S.C. Johnson & Son. Inc.
1525 Howe Street
Racine. WI 53403-5011
Phone: (414) 631-2000

August 1992

TO WHOM IT MAY CONCERN:

I have been a friend and colleague of Milt Habeck for the past ten years while he was employed at S. C. Johnson Wax and now that he has begun his own business, Unbeaten Path International.

Milt and I worked closely on a number of exciting projects during the years Milt served as Controller of our Latin American Operations and I was the International Cash Manager. Our work together consisted mainly of financial restructuring of a number of our key Latin American subsidiaries. Most of our projects, I might add, were conducted during the latter half of the lgS0's -- a very turbulent (economically as well as politically) period in Latin America. Some examples of the projects we worked on together are as follows:

• a debt equity swap in Mexico in which we injected USD 3.9 million of fresh capital at a discount of 47%
• one Blue Chip Swap purchase in which we injected USD 3.7 million into Brazil at a substantial discount from thc official exchange rate
• three Blue Chip Swap sales at relatively narrow discounts from thc official rate
• several FX option contracts in Argentina which resulted in FX gains of approximately USD 1.8 million
• numerous intercompany loans and offshore investments for subsidiaries in Chile, Venezuela, Puerto Rico, etc.
• a sale/leaseback transaction in Venezuela

In addition, Milt was responsible for initiating constant currency accounting for our Latin American operations. Milt is an extremely intelligent, highly motivated individual who is able to quickly grasp complex financial concepts and then articulate them to others. I recommend Milt and his ability to provide financial expertise to your organization without hesitation.

Very truly yours,

William J. Schaidt
Treasury Manager-North America