Hugo Neu Corporation (“HNC”), a privately owned firm headquartered in New York, was founded in 1947 by the late Hugo Neu and is headed by his son, John Neu, Chairman of the Board and CEO. HNC is principally active in the recycling business and industrial and commercial real estate development. Mr. Neu has been active in the business for 40 years.

HNC, one of the leading metals recycling firms in the world, combined its recycling operations in October 2005 with those of Sims Group Limited (“Sims”), a publicly traded Australian company, creating the world’s largest metals recycling firm. HNC is now Sims’ largest stockholder and Mr. Neu is a member and Vice Chairman of Sims’ Board of Directors as well as Vice Chairman of Sims’ North American operations known as Sims Hugo Neu. An HNC affiliate (now a Sims Hugo Neu company) has worked very closely with New York City, having recycled much of the metal scrap that the City had to dispose of after 9/11 and negotiated an economically viable contract with the City, which led to the re-establishment of the City’s curbside recycling program in 2002. That contract is operational today with a long-term 20-year contract being finalized that will substantially expand the recycling operations.

As real estate owner, builder, and manager, HNC has developed approximately 8.0 million sq. ft. of industrial parks in New Jersey, Pennsylvania, and California. HNC currently owns and manages approximately 5.8 million sq. ft. of warehouse and multi-user distribution facilities on approximately 320 acres in Kearny, New Jersey and approximately 100 acres in Florence, New Jersey that are leased to national and international companies and numerous local firms. These facilities were purchased and then converted by HNC for their present rental uses and supplemented with new buildings constructed by HNC. HNC also owns a substantial interest in two prime office buildings of about 900,000 sq. ft. in Century City, California.

HNC also operates a logistics services business designed to offer its customers cost effective solutions to their logistics problems. HNC provides public, contract and custom bonded warehousing, transportation management, packaging and other value added logistics services through River Terminal Distribution and Warehousing Company, which occupies 800,000 sq. ft. of company owned facilities in Kearny, and RTL Services, Inc., which occupies 200,000 sq. ft. in Florence, New Jersey.

HNC also has considerable experience in the international shipping business, having owned, in recent years, substantial interests in 14 foreign flag vessels with a total deadweight exceeding 1,850,000 tons, including five ultra-modern liquid petroleum gas vessels, the largest ore carrier (365,000 tons DWT) ever built and several tankers and ore and bulk-oil carriers. These shipping operations, which were owned in conjunction with one of the world’s largest shipping companies, Bergesen D.Y. A/S of Oslo, Norway, were spun off in 1994 as part of a realignment of family interests in the HNC businesses.