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Exhibit 'E' <br />Personal Property <br />Description of Equipment <br />Mixers in several different sizes, raw material storage tanks, various <br />pilot mixers for development work, and testing equipment associated <br />with the production and testing of specialty adhesives. <br />Proposed Project <br />Project includes the installation of several- mixers in various sizes, new <br />raw material storage tanks, R & D and Quality equipment, which will <br />be used to manufacture, test, and develop short -run batches of highly <br />customized adhesive products. There will be approximately .7 acre of <br />land that will be used to support the manufacturing and warehousing <br />of this operation. <br />Nature of Our Business <br />Royal Holdings, Inc. is headquartered in South Bend, Indiana. Royal <br />Adhesives is a maker of specialty adhesives for use in industrial and <br />commercial settings. <br />