITDA-CAPEX, net to Interest Exp.                           na            na                          na

 Effectiveness and Efficiency

      Accounts Receivable Turnover                                           3.0           3.0                         8.6
      Inventory Turnover                                                     3.4           3.5                         4.1
      Asset Turnover                                                         0.9           0.8                         1.0
      Days Sales Outstanding                                                91.4          91.3                        42.4
      Days Inventory Outstanding                                            81.2          79.4                        89.2
      Days Payable Outstanding                                              13.7          12.7                        15.0
      Normalized EBIT to Average Assets                                       na            na                         2.3%
      Normalized EBIT to Net Worth                                            na            na                         2.6%
      Normalized EBITDA to Average Assets                                     na            na                         3.6%
      Normalized EBITDA to Net Worth                                          na            na                         4.2%
      Normalized Net Income to Average Assets                                 na            na                         2.5%
      Normalized Net Income to Net Worth                                      na            na                         3.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                                                                        CAPITALINK, L.C.

                                       27





BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
Comparative Financial Analysis Continued
($ in thousands, except per share)

                                                                                                 as of & for the
                                                                                                  9 months ended     as of & for LTM
                                                     as of & for years ended February 28,          November 30,        November 30,
                                                 ---------------------------------------------  ------------------   ---------------
                                                  1998      1999      2000    2001     2002      2001       2002          2002
                                                 ---------------------------------------------  ------------------   ---------------
                                                                                                  
 Profitability Ratios (as % of Revenue)
      Gross Profit Margin                         41.0%    40.1%     40.0%    38.9%    39.8%    39.8%      42.6%           42.0%
      SG&A                                        25.0%    23.5%     34.3%    34.0%    35.4%    32.7%      36.9%           38.5%
      Total Operating Expenses                    26.2%    24.5%     35.3%    35.2%    36.7%    34.0%      38.1%           39.8%
      Operating Income                            14.8%    15.6%      4.8%     3.7%     3.2%     5.8%       4.5%            2.2%
      Pre-tax Income (Loss)                       16.7%    17.5%     11.4%     6.0%     5.5%     8.1%       6.3%            4.2%
      Normalized Net Income (Loss)                10.8%    13.7%      7.1%     3.7%     3.3%     4.9%       3.9%            2.6%
      Normalized EBIT                             14.8%    15.6%      9.7%     4.0%     3.2%     5.8%       4.5%            2.2%
      Normalized EBITDA                           16.0%    16.6%     10.7%     5.2%     4.4%     7.1%       5.8%            3.5%

 Growth Rates
      Revenue                                       na      na       15.6%    -1.6%    -7.4%      na        3.2%            2.4%
      Gross Profit                                  na      na       12.9%    -4.3%    -5.2%      na       10.4%            7.9%
      Operating Income                              na      na      -62.8%   -23.2%   -21.5%      na      -20.3%          -28.6%
      Pre-tax Income (Loss)                         na      na      -21.0%   -48.5%   -15.3%      na      -19.2%          -21.6%
      Normalized Net Income (Loss)                  na      na      -24.2%   -49.3%   -16.0%      na      -18.8%          -21.2%
      Normalized EBIT                               na      na      -24.3%   -59.6%   -26.6%      na      -20.3%          -28.6%
      Normalized EBITDA                             na      na      -22.9%   -52.1%   -21.0%      na      -16.0%          -19.5%
      Normalized Basic EPS                          na      na      -36.7%   -31.6%   -23.1%      na       -9.1%          -10.0%
      Normalized Diluted EPS                        na      na      -32.1%   -31.6%   -23.1%      na       -9.1%          -10.0%
      Total Assets                                  na      na        na      -6.5%     5.5%      na        8.3%            6.5%
      Net Worth                                     na      na      23.6%      3.8%     3.3%      na        3.1%            3.6%
      Tangible Net Worth                            na      na      24.7%      4.1%     3.5%      na        3.3%            3.8%
      CAPEX, net                                    na      na     197.7%    -42.7%     8.0%      na      -13.9%          -12.3%

 Cumulative Average Growth Rate (CAGR) Statistics
      Revenue                                       na      9.3%      7.5%     4.4%     1.3%      na         na              na
      Gross Profit                                  na      7.0%      6.3%     2.6%     0.6%      na         na              na
      Operating Income                              na     15.1%    -39.0%   -34.1%   -31.2%      na         na              na
      Pre-tax Income (Loss)                         na     14.2%    -11.1%   -25.9%   -23.4%      na         na              na
      Normalized Net Income (Loss)                  na     38.3%    -12.9%   -27.3%   -24.6%      na         na              na
      Normalized EBIT                               na     15.2%    -13.0%   -32.6%   -31.2%      na         na              na
      Normalized EBITDA                             na     13.6%    -12.2%   -28.2%   -26.5%      na         na              na
      Normalized Basic EPS                          na     36.7%    -20.4%   -24.3%   -24.0%      na         na              na
      Normalized Diluted EPS                        na     39.3%    -17.6%   -22.6%   -22.7%      na         na              na
      Total Assets                                  na      na        na       na       na        na         na              na
      Net Worth                                     na     16.3%     11.2%     8.7%     7.3%      na         na              na
      Tangible Net Worth                            na     17.1%     11.7%     9.1%     7.7%      na         na              na
      CAPEX, net                                    na     -6.8%     72.5%    19.5%    16.5%      na         na              na

 Depreciation & Capital Spending
      Depreciation to CAPEX, net                 226.1%   226.8%     72.1%   154.7%   139.5%   118.1%      142.7%         164.1%
      CAPEX, net to Revenue                        0.5%     0.4%      1.4%     0.8%     0.9%     1.1%        0.9%           0.8%


- ------------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                                                                          CAPITALINK, L.C.

                                       28



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Selected Normalized Income Statement Graphs
($ in thousands, except per share)

[BAR CHARTS APPEAR HERE WITH THE FOLLOWING INFORMATION:]




                               FY 1998   FY 1999   FY 2000   FY 2001   FY 2002  LTM 2002
                               -------   -------   -------   -------   -------  --------
                                                               
Revenue                        $16,699   $18,260   $19,302   $18,999   $17,599   $18,022
Gross Profit                   $ 6,842   $ 7,321   $ 7,728   $ 7,394   $ 7,007   $ 7,562
Total Operating Expenses       $ 4,370   $ 4,476   $ 6,808   $ 6,687   $ 6,452   $ 7,166
Operating Income               $ 2,472   $ 2,845   $   920   $   707   $   555   $   396
Interest Income (Expense)      $   321   $   340   $   336   $   381   $   408   $   359
Normalized EBIT                $ 2,474   $ 2,851   $ 1,872   $   756   $   555   $   396
Normalized EBITDA              $ 2,673   $ 3,037   $ 2,061   $   988   $   781   $   629
Normalized Net Income (Loss)   $ 1,809   $ 2,501   $ 1,371   $   695   $   584   $   460
Normalized Basic EPS           $  0.30   $  0.41   $  0.19   $  0.13   $  0.10   $  0.09


- --------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                      CAPITALINK, L.C.

                                       29





BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
Selected Normalized Profitability and Cost Ratio (as % of Revenue) Graphs

RGraph Data
                                                                                                            

     Gross Profit Margin                                        41.0%       40.1%       40.0%       38.9%        39.8%       42.0%
     SG&A                                                       25.0%       23.5%       34.3%       34.0%        35.4%       38.5%
     Operating Income                                           14.8%       15.6%        4.8%        3.7%         3.2%        2.2%
     Interest Income (Expense)                                   1.9%        1.9%        1.7%        2.0%         2.3%        2.0%
     Pre-tax Income (Loss)                                      16.7%       17.5%       11.4%        6.0%         5.5%        4.2%
     Normalized Net Income (Loss)                               10.8%       13.7%        7.1%        3.7%         3.3%        2.6%
     Normalized EBIT                                            14.8%       15.6%        9.7%        4.0%         3.2%        2.2%
     Normalized EBITDA                                          16.0%       16.6%       10.7%        5.2%         4.4%        3.5%
     CAPEX, net to Revenue                                       0.5%        0.4%        1.4%        0.8%         0.9%        0.8%

- ------------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                                                                          CAPITALINK, L.C.

                                       30






BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
Selected Normalized Financial Strength Graphs
($ in thousands)

FGraph Data

                                                                                                            
     Net Working Capital                                      $ 5,145     $ 6,253     $ 5,666     $ 6,921      $ 8,285     $ 8,660
     Current Ratio                                                3.1         4.1         3.0         6.5          5.2         5.0
     Quick Ratio                                                  2.1         3.0         2.2         4.6          4.2         3.8
     Total Liabilities to Net Worth                             27.2%       18.9%       25.9%       13.3%        15.7%       18.9%
     Total Interest Bearing Debt to Net Worth                    5.8%        4.2%        3.2%        2.3%         3.8%        5.4%
     Total Interest Bearing Debt to Total Capitalization         5.5%        4.0%        3.1%        2.2%         3.7%        5.1%
     Interest Expense to Interest Bearing Debt                     na          na          na          na           na          na
     Total Interest Bearing Debt to EBITDA                        0.2         0.2         0.2         0.3          0.7         1.3
     EBITDA to Interest Expense                                    na          na          na          na           na          na


- ------------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                                                                          CAPITALINK, L.C.

                                       31





BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
Selected Normalized Efficiency Graphs

EGraph Data

                                                                                                            

     Days Sales Outstanding                                        na        65.0        62.3        68.5         59.9        42.4
     Days Inventory Outstanding                                    na        70.8        74.4        74.0         65.0        89.2
     Days Payable Outstanding                                      na        20.1        14.2        10.3         11.7        15.0
     Normalized EBIT to Average Assets                             na       18.5%       10.8%        4.7%         3.2%        2.3%
     Normalized EBIT to Average Net Worth                          na       22.0%       13.6%        5.3%         3.8%        2.6%
     Normalized EBITDA to Average Assets                           na       19.7%       11.9%        6.1%         4.6%        3.6%
     Normalized EBITDA to Average Net Worth                        na       23.4%       15.0%        6.9%         5.3%        4.2%
     Net Income to Average Assets                                  na       16.2%        7.9%        4.3%         3.4%        2.5%
     Net Income to Average Net Worth                               na       19.3%       10.0%        4.9%         4.0%        3.0%

- ------------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financial statements and management

DRAFT ANALYSIS - 2/20/2003                                                                                          CAPITALINK, L.C.

                                       32


BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------

                           Notes Receivable Analysis


DRAFT ANALYSIS - 2/20/2003                                      CAPITALINK, L.C.
                                       33





BCT International, Inc.                                                                                               Confidential
- ----------------------------------------------------------------------------------------------------------------------------------
Notes Receivable Analysis - Indicated Present Value as of December  31, 2002
 ($ in thousands)

                                                                                                   
                                                                        Payment     Adjusted Value     Interest         Note
  Plant           Location           Name                    Notes    Probability     of Notes (1)       Rate        Expiry Date
- -----------------------------------  --------------------  --------  -------------  ---------------  ------------  ---------------

        1     Fort Lauderdale        Roberts                 $ 160           100%            $ 160         4.25%       02/15/2006
        2     Port St. Lucie         Schweisthai               333            50%              167         8.00%       03/01/2018
        9     Tampa                  Barnes                    544             0%                -        10.00%       03/01/2012
       10     Jacksonville           Kish                       17            75%               13         9.00%       05/01/2003
       10     Jacksonville           Kish                       33            80%               26        10.00%       05/01/2006
       12     Mobile                 Scott (3)                  56           100%               56            na               na
       13     Jackson                McCoy                     325           100%              325         8.50%       01/15/2013
       14     Metairie               Harvey (4)                  8           100%                8            na               na
     2033     Greensboro             Howerton                  295             0%                -         9.00%       03/01/2012
     2037     Richmond               Seaton (4)                  8           100%                8            na               na
     2038     Pittsburgh             Smyrl                     194            60%              116         9.75%       06/01/2006
     2042     Columbia               Schneider (4)               8           100%                8            na               na
     2043     Waterbury              Redwanz                    52            75%               39         8.00%       10/01/2004
     2044     Philadelphia           Rafat                      77            75%               58         9.75%       08/01/2005
     2046     Upper Saddle River     Credendino                199            75%              149         9.50%       06/01/2007
     2049     Louisville             Petree                    417            80%              334         5.00%       03/01/2012
     2052     Norcross               Judge (4)                   8           100%                8            na               na
     2053     Marietta               Fryman                    573            75%              430         9.00%       08/01/2011
     2054     New York               Alpert                     94           100%               94         9.00%       04/01/2005
     3013     Costa Mesa             Hopkins                   167            50%               84         9.75%       07/01/2010
     3028     Anaheim                Shehab                     85            75%               64         9.50%       06/01/2005
     3040     San Marcos             Cain                      125           100%              125         0.00%       03/01/2011
     3045     Hawaii                 Wilkerson/BCT             566             0%                -         8.00%       03/01/2012
     3048     Spokane                Cleland                    17           100%               17         0.00%       01/01/2005
     3051     Gardena                Damitz                    222            50%              111         5.75%       07/01/2011
     4001     Columbus               Apple                      23           100%               23         9.00%       01/01/2004
     4001     Columbus               Apple                     100            80%               80         5.00%       01/01/2009
     4022     Toledo                 Winzer                     98            50%               49         9.75%       08/01/2010
     4024     St. Louis              Zimmerman                  15           100%               15         8.00%       12/31/2005
     4027     Waukegan               Johnson                   131            80%              105         9.75%       06/01/2010
     4028     Detroit                Tudek                      80            50%               40         8.00%       06/01/2005
     4033     Brookfield             Franck                    704            50%              352        10.25%       03/01/2012
     4034     Kansas City            Rhomberg                  369            60%              221         9.75%       02/01/2011
     4035     Akron                  Teague                     22           100%               22         9.75%       07/01/2003
     4036     Cleveland              Begalke                   177            90%              159         9.65%       07/01/2010
     6012     Dallas                 Purtell                   377            80%              302         9.50%       01/01/2008
     7001     Mississauga            Allison (4)                 8           100%                8            na               na
     7008     Calgary                Beaton/Allison (4)          8           100%                8            na               na
     7010     Vancouver              Wilson                      5           100%                5            na               na
                                                           --------                 ---------------
Totals                                                     $ 6,700                         $ 3,788
                                                           ========                 ===============


                                         Term Of           Monthly         Present
  Plant           Location              Note (Mths)        Payment        Value (2)
- -----------------------------------  -----------------  -------------  ------------

        1     Fort Lauderdale                      38           $ 5      $    135
        2     Port St. Lucie                      182             2            90
        9     Tampa                               110             -             -
       10     Jacksonville                          4             3            16
       10     Jacksonville                         40             1            23
       12     Mobile                               na            na            56
       13     Jackson                             121             4           212
       14     Metairie                             na            na             8
     2033     Greensboro                          110             -             -
     2037     Richmond                             na            na             8
     2038     Pittsburgh                           41             3           100
     2042     Columbia                             na            na             8
     2043     Waterbury                            21             2            36
     2044     Philadelphia                         31             2            51
     2046     Upper Saddle River                   53             3           123
     2049     Louisville                          110             4           206
     2052     Norcross                             na            na             8
     2053     Marietta                            103             6           300
     2054     New York                             27             4            87
     3013     Costa Mesa                           90             1            61
     3028     Anaheim                              29             2            57
     3040     San Marcos                           98             1            72
     3045     Hawaii                              110             -             -
     3048     Spokane                              24             1            15
     3051     Gardena                             102             1            72
     4001     Columbus                             12             2            24
     4001     Columbus                             72             1            58
     4022     Toledo                               91             1            36
     4024     St. Louis                            36             0            13
     4027     Waukegan                             89             2            77
     4028     Detroit                              29             2            35
     4033     Brookfield                          110             5           248
     4034     Kansas City                          97             3           159
     4035     Akron                                 6             4            21
     4036     Cleveland                            90             2           117
     6012     Dallas                               60             6           242
     7001     Mississauga                          na            na             8
     7008     Calgary                              na            na             8
     7010     Vancouver                            na            na             5
                                                                       ------------
Totals                                                                   $  2,794
                                                                       ============
- ----------------------------------------------------------------------------------------------------------------------------------
(1) Adjustments determined in discussions with Company Management.
(2) Note Payments are discounted using the Company's estimated Cost of Capital
    of 15.0% under the base case scenario.
(3) Note paid in January 2003.
(4) Represents equipment financing which is to be returned to manufacturer.
    Rebate to be given back to purchaser.

Sources of Information: Company Financials and Management

DRAFT ANALYSIS - 2/20/2003                                                                                        CAPITALINK, L.C.

                                       34



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Notes Receivable Analysis - Explanation of Discounts as of December 31, 2002
($ in thousands)


                                                                                                Debt to
                                           2001    2002   Sales           Accounts      Total     Sales     Payment
Plant  Location            Name           Sales   Sales  Growth   Note   Receivable  Receivable   Ratio   Probability (1)
- -------------------------  ----          ------   -----  ------  ------  ----------  ----------  -------  ---------------
                                                                                
   1   Fort Lauderdale     Roberts       $2,999   $3,249     8%    $160      $16         $176        5%        100%
- --------------------------------------------------------------------------------------------------------------------------
   2   Port St. Lucie      Schweisthai     307.9     398    29%     333       56          389       98%         50%


- --------------------------------------------------------------------------------------------------------------------------
   9   Tampa               Barnes         1772.19  1,544   -13%     544      234          778       50%          0%

- --------------------------------------------------------------------------------------------------------------------------
  10   Jacksonville        Kish           1440.7   1,486     3%      17       55           72       na           75%

- --------------------------------------------------------------------------------------------------------------------------
  10   Jacksonville        Kish                                    33                      33        7%          80%
- --------------------------------------------------------------------------------------------------------------------------
  12   Mobile              Scott(3)       1993.1   2,002     0%      56       12           68        3%         100%
- --------------------------------------------------------------------------------------------------------------------------
  13   Jackson             McCoy           616.5     654     6%     325        3          328       50%         100%
- --------------------------------------------------------------------------------------------------------------------------
  14   Metairie            Harvey (4)     1126.6   1,150     2%       8       46           54        5%         100%
    ----------------------------------------------------------------------------------------------------------------------
2033   Greensboro          Howerton         81.4       -  -100%     295      183          478        na           0%
    ----------------------------------------------------------------------------------------------------------------------
2037   Richmond            Seaton (4)      794.8     822     3%       8       48           56        7%         100%
    ----------------------------------------------------------------------------------------------------------------------
2038   Pittsburgh          Smyrl           914.5     869    -5%     194      181          375       43%          60%
    ----------------------------------------------------------------------------------------------------------------------
2042   Columbia            Schneider (4)  1290.7   1,262    -2%       8       10           18        1%         100%
    ----------------------------------------------------------------------------------------------------------------------
2043   Waterbury           Redwanz         825       864     5%      52      194          246       28%          75%
    ----------------------------------------------------------------------------------------------------------------------
2044   Philadelphia        Rafat           918.5     942     3%      77       83          160       17%          75%
    ----------------------------------------------------------------------------------------------------------------------
2046   Upper Saddle River  Credendino     1260.8   1,276     1%     199       12          211       17%          75%
    ----------------------------------------------------------------------------------------------------------------------
2049   Louisville          Petree         1121.9   1,137     1%     417       14          431       38%          80%
    ----------------------------------------------------------------------------------------------------------------------
2052   Norcross            Judge (4)      1978.3   1,936    -2%       8       18           26        1%         100%
    ----------------------------------------------------------------------------------------------------------------------
2053   Marietta            Fryman         1044.8   1,088     4%     573       30          603       55%          75%
    ----------------------------------------------------------------------------------------------------------------------
2054   New York            Alpert         1319.7   1,449    10%      94       21          115        8%         100%
    ----------------------------------------------------------------------------------------------------------------------
3013   Costa Mesa          Hopkins         688.4     669    -3%     167       67          234       35%          50%
    ----------------------------------------------------------------------------------------------------------------------
3028   Anaheim             Shehab          764.5     720    -6%      85       24          109       15%          75%
    ----------------------------------------------------------------------------------------------------------------------
3040   San Marcos          Cain           1060.9   1,028    -3%     125       58          183       18%         100%
    ----------------------------------------------------------------------------------------------------------------------
3045   Hawaii              Wilkerson/BCT   726.9     741     2%     566       45          611       82%           0%
    ----------------------------------------------------------------------------------------------------------------------






Plant  Location                    Reasoning (1)
- ------------------------           ---------------------
                        

   1   Fort Lauderdale
- ------------------------------------------------------------------------------
   2   Port St. Lucie              High debt balances, falling sales, small
                                   territory.
- ------------------------------------------------------------------------------
   9   Tampa                       Taken over plant Sept. 18th.
- ------------------------------------------------------------------------------
  10   Jacksonville                High Debt Balances, Poor Track Record
- ------------------------------------------------------------------------------
  10   Jacksonville
- ------------------------------------------------------------------------------
  12   Mobile
- ------------------------------------------------------------------------------
  13   Jackson
- ------------------------------------------------------------------------------
  14   Metairie
- ------------------------------------------------------------------------------
2033   Greensboro                  Operations closed by IRS and assets
                                   liquidated in February 2002.
- ------------------------------------------------------------------------------
2037   Richmond
- ------------------------------------------------------------------------------
2038   Pittsburgh                  High Debt Balances, Poor Cash Flow, Poor
                                   Track Record.
- ------------------------------------------------------------------------------
2042   Columbia
- ------------------------------------------------------------------------------
2043   Waterbury                   Underperformer, Poor Management, Cash flow
                                   at risk in supporting debt.
- ------------------------------------------------------------------------------
2044   Philadelphia                Poor performance record, cash flow can no
                                   longer support debt levels.
- ------------------------------------------------------------------------------
2046   Upper Saddle River           Currently paying no royalties, Poor Track
                                   record with AR building up.
- ------------------------------------------------------------------------------
2049   Louisville                  High Debt Balances, 2 brothers bought from
                                   previous owner with BCT financing.
- ------------------------------------------------------------------------------
2052   Norcross
- ------------------------------------------------------------------------------
2053   Marietta                    High Debt Balances.  Acquired via purchase
                                   of BCT Plant.
- ------------------------------------------------------------------------------
2054   New York
- ------------------------------------------------------------------------------
3013   Costa Mesa                  Small market, no growth, rising competition
                                   and high debt.
- ------------------------------------------------------------------------------
3028   Anaheim                     Poor Management in a tough local market.
- ------------------------------------------------------------------------------
3040   San Marcos
- ------------------------------------------------------------------------------
3045   Hawaii                      Poor Performance in deteriorating market.
                                   Cannot support debt payments.
- ------------------------------------------------------------------------------



DRAFT ANALYSIS - 2/20/2003                                     CAPITALINK, L.C.

                                       35






BCT International, Inc.                                                                                               Confidential
- ----------------------------------------------------------------------------------------------------------------------------------
Notes Receivable Analysis - Explanation of Discounts as of December 31, 2002
($ in thousands)

                                                                Accounts Total  Debt to
                                2001      2002     Sales        Receiv- Receiv- Sales   Payment
Plant Location     Name        Sales     Sales    Growth  Note  able    able    Ratio   Probability(1)        Reasoning (1)
- ----- --------     ----        -----     -----    ------  ----  ----    ----    -----   --------------        -------------
                                                                                               
3048  Spokane     Cleland       829.3       894     8%     17       3       20   2%   100%
- ----------------------------------------------------------------------------------------------------------------------------------
3051  Gardena     Damitz       1287.3     1,324     3%    222     205      427  32%    50%  Sales falling and low profitability.
                                                                                            Poor track record - Company has had to
                                                                                            write-off previous debts in another
                                                                                            transaction.
- ----------------------------------------------------------------------------------------------------------------------------------
4001  Columbus    Apple        2053.7     1,864    -9%     23       2       25   na   100%  Agreed to reduce note to $100k & $23k
                                                                                            notes due to revalued value of
                                                                                            territory
- ----------------------------------------------------------------------------------------------------------------------------------
4001  Columbus    Apple                                   100       -      100   7%    80%
- ----------------------------------------------------------------------------------------------------------------------------------
4022  Toledo      Winzer        442.7       450     2%     98      42      140  31%    50%  Small Market, Father/Son Owner, Poor
                                                                                            Mgmt.  Owner is also in poor health.
- ----------------------------------------------------------------------------------------------------------------------------------
4024  St. Louis   Zimmerman    1421.7     1,474     4%     15     101      116   8%   100%
- ----------------------------------------------------------------------------------------------------------------------------------
4027  Waukegan    Johnson      585.37       558    -5%    131      57      188  34%    80%  Negative sales growth, cash flow
                                                                                            falling.
- ----------------------------------------------------------------------------------------------------------------------------------
4028  Detroit     Tudek         992.4     1,010     2%     80     198      278  28%    50%  Poor payment history, Shown dislike to
                                                                                            Company, rising competition.
- ----------------------------------------------------------------------------------------------------------------------------------
4033  Brookfield  Franck       2059.5     2,688    31%    704     217      921  34%    50%  Just purchased business from BCT,
                                                                                            limited experience, high debt levels.
- ----------------------------------------------------------------------------------------------------------------------------------
4034  Kansas City Rhomberg      750.7       819     9%    369      72      441  54%    60%  Poor track record, father/son
                                                                                            business, high debt levels.
- ----------------------------------------------------------------------------------------------------------------------------------
4035  Akron       Teague       1500.2     1,682    12%     22       3       25   1%   100%
- ----------------------------------------------------------------------------------------------------------------------------------
4036  Cleveland   Begalke      1274.3     1,217    -5%    177      69      246  20%    90%  New Franchisee with no track record,
                                                                                            however royalty and AR are starting to
                                                                                            fall behind.
- ----------------------------------------------------------------------------------------------------------------------------------
6012  Dallas      Purtell        1955     1,934    -1%    377      43      420  22%    80%  Poor mgmt performance, High debt
                                                                                            levels. Franchise has indicated it is
                                                                                            considering filing for bankruptcy
                                                                                            protection.
- ----------------------------------------------------------------------------------------------------------------------------------
7001  Mississauga Allison (4)  2009.3     2,141     7%      8      11       19   1%   100%
- ----------------------------------------------------------------------------------------------------------------------------------
7008  Calgary     Beaton/
                  Allison (4)   570.2       600     5%      8       2       10   2%   100%
- ----------------------------------------------------------------------------------------------------------------------------------
7010  Vancouver   Wilson        530.9       569     7%      5       7       12   2%   100%
- ----------------------------------------------------------------------------------------------------------------------------------

                                   ------------    ----------  ------ --------
      Totals (2)                       $ 44,509       $ 6,700 $ 2,442  $ 9,142
                                   ============    ==========  ====== ========

- ----------------------------------------------------------------------------------------------------------------------------------
 (1) Adjustments determined in discussions with Company Management.
 (2) Includes only receivables from franchisees that have positive note balances.

Sources of Information: Company Financials and Management

DRAFT ANALYSIS - 2/20/2003                                                                                        CAPITALINK, L.C.

                                       36


BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------



                          Discounted Cash Flow Analysis


DRAFT ANALYSIS - 2/20/2003                                      CAPITALINK, L.C.
                                       37



BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
Discounted Cash Flow Analysis - Summary Indicated Value Range

($ in thousands, except per share amounts)

                                                       Multiple     Enterprise
                                            WACC        Range         Value                        Range of Values
                                         ----------- ------------- ------------ --------------------------------------------------
                                                                                                 BC            BC          BC+CS
     Base Case Valuation (BC)                 15.6%                               BC (1)      +CS (1)       + SS (2)      +SS (2)
                                                                                ------------ ----------- -------------  ----------
                                                                                                        
               Revenue                               0.15x - 0.2x     $ 3,901
               EBITDA                                3.5x - 3.75x     $ 3,544
               Perpetual Growth                        2.75% - 3%     $ 3,450

               Average                                                $ 3,631     $ 3,631     $ 3,631      $  3,631      $  3,631

     Company Owned Franchises (CS)            22.5%
               Revenue                               0.4x - 0.5x      $ (367)
               EBITDA                                4.5x - 4.75x     $ (209)
               Perpetual Growth                      4.5% - 4.75%     $ (753)

               Average                                                  (443)           -        (443)            -          (443)

     Satellite Store Initiative (SS)          19.9%
               Revenue                               0.8x - 0.9x      $ 2,024
               EBITDA                                4.5x - 4.75x     $ 3,415
               Perpetual Growth                      5.5% - 5.75%     $ 3,306

               Average                                                  2,915           -           -         2,915         2,915

                                                                                ------------ ----------- ------------- -----------
                                             Total Indicated Enterprise Value        3,631       3,189        6,546         6,103


                                                     less Net Debt (Net Cash)       (7,790)     (7,790)      (8,309)       (8,309)
                                                                                ------------ ----------- ------------- -----------
                                                 Total Indicated Market Value     $ 11,421    $ 10,979     $ 14,855      $ 14,412
                                                                                ============ =========== ============= ===========


                                                           Shares Outstanding        5,686       5,686        5,916         5,916

                                             Indicated Market Value Per Share     $   2.01    $   1.93     $   2.51      $   2.44
                                                                                ============ =========== ============= ===========


- ----------------------------------------------------------------------------------------------------------------------------------
(1) Net Debt and shares outstanding assumes approximately 564,585 in-the-money options with exercise prices less than $2.00
(2) Net Debt and shares outstanding assumed to be as in (1) plus an additional 320,000 in-the-money options with exercise prices
    less than $2.50.

Sources of information: Company Financials, Projections and Management.

DRAFT ANALYSIS - 2/20/2003                                                                                          CAPITALINK, L.C.


                                       38



BCT International, Inc.                                                                        Confidential
- -----------------------------------------------------------------------------------------------------------
Financial Projections - Base Case
($ in thousands)
                                      Actual/Estimated                        Projected
                                   ----------------------- ------------------------------------------------
                                          FY ended                            FY ending
                                       February 28/29                      February 28/29
                                   ----------------------- ------------------------------------------------
                                      2002        2003        2004        2005        2006        2007
                                   ----------------------- ------------------------------------------------
                                                                                
Revenues
     Royalty Income                   $  5,117   $  5,209     $  5,209    $  5,209    $  5,209    $  5,209
     Pelican Paper Sales                12,068     12,131       12,000      12,000      12,000      12,000
     Franchise Sales                        99         19            -           -           -           -
     OPC Fees                              306        422          360         330         330         330
     Company Plant Sales                     -          -            -           -           -           -
                                   ----------------------- ------------------------------------------------
     Total                            $ 17,590   $ 17,781     $ 17,569    $ 17,539    $ 17,539    $ 17,539

Cost of Goods Sold
     Cost of Sales Paper                10,726     10,569       10,468      10,480      10,492      10,492
                                   ----------------------- ------------------------------------------------

Gross Margin                          $  6,864   $  7,212     $  7,101    $  7,059    $  7,047    $  7,047

Less Operating Expenses
     Salaries & Employee Benefits         3219      2,862        3,074       3,258       3,454       3,661
     Consultancy Costs                     602        614          400         400         400         400
     Occupancy Costs                       200        207          220         234         249         249
     Travel and Entertainment              147        206          218         226         234         242
     Bad Debt                             1300      1,400          900         900         900         900
     Other G&A                             739        705          803         837         876         915

                                   ----------------------- ------------------------------------------------
     Total                               6,207      5,994        5,615       5,855       6,113       6,367
                                   ----------------------- ------------------------------------------------


EBITDA                                   $ 657    $ 1,218      $ 1,486     $ 1,204       $ 934       $ 680
                                   ======================= ================================================






                                          Actual/Estimated                     Projected
                                     -----------------------------------------------------------------------
                                             FY ended                          FY ending
                                           February 28/29                    February 28/29
                                     -----------------------------------------------------------------------
                                          2002        2003         2004      2005        2006        2007
                                     ------------------------ ----------------------------------------------

  Growth Assumptions
      Royalty Income                        na        1.8%         0.0%      0.0%        0.0%        0.0%
      Pelican Paper Sales                   na        0.5%        -1.1%      0.0%        0.0%        0.0%
      Franchise Sales                       na      -80.8%      -100.0%        na          na          na
      OPC Fees                              na       37.9%       -14.7%     -8.3%        0.0%        0.0%
      Company Plant Sales                   na          na           na        na          na          na
                                   ------------------------ ------------------------------------------------
      Total                                 na        1.1%        -1.2%     -0.2%        0.0%        0.0%

  Margin Assumptions
      Cost of Paper Sales Margin         11.1%       12.9%        12.8%     12.7%       12.6%       12.6%


      Gross Margin                       39.0%       40.6%        40.4%     40.2%       40.2%       40.2%

  Growth Assumptions
      Salaries & Employee Benefits          na      -11.1%         7.4%      6.0%        6.0%        6.0%
      Consultancy Costs                     na        2.0%       -34.9%      0.0%        0.0%        0.0%
      Occupancy Costs                       na        3.5%         6.3%      6.4%        6.4%        0.0%
      Travel and Entertainment              na       40.1%         5.8%      3.7%        3.5%        3.4%
      Bad Debt                              na        7.7%       -35.7%      0.0%        0.0%        0.0%
      Other G&A                             na       -4.6%        13.9%      4.2%        4.7%        4.5%
                                   ------------------------ -------------------------------------------------
                                            na       -3.4%        -6.3%      4.3%        4.4%        4.2%

  Margin Review

      EBITDA Margin %                     3.7%        6.9%         8.5%      6.9%        5.3%        3.9%



- ---------------------------------------------------------------------------------------------------------------
Sources of information: Company Financials, Projections and Management.

DRAFT ANALYSIS -2/20/2003                                                                       CAPITALINK, L.C.

                                       39




BCT International, Inc.                                                                                      Confidiential
- --------------------------------------------------------------------------------------------------------------------------
Discounted Cash Flow Analysis - Base Case Projections                                    Terminal Value - Revenue Multiple

($ in thousands, except per share)

Unlevered Free Cash Flows
                                                Actual/Estimated                          Projected
                                            ------------------------- ---------------------------------------------------
                                                FY ended Feb 28,                     FY ending Feb 28/29,
                                            ------------------------- ---------------------------------------------------
                                                2002        2003          2004         2005        2006         2007
                                            ------------------------- ---------------------------------------------------
                                                                                              
Revenue                                         $ 17,590    $ 17,781      $ 17,569     $ 17,539    $ 17,539     $ 17,539

    Cost of Sales                                 10,726      10,569        10,468       10,480      10,492       10,492
                                            ------------------------- ---------------------------------------------------
    Gross Margin                                   6,864       7,212         7,101        7,059       7,047        7,047
    Operating Expenses                             6,207       5,994         5,615        5,855       6,113        6,367
                                            ------------------------- ---------------------------------------------------
EBITDA                                               657       1,218         1,486        1,204         934          680
    less: Deprec. & Amort.                           226         224           200          200         200          200
                                            ------------------------- ---------------------------------------------------
EBIT                                                 431         994         1,286        1,004         734          480
    Income Taxes                                       -           -           502          392         286          187
                                            ------------------------- ---------------------------------------------------
Unlevered After-tax Income                           431         994           784          612         448          293
    Add: Deprec. & Amort.                            226         224           200          200         200          200
    Add: (Used) Sourced by Net Wkg Cap.              759        (255)          233           14          10           10
    Less: Capital Expenditures                       162         520           150          150         150          150
                                            ------------------------- ---------------------------------------------------
Unlevered Free Cash Flows                       $  1,254    $    443      $  1,067     $    676    $    508     $    353
                                            ========================= ===================================================


Estimated Range of Enterprise Values

                                    Discount                              Terminal Revenue Multiple
                                             ----------------------------------------------------------------------------
                                      Rate        0.05x       0.10x         0.15x        0.20x       0.25x        0.30x
                            ---------------------------------------------------------------------------------------------

                                      10.0%      $ 2,885     $ 3,513       $ 4,142      $ 4,770     $ 5,398      $ 6,026
                                      12.5%      $ 2,766     $ 3,347       $ 3,927      $ 4,508     $ 5,089      $ 5,669
                                                                      --------------------------
                                      15.0%      $ 2,656     $ 3,194       $ 3,731      $ 4,269     $ 4,807      $ 5,344
                                      17.5%      $ 2,554     $ 3,053       $ 3,552      $ 4,051     $ 4,549      $ 5,048
                                                                      --------------------------
                                      20.0%      $ 2,461     $ 2,924       $ 3,387      $ 3,850     $ 4,314      $ 4,777
                                      22.5%      $ 2,373     $ 2,805       $ 3,236      $ 3,667     $ 4,098      $ 4,529

                                                                                   -------------
                                                         Average of Box                 $ 3,901
                                                                                   -------------






  Terminal Values


                                                      Terminal Revenue Multiple
                             -----------------------------------------------------------------------------
                                0.05x        0.10x        0.15x        0.20x        0.25x       0.30x
                             -----------------------------------------------------------------------------
  Revenue Terminal Value        $ 877      $ 1,754     $ 2,631       $ 3,508     $ 4,385      $ 5,262
                             =============================================================================




  Discounted Terminal Values as Percentage of Enterprise Values

                     Discount                             Terminal Revenue Multiple
                                --------------------------------------------------------------------------
                       Rate         0.05x        0.10x       0.15x         0.20x       0.25x        0.30x
               -------------------------------------------------------------------------------------------

                       10.0%        21.8%        35.8%       45.5%         52.7%       58.2%        62.5%
                       12.5%        21.0%        34.7%       44.4%         51.5%       57.1%        61.5%
                                                       --------------------------
                       15.0%        20.2%        33.7%       43.2%         50.4%       55.9%        60.4%
                       17.5%        19.5%        32.7%       42.1%         49.2%       54.8%        59.3%
                                                       --------------------------
                       20.0%        18.8%        31.7%       41.0%         48.1%       53.7%        58.2%
                       22.5%        18.2%        30.7%       40.0%         47.0%       52.6%        57.1%

                                                                    -------------
                                          Average of Box                   46.2%
                                                                    -------------


- ----------------------------------------------------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Source of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003                                                                                   CAPITALINK, L.C.



                                       40





BCT International, Inc.                                                                                                 Confidential
- ------------------------------------------------------------------------------------------------------------------------------------
Discounted Cash Flow Analysis - Base Case Projections                                               Terminal Value - EBITDA Multiple

($ in thousands, except per share)

Unlevered Free Cash Flows
                                                Actual/Estimated                          Projected
                                            ------------------------- ---------------------------------------------------
                                                FY ended Feb 28,                     FY ending Feb 28/29,
                                            ------------------------- ---------------------------------------------------
                                                2002        2003          2004         2005        2006         2007
                                            ------------------------- ---------------------------------------------------
                                                                                             


Revenue                                         $ 17,590    $ 17,781      $ 17,569     $ 17,539    $ 17,539     $ 17,539

    Cost of Sales                                 10,726      10,569        10,468       10,480      10,492       10,492
                                            ------------------------- ---------------------------------------------------
    Gross Margin                                   6,864       7,212         7,101        7,059       7,047        7,047
    Operating Expenses                             6,207       5,994         5,615        5,855       6,113        6,367
                                            ------------------------- ---------------------------------------------------
EBITDA                                               657       1,218         1,486        1,204         934          680
    less: Deprec. & Amort.                           226         224           200          200         200          200
                                            ------------------------- ---------------------------------------------------
EBIT                                                 431         994         1,286        1,004         734          480
    Income Taxes                                       -           -           502          392         286          187
                                            ------------------------- ---------------------------------------------------
Unlevered After-tax Income                           431         994           784          612         448          293
    Add: Deprec. & Amort.                            226         224           200          200         200          200
    Add: (Used) Sourced by Net Wkg Cap.              759        (255)          233           14          10           10
    Less: Capital Expenditures                       162         520           150          150         150          150
                                            ------------------------- ---------------------------------------------------
Unlevered Free Cash Flows                        $ 1,254       $ 443       $ 1,067        $ 676       $ 508        $ 353
                                            ========================= ===================================================





Terminal Values

 

                                                      Terminal EBITDA Multiple
                             ----------------------------------------------------------------------------
                                2.50x       3.00x        3.50x        3.75x        4.25x        4.75x
                             ----------------------------------------------------------------------------

                                                                              


EBITDA Terminal Value            $ 1,700      $ 2,040      $ 2,380      $ 2,550      $ 2,890     $ 3,230
                             ============================================================================





Estimated Range of Enterprise Values



                                                  Terminal EBITDA Multiple
                                 -----------------------------------------------------------------------------
                    Discount
                      Rate          2.50x        3.00x        3.50x        3.75x        4.25x       4.75x
                 ---------------------------------------------------------------------------------------------

                                                                                   

                      10.0%      $ 3,475     $ 3,718       $ 3,962      $ 4,084     $ 4,327      $ 4,571
                      12.5%      $ 3,311     $ 3,536       $ 3,761      $ 3,874     $ 4,099      $ 4,324
                                                      --------------------------
                      15.0%      $ 3,161     $ 3,369       $ 3,578      $ 3,682     $ 3,890      $ 4,099
                      17.5%      $ 3,023     $ 3,216       $ 3,409      $ 3,506     $ 3,699      $ 3,893
                                                      --------------------------
                      20.0%      $ 2,895     $ 3,075       $ 3,255      $ 3,344     $ 3,524      $ 3,704
                      22.5%      $ 2,778     $ 2,945       $ 3,112      $ 3,196     $ 3,363      $ 3,530

                                                                   -------------
                                              Average of Box            $ 3,544
                                                                   -------------



Discounted Terminal Values as Percentage of Enterprise Values



                                                        Terminal EBITDA Multiple
                             ----------------------------------------------------------------------------
               Discount
                  Rate          2.50x       3.00x        3.50x        3.75x        4.25x        4.75x
             --------------------------------------------------------------------------------------------
                                                                              


                  10.0%       48.9%        39.3%        43.0%        44.7%        47.8%       50.6%
                  12.5%       34.0%        38.2%        41.9%        43.6%        46.7%       49.5%
                                                 --------------------------
                  15.0%       33.0%        37.1%        40.8%        42.5%        45.5%       48.3%
                  17.5%       32.0%        36.1%        39.7%        41.4%        44.4%       47.2%
                                                 --------------------------
                  20.0%       31.0%        35.0%        38.6%        40.3%        43.3%       46.1%
                  22.5%       30.1%        34.0%        37.6%        39.2%        42.2%       45.0%

                                                              -------------
                                    Average of Box                   41.1%
                                                              -------------


- ------------------------------------------------------------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003                                                                                          CAPITALINK, L.C.

                                       41





BCT International, Inc.                                                                                       Confidential
- --------------------------------------------------------------------------------------------------------------------------
Discounted Cash Flow Analysis - Base Case Projections                                   Terminal Value - Perpetual Growth

($ in thousands, except per share)

Unlevered Free Cash Flows
                                                 Actual/Estimated                          Projected
                                             ------------------------- ---------------------------------------------------
                                                  FY ended Feb 28,                     FY ending Feb 28/29,
                                             ------------------------- ---------------------------------------------------
                                                  2002         2003          2004         2005         2006        2007
                                             ------------------------- ---------------------------------------------------
Revenue                                         $ 17,590     $ 17,781      $ 17,569     $ 17,539     $ 17,539    $ 17,539
    Cost of Sales                                 10,726       10,569        10,468       10,480       10,492      10,492
                                             ------------------------- ---------------------------------------------------
    Gross Margin                                   6,864        7,212         7,101        7,059        7,047       7,047
    Operating Expenses                             6,207        5,994         5,615        5,855        6,113       6,367
                                             ------------------------- ---------------------------------------------------
EBITDA                                               657        1,218         1,486        1,204          934         680
    less: Deprec. & Amort.                           226          224           200          200          200         200
                                             ------------------------- ---------------------------------------------------
EBIT                                                 431          994         1,286        1,004          734         480
    Income Taxes                                       -            -           502          392          286         187
                                             ------------------------- ---------------------------------------------------
Unlevered After-tax Income                           431          994           784          612          448         293
    Add: Deprec. & Amort.                            226          224           200          200          200         200
    Add: (Used) Sourced by Net Wkg Cap.              759         (255)          233           14           10          10
    Less: Capital Expenditures                       162          520           150          150          150         150
                                             ------------------------- ---------------------------------------------------
Unlevered Free Cash Flows                        $ 1,254        $ 443       $ 1,067        $ 676        $ 508       $ 353
                                             ========================= ===================================================

Estimated Range of Enterprise Values

                                                                   Terminal Perpetual Growth Rates
                                     Discount  ---------------------------------------------------------------------------
                                       Rate       2.25%       2.50%         2.75%        3.00%        3.25%        3.50%
                            ----------------------------------------------------------------------------------------------
                                       10.0%     $ 5,050      $ 5,153       $ 5,263      $ 5,381      $ 5,507     $ 5,644
                                       12.5%     $ 4,137      $ 4,193       $ 4,251      $ 4,313      $ 4,378     $ 4,446
                                                                        -------------------------
                                       15.0%     $ 3,571      $ 3,605       $ 3,641      $ 3,678      $ 3,716     $ 3,757
                                       17.5%     $ 3,182      $ 3,205       $ 3,229      $ 3,253      $ 3,278     $ 3,304
                                                                        -------------------------
                                       20.0%     $ 2,897      $ 2,912       $ 2,929      $ 2,946      $ 2,963     $ 2,981
                                       22.5%     $ 2,676      $ 2,688       $ 2,700      $ 2,712      $ 2,724     $ 2,737
                                                                                    -------------
                                                         Average of Box                  $ 3,450
                                                                                    -------------

- ------------------------------------------------------------------------------------------------------------------------------
 Terminal Values
                                                          Terminal Perpetual Growth Rates
                                   ------------------------------------------------------------------------------
                                          2.25%        2.50%        2.75%         3.00%       3.25%        3.50%
                                   ------------------------------------------------------------------------------
 EBITDA                                   $ 695        $ 697        $ 699        $ 700        $ 702        $ 704
    less: Deprec. & Amort.                  200          200          200          200          200          200
                                   ------------------------------------------------------------------------------
 EBIT                                       495          497          499          500          502          504
    Income Taxes                            193          194          194          195          196          196
                                   ------------------------------------------------------------------------------
 After-tax Income before Int.               302          303          304          305          306          307
    Add: Deprec. & Amort.                   200          200          200          200          200          200
    Add: (Used) from by Net WC                -            -            -            -            -            -
    Less: Capital Expenditures              200          200          200          200          200          200
                                   --------------------------------------- --------------------------------------
 Free Cash Flows                          $ 302        $ 303        $ 304        $ 305        $ 306        $ 307
                                   ==============================================================================

                        Discount Rate                       Perpetual Growth Terminal Values
               --------------------------------------------------------------------------------------------------
                             10.0%      $ 3,898      $ 4,042      $ 4,196      $ 4,361      $ 4,537      $ 4,728
                             12.5%      $ 2,948      $ 3,032      $ 3,120      $ 3,213      $ 3,311      $ 3,415
                             15.0%      $ 2,370      $ 2,425      $ 2,483      $ 2,544      $ 2,607      $ 2,672
                             17.5%      $ 1,981      $ 2,021      $ 2,062      $ 2,105      $ 2,149      $ 2,195
                             20.0%      $ 1,702      $ 1,732      $ 1,764      $ 1,796      $ 1,829      $ 1,863
                             22.5%      $ 1,492      $ 1,516      $ 1,540      $ 1,565      $ 1,591      $ 1,617

 Discounted Terminal Values as Percentage of Enterprise Values

                                                          Terminal Perpetual Growth Rates
                           Discount   ---------------------------------------------------------------------------
                             Rate         2.25%        2.50%        2.75%         3.00%       3.25%        3.50%
               --------------------------------------------------------------------------------------------------
                             10.0%        55.3%        56.2%        57.1%        58.1%        59.0%        60.0%
                             12.5%        47.2%        47.9%        48.6%        49.3%        50.1%        50.9%
                                                             --------------------------
                             15.0%        40.7%        41.2%        41.8%        42.4%        43.0%        43.6%
                             17.5%        35.4%        35.9%        36.3%        36.8%        37.3%        37.8%
                                                             --------------------------
                             20.0%        31.0%        31.4%        31.8%        32.2%        32.6%        33.0%
                             22.5%        27.4%        27.7%        28.0%        28.4%        28.7%        29.0%
                                                                           ------------
                                                Average of Box                   39.3%
                                                                           ------------

- -----------------------------------------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003                                                                        CAPITALINK, L.C.


                                       42





BCT International, Inc.                                                                                        Confidential
- ---------------------------------------------------------------------------------------------------------------------------
Operating and Working Capital Assumptions - Base Case Projections
($ in thousands)

                                         Actual/Estimated                               Projected
                                      ------------------------ ------------------------------------------------------------
                                         FY ended Feb 28,                   FY ending Feb 28/29,
                                      ------------------------ ------------------------------------------------ Terminal
                                         2002        2003         2004        2005        2006        2007       Period
                                      ------------------------ ------------------------------------------------------------
                                                                                        
Growth Statistics and Assumptions
     Revenue                                   na        1.1%        -1.2%       -0.2%        0.0%        0.0%
     Cost of Sales                             na       -1.5%        -1.0%        0.1%        0.1%        0.0%
     Operating Expenses                        na       -3.4%        -6.3%        4.3%        4.4%        8.7%
     EBITDA                                    na       85.4%        22.0%      -19.0%      -22.4%      -43.5%
     EBIT                                      na      130.6%        29.4%      -21.9%      -26.9%      -52.2%
     After-tax Income before Interest          na      130.6%       -21.1%      -21.9%      -26.9%      -52.2%

Profitability
     Gross Margin                           39.0%       40.6%        40.4%       40.2%       40.2%       40.2%
     EBITDA                                  3.7%        6.9%         8.5%        6.9%        5.3%        3.9%
     EBIT                                    2.5%        5.6%         7.3%        5.7%        4.2%        2.7%
     After-tax Income before Interest        2.5%        5.6%         4.5%        3.5%        2.6%        1.7%

Income Tax Expense and Assumptions
     Statutory Tax Rate                                              39.0%       39.0%       39.0%       39.0%
     Effective Tax Rate                      0.0%        0.0%        39.0%       39.0%       39.0%       39.0%       39.0%
     Current Period Tax                       $ -         $ -        $ 502       $ 392       $ 286       $ 187
     NOL Usage                                  -           -            -           -           -           -
                                      ------------------------ ------------------------------------------------
         Income Tax Expense                   $ -         $ -        $ 502       $ 392       $ 286       $ 187
                                      ======================== ================================================
     Ending NOL Balance                                   $ -          $ -         $ -         $ -         $ -
                                                  ============ ================================================



                                         Actual/Estimated                                     Projected
                                ------------------------------------ ------------------------------------------------------------
                                         FY ended Feb 28,                         FY ending Feb 28/29,
                                ------------------------------------ ------------------------------------------------  Terminal
                                    2001        2002        2003         2004        2005        2006        2007       Period
                                ------------------------------------ ------------------------------------------------------------
  Non-Cash Working Capital Assumptions
      Accounts Receivable (AR)
          AR Days Outstanding                        60          65           60          60          60          60
          % of Sales                              16.4%       17.7%        16.4%       16.4%       16.4%       16.4%

      Inventory
          Days Inventory Outs.                       64          91           90          90          90          90
          % Cost of Sales                         17.6%       25.0%        24.7%       24.7%       24.7%       24.7%
      Prepayments
          % of Direct and Op Costs                 4.0%        4.1%         4.0%        4.0%        4.0%        4.0%

      Accounts Payable (AP)
          AP Days Outstanding                         9          10           10          10          10          10
          % of Direct and Op Costs                 2.6%        2.6%         2.7%        2.7%        2.7%        2.7%

      Accrued Expenses
          % of Direct and Op Costs                 5.1%        5.3%         5.0%        5.0%        5.0%        5.0%

  Changes in Non-Cash Net Working Capital
      Accounts Receivables          $ 3,568     $ 2,889     $ 3,143      $ 2,888     $ 2,883     $ 2,883     $ 2,883
      Inventory                       2,352       1,887       2,637        2,581       2,584       2,587       2,587
      Prepayments                       455         678         679          643         653         664         674
      Accounts Payables                 597         432         432          441         448         455         462
      Accrued Expenses                  403         871         871          804         817         830         843
                                ------------------------------------ ------------------------------------------------
          Non-Cash Net WC           $ 3,023     $ 2,264     $ 2,519      $ 2,286     $ 2,272     $ 2,262     $ 2,252
                                ==================================== ================================================
          % of EBITDA                            344.6%      206.8%       153.8%      188.7%      242.2%      331.2%
                                            ======================== ================================================
          Cash Flow (Used) Sourced by
          Non-Cash Net Wrkg Capital               $ 759      $ (255)       $ 233        $ 14        $ 10        $ 10         $ -
                                            ======================== ============================================================

- ---------------------------------------------------------------------------------------------------------------------------------
Sources of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003                                                                                       CAPITALINK, L.C.

                                       43


BTC International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Financial Projections - Company Owned Stores
($ in thousands)


                                    Actual/Estimated                       Projected
                                  ---------------------- ----------------------------------------------
                                        FY ended                           FY ending
                                     February 28/29                     February 28/29
                                  ---------------------- ----------------------------------------------
                                     2002       2003        2004        2005       2006       2007
                                  ---------------------- ----------------------------------------------
                                                                            
Revenues
     San Francisco                       $ -        $ -        $ 688      $ 791      $ 869       $ 913
     Tampa                                 -          -        1,620      1,782      1,960       2,156
     Mid-South                             -          -          700      1,470      1,544       1,621
     Mid-West                              -          -          700      1,470      1,544       1,621
     Northeast                             -          -            -      1,050      1,470       1,543
                                  ---------------------- ----------------------------------------------
     Total                               $ -        $ -      $ 3,708    $ 6,563    $ 7,387     $ 7,854

Cost of Goods Sold
     Cost of Sales Paper                   -          -          846      1,502      1,690       1,797
                                  ---------------------- ----------------------------------------------

Gross Margin                             $ -        $ -      $ 2,862    $ 5,061    $ 5,697     $ 6,057

Less Operating Expenses
     Salaries & Employee Benefits          -          -        1,746      2,870      3,155       3,354
     Occupancy Costs                       -          -          177        318        352         368
     Equipment Leases                      -          -           81         89         76          76
     Advertising                           -          -           72        114        120         120
     Delivery Expense                      -          -          348        525        591         628

     Training Costs                        -          -          100        150        238         250
     Other                                 -          -          258        398        419         429
                                  ---------------------- ----------------------------------------------
     Total                                 -          -        2,782      4,464      4,951       5,225
                                  ---------------------- ----------------------------------------------

EBITDA                                   $ -        $ -         $ 80      $ 597      $ 746       $ 832
                                  ====================== ==============================================




                                   Actual/Estimated                      Projected
                                ---------------------------------------------------------------------
                                       FY ended                          FY ending
                                    February 28/29                     February 28/29
                                ---------------------------------------------------------------------
                                   2002       2003         2004       2005       2006        2007
                                ----------------------- ---------------------------------------------
                                                                         
Growth Assumptions
   San Francisco                        na          na          na      15.0%        9.9%       5.1%
   Tampa                                na          na          na      10.0%       10.0%      10.0%
   Mid-South                            na          na          na     110.0%        5.0%       5.0%
   Mid-West                             na          na          na     110.0%        5.0%       5.0%
   Northeast                            na          na          na         na       40.0%       5.0%
                                ----------------------- ---------------------------------------------
   Total                                na          na          na      77.0%       12.6%       6.3%

Margin Assumptions
   Gross Margin                         na          na       77.2%      77.1%       77.1%      77.1%


Growth Assumptions
   Salaries & Employee Benefits         na          na          na      64.3%        9.9%       6.3%
   Occupancy Costs                      na          na          na      79.8%       10.7%       4.5%
   Equipment Leases                     na          na          na       9.5%      -14.6%       0.0%
   Advertising                          na          na          na      58.3%        5.3%       0.0%
   Delivery Expense                     na          na          na      51.1%       12.6%       6.3%
   Training Costs                       na          na          na      50.0%       58.7%       5.0%
   Other                                na          na          na      54.3%        5.3%       2.4%
                                ----------------------- ---------------------------------------------
                                        na          na          na      60.5%       10.9%       5.5%
Margin Review

   EBITDA Margin %                      na          na        2.1%       9.1%       10.1%      10.6%


- --------------------------------------------------------------------------------
Sources of information: Company Financials, Projections and Management.

DRAFT ANALYSIS - 2/20/2003             44                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
================================================================================
Discounted Cash Flow Analysis -                Terminal Value - Revenue Multiple
Company Owned Store Projections                ---------------------------------

($ in thousands, except per share)

Unlevered Free Cash Flows



                                                Actual/Estimated                           Projected
                                           -------------------------- -------------------------------------------------
                                                FY ended Feb 28,                      FY ending Feb 28/29,
                                           -------------------------- -------------------------------------------------
                                                2002        2003           2004         2005        2006        2007
                                           -------------------------- -------------------------------------------------
                                                                                            
Revenue                                        $    -      $    -        $ 3,708      $ 6,563     $ 7,387     $ 7,854

    Cost of Sales                                   -           -            846        1,502       1,690       1,797
                                           -------------------------- -------------------------------------------------
    Gross Margin                                    -           -          2,862        5,061       5,697       6,057
    Operating Expenses                              -           -          2,782        4,464       4,951       5,225
                                           -------------------------- -------------------------------------------------
EBITDA                                              -           -             80          597         746         832
    less: Deprec. & Amort.                          -           -            100          100         100         100
                                           -------------------------- -------------------------------------------------
EBIT                                                -           -            (20)         497         646         732
    Income Taxes                                    -           -              -          186         252         285
                                           -------------------------- -------------------------------------------------
Unlevered After-tax Income                          -           -            (20)         311         394         447
    Add: Deprec. & Amort.                           -           -            100          100         100         100
    Add: (Used) Sourced by Net Wkg Cap.             -           -           (305)        (234)        (68)        (39)
    Less: Capital Expenditures                      -           -          2,700           75          75          75
                                           -------------------------- -------------------------------------------------
Unlevered Free Cash Flows                      $    -      $    -        $(2,925)       $ 102       $ 351     $   433
                                           ========================== =================================================


Estimated Range of Enterprise Values



                               Discount                              Terminal Revenue Multiple
                                           ----------------------------------------------------------------------------
                                 Rate            0.20x       0.30x        0.40x          0.50x      0.60x      0.70x
                            -------------------------------------------------------------------------------------------
                                                                                         
                                     15.5%     $ (1,185)   $   (711)     $ (236)        $  238      $  712    $  1,186
                                     18.0%     $ (1,259)   $   (819)     $ (379)        $   61      $  501    $    942
                                                                       ------------------------
                                     20.5%     $ (1,324)   $   (915)     $ (507)        $  (98)     $  311    $    720
                                     23.0%     $ (1,383)   $ (1,002)     $ (622)        $ (241)     $  139    $    520
                                                                       ------------------------
                                     25.5%     $ (1,435)   $ (1,080)     $ (726)        $ (371)     $  (16)   $    338
                                     28.0%     $ (1,481)   $ (1,150)     $ (819)        $ (488)     $ (157)   $    174

                                                                                      ---------
                                                        Average of Box                  $ (367)
                                                                                      ---------


Terminal Values



                                                                     Terminal Revenue Multiple
                                           ----------------------------------------------------------------------------
                                                 0.20x       0.30x        0.40x          0.50x       0.60x     0.70x
                                           ----------------------------------------------------------------------------
                                                                                            
Revenue Terminal Value                         $  1,571    $ 2,356       $ 3,142        $ 3,927     $ 4,712   $ 5,498
                                           ============================================================================


Discounted Terminal Values as Percentage of Enterprise Values



                               Discount                              Terminal Revenue Multiple
                                           ----------------------------------------------------------------------------
                                 Rate            0.20x       0.30x        0.40x          0.50x       0.60x     0.70x
                             ------------------------------------------------------------------------------------------
                                                                                           
                                     15.5%       -80.0%      -200.2%      -802.5%       996.9%        399.6%     279.8%
                                     18.0%       -69.9%      -161.2%      -464.9%      3583.5%        526.5%     327.2%
                                                                     --------------------------
                                     20.5%       -61.8%      -134.0%      -322.9%     -2093.7%        788.2%     397.5%
                                     23.0%       -55.0%      -113.9%      -244.8%      -788.9%       1638.5%     512.4%
                                                                     --------------------------
                                     25.5%       -49.4%       -98.5%      -195.5%      -478.1%     -13091.8%     733.6%
                                     28.0%       -44.7%       -86.3%      -161.6%      -338.9%      -1262.6%    1333.9%

                                                                                      ---------
                                                        Average of Box                 -862.6%
                                                                                      ---------


- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003             45                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis - Company Owned Store Projections
($ in thousands, except per share)              Terminal Value - EBITDA Multiple

Unlevered Free Cash Flows


                                               Actual/Estimated                           Projected
                                           -------------------------- ---------------------------------------------------
                                               FY ended Feb 28,                      FY ending Feb 28/29,
                                           -------------------------- ---------------------------------------------------
                                               2002         2003          2004         2005        2006         2007
                                           -------------------------- ---------------------------------------------------
                                                                                               
Revenue                                             $ -          $ -       $ 3,708      $ 6,563     $ 7,387      $ 7,854

    Cost of Sales                                     -            -           846        1,502       1,690        1,797
                                           -------------------------- ---------------------------------------------------
    Gross Margin                                      -            -         2,862        5,061       5,697        6,057
    Operating Expenses                                -            -         2,782        4,464       4,951        5,225
                                           -------------------------- ---------------------------------------------------
EBITDA                                                -            -            80          597         746          832
    less: Deprec. & Amort.                            -            -           100          100         100          100
                                           -------------------------- ---------------------------------------------------
EBIT                                                  -            -           (20)         497         646          732
    Income Taxes                                      -            -             -          186         252          285
                                           -------------------------- ---------------------------------------------------
Unlevered After-tax Income                            -            -           (20)         311         394          447
    Add: Deprec. & Amort.                             -            -           100          100         100          100
    Add: (Used) Sourced by Net Wkg Cap.               -            -          (305)        (234)        (68)         (39)
    Less: Capital Expenditures                        -            -         2,700           75          75           75
                                           -------------------------- ---------------------------------------------------
Unlevered Free Cash Flows                           $ -          $ -      $ (2,925)       $ 102       $ 351        $ 433
                                           ========================== ===================================================


Terminal Values




                                                     Terminal EBITDA Multiple
                           ------------------------------------------------------------------------------
                              3.50x        4.00x       4.50x         4.75x        5.25x        5.75x
                           ------------------------------------------------------------------------------
                                                                               
EBITDA Terminal Value           $ 2,912     $ 3,328      $ 3,744       $ 3,952      $ 4,368      $ 4,784
                           ==============================================================================



Estimated Range of Enterprise Values


                                                                     Terminal EBITDA Multiple
                               Discount    ------------------------------------------------------------------------------
                                 Rate         3.50x        4.00x         4.50x        4.75x        5.25x       5.75x
                            ---------------------------------------------------------------------------------------------
                                                                                        
                               15.5%       $ (375)      $ (124)        $ 127        $ 253       $ 504        $ 755
                               18.0%       $ (507)      $ (274)        $ (41)        $ 75       $ 308        $ 542
                                                                --------------------------
                               20.5%       $ (626)      $ (410)       $ (193)       $ (85)      $ 132        $ 349
                               23.0%       $ (733)      $ (531)       $ (330)      $ (229)      $ (28)       $ 174
                                                                --------------------------
                               25.5%       $ (829)      $ (641)       $ (454)      $ (360)     $ (172)        $ 16
                               28.0%       $ (916)      $ (741)       $ (565)      $ (478)     $ (302)      $ (127)

                                                                             -------------
                                                  Average of Box                   $ (209)
                                                                             -------------


Discounted Terminal Values as Percentage of Enterprise Values



                                                     Terminal EBITDA Multiple
                Discount   ------------------------------------------------------------------------------
                  Rate        3.50x        4.00x       4.50x         4.75x        5.25x        5.75x
              -------------------------------------------------------------------------------------------
                                                                             
                     15.5%      -776.4%    -1622.7%      1775.1%        943.4%       523.2%       382.4%
                     18.0%      -321.6%     -680.0%     -5099.8%       2936.4%       793.3%       494.9%
                                                    ---------------------------
                     20.5%      -242.2%     -423.1%     -1010.4%      -2431.1%      1723.5%       714.6%
                     23.0%      -192.5%     -303.4%      -549.9%       -835.9%     -7690.9%      1331.8%
                                                    ---------------------------
                     25.5%      -158.6%     -234.3%      -372.8%       -496.2%     -1148.3%     13436.3%
                     28.0%      -134.0%     -189.3%      -279.1%       -348.6%      -608.7%     -1586.0%

                                                                  -------------
                                        Average of Box                -1206.8%
                                                                  -------------


- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.



DRAFT ANALYSIS - 2/20/2003              46                      CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
================================================================================
Discounted Cash Flow Analysis -                Terminal Value - Revenue Multiple
Company Owned Store Projections                ---------------------------------

($ in thousands, except per share)

Unlevered Free Cash Flows


                                                Actual/Estimated                           Projected
                                            ------------------------- ---------------------------------------------------
                                                FY ended Feb 28,                      FY ending Feb 28/29,
                                            ------------------------- ---------------------------------------------------
                                                2002         2003          2004        2005         2006          2007
                                            ------------------------- ---------------------------------------------------
                                                                                              
Revenue                                       $      -     $      -      $ 3,708      $ 6,563      $ 7,387      $  7,854
    Cost of Sales                                    -            -          846        1,502        1,690         1,797
                                            ------------------------- ---------------------------------------------------
    Gross Margin                                     -            -        2,862        5,061        5,697         6,057
    Operating Expenses                               -            -        2,782        4,464        4,951         5,225
                                            ------------------------- ---------------------------------------------------
EBITDA                                               -            -           80          597          746           832
    less: Deprec. & Amort.                           -            -          100          100          100           100
                                            ------------------------- ---------------------------------------------------
EBIT                                                 -            -          (20)         497          646           732
    Income Taxes                                     -            -            -          186          252           285
                                            ------------------------- ---------------------------------------------------
Unlevered After-tax Income                           -            -          (20)         311          394           447
    Add: Deprec. & Amort.                            -            -          100          100          100           100
    Add: (Used) Sourced by Net Wkg Cap.              -            -         (305)        (234)         (68)          (39)
    Less: Capital Expenditures                       -            -        2,700           75           75            75
                                            ------------------------- ---------------------------------------------------
Unlevered Free Cash Flows                     $      -     $      -      $(2,925)     $   102      $   351      $    433
                                            ========================= ===================================================


Estimated Range of Enterprise Values



                               Discount                          Terminal Perpetual Growth Rates
                                           ------------------------------------------------------------------------------
                                 Rate            4.00%       4.25%         4.50%        4.75%        5.00%        5.25%
                            ---------------------------------------------------------------------------------------------
                                                                                           
                                     15.5%    $    318     $    379      $    443     $    510     $    580     $    654
                                     18.0%    $   (271)    $   (231)     $   (191)    $   (149)    $   (105)    $    (60)
                                                                       ------------------------
                                     20.5%    $   (669)    $   (642)     $   (615)    $   (586)    $   (557)    $   (527)
                                     23.0%    $   (954)    $   (934)     $   (915)    $   (894)    $   (874)    $   (852)
                                                                       ------------------------
                                     25.5%    $ (1,164)    $ (1,150)     $ (1,135)    $ (1,120)    $ (1,105)    $ (1,089)
                                     28.0%    $ (1,324)    $ (1,313)     $ (1,302)    $ (1,290)    $ (1,279)    $ (1,267)

                                                                                    -----------
                                                       Average of Box                 $   (753)
                                                                                    -----------


Terminal Values


                                                                  Terminal Perpetual Growth Rates
                                            -----------------------------------------------------------------------------
                                                 4.00%        4.25%       4.50%         4.75%       5.00%        5.25%
                                            -----------------------------------------------------------------------------
                                                                                              
EBITDA                                        $    865     $    867      $    869     $    872     $    874     $    876
  less: Deprec. & Amort.                           100          100           100          100          100          100
                                            -----------------------------------------------------------------------------
EBIT                                               765          767           769          772          774          776

  Income Taxes                                     298          299           300          301          302          303
                                            -----------------------------------------------------------------------------
After-tax Income before Int.                       467          468           469          471          472          473

  Add: Deprec. & Amort.                            100          100           100          100          100          100
  Add: (Used) from by Net WC                         -            -             -            -            -            -

  Less: Capital Expenditures                       100          100           100          100          100          100
- -------------------------------------------------------------------------------------------------------------------------
Free Cash Flows                               $    467     $    468      $    469     $    471     $    472     $    473
                                            =============================================================================




                           Discount Rate                          Perpetual Growth Terminal Values
                         ------------------------------------------------------------------------------------------------
                                                                                           
                                     15.5%    $  4,059     $  4,161      $  4,267     $  4,378     $  4,494     $  4,616
                                     18.0%    $  3,334     $  3,404      $  3,477     $  3,552     $  3,630     $  3,711
                                     20.5%    $  2,829     $  2,881      $  2,933     $  2,988     $  3,044     $  3,103
                                     23.0%    $  2,457     $  2,496      $  2,537     $  2,579     $  2,622     $  2,666
                                     25.5%    $  2,171     $  2,203      $  2,235     $  2,268     $  2,302     $  2,337
                                     28.0%    $  1,945     $  1,971      $  1,997     $  2,024     $  2,052     $  2,080


Discounted Terminal Values as Percentage of Enterprise Values



                            Discount                            Terminal Perpetual Growth Rates
                                     ------------------------------------------------------------------------------------
                               Rate              4.00%        4.25%       4.50%         4.75%        5.00%        5.25%
                         ------------------------------------------------------------------------------------------------
                                                                                            
                                     15.5%       771.4%       662.9%       581.5%        518.2%       467.6%       426.2%
                                     18.0%      -690.4%      -824.0%     -1020.5%      -1337.8%     -1936.5%     -3490.6%
                                                                        -----------------------
                                     20.5%      -220.1%      -233.4%      -248.4%       -265.3%      -284.5%      -306.6%
                                     23.0%      -124.9%      -129.5%      -134.4%       -139.7%      -145.4%      -151.5%
                                                                        -----------------------
                                     25.5%       -84.3%       -86.5%       -88.9%        -91.4%       -94.1%       -96.9%
                                     28.0%       -61.9%       -63.3%       -64.7%        -66.1%       -67.6%       -69.2%

                                                                                    -----------
                                                        Average of Box                  -196.9%
                                                                                    -----------


- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003             47                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Operating and Working Capital Assumptions - Company Owned Store Projections
($ in thousands)


                                         Actual/Estimated                             Projected
                                      ----------------------- -----------------------------------------------------------
                                         FY ended Feb 28,                  FY ending Feb 28/29,
                                      ----------------------- ----------------------------------------------- Terminal
                                         2002        2003        2004        2005        2006        2007      Period
                                      ----------------------- -----------------------------------------------------------
                                                                                          
Growth Statistics and Assumptions
     Revenue                                   na         na           na        77.0%       12.6%       6.3%
     Cost of Sales                             na         na           na        77.5%       12.6%       6.3%
     Operating Expenses                        na         na           na        60.5%       10.9%      17.0%
     EBITDA                                    na         na           na       649.7%       24.9%      39.3%
     EBIT                                      na         na           na     -2542.8%       30.0%      47.3%
     After-tax Income before Interest          na         na           na     -1629.1%       26.6%      43.5%

Profitability
     Gross Margin                              na         na         77.2%       77.1%       77.1%      77.1%
     EBITDA                                    na         na          2.1%        9.1%       10.1%      10.6%
     EBIT                                      na         na         -0.5%        7.6%        8.7%       9.3%
     After-tax Income before Interest          na         na         -0.5%        4.7%        5.3%       5.7%

Income Tax Expense and Assumptions

     Statutory Tax Rate                                              39.0%       39.0%       39.0%      39.0%
     Effective Tax Rate                        na         na          0.0%       37.4%       39.0%      39.0%      39.0%

     Current Period Tax                       $ -        $ -        $  (8)      $ 194       $ 252      $ 285
     NOL Usage                                  -          -            8          (8)          -          -
                                      ----------------------- -----------------------------------------------
         Income Tax Expense                   $ -        $ -        $   -       $ 186       $ 252      $ 285
                                      ======================= ===============================================

     Ending NOL Balance                                  $ -        $   8       $   -       $   -      $   -
                                                  =========== ===============================================





                                    Actual/Estimated                             Projected
                           ----------------------------------- -----------------------------------------------------------
                                    FY ended Feb 28,                        FY ending Feb 28/29,
                           ----------------------------------- ----------------------------------------------- Terminal
                              2001        2002       2003         2004        2005        2006        2007      Period
                           ----------------------------------- -----------------------------------------------------------
                                                                                       
Non-Cash Working Capital Assumptions
   Accounts Receivable (AR)
       AR Days Outstanding                     na          na           30          30          30         30
       % of Sales                              na          na          8.2%        8.2%        8.2%       8.2%

   Inventory
       Days Inventory Outs.                     -           -            -           -           -          -
       % Cost of Sales                        0.0%        0.0%         0.0%        0.0%        0.0%       0.0%
   Prepayments
       % of Direct and Op Costs                na          na          0.0%        0.0%        0.0%       0.0%

   Accounts Payable (AP)
       AP Days Outstanding                     na          na            -           -           -          -
       % of Direct and Op Costs                na          na          0.0%        0.0%        0.0%       0.0%


   Accrued Expenses
       % of Direct and Op Costs                na          na          0.0%        0.0%        0.0%       0.0%

Changes in Non-Cash Net Working Capital
   Accounts Receivables            $ -        $ -         $ -       $  305      $  539       $ 607      $ 646

   Inventory                                                             -           -           -          -

   Prepayments                                                           -           -           -          -
   Accounts Payables                                                     -           -           -          -

   Accrued Expenses                                                      -           -           -          -
                           ----------------------------------- -----------------------------------------------
       Non-Cash Net WC             $ -        $ -         $ -       $  305      $  539       $ 607      $ 646
                           =================================== ===============================================
       % of EBITDA                             na          na        382.9%       90.3%       81.4%      77.6%
                                       ======================= ===============================================

       Cash Flow (Used) Sourced by
       Non-Cash Net Wrkg Capital              $ -         $ -       $ (305)     $ (234)      $ (68)     $ (39)        $ -
                                       ======================= ===========================================================


- --------------------------------------------------------------------------------
Sources of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003             48                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Financial Projections - Satellite Stores
($ in thousands)


                                    Actual/Estimated                    Projected
                                  ---------------------- -------------------------------------------
                                        FY ended                        FY ended
                                     February 28/29                  February 28/29
                                  ---------------------- -------------------------------------------
                                     2002       2003        2004      2005       2006       2007
                                  ---------------------- -------------------------------------------
                                                                         
Revenues
     Royalty Income                  $ -        $ -         $ 31     $  233    $   723     $ 1,125
     Pelican Paper Sales               -          -           60        436      1,422       2,260
     Franchise Sales                   -          -          280        630         70           -
     OPC Fees                          -          -            -          -          -           -
     Company Plant Sales               -          -            -          -          -           -
                                  ------------------ ----------------------------------------------
     Total                           $ -        $ -         $371     $1,299    $ 2,215     $ 3,386

Cost of Goods Sold
     Cost of Sales Paper               -          -           52        380      1,237       1,967
                                  ------------------ ----------------------------------------------

Gross Margin                         $ -        $ -         $319     $  919    $   978     $ 1,419

Less Operating Expenses
     Salaries & Employee Benefits      0          -          126        219        165         158
     Advertising                       0          -          100         75          -           -
     Admin                             0          -            5          8         12          16
     Other                             0          -           60        100         50          50

                                  ------------------ ----------------------------------------------
     Total                             -          -          291        402        227         224
                                  ------------------ ----------------------------------------------

EBITDA                               $ -        $ -         $ 28     $  517    $   751     $ 1,195
                                  ================== ==============================================

Number of Stores                                               8         26         26          26
Total Satellite System Sales                                $515     $3,878    $12,048     $18,758

Average Sales Per Store                                     $ 64     $  149    $   463     $   721



                                   Actual/Estimated                   Projected
                                ------------------------------------------------------------------
                                       FY ended                        FY ended
                                    February 28/29                  February 28/29
                                ------------------------------------------------------------------
                                     2002       2003        2004      2005        2006      2007
                                ----------------------- ------------------------------------------
                                                                         
Growth Assumptions
   Royalty Income                       na          na        na     652.9%      210.7%      55.7%
   Pelican Paper Sales                  na          na        na     631.5%      226.0%      59.0%
   Franchise Sales                      na          na        na     125.0%      -88.9%    -100.0%
   OPC Fees                             na          na        na         na          na         na
   Company Plant Sales                  na          na        na         na          na         na
                                ----------------------- ------------------------------------------
   Total                                na          na        na     250.5%       70.5%      52.9%

Margin Assumptions
   Cost of Paper Sales Margin           na          na     13.0%      13.0%       13.0%      13.0%


   Gross Margin                         na          na     86.0%      70.8%       44.1%      41.9%

Growth Assumptions
   Salaries & Employee Benefits         na          na        na      73.8%      -24.7%      -4.2%
   Advertising                          na          na        na     -25.0%     -100.0%         na
   Admin                                na          na        na      60.0%       50.0%      33.3%
   Other                                na          na        na      66.7%      -50.0%       0.0%
                                ------------------------------------------------------------------
                                        na          na        na      38.1%      -43.5%      -1.3%

Margin Review
   EBITDA Margin %                      na          na      7.5%      39.8%       33.9%      35.3%


- --------------------------------------------------------------------------------
Sources of information: Company Financial, Projections and Management.

DRAFT ANALYSIS - 2/20/2003             49                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis - Satellite Stores
                                               Terminal Value - Revenue Multiple
($ in thousands, except per share)

Unlevered Free Cash Flows


                                               Actual/Estimated                           Projected
                                           -------------------------- ---------------------------------------------------
                                               FY ended Feb 28,                      FY ending Feb 28/29,
                                           -------------------------- ---------------------------------------------------
                                               2002         2003          2004         2005        2006         2007
                                           -------------------------- ---------------------------------------------------
                                                                                              
Revenue                                        $ -          $ -          $ 371      $ 1,299     $ 2,215      $ 3,386
    Cost of Sales                                -            -             52          380       1,237        1,967
                                           -----------------------------------------------------------------------------
    Gross Margin                                 -            -            319          919         978        1,419
    Operating Expenses                           -            -            291          402         227          224
                                           -----------------------------------------------------------------------------
  EBITDA                                         -            -             28          517         751        1,195
    less: Deprec. & Amort.                       -            -              -            -           -            -
                                           -----------------------------------------------------------------------------
EBIT                                             -            -             28          517         751        1,195
    Income Taxes                                 -            -             11          202         293          466
                                           -----------------------------------------------------------------------------
Unlevered After-tax Income                       -            -             17          316         458          729
    Add: Deprec. & Amort.                        -            -              -            -           -            -
    Add: (Used) Sourced by Net Wkg Cap.          -            -           (264)        (480)        135          202
    Less: Capital Expenditures                   -            -              -            -           -            -
                                           -----------------------------------------------------------------------------
Unlevered Free Cash Flows                      $ -          $ -         $ (248)      $ (164)      $ 593        $ 931
                                           =============================================================================

Estimated Range of Enterprise Values

                                                                     Terminal Revenue Multiple
                               Discount    -----------------------------------------------------------------------------
                                 Rate        0.60x        0.70x         0.80x        0.90x        1.00x      1.10x
                            --------------------------------------------------------------------------------------------
                                                                                      
                                 14.0%      $ 1,934      $ 2,148       $ 2,362      $ 2,576     $ 2,790     $ 3,004
                                 16.5%      $ 1,781      $ 1,980       $ 2,178      $ 2,376     $ 2,575     $ 2,773
                                                                      ------------------------
                                 19.0%      $ 1,642      $ 1,827       $ 2,011      $ 2,195     $ 2,379     $ 2,563
                                 21.5%      $ 1,516      $ 1,687       $ 1,859      $ 2,030     $ 2,201     $ 2,372
                                                                      ------------------------
                                 24.0%      $ 1,401      $ 1,560       $ 1,720      $ 1,879     $ 2,039     $ 2,198
                                 26.5%      $ 1,296      $ 1,444       $ 1,593      $ 1,742     $ 1,890     $ 2,039
                                                                                   -----------
                                                        Average of Box              $ 2,024
                                                                                   -----------
Terminal Values

                                                                     Terminal Revenue Multiple
                                           -----------------------------------------------------------------------------
                                             0.60x        0.70x         0.80x        0.90x        1.00x      1.10x
                                                                                            
                                           -----------------------------------------------------------------------------
Revenue Terminal Value                      $ 2,032      $ 2,370       $ 2,709      $ 3,047     $ 3,386     $ 3,724
                                           =============================================================================



Discounted Terminal Values as Percentage of Enterprise Values

                                                                     Terminal Revenue Multiple
                               Discount    -----------------------------------------------------------------------------
                                 Rate        0.60x        0.70x         0.80x        0.90x        1.00x      1.10x
                            --------------------------------------------------------------------------------------------
                                 14.0%        66.4%        69.8%         72.5%        74.8%        76.7%      78.4%
                                 16.5%        66.8%        70.2%         72.9%        75.1%        77.1%      78.7%
                                                                      ------------------------
                                 19.0%        67.3%        70.6%         73.3%        75.5%        77.4%      79.0%
                                 21.5%        67.8%        71.0%         73.7%        75.9%        77.8%      79.4%
                                                                      ------------------------
                                 24.0%        68.3%        71.5%         74.2%        76.4%        78.2%      79.8%
                                 26.5%        68.9%        72.1%         74.7%        76.8%        78.7%      80.2%
                                                                                   -----------
                                                        Average of Box                74.6%
                                                                                   -----------

- -------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

                                       50




BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis - Satellite Stores
                                                Terminal Value - EBITDA Multiple
                                              ----------------------------------
($ in thousands, except per share)




Unlevered Free Cash Flows
                                               Actual/Estimated                           Projected
                                           -------------------------- --------------------------------------------------
                                               FY ended Feb 28,                     FY ending Feb 28/29,
                                           -------------------------- --------------------------------------------------
                                               2002         2003          2004        2005         2006         2007
                                           -------------------------- --------------------------------------------------
                                                                                           
Revenue                                    $          -   $        -   $      371  $     1,299  $    2,215   $    3,386

    Cost of Sales                                     -            -           52          380       1,237        1,967
                                           -------------------------- --------------------------------------------------
    Gross Margin                                      -            -          319          919         978        1,419
    Operating Expenses                                -            -          291          402         227          224
                                           -------------------------- --------------------------------------------------
EBITDA                                                -            -           28          517         751        1,195
    less: Deprec. & Amort.                            -            -            -            -           -            -
                                           -------------------------- --------------------------------------------------
EBIT                                                  -            -           28          517         751        1,195
    Income Taxes                                      -            -           11          202         293          466
                                           -------------------------- --------------------------------------------------
Unlevered After-tax Income                            -            -           17          316         458          729
    Add: Deprec. & Amort.                             -            -            -            -           -            -
    Add: (Used) Sourced by Net Wkg Cap.               -            -         (264)        (480)        135          202
    Less: Capital Expenditures                        -            -            -            -           -            -
                                           -------------------------- --------------------------------------------------
Unlevered Free Cash Flows                  $          -   $        -  $      (248) $      (164) $      593   $      931
                                           ========================== ==================================================



Estimated Range of Enterprise Values

                                                                  Terminal EBITDA Multiple
                                Discount   -----------------------------------------------------------------------------
                                 Rate           3.50x        4.00x        4.50x        4.75x       5.25x        5.75x
                            --------------------------------------------------------------------------------------------
                                                                                            
                                     14.0%    $   3,294    $   3,672    $   4,050    $   4,239   $   4,617    $   4,995
                                     16.5%    $   3,042    $   3,392    $   3,743    $   3,918   $   4,268    $   4,618
                                                                      -------------------------
                                     19.0%    $   2,813    $   3,138    $   3,463    $   3,626   $   3,951    $   4,276
                                     21.5%    $   2,605    $   2,907    $   3,209    $   3,360   $   3,663    $   3,965
                                                                      -------------------------
                                     24.0%    $   2,414    $   2,696    $   2,977    $   3,118   $   3,400    $   3,681
                                     26.5%    $   2,241    $   2,503    $   2,766    $   2,897   $   3,160    $   3,422

                                                                                  -------------
                                                        Average of Box               $   3,415
                                                                                  -------------


Terminal Values

                                                       Terminal EBITDA Multiple
                             -----------------------------------------------------------------------------
                                  3.50x       4.00x        4.50x         4.75x       5.25x        5.75x
                             -----------------------------------------------------------------------------
                                                                              
EBITDA Terminal Value           $   4,184   $   4,781    $   5,379    $   5,678    $   6,275    $   6,873
                             =============================================================================





Discounted Terminal Values as Percentage of Enterprise Values

                                                       Terminal EBITDA Multiple
                 Discount    -----------------------------------------------------------------------------
                   Rate          3.50x        4.00x       4.50x         4.75x       5.25x        5.75x
              --------------------------------------------------------------------------------------------
                                                                               

                       14.0%       127.0%       82.3%        84.0%        84.7%        85.9%        87.0%
                       16.5%        80.6%       82.6%        84.2%        84.9%        86.2%        87.2%
                                                      --------------------------
                       19.0%        80.9%       82.9%        84.5%        85.2%        86.4%        87.4%
                       21.5%        81.2%       83.2%        84.8%        85.5%        86.7%        87.7%
                                                      --------------------------
                       24.0%        81.6%       83.5%        85.1%        85.8%        86.9%        87.9%
                       26.5%        82.0%       83.9%        85.4%        86.1%        87.2%        88.2%

                                                                    ------------
                                          Average of Box                  85.0%
                                                                    ------------


- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

                                       51



BCT International, Inc.                                             Confidential
================================================================================
Discounted Cash Flow Analysis -                Terminal Value - Revenue Multiple
Satellite Stores

($ in thousands, except per share)

Unlevered Free Cash Flows


                                                 Actual/Estimated                          Projected
                                              ----------------------- --------------------------------------------------
                                                  FY ended Feb 28,                    FY ending Feb 28/29,
                                              ----------------------- --------------------------------------------------
                                                 2002         2003          2004        2005         2006        2007
                                              ----------------------- --------------------------------------------------
                                                                                              
Revenue                                         $     -      $     -      $   371      $ 1,299      $ 2,215     $ 3,386
    Cost of Sales                                     -            -           52          380        1,237       1,967
                                              ----------------------- --------------------------------------------------
    Gross Margin                                      -            -          319          919          978       1,419
    Operating Expenses                                -            -          291          402          227         224
                                              ----------------------- --------------------------------------------------
EBITDA                                                -            -           28          517          751       1,195
    less: Deprec. & Amort.                            -            -            -            -            -           -
                                              ----------------------- --------------------------------------------------
EBIT                                                  -            -           28          517          751       1,195
    Income Taxes                                      -            -           11          202          293         466
                                              ----------------------- --------------------------------------------------
Unlevered After-tax Income                            -            -           17          316          458         729
    Add: Deprec. & Amort.                             -            -            -            -            -           -
    Add: (Used) Sourced by Net Wkg Cap.               -            -         (264)        (480)         135         202
    Less: Capital Expenditures                        -            -            -            -            -           -
                                              ----------------------- --------------------------------------------------
Unlevered Free Cash Flows                       $     -      $     -      $  (248)     $  (164)     $   593     $   931
                                              ======================= ==================================================


Estimated Range of Enterprise Values



                               Discount                           Terminal Perpetual Growth Rates
                                              --------------------------------------------------------------------------
                                 Rate            5.00%        5.25%         5.50%       5.75%        6.00%       6.25%
                            --------------------------------------------------------------------------------------------
                                                                                           
                                      14.0%     $ 6,027      $ 6,194      $ 6,371      $ 6,558      $ 6,757     $ 6,969
                                      16.5%     $ 4,492      $ 4,588      $ 4,688      $ 4,794      $ 4,904     $ 5,019
                                                                        -----------------------
                                      19.0%     $ 3,512      $ 3,573      $ 3,637      $ 3,703      $ 3,771     $ 3,843
                                      21.5%     $ 2,835      $ 2,877      $ 2,920      $ 2,965      $ 3,011     $ 3,058
                                                                        -----------------------
                                      24.0%     $ 2,342      $ 2,372      $ 2,402      $ 2,434      $ 2,466     $ 2,500
                                      26.5%     $ 1,967      $ 1,989      $ 2,012      $ 2,035      $ 2,059     $ 2,084

                                                                                     ----------
                                                        Average of Box                 $ 3,306
                                                                                     ----------


Terminal Values




                                                                 Terminal Perpetual Growth Rates
                                              --------------------------------------------------------------------------
                                                 5.00%       5.25%        5.50%         5.75%       6.00%        6.25%
                                              --------------------------------------------------------------------------
                                                                                               
EBITDA                                          $ 1,255      $ 1,258      $ 1,261      $ 1,264      $ 1,267     $ 1,270
  less: Deprec. & Amort.                              -            -            -            -            -           -
                                              --------------------------------------------------------------------------
EBIT                                              1,255        1,258        1,261        1,264        1,267       1,270
  Income Taxes                                      489          491          492          493          494         495
                                              --------------------------------------------------------------------------
After-tax Income before Int.                        766          767          769          771          773         775
  Add: Deprec. & Amort.                               -            -            -            -            -           -
  Add: (Used) from by Net WC                          -            -            -            -            -           -
  Less: Capital Expenditures                          -            -            -            -            -           -
                                              ----------------------------------- --------------------------------------
Free Cash Flows                                 $   766      $   767      $  769       $   771      $   773     $   775
                                              ==========================================================================




                           Discount Rate                          Perpetual Growth Terminal Values
                         -----------------------------------------------------------------------------------------------
                                                                                           
                                      14.0%     $ 8,507      $ 8,771      $ 9,050      $ 9,346      $ 9,661     $ 9,996
                                      16.5%     $ 6,657      $ 6,822      $ 6,993      $ 7,173      $ 7,361     $ 7,558
                                      19.0%     $ 5,469      $ 5,581      $ 5,698      $ 5,819      $ 5,945     $ 6,076
                                      21.5%     $ 4,640      $ 4,723      $ 4,808      $ 4,896      $ 4,986     $ 5,080
                                      24.0%     $ 4,029      $ 4,093      $ 4,158      $ 4,225      $ 4,294     $ 4,365
                                      26.5%     $ 3,561      $ 3,611      $ 3,663      $ 3,716      $ 3,770     $ 3,826


Discounted Terminal Values as Percentage of Enterprise Values


                              Discount                            Terminal Perpetual Growth Rates
                                              --------------------------------------------------------------------------
                                Rate             5.00%        5.25%        5.50%         5.75%       6.00%        6.25%
                         -----------------------------------------------------------------------------------------------
                                                                                              
                                      14.0%       89.2%        89.5%        89.8%        90.1%        90.4%        90.7%
                                      16.5%       86.8%        87.1%        87.4%        87.7%        88.0%        88.2%
                                                                        -----------------------
                                      19.0%       84.7%        85.0%        85.2%        85.5%        85.8%        86.0%
                                      21.5%       82.8%        83.0%        83.3%        83.5%        83.8%        84.0%
                                                                        -----------------------
                                      24.0%       81.0%        81.3%        81.5%        81.8%        82.0%        82.2%
                                      26.5%       79.5%        79.7%        80.0%        80.2%        80.4%        80.6%

                                                                                     ----------
                                                        Average of Box                   84.4%
                                                                                     ----------


- --------------------------------------------------------------------------------
All Discounted amounts have been calculated utilizing a mid-year convention.

Sources of information: Company financials, projections and management.

DRAFT ANALYSIS - 2/20/2003             52                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Operating and Working Capital Assumptions - Satellite Stores
($ in thousands)



                                           Actual/Estimated                       Projected
                                         --------------------- ------------------------------------------------
                                           FY ended Feb 28,             FY ending Feb 28/29,
                                         --------------------- --------------------------------------- Terminal
                                           2002       2003       2004     2005      2006      2007      Period
                                         --------------------- ------------------------------------------------
                                                                                  
Growth Statistics and Assumptions
     Revenue                                    na         na        na     250.5%     70.5%     52.9%
     Cost of Sales                              na         na        na     631.7%    225.0%     59.0%
     Operating Expenses                         na         na        na      38.1%    -43.5%    -44.3%
     EBITDA                                     na         na        na    1770.4%     45.1%    131.0%
     EBIT                                       na         na        na    1770.4%     45.1%    131.0%
     After-tax Income before Interest           na         na        na    1770.4%     45.1%    131.0%

Profitability

     Gross Margin                               na         na      86.0%     70.8%     44.1%     41.9%
     EBITDA                                     na         na       7.5%     39.8%     33.9%     35.3%
     EBIT                                       na         na       7.5%     39.8%     33.9%     35.3%
     After-tax Income before Interest           na         na       4.6%     24.3%     20.7%     21.5%

Income Tax Expense and Assumptions

     Statutory Tax Rate                                            39.0%     39.0%     39.0%     39.0%
     Effective Tax Rate                         na         na      39.0%     39.0%     39.0%     39.0%    39.0%

     Current Period Tax                        $ -        $ -     $  11    $  202    $  293    $  466

     NOL Usage                                   -          -         -         -         -         -
                                         --------------------- ---------------------------------------
         Income Tax Expense                    $ -        $ -     $  11    $  202    $  293    $  466
                                         ===================== =======================================

     Ending NOL Balance                                   $ -     $   -    $    -    $    -    $    -
                                                   =========== =======================================


                                      Actual/Estimated                            Projected
                                ------------------------------ -------------------------------------------------
                                      FY ended Feb 28,                  FY ending Feb 28/29,
                                ------------------------------ ---------------------------------------  Terminal
                                   2001      2002      2003       2004      2005      2006     2007      Period
                                ------------------------------ -------------------------------------------------
                                                                                
Non-Cash Working Capital Assumptions
   Accounts Receivable (AR)
      AR Days Outstanding                        na        na         30        30       30        30
      % of Sales                                 na        na        8.2%      8.2%     8.2%      8.2%

   Franchise Fee Receivable
      Franchise fee earned                                         $ 280     $ 910    $ 980     $ 980
      Less Franchise fee received                                    (23)     (221)    (547)     (852)
                                                               ---------------------------------------
      Ending Franchise fee receivable                                257       689      433       128
                                                               ---------------------------------------


Changes in Non-Cash Net Working Capital
                                                                          
   Accounts Receivable                $ -       $ -       $ -    $     7   $    55   $  176    $  278
   Franchise Fee Receivable                                          257       689      433       128
                                ------------------------------ ---------------------------------------
      Non-Cash Net WC                 $ -       $ -       $ -    $   264   $   744   $  609    $  407
                                ============================== =======================================
      % of EBITDA                                na        na      956.0%    143.8%    81.1%     34.0%
                                          ==================== =======================================

      Cash Flow (Used) Sourced by

      Non-Cash Net Wrkg Capital                 $ -       $ -     $ (264)  $  (480)  $  135    $  202       $ -
                                          ==================== =================================================


- --------------------------------------------------------------------------------
Sources of information: Company financials, projections and management.

                                       53



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Cost of Capital Calculation & Net Debt
($ in thousands, except per share)




Cost of Common Stock                                      Company Owned
                                           Base Case        Franchises    Satellite Stores
                                         ---------------  --------------- ----------------
                                                                 
     Riskless (1)

         30 year treasury coupon (Rf)              4.9%             4.9%             4.9%
     Risk (2)
         Equity risk premium (EP)                  7.8%             7.8%             7.8%
         Industry risk premium (IP)                2.3%             2.3%             2.3%
         Size Premium (SP)                         8.4%             8.4%             8.4%
     Company Specific

         Stable Revenues                          -6.0%            -6.0%            -6.0%

         Operational Risk                          0.0%             3.0%             0.0%

         New Strategy Risk                         0.0%             5.0%             5.0%
                                         ---------------  --------------- ----------------
     Cost of Equity                               17.4%            25.4%            22.4%
                                         ===============  =============== ================

Weighted Average Cost of Capital

     After Tax Cost of Debt                        4.9%             4.9%             4.9%
                                         ===============  =============== ================
     Weighted Average Cost of Capital             15.6%            22.5%            19.9%
                                         ===============  =============== ================




Equity Value Net Debt Assumptions

                                                   Estimated as of 28 Feb 2003
                                         -------------------------------------------------
                                                          Company Owned
                                            Base Case       Franchises    Satellite Stores
                                         ---------------  --------------- ----------------
                                                                 
     Debt & Other Obligations
         Interest Bearing Debt                    $ 828            $ 828            $ 828
         Minority Interests                           -                -                -
         Preferred Stock                              -                -                -
                                         ---------------  --------------- ----------------
                                                    828              828              828
                                         ---------------  --------------- ----------------
     Less Cash
         Cash on Hand                             4,805            4,805            4,805
         Assumed cash from exercise of options    1,019            1,019            1,538
         Assumed cash from Notes Receivable (3)   2,794            2,794            2,794
                                         ---------------  --------------- ----------------
                                                  8,618            8,618            9,137
                                         ---------------  --------------- ----------------
     Net Debt                                  $ (7,790)        $ (7,790)        $ (8,309)
                                         ===============  =============== ================



    Cost of Debt
                                                      Nominal                          % of          Weighted
                                 Type of Debt          Rate           Amount         of Debt       Cost of Debt
                                 ---------------------------------------------------------------------------------
                                                                                    
                                 Notes Payable              8.00%          $ 828          100.0%             8.0%


                                                                  ------------------------------------------------
                                                                           $ 828          100.0%             8.0%
                                                                  ================================================




                                                   Shares Outs.    Stock Price        Market           % of
                                 Type             (in thousands)    05-Feb-03          Value       Total Capital
                                 ---------------------------------------------------------------------------------
                                                                                       
                                 Debt                                                      $ 828            14.2%

                                 Common Stock               5,121       $ 0.9800           5,019            85.8%

                                                                                  --------------------------------
                                                                                         $ 5,847           100.0%
                                                                                  ================================



                                                                            Estimated as of 28 Feb 2003
                                                                  ------------------------------------------------
                                                                                  Company Owned
                                                                    Base Case       Franchises    Satellite Stores
                                                                  --------------- --------------- ----------------
                                                                                         
Common Stock Equivalents (in thousands)
    Common Stock Outstanding                                               5,121           5,121            5,121
    Stock issued re Other                                                      -               -                -
                                                                  --------------- --------------- ----------------
                                                                           5,121           5,121            5,121
                                                                  --------------- --------------- ----------------

                                                  Avg Exercise $

    Options in the money:   Options less than $2.00       $ 1.80             565             565              565
                            Options less than $2.50       $ 2.26               -               -              230
                                                                  --------------- --------------- ----------------
                                                                             565             565              795
                                                                  --------------- --------------- ----------------
Total Common Stock Equivalents                                             5,686           5,686            5,916
                                                                  =============== =============== ================


- --------------------------------------------------------------------------------
(1) As reported by the Federal Reserve Board on a weekly-average basis for the
    week ended February 20, 2003.
(2) Sourced from the Ibbotson SBBI Valuation Edition 2002 Yearbook.


Sources of information: Company financials, projections & management, Ibbotson
2002 SBBI and Federal Reserve Board.

                                       54



 BCT International, Inc.                                           Confidential
- --------------------------------------------------------------------------------


                           Comparable Company Analysis

                                       55



 BCT International, Inc.                                           Confidential
- -------------------------------------------------------------------------------
Comparable Company Analysis - Valuation Multiples

($ in thousands, except per share data)




                                                                                           Market Value as a Multiple of
                                                                                        ------------------------------------
                                       % Below/Above                Total                       EPS
                           Stock Price    52-week       Market     Invested  Enterprise ------------------     Common     Net Tang.
         Company            20-Feb-03    High-Low       Value     Capital(1)  Value(2)   LTM     Est CFY(3)    Equity    Common Eq
- -------------------------- ------------ ------------ ---------- ----------- ----------- ------- -----------  ---------  -----------
                                                                                              

Consolidated Graphics, Inc. $ 24.770   0.5% -  72.6%  $ 330,135  $ 506,469   $ 499,419      na     15.5x        1.3x        2.4x

Mail-Well, Inc.                2.150  69.0% - 126.3%    103,740  1,020,528     880,690      na       6.5        0.7          na

Impreso, Inc.                  1.960  44.6% -  14.0%     10,347     44,544      44,338     8.5        na        0.6         0.6

Moore Corporation             11.150  22.8% -  42.0%  1,242,210  1,487,394   1,373,342      na      13.4        3.6         5.3

Wallace Computer Services     25.400   5.5% -  60.8%  1,061,720  1,270,702   1,233,337    19.2        na        2.3         3.9

                                          -----------------------------------------------------------------------------------------
                                            High     $1,242,210 $1,487,394  $1,373,342    19.2x     15.5x       3.6x        5.3x
                                            Mean        549,630    865,927     806,225    13.9      11.8        1.7         3.1
                                            Median      330,135  1,020,528     880,690    13.9      13.4        1.3         3.2
                                            Low          10,347     44,544      44,338     8.5       6.5        0.6         0.6
                                          -----------------------------------------------------------------------------------------


BCT International            $ 0.910  18.0% - 97.8%     $ 4,660    $ 5,488       $ 683    11.4x      7.0x       0.3x        0.3x





                          Total Invested Capitals(TIC)as a Multiple of       Enterprise Value (EV) as a Multiple of
                          --------------------------------------------     ------------------------------------------
                            Revenue                                        Revenue                                       5 Year
                            -------     LTM         LTM       Total        --------   LTM       LTM       Total         EPS Growth
         Company             LTM        EBIT       EBITDA    Assets          LTM      EBIT     EBITDA    Assets           Proj.3)
- -------------------------- --------  --------   --------    ---------      -------- --------  -------    -------        -----------
                                                                                                


Consolidated Graphics, Inc.    0.7x     12.9x      6.5x      0.9x           0.7x      12.7x     6.4x       0.9x              10.0%

Mail-Well, Inc.                0.7      18.4       9.9       0.7            0.6       15.9      8.6        0.6                5.0%

Impreso, Inc.                  0.3      11.7       8.7       0.6            0.3       11.7      8.6        0.6                 na

Moore Corporation              0.7        na       8.5       1.0            0.7         na      7.8        1.0               15.0%

Wallace Computer Services      0.8      11.9       7.4       1.4            0.8       11.5      7.2        1.3                 na

                          ---------------------------------------------------------------------------------------------------------
               High            0.8x     18.4x      9.9x      1.4x           0.8x      15.9x     8.6x       1.3x              15.0%
               Mean            0.7      13.7       8.2       0.9            0.6       12.9      7.7        0.9               10.0%
               Median          0.7      12.4       8.5       0.9            0.7       12.2      7.8        0.9               10.0%
               Low             0.3      11.7       6.5       0.6            0.3       11.5      6.4        0.6                5.0%
                          ---------------------------------------------------------------------------------------------------------

BCT International              0.3x      7.3x      5.6x      0.3x           0.0x       0.9x     0.7x       0.0x                 na



- --------------------------------------------------------------------------------
(1) Total Invested Capital equals Market Value plus total debt, preferred
    stock, and minority interests.
(2) Enterprise Value equals Market Value plus total debt, preferred stock, and
    minority interests, less cash.
(3) Sources of estimates: Multex Estimates and other various securities
    analysts' estimates and reports.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
Hoovers & BCT International financial statements and management.

                                       56



BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------
Comparable Company Analysis - Margin and Other Analyses

($ in thousands)



                                                                               LTM (1)
                                       ---------------------------------------------------------------------------------------------
                                                                   as Percentage of Revenue                           Return on
                                                   -----------------------------------------------------------   -------------------
                                                     Gross                Operating                      Net     Average    Average
         Company             Ticker      Revenue     Margin    S G & A      Margin    EBITDA    EBIT    Income    Assets   Common Eq
- ---------------------------  -------   ----------    ------   ---------   ---------  --------  ------  --------  --------  ---------
                                                                                             
Consolidated Graphics, Inc.   CGX       $ 709,780    24.5%      19.0%       5.5%      11.0%     5.5%    -1.6%    -1.9%      -4.2%

Mail-Well, Inc.               MWL       1,521,018    18.8%      15.0%       3.8%       6.8%     3.6%    -0.6%    -0.6%      -4.6%

Impreso, Inc.                 ZCOM        129,506    10.2%       7.4%       2.8%       4.0%     2.9%     0.9%     1.8%       7.3%

Moore Corporation             MCL       2,053,308    31.3%      29.7%       1.6%       8.5%     1.8%    -1.2%    -1.9%      -7.6%

Wallace Computer Services     WCS       1,522,126    27.1%      20.1%       7.0%      11.3%     7.0%     3.6%     5.9%      12.2%

                             -------------------------------------------------------------------------------------------------------
                              High    $ 2,053,308    31.3%      29.7%       7.0%      11.3%     7.0%     3.6%     5.9%      12.2%
                              Mean      1,187,148    22.4%      18.2%       4.2%       8.3%     4.2%     0.2%     0.7%       0.6%
                              Median    1,521,018    24.5%      19.0%       3.8%       8.5%     3.6%    -0.6%    -0.6%      -4.2%
                              Low         129,506    10.2%       7.4%       1.6%       4.0%     1.8%    -1.6%    -1.9%      -7.6%
                             -------------------------------------------------------------------------------------------------------


BCT International             BCTI       $ 18,381    43.1%      39.0%       4.1%       5.4%     4.1%     2.5%     2.6%       3.1%





                                               LTM (1)                                     as of Latest Available Filing
                            ---------------------------------------------  ---------------------------------------------------------
                                       Accts                     Days                 Total Debt               Total Debt  Latest FY
                                    Receivable   Inventory       Sales     Current     to Total     Total Debt    to        Revenue
        Company                      Turnover     Turnover    Outstanding   Ratio   Capitalization    to TIC     EBITDA      Growth
- -------------------------           ----------   ---------    -----------  -------  --------------  ---------- ----------  ---------
                                                                                                
Consolidated Graphics, Inc             6.0x       16.55x         60.4        1.7         41.4%        34.8%       2.3x       -5.8%

Mail-Well, Inc.                        7.0         11.7          52.3        1.3         85.6%        89.8%       8.9x       -9.3%

Impreso, Inc.                          8.9          3.2          41.0        1.3         67.2%        76.8%       6.7x       27.9%

Moore Corporation                      6.1         10.8          59.6        1.1         41.3%        16.5%       1.4x       -4.6%

Wallace Computer Services              6.1         12.3          59.9        2.4         31.5%        16.4%       1.2x       -8.5%

                            --------------------------------------------------------------------------------------------------------
                            High       8.9x        16.5x         60.4        2.4         85.6%        89.8%       8.9x       27.9%
                            Mean       6.8         10.9          54.6        1.6         53.4%        46.9%       4.1        -0.1%
                            Median     6.1         11.7          59.6        1.3         41.4%        34.8%       2.3        -5.8%
                            Low        6.0          3.2          41.0        1.1         31.5%        16.4%       1.2        -9.3%
                            --------------------------------------------------------------------------------------------------------


BCT International           BCTI       7.0x        4.56x         52.4        5.0          5.1%        15.1%       0.8x       -7.3%


- --------------------------------------------------------------------------------
(1) May exclude special items, such as extraordinary and non-recurring expenses.
See individual company overviews for details of exclusions, if any.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
Hoovers & BCT International financial statements and management.

                                       57



BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------
Comparable Company Analysis - Income Statement Overview

($ in thousands, except per share data)



                                              Revenue                      EBITDA (1)                EBIT (1)
                                  ---------------------------------  ------------------------ ------------------------
                                                        Latest                     Latest                    Latest
       Company                          LTM              10-K           LTM         10-K         LTM          10-K
- --------------------------------- ----------------  ---------------  ----------- ------------ -----------  -----------
                                                                                           
Consolidated Graphics, Inc.            $  709,780       $  643,948     $ 77,984     $ 84,256    $ 39,343    $  42,944
Mail-Well, Inc.                         1,521,018        1,653,471      102,805      136,451      55,485       76,816
Impreso, Inc.                             129,506          123,065        5,135        4,730       3,800        3,468
Moore Corporation                       2,053,308        2,154,574      175,224       17,380      36,507     (221,692)
Wallace Computer Services               1,522,126        1,545,629      171,409      176,292     107,202      109,885


                                       Net Income (1)               EPS (1)
                                  ------------------------- ------------------------   Latest        Latest
                                                Latest                   Latest      Available     Available
       Company                        LTM         10-K         LTM         10-K          10-Q         10-K
- --------------------------------- ------------ ------------ ----------- ------------ ------------- ------------
                                                                                
Consolidated Graphics, Inc.        $  (11,550)   $  16,680     $(0.88)    $ 1.27     31-Dec-02    31-Mar-02
Mail-Well, Inc.                        (9,041)      14,281      (0.19)      0.30     30-Sep-02    31-Dec-01
Impreso, Inc.                           1,215        1,063       0.23       0.20     30-Nov-02    31-Aug-02
Moore Corporation                     (25,536)    (287,937)     (0.41)     (3.25)    30-Sep-02    31-Dec-01
Wallace Computer Services              55,155       55,826       1.32       1.35     31-Oct-02    31-Jul-02




                       -------------------------------------------------------------------------------------
                                                                                

                        High          $ 2,053,308      $ 2,154,574    $ 175,224    $ 176,292   $ 107,202
                        Mean            1,187,148        1,224,137      106,511       83,822      48,467
                        Median          1,521,018        1,545,629      102,805       84,256      39,343
                        Low               129,506          123,065        5,135        4,730       3,800
                      -------------------------------------------------------------------------------------


                       -----------------------------------------------------------------------------
                                                                                
                        High          $ 109,885     $ 55,155     $ 55,826      $ 1.32       $ 1.35
                        Mean              2,284        2,049      (40,018)       0.01        (0.03)
                        Median           42,944       (9,041)      14,281       (0.19)        0.30
                        Low            (221,692)     (25,536)    (287,937)      (0.88)       (3.25)
                      -----------------------------------------------------------------------------




                                              Revenue                      EBITDA (1)                EBIT (1)
                                  ---------------------------------  ------------------------ ------------------------
                                                        Latest                     Latest                    Latest
       Company                          LTM              10-K           LTM         10-K         LTM          10-K
- --------------------------------- ----------------  ---------------  ----------- ------------ -----------  -----------
                                                                                           
BCT International                      $   18,381        $  18,007     $    988     $  1,189    $    755    $     963


                                       Net Income (1)               EPS (1)
                                  ------------------------- ------------------------   Latest        Latest
                                                Latest                   Latest      Available     Available
       Company                        LTM         10-K         LTM         10-K          10-Q         10-K
- --------------------------------- ------------ ------------ ----------- ------------ ------------- ------------
                                                                                
BCT International                  $      460    $     584     $ 0.08     $ 0.11     30-Nov-02    28-Feb-02


- --------------------------------------------------------------------------------
(1) May exclude special items, such as extraordinary and non-recurring expenses.
See individual company overviews for details of exclusions, if any.

Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
Hoovers & BCT International financial statements and management.

                                       58



BCT International, Inc.
- --------------------------------------------------------------------------------
Comparable Company Analysis - Balance Sheet Overview

($ in thousands)



                                                                     As of Latest Available Filing
                               -----------------------------------------------------------------------------------------------------
                              Cash, Equivalents  Accounts                   Total Current                 Intangibles,      Total
      Company                  & Mrkt Sec      Receivables     Inventory       Assets        PPE, net         net          Assets
- ------------------------------ -------------- -------------  ------------- -------------- -------------  ------------- -------------
                                                                                                      
Consolidated Graphics, Inc.        $   7,050     $ 113,018      $  31,991      $ 162,276     $ 281,661      $ 110,556     $  562,466

Mail-Well, Inc.                      139,838       228,014        106,137        541,342       387,936        412,037      1,379,758

Impreso, Inc.                            206        13,249         39,606         53,767        15,737              -         69,615

Moore Corporation                    114,052       334,137        131,644        610,312       264,596        112,873      1,417,462

Wallace Computer Services             37,365       254,577         95,328        423,245       313,028        185,647        941,186


                    ----------------------------------------------------------------------------------------------------------------
                     High          $ 139,838     $ 334,137      $ 131,644      $ 610,312     $ 387,936      $ 412,037     $1,417,462
                     Mean             59,702       188,599         80,941        358,188       252,592        164,223        874,097
                     Median           37,365       228,014         95,328        423,245       281,661        112,873        941,186
                     Low                 206        13,249         31,991         53,767        15,737              -         69,615
                    ----------------------------------------------------------------------------------------------------------------


BCT International                  $   4,805     $   2,386      $   2,697      $  10,806     $     963      $     186     $   18,185



                                               As of Latest Available Filing
                               -----------------------------------------------------------    Latest
                                 Total Current     Total         Total      Net Tangible    Available
      Company                    Liabilities       Debt        Common Eq      Common Eq       Filing
- ------------------------------ --------------- -------------- ------------- -------------- -------------
                                                                               
Consolidated Graphics, Inc.          $ 97,442      $ 176,334     $ 249,809      $ 139,253     31-Dec-02

Mail-Well, Inc.                       412,854        916,788       154,194       (257,843)    30-Sep-02

Impreso, Inc.                          41,497         34,197        16,728         16,728     30-Nov-02

Moore Corporation                     547,148        245,184       348,593        235,720     30-Sep-02

Wallace Computer Services             175,689        208,982       454,813        269,166     31-Oct-02


                    -----------------------------------------------------------------------
                     High           $ 547,148      $ 916,788     $ 454,813      $ 269,166
                     Mean             254,926        316,297       244,827         80,605
                     Median           175,689        208,982       249,809        139,253
                     Low               41,497         34,197        16,728       (257,843)
                    -----------------------------------------------------------------------


BCT International                     $ 2,146          $ 828      $ 15,291       $ 15,105     30-Nov-02



- --------------------------------------------------------------------------------
Sources of information: SEC Edgar filings, Multex, CapitalIQ, Commodity Systems,
Hoovers & BCT International financial statements and management.

                                       59





- ------------------------------------------------------------------------------------------------------------------------------------
                      Consolidated Graphics, Inc. Overview
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                          
            Name  Consolidated Graphic        Address 5858 Westheimer      Joe Davis, Chmn & CEO   A national provider of commercial
Latest Fiscal YE  l31-Mar-02                  Telephone 713-787-0977                               printing services. Sales are
 Latest Rprt Per  P31-Dec-02              Website consolidatedgraphics.com                         mainly derived from commercial
                                                                                                   printing services, which include
                                                                                                   electronic prepress, printing,
                                                                                                   finishing storage and delivery of
                                                                                                   high quality, custom-designed
                                                                                                   products. Examples of such
                                                                                                   products
- ------------------------------------------------------------------------------------------------------------------------------------




- ------------------------------------------------------------------------------------------
                           Income and Cashflow Statement Data
- ------------------------------------------------------------------------------------------
($ in thousands, except per share)

                                             LTM      Nine Months Ended   Fiscal Years Ended
                                                      ------------------- -------------------
                                           Dec-02      Dec-02   Dec-01     Mar-02   Mar-01
                                         ------------ ------------------- -------------------
                                                                     
Revenue                                    $ 709,780  $544,174  $478,342  $643,948  $683,396
COGS                                         535,750   411,860   353,257   477,147   494,158
                                         ------------ ------------------- -------------------
                         Gross Profit        174,030   132,314   125,085   166,801   189,238
Selling, General & Administrative            134,687    98,188    87,358   123,857   124,665
Research & Development                             -         -         -         -         -
Other Operating                                    -         -         -         -         -
                                         ------------ ------------------- -------------------
                     Operating Income         39,343    34,126    37,727    42,944    64,573
Interest Income / (Expense), net             (11,053)   (8,020)  (12,111)  (15,144)  (20,858)
Other Income / (Expense), net                      -         -         -         -         -
                                         ------------ ------------------- -------------------
                       Pre-tax Income         28,290    26,106    25,616    27,800    43,715
Taxes                                         39,840    38,927    10,207    11,120    17,676
                                         ------------ ------------------- -------------------
                     After-tax Income        (11,550)  (12,821)   15,409    16,680    26,039
Minority Interest                                  -         -         -         -         -
Equity in Affiliates                               -         -         -         -         -
                                         ------------ ------------------- -------------------
                Normalized Net Income        (11,550)  (12,821)   15,409    16,680    26,039
Preferred Dividends                                -         -         -         -         -
                                         ------------ ------------------- -------------------
      Normalized Net Income to Common      $ (11,550) $(12,821) $ 15,409  $ 16,680  $ 26,039
                                         ============ =================== ===================

                                 EBIT      $  39,343  $ 34,126  $ 37,727  $ 42,944  $ 64,573
             Depreciation & Amortization   $  38,641  $ 27,658  $ 30,329  $ 41,312  $ 38,783
                               EBITDA      $  77,984  $ 61,784  $ 68,056  $ 84,256  $103,356
                                CAPEX      $  14,838  $  9,507  $ 10,939  $ 16,270  $ 26,434
                       EBITDA - CAPEX      $  63,146  $ 52,277  $ 57,117  $ 67,986  $ 76,922
             GAAP Operating Cash Flow      $  86,415  $ 72,566  $ 55,907  $ 69,756  $ 68,118

Basic Reported Weighted Avg Shares Out (000's)          13,212    13,054    13,107    13,142
                 Basic Normalized EPS      $   (0.88) $  (0.97) $   1.18  $   1.27  $   1.98
                   Basic Reported EPS      $   (4.12) $  (4.40) $   0.99  $   1.27  $   1.68
Diluted Reported Weighted Avg Shares Out (000's)        13,528    13,334    13,380    13,186
               Diluted Normalized EPS      $   (0.86) $  (0.95) $   1.16  $   1.25  $   1.97
                 Diluted Reported EPS      $   (4.02) $  (4.30) $   0.97  $   1.25  $   1.68
- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------
                                Normalized Reconciliation
- ---------------------------------------------------------------------------------------------
Restructuring/Goodwill Impairment          $ (70,351) $(74,376) $ (4,025) $      -  $      -
Other Unusual (Expense) Gain Items                 -         -         -         -    (6,440)
Tax Shelter (Charge) on Unusual Items         27,437    29,007     1,570         -     2,512
                                        ------------  ------------------  -------------------
Unusual (Exp) Gain Items, net of Taxes       (42,914)  (45,369)   (2,455)        -    (3,928)
Accounting Changes, net of Taxes                   -         -         -         -         -
Discontinued Operations, net of Taxes              -         -         -         -         -
Extraordinary Items, net of Taxes                  -         -         -         -         -
                                        ------------  ------------------  ------------------
Total Reconciling Items, net of Taxes      $ (42,914) $(45,369) $ (2,455) $      -  $ (3,928)
                                        ============  ==================  ===================

        Reported Income Tax (Benefit)      $  12,403  $  9,920  $  8,637  $ 11,120  $ 15,164
           Reported Net Income (Loss)      $ (54,464) $(58,190) $ 12,954  $ 16,680  $ 22,111
- ---------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------
                      Profitability & Cost Ratios (as % of Revenue)
- ---------------------------------------------------------------------------------------------
                                                                     
Gross Profit                                    24.5%     24.3%     26.1%     25.9%     27.7%
S,G & A                                         19.0%     18.0%     18.3%     19.2%     18.2%
Operating Income                                 5.5%      6.3%      7.9%      6.7%      9.4%
Pre-Tax                                          4.0%      4.8%      5.4%      4.3%      6.4%
EBIT                                             5.5%      6.3%      7.9%      6.7%      9.4%
EBITDA                                          11.0%     11.4%     14.2%     13.1%     15.1%
Normalized Net Income to Common                 -1.6%     -2.4%      3.2%      2.6%      3.8%
Reported Net Income                             -7.7%    -10.7%      2.7%      2.6%      3.2%
CAPEX                                            2.1%      1.7%      2.3%      2.5%      3.9%
- ------------------------------------------------------------------------------------------

- ------------------------------------------------------------------
                               Balance Sheet Data
- ------------------------------------------------------------------
($ in thousands, except per share)                    As of
                                        As of   ------------------
                                      31-Dec-02  Mar-02   Mar-01
                                      --------- ------------------
                                                 
Cash & Equivalents                     $ 7,050   $ 8,955  $ 8,667
Marketable Securities                        -         -        -
                                      --------- ------------------
Total Cash & Mkt Securities              7,050     8,955    8,667
Accounts Receivable                    113,018   121,981  116,095
Inventory                               31,991    32,771   31,536
Other Current Assets                    10,217    11,267    8,628
                                      --------- ------------------
                 Total Current Assets  162,276   174,974  164,926
PPE, net                               281,661   293,831  299,871
Intangibles, net                       110,556   199,331  203,030
Investments                                  -         -        -
Other Assets                             7,973     8,597    6,840
                                      --------- ------------------
                         Total Assets $562,466  $676,733 $674,667
                                      ========= ==================

Accounts Payable                      $ 32,759  $ 32,068 $ 33,865
Accrued Expenses                        43,435    37,382   32,609
Short Term Debt                         21,198    19,877   18,711
Short Term Capital Leases                    -         -        -
Other Current Liabilities                   50       611      253
                                      --------- ------------------
            Total Current Liabilities   97,442    89,938   85,438
Other LT Liabilities                    60,079    66,337   54,966
Long Term Debt                         155,136   213,860  246,729
Long Term Capital Leases                     -         -        -
Minority Interests                           -         -        -
Pref Stock (Liq Value)                       -         -        -
                                      --------- ------------------
       Total Liabilities & Pref Stock  312,657   370,135  387,133
                                      --------- ------------------
Common Equity                          249,809   306,598  287,534
                                      --------- ------------------
           Total Liabilities & Equity $562,466  $676,733 $674,667
                                      ========= ==================

Common Shares Outstanding (000's)       13,314    13,206   13,019
                 Cash Value per share $   0.53  $   0.68 $   0.67
                 Book Value per share $   8.76  $  23.22 $  22.09
        Tangible Book Value per share $  10.46  $   8.12 $   6.49
- ------------------------------------------------------------------

- ------------------------------------------------------------------
                Effectiveness and Efficiency
- ------------------------------------------------------------------
                                                 
A/R Turnover                              6.04x     5.41x    5.89x
Inventory Turnover                       16.55x    14.84x   15.67x
Asset Turnover                            1.15x     0.95x    1.01x
Days Sales Outstanding                    60.4      67.5     62.0
Days Inventory Outstanding                22.1      24.6     23.3
Days Payable Outstanding                  17.6      20.0     20.0
Return on Avg Assets                     -1.9%      2.5%       na
Return on Avg Common Equity              -4.2%      5.6%       na
- ------------------------------------------------------------------

- ------------------------------------------------------------------
                     Financial Strength
- ------------------------------------------------------------------
                                                
Current Ratio                             1.67      1.95      1.93
Quick Ratio                               1.34      1.58      1.56
Total Debt                           $ 176,334 $ 233,737 $ 265,440
Net Debt                             $ 169,284 $ 224,782 $ 256,773
Total Capitalization                 $ 426,143 $ 540,335 $ 552,974
Total Debt/Total Capitalization           41.4%     43.3%     48.0%
Net Debt/Total Capitalization             39.7%     41.6%     46.4%
Total Debt/TIC                            34.8%     46.2%     52.4%
Total Debt/EBITDA                         2.26x     2.77x     2.57x
Total Debt/EBITDA-CAPEX                   2.79x     3.44x     3.45x
EBITDA/Interest Expense                   7.06x     5.56x     4.96x
EBITDA-CAPEX/Interest Expense             5.71x     4.49x     3.69x
- ------------------------------------------------------------------

- ---------------------------------------------------
                Market Information
- ---------------------------------------------------
                                      
As of Date                               20-Feb-03
Exchange                                      NYSE
Stock Price                              $   24.77
52 Week High                             $   24.90
52 Week Low                              $   14.35
Avg. Daily Volume (000's)                       49
Beta                                          0.63
Shares Outstanding (000's)                  13,328
Total Outstanding Warrants & Options (000's)     -
Float (000's)                               11,000

Market Cap                               $ 330,135
Total Invested Capital (TIC)             $ 506,469
Enterprise Value (EV)                    $ 499,419
Ownership
    Insiders % Owned                         17.00%
    Institutional
    % Owned                                  56.00%
    Number of Institutions                     212
- ---------------------------------------------------

- ---------------------------------------------------
                 Valuation Ratios
- ---------------------------------------------------
                             Multiple of
                   --------------------------------
                   Market Cap     TIC         EV
                   --------------------------------
                                   
Latest Twelve Months

  Revenue              0.47x      0.71x       0.70x
  EBIT                 8.39x     12.87x      12.69x
  EBITDA               4.23x      6.49x       6.40x
  Normalized Net Income  na         na          na
  Basic Normalized EPS   na         na          na
Projected

  Mar-03 Mean Revenue  0.46x      0.71x       0.70x
  Mar-04 Mean Revenue  0.44x      0.67x       0.66x
  Mar-03 Mean EPS     15.48x        na          na
  Mar-04 Mean EPS     13.39x        na          na

Most Recent Filing

  Assets               0.59x       0.90x      0.89x
  Common Equity        1.32x         na         na
  Tangible Common
    Equity             2.37x         na         na
- ---------------------------------------------------

- ---------------------------------------------------
             Mean Consensus Estimates
- ---------------------------------------------------
Year Ending         # Ests  Revenue       EPS
- ---------------------------------------------------
                                  
March-03                  1 $ 713,600      $  1.60
March-04                  1 $752,500       $  1.85
LT Growth                 1                 10.00%
- ---------------------------------------------------

- ---------------------------------------------------
               Period Growth Rates
- ---------------------------------------------------
             Nine Months Ended   Fiscal Years Ended
                 Dec-02                Mar-02
             -----------------   ------------------
                           
Revenue               13.8%                  -5.8%
EBIT                  -9.5%                 -33.5%
EBITDA                -9.2%                 -18.5%
- ---------------------------------------------------

- ---------------------------------------------------
Notes



- ---------------------------------------------------

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoovers.

                                       60



- --------------------------------------------------------------------------------
                            Mail-Well, Inc. Overview
- --------------------------------------------------------------------------------
      Name   Mail-Well, Inc. Address 8310 S. Valley Hwy   Officers Paul Reilly,
    Symbol   MWL          City, State Englewood, CO 80112  Pres & CEO
Latest Fiscal31-Dec-01     Telephone (303) 790-8023
Latest Rprt P30-Sep-02       Website imagex.com

Operates 103 printing and manufacturing facilities throughout North America and
three in the United Kingdom.The Company provides high-impact color printing, and
general commercial printing. The Company also has an envelope business that
provides customi



- ------------------------------------------------------------------------------------------------------
                                      Income and Cashflow Statement Data
- ------------------------------------------------------------------------------------------------------
($ in thousands, except per share)
                                          LTM           Nine Months Ended        Fiscal Years Ended
                                                      ----------------------    ----------------------
                                         Sep-02         Sep-02     Sep-01         Dec-01     Dec-00
                                       -----------    ----------------------    ----------------------
                                                                            
Revenue                                $ 1,521,018    $ 1,293,16  $1,425,622    $1,653,471  $1,823,583
COGS                                     1,235,255     1,041,064   1,129,900     1,324,091   1,438,435
                                       -----------    --------------------      ----------------------
             Gross Profit                  285,763       252,105     295,722       329,380     385,148
Selling, General & Administra              227,929       200,051     222,896       250,774     261,465
Research & Development                           -             -           -             -           -
Other Operating                                  -             -           -             -           -
                                       -----------    ----------------------    ----------------------
             Operating Income               57,834        52,054      72,826        78,606     123,683
Interest Income / (Expense),               (55,954)      (52,553)    (49,350)      (52,751)    (62,127)
Other Income / (Expense), net               (2,349)       (2,061)     (1,502)       (1,790)       (974)
                                       -----------    ----------------------    ----------------------
             Pre-tax Income                   (469)       (2,560)     21,974        24,065      60,582
Taxes                                        8,572        10,824      12,035         9,784      22,615
                                       -----------    ----------------------    ----------------------
             After-tax Income               (9,041)      (13,384)      9,939        14,281      37,967
Minority Interest                                -             -           -             -           -
Equity in Affiliates                             -             -           -             -           -
                                       -----------    ----------------------    ----------------------
             Normalized Net Income          (9,041)      (13,384)      9,939        14,281      37,967
Preferred Dividends                              -             -           -             -           -
                                       -----------    ----------------------    ----------------------
 Normalized Net Income to Common       $    (9,041)   $  (13,384) $    9,939    $   14,281  $   37,967
                                       ===========    ======================    ======================

                     EBIT              $    55,485    $   49,993  $   71,324    $   76,816  $  122,709
             Depreciation &            $    47,320    $   40,439  $   52,754    $   59,635  $   60,222
                   EBITDA              $   102,805    $   90,432  $  124,078    $  136,451  $  182,931
                    CAPEX              $    29,621    $   26,943  $   24,121    $   26,799  $   57,772
             EBITDA - CAPEX            $    73,184    $   63,489  $   99,957    $  109,652  $  125,159
             GAAP Operating            $    23,010    $    7,745  $  136,718    $  151,983  $  131,400

Basic Reported Weighted Avg Shares Out                    47,665      47,526        47,562      48,789
             Basic Normalized EPS      $     (0.19)   $    (0.28) $     0.21    $     0.30  $     0.78
             Basic Reported EPS        $     (2.80)   $    (1.84) $    (1.90)   $    (2.86) $     0.57
Diluted Reported Weighted Avg Shares Out                  47,665      47,526        47,562      56,678
             Diluted Normalizd EPS     $     (0.19)   $    (0.28) $     0.21    $     0.30  $     0.67
             Diluted Reported EPS      $     (2.80)   $    (1.84) $    (1.90)   $    (2.86) $     0.49
- ------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------
                                       Normalized Reconciliation
- ------------------------------------------------------------------------------------------------------
                                                                             
Restructuring/Goodwill Impa            $   (92,898)   $  (82,486) $  (34,378)   $  (44,790) $   (6,160)
Other Unusual (Expense) Gain Items               -             -           -             -           -
Tax Shelter (Charge) on Unusual             36,230        32,170      13,407        17,468       2,402
                                       -----------      --------------------      --------------------
Unusual (Exp) Gain Items, net              (56,668)      (50,316)    (20,971)      (27,322)     (3,758)
Accounting Changes, net of Taxes                 -             -           -             -           -
Discontinued Operations, net               (57,700)      (13,958)    (79,434)     (123,176)     (8,038)
Extraordinary Items, net of Taxes          (10,125)      (10,125)          -             -       1,447
                                       -----------      --------------------      --------------------
Total Reconciling Items, n             $  (124,493)   $  (74,399) $ (100,405)   $ (150,498  $  (10,349)
                                       ===========      ====================      ====================

             Reported Income           $   (27,658)   $  (21,346) $   (1,372)   $   (7,684) $   20,213
             Reported Net              $  (133,534)   $  (87,783) $  (90,466)   $ (136,217) $   27,618

- ------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------
                         Profitability & Cost Ratios (as % of Revenue)
- ------------------------------------------------------------------------------------------------------
                                                                                   
Gross Profit                                  18.8%         19.5%       20.7%         19.9%       21.1%
S,G & A                                       15.0%         15.5%       15.6%         15.2%       14.3%
Operating Income                               3.8%          4.0%        5.1%          4.8%        6.8%
Pre-Tax                                        0.0%         -0.2%        1.5%          1.5%        3.3%
EBIT                                           3.6%          3.9%        5.0%          4.6%        6.7%
EBITDA                                         6.8%          7.0%        8.7%          8.3%       10.0%
Normalized Net Income to Common               -0.6%         -1.0%        0.7%          0.9%        2.1%
Reported Net Income                           -8.8%         -6.8%       -6.3%         -8.2%        1.5%
CAPEX                                          1.9%          2.1%        1.7%          1.6%        3.2%
- ------------------------------------------------------------------------------------------------------



        --------------------------------------------------------------------
                                  Balance Sheet Data
        --------------------------------------------------------------------
        ($ in thousands, except per share)                     As of
                                          As of       ----------------------
                                         30-Sep-02        Dec-01      Dec-00
                                        ----------     ---------------------
                                                         
        Cash & Equivalents              $  139,838    $      809  $       94
        Marketable Securities                    -             -           -
                                        ----------     ---------------------
        Total Cash & Mkt Securi            139,838           809          94
        Accounts Receivable                228,014       207,750     203,968
        Inventory                          106,137       104,544     131,417
        Other Current Assets                67,353       367,451     452,241
                                        ----------    ----------------------
                    Total Current          541,342       680,554     787,720
        PPE, net                           387,936       375,415     431,025
        Intangibles, net                   412,037       347,061     389,148
        Investments                              -             -           -
        Other Assets                        38,443        46,094      45,064
                                        ----------    ----------------------
                    Total Assets        $1,379,758    $  1,449,1  $1,652,957
                                        ==========    ======================

        Accounts Payable                $  155,773    $  142,521  $  127,912
        Accrued Expenses                    48,843        44,310      48,444
        Short Term Debt                    142,845       302,822      40,040
        Short Term Capital Leases                -             -           -
        Other Current Liabilitie            65,393        57,245      57,978
                                        ----------    ----------------------
                    Total Current          412,854       546,898     274,374
        Other LT Liabilities                38,767       110,172     112,977
        Long Term Debt                     773,943       550,177     879,753
        Long Term Capital Leases                 -             -           -
        Minority Interests                       -             -           -
        Pref Stock (Liq Value)                   -             -           -
                                        ----------    ----------------------
                    Total Liabilities    1,225,564     1,207,247   1,267,104
                                        ----------    ----------------------
        Common Equity                      154,194       241,877     385,853
                                        ----------    ----------------------
                    Total Liabilities   $1,379,758    $  1,449,1  $1,652,957
                                        ==========    ======================

                    Common Share            48,225        48,326      47,455
                    Cash Value p        $     2.90    $     0.02  $     0.00
                    Book Value p        $     3.20    $     5.01  $     8.13
                    Tangible Bo         $    (5.35)   $    (2.18) $    (0.07)

        --------------------------------------------------------------------

        --------------------------------------------------------------------
                          Effectiveness and Efficiency
        --------------------------------------------------------------------
                                                            
        A/R Turnover                          6.98x         8.03x       8.94x
        Inventory Turnover                   11.73x        11.22x      10.95x
        Asset Turnover                        1.08x         1.07x       1.10x
        Days Sales Outstanding                52.3          45.4        40.8
        Days Inventory Outstanding            31.1          32.5        33.3
        Days Payable Outstanding              37.2          31.3        27.5
        Return on Avg Assets                  -0.6%          0.9%         na
        Return on Avg Common Equi             -4.6%          4.6%         na
        --------------------------------------------------------------------

        --------------------------------------------------------------------
                               Financial Strength
        --------------------------------------------------------------------
                                                         
        Current Ratio                         1.31          1.24        2.87
        Quick Ratio                           1.05          1.05        2.39
        Total Debt                      $  916,788     $ 852,999  $  919,793
        Net Debt                        $  776,950     $ 852,190  $  919,699
        Total Capitalization            $1,070,982     $1,094,87  $1,305,646
        Total Debt/Total Capitali             85.6%         77.9%       70.4%
        Net Debt/Total Capitaliza             72.5%         77.8%       70.4%
        Total Debt/TIC                        89.8%         83.6%       90.1%
        Total Debt/EBITDA                     8.92x         6.25x       5.03x
        Total Debt/EBITDA-CAPEX              12.53x         7.78x       7.35x
        EBITDA/Interest Expense               1.84x         2.59x       2.94x
        EBITDA-CAPEX/Interest Ex              1.31x         2.08x       2.01x
        --------------------------------------------------------------------



- ----------------------------------------------------------------------------
                            Market Information
- ----------------------------------------------------------------------------
                                                              
As of Date                                                         20-Feb-03
Exchange                                                                NYSE
Stock Price                                                      $      2.15
52 Week High                                                     $      6.94
52 Week Low                                                      $      0.95
Avg. Daily Volume (000's)                                                 87
Beta                                                                    1.36
Shares Outstanding (000's)                                            48,251
Total Outstanding Warrants & Options (000's)                               -
Float (000's)                                                         26,300

Market Cap                                                       $   103,740
Total Invested Capital (TIC)                                     $ 1,020,528
Enterprise Value (EV)                                            $   880,690
Ownership
    Insiders % Owned                                                   45.00%
    Institutional
    % Owned                                                            54.00%
    Number of Institutions                                               126
- ----------------------------------------------------------------------------

- ----------------------------------------------------------------------------
                              Valuation Ratios
- ----------------------------------------------------------------------------
                                                     Multiple of
                                       -------------------------------------
                                        Market Cap           TIC          EV
                                       -------------------------------------
                                                             
Latest Twelve Months
    Revenue                                   0.07x         0.67x       0.58x
    EBIT                                      1.87x        18.39x      15.87x
    EBITDA                                    1.01x         9.93x       8.57x
    Normalized Net Income                       na            na          na
    Basic Normalized EPS                        na            na          na
Projected
    Dec-02 Mean Revenu                        0.06x         0.60x       0.52x
    Dec-03 Mean Revenu                        0.06x         0.59x       0.51x
    Dec-02 Mean EPS                           6.52x           na          na
    Dec-03 Mean EPS                           5.12x           na          na
Most Recent Filing
    Assets                                    0.08x         0.74x       0.64x
    Common Equity                             0.67x           na          na
    Tangible Common Equit                       na            na          na
- ----------------------------------------------------------------------------

- ----------------------------------------------------------------------------
             Mean Consensus Estimates
- ----------------------------------------------------------------------------
Year Ending                                 # Ests       Revenue         EPS
- ----------------------------------------------------------------------------
                                                             
December-02                                      1   $ 1,693,150      $ 0.33
December-03                                      1   $ 1,722,970      $ 0.42
LT Growth                                        -                      5.00%
- ----------------------------------------------------------------------------

- ---------------------------------------------------------
                Period Growth Rates
- ---------------------------------------------------------
                   Nine Months Ended  Fiscal Years Ended
                        Sep-02               Dec-01
                   -----------------  ------------------
Revenue                 -9.3%                 -9.3%
EBIT                   -29.9%                -37.4%
EBITDA                 -27.1%                -25.4%
- ---------------------------------------------------------

- --------------------------------------------------------------------------
Notes

  Add backs include restructuring expenses and asset impairment charges.
  Discontinued operations represent sale of label & printed office product
  segments.
  Extraordinary items include gain from settlement of debt.
- --------------------------------------------------------------------------
Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoovers.

                                       61




                             Impreso, Inc. Overview

Name                     Impreso, Inc.     Address 652 Southwestern Blvd.
Symbol                   ZCOM              City, State Zip  Coppell, TX 75019
Latest Fiscal YE         31-Aug-02         Telephone         972-462-0100
Latest Rprt Per          30-Nov-02         Website  tstimpreso.com


Officers Marshall Sorokwasz, CEO

Impreso, Inc. is the holding company of TST/Impreso, Inc. (TST), a manufacturer
and distributor to dealers and other resellers of various paper and film
products for commercial and home use in domestic and international markets, and
Hotsheet.com, Inc., th

                       Income and cashflow Statement Data

($ in thousands, except per share)


                                                                     Three Months Ended            Fiscal Years Ended
                                                   LTM            ----------------------        ------------------------
                                                  Nov-02            Nov-02        Nov-01          Aug-02         Aug-01
                                               ----------        ---------      ---------       ---------       --------
                                                                                                 

Revenue                                          $129,506          $31,842        $25,401        $123,065       $96,208

COGS                                              116,243           28,598         22,803         110,448        84,752
                                               ----------        ---------      ---------       ---------       --------
                                   Gross Profit    13,263            3,244          2,598          12,617        11,456
Selling, General &
Administrative                                      9,603            2,370          2,099           9,332         7,872
Research & Development                                  -                -              -               -             -
Other Operating                                         -                -              -               -             -
                                               ----------        ---------      ---------       ---------       --------
                               Operating Income     3,660              874            499           3,285         3,584
Interest Income /
(Expense), net                                     (1,774)            (483)          (453)         (1,744)       (1,633)
Other Income /
(Expense), net                                        140              107            150             183            72
                                               ----------        ---------      ---------       ---------       --------
                                 Pre-tax Income     2,026              498            196           1,724         2,023
Taxes                                                 811              193             43             661           776
                                               ----------        ---------      ---------       ---------       --------
                               After-tax Income     1,215              305            153           1,063         1,247

Minority Interest                                       -                -              -               -             -
Equity in Affiliates                                    -                -              -               -             -
                                               ----------        ---------      ---------       ---------       --------
                          Normalized Net Income     1,215              305            153           1,063         1,247
Preferred Dividends                                     -                -              -               -             -
                                               ----------        ---------      ---------       ---------       --------
     Normalized Net Income to Common             $  1,215          $   305        $   153        $  1,063       $ 1,247
                                               ==========        =========      ==========      ==========      ========

                                           EBIT  $  3,800          $   981        $   649        $  3,468       $ 3,656
                    Depreciation & Amortization  $  1,335          $   366        $   293        $  1,262       $   874
                                         EBITDA  $  5,135          $ 1,347        $   942        $  4,730       $ 4,530
                                          CAPEX  $  1,644          $   163        $    59        $  1,540       $ 1,200
                                 EBITDA - CAPEX  $  3,491          $ 1,184        $   883        $  3,190       $ 3,330
                       GAAP Operating Cash Flow  $   (120)         $(4,435)       $ 1,126        $  5,441       $ 4,946

Basic Reported Weighted Avg Shares Out (000's)                       5,279          5,279           5,279         5,281

                           Basic Normalized EPS  $   0.23          $  0.06        $  0.03        $   0.20       $  0.24
                             Basic Reported EPS  $   0.23          $  0.06        $  0.15        $   0.32       $  0.24


Diluted Reported Weighted Avg Shares Out (000's)                     5,279          5,279           5,279        5,281
                             Diluted Normalized
                                            EPS  $   0.23          $  0.06        $  0.03        $   0.20       $  0.24
                           Diluted Reported EPS  $   0.23          $  0.06        $  0.15        $   0.32       $  0.24




                            Normalized Reconciliation
                                                                              

Restructuring/Goodwill Impairment           $    -      $  -     $    -         $    -        $    -
Other Unusual (Expense) Gain Items               -         -      1,005          1,005             -
Tax Shelter (Charge) on Unusual Items            -         -       (392)          (392)            -
                                            -------     ---------------------  ---------------------
Unusual (Exp) Gain Items, net of Taxes           -         -        613            613             -
Accounting Changes, net of Taxes                 -         -          -              -             -
Discontinued Operations, net of Taxes            -         -          -              -             -
Extraordinary Items,
net of Taxes                                     -         -          -              -             -
                                            -------     ---------------------  ---------------------
Total Reconciling Items, net of Taxes       $    -      $  -     $  613         $  613        $    -
                                            =======     =====================  =====================
       Reported Income Tax (Benefit)        $   811     $193     $  435         $1,053        $  776
         Reported Net Income(Loss)          $ 1,215     $305     $  766         $1,676        $1,247



                  Profitability & Cost Ratios (as % of Revenue)
                                                                                 
Gross Profit                              10.2%          10.2%       10.2%         10.3%        11.9%
S,G & A                                    7.4%           7.4%        8.3%          7.6%         8.2%
Operating Income                           2.8%           2.7%        2.0%          2.7%         3.7%
Pre-Tax                                    1.6%           1.6%        0.8%          1.4%         2.1%
EBIT                                       2.9%           3.1%        2.6%          2.8%         3.8%
EBITDA                                     4.0%           4.2%        3.7%          3.8%         4.7%
Normalized Net Income to Common            0.9%           1.0%        0.6%          0.9%         1.3%
Reported Net Income                        0.9%           1.0%        3.0%          1.4%         1.3%
CAPEX                                      1.3%           0.5%        0.2%          1.3%         1.2%







- -------------------------------------------------------------------------------------------
                                    Balance Sheet Data
- -------------------------------------------------------------------------------------------
($ in thousands,
except per share)                                                           As of
                                            As of                 -------------------------
                                         30-Nov-02                  Aug-02       Aug-01
                                        ------------              ------------ ------------
                                                                      
Cash & Equivslents                         $     206                 $     203    $      11
Marketable Securities                              -                         -            -
                                        ------------              ------------ ------------
Total Cash & Mkt Securities                      206                       203          211
Accounts Receivable                           13,249                    15,864       11,748
Inventory                                     39,606                    34,111       38,460
Other Current Assets                             706                       740          351
                                        ------------              ------------ ------------
                         Total Current
                                Assets        53,767                    50,918       50,770
PPE, net                                      15,737                    15,939       11,213
Intangibles, net                                   -                         -            -
Investments                                        -                         -            -
Other Assets                                     111                       115          219
                                        ------------              ------------ ------------
                          Total Assets
                                           $  69,615                 $  66,972    $  62,202
                                        ============              ============ ============

Accounts Payable                           $  15,097                 $  16,302    $  18,572
Accrued Expenses                               2,630                     3,703        1,942
Short Term Debt                               23,770                    18,992       19,720
Short Term Capital Leases                          -                         -            -
Other Current Liabilities                          -                         -            -
                                        ------------              ------------ ------------
                         Total Current
                           Liabilities        41,497                    38,997       40,234

Other LT Liabilities                             963                       949          927
Long Term Debt                                10,427                    10,609        6,328
Long Term Capital Leases                           -                         -            -
Minority Interests                                 -                         -            -
Pref Stock (Liq Value)                             -                         -            -
                                        ------------              ------------ ------------
                     Total Liabilities
                          & Pref Stock        52,887                    50,555       47,489
                                        ------------              ------------ ------------
Common Equity
                                              16,728                    16,417       14,713
                                        ------------              ------------ ------------
                     Total Liabilities
                              & Equity     $  69,615                 $  66,972    $  62,202
                                        ============              ============ ============

                         Common Shares
                   Outstanding (000's)         5,279                     5,279        5,265
                        Cash Value per
                                 share     $    0.04                 $    0.04    $    0.04
                        Book Value per
                                 share     $    3.17                 $    3.11    $    2.79
                         Tangible Book
                       Value per share     $    3.17                 $    3.11    $    2.79



- --------------------------------------------------------------------------------
                               Effectiveness and Efficiency
- --------------------------------------------------------------------------------
A/R Turnover                        8.90 x          8.91 x       8.19 x
Inventory Turnover                  3.15 x          3.04 x       2.20 x
Asset Turnover                      1.90 x          1.91 x       1.55 x
Days Sales Outstanding                41.0            40.9         44.6
Days Inventory Outstanding           115.7           119.9        165.6
Days Payable Outstanding              45.5            53.1         73.2
Return on Avg Assets                  1.8%            1.6%           na
Return on Avg Common Equity           7.3%            6.8%           na
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
                                    Financial Strength
- --------------------------------------------------------------------------------
Current Ratio                              1.30            1.31          1.26
Quick Ratio                                0.34            0.43          0.31
Total Debt                              $34,197         $29,601       $26,048
Net Debt                                $33,991         $29,398       $25,837
Total Capitalization                    $50,925         $46,018       $40,761
Total Debt/Total Capitalization           67.2%           64.3%         63.9%
Net Debt/Total Capitalization             66.7%           63.9%         63.4%
Total Debt/TIC                            76.8%           66.5%         58.5%
Total Debt/EBITDA                         6.66x           6.26x         5.75x
Total Debt/EBITDA-CAPEX                   9.80x           9.28x         7.82x
EBITDA/Interest Expense                   2.89x           2.71x         2.77x
EBITDA-CAPEX/Interest Expense             1.97x           1.83x         2.04x
- --------------------------------------------------------------------------------

- ---------------------------------------------------------------
                      Market Information
- ---------------------------------------------------------------
As of Date                                           20-Feb-03
Exchange                                                NASDAQ

Stock Price                                            $  1.96
52 Week High                                           $  3.54
52 Week Low                                            $  1.72
Avg. Daily Volume (000's)                                    3
Beta                                                      0.81
Shares Outstanding
(000's)                                                  5,279
Total Outstanding Warrants & Options
(000's)                                                      -
Float
(000's)                                                  1,700

Market Cap                                             $10,347
Total Invested Capital (TIC)                           %44,544
Enterprise Value (EV)                                  $44,338
Ownership
            Insiders % Owned                             68.00%
            Institutional
              % Owned                                     3.00%
              Number of Institutions                        10
- ---------------------------------------------------------------

- ---------------------------------------------------------------
                       Valuation Ratios
- ---------------------------------------------------------------
                                       Multiple  of
                           ------------------------------------
                           Market Cap     TIC          EV
                           ----------- ----------- ------------
Latest Twelve Months
            Revenue             0.08x       0.34x        0.34x
            EBIT                2.72x      11.72x       11.67x
            EBITDA              2.01x       8.67x        8.63x
            Normalized
            Net Income          8.52x      36.66x       36.49x
            Basic
            Normalized
            EPS                 8.52x          na           na
Projected
            Dec-02 Mean
            Revenue                na          na           na
            Dec-03 Mean
            Revenue                na          na           na
            Dec-02 Mean
            EPS                    na          na           na
            Dec-03 Mean
            EPS                    na          na           na
Most Recent Filing
            Assets              0.15x       0.64x        0.64x
            Common Equity       0.62x          na           na
            Tangible
            Common Equity       0.62x          na           na
- ---------------------------------------------------------------

- ---------------------------------------------------------------
                   Mean Consensus Estimates
- ---------------------------------------------------------------
Year                             # Ests     Revenue        EPS
Ending
- ---------------------------------------------------------------
December-02                        na          na           na
December-03                        na          na           na
LT Growth                          na          na           na
- ---------------------------------------------------------------

- ---------------------------------------------------------------
                     Period Growth Rates
- ---------------------------------------------------------------
                  Three Months Ended       Fiscal Years Ended
                        Nov-02                  Aug-02
                     -----------             ------------
Revenue                 25.4%                    27.9%
EBIT                    51.2%                    -5.1%
EBITDA                  43.0%                     4.4%
- ---------------------------------------------------------------

- ----------- -------------- ----------- ----------- ------------
Notes
            Unusual expense relates to litigation settlement


Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoovers.



- --------------------------------------------------------------------------------
                           Moore Corporation Overview



- ---------------------------------------------------------------------------------------------------------------------------
                                                                               
        Name       Moore Corporation            Address 6100 Vipond Drive               Officers Alfred Eckert, III, Chair
      Symbol       MCL                  City, State Zip Mississauga, ON L5T 2, Canada
Latest Fiscal YE   31-Dec-01                  Telephone (905) 362-3100
 Latest Rprt Per   30-Sep-02                    Website http://www.moore.com/
- ---------------------------------------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
    Moore operates in three complementary business segments: Forms and Labels,
    Outsourcing and Commercial. The Forms and Labels business designs,
    manufactures and sells paper based and electronic business forms and labels,
    and provides electronic print manage
- --------------------------------------------------------------------------------



- -------------------------------------------------------------------------------------------------------------------------
                                          Income and Cashflow Statement Data
- -------------------------------------------------------------------------------------------------------------------------
($ in thousands, except per share)
                                                                   Nine Months Ended            Fiscal Years Ended
                                                       LTM      -------------------------  ------------------------------
                                                     Sep-02       Sep-02       Sep-01           Dec-01         Dec-00
                                                   ------------ -------------------------  ------------------------------
                                                                                              
Revenue                                            $ 2,053,308  $ 1,516,059  $ 1,617,325         $ 2,154,574  $2,258,418
COGS                                                 1,409,680    1,036,672    1,179,553           1,552,561   1,598,525
                                                   ------------ -------------------------  ------------------------------
                                      Gross Profit     643,628      479,387      437,772             602,013     659,893
Selling, General & Administrative                      610,487      406,295      610,466             814,658     730,160
Research & Development                                       -            -            -                   -           -
Other Operating                                              -            -            -                   -           -
                                                   ------------ -------------------------  ------------------------------
                                  Operating Income      33,141       73,092     (172,694)           (212,645)    (70,267)
Interest Income / (Expense), net                       (17,338)      (8,965)     (18,280)            (26,653)    (25,561)
Other Income / (Expense), net                            3,366        4,936       (7,477)             (9,047)     (9,797)
                                                   ------------ -------------------------  ------------------------------
                                    Pre-tax Income      19,169       69,063     (198,451)           (248,345)   (105,625)
Taxes                                                   28,346       13,034        7,125              22,437     (26,750)
                                                   ------------ -------------------------  ------------------------------
                                  After-tax Income      (9,177)      56,029     (205,576)           (270,782)    (78,875)
Minority Interest                                       (1,014)        (577)      (1,373)             (1,810)     (2,157)
Equity in Affiliates                                         -            -            -                   -           -
                                                   ------------ -------------------------  ------------------------------
                             Normalized Net Income     (10,191)      55,452     (206,949)           (272,592)    (81,032)
Preferred Dividends                                     15,345            -            -              15,345           -
                                                   ------------ -------------------------  ------------------------------
                   Normalized Net Income to Common $   (25,536) $    55,452  $  (206,949)        $  (287,937) $  (81,032)
                                                   ============ =========================  ==============================

                                              EBIT $    36,507  $    78,028  $  (180,171)        $  (221,692) $  (80,064)
                       Depreciation & Amortization $   138,717  $    65,578  $   165,933         $   239,072  $  152,546
                                            EBITDA $   175,224  $   143,606  $   (14,238)        $    17,380  $   72,482
                                             CAPEX $    25,122  $     3,423  $    14,581         $    36,280  $   36,913
                                    EBITDA - CAPEX $   150,102  $   140,183  $   (28,819)        $   (18,900) $   35,569
                          GAAP Operating Cash Flow $   131,333  $    90,160  $    95,156         $   136,329  $   34,690

Basic Reported Weighted Avg Shares Out (000's)                      111,568       88,457              88,648      88,457
                              Basic Normalized EPS $     (0.41) $      0.50  $     (2.34)        $     (3.25) $    (0.92)
                                Basic Reported EPS $     (0.70) $      0.41  $     (3.10)        $     (4.21) $    (0.75)
Diluted Reported Weighted Avg Shares Out (000's)                    113,885       88,457              88,648      88,457
                            Diluted Normalized EPS $     (0.42) $      0.49  $     (2.34)        $     (3.25) $    (0.92)
                              Diluted Reported EPS $     (0.71) $      0.40  $     (3.10)        $     (4.21) $    (0.75)
- -------------------------------------------------------------------------------------------------------------------------


- -------------------------------------------------------------------------------------------------------------------------
                                                   Normalized Reconciliation
- -------------------------------------------------------------------------------------------------------------------------
                                                                                              
Restructuring/Goodwill Impairment                  $   (19,765) $         -  $  (109,914)        $  (129,679) $   24,033
Other Unusual (Expense) Gain Items                     (27,142)     (16,746)           -             (10,396)          -
Tax Shelter (Charge) on Unusual Items                   18,294        6,531       42,866              54,629      (9,373)
                                                   ------------ -------------------------  ------------------------------
Unusual (Exp) Gain Items, net of Taxes                 (28,613)     (10,215)     (67,048)            (85,446)     14,660
Accounting Changes, net of Taxes                             -            -            -                   -           -
Discontinued Operations, net of Taxes                        -            -            -                   -           -
Extraordinary Items, net of Taxes                            -            -            -                   -           -
                                                   ------------ -------------------------  ------------------------------
Total Reconciling Items, net of Taxes              $   (28,613) $   (10,215) $   (67,048)        $   (85,446) $   14,660
                                                   ============ =========================  ==============================

                     Reported Income Tax (Benefit) $    10,052  $     6,503  $   (35,741)        $   (32,192) $  (17,377)
                        Reported Net Income (Loss) $   (54,149) $    45,237  $  (273,997)        $  (373,383) $  (66,372)
- -------------------------------------------------------------------------------------------------------------------------


- -------------------------------------------------------------------------------------------------------------------------
                                           Profitability & Cost Ratios (as % of Revenue)
- -------------------------------------------------------------------------------------------------------------------------
                                                                                              
Gross Profit                                             31.3%        31.6%        27.1%               27.9%       29.2%
S,G & A                                                  29.7%        26.8%        37.7%               37.8%       32.3%
Operating Income                                          1.6%         4.8%       -10.7%               -9.9%       -3.1%
Pre-Tax                                                   0.9%         4.6%       -12.3%              -11.5%       -4.7%
EBIT                                                      1.8%         5.1%       -11.1%              -10.3%       -3.5%
EBITDA                                                    8.5%         9.5%        -0.9%                0.8%        3.2%
Normalized Net Income to Common                          -1.2%         3.7%       -12.8%              -13.4%       -3.6%
Reported Net Income                                      -2.6%         3.0%       -16.9%              -17.3%       -2.9%
CAPEX                                                     1.2%         0.2%         0.9%                1.7%        1.6%
- -------------------------------------------------------------------------------------------------------------------------




- ----------------------------------------------------------------------------------
                               Balance Sheet Data
- ----------------------------------------------------------------------------------
($ in thousands, except per share)                                 As of
                                                 As of     -----------------------
                                               30-Sep-02     Dec-01      Dec-00
                                               ----------- -----------------------
                                                              
Cash & Equivalents                             $   114,052  $   84,855 $   36,538
Marketable Securities                                    -           -          -
                                               ----------- -----------------------
Total Cash & Mkt Securities                        114,052      84,855     36,538
Accounts Receivable                                334,137     336,153    407,304
Inventory                                          131,644     128,421    154,484
Other Current Assets                                30,479      27,110     92,562
                                               ----------- -----------------------
                          Total Current Assets     610,312     576,539    690,888
PPE, net                                           264,596     307,640    409,099
Intangibles, net                                   112,873      42,294    130,530
Investments                                         33,473      32,204     33,650
Other Assets                                       396,208     378,309    479,420
                                               ----------- -----------------------
                                  Total Assets $ 1,417,462  $1,336,986 $1,743,587
                                               =========== =======================
Accounts Payable                               $   459,467  $  486,626 $  400,057
Accrued Expenses                                         -           -          -
Short Term Debt                                     30,291      74,215     32,137
Short Term Capital Leases                                -           -          -
Other Current Liabilities                           57,390      28,001     36,053
                                               ----------- -----------------------
                     Total Current Liabilities     547,148     588,842    468,247
Other LT Liabilities                               306,828     304,632    366,945
Long Term Debt                                     208,192     111,062    272,465
Long Term Capital Leases                                 -           -          -
Minority Interests                                   6,701      11,200     11,245
Pref Stock (Liq Value)                                   -           -          -
                                               ----------- -----------------------
                Total Liabilities & Pref Stock   1,068,869   1,015,736  1,118,902
                                               ----------- -----------------------
Common Equity                                      348,593     321,250    624,685
                                               ----------- -----------------------
                    Total Liabilities & Equity $ 1,417,462  $1,336,986 $1,743,587
                                               =========== =======================

            Common Shares Outstanding (000's)      111,401     111,804     88,457
                      Cash Value per share     $      1.02  $     0.76 $     0.41
                      Book Value per share     $      3.13  $     2.87 $     7.06
             Tangible Book Value per share     $      2.12  $     2.50 $     5.59
- ----------------------------------------------------------------------------------


- ----------------------------------------------------------------------------------
                          Effectiveness and Efficiency
- ----------------------------------------------------------------------------------
                                                              
A/R Turnover                                        6.13 x      5.80 x     5.54 x
Inventory Turnover                                 10.84 x     10.98 x    10.35 x
Asset Turnover                                      1.49 x      1.40 x     1.30 x
Days Sales Outstanding                                59.6        63.0       65.8
Days Inventory Outstanding                            33.7        33.3       35.3
Days Payable Outstanding                              85.5        68.4       62.7
Return on Avg Assets                                  -1.9%      -18.7%        na
Return on Avg Common Equity                           -7.6%      -60.9%        na
- ----------------------------------------------------------------------------------


- ----------------------------------------------------------------------------------
                               Financial Strength
- ----------------------------------------------------------------------------------
                                                              
Current Ratio                                         1.12        0.98       1.48
Quick Ratio                                           0.87        0.76       1.15
Total Debt                                     $   245,184  $  196,477 $  315,847
Net Debt                                       $   131,132  $  111,622 $  279,309
Total Capitalization                           $   593,777  $  517,727 $  940,532
Total Debt/Total Capitalization                       41.3%       37.9%      33.6%
Net Debt/Total Capitalization                         22.1%       21.6%      29.7%
Total Debt/TIC                                        16.5%       13.2%      21.2%
Total Debt/EBITDA                                   1.40 x     11.30 x     4.36 x
Total Debt/EBITDA-CAPEX                             1.63 x          na     8.88 x
EBITDA/Interest Expense                            10.11 x      0.65 x     2.84 x
EBITDA-CAPEX/Interest Expense                       8.66 x          na     1.39 x
- ----------------------------------------------------------------------------------




- -------------------------------------------------------------------------------------------
                                    Market Information
- -------------------------------------------------------------------------------------------
                                                                              
As of Date                                                                       20-Feb-03
Exchange                                                                              NYSE
Stock Price                                                                    $     11.15
52 Week High                                                                   $     14.45
52 Week Low                                                                    $      7.85
Avg. Daily Volume (000's)                                                            1,013
Beta                                                                                  0.68
Shares Outstanding (000's)                                                         111,409
Total Outstanding Warrants & Options (000's)                                             -
Float (000's)                                                                      109,200

Market Cap                                                                     $ 1,242,210
Total Invested Capital (TIC)                                                   $ 1,487,394
Enterprise Value (EV)                                                          $ 1,373,342
Ownership
    Insiders % Owned                                                                  2.00%
    Institutional
      % Owned                                                                        57.00%
      Number of Institutions                                                           223
- -------------------------------------------------------------------------------------------


- -------------------------------------------------------------------------------------------
                                     Valuation Ratios
- -------------------------------------------------------------------------------------------
                                                              Multiple of
                                              ---------------------------------------------
                                                 Market Cap        TIC           EV
                                              ---------------------------------------------
                                                                       
Latest Twelve Months
    Revenue                                              0.60x       0.72x           0.67x
    EBIT                                                34.03x      40.74x          37.62x
    EBITDA                                               7.09x       8.49x           7.84x
    Normalized Net Income                                   na          na              na
    Basic Normalized EPS                                    na          na              na
Projected

    Dec-03 Mean Revenue                                  0.49x       0.58x           0.54x
    Dec-04 Mean Revenue                                  0.43x       0.51x           0.48x
    Dec-03 Mean EPS                                     13.43x          na              na
    Dec-04 Mean EPS                                     10.14x          na              na
Most Recent Filing

    Assets                                               0.88x       1.05x           0.97x
    Common Equity                                        3.56x          na              na
    Tangible Common Equity                               5.27x          na              na
- -------------------------------------------------------------------------------------------


- -------------------------------------------------------------------------------------------
                                 Mean Consensus Estimates
- -------------------------------------------------------------------------------------------
Year Ending                                        # Ests        Revenue         EPS
- -------------------------------------------------------------------------------------------
                                                                       
December-03                                                  2  $2,558,750          $ 0.83
December-04                                                  2  $2,890,000          $ 1.10
LT Growth                                                    1          na           15.00%
- -------------------------------------------------------------------------------------------


- -------------------------------------------------------------------------------------------
                                   Period Growth Rates
- -------------------------------------------------------------------------------------------
                                              Nine Months Ended            Fiscal Years Ended
                                                   Sep-02                      Dec-01
                                              -----------------            ----------------
                                                                       
Revenue                                                   -6.3%                       -4.6%
EBIT                                                    -143.3%                      176.9%
EBITDA                                                 -1108.6%                      -76.0%
- -------------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
Notes

    Add backs include restructuring cost provisioning, and debt settlement
     expenses.

- --------------------------------------------------------------------------------
Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoovers.


                                       63





- ----------------------------------------------------------------------------------------------------------------------------------
                                              Wallace Computer Services Overview
- ----------------------------------------------------------------------------------------------------------------------------------
                                                                              
            Name  Wallace Computer Services          Address 2275 Cabot Drive       Officers M.David Jones, CEO
          Symbol  WCS                        City, State Zip Lisle, IL 60532
Latest Fiscal YE  31-Jul-02                        Telephone (630) 588-5000
 Latest Rprt Per  31-Oct-02                          Website http://www.wallace.com/

A provider of printed products and print management services to Fortune 1000 customers. The Company operates in two business
segments: the forms and labels segment and the integrated graphics segment. The principal products and services supplied by
the fo
- ----------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------------
                                              Income and Cashflow Statement Data
- ----------------------------------------------------------------------------------------------------------------------------------
($ in thousands, except per share)

                                                                          Three Months Ended               Fiscal Years Ended
                                                        LTM            ------------------------       ----------------------------
                                                       Oct-02            Oct-02         Oct-01          Jul-02           Jul-01
                                                     -----------       ------------------------       ----------------------------
                                                                                                        
Revenue                                              $ 1,522,126       $ 384,930      $ 408,433       $ 1,545,629      $ 1,689,534
COGS                                                   1,109,724         278,688        303,358         1,134,394        1,236,589
                                                     -----------       ------------------------       ----------------------------
                                       Gross Profit      412,402         106,242        105,075           411,235          452,945
Selling, General & Administrative                        305,200          81,369         77,519           301,350          334,452
Research & Development                                         -               -              -                 -                -
Other Operating                                                -               -              -                 -                -
                                                     -----------       ------------------------       ----------------------------
                                   Operating Income      107,202          24,873         27,556           109,885          118,493
Interest Income / (Expense), net                         (19,334)         (4,349)        (5,858)          (20,843)         (28,273)
Other Income / (Expense), net                                  -               -              -                 -                -
                                                     -----------       ------------------------       ----------------------------
                                     Pre-tax Income       87,868          20,524         21,698            89,042           90,220
Taxes                                                     32,713           7,806          8,309            33,216           36,711
                                                     -----------       ------------------------       ----------------------------
                                   After-tax Income       55,155          12,718         13,389            55,826           53,509
Minority Interest                                              -               -              -                 -                -
Equity in Affiliates                                           -               -              -                 -                -
                                                     -----------       ------------------------       ----------------------------
                              Normalized Net Income       55,155          12,718         13,389            55,826           53,509
Preferred Dividends                                            -               -              -                 -                -
                                                     -----------       ------------------------       ----------------------------
                    Normalized Net Income to Common  $    55,155       $  12,718      $  13,389       $    55,826      $    53,509
                                                     ===========       ========================       ============================

                                               EBIT  $   107,202       $  24,873      $  27,556       $   109,885      $   118,493
                        Depreciation & Amortization  $    64,207       $  15,575      $  17,775       $    66,407      $    78,848
                                             EBITDA  $   171,409       $  40,448      $  45,331       $   176,292      $   197,341
                                              CAPEX  $    24,556       $   7,487      $   6,182       $    23,251      $    41,310
                                     EBITDA - CAPEX  $   146,853       $  32,961      $  39,149       $   153,041      $   156,031
                           GAAP Operating Cash Flow  $   127,056       $  22,522      $  37,019       $   141,553      $   175,703

Basic Reported Weighted Avg Shares Out (000's)                            41,828         41,109            41,326           40,699
                               Basic Normalized EPS  $      1.32       $    0.30      $    0.33       $      1.35      $      1.31
                                 Basic Reported EPS  $      0.74       $    0.29      $   (3.22)      $     (2.77)     $      1.31
Diluted Reported Weighted Avg Shares Out (000's)                          42,135         41,408            41,699           40,951
                             Diluted Normalized EPS  $      1.32       $    0.30      $    0.32       $      1.34      $      1.31
                               Diluted Reported EPS  $      0.73       $    0.29      $   (3.19)      $     (2.75)     $      1.30
- ----------------------------------------------------------------------------------------------------------------------------------


- ----------------------------------------------------------------------------------------------------------------------------------
                                                   Normalized Reconciliation
- ----------------------------------------------------------------------------------------------------------------------------------
Restructuring/Goodwill Impairment                    $   (41,368)      $    (643)     $  (2,560)      $   (43,285)     $      (513)
Other Unusual (Expense) Gain Items                             -               -              -                 -                -
Tax Shelter (Charge) on Unusual Items                     16,134             251            998            16,881              200
                                                     -----------       ------------------------       ----------------------------
Unusual (Exp) Gain Items, net of Taxes                   (25,234)           (392)        (1,562)          (26,404)            (313)
Accounting Changes, net of Taxes                               -               -       (144,078)         (144,078)               -
Discontinued Operations, net of Taxes                          -               -              -                 -                -
Extraordinary Items, net of Taxes                              -               -              -                 -                -
                                                     -----------       ------------------------       ----------------------------
Total Reconciling Items, net of Taxes                $   (25,234)      $    (392)     $(145,640)      $  (170,482)     $      (313)
                                                     ===========       ========================       ============================

                       Reported Income Tax (Benefit) $    16,579       $   7,555      $   7,311       $    16,335      $    36,511
                          Reported Net Income (Loss) $    29,921       $  12,326      $(132,251)      $  (114,656)     $    53,196
- ----------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------------
                                          Profitability & Cost Ratios (as % of Revenue)
- ----------------------------------------------------------------------------------------------------------------------------------
Gross Profit                                                27.1%           27.6%          25.7%             26.6%            26.8%
S,G & A                                                     20.1%           21.1%          19.0%             19.5%            19.8%
Operating Income                                             7.0%            6.5%           6.7%              7.1%             7.0%
Pre-Tax                                                      5.8%            5.3%           5.3%              5.8%             5.3%
EBIT                                                         7.0%            6.5%           6.7%              7.1%             7.0%
EBITDA                                                      11.3%           10.5%          11.1%             11.4%            11.7%
Normalized Net Income to Common                              3.6%            3.3%           3.3%              3.6%             3.2%
Reported Net Income                                          2.0%            3.2%         -32.4%             -7.4%             3.1%
CAPEX                                                        1.6%            1.9%           1.5%              1.5%             2.4%
- ----------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------
                                 Balance Sheet Data
- ------------------------------------------------------------------------------------------------
($ in thousands, except per share)                                               As of
                                                        As of          -------------------------
                                                      31-Oct-02         Jul-02          Jul-01
                                                     -----------       -------------------------
                                                                             
Cash & Equivalents                                   $    37,365       $  25,178      $        -
Marketable Securities                                          -               -               -
                                                     -----------       -------------------------
Total Cash & Mkt Securities                               37,365          25,178               -
Accounts Receivable                                      254,577         245,141         280,456
Inventory                                                 95,328          85,437         100,922
Other Current Assets                                      35,975          49,159          33,661
                                                     -----------       -------------------------
                            Total Current Assets         423,245         404,915         415,039
PPE, net                                                 313,028         318,338         391,166
Intangibles, net                                         185,647         188,101         340,180
Investments                                                    -               -               -
Other Assets                                              19,266          18,640          18,037
                                                     -----------       -------------------------
                                    Total Assets     $   941,186       $ 929,994      $1,164,422
                                                     ===========       =========================

Accounts Payable                                     $    76,138       $  78,403      $   74,087
Accrued Expenses                                          98,431          76,467          91,284
Short Term Debt                                            1,120           1,233           4,000
Short Term Capital Leases                                      -               -               -
Other Current Liabilities                                      -          13,373          20,231
                                                     -----------       -------------------------
                       Total Current Liabilities         175,689         169,476         189,602
Other LT Liabilities                                     102,822         102,086         110,116
Long Term Debt                                           207,862         209,303         284,087
Long Term Capital Leases                                       -               -               -
Minority Interests                                             -               -               -
Pref Stock (Liq Value)                                         -               -               -
                                                     -----------       -------------------------
                  Total Liabilities & Pref Stock         486,373         480,865         583,805
                                                     -----------       -------------------------
Common Equity                                            454,813         449,129         580,617
                                                     -----------       -------------------------
                      Total Liabilities & Equity     $   941,186       $ 929,994      $1,164,422
                                                     ===========       =========================

                Common Shares Outstanding (000's)         41,646          41,556          40,889
                            Cash Value per share     $      0.90       $    0.61      $        -
                            Book Value per share     $     10.92       $   10.81      $    14.20
                   Tangible Book Value per share     $      6.46       $    6.28      $     5.88
- ------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------
                                 Effectiveness and Efficiency
- ------------------------------------------------------------------------------------------------
A/R Turnover                                                6.09x           5.88x           6.02x
Inventory Turnover                                         12.28x          12.17x          12.25x
Asset Turnover                                              1.63x           1.48x           1.45x
Days Sales Outstanding                                      59.9            62.1            60.6
Days Inventory Outstanding                                  29.7            30.0            29.8
Days Payable Outstanding                                    19.9            19.4            17.2
Return on Avg Assets                                         5.9%            5.3%             na
Return on Avg Common Equity                                 12.2%           10.8%             na
- ------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------
                                      Financial Strength
- ------------------------------------------------------------------------------------------------
Current Ratio                                               2.41            2.39            2.19
Quick Ratio                                                 1.87            1.89            1.66
Total Debt                                           $   208,982       $ 210,536      $  288,087
Net Debt                                             $   171,617       $ 185,358      $  288,087
Total Capitalization                                 $   663,795       $ 659,665      $  868,704
Total Debt/Total Capitalization                             31.5%           31.9%           33.2%
Net Debt/Total Capitalization                               25.9%           28.1%           33.2%
Total Debt/TIC                                              16.4%           16.6%           22.7%
Total Debt/EBITDA                                           1.22x           1.19x           1.46x
Total Debt/EBITDA-CAPEX                                     1.42x           1.38x           1.85x
EBITDA/Interest Expense                                     8.87x           8.46x           6.98x
EBITDA-CAPEX/Interest Expense                               7.60x           7.34x           5.52x
- ------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------
                                          Market Information
- ------------------------------------------------------------------------------------------------
                                                                                   
As of Date                                                                             20-Feb-03
Exchange                                                                                    NYSE
Stock Price                                                                           $    25.40
52 Week High                                                                          $    26.89
52 Week Low                                                                           $    15.80
Avg. Daily Volume (000's)                                                                    605
Beta                                                                                        0.75
Shares Outstanding (000's)                                                                41,800
Total Outstanding Warrants & Options (000's)                                                   -
Float (000's)                                                                             40,600

Market Cap                                                                            $1,061,720
Total Invested Capital (TIC)                                                          $1,270,702
Enterprise Value (EV)                                                                 $1,233,337
Ownership
    Insiders % Owned                                                                        3.00%
    Institutional
       % Owned                                                                             80.00%
       Number of Institutions                                                                324
- ------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------
                                       Valuation Ratios
- ------------------------------------------------------------------------------------------------
                                                                      Multiple of
                                                     -------------------------------------------
                                                           Market Cap       TIC          EV
                                                     -------------------------------------------
Latest Twelve Months
  Revenue                                                    0.70x          0.83x       0.81x
  EBIT                                                       9.90x         11.85x      11.50x
  EBITDA                                                     6.19x          7.41x       7.20x
  Normalized Net Income                                     19.25x         23.04x      22.36x
  Basic Normalized EPS                                      19.24x             na          na
Projected
  Dec-02 Mean Revenue                                           na             na          na
  Dec-03 Mean Revenue                                           na             na          na
  Dec-02 Mean EPS                                               na             na          na
  Dec-03 Mean EPS                                               na             na          na
Most Recent Filing
  Assets                                                     1.13x          1.35x       1.31x
  Common Equity                                              2.33x             na          na
  Tangible Common Equity                                     3.94x             na          na
- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------
                                      Mean Consensus Estimates
- -------------------------------------------------------------------------------------------------------
Year Ending                                                      # Ests       Revenue        EPS
- -------------------------------------------------------------------------------------------------------
December-02                                                         na           na          na
December-03                                                         na           na          na
LT Growth                                                           na           na          na
- -------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------
                                         Period Growth Rates
- -------------------------------------------------------------------------------------------------------
                                                            Three Months Ended       Fiscal Years Ended
                                                                  Oct-02                   Jul-02
                                                            ------------------       ------------------
Revenue                                                            -5.8%                    -8.5%
EBIT                                                               -9.7%                    -7.3%
EBITDA                                                            -10.8%                   -10.7%
- -------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
Notes

  Add backs reflect restructuring charges and change in accounting principle in
  accordance with SFAS No. 142 (Goodwill impairment).
- --------------------------------------------------------------------------------

Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoovers.

DRAFT ANALYSIS - 2/20/2003             64                       CAPITALINK, L.C.





- -----------------------------------------------------------------------------------------------------------
                                        BCT International Overview
- -----------------------------------------------------------------------------------------------------------
                                                                      
            Name    BCT International        Address 3000 NE 30th Place        Officers Bill Wilkerson, CEO
          Symbol    BCTI                City, State Ft. Lauderdale, FL 33306
Latest Fiscal YE    28-Feb-02                   Telephone 954-563-1224
 Latest Rprt Per    30-Nov-02                           Website


BCT International, Inc. operates the Business Cards Tomorrow franchise system.
Founded in 1975, the system has grown to include 82 Business Cards Tomorrow
Franchises specializing in thermography products, labels, rubber stamps and
business announcements f
- --------------------------------------------------------------------------------
                       Income and Cashflow Statement Data
- --------------------------------------------------------------------------------
($ in thousands, except per share)



                                                                     Nine Months Ended     Fiscal Years Ended
                                                         LTM        ------------------     -------------------
                                                        Nov-02       Nov-02     Nov-01      Feb-02     Feb-01
                                                        -------     ------------------     -------------------
                                                                                       
Revenue                                                 $18,381     $14,097    $13,723     $18,007    $19,429
COGS                                                     10,460       7,941      8,073      10,592     11,605
                                                        -------     ------------------     -------------------
                                       Gross Profit       7,921       6,156      5,650       7,415      7,824
Selling, General & Administrative                         7,166       5,279      4,565       6,452      6,687
Research & Development                                        -           -          -           -          -
Other Operating                                               -           -          -           -          -
                                                        -------     ------------------     -------------------
                                   Operating Income         755         877      1,085         963      1,137
Interest Income / (Expense), net                              -           -          -           -          -
Other Income / (Expense), net                                 -           -          -           -          -
                                                        -------     ------------------     -------------------
                                     Pre-tax Income         755         877      1,085         963      1,137
Taxes                                                       295         342        427         380        442
                                                        -------     ------------------     -------------------
                                   After-tax Income         460         535        659         584        695
Minority Interest                                             -           -          -           -          -
Equity in Affiliates                                          -           -          -           -          -
                                                        -------     ------------------     -------------------
                              Normalized Net Income         460         535        659         584        695
Preferred Dividends                                           -           -          -           -          -
                                                        -------     ------------------     -------------------
                    Normalized Net Income to Common     $   460     $   535    $   659     $   584    $   695
                                                        =======     ==================     ===================

                                               EBIT     $   755     $   877    $ 1,085     $   963    $ 1,137
                        Depreciation & Amortization     $   233     $   177    $   170     $   226    $   232
                                             EBITDA     $   988     $ 1,054    $ 1,255     $ 1,189    $ 1,369
                                              CAPEX     $   142     $   124    $   144     $   162    $   150
                                     EBITDA - CAPEX     $   846     $   930    $ 1,111     $ 1,027    $ 1,219
                           GAAP Operating Cash Flow     $   981     $   450    $ 2,729     $ 3,260    $   316

Basic Reported Weighted Avg Shares Out (000's)                        5,121      5,121       5,123      5,214
                               Basic Normalized EPS     $  0.08     $  0.10    $  0.13     $  0.11    $  0.13
                                 Basic Reported EPS     $  0.09     $  0.10    $  0.11     $  0.10    $  0.13
Diluted Reported Weighted Avg Shares Out (000's)                      5,121      5,121       5,123      5,235
                             Diluted Normalized EPS     $  0.08     $  0.10    $  0.13     $  0.11    $  0.13
                               Diluted Reported EPS     $  0.09     $  0.10    $  0.11     $  0.10    $  0.13
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
                                          Normalized Reconciliation
- --------------------------------------------------------------------------------------------------------------
Restructuring/Goodwill Impairment                       $     -     $     -    $  (150)    $  (150)   $     -
Other Unusual (Expense) Gain Items                            -           -          -           -          -
Tax Shelter (Charge) on Unusual Items                         -           -         59          59          -
                                                        -------     ------------------     -------------------
Unusual (Exp) Gain Items, net of Taxes                        -           -        (92)        (92)         -
Accounting Changes, net of Taxes                              -           -          -           -          -
Discontinued Operations, net of Taxes                         -           -          -           -        (31)
Extraordinary Items, net of Taxes                             -           -          -           -          -
                                                        -------     ------------------     -------------------
Total Reconciling Items, net of Taxes                   $     -     $     -    $   (92)    $   (92)   $   (31)
                                                        =======     ==================     ===================

                       Reported Income Tax (Benefit)    $   295     $   342    $   368     $   321    $   442
                          Reported Net Income (Loss)    $   460     $   535    $   567     $   492    $   664
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
                                  Profitability & Cost Ratios (as % of Revenue)
- --------------------------------------------------------------------------------------------------------------
Gross Profit                                              43.1%       43.7%      41.2%       41.2%      40.3%
S,G & A                                                   39.0%       37.4%      33.3%       35.8%      34.4%
Operating Income                                           4.1%        6.2%       7.9%        5.3%       5.9%
Pre-Tax                                                    4.1%        6.2%       7.9%        5.3%       5.9%
EBIT                                                       4.1%        6.2%       7.9%        5.3%       5.9%
EBITDA                                                     5.4%        7.5%       9.1%        6.6%       7.0%
Normalized Net Income to Common                            2.5%        3.8%       4.8%        3.2%       3.6%
Reported Net Income                                        2.5%        3.8%       4.1%        2.7%       3.4%
CAPEX                                                      0.8%        0.9%       1.0%        0.9%       0.8%
- --------------------------------------------------------------------------------------------------------------




- -----------------------------------------------------------------------------------
                                Balance Sheet Data
- -----------------------------------------------------------------------------------
($ in thousands, except per share)                                   As of
                                                    As of     ---------------------
                                                  30-Nov-02     Feb-02     Feb-01
                                                  ---------- ----------------------
                                                                  
Cash & Equivalents                                  $ 4,805    $  4,819   $  1,799
Marketable Securities                                     -           -          -
                                                    -------    --------------------
Total Cash & Mkt Securities                           4,805       4,819      1,799
Accounts Receivable                                   2,386       2,889      3,568
Inventory                                             2,697       1,887      2,352
Other Current Assets                                    918         678        455
                                                    -------    --------------------
                            Total Current Assets     10,806      10,273      8,174
PPE, net                                                963         435        473
Intangibles, net                                        186         206        232
Investments                                              43          24         24
Other Assets                                          6,187       6,140      7,287
                                                    -------    --------------------
                                    Total Assets    $18,185    $ 17,078   $ 16,190
                                                    =======    ====================

Accounts Payable                                    $   789    $    432   $    597
Accrued Expenses                                        938         791        403
Short Term Debt                                         294         640         86
Short Term Capital Leases                                 -           -          -
Other Current Liabilities                               125         125        167
                                                    -------    --------------------
                       Total Current Liabilities      2,146       1,988      1,253
Other LT Liabilities                                    214         334        417
Long Term Debt                                          534           -        236
Long Term Capital Leases                                  -           -          -
Minority Interests                                        -           -          -
Pref Stock (Liq Value)                                    -           -          -
                                                    -------    --------------------
                  Total Liabilities & Pref Stock      2,894       2,322      1,906
                                                    -------    --------------------
Common Equity                                        15,291      14,756     14,284
                                                    -------    --------------------
                      Total Liabilities & Equity    $18,185    $ 17,078   $ 16,190
                                                    =======    ====================

                Common Shares Outstanding (000's)     5,121       5,121      5,136
                            Cash Value per share    $  0.94    $   0.94   $   0.35
                            Book Value per share    $  2.99    $   2.88   $   2.78
                   Tangible Book Value per share    $  2.95    $   2.84   $   2.74
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
                           Effectiveness and Efficiency
- -----------------------------------------------------------------------------------
A/R Turnover                                          6.97x       5.58x      5.45x
Inventory Turnover                                    4.56x       5.00x      4.93x
Asset Turnover                                        1.04x       1.08x      1.20x
Days Sales Outstanding                                 52.4        65.4       67.0
Days Inventory Outstanding                             80.0        73.0       74.0
Days Payable Outstanding                               12.6        11.0       11.9
Return on Avg Assets                                   2.6%        3.5%         na
Return on Avg Common Equity                            3.1%        4.0%         na
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
                                Financial Strength
- -----------------------------------------------------------------------------------
Current Ratio                                          5.04        5.17       6.52
Quick Ratio                                            3.78        4.22       4.65
Total Debt                                         $    828    $    640   $    322
Net Debt                                           $ (3,977)   $ (4,179)  $ (1,477)
Total Capitalization                               $ 16,119    $ 15,396   $ 14,606
Total Debt/Total Capitalization                        5.1%        4.2%       2.2%
Net Debt/Total Capitalization                        -24.7%      -27.1%     -10.1%
Total Debt/TIC                                        15.1%       11.7%       5.9%
Total Debt/EBITDA                                    0.84 x      0.54 x     0.24 x
Total Debt/EBITDA-CAPEX                              0.98 x      0.62 x     0.26 x
EBITDA/Interest Expense                                  na          na         na
EBITDA-CAPEX/Interest Expense                            na          na         na
- -----------------------------------------------------------------------------------
- ----------------------------------------------------------------
                      Market Information
- ----------------------------------------------------------------
As of Date                                            20-Feb-03
Exchange                                                 OTC BB
Stock Price                                             $  0.91
52 Week High                                            $  1.11
52 Week Low                                             $  0.46
Avg. Daily Volume (000's)                                     6
Beta                                                       0.88
Shares Outstanding (000's)                                5,121
Total Outstanding Warrants & Options (000's)                  -
Float (000's)                                             2,800

Market Cap                                              $ 4,660
Total Invested Capital (TIC)                            $ 5,488
Enterprise Value (EV)                                   $   683
Ownership
    Insiders % Owned                                     52.00%
    Institutional
      % Owned                                             2.00%
      Number of Institutions                                  4
- ----------------------------------------------------------------
- ----------------------------------------------------------------
                       Valuation Ratios
- ----------------------------------------------------------------
                                       Multiple of
                          --------------------------------------
                            Market Cap    TIC              EV
                          --------------------------------------
Latest Twelve Months
    Revenue                   0.25x      0.30x            0.04x
    EBIT                      6.17x      7.27x            0.90x
    EBITDA                    4.72x      5.55x            0.69x
    Normalized Net Income    10.13x     11.93x            1.49x
    Basic Normalized EPS     11.38x         na               na
Projected
    Dec-02 Mean Revenue       0.26x      0.31x            0.04x
    Dec-03 Mean Revenue       0.27x      0.31x            0.04x
    Dec-02 Mean EPS           7.00x         na               na
    Dec-03 Mean EPS           5.94x         na               na
Most Recent Filing
    Assets                    0.26x      0.30x            0.04x
    Common Equity             0.30x         na               na
    Tangible Common Equity    0.31x         na               na
- ----------------------------------------------------------------
- ----------------------------------------------------------------
                   Mean Consensus Estimates
- ----------------------------------------------------------------
Year Ending                   # Ests    Revenue            EPS
- ----------------------------------------------------------------
December-02                      na     17,781           $ 0.13
December-03                      na     17,539           $ 0.15
LT Growth                        na         na               na
- ----------------------------------------------------------------
- ----------------------------------------------------------------
                      Period Growth Rates
- ----------------------------------------------------------------
                          Nine Months Ended   Fiscal Years Ended
                                Nov-02              Feb-02
                          -----------------   ------------------
Revenue                                2.7%                -7.3%
EBIT                                 -19.2%               -15.3%
EBITDA                               -16.0%               -13.1%
- ----------------------------------------------------------------


- ----------------------------------------------------------------
Notes







- ----------------------------------------------------------------
Sources: SEC Edgar, Multex, CapitalIQ, Commodity Systems, and/or Hoovers.

DRAFT ANALYSIS - 2/20/2003                                      CAPITALINK, L.C.
                                       65




 BCT International, Inc.                                            Confidential
- --------------------------------------------------------------------------------







                            Share Repurchase Analysis



DRAFT ANALYSIS - 2/20/2003             66                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Share Repurchase Analysis

($ in thousands, except per share amounts)


             -------------------------------------------------------------------
                                  Open Market Repurchase(2)
- -----------  -------------------------------------------------------------------
 Wilkerson      -        250      500         750      1,000      1,250    1,500
             -------------------------------------------------------------------
BuyBack (1)                   Wilkerson Shareholding %, Basic (3)
- -----------  -------------------------------------------------------------------
         -     52.5%    55.2%    58.2%      61.5%      65.3%      69.5%    74.3%
       100     51.6%    54.3%    57.3%      60.6%      64.4%      68.7%    73.6%
       200     50.6%    53.3%    56.3%      59.7%      63.5%      67.8%    72.8%
       300     49.6%    52.3%    55.3%      58.7%      62.5%      66.9%    72.0%
       400     48.5%    51.2%    54.3%      57.7%      61.5%      66.0%    71.1%
       500     47.4%    50.1%    53.1%      56.6%      60.5%      65.0%    70.2%
       600     46.2%    48.9%    52.0%      55.4%      59.4%      63.9%    69.2%
       700     45.0%    47.7%    50.8%      54.2%      58.2%      62.8%    68.1%
       800     43.7%    46.4%    49.5%      52.9%      56.9%      61.5%    67.0%
       900     42.4%    45.1%    48.1%      51.6%      55.6%      60.2%    65.8%
     1,000     41.0%    43.7%    46.7%      50.1%      54.2%      58.9%    64.5%
     1,100     39.5%    42.2%    45.2%      48.6%      52.6%      57.4%    63.1%
     1,200     38.0%    40.6%    43.6%      47.0%      51.0%      55.8%    61.5%
     1,300     36.4%    38.9%    41.9%      45.3%      49.3%      54.1%    59.9%
     1,400     34.7%    37.2%    40.1%      43.4%      47.4%      52.2%    58.1%
- -----------



 Avg Price                  Average Cost of Open Market Repurchase(2)
- -----------  -------------------------------------------------------------------
 $   0.90    $    -    $ 225    $ 450    $   675     $  900    $ 1,125   $ 1,350
 $   1.00    $    -    $ 250    $ 500    $   750     $1,000    $ 1,250   $ 1,500
 $   1.10    $    -    $ 275    $ 550    $   825     $1,100    $ 1,375   $ 1,650
 $   1.20    $    -    $ 300    $ 600    $   900     $1,200    $ 1,500   $ 1,800
 $   1.30    $    -    $ 325    $ 650    $   975     $1,300    $ 1,625   $ 1,950
 $   1.40    $    -    $ 350    $ 700    $ 1,050     $1,400    $ 1,750   $ 2,100
 $   1.50    $    -    $ 375    $ 750    $ 1,125     $1,500    $ 1,875   $ 2,250
 $   1.60    $    -    $ 400    $ 800    $ 1,200     $1,600    $ 2,000   $ 2,400



- ----------------------------------------------------------
           Average Cost of Wilkerson BuyBack(1)
- ----------------------------------------------------------
        Shares Repurchased
- ------------------------------------     Total     Average
 $ 0.90    $ 1.50    $ 1.75    Total      Cost       Cost
- ------------------------------------    ------------------

    -                            -      $   -      $   -
    100                          100    $    90    $ 0.90
    100                          200    $    90    $ 0.90
    100                          300    $    90    $ 0.90
    100                          400    $    90    $ 0.90
     54        46                500    $   118    $ 0.96
              100                600    $   150    $ 1.05
              100                700    $   150    $ 1.11
              100                800    $   150    $ 1.16
              100                900    $   150    $ 1.20
              100              1,000    $   150    $ 1.23
               73        27    1,100    $   157    $ 1.26
                        100    1,200    $   175    $ 1.30
                        100    1,300    $   175    $ 1.33
                        100    1,400    $   175    $ 1.36
- ---------------------------             -------
    454       619       327             $ 1,909
===========================             =======





- --------------------------------------------------------------------------------
(1)  Represents the buyback of shares previously purchased by Wilkerson/Phoenix,
     assuming all $0.90, $1.50 shares and 327,000 of the $1.75 shares were
     purchased using $2.0 million loan guaranteed by the Company.

(2)  Represents an open market repurchase of shares.

(3)  Based on basic shareholdings of Wilkerson/Phoenix combined, see proforma
     capitalization table.

Sources of information: Company management


DRAFT ANALYSIS - 2/20/2003             67                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Implied Market Value Per Share with Share Repurchase
($ in thousands, except per share amounts)

     Implied Market Value Per Share, Assuming $1.00 Average Price Paid On Open
Market Repurchase

                     -------------------------------------------------------
                         Open Market Repurchase @ Average Price $1.00 (2)
                     -------------------------------------------------------
                        -      250     500     750    1,000   1,250   1,500
                     -------------------------------------------------------
       ------------
        Wilkerson
         BuyBack(1)                       Base Case
                     -------------------------------------------------------
                -    $ 2.01  $ 2.06  $ 2.11  $ 2.16  $ 2.22  $ 2.29  $ 2.37
                100  $ 2.03  $ 2.08  $ 2.13  $ 2.19  $ 2.25  $ 2.33  $ 2.41
                200  $ 2.05  $ 2.10  $ 2.15  $ 2.22  $ 2.28  $ 2.36  $ 2.44
                300  $ 2.07  $ 2.12  $ 2.18  $ 2.24  $ 2.31  $ 2.39  $ 2.48
                400  $ 2.09  $ 2.15  $ 2.21  $ 2.27  $ 2.35  $ 2.43  $ 2.53
$ 1.00          500  $ 2.11  $ 2.17  $ 2.23  $ 2.30  $ 2.38  $ 2.46  $ 2.56
- ----------------------------------------------------------------------------
                600  $ 2.12  $ 2.18  $ 2.24  $ 2.32  $ 2.40  $ 2.49  $ 2.59
                700  $ 2.13  $ 2.19  $ 2.26  $ 2.34  $ 2.42  $ 2.51  $ 2.62
                800  $ 2.15  $ 2.21  $ 2.28  $ 2.36  $ 2.44  $ 2.54  $ 2.66
$ 1.20          900  $ 2.16  $ 2.23  $ 2.30  $ 2.38  $ 2.47  $ 2.57  $ 2.69
- ----------------------------------------------------------------------------
              1,000  $ 2.18  $ 2.24  $ 2.32  $ 2.40  $ 2.49  $ 2.60  $ 2.73
              1,100  $ 2.19  $ 2.26  $ 2.33  $ 2.42  $ 2.52  $ 2.63  $ 2.77
              1,200  $ 2.20  $ 2.27  $ 2.35  $ 2.44  $ 2.54  $ 2.66  $ 2.80
              1,300  $ 2.21  $ 2.28  $ 2.36  $ 2.46  $ 2.57  $ 2.69  $ 2.84
              1,400  $ 2.22  $ 2.29  $ 2.38  $ 2.48  $ 2.59  $ 2.72  $ 2.88

                                 Base Case + Satellite Stores
                     -------------------------------------------------------
                -    $ 2.51  $ 2.58  $ 2.65  $ 2.73  $ 2.82  $ 2.92  $ 3.02
                100  $ 2.54  $ 2.61  $ 2.68  $ 2.77  $ 2.86  $ 2.96  $ 3.07
                200  $ 2.57  $ 2.64  $ 2.72  $ 2.80  $ 2.90  $ 3.01  $ 3.13
                300  $ 2.60  $ 2.67  $ 2.75  $ 2.84  $ 2.94  $ 3.05  $ 3.18
                400  $ 2.63  $ 2.71  $ 2.79  $ 2.88  $ 2.99  $ 3.11  $ 3.24
$ 1.00          500  $ 2.65  $ 2.73  $ 2.82  $ 2.92  $ 3.03  $ 3.15  $ 3.29
- ----------------------------------------------------------------------------
                600  $ 2.68  $ 2.76  $ 2.85  $ 2.95  $ 3.07  $ 3.19  $ 3.34
                700  $ 2.70  $ 2.78  $ 2.88  $ 2.98  $ 3.10  $ 3.23  $ 3.39
                800  $ 2.72  $ 2.81  $ 2.91  $ 3.02  $ 3.14  $ 3.28  $ 3.44
$ 1.20          900  $ 2.75  $ 2.84  $ 2.94  $ 3.05  $ 3.18  $ 3.33  $ 3.49
- ----------------------------------------------------------------------------
              1,000  $ 2.77  $ 2.87  $ 2.97  $ 3.09  $ 3.22  $ 3.38  $ 3.55
              1,100  $ 2.80  $ 2.90  $ 3.01  $ 3.13  $ 3.27  $ 3.43  $ 3.61
              1,200  $ 2.82  $ 2.92  $ 3.04  $ 3.16  $ 3.31  $ 3.48  $ 3.67
              1,300  $ 2.84  $ 2.95  $ 3.07  $ 3.20  $ 3.35  $ 3.53  $ 3.73
              1,400  $ 2.87  $ 2.98  $ 3.10  $ 3.24  $ 3.40  $ 3.58  $ 3.80

                                      Base Case + Company Stores
                     -------------------------------------------------------
                -    $ 1.93  $ 1.97  $ 2.02  $ 2.07  $ 2.13  $ 2.19  $ 2.26
                100  $ 1.95  $ 1.99  $ 2.04  $ 2.10  $ 2.16  $ 2.22  $ 2.30
                200  $ 1.97  $ 2.01  $ 2.07  $ 2.12  $ 2.18  $ 2.25  $ 2.33
                300  $ 1.99  $ 2.04  $ 2.09  $ 2.15  $ 2.21  $ 2.29  $ 2.37
                400  $ 2.01  $ 2.06  $ 2.11  $ 2.18  $ 2.24  $ 2.32  $ 2.41
$ 1.00          500  $ 2.02  $ 2.08  $ 2.13  $ 2.20  $ 2.27  $ 2.35  $ 2.44
- ----------------------------------------------------------------------------
                600  $ 2.04  $ 2.09  $ 2.15  $ 2.21  $ 2.29  $ 2.37  $ 2.47
                700  $ 2.05  $ 2.10  $ 2.16  $ 2.23  $ 2.31  $ 2.40  $ 2.50
                800  $ 2.06  $ 2.11  $ 2.18  $ 2.25  $ 2.33  $ 2.42  $ 2.53
$ 1.20          900  $ 2.07  $ 2.13  $ 2.19  $ 2.27  $ 2.35  $ 2.45  $ 2.56
- ----------------------------------------------------------------------------
              1,000  $ 2.08  $ 2.14  $ 2.21  $ 2.29  $ 2.37  $ 2.47  $ 2.59
              1,100  $ 2.09  $ 2.16  $ 2.23  $ 2.31  $ 2.40  $ 2.50  $ 2.62
              1,200  $ 2.10  $ 2.16  $ 2.24  $ 2.32  $ 2.42  $ 2.52  $ 2.65
              1,300  $ 2.11  $ 2.17  $ 2.25  $ 2.34  $ 2.43  $ 2.55  $ 2.68
              1,400  $ 2.12  $ 2.19  $ 2.26  $ 2.35  $ 2.46  $ 2.58  $ 2.72

                         Base Case + Company Stores + Satellite Stores
                     ------------------------------------------------------
                -    $ 2.44  $ 2.50  $ 2.57  $ 2.64  $ 2.73  $ 2.82  $ 2.92
                100  $ 2.46  $ 2.53  $ 2.60  $ 2.68  $ 2.77  $ 2.86  $ 2.97
                200  $ 2.49  $ 2.56  $ 2.63  $ 2.72  $ 2.81  $ 2.91  $ 3.02
                300  $ 2.52  $ 2.59  $ 2.67  $ 2.75  $ 2.85  $ 2.95  $ 3.07
                400  $ 2.55  $ 2.62  $ 2.70  $ 2.79  $ 2.89  $ 3.00  $ 3.13
$ 1.00          500  $ 2.57  $ 2.65  $ 2.73  $ 2.83  $ 2.93  $ 3.05  $ 3.18
- ----------------------------------------------------------------------------
                600  $ 2.59  $ 2.67  $ 2.76  $ 2.86  $ 2.96  $ 3.08  $ 3.22
                700  $ 2.61  $ 2.70  $ 2.79  $ 2.89  $ 3.00  $ 3.12  $ 3.27
                800  $ 2.64  $ 2.72  $ 2.81  $ 2.92  $ 3.03  $ 3.17  $ 3.31
$ 1.20          900  $ 2.66  $ 2.75  $ 2.84  $ 2.95  $ 3.07  $ 3.21  $ 3.37
- ----------------------------------------------------------------------------
              1,000  $ 2.68  $ 2.77  $ 2.87  $ 2.99  $ 3.11  $ 3.26  $ 3.42
              1,100  $ 2.71  $ 2.80  $ 2.90  $ 3.02  $ 3.15  $ 3.30  $ 3.48
              1,200  $ 2.73  $ 2.82  $ 2.93  $ 3.05  $ 3.19  $ 3.35  $ 3.53
              1,300  $ 2.75  $ 2.85  $ 2.96  $ 3.09  $ 3.23  $ 3.40  $ 3.59
              1,400  $ 2.77  $ 2.87  $ 2.99  $ 3.12  $ 3.27  $ 3.45  $ 3.65
       ------------

- --------------------------------------------------------------------------------
(1)  Represents the buyback of shares previously purchased by Wilkerson/Phoenix,
     assuming all $0.90, $1.50 shares and 327,000 of the $1.75 shares were
     purchased using $2.0 million loan guaranteed by the Company.
(2)  Represents an open market repurchase of shares.
(3)  Based on base case scenario.

Sources of information: Company management

DRAFT ANALYSIS - 2/20/2003                                     CAPITALINK, L.C.
                                       68



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Implied Market Value Per Share with Share Repurchase
($ in thousands, except per share amounts)

      Implied Market Value Per Share, Assuming $1.20 Average Price Paid On Open
Market Repurchase

                     ------------------------------------------------------
                         Open Market Repurchase @ Average Price $1.20 (2)
                     ------------------------------------------------------
                        -      250     500     750   1,000   1,250   1,500
                     ------------------------------------------------------
       ----------
       Wilkerson
       BuyBack(1)                       Base Case
                     ------------------------------------------------------
              -      $ 2.01  $ 2.05  $ 2.09  $ 2.13  $ 2.18  $ 2.24  $ 2.30
              100    $ 2.03  $ 2.07  $ 2.11  $ 2.16  $ 2.21  $ 2.27  $ 2.33
              200    $ 2.05  $ 2.09  $ 2.13  $ 2.18  $ 2.24  $ 2.30  $ 2.37
              300    $ 2.07  $ 2.11  $ 2.16  $ 2.21  $ 2.27  $ 2.33  $ 2.41
              400    $ 2.09  $ 2.14  $ 2.19  $ 2.24  $ 2.30  $ 2.37  $ 2.45
$1.00         500    $ 2.11  $ 2.16  $ 2.21  $ 2.26  $ 2.33  $ 2.40  $ 2.48
- ---------------------------------------------------------------------------
              600    $ 2.12  $ 2.17  $ 2.22  $ 2.28  $ 2.35  $ 2.42  $ 2.51
              700    $ 2.13  $ 2.18  $ 2.24  $ 2.30  $ 2.37  $ 2.45  $ 2.54
              800    $ 2.15  $ 2.20  $ 2.26  $ 2.32  $ 2.39  $ 2.47  $ 2.57
$1.20         900    $ 2.16  $ 2.21  $ 2.27  $ 2.34  $ 2.42  $ 2.50  $ 2.60
- ---------------------------------------------------------------------------
            1,000    $ 2.18  $ 2.23  $ 2.29  $ 2.36  $ 2.44  $ 2.53  $ 2.63
            1,100    $ 2.19  $ 2.25  $ 2.31  $ 2.38  $ 2.46  $ 2.56  $ 2.67
            1,200    $ 2.20  $ 2.26  $ 2.32  $ 2.40  $ 2.48  $ 2.58  $ 2.70
            1,300    $ 2.21  $ 2.27  $ 2.34  $ 2.42  $ 2.51  $ 2.61  $ 2.73
            1,400    $ 2.22  $ 2.28  $ 2.35  $ 2.44  $ 2.53  $ 2.64  $ 2.77

                                  Base Case + Satellite Stores
                     ------------------------------------------------------
              -      $ 2.51  $ 2.57  $ 2.63  $ 2.70  $ 2.78  $ 2.86  $ 2.96
              100    $ 2.54  $ 2.60  $ 2.66  $ 2.74  $ 2.82  $ 2.91  $ 3.00
              200    $ 2.57  $ 2.63  $ 2.70  $ 2.77  $ 2.86  $ 2.95  $ 3.05
              300    $ 2.60  $ 2.66  $ 2.73  $ 2.81  $ 2.90  $ 3.00  $ 3.11
              400    $ 2.63  $ 2.70  $ 2.77  $ 2.85  $ 2.94  $ 3.05  $ 3.16
$1.00         500    $ 2.65  $ 2.73  $ 2.80  $ 2.89  $ 2.98  $ 3.09  $ 3.21
- ---------------------------------------------------------------------------
              600    $ 2.68  $ 2.75  $ 2.83  $ 2.92  $ 3.02  $ 3.13  $ 3.26
              700    $ 2.70  $ 2.77  $ 2.86  $ 2.95  $ 3.05  $ 3.17  $ 3.30
              800    $ 2.72  $ 2.80  $ 2.89  $ 2.98  $ 3.09  $ 3.21  $ 3.35
$1.20         900    $ 2.75  $ 2.83  $ 2.92  $ 3.02  $ 3.13  $ 3.26  $ 3.41
- ---------------------------------------------------------------------------
            1,000    $ 2.77  $ 2.86  $ 2.95  $ 3.06  $ 3.17  $ 3.31  $ 3.46
            1,100    $ 2.80  $ 2.88  $ 2.98  $ 3.09  $ 3.22  $ 3.36  $ 3.52
            1,200    $ 2.82  $ 2.91  $ 3.01  $ 3.13  $ 3.26  $ 3.40  $ 3.58
            1,300    $ 2.84  $ 2.94  $ 3.04  $ 3.16  $ 3.30  $ 3.45  $ 3.63
            1,400    $ 2.87  $ 2.96  $ 3.07  $ 3.20  $ 3.34  $ 3.51  $ 3.70

                                   Base Case + Company Stores
                     -------------------------------------------------------
              -      $ 1.93  $ 1.96  $ 2.00  $ 2.04  $ 2.09  $ 2.14  $ 2.19
              100    $ 1.95  $ 1.98  $ 2.02  $ 2.07  $ 2.11  $ 2.17  $ 2.22
              200    $ 1.97  $ 2.01  $ 2.05  $ 2.09  $ 2.14  $ 2.20  $ 2.26
              300    $ 1.99  $ 2.03  $ 2.07  $ 2.12  $ 2.17  $ 2.23  $ 2.29
              400    $ 2.01  $ 2.05  $ 2.09  $ 2.14  $ 2.20  $ 2.26  $ 2.33
$1.00         500    $ 2.02  $ 2.07  $ 2.11  $ 2.16  $ 2.22  $ 2.29  $ 2.36
- ----------------------------------------------------------------------------
              600    $ 2.04  $ 2.08  $ 2.13  $ 2.18  $ 2.24  $ 2.31  $ 2.38
              700    $ 2.05  $ 2.09  $ 2.14  $ 2.20  $ 2.26  $ 2.33  $ 2.41
              800    $ 2.06  $ 2.10  $ 2.15  $ 2.21  $ 2.28  $ 2.35  $ 2.44
$1.20         900    $ 2.07  $ 2.12  $ 2.17  $ 2.23  $ 2.30  $ 2.38  $ 2.47
- ----------------------------------------------------------------------------
            1,000    $ 2.08  $ 2.13  $ 2.19  $ 2.25  $ 2.32  $ 2.40  $ 2.50
            1,100    $ 2.09  $ 2.14  $ 2.20  $ 2.27  $ 2.34  $ 2.43  $ 2.53
            1,200    $ 2.10  $ 2.15  $ 2.21  $ 2.28  $ 2.36  $ 2.45  $ 2.55
            1,300    $ 2.11  $ 2.16  $ 2.22  $ 2.29  $ 2.38  $ 2.47  $ 2.58
            1,400    $ 2.12  $ 2.17  $ 2.24  $ 2.31  $ 2.39  $ 2.49  $ 2.61

                          Base Case + Company Stores + Satellite Stores
                     -------------------------------------------------------
              -      $ 2.44  $ 2.49  $ 2.55  $ 2.62  $ 2.69  $ 2.77  $ 2.86
              100    $ 2.46  $ 2.52  $ 2.58  $ 2.65  $ 2.72  $ 2.81  $ 2.90
              200    $ 2.49  $ 2.55  $ 2.61  $ 2.68  $ 2.76  $ 2.85  $ 2.95
              300    $ 2.52  $ 2.58  $ 2.65  $ 2.72  $ 2.80  $ 2.90  $ 3.00
              400    $ 2.55  $ 2.61  $ 2.68  $ 2.76  $ 2.85  $ 2.94  $ 3.05
$1.00         500    $ 2.57  $ 2.64  $ 2.71  $ 2.79  $ 2.88  $ 2.99  $ 3.10
- ----------------------------------------------------------------------------
              600    $ 2.59  $ 2.66  $ 2.74  $ 2.82  $ 2.92  $ 3.02  $ 3.14
              700    $ 2.61  $ 2.69  $ 2.76  $ 2.85  $ 2.95  $ 3.06  $ 3.19
              800    $ 2.64  $ 2.71  $ 2.79  $ 2.88  $ 2.98  $ 3.10  $ 3.23
$1.20         900    $ 2.66  $ 2.74  $ 2.82  $ 2.92  $ 3.02  $ 3.14  $ 3.28
- ----------------------------------------------------------------------------
            1,000    $ 2.68  $ 2.76  $ 2.85  $ 2.95  $ 3.06  $ 3.19  $ 3.33
            1,100    $ 2.71  $ 2.79  $ 2.88  $ 2.98  $ 3.10  $ 3.23  $ 3.39
            1,200    $ 2.73  $ 2.81  $ 2.91  $ 3.01  $ 3.14  $ 3.28  $ 3.44
            1,300    $ 2.75  $ 2.84  $ 2.93  $ 3.05  $ 3.17  $ 3.32  $ 3.49
            1,400    $ 2.77  $ 2.86  $ 2.96  $ 3.08  $ 3.22  $ 3.37  $ 3.55
       ----------

- --------------------------------------------------------------------------------

(1)  Represents the buyback of shares previously purchased by Wilkerson/Phoenix,
     assuming all $0.90, $1.50 shares and 327,000 of the $1.75 shares were
     purchased using $2.0 million loan guaranteed by the Company.
(2)  Represents an open market repurchase of shares.
(3)  Based on base case scenario.

Sources of information: Company management

DRAFT ANALYSIS - 2/20/2003                                      CAPITALINK, L.C.

                                       69



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Implied Market Value Per Share with Share Repurchase
($ in thousands, except per share amounts)

    Implied Market Value Per Share, Assuming $1.40 Average Price Paid On Open
    Market Repurchase



                      -----------------------------------------------------
                         Open Market Repurchase @ Average Price $1.40 (2)
                      -----------------------------------------------------
                        -      250     500     750    1,000   1,250   1,500
                      -----------------------------------------------------
         Wilkerson
        BuyBack (1)                         Base Case
                      -----------------------------------------------------
                                              
                  -   $2.01   $2.04   $2.07   $2.10   $2.14   $2.18   $2.23
                100   $2.03   $2.06   $2.09   $2.13   $2.17   $2.21   $2.26
                200   $2.05   $2.08   $2.11   $2.15   $2.19   $2.24   $2.29
                300   $2.07   $2.10   $2.14   $2.18   $2.22   $2.27   $2.33
                400   $2.09   $2.13   $2.16   $2.21   $2.25   $2.31   $2.37
$ 1.00          500   $2.11   $2.15   $2.19   $2.23   $2.28   $2.34   $2.40
- ---------------------------------------------------------------------------
                600   $2.12   $2.16   $2.20   $2.25   $2.30   $2.36   $2.42
                700   $2.13   $2.17   $2.22   $2.26   $2.32   $2.38   $2.45
                800   $2.15   $2.19   $2.23   $2.28   $2.34   $2.40   $2.48
$ 1.20          900   $2.16   $2.20   $2.25   $2.30   $2.36   $2.43   $2.51
- ---------------------------------------------------------------------------
              1,000   $2.18   $2.22   $2.27   $2.32   $2.39   $2.46   $2.54
              1,100   $2.19   $2.23   $2.29   $2.34   $2.41   $2.48   $2.57
              1,200   $2.20   $2.25   $2.30   $2.36   $2.43   $2.51   $2.60
              1,300   $2.21   $2.26   $2.31   $2.38   $2.45   $2.53   $2.63
              1,400   $2.22   $2.27   $2.33   $2.39   $2.47   $2.56   $2.66


                                  Base Case + Satellite Stores
                      -----------------------------------------------------
                  -   $2.51   $2.56   $2.61   $2.67   $2.74   $2.81   $2.89
                100   $2.54   $2.59   $2.65   $2.71   $2.78   $2.85   $2.93
                200   $2.57   $2.62   $2.68   $2.74   $2.82   $2.89   $2.98
                300   $2.60   $2.65   $2.71   $2.78   $2.86   $2.94   $3.03
                400   $2.63   $2.69   $2.75   $2.82   $2.90   $2.99   $3.09
$ 1.00          500   $2.65   $2.72   $2.78   $2.86   $2.94   $3.03   $3.14
- ---------------------------------------------------------------------------
                600   $2.68   $2.74   $2.81   $2.89   $2.97   $3.07   $3.18
                700   $2.70   $2.76   $2.84   $2.92   $3.01   $3.11   $3.22
                800   $2.72   $2.79   $2.87   $2.95   $3.04   $3.15   $3.27
$ 1.20          900   $2.75   $2.82   $2.90   $2.98   $3.08   $3.19   $3.32
- ---------------------------------------------------------------------------
              1,000   $2.77   $2.85   $2.93   $3.02   $3.12   $3.24   $3.38
              1,100   $2.80   $2.87   $2.96   $3.06   $3.16   $3.29   $3.43
              1,200   $2.82   $2.90   $2.99   $3.09   $3.20   $3.33   $3.48
              1,300   $2.84   $2.93   $3.02   $3.12   $3.24   $3.38   $3.54
              1,400   $2.87   $2.95   $3.05   $3.16   $3.28   $3.43   $3.60




                      -----------------------------------------------------
                         Open Market Repurchase @ Average Price $1.40 (2)
                      -----------------------------------------------------
                        -      250     500     750    1,000   1,250   1,500
                      -----------------------------------------------------
         Wilkerson
        BuyBack (1)                   Base Case + Company Stores
                      -----------------------------------------------------
                                              
                  -   $1.93   $1.96   $1.98   $2.01   $2.04   $2.08   $2.12
                100   $1.95   $1.97   $2.00   $2.03   $2.07   $2.11   $2.15
                200   $1.97   $2.00   $2.03   $2.06   $2.10   $2.14   $2.18
                300   $1.99   $2.02   $2.05   $2.08   $2.12   $2.17   $2.22
                400   $2.01   $2.04   $2.07   $2.11   $2.15   $2.20   $2.25
$ 1.00          500   $2.02   $2.06   $2.09   $2.13   $2.17   $2.22   $2.28
- ----------------------------------------------------------------------------
                600   $2.04   $2.07   $2.10   $2.15   $2.19   $2.24   $2.30
                700   $2.05   $2.08   $2.12   $2.16   $2.21   $2.26   $2.32
                800   $2.06   $2.09   $2.13   $2.18   $2.23   $2.28   $2.35
$ 1.20          900   $2.07   $2.11   $2.15   $2.19   $2.25   $2.31   $2.37
- ---------------------------------------------------------------------------
              1,000   $2.08   $2.12   $2.16   $2.21   $2.27   $2.33   $2.40
              1,100   $2.09   $2.13   $2.18   $2.23   $2.29   $2.35   $2.43
              1,200   $2.10   $2.14   $2.19   $2.24   $2.30   $2.37   $2.45
              1,300   $2.11   $2.15   $2.20   $2.25   $2.32   $2.39   $2.48
              1,400   $2.12   $2.16   $2.21   $2.27   $2.33   $2.41   $2.50


                          Base Case + Company Stores + Satellite Stores
                      -----------------------------------------------------
                  -   $2.44   $2.48   $2.53   $2.59   $2.65   $2.71   $2.79
                100   $2.46   $2.51   $2.56   $2.62   $2.68   $2.75   $2.83
                200   $2.49   $2.54   $2.59   $2.65   $2.72   $2.80   $2.88
                300   $2.52   $2.57   $2.63   $2.69   $2.76   $2.84   $2.93
                400   $2.55   $2.60   $2.66   $2.73   $2.80   $2.88   $2.98
$ 1.00          500   $2.57   $2.63   $2.69   $2.76   $2.84   $2.93   $3.02
- ----------------------------------------------------------------------------
                600   $2.59   $2.65   $2.72   $2.79   $2.87   $2.96   $3.06
                700   $2.61   $2.68   $2.74   $2.82   $2.90   $3.00   $3.10
                800   $2.64   $2.70   $2.77   $2.85   $2.94   $3.04   $3.15
$ 1.20          900   $2.66   $2.72   $2.80   $2.88   $2.97   $3.08   $3.20
- ----------------------------------------------------------------------------
              1,000   $2.68   $2.75   $2.83   $2.91   $3.01   $3.12   $3.25
              1,100   $2.71   $2.78   $2.86   $2.95   $3.05   $3.16   $3.30
              1,200   $2.73   $2.80   $2.88   $2.98   $3.08   $3.20   $3.34
              1,300   $2.75   $2.82   $2.91   $3.01   $3.12   $3.25   $3.40
              1,400   $2.77   $2.85   $2.94   $3.04   $3.16   $3.29   $3.45
- ---------------------------------------------------------------------------

(1)  Represents the buyback of shares previously purchased by Wilkerson/Phoenix,
     assuming all $0.90, $1.50 shares and 327,000 of the $1.75 shares were
     purchased using $2.0 million loan guaranteed by the Company.
(2)  Represents an open market repurchase of shares.
(3)  Based on base case scenario.

Sources of information: Company management


DRAFT ANALYSIS - 2/20/2003             70                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Cash Requirements of Share Repurchase

($ in thousands, except per share amounts)


- ----------- --------------------------------------------------------------------
                             Open Market Repurchase @ $1.00(2)
Wilkerson   --------------------------------------------------------------------
BuyBack(1)     -         250       500       750     1,000     1,250      1,500
- ----------- --------------------------------------------------------------------

                            Cash Required For Share Repurchase(3)
            --------------------------------------------------------------------
         -  $  -      $  250    $  500    $  750    $1,000    $1,250    $ 1,500
       100  $   90    $  340    $  590    $  840    $1,090    $1,340    $ 1,590
       200  $  180    $  430    $  680    $  930    $1,180    $1,430    $ 1,680
       300  $  270    $  520    $  770    $1,020    $1,270    $1,520    $ 1,770
       400  $  360    $  610    $  860    $1,110    $1,360    $1,610    $ 1,860
       500  $  478    $  728    $  978    $1,228    $1,478    $1,728    $ 1,978
       600  $  628    $  878    $1,128    $1,378    $1,628    $1,878    $ 2,128
       700  $  778    $1,028    $1,278    $1,528    $1,778    $2,028    $ 2,278
       800  $  928    $1,178    $1,428    $1,678    $1,928    $2,178    $ 2,428
       900  $1,078    $1,328    $1,578    $1,828    $2,078    $2,328    $ 2,578
     1,000  $1,228    $1,478    $1,728    $1,978    $2,228    $2,478    $ 2,728
     1,100  $1,384    $1,634    $1,884    $2,134    $2,384    $2,634    $ 2,884
     1,200  $1,559    $1,809    $2,059    $2,309    $2,559    $2,809    $ 3,059
     1,300  $1,734    $1,984    $2,234    $2,484    $2,734    $2,984    $ 3,234
     1,400  $1,909    $2,159    $2,409    $2,659    $2,909    $3,159    $ 3,409


- ----------- --------------------------------------------------------------------
                             Open Market Repurchase @ $1.20(2)
Wilkerson   --------------------------------------------------------------------
BuyBack(1)     -         250       500       750     1,000     1,250      1,500
- ----------- --------------------------------------------------------------------

                            Cash Required For Share Repurchase(3)
            --------------------------------------------------------------------
         -  $    -    $  300    $  600    $  900    $1,200    $1,500    $ 1,800
       100  $   90    $  390    $  690    $  990    $1,290    $1,590    $ 1,890
       200  $  180    $  480    $  780    $1,080    $1,380    $1,680    $ 1,980
       300  $  270    $  570    $  870    $1,170    $1,470    $1,770    $ 2,070
       400  $  360    $  660    $  960    $1,260    $1,560    $1,860    $ 2,160
       500  $  478    $  778    $1,078    $1,378    $1,678    $1,978    $ 2,278
       600  $  628    $  928    $1,228    $1,528    $1,828    $2,128    $ 2,428
       700  $  778    $1,078    $1,378    $1,678    $1,978    $2,278    $ 2,578
       800  $  928    $1,228    $1,528    $1,828    $2,128    $2,428    $ 2,728
       900  $1,078    $1,378    $1,678    $1,978    $2,278    $2,578    $ 2,878
     1,000  $1,228    $1,528    $1,828    $2,128    $2,428    $2,728    $ 3,028
     1,100  $1,384    $1,684    $1,984    $2,284    $2,584    $2,884    $ 3,184
     1,200  $1,559    $1,859    $2,159    $2,459    $2,759    $3,059    $ 3,359
     1,300  $1,734    $2,034    $2,334    $2,634    $2,934    $3,234    $ 3,534
     1,400  $1,909    $2,209    $2,509    $2,809    $3,109    $3,409    $ 3,709


- ----------- --------------------------------------------------------------------
                             Open Market Repurchase @ $1.40(2)
Wilkerson   --------------------------------------------------------------------
BuyBack(1)     -         250       500       750     1,000     1,250      1,500
- ----------- --------------------------------------------------------------------

                            Cash Required For Share Repurchase(3)
            --------------------------------------------------------------------
         -  $    -    $  350    $  700    $1,050    $1,400    $1,750    $ 2,100
       100  $   90    $  440    $  790    $1,140    $1,490    $1,840    $ 2,190
       200  $  180    $  530    $  880    $1,230    $1,580    $1,930    $ 2,280
       300  $  270    $  620    $  970    $1,320    $1,670    $2,020    $ 2,370
       400  $  360    $  710    $1,060    $1,410    $1,760    $2,110    $ 2,460
       500  $  478    $  828    $1,178    $1,528    $1,878    $2,228    $ 2,578
       600  $  628    $  978    $1,328    $1,678    $2,028    $2,378    $ 2,728
       700  $  778    $1,128    $1,478    $1,828    $2,178    $2,528    $ 2,878
       800  $  928    $1,278    $1,628    $1,978    $2,328    $2,678    $ 3,028
       900  $1,078    $1,428    $1,778    $2,128    $2,478    $2,828    $ 3,178
     1,000  $1,228    $1,578    $1,928    $2,278    $2,628    $2,978    $ 3,328
     1,100  $1,384    $1,734    $2,084    $2,434    $2,784    $3,134    $ 3,484
     1,200  $1,559    $1,909    $2,259    $2,609    $2,959    $3,309    $ 3,659
     1,300  $1,734    $2,084    $2,434    $2,784    $3,134    $3,484    $ 3,834
     1,400  $1,909    $2,259    $2,609    $2,959    $3,309    $3,659    $ 4,009


                           Cash Balance after Share Repurchase(4)
            --------------------------------------------------------------------
         -  $2,805    $2,555    $2,305    $2,055    $1,805    $1,555    $ 1,305
       100  $2,715    $2,465    $2,215    $1,965    $1,715    $1,465    $ 1,215
       200  $2,625    $2,375    $2,125    $1,875    $1,625    $1,375    $ 1,125
       300  $2,535    $2,285    $2,035    $1,785    $1,535    $1,285    $ 1,035
       400  $2,445    $2,195    $1,945    $1,695    $1,445    $1,195    $   945
       500  $2,327    $2,077    $1,827    $1,577    $1,327    $1,077    $   827
       600  $2,177    $1,927    $1,677    $1,427    $1,177    $  927    $   677
       700  $2,027    $1,777    $1,527    $1,277    $1,027    $  777    $   527
       800  $1,877    $1,627    $1,377    $1,127    $  877    $  627    $   377
       900  $1,727    $1,477    $1,227    $  977    $  727    $  477    $   227
     1,000  $1,577    $1,327    $1,077    $  827    $  577    $  327    $    77
     1,100  $1,421    $1,171    $  921    $  671    $  421    $  171    $   (79)
     1,200  $1,246    $  996    $  746    $  496    $  246    $   (4)   $  (254)
     1,300  $1,071    $  821    $  571    $  321    $   71    $ (179)   $  (429)
     1,400  $  896    $  646    $  396    $  146    $ (104)   $ (354)   $  (604)


                           Cash Balance after Share Repurchase(4)
            --------------------------------------------------------------------
         -  $2,805    $2,505    $2,205    $1,905    $1,605    $1,305    $ 1,005
       100  $2,715    $2,415    $2,115    $1,815    $1,515    $1,215    $   915
       200  $2,625    $2,325    $2,025    $1,725    $1,425    $1,125    $   825
       300  $2,535    $2,235    $1,935    $1,635    $1,335    $1,035    $   735
       400  $2,445    $2,145    $1,845    $1,545    $1,245    $  945    $   645
       500  $2,327    $2,027    $1,727    $1,427    $1,127    $  827    $   527
       600  $2,177    $1,877    $1,577    $1,277    $  977    $  677    $   377
       700  $2,027    $1,727    $1,427    $1,127    $  827    $  527    $   227
       800  $1,877    $1,577    $1,277    $  977    $  677    $  377    $    77
       900  $1,727    $1,427    $1,127    $  827    $  527    $  227    $   (73)
     1,000  $1,577    $1,277    $  977    $  677    $  377    $   77    $  (223)
     1,100  $1,421    $1,121    $  821    $  521    $  221    $  (79)   $  (379)
     1,200  $1,246    $  946    $  646    $  346    $   46    $ (254)   $  (554)
     1,300  $1,071    $  771    $  471    $  171    $ (129)   $ (429)   $  (729)
     1,400  $  896    $  596    $  296    $   (4)   $ (304)   $ (604)   $  (904)


                           Cash Balance after Share Repurchase(4)
            --------------------------------------------------------------------
         -  $2,805    $2,455    $2,105    $1,755    $1,405    $1,055    $   705
       100  $2,715    $2,365    $2,015    $1,665    $1,315    $  965    $   615
       200  $2,625    $2,275    $1,925    $1,575    $1,225    $  875    $   525
       300  $2,535    $2,185    $1,835    $1,485    $1,135    $  785    $   435
       400  $2,445    $2,095    $1,745    $1,395    $1,045    $  695    $   345
       500  $2,327    $1,977    $1,627    $1,277    $  927    $  577    $   227
       600  $2,177    $1,827    $1,477    $1,127    $  777    $  427    $    77
       700  $2,027    $1,677    $1,327    $  977    $  627    $  277    $   (73)
       800  $1,877    $1,527    $1,177    $  827    $  477    $  127    $  (223)
       900  $1,727    $1,377    $1,027    $  677    $  327    $  (23)   $  (373)
     1,000  $1,577    $1,227    $  877    $  527    $  177    $ (173)   $  (523)
     1,100  $1,421    $1,071    $  721    $  371    $   21    $ (329)   $  (679)
     1,200  $1,246    $  896    $  546    $  196    $ (154)   $ (504)   $  (854)
     1,300  $1,071    $  721    $  371    $   21    $ (329)   $ (679)   $(1,029)
     1,400  $  896    $  546    $  196    $ (154)   $ (504)   $ (854)   $(1,204)
- --------------------------------------------------------------------------------
(1)  Represents the buyback of shares previously purchased by Wilkerson/Phoenix,
     assuming all $0.90, $1.50 shares and 327,000 of the $1.75 shares were
     purchased using $2.0 million loan guaranteed by the Company.

(2)  Represents an open market repurchase of shares.

(3)  Estimated cash cost of combined option buyback in (1) and open market
     repurchase in (2)

(4)  Cash balances only include cash bank balances immediately available for use
     and excludes cash proceeds from ITM options and notes. Adjusted for
     approximately $2.0 million in cash required for next fiscal year.

Sources of information: Company management



DRAFT ANALYSIS-2/20/2003               71                       CAPITALINK, L.C.



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Share Buyback - Impact on Stock

($ in thousands, except per share amounts)

     Shares Outstanding Post - Share Repurchase



                     ---------------------------------------------------------      ------------------------------------------------
                                     Open Market Repurchase(2)                                  Open Market Repurchase(2)
    ---------------  ---------------------------------------------------------      ------------------------------------------------
         Wilkerson       -    250     500      750    1,000     1,250    1,500          -     250    500    750  1,000  1,250  1,500
                     ---------------------------------------------------------      ------------------------------------------------
        BuyBack(1)               Total Basic Shares Oustanding(3)                           Shares Trading on Public Market(3)(4)
                                                                                    ------------------------------------------------
                                                                                     
                  -  5,828  5,578   5,328    5,078    4,828     4,578    4,328      2,767   2,498  2,227  1,953  1,677  1,397  1,113
                100  5,728  5,478   5,228    4,978    4,728     4,478    4,228      2,773   2,504  2,233  1,959  1,683  1,403  1,118
                200  5,628  5,378   5,128    4,878    4,628     4,378    4,128      2,780   2,511  2,240  1,966  1,689  1,409  1,124
                300  5,528  5,278   5,028    4,778    4,528     4,278    4,028      2,788   2,519  2,247  1,973  1,696  1,415  1,129
                400  5,428  5,178   4,928    4,678    4,428     4,178    3,928      2,795   2,526  2,255  1,980  1,703  1,422  1,136
                500  5,328  5,078   4,828    4,578    4,328     4,078    3,828      2,803   2,534  2,262  1,988  1,711  1,429  1,142
                600  5,228  4,978   4,728    4,478    4,228     3,978    3,728      2,811   2,542  2,271  1,996  1,719  1,436  1,149
                700  5,128  4,878   4,628    4,378    4,128     3,878    3,628      2,820   2,551  2,279  2,005  1,727  1,444  1,157
                800  5,028  4,778   4,528    4,278    4,028     3,778    3,528      2,829   2,560  2,288  2,014  1,736  1,453  1,165
                900  4,928  4,678   4,428    4,178    3,928     3,678    3,428      2,838   2,569  2,298  2,024  1,745  1,462  1,173
              1,000  4,828  4,578   4,328    4,078    3,828     3,578    3,328      2,848   2,579  2,308  2,034  1,755  1,472  1,182
              1,100  4,728  4,478   4,228    3,978    3,728     3,478    3,228      2,859   2,590  2,319  2,044  1,766  1,482  1,192
              1,200  4,628  4,378   4,128    3,878    3,628     3,378    3,128      2,869   2,601  2,330  2,056  1,778  1,494  1,203
              1,300  4,528  4,278   4,028    3,778    3,528     3,278    3,028      2,881   2,613  2,342  2,068  1,790  1,506  1,215
              1,400  4,428  4,178   3,928    3,678    3,428     3,178    2,928      2,893   2,625  2,355  2,081  1,803  1,519  1,228
    ---------------- ---------------------------------------------------------      ------------------------------------------------

     Number of Weeks Required to Buyback Shares on Open Market

                     ---------------------------------------------------------      ------------------------------------------------
                             No Weeks Required @ 5,000 Daily Volume                      No Weeks Required @ 8,000 Daily Volume
                     ---------------------------------------------------------      ------------------------------------------------
    ---------------
       % Vol Used
    ---------------
                25%      -     28      57       85      114       142      171          -      18     36     53     71     89    107
                35%      -     20      41       61       81       102      122          -      13     25     38     51     64     76
                40%      -     18      36       53       71        89      107          -      11     22     33     45     56     67
                50%      -     14      28       43       57        71       85          -       9     18     27     36     45     53
    ---------------  ---------------------------------------------------------      ------------------------------------------------

                     ---------------------------------------------------------      ------------------------------------------------
                            No Weeks Required @ 10,000 Daily Volume                       No Weeks Required @ 20,000 Daily Volume
                     ---------------------------------------------------------      ------------------------------------------------
    ---------------
       % Vol Used
    ---------------
                25%      -     14      28       43       57        71       85          -       7     14     21     28     36     43
                35%      -     10      20       31       41        51       61          -       5     10     15     20     25     31
                40%      -      9      18       27       36        45       53          -       4      9     13     18     22     27
                50%      -      7      14       21       28        36       43          -       4      7     11     14     18     21
    ---------------  ---------------------------------------------------------      ------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------


(1)  Represents the buyback of shares previously purchased by Wilkerson/Phoenix,
     assuming all $0.90, $1.50 shares and 327,000 of the $1.75 shares were
     purchased using $2.0 million loan guaranteed by the Company.
(2)  Represents an open market repurchase of shares.
(3)  Based on basic common shares oustanding, see proforma capitalization table.
(4)  Includes all common shares outstanding, excluding shares held by
     Wilkerson/Phoenix.

Sources of information: Company management


DRAFT ANALYSIS - 2/20/2003                                      CAPITALINK, L.C.
                                       72



BCT International, Inc.                                             Confidential
- --------------------------------------------------------------------------------
Cash Available for Cash Dividend
($ in thousands, except per share amounts)

Shares Outstanding Post - Share Repurchase


             ------------------------------------------------------       -----------------------------------------------------
                          Open Market Repurchase (2)                                Open Market Repurchase @ $1.00 (2)
- -----------  ------------------------------------------------------       -----------------------------------------------------
Wilkerson         -     250     500     750   1,000   1,250   1,500           -     250     500     750   1,000   1,250   1,500
BuyBack (1)  ------------------------------------------------------       -----------------------------------------------------
             ------------------------------------------------------       -----------------------------------------------------
                       Total Basic Shares Oustanding (3)                              Maximum Cash Dividend Payable (4)
             ------------------------------------------------------       -----------------------------------------------------
                                                                                

          -   5,828   5,578   5,328   5,078   4,828   4,578   4,328       $0.31   $0.28   $0.24   $0.21   $0.17   $0.12   $0.07
        100   5,728   5,478   5,228   4,978   4,728   4,478   4,228       $0.30   $0.27   $0.23   $0.19   $0.15   $0.10   $0.05
        200   5,628   5,378   5,128   4,878   4,628   4,378   4,128       $0.29   $0.26   $0.22   $0.18   $0.14   $0.09   $0.03
        300   5,528   5,278   5,028   4,778   4,528   4,278   4,028       $0.28   $0.24   $0.21   $0.16   $0.12   $0.07   $0.01
        400   5,428   5,178   4,928   4,678   4,428   4,178   3,928       $0.27   $0.23   $0.19   $0.15   $0.10   $0.05   $ -
        500   5,328   5,078   4,828   4,578   4,328   4,078   3,828       $0.25   $0.21   $0.17   $0.13   $0.08   $0.02   $ -
        600   5,228   4,978   4,728   4,478   4,228   3,978   3,728       $0.23   $0.19   $0.14   $0.10   $0.04   $ -     $ -
        700   5,128   4,878   4,628   4,378   4,128   3,878   3,628       $0.20   $0.16   $0.11   $0.06   $0.01   $ -     $ -
        800   5,028   4,778   4,528   4,278   4,028   3,778   3,528       $0.17   $0.13   $0.08   $0.03   $ -     $ -     $ -
        900   4,928   4,678   4,428   4,178   3,928   3,678   3,428       $0.15   $0.10   $0.05   $ -     $ -     $ -     $ -
      1,000   4,828   4,578   4,328   4,078   3,828   3,578   3,328       $0.12   $0.07   $0.02   $ -     $ -     $ -     $ -
      1,100   4,728   4,478   4,228   3,978   3,728   3,478   3,228       $0.09   $0.04   $ -     $ -     $ -     $ -     $ -
      1,200   4,628   4,378   4,128   3,878   3,628   3,378   3,128       $0.05   $ -     $ -     $ -     $ -     $ -     $ -
      1,300   4,528   4,278   4,028   3,778   3,528   3,278   3,028       $0.02   $ -     $ -     $ -     $ -     $ -     $ -
      1,400   4,428   4,178   3,928   3,678   3,428   3,178   2,928       $ -     $ -     $ -     $ -     $ -     $ -     $ -
- -----------  ------------------------------------------------------       -----------------------------------------------------

             ------------------------------------------------------       -----------------------------------------------------
                       Open Market Repurchase @ $1.20 (2)                           Open Market Repurchase @ $1.40 (2)
- -----------  ------------------------------------------------------       -----------------------------------------------------
Wilkerson         -     250     500     750   1,000   1,250   1,500           -     250     500     750   1,000   1,250   1,500
BuyBack (1)  ------------------------------------------------------       -----------------------------------------------------
             ------------------------------------------------------       -----------------------------------------------------
                        Maximum Cash Dividend Payable (4)                            Maximum Cash Dividend Payable (4)
             ------------------------------------------------------       -----------------------------------------------------
          -   $0.31   $0.27   $0.23   $0.18   $0.13   $0.07   $0.00       $0.31   $0.26   $0.21   $0.15   $0.08   $0.01   $ -
        100   $0.30   $0.26   $0.21   $0.16   $0.11   $0.05   $ -         $0.30   $0.25   $0.19   $0.13   $0.07   $ -     $ -
        200   $0.29   $0.25   $0.20   $0.15   $0.09   $0.03   $ -         $0.29   $0.24   $0.18   $0.12   $0.05   $ -     $ -
        300   $0.28   $0.23   $0.19   $0.13   $0.07   $0.01   $ -         $0.28   $0.22   $0.17   $0.10   $0.03   $ -     $ -
        400   $0.27   $0.22   $0.17   $0.12   $0.06   $ -     $ -         $0.27   $0.21   $0.15   $0.08   $0.01   $ -     $ -
        500   $0.25   $0.20   $0.15   $0.09   $0.03   $ -     $ -         $0.25   $0.19   $0.13   $0.06   $ -     $ -     $ -
        600   $0.23   $0.18   $0.12   $0.06   $ -     $ -     $ -         $0.23   $0.17   $0.10   $0.03   $ -     $ -     $ -
        700   $0.20   $0.15   $0.09   $0.03   $ -     $ -     $ -         $0.20   $0.14   $0.07   $ -     $ -     $ -     $ -
        800   $0.17   $0.12   $0.06   $ -     $ -     $ -     $ -         $0.17   $0.11   $0.04   $ -     $ -     $ -     $ -
        900   $0.15   $0.09   $0.03   $ -     $ -     $ -     $ -         $0.15   $0.08   $0.01   $ -     $ -     $ -     $ -
      1,000   $0.12   $0.06   $ -     $ -     $ -     $ -     $ -         $0.12   $0.05   $ -     $ -     $ -     $ -     $ -
      1,100   $0.09   $0.03   $ -     $ -     $ -     $ -     $ -         $0.09   $0.02   $ -     $ -     $ -     $ -     $ -
      1,200   $0.05   $ -     $ -     $ -     $ -     $ -     $ -         $0.05   $ -     $ -     $ -     $ -     $ -     $ -
      1,300   $0.02   $ -     $ -     $ -     $ -     $ -     $ -         $0.02   $ -     $ -     $ -     $ -     $ -     $ -
      1,400   $ -     $ -     $ -     $ -     $ -     $ -     $ -         $ -     $ -     $ -     $ -     $ -     $ -     $ -
- -----------  ------------------------------------------------------       -----------------------------------------------------


- --------------------------------------------------------------------------------

(1) Represents the buyback of shares previously purchased by Wilkerson/Phoenix,
    assuming all $0.90, $1.50 shares and 327,000 of the $1.75 shares were
    purchased using $2.0 million loan guaranteed by the Company.

(2) Represents an open market repurchase of shares.

(3) Based on basic common shares oustanding, see proforma capitalization table.

(4) Calculated by dividing cash available after share buyback, with the number
    of common shares outstanding.

Sources of information: Company management

DRAFT ANALYSIS - 2/20/2003             73                       CAPITALINK, L.C.