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Strictly Confidential
Presentation to the Special Committee
of the Board of Directors of
Business Resource Group
July 6, 2000
[LOGO]Merrill Lynch
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Transaction Summary
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<S> <C> <C>
++ Two-Step Structure Cashtender offer at $9.25 per share (the "Transaction Price") of Business
Resource Group (the "Company") common stock (the "Shares") by a newly
formed affiliate corporation ("Purchaser") of Three Cities Research
("TCR"), followed by a back-end cash merger at $9.25 per Share
++ Commencement of Tender Offer Tender offer to commence within five business days of public announcement
++ Tender Offer Schedule Initial expiration date for tender offer will be 20-25 business days
following commencement; may be extended until 60 days following
commencement to permit satisfaction of closing conditions
++ Principal Tender Offer Closing Conditions o Tender of at least 51% of the outstanding Shares not owned by TCR
affiliates (or as to which TCR has a binding agreement to acquire)
o Tender of at least 53.5% of the outstanding Shares
o No material disruptions in US capital markets
o Representations and warranties of Company remaining true
o Compliance by Company with its obligations under the Plan and
Agreement of Merger (the "Merger Agreement")
o No withdrawal or adverse modification of Company board's
recommendation of transaction
++ Absence of Financing Condition Need to obtain third-party financing is not a condition to
consummation of transaction
++ Reincorporation Merger If the number of Shares tendered exceeds the minimum tender condition
described above, but is less than 90% of the Shares outstanding, as an
interim step, Company will reincorporate into the State of Delaware and
then, as the final step, merge with Purchaser
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Transaction Summary
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<S> <C> <C>
++ No solicitation During pendency of transaction, Company and its advisors will be
prohibited from soliciting additional third-party interest in the
acquisition of the Company; however, they will be permitted to fully
respond to any unsolicited communication, and if deemed appropriate in
light of the board's fiduciary duties, the Company's board will be
permitted to withdraw its recommendation of the transaction
++ Antitrust filing Transaction will be subject to review by US federal government under
HSR Act
++ Principal Termination Rights o Breach of representation or warranty under Merger Agreement or
failure of a closing condition
o By Company, in order to accept a Superior Proposal (as defined in the
Merger Agreement)
++ Termination Fees If Company terminates to accept a Superior Proposal, Company will be
required to pay a termination of $750,000 to Purchaser and reimburse
Purchaser for its expenses (up to $500,000) in connection with
transaction
++ Organization of Acquisition Corporation TCR will form a limited liability company ("Holdings") which will
indirectly hold 100% of the equity of Purchaser
++ Contributions by Company Management Two members of Company management, Brian McNay and Jeffrey Tuttle, will
enter into agreements with Holdings pursuant to which they will contribute
a total of approximately 320,000 Shares to Holdings in exchange for equity
units in Holdings. Two other members of management, John Peth and John
Palmer, will acquire units of Holdings in consideration of the
cancellation of a portion of their Company stock options or the
contribution of cash
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Transaction Summary
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<S> <C> <C>
++ TCR Financing One or more TCR funds will contribute, or arrange for the contribution of,
at least $31 million, in the form of cash or demand notes, to Purchaser.
Affiliates of TCR will also commit to at least $15 million in
subordinated, mezzanine debt financing for the acquisition. And finally,
Purchaser will receive a commitment of $45 million in senior debt
financing from Comerica Bank--California
Transaction Summary Source: Outside counsel to the Special Committee of the Board of Directors of the Company
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Valuation Analysis
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Historical Stock Performance
[Graphic Appears here]
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Valuation Analysis
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Premium Analysis
Per Share Share Price Premium
--------- ----------- -------
Transaction Price $9.25 NA
7/5/00 Price $6.50 42%
52 Week High $9.00 3%
52 Week Low $2.87 222%
Source: Price information from Factset Research SYstems
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Valuation
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Historical Financial Summary
[Graphs Appears Here]
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Valuation--Discounted Cash Flow
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Summary of Financial Projections
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Key Assumptions 2000 2001 2002 2003 2004
--------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Sales Growth 56.5% 25.1% 22.0% 10.5% 10.5%
EBITDA margins 6.6% 8.6% 8.6% 8.6% 8.6%
EBIT margins 5.6% 7.8% 7.5% 7.4% 7.4%
Adjusted working capital (% Rev) 13.1% 13.1% 13.1% 13.1% 13.1%
Capital expenditures $1.3 $1.0 $2.0 $2.3 $2.5
Cash paid in acquisitions $6.7 $5.7 $6.9 $8.4 $11.1
<CAPTION>
Forecast ________________________ 2000E 2001E 2002E 2003E 2004E
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
Sales $195.6 $244.7 $298.5 $329.8 $364.3
EBITDA (a) $13.0 $21.1 $25.7 $28.4 $31.3
EBIT (a) $11.0 $19.1 $22.3 $24.4 $27.0
</TABLE>
(a) Excludes special items
Source: Confidential Offering Memorandum prepared by Huntington Holdings,
Inc.; Revised Forecast of Fiscal 2000 and Fiscal 2001, dated May 15,
2000 provided by Company management; discussions with Company
management.
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Valuation Analysis
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Selected Comparable Company Analysis
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<CAPTION>
Market Value Market Cap.
as a Multiple of: as a Multiple of:
----------------- -----------------
LTM LTM
Price Shares Market Market Net to Cash LTM LTM
Companies (07/05/00) (millions) Value Cap. (a) Common Flow (b) EBITDA EBIT
--------- ---------- ---------- ----- -------- ------ -------- ------ ---
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Hon Industries $ 24.81 60.15 $ 1,492.5 $ 1,731.7 14.9x 8.6x 7.4x 10.4x
Kimball International -Cl B $ 15.00 40.20 $ 603.0 $ 510.9 12.2x 6.7x 4.5x 7.2x
Miller (Herman)Inc $ 27.36 78.57 $ 2,149.6 $ 2,323.7 15.5x 9.4x 7.7x 10.3x
Mity-Lite Inc $ 12.75 4.82 $ 61.4 $ 55.3 13.5x 10.7x 7.4x 8.3x
Open Plan Systems Inc $ 1.88 4.40 $ 8.3 $ 11.6 5.2x 6.7x 6.0x 12.9x
Steelcase Inc $ 17.31 151.16 $ 2,616.9 $ 2,995.1 15.3x 8.4x 7.1x 10.6x
Reconditioned Systems Inc $ 2.80 1.33 $ 3.7 $ 2.8 4.0x 3.7x 2.6x 2.9x
--------------------------------------
Maximum 15.5x 10.7x 7.7x 12.9x
Mean 11.5 7.7 6.1 8.9
Median 13.5 8.4 7.1 10.3
Minimum 4.0 3.7 2.6 2.9
</TABLE>
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(a) Market Capitalization = Market Value + Preferred Equity at Liquidation
Value (Incl. Redeemable) + Short-Term Debt + Long-Term Debt
+ Minority Interest - Cash & Marketable Securities
(b) Cash Flow = Income Available to Common Shareholders + Depreciation,
Depletion & Amortization + Deferred Taxes - Unremitted Earnings of
Unconsolidated Subsidiaries
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Valuation Analysis
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M&A Transaction Analysis
Effective Offer Enterprise
Date Target Acquiror Value Value Consideration (c)
--------- --------------------------- ------------------------------ ------ ---------- --------------------------
<S> <C> <C> <C> <C> <C>
11/9/99 Baquet-Pastrijak Inc. Business Resource Group $4.4 $4.4 Cash, debt, stock; earnout
8/3/99 Modern Office Interiors Business Resource Group 0.9 1.4 Cash, debt, stock; earnout
2/2/99 Re'Nu Office Systems Inc. Business Resource Group 4.1 5.1 Cash, debt, stock; earnout
5/26/98 Office Furniture Networking Business Resource Group 3.5 3.3 Cash, stock; earnout
Pending DO Group, Inc. Mity-Lite Inc. 5.8 6.8 (a) Cash and assumed debt
4/9/99 The CenterCore Group, Inc. Mity-Lite Inc. 5.3 7.3 Cash and assumed debt
4/26/99 Steelcase Strafor S.A. Steelcase Inc. 225.2 325.2 Cash
11/4/99 Knoll Inc. Warburg, Pincus Ventures, Inc. 1,147.7 1,200.6 (b) Cash
</TABLE>
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<CAPTION>
Offer Value As a Enterprise Value
a Multiple Of: As a Multiple Of:
---------------- ------------------
LTM
Effective Net To LTM LTM
Date Common EBITDA EBIT
--------- ---------------- ------ -------
<S> <C> <C> <C>
11/9/99 8.3 x N/A x 5.0 x
8/3/99 12.2 N/A 11.2
2/2/99 16.5 N/A 10.8
5/26/98 12.8 7.8 8.2
Pending N/A N/A N/A
4/9/99 NM NM NM
4/26/99 12.6 N/A 9.8
11/4/99 12.5 5.8 6.9
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Max 16.5 x 7.8 x 11.2 x
Mean 12.5 x 6.8 x 8.6 x
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Median 12.5 x 6.8 x 9.0 x
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Min 8.3 x 5.8 x 5.0 x
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(a) Acquisition of 50.1% interest in DO Group, Inc. not already owned by Mity-Lite Inc.
(b) Acquisition of 40% interest not already owned by Warburg, Pincus Ventures Inc.
(c) The PV of the maximum potential earnout payments were included in the transaction values indicated.
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Valuation Analysis
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Valuation Summary
Methodology Equity Value per Share
Discounted Cash Flow Analysis $7.29 - $8.87
Market Comparable Analysis $6.23 - $7.49
M&A Transaction Analysis $6.80 - $7.20
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