<PAGE>
Strictly Confidential
Presentation to the Special Committee
of the Board of Directors of
Business Resource Group
July 6, 2000
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Transaction Summary
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o Two-Step Structure Cash tender 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
o Commencement of Tender Offer Tender offer to commence within five
business days of public announcement
o 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
o 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
o Absence of Financing Condition Need to obtain third-party financing is
not a condition to consummation of
transaction
o 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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o 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
o Antitrust filing Transaction will be subject to review by
US federal government under HSR Act
o 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)
o 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
o Organization of Acquisition
Corporation TCR will form a limited liability
company ("Holdings") which will
indirectly hold 100% of the equity of
Purchaser
o 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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o 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 OMITTED]
Source: Factset Research Systems
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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
Sales
[BAR GRAPH]
Adjusted EBITDA
[BAR GRAPH]
EPS
[BAR GRAPH]
Source: 1997-1999, Company Form 10K for the year ended October 31, 1999; LTM
3/31/00, unaudited financial statements for March 31, 1999 and March
31, 2000 provided by Company management; Confidential Offering
Memorandum prepared by Huntington Holdings, Inc.
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Valuation - Discounted Cash Flow
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Summary of Financial Projections
<TABLE>
<CAPTION>
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
</TABLE>
<TABLE>
<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
(a) Excludes special items
</TABLE>
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
<TABLE>
<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 Can. (a) Common Flow (b) EBITDA EBIT
--------- ---------- ---------- ----- -------- ------ -------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Hon Indlistries $ 24.81 60.15 $ 1,492.5 $ 1,731.7 14.9x 8.6x 7.4x 10.4x
Kimball International -C1 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.Ox 12.9x
Steelcase Inc $ 17.31 151.16 $ 2,616.9 $ 2,995.1 15.3x 8.4x 7.lx 10.6x
Reconditioned Systems Inc $ 2.80 1.33 $ 3.7 $ 2.8 4.Ox 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>
(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
<TABLE>
<CAPTION>
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
<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> <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
-----------------------------------------
Max 16.5 x 7.8 x 11.2 x
Mean 12.5 x 6.8 x 8.6 x
------------------------------------------------
Median 12.5 x 6.8 x 9.0 x
------------------------------------------------
Min 8.3 x 5.8 x 5.0 x
</TABLE>
(a) Acquisition of 50.1% interest in DO Group, Inc. not already owned by
Mity-Lite Inc.
(b) Acquisition of 40% interest not alreadv 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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