Ann: Company Update, page-3

Folks, despite the keenness to read a positive spark into any news, I'm fairly sure the sale of the Balbec book to PNC is not a good news story for CLH. Balbec are pulling the pin on their servicer and shifting to the stronger partner PNC, ending an almost 10 year relationship. CLH is entitled to some kind of payment in lieu of commission but it is crumbs compared to what was once made out of this relationship. Yet another "client" lost.