September 30, 2011 (2)
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Dear Friend,

We raised our price target for Worthington Industries to $23 to $20, raised our earnings estimates and raised our investment rating to Overweight from Neutral. Its share price had fallen one-third from levels several months ago, it bought back stock and earnings were a little better than expected with strong suspended ceiling and cylinder results. The $25 mm sales cylinder acquisition announced today appears consistent with the company's long-standing strategies, and should contribute geographic growth.

Faithfully,
 
John C. Tumazos, CFA
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Last modified: 05/17/12

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