Koppers RESULTS FOR THIRD QUARTER 1998

(MILLIONS EXCEPT EARNINGS PER SHARE)

NINE MONTHS ENDED

QUARTER ENDED

1997 PRO FORMA

SEPTEMBER 30,

SEPTEMBER 30,

NINE MONTHS

QUARTER

1998

1997

1998

1997

1997 *

1997 *

(UNAUDITED)

(UNAUDITED)

(UNAUDITED)

(UNAUDITED)

INCOME STATEMENT DATA:

NET SALES

$511.8

$452.3

$181.2

$160.7

$529.0

$184.1

OPERATING EXPENSES:

COST OF SALES

$421.6

$380.8

$148.7

$133.3

$435.0

$149.4

DEPRECIATION & AMORTIZATION

$22.8

$17.9

$7.6

$6.0

$23.0

$7.6

SELLING, GEN'L & ADMIN.

$29.2

$21.6

$10.0

$6.9

$28.9

$9.3

TOTAL OPERATING EXPENSES

$473.6

$420.3

$166.4

$146.2

$486.9

$166.3

OPERATING PROFIT

$38.2

$32.0

$14.8

$14.5

$42.1

$17.8

EQUITY IN EARNINGS OF AFFILIATES

$2.0

$4.7

$1.1

$1.4

$2.3

$0.7

OTHER EXPENSE

$0.0

$1.4

$0.0

$0.0

$1.4

$0.0

EARNINGS BEFORE INTEREST & TAXES

$40.2

$35.3

$15.9

$15.9

$43.0

$18.5

INTEREST EXPENSE

$22.0

$12.4

$7.3

$4.1

INCOME (LOSS) BEFORE TAXES

$18.2

$22.9

$8.6

$11.8

INCOME TAX PROVISION (BENEFIT)

($0.1)

$0.7

($1.2)

($0.6)

MINORITY INTEREST

$0.5

$0.0

$0.1

$0.0

NET INCOME

$17.8

$22.2

$9.7

$12.4

DILUTED EARNINGS PER SHARE

$4.27

$2.40

$2.42

$1.34

EBITDA:

EARNINGS BEFORE INTEREST & TAXES

$40.2

$35.3

$15.9

$15.9

$43.0

$18.5

PLUS DEPRECIATION & AMORTIZATION

$22.8

$17.9

$7.6

$6.0

$23.0

$7.6

NON-CASH EQUITY INCOME

($0.9)

$0.3

($0.6)

($0.6)

$0.3

$0.1

EARNINGS BEFORE INTEREST, TAXES

$62.1

$53.5

$22.9

$21.3

$66.3

$26.2

DEPRECIATION & AMORTIZATION (EBITDA)

ONE-TIME CHARGES

$0.0

$2.2

$0.0

$0.0

$2.2

$0.0

ADJUSTED EBITDA

$62.1

$55.7

$22.9

$21.3

$68.5

$26.2

OTHER DATA:

DILUTED AVERAGE SHARES OUTSTANDING

4.2

9.2

4.0

9.2

CAPITAL EXPENDITURES (EXCL. ACQUISITIONS)

$10.5

$13.0

$3.9

$4.9

TOTAL DEBT

$334.5

$189.8

$334.5

$189.8

EQUITY DIVIDENDS

$1.1

$5.0

$0.5

$0.8

$2.6

$0.8

*-THE 1997 PRO FORMA RESULTS INCLUDE KOPPERS AUSTRALIA'S 1997 RESULTS

(@ 1998 EXCHANGE RATES) AS IF IT HAD BEEN ACQUIRED ON JANUARY 1, 1997.