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Akron, Ohio (March 6, 2019) – Filtrexx International, a leading developer of Sustainable Management Practice (SMP) solutions, announced this week the statistics on how their SMP solutions impacted the environment in 2018. This included SiltSoxx™, EnviroSoxx®, GroSoxx®, compost blankets and Filtrexx Mesh applications.

• 796,753 tons of organic waste recycled/diverted from landfills;
• 154,174 tons of sediment prevented from going into waterways;
• 1,660,355 tons of CO₂ prevented from entering the atmosphere;
• 353,267 cars removed from highways/roadways (equivalence to CO₂ prevented).

All of these numbers increased from the 2017 environmental statistics report. Filtrexx saw an increase of 2.7% in organic waste recycled, sediment prevented from going into waterways, CO₂ entering the atmosphere and cars removed from highways.

“We are extremely proud to see the growth in the direct benefit our products had on the environment year over year,” said Dr. Britt Faucette, Ph.D, CPESC, LEED AP, Director of Research, Technical and Environmental Services with Filtrexx. “Our mission and commitment to lead the industry in high performance environmentally sustainable products continues to drive our company and our teams in ways we never predicted. Knowing that our products not only protect the environment, but are also regenerative, makes Filtrexx a special organization in which to work.The only thing that makes me more excited about what we have accomplished, is what we have left to accomplish.”

While the increases may have been small, seeing an increase overall is extremely positive for Filtrexx’s impact on the environment.

“Our commitment to producing the highest performing, sustainable management practices that protect and build our shared natural capital grows with each year. I can’t wait to see what we report this time next year.”

Contact Filtrexx to learn more on calculating your own environmental impact through the use of Sustainable Management Practices at info@filtrexx.com or 877-542-7699.

Akron, OH (November 16, 2018) Filtrexx International, a leading developer of Sustainable Management Practice (SMP) solutions, announces the promotion of Chris Freitag as General Manager. Filtrexx’s previous president, Rob Carrothers retired on November 1.

Freitag, who previously held the position of Senior Director of Financial Planning and Analysis for Filtrexx’s parent company SWM International, has developed a deep understanding of strategy and growth dynamics in his years at SWM.

“I am honored to join the Filtrexx team and to lead the Filtrexx business going forward,” said Freitag. “It is an exciting time for our company as we grow our market presence across the United States.”

Freitag had an integral part in the SWM acquisition of Conwed and post-acquisition integration planning. Freitag brings nearly 20 years of experience in corporate development, strategy and finance as well as five years within the SWM business. Freitag holds a BBA in Finance from the University of Iowa and an MBA in Finance from Emory University.

“Filtrexx products have a strong value proposition and environmental advantages,” said Freitag. “I look forward to working closely with our customers and partners to further develop our industry leading, sustainable solutions.”

Freitag joins a very accomplished Filtrexx team and is positioned well to lead the business through its next chapter of growth and development.

Akron, Ohio (March 2, 2018) – Filtrexx International, a leading developer of Sustainable Management Practice (SMP) solutions, announced this week the statistics on how their SMP solutions impacted the environment in 2017. This included SiltSoxx™, EnviroSoxx®, LivingWalls™, GroSoxx®, compost blanket and Filtrexx Mesh applications.

• 775,731 tons of organic waste recycled/diverted from landfills;
• 150,106 tons of sediment prevented from going into waterways;
• 1,616,547 tons of CO₂ prevented from entering the atmosphere;
• 343,946 cars removed from highways/roadways (equivalence to CO₂ prevented).

“These numbers are important in a pure environmental sense,” said Dr. Britt Faucette, Ph.D., CPESC, LEED AP, Filtrexx Director of Research, Technical, and Environmental Services. “We are doing as much as we can to have a positive, restorative impact on the planet. Keeping the water as clean as we can, reducing greenhouse gas emissions, keeping waste out of our landfills are pretty important to environmental sustainability goals and part of our company’s mission.”

The message Filtrexx is driving is that they are more than a product and service company.

“We really care about the environment and this is why we do what we do,” said Faucette. “Everyone at Filtrexx had a hand in achieving these numbers. It’s not just a job. It’s the impact that we can have directly on the environment.”

EcoPractices, a third-party partner, will be generating a Filtrexx 2017 Sustainability Report coming soon.

Contact Filtrexx to learn more on calculating your own environmental impact through the use of Sustainable Management Practices at info@filtrexx.com or 877-542-7699.

November 29, 2017–Filtrexx® LivingWalls™, leading manufacturer of vertical living walls and retaining living walls for industrial, commercial and consumer applications, hosted an Open House earlier this month at their St. Louis, Missouri facility. The event featured facility tours, product displays, and product demonstrations. Attendees who included St. Louis area restaurant and nursery owners, architects and engineers were treated to a facility tour, refreshments, a raffle and great question and answer sessions with the entire LivingWalls team.

“We service living wall projects of all types and sizes nationally from right here in St. Louis, but we felt like the design and construction community was not aware of our presence here,” said Mark Woolbright, LivingWalls Division Manager at Filtrexx. “Our goal was simply to say hello to the region and invite the community to see our innovative products first-hand. Our showroom has some beautiful displays of living walls and there is no place else in the St. Louis area to get up-close and personal with them.”

The Filtrexx LivingWalls team hopes this event is just the beginning to introducing their business to the community and surrounding region of St. Louis, Missouri. Their plans include hosting future targeted Open Houses geared toward specific industries. Living walls, also commonly known as green walls or vertical walls, are vertical spaces covered by live vegetation. Filtrexx LivingWalls has an extensive portfolio of living wall solutions. Their vertical living walls offer higher aesthetic appeal for commercial and interior applications, while their retaining living walls provide habitat restoration and aesthetic revitalization.

For more information on Filtrexx LivingWalls or to place an order, please contact us with the form below.

October 13, 2017– Filtrexx International, a leading developer of Sustainable Best Management Practice (SBMP) solutions, hosted an Open House on October 12, 2017 to celebrate the opening of their new facility in Gilroy, California. The event featured four workshops, booths that displayed EnviroSoxx®, SiltSoxx™, StormExx® and LivingWalls™ and product demonstrations. The nearly 80 people that attended were treated to a facility tour, lunch, a raffle that included a grand prize of a guided fishing tour and much more. The Gilroy Chamber of Commerce also performed an official ribbon cutting ceremony for the facility.

The Open House coincided with the sixth annual Storm Water Awareness Week which ran October 9-13. Filtrexx hosted a number of workshops including A Watershed Manager’s Guide to Organics and A BMP Road Map for Returning to Baseline. Attendees were encouraged to partake in all of the day’s festivities.

“The Filtrexx Gilroy facility is a natural step in Filtrexx’s support of the California market,” said Rob Carrothers, President of Filtrexx. “Filtrexx has upgraded its support to California with this state-of-the-art manufacturing facility that supports both Filtrexx’s commitment to sustainability and California’s commitment to repairing and supporting its environment through organic solutions.”

Filtrexx’s decision to open the Gilroy location came to fruition with the announcement that California would be one of the first states to mandate the diversion of organics away from landfills. By 2018, 50 percent of organics must be diverted from landfills and 75 percent by 2019. Filtrexx repurposes organic compost through all of their systems and with an abundance of organic compost in California the opening of this location just made sense.

For more information on the Gilroy facility or to place an order, please contact us below.

View Gilroy Dispatch coverage here: Gilroy biz cleans rivers and streams

July 1st, 2017– EcoPractices, a sustainability verification company has teamed with Filtrexx International, a leading developer of Sustainable Best Management Practice (SBMP) solutions, and the inventor of compost-based Soxx™ technology to advance corporate sustainability programs through measurable metrics and third-party verification.

“EcoPractices is proud to partner with Filtrexx, a leader in the erosion control and stormwater
management industries” said John Harsch, EcoPractices President and COO. “EcoPractices and Filtrexx both strive to inspire and engage companies to be leaders of sustainability. Filtrexx Soxx are a perfect example of a product that produces reliable, high performance results using a low-impact process that mimics nature.”

EcoPractices is a Sustainability Platform that identifies, collects, verifies, documents, and generates positive environmental impacts produced from SBMPs. Many companies have sustainability goals they strive to reach every day. EcoPractices is a unique platform for these companies to provide the third party proof their practices were implemented and the scientific environmental benefit values that can then be showcased with an EcoPractices Marketing Tool Kit.

“Filtrexx Soxx are one of the few stormwater management and erosion control products with
independent performance results,” said Rob Carrothers, Filtrexx’s President. “Combining efforts to verify and communicate environmental stewardship through measurable metrics and the use of an SBMP like Filtrexx Soxx technologies makes teaming with EcoPractices a logical choice.”

Filtrexx teaming up with EcoPractices provides a collaborative effort to achieving sustainability with an exclusive product partner relationship. View the EcoPractices Industry Overview Video to learn more about how EcoPractices Sustainability Platform Process works with Filtrexx SBMP solutions.

About Filtrexx
Filtrexx is the inventor of the compost filter sock. Filtrexx® Soxx™ technology has expanded into stormwater management, sediment & erosion control, pollutant removal, living walls, agriculture and gardening applications. Headquartered in Akron, OH, Filtrexx has an extensive network of partners and distributors to serve customers across the globe.
About EcoPractices

EcoPractices, is a brand of Sustainability Partners (SP), was established after seeing the need to help companies create and reach sustainability goals with a variety of services and product solutions. Sustainable Environmental Consultants is a majority owner of SP and is a subsidiary of Wright Service Corp, an employee owned company that has been in the environmental business since 1933. Strategic Risk Solutions is also an owner of SP.

If you would like more information about this topic, please contact Jennifer Jensen at 515-446-8723 or email at Info@EcoPractices.com.

Download Press Release

ALPHARETTA, GA, December 14, 2016 -- SWM (NYSE: SWM) today announced the signing of a definitive agreement to acquire Conwed Plastics LLC (Conwed), a leading producer of engineered resin-based netting solutions with significant operating synergy opportunities with existing Advanced Materials & Structures (AMS) segment operations. The purchase price is $295 million in cash (subject to certain customary closing adjustments). Given the transaction structure and tax basis step-up, SWM expects to realize tax benefits having an estimated net present value of approximately $75 million. Assuming realization of all tax benefits, the after-tax economic cost of the transaction is estimated to be approximately $220 million. The agreement also includes potential long-term earn-out payments. The transaction is expected to close once customary closing conditions are met, which is anticipated to occur during the first quarter of 2017. Conwed is currently a portfolio company of Leucadia National Corporation (NYSE: LUK), a publicly traded diversified holding company.

Conwed Key Highlights

• Leading producer of resin-based netting solutions with proprietary manufacturing processes and innovative technologies
• Netting products used in highway infrastructure development, oil & gas exploration, filtration, and construction
• Approximately $140 million of sales with annual growth projected in the 3% - 4% range, EBITDA margins are approximately 20%
• Complementary operations offer unique and significant long-term synergy potential within the Company's AMS segment; $10 million run-rate synergy target by end of year two
• Expected Adjusted EPS accretion in 2017 of approximately $0.30; expected 2017 GAAP EPS effect to be determined upon purchase accounting completion

Strategic Commentary

Frederic Villoutreix, Chairman of the Board and Chief Executive Officer of SWM, commented "We are pleased to announce the acquisition of Conwed, which adds complementary operations and products to fuel the expansion of our Advanced Materials and Structures growth platform. While Conwed is a solid standalone enterprise which we expect to deliver sustainable 3% to 4% sales growth, strong manufacturing synergies are likely to drive accelerated profit growth within our AMS segment over the next several years. By the end of year two, we expect run-rate synergies of approximately $10 million as Conwed's low-cost netting operations should create opportunities to optimize our manufacturing footprint."

"With Conwed's assets and technologies, which are similar to DelStar's, SWM will become the clear global leader in resin-based netting with best-in-class operations and products, and strong positions in several attractive niche applications. In addition to filtration applications, where we currently have a strong presence, Conwed's netting provides critical functionality in erosion and sediment control for highway infrastructure and oil and gas site development, as well as carpet and turf backings used in residential construction."

"The Conwed acquisition represents our fifth diversification transaction since 2013 and puts our AMS segment's annualized sales well over $400 million, demonstrating our patient and disciplined approach to building scale in this growth platform. The AMS segment continues to evolve as a portfolio of complementary businesses with proprietary technologies and leading positions in key product areas, which we believe will deliver GDP-plus sales growth and operating margin expansion into the high-teens. The technology and resource investments we are currently making to optimize our AMS operations into a more fully integrated segment support those expectations, and will provide an ideal foundation for the integration of Conwed. During this process, our priority will continue to be providing our customers with the same excellent products and service they have always received from both SWM and Conwed. We look forward to welcoming the talented individuals from the Conwed organization who will become part of SWM and our growing AMS segment. This strategic and synergistic transaction greatly enhances our long-term outlook as we continue diversifying the portfolio outside the tobacco market and reposition SWM for sustainable profit growth."

Chris Hatzenbuhler, CEO of Conwed, commented "Our success under Leucadia's ownership as a standalone business in their portfolio for more than 30 years demonstrates our commitment to our employees and customers to be a leader in technology, service, and manufacturing excellence. Now we enter a new chapter in our history, and combined with SWM, we see a future rich with opportunity."

Transaction & Financial Highlights

The transaction is expected to be accretive to Adjusted EPS by approximately $0.30 in 2017; this figure excludes restructuring expenses of $0.06 and purchase accounting expenses, which are expected to be finalized shortly after the transaction closes. Included in the 2017 Adjusted EPS accretion estimate are a $0.05 impact from integration costs and a $0.05 impact of incremental interest expense on pre-transaction debt. Expected GAAP EPS effect in 2017 will be influenced by purchase accounting expenses. This acquisition and transaction-related expenses were not contemplated in SWM's previously issued 2016 guidance for Adjusted EPS of $3.15, which equates to $2.76 of GAAP EPS (see non-GAAP reconciliation).

The transaction is expected to be funded through the Company's existing credit facility which will be slightly amended at the close of the acquisition. At close, pro forma net debt to EBITDA is expected to be approximately 3.4x, and is expected to return toward the mid-2x range during 2018. As part of the transaction, SWM expects to realize certain tax benefits representing more than $5 million of annual cash flow. The Company estimates the present value of these benefits to be approximately $75 million.

As part of the agreement, there are three potential earn-out payments with a maximum of $40 million in the aggregate. These payments are contingent upon the achievement of certain financial metrics in each of 2019, 2020 and 2021.

Advisors

Sidley Austin LLP acted as legal counsel to SWM in connection with the transaction. Morgan, Lewis & Bockius LLP acted as legal counsel for Leucadia.

Conference Call

SWM will hold a conference call to discuss this transaction with investors and analysts at 8:30 a.m. eastern time on Thursday, December 15th, 2016. You are invited to listen to the company's conference call that will be broadcast live over the Internet.

Where: http://www.swmintl.com

This link gives participants access to the live and/or archived event.
http://edge.media-server.com/m/p/jq7bcjs2

How:

An operator will prompt participants to provide name, company name and phone number. For technical difficulties, press *0 and an operator will assist you.

Listen-only mode - Live over the Internet - Simply log on to the web at the address above and follow the instructions set out on the Home page or in the Investor Relations section.

To listen to the live call, please go to the website at least 15 minutes prior to the call to register and to download and install any necessary audio software. For those unable to listen to the live broadcast, a replay will be available on the website shortly after the call.

About SWM

SWM is a leading global provider of highly engineered solutions and advanced materials for a variety of industries. Historically, SWM primarily served the tobacco industry, which remains a key focus. SWM also manufactures specialty papers for other applications and is executing a strategic transformation to diversify its product portfolio. SWM's Advanced Materials & Structures segment, which focuses on resin-based rolled goods, includes DelStar Technologies, acquired in 2013, Argotec, acquired in late 2015, and other recent acquisitions. These acquisitions expanded the Company's product portfolio and end segments served to include filtration, surface protection, medical and industrials. SWM and its subsidiaries conduct business in over 90 countries and employ approximately 3,100 people worldwide, with operations in the United States, United Kingdom, Canada, France, Luxembourg, Russia, Brazil, Poland and China, including two joint ventures. For further information, please visit SWM's website at www.swmintl.com.

About Conwed

Conwed is a world leading manufacturer of plastic netting, providing essential performance functionalities to its customers. Headquartered in Minneapolis, Minnesota, Conwed has five manufacturing locations on two continents and a global distribution network. Conwed has more than 45 years of experience developing netting solutions to help its customers improve their products in a wide range of industries, from agriculture, automotive, building & construction and consumer products to filtration, hygiene, medical and packaging applications. For further information, please refer to www.conwedplastics.com.

About Leucadia

Leucadia National Corporation is a diversified holding company focused on return on investment and long- term value creation to maximize shareholder value. Its businesses include financial services such as investment and commercial banking and asset management, as well as a diverse array of other businesses, including food processing, oil and gas exploration and development, automobile dealerships, communications, and materials. Additional information about Leucadia is available at www.leucadia.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws that are subject to the safe harbor created by such laws and other legal protections. Forward-looking statements include, without limitation, those regarding 2017 guidance and future performance, future market and EPS trends, AMS EBITDA margins, sales and volume trends, Conwed financial results, growth prospects, capital spending, currency rates and trends and impact on EPS, 2017 momentum, future cash flows, effective tax rates, diversification efforts of our AMS segment, and other statements generally identified by words such as "believe," "expect," "intend," "plan," "potential," "anticipate," "project," "appear," "should," "could," "may," "typically," "will," and similar words. These statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from our expectations as of the date of this release. These risks include, among other things, those set forth in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2015, as well as the following factors:

• The integration of Conwed with SWM may not be successful or anticipated benefits from the transaction may not be realized;
• Risks associated with the implementation of our strategic growth initiatives, including diversification, and the Company's understanding of, and entry into, new industries and technologies;
• Changes in the source and intensity of competition in our market segments, including in Asia regarding our AMS business;
• Increases in commodity prices and lack of availability of such commodities, including energy, wood pulp and resins, could impact the sales and profitability of our products;
• Adverse changes in the oil, gas, and mining sectors impacting key AMS segment customers;
• Changes in the discount rates, revenue growth, cash flow growth rates or other assumptions used by the Company in its assessment for impairment of assets and adverse economic conditions or other factors that would result in significant impairment charges;
• The failure of one or more material suppliers, including energy, resin and pulp suppliers, to supply materials as needed to maintain our product plans and cost structure;
• Risks associated with acquisitions or other strategic transactions, including acquired liabilities and restrictions, retaining customers from businesses acquired, achieving any expected results or synergies from acquired businesses, complying with new regulatory frameworks, difficulties in integrating acquired businesses or implementing strategic transactions generally and risks associated with international acquisition transactions, including in countries where we do not currently have a material presence; and
• Other factors described elsewhere in this document and from time to time in documents that we file with the SEC.

All forward-looking statements made in this document are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this document, and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise.

Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such, and should only be viewed as historical data. For additional factors and further discussion of these factors, please see SWM's Annual Report on Form 10-K for the period ended December 31, 2015 and other reports we file from time to time. The financial results reported in this release are unaudited.

Non-GAAP Financial Measures

Certain financial measures, including Adjusted EPS, and comments contained in this press release exclude restructuring expenses, certain purchase accounting adjustments related to acquisitions, start-up expenses related to CTS, interest expense, income tax provision, capital spending, capitalized software, and depreciation and amortization. Financial measures which exclude these items have not been determined in accordance with accounting principles generally accepted in the United States (GAAP) and are therefore "non-GAAP" financial measures. Reconciliations of these non-GAAP financial measures to the most closely analogous measure determined in accordance with GAAP are included in the table below. "Adjusted EPS" excludes restructuring and impairment expenses, non-cash amortization of intangible assets and inventory step-up charges expenses related to purchase accounting, and expenses associated with potential acquisitions.

SWM believes that the presentation of non-GAAP financial measures in addition to the related GAAP measures provides investors with greater transparency to the information used by SWM's management in its financial and operational decision-making. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating SWM's financial and operational performance in the same way that management evaluates SWM's financial performance. Management believes that providing this information enables investors to better understand SWM's operating performance and financial condition. These non-GAAP financial measures are not calculated or presented in accordance with, and are not alternatives or substitutes for, financial measures prepared in accordance with GAAP, and should be read only in conjunction with SWM's financial measures prepared in accordance with GAAP.

SOURCE SWM:

CONTACT
Frederic Villoutreix
+1-770-569-4283
Or
Mark Chekanow
+1-770-569-4229
1-800-514-0186

Web site: http://www.swmintl.com

SCHWEITZER-MAUDUIT INTERNATIONAL, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DATA
(Dollars in millions, except per share amounts)

* Excluded from the above reconciliation are potential transaction costs associated with future acquisitions. Adjusted EPS is used in this document to refer to Adjusted Diluted Earnings Per Share From Continuing Operations

New York, New York, December 14, 2016 – Leucadia National Corporation (NYSE: LUK) (“Leucadia”) today announced that it has entered into a definitive purchase agreement to sell 100% of Leucadia’s wholly owned subsidiary, Conwed Plastics (“Conwed”), to Schweitzer-Mauduit International, Inc., (NYSE:SWM) (“SWM”). Under the terms of the transaction, which is expected to close in January 2017, Leucadia will receive $295 million in cash at closing plus potential earn-out payments over five years of up to $40 million in cash to the extent the results of Conwed’s subsidiary, Filtrexx International, exceed certain performance thresholds. As of September 30, 2016, Leucadia’s net investment in Conwed was $104 million, of which $46 million was tangible book value. Leucadia estimates it will recognize a pretax gain of approximately $175-185 million (excluding value associated with the earn-out) upon the closing of this sale.

Rich Handler, Chief Executive Officer, and Brian Friedman, President of Leucadia, stated: "Conwed has been a solid Leucadia business for over thirty years; however, SWM approached us as a compelling buyer and we agreed. We look forward to watching Conwed’s outstanding CEO, Chris Hatzenbuhler, help propel Conwed to even greater heights under its new partnership with SWM, and we want to take this opportunity to express our most sincere thanks to Chris and the entire Conwed team for their hard work and excellent performance.”

Headquartered in Minnesota, Conwed is the leading light-weight plastic netting manufacturer in the world with more than forty-five years of experience developing netting solutions to help its customers improve their products in a wide range of industries. From agriculture, automotive, building and construction and consumer products to filtration, hygiene, medical and packaging applications, Conwed’s netting portfolio provides essential performance functionalities.

About Leucadia

Leucadia National Corporation is a diversified holding company that invests in a broad array of businesses. The Company’s financial services businesses and investments include investment banking and capital markets (Jefferies), asset management (Leucadia Asset Management), foreign exchange trading services (FXCM), real estate (HomeFed), commercial mortgage banking and servicing (Berkadia), and vehicle finance (Foursight and Chrome). The Company’s merchant banking businesses and investments include beef processing (National Beef), a diversified holding company (HRG), oil and gas exploration and production (Vitesse Energy and Juneau Energy), automobile dealerships (Garcadia), manufacturing (Idaho Timber), telecommunication services in Italy (Linkem), and a gold and silver mine (Golden Queen).

Leucadia Contact: Laura Ulbrandt (212) 460-1900

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws that are subject to the safe harbor created by such laws and other legal protections. Caution should be taken not to place undue reliance on any such forward-looking statements because actual results may differ materially from the results suggested by these statements. These forward-looking statements are made only as of the date of this presentation. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part I, “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the period ended December 31, 2015 and those described from time to time in our periodic and other reports filed with the Securities and Exchange Commission.

Tangible book value is a non-GAAP financial measure used by Leucadia when reviewing each of our businesses and investments and may not be comparable to non-GAAP measures used by other companies. We believe that this information is useful to investors as it allows them to view our businesses and investments through the eyes of management while facilitating a comparison across historical periods. We define tangible book value as shareholders’ equity less intangible assets, net and goodwill. Our net investment (shareholders’ equity) in Conwed at September 30, 2016 was $104 million, intangible assets, net and goodwill totaled $58 million and tangible book value was $46 million.