##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-K


FOR ANNUAL AND TRANSITION REPORTS


PURSUANT TO SECTIONS 13 OR 15(d) OF THE


SECURITIES EXCHANGE ACT OF 1934


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|          
|           |  | For the fiscal year ended November 30, 2004                                                 
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|          
|           |  | For the transition period
    from           to                                             

Commission file number 333-49957-01





EaglePicher Holdings, Inc.


A Delaware Corporation


I.R.S. Employer Identification


No. 13-3989553





3402 East University Drive, Phoenix, Arizona 85034


Registrants telephone number, including area code:


602-794-9600





Securities registered pursuant to Section 12(b) of the
Act:


None


Securities registered pursuant to Section 12(g) of the
Act:


None


þ o


þ




o þ








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TABLE OF ADDITIONAL REGISTRANTS


|                                         |  |                  |          |  |                 |  |            | 
|---------------------------------------- |  | ---------------- | -------- |  | --------------- |  | ---------- | 
|                                         |  | State or Other   |          |  |                
|                                         |  | Jurisdiction of  |          |  | I.R.S. Employer | 
|                                         |  | Incorporation or |          |  | Identification  | 
|Name of Registrant                       |  | Organization     |          |  | Number          | 
|                                         |  |                  |          |  |                 | 
|EaglePicher Incorporated                 |  |                  | Ohio     |  |                 |  | 31-0268670 | 
|Carpenter Enterprises, Inc.              |  |                  | Michigan |  |                 |  | 38-2752092 | 
|Daisy Parts, Inc.                        |  |                  | Michigan |  |                 |  | 38-1406772 | 
|Eagle-Picher Far East, Inc.              |  |                  | Delaware |  |                 |  | 31-1235685 | 
|EaglePicher Filtration & Minerals, Inc.  |  |                  | Nevada   |  |                 |  | 31-1188662 | 
|EaglePicher Technologies, LLC            |  |                  | Delaware |  |                 |  | 31-1587660 | 
|EaglePicher Automotive, Inc.             |  |                  | Michigan |  |                 |  | 38-0946293 | 
|EaglePicher Pharmaceutical Services, LLC |  |                  | Delaware |  |                 |  | 74-3071334 | 

1



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TABLE OF CONTENTS


|         |  |                                                                                           |  |               |      |  |     | 
|-------- |  | ----------------------------------------------------------------------------------------- |  | ------------- | ---- |  | --- | 
|Item     |  |                                                                                           |  |               | Page | 
|         |  |                                                                                           |  |               |      | 
|PART I  
|1.       |  | Business                                                                                  |  |               | 3    | 
|2.       |  | Properties                                                                                |  |               | 13   | 
|3.       |  | Legal Proceedings                                                                         |  |               | 17   | 
|4.       |  | Submission of Matters to a Vote of Security
    Holders                                   |  |               | 17   | 
|        
|PART II 
|5.       |  | Market for the Registrants Common
    Equity and Related Stockholder Matters             |  |               | 17   | 
|6.       |  | Selected Financial Data                                                                   |  |               | 18   | 
|7.       |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations |  |               | 19   | 
|7a.      |  | Quantitative and Qualitative Disclosures
    About Market Risk                            |  |               | 52   | 
|8.       |  | Financial Statements and Supplementary
    Data                                           |  |               | 54   | 
|9.       |  | Changes In and Disagreements with
    Accountants on Accounting and Financial Disclosure  |  |               | 102  | 
|9a.      |  | Controls and Procedures                                                                   |  |               | 102  | 
|9b.      |  | Other Information                                                                         |  |               | 103  | 
|        
|PART III
|10.      |  | Directors and Executive Officers of the
    Registrant                                    |  |               | 103  | 
|11.      |  | Executive Compensation                                                                    |  |               | 103  | 
|12.      |  | Security Ownership of Certain Beneficial
    Owners and Management                        |  |               | 103  | 
|13.      |  | Certain Relationships and Related
    Transactions                                        |  |               | 103  | 
|14.      |  | Principle Accountant Fees and Services                                                    |  |               | 103  | 
|        
|PART IV 
|15.      |  | Exhibits, Financial Statement Schedules and
    Reports on Form 8-K                       |  |               | 103  | 
|         |  |                                                                                           |  | Signatures    |      |  | 110 | 
|         |  |                                                                                           |  | Exhibit Index |      |  | 119 | 
|EX-10.34
|EX-10.39
|EX-12.1 
|EX-21.1 
|EX-24.1 
|EX-24.2 
|EX-24.3 
|EX-31.1 
|EX-31.2 
|EX-31.3 
|EX-31.4 
|EX-32.1 
|EX-32.2 
|EX-32.3 
|EX-32.4 



DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS




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PART I







|        |         
|------- | --------
|Item 1. | Business

Recent Events














General




3



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| |   |                                                                                                                                                                                                                                                                                                                   
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Our Hillsdale Segment produces noise, vibration and harshness
    (NVH) dampers for engine crankshafts and drivelines,
    yokes and flanges, transmission and engine pumps, automatic
    transmission filtration products, chassis corners and knuckle
    assemblies and other precision machined components.
|
| |  | Our Wolverine Segment produces rubber-coated materials and
    gaskets for automotive and non-automotive applications.                                                                                                                                                                                            
|
| |  | Our Defense and Space Power Segment develops and commercializes
    advanced power systems for defense and aerospace applications.                                                                                                                                                                                
|
| |  | Our Commercial Power Solutions Segment develops and
    commercializes advanced power systems for commercial
    applications.                                                                                                                                                                                    
|
| |  | Our Specialty Materials Group Segment produces boron isotopes
    primarily for nuclear radiation containment.                                                                                                                                                                                                    
|
| |  | Our Pharmaceutical Services Segment provides contract
    pharmaceutical services.                                                                                                                                                                                                                                
|
| |  | Our Filtration and Minerals Segment processes and markets
    diatomaceous earth and perlite for use as a filtration aid,
    absorbent, performance additive and soil amendment.                                                                                                                                 



|  |  |                            |  |  |    |  
|- |  | -------------------------- |  |  | -- | -
| |  | Hillsdale                  |  |  | 45 | %
| |  | Wolverine                  |  |  | 15 | %
| |  | Defense and Space Power    |  |  | 21 | %
| |  | Commercial Power Solutions |  |  | 2  | %
| |  | Specialty Materials Group  |  |  | 3  | %
| |  | Pharmaceutical Services    |  |  | 2  | %
| |  | Filtration and Minerals    |  |  | 12 | %



|                        |  |                                                                                                                                                                            |  |                                                                      |  |                                                                                                                                                                          
|----------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Operating Segment       |  | Products                                                                                                                                                                   |  | Current Market(s)                                                    |  | Major Customers                                                                                                                                                          
|                        |  |                                                                                                                                                                            |  |                                                                      |  |                                                                                                                                                                          
|Hillsdale               |  | NVH dampers, driveline yokes, flanges, transmission and engine
    pumps, automatic transmission filtration products, knuckles and
    other precision machined components |  | Automotive OEMs and Tier 1 automotive parts suppliers                |  | Allison, American Axle, DaimlerChrysler, Dana, Delphi, Ford, GM,
    Honda, Magna, Mitsubishi, Nissan, Toyota, Visteon                                                   
|Wolverine               |  | Rubber-coated materials and gaskets                                                                                                                                        |  | Automotive OEMs and Tier 1 and Tier 2 automotive parts
    suppliers |  | Akebono, Ambrake, Carrier, Copeland, Dana, Delphi,
    DaimlerChrysler, Federal Mogul, Ford, Freudenberg-NOK,
    Honeywell, GM, Ishikawa MACI, TMD, Toyota, UTX, Visteon
|Defense and Space Power |  | Batteries and power systems                                                                                                                                                |  | Defense and aerospace                                                |  | Boeing, U.S. Government, Lockheed Martin, Loral Raytheon,
    TRW                                                                                                        

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|                           |  |                                                                                                       |  |                                                                                                              |  |                                                                                         
|-------------------------- |  | ----------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------
|Operating Segment          |  | Products                                                                                              |  | Current Market(s)                                                                                            |  | Major Customers                                                                         
|                           |  |                                                                                                       |  |                                                                                                              |  |                                                                                         
|Commercial Power Solutions |  | Batteries and power systems                                                                           |  | Medical, telecommunications, and other commercial and industrial
    applications                            |  | ANS, Flextronics, Foster Miller, Guidant, Wilcox                                        
|Specialty Materials Group  |  | Specialty materials, such as boron isotopes                                                           |  | Nuclear energy, semiconductor                                                                                |  | BWXT, Gemeinschaft, Transnuclear, Tennessee Valley Authority,
    Westinghouse          
|Pharmaceutical Services    |  | Drugs and drug active ingredients for clinical trials, low
    volume drugs and radioisotopic tagging |  | Pharmaceutical                                                                                               |  | Pharmaceutical companies                                                                
|Filtration and Minerals    |  | Diatomite and perlite- based filter aids, additives and
    absorbents                                |  | Food and beverage chemicals, plastics, pharmaceuticals,
    architectural coatings, paint and plastic filler |  | ADM, Bayshore, Car Quest, Cargill, Chevron, Heineken, Roquette,
    Tato & Lyle, Valspar

Business Segments




| |                  
| | -----------------
| | Hillsdale Segment







5



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| |               
| | --------------
| | Major Products



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Dampers. Dampers are vibration control devices which
    reduce the torsional stress vibrations caused by internal
    combustion engine systems, thereby alleviating the stress on
    shafts and relaxing the flex points. Dampers reduce fatigue and
    prevent cracking thereby enhancing the durability of engines and
    their components.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |  | Precision Machined Components. The Hillsdale segment also
    manufactures a wide array of precision machined metal
    components. These parts, made of iron, aluminum, steel and
    magnesium, include flanges and yokes, connecting rods,
    driveshaft support brackets, front engine covers and pump
    housings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |  | Chassis Knuckles. Knuckles are structural components of
    vehicle chassis and suspension systems. The Hillsdale
    segments knuckle products include front and rear steering
    knuckles and damper forks.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| |  | Pumps. The Hillsdale segment also designs and
    manufactures both fixed and variable pressure style pumps for
    engines and transmissions. Its products include complete pump
    components and complete oil pump assemblies. Although one of its
    major pump programs with Ford was phased out during 2004, the
    Hillsdale segment believes that certain market trends present
    new business opportunities for its pump products. We believe
    that increased fuel efficiency requirements for motor vehicles
    will drive the market towards a larger demand for variable
    displacement pumps. To achieve improved fuel efficiency, vehicle
    manufacturers are developing vehicles that idle at lower
    revolutions per minute (RPMs) requiring either a larger and more
    burdensome pump or a variable displacement pump. The Hillsdale
    segment currently is exploring new technologies to address this
    market trend.



| |                  
| | -----------------
| | Wolverine Segment

i.e.


6



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| |               
| | --------------
| | Major Products



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Brake products. The Wolverine brake product segment
    focuses on the design, manufacture and sale of shims and sound
    damping materials for disc brakes and replacement part markets.
    Wolverine combines substrates, elastomer coatings, attachment
    options and adhesive layers in different formulations to arrive
    at economical products to meet a wide range of application
    demands. Wolverines aftermarket products accounted for
    approximately 5% of its fiscal year 2004 brake product sales and
    it plans to continue to penetrate this market to mitigate the
    impact of vehicle production cycles.                                                            
|
| |  | Gasket and gasket materials. Wolverine supplies a wide
    range of rubber-coated metals for sealing and sound damping
    applications in the automotive OEM and aftermarket, plus
    industrial and consumer markets. Wolverine gaskets and gasket
    materials are used in many automotive applications including
    cylinder head and various other engine, fuel system, and
    transmission gaskets. The increased demand for more fuel
    efficient vehicles and reduced warranty expense has led to an
    increased demand for more sophisticated sealing applications.
    Aftermarket applications now account for nearly 7% of all of the
    Wolverine segments gasket related sales.
|
| |  | Compressor gaskets. Wolverine compressor gaskets focus on
    the design, manufacture and sale of gaskets and gasket materials
    for industrial and consumer product applications including
    industrial air compressor systems, air power tools, commercial
    and residential air conditioning systems and pneumatic
    applications. Wolverine plans to further penetrate these higher
    margin applications by leveraging its reputation and market
    leading position as a premier supplier of gasket products and
    materials.                                                                                                                                                       



| |                                
| | -------------------------------
| | Defense and Space Power Segment







| |                                   
| | ----------------------------------
| | Commercial Power Solutions Segment





| |   |                                                                                                                                                                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | EaglePicher
    Horizontm
    advanced sealed lead acid batteries, which we believe provide
    the highest specific energy of any lead acid battery in the
    market today, through EaglePichers 62% owned subsidiary
    EaglePicher Horizon Batteries, LLC;
|
| |  | Batteries for medical implantable devices;                                                                                                                                                                                                                      
|
| |  | Our newly-acquired, majority-owned subsidiary EaglePicher Kokam,
    Ltd. produces advanced, stacked lithium-ion cells for use in a
    wide range of applications including radio controlled aircraft
    and cars, motive, medical and off-the-shelf military;

7



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| |   |                                                                                                                                                                                                                                                                                                                                                                                      
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The Carefree® family of long-life rechargeable cells are
    used in emergency lighting, fire and security systems, handheld
    power tolls, telecommunication back-up systems, wheelchairs and
    scooters. These batteries are utilized in the following
    chemistries: sealed lead acid, Nickel Cadmium (NiCd), Nickel
    Metal Hydride (NiMH), and Lithium-Ion (Li-Ion); and
|
| |  | The Keeper® II line of non-rechargeable cells are used
    in automotive toll tags, memory back-up for computer servers,
    and radio frequency transponders. These batteries are utilized
    in the following chemistries: Lithium Thionyl Chloride
    (LiSOCl2), Lithium Manganese Dioxide (LiMnO2) and Lithium Sulfur
    Dioxide (LiSO2).                                     





| |                                  
| | ---------------------------------
| | Specialty Materials Group Segment

tm




| |                                
| | -------------------------------
| | Pharmaceutical Services Segment





| |                                
| | -------------------------------
| | Filtration and Minerals Segment



tm tm tm


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Competition




Hillsdale Segment.


Wolverine Segment.


Defense and Space Power Segment.


Commercial Power Solutions Segment.


Specialty Materials Group Segment.


Pharmaceutical Services Segment.


Filtration and Minerals Segment.


Corporate Structure




Recent Acquisitions and Divestitures




9



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10



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##### Table of Contents















Backlog








Raw Materials




11



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Intellectual Property




Government Contracts




Research and Development




Employees






Environmental Matters






12



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Financial Information about Foreign and Domestic Operations
and Export Sales









|        |           
|------- | ----------
|Item 2. | Properties



|              |  |                                              |  |                  
|------------- |  | -------------------------------------------- |  | -----------------
|              |  |                                              |  | Description of   
|Segment       |  | Location                                     |  | Property Interest
|              |  |                                              |  |                  
|Hillsdale(1)  |  |                                              |  |                  
|Domestic      |  | Hillsdale, Michigan (2 plant locations)      |  | owned            
|              |  | Hamilton, Indiana                            |  | owned            
|              |  | Manchester, Tennessee                        |  | leased           
|              |  | Jonesville, Michigan                         |  | owned            
|              |  | Mount Pleasant, Michigan (2 plant locations) |  | owned & leased   
|              |  | Traverse City, Michigan                      |  | owned            
|              |  | Vassar, Michigan                             |  | leased           
|International |  | San Luis Potosi, Mexico                      |  | owned            
|Wolverine(1)  |  |                                              |  |                  
|Domestic      |  | Blacksburg, Virginia (2 plant locations)     |  | owned            
|              |  | Leesburg, Florida                            |  | owned            
|International |  | Ohringen, Germany                            |  | owned            

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|                           |  |                                      |  |                  
|-------------------------- |  | ------------------------------------ |  | -----------------
|                           |  |                                      |  | Description of   
|Segment                    |  | Location                             |  | Property Interest
|                           |  |                                      |  |                  
|Defense and Space Power    |  |                                      |  |                  
|Domestic                   |  | Joplin, Missouri (3 plant locations) |  | owned            
|                           |  | Phoenix, Arizona                     |  | leased           
|                           |  | Seneca, Missouri                     |  | owned            
|International              |  | Vancouver, Canada                    |  | leased           
|Commercial Power Solutions |  |                                      |  |                  
|Domestic                   |  | Joplin, Missouri (2 plant locations) |  | owned & leased   
|                           |  | Grove, Oklahoma(3)                   |  | owned            
|International(4)           |  | Sihwa, Republic of Korea             |  | owned            
|                           |  | Nonsan, Republic of Korea            |  | owned            
|Specialty Materials Group  |  |                                      |  |                  
|Domestic                   |  | Miami, Oklahoma                      |  | owned            
|                           |  | Seneca, Missouri                     |  | owned            
|                           |  | Quapaw, Oklahoma                     |  | owned            
|Pharmaceutical Services    |  |                                      |  |                  
|Domestic                   |  | Lenexa, Kansas                       |  | owned            
|                           |  | Harrisonville, Missouri              |  | owned            
|Filtration and Minerals(2) |  |                                      |  |                  
|Domestic                   |  | Clark Station, Nevada                |  | owned            
|                           |  | Lovelock, Nevada                     |  | owned            
|                           |  | Vale, Oregon                         |  | owned            
|Other                      |  |                                      |  |                  
|Domestic                   |  | Stella, Missouri                     |  | owned            
|                           |  | Galena, Kansas                       |  | owned            
|                           |  | Colorado Springs, Colorado           |  | owned            






|    |                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | In addition to the facilities listed, the Hillsdale and
    Wolverine Segments own office space in Inkster, Michigan.                                                     
|   
|(2) | In addition to the facilities listed, the Filtration and
    Minerals Segment has office space in Reno, Nevada, and mining
    locations in California, Nevada and Oregon.
|   
|(3) | Owned by our 62% subsidiary, EaglePicher Horizon
    Batteries LLC.                                                                                                       
|   
|(4) | Owned by our 67% subsidiary, EaglePicher Kokam, Ltd.                                                                                                                      





Mining




14



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| |            
| | -----------
| | Exploration





| |         
| | --------
| | Reserves



15



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| |         
| | --------
| | Property





| |                              
| | -----------------------------
| | Significant Mining Properties

Nevada.


Oregon.


Tons Mined by Location


|           |  |  |         |                    |  |  |         |  |  |      |         |  |  |  |         | 
|---------- |  |  | ------- | ------------------ |  |  | ------- |  |  | ---- | ------- |  |  |  | ------- | 
|           |  |  |         | Year Ended Nov. 30 | 
|           |  |  |         |                    | 
|           |  |  |         | 2002               |  |  | 2003    |  |  | 2004 |        
|           |  |  |         |                    |  |  |         |  |  |      |        
|NEVADA     |  |  |         |                    |  |  |         |  |  |      |         |  |  |  |         | 
|Tons Mined |  |  | Colado  |                    |  |  | 123,000 |  |  |      | 113,000 |  |  |  | 108,000 | 
|           |  |  | Clark   |                    |  |  | 62,000  |  |  |      | 49,000  |  |  |  | 22,000  | 
|OREGON     |  |  |         |                    |  |  |         |  |  |      |         |  |  |  |         | 
|Tons Mined |  |  | Celatom |                    |  |  | 176,000 |  |  |      | 100,000 |  |  |  | 136,000 | 
|           |  |  |         |                    |  |  |         |  |  |      |         | 
|           |  |  | Total   |                    |  |  | 361,000 |  |  |      | 262,000 |  |  |  | 266,000 | 
|           |  |  |         |                    |  |  |         |  |  |      |         | 



| |       
| | ------
| | Access



16



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Item 3. Legal Proceedings









|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders



PART II







|        |                                                                              
|------- | -----------------------------------------------------------------------------
|Item 5. | Market for the Registrants Common Equity and Related
    Stockholder Matters



17



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|        |                        
|------- | -----------------------
|Item 6. | Selected Financial Data

|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |          |  
|------------------------------------------------------------------------------------------ |  | ----------------------------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | -------- | -
|                                                                                           |  | 2000                                            |         |   | 2001 |   |         | 2002 |  |   | 2003    |   |  | 2004 |        
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|                                                                                           |  | (In thousands except ratios and per share data) |        
|Statements of Operations Data:                                                             |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |          |  
|Net sales(1)                                                                               |  | $                                               | 715,515 |   |      | $ | 647,292 |      |  | $ | 657,700 |   |  | $    | 673,300 |   |  | $ | 707,337  |  
|Costs of products sold (exclusive of depreciation)                                         |  |                                                 | 563,150 |   |      |   | 523,777 |      |  |   | 513,589 |   |  |      | 513,077 |   |  |   | 571,088  |  
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Gross profit                                                                               |  |                                                 | 152,365 |   |      |   | 123,515 |      |  |   | 144,111 |   |  |      | 160,223 |   |  |   | 136,249  |  
|Selling and administrative                                                                 |  |                                                 | 59,214  |   |      |   | 52,468  |      |  |   | 63,731  |   |  |      | 63,211  |   |  |   | 66,705   |  
|Depreciation and amortization                                                              |  |                                                 | 39,535  |   |      |   | 41,210  |      |  |   | 46,158  |   |  |      | 47,709  |   |  |   | 40,688   |  
|Goodwill amortization                                                                      |  |                                                 | 14,637  |   |      |   | 14,585  |      |  |   | 14,592  |   |  |      |        |   |  |   |         |  
|Restructuring and asset impairments                                                        |  |                                                 |        |   |      |   | 14,163  |      |  |   | 5,898   |   |  |      |        |   |  |   | 1,000    |  
|Losses (gains) from divestitures                                                           |  |                                                 | (3,149  | ) |      |   | 2,105   |      |  |   | 6,497   |   |  |      |        |   |  |   | 5,471    |  
|Insurance (gains) losses(2)                                                                |  |                                                 | (16,000 | ) |      |   |        |      |  |   | 3,100   |   |  |      | (8,279  | ) |  |   | 681      |  
|Goodwill impairment                                                                        |  |                                                 |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   | 34,816   |  
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Operating income (loss)                                                                    |  |                                                 | 58,128  |   |      |   | (1,016  | )    |  |   | 4,135   |   |  |      | 57,582  |   |  |   | (13,112  | )
|Interest expense(3)                                                                        |  |                                                 | (35,294 | ) |      |   | (32,386 | )    |  |   | (34,227 | ) |  |      | (34,036 | ) |  |   | (36,706  | )
|Preferred stock dividends accrued(4)                                                       |  |                                                 |        |   |      |   |        |      |  |   |        |   |  |      | (4,169  | ) |  |   | (16,674  | )
|Other income (expense), net                                                                |  |                                                 | 624     |   |      |   | 3,566   |      |  |   | 1,516   |   |  |      | (1,583  | ) |  |   | 1,673    |  
|Write-off of deferred financing costs                                                      |  |                                                 |        |   |      |   |        |      |  |   |        |   |  |      | (6,327  | ) |  |   | (492     | )
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Income (loss) from continuing operations before taxes                                      |  |                                                 | 23,458  |   |      |   | (29,836 | )    |  |   | (28,576 | ) |  |      | 11,467  |   |  |   | (65,311  | )
|Income tax (provision) benefit                                                             |  |                                                 | (9,325  | ) |      |   | 10,171  |      |  |   | (1,938  | ) |  |      | (2,837  | ) |  |   | 6,580    |  
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Income (loss) from continuing operations before cumulative
    effect of accounting change |  |                                                 | 14,133  |   |      |   | (19,665 | )    |  |   | (30,514 | ) |  |      | 8,630   |   |  |   | (58,731  | )
|Discontinued operations, net(5)                                                            |  |                                                 | (8,523  | ) |      |   | (34,306 | )    |  |   | (6,318  | ) |  |      | (5,787  | ) |  |   | 6,595    |  
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Income (loss) before cumulative effect of accounting change                                |  |                                                 | 5,610   |   |      |   | (53,971 | )    |  |   | (36,832 | ) |  |      | 2,843   |   |  |   | (52,136  | )
|Cumulative effect of accounting change, net of income taxes of $0                          |  |                                                 |        |   |      |   |        |      |  |   |        |   |  |      |        |   |  |   | (200     | )
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Net Income (Loss)                                                                          |  | $                                               | 5,610   |   |      | $ | (53,971 | )    |  | $ | (36,832 | ) |  | $    | 2,843   |   |  | $ | (52,336  | )
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Basic and Diluted Net Loss Per Share Applicable to Common
    Shareholders                 |  | $                                               | (6.26   | ) |      | $ | (68.51  | )    |  | $ | (53.60  | ) |  | $    | (9.71   | ) |  | $ | (52.34   | )
|                                                                                           |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |        
|Balance Sheet Data (at end of period):                                                     |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |          |  
|Cash and cash equivalents                                                                  |  | $                                               | 7,467   |   |      | $ | 24,620  |      |  | $ | 31,522  |   |  | $    | 67,320  |   |  | $ | 20,022   |  
|Working capital (deficit)                                                                  |  |                                                 | 94,912  |   |      |   | 72,767  |      |  |   | 27,476  |   |  |      | 106,585 |   |  |   | (84,780  | )
|Property, plant and equipment, net                                                         |  |                                                 | 214,090 |   |      |   | 204,553 |      |  |   | 172,406 |   |  |      | 150,814 |   |  |   | 157,661  |  
|Total assets                                                                               |  |                                                 | 767,699 |   |      |   | 728,934 |      |  |   | 613,041 |   |  |      | 665,538 |   |  |   | 598,774  |  
|Total debt(6)                                                                              |  |                                                 | 456,118 |   |      |   | 440,989 |      |  |   | 373,725 |   |  |      | 421,870 |   |  |   | 393,644  |  
|Preferred stock                                                                            |  |                                                 | 109,804 |   |      |   | 123,086 |      |  |   | 137,973 |   |  |      | 154,416 |   |  |   | 171,090  |  
|Shareholders equity (deficiency)                                                          |  |                                                 | 39,197  |   |      |   | (33,655 | )    |  |   | (87,578 | ) |  |      | (90,207 | ) |  |   | (142,046 | )
|Other Data:                                                                                |  |                                                 |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |          |  
|Ratio of Earnings to fixed charges and preferred stock
    dividends(7)                    |  |                                                 | 1.24    | x |      |   | N/A     |      |  |   | N/A     |   |  |      | N/A     |   |  |   | N/A      |  

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|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Net sales includes $56.2 million in the year ended
    November 30, 2000; $10.2 million in the year ended
    November 30, 2001; and $3.4 million in the year ended
    November 30, 2002 which is attributed to certain divested
    or sold businesses that did not qualify as discontinued
    operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   
|(2) | In 2000, we received $16.0 million from insurance companies
    as a result of the settlement of certain claims relating
    primarily to environmental remediation. In the second quarter of
    2002, we recorded a provision of $3.1 million primarily
    related to a dispute with an insurance carrier over the coverage
    on a fire which occurred at one of our facilities during 2001.
    During the third quarter of 2003, we recorded a
    $2.8 million gain related to the settlement of this claim.
    Also, in 2003, we recorded a $5.5 million gain primarily
    related to the settlement of a claim with our insurance carrier
    over the coverage on a fire during 2002 at a non-operating
    facility. During 2004, we recorded $0.7 million of expense
    primarily related to the settlement of a lawsuit over assets
    which were destroyed in a fire.                                                                         
|   
|(3) | Interest expense excludes $12.1 million in the year ended
    November 30, 2000; $11.0 million in the year ended
    November 30, 2001; $6.9 million in the year ended
    November 30, 2002; $4.8 million in the year ended
    November 30, 2003; and $0.9 million in the year ended
    November 30, 2004 which has been allocated to discontinued
    operations (see footnote 5 below).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   
|(4) | Effective September 1, 2003, we adopted
    SFAS No. 150, Accounting for Certain Financial
    Instruments with Characteristics of both Liabilities and
    Equity which requires that certain instruments be
    classified as liabilities in our balance sheet. The effect of
    the adoption was that, as of September 1, 2003, we
    reclassified the current redemption value plus unpaid dividends
    on our preferred stock to long-term liabilities, and the accrual
    of dividends payable for periods ending after September 1,
    2003 has been recorded as a component of non-operating expenses
    in our consolidated statements of income.                                                                                                                                                                                                                                                                                               
|   
|(5) | In 2001, we discontinued the operations of our former
    Construction Equipment Division. We completed this sale on
    December 14, 2001, effective November 30, 2001. In
    addition, during the second quarter of 2003, we discontinued the
    operations of our Hillsdale UK automotive operation. We sold our
    Hillsdale UK automotive operation on June 11, 2003. In the
    third quarter of 2003, we discontinued the operations of certain
    assets of our Germanium-based business. We sold this business in
    July 2003. Finally, in the second quarter of 2004, we
    discontinued the operation of our Environmental
    Science & Technology Division. We sold this business in
    April 2004.                                                                                                                                                                                                                                         
|   
|(6) | Total debt excludes $1.8 million at November 30, 2000
    and $2.1 million at November 30, 2001 which has been
    allocated to discontinued operations (see footnote 5
    above). In addition, total debt excludes $46.5 million at
    November 30, 2002, and $32.7 million at
    November 30, 2004, which represents amounts advanced under
    our unconsolidated accounts receivable asset-backed
    securitization.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   
|(7) | For purposes of determining the ratio of earnings to fixed
    charges and preferred stock accretion and accrued dividends,
    earnings consist of income from continuing
    operations before provision (benefit) for income taxes and fixed
    charges from continuing operations. Fixed charges
    consist of interest expense (including amortization of deferred
    financing costs) and approximately 30% of our rental expense,
    representing that portion of interest expense deemed to be
    representative of the interest factor and preferred stock
    accretion and accrued dividends. Earnings were insufficient to
    cover fixed charges and preferred stock accretion and accrued
    dividends by $43.1 million in the year ended
    November 30, 2001; $43.5 million in the year ended
    November 30, 2002; $0.8 million in the year ended
    November 30, 2003; and $65.3 million in the year ended
    November 30, 2004.






|        |                                                                                           
|------- | ------------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations.

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS




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RISK FACTORS






| |                          
| | -------------------------
| | Financial Condition Risks

We have a risk of insolvency.






We are currently out of compliance with financial covenants
in our Credit Agreement and Accounts Receivable Securitization
Facility.










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We have a significant level of indebtedness and high leverage
that could adversely affect our financial condition and prevent
us from making timely interest and payments on our debt
obligations.








| |   |                                                                                                                                                                                                                                                                                                             
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | make it more difficult for us to satisfy our obligations with
    respect to our debt;                                                                                                                                                                                                                      
|
| |  | limit our ability to obtain additional financing for capital
    expenditures, acquisitions, strategic alliances, research and
    development, working capital or other purposes;                                                                                                                          
|
| |  | require us to dedicate a material portion of our operating cash
    flow to fund interest and principal payments on our
    indebtedness, thereby reducing funds available for capital
    expenditures, acquisitions, strategic alliances, research and
    development, working capital or other purposes;
|
| |  | reduce our flexibility in responding to changing business and
    economic conditions;                                                                                                                                                                                                                      
|
| |  | increase our vulnerability to adverse economic and industry
    conditions; and                                                                                                                                                                                                                             
|
| |  | place us at a competitive disadvantage compared to our
    competitors that may have less leverage.                                                                                                                                                                                                         



| |                       
| | ----------------------
| | General Business Risks

Our CEO and CFO may not have access to adequate financial
information from our subsidiary EaglePicher Technologies, LLC in
order to enable them to certify our periodic reports.




We currently have excessive demands on management
resources.




Demand for our automotive products depends upon the overall
condition of the global automotive industry.




21



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Our Hillsdale and Wolverine segments face intense competition
for their products and services, and automotive manufacturers
are increasingly leveraging their suppliers for cost reductions
to offset their market share or volume reductions and metal
market pressures.




Our Hillsdale Segment is dependent on a small number of
principal customers for a significant percentage of its net
sales.




Our China sourcing initiative for our Hillsdale Segment may
not be successful.




We may be unable to obtain certain parts, raw materials and
natural gas at favorable prices or at all.






22



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A substantial portion of our revenue comes from customers in
a limited number of industries, particularly the automotive,
aerospace and defense industries.






Our business is very competitive and increased competition
could reduce our sales.




We may not be successful in implementing our strategy of
developing new applications for our existing technologies and
penetrating new markets for our existing products.






| |   |                                                                                                                                
| | - | -------------------------------------------------------------------------------------------------------------------------------
| |  | identify new industries, applications and markets for our
    technologies;                                                    
|
| |  | successfully integrate our acquired businesses into our
    operations;                                                        
|
| |  | negotiate and execute favorable strategic alliance, licensing
    and other technology arrangements for these new applications;
|
| |  | manufacture products for these new applications in a cost
    efficient and profitable manner;                                 

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| |   |                                                                                                 
| | - | ------------------------------------------------------------------------------------------------
| |  | develop effective marketing, sales and distribution networks for
    these new applications; and
|
| |  | obtain necessary financing consents to implement this strategy.                                 



We may not be able to keep pace with technological advances
in the industries in which we compete or fund the capital
investments necessary to upgrade our facilities and enhance our
processes necessary in order to keep pace with such advances.




We utilize automated production equipment. Any failure of
that equipment, any failure to upgrade or replace that equipment
or bring on line new equipment would harm our ability to produce
our products.




If we are unable to protect our intellectual property
adequately, we could lose our competitive advantage in many of
the industries in which we compete.






| |   |                                                                                                                                                                                                                                                                                                                                              
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | we cannot be certain that our pending United States and foreign
    patent applications will result in issued patents or that any
    patents issued will be sufficiently broad to protect our
    technologies or processes;                                                                                                                
|
| |  | third parties may design around our patented technologies or
    seek to challenge or invalidate our patented technologies;                                                                                                                                                                                                                  
|
| |  | we may incur significant costs and diversion of management
    resources in prosecuting or defending patent infringement suits;                                                                                                                                                                                                              
|
| |  | we may not be successful in prosecuting or defending patent
    infringement suits and, as a result, may be forced to seek to
    enter into costly royalty or licensing agreements; however, such
    royalty or licensing agreements may not be available to us or
    may not be available to us on commercially reasonable
    terms; and
|
| |  | the contractual provisions we rely on to protect our trade
    secrets and proprietary information, such as our confidentiality
    and non-disclosure agreements with our employees, consultants
    and other third                                                                                                                        

24



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| |  |                                                                                                                                                                                                                                                                                                                         
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | parties, may be breached and our trade secrets and proprietary
    information may be disclosed to our competitors or the public.
    If they are, there may not be an adequate remedy available to us
    and we may be unable to prevent the unauthorized use of our
    technical knowledge, practices or procedures.



We may be subject to intellectual property claims, which
could be costly and time consuming and could divert our
management and key personnel from our business operations.




We are subject to the provisions of Section 404(a) of
the Sarbanes-Oxley Act of 2002.




We may not have sufficient insurance coverage or funds
available to cover all potential product liability and warranty
claims.




25



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##### Table of Contents





Environmental regulations that affect each of our business
segments may lead to significant, unforeseen expenses.






Our U.S. Government contracts may be terminated at any
time and may contain other unfavorable provisions.








As a U.S. Government contractor, we are subject to a
number of procurement rules and regulations.






| |   |                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------
| |  | require certification and disclosure of all cost and pricing
    data in connection with contract negotiations;

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| |   |                                                                                                                                                                                    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | impose accounting rules that define allowable and unallowable
    costs and otherwise govern our right to reimbursement under
    certain cost-based U.S. Government contracts; and
|
| |  | restrict the use and dissemination of information classified for
    national security purposes and the exportation of certain
    products and technical data.                    



Our business could be adversely affected by a negative audit
by the U.S. Government.




We face increasingly stringent U.S. and foreign government
regulations and policies, and have exposure to certain other
risks associated with our foreign operations.








| |   |                                                                                                                                                                                                                                                            
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | currency exchange rate fluctuations;                                                                                                                                                                                                                       
|
| |  | tax rates in certain foreign countries potentially exceeding
    those in the United States and the potential subjection of
    foreign earnings to withholding requirements or the imposition
    of tariffs, exchange controls or other restrictions; and
|
| |  | general economic and political conditions where we operate
    and/or sell our products, including inflation.                                                                                                                                              

We depend on the services of key individuals and
relationships, the loss of which would materially harm us.




We may be subject to work stoppages at our facilities or our
customers may be subjected to work stoppages.




27



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##### Table of Contents





Our failure to timely or properly implement our new
information systems could adversely affect our business.




We are controlled by a small number of shareholders whose
interests may conflict with the interests of other investors.




CRITICAL ACCOUNTING POLICIES






| |                       
| | ----------------------
| | Environmental Reserves







28



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| |                                                    
| | ---------------------------------------------------
| | Impairment of Long-Lived Assets, including Goodwill







| |                    
| | -------------------
| | Revenue Recognition





29



---



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| |                                                         
| | --------------------------------------------------------
| | Off-Balance Sheet Qualifying Special Purposes
    Entity





| |                                  
| | ---------------------------------
| | Pension Benefit Plans Assumptions







30



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##### Table of Contents







| |                         
| | ------------------------
| | Deferred Stripping Costs













| |                                      
| | -------------------------------------
| | Legal and Environmental Contingencies



31



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| |                                                                                                          
| | ---------------------------------------------------------------------------------------------------------
| | Estimates Used Relating to Restructuring, Divestitures,
    Discontinued Operations and Asset Impairments





| |                                          
| | -----------------------------------------
| | Income Taxes and Tax Valuation Allowances





| |                                      
| | -------------------------------------
| | Other Significant Accounting Policies



RESULTS OF OPERATIONS




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|                                            |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   |  |   |         |   |  |  |        |  
|------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ------------ |  | - | ------------ | - |  | - | ------- | - | ------ |  | ------- | - |  | - | ------- | - |  |  | ------ | -
|                                            |  |      |         |   |      |   |         | 2002 to 2003 |  |   | 2003 to 2004 |  
|                                            |  |      |         |   |      |   |         |              |  |   |              |  
|                                            |  | 2002 |         |   | 2003 |   |         | 2004         |  |   | Change       |   |  | % |         |   | Change |  |         | % | 
|                                            |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   | 
|Net Sales                                   |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   |  |   |         |   |  |  |        |  
|Hillsdale                                   |  | $    | 342,678 |   |      | $ | 323,838 |              |  | $ | 317,714      |   |  | $ | (18,840 | ) |        |  | (5.5    | ) |  | $ | (6,124  | ) |  |  | (1.9   | )
|Wolverine                                   |  |      | 79,367  |   |      |   | 89,852  |              |  |   | 106,523      |   |  |   | 10,485  |   |        |  | 13.2    |   |  |   | 16,671  |   |  |  | 18.6   |  
|Defense and Space Power                     |  |      | 98,074  |   |      |   | 130,834 |              |  |   | 151,966      |   |  |   | 32,760  |   |        |  | 33.4    |   |  |   | 21,132  |   |  |  | 16.2   |  
|Commercial Power Solutions                  |  |      | 6,546   |   |      |   | 13,024  |              |  |   | 13,897       |   |  |   | 6,478   |   |        |  | 99.0    |   |  |   | 873     |   |  |  | 6.7    |  
|Precision Products  divested July 17, 2002 |  |      | 3,435   |   |      |   |        |              |  |   |             |   |  |   | (3,435  | ) |        |  | (100.0  | ) |  |   |        |   |  |  |       |  
|Specialty Materials Group                   |  |      | 32,271  |   |      |   | 28,097  |              |  |   | 22,309       |   |  |   | (4,174  | ) |        |  | (12.9   | ) |  |   | (5,788  | ) |  |  | (20.6  | )
|Pharmaceutical Services                     |  |      | 13,200  |   |      |   | 9,088   |              |  |   | 12,491       |   |  |   | (4,112  | ) |        |  | (31.2   | ) |  |   | 3,403   |   |  |  | 37.4   |  
|Filtration and Minerals                     |  |      | 82,129  |   |      |   | 78,567  |              |  |   | 82,437       |   |  |   | (3,562  | ) |        |  | (4.3    | ) |  |   | 3,870   |   |  |  | 4.9    |  
|                                            |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   | 
|                                            |  | $    | 657,700 |   |      | $ | 673,300 |              |  | $ | 707,337      |   |  | $ | 15,600  |   |        |  | 2.4     |   |  | $ | 34,037  |   |  |  | 5.1    |  
|                                            |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   | 
|Operating Income (Loss)                     |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   |  |   |         |   |  |  |        |  
|Hillsdale                                   |  | $    | 2,271   |   |      | $ | 6,922   |              |  | $ | (39,763      | ) |  | $ | 4,651   |   |        |  | 204.8   |   |  | $ | (46,685 | ) |  |  | N/A    |  
|Wolverine                                   |  |      | 8,230   |   |      |   | 14,566  |              |  |   | 15,552       |   |  |   | 6,336   |   |        |  | 77.0    |   |  |   | 986     |   |  |  | 6.8    |  
|Defense and Space Power                     |  |      | (4,313  | ) |      |   | 20,719  |              |  |   | 15,835       |   |  |   | 25,032  |   |        |  | N/A     |   |  |   | (4,884  | ) |  |  | (23.6  | )
|Commercial Power Solutions                  |  |      | (330    | ) |      |   | 4,570   |              |  |   | (6,590       | ) |  |   | 4,900   |   |        |  | N/A     |   |  |   | (11,160 | ) |  |  | N/A    |  
|Precision Products  divested July 17, 2002 |  |      | (318    | ) |      |   |        |              |  |   |             |   |  |   | 318     |   |        |  | 100.0   |   |  |   |        |   |  |  |       |  
|Specialty Materials Group                   |  |      | (997    | ) |      |   | 6,118   |              |  |   | 6,603        |   |  |   | 7,115   |   |        |  | N/A     |   |  |   | 485     |   |  |  | 7.9    |  
|Pharmaceutical Services                     |  |      | 2,329   |   |      |   | 2,714   |              |  |   | 1,628        |   |  |   | 385     |   |        |  | 16.5    |   |  |   | (1,086  | ) |  |  | (40.0  | )
|Filtration and Minerals                     |  |      | 8,078   |   |      |   | 5,285   |              |  |   | 3,845        |   |  |   | (2,793  | ) |        |  | (34.6   | ) |  |   | (1,440  | ) |  |  | (27.2  | )
|Divested Divisions                          |  |      | (6,497  | ) |      |   |        |              |  |   | (5,471       | ) |  |   | 6,497   |   |        |  | 100.0   |   |  |   | (5,471  | ) |  |  | (100.0 | )
|Corporate/Intersegment                      |  |      | (4,318  | ) |      |   | (3,312  | )            |  |   | (4,751       | ) |  |   | 1,006   |   |        |  | 23.3    |   |  |   | (1,439  | ) |  |  | (43.4  | )
|                                            |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   | 
|                                            |  | $    | 4,135   |   |      | $ | 57,582  |              |  | $ | (13,112      | ) |  | $ | 53,447  |   |        |  | 1,292.6 |   |  | $ | (70,694 | ) |  |  | N/A    |  
|                                            |  |      |         |   |      |   |         |              |  |   |              |   |  |   |         |   |        |  |         |   | 



| |                      
| | ---------------------
| | 2004 Compared to 2003



| |                  
| | -----------------
| | Hillsdale Segment








33



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##### Table of Contents







| |                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. The impact of lower average selling prices which reduced
    operating income by ($5.0) million;                                                                                                                          
|
| | b. Changes in volume which decreased gross margins by
    ($0.7) million;                                                                                                                                                    
|
| | c. Restructuring costs of approximately ($4.0) million
    to close two U.S. production facilities and to establish a
    China sourcing base;                                                                               
|
| | d. Production issues that reduced operating income by
    ($2.0) million primarily due to premium air freight and
    overtime costs driven by capacity and quality problems on two
    programs, and other operating issues;
|
| | e. Increased steel costs of ($2.0) million on a net
    basis;                                                                                                                                                               
|
| | f. Goodwill impairment charge of ($34.8) million due
    to the decrease in Hillsdales value;                                                                                                                               
|
| | g. Increased hourly rates and health care costs of
    ($2.5) million; partially offset by                                                                                                                                   
|
| | h. Improved operating income due to lower depreciation and
    amortization costs of $4.4 million due primarily to lower
    capital spending in recent years.                                                               









| |                  
| | -----------------
| | Wolverine Segment



34



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##### Table of Contents







| |                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $4.4 million of increased volume which was
    partially offset by negative mix discussed above;                                                                                                        
|
| | b. $2.8 million of favorable foreign currency exchange
    rates;                                                                                                                                          
|
| | c. ($0.5) million of costs incurred in the first
    quarter of 2004 to close our high cost Inkster, Michigan
    manufacturing line;                                                                      
|
| | d. ($0.6) million of increased costs incurred in the
    first quarter of 2004 primarily due to the closure of
    Wolverines primary manufacturing facility for three days
    due to weather conditions;
|
| | e. ($4.5) million of increased commodity costs,
    primarily related to steel, oil and other solvents required in
    the manufacturing process; and                                                      
|
| | f. ($1.4) million in increased manufacturing labor and
    healthcare costs.                                                                                                                               





| |                                
| | -------------------------------
| | Defense and Space Power Segment







| |                                                                                                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $5.0 million due to increased volumes;                                                                                                                                                                                                                                                                   
|
| | b. $1.8 million related to favorable pricing;                                                                                                                                                                                                                                                               
|
| | c. ($2.7) million increase in selling, general and
    administrative expenses for consulting, and increased
    staffing; and                                                                                                                                                                              
|
| | d. ($9.0) million for reduced margins primarily due to
    reduced booking rates for two long-term contracts accounted for
    under the percentage of completion method of accounting due to
    reduced productivity assumptions ($6.0 million) and
    unfavorable foreign exchange rates ($3.0 million).





| |                                   
| | ----------------------------------
| | Commercial Power Solutions Segment





35



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| |                                  
| | ---------------------------------
| | Specialty Materials Group Segment









| |                                
| | -------------------------------
| | Pharmaceutical Services Segment







| |                                
| | -------------------------------
| | Filtration and Minerals Segment







| |                   
| | ------------------
| | Company Discussion

Net sales.


Cost of products sold (exclusive of depreciation).




| |                                                                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. ($6.5) million of increased steel costs in our
    Wolverine and Hillsdale Segments and costs associated with
    disruptions in our steel supply in our Wolverine Segment;
|
| | b. ($2.5) million of increased ore mining, maintenance
    supplies and energy costs in our Filtration and Minerals Segment;                                                  
|
| | c. ($9.0) million of lower average selling prices,
    plant restructuring and China sourcing start-up costs in our
    Hillsdale Segment;                                    

36



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| |                                                                                                                                                                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. ($1.8) million of negative gross margins in
    EaglePicher Horizon Batteries;                                                                                                                                                                                                                                                                               
|
| | e. ($1.0) million of increased actuarial calculated
    non-cash pension costs;                                                                                                                                                                                                                                                                                 
|
| | f. ($2.0) of production issues primarily due to premium air
    freight and overtime costs driven by capacity and quality
    problems on two Hillsdale programs, and other operating issues;                                                                                                                                                                   
|
| | g. Increased labor and medical costs due to economics;                                                                                                                                                                                                                                                                                                          
|
| | h. ($9.0) million in reduced margins primarily due to
    reduced booking rates for two long-term contracts accounted for
    under the percentage of completion method of accounting due to
    reduced productivity assumptions and unfavorable foreign
    currency exchange rates in our Defense and Space Power Segment;
    which were partially offset by
|
| | i. $9.4 million of increased volumes in our Wolverine
    and Defense and Space Power Segments.                                                                                                                                                                                                                                                                 

Selling and administrative.




| |                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $3.1 million of reduced annual and long-term bonus
    expense in 2004 due to the significantly reduced bonus
    paid to management for 2004 performance;
|
| | b. ($2.4) million of increased selling expenses in our
    Commercial Power Solutions Segment to support growth in
    EaglePicher Horizon Batteries;         
|
| | c. ($1.4) million of increased costs to support the
    selling activities and higher sales volumes in our Defense and
    Space Power Segment;               
|
| | d. ($1.0) million of reduced Supplemental Executive
    Retirement Plan expenses in 2003 due to the termination of the
    plan; and                          
|
| | e. ($1.4) million of costs incurred to support the
    sale of certain businesses.                                                                            

Depreciation and amortization.


Restructuring and asset impairments.


Loss from divestitures.


Insurance related losses/(gains).


Goodwill impairment.


37



---



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Operating Income.


|   |  |                                                    |  |   |       |  
|-- |  | -------------------------------------------------- |  | - | ----- | -
|a. |  | Gross margins                                      |  | $ | (24.0 | )
|b. |  | Selling and administrative expenses                |  |   | (3.5  | )
|c. |  | Depreciation and amortization                      |  |   | 7.0   |  
|d. |  | Restructuring and asset impairments in 2004        |  |   | (1.0  | )
|e. |  | Loss from divestitures in 2004                     |  |   | (5.5  | )
|f. |  | Goodwill impairment in 2004                        |  |   | (34.8 | )
|g. |  | Insurance related gains in 2003 and losses in 2004 |  |   | (8.9  | )
|   |  |                                                    |  |   |      
|   |  |                                                    |  | $ | (70.7 | )
|   |  |                                                    |  |   |      



Interest expense.


Preferred stock dividends accrued.


Other income (expense), net.


Write-off of deferred financing costs.


Income tax provision (benefit).


38



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Discontinued operations.


Cumulative effect of accounting change.


Net income (loss).




| |                      
| | ---------------------
| | 2003 Compared to 2002



| |                  
| | -----------------
| | Hillsdale Segment







| |                                                                                                                                                                                                                                                                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $7.0 million reduction in costs due to productivity
    and cost improvements;                                                                                                                                                                                                                                                                                                 
|
| | b. ($2.9) million in price decreases;                                                                                                                                                                                                                                                                                                                                             
|
| | c. ($3.9) million of increased costs primarily related
    to increased start-up costs related to a new Visteon program
    ($1.0 million), expedited freight costs due to production
    schedule issues ($0.9 million), and other higher operating
    costs ($2.0 million), primarily related to higher energy,
    and wage and benefits expenses at our unionized facilities;
|
| | d. $3.4 million reduction in goodwill amortization
    expense in 2003 compared to 2002 (due to the adoption of
    SFAS No. 142, Goodwill and Other Intangible Assets,
    which no longer requires the amortization of goodwill); and                                                                                                                                           

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| |                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | e. $1.1 million in additional depreciation expense
    recorded in 2002 related to adjustments to bring the estimated
    useful lives of certain equipment within this segment in line
    with estimated periods of active production.





| |                  
| | -----------------
| | Wolverine Segment







| |                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $1.4 million reduction in costs due to productivity
    and cost improvements;                                                                                                                                                                                          
|
| | b. ($4.0) million of increased costs primarily related
    to a supplier related quality issue ($1.0 million), and
    other higher operating costs ($3.0 million), primarily
    related to higher energy, and wage and benefits expenses at our
    unionized facilities;
|
| | c. $4.3 million of increase volumes and favorable
    foreign currency exchange rates; and                                                                                                                                                                                 
|
| | d. $4.6 million reduction in goodwill amortization
    expense in 2003 compared to 2002 (due to the adoption of
    SFAS No. 142, Goodwill and Other Intangible Assets,
    which no longer requires the amortization of goodwill).                                        



| |                                
| | -------------------------------
| | Defense and Space Power Segment







| |                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------
| | a. $1.9 million of legal expenses and legal settlement
    charges recorded in Selling and Administrative expenses;   
|
| | b. $0.4 million of officer severance compensation
    included in Selling and Administrative expense; and             
|
| | c. $1.5 million of income from an inventory adjustment
    to adjust inventory values to equal actual physical counts.





| |                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. ($0.4) million related to a reserve on receivables
    from Loral Corporation, a customer who has filed for
    bankruptcy; and                            
|
| | b. $4.4 million of lower goodwill amortization expense
    due to our adoption of SFAS No. 142, Goodwill and
    Other Intangible Assets, on December 1, 2002.

40



---



##### Table of Contents







| |                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------
| | a. $4.6 million related to productivity initiatives
    from better management of our supply chain and six sigma
    production techniques
|
| | b. $11.3 million related to increased volumes; and                                                                                        
|
| | c. $1.3 million increase due to pricing.                                                                                                  



| |                                   
| | ----------------------------------
| | Commercial Power Solutions Segment







| |                                  
| | ---------------------------------
| | Specialty Materials Group Segment







| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $3.8 million of legal expenses and legal settlement
    charges recorded in Selling and Administrative expenses; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | b. $5.5 million charge in restructuring expense
    recorded in the second quarter of 2002 associated with our
    decision to exit our Gallium-based specialty material business
    due to continued soft demand from customers in the
    telecommunications and semi-conductor markets. The
    $5.5 million restructuring charge included an inventory
    write-down of $2.9 million, representing the estimated loss
    incurred from the liquidation of current inventory. An
    additional $2.4 million was recorded in other accrued
    liabilities primarily related to the estimated loss of inventory
    to be purchased under a firm purchase commitment. Finally, a
    $0.2 million asset impairment charge was recorded against
    property, plant and equipment;





| |                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. ($2.1) million of depreciation expense as we
    accelerated our depreciation schedule for assets in businesses
    that we are exiting or restructuring;          
|
| | b. $2.7 million in 2003 of lower goodwill amortization
    expense due to our adoption of SFAS No. 142, Goodwill
    and Other Intangible Assets, on December 1, 2002.



41



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| |                                
| | -------------------------------
| | Pharmaceutical Services Segment







| |                                
| | -------------------------------
| | Filtration and Minerals Segment







| |                   
| | ------------------
| | Company Discussion

Net sales.


Cost of products sold (exclusive of depreciation).


Selling and administrative.




| |                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------
| | a. $3.1 million of decreased expenses related to
    environmental and legal matters;                                                   
|
| | b. $3.5 million in reduced officer severance costs and
    Supplemental Executive Retirement Plan expenses in 2003 compared
    to 2002;
|
| | c. $1.4 million of business consulting expenses in
    2002 to develop a strategy for our Commercial Power Solutions
    Segment;       

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| |                                                                                                                                                                                                                                                                                                      
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | d. ($4.2) million of increased costs related to
    (a) strengthening our management team, (b) investing
    in the development of our Commercial Power Solutions
    Segments growth initiatives, and (c) pursuing
    international sourcing opportunities primarily in our Hillsdale
    Segment;
|
| | e. ($1.2) million higher severance and recruiting
    costs related to restructuring our Filtration and Minerals
    Segments management team; and                                                                                                                                                  
|
| | f. ($2.1) million in other general net cost increases.                                                                                                                                                                                                                                               

Depreciation and amortization.


Goodwill amortization.


Restructuring.


Loss from divestitures.


Insurance related losses/(gains).


Operating income.


|   |  |                                                             |  |   |      |  
|-- |  | ----------------------------------------------------------- |  | - | ---- | -
|a. |  | Gross margins                                               |  | $ | 16.1 |  
|b. |  | Selling and administrative expenses                         |  |   | 0.5  |  
|c. |  | Depreciation and amortization                               |  |   | (1.6 | )
|d. |  | Goodwill amortization expense (no longer amortized in 2003) |  |   | 14.6 |  
|e. |  | Restructuring and asset impairments in 2002                 |  |   | 5.9  |  
|f. |  | Loss from divestitures in 2002                              |  |   | 6.5  |  
|g. |  | Insurance related gains in 2003 and losses in 2002          |  |   | 11.4 |  
|   |  |                                                             |  |   |     
|   |  |                                                             |  | $ | 53.4 |  
|   |  |                                                             |  |   |     

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##### Table of Contents



Interest expense.


Preferred stock dividends accrued.


Other income (expense), net.


Write-off of deferred financing costs.


Income tax provision (benefit).


Discontinued operations.


Net income (loss).


LIQUIDITY AND CAPITAL RESOURCES






44



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| |           
| | ----------
| | Cash Flows

Operating Activities.






| |                                                                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $46.5 million use of cash as a result of the
    reduction in beneficial interests issued by our accounts
    receivable asset-backed securitization, EaglePicher Funding
    Corporation;

45



---



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| |                                                                                                                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | b. $3.4 million of cash generated from the better
    management of the primary working capital areas of accounts
    receivable, inventories, and accounts payable;                                                                                                                       
|
| | c. $7.8 million of cash received from insurance
    settlements;                                                                                                                                                                                                                           
|
| | d. approximately $15.0 million for payments on
    restructuring and legal matters which were expensed in
    2002; and                                                                                                                                                                    
|
| | e. $10.3 million increase in production on long-term
    defense contracts where costs are incurred before shipments or
    milestone billings are made and collected; this was primarily
    driven by a 33.4% increase in our Defense and Space Power
    Segments revenues during 2003.





| |                                                                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. $32.7 million source of cash as a result of the
    issuance of beneficial interests by our accounts receivable
    asset-backed securitization, EaglePicher Funding Corporation;                                                                                                                                                                         
|
| | b. $12.4 million increase in inventories primarily
    related to an inventory build in our Hillsdale Segment to
    support plant and sourcing restructuring, increases in our
    Wolverine and Defense and Space Power Segments to support their
    sales growth, and $5.1 million to build our inventory
    position for EaglePicher Horizon Batteries;
|
| | c. $9.0 million increase in receivables primarily due
    to an overall increased sales growth of 5.1%;                                                                                                                                                                                                                                                      
|
| | d. $12.7 million increase in production on long-term
    defense contracts where costs are incurred before shipments or
    milestone billings are made and collected. This was primarily
    driven by a 16.2% increase in our Defense and Space Power
    Segments revenue in 2004; and                                                                   
|
| | e. approximately $9.1 million for payments on divested
    divisions environmental and legal items.                                                                                                                                                                                                                                                          

Investing Activities.


Financing Activities.


Discontinued Operations Activities.


46



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| |               
| | --------------
| | Capitalization



|                                                                                        |                           |      |         |         |      |   |          |         | 
|--------------------------------------------------------------------------------------- | ------------------------- | ---- | ------- | ------- | ---- | - | -------- | ------- | 
|                                                                                        |                           | 2003 |         |         | 2004 |  
|                                                                                        |                           |      |         |         |      |  
|Credit Agreement:                                                                       |                           |      |         |         |      |   |          |        
|                                                                                        | Revolving credit facility |      | $       |        |      |   | $        |        | 
|                                                                                        | Term loan                 |      |         | 149,625 |      |   |          | 142,458 | 
|Senior Unsecured Notes, 9.75% interest, due 2013, net of
    $1.8 million discount      |                           |      | 248,040 |         |      |   | 248,177  |        
|Senior Subordinated Notes, 9.375% interest, paid off in 2004                            |                           |      | 9,500   |         |      |   |         |        
|Industrial Revenue Bond, variable interest (2.08% at
    November 30, 2004) due in 2005 |                           |      | 13,600  |         |      |   | 1,800    |        
|Other                                                                                   |                           |      | 1,105   |         |      |   | 1,209    |        
|                                                                                        |                           |      |         |         |      |  
|                                                                                        |                           |      | 421,870 |         |      |   | 393,644  |        
|Preferred Stock                                                                         |                           |      | 154,416 |         |      |   | 171,090  |        
|Shareholders Deficiency                                                                |                           |      | (90,207 | )       |      |   | (142,046 | )      
|                                                                                        |                           |      |         |         |      |  
|                                                                                        |                           | $    | 486,079 |         |      | $ | 422,688  |        
|                                                                                        |                           |      |         |         |      |  

Credit Agreement.






47



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##### Table of Contents













Senior Unsecured Notes.


Senior Subordinated Notes.


Industrial Revenue Bond.


Preferred Stock.


48



---



##### Table of Contents





Shareholders Deficiency.




| |                                                                                        
| | ---------------------------------------------------------------------------------------
| | Accounts Receivable Asset-Backed Securitization
    (Qualifying Special Purpose Entity)















| |                                                                                             
| | --------------------------------------------------------------------------------------------
| | Credit Agreement and Accounts Receivable Asset-Backed
    Securitization Financial Covenants



49



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| |                                                             
| | ------------------------------------------------------------
| | Contractual Obligations and Other Commercial
    Commitments



|                              |                             |                               |       |        |      |   |       |       |  |   |      |     |  |      |     |     |      |   |       |       |  |   |     |     |  |   |       |       | 
|----------------------------- | --------------------------- | ----------------------------- | ----- | ------ | ---- | - | ----- | ----- |  | - | ---- | --- |  | ---- | --- | --- | ---- | - | ----- | ----- |  | - | --- | --- |  | - | ----- | ----- | 
|                              |                             | Payments by Fiscal Period End |      
|                              |                             |                               |      
|                              |                             |                               |       | Beyond |     
|                              |                             | Total                         |       |        | 2005 |   |       | 2006  |  |   | 2007 |     |  | 2008 |     |     | 2009 |   |       | 2009  | 
|                              |                             |                               |       |        |      |   |       |       |  |   |      |     |  |      |     |     |      |   |       |       | 
|Contractual Cash Obligations: |                             |                               |       |        |      |   |       |       |  |   |      |     |  |      |     |     |      |   |       |       |  |   |     |     |  |   |       |      
|                              | Long-term Debt              |                               | $     | 393.6  |      |   | $     | 144.9 |  |   | $    | 0.6 |  |      | $   |    |      |   | $     |      |  |   | $   |    |  |   | $     | 248.1 | 
|                              | Operating Lease Commitments |                               |       | 26.7   |      |   |       | 6.0   |  |   |      | 3.8 |  |      |     | 2.8 |      |   |       | 2.7   |  |   |     | 2.6 |  |   |       | 8.8   | 
|                              | Preferred Stock             |                               |       | 171.1  |      |   |       |      |  |   |      |    |  |      |     |    |      |   |       | 171.1 |  |   |     |    |  |   |       |      | 
|                              | Advisory Agreement          |                               |       | 5.8    |      |   |       | 1.8   |  |   |      | 1.8 |  |      |     | 1.8 |      |   |       | 0.4   |  |   |     |    |  |   |       |      | 
|                              | Environmental Liability     |                               |       | 3.2    |      |   |       | 1.9   |  |   |      | 0.4 |  |      |     | 0.4 |      |   |       | 0.4   |  |   |     | 0.1 |  |   |       |      | 
|                              |                             |                               |       |        |      |   |       |       |  |   |      |     |  |      |     |     |      |   |       |       | 
|                              |                             | $                             | 600.4 |        |      | $ | 154.6 |       |  | $ | 6.6  |     |  | $    | 5.0 |     |      | $ | 174.6 |       |  | $ | 2.7 |     |  | $ | 256.9 |      
|                              |                             |                               |       |        |      |   |       |       |  |   |      |     |  |      |     |     |      |   |       |       | 





50



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|                              |  |                      |      |        |      |   |      |      |  |      |   |  |      |   |      |  |  |      |   |  |  |   |   |  |  |   |   | 
|----------------------------- |  | -------------------- | ---- | ------ | ---- | - | ---- | ---- |  | ---- | - |  | ---- | - | ---- |  |  | ---- | - |  |  | - | - |  |  | - | - | 
|                              |  | Expiration by Period
|                              |  |                     
|                              |  |                      |      | Beyond
|Other commercial commitments: |  | Total                |      |        | 2005 |   |      | 2006 |  | 2007 |   |  | 2008 |   | 2009 |  |  | 2009
|                              |  |                      |      |        |      |   |      |      |  |      |   |  |      |   |      |  |  |     
|                              |  | (In millions)       
|Stand-by letters of credit    |  | $                    | 26.6 |        |      | $ | 26.6 |      |  | $    |  |  |      | $ |     |  |  | $    |  |  |  | $ |  |  |  | $ |  | 
|                              |  |                      |      |        |      |   |      |      |  |      |   |  |      |   |      |  |  |      |   |  | 







| |                                                            
| | -----------------------------------------------------------
| | Earnings to Fixed Charges and Preferred Stock
    Dividends



51



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##### Table of Contents





| |                                                      
| | -----------------------------------------------------
| | Recently Released or Adopted Accounting
    Standards






Item 7a. Quantitative and Qualitative Disclosures
About Market Risk


Risk Management Activities






| |                         
| | ------------------------
| | Interest Rate Management







| |                         
| | ------------------------
| | Currency Rate Management







| |            
| | -----------
| | Credit Risk



52



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53



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##### Table of Contents








|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


















| |                              
| | -----------------------------
| | /s/ DELOITTE &
    TOUCHE LLP





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EaglePicher Holdings, Inc.


Consolidated Balance Sheets


November 30, 2003 and 2004


|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |   |          |          |  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- | ------------------------- | ------- | -------- | ---- | - | -------- | -------- | -
|                                                                                                                                                                                                         |                                                                                                     | 2003                      |         |          | 2004 |  
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                         |                                                                                                     | (In thousands of dollars, |        
|                                                                                                                                                                                                         |                                                                                                     | except share and          |        
|                                                                                                                                                                                                         |                                                                                                     | per share amounts)        |        
|ASSETS                                                                                                                                                                                                  
|Current Assets:                                                                                                                                                                                          |                                                                                                     |                           |         |          |      |   |          |         
|                                                                                                                                                                                                         | Cash and cash equivalents                                                                           |                           | $       | 67,320   |      |   | $        | 20,022   |  
|                                                                                                                                                                                                         | Receivables, net of doubtful accounts of $1,136 in 2003 and
    $1,203 in 2004                      |                           |         | 23,895   |      |   |          | 30,345   |  
|                                                                                                                                                                                                         | Retained interest in EaglePicher Funding Corporation, net of
    allowance of $712 in 2003 and 2004 |                           |         | 63,335   |      |   |          | 34,347   |  
|                                                                                                                                                                                                         | Costs and estimated earnings in excess of billings                                                  |                           |         | 28,433   |      |   |          | 41,141   |  
|                                                                                                                                                                                                         | Inventories                                                                                         |                           |         | 51,532   |      |   |          | 64,118   |  
|                                                                                                                                                                                                         | Assets of discontinued operations                                                                   |                           |         | 16,842   |      |   |          |         |  
|                                                                                                                                                                                                         | Prepaid expenses and other assets                                                                   |                           |         | 10,394   |      |   |          | 8,906    |  
|                                                                                                                                                                                                         | Deferred income taxes                                                                               |                           |         | 8,526    |      |   |          | 9,382    |  
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                         |                                                                                                     |                           | 270,277 |          |      |   | 208,261  |         
|Property, Plant and Equipment, net                                                                                                                                                                       |                                                                                                     |                           | 150,814 |          |      |   | 157,661  |         
|Goodwill                                                                                                                                                                                                 |                                                                                                     |                           | 152,040 |          |      |   | 126,217  |         
|Prepaid Pension                                                                                                                                                                                          |                                                                                                     |                           | 58,891  |          |      |   | 59,444   |         
|Deferred Income Taxes                                                                                                                                                                                    |                                                                                                     |                           |        |          |      |   | 4,877    |         
|Other Assets, net                                                                                                                                                                                        |                                                                                                     |                           | 33,516  |          |      |   | 42,314   |         
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                         |                                                                                                     | $                         | 665,538 |          |      | $ | 598,774  |         
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                        
|LIABILITIES AND SHAREHOLDERS DEFICIENCY                                                                                                                                                                
|Current Liabilities:                                                                                                                                                                                     |                                                                                                     |                           |         |          |      |   |          |         
|                                                                                                                                                                                                         | Accounts payable                                                                                    |                           | $       | 88,542   |      |   | $        | 92,596   |  
|                                                                                                                                                                                                         | Current portion of long-term debt                                                                   |                           |         | 13,300   |      |   |          | 144,863  |  
|                                                                                                                                                                                                         | Compensation and employee benefits                                                                  |                           |         | 15,701   |      |   |          | 13,356   |  
|                                                                                                                                                                                                         | Billings in excess of costs and estimated earnings                                                  |                           |         | 2,098    |      |   |          | 2,068    |  
|                                                                                                                                                                                                         | Accrued divestiture reserve                                                                         |                           |         | 9,297    |      |   |          | 5,681    |  
|                                                                                                                                                                                                         | Liabilities of discontinued operations                                                              |                           |         | 1,994    |      |   |          | 395      |  
|                                                                                                                                                                                                         | Other accrued liabilities                                                                           |                           |         | 32,760   |      |   |          | 34,082   |  
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                         |                                                                                                     |                           | 163,692 |          |      |   | 293,041  |         
|Long-term Debt, net of current portion                                                                                                                                                                   |                                                                                                     |                           | 408,570 |          |      |   | 248,781  |         
|Postretirement Benefits Other Than Pensions                                                                                                                                                              |                                                                                                     |                           | 17,418  |          |      |   | 16,423   |         
|Deferred Income Taxes                                                                                                                                                                                    |                                                                                                     |                           | 486     |          |      |   |         |         
|Other Long-term Liabilities                                                                                                                                                                              |                                                                                                     |                           | 11,163  |          |      |   | 11,485   |         
|11.75% Cumulative Redeemable Exchangeable Preferred Stock;
    50,000,000 shares authorized; 14,191 shares issued and
    outstanding (Mandatorily Redeemable at $10,000 per share on
    March 1, 2008) |                                                                                                     |                           | 154,416 |          |      |   | 171,090  |         
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                         |                                                                                                     |                           | 755,745 |          |      |   | 740,820  |         
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|Commitments and Contingencies (See Note R)                                                                                                                                                               |                                                                                                     |                           |         |          |      |   |          |         
|Shareholders Deficiency:                                                                                                                                                                                |                                                                                                     |                           |         |          |      |   |          |         
|                                                                                                                                                                                                         | Common stock; $0.01 par value each; 1,000,000 shares
    authorized and issued                      |                           |         | 10       |      |   |          | 10       |  
|                                                                                                                                                                                                         | Additional paid-in capital                                                                          |                           |         | 92,810   |      |   |          | 92,810   |  
|                                                                                                                                                                                                         | Accumulated deficit                                                                                 |                           |         | (184,543 | )    |   |          | (236,879 | )
|                                                                                                                                                                                                         | Accumulated other comprehensive income                                                              |                           |         | 1,516    |      |   |          | 2,013    |  
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                         |                                                                                                     |                           | (90,207 | )        |      |   | (142,046 | )       
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  
|                                                                                                                                                                                                         |                                                                                                     | $                         | 665,538 |          |      | $ | 598,774  |         
|                                                                                                                                                                                                         |                                                                                                     |                           |         |          |      |  



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EaglePicher Holdings, Inc.


Consolidated Statements of Operations


Years Ended November 30, 2002, 2003 and 2004


|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |   |   |           |         |  
|------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------ | ------- | ------- | ---- | - | ------- | ------- | - | - | --------- | ------- | -
|                                                                                           |                                                                                                                            | 2002                                       |         |         | 2003 |   |         | 2004    |  
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|                                                                                           |                                                                                                                            | (In thousands of dollars, except share and |        
|                                                                                           |                                                                                                                            | per share amounts)                         |        
|Net Sales                                                                                  |                                                                                                                            | $                                          | 657,700 |         |      | $ | 673,300 |         |   | $ | 707,337   |        
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Operating Costs and Expenses:                                                              |                                                                                                                            |                                            |         |         |      |   |         |         |   |   |           |        
|                                                                                           | Cost of products sold (exclusive of depreciation)                                                                          |                                            |         | 513,589 |      |   |         | 513,077 |   |   |           | 571,088 |  
|                                                                                           | Selling and administrative                                                                                                 |                                            |         | 63,731  |      |   |         | 63,211  |   |   |           | 66,705  |  
|                                                                                           | Depreciation and amortization                                                                                              |                                            |         | 46,158  |      |   |         | 47,709  |   |   |           | 40,688  |  
|                                                                                           | Goodwill amortization                                                                                                      |                                            |         | 14,592  |      |   |         |        |   |   |           |        |  
|                                                                                           | Restructuring and asset impairments                                                                                        |                                            |         | 5,898   |      |   |         |        |   |   |           | 1,000   |  
|                                                                                           | Loss from divestitures                                                                                                     |                                            |         | 6,497   |      |   |         |        |   |   |           | 5,471   |  
|                                                                                           | Insurance related losses (gains)                                                                                           |                                            |         | 3,100   |      |   |         | (8,279  | ) |   |           | 681     |  
|                                                                                           | Goodwill impairment                                                                                                        |                                            |         |        |      |   |         |        |   |   |           | 34,816  |  
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|                                                                                           |                                                                                                                            |                                            | 653,565 |         |      |   | 615,718 |         |   |   | 720,449   |        
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Operating Income (Loss)                                                                    |                                                                                                                            |                                            | 4,135   |         |      |   | 57,582  |         |   |   | (13,112   | )      
|                                                                                           | Interest expense                                                                                                           |                                            |         | (34,227 | )    |   |         | (34,036 | ) |   |           | (36,706 | )
|                                                                                           | Preferred stock dividends accrued                                                                                          |                                            |         |        |      |   |         | (4,169  | ) |   |           | (16,674 | )
|                                                                                           | Other income (expense), net                                                                                                |                                            |         | 1,516   |      |   |         | (1,583  | ) |   |           | 1,673   |  
|                                                                                           | Write-off of deferred financing costs                                                                                      |                                            |         |        |      |   |         | (6,327  | ) |   |           | (492    | )
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Income (Loss) from Continuing Operations Before Taxes                                      |                                                                                                                            |                                            | (28,576 | )       |      |   | 11,467  |         |   |   | (65,311   | )      
|                                                                                           | Income Tax Provision (Benefit)                                                                                             |                                            |         | 1,938   |      |   |         | 2,837   |   |   |           | (6,580  | )
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Income (Loss) from Continuing Operations Before Cumulative
    Effect of Accounting Change |                                                                                                                            |                                            | (30,514 | )       |      |   | 8,630   |         |   |   | (58,731   | )      
|Discontinued Operations:                                                                   |                                                                                                                            |                                            |         |         |      |   |         |         |   |   |           |        
|                                                                                           | Loss from operations of discontinued businesses, net of income
    tax provision of $663 in 2002 and $0 in 2003 and 2004   |                                            |         | (6,318  | )    |   |         | (1,592  | ) |   |           | (53     | )
|                                                                                           | Gain (loss) on disposal of discontinued business, net of income
    tax benefit of $0 in 2002, $600 in 2003 and $0 in 2004 |                                            |         |        |      |   |         | (4,195  | ) |   |           | 6,648   |  
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|(Loss) Income Before Cumulative Effect of Accounting Change                                |                                                                                                                            |                                            | (36,832 | )       |      |   | 2,843   |         |   |   | (52,136   | )      
|Cumulative Effect of Accounting Change, net of income taxes of
    $0 (See Notes B and S)  |                                                                                                                            |                                            |        |         |      |   |        |         |   |   | (200      | )      
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Net Income (Loss)                                                                          |                                                                                                                            |                                            | (36,832 | )       |      |   | 2,843   |         |   |   | (52,336   | )      
|Preferred Stock Dividends Accreted or Accrued                                              |                                                                                                                            |                                            | (14,887 | )       |      |   | (12,274 | )       |   |   |          |        
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Loss Applicable to Common Shareholders                                                     |                                                                                                                            | $                                          | (51,719 | )       |      | $ | (9,431  | )       |   | $ | (52,336   | )      
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Basic and Diluted (Loss) Income per Share Applicable to Common
    Shareholders:           |                                                                                                                            |                                            |         |         |      |   |         |         |   |   |           |        
|                                                                                           | Continuing Operations                                                                                                      |                                            | $       | (47.05  | )    |   | $       | (3.75   | ) |   | $         | (58.73  | )
|                                                                                           | Discontinued Operations                                                                                                    |                                            |         | (6.55   | )    |   |         | (5.96   | ) |   |           | 6.59    |  
|                                                                                           | Cumulative Effect of Accounting Change                                                                                     |                                            |         |        |      |   |         |        |   |   |           | (0.20   | )
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|                                                                                           |                                                                                                                            | $                                          | (53.60  | )       |      | $ | (9.71   | )       |   | $ | (52.34    | )      
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  
|Weighted Average Number of Common Shares                                                   |                                                                                                                            |                                            | 964,979 |         |      |   | 971,042 |         |   |   | 1,000,000 |        
|                                                                                           |                                                                                                                            |                                            |         |         |      |   |         |         |  



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EaglePicher Holdings, Inc.


Consolidated Statements of Shareholders (Deficiency)
and Comprehensive Income (Loss)


Years Ended November 30, 2002, 2003 and 2004


|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |   |   |          |         |   |   |         |         |  
|------------------------- | ----------------------------------------------------------- | ------------------------- | -- | ---------- | ------- | - | ------ | ----------- | ------------- | - | -------- | ------- | - | -------- | ------ | ----- | ------------- | - | ------ | ------------- | - | - | -------- | ------- | - | - | ------- | ------- | -
|                          |                                                             |                           |    |            |         |   |        | Accumulated |               |   |          |         |   |          |       
|                          |                                                             |                           |    |            |         |   |        | Other       |               |   |          |         |   |          |       
|                          |                                                             |                           |    | Additional |         |   |        |             | Comprehensive |   |          |         |   | Total    |        |       |              
|                          |                                                             | Common                    |    |            | Paid-In |   |        | Accumulated |               |   | Income   |         |   | Treasury |        |       | Shareholders |   |        | Comprehensive |  
|                          |                                                             | Stock                     |    |            | Capital |   |        | Deficit     |               |   | (Loss)   |         |   | Stock    |        |       | (Deficiency)  |   |        | Income (loss) |  
|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |  
|                          |                                                             | (In thousands of dollars) |   
|Balance November 30, 2001 |                                                             | $                         | 10 |            |         | $ | 99,991 |             |               | $ | (123,393 | )       |   | $        | (5,730 | )     |               | $ | (4,533 | )             |   | $ | (33,655  | )       |   |   |         |        
|                          | Net loss                                                    |                           |    |           |         |   |        |            |               |   |          | (36,832 | ) |          |        |      |               |   |        |              |   |   |          | (36,832 | ) |   | $       | (36,832 | )
|                          | Foreign currency translation, net of tax of ($624)          |                           |    |           |         |   |        |            |               |   |          |        |   |          |        | 1,159 |               |   |        |              |   |   |          | 1,159   |   |   |         | 1,159   |  
|                          | Gains (losses) on hedging derivatives, net of tax of ($105) |                           |    |           |         |   |        |            |               |   |          |        |   |          |        | 195   |               |   |        |              |   |   |          | 195     |   |   |         | 195     |  
|                          | Purchase of treasury stock                                  |                           |    |           |         |   |        |            |               |   |          |        |   |          |        |      |               |   |        | (3,558        | ) |   |          | (3,558  | ) |   |         |        |  
|                          | Preferred stock dividend accretion                          |                           |    |           |         |   |        |            |               |   |          | (14,887 | ) |          |        |      |               |   |        |              |   |   |          | (14,887 | ) |   |         |        |  
|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |  
|Balance November 30, 2002 |                                                             |                           | 10 |            |         |   | 99,991 |             |               |   | (175,112 | )       |   |          | (4,376 | )     |               |   | (8,091 | )             |   |   | (87,578  | )       |   | $ | (35,478 | )      
|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |  
|                          | Net income                                                  |                           |    |           |         |   |        |            |               |   |          | 2,843   |   |          |        |      |               |   |        |              |   |   |          | 2,843   |   |   | $       | 2,843   |  
|                          | Foreign currency translation, net of tax of ($2,012)        |                           |    |           |         |   |        |            |               |   |          |        |   |          |        | 3,909 |               |   |        |              |   |   |          | 3,909   |   |   |         | 3,909   |  
|                          | Gains (loss) on hedging derivatives, net of tax of ($825)   |                           |    |           |         |   |        |            |               |   |          |        |   |          |        | 1,983 |               |   |        |              |   |   |          | 1,983   |   |   |         | 1,983   |  
|                          | Re-issuance of treasury Stock                               |                           |    |           |         |   |        | (7,181      | )             |   |          |        |   |          |        |      |               |   |        | 8,091         |   |   |          | 910     |   |   |         |        |  
|                          | Preferred stock dividend accretion                          |                           |    |           |         |   |        |            |               |   |          | (12,274 | ) |          |        |      |               |   |        |              |   |   |          | (12,274 | ) |   |         |        |  
|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |  
|Balance November 30, 2003 |                                                             |                           | 10 |            |         |   | 92,810 |             |               |   | (184,543 | )       |   |          | 1,516  |       |               |   |       |               |   |   | (90,207  | )       |   | $ | 8,735   |        
|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |  
|                          | Net loss                                                    |                           |    |           |         |   |        |            |               |   |          | (52,336 | ) |          |        |       |               |   |        |              |   |   |          | (52,336 | ) |   | $       | (52,336 | )
|                          | Foreign currency translation, net of tax of ($323)          |                           |    |           |         |   |        |            |               |   |          |        |   |          |        | 620   |               |   |        |              |   |   |          | 620     |   |   |         | 620     |  
|                          | Gains (loss) on hedging derivatives, net of tax of ($66)    |                           |    |           |         |   |        |            |               |   |          |        |   |          |        | (123  | )             |   |        |              |   |   |          | (123    | ) |   |         | (123    | )
|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |  
|Balance November 30, 2004 |                                                             | $                         | 10 |            |         | $ | 92,810 |             |               | $ | (236,879 | )       |   | $        | 2,013  |       |               | $ |       |               |   | $ | (142,046 | )       |   | $ | (51,839 | )      
|                          |                                                             |                           |    |            |         |   |        |             |               |   |          |         |   |          |        |       |               |   |        |               |  



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EaglePicher Holdings, Inc.


Consolidated Statements of Cash Flows


Years Ended November 30, 2002, 2003 and 2004


|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |         |         |         |         |         |         |  
|--------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------ | ------- | ------- | ------ | ------ | -------- | ------- | ------- | ------- | ------- | ------- | ------- | -
|                                                                            |                                                                                                        | 2002                                                                   |                                                                                                                    |         | 2003    |        |        | 2004     |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|                                                                            |                                                                                                        | (In thousands of dollars)                                              |                                                                                                                   
|Cash Flows From Operating Activities:                                       |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |         |         |         |        
|                                                                            | Net income (loss)                                                                                      |                                                                        | $                                                                                                                  | (36,832 | )       |        | $      | 2,843    |         |         | $       | (52,336 | )      
|                                                                            | Adjustments to reconcile net income (loss) to net cash provided
    by (used in) operating activities: |                                                                        |                                                                                                                    |         |         |        |        |          |         |         |         |         |        
|                                                                            |                                                                                                        | Depreciation and amortization                                          |                                                                                                                    |         | 63,881  |        |        |          | 50,426  |         |         |         | 42,708  |        
|                                                                            |                                                                                                        | Preferred stock dividends accrued                                      |                                                                                                                    |         |        |        |        |          | 4,169   |         |         |         | 16,674  |        
|                                                                            |                                                                                                        | Loss (gain) on disposal for discontinued operations                    |                                                                                                                    |         |        |        |        |          | 4,195   |         |         |         | (6,648  | )      
|                                                                            |                                                                                                        | Loss from divestitures                                                 |                                                                                                                    |         | 6,497   |        |        |          |        |         |         |         | 2,871   |        
|                                                                            |                                                                                                        | Insurance related losses (gains)                                       |                                                                                                                    |         | 3,100   |        |        |          | (8,279  | )       |         |         | 681     |        
|                                                                            |                                                                                                        | Write-off of deferred financing costs                                  |                                                                                                                    |         |        |        |        |          | 6,327   |         |         |         | 492     |        
|                                                                            |                                                                                                        | Loss from restructuring and asset impairments                          |                                                                                                                    |         | 5,898   |        |        |          |        |         |         |         | 1,000   |        
|                                                                            |                                                                                                        | Effect of change in accounting principle                               |                                                                                                                    |         |        |        |        |          |        |         |         |         | 200     |        
|                                                                            |                                                                                                        | Goodwill impairment                                                    |                                                                                                                    |         |        |        |        |          |        |         |         |         | 34,816  |        
|                                                                            |                                                                                                        | Deferred income taxes                                                  |                                                                                                                    |         | 5,484   |        |        |          | (79     | )       |         |         | (6,476  | )      
|                                                                            |                                                                                                        | Changes in assets and liabilities, net of effects of
    divestitures: |                                                                                                                    |         |         |        |        |          |         |         |         |         |         |        
|                                                                            |                                                                                                        |                                                                        | Sale of receivables, net                                                                                           |         |         | 46,475 |        |          |         | (46,475 | )       |         |         | 32,686  |  
|                                                                            |                                                                                                        |                                                                        | Receivables                                                                                                        |         |         | (788   | )      |          |         | 6,861   |         |         |         | (9,045  | )
|                                                                            |                                                                                                        |                                                                        | Inventories                                                                                                        |         |         | (1,867 | )      |          |         | (7,643  | )       |         |         | (12,445 | )
|                                                                            |                                                                                                        |                                                                        | Costs and estimated earnings in excess of billings and billings
    in excess of costs and estimated earnings, net |         |         | (7,342 | )      |          |         | (10,337 | )       |         |         | (12,738 | )
|                                                                            |                                                                                                        |                                                                        | Accounts payable                                                                                                   |         |         | (262   | )      |          |         | 4,165   |         |         |         | 3,528   |  
|                                                                            |                                                                                                        |                                                                        | Accrued liabilities                                                                                                |         |         | (7,314 | )      |          |         | (14,517 | )       |         |         | (9,314  | )
|                                                                            |                                                                                                        |                                                                        | Proceeds from insurance                                                                                            |         |         |       |        |          |         | 7,848   |         |         |         |        |  
|                                                                            |                                                                                                        |                                                                        | Other, net                                                                                                         |         |         | (2,523 | )      |          |         | (510    | )       |         |         | (7,996  | )
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|                                                                            | Net cash provided by (used in) operating activities                                                    |                                                                        |                                                                                                                    | 74,407  |         |        |        | (1,006   | )       |         |         | 18,658  |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Cash Flows From Investing Activities:                                       |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |         |         |         |        
|                                                                            | Proceeds from sales of divisions                                                                       |                                                                        |                                                                                                                    | 3,063   |         |        |        |         |         |         |         |        |        
|                                                                            | Proceeds from the sale of property and equipment, and other, net                                       |                                                                        |                                                                                                                    | 639     |         |        |        | 238      |         |         |         | 240     |        
|                                                                            | Capital expenditures                                                                                   |                                                                        |                                                                                                                    | (16,301 | )       |        |        | (16,081  | )       |         |         | (45,626 | )      
|                                                                            | Purchase of intangibles                                                                                |                                                                        |                                                                                                                    |        |         |        |        | (3,172   | )       |         |         |        |        
|                                                                            | Investments in unconsolidated businesses                                                               |                                                                        |                                                                                                                    | (2,299  | )       |        |        | (4,426   | )       |         |         | (12,702 | )      
|                                                                            | Acquisition of majority interest in EaglePicher Horizon
    Batteries LLC                              |                                                                        |                                                                                                                    |        |         |        |        |         |         |         |         | (3,500  | )      
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|                                                                            |                                                                                                        | Net cash used in investing activities                                  |                                                                                                                    |         | (14,898 | )      |        |          | (23,441 | )       |         |         | (61,588 | )      
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Cash Flows From Financing Activities:                                       |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |         |         |         |        
|                                                                            | Reduction of long-term debt                                                                            |                                                                        |                                                                                                                    | (32,527 | )       |        |        | (19,000  | )       |         |         | (18,864 | )      
|                                                                            | Redemption of senior subordinated notes                                                                |                                                                        |                                                                                                                    |        |         |        |        | (210,500 | )       |         |         | (9,500  | )      
|                                                                            | Net borrowings (repayments) under revolving Credit
    Agreements                                      |                                                                        |                                                                                                                    | (34,736 | )       |        |        | (121,500 | )       |         |         |        |        
|                                                                            | Issuance (acquisition) of treasury stock                                                               |                                                                        |                                                                                                                    | (159    | )       |        |        | 910      |         |         |         |        |        
|                                                                            | Proceeds from the New Credit Agreement and Senior Unsecured Notes                                      |                                                                        |                                                                                                                    |        |         |        |        | 398,000  |         |         |         |        |        
|                                                                            | Payment of deferred financing costs                                                                    |                                                                        |                                                                                                                    |        |         |        |        | (10,844  | )       |         |         |        |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|                                                                            |                                                                                                        | Net cash (used in) provided by financing activities                    |                                                                                                                    |         | (67,422 | )      |        |          | 37,066  |         |         |         | (28,364 | )      
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Net Cash Provided by Discontinued Operations                                |                                                                                                        |                                                                        | 13,656                                                                                                             |         |         |        | 17,258 |          |         |         | 23,053  |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Effect of Exchange Rates on Cash                                            |                                                                                                        |                                                                        | 1,159                                                                                                              |         |         |        | 5,921  |          |         |         | 943     |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Net Increase (Decrease) in Cash and Cash Equivalents                        |                                                                                                        |                                                                        | 6,902                                                                                                              |         |         |        | 35,798 |          |         |         | (47,298 | )      
|Cash and Cash Equivalents, beginning of year                                |                                                                                                        |                                                                        | 24,620                                                                                                             |         |         |        | 31,522 |          |         |         | 67,320  |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Cash and Cash Equivalents, end of year                                      |                                                                                                        | $                                                                      | 31,522                                                                                                             |         |         | $      | 67,320 |          |         | $       | 20,022  |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Supplemental Disclosure of Non-Cash Investing and Financing
    Activities: |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |         |         |         |        
|                                                                            | Equipment acquisitions financed by capital leases                                                      |                                                                        | $                                                                                                                  |        |         |        | $      | 1,105    |         |         | $       |        |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|                                                                            | Equipment acquired by accounts payable                                                                 |                                                                        | $                                                                                                                  |        |         |        | $      | 1,854    |         |         | $       |        |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|Supplemental Cash Flow Information:                                         |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |         |         |         |        
|                                                                            | Interest paid                                                                                          |                                                                        | $                                                                                                                  | 34,585  |         |        | $      | 30,812   |         |         | $       | 36,911  |        
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        
|                                                                            | Income taxes (paid) refunded, net                                                                      |                                                                        | $                                                                                                                  | 4,036   |         |        | $      | 3,112    |         |         | $       | (672    | )      
|                                                                            |                                                                                                        |                                                                        |                                                                                                                    |         |         |        |        |          |        



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EaglePicher Holdings, Inc.


Notes to Consolidated Financial Statements


Years Ended November 30, 2002, 2003 and 2004




|   |                            
|-- | ---------------------------
|A. | ORGANIZATION AND OPERATIONS





















| |                   
| | ------------------
| | Managements Plans







59



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|   |                                           
|-- | ------------------------------------------
|B. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



| |                 
| | ----------------
| | Use of Estimates



60



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| |                                  
| | ---------------------------------
| | Consolidated Financial Statements





| |                 
| | ----------------
| | Cash Equivalents





| |                    
| | -------------------
| | Revenue Recognition









| |                              
| | -----------------------------
| | Concentrations of Credit Risk





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| |                                    
| | -----------------------------------
| | Fair Value of Financial Instruments





| |                                 
| | --------------------------------
| | Derivative Financial Instruments





| |             
| | ------------
| | Income Taxes





| |            
| | -----------
| | Inventories





| |                              
| | -----------------------------
| | Property, Plant and Equipment



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| |         
| | --------
| | Goodwill







| |                                                           
| | ----------------------------------------------------------
| | Tooling Costs Related to Long-Term Supply
    Arrangements









| |                         
| | ------------------------
| | Deferred Financing Costs





| |            
| | -----------
| | Intangibles



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| |                   
| | ------------------
| | Deferred Stripping











| |                                
| | -------------------------------
| | Impairment of Long-Lived Assets





| |                                
| | -------------------------------
| | Environmental Remediation Costs



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| |                         
| | ------------------------
| | Research and Development





| |                             
| | ----------------------------
| | Foreign Currency Translation





| |                  
| | -----------------
| | Reclassifications





| |                                          
| | -----------------------------------------
| | Basic and Diluted Income (Loss) Per Share





| |                                                  
| | -------------------------------------------------
| | Recently Released or Adopted Accounting Standards







Employers Disclosures about Pensions
and Other Postretirement Benefits.


65



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|   |                    
|-- | -------------------
|C. | REVENUE RECOGNITION



|                                                   |  |      |          |   |      |   |          |  
|-------------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | -
|                                                   |  | 2003 |          |   | 2004 |  
|                                                   |  |      |          |   |      |  
|Costs incurred on uncompleted contracts            |  | $    | 167,091  |   |      | $ | 236,629  |  
|Estimated earnings                                 |  |      | 45,606   |   |      |   | 66,386   |  
|                                                   |  |      |          |   |      |  
|                                                   |  |      | 212,697  |   |      |   | 303,015  |  
|Less: billings to date                             |  |      | (186,362 | ) |      |   | (263,942 | )
|                                                   |  |      |          |   |      |  
|                                                   |  | $    | 26,335   |   |      | $ | 39,073   |  
|                                                   |  |      |          |   |      |  
|Costs and estimated earnings in excess of billings |  | $    | 28,433   |   |      | $ | 41,141   |  
|Billings in excess of costs and estimated earnings |  |      | (2,098   | ) |      |   | (2,068   | )
|                                                   |  |      |          |   |      |  
|                                                   |  | $    | 26,335   |   |      | $ | 39,073   |  
|                                                   |  |      |          |   |      |  





|   |                                 
|-- | --------------------------------
|D. | DERIVATIVE FINANCIAL INSTRUMENTS





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|   |            
|-- | -----------
|E. | INVENTORIES



|                           |  |      |        |  |      |   |        | 
|-------------------------- |  | ---- | ------ |  | ---- | - | ------ | 
|                           |  | 2003 |        |  | 2004 |  
|                           |  |      |        |  |      |  
|Raw materials and supplies |  | $    | 23,668 |  |      | $ | 30,458 | 
|Work-in-process            |  |      | 13,658 |  |      |   | 17,397 | 
|Finished goods             |  |      | 14,206 |  |      |   | 16,263 | 
|                           |  |      |        |  |      |  
|                           |  | $    | 51,532 |  |      | $ | 64,118 | 
|                           |  |      |        |  |      |  



|   |                                   
|-- | ----------------------------------
|F. | PROPERTY, PLANT AND EQUIPMENT, NET



|                               |  |      |          |   |      |   |          |  
|------------------------------ |  | ---- | -------- | - | ---- | - | -------- | -
|                               |  | 2003 |          |   | 2004 |  
|                               |  |      |          |   |      |  
|Land and land improvements     |  | $    | 13,172   |   |      | $ | 10,781   |  
|Buildings                      |  |      | 64,171   |   |      |   | 62,189   |  
|Machinery and equipment        |  |      | 243,671  |   |      |   | 281,022  |  
|Construction in progress       |  |      | 7,610    |   |      |   | 18,877   |  
|                               |  |      |          |   |      |  
|                               |  |      | 328,624  |   |      |   | 372,869  |  
|Less: accumulated depreciation |  |      | (177,810 | ) |      |   | (215,208 | )
|                               |  |      |          |   |      |  
|                               |  | $    | 150,814  |   |      | $ | 157,661  |  
|                               |  |      |          |   |      |  

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|   |         
|-- | --------
|G. | GOODWILL



|                           |  |      |         |  |      |   |         | 
|-------------------------- |  | ---- | ------- |  | ---- | - | ------- | 
|Reporting Segment          |  | 2003 |         |  | 2004 |  
|                           |  |      |         |  |      |  
|Hillsdale                  |  | $    | 34,816  |  |      | $ |        | 
|Wolverine                  |  |      | 47,268  |  |      |   | 47,268  | 
|Defense and Space Power    |  |      | 44,486  |  |      |   | 44,486  | 
|Commercial Power Solutions |  |      |        |  |      |   | 8,993   | 
|Specialty Materials Group  |  |      | 19,498  |  |      |   | 19,498  | 
|Pharmaceutical Services    |  |      | 2,929   |  |      |   | 2,929   | 
|Filtration and Minerals    |  |      | 3,043   |  |      |   | 3,043   | 
|                           |  |      |         |  |      |  
|                           |  | $    | 152,040 |  |      | $ | 126,217 | 
|                           |  |      |         |  |      |  









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|                                                                                   |  |      |         |  
|---------------------------------------------------------------------------------- |  | ---- | ------- | -
|                                                                                   |  | 2002 |        
|                                                                                   |  |      |        
|Reported Loss Applicable to Common Shareholders                                    |  | $    | (51,719 | )
|Goodwill amortization                                                              |  |      | 14,592  |  
|                                                                                   |  |      |        
|As Adjusted Loss Applicable to Common Shareholders                                 |  | $    | (37,127 | )
|                                                                                   |  |      |        
|Reported Basic and Diluted Loss per share Applicable to Common
    Shareholders    |  | $    | (53.60  | )
|Goodwill amortization per share                                                    |  |      | 15.12   |  
|                                                                                   |  |      |        
|As Adjusted Basic and Diluted Loss per share Applicable to
    Common Shareholders |  | $    | (38.48  | )
|                                                                                   |  |      |        



|   |                  
|-- | -----------------
|H. | OTHER ASSETS, NET



|                                                       |  |      |        |  |      |   |        | 
|------------------------------------------------------ |  | ---- | ------ |  | ---- | - | ------ | 
|                                                       |  | 2003 |        |  | 2004 |  
|                                                       |  |      |        |  |      |  
|Tooling costs related to long-term supply arrangements |  | $    | 3,423  |  |      | $ | 1,720  | 
|Deferred financing costs, net                          |  |      | 13,216 |  |      |   | 11,860 | 
|Intangibles, net                                       |  |      | 3,130  |  |      |   | 4,223  | 
|Deferred stripping, net                                |  |      | 4,824  |  |      |   | 4,369  | 
|Investments in unconsolidated businesses               |  |      | 7,010  |  |      |   | 16,719 | 
|Other                                                  |  |      | 1,913  |  |      |   | 3,423  | 
|                                                       |  |      |        |  |      |  
|                                                       |  | $    | 33,516 |  |      | $ | 42,314 | 
|                                                       |  |      |        |  |      |  



|                                                                   |  |              |        |   |      |   |        |  
|------------------------------------------------------------------ |  | ------------ | ------ | - | ---- | - | ------ | -
|                                                                   |  | November 30, |       
|                                                                   |  |              |       
|                                                                   |  | 2003         |        |   | 2004 |  
|                                                                   |  |              |        |   |      |  
|Owned tooling costs                                                |  | $            | 1,597  |   |      | $ | 971    |  
|Customer owned tooling costs                                       |  |              | 5,430  |   |      |   | 3,289  |  
|                                                                   |  |              |        |   |      |  
|                                                                   |  |              | 7,027  |   |      |   | 4,260  |  
|Less  current portion reflected in Prepaid Expenses
    and Other |  |              | (3,604 | ) |      |   | (2,540 | )
|                                                                   |  |              |        |   |      |  
|Long-term portion reflected in Other Assets                        |  | $            | 3,423  |   |      | $ | 1,720  |  
|                                                                   |  |              |        |   |      |  





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|           |  |   |       | 
|---------- |  | - | ----- | 
|2005       |  | $ | 504   | 
|2006       |  |   | 738   | 
|2007       |  |   | 738   | 
|2008       |  |   | 498   | 
|2009       |  |   | 495   | 
|Thereafter |  |   | 1,250 | 
|           |  |   |      
|           |  | $ | 4,223 | 
|           |  |   |      









|   |                                 
|-- | --------------------------------
|I. | INSURANCE RELATED LOSSES (GAINS)







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|   |                                         
|-- | ----------------------------------------
|J. | DIVESTITURES AND DISCONTINUED OPERATIONS



| |             
| | ------------
| | Divestitures



|                                                              |  |      |       |  |      |   |      |  |  |   |       | 
|------------------------------------------------------------- |  | ---- | ----- |  | ---- | - | ---- |  |  | - | ----- | 
|                                                              |  | 2002 |       |  | 2003 |   | 2004 | 
|                                                              |  |      |       |  |      |   |      | 
|(Gain) loss on sale of divisions                              |  | $    | 2,800 |  |      | $ |     |  |  | $ |      | 
|Losses recognized related to divisions sold in previous years |  |      | 3,697 |  |      |   |     |  |  |   | 5,471 | 
|                                                              |  |      |       |  |      |   |      |  | 
|                                                              |  | $    | 6,497 |  |      | $ |     |  |  | $ | 5,471 | 
|                                                              |  |      |       |  |      |   |      |  | 









|                             |                                                  |   |        |        |  
|---------------------------- | ------------------------------------------------ | - | ------ | ------ | -
|Balance at November 30, 2001 |                                                  | $ | 17,810 |       
|                             | Additional amounts recorded                      |   |        | 3,697  |  
|                             | Amounts spent                                    |   |        | (6,757 | )
|                             | Amounts transferred from discontinued operations |   |        | 2,912  |  
|                             |                                                  |   |       
|Balance at November 30, 2002 |                                                  |   | 17,662 |       
|                             | Amounts spent                                    |   |        | (8,365 | )
|                             |                                                  |   |       
|Balance at November 30, 2003 |                                                  |   | 9,297  |       
|                             | Additional amounts recorded                      |   |        | 5,471  |  
|                             | Amounts spent                                    |   |        | (9,087 | )
|                             |                                                  |   |       
|Balance at November 30, 2004 |                                                  | $ | 5,681  |       
|                             |                                                  |   |       



| |                        
| | -----------------------
| | Discontinued Operations



72



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|   |                                                                                        
|-- | ---------------------------------------------------------------------------------------
|K. | ACCOUNTS RECEIVABLE ASSET-BACKED SECURITIZATION (QUALIFYING
    SPECIAL PURPOSE ENTITY)











74



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|   |                                    
|-- | -----------------------------------
|L. | RESTRUCTURING AND ASSET IMPAIRMENTS









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|                             |                                                            |            |       |      |           |   |       |             |   |   |       |        |   |   |       |        |  
|---------------------------- | ---------------------------------------------------------- | ---------- | ----- | ---- | --------- | - | ----- | ----------- | - | - | ----- | ------ | - | - | ----- | ------ | -
|                             |                                                            | Facilities |       |      | Severance |   |       | Other Costs |   |   | Total |       
|                             |                                                            |            |       |      |           |   |       |             |   |   |       |       
|Balance at November 30, 2001 |                                                            | $          | 1,850 |      |           | $ | 4,842 |             |   | $ | 694   |        |   | $ | 7,386 |       
|                             | Amounts paid from pension assets                           |            |       |     |           |   |       | (3,080      | ) |   |       |       |   |   |       | (3,080 | )
|                             | Amounts recorded for exiting the Gallium Business          |            |       |     |           |   |       |            |   |   |       | 2,382  |   |   |       | 2,382  |  
|                             | Additional provision for severance liability               |            |       |     |           |   |       | 416         |   |   |       |       |   |   |       | 416    |  
|                             | Amounts spent                                              |            |       | (221 | )         |   |       | (1,864      | ) |   |       | (1,736 | ) |   |       | (3,821 | )
|                             |                                                            |            |       |      |           |   |       |             |   |   |       |       
|Balance at November 30, 2002 |                                                            |            | 1,629 |      |           |   | 314   |             |   |   | 1,340 |        |   |   | 3,283 |       
|                             | Amounts spent                                              |            |       | (907 | )         |   |       | (314        | ) |   |       | (1,164 | ) |   |       | (2,385 | )
|                             |                                                            |            |       |      |           |   |       |             |   |   |       |       
|Balance at November 30, 2003 |                                                            |            | 722   |      |           |   |      |             |   |   | 176   |        |   |   | 898   |       
|                             | Additional amounts recorded for remaining lease obligation |            |       | 400  |           |   |       |            |   |   |       |       |   |   |       | 400    |  
|                             | Amounts spent                                              |            |       | (507 | )         |   |       |            |   |   |       | (51    | ) |   |       | (558   | )
|                             |                                                            |            |       |      |           |   |       |             |   |   |       |       
|Balance at November 30, 2004 |                                                            | $          | 615   |      |           | $ |      |             |   | $ | 125   |        |   | $ | 740   |       
|                             |                                                            |            |       |      |           |   |       |             |   |   |       |       



|   |               
|-- | --------------
|M. | LONG-TERM DEBT



|                                                                                         |                           |      |         |         |      |   |          |         | 
|---------------------------------------------------------------------------------------- | ------------------------- | ---- | ------- | ------- | ---- | - | -------- | ------- | 
|                                                                                         |                           | 2003 |         |         | 2004 |  
|                                                                                         |                           |      |         |         |      |  
|Credit Agreement:                                                                        |                           |      |         |         |      |   |          |        
|                                                                                         | Revolving credit facility |      | $       |        |      |   | $        |        | 
|                                                                                         | Term loan                 |      |         | 149,625 |      |   |          | 142,458 | 
|Senior Unsecured Notes, 9.75% interest, due 2013, net of
    $1.8 million discount       |                           |      | 248,040 |         |      |   | 248,177  |        
|Senior Subordinated Notes, 9.375% interest, paid off in 2004                             |                           |      | 9,500   |         |      |   |         |        
|Industrial Revenue Bond, variable interest (2.08% at
    November 30, 2004), due in 2005 |                           |      | 13,600  |         |      |   | 1,800    |        
|Other                                                                                    |                           |      | 1,105   |         |      |   | 1,209    |        
|                                                                                         |                           |      |         |         |      |  
|                                                                                         |                           |      | 421,870 |         |      |   | 393,644  |        
|Less: current portion                                                                    |                           |      | (13,300 | )       |      |   | (144,863 | )      
|                                                                                         |                           |      |         |         |      |  
|Long-term debt, net of current portion                                                   |                           | $    | 408,570 |         |      | $ | 248,781  |        
|                                                                                         |                           |      |         |         |      |  

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|           |  |   |         | 
|---------- |  | - | ------- | 
|2005       |  | $ | 144,863 | 
|2006       |  |   | 604     | 
|2007       |  |   |        | 
|2008       |  |   |        | 
|2009       |  |   |        | 
|Thereafter |  |   | 248,177 | 
|           |  |   |        
|           |  | $ | 393,644 | 
|           |  |   |        



| |                 
| | ----------------
| | Credit Agreement









77



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| |                       
| | ----------------------
| | Senior Unsecured Notes



78



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| |                          
| | -------------------------
| | Senior Subordinated Notes





| |                        
| | -----------------------
| | Industrial Revenue Bond





| |                                      
| | -------------------------------------
| | Write-off of Deferred Financing Costs





| |                                                              
| | -------------------------------------------------------------
| | Effective Interest Rates and Fair Value of Long-term
    Debt





| |                                         
| | ----------------------------------------
| | Subsidiary Guarantors and Non-Guarantors



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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING BALANCE SHEETS


As of November 30, 2003


|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |   |          |         |   |   |         |        | 
|------------------------------------------------- | -------------------------------------------------- | ------------------------- | -------- | ----------- | -------------- | - | ---------- | ---------- |  | -------------- | ------------ | ------ | - | ------------ | ------- | ------ | ----- | - | -------- | ------- | - | - | ------- | ------ | 
|                                                  |                                                    |                           |          | Guarantors  |                |   |            |            |  |                |             
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |             
|                                                  |                                                    |                           |          | EaglePicher |                |   | Subsidiary |            |  | Non-Guarantors |              |        |   |              |        
|                                                  |                                                    | Issuer                    |          |             | Holdings, Inc. |   |            | Guarantors |  |                | Subsidiaries |        |   | Eliminations |         |        | Total |  
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  
|                                                  |                                                    | (In thousands of dollars) |         
|ASSETS                                           
|Current Assets:                                   |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |   |          |         |   |   |         |       
|                                                  | Cash and cash equivalents                          |                           | $        | 52,478      |                |   | $          | 1          |  |                | $            | (2,732 | ) |              | $       | 17,573 |       |   | $        |        |   |   | $       | 67,320 | 
|                                                  | Receivables and retained interest, net             |                           |          | 62,937      |                |   |            |           |  |                |              | 2,620  |   |              |         | 21,673 |       |   |          |        |   |   |         | 87,230 | 
|                                                  | Intercompany accounts receivable                   |                           |          | 1,764       |                |   |            |           |  |                |              | 7,476  |   |              |         | 1,852  |       |   |          | (11,092 | ) |   |         |       | 
|                                                  | Costs and estimated earnings in excess of billings |                           |          |            |                |   |            |           |  |                |              | 17,386 |   |              |         | 11,047 |       |   |          |        |   |   |         | 28,433 | 
|                                                  | Inventories                                        |                           |          | 5,762       |                |   |            |           |  |                |              | 36,276 |   |              |         | 11,595 |       |   |          | (2,101  | ) |   |         | 51,532 | 
|                                                  | Assets of discontinued operations                  |                           |          |            |                |   |            |           |  |                |              | 16,494 |   |              |         | 348    |       |   |          |        |   |   |         | 16,842 | 
|                                                  | Prepaid expenses and other assets                  |                           |          | 2,218       |                |   |            |           |  |                |              | 4,301  |   |              |         | 3,875  |       |   |          |        |   |   |         | 10,394 | 
|                                                  | Deferred income taxes                              |                           |          | 8,526       |                |   |            |           |  |                |              |       |   |              |         |       |       |   |          |        |   |   |         | 8,526  | 
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  
|                                                  |                                                    |                           | 133,685  |             |                |   | 1          |            |  |                | 81,821       |        |   |              | 67,963  |        |       |   | (13,193  | )       |   |   | 270,277 |       
|Property, Plant and Equipment, net                |                                                    |                           | 24,823   |             |                |   |           |            |  |                | 102,154      |        |   |              | 23,837  |        |       |   |         |         |   |   | 150,814 |       
|Investment in Subsidiaries                        |                                                    |                           | 288,465  |             |                |   | 68,121     |            |  |                | 30,455       |        |   |              |        |        |       |   | (387,041 | )       |   |   |        |       
|Goodwill                                          |                                                    |                           | 37,339   |             |                |   |           |            |  |                | 104,686      |        |   |              | 13,154  |        |       |   | (3,139   | )       |   |   | 152,040 |       
|Prepaid Pension                                   |                                                    |                           | 58,891   |             |                |   |           |            |  |                |             |        |   |              |        |        |       |   |         |         |   |   | 58,891  |       
|Other Assets, net                                 |                                                    |                           | 11,366   |             |                |   | 2,472      |            |  |                | 23,809       |        |   |              | 24,190  |        |       |   | (28,321  | )       |   |   | 33,516  |       
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  
|                                                  |                                                    | $                         | 554,569  |             |                | $ | 70,594     |            |  | $              | 342,925      |        |   | $            | 129,144 |        |       | $ | (431,694 | )       |   | $ | 665,538 |       
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  
|                                                 
|LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIENCY)
|Current Liabilities:                              |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |   |          |         |   |   |         |       
|                                                  | Accounts payable                                   |                           | $        | 22,125      |                |   | $          |           |  |                | $            | 55,680 |   |              | $       | 10,737 |       |   | $        |        |   |   | $       | 88,542 | 
|                                                  | Intercompany accounts payable                      |                           |          |            |                |   |            |           |  |                |              | 1,840  |   |              |         | 9,252  |       |   |          | (11,092 | ) |   |         |       | 
|                                                  | Current portion of long-term debt                  |                           |          | 13,300      |                |   |            |           |  |                |              |       |   |              |         |       |       |   |          |        |   |   |         | 13,300 | 
|                                                  | Liabilities of discontinued operations             |                           |          |            |                |   |            |           |  |                |              | 1,038  |   |              |         | 956    |       |   |          |        |   |   |         | 1,994  | 
|                                                  | Other accrued liabilities                          |                           |          | 29,347      |                |   |            |           |  |                |              | 22,164 |   |              |         | 8,345  |       |   |          |        |   |   |         | 59,856 | 
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  
|                                                  |                                                    |                           | 64,772   |             |                |   |           |            |  |                | 80,722       |        |   |              | 29,290  |        |       |   | (11,092  | )       |   |   | 163,692 |       
|Long-term Debt, net of current portion            |                                                    |                           | 423,295  |             |                |   |           |            |  |                | 720          |        |   |              | 15,318  |        |       |   | (30,763  | )       |   |   | 408,570 |       
|Postretirement Benefits Other Than Pensions       |                                                    |                           | 17,418   |             |                |   |           |            |  |                |             |        |   |              |        |        |       |   |         |         |   |   | 17,418  |       
|Other Long-term Liabilities                       |                                                    |                           | 9,651    |             |                |   |           |            |  |                |             |        |   |              | 1,998   |        |       |   |         |         |   |   | 11,649  |       
|Preferred Stock                                   |                                                    |                           |         |             |                |   | 154,416    |            |  |                |             |        |   |              |        |        |       |   |         |         |   |   | 154,416 |       
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  
|                                                  |                                                    |                           | 515,136  |             |                |   | 154,416    |            |  |                | 81,442       |        |   |              | 46,606  |        |       |   | (41,855  | )       |   |   | 755,745 |       
|Intercompany Accounts                             |                                                    |                           | (216,625 | )           |                |   | 10,790     |            |  |                | 181,907      |        |   |              | 29,234  |        |       |   | (5,306   | )       |   |   |        |       
|Shareholders Equity (Deficiency)                 |                                                    |                           | 256,058  |             |                |   | (94,612    | )          |  |                | 79,576       |        |   |              | 53,304  |        |       |   | (384,533 | )       |   |   | (90,207 | )     
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  
|                                                  |                                                    | $                         | 554,569  |             |                | $ | 70,594     |            |  | $              | 342,925      |        |   | $            | 129,144 |        |       | $ | (431,694 | )       |   | $ | 665,538 |       
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |   |              |         |        |       |  

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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING BALANCE SHEETS


As of November 30, 2004


|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |   |          |         |   |   |          |         | 
|------------------------------------------------- | -------------------------------------------------- | ------------------------- | -------- | ----------- | -------------- | - | ---------- | ---------- |  | -------------- | ------------ | ------ |  | ------------ | ------- | ------ | ----- | - | -------- | ------- | - | - | -------- | ------- | 
|                                                  |                                                    |                           |          | Guarantors  |                |   |            |            |  |                |             
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |             
|                                                  |                                                    |                           |          | EaglePicher |                |   | Subsidiary |            |  | Non-Guarantors |              |        |  |              |        
|                                                  |                                                    | Issuer                    |          |             | Holdings, Inc. |   |            | Guarantors |  |                | Subsidiaries |        |  | Eliminations |         |        | Total |  
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  
|                                                  |                                                    | (In thousands of dollars) |         
|ASSETS                                           
|Current Assets:                                   |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |   |          |         |   |   |          |        
|                                                  | Cash and cash equivalents                          |                           | $        | 8,133       |                |   | $          | 1          |  |                | $            | 851    |  |              | $       | 11,037 |       |   | $        |        |   |   | $        | 20,022  | 
|                                                  | Receivables and retained interest, net             |                           |          | 34,619      |                |   |            |           |  |                |              | 3,983  |  |              |         | 26,090 |       |   |          |        |   |   |          | 64,692  | 
|                                                  | Intercompany accounts receivable                   |                           |          | 2,330       |                |   |            |           |  |                |              | 11,455 |  |              |         | 962    |       |   |          | (14,747 | ) |   |          |        | 
|                                                  | Costs and estimated earnings in excess of billings |                           |          |            |                |   |            |           |  |                |              | 30,442 |  |              |         | 10,699 |       |   |          |        |   |   |          | 41,141  | 
|                                                  | Inventories                                        |                           |          | 7,091       |                |   |            |           |  |                |              | 40,914 |  |              |         | 19,972 |       |   |          | (3,859  | ) |   |          | 64,118  | 
|                                                  | Prepaid expenses and other assets                  |                           |          | 2,239       |                |   |            |           |  |                |              | 3,995  |  |              |         | 2,672  |       |   |          |        |   |   |          | 8,906   | 
|                                                  | Deferred income taxes                              |                           |          | 9,382       |                |   |            |           |  |                |              |       |  |              |         |       |       |   |          |        |   |   |          | 9,382   | 
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  
|                                                  |                                                    |                           | 63,794   |             |                |   | 1          |            |  |                | 91,640       |        |  |              | 71,432  |        |       |   | (18,606  | )       |   |   | 208,261  |        
|Property, Plant and Equipment, net                |                                                    |                           | 22,144   |             |                |   |           |            |  |                | 102,101      |        |  |              | 33,416  |        |       |   |         |         |   |   | 157,661  |        
|Investment in Subsidiaries                        |                                                    |                           | 313,242  |             |                |   | 59,665     |            |  |                | 25,498       |        |  |              |        |        |       |   | (398,405 | )       |   |   |         |        
|Goodwill                                          |                                                    |                           | 37,339   |             |                |   |           |            |  |                | 69,870       |        |  |              | 19,008  |        |       |   |         |         |   |   | 126,217  |        
|Prepaid Pension                                   |                                                    |                           | 59,444   |             |                |   |           |            |  |                |             |        |  |              |        |        |       |   |         |         |   |   | 59,444   |        
|Deferred Income Taxes                             |                                                    |                           | 4,877    |             |                |   |           |            |  |                |             |        |  |              |        |        |       |   |         |         |   |   | 4,877    |        
|Other Assets, net                                 |                                                    |                           | 17,013   |             |                |   | 1,880      |            |  |                | 23,491       |        |  |              | 39,203  |        |       |   | (39,273  | )       |   |   | 42,314   |        
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  
|                                                  |                                                    | $                         | 517,853  |             |                | $ | 61,546     |            |  | $              | 312,600      |        |  | $            | 163,059 |        |       | $ | (456,284 | )       |   | $ | 598,774  |        
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  
|                                                 
|LIABILITIES AND SHAREHOLDERS EQUITY (DEFICIENCY)
|Current Liabilities:                              |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |   |          |         |   |   |          |        
|                                                  | Accounts payable                                   |                           | $        | 19,556      |                |   | $          |           |  |                | $            | 56,153 |  |              | $       | 16,887 |       |   | $        |        |   |   | $        | 92,596  | 
|                                                  | Intercompany accounts payable                      |                           |          |            |                |   |            |           |  |                |              | 968    |  |              |         | 13,779 |       |   |          | (14,747 | ) |   |          |        | 
|                                                  | Current portion of long-term debt                  |                           |          | 144,863     |                |   |            |           |  |                |              |       |  |              |         |       |       |   |          |        |   |   |          | 144,863 | 
|                                                  | Liabilities of discontinued operations             |                           |          |            |                |   |            |           |  |                |              |       |  |              |         | 395    |       |   |          |        |   |   |          | 395     | 
|                                                  | Other accrued liabilities                          |                           |          | 21,418      |                |   |            |           |  |                |              | 24,244 |  |              |         | 9,525  |       |   |          |        |   |   |          | 55,187  | 
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  
|                                                  |                                                    |                           | 185,837  |             |                |   |           |            |  |                | 81,365       |        |  |              | 40,586  |        |       |   | (14,747  | )       |   |   | 293,041  |        
|Long-term Debt, net of current portion            |                                                    |                           | 267,244  |             |                |   |           |            |  |                | 5,716        |        |  |              | 16,467  |        |       |   | (40,646  | )       |   |   | 248,781  |        
|Postretirement Benefits Other Than Pensions       |                                                    |                           | 16,423   |             |                |   |           |            |  |                |             |        |  |              |        |        |       |   |         |         |   |   | 16,423   |        
|Other Long-term Liabilities                       |                                                    |                           | 3,935    |             |                |   |           |            |  |                |             |        |  |              | 7,550   |        |       |   |         |         |   |   | 11,485   |        
|Preferred Stock                                   |                                                    |                           |         |             |                |   | 171,090    |            |  |                |             |        |  |              |        |        |       |   |         |         |   |   | 171,090  |        
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  
|                                                  |                                                    |                           | 473,439  |             |                |   | 171,090    |            |  |                | 87,081       |        |  |              | 64,603  |        |       |   | (55,393  | )       |   |   | 740,820  |        
|Intercompany Accounts                             |                                                    |                           | (210,603 | )           |                |   | 10,792     |            |  |                | 158,502      |        |  |              | 47,319  |        |       |   | (6,010   | )       |   |   |         |        
|Shareholders Equity (Deficiency)                 |                                                    |                           | 255,017  |             |                |   | (120,336   | )          |  |                | 67,017       |        |  |              | 51,137  |        |       |   | (394,881 | )       |   |   | (142,046 | )      
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  
|                                                  |                                                    | $                         | 517,853  |             |                | $ | 61,546     |            |  | $              | 312,600      |        |  | $            | 163,059 |        |       | $ | (456,284 | )       |   | $ | 598,774  |        
|                                                  |                                                    |                           |          |             |                |   |            |            |  |                |              |        |  |              |         |        |       |  

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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING STATEMENTS OF OPERATIONS


Year Ended November 30, 2002


|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |   |         |         |   |   |         |         |  
|----------------------------------------------------- | -------------------------------------------------------- | ------------------------- | ------- | ----------- | -------------- | - | ---------- | ---------- | - | -------------- | ------------ | ------- | - | ------------ | ------ | ------ | ----- | - | ------- | ------- | - | - | ------- | ------- | -
|                                                      |                                                          |                           |         | Guarantors  |                |   |            |            |   |                |             
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |             
|                                                      |                                                          |                           |         | EaglePicher |                |   | Subsidiary |            |   | Non-Guarantors |              |         |   |              |       
|                                                      |                                                          | Issuer                    |         |             | Holdings, Inc. |   |            | Guarantors |   |                | Subsidiaries |         |   | Eliminations |        |        | Total |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|                                                      |                                                          | (In thousands of dollars) |        
|Net Sales:                                            |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |   |         |         |   |   |         |        
|                                                      | Customers                                                |                           | $       | 50,879      |                |   | $          |           |   |                | $            | 528,854 |   |              | $      | 77,967 |       |   | $       |        |   |   | $       | 657,700 |  
|                                                      | Intercompany                                             |                           |         | 16,411      |                |   |            |           |   |                |              | 13,628  |   |              |        | 4      |       |   |         | (30,043 | ) |   |         |        |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|                                                      |                                                          |                           | 67,290  |             |                |   |           |            |   |                | 542,482      |         |   |              | 77,971 |        |       |   | (30,043 | )       |   |   | 657,700 |        
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|Operating Costs and Expenses:                         |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |   |         |         |   |   |         |        
|                                                      | Cost of products sold (exclusive of depreciation)        |                           |         | 36,167      |                |   |            |           |   |                |              | 444,891 |   |              |        | 62,574 |       |   |         | (30,043 | ) |   |         | 513,589 |  
|                                                      | Selling and administrative                               |                           |         | 27,511      |                |   |            | 5          |   |                |              | 30,449  |   |              |        | 5,766  |       |   |         |        |   |   |         | 63,731  |  
|                                                      | Intercompany charges                                     |                           |         | (6,322      | )              |   |            |           |   |                |              | 6,322   |   |              |        |       |       |   |         |        |   |   |         |        |  
|                                                      | Depreciation and amortization                            |                           |         | 5,434       |                |   |            |           |   |                |              | 38,308  |   |              |        | 2,416  |       |   |         |        |   |   |         | 46,158  |  
|                                                      | Goodwill amortization                                    |                           |         | 3,736       |                |   |            |           |   |                |              | 9,870   |   |              |        | 986    |       |   |         |        |   |   |         | 14,592  |  
|                                                      | Other                                                    |                           |         | 6,212       |                |   |            |           |   |                |              | 9,283   |   |              |        |       |       |   |         |        |   |   |         | 15,495  |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|                                                      |                                                          |                           | 72,738  |             |                |   | 5          |            |   |                | 539,123      |         |   |              | 71,742 |        |       |   | (30,043 | )       |   |   | 653,565 |        
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|Operating Income (Loss)                               |                                                          |                           | (5,448  | )           |                |   | (5         | )          |   |                | 3,359        |         |   |              | 6,229  |        |       |   |        |         |   |   | 4,135   |        
|Other Income (Expense):                               |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |   |         |         |   |   |         |        
|                                                      | Interest (expense) income                                |                           |         | (36,812     | )              |   |            |           |   |                |              | 1,167   |   |              |        | (470   | )     |   |         | 1,888   |   |   |         | (34,227 | )
|                                                      | Other income (expense), net                              |                           |         | 235         |                |   |            |           |   |                |              | 2,549   |   |              |        | 541    |       |   |         | (1,809  | ) |   |         | 1,516   |  
|                                                      | Equity in earnings (losses) of consolidated subsidiaries |                           |         | 18,014      |                |   |            | (19,557    | ) |                |              | (47,551 | ) |              |        |       |       |   |         | 49,094  |   |   |         |        |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|Income (Loss) from Continuing Operations Before Taxes |                                                          |                           | (24,011 | )           |                |   | (19,562    | )          |   |                | (40,476      | )       |   |              | 6,300  |        |       |   | 49,173  |         |   |   | (28,576 | )      
|Income Taxes (Benefit)                                |                                                          |                           | 146     |             |                |   |           |            |   |                | 12           |         |   |              | 1,780  |        |       |   |        |         |   |   | 1,938   |        
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|Income (Loss) from Continuing Operations              |                                                          |                           | (24,157 | )           |                |   | (19,562    | )          |   |                | (40,488      | )       |   |              | 4,520  |        |       |   | 49,173  |         |   |   | (30,514 | )      
|Discontinued Operations                               |                                                          |                           |        |             |                |   |           |            |   |                | (4,053       | )       |   |              | (2,265 | )      |       |   |        |         |   |   | (6,318  | )      
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  
|Net Income (Loss)                                     |                                                          | $                         | (24,157 | )           |                | $ | (19,562    | )          |   | $              | (44,541      | )       |   | $            | 2,255  |        |       | $ | 49,173  |         |   | $ | (36,832 | )      
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |        |        |       |  

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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING STATEMENTS OF OPERATIONS


Year Ended November 30, 2003


|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |   |         |         |   |   |         |         |        |  
|----------------------------------------------------- | -------------------------------------------------------- | -------------------------------- | ------ | ----------- | -------------- | - | ---------- | ---------- | - | -------------- | ------------ | ------- | ------ | ------------ | ------- | ------- | ----- | - | ------- | ------- | - | - | ------- | ------- | ------ | -
|                                                      |                                                          |                                  |        | Guarantors  |                |   |            |            |   |                |             
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |             
|                                                      |                                                          |                                  |        | EaglePicher |                |   | Subsidiary |            |   | Non-Guarantors |              |         |        |              |        
|                                                      |                                                          | Issuer                           |        |             | Holdings, Inc. |   |            | Guarantors |   |                | Subsidiaries |         |        | Eliminations |         |         | Total |  
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|                                                      |                                                          | (In thousands of dollars)        |       
|Net Sales:                                            |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |   |         |         |   |   |         |        
|                                                      | Customers                                                |                                  | $      | 53,204      |                |   | $          |           |   |                | $            | 498,352 |        |              | $       | 121,744 |       |   | $       |        |   |   | $       | 673,300 |       
|                                                      | Intercompany                                             |                                  |        | 20,886      |                |   |            |           |   |                |              | 16,468  |        |              |         | 2,871   |       |   |         | (40,225 | ) |   |         |        |       
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|                                                      |                                                          |                                  | 74,090 |             |                |   |           |            |   |                | 514,820      |         |        |              | 124,615 |         |       |   | (40,225 | )       |   |   | 673,300 |        
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|Operating Costs and Expenses:                         |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |   |         |         |   |   |         |        
|                                                      | Cost of products sold (exclusive of depreciation)        |                                  |        | 45,459      |                |   |            |           |   |                |              | 410,505 |        |              |         | 97,338  |       |   |         | (40,225 | ) |   |         | 513,077 |       
|                                                      | Selling and administrative                               |                                  |        | 22,271      |                |   |            | 5          |   |                |              | 32,416  |        |              |         | 8,764   |       |   |         | (245    | ) |   |         | 63,211  |       
|                                                      | Intercompany charges                                     |                                  |        | (6,690      | )              |   |            |           |   |                |              | 6,397   |        |              |         | 293     |       |   |         |        |   |   |         |        |       
|                                                      | Depreciation and amortization                            |                                  |        | 5,620       |                |   |            |           |   |                |              | 36,981  |        |              |         | 5,108   |       |   |         |        |   |   |         | 47,709  |       
|                                                      |                                                          | Insurance related losses (gains) |        |             | 724            |   |            |            |  |                |              |         | (9,003 | )            |         |         |      |   |         |         |  |   |         |         | (8,279 | )
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|                                                      |                                                          |                                  | 67,384 |             |                |   | 5          |            |   |                | 477,296      |         |        |              | 111,503 |         |       |   | (40,470 | )       |   |   | 615,718 |        
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|Operating Income (Loss)                               |                                                          |                                  | 6,706  |             |                |   | (5         | )          |   |                | 37,524       |         |        |              | 13,112  |         |       |   | 245     |         |   |   | 57,582  |        
|Other Income (Expense):                               |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |   |         |         |   |   |         |        
|                                                      | Interest (expense) income                                |                                  |        | (36,916     | )              |   |            | (198       | ) |                |              | 3,582   |        |              |         | (504    | )     |   |         |        |   |   |         | (34,036 | )     
|                                                      | Preferred stock dividends accrued                        |                                  |        |            |                |   |            | (4,169     | ) |                |              |        |        |              |         |        |       |   |         |        |   |   |         | (4,169  | )     
|                                                      | Other income (expense), net                              |                                  |        | (1,971      | )              |   |            |           |   |                |              | 1,340   |        |              |         | 869     |       |   |         | (1,821  | ) |   |         | (1,583  | )     
|                                                      | Write-off of deferred financing costs                    |                                  |        | (6,327      | )              |   |            |           |   |                |              |        |        |              |         |        |       |   |         |        |   |   |         | (6,327  | )     
|                                                      | Equity in earnings (losses) of consolidated subsidiaries |                                  |        | 48,601      |                |   |            | 9,612      |   |                |              | 12,169  |        |              |         |        |       |   |         | (70,382 | ) |   |         |        |       
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|Income (Loss) from Continuing Operations Before Taxes |                                                          |                                  | 10,093 |             |                |   | 5,240      |            |   |                | 54,615       |         |        |              | 13,477  |         |       |   | (71,958 | )       |   |   | 11,467  |        
|Income Taxes (Benefit)                                |                                                          |                                  | 262    |             |                |   |           |            |   |                | 45           |         |        |              | 2,530   |         |       |   |        |         |   |   | 2,837   |        
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|Income (Loss) from Continuing Operations              |                                                          |                                  | 9,831  |             |                |   | 5,240      |            |   |                | 54,570       |         |        |              | 10,947  |         |       |   | (71,958 | )       |   |   | 8,630   |        
|Discontinued Operations                               |                                                          |                                  | (219   | )           |                |   |           |            |   |                | (819         | )       |        |              | (4,749  | )       |       |   |        |         |   |   | (5,787  | )      
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  
|Net Income (Loss)                                     |                                                          | $                                | 9,612  |             |                | $ | 5,240      |            |   | $              | 53,751       |         |        | $            | 6,198   |         |       | $ | (71,958 | )       |   | $ | 2,843   |        
|                                                      |                                                          |                                  |        |             |                |   |            |            |   |                |              |         |        |              |         |         |       |  

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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING STATEMENTS OF OPERATIONS


Year Ended November 30, 2004


|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |   |         |         |   |   |         |         |  
|----------------------------------------------------- | -------------------------------------------------------- | ------------------------- | ------- | ----------- | -------------- | - | ---------- | ---------- | - | -------------- | ------------ | ------- | - | ------------ | ------- | ------- | ----- | - | ------- | ------- | - | - | ------- | ------- | -
|                                                      |                                                          |                           |         | Guarantors  |                |   |            |            |   |                |             
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |             
|                                                      |                                                          |                           |         | EaglePicher |                |   | Subsidiary |            |   | Non-Guarantors |              |         |   |              |        
|                                                      |                                                          | Issuer                    |         |             | Holdings, Inc. |   |            | Guarantors |   |                | Subsidiaries |         |   | Eliminations |         |         | Total |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|                                                      |                                                          | (In thousands of dollars) |        
|Net Sales:                                            |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |   |         |         |   |   |         |        
|                                                      | Customers                                                |                           | $       | 62,915      |                |   | $          |           |   |                | $            | 499,414 |   |              | $       | 145,008 |       |   | $       |        |   |   | $       | 707,337 |  
|                                                      | Intercompany                                             |                           |         | 27,401      |                |   |            |           |   |                |              | 17,217  |   |              |         | 2,403   |       |   |         | (47,021 | ) |   |         |        |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|                                                      |                                                          |                           | 90,316  |             |                |   |           |            |   |                | 516,631      |         |   |              | 147,411 |         |       |   | (47,021 | )       |   |   | 707,337 |        
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|Operating Costs and Expenses:                         |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |   |         |         |   |   |         |        
|                                                      | Cost of products sold (exclusive of depreciation)        |                           |         | 59,594      |                |   |            |           |   |                |              | 428,020 |   |              |         | 128,730 |       |   |         | (45,256 | ) |   |         | 571,088 |  
|                                                      | Selling and administrative                               |                           |         | 24,195      |                |   |            |           |   |                |              | 31,708  |   |              |         | 10,802  |       |   |         |        |   |   |         | 66,705  |  
|                                                      | Intercompany charges                                     |                           |         | (6,986      | )              |   |            |           |   |                |              | 6,504   |   |              |         | 482     |       |   |         |        |   |   |         |        |  
|                                                      | Depreciation and amortization                            |                           |         | 5,069       |                |   |            |           |   |                |              | 30,952  |   |              |         | 4,667   |       |   |         |        |   |   |         | 40,688  |  
|                                                      | Restructuring and asset impairments                      |                           |         | 650         |                |   |            |           |   |                |              | 350     |   |              |         |        |       |   |         |        |   |   |         | 1,000   |  
|                                                      | Loss from divestitures                                   |                           |         | 5,471       |                |   |            |           |   |                |              |        |   |              |         |        |       |   |         |        |   |   |         | 5,471   |  
|                                                      | Insurance related loss                                   |                           |         |            |                |   |            |           |   |                |              | 681     |   |              |         |        |       |   |         |        |   |   |         | 681     |  
|                                                      | Goodwill impairment                                      |                           |         |            |                |   |            |           |   |                |              | 34,816  |   |              |         |        |       |   |         |        |   |   |         | 34,816  |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|                                                      |                                                          |                           | 87,993  |             |                |   |           |            |   |                | 533,031      |         |   |              | 144,681 |         |       |   | (45,256 | )       |   |   | 720,449 |        
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|Operating Income (Loss)                               |                                                          |                           | 2,323   |             |                |   |           |            |   |                | (16,400      | )       |   |              | 2,730   |         |       |   | (1,765  | )       |   |   | (13,112 | )      
|Other Income (Expense):                               |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |   |         |         |   |   |         |        
|                                                      | Interest (expense) income                                |                           |         | (37,220     | )              |   |            | (591       | ) |                |              | 677     |   |              |         | (2,353  | )     |   |         | 2,781   |   |   |         | (36,706 | )
|                                                      | Preferred stock dividends accrued                        |                           |         |            |                |   |            | (16,674    | ) |                |              |        |   |              |         |        |       |   |         |        |   |   |         | (16,674 | )
|                                                      | Other income (expense), net                              |                           |         |            |                |   |            | (3         | ) |                |              | 2,161   |   |              |         | (485    | )     |   |         |        |   |   |         | 1,673   |  
|                                                      | Write off of deferred financing costs                    |                           |         | (492        | )              |   |            |           |   |                |              |        |   |              |         |        |       |   |         |        |   |   |         | (492    | )
|                                                      | Equity in earnings (losses) of consolidated subsidiaries |                           |         | 24,777      |                |   |            | (8,456     | ) |                |              | (4,957  | ) |              |         |        |       |   |         | (11,364 | ) |   |         |        |  
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|Income (Loss) from Continuing Operations Before Taxes |                                                          |                           | (10,612 | )           |                |   | (25,724    | )          |   |                | (18,519      | )       |   |              | (108    | )       |       |   | (10,348 | )       |   |   | (65,311 | )      
|Income Taxes (Benefit)                                |                                                          |                           | (9,259  | )           |                |   |           |            |   |                |             |         |   |              | 2,679   |         |       |   |        |         |   |   | (6,580  | )      
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|Income (Loss) from Continuing Operations              |                                                          |                           | (1,353  | )           |                |   | (25,724    | )          |   |                | (18,519      | )       |   |              | (2,787  | )       |       |   | (10,348 | )       |   |   | (58,731 | )      
|Discontinued Operations                               |                                                          |                           | 635     |             |                |   |           |            |   |                | 5,960        |         |   |              |        |         |       |   |        |         |   |   | 6,595   |        
|Cumulative Effect of Accounting Change                |                                                          |                           | (200    | )           |                |   |           |            |   |                |             |         |   |              |        |         |       |   |        |         |   |   | (200    | )      
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  
|Net Income (Loss)                                     |                                                          | $                         | (918    | )           |                | $ | (25,724    | )          |   | $              | (12,559      | )       |   | $            | (2,787  | )       |       | $ | (10,348 | )       |   | $ | (52,336 | )      
|                                                      |                                                          |                           |         |             |                |   |            |            |   |                |              |         |   |              |         |         |       |  

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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING STATEMENTS OF CASH FLOWS


For the Year Ended November 30, 2002


|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |   |         |         |   |   |         |        | 
|-------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- | ------------------------- | ------- | ----------- | -------------- | - | ---------- | ---------- |  | -------------- | ------------ | ------ |  | ------------ | ------ | ------ | ----- | - | ------- | ------- | - | - | ------- | ------ | 
|                                                                                                   |                                                                        |                           |         | Guarantors  |                |   |            |            |  |                |             
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |             
|                                                                                                   |                                                                        |                           |         | EaglePicher |                |   | Subsidiary |            |  | Non-Guarantors |              |        |  |              |       
|                                                                                                   |                                                                        | Issuer                    |         |             | Holdings, Inc. |   |            | Guarantors |  |                | Subsidiaries |        |  | Eliminations |        |        | Total |  
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|                                                                                                   |                                                                        | (In thousands of dollars) |        
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                              |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |   |         |         |   |   |         |       
|Net income (loss)                                                                                  |                                                                        | $                         | (24,157 | )           |                | $ | (19,562    | )          |  | $              | (44,541      | )      |  | $            | 2,255  |        |       | $ | 49,173  |         |   | $ | (36,832 | )     
|Adjustments to reconcile net income (loss) to cash provided by
    (used in) operating activities: |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |   |         |         |   |   |         |       
|                                                                                                   | Equity in (earnings) loss of consolidated subsidiaries                 |                           |         | (18,014     | )              |   |            | 19,557     |  |                |              | 47,551 |  |              |        |       |       |   |         | (49,094 | ) |   |         |       | 
|                                                                                                   | Depreciation and amortization                                          |                           |         | 12,301      |                |   |            |           |  |                |              | 48,178 |  |              |        | 3,402  |       |   |         |        |   |   |         | 63,881 | 
|                                                                                                   | Loss from divestitures                                                 |                           |         | 3,325       |                |   |            |           |  |                |              | 3,172  |  |              |        |       |       |   |         |        |   |   |         | 6,497  | 
|                                                                                                   | Insurance related losses                                               |                           |         |            |                |   |            |           |  |                |              | 3,100  |  |              |        |       |       |   |         |        |   |   |         | 3,100  | 
|                                                                                                   | Deferred income taxes                                                  |                           |         | 5,484       |                |   |            |           |  |                |              |       |  |              |        |       |       |   |         |        |   |   |         | 5,484  | 
|                                                                                                   | Changes in assets and liabilities, net of effect of non-cash
    items |                           |         | 36,035      |                |   |            | 5          |  |                |              | 49,555 |  |              |        | (6,629 | )     |   |         | (46,689 | ) |   |         | 32,277 | 
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|                                                                                                   |                                                                        |                           | 14,974  |             |                |   |           |            |  |                | 107,015      |        |  |              | (972   | )      |       |   | (46,610 | )       |   |   | 74,407  |       
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                              |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |   |         |         |   |   |         |       
|Proceeds from sales of divisions                                                                   |                                                                        |                           |        |             |                |   |           |            |  |                | 3,063        |        |  |              |       |        |       |   |        |         |   |   | 3,063   |       
|Capital expenditures                                                                               |                                                                        |                           | (980    | )           |                |   |           |            |  |                | (13,470      | )      |  |              | (1,851 | )      |       |   |        |         |   |   | (16,301 | )     
|Investments in unconsolidated subsidiaries                                                         |                                                                        |                           | (1,499  | )           |                |   |           |            |  |                | (800         | )      |  |              |       |        |       |   |        |         |   |   | (2,299  | )     
|Other, net                                                                                         |                                                                        |                           | 639     |             |                |   |           |            |  |                |             |        |  |              |       |        |       |   |        |         |   |   | 639     |       
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|                                                                                                   |                                                                        |                           | (1,840  | )           |                |   |           |            |  |                | (11,207      | )      |  |              | (1,851 | )      |       |   |        |         |   |   | (14,898 | )     
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                              |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |   |         |         |   |   |         |       
|Reduction of long-term debt                                                                        |                                                                        |                           | (32,515 | )           |                |   |           |            |  |                |             |        |  |              | (12    | )      |       |   |        |         |   |   | (32,527 | )     
|Net borrowings (repayments) under revolving credit agreements                                      |                                                                        |                           | 21,966  |             |                |   |           |            |  |                | (56,702      | )      |  |              |       |        |       |   |        |         |   |   | (34,736 | )     
|Acquisition of treasury stock                                                                      |                                                                        |                           | (159    | )           |                |   |           |            |  |                |             |        |  |              |       |        |       |   |        |         |   |   | (159    | )     
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|                                                                                                   |                                                                        |                           | (10,708 | )           |                |   |           |            |  |                | (56,702      | )      |  |              | (12    | )      |       |   |        |         |   |   | (67,422 | )     
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|Cash provided by (used in) discontinued operations                                                 |                                                                        |                           |        |             |                |   |           |            |  |                | 15,452       |        |  |              | (1,796 | )      |       |   |        |         |   |   | 13,656  |       
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|Effect of exchange rates on cash                                                                   |                                                                        |                           |        |             |                |   |           |            |  |                |             |        |  |              | 1,159  |        |       |   |        |         |   |   | 1,159   |       
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|Net increase (decrease) in cash and cash equivalents                                               |                                                                        |                           | 2,426   |             |                |   |           |            |  |                | 54,558       |        |  |              | (3,472 | )      |       |   | (46,610 | )       |   |   | 6,902   |       
|Intercompany accounts                                                                              |                                                                        |                           | 1,196   |             |                |   |           |            |  |                | (52,997      | )      |  |              | 4,438  |        |       |   | 47,363  |         |   |   |        |       
|Cash and cash equivalents, beginning of period                                                     |                                                                        |                           | 17,145  |             |                |   | 1          |            |  |                | 471          |        |  |              | 6,936  |        |       |   | 67      |         |   |   | 24,620  |       
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  
|Cash and cash equivalents, end of period                                                           |                                                                        | $                         | 20,767  |             |                | $ | 1          |            |  | $              | 2,032        |        |  | $            | 7,902  |        |       | $ | 820     |         |   | $ | 31,522  |       
|                                                                                                   |                                                                        |                           |         |             |                |   |            |            |  |                |              |        |  |              |        |        |       |  

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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING STATEMENTS OF CASH FLOWS


For the Year Ended November 30, 2003


|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |   |         |        |   |   |          |         |  
|-------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- | ------------------------- | -------- | ----------- | -------------- | - | ---------- | ---------- | - | -------------- | ------------ | ------- | - | ------------ | ------- | ----- | ----- | - | ------- | ------ | - | - | -------- | ------- | -
|                                                                                                   |                                                                        |                           |          | Guarantors  |                |   |            |            |   |                |             
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |             
|                                                                                                   |                                                                        |                           |          | EaglePicher |                |   | Subsidiary |            |   | Non-Guarantors |              |         |   |              |        
|                                                                                                   |                                                                        | Issuer                    |          |             | Holdings, Inc. |   |            | Guarantors |   |                | Subsidiaries |         |   | Eliminations |         |       | Total |  
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|                                                                                                   |                                                                        | (In thousands of dollars) |         
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                              |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |   |         |        |   |   |          |        
|Net income (loss)                                                                                  |                                                                        | $                         | 9,612    |             |                | $ | 5,240      |            |   | $              | 53,751       |         |   | $            | 6,198   |       |       | $ | (71,958 | )      |   | $ | 2,843    |        
|Adjustments to reconcile net income (loss) to cash provided by
    (used in) operating activities: |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |   |         |        |   |   |          |        
|                                                                                                   | Equity in (earnings) loss of consolidated subsidiaries                 |                           |          | (48,601     | )              |   |            | (9,612     | ) |                |              | (12,169 | ) |              |         |      |       |   |         | 70,382 |   |   |          |        |  
|                                                                                                   | Depreciation and amortization                                          |                           |          | 8,337       |                |   |            |           |   |                |              | 36,981  |   |              |         | 5,108 |       |   |         |       |   |   |          | 50,426  |  
|                                                                                                   | Preferred stock dividends accrued                                      |                           |          |            |                |   |            | 4,169      |   |                |              |        |   |              |         |      |       |   |         |       |   |   |          | 4,169   |  
|                                                                                                   | Loss on disposal of discontinued operations                            |                           |          | 219         |                |   |            |           |   |                |              | (342    | ) |              |         | 4,318 |       |   |         |       |   |   |          | 4,195   |  
|                                                                                                   | Insurance related (gains) losses                                       |                           |          | 724         |                |   |            |           |   |                |              | (9,003  | ) |              |         |      |       |   |         |       |   |   |          | (8,279  | )
|                                                                                                   | Write-off of deferred financing costs                                  |                           |          | 6,327       |                |   |            |           |   |                |              |        |   |              |         |      |       |   |         |       |   |   |          | 6,327   |  
|                                                                                                   | Deferred income taxes                                                  |                           |          | (2,837      | )              |   |            |           |   |                |              |        |   |              |         | 2,758 |       |   |         |       |   |   |          | (79     | )
|                                                                                                   | Changes in assets and liabilities, net of effect of non-cash
    items |                           |          | (73,110     | )              |   |            |           |   |                |              | 14,585  |   |              |         | (172  | )     |   |         | (1,911 | ) |   |          | (60,608 | )
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|                                                                                                   |                                                                        |                           | (99,329  | )           |                |   | (203       | )          |   |                | 83,803       |         |   |              | 18,210  |       |       |   | (3,487  | )      |   |   | (1,006   | )      
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                              |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |   |         |        |   |   |          |        
|Proceeds from sales of property and equipment and other                                            |                                                                        |                           |         |             |                |   |           |            |   |                | 238          |         |   |              |        |       |       |   |        |        |   |   | 238      |        
|Capital expenditures                                                                               |                                                                        |                           | (2,411   | )           |                |   |           |            |   |                | (9,856       | )       |   |              | (3,814  | )     |       |   |        |        |   |   | (16,081  | )      
|Purchases of intangibles                                                                           |                                                                        |                           |         |             |                |   |           |            |   |                | (672         | )       |   |              | (2,500  | )     |       |   |        |        |   |   | (3,172   | )      
|Investments in unconsolidated subsidiaries                                                         |                                                                        |                           |         |             |                |   |           |            |   |                |             |         |   |              | (4,426  | )     |       |   |        |        |   |   | (4,426   | )      
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|                                                                                                   |                                                                        |                           | (2,411   | )           |                |   |           |            |   |                | (10,290      | )       |   |              | (10,740 | )     |       |   |        |        |   |   | (23,441  | )      
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                              |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |   |         |        |   |   |          |        
|Reduction of long-term debt                                                                        |                                                                        |                           | (19,000  | )           |                |   |           |            |   |                |             |         |   |              |        |       |       |   |        |        |   |   | (19,000  | )      
|Redemption of senior subordinated notes                                                            |                                                                        |                           | (210,500 | )           |                |   |           |            |   |                |             |         |   |              |        |       |       |   |        |        |   |   | (210,500 | )      
|Net borrowings (repayments) under revolving credit agreements                                      |                                                                        |                           | (121,500 | )           |                |   |           |            |   |                |             |         |   |              |        |       |       |   |        |        |   |   | (121,500 | )      
|Issuance of treasury stock                                                                         |                                                                        |                           |         |             |                |   | 910        |            |   |                |             |         |   |              |        |       |       |   |        |        |   |   | 910      |        
|Proceeds from the New Credit Agreement and Senior Unsecured Notes                                  |                                                                        |                           | 398,000  |             |                |   |           |            |   |                |             |         |   |              |        |       |       |   |        |        |   |   | 398,000  |        
|Payment of deferred financing costs                                                                |                                                                        |                           | (10,844  | )           |                |   |           |            |   |                |             |         |   |              |        |       |       |   |        |        |   |   | (10,844  | )      
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|                                                                                                   |                                                                        |                           | 36,156   |             |                |   | 910        |            |   |                |             |         |   |              |        |       |       |   |        |        |   |   | 37,066   |        
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|Cash provided by discontinued operations                                                           |                                                                        |                           |         |             |                |   |           |            |   |                | 16,010       |         |   |              | 1,248   |       |       |   |        |        |   |   | 17,258   |        
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|Effect of exchange rates on cash                                                                   |                                                                        |                           |         |             |                |   |           |            |   |                |             |         |   |              | 5,921   |       |       |   |        |        |   |   | 5,921    |        
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|Net increase (decrease) in cash and cash equivalents                                               |                                                                        |                           | (65,584  | )           |                |   | 707        |            |   |                | 89,523       |         |   |              | 14,639  |       |       |   | (3,487  | )      |   |   | 35,798   |        
|Intercompany accounts                                                                              |                                                                        |                           | 90,368   |             |                |   | (707       | )          |   |                | (87,360      | )       |   |              | (4,968  | )     |       |   | 2,667   |        |   |   |         |        
|Cash and cash equivalents, beginning of period                                                     |                                                                        |                           | 27,694   |             |                |   | 1          |            |   |                | (4,895       | )       |   |              | 7,902   |       |       |   | 820     |        |   |   | 31,522   |        
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  
|Cash and cash equivalents, end of period                                                           |                                                                        | $                         | 52,478   |             |                | $ | 1          |            |   | $              | (2,732       | )       |   | $            | 17,573  |       |       | $ |        |        |   | $ | 67,320   |        
|                                                                                                   |                                                                        |                           |          |             |                |   |            |            |   |                |              |         |   |              |         |       |       |  

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EAGLEPICHER HOLDINGS, INC.


SUPPLEMENTAL CONDENSED COMBINING STATEMENTS OF CASH FLOWS


For the Year Ended November 30, 2004


|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |   |         |        |  |   |         |         |  
|---------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- | ------------------------- | ------- | ----------- | -------------- | - | ---------- | ---------- |  | -------------- | ------------ | ------- | - | ------------ | ------- | ------ | ----- | - | ------- | ------ |  | - | ------- | ------- | -
|                                                                                         |                                                                        |                           |         | Guarantors  |                |   |            |            |  |                |             
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |             
|                                                                                         |                                                                        |                           |         | EaglePicher |                |   | Subsidiary |            |  | Non-Guarantors |              |         |   |              |        
|                                                                                         |                                                                        | Issuer                    |         |             | Holdings, Inc. |   |            | Guarantors |  |                | Subsidiaries |         |   | Eliminations |         |        | Total |  
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|                                                                                         |                                                                        | (In thousands of dollars) |        
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                    |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |   |         |        |  |   |         |        
|Net income (loss)                                                                        |                                                                        | $                         | (918    | )           |                | $ | (25,724    | )          |  | $              | (12,559      | )       |   | $            | (2,787  | )      |       | $ | (10,348 | )      |  | $ | (52,336 | )      
|Adjustments to reconcile net income (loss) to cash provided by
    operating activities: |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |   |         |        |  |   |         |        
|                                                                                         | Equity in (earnings) loss of consolidated subsidiaries                 |                           |         | (24,777     | )              |   |            | 8,456      |  |                |              | 4,957   |   |              |         |       |       |   |         | 11,364 |  |   |         |        |  
|                                                                                         | Depreciation and amortization                                          |                           |         | 6,498       |                |   |            | 591        |  |                |              | 30,952  |   |              |         | 4,667  |       |   |         |       |  |   |         | 42,708  |  
|                                                                                         | Preferred stock dividends accrued                                      |                           |         |            |                |   |            | 16,674     |  |                |              |        |   |              |         |       |       |   |         |       |  |   |         | 16,674  |  
|                                                                                         | Loss (gain) on disposal of discontinued operations                     |                           |         | (635        | )              |   |            |           |  |                |              | (6,013  | ) |              |         |       |       |   |         |       |  |   |         | (6,648  | )
|                                                                                         | Loss from divestitures                                                 |                           |         | 2,871       |                |   |            |           |  |                |              |        |   |              |         |       |       |   |         |       |  |   |         | 2,871   |  
|                                                                                         | Insurance related loss                                                 |                           |         |            |                |   |            |           |  |                |              | 681     |   |              |         |       |       |   |         |       |  |   |         | 681     |  
|                                                                                         | Write off of deferred financing costs                                  |                           |         | 492         |                |   |            |           |  |                |              |        |   |              |         |       |       |   |         |       |  |   |         | 492     |  
|                                                                                         | Goodwill impairment                                                    |                           |         |            |                |   |            |           |  |                |              | 34,816  |   |              |         |       |       |   |         |       |  |   |         | 34,816  |  
|                                                                                         | Restructuring and asset impairments                                    |                           |         | 650         |                |   |            |           |  |                |              | 350     |   |              |         |       |       |   |         |       |  |   |         | 1,000   |  
|                                                                                         | Cumulative effect of accounting change                                 |                           |         | 200         |                |   |            |           |  |                |              |        |   |              |         |       |       |   |         |       |  |   |         | 200     |  
|                                                                                         | Deferred income taxes                                                  |                           |         | (7,893      | )              |   |            |           |  |                |              |        |   |              |         | 1,417  |       |   |         |       |  |   |         | (6,476  | )
|                                                                                         | Changes in assets and liabilities, net of effect of non-cash
    items |                           |         | 5,529       |                |   |            | 3          |  |                |              | (24,367 | ) |              |         | (9,102 | )     |   |         | 12,613 |  |   |         | (15,324 | )
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|                                                                                         |                                                                        |                           | (17,983 | )           |                |   |           |            |  |                | 28,817       |         |   |              | (5,805  | )      |       |   | 13,629  |        |  |   | 18,658  |        
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                    |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |   |         |        |  |   |         |        
|Proceeds from sales of property and equipment and other                                  |                                                                        |                           |        |             |                |   |           |            |  |                | 240          |         |   |              |        |        |       |   |        |        |  |   | 240     |        
|Capital expenditures                                                                     |                                                                        |                           | (4,420  | )           |                |   |           |            |  |                | (29,172      | )       |   |              | (12,034 | )      |       |   |        |        |  |   | (45,626 | )      
|Kokam investment, license and other costs                                                |                                                                        |                           | (4,000  | )           |                |   |           |            |  |                |             |         |   |              | (8,702  | )      |       |   |        |        |  |   | (12,702 | )      
|Acquisition of majority interest in EaglePicher Horizon Battery
    LLC                  |                                                                        |                           |        |             |                |   |           |            |  |                |             |         |   |              | (3,500  | )      |       |   |        |        |  |   | (3,500  | )      
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|                                                                                         |                                                                        |                           | (8,420  | )           |                |   |           |            |  |                | (28,932      | )       |   |              | (24,236 | )      |       |   |        |        |  |   | (61,588 | )      
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                    |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |   |         |        |  |   |         |        
|Reduction of long-term debt                                                              |                                                                        |                           | (18,864 | )           |                |   |           |            |  |                |             |         |   |              |        |        |       |   |        |        |  |   | (18,864 | )      
|Redemption of senior subordinated notes                                                  |                                                                        |                           | (9,500  | )           |                |   |           |            |  |                |             |         |   |              |        |        |       |   |        |        |  |   | (9,500  | )      
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|                                                                                         |                                                                        |                           | (28,364 | )           |                |   |           |            |  |                |             |         |   |              |        |        |       |   |        |        |  |   | (28,364 | )      
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|Net cash provided by discontinued operations                                             |                                                                        |                           | 1,340   |             |                |   |           |            |  |                | 21,713       |         |   |              |        |        |       |   |        |        |  |   | 23,053  |        
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|Effect of exchange rates on cash                                                         |                                                                        |                           |        |             |                |   |           |            |  |                |             |         |   |              | 943     |        |       |   |        |        |  |   | 943     |        
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|Net increase (decrease) in cash and cash equivalents                                     |                                                                        |                           | (53,427 | )           |                |   |           |            |  |                | 21,598       |         |   |              | (29,098 | )      |       |   | 13,629  |        |  |   | (47,298 | )      
|Intercompany accounts                                                                    |                                                                        |                           | 9,082   |             |                |   |           |            |  |                | (18,015      | )       |   |              | 22,562  |        |       |   | (13,629 | )      |  |   |        |        
|Cash and cash equivalents, beginning of period                                           |                                                                        |                           | 52,478  |             |                |   | 1          |            |  |                | (2,732       | )       |   |              | 17,573  |        |       |   |        |        |  |   | 67,320  |        
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  
|Cash and cash equivalents, end of period                                                 |                                                                        | $                         | 8,133   |             |                | $ | 1          |            |  | $              | 851          |         |   | $            | 11,037  |        |       | $ |        |        |  | $ | 20,022  |        
|                                                                                         |                                                                        |                           |         |             |                |   |            |            |  |                |              |         |   |              |         |        |       |  

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|   |                                                                          
|-- | -------------------------------------------------------------------------
|N. | 11.75% CUMULATIVE MANDATORILY REDEEMABLE EXCHANGEABLE
    PREFERRED STOCK



|            |  |           |        | 
|----------- |  | --------- | ------ | 
|Fiscal Year |  | Dividends |       
|            |  |           |       
|2005        |  | $         | 16,674 | 
|2006        |  |           | 16,674 | 
|2007        |  |           | 16,674 | 
|2008        |  |           | 4,167  | 
|            |  |           |       
|            |  | $         | 54,189 | 
|            |  |           |       







|   |                                  
|-- | ---------------------------------
|O. | SHAREHOLDERS EQUITY (DEFICIENCY)



| |             
| | ------------
| | Common Stock



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| |                                              
| | ---------------------------------------------
| | Accumulated Other Comprehensive Income (Loss)





|   |             
|-- | ------------
|P. | INCOME TAXES



|              |  |      |         |   |      |   |        |      |  |   |         |  
|------------- |  | ---- | ------- | - | ---- | - | ------ | ---- |  | - | ------- | -
|              |  | 2002 |         |   | 2003 |   |        | 2004 | 
|              |  |      |         |   |      |   |        |      | 
|United States |  | $    | (36,759 | ) |      | $ | (1,917 | )    |  | $ | (71,345 | )
|Foreign       |  |      | 8,183   |   |      |   | 13,384 |      |  |   | 6,034   |  
|              |  |      |         |   |      |   |        |      | 
|              |  | $    | (28,576 | ) |      | $ | 11,467 |      |  | $ | (65,311 | )
|              |  |      |         |   |      |   |        |      | 



|         |                 |      |        |        |      |   |       |       |  |   |        |      |  
|-------- | --------------- | ---- | ------ | ------ | ---- | - | ----- | ----- |  | - | ------ | ---- | -
|         |                 | 2002 |        |        | 2003 |   |       | 2004  | 
|         |                 |      |        |        |      |   |       |       | 
|Current: |                 |      |        |        |      |   |       |       |  |   |        |     
|         | Federal         |      | $      | (5,956 | )    |   | $     |      |  |   | $      |     |  
|         | Foreign         |      |        | 2,455  |      |   |       | 2,916 |  |   |        | (104 | )
|         | State and local |      |        | (45    | )    |   |       |      |  |   |        |     |  
|         |                 |      |        |        |      |   |       |       | 
|         |                 |      | (3,546 | )      |      |   | 2,916 |       |  |   | (104   | )   
|Deferred |                 |      | 5,484  |        |      |   | (79   | )     |  |   | (6,476 | )   
|         |                 |      |        |        |      |   |       |       | 
|         |                 | $    | 1,938  |        |      | $ | 2,837 |       |  | $ | (6,580 | )   
|         |                 |      |        |        |      |   |       |       | 

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|                                                                  |  |      |         |   |      |   |        |      |  |   |         |  
|----------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------ | ---- |  | - | ------- | -
|                                                                  |  | 2002 |         |   | 2003 |   |        | 2004 | 
|                                                                  |  |      |         |   |      |   |        |      | 
|Income tax expense (benefit) at Federal statutory rate            |  | $    | (10,001 | ) |      | $ | 4,013  |      |  | $ | (22,859 | )
|Foreign taxes rate differential                                   |  |      | 66      |   |      |   | 142    |      |  |   | 40      |  
|Tax on unremitted foreign earnings                                |  |      |        |   |      |   |       |      |  |   | 7,192   |  
|Non-deductible amortization relating to goodwill                  |  |      | 992     |   |      |   |       |      |  |   |        |  
|Goodwill amortization and impairments                             |  |      |        |   |      |   |       |      |  |   | 4,760   |  
|Non-deductible preferred stock dividends                          |  |      |        |   |      |   | 1,459  |      |  |   | 5,836   |  
|(Reduction) increase in valuation allowance                       |  |      | 13,813  |   |      |   | (2,882 | )    |  |   | (6,070  | )
|Effect of Discontinued Operations of Hillsdale U.K.               |  |      |        |   |      |   | 2,334  |      |  |   |        |  
|Foreign income offset by previously unrecorded losses and credits |  |      |        |   |      |   | (3,049 | )    |  |   |        |  
|Tax on repatriation of foreign earnings                           |  |      |        |   |      |   |       |      |  |   | 2,870   |  
|Other                                                             |  |      | (2,932  | ) |      |   | 820    |      |  |   | 1,651   |  
|                                                                  |  |      |         |   |      |   |        |      | 
|                                                                  |  | $    | 1,938   |   |      | $ | 2,837  |      |  | $ | (6,580  | )
|                                                                  |  |      |         |   |      |   |        |      | 



|                                                                   |                                                                            |      |       |         |      |   |        |         |  
|------------------------------------------------------------------ | -------------------------------------------------------------------------- | ---- | ----- | ------- | ---- | - | ------ | ------- | -
|                                                                   |                                                                            | 2003 |       |         | 2004 |  
|                                                                   |                                                                            |      |       |         |      |  
|Current deferred tax assets (liabilities) attributable to:         |                                                                            |      |       |         |      |   |        |        
|                                                                   | Accrued divestiture reserve                                                |      | $     | 3,254   |      |   | $      | 1,988   |  
|                                                                   | Accrued liabilities                                                        |      |       | 9,314   |      |   |        | 8,854   |  
|                                                                   | Other assets                                                               |      |       | 1,613   |      |   |        | 1,712   |  
|                                                                   | Other liabilities                                                          |      |       | (717    | )    |   |        | (1,084  | )
|                                                                   |                                                                            |      |       |         |      |  
|                                                                   | Current deferred tax asset                                                 |      |       | 13,464  |      |   |        | 11,470  |  
|                                                                   | Valuation allowance                                                        |      |       | (4,938  | )    |   |        | (2,088  | )
|                                                                   |                                                                            |      |       |         |      |  
|                                                                   | Current deferred tax asset, net of valuation allowance                     |      |       | 8,526   |      |   |        | 9,382   |  
|                                                                   |                                                                            |      |       |         |      |  
|Non-current deferred tax assets (liabilities) attributable
    to: |                                                                            |      |       |         |      |   |        |        
|                                                                   | Property, plant and equipment                                              |      |       | (3,440  | )    |   |        | (6,972  | )
|                                                                   | Prepaid pension                                                            |      |       | (19,912 | )    |   |        | (20,805 | )
|                                                                   | Net operating loss carryforwards                                           |      |       | 33,532  |      |   |        | 52,531  |  
|                                                                   | Goodwill                                                                   |      |       | 1,539   |      |   |        | (2,872  | )
|                                                                   | Unrepatriated foreign earnings                                             |      |       |        |      |   |        | (7,192  | )
|                                                                   | Postretirement benefits                                                    |      |       | 3,766   |      |   |        | 5,748   |  
|                                                                   | Other assets                                                               |      |       | 310     |      |   |        | 815     |  
|                                                                   | Other liabilities                                                          |      |       | (2,650  | )    |   |        | (5,966  | )
|                                                                   |                                                                            |      |       |         |      |  
|                                                                   | Non-current deferred tax asset                                             |      |       | 13,145  |      |   |        | 15,287  |  
|                                                                   | Valuation allowance                                                        |      |       | (13,631 | )    |   |        | (10,410 | )
|                                                                   |                                                                            |      |       |         |      |  
|                                                                   | Non-current deferred tax asset (liability), net of valuation
    allowance |      |       | (486    | )    |   |        | 4,877   |  
|                                                                   |                                                                            |      |       |         |      |  
|Net deferred tax asset                                             |                                                                            | $    | 8,040 |         |      | $ | 14,259 |        
|                                                                   |                                                                            |      |       |         |      |  



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|   |                                                                           
|-- | --------------------------------------------------------------------------
|Q. | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS, AND
    COMPENSATION PLANS



| |                                               
| | ----------------------------------------------
| | Pension and Other Postretirement Benefit Plans











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|                                                          |  |                  |         |   |                         |   |         |      |  |   |         |   |  |      |       |  |      |   |       |   |  |   |        |  
|--------------------------------------------------------- |  | ---------------- | ------- | - | ----------------------- | - | ------- | ---- |  | - | ------- | - |  | ---- | ----- |  | ---- | - | ----- | - |  | - | ------ | -
|                                                          |  | Pension Benefits |         |   | Postretirement Benefits |  
|                                                          |  |                  |         |   |                         |  
|                                                          |  | 2002             |         |   | 2003                    |   |         | 2004 |  |   | 2002    |   |  | 2003 |       |  | 2004 |  
|                                                          |  |                  |         |   |                         |   |         |      |  |   |         |   |  |      |       |  |      |  
|Service cost  benefits earned during the period          |  | $                | 3,933   |   |                         | $ | 3,630   |      |  | $ | 4,036   |   |  | $    | 463   |  |      | $ | 254   |   |  | $ | 82     |  
|Interest cost on projected benefit obligations            |  |                  | 15,577  |   |                         |   | 15,129  |      |  |   | 14,906  |   |  |      | 1,187 |  |      |   | 1,085 |   |  |   | 551    |  
|Expected return on plan assets                            |  |                  | (23,705 | ) |                         |   | (19,767 | )    |  |   | (21,413 | ) |  |      |      |  |      |   |      |   |  |   |       |  
|Recognized actuarial loss                                 |  |                  |        |   |                         |   | 1,616   |      |  |   | 2,036   |   |  |      |      |  |      |   | 142   |   |  |   | 273    |  
|Net amortization and deferral                             |  |                  | 312     |   |                         |   | (108    | )    |  |   | (108    | ) |  |      |      |  |      |   | (318  | ) |  |   | (1,030 | )
|                                                          |  |                  |         |   |                         |   |         |      |  |   |         |   |  |      |       |  |      |  
|Net periodic cost (income)                                |  |                  | (3,883  | ) |                         |   | 500     |      |  |   | (543    | ) |  | $    | 1,650 |  |      | $ | 1,163 |   |  | $ | (124   | )
|                                                          |  |                  |         |   |                         |   |         |      |  |   |         |   |  |      |       |  |      |  
|Special termination benefits                              |  |                  | 3,674   |   |                         |   |        |      |  |   |        |   |  |      |       |  |      |   |       |   |  |   |        |  
|                                                          |  |                  |         |   |                         |   |         |      |  |   |         |   |  |      |       |  |      |  
|Total cost of (income from) providing retirement benefits |  | $                | (209    | ) |                         | $ | 500     |      |  | $ | (543    | ) |  |      |       |  |      |   |       |   |  |   |        |  
|                                                          |  |                  |         |   |                         |   |         |      |  |   |         |   |  |      |       |  |      |  





|                                       |  |                  |       |  |                         |  |       |      |  |  |       |  |  |      |       |  |      |  |       |  |  |  |       | 
|-------------------------------------- |  | ---------------- | ----- |  | ----------------------- |  | ----- | ---- |  |  | ----- |  |  | ---- | ----- |  | ---- |  | ----- |  |  |  | ----- | 
|                                       |  | Pension Benefits |       |  | Postretirement Benefits | 
|                                       |  |                  |       |  |                         | 
|                                       |  | 2002             |       |  | 2003                    |  |       | 2004 |  |  | 2002  |  |  | 2003 |       |  | 2004 | 
|                                       |  |                  |       |  |                         |  |       |      |  |  |       |  |  |      |       |  |      | 
|Discount rate                          |  |                  | 7.25% |  |                         |  | 6.95% |      |  |  | 6.07% |  |  |      | 7.25% |  |      |  | 6.95% |  |  |  | 6.07% | 
|Expected rate of return on plan assets |  |                  | 9.25% |  |                         |  | 8.75% |      |  |  | 8.75% |  |  |      | N/A   |  |      |  | N/A   |  |  |  | N/A   | 
|Rate of compensation increase          |  |                  | 3.00% |  |                         |  | 3.00% |      |  |  | 3.00% |  |  |      | N/A   |  |      |  | N/A   |  |  |  | N/A   | 





|                                             |  |      |      |   |      |  |      |  
|-------------------------------------------- |  | ---- | ---- | - | ---- |  | ---- | -
|                                             |  | 2003 |      |   | 2004 | 
|                                             |  |      |      |   |      | 
|Health care cost trend rate                  |  |      | 11.0 | % |      |  | 10.0 | %
|Ultimate health care trend rate              |  |      | 5.0  | % |      |  | 5.0  | %
|Year ultimate health care trend rate reached |  |      | 2009 |   |      |  | 2009 |  



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|                                                        |  |                |     |  |          |   |      |  
|------------------------------------------------------- |  | -------------- | --- |  | -------- | - | ---- | -
|                                                        |  | One Percentage |    
|                                                        |  | Point          |    
|                                                        |  |                |    
|                                                        |  | Increase       |     |  | Decrease |  
|                                                        |  |                |     |  |          |  
|Effect on service and interest cost components          |  | $              | 60  |  |          | $ | (50  | )
|Effect on accumulated postretirement benefit obligation |  |                | 687 |  |          |   | (592 | )



|                |                         |                  |      |     |                   |  |      |      |  |  |      |     | 
|--------------- | ----------------------- | ---------------- | ---- | --- | ----------------- |  | ---- | ---- |  |  | ---- | --- | 
|                |                         | Target           |      |     | Plan Assets as of | 
|                |                         | Allocation as of |      |     | November 30,      | 
|                |                         | November 30,     |      |     |                   | 
|                |                         | 2004             |      |     | 2003              |  |      | 2004 | 
|                |                         |                  |      |     |                   |  |      |      | 
|Asset category: |                         |                  |      |     |                   |  |      |      |  |  |      |    
|                | Equity securities       |                  |      | 55% |                   |  |      | 59%  |  |  |      | 59% | 
|                | Fixed income securities |                  |      | 42% |                   |  |      | 36%  |  |  |      | 36% | 
|                | Real estate and other   |                  |      | 3%  |                   |  |      | 5%   |  |  |      | 5%  | 
|                |                         |                  |      |     |                   |  |      |      | 
|                |                         |                  | 100% |     |                   |  | 100% |      |  |  | 100% |    
|                |                         |                  |      |     |                   |  |      |      | 





|                                      |                                  |                  |         |         |                         |   |         |         |   |   |        |        |   |   |        |        |  
|------------------------------------- | -------------------------------- | ---------------- | ------- | ------- | ----------------------- | - | ------- | ------- | - | - | ------ | ------ | - | - | ------ | ------ | -
|                                      |                                  | Pension Benefits |         |         | Postretirement Benefits |  
|                                      |                                  |                  |         |         |                         |  
|                                      |                                  | 2003             |         |         | 2004                    |   |         | 2003    |   |   | 2004   |       
|                                      |                                  |                  |         |         |                         |   |         |         |   |   |        |       
|Changes in Benefit Obligations:       |                                  |                  |         |         |                         |   |         |         |   |   |        |        |   |   |        |       
|Benefit Obligation, beginning of year |                                  | $                | 230,839 |         |                         | $ | 250,272 |         |   | $ | 18,638 |        |   | $ | 13,526 |       
|                                      | Service cost                     |                  |         | 3,630   |                         |   |         | 4,036   |   |   |        | 254    |   |   |        | 82     |  
|                                      | Interest cost                    |                  |         | 15,129  |                         |   |         | 14,906  |   |   |        | 1,085  |   |   |        | 551    |  
|                                      | Amendments                       |                  |         | (6,413  | )                       |   |         |        |   |   |        | (9,190 | ) |   |        | (4,517 | )
|                                      | Actuarial (gain)/loss            |                  |         | 21,805  |                         |   |         | 5,516   |   |   |        | 4,119  |   |   |        | 574    |  
|                                      | Plan participants contributions |                  |         |        |                         |   |         |        |   |   |        | 911    |   |   |        | 931    |  
|                                      | Benefits paid                    |                  |         | (14,718 | )                       |   |         | (14,886 | ) |   |        | (2,291 | ) |   |        | (1,802 | )
|                                      |                                  |                  |         |         |                         |   |         |         |   |   |        |       
|Benefit Obligation, end of year       |                                  |                  | 250,272 |         |                         |   | 259,844 |         |   |   | 13,526 |        |   |   | 9,345  |       
|                                      |                                  |                  |         |         |                         |   |         |         |   |   |        |       

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|                                                                |                                              |                  |         |         |                         |   |         |         |   |   |         |        |   |   |         |        |  
|--------------------------------------------------------------- | -------------------------------------------- | ---------------- | ------- | ------- | ----------------------- | - | ------- | ------- | - | - | ------- | ------ | - | - | ------- | ------ | -
|                                                                |                                              | Pension Benefits |         |         | Postretirement Benefits |  
|                                                                |                                              |                  |         |         |                         |  
|                                                                |                                              | 2003             |         |         | 2004                    |   |         | 2003    |   |   | 2004    |       
|                                                                |                                              |                  |         |         |                         |   |         |         |   |   |         |       
|Change in Plan Assets:                                          |                                              |                  |         |         |                         |   |         |         |   |   |         |        |   |   |         |       
|                                                                | Fair Value of Plan Assets, beginning of year |                  |         | 232,901 |                         |   |         | 251,932 |   |   |         |       |   |   |         |       |  
|                                                                | Actual return (loss) on plan assets          |                  |         | 33,749  |                         |   |         | 27,454  |   |   |         |       |   |   |         |       |  
|                                                                | Employer contributions                       |                  |         |        |                         |   |         |        |   |   |         | 1,380  |   |   |         | 871    |  
|                                                                | Plan participants contributions             |                  |         |        |                         |   |         |        |   |   |         | 911    |   |   |         | 931    |  
|                                                                | Benefits paid                                |                  |         | (14,718 | )                       |   |         | (14,886 | ) |   |         | (2,291 | ) |   |         | (1,802 | )
|                                                                |                                              |                  |         |         |                         |   |         |         |   |   |         |       
|Fair Value of Plan Assets, end of year                          |                                              |                  | 251,932 |         |                         |   | 264,500 |         |   |   |        |        |   |   |        |       
|                                                                |                                              |                  |         |         |                         |   |         |         |   |   |         |       
|Funded Status                                                   |                                              |                  | 1,660   |         |                         |   | 4,656   |         |   |   | (13,526 | )      |   |   | (9,345  | )     
|Unrecognized Actuarial (Gain)/Loss                              |                                              |                  | 58,958  |         |                         |   | 56,397  |         |   |   | 4,980   |        |   |   | 5,281   |       
|Unrecognized Prior Service Cost                                 |                                              |                  | (1,727  | )       |                         |   | (1,609  | )       |   |   | (8,872  | )      |   |   | (12,359 | )     
|                                                                |                                              |                  |         |         |                         |   |         |         |   |   |         |       
|Net Prepaid Benefit Cost (Accrued Benefit Liability) Recognized |                                              | $                | 58,891  |         |                         | $ | 59,444  |         |   | $ | (17,418 | )      |   | $ | (16,423 | )     
|                                                                |                                              |                  |         |         |                         |   |         |         |   |   |         |       





|            |  |          |        |  |                |   |       | 
|----------- |  | -------- | ------ |  | -------------- | - | ----- | 
|            |  | Pension  |        |  | Postretirement |  
|            |  | Benefits |        |  | Benefits       |  
|            |  |          |        |  |                |  
|2005        |  | $        | 14,891 |  |                | $ | 918   | 
|2006        |  |          | 15,217 |  |                |   | 899   | 
|2007        |  |          | 15,553 |  |                |   | 862   | 
|2008        |  |          | 15,995 |  |                |   | 836   | 
|2009        |  |          | 15,942 |  |                |   | 829   | 
|2010 - 2014 |  |          | 90,751 |  |                |   | 3,630 | 



|                                           |  |        |         |   |        |   |         |       |  |   |         |  
|------------------------------------------ |  | ------ | ------- | - | ------ | - | ------- | ----- |  | - | ------- | -
|                                           |  | Salary |         |   | Hourly |   |         | Total | 
|                                           |  |        |         |   |        |   |         |       | 
|Accumulated Benefit Obligation (ABO)       |  | $      | 158,998 |   |        | $ | 98,976  |       |  | $ | 257,974 |  
|Obligations due to future salary increases |  |        |        |   |        |   | 1,870   |       |  |   | 1,870   |  
|                                           |  |        |         |   |        |   |         |       | 
|Projected Benefit Obligation (PBO)         |  | $      | 158,998 |   |        | $ | 100,846 |       |  | $ | 259,844 |  
|                                           |  |        |         |   |        |   |         |       | 
|Fair Value of Plan Assets                  |  | $      | 162,281 |   |        | $ | 102,219 |       |  | $ | 264,500 |  
|                                           |  |        |         |   |        |   |         |       | 
|(Unfunded)/funded PBO                      |  | $      | 3,283   |   |        | $ | 1,373   |       |  | $ | 4,656   |  
|                                           |  |        |         |   |        |   |         |       | 
|(Unfunded)/funded ABO                      |  | $      | 3,283   |   |        | $ | 3,243   |       |  | $ | 6,526   |  
|                                           |  |        |         |   |        |   |         |       | 
|ABO funding percentage                     |  |        | 102.1   | % |        |   | 103.3   | %     |  |   | 102.5   | %
|                                           |  |        |         |   |        |   |         |       | 

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| |                   
| | ------------------
| | Compensation Plans











|                           |  |  |          |  
|-------------------------- |  |  | -------- | -
|Balance, November 30, 2001 |  |  |         |  
|Granted                    |  |  | 419,150  |  
|Expired/forfeited          |  |  |         |  
|Exercised                  |  |  |         |  
|                           |  |  |         
|Balance, November 30, 2002 |  |  | 419,150  |  
|Granted                    |  |  | 510,950  |  
|Expired/forfeited          |  |  | (60,833  | )
|Exercised                  |  |  |         |  
|                           |  |  |         
|Balance, November 30, 2003 |  |  | 869,267  |  
|Granted                    |  |  | 503,625  |  
|Expired/forfeited          |  |  | (93,881  | )
|Exercised                  |  |  | (406,439 | )
|                           |  |  |         
|Balance, November 30, 2004 |  |  | 872,572  |  
|                           |  |  |         

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|   |                              
|-- | -----------------------------
|R. | COMMITMENTS AND CONTINGENCIES



| |                      
| | ---------------------
| | Environmental Matters















| |              
| | -------------
| | Legal Matters



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| |                 
| | ----------------
| | Operating Leases





|   |                           
|-- | --------------------------
|S. | RELATED PARTY TRANSACTIONS





97



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|   |                             
|-- | ----------------------------
|T. | BUSINESS SEGMENT INFORMATION





98



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|                                                                    |  |      |         |   |      |   |         |      |  |   |         |  
|------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                                                    |  | 2002 |         |   | 2003 |   |         | 2004 | 
|                                                                    |  |      |         |   |      |   |         |      | 
|Net Sales                                                           |  |      |         |   |      |   |         |      |  |   |         |  
|Hillsdale                                                           |  | $    | 342,678 |   |      | $ | 323,838 |      |  | $ | 317,714 |  
|Wolverine                                                           |  |      | 79,367  |   |      |   | 89,852  |      |  |   | 106,523 |  
|Defense and Space Power                                             |  |      | 98,074  |   |      |   | 130,834 |      |  |   | 151,966 |  
|Commercial Power Solutions                                          |  |      | 6,546   |   |      |   | 13,024  |      |  |   | 13,897  |  
|Precision Products-divested July 17, 2002                           |  |      | 3,435   |   |      |   |        |      |  |   |        |  
|Specialty Materials Group                                           |  |      | 32,271  |   |      |   | 28,097  |      |  |   | 22,309  |  
|Pharmaceutical Services                                             |  |      | 13,200  |   |      |   | 9,088   |      |  |   | 12,491  |  
|Filtration and Minerals                                             |  |      | 82,129  |   |      |   | 78,567  |      |  |   | 82,437  |  
|                                                                    |  |      |         |   |      |   |         |      | 
|                                                                    |  | $    | 657,700 |   |      | $ | 673,300 |      |  | $ | 707,337 |  
|                                                                    |  |      |         |   |      |   |         |      | 
|Operating Income (Loss)                                             |  |      |         |   |      |   |         |      |  |   |         |  
|Hillsdale                                                           |  | $    | 2,271   |   |      | $ | 6,922   |      |  | $ | (39,763 | )
|Wolverine                                                           |  |      | 8,230   |   |      |   | 14,566  |      |  |   | 15,552  |  
|Defense and Space Power                                             |  |      | (4,313  | ) |      |   | 20,719  |      |  |   | 15,835  |  
|Commercial Power Solutions                                          |  |      | (330    | ) |      |   | 4,570   |      |  |   | (6,590  | )
|Specialty Materials Group                                           |  |      | (997    | ) |      |   | 6,118   |      |  |   | 6,603   |  
|Pharmaceutical Services                                             |  |      | 2,329   |   |      |   | 2,714   |      |  |   | 1,628   |  
|Precision Products-divested July 17, 2002                           |  |      | (318    | ) |      |   |        |      |  |   |        |  
|Filtration and Minerals                                             |  |      | 8,078   |   |      |   | 5,285   |      |  |   | 3,845   |  
|Divested Divisions                                                  |  |      | (6,497  | ) |      |   |        |      |  |   | (5,471  | )
|Corporate/ Intersegment                                             |  |      | (4,318  | ) |      |   | (3,312  | )    |  |   | (4,751  | )
|                                                                    |  |      |         |   |      |   |         |      | 
|                                                                    |  | $    | 4,135   |   |      | $ | 57,582  |      |  | $ | (13,112 | )
|                                                                    |  |      |         |   |      |   |         |      | 
|Depreciation and Amortization (including Goodwill
    Amortization) |  |      |         |   |      |   |         |      |  |   |         |  
|Hillsdale                                                           |  | $    | 33,348  |   |      | $ | 28,241  |      |  | $ | 23,759  |  
|Wolverine                                                           |  |      | 9,646   |   |      |   | 5,465   |      |  |   | 4,610   |  
|Defense and Space Power                                             |  |      | 6,426   |   |      |   | 3,498   |      |  |   | 3,560   |  
|Commercial Power Solutions                                          |  |      | 419     |   |      |   | 483     |      |  |   | 768     |  
|Specialty Materials Group                                           |  |      | 3,823   |   |      |   | 3,252   |      |  |   | 705     |  
|Pharmaceutical Services                                             |  |      | 1,215   |   |      |   | 800     |      |  |   | 929     |  
|Precision Products-divested July 17, 2002                           |  |      | 92      |   |      |   |        |      |  |   |        |  
|Filtration and Minerals                                             |  |      | 5,276   |   |      |   | 5,060   |      |  |   | 5,119   |  
|Corporate/ Intersegment                                             |  |      | 505     |   |      |   | 910     |      |  |   | 1,238   |  
|                                                                    |  |      |         |   |      |   |         |      | 
|                                                                    |  | $    | 60,750  |   |      | $ | 47,709  |      |  | $ | 40,688  |  
|                                                                    |  |      |         |   |      |   |         |      | 

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|                           |  |      |        |  |      |   |         |      |  |   |         | 
|-------------------------- |  | ---- | ------ |  | ---- | - | ------- | ---- |  | - | ------- | 
|                           |  | 2002 |        |  | 2003 |   |         | 2004 | 
|                           |  |      |        |  |      |   |         |      | 
|Capital Expenditures       |  |      |        |  |      |   |         |      |  |   |         | 
|Hillsdale                  |  | $    | 10,010 |  |      | $ | 5,315   |      |  | $ | 14,567  | 
|Wolverine                  |  |      | 1,330  |  |      |   | 1,866   |      |  |   | 4,112   | 
|Defense and Space Power    |  |      | 1,001  |  |      |   | 4,183   |      |  |   | 16,407  | 
|Commercial Power Solutions |  |      |       |  |      |   | 540     |      |  |   | 5,037   | 
|Specialty Materials Group  |  |      | 584    |  |      |   | 356     |      |  |   | 282     | 
|Pharmaceutical Services    |  |      | 208    |  |      |   | 1,120   |      |  |   | 1,596   | 
|Filtration and Minerals    |  |      | 1,969  |  |      |   | 1,794   |      |  |   | 2,900   | 
|Corporate                  |  |      | 1,199  |  |      |   | 907     |      |  |   | 725     | 
|                           |  |      |        |  |      |   |         |      | 
|                           |  | $    | 16,301 |  |      | $ | 16,081  |      |  | $ | 45,626  | 
|                           |  |      |        |  |      |   |         |      | 
|Identifiable Assets        |  |      |        |  |      |   |         |      |  |   |         | 
|Hillsdale                  |  |      |        |  |      | $ | 186,727 |      |  | $ | 109,757 | 
|Wolverine                  |  |      |        |  |      |   | 99,653  |      |  |   | 97,022  | 
|Defense and Space Power    |  |      |        |  |      |   | 106,062 |      |  |   | 118,154 | 
|Commercial Power Solutions |  |      |        |  |      |   | 9,659   |      |  |   | 27,260  | 
|Specialty Materials Group  |  |      |        |  |      |   | 43,602  |      |  |   | 35,704  | 
|Pharmaceutical Services    |  |      |        |  |      |   | 13,163  |      |  |   | 14,750  | 
|Filtration and Minerals    |  |      |        |  |      |   | 54,254  |      |  |   | 45,355  | 
|Corporate/ Intersegment    |  |      |        |  |      |   | 152,418 |      |  |   | 150,772 | 
|                           |  |      |        |  |      |   |         |      | 
|                           |  |      |        |  |      | $ | 665,538 |      |  | $ | 598,774 | 
|                           |  |      |        |  |      |   |         |      | 

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|   |                                        
|-- | ---------------------------------------
|U. | QUARTERLY FINANCIAL RESULTS (UNAUDITED)



|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |   |  |   |         |  
|---------------------------------------------------------------------------------------------------------- |  | ------------- | ------- | - | -- | - | ------- | -- |  | - | ------- | - |  | - | ------- | -
|                                                                                                           |  | 2003 Quarters |        
|                                                                                                           |  |               |        
|                                                                                                           |  | Q1            |         |   | Q2 |   |         | Q3 |  |   | Q4      |  
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Net sales                                                                                                  |  | $             | 161,495 |   |    | $ | 171,886 |    |  | $ | 163,011 |   |  | $ | 176,908 |  
|Cost of products sold (exclusive of depreciation)                                                          |  |               | 125,853 |   |    |   | 130,629 |    |  |   | 124,758 |   |  |   | 131,837 |  
|Selling and administrative                                                                                 |  |               | 14,128  |   |    |   | 16,093  |    |  |   | 15,615  |   |  |   | 17,375  |  
|Depreciation and amortization                                                                              |  |               | 11,024  |   |    |   | 10,826  |    |  |   | 12,678  |   |  |   | 13,181  |  
|Insurance related losses (gains)                                                                           |  |               |        |   |    |   | (5,736  | )  |  |   | (2,774  | ) |  |   | 231     |  
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Operating income                                                                                           |  |               | 10,490  |   |    |   | 20,074  |    |  |   | 12,734  |   |  |   | 14,284  |  
|Interest expense                                                                                           |  |               | (7,789  | ) |    |   | (7,742  | )  |  |   | (8,629  | ) |  |   | (9,876  | )
|Preferred stock dividends accrued                                                                          |  |               |        |   |    |   |        |    |  |   |        |   |  |   | (4,169  | )
|Other income (expense), net                                                                                |  |               | 324     |   |    |   | (251    | )  |  |   | (600    | ) |  |   | (1,056  | )
|Write-off of deferred financing costs                                                                      |  |               |        |   |    |   |        |    |  |   | (6,327  | ) |  |   |        |  
|Income tax provision (benefit)                                                                             |  |               | 896     |   |    |   | 1,150   |    |  |   | 804     |   |  |   | (13     | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Income (loss) from continuing operations                                                                   |  | $             | 2,129   |   |    | $ | 10,931  |    |  | $ | (3,626  | ) |  | $ | (804    | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Net income (loss)                                                                                          |  | $             | 1,168   |   |    | $ | 7,686   |    |  | $ | (4,226  | ) |  | $ | (1,785  | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Income (loss) applicable to common shareholders                                                            |  | $             | (2,769  | ) |    | $ | 3,517   |    |  | $ | (8,394  | ) |  | $ | (1,785  | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Basic and diluted income (loss) per share applicable to common
    shareholders from continuing operations |  | $             | (1.94   | ) |    | $ | 7.09    |    |  | $ | (7.79   | ) |  | $ | (0.80   | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Basic and diluted income (loss) per share                                                                  |  | $             | (2.98   | ) |    | $ | 3.69    |    |  | $ | (8.39   | ) |  | $ | (1.79   | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  

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|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |   |  |   |         |  
|---------------------------------------------------------------------------------------------------------- |  | ------------- | ------- | - | -- | - | ------- | -- |  | - | ------- | - |  | - | ------- | -
|                                                                                                           |  | 2004 Quarters |        
|                                                                                                           |  |               |        
|                                                                                                           |  | Q1            |         |   | Q2 |   |         | Q3 |  |   | Q4      |  
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Net sales                                                                                                  |  | $             | 163,760 |   |    | $ | 186,410 |    |  | $ | 179,056 |   |  | $ | 178,111 |  
|Cost of products sold (exclusive of depreciation)                                                          |  |               | 126,784 |   |    |   | 144,584 |    |  |   | 145,368 |   |  |   | 154,352 |  
|Selling and administrative                                                                                 |  |               | 16,869  |   |    |   | 17,205  |    |  |   | 15,847  |   |  |   | 16,784  |  
|Depreciation and amortization                                                                              |  |               | 9,877   |   |    |   | 10,006  |    |  |   | 9,867   |   |  |   | 10,938  |  
|Restructuring and asset impairment                                                                         |  |               |        |   |    |   |        |    |  |   |        |   |  |   | 1,000   |  
|Insurance related losses                                                                                   |  |               |        |   |    |   |        |    |  |   | 405     |   |  |   | 276     |  
|Goodwill impairment                                                                                        |  |               |        |   |    |   |        |    |  |   |        |   |  |   | 34,816  |  
|Loss from divestitures                                                                                     |  |               | 2,600   |   |    |   |        |    |  |   | 609     |   |  |   | 2,262   |  
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Operating income (loss)                                                                                    |  |               | 7,630   |   |    |   | 14,615  |    |  |   | 6,960   |   |  |   | (42,317 | )
|Interest expense                                                                                           |  |               | (8,606  | ) |    |   | (9,204  | )  |  |   | (9,131  | ) |  |   | (9,765  | )
|Preferred stock dividends accrued                                                                          |  |               | (4,169  | ) |    |   | (4,169  | )  |  |   | (4,167  | ) |  |   | (4,169  | )
|Other income (expense), net                                                                                |  |               | (293    | ) |    |   | 580     |    |  |   | 520     |   |  |   | 866     |  
|Write-off of deferred financing costs                                                                      |  |               |        |   |    |   |        |    |  |   | (492    | ) |  |   |        |  
|Income tax provision (benefit)                                                                             |  |               | 373     |   |    |   | 893     |    |  |   | 1,540   |   |  |   | (9,386  | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Income (loss) from continuing operations before cumulative
    effect of accounting change                 |  | $             | (5,811  | ) |    | $ | 929     |    |  | $ | (7,850  | ) |  | $ | (45,999 | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Net income (loss)                                                                                          |  | $             | (5,800  | ) |    | $ | 5,422   |    |  | $ | (7,348  | ) |  | $ | (44,610 | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Income (loss) applicable to common shareholders                                                            |  | $             | (5,800  | ) |    | $ | 5,422   |    |  | $ | (7,348  | ) |  | $ | (44,610 | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Basic and diluted income (loss) per share applicable to common
    shareholders from continuing operations |  | $             | (5.81   | ) |    | $ | 0.93    |    |  | $ | (7.85   | ) |  | $ | (46.00  | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  
|Basic and diluted income (loss) per share                                                                  |  | $             | (5.80   | ) |    | $ | 5.42    |    |  | $ | (7.35   | ) |  | $ | (44.61  | )
|                                                                                                           |  |               |         |   |    |   |         |    |  |   |         |  






|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure






Item 9a.     Controls and
Procedures








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Item 9b.     Other
Information




PART III







|         |                                                   
|-------- | --------------------------------------------------
|Item 10. | Directors and Executive Officers of the Registrant








|         |                       
|-------- | ----------------------
|Item 11. | Executive Compensation








|         |                                                                   
|-------- | ------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management








|         |                                                         
|-------- | --------------------------------------------------------
|Item 13. | Certain Relationships and Related Party
    Transactions








|         |                                       
|-------- | --------------------------------------
|Item 14. | Principle Accountant Fees and Services



PART IV







|         |                                       
|-------- | --------------------------------------
|Item 15. | Exhibit, Financial Statement Schedules















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|        |   |     |  |   |                  |                                                                                                                                                       |      |  |      | 
|------- | - | --- |  | - | ---------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |   |     |  |   |                  |                                                                                                                                                       |     
|Number  |   |     |  |   | Title of Exhibit |                                                                                                                                                       | Note | 
|        |   |     |  |   |                  |                                                                                                                                                       |      | 
|        | 2 | .1  |  |  |                  | Third Amended Consolidated Plan of Reorganization of EaglePicher
    Incorporated (f/k/a Eagle-Picher Industries, Inc.) dated
    August 28, 1996     |      |  | (1)  | 
|        | 2 | .2  |  |  |                  | Exhibits to Third Amended Consolidated Plan of Reorganization of
    EaglePicher Incorporated                                                         |      |  | (1)  | 
|        | 3 | .1  |  |  |                  | Articles of Incorporation of EaglePicher Incorporated, as amended                                                                                     |      |  | (1)  | 
|        | 3 | .2  |  |  |                  | Certificate of Amendment by Shareholders or Members of Articles
    of Incorporation of EaglePicher Incorporated, as amended, dated
    April 1, 2003 |      |  | (18) | 
|        | 3 | .3  |  |  |                  | Regulations of the EaglePicher Incorporated                                                                                                           |      |  | (1)  | 
|        | 3 | .4  |  |  |                  | Amended and Restated Certificate of Incorporation of EaglePicher
    Holdings, Inc. (f/k/a Eagle-Picher Holdings, Inc.)                               |      |  | (1)  | 
|        | 3 | .5  |  |  |                  | Certificate of Amendment of Amended and Restated Certificate of
    Incorporation of EaglePicher Holdings, Inc., dated
    August 31, 2001            |      |  | (13) | 
|        | 3 | .6  |  |  |                  | Certificate of Amendment of Certificate of Incorporation of
    EaglePicher Holdings, Inc., dated April 1, 2003                                       |      |  | (18) | 
|        | 3 | .7  |  |  |                  | Bylaws of EaglePicher Holdings, Inc.                                                                                                                  |      |  | (1)  | 
|        | 3 | .8  |  |  |                  | Restated Articles of Incorporation of Daisy Parts, Inc.                                                                                               |      |  | (2)  | 
|        | 3 | .9  |  |  |                  | Amended and Restated Bylaws of Daisy Parts, Inc., dated as of
    November 16, 2001                                                                   |      |  | (14) | 
|        | 3 | .10 |  |  |                  | Certificate of Incorporation of Eagle-Picher Development
    Company, Inc.                                                                            |      |  | (2)  | 
|        | 3 | .11 |  |  |                  | Bylaws of Eagle-Picher Development Company, Inc.                                                                                                      |      |  | (2)  | 
|        | 3 | .12 |  |  |                  | Certificate of Incorporation of Eagle-Picher Far East, Inc.                                                                                           |      |  | (2)  | 
|        | 3 | .13 |  |  |                  | Bylaws of Eagle-Picher Far East, Inc.                                                                                                                 |      |  | (2)  | 
|        | 3 | .14 |  |  |                  | Articles of Incorporation of EaglePicher Filtration &
    Minerals, Inc. (f/k/a Eagle-Picher Minerals, Inc.)                                          |      |  | (2)  | 
|        | 3 | .15 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    October 21, 2002                      |      |  | (18) | 
|        | 3 | .16 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    February 25, 2003                     |      |  | (18) | 
|        | 3 | .17 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    February 27, 2003                     |      |  | (18) | 
|        | 3 | .18 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    April 21, 2003                        |      |  | (18) | 
|        | 3 | .19 |  |  |                  | Bylaws of EaglePicher Filtration & Minerals, Inc.                                                                                                     |      |  | (2)  | 
|        | 3 | .20 |  |  |                  | Amendment to the Bylaws of EaglePicher Filtration &
    Minerals, Inc., dated as of November 16, 2001                                                 |      |  | (14) | 
|        | 3 | .21 |  |  |                  | Certificate of Formation of EaglePicher Technologies, LLC (f/k/a
    Eagle-Picher Technologies, LLC)                                                  |      |  | (2)  | 
|        | 3 | .22 |  |  |                  | Amended and Restated Limited Liability Company Agreement of
    EaglePicher Technologies, LLC                                                         |      |  | (3)  | 
|        | 3 | .23 |  |  |                  | Certificate of Amendment of Certificate of Formation of
    EaglePicher Technologies, LLC, dated April 1, 2003                                        |      |  | (18) | 
|        | 3 | .24 |  |  |                  | Restated Articles of Incorporation of EaglePicher Automotive,
    Inc. (f/k/a Hillsdale Tool & Manufacturing Co.)                                     |      |  | (18) | 
|        | 3 | .25 |  |  |                  | Certificate of Amendment to the Articles of Incorporation of
    EaglePicher Automotive, Inc., dated August 1, 2003                                   |      |  | (18) | 
|        | 3 | .26 |  |  |                  | Amended and Restated Bylaws of EaglePicher Automotive, Inc.,
    dated as of November 16, 2001                                                        |      |  | (14) | 

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|        |   |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |  |      | 
|------- | - | --- |  | - | ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |   |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |     
|Number  |   |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Note | 
|        |   |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 
|        | 3 | .27 |  |  |                  | Restated Articles of Incorporation of EPMR Corporation (f/k/a
    Michigan Automotive Research Corporation)                                                                                                                                                                                                                                                                                                                                                           |      |  | (7)  | 
|        | 3 | .28 |  |  |                  | Bylaws of EPMR Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |  | (7)  | 
|        | 3 | .29 |  |  |                  | Articles of Incorporation of Eagle-Picher Acceptance Corporation
    (f/k/a Eagle-Picher Acceptance Corp.)                                                                                                                                                                                                                                                                                                                                                            |      |  | (18) | 
|        | 3 | .30 |  |  |                  | Certificate of Amendment by Shareholders to the Articles of
    Incorporation of Eagle-Picher Acceptance Corporation, dated
    May 14, 1999                                                                                                                                                                                                                                                                                                                          |      |  | (18) | 
|        | 3 | .31 |  |  |                  | Code of Regulations of Eagle-Picher Acceptance Corporation                                                                                                                                                                                                                                                                                                                                                                                                            |      |  | (18) | 
|        | 3 | .32 |  |  |                  | Articles of Incorporation of Cincinnati Industrial Machinery
    Sales Company (f/k/a Cincinnati Industrial Machinery Company)                                                                                                                                                                                                                                                                                                                                        |      |  | (18) | 
|        | 3 | .33 |  |  |                  | Certificate of Amendment by Shareholders to the Articles of
    Incorporation of Cincinnati Industrial Machinery Sales Company,
    dated February 14, 1995                                                                                                                                                                                                                                                                                                           |      |  | (18) | 
|        | 3 | .34 |  |  |                  | Code of Regulations of Cincinnati Industrial Machinery Sales
    Company                                                                                                                                                                                                                                                                                                                                                                                              |      |  | (18) | 
|        | 3 | .35 |  |  |                  | Articles of Incorporation for Carpenter Enterprises Limited
    (f/k/a Charterhouse Acquisition Corporation)                                                                                                                                                                                                                                                                                                                                                          |      |  | (18) | 
|        | 3 | .36 |  |  |                  | Certificate of Amendment to the Articles of Incorporation of
    Carpenter Enterprises Limited, dated October 5, 1988                                                                                                                                                                                                                                                                                                                                                 |      |  | (18) | 
|        | 3 | .37 |  |  |                  | Amended and Restated Bylaws of Carpenter Enterprises Limited                                                                                                                                                                                                                                                                                                                                                                                                          |      |  | (18) | 
|        | 3 | .38 |  |  |                  | Certificate of Formation of EaglePicher Pharmaceutical Services,
    LLC, as amended, dated March 4, 2003                                                                                                                                                                                                                                                                                                                                                             |      |  | (18) | 
|        | 3 | .39 |  |  |                  | Limited Liability Company Amended and Restated Operating
    Agreement of EaglePicher Pharmaceutical Services, LLC, dated
    March 4, 2003                                                                                                                                                                                                                                                                                                                           |      |  | (18) | 
|        | 4 | .1  |  |  |                  | Indenture, dated as of February 24, 1998, between
    EaglePicher Incorporated, EaglePicher Holdings, Inc., as a
    guarantor, subsidiary guarantors (Daisy Parts, Inc.,
    Eagle-Picher Development Company, Inc., Eagle-Picher Far East,
    Inc., Eagle-Picher Fluid Systems, Inc., EaglePicher
    Filtration & Minerals, Inc., EaglePicher Technologies,
    LLC, EaglePicher Automotive, Inc., and EPMR Corporation), and
    The Bank of New York as trustee |      |  | (1)  | 
|        | 4 | .2  |  |  |                  | Cross Reference Table showing the location in the Indenture,
    dated as of February 24, 1998, of the provisions of
    Sections 310 through 318(a), inclusive, of the Trust
    Indenture Act of 1939, contained as part of the Indenture filed
    as Exhibit 4.1                                                                                                                                                                                                  |      |  | (1)  | 
|        | 4 | .3  |  |  |                  | First Supplemental Indenture, dated as of February 24,
    1998, between EaglePicher Incorporated and the Bank of New York
    as trustee, supplementing the Indenture, dated as of
    February 24, 1998                                                                                                                                                                                                                                                             |      |  | (1)  | 
|        | 4 | .4  |  |  |                  | Form of Global Note for the Indenture, dated as of
    February 24, 1998 (attached as Exhibit A to the
    Indenture, dated as of February 24, 1998, filed as
    Exhibit 4.1)                                                                                                                                                                                                                                                                                        |      |  | (1)  | 
|        | 4 | .5  |  |  |                  | Certified Copy of the Certificate of Designations, Preferences
    and Rights of 11.75% Series A Cumulative Redeemable
    Exchangeable Preferred Stock and 11.75% Series B Cumulative
    Redeemable Exchangeable Preferred Stock of the EaglePicher
    Holdings, Inc., dated February 23, 1998                                                                                                                                                                     |      |  | (1)  | 
|        | 4 | .6  |  |  |                  | Form of Certificate and Global Share of 11.75% Series A
    Cumulative Redeemable Exchangeable Preferred Stock and 11.75%
    Series B Cumulative Redeemable Exchangeable Preferred Stock
    (attached as Exhibit A to the Certificate of Designations
    filed as Exhibit 4.5)                                                                                                                                                                                     |      |  | (18) | 
|        | 4 | .7  |  |  |                  | Form of Exchange Debentures Indenture relating to 11.75%
    Exchange Debentures due 2008 of EaglePicher Holdings, Inc.                                                                                                                                                                                                                                                                                                                                               |      |  | (1)  | 
|        | 4 | .8  |  |  |                  | Cross Reference Table showing the location in the Exchange
    Debentures Indenture of the provisions of Sections 310
    through 318(a), inclusive, of the Trust Indenture Act of 1939                                                                                                                                                                                                                                                                               |      |  | (1)  | 
|        | 4 | .9  |  |  |                  | Form of 11.75% Exchange Debenture due 2008 (attached as
    Exhibit A to the Exchange Debentures Indenture filed as
    Exhibit 4.7)                                                                                                                                                                                                                                                                                                                                  |      |  | (1)  | 

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|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                               |      |  |      | 
|------- | -- | --- |  | - | ---------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                               |     
|Number  |    |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                               | Note | 
|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 
|        | 4  | .10 |  |  |                  | Cross Reference Table showing the location in the Indenture,
    dated as of August 7, 2003, of the provisions of
    Sections 310 through 318(a), inclusive, of the Trust
    Indenture Act of 1939, contained as part of the Indenture filed
    as Exhibit 10.70                                                                                                                                                           |      |  | (18) | 
|        | 4  | .11 |  |  |                  | Second Supplemental Indenture, dated as of December 14,
    2001, between EaglePicher Incorporated and the Bank of New York
    as trustee, supplementing the Indenture, dated as of
    February 24, 1998                                                                                                                                                                                                                    |      |  | (18) | 
|        | 4  | .12 |  |  |                  | Third Supplemental Indenture, dated as of July 22, 2003,
    between EaglePicher Incorporated and the Bank of New York as
    trustee, supplementing the Indenture, dated as of
    February 24, 1998                                                                                                                                                                                                                         |      |  | (18) | 
|        | 4  | .13 |  |  |                  | Form of Global Note for the Indenture, dated as of
    August 7, 2003 (attached as Exhibit A-1 to the
    Indenture, dated as of August 7, 2003, filed as
    Exhibit 10.27)                                                                                                                                                                                                                                                  |      |  | (18) | 
|        | 4  | .14 |  |  |                  | Amendment to Certificate of Designations of the 11.75% Preferred
    Stock of EaglePicher Holdings, Inc., dated August 5, 2003                                                                                                                                                                                                                                                                                                |      |  | (18) | 
|        | 9  | .1  |  |  |                  | Voting Trust Agreement dated November 16, 1998 with
    owners of Class A (Voting) Common Stock of EaglePicher
    Holdings, Inc.                                                                                                                                                                                                                                                                                             |      |  | (4)  | 
|        | 10 | .1  |  |  |                  | Merger Agreement, dated as of December 23, 1997, among
    EaglePicher Incorporated, the Eagle-Picher Industries, Inc.
    Personal Injury Settlement Trust, EaglePicher Holdings, Inc.,
    and E-P Acquisition, Inc.                                                                                                                                                                                                        |      |  | (1)  | 
|        | 10 | .2  |  |  |                  | Amendment No. 1 to the Merger Agreement, dated as of
    February 23, 1998, among EaglePicher Incorporated, the
    Eagle-Picher Industries, Inc. Personal Injury Settlement Trust,
    EaglePicher Holdings, Inc., and E-P Acquisition, Inc.                                                                                                                                                                                 |      |  | (1)  | 
|        | 10 | .3  |  |  |                  | Supplemental Executive Retirement Plan of EaglePicher
    Incorporated dated May 3, 1995                                                                                                                                                                                                                                                                                                                                      |      |  |      | 
|        | 10 | .4  |  |  |                  | Notes Purchase Agreement, dated February 19, 1998,
    among E-P Acquisition, Inc., EaglePicher Incorporated,
    EaglePicher Holdings, Inc., SBC Warburg Dillon Read and ABN AMRO
    Incorporated                                                                                                                                                                                                                           |      |  | (1)  | 
|        | 10 | .5  |  |  |                  | Assumption Agreement for the Notes Purchase Agreement,
    dated as of February 24, 1998, between EaglePicher
    Incorporated and subsidiary guarantors Daisy Parts, Inc.,
    Eagle-Picher Development Company, Inc., Eagle-Picher Far East,
    Inc., Eagle-Picher Fluid Systems, Inc., EaglePicher
    Filtration & Minerals, Inc., EaglePicher Technologies,
    LLC, EaglePicher Automotive, Inc., and EPMR Corporation |      |  | (1)  | 
|        | 10 | .6  |  |  |                  | Registration Rights Agreement, dated as of February 24,
    1998, between E-P Acquisition, Inc., SBC Warburg Dillon Read and
    ABN AMRO Incorporated                                                                                                                                                                                                                                                                        |      |  | (1)  | 
|        | 10 | .7  |  |  |                  | Assumption Agreement for the Registration Rights Agreement,
    dated as of February 24, 1998, of EaglePicher Incorporated                                                                                                                                                                                                                                                                                                    |      |  | (1)  | 
|        | 10 | .8  |  |  |                  | Management Agreement dated as of February 24, 1998, between
    EaglePicher Incorporated and Granaria Holdings B.V.                                                                                                                                                                                                                                                                                                           |      |  | (2)  | 
|        | 10 | .9  |  |  |                  | Preferred Stock Purchase Agreement, dated February 19,
    1998, between EaglePicher Holdings, Inc., and the initial
    purchasers                                                                                                                                                                                                                                                                                           |      |  | (1)  | 
|        | 10 | .10 |  |  |                  | Preferred Stock Registration Rights Agreement, dated as of
    February 24, 1998, between EaglePicher Holdings, Inc., and
    the initial purchasers                                                                                                                                                                                                                                                                          |      |  | (1)  | 
|        | 10 | .11 |  |  |                  | Transfer Agency Agreement, dated as of February 24, 1998,
    between EaglePicher Holdings, Inc., and The Bank of New York, as
    transfer agent                                                                                                                                                                                                                                                                             |      |  | (2)  | 
|        | 10 | .12 |  |  |                  | EaglePicher Holdings, Inc., Incentive Stock Plan for Outside
    Directors effective January 1, 1999                                                                                                                                                                                                                                                                                                                          |      |  | (4)  | 
|        | 10 | .13 |  |  |                  | Second Amended and Restated Incentive Stock Plan of EaglePicher
    Incorporated effective November 15, 1998                                                                                                                                                                                                                                                                                                                  |      |  | (4)  | 
|        | 10 | .14 |  |  |                  | Shareholders Agreement dated October 15, 1998, among
    Granaria Holdings B.V., Granaria Industries B.V., EaglePicher
    Holdings, Inc., and EaglePicher Incorporated                                                                                                                                                                                                                                                       |      |  | (4)  | 
|        | 10 | .15 |  |  |                  | Voting Trust Agreement dated as of November 16, 1998,
    by and among certain shareholders of EaglePicher Holdings, Inc.
    and Granaria Holdings B.V.                                                                                                                                                                                                                                                                      |      |  | (5)  | 

106



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|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |  |      | 
|------- | -- | --- |  | - | ---------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |     
|Number  |    |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Note | 
|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 
|        | 10 | .16 |  |  |                  | Shareholders Agreement dated April 12, 1999, among Granaria
    Holdings B.V., the EaglePicher Holdings, Inc., EaglePicher
    Incorporated, and certain shareholders of the Company                                                                                                                                                                                                                                                                                      |      |  | (5)  | 
|        | 10 | .17 |  |  |                  | Voting Trust Agreement dated April 13, 1999, between
    certain shareholders of EaglePicher Holdings, Inc. and Granaria
    Holdings B.V. as voting trustee                                                                                                                                                                                                                                                                                                              |      |  | (5)  | 
|        | 10 | .18 |  |  |                  | Share Appreciation Plan of EaglePicher Incorporated, effective
    May 5, 1998                                                                                                                                                                                                                                                                                                                                                                                            |      |  | (5)  | 
|        | 10 | .19 |  |  |                  | Second Supplemental Indenture dated December 14, 2001,
    among EaglePicher Incorporated, the guarantors (Daisy Parts,
    Inc., Eagle-Picher Development Company, Inc., Eagle-Picher
    Holdings, Inc., Eagle-Picher Far East, Inc., EaglePicher
    Filtration & Minerals, Inc., EaglePicher Technologies,
    LLC, EaglePicher Automotive, Inc., EPMR Corporation and
    Carpenter Enterprises Limited) and The Bank of New York, as
    trustee                    |      |  | (14) | 
|        | 10 | .20 |  |  |                  | Receivables Sale Agreement dated January 8, 2002 by and
    among Eagle-Picher Funding Corporation and each of the
    Originators defined therein which include
    EaglePicher Incorporated, Carpenter Enterprises Limited, Daisy
    Parts, Inc., EaglePicher Filtration & Minerals, Inc.,
    EaglePicher Technologies, LLC, and EaglePicher Automotive,
    Inc.                                                                                                   |      |  | (14) | 
|        | 10 | .21 |  |  |                  | Receivables Purchase and Servicing Agreement dated
    January 8, 2002 by and among Eagle-Picher Funding
    Corporation, Redwood Receivables Corporation, EaglePicher
    Incorporated and General Electric Capital Corporation                                                                                                                                                                                                                                          |      |  | (14) | 
|        | 10 | .22 |  |  |                  | Annex X to Receivables Sale Agreement at Exhibit 10.62
    and to Receivables Purchase and Servicing Agreement at
    Exhibit 10.63  Definitions and
    Interpretations.                                                                                                                                                                                                                                                                                              |      |  | (14) | 
|        | 10 | .23 |  |  |                  | Asset Purchase Agreement, dated December 18, 2001, between
    EaglePicher Incorporated and Construction Equipment Direct,
    Inc.                                                                                                                                                                                                                                                                                                                                       |      |  | (15) | 
|        | 10 | .24 |  |  |                  | EaglePicher Incorporated 2002 Long-term Bonus Program                                                                                                                                                                                                                                                                                                                                                                                                                     |      |  | (16) | 
|        | 10 | .25 |  |  |                  | Purchase Agreement dated as of July 31, 2003 between
    EaglePicher Incorporated and UBS Securities LLC, ABN AMRO
    Incorporated, Banc One Capital Markets, Inc., Harris Nesbitt
    Corp. and PNC Capital Markets, Inc.                                                                                                                                                                                                                                               |      |  | (17) | 
|        | 10 | .26 |  |  |                  | Registration Rights Agreement dated as of August 7, 2003
    between EaglePicher Incorporated, certain of its subsidiaries
    and UBS Securities LLC, ABN AMRO Incorporated, Banc One Capital
    Markets, Inc., Harris Nesbitt Corp. and PNC Capital Markets,
    Inc.                                                                                                                                                                                                  |      |  | (17) | 
|        | 10 | .27 |  |  |                  | Indenture dated as of August 7, 2003 between EaglePicher
    Incorporated, certain of its subsidiaries and Wells Fargo Bank,
    National Association, as trustee                                                                                                                                                                                                                                                                                                         |      |  | (17) | 
|        | 10 | .28 |  |  |                  | Credit Agreement dated as of August 7, 2003 among
    EaglePicher Holdings, Inc., EaglePicher Incorporated, certain of
    its subsidiaries, Harris Trust and Savings Bank, as
    administrative agent, ABN AMRO Incorporated and UBS Securities
    LLC, as co-syndication agents, Bank One, NA and PNC Bank,
    National Association, as co-documentation agents, GE Capital
    Corporation, as collateral agent, and various lenders party
    thereto              |      |  | (17) | 
|        | 10 | .29 |  |  |                  | Guarantee and Collateral Agreement dated as of August 7,
    2003 among EaglePicher Holdings, Inc., EaglePicher Incorporated,
    certain of its subsidiaries and Harris Trust and Savings Bank,
    as administrative agent                                                                                                                                                                                                                                              |      |  | (17) | 
|        | 10 | .30 |  |  |                  | Amendment No. 3 to Receivables Purchase and Servicing
    Agreement dated as of August 7, 2003 among EaglePicher
    Incorporated, certain of its subsidiaries, EaglePicher Funding
    Corporation and General Electric Capital Corporation                                                                                                                                                                                                                              |      |  | (17) | 
|        | 10 | .31 |  |  |                  | Separation Agreement and General Release, dated as of
    January 9, 2005 between EaglePicher Incorporated and John
    H. Weber                                                                                                                                                                                                                                                                                                                                          |      |  | (22) | 
|        | 10 | .32 |  |  |                  | Amendment to Credit Agreement dated as of March 31, 2004
    among EaglePicher Holdings, Inc., EaglePicher Incorporated,
    certain of its subsidiaries, Harris Trust and Savings Bank, as
    administrative agent, ABN AMRO Incorporated and UBS Securities
    LLC, as co-syndication agents, Bank One, NA and PNC Bank,
    National Association, as co-documentation agents, GE Capital
    Corporation, as collateral agent, and various lenders party
    thereto |      |  | (19) | 

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|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |  |      | 
|------- | -- | --- |  | - | ---------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     
|Number  |    |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Note | 
|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 
|        | 10 | .33 |  |  |                  | Second Amendment to Credit Agreement dated as of March 31,
    2005 among EaglePicher Holdings, Inc., EaglePicher Incorporated,
    certain of its subsidiaries, Harris Trust and Savings Bank, as
    administrative agent, ABN AMRO Incorporated and UBS Securities
    LLC, as co-syndication agents, Bank One, NA and PNC Bank,
    National Association, as co-documentation agents, GE Capital
    Corporation, as collateral agent, and various lenders party
    thereto   |      |  | (19) | 
|        | 10 | .34 |  |  |                  | Amendment No. 4 to Receivables, Purchase and Servicing
    Agreement dated as of April 19, 2004 among EaglePicher
    Incorporated, certain of its subsidiaries, EaglePicher Funding
    Corporation and General Electric Capital Corporation                                                                                                                                                                                                                                      |      |  | *    | 
|        | 10 | .35 |  |  |                  | Third Amendment to Credit Agreement dated as of
    November 30, 2004 among EaglePicher Holdings, Inc.,
    EaglePicher Incorporated, certain of its subsidiaries, Harris
    Trust and Savings Bank, as administrative agent, ABN AMRO
    Incorporated and UBS Securities LLC, as co-syndication agents,
    Bank One, NA and PNC Bank, National Association, as
    co-documentation agents, GE Capital Corporation, as collateral
    agent, and various lenders party thereto |      |  | (20) | 
|        | 10 | .36 |  |  |                  | Amendment No. 5 to Receivables, Purchase and Servicing
    Agreement dated as of December 9, 2004 among EaglePicher
    Incorporated, certain of its subsidiaries, EaglePicher Funding
    Corporation and General Electric Capital Corporation                                                                                                                                                                                                                                    |      |  | (20) | 
|        | 10 | .37 |  |  |                  | First Amended and Restated Share Purchase Agreement dated
    July 7, 2004 by and among EaglePicher Investments, LLC,
    Kokam Engineering Co., Ltd. And Ji-Jun Hong                                                                                                                                                                                                                                                                                                              |      |  | (21) | 
|        | 10 | .38 |  |  |                  | Credit Agreement Forbearance Agreement dated February 28,
    2005                                                                                                                                                                                                                                                                                                                                                                                                                 |      |  | (23) | 
|        | 10 | .39 |  |  |                  | Receivables, Purchase and Service Agreement Forbearance
    Agreement dated March 10, 2005                                                                                                                                                                                                                                                                                                                                                                                         |      |  | *    | 
|        | 12 | .1  |  |  |                  | Ratios of Earnings to Fixed Charges and Preferred Stock Dividends                                                                                                                                                                                                                                                                                                                                                                                                                  |      |  | *    | 
|        | 21 | .1  |  |  |                  | Subsidiaries of EaglePicher Incorporated                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |  | *    | 
|        | 24 | .1  |  |  |                  | Power of Attorney  Joel P. Wyler                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |  | *    | 
|        | 24 | .2  |  |  |                  | Power of Attorney  Daniel C. Wyler                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |  | *    | 
|        | 24 | .3  |  |  |                  | Power of Attorney  Pierre Everaert                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |  | *    | 
|        | 31 | .1  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 31 | .2  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 31 | .3  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 31 | .4  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 32 | .1  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 
|        | 32 | .2  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 
|        | 32 | .3  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 
|        | 32 | .4  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 






| |   |               
| | - | --------------
| | * | Filed herewith



| |     |                                                                                                                                         
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------
| | (1) | Incorporated by reference to EaglePicher Incorporateds S-4
    Registration Statement (File No. 333-49957) filed on
    April 10, 1998.

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| |     |                                                                                                                                                               
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | Incorporated by reference to EaglePicher Incorporateds
    Amendment No. 1 to Form S-4 Registration Statement
    (File No. 333-49957) filed on May 20, 1998.
|
| | (3) | Incorporated by reference to EaglePicher Incorporateds
    Amendment No. 2 to Form S-4 Registration Statement
    (File No. 333-49957) filed on June 5, 1998.
|
| | (4) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-K filed on March 1, 1999.                                                               
|
| | (5) | Incorporated by reference to the EaglePicher Holdings,
    Inc.s Form 10-Q filed on June 30, 1999.                                                           
|
| | (6) | Incorporated by reference to the EaglePicher Holdings,
    Inc.s Form 8-K filed on April 21, 1999.                                                           
|
| | (7) | Incorporated by reference to the EaglePicher Holdings,
    Inc.s Form 10-Q filed on April 12, 2000.                                                          
|
| | (8) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on October 16, 2000.                                                            
|
| | (9) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-K filed on February 28, 2001.                                                           



|     |                                                                                                                                            
|---- | -------------------------------------------------------------------------------------------------------------------------------------------
|(10) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on April 10, 2001.                                           
|    
|(11) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on July 9, 2001.                                              
|    
|(12) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on July 16, 2001.                                            
|    
|(13) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on October 12, 2001.                                         
|    
|(14) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-K filed on February 15, 2002.                                        
|    
|(15) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on January 3, 2002.                                           
|    
|(16) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on April 14, 2003.                                           
|    
|(17) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on October 14, 2003.                                         
|    
|(18) | Incorporated by reference to EaglePicher Incorporateds S-4
    Registration Statement (File No. 333-110266) filed on
    November 5, 2003.
|    
|(19) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on April 12, 2004.                                           
|    
|(20) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on December 15, 2004                                          
|    
|(21) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on December 8, 2004                                           
|    
|(22) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on February 1, 2005                                           
|    
|(23) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on March 1, 2005                                              

109



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##### Table of Contents






SIGNATURES






| |                           
| | --------------------------
| | EAGLEPICHER HOLDINGS, INC.



| |     |                
| | --- | ---------------
| | By: | /s/ BERT IEDEMA

| |                                                
| | -----------------------------------------------
| |                                                
| | Bert Iedema                                    
| | President, Chief Executive Officer and Director



|                                               |  |                                                                                    
|---------------------------------------------- |  | -----------------------------------------------------------------------------------
|Signature                                      |  | Title                                                                              
|                                               |  |                                                                                    
|                                              
|/s/ BERT IEDEMABert
    Iedema                 |  | President, Chief Executive Officer and Director
    (Principal Executive Officer)  
|                                              
|/s/ THOMAS R. PILHOLSKIThomas
    R. Pilholski |  | Senior Vice President and Chief Financial Officer
    (Principal Financial Officer)
|                                              
|/s/ DR. JOEL P. WYLERDr.
    Joel P. Wyler     |  | Director                                                                           
|                                              
|/s/ DANIEL C. WYLERDaniel
    C. Wyler         |  | Director                                                                           
|                                              
|/s/ PIERRE EVERAERTPierre
    Everaert         |  | Director                                                                           

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##### Table of Contents







| |                         
| | ------------------------
| | EAGLEPICHER INCORPORATED



| |     |                
| | --- | ---------------
| | By: | /s/ BERT IEDEMA

| |                                                
| | -----------------------------------------------
| |                                                
| | Bert Iedema                                    
| | President, Chief Executive Officer and Director



|                                               |  |                                                                                                   
|---------------------------------------------- |  | --------------------------------------------------------------------------------------------------
|Signature                                      |  | Title                                                                                             
|                                               |  |                                                                                                   
|                                              
|/s/ BERT IEDEMABert
    Iedema                 |  | President, Chief Executive Officer and Director (Principal
    Executive Officer)                 
|                                              
|/s/ THOMAS R. PILHOLSKIThomas
    R. Pilholski |  | Senior Vice President and Chief Financial Officer (Principal
    Financial and Accounting Officer)
|                                              
|/s/ DR. JOEL P. WYLERDr.
    Joel P. Wyler     |  | Director                                                                                          
|                                              
|/s/ DANIEL C. WYLERDaniel
    C. Wyler         |  | Director                                                                                          
|                                              
|/s/ PIERRE EVERAERTPierre
    Everaert         |  | Director                                                                                          

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##### Table of Contents







| |                            
| | ---------------------------
| | CARPENTER ENTERPRISES, INC.



| |     |                       
| | --- | ----------------------
| | By: | /s/ DAVID R. REGINELLI

| |                                          
| | -----------------------------------------
| |                                          
| | David R. Reginelli                       
| | President and Principal Executive Officer



|                                               |  |                                                                                                                      
|---------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------
|Signature                                      |  | Title                                                                                                                
|                                               |  |                                                                                                                      
|                                              
|/s/ DAVID R. REGINELLIDavid
    R. Reginelli   |  | President and Principal Executive Officer, Chief Financial
    Officer and Principal Financial and Accounting Officer
|                                              
|/s/ THOMAS R. PILHOLSKIThomas
    R. Pilholski |  | Director                                                                                                             
|                                              
|/s/ BERT IEDEMABert
    Iedema                 |  | Director                                                                                                             

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##### Table of Contents







| |                      
| | ---------------------
| | DAISY PARTS,
    INC.



| |     |                       
| | --- | ----------------------
| | By: | /s/ DAVID R. REGINELLI

| |                                          
| | -----------------------------------------
| |                                          
| | David R. Reginelli                       
| | President and Principal Executive Officer



|                                               |  |                                                                                                                      
|---------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------
|Signature                                      |  | Title                                                                                                                
|                                               |  |                                                                                                                      
|                                              
|/s/ DAVID R. REGINELLIDavid
    R. Reginelli   |  | President and Principal Executive Officer, Chief Financial
    Officer and Principal Financial and Accounting Officer
|                                              
|/s/ THOMAS R. PILHOLSKIThomas
    R. Pilholski |  | Director                                                                                                             
|                                              
|/s/ BERT IEDEMABert
    Iedema                 |  | Director                                                                                                             

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| |                            
| | ---------------------------
| | EAGLE-PICHER FAR EAST, INC.



| |     |               
| | --- | --------------
| | By: | /s/ JAY PITTAS

| |                                                
| | -----------------------------------------------
| |                                                
| | Jay Pittas                                     
| | President, Chief Executive Officer and Director



|                                               |  |                                                                                                   
|---------------------------------------------- |  | --------------------------------------------------------------------------------------------------
|Signature                                      |  | Title                                                                                             
|                                               |  |                                                                                                   
|                                              
|/s/ JAY PITTASJay
    Pittas                   |  | President, Chief Executive Officer and Director (Principal
    Executive Officer)                 
|                                              
|/s/ THOMAS R. PILHOLSKIThomas
    R. Pilholski |  | Senior Vice President and Chief Financial Officer (Principal
    Financial and Accounting Officer)

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| |                                        
| | ---------------------------------------
| | EAGLEPICHER FILTRATION & MINERALS, INC.



| |     |                      
| | --- | ---------------------
| | By: | /s/ DAVID S. KESELICA

| |                       
| | ----------------------
| |                       
| | David S. Keselica     
| | Director and President



|                                           |  |                                                                          
|------------------------------------------ |  | -------------------------------------------------------------------------
|Signature                                  |  | Title                                                                    
|                                           |  |                                                                          
|                                          
|/s/ DAVID S. KESELICADavid
    S. Keselica |  | Director and President
    (Principal Executive Officer)                 
|                                          
|/s/ NANCY HUBERNancy
    Huber             |  | Vice President  Finance
    (Principal Financial and Accounting Officer)

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| |                              
| | -----------------------------
| | EAGLEPICHER TECHNOLOGIES, LLC



| |     |                     
| | --- | --------------------
| | By: | /s/ CRAIG N. KITCHEN

| |                                               
| | ----------------------------------------------
| |                                               
| | Craig Kitchen                                 
| | Chairman, Chief Executive Officer and Director



|                                                   |  |                                                                                 
|-------------------------------------------------- |  | --------------------------------------------------------------------------------
|Signature                                          |  | Title                                                                           
|                                                   |  |                                                                                 
|                                                  
|/s/ CRAIG N. KITCHENCraig
    N. Kitchen           |  | Chairman, Chief Executive Officer and Director (Principal
    Executive Officer)
|                                                  
|/s/ SHANE DRYANSKIShane
    Dryanski               |  | Chief Financial Officer
    (Principal Financial and Accounting Officer)        
|                                                  
|/s/ DR. JOEL P. WYLERDr.
    Joel P. Wyler         |  | Director                                                                        
|                                                  
|/s/ GRANT T. HOLLETT, JR.Grant
    T. Hollett, Jr. |  | Director                                                                        

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##### Table of Contents







| |                             
| | ----------------------------
| | EAGLEPICHER AUTOMOTIVE, INC.



| |     |                       
| | --- | ----------------------
| | By: | /s/ DAVID R. REGINELLI

| |                                          
| | -----------------------------------------
| |                                          
| | David R. Reginelli                       
| | President and Principal Executive Officer



|                                               |  |                                                                                                                      
|---------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------
|Signature                                      |  | Title                                                                                                                
|                                               |  |                                                                                                                      
|                                              
|/s/ DAVID R. REGINELLIDavid
    R. Reginelli   |  | President and Principal Executive Officer, Chief Financial
    Officer and Principal Financial and Accounting Officer
|                                              
|/s/ THOMAS R. PILHOLSKIThomas
    R. Pilholski |  | Director                                                                                                             
|                                              
|/s/ BERT IEDEMABert
    Iedema                 |  | Director                                                                                                             

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##### Table of Contents







| |                           
| | --------------------------
| | EAGLEPICHER PHARMACEUTICAL
| | SERVICES, LLC             



| |     |                       
| | --- | ----------------------
| | By: | /s/ STEVEN E. WESTFALL

| |                       
| | ----------------------
| |                       
| | Steven E. Westfall    
| | President and Director



|                                             |  |                                                                                 
|-------------------------------------------- |  | --------------------------------------------------------------------------------
|Signature                                    |  | Title                                                                           
|                                             |  |                                                                                 
|                                            
|/s/ STEVEN E. WESTFALLSteven
    E. Westfall |  | President and Director
    (Principal Executive Officer)                        
|                                            
|/s/ JOHN SULLIVANJohn
    Sullivan           |  | Chief Financial Officer
    (Principal Financial Officer and Accounting Officer)
|                                            
|/s/ LISA GRESSELLisa
    Gressel             |  | Director                                                                        

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##### Table of Contents






EXHIBIT INDEX


|        |   |     |  |   |                  |                                                                                                                                                       |      |  |      | 
|------- | - | --- |  | - | ---------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |   |     |  |   |                  |                                                                                                                                                       |     
|Number  |   |     |  |   | Title of Exhibit |                                                                                                                                                       | Note | 
|        |   |     |  |   |                  |                                                                                                                                                       |      | 
|        | 2 | .1  |  |  |                  | Third Amended Consolidated Plan of Reorganization of EaglePicher
    Incorporated (f/k/a Eagle-Picher Industries, Inc.) dated
    August 28, 1996     |      |  | (1)  | 
|        | 2 | .2  |  |  |                  | Exhibits to Third Amended Consolidated Plan of Reorganization of
    EaglePicher Incorporated                                                         |      |  | (1)  | 
|        | 3 | .1  |  |  |                  | Articles of Incorporation of EaglePicher Incorporated, as amended                                                                                     |      |  | (1)  | 
|        | 3 | .2  |  |  |                  | Certificate of Amendment by Shareholders or Members of Articles
    of Incorporation of EaglePicher Incorporated, as amended, dated
    April 1, 2003 |      |  | (18) | 
|        | 3 | .3  |  |  |                  | Regulations of the EaglePicher Incorporated                                                                                                           |      |  | (1)  | 
|        | 3 | .4  |  |  |                  | Amended and Restated Certificate of Incorporation of EaglePicher
    Holdings, Inc. (f/k/a Eagle-Picher Holdings, Inc.)                               |      |  | (1)  | 
|        | 3 | .5  |  |  |                  | Certificate of Amendment of Amended and Restated Certificate of
    Incorporation of EaglePicher Holdings, Inc., dated
    August 31, 2001            |      |  | (13) | 
|        | 3 | .6  |  |  |                  | Certificate of Amendment of Certificate of Incorporation of
    EaglePicher Holdings, Inc., dated April 1, 2003                                       |      |  | (18) | 
|        | 3 | .7  |  |  |                  | Bylaws of EaglePicher Holdings, Inc.                                                                                                                  |      |  | (1)  | 
|        | 3 | .8  |  |  |                  | Restated Articles of Incorporation of Daisy Parts, Inc.                                                                                               |      |  | (2)  | 
|        | 3 | .9  |  |  |                  | Amended and Restated Bylaws of Daisy Parts, Inc., dated as of
    November 16, 2001                                                                   |      |  | (14) | 
|        | 3 | .10 |  |  |                  | Certificate of Incorporation of Eagle-Picher Development
    Company, Inc.                                                                            |      |  | (2)  | 
|        | 3 | .11 |  |  |                  | Bylaws of Eagle-Picher Development Company, Inc.                                                                                                      |      |  | (2)  | 
|        | 3 | .12 |  |  |                  | Certificate of Incorporation of Eagle-Picher Far East, Inc.                                                                                           |      |  | (2)  | 
|        | 3 | .13 |  |  |                  | Bylaws of Eagle-Picher Far East, Inc.                                                                                                                 |      |  | (2)  | 
|        | 3 | .14 |  |  |                  | Articles of Incorporation of EaglePicher Filtration &
    Minerals, Inc. (f/k/a Eagle-Picher Minerals, Inc.)                                          |      |  | (2)  | 
|        | 3 | .15 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    October 21, 2002                      |      |  | (18) | 
|        | 3 | .16 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    February 25, 2003                     |      |  | (18) | 
|        | 3 | .17 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    February 27, 2003                     |      |  | (18) | 
|        | 3 | .18 |  |  |                  | Certificate of Amendment to Articles of Incorporation of
    EaglePicher Filtration & Minerals, Inc., dated
    April 21, 2003                        |      |  | (18) | 
|        | 3 | .19 |  |  |                  | Bylaws of EaglePicher Filtration & Minerals, Inc.                                                                                                     |      |  | (2)  | 
|        | 3 | .20 |  |  |                  | Amendment to the Bylaws of EaglePicher Filtration &
    Minerals, Inc., dated as of November 16, 2001                                                 |      |  | (14) | 
|        | 3 | .21 |  |  |                  | Certificate of Formation of EaglePicher Technologies, LLC (f/k/a
    Eagle-Picher Technologies, LLC)                                                  |      |  | (2)  | 
|        | 3 | .22 |  |  |                  | Amended and Restated Limited Liability Company Agreement of
    EaglePicher Technologies, LLC                                                         |      |  | (3)  | 
|        | 3 | .23 |  |  |                  | Certificate of Amendment of Certificate of Formation of
    EaglePicher Technologies, LLC, dated April 1, 2003                                        |      |  | (18) | 
|        | 3 | .24 |  |  |                  | Restated Articles of Incorporation of EaglePicher Automotive,
    Inc. (f/k/a Hillsdale Tool & Manufacturing Co.)                                     |      |  | (18) | 
|        | 3 | .25 |  |  |                  | Certificate of Amendment to the Articles of Incorporation of
    EaglePicher Automotive, Inc., dated August 1, 2003                                   |      |  | (18) | 
|        | 3 | .26 |  |  |                  | Amended and Restated Bylaws of EaglePicher Automotive, Inc.,
    dated as of November 16, 2001                                                        |      |  | (14) | 

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|        |   |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |  |      | 
|------- | - | --- |  | - | ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |   |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |     
|Number  |   |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Note | 
|        |   |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 
|        | 3 | .27 |  |  |                  | Restated Articles of Incorporation of EPMR Corporation (f/k/a
    Michigan Automotive Research Corporation)                                                                                                                                                                                                                                                                                                                                                           |      |  | (7)  | 
|        | 3 | .28 |  |  |                  | Bylaws of EPMR Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |  | (7)  | 
|        | 3 | .29 |  |  |                  | Articles of Incorporation of Eagle-Picher Acceptance Corporation
    (f/k/a Eagle-Picher Acceptance Corp.)                                                                                                                                                                                                                                                                                                                                                            |      |  | (18) | 
|        | 3 | .30 |  |  |                  | Certificate of Amendment by Shareholders to the Articles of
    Incorporation of Eagle-Picher Acceptance Corporation, dated
    May 14, 1999                                                                                                                                                                                                                                                                                                                          |      |  | (18) | 
|        | 3 | .31 |  |  |                  | Code of Regulations of Eagle-Picher Acceptance Corporation                                                                                                                                                                                                                                                                                                                                                                                                            |      |  | (18) | 
|        | 3 | .32 |  |  |                  | Articles of Incorporation of Cincinnati Industrial Machinery
    Sales Company (f/k/a Cincinnati Industrial Machinery Company)                                                                                                                                                                                                                                                                                                                                        |      |  | (18) | 
|        | 3 | .33 |  |  |                  | Certificate of Amendment by Shareholders to the Articles of
    Incorporation of Cincinnati Industrial Machinery Sales Company,
    dated February 14, 1995                                                                                                                                                                                                                                                                                                           |      |  | (18) | 
|        | 3 | .34 |  |  |                  | Code of Regulations of Cincinnati Industrial Machinery Sales
    Company                                                                                                                                                                                                                                                                                                                                                                                              |      |  | (18) | 
|        | 3 | .35 |  |  |                  | Articles of Incorporation for Carpenter Enterprises Limited
    (f/k/a Charterhouse Acquisition Corporation)                                                                                                                                                                                                                                                                                                                                                          |      |  | (18) | 
|        | 3 | .36 |  |  |                  | Certificate of Amendment to the Articles of Incorporation of
    Carpenter Enterprises Limited, dated October 5, 1988                                                                                                                                                                                                                                                                                                                                                 |      |  | (18) | 
|        | 3 | .37 |  |  |                  | Amended and Restated Bylaws of Carpenter Enterprises Limited                                                                                                                                                                                                                                                                                                                                                                                                          |      |  | (18) | 
|        | 3 | .38 |  |  |                  | Certificate of Formation of EaglePicher Pharmaceutical Services,
    LLC, as amended, dated March 4, 2003                                                                                                                                                                                                                                                                                                                                                             |      |  | (18) | 
|        | 3 | .39 |  |  |                  | Limited Liability Company Amended and Restated Operating
    Agreement of EaglePicher Pharmaceutical Services, LLC, dated
    March 4, 2003                                                                                                                                                                                                                                                                                                                           |      |  | (18) | 
|        | 4 | .1  |  |  |                  | Indenture, dated as of February 24, 1998, between
    EaglePicher Incorporated, EaglePicher Holdings, Inc., as a
    guarantor, subsidiary guarantors (Daisy Parts, Inc.,
    Eagle-Picher Development Company, Inc., Eagle-Picher Far East,
    Inc., Eagle-Picher Fluid Systems, Inc., EaglePicher
    Filtration & Minerals, Inc., EaglePicher Technologies,
    LLC, EaglePicher Automotive, Inc., and EPMR Corporation), and
    The Bank of New York as trustee |      |  | (1)  | 
|        | 4 | .2  |  |  |                  | Cross Reference Table showing the location in the Indenture,
    dated as of February 24, 1998, of the provisions of
    Sections 310 through 318(a), inclusive, of the Trust
    Indenture Act of 1939, contained as part of the Indenture filed
    as Exhibit 4.1                                                                                                                                                                                                  |      |  | (1)  | 
|        | 4 | .3  |  |  |                  | First Supplemental Indenture, dated as of February 24,
    1998, between EaglePicher Incorporated and the Bank of New York
    as trustee, supplementing the Indenture, dated as of
    February 24, 1998                                                                                                                                                                                                                                                             |      |  | (1)  | 
|        | 4 | .4  |  |  |                  | Form of Global Note for the Indenture, dated as of
    February 24, 1998 (attached as Exhibit A to the
    Indenture, dated as of February 24, 1998, filed as
    Exhibit 4.1)                                                                                                                                                                                                                                                                                        |      |  | (1)  | 
|        | 4 | .5  |  |  |                  | Certified Copy of the Certificate of Designations, Preferences
    and Rights of 11.75% Series A Cumulative Redeemable
    Exchangeable Preferred Stock and 11.75% Series B Cumulative
    Redeemable Exchangeable Preferred Stock of the EaglePicher
    Holdings, Inc., dated February 23, 1998                                                                                                                                                                     |      |  | (1)  | 
|        | 4 | .6  |  |  |                  | Form of Certificate and Global Share of 11.75% Series A
    Cumulative Redeemable Exchangeable Preferred Stock and 11.75%
    Series B Cumulative Redeemable Exchangeable Preferred Stock
    (attached as Exhibit A to the Certificate of Designations
    filed as Exhibit 4.5)                                                                                                                                                                                     |      |  | (18) | 
|        | 4 | .7  |  |  |                  | Form of Exchange Debentures Indenture relating to 11.75%
    Exchange Debentures due 2008 of EaglePicher Holdings, Inc.                                                                                                                                                                                                                                                                                                                                               |      |  | (1)  | 
|        | 4 | .8  |  |  |                  | Cross Reference Table showing the location in the Exchange
    Debentures Indenture of the provisions of Sections 310
    through 318(a), inclusive, of the Trust Indenture Act of 1939                                                                                                                                                                                                                                                                               |      |  | (1)  | 
|        | 4 | .9  |  |  |                  | Form of 11.75% Exchange Debenture due 2008 (attached as
    Exhibit A to the Exchange Debentures Indenture filed as
    Exhibit 4.7)                                                                                                                                                                                                                                                                                                                                  |      |  | (1)  | 

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|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                               |      |  |      | 
|------- | -- | --- |  | - | ---------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                               |     
|Number  |    |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                               | Note | 
|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 
|        | 4  | .10 |  |  |                  | Cross Reference Table showing the location in the Indenture,
    dated as of August 7, 2003, of the provisions of
    Sections 310 through 318(a), inclusive, of the Trust
    Indenture Act of 1939, contained as part of the Indenture filed
    as Exhibit 10.70                                                                                                                                                           |      |  | (18) | 
|        | 4  | .11 |  |  |                  | Second Supplemental Indenture, dated as of December 14,
    2001, between EaglePicher Incorporated and the Bank of New York
    as trustee, supplementing the Indenture, dated as of
    February 24, 1998                                                                                                                                                                                                                    |      |  | (18) | 
|        | 4  | .12 |  |  |                  | Third Supplemental Indenture, dated as of July 22, 2003,
    between EaglePicher Incorporated and the Bank of New York as
    trustee, supplementing the Indenture, dated as of
    February 24, 1998                                                                                                                                                                                                                         |      |  | (18) | 
|        | 4  | .13 |  |  |                  | Form of Global Note for the Indenture, dated as of
    August 7, 2003 (attached as Exhibit A-1 to the
    Indenture, dated as of August 7, 2003, filed as
    Exhibit 10.27)                                                                                                                                                                                                                                                  |      |  | (18) | 
|        | 4  | .14 |  |  |                  | Amendment to Certificate of Designations of the 11.75% Preferred
    Stock of EaglePicher Holdings, Inc., dated August 5, 2003                                                                                                                                                                                                                                                                                                |      |  | (18) | 
|        | 9  | .1  |  |  |                  | Voting Trust Agreement dated November 16, 1998 with
    owners of Class A (Voting) Common Stock of EaglePicher
    Holdings, Inc.                                                                                                                                                                                                                                                                                             |      |  | (4)  | 
|        | 10 | .1  |  |  |                  | Merger Agreement, dated as of December 23, 1997, among
    EaglePicher Incorporated, the Eagle-Picher Industries, Inc.
    Personal Injury Settlement Trust, EaglePicher Holdings, Inc.,
    and E-P Acquisition, Inc.                                                                                                                                                                                                        |      |  | (1)  | 
|        | 10 | .2  |  |  |                  | Amendment No. 1 to the Merger Agreement, dated as of
    February 23, 1998, among EaglePicher Incorporated, the
    Eagle-Picher Industries, Inc. Personal Injury Settlement Trust,
    EaglePicher Holdings, Inc., and E-P Acquisition, Inc.                                                                                                                                                                                 |      |  | (1)  | 
|        | 10 | .3  |  |  |                  | Supplemental Executive Retirement Plan of EaglePicher
    Incorporated dated May 3, 1995                                                                                                                                                                                                                                                                                                                                      |      |  |      | 
|        | 10 | .4  |  |  |                  | Notes Purchase Agreement, dated February 19, 1998,
    among E-P Acquisition, Inc., EaglePicher Incorporated,
    EaglePicher Holdings, Inc., SBC Warburg Dillon Read and ABN AMRO
    Incorporated                                                                                                                                                                                                                           |      |  | (1)  | 
|        | 10 | .5  |  |  |                  | Assumption Agreement for the Notes Purchase Agreement,
    dated as of February 24, 1998, between EaglePicher
    Incorporated and subsidiary guarantors Daisy Parts, Inc.,
    Eagle-Picher Development Company, Inc., Eagle-Picher Far East,
    Inc., Eagle-Picher Fluid Systems, Inc., EaglePicher
    Filtration & Minerals, Inc., EaglePicher Technologies,
    LLC, EaglePicher Automotive, Inc., and EPMR Corporation |      |  | (1)  | 
|        | 10 | .6  |  |  |                  | Registration Rights Agreement, dated as of February 24,
    1998, between E-P Acquisition, Inc., SBC Warburg Dillon Read and
    ABN AMRO Incorporated                                                                                                                                                                                                                                                                        |      |  | (1)  | 
|        | 10 | .7  |  |  |                  | Assumption Agreement for the Registration Rights Agreement,
    dated as of February 24, 1998, of EaglePicher Incorporated                                                                                                                                                                                                                                                                                                    |      |  | (1)  | 
|        | 10 | .8  |  |  |                  | Management Agreement dated as of February 24, 1998, between
    EaglePicher Incorporated and Granaria Holdings B.V.                                                                                                                                                                                                                                                                                                           |      |  | (2)  | 
|        | 10 | .9  |  |  |                  | Preferred Stock Purchase Agreement, dated February 19,
    1998, between EaglePicher Holdings, Inc., and the initial
    purchasers                                                                                                                                                                                                                                                                                           |      |  | (1)  | 
|        | 10 | .10 |  |  |                  | Preferred Stock Registration Rights Agreement, dated as of
    February 24, 1998, between EaglePicher Holdings, Inc., and
    the initial purchasers                                                                                                                                                                                                                                                                          |      |  | (1)  | 
|        | 10 | .11 |  |  |                  | Transfer Agency Agreement, dated as of February 24, 1998,
    between EaglePicher Holdings, Inc., and The Bank of New York, as
    transfer agent                                                                                                                                                                                                                                                                             |      |  | (2)  | 
|        | 10 | .12 |  |  |                  | EaglePicher Holdings, Inc., Incentive Stock Plan for Outside
    Directors effective January 1, 1999                                                                                                                                                                                                                                                                                                                          |      |  | (4)  | 
|        | 10 | .13 |  |  |                  | Second Amended and Restated Incentive Stock Plan of EaglePicher
    Incorporated effective November 15, 1998                                                                                                                                                                                                                                                                                                                  |      |  | (4)  | 
|        | 10 | .14 |  |  |                  | Shareholders Agreement dated October 15, 1998, among
    Granaria Holdings B.V., Granaria Industries B.V., EaglePicher
    Holdings, Inc., and EaglePicher Incorporated                                                                                                                                                                                                                                                       |      |  | (4)  | 
|        | 10 | .15 |  |  |                  | Voting Trust Agreement dated as of November 16, 1998,
    by and among certain shareholders of EaglePicher Holdings, Inc.
    and Granaria Holdings B.V.                                                                                                                                                                                                                                                                      |      |  | (5)  | 

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|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |  |      | 
|------- | -- | --- |  | - | ---------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |     
|Number  |    |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Note | 
|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 
|        | 10 | .16 |  |  |                  | Shareholders Agreement dated April 12, 1999, among Granaria
    Holdings B.V., the EaglePicher Holdings, Inc., EaglePicher
    Incorporated, and certain shareholders of the Company                                                                                                                                                                                                                                                                                      |      |  | (5)  | 
|        | 10 | .17 |  |  |                  | Voting Trust Agreement dated April 13, 1999, between
    certain shareholders of EaglePicher Holdings, Inc. and Granaria
    Holdings B.V. as voting trustee                                                                                                                                                                                                                                                                                                              |      |  | (5)  | 
|        | 10 | .18 |  |  |                  | Share Appreciation Plan of EaglePicher Incorporated, effective
    May 5, 1998                                                                                                                                                                                                                                                                                                                                                                                            |      |  | (5)  | 
|        | 10 | .19 |  |  |                  | Second Supplemental Indenture dated December 14, 2001,
    among EaglePicher Incorporated, the guarantors (Daisy Parts,
    Inc., Eagle-Picher Development Company, Inc., Eagle-Picher
    Holdings, Inc., Eagle-Picher Far East, Inc., EaglePicher
    Filtration & Minerals, Inc., EaglePicher Technologies,
    LLC, EaglePicher Automotive, Inc., EPMR Corporation and
    Carpenter Enterprises Limited) and The Bank of New York, as
    trustee                    |      |  | (14) | 
|        | 10 | .20 |  |  |                  | Receivables Sale Agreement dated January 8, 2002 by and
    among Eagle-Picher Funding Corporation and each of the
    Originators defined therein which include
    EaglePicher Incorporated, Carpenter Enterprises Limited, Daisy
    Parts, Inc., EaglePicher Filtration & Minerals, Inc.,
    EaglePicher Technologies, LLC, and EaglePicher Automotive,
    Inc.                                                                                                   |      |  | (14) | 
|        | 10 | .21 |  |  |                  | Receivables Purchase and Servicing Agreement dated
    January 8, 2002 by and among Eagle-Picher Funding
    Corporation, Redwood Receivables Corporation, EaglePicher
    Incorporated and General Electric Capital Corporation                                                                                                                                                                                                                                          |      |  | (14) | 
|        | 10 | .22 |  |  |                  | Annex X to Receivables Sale Agreement at Exhibit 10.62
    and to Receivables Purchase and Servicing Agreement at
    Exhibit 10.63  Definitions and
    Interpretations.                                                                                                                                                                                                                                                                                              |      |  | (14) | 
|        | 10 | .23 |  |  |                  | Asset Purchase Agreement, dated December 18, 2001, between
    EaglePicher Incorporated and Construction Equipment Direct,
    Inc.                                                                                                                                                                                                                                                                                                                                       |      |  | (15) | 
|        | 10 | .24 |  |  |                  | EaglePicher Incorporated 2002 Long-term Bonus Program                                                                                                                                                                                                                                                                                                                                                                                                                     |      |  | (16) | 
|        | 10 | .25 |  |  |                  | Purchase Agreement dated as of July 31, 2003 between
    EaglePicher Incorporated and UBS Securities LLC, ABN AMRO
    Incorporated, Banc One Capital Markets, Inc., Harris Nesbitt
    Corp. and PNC Capital Markets, Inc.                                                                                                                                                                                                                                               |      |  | (17) | 
|        | 10 | .26 |  |  |                  | Registration Rights Agreement dated as of August 7, 2003
    between EaglePicher Incorporated, certain of its subsidiaries
    and UBS Securities LLC, ABN AMRO Incorporated, Banc One Capital
    Markets, Inc., Harris Nesbitt Corp. and PNC Capital Markets,
    Inc.                                                                                                                                                                                                  |      |  | (17) | 
|        | 10 | .27 |  |  |                  | Indenture dated as of August 7, 2003 between EaglePicher
    Incorporated, certain of its subsidiaries and Wells Fargo Bank,
    National Association, as trustee                                                                                                                                                                                                                                                                                                         |      |  | (17) | 
|        | 10 | .28 |  |  |                  | Credit Agreement dated as of August 7, 2003 among
    EaglePicher Holdings, Inc., EaglePicher Incorporated, certain of
    its subsidiaries, Harris Trust and Savings Bank, as
    administrative agent, ABN AMRO Incorporated and UBS Securities
    LLC, as co-syndication agents, Bank One, NA and PNC Bank,
    National Association, as co-documentation agents, GE Capital
    Corporation, as collateral agent, and various lenders party
    thereto              |      |  | (17) | 
|        | 10 | .29 |  |  |                  | Guarantee and Collateral Agreement dated as of August 7,
    2003 among EaglePicher Holdings, Inc., EaglePicher Incorporated,
    certain of its subsidiaries and Harris Trust and Savings Bank,
    as administrative agent                                                                                                                                                                                                                                              |      |  | (17) | 
|        | 10 | .30 |  |  |                  | Amendment No. 3 to Receivables Purchase and Servicing
    Agreement dated as of August 7, 2003 among EaglePicher
    Incorporated, certain of its subsidiaries, EaglePicher Funding
    Corporation and General Electric Capital Corporation                                                                                                                                                                                                                              |      |  | (17) | 
|        | 10 | .31 |  |  |                  | Separation Agreement and General Release, dated as of
    January 9, 2005 between EaglePicher Incorporated and John
    H. Weber                                                                                                                                                                                                                                                                                                                                          |      |  | (22) | 
|        | 10 | .32 |  |  |                  | Amendment to Credit Agreement dated as of March 31, 2004
    among EaglePicher Holdings, Inc., EaglePicher Incorporated,
    certain of its subsidiaries, Harris Trust and Savings Bank, as
    administrative agent, ABN AMRO Incorporated and UBS Securities
    LLC, as co-syndication agents, Bank One, NA and PNC Bank,
    National Association, as co-documentation agents, GE Capital
    Corporation, as collateral agent, and various lenders party
    thereto |      |  | (19) | 

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|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |  |      | 
|------- | -- | --- |  | - | ---------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---- |  | ---- | 
|Exhibit |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |     
|Number  |    |     |  |   | Title of Exhibit |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Note | 
|        |    |     |  |   |                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 
|        | 10 | .33 |  |  |                  | Second Amendment to Credit Agreement dated as of March 31,
    2005 among EaglePicher Holdings, Inc., EaglePicher Incorporated,
    certain of its subsidiaries, Harris Trust and Savings Bank, as
    administrative agent, ABN AMRO Incorporated and UBS Securities
    LLC, as co-syndication agents, Bank One, NA and PNC Bank,
    National Association, as co-documentation agents, GE Capital
    Corporation, as collateral agent, and various lenders party
    thereto   |      |  | (19) | 
|        | 10 | .34 |  |  |                  | Amendment No. 4 to Receivables, Purchase and Servicing
    Agreement dated as of April 19, 2004 among EaglePicher
    Incorporated, certain of its subsidiaries, EaglePicher Funding
    Corporation and General Electric Capital Corporation                                                                                                                                                                                                                                      |      |  | *    | 
|        | 10 | .35 |  |  |                  | Third Amendment to Credit Agreement dated as of
    November 30, 2004 among EaglePicher Holdings, Inc.,
    EaglePicher Incorporated, certain of its subsidiaries, Harris
    Trust and Savings Bank, as administrative agent, ABN AMRO
    Incorporated and UBS Securities LLC, as co-syndication agents,
    Bank One, NA and PNC Bank, National Association, as
    co-documentation agents, GE Capital Corporation, as collateral
    agent, and various lenders party thereto |      |  | (20) | 
|        | 10 | .36 |  |  |                  | Amendment No. 5 to Receivables, Purchase and Servicing
    Agreement dated as of December 9, 2004 among EaglePicher
    Incorporated, certain of its subsidiaries, EaglePicher Funding
    Corporation and General Electric Capital Corporation                                                                                                                                                                                                                                    |      |  | (20) | 
|        | 10 | .37 |  |  |                  | First Amended and Restated Share Purchase Agreement dated
    July 7, 2004 by and among EaglePicher Investments, LLC,
    Kokam Engineering Co., Ltd. And Ji-Jun Hong                                                                                                                                                                                                                                                                                                              |      |  | (21) | 
|        | 10 | .38 |  |  |                  | Credit Agreement Forbearance Agreement dated February 28,
    2005                                                                                                                                                                                                                                                                                                                                                                                                                 |      |  | (23) | 
|        | 10 | .39 |  |  |                  | Receivables, Purchase and Service Agreement Forbearance
    Agreement dated March 10, 2005                                                                                                                                                                                                                                                                                                                                                                                         |      |  | *    | 
|        | 12 | .1  |  |  |                  | Ratios of Earnings to Fixed Charges and Preferred Stock Dividends                                                                                                                                                                                                                                                                                                                                                                                                                  |      |  | *    | 
|        | 21 | .1  |  |  |                  | Subsidiaries of EaglePicher Incorporated                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |  | *    | 
|        | 24 | .1  |  |  |                  | Power of Attorney  Joel P. Wyler                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |  | *    | 
|        | 24 | .2  |  |  |                  | Power of Attorney  Daniel C. Wyler                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |  | *    | 
|        | 24 | .3  |  |  |                  | Power of Attorney  Pierre Everaert                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |  | *    | 
|        | 31 | .1  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 31 | .2  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 31 | .3  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 31 | .4  |  |  |                  | Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the
    Securities Exchange Act of 1934, as Amended                                                                                                                                                                                                                                                                                                                                                                          |      |  | *    | 
|        | 32 | .1  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 
|        | 32 | .2  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 
|        | 32 | .3  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 
|        | 32 | .4  |  |  |                  | Certification Pursuant to 18 U.S.C. Section 1350, as
    Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002                                                                                                                                                                                                                                                                                                                                                     |      |  | *    | 






| |   |               
| | - | --------------
| | * | Filed herewith



| |     |                                                                                                                                         
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------
| | (1) | Incorporated by reference to EaglePicher Incorporateds S-4
    Registration Statement (File No. 333-49957) filed on
    April 10, 1998.

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##### Table of Contents





| |     |                                                                                                                                                               
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (2) | Incorporated by reference to EaglePicher Incorporateds
    Amendment No. 1 to Form S-4 Registration Statement
    (File No. 333-49957) filed on May 20, 1998.
|
| | (3) | Incorporated by reference to EaglePicher Incorporateds
    Amendment No. 2 to Form S-4 Registration Statement
    (File No. 333-49957) filed on June 5, 1998.
|
| | (4) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-K filed on March 1, 1999.                                                               
|
| | (5) | Incorporated by reference to the EaglePicher Holdings,
    Inc.s Form 10-Q filed on June 30, 1999.                                                           
|
| | (6) | Incorporated by reference to the EaglePicher Holdings,
    Inc.s Form 8-K filed on April 21, 1999.                                                           
|
| | (7) | Incorporated by reference to the EaglePicher Holdings,
    Inc.s Form 10-Q filed on April 12, 2000.                                                          
|
| | (8) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on October 16, 2000.                                                            
|
| | (9) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-K filed on February 28, 2001.                                                           



|     |                                                                                                                                            
|---- | -------------------------------------------------------------------------------------------------------------------------------------------
|(10) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on April 10, 2001.                                           
|    
|(11) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on July 9, 2001.                                              
|    
|(12) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on July 16, 2001.                                            
|    
|(13) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on October 12, 2001.                                         
|    
|(14) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-K filed on February 15, 2002.                                        
|    
|(15) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on January 3, 2002.                                           
|    
|(16) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on April 14, 2003.                                           
|    
|(17) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on October 14, 2003.                                         
|    
|(18) | Incorporated by reference to EaglePicher Incorporateds S-4
    Registration Statement (File No. 333-110266) filed on
    November 5, 2003.
|    
|(19) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 10-Q filed on April 12, 2004.                                           
|    
|(20) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on December 15, 2004                                          
|    
|(21) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on December 8, 2004                                           
|    
|(22) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on February 1, 2005                                           
|    
|(23) | Incorporated by reference to EaglePicher Holdings, Inc.s
    Form 8-K filed on March 1, 2005                                              

124