Current Projects (EPC)

> Wellman/Pearl River, MS
	The Wellman Project is moving ahead on schedule. BOH Bros. Construction has completed the matt foundation and grade slab for the SSP structure and started excavation for the Amorphous Chip Pre-Storage Silo foundation. All of the below grade utility relocations were completed by Phylway Construction prior to the start of excavation for the SSP foundation. Structural steel for the SSP tower should start to arrive on site late February or early March. In addition, Lauren’s personnel have been moving forward with demolition, which is virtually complete, tie-ins and field routed piping in the existing L1 Building. The project is on schedule for completion in January of 2006. Ted Hapworth and the field crew are doing a fine job, safety to this point has been excellent, Mark Buchanan and the Knoxville Engineering folks are on schedule, and Don Dronfield, Kyle Stewart and Ted Hapworth are doing a great job maintaining our relationship with the client.

> Golden Spread Cooperative – Denver City, TX
	Lauren has joint ventured with TIC for this project at Mustang Power Station-Unit 4. Lauren is providing the engineering and TIC the construction.

Current Projects (Engineering)

> Brazos Electric Cooperative – Various Locations
   Lauren has completed the design of nine substations for Brazos, and has been awarded    seven additional substation projects.

> Ethyl Chem, LTD – Trinidad
   This project involves the engineering of an ethanol dehydration unit in Trinidad. The    project is scheduled for completion during the 4th quarter of 2005.

> Sid Richardson – Big Spring, TX
   Project involves the design of a cogeneration unit.

> DAK Monomers, LLC – Cape Fear, NC
   The Knoxville engineering office is heading up the engineering for this 3rd Rovac    process project.

> Siemens Westinghouse – Mountain Home, ID
   Project involves the design for a 501F simple cycle unit.

> Siemens Westinghouse
   Conceptual design of modular pipe rack (501F)

> Schenectady International – Newport, TN
   Structural engineering for a new reactor

> STIS – Iraq
   Scope of work includes the electrical and instrumentation detail design for this Iraqi    fuels refinery located near Baghdad, Iraq.

Year End 2004 Safety Data:
Total Manhours = 450,910
Incident Rate = 3.10
Lost Time Rate = 0.44

Industrial Services

> Crown Cork and Seal - Abilene, TX
	Multiple Small Jobs and larger projects both T&M and Lump Sum, including the installation of a washer & UV bottom rim coater in the Abilene facility.

> Georgia Pacific - Quanah, TX
   Miscellaneous Mechanical and Maintenance Work

> Cargill - Abilene, TX
   Multiple Maintenance and Fabrication

> Bandag - Abilene, TX
   Multiple Maintenance and Fabrication

> Emerson, Anadarko, OK
   DCS Upgrade - Unit 5 & 6

Fabrication

> Barr Fabrication
	The shop continues to fabricate interior platform components for wind tower generators for Barr Fabrication. This has been a 4,000 manhour project through 2004.

> Rentech
	The shop designers continue to provide CAD support for Rentech Boiler projects - with about 500 drawings issued in '2004. The shop is also completing fabrication of a large steam drum for Rentech (weighing approx. 60,000 pounds).

> Wellman/Pearl River, MS
   Pipe Fabrication for Wellman/Pearl River project has recently begun

I pray that the year 2005 will be a blessed and special year for each Lauren employee and their family. The year is starting well for us as a company. To the best of my knowledge all of our current customers are pleased and our projects are progressing well. We have already received some nice orders in 2005 and have several other awards pending. Another encouraging thing is the quality of the people we have been able to attract to help us with the increased workload. The quality initiatives implemented in 2004 are already paying dividends. I hope that purposeful Communication such as this Lauren Lantern is helping us to accomplish our goal of unity.

One of the Company weaknesses has been the lack of training and development. We began to correct this in 2004 with the 7 Habits Seminar, Leadership Simulcast and His Presence in the Workplace Conference in San Antonio. In 2005, we will be offering more opportunities to Lauren employees. I encourage you to take advantage of every opportunity. We all benefit when you do.

Finally, I appreciate each of you. Your dedication and excellence is exhibited each and every day. Together we will achieve all God has planned for us.

Blessings,
Cleve Whitener