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									                                                                                                                                                 EQUITY RESEARCH
                                                                                                                                       QUARTERLY UPDATE

 February 10, 2010                                                       INDUSTRIAL/CAPITAL GOODS/CHEMICALS
 Stock Rating:
 PERFORM
                                                                         Compass Minerals
 12-18 mo. Price Target                                           NA     4Q09 EPS Below Estimate on Weather, But Salt
 CMP - NYSE                                                    $71.99    Fundamentals Appear Attractive
 3-5 Yr. EPS Gr. Rate                                           5%        SUMMARY
 52-Wk Range                                          $74.00-$45.64      CMP reported 4Q09 EPS of $1.88, 27% below estimate, and down 23.1% yoy due
 Shares Outstanding                                           32.6M      to a much more severe 25% drop in highway deicing salt volume due to mild
 Float                                                        27.7M      weather. January has also been somewhat less snowy, but the company talked
 Market Capitalization                                   $2,346.4M       about the prospects for the sustainability of current relatively high margins and
 Avg. Daily Trading Volume                                 381,149       future price increases, so investors are rightfully looking past the short-term weather
                                                                         fluctuations and bidding the stock up 10% to recoup the recent sharp pull-back.
 Dividend/Div Yield                                    $1.56/2.17%
 Fiscal Year Ends                                               Dec       KEY POINTS

 Book Value                                                   $6.84      s    At the current price, CMP is trading at 13.5x '10E P/E, modestly above its
 2010E ROE                                                   61.9%            average valuation since the IPO. We model mid-single digits EPS growth
 LT Debt                                                   $486.6M            beyond 2010, so the current multiple appears appropriate. We like the Salt
 Preferred                                                       NA           franchise and would advise being aggressive on CMP on dips.
 Common Equity                                               $223M       s    4Q09 sales fell 19.6% yoy to $312.2MM (-24% volume, +2% price, +2% F/X), as
 Convertible Available                                          No            Salt fell 13.7% and Specialty fertilizer dropped 54.5%; our long-forecasted
                                                                              collapse in SOP has largely played out. Deicing sales fell 18.6% with volume
 EPS Diluted           Q1     Q2       Q3      Q4      Year     Mult.         down 24.7%, pricing up 8.1%. C&I salt sales fell 6.3% with volume down 16.5%
 2008A                 1.48   0.14    0.87    2.44      4.93     14.6x        but pricing up 12.2%.
 2009A                 1.85   0.51    0.77    1.88      5.01     14.4x
                                                                         s    SOP volumes fell 30.5% yoy and price fell 34.4% yoy to $640/ton, and down 9%
   Prior (E)             --     --       --   2.57      5.70     12.6x        sequentially due to weak demand. CMP said current prices are in the
 2010E                 1.90   0.31    0.79    2.31      5.31     13.6x        "low-$500s," but actually will raise prices by $30 for 4/1. CMP sees 1Q10 SOP
   Prior (E)             --     --       --      --     5.43     13.3x        volume doubling yoy from very depressed levels.

 EBITDA                Q1     Q2       Q3      Q4      Year     Mult.    s    Consolidated operating earnings fell 20.7% to $96.1MM. Salt EBIT fell 1.8%, as
                                                                              lower sales more than offset a 400bps margin increase. Fertilizer EBIT dropped
 2008A                  89     29       66     132      316       8.9x
                                                                              65.6%, on lower sales and a 1,540bps margin decline from inflated levels. CMP
 2009A                 105     45       56     108      314       9.0x
                                                                              does not give EPS guidance, but we reduce our '10E by 2% to $5.31.
   Prior (E)             --     --       --    142      348       8.1x
 2010E                 111     33       57     132      333       8.5x   s    CMP trades at 13.5x '10E P/E vs. an average 13.3x since the 12/03 IPO (7x-27x
                                                                              range). We actually see the potential for valuation expansion as investors
   Prior (E)             --     --       --      --     341       8.3x
                                                                              become comfortable that the company is not over-earning with 25% EBIT
 Adjusted EBITDA in $millions                                                 margins. CMP is difficult to model due to potash price and weather sensitivity,
                                                                              so estimates could remain volatile.



                                                                         Stock Price Performance                                                     Company Description
                                                                                                                                                     (Overland Park, KS) Compass Minerals is a
                                                                                         1 Year Price History for CMP                                leading supplier of inorganic minerals. The
                                                                                                                                                80
                                                                                                                                                     company is the second-leading salt producer in
                                                                                                                                                     North America and the largest in the United
                                                                                                                                                70
                                                                                                                                                     Kingdom. Compass also is North America's
                                                                                                                                                60   leading producer of sulfate of potash (SOP),
                                                                                                                                                50   used in the production of specialty fertilizers for
                                                                                                                                                40   high-value crops and turf.
                                                                                                                                                30
                                                                                    Q1          Q2        Q3                            Q1
                                                                          2009                                     2010
                                                                                                                        Created by BlueMatrix




                                                                         Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As
                                                                         a result, investors should be aware that the firm may have a conflict of interest that could affect the
Edward H. Yang                       Luis Amadeo                         objectivity of this report. Investors should consider this report as only a single factor in making their
212-667-8459                         212 667-5502                        investment decision. See "Important Disclosures and Certifications" section at the end of this report for
Edward.Yang@opco.com                 Luis.Amadeo@opco.com                important disclosures, including potential conflicts of interest. See "Price Target Calculation" and "Key Risks
                                                                         to Price Target" sections at the end of this report, where applicable.

                                                                         Oppenheimer & Co Inc. 300 Madison Avenue 4th Floor New York, NY 10017 Tel: 800-221-5588 Fax: 212-667-8229
Compass Minerals




                   Guidance
                      $100 million capex and D&A of $55 million in 2010.

                      Tax rate of 31% in 2010.

                   Salt
                      For highway deicing salt, the trend that began in 4Q09, which was 15% milder than
                      normal, continued into January. February and March are also critical months,
                      however.

                      Seeing a rebound in demand from chemical customers.

                      In 2010, expects to generate the “kinds of improved margin reported in 2009.”

                      Shipping and handling costs to remain flat in 1Q10.

                   SOP
                      Volume: Believes that specialty fertilizer customers are cautiously returning to the
                      market. Expects a meaningful improvement in SOP demand in 2010, but volumes to
                      be below the historical 400,000 tons per year range. Expects 1Q10 volume to double
                      1Q09’s, and demand to improve throughout the year.

                      Pricing: Believes that 1Q10 SOP pricing has found a floor in the low $500s level.
                      Expects 1Q10 average price to represent the low point and pricing to improve as the
                                                        st
                      $30/ton price increase for April 1 is implemented.

                      Expects cost per ton to moderate in 2010, benefiting from lower cost solar pond-
                      based production, and lower cost inventory.




                   Additional Fourth Quarter Details
                   Consolidated
                      Sales fell 19.6% year-over-year (-24% volume, +2% price, +2% F/X) to $312.2 million
                      from $388.3 million, as strong salt pricing was more than offset by lower volume,
                      which resulted from significantly milder weather, and continued weak demand for
                      SOP.

                      Operating earnings fell 20.7% year-over-year to $96.1 million from $121.2 million.
                      Operating margin of 30.8% declined 40 bps year-over-year from 31.2%.

                      Adjusted EBITDA fell 18.0% year-over-year to $108.1 million from $131.8 million.
                      Margin of 34.6% improved 70 bps year-over-year from 33.9%.

                      Operating expenses (as % of sales): shipping and handling 25.6% vs. 27.0% last
                      year, product cost 37.3% vs. 35.5% last year, and SG&A 6.8% vs. 6.2% last year.

                      Interest expense was $5.7 million vs. $9.1 million last year, due to lower debt and
                      lower average interest rates. Net debt was $477.2 million, flat sequentially and up 3%
                      year-over-year.

                      Earnings before taxes fell 21.2% year-over-year to $89.4 million from $113.4 million.

2
                                                                            Compass Minerals




   Operating EPS fell 23.1% year-over-year to $1.88 from $2.44 ($2.41 GAAP).

   Free cash flow, excluding dividends/buybacks, was $34.0 million vs. our estimate of
   $49.7 million, primarily as lower net income more than offset lower than expected
   capex. Capex was $40.5 million vs. our estimate of $48.2 million.

   The effective tax rate was 30.1% vs. 28.6% last year.

Salt
   Sales fell 13.7% year-over-year (-23% volume, +7% price, +2% F/X) to $283.1 million
   from $328.0 million.

   Highway deicing: Sales volumes fell 24.7% year-over-year to 3,127 thousand tons
   from 4,154 thousand tons, reflecting a late arrival of winter weather in North America
   and the U.K, compared to more-severe-than-normal winter weather in 4Q08.
   Improved demand for rock salt from chlor-alkali manufacturers slightly offset the
   volume decline. Average selling prices grew 8.1% year-over-year to $51.38 per ton
   from $47.53, primarily as a result of improved prices awarded through the annual bid
   process.

   Consumer and industrial: Sales volumes fell 16.5% year-over-year to 732
   thousand tons from 877 thousand tons, as milder winter weather reduced demand for
   professional and consumer deicing products. Average selling prices grew 12.2%
   year-over-year to $167.23 per ton from $149.03, reflecting the company’s focus on
   maximizing the value of its consumer and industrial production.

   Operating earnings fell 1.8% year-over-year to $92.5 million from $94.2 million,
   reflecting improved pricing and flat per-unit costs. Operating margin of 32.7%
   improved 400 bps from 28.7% in 4Q08.

   Weather effect: Fewer than normal snowfall events in 4Q09 reduced sales of
   highway, professional and consumer deicing products by $26 to $30 million and
   decreased operating earnings by $13 to $16 million compared to a normal-weather
   fourth quarter.

Specialty fertilizer
   Sales fell 54.5% year-over-year (-30% volume, -24% price) to $26.3 million from
   $57.8 million. Sales volumes fell 30.5% year-over-year to 41 thousand tons from 59
   thousand tons, as growers and retailers continued to postpone purchases, but grew
   21% sequentially. Average selling prices fell 34.4% year-over-year to $640 per ton
   from $975.

   Operating earnings fell 65.6% year-over-year to $12.6 million from $36.6 million.
   Operating margin of 47.9% declined 1,540 bps year-over-year from 63.3%.

Corporate and other (DeepStore)
   Sales grew 12.0% year-over-year to $2.8 million from $2.5 million.

   Operating earnings increased $0.6 million year-over-year to a loss of $9.0 million from
   a loss of $9.6 million.




                                                                                             3
Compass Minerals




    Exhibit 1. Chemicals Industry Comparative Company Analysis
                                                                                                                                                                                                                                                         P/E Multiple          5 yr.    Firm Value
                                                                                                                        Market           Firm          2010E        '10       2009E                   Operating EPS                                       On     Rel.         estim. to 2010E EBITDA                 2010E         2010E            Curr.
                                                                                   Price         Stock Gain              Cap.            Value          Revs       Rev.        Revs             2010E          2009E                                     2010E    To           EPS     Consolidated                   FCF        Net Debt/          Yield
                                                                Rating             2/9          2009    YTD             (Mil.)           (Mil.)        (Mil.)      Mult.      (Mil.)        $ Amt. % YOY $ Amt. % YOY                         2008        EPS   S&P           Grwth. EBITDA Multiple                 Yield        EBITDA             %
    Agricultural Products
                                            (4)
    Archer Daniels Midland (ADM)                             Perform                $30            9%        (5%)         19,091          25,322       64,470       0.4x       63,227          2.98         0%         2.97         (2%)        3.04     10.0x      71%          --         3,894           6.5x       7.4%          1.6x               2.0%
    Compass Minerals Int'l (CMP)                             Perform                $72           15%         7%           2,340           2,817        1,135       2.5x         963A          5.31         6%        5.01A          2%         4.93     13.5x      96%         5%            333           8.5x       5.4%          1.4x               2.2%
    Intrepid Potash (IPI)                                  Underperform             $26           40%       (13%)          1,914           1,821          276       6.6x          301          0.51       (31%)        0.74        (55%)        1.65     50.0x      354%       -17%            90          20.3x      (1.6%)         NM                 0.0%
    Penford (PENX)                                           Perform                $10          (14%)       15%             114             182          274       0.7x         256A          0.61         NM       (1.22A)         NM         0.76     16.4x      116%         --            29           6.2x      13.3%          2.3x               0.0%
    Commodity Chemicals
                                            (6)
    Kraton Performance Polymers                             Outperform              $13            0%        (4%)             397             723        1,089      0.7x          950          2.04         NM        (0.09)         NM         0.93     6.4x       45%        32%            159           4.5x      16.5%          2.0x               0.0%
    Olin (OLN)                                              Outperform              $16           (3%)      (11%)           1,227           1,167        1,511      0.8x       1,532A          0.78       (54%)       1.69A        (29%)        2.39     20.0x      142%       24%            209           5.6x       5.8%          NM                 5.1%
    Industrial Gases
                  (4, 5)
    Airgas (ARG)                                             Perform                $61           22%        28%           5,056           6,905        4,061       1.7x        3,870          3.04        14%         2.66        (15%)        3.12     20.1x      142%        7%            731           9.5x       5.5%          2.5x               1.4%
    Air Products (APD)                                      Outperform              $68           61%       (16%)         14,384          18,480        9,031       2.0x       8,256A          4.87        20%        4.06A        (20%)        5.05     13.9x      99%        10%          2,335           7.9x       3.1%          1.8x               2.7%
    Praxair (PX)                                            Outperform              $75           35%        (6%)         23,057          28,067       10,028       2.8x       8,956A          4.56        14%        3.99A         (5%)        4.20     16.5x      117%       12%          3,101           9.1x       4.1%          1.6x               2.4%
    Specialty Chemicals
    Albemarle (ALB)                                          Perform                $35           63%        (3%)          3,229           3,733        2,277       1.6x      2,005A           2.66        41%        1.89A        (21%)        2.39     13.2x      94%        11%            419           8.9x       7.8%          1.2x               1.4%
    DuPont, E.I. (DD)                                        Perform                $33           33%        (2%)         29,733          34,867       29,170       1.2x     26,109A           2.45        21%        2.03A        (27%)        2.78     13.4x      95%         8%          4,836           7.2x       7.2%          1.0x               5.0%
    Ecolab (ECL)                                            Outperform              $44           27%        (1%)         10,464          11,328        6,167       1.8x       5,946           2.21        10%         2.01          8%         1.86     19.9x      141%       12%          1,148           9.9x       4.9%          0.8x               1.4%
    Innophos Holdings (IPHS)                                Outperform              $19           16%       (19%)            398             519          686       0.8x         674           1.83       (45%)        3.35        (65%)        9.60     10.2x      72%        -24%           123           4.2x      11.7%          1.0x               3.6%
    Int'l Flavors & Fragrances (IFF)                         Perform                $41           38%        (0%)          3,242           4,174        2,497       1.7x      2,326A           3.12        16%        2.69A         (3%)        2.76     13.1x      93%         4%            477           8.8x       7.0%          2.0x               2.4%
                              (3, 4)
    RPM International (RPM)                                 Outperform              $19           53%         (9%)          2,409           3,404        3,577      1.0x        3,362          1.68        16%         1.45         38%         1.05     11.1x       78%       19%            450           7.6x       7.5%          2.2x               4.4%
    Sensient Technologies (SXT)                             Outperform              $25           10%         (4%)          1,230           1,646        1,248      1.3x       1,201A          2.04         6%        1.92A          2%         1.89     12.3x       87%        6%            212           7.8x       7.7%          2.0x               3.0%

    Other Commodity Chemicals
    Dow Chemical (DOW)                                             --               $28           83%          1%         31,761          55,288       52,005       1.1x     44,875A           1.48      135%         0.63A        (65%)       1.82      18.8x      133%         --         6,907           8.0x        --           2.8x               2.2%
    Eastman Chemical (EMN)                                         --               $58           90%         (4%)         4,205           5,016        5,400       0.9x      5,047A           4.41       21%         3.63A        (19%)       4.50      13.1x      93%          --           862           5.8x        --           0.9x               3.0%
    Huntsman (HUN)                                                 --               $12          228%          4%          2,793           5,651        8,498       0.7x       7,671           0.16        NM         (1.18)         NM       (0.24)     73.6x      521%         --           742           7.6x        --           3.9x               3.4%
                                 (1)
    ShengdaTech (SDTH)                                      Outperform              $6            74%        (4%)             319             292          126      2.3x          100          0.41          5%         0.39       (38%)       0.63      14.4x      102%         --            48           6.0x        --           NM                 0.0%
    Westlake Chemical (WLK)                                     --                  $20           53%       (19%)           1,327           1,589        2,523      0.6x        2,304          0.82         (1%)        0.83         NM       (0.47)     24.5x      174%         --           238           6.7x        --           1.1x               1.1%
    Other Specialty Chemicals
    3M (MMM)                                                       --               $79           44%         (5%)        55,886          57,812       25,147       2.3x     23,123A           5.09          9%       4.69A          (9%)       5.17     15.5x      110%         --         6,657           8.7x        --           0.3x               2.6%
                         (1)
    Arch Chemicals (ARJ)                                    Outperform              $28           18%         (9%)            704             849        1,502      0.6x       1,392A          2.05        11%        1.85A        (26%)        2.49     13.7x       97%         --           144           5.9x        --           1.0x               2.8%
                         (2)
    BASF (BAS-XE)                                                  --               €40           57%         (8%)        36,753          49,340       54,385       0.9x       51,097          2.97        43%         2.07        (43%)        3.60     13.5x      95%          --         8,387           5.9x        --           1.5x               4.9%
    Cytec Industries (CYT)                                         --               $38           72%          3%          1,823           2,247        2,945       0.8x       2,790A          2.21        67%        1.32A        (62%)        3.44     17.0x      120%         --           358           6.3x        --           1.2x               0.1%
    FMC (FMC)                                                      --               $55           25%         (2%)         3,968           4,535        2,982       1.5x       2,826A          4.62        11%        4.15A        (10%)        4.63     11.9x      84%          --           674           6.7x        --           0.8x               0.9%
    Givaudan (GIVN-VX) (2)                                         --            CHF889           (0%)        8%           6,711           9,161        4,064       2.3x       3,964         54.59         10%        49.76          1% 49.13            16.3x      115%         --           896          10.2x        --           2.7x               1.1%
    H.B. Fuller Company (FUL)                                      --               $20           41%       (13%)            958           1,072        1,293       0.8x      1,235A          1.60          9%        1.47A          9%  1.35            12.3x      87%          --           172           6.2x        --           0.7x               1.4%
    Israel Chemicals Ltd. (ICL-TV)                                 --               $13           90%        (4%)         16,027          16,905        5,409       3.1x       4,624          0.84         31%         0.64        (59%) 1.57            15.1x      107%         --         1,488          11.4x        --           0.6x               4.4%
    Monsanto (MON)                                                 --               $76           16%        (7%)         41,560          43,094       11,354       3.8x     11,724A          3.28        (26%)       4.41A         21%  3.64            23.2x      165%         --         3,281          13.1x        --           0.5x               1.4%
    Nalco Holdings (NLC)                                           --               $22          121%       (14%)          3,046           5,862        3,959       1.5x      3,747A          1.36         48%        0.92A        (21%) 1.17            16.2x      115%         --           730           8.0x        --           3.9x               0.6%
    NewMarket (NEU) (1)                                        Perform             $83           229%       (27%)          1,269           1,369        1,632       0.8x      1,530A           8.61      (23%) 11.11A              131%   4.80           9.7x       69%          --           248           5.5x        --           0.4x               1.8%
    OM Group (OMG)                                                --               $31            49%        (2%)            940             640        1,204       0.5x         906           2.25      168%    0.84              (77%)  3.69           13.7x      97%          --           176           3.6x        --           NM                 0.0%
    Potash Corporation (POT)                                      --               $106           48%        (2%)         31,319          34,982        5,718       6.1x      3,977A           5.35       65%   3.25A              (70%) 11.01           19.8x      140%         --         2,565          13.6x        --           1.4x               0.4%
    PPG Industries (PPG)                                          --               $59            38%         1%           9,879          12,168       12,953       0.9x     12,239A           3.86       31%   2.94A              (34%)  4.47           15.3x      108%         --         1,696           7.2x        --           1.3x               3.7%
    Sherwin-Williams (SHW)                                        --               $64             3%         4%           7,256           7,934        7,280       1.1x      7,094A           4.29       10%   3.89A              (10%)  4.31           14.9x      106%         --           921           8.6x        --           0.7x               2.2%
    Sigma-Aldrich (SIAL)                                          --               $48            20%        (5%)          5,832           6,108        2,312       2.6x       2,134           3.14       13%    2.77                5%   2.65           15.3x      108%         --           671           9.1x        --           0.4x               1.2%
    Solutia (SOA)                                                 --               $13           182%         6%           1,637           2,686        1,779       1.5x      1,667A           1.14       (1%)  1.15A               51%   0.76           11.8x      84%          --           411           6.5x        --           2.6x               0.0%
    Symrise (SY1-XE) (2)                                           --               €15           50%          3%          1,818           2,459        1,400       1.8x       1,359           1.09        16%         0.94         24%         0.76     14.1x      100%         --           279           8.8x        --           2.3x               3.3%
    Syngenta (SYT)                                                 --               $52           44%         (7%)        24,337          17,153       12,083       1.4x     10,992A           4.36        38%        3.15A          7%         2.95     12.0x      85%          --         2,737           6.3x        --           NM                 1.7%
    Valspar (VAL)                                                  --               $25           50%         (6%)         2,536           3,228        3,026       1.1x      2,879A           2.00        13%        1.77A         13%         1.57     12.7x      90%          --           440           7.3x        --           1.6x               2.5%
                    (1)
    WD-40 (WDFC)                                               Perform              $30           14%         (7%)            497             470          296      1.6x         292A          1.90        20%        1.58A         (4%)        1.64     15.8x      112%         --             52          9.0x        --            NM                3.3%
    WR Grace (GRA)                                                --                $27          325%          6%           1,946           1,959        2,730      0.7x       2,825A          2.63        35%        1.95A        (17%)        2.34     10.2x      72%          --           --           --           --            --                0.0%

    Dow Jones US Chemicals                                                         $251           54%         (3%)
    Materials SPDR (XLB)                                                           $31            45%         (7%)                                                                                                                                                                                                                                      1.7%
    S&P 500 (Consensus)                                                           $1,072          23%         (4%)                                                                           75.84         27%         59.63         (9%) 65.47          14.1x         --         7%                                                                    2.0%
    Notes:
    "Stock price results presented should not and cannot be viewed as an indicator of future performance."
    See “Legal Disclaimer” section at the end of our reports for important disclosures, including potential conflicts of interest.
    (1) SDTH covered by OPCO's China Healthcare and Specialty Chemicals analyst, Katherine Lu; ARJ and NEU covered by Special Situations analyst, Ian Zaffino; WDFC covered by Consumer, Household & Personal Care Products analyst, Joseph Altobello. (2) Financial data in reporting currency; BAS-XE and SY1-XE in euros, GIVN-VX in Swiss francs.
    (3) RPM's firm value includes debt for asbestos reserve. (4) ADM, ARG, RPM multiples based on FY2011E. (5) ARG's firm value includes account receivables securitzation. (6) Cash, debt and shares are pro forma, post IPO.



    Source: Company reports and Oppenheimer & Co. First Call consensus estimates used for companies not covered by Oppenheimer. Price performance presented should not and cannot be viewed as an indicator of future performance.




4
                                                                                                                                                                                     Compass Minerals




Exhibit 2. CMP 2009-2010E Quarterly Model ($ in millions, except per share)

                                                                                                                                                                       Year Over Year % Change
CMP consolidated model                         1Q09      2Q09      3Q09      4Q09E      4Q09      2009     1Q10E    2Q10E     3Q10E     4Q10E      2010E     1Q10E      2Q10E    3Q10E    4Q10E       2010E
Sales
Salt                                           268.8     118.4     155.5     343.4     283.1     825.8     308.8     129.8     169.2     370.8      978.6     14.9%     9.6%      8.8%     31.0%     18.5%
Specialty fertilizer                            38.2      38.4      23.9      24.5      26.3     126.8      32.6      38.8      36.7      36.0      144.2    (14.6%)    1.0%     53.6%     36.9%     13.7%
Corporate and other                              2.1       2.7       2.9       2.6       2.8      10.5       2.7       3.0       3.1       3.7       12.5
 Total sales                                   309.1     159.5     182.3     370.5     312.2     963.1     344.1     171.6     209.0     410.5    1,135.3    11.3%      7.6%     14.7%     31.5%     17.9%

Shipping and handling                         91.0        37.5      41.0      95.9      79.8     249.3      99.6      41.8      50.6     103.9      295.9     9.4%     11.5%     23.5%     30.2%     18.7%
  % of sales                                29.4%       23.5%     22.5%     25.9%     25.6%     25.9%     28.9%     24.4%     24.2%     25.3%      26.1%
Product cost                                 102.8        67.0      74.7     119.8     115.2     359.7     123.2      82.2      89.5     149.4      444.2    19.8%     22.7%     19.8%     29.7%     23.5%
  % of sales                                33.3%       42.0%     41.0%     32.3%     36.9%     37.3%     35.8%     47.9%     42.8%     36.4%      39.1%
  Gross profit                               115.3        55.0      66.6     154.7     117.2     354.1     121.4      47.6      69.0     157.2      395.1     5.3%     (13.5%)    3.5%     34.1%     11.6%
  % of sales                                37.3%       34.5%     36.5%     41.8%     37.5%     36.8%     35.3%     27.7%     33.0%     38.3%      34.8%
Selling, general and administrative             20.7      20.2      21.9      25.1      21.1       83.9     22.7      26.9      25.1      38.9      113.7     9.9%     33.2%     14.6%     84.5%     35.5%
 % of sales                                    6.7%     12.7%     12.0%      6.8%      6.8%       8.7%     6.6%     15.7%     12.0%      9.5%      10.0%
Operating earnings
Salt                                          77.4        19.3      43.2     128.8      92.5     232.4     100.3      20.1      44.8     118.7      284.0    29.7%      4.2%      3.8%     28.3%     22.2%
 % of Salt                                  28.8%       16.3%     27.8%     37.5%     32.7%     28.1%     32.5%     15.5%     26.5%     32.0%      29.0%
Specialty fertilizer                          26.8        25.0      11.6      11.5      12.6      76.0       8.9      11.6      10.7      11.9       43.1    (66.6%)   (53.8%)    (7.6%)    (5.7%)   (43.3%)
 % of Specialty fertilizer                  70.2%       65.1%     48.5%     47.0%     47.9%     59.9%     27.4%     29.8%     29.2%     33.0%      29.9%
Corporate and other                           (9.6)       (9.5)    (10.1)    (10.6)     (9.0)    (38.2)    (10.7)    (11.0)    (11.7)    (12.3)     (45.7)
 % of sales                                 (3.1%)      (6.0%)    (5.5%)    (2.9%)    (2.9%)    (4.0%)    (3.1%)    (6.4%)    (5.6%)    (3.0%)     (4.0%)
 Operating earnings                           94.6        34.8      44.7     129.6      96.1     270.2      98.6      20.7      43.9     118.2      281.4     4.3%     (40.5%)    (1.9%)   23.0%      4.2%
 % of sales                                 30.6%       21.8%     24.5%     35.0%     30.8%     28.1%     28.7%     12.1%     21.0%     28.8%      24.8%
EBITDA (adjusted)                            104.8        45.4      55.6     142.1     108.1     313.9     111.0      33.2      56.8     131.8      332.9     5.9%     (26.8%)    2.2%     22.0%      6.1%
 % of sales                                 33.9%       28.5%     30.5%     38.4%     34.6%     32.6%     32.3%     19.4%     27.2%     32.1%      29.3%
Interest expense                                 7.5       6.6       6.0       5.9       5.7      25.8       5.7       5.4       5.4       5.1      21.6     (24.0%)   (17.5%)   (10.8%)   (10.8%)   (16.4%)
Other expense, net                              (1.1)      0.9       1.5         -       1.0       2.3         -         -         -         -         -
Earnings before income taxes                    88.2      27.3      37.2     123.7      89.4     242.1      92.9      15.3      38.5     113.2     259.8      5.4%     (44.1%)    3.5%     26.6%      7.3%
Income taxes                                  26.6        10.2      11.5      38.4      26.9      75.2      29.7       4.9      12.3      36.2       83.1
  Tax rate                                  30.2%       37.4%     30.9%     31.0%     30.1%     31.1%     32.0%     32.0%     32.0%     32.0%      32.0%

Net income                                    61.6        17.1      25.7      85.4      62.5     166.9      63.2      10.4      26.2      76.9      176.7     2.6%     (39.3%)    1.9%     23.1%      5.9%
 % of sales                                 19.9%       10.7%     14.1%     23.0%     20.0%     17.3%     18.4%      6.0%     12.5%     18.7%      15.6%
Earnings per share:
GAAP EPS                                     $ 1.85     $ 0.42    $ 0.77     $ 2.57    $ 1.88    $ 4.92    $ 1.90    $ 0.31   $ 0.79    $ 2.31     $ 5.31
Operating EPS                                $ 1.85     $ 0.51    $ 0.77     $ 2.57    $ 1.88    $ 5.01    $ 1.90    $ 0.31   $ 0.79    $ 2.31     $ 5.31      2.6%    (39.3%)     1.9%    23.1%       5.9%
Average diluted shares (adjusted)              33.3       33.3      33.3       33.2      33.3      33.3      33.3      33.3     33.3      33.3       33.3     (0.0%)    (0.0%)    (0.0%)   (0.0%)     (0.0%)
Dividends per share                          $ 0.36     $ 0.36    $ 0.36     $ 0.36    $ 0.36    $ 1.42    $ 0.39    $ 0.39   $ 0.39    $ 0.39     $ 1.56      9.9%      9.9%      9.9%     9.9%       9.9%
EPS payout ratio                             19.2%       69.2%     46.0%     13.8%     18.9%      28.3%    20.5%    125.3%    49.6%      16.9%     29.4%
Free cash flows analysis:
Net income                                      61.6      17.1      25.7      85.4      62.5     166.9      63.2      10.4      26.2      76.9     176.7      2.6%     (39.3%)    1.9%     23.1%      5.9%
  plus: depreciation & amortization             10.2      10.6      10.9      12.5      12.0      43.7      12.4      12.5      13.0      13.6      51.5     21.5%      18.2%    18.9%     13.4%     17.8%
  % of sales                                   3.3%      6.6%      6.0%      3.4%      3.8%      4.5%      3.6%      7.3%      6.2%      3.3%      4.5%
  minus: capex                                   9.4      19.7      24.5      48.2      40.5      94.1      14.8      20.9      25.5      40.7     102.0     57.4%      6.3%      4.1%      0.6%      8.4%
  % of sales                                   3.0%     12.4%     13.4%     13.0%     13.0%      9.8%      4.3%     12.2%     12.2%      9.9%      9.0%
  minus: stock buybacks                            -         -         -         -         -         -         -         -         -         -         -
  minus: dividends                              11.8      11.8      11.8      11.8      11.8      47.3      13.0      13.0      13.0      13.0      51.9
Free cash flows                                 50.6      (3.8)      0.3      37.9      22.2      69.2      47.8     (11.0)      0.7      36.8      74.3      (5.5%)       NM 138.0%       66.1%      7.3%
Free cash flows pre-div. & buybacks             62.4       8.0      12.1      49.7      34.0     116.5      60.8       2.0      13.6      49.8     126.2      (2.6%)   (75.5%) 12.8%       46.6%      8.3%
Salt - volume, price & sales
Sales volume (thousand tons)                   4,359     1,724     2,129     4,935     3,859    12,071     4,633     1,750     2,175     4,876    13,434      6.3%      1.5%      2.2%     26.4%     11.3%
 Highway deicing                               3,729     1,225     1,527     4,121     3,127     9,608     3,971     1,230     1,560     4,002    10,763      6.5%      0.4%      2.2%     28.0%     12.0%
 Consumer and industrial                         630       499       602       814       732     2,463       662       520       615       874     2,670      5.0%      4.2%      2.2%     19.4%      8.4%
Average sales price ($/ton)                  61.66       68.71     73.04     69.59     73.36     68.41     66.65     74.16     77.81     76.05     72.85      8.1%      7.9%      6.5%      3.7%      6.5%
 Highway deicing                             46.80       37.83     43.62     51.76     51.38     46.64     50.59     40.10     46.24     53.95     50.01      8.1%      6.0%      6.0%      5.0%      7.2%
 Consumer and industrial                    149.58      144.61    147.56    159.89    167.23    153.33    163.04    154.73    157.89    177.26    164.89      9.0%      7.0%      7.0%      6.0%      7.5%
Shipping and handling                           88.4      35.2      39.0      93.8      77.0     239.6      95.4      37.1      45.5      98.7     276.7      8.0%      5.4%     16.6%     28.2%     15.5%

Specialty fertilizer - vol, price & sales
Sales volume (thousand tons)                     37         41        34        35        41       153        64        80        81        80      305       73.0%     95.1% 138.2%        95.1%     99.3%
Average sales price ($/ton)                 1,020.00    944.00    706.00    699.00    640.00    828.00    510.00    485.00    453.30    450.00    472.65     (50.0%)   (48.6%) (35.8%)     (29.7%)   (42.9%)
Shipping and handling                            2.6       2.3       2.0       2.2       2.8       9.7       4.1       4.7       5.2       5.2      19.2     58.8%     105.2%    158.0%    85.1%     97.9%

Balance sheets data:
Cash                                           117.4      66.3      13.2      24.6      13.5      13.5      27.8      24.5      24.7      35.8      35.8
Net debt                                       368.6     426.4     478.5     440.6     477.2     477.2     429.4     440.4     439.8     402.9     402.9
Effective annual interest expense              7.2%      6.6%      5.3%      5.1%      4.8%      5.5%      5.0%      5.0%      4.9%      4.8%      4.9%

Return on equity (annualized)               277.3%      53.2%     64.8%     162.4%    126.1%    116.1%    101.8%    15.3%     37.8%     97.4%      61.9%
Return on invested capital                   52.5%      16.6%     20.2%      53.4%     39.7%     30.4%     38.2%     8.0%     16.6%     43.6%      26.4%
Notes: (1) EBITDA is operating income + D&A.


Source: Company reports and Oppenheimer & Co. estimates.




                                                                                                                                                                                                           5
Compass Minerals




Exhibit 3. CMP 2008-2014E Annual Model ($ in millions, except per share)

                                                                                                                                                 Year Over Year % Change                             CAGR
    CMP consolidated model                          2008      2009     2010E      2011E      2012E      2013E      2014E       2008      2009     2010E    2011E    2012E       2013E     2014E     '09-'14
    Sales
    Salt                                          923.3      825.8      978.6    1,026.6    1,045.2    1,076.1    1,108.7    29.9%     (10.6%)   18.5%      4.9%      1.8%      3.0%      3.0%       6.1%
    Specialty fertilizer                          232.9      126.8      144.2      162.5      171.8      176.9      177.8    71.1%     (45.6%)   13.7%     12.7%      5.8%      3.0%      0.5%       7.0%
    Corporate and other                            11.5       10.5       12.5       13.1       13.4       13.8       14.2
     Total sales                                1,167.7      963.1    1,135.3    1,202.1    1,230.4    1,266.9    1,300.6    36.2%     (17.5%)   17.9%      5.9%      2.4%      3.0%      2.7%       6.2%

    Shipping and handling                         341.1      249.3      295.9      311.7      323.6      334.0      343.1    34.9%     (26.9%)   18.7%      5.3%      3.8%      3.2%      2.7%       6.6%
      % of sales                                 29.2%      25.9%      26.1%      25.9%      26.3%      26.4%      26.4%
    Product cost                                  470.4      359.7      444.2      475.2      484.1      502.1      515.5    19.9%     (23.5%)   23.5%      7.0%      1.9%      3.7%      2.7%       7.5%
      % of sales                                 40.3%      37.3%      39.1%      39.5%      39.3%      39.6%      39.6%
      Gross profit                                356.2      354.1      395.1      415.2      422.7      430.7      442.0    68.0%      (0.6%)   11.6%      5.1%      1.8%      1.9%      2.6%       4.5%
      % of sales                                 30.5%      36.8%      34.8%      34.5%      34.4%      34.0%      34.0%
    Selling, general and administrative             82.0      83.9      113.7      123.8     118.8      122.3      125.6     21.1%      2.3%     35.5%      8.9%      (4.0%)    2.9%      2.7%       8.4%
     % of sales                                    7.0%      8.7%      10.0%      10.3%      9.7%       9.7%       9.7%
    Operating earnings
    Salt                                          191.7      232.4      284.0      287.4      292.7      295.9      304.9    38.2%     21.2%     22.2%      1.2%      1.8%      1.1%      3.0%       5.6%
     % of Salt                                   20.8%      28.1%      29.0%      28.0%      28.0%      27.5%      27.5%
    Specialty fertilizer                          117.7       76.0       43.1       50.8       59.3       61.9       62.2    230.6%    (35.4%)   (43.3%)   17.9%     16.6%      4.5%      0.5%       (3.9%)
     % of Specialty fertilizer                   50.5%      59.9%      29.9%      31.3%      34.5%      35.0%      35.0%
    Corporate and other                           (35.2)     (38.2)     (45.7)     (46.9)     (48.0)     (49.4)     (50.7)
     % of sales                                  (3.0%)     (4.0%)     (4.0%)     (3.9%)     (3.9%)     (3.9%)     (3.9%)
     Operating earnings                           274.2      270.2      281.4      291.4      303.9      308.5      316.4    90.0%      (1.5%)    4.2%      3.5%      4.3%      1.5%      2.6%       3.2%
     % of sales                                  23.5%      28.1%      24.8%      24.2%      24.7%      24.3%      24.3%
    EBITDA (adjusted)                             315.6      313.9      332.9      347.5      359.5      364.0      373.5    71.2%      (0.5%)    6.1%      4.4%      3.5%      1.2%      2.6%       3.5%
     % of sales                                  27.0%      32.6%      29.3%      28.9%      29.2%      28.7%      28.7%
    Interest expense                                41.6      25.8      21.6       17.4       11.4         5.0       (3.7)   (23.8%)   (38.0%)   (16.4%)   (19.4%)   (34.5%)   (56.0%)   (174.3%)   (167.9%)
    Other expense, net                              (0.9)      2.3         -          -          -           -          -
    Earnings before income taxes                   233.5     242.1     259.8      274.0      292.5      303.4      320.1     156.3%     3.7%      7.3%      5.5%      6.8%      3.7%      5.5%       5.7%
    Income taxes                                   70.0       75.2       83.1       87.7       93.6       97.1      102.4
      Tax rate                                   30.0%      31.1%      32.0%      32.0%      32.0%      32.0%      32.0%

    Net income                                    163.5      166.9      176.7      186.3      198.9      206.3      217.7    138.0%     2.1%      5.9%      5.5%      6.8%      3.7%      5.5%       5.5%
     % of sales                                  14.0%      17.3%      15.6%      15.5%      16.2%      16.3%      16.7%
    Earnings per share:
    GAAP EPS                                     $ 4.81      $ 4.92    $ 5.31     $ 5.60     $ 5.97     $ 6.20     $ 6.54
    Operating EPS                                $ 4.93      $ 5.01    $ 5.31     $ 5.60     $ 5.97     $ 6.20     $ 6.54    136.1%     1.7%       5.9%     5.5%      6.8%      3.7%      5.5%        5.5%
    Average diluted shares (adjusted)              33.2        33.3      33.3       33.3       33.3       33.3       33.3      0.8%     0.3%      (0.0%)    0.0%      0.0%      0.0%      0.0%       (0.0%)
    Dividends per share                          $ 1.34      $ 1.42    $ 1.56     $ 1.66     $ 1.77     $ 1.88     $ 2.01      4.7%     6.0%       9.9%     6.5%      6.5%      6.5%      6.5%        7.2%
    EPS payout ratio                              27.2%       28.3%     29.4%      29.7%      29.6%      30.4%      30.7%
    Free cash flows analysis:
    Net income                                     163.5     166.9     176.7      186.3      198.9      206.3      217.7     138.0%     2.1%      5.9%      5.5%       6.8%      3.7%     5.5%       5.5%
      plus: depreciation & amortization             41.4      43.7      51.5       56.1       55.6       55.6       57.1       3.5%     5.6%     17.8%      8.9%      (0.9%)    (0.0%)    2.7%       5.5%
      % of sales                                   3.5%      4.5%      4.5%       4.7%       4.5%       4.4%       4.4%
      minus: capex                                  67.8      94.1     102.0       51.7       52.9       54.5       55.9     41.3%     38.8%      8.4%     (49.3%)    2.4%      3.0%      2.7%       (9.9%)
      % of sales                                   5.8%      9.8%      9.0%       4.3%       4.3%       4.3%       4.3%
      minus: stock buybacks                            -         -         -          -          -          -          -
      minus: dividends                              44.4      47.3      51.9       55.3       58.9       62.8       66.8
    Free cash flows                                 92.7      69.2      74.3      135.4      142.7      144.7      152.0     393.6%    (25.3%)    7.3%     82.3%      5.4%      1.4%      5.0%      17.0%
    Free cash flows pre-div. & buybacks            137.1     116.5     126.2      190.7      201.6      207.4      218.8     125.9%    (15.0%)    8.3%     51.1%      5.7%      2.9%      5.5%      13.4%
    Salt - volume, price & sales
    Sales volume (thousand tons)                15,089      12,071    13,434     13,756     13,957     14,093     14,235     18.0%     (20.0%)   11.3%      2.4%       1.5%     1.0%      1.0%       3.4%
     Highway deicing                            12,237       9,608    10,763     11,033     11,329     11,443     11,560     18.0%     (21.5%)   12.0%      2.5%       2.7%     1.0%      1.0%       3.8%
     Consumer and industrial                     2,852       2,463     2,670      2,724      2,627      2,650      2,675     18.2%     (13.6%)    8.4%      2.0%      (3.5%)    0.9%      0.9%       1.7%
    Average sales price ($/ton)                  61.19       68.41     72.85      74.63      74.89      76.36      77.89     10.1%     11.8%      6.5%      2.4%      0.4%      2.0%      2.0%       2.6%
     Highway deicing                             43.57       46.64     50.01      51.12      51.89      52.92      54.00     11.8%      7.0%      7.2%      2.2%      1.5%      2.0%      2.0%       3.0%
     Consumer and industrial                    136.82      153.33    164.89     169.84     174.08     177.57     181.12      7.7%     12.1%      7.5%      3.0%      2.5%      2.0%      2.0%       3.4%
    Shipping and handling                          318.3     239.6     276.7      288.9      299.2      308.6      317.4     36.7%     (24.7%)   15.5%      4.4%      3.6%      3.1%      2.9%       5.8%

    Specialty fertilizer - vol, price & sales
    Sales volume (thousand tons)                  391         153       305        361        382        393        395      (7.6%)    (60.9%)    99.3%    18.4%      5.8%      3.0%      0.5%       20.9%
    Average sales price ($/ton)                 595.75      828.00    472.65     450.00     450.00     450.00     450.00     85.1%      39.0%    (42.9%)   (4.8%)     0.0%      0.0%      0.0%      (11.5%)
    Shipping and handling                           22.8       9.7      19.2       22.9       24.4       25.4       25.7     14.0%     (57.5%)   97.9%     19.1%      6.6%      4.1%      1.2%      21.5%

    Balance sheets data:
    Cash                                            34.6      13.5      35.8       76.4      119.2      162.6       208.2
    Net debt                                       461.1     477.2     402.9      267.5      124.8      (19.9)     (171.9)
    Effective annual interest expense              7.9%      5.5%      4.9%       5.2%       5.8%       9.6%        3.9%

    Return on equity (annualized)               545.9%      116.1%     61.9%      45.1%      36.2%      29.9%      26.0%
    Return on invested capital                   34.4%       30.4%     26.4%      26.5%      27.7%      28.2%      29.0%
    Notes: (1) EBITDA is operating income + D&A.

Source: Company reports and Oppenheimer & Co. estimates.




6
                                                                                                               Compass Minerals




Investment Thesis
CMP is primarily a very well-run salt company, where fundamentals remain robust, but we expect significant declines in
                       ,
sulfate of potash (SOP 43% of 2008 EBIT) as MOP prices fall. The company is difficult to model due to potash price and
winter weather sensitivity, so the stock could remain volatile.


Important Disclosures and Certifications
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subject securities, which are reflected in the ratings as well as in the substance of this report.The author certifies that no
part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views
contained in this research report.
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including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation
based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits any
research analyst and any member of his or her household from executing trades in the securities of a company that such
research analyst covers. Additionally, Oppenheimer & Co. Inc. generally prohibits any research analyst from serving as an
officer, director or advisory board member of a company that such analyst covers. In addition to 1% ownership positions in
covered companies that are required to be specifically disclosed in this report, Oppenheimer & Co. Inc. may have a long
position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in
options, futures or other derivative instruments based thereon. Recipients of this report are advised that any or all of the
foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of
interest.
Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by
Oppenheimer & Co. Inc:
Stock Prices as of February 10, 2010
Archer Daniels Midland (ADM - NYSE, 29.91, PERFORM)
Albemarle (ALB - NYSE, 35.32, PERFORM)
Air Products and Chemicals (APD - NYSE, 67.95, OUTPERFORM)
Airgas (ARG - NYSE, 61.35, PERFORM)
Arch Chemicals (ARJ - NYSE, 27.99, OUTPERFORM)
E.I. DuPont de Nemours (DD - NYSE, 32.88, PERFORM)
Ecolab (ECL - NYSE, 44.16, OUTPERFORM)
International Flavors & Fragrances (IFF - NYSE, 41.08, PERFORM)
Innophos Holdings (IPHS - Nasdaq, 18.90, OUTPERFORM)
Intrepid Potash (IPI - NYSE, 25.57, UNDERPERFORM)
NewMarket Corp. (NEU - NYSE, 83.38, PERFORM)
Olin (OLN - NYSE, 15.62, OUTPERFORM)
Penford (PENX - Nasdaq, 9.86, PERFORM)
Praxair (PX - NYSE, 75.19, OUTPERFORM)
RPM International (RPM - NYSE, 18.68, OUTPERFORM)
ShengdaTech, Inc. (SDTH - Nasdaq, 5.93, OUTPERFORM)
Sensient Technologies (SXT - NYSE, 25.22, OUTPERFORM)
WD-40 Company (WDFC - NYSE, 30.08, PERFORM)




                                                                                                                             7
Compass Minerals




                                   Rating and Price Target History for: Compass Minerals (CMP) as of 02-09-2010

        02/12/09     03/16/09    07/13/09
          I:P:NA       O:$61        P:NA


                                                                                                                                           90


                                                                                                                                           75


                                                                                                                                           60


                                                                                                                                           45


                                                                                                                                           30


                                                                                                                                           15
        2007                                   2008                                    2009                                   2010




                                                                                                                   Created by BlueMatrix



    All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer &
    Co. Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price
    histories, please write to Oppenheimer & Co. Inc., 300 Madison Avenue, New York, NY 10017, Attention: Equity Research
    Department, Business Manager.




    Oppenheimer & Co. Inc. Rating System as of January 14th, 2008:


    Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months.


    Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months.


    Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months.


    Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential
    conflict of interest.


    Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008:


    Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments,
    and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector.


    Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to
    a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than
    higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy,
    aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere.


    Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness
    perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the peer group.




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                                                                                                                               Compass Minerals




                                                Distribution of Ratings/IB Services Firmwide


                                                     IB Serv/Past 12 Mos.

    Rating                         Count   Percent    Count      Percent

    OUTPERFORM [O]                  341      49.30       132        38.71
    PERFORM [P]                     321      46.50        89        27.73
    UNDERPERFORM [U]                29        4.20         4        13.79




Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not
correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned
buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform.




Company Specific Disclosures
Oppenheimer & Co. Inc. expects to receive or intends to seek compensation for investment banking services in the next 3
months from ALB, IPHS, RPM, and SDTH.

Oppenheimer & Co. Inc. makes a market in the securities of IPHS, SDTH, SIAL, and WDFC.




Additional Information Available


Please log on to http://www.opco.com or write to Oppenheimer & Co. Inc., 300 Madison Avenue, New York, NY 10017,
Attention: Equity Research Department, Business Manager.




Other Disclosures
This report is issued and approved for distribution by Oppenheimer & Co. Inc., a member of all Principal Exchanges and SIPC. This
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report. Before making an investment decision with respect to any security recommended in this report, the recipient should consider
whether such recommendation is appropriate given the recipient's particular investment needs, objectives and financial circumstances.
We recommend that investors independently evaluate particular investments and strategies, and encourage investors to seek the advice
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information contained in this report, except to the extent that liability may arise under specific statutes or regulations applicable to




                                                                                                                                              9
Compass Minerals




     Oppenheimer & Co. Inc.All information, opinions and statistical data contained in this report were obtained or derived from public
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     accurate or complete (with the exception of information contained in the Important Disclosures section of this report provided by
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     This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Oppenheimer & Co. Inc.
     Copyright © Oppenheimer & Co. Inc. 2010.




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