SC 13E3/A

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13E-3

Rule 13E-3 Transaction Statement
Under Section 13(e) of the Securities Exchange Act of 1934
(Amendment No. 6)

Methode Electronics, Inc.
(Name of the Issuer)

Methode Electronics, Inc.
Methode Merger Corporation
(Name of Person Filing Statement)

Class B Common Stock, par value $.50 per share, and related Preferred Share Purchase Rights
(Title of Class of Securities)

591520 10 1
(CUSIP Number of Class of Securities)

Donald W. Duda
President
Methode Electronics, Inc.
7401 West Wilson Avenue
Chicago, Illinois 60706-4548
(708) 867-6777
(Name, address, and telephone number of person authorized
to receive notices and communications on behalf of the persons filing statement)

With copies to:

James W. Ashley, Jr.
Lord, Bissell & Brook
115 South LaSalle Street
Chicago, Illinois 60603
(312) 443-0700 Daniel A. Neff
Trevor S. Norwitz
Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
(212) 403-1000

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

a.ý

The filing of solicitation materials or an information statement subject to Regulation 14A (§§240.14a-1 through 240.14b-2), Regulation 14C (§§240.14c-1 through 240.14c-101) or Rule 13e-3(c) (§§240.13e-3(c) under the Securities Exchange Act of 1934 ("the Act").



b.o

The filing of a registration statement under the Securities Act of 1933.



c.o

A tender offer.



d.o

None of the above.

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

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

Calculation of Filing Fee

Transaction valuation*	Amount of filing fee
$25,015,453	$2,024

*

Estimated for purposes of calculating the amount of the filing fee only, this amount is based on the purchase of 750,000 shares of Class B common stock at $22.75 per share and 337,705 shares of Class B common stock at $23.55 per share. The amount of the filing fee is calculated in accordance with Rule 0-11 of the Act.

ý

Check the box if any part of the fee is offset as provided by §240.0-11(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:	$2,024	Filing Party:	Methode Electronics, Inc.
Form or Registration No.:	SCH 13E-3 and Amendment No. 5 to SCH 13E-3	Date Filed:	March 18, 2003 and September 8, 2003

Introduction

        This Amendment No. 6 to the Rule 13e-3 Transaction Statement on Schedule 13E-3 (the "Schedule") is being filed jointly by Methode Electronics, Inc., a Delaware corporation (the "Company" or "Methode"), and Methode Merger Corporation, a Delaware corporation and wholly-owned subsidiary of Methode ("Merger Corp."), and relates to the agreement (the "McGinley Agreement") dated as of July 18, 2003 with Marital Trust No. 1 and Marital Trust No. 2, each created under the William J. McGinley Trust (the "Trusts"), the Jane R. McGinley Trust, Margaret J. McGinley, James W. McGinley and Robert R. McGinley (collectively the "McGinley Family"), pursuant to which the McGinley Family sold 750,000 shares of its Class B common stock to Methode for $22.75 per share and agreed to vote its remaining shares of Class B common stock in favor of a merger whereby each issued and outstanding share of Class B common stock (including those held by the McGinley Family not previously sold to the Company) will be converted into the right to receive $23.55 in cash, without interest, and each issued and outstanding share of Class A common stock will be converted into the right to receive one share of new Methode common stock. Pursuant to the McGinley Agreement, Methode entered into an Agreement and Plan of Merger dated                        , 2003 by and between Methode and Merger Corp. (the "Merger Agreement"). The merger transaction contemplated by the Merger Agreement is referred to herein as the "merger."

        A preliminary proxy statement (the "Proxy Statement") under Regulation 14A of the Securities Exchange Act of 1934, as amended (the "Exchange Act") relating to a special meeting of holders of Methode's Class A common stock and Class B common stock to consider and vote upon a proposal to approve the merger is being filed with the Securities and Exchange Commission concurrently herewith.

        The following cross reference sheet indicates the location in the Proxy Statement of items required by Schedule 13E-3 and incorporated herein by reference.

Item 1.    Summary Term Sheet

        The information set forth under "Summary Term Sheet" in the Proxy Statement is incorporated herein by reference.

Item 2.    Subject Company Information

(a)

Name and Address. The information set forth on the first page of the Proxy Statement is incorporated herein by reference.

(b)

Securities. The information set forth under "The Special Meeting—Record Date; Shares Outstanding" in the Proxy Statement is incorporated herein by reference.

(c)

Trading Market and Price. The information set forth under "Market Price Data; Dividends" in the Proxy Statement is incorporated herein by reference.

(d)

Dividends. The information set forth under "Market Price Data; Dividends" in the Proxy Statement is incorporated herein by reference.

(e)

Prior Public Offerings. Not applicable.

(f)

Prior Stock Purchases. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement" in the Proxy Statement is incorporated herein by reference.

Item 3.    Identity and Background of Filing Person

(a)

Name and Address. The Company and Merger Corp. are the filing persons. The information set forth on the first page of the Proxy Statement is incorporated herein by reference. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement" and "Executive Officers and Directors—Background" in the Proxy Statement is incorporated herein by reference.

(b)

Business and Background of Entities. The information set forth under "Summary Term Sheet" and "Special Factors—The McGinley Agreement and the Merger Agreement" in the Proxy Statement is incorporated herein by reference.

(c)

Business and Background of Natural Persons. The information set forth under "Executive Officers and Directors—Background" in the Proxy Statement is incorporated herein by reference.

Item 4.    Terms of the Transaction

(a)

Material Terms. The information set forth under "Summary Term Sheet," "Questions and Answers About the Merger," "Special Factors—The Merger Proposal," "Special Factors—The McGinley Agreement and the Merger Agreement," "Special Factors—Background of the Merger," "Special Factors—Reasons for the Special Committee's Recommendation that our Board of Directors Approve the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders" and "Special Factors—Reasons for our Board of Directors' Approval of the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders and our Class B Common Stockholders" in the Proxy Statement is incorporated herein by reference.

(c)

Different Terms. The information set forth under "Questions and Answers About the Merger," "Summary Term Sheet" and "Special Factors—The McGinley Agreement and the Merger Agreement" in the Proxy Statement is incorporated herein by reference.

(d)

Appraisal Rights. The information set forth under "Special Factors—Appraisal Rights" in the Proxy Statement is incorporated herein by reference.

(e)

Provisions for Unaffiliated Security Holders. The information set forth under "Special Factors—Procedural Fairness" in the Proxy Statement is incorporated herein by reference.

(f)

Eligibility for Listing or Trading. The information set forth under "Special Factors—Regulatory Matters" in the Proxy Statement is incorporated herein by reference.

Item 5.    Past Contacts, Transactions, Negotiations and Agreements

(a)

Transactions. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement" and "Special Factors—Interests of Certain Persons" in the Proxy Statement is incorporated herein by reference.

(b)

Significant Corporate Events. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement," "Special Factors—Background of the Merger" and "Special Factors—Interests of Certain Persons" in the Proxy Statement is incorporated herein by reference.

(c)

Negotiations or Contacts. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement," "Special Factors—Background of the Merger" and "Special Factors—Interests of Certain Persons" in the Proxy Statement is incorporated herein by reference.

(e)

Agreements Involving the Subject Company's Securities. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement," "Special Factors—Background of the Merger," "Special Factors—Interests of Certain Persons," "Special Factors—Litigation Relating to the Merger," "Market Price Data; Dividends" and "Executive Officers and Directors—Employment Agreements" in the Proxy Statement is incorporated herein by reference.

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Item 6.    Purposes of the Transaction and Plans or Proposals

(b)

Use of Securities Acquired. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement" and "Special Factors—Effects of the Merger" in the Proxy Statement is incorporated herein by reference.

(c)

Plans. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement," "Special Factors—Description of New Common Stock," "Special Factors—Comparison of Stockholder Rights" and "Special Factors—Effects of the Merger" in the Proxy Statement is incorporated herein by reference.

Item 7.    Purposes, Alternatives, Reasons and Effects

(a)

Purposes of the Merger. The information set forth under "Special Factors—The Merger Proposal," "Special Factors—The McGinley Agreement and the Merger Agreement," "Special Factors—Background of the Merger," "Special Factors—Reasons for the Special Committee's Recommendation that our Board of Directors Approve the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders" and "Special Factors—Reasons for our Board of Directors' Approval of the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders and our Class B Common Stockholders" in the Proxy Statement is incorporated herein by reference.

(b)

Alternatives. The information set forth under "Special Factors—The Merger Proposal," "Special Factors—Background of the Merger," "Special Factors—Reasons for the Special Committee's Recommendation that our Board of Directors Approve the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders," "Special Factors—Reasons for our Board of Directors' Approval of the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders and our Class B Common Stockholder," "Special Factors—Procedural Fairness," and "Special Factors—Interests of Certain Persons" in the Proxy Statement is incorporated herein by reference.

(c)

Reasons. The information set forth under "Special Factors—The McGinley Agreement and the Merger Agreement," "Special Factors—Background of the Merger," "Special Factors—Recommendation of the Special Committee to our Class A Common Stockholders," "Special Factors—Recommendation of our Board of Directors to our Class A Common Stockholders and our Class B Common Stockholders," "Special Factors—Reasons for the Special Committee's Recommendation that our Board of Directors Approve the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders," "Special Factors—Reasons for our Board of Directors' Approval of the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders and our Class B Common Stockholders," "Special Factors—Opinion of the Financial Advisor to the Special Committee" and "Special Factors—Advice of the Investment Banker to our Board of Directors" in the Proxy Statement is incorporated herein by reference.

(d)

Effects. The information set forth under "Special Factors—Description of New Common Stock," "Special Factors—Comparison of Stockholder Rights," "Special Factors—Effects of the Merger" and "Special Factors—United States Federal Income Tax Consequences" in the Proxy Statement is incorporated herein by reference.

Item 8.    Fairness of the Transaction

(a)

Fairness. The information set forth in the Proxy Statement under "Special Factors—The Merger Proposal," "Special Factors—Recommendation of the Special Committee to our Class A Common

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Stockholders," "Special Factors—Recommendation of our Board of Directors to our Class A Common Stockholders and our Class B Common Stockholders" and "Special Factors—Merger Corp.'s Determination of Fairness of the McGinley Agreement, the Merger Agreement and the Merger" is incorporated herein by reference.

(b)

Factors Considered in Determining Fairness. The information set forth under "Special Factors—Reasons for the Special Committee's Recommendation that our Board of Directors Approve the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders," "Special Factors—Reasons for our Board of Directors' Approval of the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders and our Class B Common Stockholders," "Special Factors—Procedural Fairness," "Special Factors—Merger Corp.'s Determination of Fairness of the McGinley Agreement, the Merger Agreement and the Merger," "Special Factors—Opinion of the Financial Advisor to the Special Committee" and "Special Factors—Advice of the Investment Banker to our Board of Directors" in the Proxy Statement is incorporated herein by reference.

(c)

Approval of Security Holders. The information set forth under "The Special Meeting—Quorum; Votes Required" and "Special Factors—Procedural Fairness" in the Proxy Statement is incorporated herein by reference.

(d)

Unaffiliated Representative. The information set forth under "Special Factors—Procedural Fairness" in the Proxy Statement is incorporated herein by reference.

(e)

Approval of Directors. The information set forth under "Special Factors—Recommendation of the Special Committee to our Class A Common Stockholders," and "Special Factors—Recommendation of our Board of Directors to our Class A Common Stockholders and our Class B Common Stockholders" in the Proxy Statement is incorporated herein by reference.

(f)

Other Offers. The information set forth under "Special Factors—Background of the Merger," "Special Factors—Reasons for the Special Committee's Recommendation that our Board of Directors Approve the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders," "Special Factors—Reasons for our Board of Directors' Approval of the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders and our Class B Common Stockholders," "Special Factors—Procedural Fairness," "Special Factors—Opinion of the Financial Advisor to the Special Committee" and "Special Factors—Advice of the Investment Banker to our Board of Directors" in the Proxy Statement is incorporated herein by reference.

Item 9.    Reports, Opinions, Appraisals and Negotiations

(a)

Report, Opinion, or Appraisal. The information set forth under "Special Factors—Background of the Merger" and "Special Factors—Opinion of the Financial Advisor to the Special Committee" in the Proxy Statement is incorporated herein by reference.

(b)

Preparer and Summary of the Report, Opinion, or Appraisal. The information set forth under "Special Factors—Background of the Merger," "Special Factors—Opinion of the Financial Advisor to the Special Committee" and "Special Factors—Our Forecasts" in the Proxy Statement is incorporated herein by reference.

(c)

Availability of Documents. The information set forth under "Special Factors—Opinion of the Financial Advisor to the Special Committee" in the Proxy Statement is incorporated herein by reference.

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Item 10.    Source and Amounts of Funds or Other Consideration

(a)

Source of Funds. The information set forth in the Proxy Statement under "Special Factors—Source and Amount of Funds" is incorporated herein by reference.

(b)

Conditions. The information set forth in the Proxy Statement under "Special Factors—Source and Amount of Funds" is incorporated herein by reference.

(c)

Expenses. The information set forth in the Proxy Statement under "Special Factors—Fees and Expenses" is incorporated herein by reference.

(d)

Borrowed Funds. Not applicable.

Item 11.    Interest in Securities of the Subject Company

(a)

Securities Ownership. The information set forth in the Proxy Statement under "Security Ownership of Five Percent Stockholders" is incorporated herein by reference.

(b)

Securities Transactions. The information set forth in the Proxy Statement under "Executive Officers and Directors—Security Ownership" is incorporated herein by reference.

Item 12.    The Solicitation or Recommendation

(d)

Intent to Tender or Vote in a Going Private Transaction. The information set forth in the Proxy Statement under "Special Factors—Interests of Certain Persons" is incorporated herein by reference.

(e)

Recommendations of Others. The information set forth under "Special Factors—Recommendation of the Special Committee to our Class A Common Stockholders," "Special Factors—Recommendation of our Board of Directors to our Class A Common Stockholders and our Class B Common Stockholders," "Special Factors—Reasons for the Special Committee's Recommendation that our Board of Directors Approve the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders" and "Special Factors—Reasons for our Board of Directors' Approval of the McGinley Agreement, the Merger Agreement and the Merger and Recommendation to our Class A Common Stockholders and our Class B Common Stockholders" in the Proxy Statement is incorporated herein by reference.

Item 13.    Financial Statements

(a)

Financial Information. The information contained in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2003, the Company's Quarterly Report on Form 10-Q for the quarter ended July 31, 2003 and the Proxy Statement is incorporated herein by reference.

(b)

Pro Forma Information. The information is set forth in the attached Annex A.

Item 14.    Persons/Assets, Retained, Employed, Compensated or Used

(a)

Solicitations or Recommendations. Not applicable.

(b)

Employees and Corporate Assets. The information set forth under "The Special Meeting—Proxy Statement Expenses" in the Proxy Statement is incorporated herein by reference.

Item 15.    Additional Information

(b)

Other Material Information. The information set forth under "Additional Information" in the Proxy Statement is incorporated herein by reference.

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Item 16.    Exhibits

16(a)(1)	Tender Offer Materials. Not Applicable.
16(a)(2)(i)	Solicitations or Recommendations. Preliminary Proxy Statement filed with the Securities and Exchange Commission concurrently herewith (incorporated herein by reference to the Proxy Statement).
16(a)(2)(ii)	Definitive Proxy Statement on Schedule 14A in connection with the special meeting for the planned Methode tender offer, filed with the Securities and Exchange Commission on June 10, 2003 (incorporated herein by reference to the definitive proxy statement).
16(a)(3)(i)	Going Private Disclosure Documents. Preliminary Proxy Statement filed with the Securities and Exchange Commission concurrently herewith (incorporated herein by reference to the Proxy Statement).
16(a)(3)(ii)	Definitive Proxy Statement on Schedule 14A in connection with the special meeting for the planned Methode tender offer, filed with the Securities and Exchange Commission on June 10, 2003 (incorporated herein by reference to the definitive proxy statement).
16(a)(4)	Prospectus. Not applicable.
16(a)(5)	Other Disclosure Materials. Solicitation/ Recommendation Statement on Schedule 14D-9 initially filed with the Securities and Exchange Commission on July 21, 2003 (as amended by Amendment No. 1 filed on August 4, 2003, Amendment No. 2 filed on August 14, 2003, Amendment No. 3 filed on August 20, 2003, Amendment No. 4 filed on August 27, 2003, Amendment No. 5 filed on September 3, 2003, Amendment No. 6 filed on September 11, 2003, and Amendment No. 7 filed on October 3, 2003) (incorporated herein by reference to the Schedule 14D-9).
16(b)	Loan Agreement. Not Applicable
16(c)(1)(i)	Reports, Opinions and Appraisals. Opinion of TM Capital dated July 23, 2003 (incorporated herein by reference to Annex C to the Proxy Statement filed with the Securities and Exchange Commission concurrently herewith).
16(c)(1)(ii)	Opinion of TM Capital dated August 20, 2003 (incorporated herein by reference to Annex D to the Proxy Statement filed with the Securities and Exchange Commission concurrently herewith).
16(c)(1)(iii)	Materials prepared by TM Capital and presented to the Special Committee on August 6, 2003.
16(c)(1)(iv)	Opinion of TM Capital dated August 19, 2002 (incorporated herein by reference to Annex B to the definitive proxy statement filed with the Securities and Exchange Commission on June 10, 2003).
16(c)(1)(v)	Updated Opinion of TM Capital dated February 14, 2003 (incorporated herein by reference to Annex C to the definitive proxy statement filed with the Securities and Exchange Commission on June 10, 2003).
16(c)(1)(vi)	Materials prepared by TM Capital and presented to the Special Committee on March 14, 2002 (incorporated herein by reference to Exhibit (c)(2)(i) to Amendment No. 1 to the Schedule 13E-3 filed with the Securities and Exchange Commission on May 1, 2003).

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16(c)(1)(vii)	Materials prepared by TM Capital and presented to the Special Committee on August 19, 2002 (incorporated herein by reference to Exhibit 16 (c)(2)(ii) to Amendment No. 2 to the Schedule 13E-3 filed with the Securities and Exchange Commission on May 16, 2003).
16(d)(1)	Certain Agreements. Agreement dated as of July 18, 2003 by and among Methode Electronics, Inc., Marital Trust No. 1 and Marital Trust No. 2, each created under the William J. McGinley Trust, the Jane R. McGinley Trust, Margaret J. McGinley, James W. McGinley and Robert R. McGinley (incorporated herein by reference to Annex B to the Preliminary Proxy Statement filed with the Securities and Exchange Commission concurrently herewith).
16(d)(2)	Merger Agreement dated                        , 2003 by and between Methode Electronics, Inc. and Methode Merger Corporation, including as Exhibit I, the Restated Certificate of Incorporation of Methode Electronics, Inc. (incorporated herein by reference from Annex A to the Proxy Statement filed with the Securities and Exchange Commission concurrently herewith).
16(d)(3)	Stipulation and Agreement of Compromise, Settlement and Release In re Methode Electronics, Inc. Shareholders Litigation, Civil Action No. 19899, dated July 30, 2003 (incorporated herein by reference to Exhibit 16(d)(3) to Amendment No. 5 to Schedule 13E-3 filed on September 8, 2003).
16(d)(4)	Agreement dated August 19, 2002 by and among Methode and Marital Trust No. 1 and Marital Trust No. 2, each created under the William J. McGinley Trust, Jane R. McGinley, Margaret J. McGinley, James W. McGinley and Robert R. McGinley and amendment dated December 26, 2002 (incorporated herein by reference to Annex A to the definitive proxy statement filed on June 10, 2003).
16(d)(5)	Memorandum of Understanding In re Methode Electronics, Inc. Shareholders Litigation, Civil Action No. 19899 (incorporated herein by reference to Exhibit (d)(2) to Schedule 13E-3 filed with the Securities and Exchange Commission on March 18, 2003).
16(f)	Appraisal Rights. General Corporation Law of Delaware: Section 262—Appraisal Rights (incorporated herein by reference to Annex E to the Proxy Statement filed with the Securities and Exchange Commission concurrently herewith).
16(g)	Materials Used to Solicit. Not Applicable.
99(a)	Charter. Restated Certificate of Incorporation of Methode Electronics, Inc., as amended (incorporated herein by reference to Exhibit 99(a) to Amendment No. 2 to the Schedule 13E-3 filed with the Securities and Exchange Commission on May 16, 2003).
99(b)	Bylaws. Bylaws of Methode Electronics, Inc. (incorporated herein by reference to Exhibit 99(b) to Amendment No. 2 to the Schedule 13E-3 filed with the Securities and Exchange Commission on May 16, 2003).
99(c)	Certificate of Elimination. Certificate of Elimination of 4% Convertible Preferred Stock, Series A of Methode Electronics, Inc. (incorporated herein by reference to Exhibit 99 (c) to Amendment No. 2 to the Schedule 13E-3 filed with the Securities and Exchange Commission on May 16, 2003).
99(d)	Certificate of Designation. Certificate of Designation of Series A Junior Participating Preferred Stock of Methode Electronics, Inc. (incorporated herein by reference to Exhibit 99(d) to Amendment No. 2 to the Schedule 13E-3 filed with the Securities and Exchange Commission on May 16, 2003).

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99(e)	Materials prepared by Lazard and presented to the Board of Directors on August 13, 2003.
99(f)	Discussion materials prepared by Robert W. Baird & Co. and presented to Methode's management on January 24, 2002 (incorporated herein by reference to Exhibit 16(c)(2)(iii) to Amendment No. 3 to the Schedule 13E-3 filed with the Securities and Exchange Commission on June 4, 2003).

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SIGNATURE

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

	METHODE ELECTRONICS, INC.
October 16, 2003	By:	/s/ Donald W. Duda Donald W. Duda President
	METHODE MERGER CORPORATION
October 16, 2003	By:	/s/ Donald W. Duda Donald W. Duda President

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ANNEX A

METHODE ELECTRONICS, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
July 31, 2003

				As Reported			Pro Forma Adjustments			Pro Forma
ASSETS
CURRENT ASSETS
	Cash and cash equivalents			$	66,096		$	(9,368	)(a)	$	56,728
	Accounts receivable-net				49,308						49,308
	Inventories:
		Finished products			8,580						8,580
		Work in process			14,151						14,151
		Materials			7,440						7,440
					30,171						30,171
	Current deferred income taxes				7,887						7,887
	Other current assets				4,147						4,147
	Prepaid expenses				202						202
			TOTAL CURRENT ASSETS		157,811			(9,368	)		148,443
PROPERTY, PLANT AND EQUIPMENT					233,118						233,118
	Less allowance for depreciation				150,634						150,634
					82,484						82,484
GOODWILL-net					18,077						18,077
INTANGIBLE ASSETS-net					24,611						24,611
OTHER ASSETS					14,419						14,419
				$	297,402		$	(9,368	)	$	288,034
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts and notes payable			$	20,866					$	20,866
	Other current liabilities				26,151						26,151
			TOTAL CURRENT LIABILITIES		47,017						47,017
OTHER LIABILITIES					3,799						3,799
DEFERRED COMPENSATION					4,499						4,499
SHAREHOLDERS' EQUITY
	Common Stock				18,042		$	(169	)(b)		17,873
	Paid in capital				37,881						37,881
	Retained earnings				187,628			(9,199	)(c)		178,429
	Other shareholders' equity				(1,464	)					(1,464	)
					242,087			(9,368	)		232,719
				$	297,402		$	(9,368	)	$	288,034
Book value per share				$	6.79					$	6.59

METHODE ELECTRONICS, INC. AND SUBSIDIARIES
UNAUDITED PROFORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)

			Year Ended April 30, 2003												Three Months Ended July 31, 2003
						Pro Forma Adjustments												Pro Forma Adjustments
			As Reported									Pro Forma			As Reported									Pro Forma
						(d)			(e)									(d)			(e)
INCOME:
	Net sales		$	363,057								$	363,057		$	77,957								$	77,957
	Other			1,022									1,022			620									620
		Total		364,079									364,079			78,577									78,577
COSTS AND EXPENSES:
	Cost of products sold			289,683									289,683			62,008									62,008
	Selling and administrative expenses			41,328									41,328			9,912									9,912
		Total		331,011									331,011			71,920									71,920
Income from operations				33,068									33,068			6,657									6,657
Interest-net				1,164			(272	)(f)		(150	)(g)		742			187			(38	)(f)		(23	)(g)		126
Other-net				(2,275	)								(2,275	)		(578	)								(578	)
Income before income taxes				31,957			(272	)		(150	)		31,535			6,266			(38	)		(23	)		6,205
Income taxes (credit)				10,085			(108	)(h)		(59	)(h)		9,918			1,975			(15	)(h)		(9	)(h)		1,951
			$	21,872		$	(164	)	$	(91	)	$	21,617		$	4,291		$	(23	)	$	(14	)	$	4,254
Basic and diluted net income per common share:			$	0.60								$	0.61		$	0.12								$	0.12
Weighted average number of common shares outstanding:
	Basic			36,170			(750	)		(338	)		35,082			36,106			(644	)		(338	)		35,124
	Diluted			36,396			(750	)		(338	)		35,308			36,334			(644	)		(338	)		35,352

METHODE ELECTRONICS, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONDENSED FINANCIAL STATEMENTS

        The pro forma adjustments to the unaudited pro forma condensed financial statements include adjustments for the purchase and retirement of all of the outstanding shares of Class B common stock, which is proposed to be accomplished in two steps, and the payment of a special dividend on Class A common stock upon the completion of the contemplated Class B transactions. The first step, the purchase and retirement of 750,000 shares of Class B common stock for $22.75 per share, was completed as of July 18, 2003. The second step, the purchase and retirement of the 337,705 shares of Class B common stock remaining outstanding, is subject to approval by the affirmative vote of a majority of the Company's outstanding shares and certain other conditions.

(a)

Represents the following cash transactions:

Purchase of 337,705 shares of Class B at $23.55 per share	$	7,953
Payment of $0.04 special dividend on 35,369,924 Class A shares		1,415
	$	9,368

(b)

Represents the purchase and retirement of 337,705 Class B common stock, par value $0.50.

(c)

Represents the following equity transactions:

Purchase of 337,705 shares of Class B at $23.55 per share	$	7,953
Less par value of shares purchased charged to common stock		(169	)
Payment of $0.04 special dividend on 35,369,924 Class A shares		1,415
	$	9,199

(d)

Pro forma adjustments for the purchase of 750,000 Class B shares.

(e)

Pro forma adjustments for the purchase of 337,705 Class B shares.

(f)

Represents loss of interest earned on cash used to purchase Class B shares.

(g)

Represents loss of interest earned on cash used to purchase Class B shares and pay special dividend on Class A shares.

(e)

Represents reduction of income taxes due to reduction of interest income.

QuickLinks

Introduction

Item 1. Summary Term Sheet
Item 2. Subject Company Information
Item 3. Identity and Background of Filing Person
Item 4. Terms of the Transaction
Item 5. Past Contacts, Transactions, Negotiations and Agreements
Item 6. Purposes of the Transaction and Plans or Proposals
Item 7. Purposes, Alternatives, Reasons and Effects
Item 8. Fairness of the Transaction
Item 9. Reports, Opinions, Appraisals and Negotiations
Item 10. Source and Amounts of Funds or Other Consideration
Item 11. Interest in Securities of the Subject Company
Item 12. The Solicitation or Recommendation
Item 13. Financial Statements
Item 14. Persons/Assets, Retained, Employed, Compensated or Used
Item 15. Additional Information
Item 16. Exhibits

SIGNATURE
ANNEX A

EX-16.C1III

Methode Electronics, Inc. Logo

August 2003

TM Capital Corp.

Merchant Bankers

& Financial Advisors

Table of Contents

	TAB
Current Capitalization	I
Financial Summary	II
Stock Price & Volume History	III
Analysis of Selected Publicly Traded Companies	IV
Profile of Dura Automotive Systems, Inc	V
Analysis of Premiums Offered by Dura Automotive Systems, Inc	VI
Dual Class Stock Trading Analysis	VII
Recent Acquisitions Involving Dual Equity Class Companies	VIII
Premium Analysis of Recent M&A Transactions	IX
Premiums Paid for Significant Ownership Purchases	X
Recent Equity Recapitalization Transactions	XI
Control Voting Stock Proportion and Conversion Ratio Relationship	XII
E.P.S Accretion (Dilution) Analysis	XIII
Premium / Non-Control Dilution Sensitivity Analysis	XIV

TAB I

Voting Rights

	Prior to Repurchase				After Repurchase (b)
Classification of Stock	Shares Outstanding		Percent of Total Outstanding		Shares Outstanding		Percent of Total Outstanding		Voting Rights
Class A Common Stock (excluding exercisable options)	35,308,161	(a)	97.0	%	35,308,161	(a)	99.1	%	The affirmative vote of the holders of a majority of the Class A common stock present in person or by proxy at the annual meeting are entitled to elect 25 of the authorized number of directors, rounded up to a whole number, with each Class A share having one vote. Unless otherwise required by law or Methode’s Restated Certificate of Incorporation, the holders of Class A common stock are entitled to one-tenth of a vote per share on all other matters. The corporation may pay dividends to holders of Class A Stock in excess of dividends paid, or without paying dividends to, holders of Class B Stock.
Class B Common Stock (excluding exercisable options)	1,087,305		3.0	%	337,305		0.9	%	The affirmative vote of the holders of a majority of the Class B common stock in person or by proxy at the annual meeting are entitled to elect all remaining directors, with each Class B share having one vote. Unless otherwise required by law or Methode’s Restated Certificate of Incorporation, the holders of Class B common stock are entitled to one vote per share on all other matters. Whenever a dividend is paid to the holders of Class B Stock, the corporation also shall pay to the holders of Class A Stock a dividend per share at least equal to the dividend per share paid to the holders of the Class B Stock.
	36,395,466		100.0	%	35,645,466		100.0	%

(a)As of July 25, 2003, as stated in the Methode Electronics, Inc. Form 10-K.

(b)Reflects repurchase of 750,000 shares of Class B Common Stock at $22.75 per share on July 21, 2003 pursuant to an agreement (the “Agreement”) with the William J. McGinley Marital Trusts and affiliates (together, the “Trusts”). The Agreement provides that the Trusts, which now hold 181,759 shares of Class B Common Stock, or 53.9% of the outstanding shares, will vote their shares in favor of a merger converting all remaining Class B shares into the right to receive $23.55 per share in cash, resulting in a weighted average repurchase price of $23.00 per share.

1

Economic Interest and Voting Analysis Summary

	Economic Interest								Ordinary Voting
	Prior to Repurchase			After Repurchase (a)					Prior to Repurchase			After Repurchase (a)
Classification of Stock	Beneficially Owned	Percent of Total Outstanding		Beneficially Owned	Percent of Total Outstanding		Election of Directors (b)		Votes	Percent of Total		Votes	Percent of Total
Class A Stock	35,308,161	97.0	%	35,308,161	99.1	%	25.0	%	3,530,816	76.5	%	3,530,816	91.3	%
Class B Stock	1,087,305	3.0	%	337,305	0.9	%	75.0	%	1,087,305	23.5	%	337,305	8.7	%
Total Shares Outstanding	36,395,466	100.0	%	35,645,466	100.0	%	100.0	%	4,618,121	100.0	%	3,868,121	100.0	%

(a)Reflects repurchase of 750,000 shares of Class B Common Stock at $22.75 per share on July 21, 2003 pursuant to an agreement (the “Agreement”) with the William J. McGinley Marital Trusts and affiliates (together, the “Trusts”). The Agreement provides that the Trusts, which now hold 181,759 shares of Class B Common Stock, or 53.9% of the outstanding shares, will vote their shares in favor of a merger converting all remaining Class B shares into the right to receive $23.55 per share in cash, resulting in a weighted average repurchase price of $23.00 per share.

(b)Class A stock as a class is entitled to elect 25% of the authorized number of directors rounded up to a whole number, with Class B stock electing the remaining directors as a class. Such separate class voting for directors is eliminated if fewer than 100,000 Class B shares are outstanding.

2

Current Capitalization—Prior to July 2003 Repurchase

	Class A Stock				Class B Stock				Total All Classes
Shareholders	Beneficially Owned		Percent of Class		Beneficially Owned		Percent of Class		Beneficially Owned		Percent of Total Outstanding
Directors and Officers:
William T. Jensen, Chairman	120,133		0.3	%	—		—		120,133		0.3	%
Warren L. Batts, Director	14,000		0.0	%	—		—		14,000		0.0	%
William C. Croft, Director	87,400		0.2	%	—		—		87,400		0.2	%
Donald W. Duda, President	2,513		0.0	%	—		—		2,513		0.0	%
Douglas A. Koman, V.P. — Corporate Finance	3,507		0.0	%	—		—		3,507		0.0	%
Robert J. Kuehnau, V.P. — Treasurer and Controller	32,839		0.1	%	—		—		32,839		0.1	%
James W. McGinley, Director	627	(a)	0.0	%	10,270	(a)	0.9	%	10,897		0.0	%
Robert R. McGinley, Director	119,200	(b)	0.3	%	23,308	(b)	2.1	%	142,508		0.4	%
James F. McQuillen — Executive V.P.	21,861		0.1	%	—		—		21,861		0.1	%
Roy M. Van Cleave — Director	500		0.0	%	500		0.0	%	1,000		0.0	%
George C. Wright, Director	83,469	(c)	0.2	%	6,540	(c)	0.6	%	90,009		0.2	%
Total Directors and Officers	486,049		1.4	%	40,618		3.7	%	526,667		1.4	%
Estate of William J. McGinley	35,000		0.1	%	880,901		81.0	%	915,901		2.5	%
Institutional Investors:
Barclays Global Investors, NA	2,895,317		8.2	%	—		—		2,895,317		8.0	%
T. Rowe Price Associates, Inc.	2,704,703		7.7	%	—		—		2,704,703		7.4	%
NFJ Investment Group, Inc.	1,675,600		4.7	%	—		—		1,675,600		4.6	%
LSV Asset Management	1,462,800		4.1	%	—		—		1,462,800		4.0	%
Royce & Associates, LLC	1,235,600		3.5	%	—		—		1,235,600		3.4	%
David L Babson & Company, Inc.	1,018,075		2.9	%	—		—		1,018,075		2.8	%
Vanguard Group, Inc.	804,303		2.3	%	—		—		804,303		2.2	%
Keeley Asset Management Corp.	627,671		1.8	%	—		—		627,671		1.7	%
Putnam Investment Management, LLC	626,785		1.8	%	—		—		626,785		1.7	%
Principal Global Investors	613,727		1.7	%	—		—		613,727		1.7	%
Lord, Abbett & Co.	606,317		1.7	%	—		—		606,317		1.7	%
American Century Investment Mgmt.	583,252		1.7	%	—		—		583,252		1.6	%
State Street Global Advisors (U.S.)	579,622		1.6	%	—		—		579,622		1.6	%
Batterymarch Financial Management, Inc.	529,650		1.5	%	—		—		529,650		1.5	%
Silvercrest Asset Management Group, LLC	523,320		1.5	%	—		—		523,320		1.4	%
Loeb Partners Corp.	—		—		65,900		6.1	%	65,900		0.2	%
Other Institutional Investors	11,128,025		31.5	%	—		—		11,128,025		30.6	%
Total Institutional	27,614,767		78.2	%	65,900		6.1	%	27,680,667		76.1	%
Other Shares Outstanding	7,172,345		20.3	%	99,886		9.2	%	7,272,231		20.0	%
Total Shares Outstanding	35,308,161		100.0	%	1,087,305		100.0	%	36,395,466	(d)	100.0	%

(a)Excludes 35,000 shares of Class A stock and 880,901 shares of Class B stock held by Mr. James W. McGinley as special fiduciary and beneficiary of the William J. McGinley Trusts. Includes 22 shares of Class A stock and 10,002 shares of Class B stock indirectly owned by Mr. James W. McGinley as co-trustee.

(b)Excludes 35,000 shares of Class A stock and 880,901 shares of Class B stock held by Mr. Robert R. McGinley as special fiduciary and beneficiary of the William J. McGinley Trusts. Also excludes 22 shares of Class A stock and 10,002 shares of Class B stock indirectly owned by Mr. Robert R. McGinley as co-trustee.

(c)Includes 83,469 shares of Class A stock and 6,540 shares of Class B stock indirectly owned by Mr. George C. Wright as co-trustee.

(d)Does not include options outstanding.

Sources:

Methode Electronics, Inc. Proxy Statement dated June 12, 2003, subsequent Forms 4 and Methode Electronics, Inc.

3

TAB II

Summary Historical & Projected Financial Data*

*Source: Methode Electronics, Inc.; FY 2003 data reflects internal financial statements.

4

Consolidated Historical & Projected Income Statements*

($s in millions, except per share data)

	Fiscal Year Ended April 30, (a)																			Fiscal Year Ending April 30,
	1999							2000			2001 (b)			2002 (c)			2003			2004E			2005E			2006E
Revenues:
Net Sales	$					362.1		$	357.6		$	359.7		$	319.7		$	362.3		$	352.5		$	406.8		$	480.3
Other	5.6							3.2			2.4			1.9			0.8			0.7			1.9			1.9
Total Revenues	367.7							360.9			362.1			321.6			363.1			353.2			408.8			482.2
Cost of Products Sold	263.8							264.9			282.3			242.5			282.5			270.2			304.4			357.3
Gross Profit	103.9							96.0			79.9			79.1			80.6			83.0			104.4			124.9
Depreciation & Amortization	16.0							15.6			15.9			16.1			17.2			18.3			18.3			19.5
Selling and Administrative Expenses	41.1							41.8			40.0			41.9			32.7			30.4			42.3			48.3
Provision for Exiting Business	3.1							—			—			—			—			—			—			—
Operating Income	43.7							38.6			24.0			21.0			30.6			34.3			43.7			57.1
Interest, Net	1.0							1.7			1.7			1.2			1.2			1.0			1.4			1.5
Other, Net	0.3							0.6			1.2			1.1			0.2			0.2			0.2			0.2
Income from Continuing Operations before Income Taxes	45.0							40.9			26.8			23.4			32.0			35.4			45.3			58.7
Income Taxes	15.7							13.8			8.2			7.0			10.1			11.2			15.0			19.4
Income from Continuing Operations (d)	$				29.3			$	27.1		$	18.6		$	16.4		$	21.8		$	24.3		$	30.4		$	39.4
Earnings Per Share from Continuing Operations, Diluted	$			0.83				$	0.76		$	0.52		$	0.45		$	0.60		$	0.67		$	0.83		$	1.08
Dividends Per Share — Class A and Class B Shareholders	$		0.20					$	0.20		$	0.20		$	0.20		$	0.20		$	0.20		$	0.20		$	0.20
Weighted Average Shares, Diluted (Millions) (e)	35.4							35.5			35.8			36.1			36.4			36.4			36.4			36.4
EBITDA Calculation
Operating Income	$	43.7						$	38.6		$	24.0		$	21.0		$	30.6		$	34.3		$	43.7		$	57.1
Depreciation & Amortization	16.0							15.6			15.9			16.1			17.2			18.3			18.3			19.5
EBITDA	$	59.7						$	54.2		$	39.9		$	37.2		$	47.8		$	52.6		$	62.1		$	76.6
Net Sales Growth	—							(1.2		%)	0.6		%	(11.1		%)	13.3		%	(2.7		%)	15.4		%	18.1		%
As a% of Net Sales
Gross Margin	28.7						%	26.8		%	22.2		%	24.7		%	22.2		%	23.6		%	25.7		%	26.0		%
Operating Expenses as a% of Sales	16.6						%	16.1		%	15.5		%	18.2		%	13.8		%	13.8		%	14.9		%	14.1		%
EBITDA Margin	16.5						%	15.2		%	11.1		%	11.6		%	13.2		%	14.9		%	15.3		%	16.0		%
Operating Margin	12.1						%	10.8		%	6.7		%	6.6		%	8.4		%	9.7		%	10.7		%	11.9		%
Income from Continuing Operations Margin	8.1						%	7.6		%	5.2		%	5.1		%	6.0		%	6.9		%	7.5		%	8.2		%

*Source: Methode Electronics, Inc.; FY 2003 data reflects internal financial statements.

(a)Fiscal Years Ended April 30, 1999-April 30, 2000 have been restated for the spin-off of Stratos Lightware, Inc.

(b)Excludes after-tax charge of $5.9 million, net of special charges and insurance gains. Income from Continuing Operations was $12.8 million if these charges were included.

(c)Excludes after-tax warranty, restructuring charges and tax credits. Income from continuing operations was $0.3 million if these charges were included.

(d)After-tax Income from Discontinued Operations was $3.5 million in 1999, $3.8 million in 2000 and $6.6 million in 2001, including costs associated with the Stratos spin-off of $1.3 million in 2001.

(e)Assumes approximately 36.4 million weighted average shares outstanding for projected years.

5

Consolidated Historical & Projected Balance Sheets*

($s in millions)

	As of April 30, (a)																Estimated as of April 30,
	1999				2000			2001			2002			2003			2004E			2005E			2006E
ASSETS:
Cash & Cash Equivalents	$		22.2		$	28.9		$	42.8		$	49.9		$	64.3		$	74.8		$	83.1		$	86.5
Accounts Receivable, Net	79.2				67.3			66.1			64.1			58.2			63.6			67.8			80.1
Inventories	42.3				47.7			51.4			37.0			31.9			31.1			34.9			39.9
Current Deferred Income Taxes	4.7				5.1			8.6			8.4			9.5			9.3			10.7			12.6
Prepaid Expenses	5.5				4.3			8.4			6.1			11.8			11.5			13.0			14.8
Total Current Assets	153.8				153.4			177.3			165.4			175.8			190.3			209.4			234.0
Property, Plant & Equipment, Net	78.4				70.9			70.1			70.0			82.9			84.6			88.3			92.7
Goodwill, Net	38.2				38.7			27.6			18.2			18.1			18.2			18.1			18.1
Other	14.7				16.9			19.9			38.3			38.7			41.5			42.6			48.7
Total Assets	$		285.1		$	279.8		$	294.9		$	291.9		$	315.5		$	334.5		$	358.3		$	393.5
LIABILITIES & SHAREHOLDERS’ EQUITY:
Current Liabilities:
Accounts & Notes Payable	$		22.8		$	27.0		$	27.7		$	27.3		$	24.5		$	28.0		$	25.1		$	26.3
Other Current Liabilities	29.1				21.2			26.3			22.9			24.8			22.9			24.8			24.8
Total Current Liabilities	51.9				48.2			54.0			50.2			49.3			50.9			49.9			51.1
Other Liabilities	3.6				3.9			5.3			5.3			6.1			5.9			6.8			8.0
Deferred Compensation	7.3				6.9			6.3			6.5			5.1			5.6			6.2			6.8
Total Liabilities	62.8				59.0			65.6			62.1			60.5			62.4			62.9			65.9
Stockholders’ Equity:
Common Stock	17.4				18.0			18.1			18.1			18.1			18.1			18.1			18.1
Additional Paid-in Capital	(2.6			)	28.0			33.3			33.3			33.3			33.3			33.3			33.3
Retained Earnings	214.1				181.4			190.6			191.1			216.3			233.4			256.6			288.9
Other Stockholders’ Equity	(6.6			)	(6.5		)	(12.7		)	(12.7		)	(12.7		)	(12.7		)	(12.7		)	(12.7		)
Total Stockholders’ Equity	222.3				220.9			229.3			229.8			255.0			272.1			295.4			327.6
Total Liabilities & Stockholders’ Equity	$	285.1			$	279.8		$	294.9		$	291.9		$	315.5		$	334.5		$	358.3		$	393.5
Book Value Per Share	$	6.21			$	6.13		$	6.34		$	6.36		$	7.06		$	7.54		$	8.18		$	9.08
Number of Shares Outstanding (b)	35.8				36.0			36.2			36.2			36.1			36.1			36.1			36.1

*Source: Methode Electronics, Inc.; FY 2003 data reflects internal financial statements.

(a)Fiscal Years Ended April 30, 1999-April 30, 2000 have been restated for the spin-off of Stratos Lightwave, Inc.

(b)Assumes outstanding number of shares of approximately 36.1 million for projected years.

6

Consolidated Historical & Projected Cash Flow Statements*

($s in millions)

	Year Ended April 30,																								Year Ending April 30,
	1999				2000					2001					2002					2003					2004E					2005E					2006E
Cash Flows from Operating Activities:
Net Income from Continuing Operations	$		29.3		$		27.1			$		18.6			$		16.4			$		21.8			$		24.3			$		30.4			$		39.4
Adjustments to Reconcile Net Income from Continuing Operations to Net Cash Provided by Operating Activities:
Provision for Depreciation and Amortization	16.0				15.6					15.9					16.1					17.2					18.3					18.3					19.5
Provision for Losses on Accounts Receivable	1.1				3.0					1.4					—					—					—					—					—
Provision for Impairment of Assets	—				—					—					—					—					—					—					—
Provision for Deferred Compensation and SEBP	0.4				0.7					—					—					—					—					—					—
Deferred Income Taxes	(1.1			)	(0.8				)	(0.8				)	(0.8				)	(0.8				)	(0.8				)	(0.8				)	(0.8				)
Amortization of Stock Awards	2.2				1.9					0.8					—					—					—					—					—
Provision for Loss on Idle Equipment	—				1.0					0.6					—					—					—					—					—
Contribution of Treasury Stock to ESOP	—				1.2					—					—					—					—					—					—
(Increase) Decrease in Accounts Receivable	(19.3			)	8.9					(0.2				)	2.1					5.8					(5.4				)	(4.2				)	(12.2				)
(Increase) Decrease in Inventories	3.9				(6.3				)	(3.6				)	14.4					5.0					0.9					(3.8				)	(5.0				)
(Increase) Decrease in Current Deferred Income Taxes and Prepaid Expenses	(2.5			)	1.2					(5.5				)	(5.2				)	(4.1				)	(2.7				)	(3.0				)	(9.0				)
Increase (Decrease) in Accounts Payable and Accrued Expenses	2.3				1.4					9.1					(3.8				)	(0.9				)	1.6					(0.9				)	1.1
Net Cash (Used in) Provided by Operating Activities	32.3				54.8					36.4					39.2					44.1					36.2					36.0					32.9
Cash Flows from Investing Activities:
Purchases of Property, Plant & Equipment	(17.5			)	(12.9				)	(15.6				)	(12.0				)	(23.8				)	(20.0				)	(22.0				)	(24.0				)
Purchases of Subsidiaries	(1.5			)	(1.0				)	—					(13.0				)	—					—					—					—
Proceeds from (Purchases of) Life Insurance Policies	(0.9			)	(1.1				)	(1.2				)	(0.9				)	—					—					—					—
Proceeds from Sale of Assets	—				3.5					—					—					—					—					—					—
Other	1.9				(5.0				)	3.8					—					—					—					—					—
Net Cash (Used in) Provided by Investing Activities	(18.1			)	(16.4				)	(13.0				)	(25.9				)	(23.8				)	(20.0				)	(22.0				)	(24.0				)
Cash Flows from Financing Activities:
Borrowings (Repayments) on Lines of Credit & Long-term Borrowings	1.6				(3.6				)	(1.2				)	—					—					—					—					—
Exercise of Stock Options	—				1.3					2.7					1.0					1.3					1.5					1.5					1.8
Treasury Stock Transactions	(3.1			)	0.5					—					—					—					—					—					—
Cash Dividends	(7.1			)	(7.1				)	(7.1				)	(7.2				)	(7.2				)	(7.2				)	(7.2				)	(7.2				)
Other	—				—					—					—					—					—					—					—
Net Cash (Used in) Provided by Financing Activities	(8.6			)	(8.9				)	(5.6				)	(6.2				)	(6.0				)	(5.7				)	(5.7				)	(5.5				)
Net Cash (Used in) Discontinued Operations	(7.6			)	(22.9				)	(1.0				)	—					—					—					—					—
Net Cash (Used in) Special Charge	—				—					(2.9				)	—					—					—					—					—
Increase (Decrease) in Cash and Cash Equivalents	(2.0			)	6.7					13.9					7.1					14.4					10.5					8.3					3.5
Cash and Cash Equivalents at Beginning of Period	24.2				22.2					28.9					42.8					49.9					64.3					74.8					83.1
Cash and Cash Equivalents at End of Period	$	22.2				$		28.9			$		42.8			$		49.9			$		64.3			$		74.8			$		83.1			$		86.5

*Source: Methode Electronics, Inc.; FY 2003 data reflects internal financial statements.

7

Historical & Projected Sales by Segment *

*Source: Methode Electronics, Inc.

Note: Total sales does not include corporate discounts.

8

Selected Historical & Projected Operating Data by Segment*

	Fiscal Year Ended April 30,															Fiscal Year Ending April 30,
	1999			2000			2001(a)			2002(b)			2003			2004E			2005E			2006E
Net Sales:
Electronic:
Automotive	$	206.2		$	216.5		$	213.3		$	221.2		$	268.3		$	274.6		$	321.9		$	386.8
Non-Automotive	108.4			96.4			104.0			55.6			57.2			40.9			45.0			49.5
Electronic-Total	314.6			312.9			317.3			276.9			325.5			315.5			366.9			436.3
Optical	18.3			20.8			27.8			28.0			19.5			16.6			21.4			23.5
Other	30.8			25.8			17.9			14.8			17.3			20.4			22.0			24.0
Corporate (Discounts)	(1.6		)	(1.9		)	(3.2		)	—			—			—			(3.5		)	(3.5		)
Total Net Sales	$	362.1		$	357.6		$	359.7		$	319.7		$	362.3		$	352.5		$	406.8		$	480.3
Operating Profit
Electronic:
Automotive	$	36.6		$	37.2		$	20.5		$	24.7		$	33.9		$	37.0		$	50.1		$	60.5
Non-Automotive	19.6			11.4			7.6			0.5			3.1			1.1			4.2			5.9
Electronic-Total	56.3			48.6			28.1			25.2			36.9			38.1			54.3			66.4
Optical	1.7			0.4			2.8			1.0			(0.8		)	0.5			2.7			3.5
Other	(4.8		)	1.1			1.9			0.4			0.5			1.0			2.1			3.1
Corporate	(9.5		)	(11.5		)	(8.9		)	(5.5		)	(5.9		)	(5.4		)	(15.4		)	(15.9		)
Total Operating Income	$	43.7		$	38.6		$	24.0		$	21.0		$	30.6		$	34.3		$	43.7		$	57.1
Net Sales Growth:
Electronic:
Automotive	NA			5.0		%	(1.5		)%	3.7		%	21.3		%	2.3		%	17.2		%	20.2		%
Non-Automotive	NA			(11.1		)%	7.9		%	(46.5		)%	2.7		%	(28.4		)%	10.0		%	10.0		%
Electronic-Total	NA			(0.5		)	1.4		%	(12.7		)%	17.6		%	(3.1		)%	16.3		%	18.9		%
Optical	NA			13.4		%	33.6		%	0.7		%	(30.3		)%	(14.9		)%	28.9		%	9.8		%
Other	NA			(16.2		)%	(30.8		)%	(17.0		)%	17.0		%	17.6		%	7.9		%	9.1		%
Total Net Sales Growth (Decline)	NA			(1.2		)%	0.6		%	(11.1		)%	13.3		%	(2.7		)%	15.4		%	18.1		%
Operating Margin:
Electronic:
Automotive	17.8		%	17.2		%	9.6		%	11.1		%	12.6		%	13.5		%	15.5		%	15.6		%
Non-Automotive	18.1		%	11.8		%	7.3		%	0.9		%	5.3		%	2.7		%	9.4		%	11.9		%
Electronic-Total	17.9		%	15.5		%	8.9		%	9.1		%	11.3		%	12.1		%	14.8		%	15.2		%
Optical	9.5		%	1.7		%	10.1		%	3.5		%	(4.2		)%	3.3		%	12.6		%	15.1		%
Other	(15.7		)%	4.3		%	10.9		%	2.7		%	2.6		%	4.9		%	9.8		%	13.0		%
Total Operating Margin	12.1		%	10.8		%	6.7		%	6.6		%	8.4		%	9.7		%	10.7		%	11.9		%

*Source: Methode Electronics, Inc.; FY 2003 data reflects internal financial statements.

(a)Excludes special charge and insurance gain.

(b)Excludes after-tax warranty, restructuring charges and tax credits.

9

TAB III

Daily Closing Stock Price—1/3/00 to 8/4/03*

*Stock prices prior to April 28, 2001 adjusted for Stratos Lightwave spinoff.

10

30 Trading Day Daily Closing Stock Price—6/23/03 to 8/4/03

11

Daily Trading Premium (Discount) of Class B Stock: 1/3/00 - 8/4/03

12

Monthly Stock Trading Volume—1/00 to 7/03

13

30 Trading Day Daily Stock Trading Volume—6/23/03 to 8/4/03

14

TAB IV

Analysis of Selected Publicly Traded Electronic Component Manufacturing Companies

($s in millions)

	Selected Publicly Traded Companies
	Amphenol Corporation			CTS Corporation			Delphi Corporation			Dura Automotive Systems, Inc.			Littelfuse, Inc.			Molex Incorporated			Thomas & Betts Corporation			Median			Methode Electronics, Inc.
Operating Data (Latest 12 months)	6/30/2003			6/29/2003			6/30/2003			6/30/2003			6/28/2003			6/30/2003			6/29/2003						4/30/2003
Revenues	$	1,117.8		$	450.0		$	27,693.0		$	2,337.3		$	287.0		$	1,843.1		$	1,296.7		$	1,296.7		$	363.1
Five-Year Compound Sales Growth	4.4		%	2.6		%	(2.3		)%	35.0		%	0.8		%	3.0		%	(9.6		)%	2.6		%	(1.2		)%
Gross Profit	$	380.9		$	92.8		$	3,348.0		$	307.1		$	93.0		$	609.7		$	338.9					$	80.6
Gross Margin	34.1		%	20.6		%	12.1		%	13.1		%	32.4		%	33.1		%	26.1		%	26.1		%	22.2		%
EBITDA	$	219.3		$	49.8	(a)	$	1,750.0	(a)	$	216.3	(c)	$	40.4	(a)	$	332.6	(c)	$	109.7	(a)				$	47.8
EBITDA Margin	19.6		%	11.1		%	6.3		%	9.3		%	14.1		%	18.0		%	8.5		%	11.1		%	13.2		%
Operating Income	$	183.1		$	11.9(a	)	$	740.0	(a)	$	144.6		$	21.5	(a)	$	108.5		$	60.2(a	)				$	30.6
Operating Margin	16.4		%	2.6		%	2.7		%	6.2		%	7.5		%	5.9		%	4.6		%	5.9		%	8.4		%
Net Income	$	85.9		$	(10.7	)	$	389.0		$	33.1		$	13.3		$	84.9		$	14.8					$	21.8
Net Profit Margin	7.7		%	(2.4		)%	1.4		%	1.4		%	4.6		%	4.6		%	1.1		%	1.4		%	6.0		%
Balance Sheet Data (Latest Available)
Cash & Equivalents	$	22.3		$	6.7		$	730.0		$	163.0		$	42.3		$	350.2		$	297.8					$	64.3
Total Assets	$	1,147.7		$	480.0		$	19,630.0		$	2,057.8		$	285.7		$	2,340.2		$	1,729.7		$	1,729.7		$	315.5
Current Debt	$	10.3		—			$	1,096.0		$	5.3		$	17.6		—			$	127.9		—
Long-Term Debt	624.7			$	85.3		1,533.0			1,115.6			20.2			$	13.1		565.6						—
Total Debt	634.9			85.3			2,629.0			1,120.9			37.8			13.1			693.5						—
Preferred Stock	—			—			—			55.3			—			—			—						—
Minority Interest	—			—			—			—			—			0.8			—						—
Shareholders’ Equity	218.9			268.7			1,653.0			267.9			195.9			1,896.6			669.5						255.0
Total Capital	$	853.8		$	354.0		$	4,282.0		$	1,444.1		$	233.8		$	1,910.5		$	1,363.0					$	255.0
Debt as a % of Total Capital	74.4		%	24.1		%	61.4		%	81.4		%(b)	16.2		%	0.7		%	50.9		%	50.9		%	—
Operating Income/Total Assets	16.0		%	2.5		%	3.8		%	7.0		%	7.5		%	4.6		%	3.5		%	4.6		%	9.7		%
Return on Equity	39.3		%	NM			23.5		%	12.4		%	6.8		%	4.5		%	2.2		%	9.6		%	8.6		%

NA—Not Available

NM—Not Meaningful

(a)Excludes non-recurring charges.

(b)Assumes mandatorily redeemable convertible trust preferred securities as debt.

(c)LTM D&A as of March 31, 2003.

15

	Selected Publicly Traded Companies
	Amphenol Corporation			CTS Corporation			Delphi Corporation			Dura Automotive Systems, Inc.			Littelfuse, Inc.			Molex Incorporated			Thomas & Betts Corporation			Median			Methode Electronics, Inc.
Market Data (Latest Available)
Ticker Symbol	APH			CTS			DPH			DRRA			LFUS			MOLX / MOLXA			TNB						METHA / METHB
Stock Exchange	NYSE			NYSE			NYSE			NASDAQ			NASDAQ			NASDAQ			NYSE						NASDAQ
Closing Price (8/4/03)	$	53.75		$	11.05		$	8.40		$	10.60		$	22.75		$	27.46 / $23.2		$	15.38					$	11.01/ $40.00
52-Week High	$	57.67		$	11.95		$	10.65		$	14.92		$	24.64		$	33.75 / $28.94		$	19.40					$	12.56 / $44.74
52-Week Low	$	27.47		$	3.65		$	6.39		$	5.35		$	13.84		$	19.43 / $17.02		$	12.20					$	6.25 / $8.50
Current as a % of High	93.2		%	92.5		%	78.9		%	71.0		%	92.3		%	82.0 / 80.8		%	79.3		%	81.4		%	87.7 / 89.4		%
Market Capitalization	$	2,289.7		$	381.9		$	4,706.5		$	194.0		$	495.9		$	4,896.0	(c)	$	899.2		$	899.2		$	428.9
Common Shares Outstanding (million)	42.6			34.6			560.3			18.3			21.8			191.1			58.5						36.1
Earnings per Share	$	1.97	(b)	$	(0.33	)	$	0.69		$	1.80		$	0.61		$	0.44		$	0.25					$	0.60
Price/Earnings Ratio	27.3		x	NM			12.2		x	5.9		x	37.3		x	62.9x / 53.1		x	61.5x			32.3		x	18.2x / 66.3		x
Book Value per Share	$	5.14		$	7.78		$	2.95		$	14.64		$	8.99		$	9.92		$	11.45					$	7.06
Price/Book Value	10.5		x	1.4x			2.8x			0.7x			2.5x			2.8x / 2.4		x	1.3		x	2.5		x	1.6x / 5.7x
Market Capitalization	$	2,289.7		$	381.9		$	4,706.5		$	194.0		$	495.9		$	4,896.0		$	899.2					$	428.9
Plus: Total Debt	634.9			85.3			2,629.0			1,120.9			37.8			13.1			693.5						—
Plus: Preferred Stock	—			—			—			55.3			—			—			—						—
Plus: Minority Interest	—			—			—			—			—			0.8			—						—
Less: Cash & Equivalents	22.3			6.7			730.0			163.0			42.3			350.2			297.8						64.3
Enterprise Value	$	2,902.3		$	460.5		$	6,605.5		$	1,207.2		$	491.4		$	4,559.7		$	1,294.9					$	364.7
Enterprise Value/Operating Income	15.9		x	38.6		x	8.9		x	8.4x			22.9x			42.0x			21.5x			21.5x			11.9		x
Enterprise Value/EBITDA	13.2		x	9.3		x	3.8		x	5.6x			12.2x			13.7x			11.8x			11.8x			7.6		x
Enterprise Value/Gross Profit	7.6x			5.0		x	2.0		x	3.9x			5.3x			7.5x			3.8x			5.0x			4.5		x
Enterprise Value/Revenues	2.6x			1.0		x	0.2		x	0.5x			1.7x			2.5x			1.0x			1.0x			1.0		x
Current Fiscal Year Estimated
Earnings per Share(a)	$	2.38		$	0.21		$	0.62		$	1.61		$	0.60		$	0.73		$	0.92					$	0.65
Price/Earnings Ratio	22.6		x	51.9		x	13.6		x	6.6x			38.1x			37.9x / 32.1x			16.7x			22.6x			16.9x / 61.5		x
Next Fiscal Year Estimated
Earnings per Share(a)	$	2.77		$	0.56		$	0.94		$	2.01		$	0.88		$	0.94		NA						$	0.80
Price/Earnings Ratio	19.4		x	19.9		x	8.9		x	5.3		x	26.0		x	29.4x / 24.9		x	NA			19.6		x	13.8x /50.0		x

NA—Not Available

NM—Not Meaningful

(a)Source: I/B/E/S Earnings Estimates—Bloomberg

(b)Reflects reported earnings per share.

(c)Includes Common Stock, Class A Common Stock, and non-publicly traded Class B Common Stock.

16

Description of Selected Publicly Traded Electronic Component Manufacturing Companies

Amphenol Corporation

                Amphenol Corporation designs, manufactures and markets electrical, electronic and fiber optic connectors, interconnect systems, and coaxial and flat-ribbon cable. The company’s products are used in a variety of industries, including telephone, wireless and data communications systems, cable television systems, and commercial and military aerospace electronics.

CTS Corporation

                CTS Corporation designs, manufactures and sells electronic components and custom electronic assemblies. The company sells its products to original equipment manufacturers primarily in the communications equipment, automotive and computer equipment markets around the world.

Delphi Automotive Systems Corporation

                Delphi Automotive Systems Corporation is a diversified supplier of automotive components, integrated systems and modules. The company sells its products to automotive vehicle manufacturers, as well as to the worldwide aftermarket for replacement parts. Delphi sells its products under trademarks such as Freedom, E-STEER, FOREWARN and TRAXXAR.

Dura Automotive Systems, Inc.

                Dura Automotive Systems, Inc. designs and manufactures driver control systems, door systems, window systems and engineered mechanical components for the global automotive industry. The company also supplies similar products to the North American recreational vehicle, mass transit and heavy truck markets. Dura’s products are sold to original equipment manufacturers.

17

Littelfuse, Inc.

                Littelfuse, Inc. manufactures and sells fuses and other circuit protection devices for use in the automotive, electronic and general industrial markets. The company also makes relays, switches, circuit breakers and indicator lights. Littelfuse sells its products around the world.

Molex Incorporated

                Molex Incorporated manufactures electronic, electrical and fiber optic interconnection products and systems, switches, value-added assemblies and application tooling. The company sells to original equipment manufacturers in industries that include automotive, computer, computer peripheral, business equipment, telecommunications, consumer products and premise wiring.

Thomas & Betts Corporation

                Thomas & Betts Corporation designs, manufactures and markets electrical and electronic connectors and components for use in assembling, maintaining and repairing electrical, electronic and communication systems. The company’s products are sold worldwide through distributors, mass merchandisers, catalogs and home centers.

TRW Inc.

                TRW Inc. is a global technology, manufacturing and service company that provides advanced technology, systems and services to customers worldwide. The company designs and produces products for the automotive, aerospace and information technology markets. TRW provides defense systems, information technology, automotive electronics and chassis systems, and other products.

18

Relative Share Price Performance—1/3/00 to 8/4/03

  * Excludes Molex Inc. Common Shares.

** Stock prices prior to April 28, 2001 adjusted for Stratos Lightwave spinoff. 

19

TAB V

Dura Automotive Systems, Inc.

Corporate Overview

•Dura Automotive Systems, Inc. (“Dura”) is an independent designer and manufacturer of driver control systems for the global automotive industry

•A global supplier of structural door modules, glass systems, seating control systems and structures and engineered assemblies

•Sells products to every major North American, Japanese and European automotive original equipment manufacturer

•Approximately 67 percent of Dura’s 2002 revenues were generated from sales to OEMs manufacturing vehicles in North America

•Most of Dura’s products are used to produce “systems” or “subsystems,” which are groups of component parts located throughout the vehicle which operate together to provide a specific vehicle function

•Headquarters located in Rochester Hills, Michigan

20

Market Overview

•Dura’s Class A Common Stock is publicly traded on the Nasdaq National Market under the symbol “DRRA”. The Class B Common Stock is not publicly traded

•Dura’s Class A Stock is entitled to one vote per share and the Class B Stock is entitled to ten votes per share

•As of April 15, 2003, Dura’s Directors and Officers as a group, owned 100.0% of Class B Stock and 7.4% of Class A Stock

•Dura’s Class A Common Stock price performance since January 3, 2000 is illustrated below:

21

Dura Automotive Systems, Inc.—Financial Overview

(in millions)

Summary Income Statements

	Year Ended December 31,
	2000		2001		2002		12 Mos. Ended 6/30/03
Revenues	$	2,465.4	$	2,333.7	$	2,360.3	$	2,337.3
Gross Profit	$	381.0	$	320.1	$	325.3	$	307.1
EBITDA	$	261.6	$	221.8	$	241.9	$	216.3	(a)
Operating Income	$	185.0	$	134.9	$	172.6	$	144.6
Income from Continuing Operations	$	40.7	$	21.2	$	46.5	$	33.1

(a)LTM D&A as of March 31, 2003.

Enterprise Value

Closing Share Price (8/ 4/ 03)	$	10.60
Shares Outstanding	18.3
Market Capitalization	$	194.0
Total Debt	1,120.9
Plus: Preferred Stock	55.3
Less: Cash	(163.0		)
Net Indebtedness	1,013.2
Enterprise Value	$	1,207.2

Balance Sheet

	As of 6/30/03
ASSETS:
Cash and Cash Equivalents	$	163.0
Account Receivables, Net	316.6
Inventories	121.0
Current Portion of Derivative Instruments	15.0
Other Current Assets	119.2
Total Current Assets	734.8
Property, Plant & Equipment, Net	448.8
Goodwill, Net	806.2
Noncurrent Portion of Derivative Instruments	22.7
Deferred Income Taxes and Other Assets, Net	45.4
Total Assets	$	2,057.8
LIABILITIES & STOCKHOLDERS’ EQUITY:
Accounts Payable	$	262.6
Accrued Liabilities	215.8
Current Maturities of Long-Term Debt	5.3
Total Current Liabilities	483.7
Long-Term Debt, Net of Current Maturities	1,115.6
Other Noncurrent Liabilities	135.4
Mandatorily Redeemable Convertible Trust Preferred Securities	55.3
Total Liabilities	1,789.9
Total Stockholders’ Equity	267.9
Total Liabilities & Stockholders’ Equity	$	2,057.8

22

TAB VI

Analysis of Premiums Offered by Dura Automotive Systems, Inc.

	Initial Dura Offer								Revised Dura Offer
	Class A		Class B			Total			Class A			Class B			Total
Methode Stock Price Prior to Offer (a)	$	11.23	$	19.75					$	11.81		$	23.52
Shares Outstanding	35,308,161		1,087,305			36,395,466			35,308,161			337,305 (e		)	35,645,466
Market Capitalization	$	396,510,648	$	21,474,274		$	417,984,922		$	416,989,381		$	7,933,414		$	424,922,795
Market Capitalization at Class A Price	$	396,510,648	$	12,210,435		$	408,721,083		$	416,989,381		$	3,983,572		$	420,972,953
Offer Price per Share			$	23.00	(b)				$	0.35	(d)	$	50.00	(f)
Total Consideration to be Paid by Dura			$	25,008,015		$	25,008,015		$	12,357,856		$	16,865,250		$	29,223,106
Per Share Premium to Class A Price			$	11.77	(c)				$	0.35	(d)	$	38.19	(g)
Total Premium to Class A Price			$	12,797,580		$	12,797,580		$	12,357,856		$	12,881,678		$	25,239,534
% Premium to Latest Closing Price			16.46		%				2.96		%	112.59		%
% Premium Over Class A Price			104.81		%	3.13		%(h)	2.96		%	323.37		%	6.00		%(h)

(a)Represents closing price as of July 2, 2003 for the Initial Offer and July 31, 2003 for the Revised Offer.

(b)Reflects Dura’s initial $23 per Class B share offer.

(c)Reflects Dura’s $23 per share offer for Class B shares less the $11.23 Class A share price.

(d)Reflects Dura’s proposal to fund a $0.35 per share dividend for Class A shareholders; does not reflect proposed $0.26 per Class A share dividend to be funded by Methode.

(e)Reflects repurchase of 750,000 Class B shares completed on July 21, 2003.

(f)Reflects Dura’s revised $50 per Class B share offer.

(g)Reflects Dura’s $50 per share offer for Class B shares less the $11.81 Class A share price.

(h)Reflects Total Premium to Class A Price divided by Market Capitalization at Class A Price.

23

TAB VII

Dual Class Stock Trading Analysis—Discount at Which Lesser Voting Shares Trade Relative to Greater Voting Shares*

Company	% (Discount) Premium		Company	% (Discount) Premium
Aaron Rents	7.50	%	Liberty Media Corp	0.08	%
Advanta Corp	4.53	%	Liberty Satellite & Tech	(64.29	%)
Alberto-Culver	(2.74	%)	Marsh Supermkt	(3.35	%)
Baldwin & Lyons	2.64	%	Meredith Corp	7.74	%
Bandag Inc	(7.14	%)	Molex Inc	(15.08	%)
Bel Fuse Inc	11.84	%	Moog Inc	0.13	%
Bio-Rad Labs	(0.13	%)	Neiman Marcus	6.57	%
Brown-Forman	(2.03	%)	Oshkosh Truck	(21.23	%)
Comcast Corp	(3.92	%)	Penn Engin & MF	14.06	%
Constellation Brands	(0.46	%)	Pilgrims Pride	(28.56	%)
Forest City	—		Playboy Ent	10.61	%
Gen Comm	5.45	%	Saucony Inc	(0.08	%)
Gray Comm Sys	0.63	%	Seneca Foods	—
Greif Bros	(5.51	%)	Sequa Corp	(11.28	%)
Heico Corp	(22.72	%)	Tecumseh Prod	3.90	%
Hubbell Inc	3.11	%	Thomas Nelson	0.30	%
Intl Speedway	0.74	%	Viacom Inc	(0.36	%)
Kelly Services	(1.69	%)	Wiley John & Son	(0.11	%)
KV Pharm	(1.23	%)	Wrigley (WM.)	3.05	%
Lee Enterprises	8.45	%
	Average Discount		(2.58%)

*Publicly traded companies with dual class common stock with different voting rights where both classes are publicly traded (minimum market value = $20 million).

24

TAB VIII

Recent Acquisitions Involving Dual Equity Class Companies with an Additional Premium Received by Control Shareholders

Target	Century Communications Corp.			Tele— Communications, Inc.			SFX Broadcasting, Inc.			Average
Acquiror	Adelphia Communications Corp.			AT&T Corp.			Capstar Broadcasting Partners
Date of Transaction	3/5/99			6/24/98			2/20/98
Transaction Value (millions)	$	5,201		$	53,593		$	1,927		$	20,240
Target Control Voting Shares Outstanding	42,322,059			64,444,000			1,047,037
Target Non-Control Shares Outstanding	32,887,163			473,517,000			8,773,934
Total Shares Outstanding	75,209,222			537,961,000			9,820,971
Control Voting Stock as a Percentage of Total Shares Outstanding	56.3		%	12.0		%	10.7		%	26.3		%
Additional Premium Paid to Control Shareholders	9.1		%	10.0		%	30.0		%	16.4		%
Synopsis	Adelphia offered $9.16 in cash and 0.6122 shares (valued at $34.97 based on Adelphia’s closing stock price of $57.125 prior to announcement) or $44.13 in aggregate, for each Century Class A share, and $11.81 in cash and 0.6360 shares (valued at $36.33) or $48.14 in aggregate, for each Century Class B share.			AT&T offered 0.7757 shares per TCI Class A share and 0.8533 shares per TCI Class B share.			Capstar offered $75 in cash per SFX Class A common share and $97.50 in cash per SFX Class B common share.

25

Recent Acquisitions Involving Dual Equity Class Companies with No Additional Premium Received by Control Shareholders

($s in millions)

Date Announced	Target Name	Acquiror Name	Value of Transaction
4/10/2002	Herbalife International, Inc.	Whitney & Co. and Golden Gate Capital, Inc.	$	685.0
3/8/2002	Wackenhut Corporation	Group 4 Falck A/S	$	573.0
3/7/2001	Crown Central Petroleum Corporation	Rosemore, Inc.	$	192.2
8/7/2000	Central Newspapers, Inc.	Gannett Co., Inc.	$	2,800.0
4/12/2000	Ben & Jerry’s Homemade	Unilever	$	284.5
3/3/2000	Jones Intercable, Inc.	Comcast Corp.	$	4,944.7
2/15/2000	Pittway Corp.	Honeywell International Inc.	$	2,148.9
1/18/2000	Associated Group Inc.	AT&T — Liberty Media Group	$	3,090.7
9/24/1999	United Foods Inc.	Pictsweet LLC	$	3.6
7/15/1999	Hach Co.	Danaher Corp.	$	359.5
3/2/1999	Genovese Drug Stores	J.C. Penny Co.	$	255.5
11/2/1998	Intl Manufacturing Svcs Inc.	Celestica Inc.	$	173.2
6/22/1998	NetVantage Inc.	Cabletron Systems Inc.	$	94.0
10/ 21/1997	International Dairy Queen Inc.	Berkshire Hathaway Inc.	$	596.9
6/17/1997	Hechinger Co.	Leonard Green & Partners LP	$	127.0
6/16/1997	Frederick’s of Hollywood, Inc.	Investor Group	$	69.4
5/7/1997	Reliable Life Insurance Co.	Unitrin Inc.	$	261.1
5/5/1997	Riser Foods Inc.	Giant Eagle Inc.	$	468.5
4/30/1997	Sinter Metals Inc.	GKN PLC	$	469.7
4/22/1997	International Family Entertainment	Fox Kids Worldwide Inc.	$	1,862.9
3/10/1997	Greenwich Air Services Inc.	General Electric Co.	$	519.2
7/17/1996	New World Communications	News Corp Ltd.	$	2,173.0
6/3/1996	Heftel Broadcasting Corp.	Clear Channel Communications	$	315.3
8/30/1995	Kentucky Medical Insurance Co.	Michigan Physicians Mutual	$	25.0

26

TAB IX

Premium Analysis of Recent M&A Transactions

($s in millions)

Date Announced	Target Name	Acquiror Name	Transaction Value		Premium Four Weeks Prior to Announcement Date
5/8/03	RFS Hotel Investors Inc	CNL Hospitality Properties Inc	$	688.0	112.0	%
4/16/03	Signal Technology Corp	Crane Co	$	142.5	53.2	%
4/7/03	Bruker AXS Inc	Bruker Daltonics Inc	$	104.6	(10.3	)%
4/1/03	National Service Industries	California Investment Fund LLC	$	111.9	28.6	%
3/26/03	Whitman Education Group Inc	Career Education Corp	$	308.4	72.1	%
2/19/03	Merry Land Properties Inc	Cornerstone Realty Income Tr	$	130.8	32.0	%
2/18/03	Allen Telecom Inc	Andrew Corp	$	498.6	40.9	%
2/18/03	Insignia Financial Group Inc	CB Richard Ellis Inc	$	429.7	10.5	%
2/18/03	Multex.com Inc	Reuters Group PLC	$	243.1	(40.8	)%
2/5/03	HTE Inc	SunGard Data Systems Inc	$	121.8	49.5	%
2/3/03	3TEC Energy Corp	Plains Exploration & Prod	$	289.6	59.2	%
1/21/03	Caminus Corp	SunGard Data Systems Inc	$	153.5	(3.1	)%
1/16/03	3-Dimensional Pharmaceuticals	Johnson & Johnson	$	133.9	14.6	%
1/13/03	Numerical Technologies Inc	Synopsys Inc	$	239.2	22.5	%
1/6/03	ProBusiness Services Inc	Automatic Data Processing Inc	$	517.7	(6.8	)%
12/24/02	Aegis Realty Inc	Phillips Edison Ltd	$	161.4	26.0	%
12/23/02	Inktomi Corp	Yahoo! Inc	$	249.1	80.1	%
12/19/02	Bay State Bancorp	Seacoast Financial Services	$	128.8	(30.8	)%
12/16/02	ANFI Inc	Fidelity Natl Finl Inc	$	131.4	33.5	%
12/16/02	Rawlings Sporting Goods Co	K2 Inc	$	105.7	(9.3	)%
12/9/02	AmeriPath Inc	Amy Acquisition Corp	$	807.6	79.1	%
12/5/02	Hoovers Inc	Dun & Bradstreet Corp	$	117.3	28.5	%
12/4/02	Triangle Pharmaceuticals Inc	Gilead Sciences Inc	$	467.1	(5.1	)%
11/21/02	Synaptic Pharmaceutical Corp	H Lundbeck A/S	$	121.8	4.1	%
11/15/02	FBR Asset Investment Corp VA	Friedman Billings Ramsey Group	$	754.0	71.4	%
11/14/02	OraPharma Inc	Johnson & Johnson	$	103.8	164.7	%
11/12/02	Hunt Corp	Berwind Co LLC	$	115.2	24.0	%
11/12/02	InterTrust Technologies Corp	Fidelio Acquisition Co LLC	$	443.4	9.6	%
11/8/02	Dianon Systems Inc	Laboratory Corp of America	$	601.1	34.5	%
11/8/02	Granite State Bankshares,NH	Chittenden Corp,Burlington,VT	$	247.4	68.3	%

27

Date Announced	Target Name	Acquiror Name	Transaction Value		Premium Four Weeks Prior to Announcement Date
11/4/02	Osmonics Inc	GE Power Systems	$	278.2	10.3	%
11/4/02	Ebenx Inc	SHPS Inc	$	106.1	(9.4%	)
10/29/02	IRT Property Co	Equity One Inc	$	717.6	(6.2%	)
10/21/02	Meridian Medical Technologies	King Pharmaceuticals Inc	$	247.9	78.8	%
10/1/02	BWAY Corp	Kelso & Co	$	341.8	24.4	%
9/30/02	Howell Corp	Anadarko Petroleum Corp	$	267.6	37.5	%
9/27/02	Commonwealth Bancorp,PA	Citizens Financial Group,RI	$	495.3	21.4	%
8/29/02	Admiralty Bancorp Inc,FL	RBC Centura Banks Inc	$	149.8	96.5	%
8/22/02	American Financial Holdings	Banknorth Group Inc,VT	$	746.4	44.4	%
8/20/02	Pure Resources Inc	Union Oil Co of California	$	433.6	33.5	%
8/19/02	CTB International Corp	Berkshire Hathaway Inc	$	178.7	16.4	%
8/12/02	SpeedFam-IPEC Inc	Novellus Systems Inc	$	268.9	21.8	%
8/12/02	DeWolfe Cos Inc	NRT Inc(HFS,Apollo Management)	$	133.0	100.0	%
8/8/02	Warren Bancorp Inc	Banknorth Group Inc,ME	$	125.6	(2.4%	)
8/7/02	Hollywood Casino Corp	Penn National Gaming Inc	$	916.5	50.0	%
8/7/02	Exco Resources Inc	Douglas H Miller	$	314.2	(9.9%	)
8/1/02	Omega Worldwide Inc	Four Seasons Health Care Ltd	$	119.0	23.9	%
7/26/02	International Specialty Prods	Samuel J Heyman	$	138.0	31.2	%
7/26/02	Tremont Corp	Valhi Inc	$	127.0	41.3	%
7/23/02	ChemFirst Inc	EI du Pont de Nemours and Co	$	428.7	8.2	%
7/23/02	Centennial Bancorp,Portland,OR	Umpqua Holdings Corp	$	222.3	(28.1%	)
6/25/02	Wink Communications Inc	Liberty Broadband Interactive	$	101.2	(29.3%	)
6/25/02	Donnelly Corp	Magna International Inc	$	377.1	83.7	%
6/17/02	Mississippi Valley Bancshares	Marshall & Ilsley	$	507.5	25.0	%
6/14/02	Syncor International Corp	Cardinal Health Inc	$	998.2	(7.3%	)
6/13/02	Medford Bancorp Inc, Medford, MA	Citizens Financial Group,RI	$	283.1	12.0	%
6/10/02	SkillSoft Corp	SmartForce PLC	$	231.3	29.9	%
6/10/02	SilverStream Software Inc	Novell Inc	$	212.3	30.7	%
5/31/02	Ticketmaster	USA Interactive	$	841.1	4.1	%
5/29/02	EEX Corp(ENSERCH Corp)	Newfield Exploration Co	$	620.9	26.4	%

28

Date Announced	Target Name	Acquiror Name	Transaction Value		Premium Four Weeks Prior to Announcement Date
5/23/02	Datum Inc	SymmetriCom Inc	$	111.5	33.8	%
5/15/02	Gerber Childrenswear(Gerber)	Kellwood Co	$	135.7	118.8	%
5/15/02	Chiles Offshore Inc	ENSCO International Inc	$	731.0	66.0	%
5/15/02	Boron LePore & Associates Inc	Cardinal Health Inc	$	202.8	11.8	%
5/9/02	Dynacare Inc	Laboratory Corp of America	$	688.8	22.0	%
5/8/02	Chase Industries Inc	Olin Corp	$	180.6	29.1	%
5/2/02	Advanced Technical Products	General Dynamics Corp	$	251.0	22.8	%
5/2/02	Software Spectrum Inc	Level 3 Communications Inc	$	130.0	50.8	%
4/30/02	Micro General Corp(Fidelity)	Fidelity Natl Info Solutions	$	383.8	2.3	%
4/29/02	HNC Software Inc	Fair Isaac & Co Inc	$	826.0	22.4	%
4/24/02	Simplex Solutions Inc	Cadence Design Systems Inc	$	249.5	20.7	%
4/23/02	Innoveda Inc	Mentor Graphics Corp	$	175.0	23.8	%
4/13/02	Nortek Inc	Investor Group	$	525.5	50.7	%
4/11/02	Bancorp Connecticut Inc	Banknorth Group Inc,ME	$	158.5	49.8	%
4/11/02	Herbalife International Inc	Investor Group	$	718.4	38.9	%
4/2/02	Unilab Corp	Quest Diagnostics Inc	$	885.7	50.9	%
4/2/02	ONTRACK Data International	Kroll Inc	$	172.1	3.7	%
4/1/02	Trendwest Resorts	Cendant Corp	$	987.2	56.7	%
3/27/02	Crestline Capital Corp	Barcelo Hotels & Resorts	$	570.2	190.4	%
3/26/02	Liqui-Box Corp	Enhance Packaging Technologies	$	312.8	27.8	%
3/26/02	Eagle Bancshares Inc,Tucker,GA	RBC Centura Banks Inc	$	154.2	46.6	%
3/22/02	SpaceLabs Medical Inc	Instrumentarium Corp	$	139.9	37.4	%
3/21/02	Gulf West Banks Inc	South Finl Group,Greenville,SC	$	118.1	40.3	%
3/20/02	Collateral Therapeutics Inc	Schering AG	$	140.9	53.4	%
3/18/02	McAfee.com Corp	Network Associates Inc	$	229.5	16.2	%
3/18/02	Ivex Packaging Corp(Acadia)	Alcoa Inc	$	451.2	62.1	%
3/18/02	Mechanical Dynamics Inc	MSC.Software Corp	$	127.6	71.9	%
3/17/02	Associated Materials Inc	Harvest/AMI Holdings Inc	$	436.2	36.2	%
3/11/02	Be Free Inc	Valueclick Inc	$	132.2	44.6	%
3/11/02	Canaan Energy Corp	Chesapeake Energy Corp	$	134.0	24.6	%

29

Date Announced	Target Name	Acquiror Name	Transaction Value		Premium Four Weeks Prior to Announcement Date
2/27/02	Fusion Medical Technologies	Baxter International Inc	$	148.9	63.6	%
2/22/02	Visionics Corp	Identix Inc	$	301.3	10.0	%
2/20/02	OTG Software Inc	Legato Systems Inc	$	393.3	10.7	%
2/20/02	Sevenson Environmental Svcs	SCC Contracting Inc	$	169.9	7.7	%
2/20/02	Osca Inc(Great Lakes Chem)	BJ Services Co	$	421.4	92.1	%
2/19/02	Travelocity.com Inc(Sabre Hlg)	Sabre Holdings Corp	$	447.2	125.8	%
2/18/02	ONI Systems Corp	CIENA Corp	$	967.9	88.2	%
2/15/02	NRG Energy Inc	Xcel Energy Inc	$	672.6	267.4	%
2/14/02	dick clark productions inc	Investor Group	$	150.4	14.9	%
2/14/02	Oratec Interventions Inc	Smith & Nephew PLC	$	310.7	44.3	%
2/7/02	Glyko Biomedical Ltd	BioMarin Pharmaceutical Inc	$	143.3	24.7	%
2/1/02	Pitt-Des Moines Inc	Ironbridge Acquisition Corp	$	272.2	42.8	%
1/30/02	Crossmann Communities Inc	Beazer Homes USA	$	618.6	57.7	%
1/29/02	Suburban Lodges of America Inc	InTown Suites Management	$	109.8	39.8	%
1/28/02	Jenny Craig Inc	Investor Group	$	114.8	76.3	%
1/25/02	Shoney’s Inc	Lone Star Fund	$	245.2	67.5	%
1/17/02	Proxim Inc	Western Multiplex Corp	$	252.8	28.3	%
1/7/02	Arguss Communications Inc	Dycom Industries Inc	$	149.2	21.6	%
1/5/02	Talarian Corp	TIBCO Software Inc	$	109.6	26.2	%
		AVERAGE	$	330.8	38.6	%
		MEDIAN	$	247.4	29.9	%
		All 109 Purchases:
		High	$	998.2	267.4	%
		Low	$	101.2	(40.8	)%

30

TAB X

Premiums Paid for Significant Ownership Purchases

($s in millions)

Date Announced	Target Name	Acquiror Name	% of Shares Acquired		Value of Transaction		Four Week Premium
04/10/2003	Hotels.com	USA Interactive	32.0	%	$	1,237.2	28.0	%
01/13/2003	Next Level Communications Inc	Motorola Inc	14.7	%	$	27.6	42.2	%
11/15/2002	Align Technology	Investor Group	16.5	%	$	18.1	-10.0	%
10/15/2002	Quanta Services Inc	First Reserve Corp	12.4	%	$	24.0	16.3	%
10/11/2002	Landair Corp	Investor Group	29.0	%	$	19.7	24.9	%
10/09/2002	CommScope Inc	Investor Group	16.5	%	$	53.0	-28.0	%
08/20/2002	Pure Resources Inc	Union Oil Co of California	35.0	%	$	433.6	22.4	%
07/30/2002	SoftNet Systems Inc	Independence Holding Co	19.9	%	$	15.0	62.2	%
07/26/2002	International Specialty Prods	Samuel J Heyman	20.0	%	$	138.0	33.8	%
07/26/2002	Tremont Corp	Valhi Inc	19.8	%	$	127.0	118.8	%
05/31/2002	Ticketmaster	USA Interactive	34.5	%	$	841.1	-28.1	%
05/22/2002	Redback Networks Inc	Nokia Networks(Nokia Corp)	10.0	%	$	35.8	!11.0	%
05/16/2002	Electric Lightwave Inc	Citizens Communications Co	16.4	%	$	5.9	!10.3	%
03/18/2002	McAfee.com Corp	Network Associates Inc	25.0	%	$	229.5	-5.1	%
03/18/2002	Meemic Holdings Inc	ProAssurance Corp	16.1	%	$	35.4	36.1	%
03/14/2002	Konover Property Trust Inc	Investor Group	33.0	%	$	26.6	16.7	%
03/08/2002	Hawker Pacific Aerospace	Lufthansa Technik AG	25.6	%	$	8.5	25.5	%
03/04/2002	FTD.COM INC	IOS Brands Corp	15.0	%	$	24.6	-57.0	%
02/19/2002	Travelocity.com Inc(Sabre Hlg)	Sabre Holdings Corp	30.0	%	$	447.2	22.5	%
02/15/2002	NRG Energy Inc	Xcel Energy Inc	25.7	%	$	672.6	-3.1	%
02/04/2002	Intimate Brands Inc(Limited)	Limited Inc	16.0	%	$	1,644.7	24.8	%
01/22/2002	Lazare Kaplan International	Fifth Avenue Group Inc	17.7	%	$	11.7	36.4	%
12/27/2001	Convera Corp	Allen Holding Co	28.3	%	$	34.0	-6.7	%
11/16/2001	Sun Community Bancorp Ltd	Capitol Bancorp Ltd,Lansing,MI	50.0	%	$	33.8	0.0	%
11/07/2001	Aquila Inc(Utilicorp United)	UtiliCorp United Inc	20.0	%	$	414.2	-16.1	%
10/25/2001	Aradigm Corp	Novo Nordisk A/S	28.3	%	$	20.0	10.7	%
10/12/2001	Liberty Digital Inc	Liberty Media Corp	10.4	%	$	69.1	-28.2	%
10/10/2001	TD Waterhouse Group Inc	Toronto-Dominion Bank	11.2	%	$	402.6	32.9	%
10/05/2001	Zengine Inc	MCSi Inc	41.5	%	$	24.5	-1.3	%
10/01/2001	NCH Corp	Investor Group	45.7	%	$	121.5	18.8	%

31

Date Announced	Target Name	Acquiror Name	% of Shares Acquired		Value of Transaction		Four Week Premium
09/19/2001	ImClone Systems Inc	Bristol-Myers Squibb Co	19.9	%	$	2,007.4	50.9	%
08/22/2001	Homeservices Com Inc	MidAmerican Energy Holdings Co	16.5	%	$	32.9	56.5	%
08/16/2001	Leeds Federal Bankshares Inc	Northwest Bancorp	29.4	%	$	43.0	95.7	%
07/16/2001	Peapod Inc(Koninklijke)	Koninklijke Ahold NV	42.0	%	$	16.7	90.3	%
06/29/2001	Commerce One Inc	SAP AG	18.9	%	$	225.6	-29.1	%
06/06/2001	Liberty Financial Cos Inc	Liberty Mutual Insurance Co	30.0	%	$	536.0	40.4	%
05/14/2001	Agency.com Ltd	Seneca Investments LLC	34.3	%	$	53.8	161.7	%
04/26/2001	XO Communications	Forstmann Little & Co	13.4	%	$	250.0	-21.6	%
04/24/2001	Pharmanetics Inc	Bayer Corp	15.6	%	$	17.4	76.2	%
03/26/2001	CSFBdirect	CSFB	18.0	%	$	110.4	73.9	%
02/15/2001	Westfield America Inc	Westfield America Trust	22.5	%	$	1,050.8	14.5	%
01/12/2001	Collins & Aikman Corp	Heartland Industrial Partners	28.7	%	$	125.0	12.7	%
12/29/2000	Berlitz Intl Inc(Benesse Corp)	Benesse Corp	22.8	%	$	110.2	112.9	%
12/15/2000	United Auto Group Inc	Penske Capital Partners LLC	20.1	%	$	41.9	46.1	%
12/14/2000	NPC International Inc	O Gene Bicknell	35.0	%	$	93.6	32.0	%
12/07/2000	NuCo2 Inc	BOC Group PLC	15.1	%	$	9.9	65.5	%
11/20/2000	Swiss Army Brands Inc	Victorinox AG	19.8	%	$	9.6	-7.0	%
11/16/2000	PBOC Holdings Inc	FBOP Corp,Oak Park,Illinois	24.0	%	$	47.6	40.4	%
11/10/2000	Holt’s Cigar Holding Inc	HCH Acquisition Corp	26.0	%	$	11.3	54.4	%
11/09/2000	Metro One Telecommunications	Sonera Corp(Finland)	25.5	%	$	68.0	36.0	%
10/25/2000	pcOrder.com	Trilogy Software Inc	38.9	%	$	48.3	55.7	%
10/12/2000	Hexcel Corp	Investor Group	39.3	%	$	159.5	-17.0	%
09/21/2000	Hertz Corp(Ford Motor Co)	Ford Motor Co	18.5	%	$	734.0	12.0	%
09/14/2000	General DataComm Industries	State of WI Investment Board	11.3	%	$	15.0	15.9	%
09/01/2000	Minolta-QMS Inc(Minolta Co)	Minolta Investments Co	42.9	%	$	34.6	95.9	%
08/30/2000	AXA Financial Inc	AXA Group	40.0	%	$	11,189.3	34.3	%
08/28/2000	800-JR Cigar Inc	Investor Group	21.6	%	$	33.3	18.2	%
08/15/2000	Infinity Broadcasting Corp	Viacom Inc	35.7	%	$	13,649.0	-7.0	%
08/14/2000	BHC Communications Inc	News Corp Ltd	23.9	%	$	887.7	10.0	%
08/10/2000	Simon Transportation Services	Jerry Moyes	14.5	%	$	8.2	67.4	%

32

Date Announced	Target Name	Acquiror Name	% of Shares Acquired		Value of Transaction		Four Week Premium
07/20/2000	JLK Direct Distribution Inc	Kennametal Inc	17.0	%	$	36.5	68.7	%
07/11/2000	In Home Health Inc	Manor Care Inc	38.6	%	$	21.0	23.3	%
07/09/2000	Life Technologies Inc(Dexter)	Invitrogen Corp	25.0	%	$	401.7	20.0	%
06/14/2000	USA Detergents Inc	Church & Dwight Co	15.1	%	$	15.0	180.0	%
05/09/2000	Alpharma Inc	Donaldson Lufkin & Jenrette	16.8	%	$	187.5	-1.0	%
04/24/2000	Cherry Corp	Investor Group	48.9	%	$	130.5	70.3	%
03/27/2000	IDT Corp	Liberty Media Corp	11.1	%	$	131.1	-6.1	%
03/23/2000	Homestead Village Inc	Security Capital Group Inc	27.7	%	$	156.8	98.8	%
03/17/2000	Vastar Resources Inc	BP Amoco PLC	19.0	%	$	1,575.7	69.4	%
02/15/2000	Phoenix International Ltd Inc	London Bridge Software Holding	10.1	%	$	5.0	41.7	%
02/02/2000	Thermo Instrument Systems Inc	Thermo Electron Corp	15.0	%	$	831.7	94.3	%
01/31/2000	Thermedics Detection Inc	Thermedics(Thermo Electron)	12.0	%	$	17.0	14.3	%
01/31/2000	ONIX Systems Inc	Thermo Instrument Systems Inc	19.0	%	$	23.1	38.5	%
01/31/2000	Thermo BioAnalysis(Thermo)	Thermo Instrument Systems Inc	16.0	%	$	167.9	53.4	%
01/31/2000	ThermoQuest Corp	Thermo Instrument Systems Inc	10.0	%	$	96.9	61.9	%
01/31/2000	Thermedics(Thermo Electron)	Thermo Electron Corp	26.0	%	$	169.2	103.3	%
01/19/2000	Conning Corp	Metropolitan Life Insurance Co	39.0	%	$	74.3	52.1	%
		AVERAGE	24.0	%	$	556.6	34.3	%
		MEDIAN	20.1	%	$	68.0	28.0	%
		All 77 Purchases:
		High	50.0	%	$	13,649.0	180.0	%
		Low	10.0	%	$	5.0	!57.0	%

33

TAB XI

Recent Dual Class Restructuring Transactions*

Company Name	Continental Airlines, Inc.		Dairy Mart Convenience Stores, Inc.		Fedders Corporation (c)		Pacificare Health Systems, Inc. (d)		Reader’s Digest (Association, Inc.		Reinsurance Group of America		Remington Oil and Gas Corporation		Average		Methode Electronics, Inc. (k)
Ticker Symbol	CAL		DMC		FJC/FJA		PHSY		RDA		RGA		ROIL				METHA / METHB
Date of Transaction	1/22/2001		2/8/2000		3/26/2002		6/24/1999		12/13/2002		9/1/1999		12/23/1998				Pending
Market Capitalization (millions)	$3,034		$20		$89		$3,635		$1,740		$1,581		$124		$1,460		$418
Closing Share Price One Day Prior to Announcement:
Control Voting Stock	$51.88		$4.13		$3.05		$74.00		$20.19(f	)	$35.88		$5.88				$19.75
Non-Control Stock	$52.00		$4.13		$2.70		$79.88		$16.86(f	)	$29.63		$6.00				$11.23
Price Ratio of Control Voting Stock to Non-Control Stock	0.998		1.000		1.130		0.926		1.198		1.211		0.979		1.063		1.759
Control Conversion Ratio (a)	1.320		1.100		1.100		1.27(e	)	1.246		1.010	(j)	1.150		1.150		2.048
Implied Premium to Control Voting Shareholders	32.00	%	10.00	%	10.00	%	12.71	%	24.59	%(g)	1.00	%	15.00	%	15.0	%	104.81	%
Before Recapitalization:
Control Voting Stock	10,966,938		1,439,680		15,901,165		5,909,500		12,432,164		37,931,000		3,250,110				1,087,305
Non-Control Stock	47,397,247		3,307,730		14,890,386		40,037,357		88,296,559		7,417,000		17,553,010				35,308,161
Total Shares Outstanding	58,364,185		4,747,410		30,791,551		45,946,857		100,728,723		45,348,000		20,803,120				36,395,466
Non-Control Stock as a Percentage of Total Shares Outstanding	81.21	%	69.67	%	48.36	%	87.14	%	87.66	%	16.36	%	84.38	%	67.8	%	97.01	%
After Recapitalization:
Previous Control Voting Stock	14,476,358		1,583,648		17,491,282						37,931,000		3,737,627				—
Previous Non-Control Stock	47,397,247		3,307,730		14,890,386						7,194,490		17,553,010				35,308,161
Total Shares Outstanding	61,873,605		4,891,378		32,381,668						45,125,490		21,290,637				35,308,161
Non-Control Stock as a Percentage of Total Shares Outstanding	76.60	%	67.62	%	45.98	%					15.94	%	82.44	%	57.7	%	100.00	%
Cash Basis Premium to Control Shareholders (b)	24.51	%	6.76	%	4.60	%	12.71	%	23.24	%(h)	0.49	%	12.37	%	12.10	%	104.81	%
Percentage Dilution to Non-Control Stockholders	5.67	%	2.94	%	4.91	%	1.63	%	3.27	%(i)	2.52	%	2.29	%	3.32	%	3.23%(l	)
Transaction Synopsis	Each holder of control voting stock receives 1.32 shares of common stock. As part of the transaction approximately 6.7 million Class A shares owned by Northwest Airlines were purchased for $67 per share or approximately $450 million.		Each holder of control voting stock receives 1.1 shares of new common stock in conversion to a single class. This restructuring also settled outstanding litigation.		Each holder of control voting stock received 1.1 shares of new common stock in connection with the recapitalization of the company’s Class A and Common stock to a single class of common stock.		$60 million paid to UniHealth Foundation — owner of 39.8% of Class A Stock, for approving the proposed restructuring to a single class of common stock. UniHealth’s shares to be repurchased at market prices in installments through February 2001.		4,597,901 shares of voting stock held by the DeWitt Wallace— Reader’s Digest Fund and Lila Wallace— Reader’s Digest Fund repurchased at a price of $21.75 per share; all remaining shares of voting stock were exchanged for new Common Stock at a ratio of 1.22 shares of new Common Stock for each share of Class B stock.		Each holder to receive 0.97 of a share of voting stock for one share of non-voting stock.		Each holder of a control voting share receives 1.15 new common shares pursuant to a restructuring to a single class of common stock and a simultaneous acquisition.				Assumes each holder of a control voting share receives $23.00 in cash.

•  Other than 1:1 conversions.

Note: Footnotes discussed on the following page.

34

Relationship Between Control Voting Stock Proportion and Premiums Paid—Footnotes

(a)Represents amount of new single class shares Control Voting Stock holders receive per share upon exchange of their Control Voting Shares.

(b)Cash Basis Premium to Control Shareholders represents the effective premium of the transaction to the control voting stockholders. (Control Stock as a Percentage of Total Shares Outstanding after Recapitalization / Control Stock as a Percentage of Total Shares Outstanding before Recapitalization) -1.

(c)Control Voting Stock represents Fedders Common Stock and Class B Stock and Non-Control Stock represents Fedders Class A Stock.

(d)Control Voting Stock and Non-Control Stock represents shares held by Unihealth and Others respectively.

(e)Pro forma—represents value of Unihealth’s stake after the Transaction ($532.02 million or $60 million + $472.02 million) divided by the initial market value of Unihealth’s stake in the Company ($472.02 million or 5,909,500 shares times $79.875 per share).

(f)Closing share price as of October 15, 2002, one day prior to Reader’s Digest announcement of revised terms of previously announced recapitalization.

(g)Reflects the weighted average premium of the repurchase of 4,597,701 shares for $21.75 (a 29.00% premium over the non-control share price one day prior to announcement of $16.86) and the remaining 7,834,463 shares at a 1.22 exchange ratio for an implied premium of 22.00%.

(h)Reflects the weighted average premium of the repurchase of 4,597,701 shares for $21.75 (a 29.00% premium over the non-control share price one day prior to announcement of $16.86) and a 19.85% cash basis premium for the remaining 7,834,463 shares. The 19.85% cash basis premium assumes the 4,597,701 shares have already been repurchased for cash before the recapitalization takes place.

(i)Dilution reflects the Control Premium to Class B Shareholders (the number of Class B shares outstanding multiplied by the cash basis premium to control shareholders, less the value of the Class B shares at the Class A Price) divided by the Market Value of the Class A Shares ((12.4 million shares * $20.78 per share) -($16.86 * 12.4 million shares)) / ($16.86 * 88.3 million shares).

(j)Pro forma—reflects ratio if recapitalization had been accomplished by issuing additional shares to Control Shareholders instead of by decreasing the shares held by Non-Control Shareholders.

(k)Reflects pro forma repurchase at $23 per share and closing price as of 7/2/02.

(l)Dilution reflects the Control Premium to Class B Shareholders (the number of Class B shares outstanding multiplied by the repurchase price less the value of the Class B shares at the Class A Price) divided by the Market Value of the Class A Shares ((1.09 million shares * $23.00 per share)!($11.23 * 1.09 million shares)) / ($11.23 * 35.3 million shares).

35

Comparable Share Reclassification Dilution to Non-Control Shareholders Analysis

* Reflects transaction based upon the closing price as of July 2, 2003.

36

Recent Equity Reclassification Transactions with Conversion Ratios Equal to 1.0

Date	Company	Ticker Symbol
10/22/2002	E-Z—EM, Inc.	EZM/A/B
10/8/2001	Conoco, Inc.	COC
5/15/2001	Raytheon Co.	RTN
5/1/2001	Waddell & Reed Financial, Inc.	WDR
10/10/2000	Florida East Coast Industries, Inc.	FLA
8/29/2000	J.M. Smucker Company	SJM
6/30/2000	Mitchell Energy & Development	MND
4/24/2000	PMA Capital Corporation	PMACA
10/25/1999	InfoUSA, Inc.	IUSA
6/21/1999	Republic Services, Inc.	RSG
6/18/1999	Cherry Corp.	CHER
6/17/1999	Network Solutions, Inc.	NSOL
12/15/1998	Scott Technologies, Inc.	SCTT
5/21/1998	Carnival Corp.	CCL
5/1/1998	Northwest Airlines Corp.	NWAC

37

TAB XII

Relationship Between Control Voting Stock Proportion and Premiums Paid

A - Pacificare Health Systems, Inc. B - Reader’s Digest Association C - Remington Oil and Gas Corporation D - Dairy Mart Convenience Stores, Inc. E - Reinsurance Group of America F-   Continental Airlines, Inc. G - Fedders Corporation H - Methode Electronics, Inc.*

* Reflects pro forma repurchase at $23.00 per share and closing price as of July 2, 2003.

38

TAB XIII

Methode Electronics, Inc.—E.P.S. Accretion (Dilution) Sensitivity Analysis

39

Methode Electronics, Inc.—E.P.S. Accretion (Dilution) Sensitivity Analysis

	Repurchase Price per Class B Share
	$20.00		$21.00		$22.00		$23.00		$24.00		$25.00		$26.00		$27.00		$28.00		$29.00		$30.00		$31.00		$32.00		$33.00		$34.00		$35.00
Year Ended April 30, 2003
Net Income	$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83
Average Shares Outstanding	36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40
Earnings Per Share	$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600		$0.600
Net Income Adjustment:
Total Class B Purchase Price	$21.75		$22.83		$23.92		$25.01		$26.10		$27.18		$28.27		$29.36		$30.44		$31.53		$32.62		$33.71		$34.79		$35.88		$36.97		$38.06
Reduction in Interest Income	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%	1.44	%
Pro Forma Interest Reduction	$0.31		$0.33		$0.34		$0.36		$0.38		$0.39		$0.41		$0.42		$0.44		$0.45		$0.47		$0.49		$0.50		$0.52		$0.53		$0.55
Tax Rate	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%	31.7	%
Net Income Adjustment	$0.21		$0.22		$0.24		$0.25		$0.26		$0.27		$0.28		$0.29		$0.30		$0.31		$0.32		$0.33		$0.34		$0.35		$0.36		$0.37
Pro Forma Year Ended April 30, 2003
Net Income	$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83		$21.83
Adjustment	0.21		0.22		0.24		0.25		0.26		0.27		0.28		0.29		0.30		0.31		0.32		0.33		0.34		0.35		0.36		0.37
Adjusted Net Income	$21.62		$21.608		$21.60		$21.59		$21.58		$21.57		$21.55		$21.54		$21.53		$21.52		$21.51		$21.50		$21.49		$21.48		$21.47		$21.46
Average Shares	36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40
Repurchase of Class B Shares	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)
Adjusted Shares Outstanding	35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31
Pro Forma Earnings Per Share	$0.612		$0.612		$0.612		$0.611		$0.611		$0.611		$0.610		$0.610		$0.610		$0.610		$0.609		$0.609		$0.609		$0.608		$0.608		$0.608
Accretion (Dilution) to EPS	$+0.012		$+0.012		$+0.012		$+0.012		$+0.011		$+0.011		$+0.011		$+0.010		$+0.010		$+0.010		$+0.009		$+0.009		$+0.009		$+0.008		$+0.008		$+0.008
Forecasted Year Ending April 30, 2004E
Net Income	$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28
Average Shares Outstanding	36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40
Earnings Per Share	$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667		$0.667
Net Income Adjustment:
Total Class B Purchase Price	$21.75		$22.83		$23.92		$25.01		$26.10		$27.18		$28.27		$29.36		$30.44		$31.53		$32.62		$33.71		$34.79		$35.88		$36.97		$38.06
Reduction in Interest Income	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%
Pro Forma Interest Reduction	$0.22		$0.23		$0.24		$0.25		$0.26		$0.27		$0.28		$0.29		$0.30		$0.32		$0.33		$0.34		$0.35		$0.36		$0.37		$0.38
Tax Rate	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%	31.5	%
Net Income Adjustment	$0.15		$0.16		$0.16		$0.17		$0.18		$0.19		$0.19		$0.20		$0.21		$0.22		$0.22		$0.23		$0.24		$0.25		$0.25		$0.26
Pro Forma Year Ending April 30, 2004E
Net Income	$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28		$24.28
Adjustment	0.15		0.16		0.16		0.17		0.18		0.19		0.19		0.20		0.21		0.22		0.22		0.23		0.24		0.25		0.25		0.26
Adjusted Net Income	$24.13		$24.13		$24.12		$24.11		$24.10		$24.10		$24.09		$24.08		$24.07		$24.07		$24.06		$24.05		$24.04		$24.04		$24.03		$24.02
Average Shares	36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40		36.40
Repurchase	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)	(1.09	)
Adjusted Shares Outstanding	35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31		35.31
Pro Forma Earnings Per Share	$0.683		$0.683		$0.683		$0.683		$0.683		$0.682		$0.682		$0.682		$0.682		$0.682		$0.681		$0.681		$0.681		$0.681		$0.681		$0.680
Accretion (Dilution) to EPS	$+0.016		$+0.016		$+0.016		$+0.016		$+0.015		$+0.015		$+0.015		$+0.015		$+0.015		$+0.014		$+0.014		$+0.014		$+0.014		$+0.014		$+0.013		$+0.013

40

Pro Forma Historical and Projected Income Statements at $23.00

Repurchase Price

($s and shares in millions, except per share data)

Assumptions:
Cash Considerations per Class B Share	$	23.00
Number of Class B Shares	1.09
Total Repurchase Value	$	25.0

	FY 2003		FY 2004E
Weighted Average Interest Income on Cash	1.44	%	1.00	%

	Fiscal Year Ended April 30, 2003									Fiscal Year Ending April 30, 2004E
	Actual			Adj.			Pro Forma			Forecast				Adj.			Pro Forma
Net Sales & Other Income	$	363.1		—			$	363.1		$	353.2			—			$	353.2
Cost of Sales	282.5			—			282.5			270.2				—			270.2
Gross Profit	80.6			—			80.6			83.0				—			83.0
Selling & Administrative Expense	32.7			—			32.7			30.4				—			30.4
Depreciation and Amortization	17.2			—			17.2			18.3				—			18.3
Operating Income	30.6			—			30.6			34.3				—			34.3
Interest Expense (Income), Net	(1.2		)	$	0.4	(a)	(0.8		)	(1.0			)	$	0.3	(a)	(0.7		)
Other Expense (Income), Net	(0.2		)	—			(0.2		)	(0.2			)	—			(0.2		)
Income (Loss) before Provision for Taxes	32.0			(0.4		)	31.6			35.4				(0.3		)	35.2
Provision (Benefit) for Income Taxes	10.1			(0.1		)(b)	10.0			11.2				(0.1		)(d)	11.1
Net Income	$	21.8		$	(0.2	)	$	21.6		$	24.3			$	(0.2	)	$	24.1
Net Income per Common Share:
Diluted Earnings Per Share	$	0.600					$	0.611		$		0.667					$	0.683
Weighted Average Shares, Diluted	36.4			(1.09		)(c)	35.3			36.4				(1.09		)(c)	35.3
Accretion (Dilution) to Methode Electronics, Inc.’s Earnings per Share							$	+0.012									$	+0.016

(a)Reflects reduction in Interest Income as a result of cash payment to Class B shareholders.

(b)Reflects Company’s FY 2003 tax rate of 31.7%.

(c)Reflects reduction of Class B shares as a result of the $23.00 per share cash repurchase; assumes number of Class B shares as of the latest Form 10-Q for the fiscal quarter ended January 31, 2003.

(d)Reflects Company’s FY 2004 tax rate of 31.5%.

41

Pro Forma Balance Sheet at $23.00 Repurchase Price as of April 30, 2003

($s and shares in millions, except per share data)

	As of 4/30/03		Adj.			Pro Forma as of 4/30/03
ASSETS:
Cash	$	64.3	$	(25.0	)	$	39.3
Accounts Receivable, Net	58.2		—			58.2
Inventories	31.9		—			31.9
Other Current Assets	21.3		—			21.3
Total Current Assets	175.8		(25.0		)	150.7
Property, Plant & Equipment, Net	82.9		—			82.9
Goodwill	18.1		—			18.1
Intangible Assets, Net	25.5		—			25.5
Other Assets	13.3		—			13.3
Total Assets	$	315.5	$	(25.0	)	$	290.5
LIABILITIES & STOCKHOLDERS’ EQUITY:
Accounts & Notes Payable	$	24.5	—			$	24.5
Other Current Liabilities	24.8		—			24.8
Total Current Liabilities	49.3		—			49.3
Other Liabilities	11.2		—			11.2
Total Liabilities	60.5		—			60.5
Total Stockholders’ Equity	255.0		$	(25.0	)	230.0
Total Liabilities & Stockholders’ Equity	$	315.5	$	(25.0	)	$	290.5
Stockholders’ Equity per Share	$	7.01				$	6.51
Shares Outstanding	36.40		(1.09		)(a)	35.31

(a)Reflects reduction of Class B shares as a result of the $23.00 per share cash repurchase.

42

TAB XIV

Control Premium/Non-Control Dilution Sensitivity Analysis—July 2, 2003 Price

43

Control Premium/Non-Control Dilution Sensitivity Analysis—July 2, 2003 Price

(in millions, except per share data)

	Class A		Class B		Total
Closing Price-July 2, 2003(a)	$	11.23	$	19.75
Shares Outstanding	35.31		1.09		36.40
Market Value	$	396.51	$	21.47	$	417.98

	Repurchase Price per Class B Share
	$20.00			$21.00			$22.00			$23.00			$24.00			$25.00			$26.00			$27.00			$28.00			$29.00			$30.00			$31.00			$32.00			$33.00			$34.00
Premium to Class A Shares	78.09		%	87.00		%	95.90		%	104.81		%	113.71		%	122.62		%	131.52		%	140.43		%	149.33		%	158.24		%	167.14		%	176.05		%	184.95		%	193.86		%	202.76		%
Class B Shares Outstanding	1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09			1.09
Total Consideration (millions)	$	21.75		$	22.83		$	23.92		$	25.01		$	26.10		$	27.18		$	28.27		$	29.36		$	30.44		$	31.53		$	32.62		$	33.71		$	34.79		$	35.88		$	36.97
Less: Value at Class A Price	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)	(12.21		)
Control Premium to Class B Shareholders (millions)	$	9.54		$	10.62		$	11.71		$	12.80		$	13.88		$	14.97		$	16.06		$	17.15		$	18.23		$	19.32		$	20.41		$	21.50		$	22.58		$	23.67		$	24.76
Market Value of Class A Shares	$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51		$	396.51
Dilution to Class A Holders (Control Premium/Market Value)	2.40		%	2.68		%	2.95		%	3.23		%	3.50		%	3.78		%	4.05		%	4.32		%	4.60		%	4.87		%	5.15		%	5.42		%	5.70		%	5.97		%	6.24		%

(a)Reflects price one day prior to announcement of Dura’s offer to acquire all of Methode’s Class B common stock for $23.00 per share.

44

EX-99.(E)

Exhibit 99(e)

CONFIDENTIAL 13 AUGUST 2003

PRESENTATION TO THE BOARD OF DIRECTORS

Methode Electronics, Inc.

CONFIDENTIAL METHODE ELECTRONICS, INC.

Table of Contents

I	SITUATION OVERVIEW
II	TRADING OVERVIEW
III	VALUATION
APPENDIX

METHODE ELECTRONICS, INC.

ISituation Overview

Situation Overview

•The Board of Directors (the “Board”) of Methode Electronics, Inc. (“Methode” or the “Company”) engaged Lazard Frères & Co. LLC (“Lazard”) on July 16, 2003 “to provide certain financial advice to the Board to assist the Board in evaluating the merits for the Company and its stockholders as a whole of the cash tender offer by Dura Automotive Systems, Inc. for the Company’s Class B Common Stock”

•On July 3, 2003 (which was seven days before a special meeting of the holders of the Company’s Class A common stock was scheduled to vote upon a proposal to make a tender offer to purchase all of the outstanding shares of Class B common stock at a price of $20.00 per share), an affiliate of Dura Automotive Systems, Inc. (“Dura”) announced that it would make an offer to pay $23.00 cash for each Class B common share of the Company

•On July 18, 2003, Lazard made a presentation to the Board and stated that, from a financial perspective from the point of view of the Company and all of its stockholders, Lazard did not see a reason to advise the Board to approve or recommend Dura’s offer or facilitate Dura’s offer, including Dura’s request that the Board waive Section 203 of the Delaware General Corporation Law

•Lazard has not been asked to render or deliver, nor is Lazard rendering or delivering, any opinion with respect to the fairness or adequacy of consideration for any transaction

•Methode entered into an agreement dated as of July 18, 2003 with certain trusts and individuals (the “McGinley family”) pursuant to which the McGinley family sold 750,000 of its Class B common shares to the Company for $22.75 per share and agreed, among other things, to vote its remaining Class B common shares in favor of a merger in which all then outstanding Class B common shares (including those held by the McGinley family not previously sold to the Company) would receive $23.55 per share and the Class A common shares would remain outstanding

1

•On July 31, 2003, Dura sent a letter to the Board of Methode and subsequently amended its tender offer on August 4, 2003 as follows:

•$50.00 cash per share for all of the outstanding shares of Class B common stock;

•No condition regarding the applicability or waiver of Section 203;

•Special dividend of $0.35 per share payable by Dura to holders of Methode’s Class A common stock; instruction and support of additional dividend of $0.26 per share payable by Methode to holders of Methode’s Class A common stock;

•Governance agreement with three-year term, pursuant to which:

•Dura will vote its shares of Class B common stock to elect a Board of Methode that consists of a majority of independent directors (within the meaning of the proposed Nasdaq rules);

•Dura will not, without the approval of the independent directors of Methode, purchase any additional shares of Methode common stock or become part of a “group” that owns or seeks to acquire additional Methode common stock;

•Dura will not sell any of its Methode Class B common stock without giving Methode an appropriate right of first refusal and will support an amendment to Methode’s certificate of incorporation that will provide that the special voting rights of the Class B common stock will automatically terminate upon any transfer to any nonaffiliate of the holder thereof;

•Dura will agree not to pursue a business combination transaction with Methode without the consent of the independent directors of Methode unless it is in response to a business combination proposal by a third party; and

•All business transactions between Dura and Methode will be on arms’ length terms and any material business transactions between the parties will be subject to the approval of the independent directors of Methode.

2

Issues to Consider

•Pursuant to the agreement the Company entered into with the McGinley family as of July 18, the Company must, among other things, call a meeting to obtain approval of the proposed merger; the Board is not required to call such a meeting if and only to the extent that each of the following conditions is met:

•(A) the Board, after consultation with and having considered the written advice of its legal counsel, determines in good faith that (x) an acquisition proposal (as defined in the agreement) would, if consummated, constitute a Superior Proposal (as defined in the agreement and excerpted below), and (y) such action is necessary for the Board to comply with its duties to the Company’s stockholders under applicable laws;

•(B) the Special Committee, after consultation with and having considered the written advice of its legal counsel, determines in good faith that such acquisition proposal would, if consummated, be fair to and in the best interests of the holders of the Company’s stock; and

•(C) prior to taking such action, the Company receives from such person an executed confidentiality agreement in reasonably customary form.

•A “Superior Proposal” means any bona fide acquisition proposal not directly or indirectly initiated or solicited by certain stockholders or the Company, or encouraged or facilitated by certain stockholders, which the Board determines in its good faith judgment (after having received the advice of an investment banker), taking into account all legal, financial, regulatory and other aspects of the proposal and the person making the proposal, (i) would, if consummated, result in a transaction that is more favorable to the Company’s stockholders (in their capacity as stockholders), from a financial point of view, than the proposed merger and (ii) is reasonably capable of being completed

3

The following tables summarize the agreement with the McGinley family and Dura’s amended tender offer

	Agreement with McGinley Family									Dura’s Amended Tender Offer
				Per Share								Per Share
				Price		Dividend		Total Price				Price		Dividend		Total Price
Class B Shares
Total Class B Shares		1,087,305
less: McGinley Shares Sold to Methode		(750,000	)	$	22.75			$	17,062,500
McGinley Shares	181,760			$	23.55			4,280,448		181,760		$	50.00			9,088,000
Other Class B Shares	155,545			$	23.55			3,663,085		155,545		$	50.00			7,777,250
Outstanding Class B Shares		337,305									337,305
Aggregate Payment for B Shares								$	25,006,033							$	16,865,250	(a)
Dividend to Class A Funded by Methode		35,308,161				$	0.04	$	1,412,326		35,308,161			$	0.26	$	9,180,122
Dividend to Class A Funded by Dura														$	0.35	$	12,357,856	(a)

Implied Premium for Class A Stockholders

Dividend to Class A Shares Funded by Dura	$	12,357,856
Dividend per Class A Share Funded by Dura	$	0.35
Premium to Close 30 Days Prior to Initial Offer	3.2		%
Premium to Close on 8/12/03	3.0		%

Implied Premium for Class B Stockholders

Premium in Excess of $23.55 per Share	$	8,921,717
Premium in Excess of $23.55 per Share	$	26.45
Premium to $23.55	112.3		%

Implied Premium for All Stockholders

Class A Stockholders	$	12,357,856
Class B Stockholders	8,921,717
	$	21,279,574
Premium to Close 30 Days Prior to Initial Offer	5.3		%
Premium to Close on 8/12/03	5.0		%

Total Equity Value

	Outstanding	Price		Value
Class B Shares	337,305	$	23.55	$	7,943,533
Class A Shares at Close on 8/12/03	35,308,161	$	11.81	416,989,381
Total Equity Value				$	424,932,914

(a)Dura is proposing to pay a total of $29.2 million to all of the stockholders of Methode.  In Dura’s initial offer, Dura proposed to pay a total of $25.0 million to all of the stockholders of Methode.

4

•If the proposed merger is consummated, control of the Company will vest in a single class of common stock, such that each share of common stock will have the same rights and value as every other share of common stock

•Pursuant to the agreement with the McGinley family, the Company paid $17.0 million to the McGinley family and would pay $7.9 million in the proposed merger (or in certain back-end transactions)

•Under the terms of settlement of a shareholder lawsuit, Methode agreed to pay an aggregate dividend of $1.4 million to the holders of the Class A shares within 60 days after the merger

•If the proposed merger is consummated, any subsequent “change of control” premium in a sale of the Company will be shared equally by all of the stockholders (which would effectively be only Class A stockholders)

•If the proposed merger is consummated, the Board will be elected on a one share / one vote basis

•If Dura’s tender offer is consummated, the stockholders of the Company will not have the opportunity to vote for a single class structure and control will instead pass to Dura

•Dura is proposing to pay consideration of $16.9 million for all of the outstanding Class B shares and a special dividend funded by Dura of $12.4 million to the holders of Class A shares

•Dura is proposing to pay for the Class B stock a premium of $26.45 per Class B share or $8.9 million in aggregate, which represents a 112.3% premium over $23.55 per Class B share

•Dura is proposing to pay for the Class A stock a dividend funded by Dura of $0.35 per Class A share or $12.4 million in aggregate, which represents a 3.2% premium to the Class A closing price 30 days prior to Dura’s initial offer

•In aggregate, Dura is proposing to pay a $21.3 million premium to the stockholders of Methode, which represents a premium of 5.3% to the stockholders of Methode (relative to the closing price of the Class A shares 30 days prior to Dura’s initial offer and relative to $23.55 for the Class B shares) and which, given the agreement with the McGinley family, would result in a change of control of Methode

5

•Dura is proposing to support an additional aggregate dividend of $9.2 million from Methode to the holders of the Class A shares

•We do not consider this a premium because it is funded by the Company and is effectively a return of shareholders’ capital

•If the Company were to pursue a change of control transaction, we believe it is likely that strategic buyers would express significant interest in buying and controlling Methode, and we believe financial buyers would also express interest

•The valuation analysis we prepared, based on the Company’s projections, suggests that potential buyers would have interest in the Company at a substantial premium to Dura’s amended tender offer

6

METHODE ELECTRONICS, INC.

IITrading Overview

Trading History – Class A 1-Year Stock Price Performance

7

Trading History – Class B 1-Year Stock Price Performance

8

Trading History – Class A vs. Class B 1-Year Indexed Performance

9

Analyst Commentary

ON METHODE

•“In our opinion, this agreement places control of Methode in the hands of the Class A shareholders with 91% of the votes.  Thus, Dura’s offer to buy the Class B shares represents taking control from the Class A shareholders without paying an appropriate premium.  We believe it is likely Methode will again raise its offer to the Class B and Class A shareholders to effect the transition to a one-share, one-vote corporate structure that we believe is in the best interests of all shareholders.”

-Baird Research, August 1, 2003

•“Buyers of Methode’s shares today are effectively making a decision on who owns the Class B shares.  Our handicapping of this is: 1) Methode does – no change in our $13 target price with prospect of a future sale possible; 2) Dura does – unknown immediate impact with prospects of lower earnings and target price along with a “cap” on the value of the Class A shares (around $9-10) until Dura shows it can deliver value for the Class A shareholders; and 3) a third party (white knight) who is willing to buy the whole company with the Class A shares likely worth $15-16.”

-Baird Research, July 15, 2003

ON DURA

•“It is still not entirely clear to us why Dura would pay for control of Methode but not be able to realize any synergies due to a lack of economic ownership.”

•“The transaction appears to be a move by Dura to enhance its electronic expertise.  The majority of Dura’s current products are based on mechanical systems, but the next-generation products are shifting to electronically controlled systems…Dura needs the electronic expertise to enhance their sales growth.”

•“Dura will consolidate 100% of Methode’s revenues, but only 0.9% of Methode’s 3.8mm in 2002 net income ($0.04mm).  Dura will recognize 0.9% of Methode’s net income based on its acquired 0.9% stake in the company (0.337mm out of 36.103mm total shares).  In addition, Dura does not benefit from Methode’s cash flow beyond the $0.20 per share dividend ($0.06mm) on its 0.337mm acquired shares.”

-Morgan Stanley Research, August 4, 2003

10

Excerpts from Dura’s Public Statements

•“We believe that such control through ownership of the Class B shares will enable us to pursue several strategic initiatives with Methode Electronics, Inc.”

•“Dura currently purchases electronic components from the Company for use in certain of its products.  The total amount paid to the Company by Dura during 2002 was approximately $1.15 million.  Dura did not purchase any components from the Company in 2001.”

•“We believe a strategic investment in Methode will strengthen Dura’s current and future product offerings by teaming with an experienced and well-respected electronics development staff.”

-Dura Automotive Systems, Inc.

Supplement to Offer to Purchase, dated August 4, 2003

Filed as an attachment to Schedule TO, Amendment No. 3, filed August 5, 2003

11

METHODE ELECTRONICS, INC.

IIIValuation

Valuation Overview

•Lazard conducted due diligence sessions with the Company’s management on July 16 and July 17

•Lazard has reviewed the Company’s public filings as well as other publicly available information that we deemed relevant to our analyses

•All of the valuation work discussed with the Board on July 18 and on the following pages is based strictly on the Company’s projections

•The Company provided Lazard with projections on July 16 and provided Lazard with updated projections on August 10

12

Summary Valuation of Class A Shares

($ in millions; except per share amounts)

	IMPLIED VALUE RANGE PER “A” SHARE (a)	COMMENTS
COMPARABLE COMPANIES ANALYSIS		•Implies approximately 6.0x-8.0x LFY+1 EBITDA •Equity value range of $345-$447
PRECEDENT TRANSACTIONS ANALYSIS		•Implies approximately 6.5x-9.5x LTM EBITDA •Equity value range of $363-$513
DISCOUNTED CASH FLOW ANALYSIS		•Based on 6.5x-8.5x terminal EBITDA and an 7.0%-8.0% discount rate •Equity value range of $469-$607
PREMIUMS PAID ANALYSIS		•Based on 28.5%-48.5% premium paid on 30-day prior stock price •Equity value range of $506-$585

(a)Outstanding Class B shares are valued at $23.55 per share

13

Discounted Cash Flow Analysis

($ in millions)

CALCULATION OF UNLEVERED FREE CASH FLOW

	Fiscal Year Ended or Ending April 30,
	2003A			2004E			2005E			2006E
Net Revenue	$	364.1		$	353.5		$	407.9		$	481.5
% Growth				-3		%	15		%	18		%
EBITDA	$	50.2		$	51.3		$	61.9		$	76.1
% Margin	14		%	15		%	15		%	16		%
EBIT	$	33.6	(a)	$	34.1		$	44.1		$	57.6
% Margin	9		%	10		%	11		%	12		%
Tax	$	11.7		$	11.9		$	15.4		$	20.1
Unlevered Net Income	$	21.8		$	22.1		$	28.7		$	37.4
Plus: Depreciation & Amortization	$	16.6		$	17.2		$	17.7		$	18.6
(Less: Capital Expenditures)	$	(23.2	)	$	(20.0	)	$	(22.0	)	$	(24.0	)
(Less: Increase in Working Capital)	$	12.7		$	(6.9	)	$	(10.6	)	$	(25.2	)
Unlevered Free Cash Flow	$	28.0		$	12.5		$	13.9		$	6.8

Discount	Implied Enterprise Value Based on 2006E EBITDA Exit Multiples of:						Implied Equity Value of Class A Shares: Outstanding Class B Shares Valued at $23.55 per Share Based on 2006E EBITDA Exit Multiples of:						Value Per “A” Share
Rate	6.5x		7.5x		8.5x		6.5x		7.5x		8.5x		6.5x		7.5x		8.5x
7.0%	$	443.2	$	506.8	$	570.4	$	480.0	$	543.5	$	607.1	$	13.48	$	15.26	$	17.05
7.5%	437.9		500.7		563.5		474.7		537.5		600.2		13.33		15.09		16.86
8.0%	432.7		494.7		556.7		469.5		531.5		593.5		13.18		14.92		16.67

(a)2003 EBIT excludes a $0.483 million asset impairment charge

14

Comparable Precedent Automotive Transactions

($ in millions)

Highlighted deals are evaluated for the precedent transaction analysis; all listed deals are evaluated for the premiums paid analysis

Announcement /

Equity vs.

Price /

Transaction Value / LTM

One-Month

EBIT /

Closing Date

Buyer / Target

Transaction Value

Earnings

EBIT

EBITDA

Sales

Premium

Sales

02/24/03

Bridgestone Europe NV/SA

$

448.1

12.3

x

8.8

x

5.6

x

1.1

x

NA

12.5

x

NA

Nokian Renkaat

570.7

Manufactures automotive tires

02/10/03

Standard Motor Products Inc

120.0

NA

NM

NA

0.42

NA

NM

NA

Dana Corp-Engine Mgmt Div

120.0

Manufactures automotive aftermarket products

12/19/02

Michelin SA

102.7

NM

26.3

NA

0.53

NA

2.0

NA

Viborg Gruppen-Tyre Distn Bus

308.2

Manufactures automotive tires

12/02/02

HG Capital Ltd

174.1

NA

12.5

NA

0.63

NA

5.0

12/19/02

FTE Automotive GmbH

174.1

Manufactures automotive clutches and brakes

10/18/02

Blackstone Group LP

4,725.0

NA

8.6

4.3

0.45

NA

5.3

03/03/03

TRW Inc-Automotive Parts

4,725.0

Manufactures automotive components

08/02/02

Investor Group

453.2

NA

NA

NA

0.53

NA

NA

NA

Teksid SpA-Aluminium Business

453.2

Manufactures aluminum automotive components

07/26/02

JP Morgan Partners

86.0

NA

NA

NA

0.44

NA

NA

08/09/02

Rhythm(Nissan, Unisia Jecs)

86.0

Manufactures automotive steering components

06/25/02

Magna International Inc.

319.6

23.3

17.9

7.4

0.45

NA

2.5

10/01/02

Donnelly Corp

388.8

Manufactures automotive mirrors

05/21/02

Majority Investor Group

54.0

NA

22.3

4.5

0.55

2.5

12/02/02

Marangoni SpA

140.3

Manufactures tires and rubber products

04/18/02

Hitachi Ltd

219.7

14.2

16.5

3.8

0.32

3.2

1.9

10/01/02

Unisia Jecs Corp

472.3

Manufactures automotive components

15

Announcement /		Equity vs.	Price /	Transaction Value / LTM			One-Month	EBIT /
Closing Date	Buyer / Target	Transaction Value	Earnings	EBIT	EBITDA	Sales	Premium	Sales
08/13/2001	Carlisle Cos Inc	150.0	NA	NA	NA	0.75	NA	NA
08/20/2001	Mark IV - Dayco Ind. Power	150.0
	Manufactures automotive transmission belts
08/07/01	Collins & Aikman Corp.	1,273.4	NA	8.1	5.6	0.68	NA	8.4
12/20/01	Textron Automotive Trim	1,273.4
	Manufactures automotive interior products
07/24/01	Johnson Controls, Inc.	435.0	NA	NA	NA	0.83	NA	NA
NA	SAGEM - Auto Electronics Business	435.0
	Manufactures automotive electronics components
04/26/2001	Carlyle Management Group	175.0	NA	NA	NA	0.32	NA	NA
04/26/2001	Key Plastics LLC	175.0
	Manufactures plastic automotive components
04/02/01	Continental AG	556.5	NA	NA	NA	0.58	NA	NA
NA	Temic Telefunken(DaimlerChrs)	556.5
	Manufactures automotive electronics components
03/21/01	Thyssen Krupp AG	493.6	NA	NA	6.0	0.37	NA	NA
NA	Magneti Marelli-Suspension Sys	493.6
	Manufactures automotive suspension products
03/21/01	Collins & Aikman Corp.	138.9	NM	11.0	6.9	0.72	NA	6.5
07/05/01	Becker Group LLC	138.9
	Manufactures plastic automotive components
12/22/00	Court Square Capital Ltd	247.9	10.0	8.4	6.2	0.73	34.5	8.7
03/15/01	Delco Remy International, Inc.	779.0
	Manufactures automotive components
11/28/00	Denso Corp	424.5	NA	NA	NA	1.11	NA	NA
NA	Magneti Marelli-Thermal Sys	424.5
	Manufactures automotive thermal products
11/15/00	Trelleborg AB	145.7	NA	7.1	NA	0.53	NM	7.4
NA	LAC(Laird Group PLC)	145.7
	Manufactures automotive antivibration and fluid-handling products

16

Announcement /		Equity vs.	Price /	Transaction Value / LTM			One-Month	EBIT /
Closing Date	Buyer / Target	Transaction Value	Earnings	EBIT	EBITDA	Sales	Premium	Sales
09/29/00	Heartland Industrial Partners	234.0	11.3	9.1	5.3	0.65	33.3	7.2
12/18/00	Simpson Industries Inc	354.9
	Manufactures automotive [powertrain and chassis products
08/29/00	Johnson Controls, Inc.	64.5	93.0	42.7	29.6	2.25	81.3	5.3
NA	Gylling Optima AB	82.2
	Manufactures automotive batteries
08/02/00	Heartland Industrial Partners	824.0	7.6	9.5	6.9	1.24	56.5	13.1
11/29/00	MascoTech Inc.	2,104.9
	Manufactures automotive powertrain and forged metal products
07/17/00	HSBC Private Equity	582.0	NA	8.8	NA	1.20	NM	13.6
NA	BBA Group PLC-Auto Friction	582.0
	Manufactures automotive friction materials
07/09/00	Johnson Controls, Inc.	102.1	4.5	5.8	3.5	0.21	NA	3.6
08/31/00	Ikeda Bussan Co Ltd	185.4
	Manufactures automotive seating products
06/07/00	Schroder Ventures Ltd	381.0	7.3	6.9	5.2	0.72	24.8	10.5
08/04/00	Kiekert AG	432.7
	Manufactures automotive locking systems
06/23/00	Madison Capital Partners	100.0	NA	NA	NA	0.83	NA	NA
07/07/00	Holm Industries Inc.	100.0
	Manufactures plastic sealing and tubing products
05/30/00	MIV Acquisition Corp	1,032.4	14.5	9.4	6.5	0.92	4.8	9.8
09/15/00	Mark IV	1,919.8
	Manufactures automotive belts and hoses
05/10/00	Exide Corporation	369.3	NM	28.6	7.3	0.36	NM	1.3
09/29/00	GNB Technologies	347.1
	Manufactures automotive and industrial batteries
05/05/00	Fiat SpA	1,485.2	NM	25.8	6.9	0.54	51.5	2.1
NA	Magneti Marelli (Fiat SpA)	2,245.8
	Manufactures automotive components

17

Announcement /		Equity vs.		Price /	Transaction Value / LTM					One-Month	EBIT /
Closing Date	Buyer / Target	Transaction Value		Earnings	EBIT	EBITDA		Sales		Premium	Sales
04/24/00	Management Buy Out Group	272.3		45.8	15.0	4.2		0.40		71.7	NA
06/05/00	Cherry Corp	143.2
	Manufactures automotive switches and controls
04/06/00	Meritor Automotive Inc	674.0		8.0	7.5	4.6		0.43		39.7	5.7
07/10/00	Arvin Industries, Inc.	1,331.6
	Manufactures automotive components
03/24/00	Thyssen Krupp AG	8,491.0		19.9	NA	7.2		0.65		NM	NA
NA	Mannesmann Atecs	8,491.0
	Manufactures automotive components
02/15/00	Dana Corp	62.0		NA	5.6	NA		0.49		NA	8.9
07/10/00	Invensys-Auto Axle,Stamping	62.0
	Manufactures automotive axle and stamping products
01/06/00	Investor Group	446.0		6.4	NA	NA		0.64		NA	NA
01/06/00	Mando Machinery Corp-Chassis	446.0
	Manufactures automotive chassis components
12/24/99	Trelleborg AB	250.0		NA	8.1	NA		0.49		NM	6.1
12/24/99	Invensys PLC-AVS Business	250.0
	Manufactures automotive suspension components
11/23/99	Delphi Automotive Systems	871.0		NA	NA	8.0		0.79		NM	NA
01/10/00	Lucas Diesel Systems(TRW)	871.0
	Manufactures automotive diesel systems
11/23/99	Cooper Tire & Rubber Co.	$	244.5	NA	NA	7.2	x	0.61	x	NA	NA
01/28/00	Invensys PLC-Automotive Fluid	244.5
	Manufactures automotive fluid handling products
11/16/99	Faurecia	340.0		NA	NA	6.5		0.62		NM	NA
12/31/99	AP Automotive Systems Inc	340.0
	Manufactures automotive exhaust products
09/13/99	JL French Automotive Castings	180.0		NA	NA	NA		0.88		NA	NA
09/14/99	Nelson Metal Products Group	180.0
	Manufactures automotive die castings

18

Announcement /		Equity vs.	Price /	Transaction Value / LTM			One-Month	EBIT /
Closing Date	Buyer / Target	Transaction Value	Earnings	EBIT	EBITDA	Sales	Premium	Sales
08/03/99	Borg-Warner Automotive Inc.	310.0	NA	NA	6.4	1.63	NA	NA
NA	Eaton Corp-Fluid Power Div	310.0
	Manufactures automotive cooling systems
07/27/99	Cooper Tire & Rubber Co.	593.4	20.2	12.0	6.6	0.74	37.4	6.2
10/28/99	Standard Products Co.	795.1
	Manufactures automotive components
06/09/99	Valeo SA	156.9	NA	NA	NA	0.74	NA	NA
07/31/99	Mando Machinery Corp-	156.9
	Manufactures automotive alternators and starters
05/11/99	Visteon Automotive Systems(Ford Motor)	457.0	NA	NA	NA	0.91	NM	NA
07/01/99	Plastic Omnium - Auto Interior	457.0
	Manufactures automotive interior products
04/28/99	TI Group PLC	183.6	33.3	14.0	7.4	0.80	110.5	5.7
06/17/99	Walbro Corp.	558.4
	Manufactures automotive plastic fuel tanks
03/16/99	Lear Corp	2,300.0	23.5	14.3	8.0	0.78	NM	5.5
05/04/99	UT Automotive Inc. (United Tech)	2,273.7
	Manufactures automotive components
02/15/99	Industri Kapital AS	59.9	13.4	12.9	5.7	0.48	NA	3.7
NA	Kongsberg Automotive AS	76.6
	Manufactures automotive components
02/08/99	Arvin Industries, Inc.	270.1	16.2	10.7	7.0	0.80	NM	7.5
02/26/99	Purolator Prods Co-Automotive	276.0
	Manufactures automoitve filters
02/05/99	Shareholders	9,605.0	NM	NM	13.7	0.43	NM	NM
02/05/99	Delphi Automotive Systems(GM)	12,110.0
	Manufactures automotive components
01/28/99	TRW Inc.	6,728.7	144.2	8.7	6.3	0.84	42.0	9.7
05/11/99	LucasVarity plc	6,872.7
	Manufactures automotive components

19

Announcement /		Equity vs.	Price /	Transaction Value / LTM			One-Month	EBIT /
Closing Date	Buyer / Target	Transaction Value	Earnings	EBIT	EBITDA	Sales	Premium	Sales
01/19/99	Dura Automotive Systems Inc.	331.3	15.3	9.9	5.9	0.39	54.2	4.0
03/23/99	Excel Industries Inc.	503.1
	Manufactures automotive components
12/18/98	Borg-Warner Automotive Inc.	700.8	18.9	11.7	8.6	1.07	36.8	9.1
NA	Kuhlman Corp.	794.4
	Manufactures automotive diesel components
12/07/98	Stoneridge Inc	362.0	NA	NA	9.4	2.31	NM	NA
01/04/99	Hi-Stat Manufacturing Co	362.0
	Manufactures sensors
11/20/98	Hayes Lemmerz International	451.0	21.3	14.9	7.7	1.05	NM	7.0
02/04/99	CMI International Inc	605.0
	Manufactures automotive components
11/20/98	Meritor Automotive Inc.	390.0	NA	NA	11.8	1.35	NM	NA
02/01/99	Heavy Vehicle Braking Division - Lucas	390.0
	Manufactures automotive braking products
10/30/98	Genuine Parts Co.	280.0	18.8	11.9	9.3	0.69	62.9	5.8
12/02/98	UAP Inc	387.4
	Automotive parts retailer and distributor
08/26/98	Michelin Group	73.4	NA	NA	NA	0.46	NA	NA
08/26/98	Industria Colombiana de Llanta	73.4
	Manufactures automotive rubber products
08/18/98	Federal-Mogul Corp	1,900.0	19.0	10.1	6.7	1.03	NA	10.2
10/09/98	Automotive Division (Cooper	1,937.6
	Manufactures automotive components
07/27/98	Continental AG	1,930.0	NA	NA	8.9	0.88	NA	NA
09/25/98	ITT - Brake Systems	1,930.0
	Manufactures automotive braking systems
06/25/98	Valeo SA	1,700.0	NA	12.2	7.6	0.88	NA	7.2
09/28/98	ITT - Automotive Electrical Systems	1,700.0
	Manufactures automotive electrical products

20

Announcement /		Equity vs.	Price /	Transaction Value / LTM			One-Month	EBIT /
Closing Date	Buyer / Target	Transaction Value	Earnings	EBIT	EBITDA	Sales	Premium	Sales
05/04/98	Dana Corporation	3,555.4	38.1	19.5	12.8	1.19	7.2	6.1
07/09/98	Echlin Inc.	4,272.2
	Manufactures automotive aftermarket products
04/27/98	Johnson Controls, Inc.	548.0	NA	NA	NA	1.00	NM	NA
07/01/98	Becker Group Inc	920.0
	Manufactures automotive interior systems
04/14/98	Kohlberg & Co., L.P.	100.0	NA	12.5	NA	1.01	NA	8.1
05/15/98	Holley Performance - Coltec	100.0
	Manufactures engine management systems
04/09/98	Dura Automotive Systems Inc.	87.5	15.3	13.7	12.6	0.69	NA	5.0
04/30/98	Trident Automotive PLC	205.1
	Manufactures automotive cable assemblies
03/30/98	Magna International Inc.	54.3	49.8	26.8	13.9	1.04	29.0	3.9
NA	TRIAM Automotive Inc	81.6
	Manufactures automotive metal and plastic products
03/20/98	Tomkins PLC	187.0	NA	NA	NA	1.45	NM	NA
05/01/98	Schrader-Bridgeport Co	255.5
	Manufactures automotive fuel control products and systems
02/25/98	Granaria Holdings	743.0	NM	26.7	12.5	1.43	NA	5.4
02/25/98	Eagle-Picher Industries Inc	1,271.0
	Manufactures diversified automotive and industrial products
02/24/98	Lear Corporation	250.0	NM	NM	NM	0.17	NM	NM
09/01/98	Delphi Automotive Sys-Seating	241.1
	Manufactures automotive seating products
02/16/98	Krupp Hoesch Automotive(Fried)	127.1	NA	8.1	NA	0.73	NA	8.9
02/16/98	Fabricated Steel Products Inc	127.1
	Manufactures automotive stamping products
02/11/98	Aftermarket Technology	112.5	NA	NA	NA	0.75	NA	NA
NA	Autocraft Industries-OEM Div	112.5
	Manufactures automotive drivetrain products

21

Announcement / Closing Date	Buyer / Target	Equity vs. Transaction Value	Price / Earnings		Transaction Value / LTM						One-Month Premium		EBIT / Sales
					EBIT		EBITDA		Sales
01/12/98	Federal-Mogul Corp	720.0	33.6		15.3		12.3		1.47		NM		9.6
02/24/98	Fel-Pro Inc	720.0
	Manufactures automotive aftermarket products
	Statistics for all transactions	Median	17.5	x	11.8	x	6.9	x	0.73	x	38.5	%	6.1
		Mean	24.9		13.3		8.0		0.79		43.4	%	6.2
	Statistics for selected transactions	Median	15.3	x	12.2	x	6.8	x	0.71	x	34.5	%	6.3
		Mean	20.4		11.8		7.1		0.80		43.7	%	6.5

22

Comparable Companies Analysis

($ in millions)

Company	Stock Price						Equity Value		Total Value						I/B/E/S LT Growth		PEG LFY+2
	08/12/2003 Current		As a% of High								Price/EPS (a)
			LTM		AT						LFY+1		LFY+2
Automotive Suppliers
Aftermarket Tech	$	11.61	68	%	43	%	$	289	$	365	9.7	x	9.4	x	10	%	0.9	x
ArvinMeritor	18.45		74	%	49	%	1,264		2,808		9.4		7.0		10	%	0.7
Autoliv Inc	28.45		94	%	63	%	2,697		3,636		11.6		10.7		6	%	1.8
Borg Warner	65.47		94	%	94	%	1,780		2,355		10.4		9.3		13	%	0.7
Delphi Corp	8.45		79	%	38	%	4,735		6,634		13.4		9.4		10	%	0.9
Dura Automotive	9.83		66	%	24	%	166		1,179		5.9		4.9		10	%	0.5
Johnson Controls	97.95		100	%	100	%	8,957		11,409		13.8		12.2		12	%	1.0
Lear Corp	51.96		98	%	90	%	3,551		5,541		9.6		8.7		10	%	0.9
Magna International	76.50		100	%	98	%	7,390		8,000		12.3		10.9		13	%	0.9
Median			94	%	63	%					10.4	x	9.4	x	10	%	0.9	x
Mean			86	%	66	%					10.7		9.2		10	%	0.9
Automotive High Growth Niche
Littelfuse	$	23.27	94	%	46	%	$	507	$	503	NM		26.1	x	15	%	1.7	x
Gentex	33.42		93	%	84	%	2,553		2,278		24.9		21.7		16	%	1.3
Methode	11.81		94	%	53	%	429		384		18.2		14.8		15	%	1.0
Stoneridge	14.80		86	%	64	%	332		540		15.9		11.7		15	%	0.8
Superior Industries	42.56		83	%	79	%	1,170		1,018		14.2		11.7		15	%	0.8
Median			93	%	64	%					17.0	x	14.8	x	15	%	1.0	x
Mean			90	%	65	%					18.3		17.2		15	%	1.1
Electronics Manufacturers
Amphenol	$	52.78	92	%	75	%	$	2,247	$	2,860	22.2	x	19.0	x	18	%	1.1	x
CTS	11.09		93	%	13	%	383		462		NM		19.5		20	%	1.0
Molex	27.13		80	%	43	%	4,847		4,511		NM		28.6		15	%	1.9
Thomas & Betts	15.49		80	%	24	%	906		1,301		NA		NA		NA		NM
Median			86	%	33	%					22.2	x	19.5	x	18	%	1.1	x
Mean			86	%	39	%					22.2		22.3		18	%	1.3

Company	Total Value as a Multiple of:												Market/ Book		Dividend Yield
	Revenue (b)				EBITDA (b)				EBIT (b)
	LFY+1		LFY+2		LFY+1		LFY+2		LFY+1		LFY+2
Automotive Suppliers
Aftermarket Tech	0.99	x	0.97	x	4.9	x	4.7	x	5.7	x	5.6	x	1.3	x	0.0	%
ArvinMeritor	0.33		0.31		5.1		4.5		8.2		7.1		1.2		2.2	%
Autoliv Inc	0.74		0.72		5.8		5.4		9.9		9.2		1.2		1.8	%
Borg Warner	0.77		0.65		5.7		5.0		9.0		7.7		1.6		1.1	%
Delphi Corp	0.24		0.23		3.8		3.1		9.7		6.3		2.9		3.3	%
Dura Automotive	0.51		0.51		5.6		5.2		8.8		7.9		0.6		0.0	%
Johnson Controls	0.47		0.42		6.1		5.8		8.8		8.1		2.2		1.5	%
Lear Corp	0.36		0.34		5.2		4.8		7.2		6.8		1.9		0.0	%
Magna International	0.55		0.45		5.1		4.4		7.4		6.3		1.2		1.8	%
Median	0.51	x	0.45	x	5.2	x	4.8	x	8.8	x	7.1	x	1.3	x	1.5	%
Mean	0.55		0.51		5.2		4.8		8.3		7.2		1.6		1.3	%
Automotive High Growth Niche
Littelfuse	1.56	x	1.33	x	11.8	x	8.8	x	23.6	x	15.5	x	2.6	x	0.0	%
Gentex	4.94		4.26		14.0		11.8		16.1		13.3		4.0		0.0	%
Methode	1.09		0.94		7.5		6.2		11.3		8.7		1.8		1.7	%
Stoneridge	0.87		0.77		6.4		5.5		9.2		7.7		1.4		0.0	%
Superior Industries	1.24		1.10		6.8		5.7		8.9		7.3		2.1		1.3	%
Median	1.24	x	1.10	x	7.5	x	6.2	x	11.3	x	8.7	x	2.1	x	0.0	%
Mean	1.94		1.68		9.3		7.6		13.8		10.5		2.4		0.6	%
Electronics Manufacturers
Amphenol	2.38	x	2.22	x	12.2	x	10.9	x	14.6	x	13.0	x	10.3	x	0.0	%
CTS	1.02		0.94		9.1		7.3		28.1		14.8		1.4		1.1	%
Molex	2.26		2.05		11.3		9.5		24.7		18.6		2.6		0.4	%
Thomas & Betts	NA		NA		NA		NA		NA		NA		1.4		0.0	%
Median	2.26	x	2.05	x	11.3	x	9.5	x	24.7	x	14.8	x	2.0	x	0.2	%
Mean	1.89		1.74		10.9		9.3		22.4		15.5		3.9		0.4	%

(a)EPS estimates from IBES and various research reports.

(b)Projections from various research reports.

23

Analysis at Various Prices

( in millions; except per share amounts)

																											Comparable Companies - Median		Comparable Transactions - Median
B Share Price			$	23.55		$	23.55		$	23.55		$	23.55		$	23.55		$	23.55		$	23.55		$	23.55
Implied Premium to $23.55						0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%	0.0		%
Fully Diluted B Shares			0.337			0.337			0.337			0.337			0.337			0.337			0.337			0.337
B Equity Value			$	7.9		$	7.9		$	7.9		$	7.9		$	7.9		$	7.9		$	7.9		$	7.9
			Current
A Share Price as of 08/12/03			$	11.81		$	12.00		$	13.00		$	14.00		$	15.00		$	16.00		$	17.00		$	18.00
Implied Premium						1.6		%	10.1		%	18.5		%	27.0		%	35.5		%	43.9		%	52.4		%
Fully Diluted A Shares			35.610			35.617			35.656			35.707			35.752			35.790			35.825			35.858
A Equity Value			$	420.6		$	427.4		$	463.5		$	499.9		$	536.3		$	572.6		$	609.0		$	645.4
Total Equity Value			$	428.5		$	435.3		$	471.5		$	507.8		$	544.2		$	580.6		$	617.0		$	653.4
Implied Premium						1.6		%	10.0		%	18.5		%	27.0		%	35.5		%	44.0		%	52.5		%
Plus: Net Debt (Cash)(a)			$	(44.7	)	$	(44.7	)	$	(44.7	)	$	(44.7	)	$	(44.7	)	$	(44.7	)	$	(44.7	)	$	(44.7	)
Enterprise Value			$	383.8		$	390.6		$	426.8		$	463.1		$	499.5		$	535.9		$	572.3		$	608.7
Enterprise Value/
Revenues
FY2005E	$	407.9	0.94		x	0.96		x	1.05		x	1.14		x	1.22		x	1.31		x	1.40		x	1.49		x	1.10	x
FY2004E	$	353.5	1.09			1.11			1.21			1.31			1.41			1.52			1.62			1.72			1.24
FY2003A	$	364.1	1.05			1.07			1.17			1.27			1.37			1.47			1.57			1.67					0.71	x
EBITDA
FY2005E	$	61.9	6.2		x	6.3		x	6.9		x	7.5		x	8.1		x	8.7		x	9.3		x	9.8		x	6.2	x
FY2004E	$	51.3	7.5			7.6			8.3			9.0			9.7			10.4			11.2			11.9			7.5
FY2003A	$	50.2	7.6			7.8			8.5			9.2			10.0			10.7			11.4			12.1					6.8	x
EBIT
FY2005E	$	44.1	8.7		x	8.9		x	9.7		x	10.5		x	11.3		x	12.1		x	13.0		x	13.8		x	8.7	x
FY2004E	$	34.1	11.3			11.5			12.5			13.6			14.7			15.7			16.8			17.9			11.3
FY2003A	$	33.6	11.4			11.6			12.7			13.8			14.9			16.0			17.1			18.1					12.2	x
Price/EPS
FY2005E	$	0.80	14.8		x	15.0		x	16.3		x	17.5		x	18.8		x	20.0		x	21.3		x	22.5		x	14.8	x
FY2004E	0.65		18.2			18.5			20.0			21.5			23.1			24.6			26.2			27.7			17.0
FY2003A	0.60		19.7			20.0			21.7			23.3			25.0			26.7			28.3			30.0					15.3	x

(a)Net debt at April 30, 2003 is pro forma for the purchase of 750,000 Class B shares at $22.75 each and estimated transaction costs of $2.5 million

24

METHODE ELECTRONICS, INC.

Appendix

METHODE ELECTRONICS, INC. APPENDIX

Methode Electronics – Consolidated Income Statement

($ in millions)

	FY1999 Actual			FY2000 Actual			FY2001 [1] Actual			FY2002 [2] Actual			FY2003 Unaudited			FY2004 Forecast			FY2005 Plan			FY2006 Plan
Sales
Net sales	$	362,082		$	357,624		$	359,710		$	319,660		$	363,057		$	352,463		$	406,926		$	480,500
Growth rate				(1.2		)%	0.6		%	(11.1		)%	13.6		%	(2.9		)%	15.5		%	18.1		%
Other (license fees and royalties)	5,629			3,244			2,430			1,937			1,022			995			995			995
Net revenue	367,711			360,868			362,140			321,597			364,079			353,458			407,921			481,495
Costs and expenses
Cost of sales	263,819			264,860			282,260			242,531			275,304			269,186			302,454			355,603
Depreciation & amortization	15,979			15,643			15,905			16,149			16,621			17,227			17,740			18,561
Provision for exiting business	3,100			—			—			—			—			—			—			—
Selling and administrative expenses	41,113			41,763			40,004			41,910			39,086			32,976			43,617			49,773
	324,011			322,266			338,169			300,590			331,011			319,389			363,811			423,937
Income from operations	43,700			38,602			23,971			21,007			33,068			34,069			44,110			57,558
Interest income (expense), net	999			1,699			1,680			1,225			1,164			1,000			1,426			1,469
Other income (expense), net	338			637			1,180			1,126			(2,275		)	180			180			180
Income before taxes	45,037			40,938			26,831			23,358			31,957			35,249			45,716			59,207
Return on sales	12.4		%	11.4		%	7.5		%	7.3		%	8.8		%	10.0		%	11.2		%	12.3		%
Income tax provision	15,720			13,840			8,198			6,979			10,085			11,103			14,400			18,650
Net income	$	29,317		$	27,098		$	18,633		$	16,379		$	21,872		$	24,146		$	31,315		$	40,557
Return on capital	13.2		%	12.3		%	8.1		%	7.1		%	8.6		%	8.9		%	10.6		%	12.3		%

[1] Excludes $14.2 million special charge and $6.6 million insurance gain

[2] Excludes $5 million warranty charge and $15.8 million restructuring charge

25

Methode Electronics – Consolidated Statement of Cash Flows

($ in millions)

	FY1999 Actual			FY2000 Actual			FY2001 Actual			FY2002 Actual			FY2003 Actual			FY2004 Forecast			FY2005 Plan			FY2006 Plan
Operating activities
Net income	$	29,317		$	27,098		$	18,633		$	16,379		$	21,872		$	24,146		$	31,315		$	40,557
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for depreciation	15,979			15,643			15,905			16,149			17,104			17,227			17,740			18,561
Provision for loss on accounts receivable	1,073			3,016			1,397			—			518			—			—			—
Provision for deferred compensation and SEBP	360			705			—			—			—			—			—			—
Provision for deferred income taxes	(1,060		)	(838		)	(794		)	(750		)	504			(750		)	(750		)	(750		)
Amortization of stock awards	2,216			1,852			797			—			—			—			—			—
Provision for loss on idle equipment				1,000			639
Contribution of treasury stock to ESOP	—			1,200			—			—			—			—			—			—
Changes in operating assets and liabilities
Accounts receivable	(19,308		)	8,891			(240		)	2,063			7,841			(5,393		)	(4,182		)	(12,262		)
Inventories	3,903			(6,289		)	(3,614		)	14,400			5,789			932			(3,832		)	(5,038		)
Current deferred income taxes and prepaid expenses	(2,520		)	1,166			(5,457		)	(5,189		)	1,971			(3,959		)	(1,577		)	(8,909		)
Accounts payable and accrued expenses	2,309			1,399			9,129			(3,803		)	(2,869		)	1,552			(971		)	1,052
Net cash provided by operating activities	32,269			54,843			36,395			39,249			52,730			33,755			37,744			33,210
Investing activities
Purchases of property, plant and equipment	(17,539		)	(12,859		)	(15,578		)	(12,000		)	(23,171		)	(20,000		)	(22,000		)	(24,000		)
Purchase of subsidiaries	(1,479		)	(1,005		)				(13,000		)	(12,455		)
Purchase of life insurance policies	(939		)	(1,076		)	(1,169		)	(935		)
Proceeds from sale of assets	—			3,529			—			—			—			—			—			—
Other	1,858			(5,003		)	3,750						321
Net cash used in investing	(18,099		)	(16,414		)	(12,997		)	(25,935		)	(35,305		)	(20,000		)	(22,000		)	(24,000		)
Financing activities
Borrowings (repayments) on lines of credit	1,625			(3,581		)	(1,165		)	—			—			—			—			—
Exercise of stock options				1,317			2,700			1,000			521			1,500			1,500			1,750
Treasury stock transactions	(3,084		)	493			—			—			—			—			—			—
Dividends	(7,100		)	(7,106		)	(7,141		)	(7,200		)	(7,237		)	(7,237		)	(7,237		)	(7,237		)
Net cash used in financing activities	(8,559		)	(8,877		)	(5,606		)	(6,200		)	(6,716		)	(5,737		)	(5,737		)	(5,487		)
Cash used in discontinued operations	(7,575		)	(22,877		)	(968		)	—			—			—			—			—
Cash used in special charge/FX	—			—			(2,926		)	—			—			—			—			—
FX effect													3,650
Increase (decrease) in cash and cash equivalents	(1,964		)	6,675			13,898			7,114			14,359			8,018			10,007			3,723
Cash and cash equivalents at beginning of year	24,179			22,215			28,890			42,788			49,902			64,261			72,279			82,287
Cash and cash equivalents at end of year	22,215			28,890			42,788			49,902			64,261			72,279			82,287			86,009

26

Methode Electronics – Consolidated Balance Sheet

($ in millions)

		FY1999 Actual			FY2000 Actual			FY2001 Actual			FY2002 Actual			FY2003 Actual			FY2004 Forecast			FY2005 Plan			FY2006 Plan
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	22,215		$	28,890		$	42,788		$	49,902		$	64,261		$	72,279		$	82,286		$	86,009
Accounts receivable, net		79,164			67,281			66,124			64,061			58,246			63,639			67,821			80,083
Inventories:
Finished products		8,013			7,865			8,314			7,019			6,895			6,694			7,521			8,609
Work in process		28,389			30,294			30,114			19,024			17,845			17,324			19,466			22,281
Materials		5,897			9,587			12,932			10,917			7,196			6,986			7,849			8,984
		42,299			47,746			51,360			36,960			31,936			31,004			34,836			39,874
Current deferred income taxes		4,660			5,134			8,641			8,400			7,887			9,262			8,840			10,438
Prepaid expenses		5,497			4,332			8,412			6,094			12,833			12,534			14,083			16,120
TOTAL CURRENT ASSETS		153,835			153,383			177,325			165,417			175,163			188,718			207,867			232,525
OTHER ASSETS
Goodwill, net		38,200			38,665			27,629			18,200			18,077			18,200			18,077			18,077
Other		14,697			16,877			19,852			38,321			39,332			41,467			43,134			49,374
		52,897			55,542			47,481			56,521			57,409			59,667			61,211			67,451
PROPERTY, PLANT AND EQUIPMENT		194,342			187,118			196,829			208,829			229,586			249,586			271,586			295,586
Less allowances for depreciation		115,974			116,207			126,705			138,841			146,684			163,911			181,652			200,213
		78,368			70,911			70,124			69,988			82,902			85,675			89,934			95,373
	268,674	$	285,100		$	279,836		$	294,930		$	291,926		$	315,474		$	334,060		$	359,013		$	395,349
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	22,761		$	27,011		$	27,658		$	27,344		$	24,515		$	28,016		$	25,096		$	26,148
Other current liabilities		29,129			21,150			26,341			22,852			24,801			22,852			24,801			24,801
		51,890			48,161			53,999			50,196			49,316			50,868			49,897			50,949
OTHER LIABILITIES		3,584			3,879			5,344			5,344			6,345			5,892			7,112			8,398
DEFERRED COMPENSATION		7,320			6,926			6,257			6,547			4,808			5,289			5,818			6,399
SHAREHOLDERS’ EQUITY
Common Stock		17,370			18,014			18,091			18,091			18,316			18,316			18,316			18,316
Additional paid-in capital		(2,562		)	27,984			33,320			33,320			36,584			36,584			36,584			36,584
Retained earnings		214,086			181,408			190,591			191,100			201,845			218,851			243,026			276,442
Other shareholders’ equity		(6,588		)	(6,536		)	(12,672		)	(12,672		)	(1,740		)	(1,740		)	(1,740		)	(1,740		)
		222,306			220,870			229,330			229,839			255,005			272,011			296,186			329,602
		$	285,100		$	279,836		$	294,930		$	291,926		$	315,474		$	334,060		$	359,013		$	395,349

27

Weighted Average Cost of Capital

($ in millions)

Company Name		Levered Beta(a)	Unlevered Beta(b)	Debt/Cap. Ratio		Total Debt		Market Value Equity
Methode Electronics		1.033	1.03	0.0	%	$	0	$	428.9
Amphenol		1.015	0.86	22.0	%	635		2,247.1
Autoliv Inc		0.807	0.64	28.5	%	1,069		2,685.7
CTS Corp		1.488	1.30	18.2	%	85		383.3
Delphi		1.186	0.87	35.7	%	2,629		4,734.5
Dura Automotive		1.057	0.19	87.9	%	1,176		162.6
Lear Corp		1.159	0.83	37.9	%	2,093		3,425.9
Littelfuse		0.915	0.87	6.9	%	38		507.2
Molex		1.046	1.04	0.3	%	14		4,846.9
Stoneridge		0.991	0.68	40.8	%	228		331.5
Thomas & Betts		0.943	0.67	38.4	%	565		905.6
	Mean	1.058	0.82	32.9	%
	Median	1.033	0.86	28.5	%

Assumptions			Pre-Tax / After-Tax Cost of Debt
Marginal Tax Rate	35.0	%
Risk-Free Rate of Return(c)	4.4	%	4.50	%	4.75	%	5.00	%	5.25	%	5.50	%	5.75	%	6.00	%
Equity Risk Premium(d)	5.0	%	2.93	%	3.09	%	3.25	%	3.41	%	3.58	%	3.74	%	3.90	%

Debt / Cap.		Debt / Equity		Mean Unlev. Beta	Levering Factor(e)	Levered Beta	Cost of Equity(f)
0.0	%	0.0	%	0.82	1.00	0.82	8.5	%
10.0	%	11.1	%	0.82	1.07	0.88	8.8	%
20.0	%	25.0	%	0.82	1.16	0.95	9.1	%
30.0	%	42.9	%	0.82	1.28	1.05	9.6	%
40.0	%	66.7	%	0.82	1.43	1.17	10.2	%
50.0	%	100.0	%	0.82	1.65	1.35	11.1	%

WEIGHTED AVERAGE COST OF CAPITAL(g)

8.5	%	8.5	%	8.5	%	8.5	%	8.5	%	8.5	%	8.5	%
8.2	%	8.2	%	8.2	%	8.2	%	8.2	%	8.3	%	8.3	%
7.9	%	7.9	%	7.9	%	8.0	%	8.0	%	8.0	%	8.1	%
7.6	%	7.6	%	7.7	%	7.7	%	7.8	%	7.8	%	7.9	%
7.3	%	7.4	%	7.4	%	7.5	%	7.6	%	7.6	%	7.7	%
7.0	%	7.1	%	7.2	%	7.3	%	7.3	%	7.4	%	7.5	%

Source: Barra Beta as of 7/16/03.

Unlevered Beta = Levered Beta / [1 + (1 - Tax Rate)(Debt / Equity)].

Source: 10-Year Treasury Bond Yield as of 8/12/03.

Historical return of equity in excess of risk free rate. Source: Dimson, Marsh & Staunton

Levering Factor = [1 + (1 - Tax Rate)(Debt / Equity)].

Cost of Equity = (Risk-Free Rate of Return) + (Levered Beta)(Equity Risk Premium).

Weighted Average Cost of Capital = (After-Tax Cost of Debt)(Debt / Cap.) + (Cost of Equity)(Equity / Cap.).

28