Exhibit 1Exhibit 1 Condensed Operating and Stockholder Information, Robertson Tool Company (millions of dollars except per-share data)19981999200020012002OperationsSales$ 48.5$ 49.1$ 53.7$ 54.8$ 55.3Cost of Goods32.633.135.937.237.9Selling, General andAdministrative Costs10.711.111.511.912.3Depreciation Expense2.02.32.42.32.1Interest Expense.4.7.8.8.8Income Before Taxes2.81.93.12.62.2Taxes1.1.81.21.0.9Net Income$1.7$1.1$1.9$1.6$1.3Percentage of SalesCost of Goods67%67%67%68%69%Sell, Genl, Admin.22%23%21%22%22%Operating Income6.6%5.3%7.3%6.2%5.4%Stockholder InformationEarnings Per Share$ 2.91$ 1.88$ 3.25$ 2.74$ 2.23Dividends Per Share1.601.601.601.601.60Book Value Per Share49.4049.6851.3352.4753.10Market Price33-4635-4829-4125-3323-32Price/Earnings Ratio11-1610-269-139-1210-14Shares Outstanding584,000584,000584,000584,000584,000

Exhibit 2Exhibit 2 Balance Sheet at December 31, 2002, Robertson Tool Company (millions of dollars)AssetsLiabilities and Net WorthCash$ 1Accounts Payable$ 2Accounts Receivable8Other2WCR24Inventories18Current Liabilities4Other1Long-term Debt12Current Assets28Net Plant and Equipment19Net Worth31Total Assets$ 47Total$ 470.3870967742Collection Period (days)53Debt as % Capital28%Days of Inventory (days)173Total Assets/Net Worth1.52Sales/Total Assets1.18

Exhibit 3Exhibit 3 Condensed Operating and Stockholder Information, NDP Corporation (millions of dollars except per-share data)19981999200020012002OperationsSales$ 45$ 97$ 99$ 98$ 100Net Income1.973.203.201.132.98Financial PositionCurrent Assets$ 25$ 46$ 49$ 41$ 46Current Liabilities611151013Net Working Capital1935343133Long-term Debt1018161517Shareholders Equity2136404141Stockholders InformationEarnings Per Share$ .78$ .61$ .59$ .21$ .54Dividends Per Share0000.200Book Value Per Share8.316.867.377.387.45Market Price6-1710-187-184-105-8Price/Earnings Ratio8-2216-3012-3119-489-15Shares Outstanding2,525,6005,245,9005,430,1005,510,0005,501,000

Exhibit 4Exhibit 4 ProFormas for Robertson Tool (millions of dollars)Exhibit 4 ProFormas for Robertson Tool (millions of dollars)ActualForecastsActualForecasts% of sales200220032004200520062007 to Infinity200220032004200520062007 to Infinity200220032004200520062007 to InfinitySales$ 55.3$ 58.6$ 62.1$ 65.9$ 69.8$ 69.8Sales55.358.662.165.969.869.81.001.001.001.001.001.00Cost of Goods37.939.841.643.545.445.4Cost of Goods37.939.841.643.545.445.40.68535262210.680.670.660.650.65Gross Profit17.418.820.522.424.424.4Gross Profit17.418.820.522.424.424.40.31464737790.320.330.340.350.35Sell & Admin12.312.312.412.513.313.3Sell & Admin12.312.312.412.513.313.30.22242314650.210.200.190.190.19Depreciation2.12.32.52.72.92.9Depreciation2.12.32.52.72.92.90.03797468350.040.040.040.040.04EBIT3.04.25.67.28.28.2EBIT3.04.25.67.28.28.20.05424954790.070.090.110.120.12Tax @ 40%1.21.72.22.93.33.3Tax @ 40%1.21.72.22.93.33.30.02169981920.030.040.040.050.05EBIAT$ 1.8$ 2.5$ 3.4$ 4.3$ 4.9$ 4.9EBIAT1.82.53.44.34.94.90.03254972880.040.050.070.070.0700.000.000.000.000.0000.000.000.000.000.00CoGS % Sales69%68%67%66%65%65%CoGS % Sales69%68%67%66%65%65%0.0124773960.010.010.010.010.01Sell & Admin % Sales22%21%20%19%19%19%Sell & Admin % Sales22%21%20%19%19%19%0.00397830020.000.000.000.000.0000.000.000.000.000.0000.000.000.000.000.00Net Plant & Equip @Net Plant & Equip @00.000.000.000.000.00Beginning of Year$ 19.0$ 20.7$ 21.7$ 22.6$ 23.5Beginning of Year$ 19.0$ 20.7$ 21.7$ 22.6$ 23.500.000.000.000.000.00Capital Expenditures(4.0)(3.5)(3.6)(3.8)(2.9)Capital Expenditures(4.0)(3.5)(3.6)(3.8)(2.9)0-0.07-0.06-0.05-0.05-0.04Depreciation Expense2.32.52.72.92.9Depreciation Expense2.32.52.72.92.900.040.040.040.040.04Net Plant & Equip @Net Plant & Equip @00.000.000.000.000.00End of Year$ 20.7$ 21.7$ 22.6$ 23.5$ 23.5End of Year$ 20.7$ 21.7$ 22.6$ 23.5$ 23.500.000.000.000.000.0000.000.000.000.000.00

Exhibit 5Exhibit 5 Five-Year Forecast of Monmouth, Inc. Earnings, Excluding Robertson Tool (millions of dollars except per-share data)20032004200520062007Net Income$ 11.0$ 11.9$ 12.8$ 13.8$ 15.0Shares Outstanding (mil)4.214.214.214.214.21Earnings Per Share$ 2.61$ 2.83$ 3.04$ 3.27$ 3.56

Exhibit 6Exhibit 6 Selected Financial Information on Quasi-Comparable Firms, 2002Actuant Corp.Briggs & StrattonIdex Corp.Lincoln ElectricSnap On Inc.Stanley WorksRobertson Tool Co.Collection Period (days)55774761967753Inventory % Sales12%18%13%17%18%16%33%Operating Margin % Sales17%13%20%15%10%15%5%Return on Capital21%9%10%12%11%14%4%Times Interest Earned3.83.27.111.57.89.33.5Debt % Capital balance sheet values98%52%30%27%29%40%28% market values29%37%20%17%19%24%37%Bond RatingBB-BB+BBB-A+A-Value of Firm ($ mil)$ 712$ 1,443$ 1,191$ 1,145$ 1,861$ 3,014$ 29EBIAT ($ mil)5511998901292341.80EBIAT Multiple12.812.112.212.714.412.916.1Share Price$ 42$ 42$ 29$ 22$ 26$ 27$ 30Earnings Per Share2.803.202.001.781.802.322.32Price/Earnings15.013.114.512.414.411.613.5Equity Beta1.001.001.00.751.05.95avg equity beta=1.05Asset Beta.71.63.80.63.85.73avg asset beta=.73B levered=

Exhibit 7Exhibit 7 Information on United States Capital MarketsI. Interest Rates in May 200330-Year U.S.U.S. Corporate Bonds RatedTreasury BondsAAABBBBB4.10%4.52%5.07%6.07%7.96%II. Estimated Market Risk Premium = 5.5% over 30-Year U.S. Treasury BondsIII. Median Values of Key Ratios by Standard & Poors Rating CategoryAAAAAABBBBBBTimes Interest Earned (X)27.318.010.45.93.41.5EBITDA / Interest (X)31.021.412.87.64.62.3Pre-tax Return on Capital (%)25.225.419.715.112.58.8Debt as % Capital (%)12.636.138.443.751.974.9Number of companies615118213297345IV. Debt and Times Interest Earned Ratios for Selected IndustriesAAAAAABBBBBFood ProcessingDebt % Capital44%-51%54%53%Times Interest Earned7.9-6.74.32.9Electrical EquipmentDebt % Capital--36%48%72%Times Interest Earned--7.33.21.6Electric UtilitiesDebt % Capital-46%54%57%73%Times Interest Earned-4.03.42.72.0

Guide questionsGuide Questions:1If you were Mr Vincent, EVP of Monmouth Inc, would you try to gain control of Robertson Tool in May 2003?2Why is Simmons eager to sell its Robertson position to Monmouth for $50 per share? What are the concerns of and alternativesfor each of the other groups of Robertson shareholders?3What is WACC of Robertson Tool using CAPM? Carefully consider which equity value you will use:-Current-Prospective with synergy values-Required value to get transaction done (see question 7)4What is maximum price Monmouth can afford to pay using DCF? Use company forecast on Exhhibit 4. Run the valuationas of the start of 2003. Is this a reasonable forecast? Why or why not? If not, what changes would you make?5For comparison, run a DCF of Robertson using sales growth on Exhibit 4 but without synergies/margin improvements.Compare this value to #3 above.6What is maximum price Monmouth should pay based on market multiples of EBIAT? Use 2002 numbers forRobertson. Would your answers change if you modify the 2002 Robertson EBIAT based on margin improvementsanticipated by Monmouth?7What offer would you make to gain the support of the Robertson family and the great majority of the stockholders?Will you offer to give away all the expected synergy values/margin improvements, why or why not?Question 1Yes,due to extensive distribution and the ability to be the market leader by generating 6 - 7% sales growth per year.question 2Question 3ICurrent WACCB un =0.73D/E =0.56B L =0.8964Ke9.0302Kd=7.96WACC =7.839024Prospective with synergy valuesIISheet DCFQuestion 4, 5,6next sheet.

DCFfor RobertsonActualForecasts200220032004200520062007 to InfinityWACC =7.839024Sales55.358.662.165.969.869.8COGS37.9039.8041.6043.5045.4045.40Gross Profit17.418.820.522.424.424.4SG and A12.312.312.412.513.313.3Depreciation2.102.302.502.702.902.90EBIT34.25.67.28.28.2Tax @ 40%1.21.682.242.883.283.28EAT1.82.523.364.324.924.92Dep2.102.302.502.702.902.90WCR2425.4426.9728.5830.3030.30change in WCR1.441.531.621.720.00Capital Expenditures(4.0)(3.5)(3.6)(3.8)(2.9)Cash Flow-0.6200.8341.8022.3054.920Terminal Value85.9458704057Free Cash Flow-0.6200.8341.8022.30590.866DCF-0.57497913380.71693287521.4372748531.704906753562.3308091887SUM DCF65.6149445365Less : Debt12DCF Equity53.6149445365Number of shares0.584Share Price91.8064118776without synergieson the basis of 2002 forecastWithout synergyActualForecasts200220032004200520062007 to InfinitySales55.3058.6062.1065.9069.8069.80COGS38.1640.4342.8545.4748.1648.160.69Gross Profit17.1418.1719.2520.4321.6421.64SG&A0.0012.8913.6614.5015.3615.360.22Depreciation2.102.302.502.702.902.90EBIT15.042.973.093.233.383.38Tax @ 40%6.021.191.241.291.351.35EBIAT9.031.781.851.942.032.03Add depreciation2.102.302.502.702.902.90WCR24.0025.4326.9528.6030.2930.290.43Less change in WCR1.431.521.651.690.00Less Net Capex4.003.503.603.802.90Cash flow from assets-1.35-0.67-0.61-0.562.03Terminal Value25.6860759494Free cash flow-1.35-0.67-0.61-0.5627.72DCF-1.2491084941-0.5716920653-0.4860519511-0.415642732318.9501208368SUM DCF16.227625594Less debt12Equity4.227625594Share Price7.2390849213