CORPORATE PRESENTATION
February, 2010
Agenda
Overview
Introduction
Investment Highlights
AirBoss Rubber Compounding
AirBoss Engineered Products
Management and Personnel
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AirBoss of America Corp.
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•
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AirBoss of America Corp., develops, manufactures, and sells rubber-based
products for military, transportation, and industrial markets in North America
and Europe
The company was founded in 1989 as IATCO Industries, Inc. and changed
its name to AirBoss of America Corp. in 1994.
AirBoss of America Corp. is headquartered in Newmarket, Canada
EBITDA (C$ Millions)(1)
$30.0
$25.1
$29.6
$25.0
$20.0
$15.0
$17.0
$17.0
2008
2009E
$11.7
$10.0
$5.0
$0.0
2007
2010E(2)
2011(2)
EBITDA
(1)
(2)
Excludes Railway division which was sold in December 2008
As per consensus analyst estimates
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Investment Highlights
North America’s premier industrial rubber producer
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
Profitable Company since 1995

2008 adjusted EPS of $0.29 (P/E of 9.7x)
Rubber Compounding

#1 supplier of rubber products to the North American mining and coal industry

Second largest rubber compound manufacturer in North America

Low exposure to the automotive sector. Gaining market share from competitors that are highly exposed to
this challenging sector

Industry ripe for consolidation
AirBoss-Defense
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
World leader in the supply of CBRN protective gloves and boots

AirBoss-Defense is an operating division of the Engineered Products segment

Sole source supplier of gas masks to Canadian DND

US Expansion to service increased demand for US military

Actively seeking acquisition opportunities
Relatively high insider ownership (23%). Highly motivated management team with a focus on enhancing
shareholder value.
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Agenda
Introduction
AirBoss Rubber Compounding
AirBoss Engineered Products
Management and Personnel
5
Agenda
Introduction
AirBoss Rubber Compounding
AirBoss Engineered Products
Management and Personnel
6
Overview
Overview
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Represents approx. 65% of total revenue
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Total mixing capacity of over 200 million pounds annually
Manufactures over 1,000 different un-vulcanized custom compounds from synthetic or
natural rubber, strengthening agents and various additives and chemicals, for a wide
variety of customers in North America
Rubber Compounding Revenue
Rubber Compounding EBITDA
$14.0
$200
$180
$12.0
$160
$10.0
$140
$120
(millions C$)
(millions C$)
AirBoss Rubber Compounding
$100
$80
$60
$8.0
$6.0
$4.0
$40
$2.0
$20
$0
$0.0
2004
2005
2006
2007
2008
2009E
2004
2005
2006
2007
2008
2009E
Note: Excludes H.O. Costs
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AirBoss Rubber Compounding
History
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Dec. 1996, purchased the former Uniroyal Goodrich north tire plant
in Kitchener Ontario. Plant had 100 million lbs capacity and 25
million lbs of business
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In two years sales were increased to 95 million lbs
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Feb. 2007, new facility in Scotland Neck, NC was fully operational
with production capacity of ~ 50 million lbs.
Oct. 2000, Kitchener doubled rubber compounding capacity to ~ 180
million lbs capacity through the installation of a new mixer.
Kitchener- Replacement Cost: US$50 million
Scotland Neck- Replacement Cost: US$15 million
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AirBoss Rubber Compounding
Products
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ARC manufacturers over 1,000 different un-vulcanized custom
compounds from synthetic or natural rubber, strengthening agents
and various additives and chemicals.
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Formulas are developed by ARC’s chemists and technical staff to
meet specific customer requirements.
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End uses for the rubber compounds include: Conveyor Belting, Mining
and Industrial, Solid Tire, Defense, and Auto and Truck Parts.
9%
10%
44%
12%
25%
Conveyor Belting
Solid Tire
Mining and Industrial
Defense
Auto and Truck Parts
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AirBoss Rubber Compounding
Key Success Factors
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Operating in a challenging environment, leading the industry
 Leading supplier to mining and coal product manufacturers
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Targets non-automotive/high volume applications
 Low proportion of automotive customers
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Tire company equivalent technology
 Equipment and development capabilities
 State of the art, highly automated equipment
 Accredited development lab
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Ability to source raw materials worldwide
 Will benefit in 2nd half of 2009 as a result of lower raw material input costs
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AirBoss Rubber Compounding
Key Success Factors cont.
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Product quality and consistency
Industry consolidator with downstream acquisition opportunities
Competitive advantages
 Large capacity, state-of-the-art equipment and high level of automation
 Maximize efficiency due to larger batch size and shorter production cycles
 Utilize world-wide purchasing and strong technical staff in the dedicated labs.
 Consistent output
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AirBoss Engineered Products
Overview
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AirBoss Engineered Products generates approx. 35% of AirBoss of America’s
consolidated revenue
This segment consists of two operating divisions: AirBoss-Defense and the Industrial
Products Group
AirBoss-Defense accounts for over 70% of Engineered Products revenue
AirBoss Engineered Products
Revenue by Operating Division (est.)
AirBoss-Defense
Industrial Products Group
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AirBoss Engineered Products
AirBoss-Defense – Products
AirBoss-Defense manufactures protective wear for military and first response applications
including gas masks, rubber gloves, boots, over-boots for military applications requiring
CBRN contaminant protection, extreme cold weather ("ECW") footwear protection for
military use and rubber compounds and pre-forms for military tank track repair.
Products include:
AirBoss Moulded Glove
AirBoss Lightweight Overboot
C-4 Gas Mask
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AirBoss Engineered Products
AirBoss-Defense – Highlights
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Strong relationships and history of significant sales with the US,
Canadian and UK militaries as well as most NATO countries.
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Selected as sole supplier of CBRN over boots and CBRN Type 2
gloves to the US Military Joint Services (“USJS”) procurement
initiative:
 Original contract worth up to US$78 million for boots and US$90 million for
gloves if options exercised over 5 year term.
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Awarded UL certification in 2006 for world’s first NFPA compliant
rubber firefighter boot that provides CBRN.
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2008 Contract to supply gas masks to the
Canadian DND with a potential value of $14
million over 5 years.
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AirBoss Engineered Products
AirBoss-Defense – Financial Overview
•AirBoss-Defense EBITDA positively impacted by
volume, product mix and exchange
AirBoss Defense Revenue
AirBoss Defense EBITDA
$60
$55
$50
$45
$35
(millions C$)
(millions C$)
$40
$30
$25
$20
$15
$10
$5
$0
2007
2008
2009E
$18.0
$17.0
$16.0
$15.0
$14.0
$13.0
$12.0
$11.0
$10.0
$9.0
$8.0
$7.0
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
2007
2008
2009E
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AirBoss-Defense
Key success factors
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CBRN Protection Technology
 US Military testing confirms that AirBoss-Defense products offer significantly
superior performance
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Proprietary rubber compounds
Economies of scale is enhanced through increased product volume
Commitment to Product Development – next generation products
 Injection moulded boot
 Gas mask
 Joint advancement of related polymer science with Canadian government
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AirBoss-Defense
U.S. Expansion
AirBoss-Defense is expanding in the U.S. market
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New US manufacturing site in production January 2010
• Burlington VT location operating at two shifts in February
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Capacity for surge in orders of gloves and boots
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Actively seeking complementary acquisitions
Next Generation CBRN footwear
 More efficient injection moulding manufacturing will increase margins
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AirBoss Engineered Products
Industrial Products Group – Products
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Industrial Products Group produces calendared and extruded rubber
products used in the manufacture of industrial and recreational
products.
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Produces non-vulcanized products for tire re-treading, recreational
vehicles and other industries.
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Products sold in North America to companies requiring large-scale
high volume calendered (rubber on fabric) or extruded rubber
including reinforced moulded products.
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3 customers account for > 80% of total the approx $24 million in
annual sales.
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Financial Metrics
AIRBOSS OF AMERICA
CORP.
Market Data
Financial Data
Share Price
52-Week High/Low
Shares Outstanding f.d. (mm)
Float (mm)
Float%
$5.85
$5.90/1.80
23.9
18.3
76.9%
Market Capitalization (mm)
Net Debt (mm)
Enterprise Value (mm)
$138.0
$25.9
$163.0
Dividend (annual)
Dividend Yield
2009E
2010E*
2011
Revenue (mm)
$200.2
$234.6 $254.3
EBITDA (mm)
EV/EBITDA
$13.7
11.9
$25.2
6.5
$29.6
5.5
EPS**
P/E
$0.24
24.4
$0.50
11.7
$0.64
9.1
* Consensus estimates for 2009E and 2010E metrics
$0.08
1.4%
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Summary Overview
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AirBoss-Defense will continue to experience an increase in
demand and $17 to $20 EBITDA range probable depending on
exchange
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Historical EBITDA for the Rubber Compounding division is $12 to
$14 million; A return to normalized levels is possible within the
next two years
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Strong balance sheet with strong working capital and declining
debt
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Seeking acquisitions in Defense and polymer products
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Agenda
Introduction
AirBoss Engineered Products
AirBoss Rubber Compounding
Management and Personnel
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Management
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Gren Schoch, Chairman of the Board
Gren Schoch is a professional engineer and ran a successful engineering and geological services company, MPH
Consulting, between 1976 and 1995. In 1982, he also founded and chaired Petromet Resources, a junior oil and
gas exploration company that was sold to Talisman Energy for more than $900 million in 2001. Since 1989, Gren
has been the Chairman and substantial shareholder of AirBoss.
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Robert Hagerman, President and Chief Executive Officer
Robert Hagerman obtained his CA designation in 1976 and was employed in the Montreal and later the London
office of Price Waterhouse for 12 years in Audit, Insolvency, and Mergers and Acquisitions. Robert, one of the
original founders and directors of AirBoss, was appointed CEO in 1992 and has been instrumental in growing the
Company ever since.
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Stephen Richards, Vice President, Finance and CFO
Stephen Richards obtained his CA designation in 1988 and was employed with Ernst & Young over a seven year
period involved in various Audit, Insolvency and Management Consulting assignments. His primary responsibilities
in his career with various transportation and manufacturing companies included strategic planning, systems
development and performance improvement. In his previous role Mr. Richards served as Vice President of
Finance for Clarke Inc., a TSX-listed transportation company, and joined AirBoss in April, 2005.
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Robert Dodd, Executive Vice President
Robert Dodd has held either Director or VP roles at 3 previous employers prior to joining AirBoss. At Trelleborg,
he was on the Board of Directors of their North American company TSS US Inc. Robert has a proven change
management track record and also has prior expertise in developing and executing business strategies for both
international and domestic markets in an executive capacity. With his prior experience of developing acquisition
targets in India and Brazil and his recent achievement of establishing a green field site in Shanghai, China, Robert
brings a wealth of international and diverse experiences to his role within AirBoss.
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Earl Laurie, President, AirBoss-Defense Division
Earl Laurie has run the sales, marketing and contract administration of the defense products business of Acton–
International Inc. since inception. With the purchase of Acton-International by AirBoss in 1999 and the
reorganization into AirBoss Engineered Products (“AEP”) in 2005 Mr. Laurie is now responsible for the operations
of AirBoss-Defense, the defense products division of AEP and has been instrumental in its growth.
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THANK YOU