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WINDow into Large Wind:
Large Wind Market & Industry
- Update and Perspectives -
Loch McCabe & Tim Kumbier
Dave Crumrine, Organizer
April 8, 2010
4:00-5:00 pm EDT
Ann Arbor, MI
734-975-0333
www.shepherdadvisors.com
Overview
• WINDow into Large Wind provides a
Baseline Market Update for US
Manufacturers and Service Providers:
− Overview of current large wind market
− Review of Federal stimulus dollars allocations
− Highlights of Shepherd/ U. Michigan survey of
purchasing patterns in the wind supply chain
• WINDow into Large Wind is not:
− An introduction to the wind industry
− A wind supply chain analysis
− A product/technology review
2Copyright 2010 Shepherd Advisors
Agenda
• About Shepherd Advisors
• Large Wind Market Update
• Federal Stimulus Allocation
• Wind Industry “Buy-Chain” Survey Highlights
• Wrap-Up & Going Forward Questions
• Q & A
– Please type questions in box and we’ll respond as
we can in the time we have left
• If you are interested in receiving a copy of this presentation,
please contact Tim Kumbier or Dave Crumrine, 734-975-0333
3Copyright 2010 Shepherd Advisors
About Shepherd Advisors
• Clean energy business management consultancy
• 10+ Years & located in Ann Arbor, MI
• Improve position; grow revenues; lower risk
– Sound strategy + actionable market intelligence +
relevant connections + public resources
• Wind, Solar, Biomass, & Energy Efficiency
• Manufacturers, Suppliers & Service providers
• Developers & Generators
• Governments & Communities
• Contact information …
www.shepherdadvisors.com
734-975-0333
4Copyright 2010 Shepherd Advisors
About Your Presenters
5
• Loch McCabe
– Shepherd Advisors’ Founder and President
– Clean Tech Industry Since Late 1980s
– Growth Strategy, Market Development & Securing
Public Resources
• Tim Kumbier
– Leads Shepherd Wind Industry Practice
– 20+ Years Driving Business Growth
– Market Analysis -> Business Development
Copyright 2010 Shepherd Advisors
Agenda
• About Shepherd Advisors
• Large Wind Market Update
• Federal Stimulus Allocation
• Wind Industry “Buy-Chain” Survey Highlights
• Wrap-Up & Going Forward Questions
• Q & A• Please type questions in box and we’ll respond as we can in
the time we have left
6Copyright 2010 Shepherd Advisors
Large Wind Market Update
• Global Market Demand
• US Market Demand
• OEM Market Shares in the US
• US Industry Trends and Drivers
7Copyright 2010 Shepherd Advisors
2009 Global Market Demand
Global Demand
–Nearly 158 GW cumulative
installed capacity (up 31%
over 2008)
–Record 37.5 GW added
capacity in 2009 (up 43%)
–$63 billion market (up 31%)
–New growth driven by
China (13 GW; 35% of
additions) and US (10 GW;
26% of additions)
8
02468
101214
Top Five Countries in Added Capacity (GW) 2009
Source: Global Wind Energy Council (GWEC)
Copyright 2010 Shepherd Advisors
2009 Global Installations
US
Germany
China
Spain
India
Italy
France
UK
Portugal
Denmark
Other25.1 GW
19.1 GW
10.9 GW
4.9 GW
4.5 GW
3.5 GW3.4 GW
4.1 GW
35.2 GW
25.8 GW
9
Top Ten Countries, Cumulative Installed Capacity
Source: GWEC
Copyright 2010 Shepherd Advisors
Wind Generation for Select
Countries
0
5
10
15
20
25
Wind Generation as % of Total Generation, 2008
10
Sources: International Energy Agency (IEA) Wind; DOE
Copyright 2010 Shepherd Advisors
2009 US Market Demand
US Demand– 35,159 MW cumulative
installed capacity (up 39%)
– 9,922 MW added capacity in 2009 (up 18%); second in world behind China
– Nearly 5700 turbines added
– $17 billion market
– In 2009, Texas was state with most capacity (9,410 MW) and most growth (2,292 MW)
– Fourteen states with more than 1,000 MW capacity
– 2% of US electrical demand
11
0
500
1000
1500
2000
2500
Top Five States in Added Capacity (MW) 2009
Sources: American Wind Energy Association (AWEA); DOE
Copyright 2010 Shepherd Advisors
US Market Size and Growth
12
Source: AWEA
0
10000
20000
30000
400001996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Additions
Cumulative
US Cumulative & Annual Wind Capacity (MW)
39% Compound Annual Growth Rate, 2004-2009
Copyright 2010 Shepherd Advisors
Ramp Up to Produce 20% of US Electricity by 2030
13
305 GW
Source: DOE 20% by 2030
Copyright 2010 Shepherd Advisors
Ramp Up to Produce 20% of US Electricity by 2030
14
35 GW as
of 2009
305 GW
Source: DOE 20% by 2030
Copyright 2010 Shepherd Advisors
New Installs Against 20/30 Curve
16 GW Annually:
~7,000-10,000 turbines (drivetrains, frames, and housings)
~21,000 to 30,000 blades and tower sections
15
Source: AWEA
Actual installations
2008: 8,425 MW
Actual installations
2007: 5,258 MW
Actual installations
2009: 9,922 MW
Copyright 2010 Shepherd Advisors
2009 Top Ten States
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
TX IA CA WA MN OR IL NY CO ND
Top Ten States, Cumulative Capacity (MW)
Cumulative
2009 Additions
16
Top ten states represent
26,691MW, or 76% of total US
installed capacity
Source: AWEA
Copyright 2010 Shepherd Advisors
New Construction Underway
Going into 2010
• At least 2,786 MW representing an estimated
1,500+ turbines
• At least 37 projects in 21 states
• Average project size = 75 MW
• Average turbine size = 1.8 MW
17
Source: AWEA
Copyright 2010 Shepherd Advisors
Global Industry OEM Market Share
Vestas15%
GE Wind13%
Sinovel9%
Enercon8%Goldwind
7%Siemens
7%
Gamesa6%
Suzlon6%
DEC5%
REpower3%
Nordex3%
United Power2%
Mingyang2%
Mitsubishi2%
Acciona2%
Other10%
2009 Estimated OEM Global Market Share
18
Source: MAKE Consulting
Copyright 2010 Shepherd Advisors
US Industry OEM Market Share
GE Wind40%
Vestas15%
Siemens12%
Mitsubishi8%
Suzlon7%
Clipper6%
Gamesa6%
Other6%
2009 OEM US Market Share
19
Source: AWEA
Copyright 2010 Shepherd Advisors
US Market Growth by OEM
0
2000
4000
6000
8000
10000
12000
2005 2006 2007 2008 2009
Annual New Installations (MW)
Other
Nordex
REpower
Acciona
Mitsubishi
Clipper
Gamesa
Suzlon
Siemens
Vestas
GE Wind
20
Sources: DOE; AWEA
Copyright 2010 Shepherd Advisors
US OEM Market Share Trends
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2005 2006 2007 2008 2009
Other
Nordex
REpower
Acciona
Mitsubishi
Clipper
Gamesa
Suzlon
Siemens
Vestas
GE Wind
21
Sources: DOE; AWEA
Copyright 2010 Shepherd Advisors
OEM Investment Activity Includes
• OEM production facilities in 2009-10
− Siemens broke ground (Hutchinson, KS; 9/09)
− Nordex broke ground (Jonesboro, AR; 9/09)
− Vestas broke ground (Brighton, CO; 3/09)
− Mitsubishi announcement (Ft. Smith, AR; 10/09)
− A-Power announcement (Nevada; 3/10)
• 2008 production facility announcements
− Nordic (Pocatello, ID)
− Fuhrlander (Butte, MT)
• First-time sales into US market (last two years):
− AAER, Acciona, A-Power, AWE, DeWind, Fuhrlander,
Nordic, Northern Power, REpower
22
Sources: Press releases; DOE; AWEA
Copyright 2010 Shepherd Advisors
OEM Investment Activity Includes
cont’d
• Acquisitions
− United Technologies Corporation acquires 49.5% stake
in Clipper Windpower (12/09)
− GE acquires ScanWind from Morphic Technologies
(direct drive technology for offshore; 8/09)
− Daewoo (S. Korea) acquires DeWind from Composite
Technology Corp (8/09)
− Suzlon increases stake in REpower to 90% (5/09)
• Other noteworthy investments
− Samsung/Korean Electric Power announce $7B
investment in Ontario (1/10)
− GE announces $453M investment to develop and
expand offshore wind facilities in Europe (3/10)
23Copyright 2010 Shepherd Advisors
US Market Trends & Drivers
• Overall growth remains robust
– Project financing options are recovering
– Federal stimulus money
• Projects, Manufacturing, R&D, Transmission
• Prevailing mindset toward “Jobs, Jobs, Jobs”
• More transmission & integration projects
• OEMs are expanding production footprints
– OEMS are building US production facilities
– New OEMS continue to enter US market
– New large players entering & expanding
24
“Tailwinds” Propelling US Wind Industry
Copyright 2010 Shepherd Advisors
US Market Trends and Drivers
• More opportunities
– US onshore wind energy potential 3x previous
– Offshore growing in Europe; starting in N. America
– State & National? RPS
– Ontario Green Energy Act (with feed-in-tariff)
– Latin America market opening up
• More experience w/ larger wind loads
– 19% in Texas; >50% in Spain
25
“Tailwinds” cont’d
Copyright 2010 Shepherd Advisors
US Market Trends and Drivers
• Ongoing sobering effects of recession
– Financing is still a challenge
– Overall energy usage is down
– OEMs selling “project by project”
– Strong cost pressures
• US wind manufacturing supply chain growth
stalled in 2009; pace of recovery is slow
– OEMs in Supply Chain “holding pattern” in US
– Relying more on established European suppliers
26
“Headwinds” Confronting the Industry
Copyright 2010 Shepherd Advisors
US Market Trends and Drivers
• Transmission & integration challenges
– NIMBYism
– Pushback from conventional industry
• Lack of long-term national energy policy
– Increases caution of Foreign OEMs about US
– “Not Made in USA” concerns in Congress
• Growing Asian presence as both market &
supply base (China & S. Korea)
27
Turbulent “Crosswinds”
Copyright 2010 Shepherd Advisors
Agenda
• About Shepherd Advisors
• Large Wind Market Update
• Federal Stimulus Allocations to Wind Sector
• Wind Industry “Buy-Chain” Survey Highlights
• Wrap-Up & Going Forward Questions
• Q & A– Please type questions in box and we’ll respond as we can in
the time we have left
28Copyright 2010 Shepherd Advisors
Federal Stimulus Dollar
Allocations
• American Recovery and Reinvestment Act
signed February 17, 2009
• Key incentive programs under ARRA
− 1603: “Payments for Specified Energy Property in
Lieu of Tax Credits” (power generation projects)
− 48C: “Advanced Energy Manufacturing Tax
Credits” (clean energy manufacturing facilities)
29Copyright 2010 Shepherd Advisors
1603 Program Overview
• Payments for power generation projects:
− Started construction in 2009 or 2010
− In service by January 1, 2013 (large wind) if construction
began during 2009 or 2010
– Equal to 30% of basis of property (including equipment)
• 1603 Awards as of mid-March 2010
– $2.7 billion
– 450 domestic renewable energy projects
– 41 states
• Expect to award estimated total of $5 billion,
supporting nearly $15 billion in projects
30Copyright 2010 Shepherd Advisors
1603: Wind vs. Other Clean Energy
31
Energy
Type
Amount Funded
($M)
% of
Total $
Number of
Projects
% of Total
Projects
Average
$/Project (M)
Wind Facility $2,226 85% 47 11% $47
Geothermal $155 5.9% 9 2% $17
Solar
Electricity $137 5.2% 308 73% $0.4
Biomass $54 2.1% 7 2% $8
Open Loop
Biomass $18 0.7% 3 1% $6
Landfill $13 0.5% 4 1% $3
All Other
Projects $9 0.3% 44 10% $0.2
Total $2,612 100% 422 100% $6
• Wind has accounted for 11% of projects but 85% of funding
• Contrast to solar, with 73% of projects but only 5% of funding
Note: Total as of March 9, 2010 Source: Dept. of Treasury
Copyright 2010 Shepherd Advisors
1603: Wind Award Locations
32
State
Number of
Awards Funding ($M)
% of
Funding
Average
$/Award (M)
TX 8 $806 36% $101
IL 5 $249 11% $50
OR 4 $197 9% $49
IN 2 $183 8% $92
PA 3 $171 8% $57
CO 1 $100 4% $100
IA 1 $93 4% $93
MO 1 $85 4% $85
All Other
States 22 $343 15% $16
Total 47 $2,226 $47
• TX has has received more than 3x funding of next closest state (IL)
• Together TX and IL have received nearly 50% of funding
• IN, CO, IA and MO each have one or two very large awards
Source: Dept of Treasury
Copyright 2010 Shepherd Advisors
1603: Developer Impact
33
Developer
MW
(3,691 Total) % of Total
Number of
Projects
(37 Total) % of Total
Average
MW/Project
Iberdrola 1,042 28% 9 24% 116
E.On Climate &
Renewables 512 14% 3 8% 171
Horizon-EDPR 397 11% 3 8% 132
NextEra Energy 341 9% 3 8% 114
Babcock & Brown 283 8% 1 3% 283
Canon 190 5% 1 3% 190
Eurus 180 5% 1 3% 180
Invenergy 111 3% 2 5% 56
enXco 106 3% 1 3% 106
NaturEner 104 3% 1 3% 104
Other Known
Developers 427 12% 12 32% 36
Note: For 37 projects where developer was known
• Iberdrola captured about ¼ of the MW and projects
• Top five account for 70% of MW and 51% of projects
Sources: Dept. of Treasury; AWEA
Copyright 2010 Shepherd Advisors
1603: OEM Impact
34
OEM
MW
(3,449 Total)
% of Total
MW
Turbines
(2,035 Total)
% of Total
Turbines
Number of
Projects
(32 Total*)
Average
MW/Project
Mitsubishi 862 25% 579 28% 4 215
GE Energy 834 24% 556 27% 11 76
Gamesa 528 15% 264 13% 4 132
Suzlon 389 11% 185 9% 6 65
Acciona 251 7% 136 7% 2 125
Vestas 204 6% 121 6% 1 204
Siemens 200 6% 109 5% 2 100
REpower 120 3% 60 3% 2 60
Nordex 63 2% 25 1% 1 63
Note: For 32 projects where OEM was known; one project includes two OEMs
Mitsubishi and GE were big winners, together accounting for
49% of MW and 55% of turbines
Sources: Dept. of Treasury; AWEA
Copyright 2010 Shepherd Advisors
48C Program Overview
• Clean Energy Manufacturing Investment Tax Credits
− Qualifying facilities produce wind, solar, or other renewable
and clean energy equipment
− Projects placed in service by 2014
− Tax credits worth up to 30% of each planned project
• Tax credit awards in January 2010
– $2.3 billion in tax credits
– 183 manufacturing projects
– 43 states
– Supporting company investments of nearly $7.7 billion and
expected creation of over 17,000 jobs
• Additional $5 billion may be appropriated this year
(included in administration’s proposed budget)
35Copyright 2010 Shepherd Advisors
48C: Wind Awards
• Wind awards represented approximately 27%
of projects & 15% of total tax credit dollars
− Estimated 50 wind manufacturing projects totaling
$341M in tax credits
− Averaging $6.8M of tax credit per project
• Of the wind tax credits, approximately $161M
went to OEMs and $180M went to
tier/component manufacturers
• Individual project awards ranged from less
than $1M to more than $28M
36
Sources: DOE; Dept. of Treasury
Copyright 2010 Shepherd Advisors
48C: OEM Impact
OEM Tax Credits ($M) # Projects Average
$/Project (M)
Vestas $52 3 $17
Siemens $36 3 $12
Gamesa $31 3 $10
Nordex $22 1 $22
Fuhrlander $10 2 $5
Mitsubishi $5 1 $5
Nordic $3 1 $3
Alstom $3 1 $3
Total $161 15 $11
37
• Wind OEMs received 47% of the $341M wind total
• Top four awards of $141M combined represent 41% of the wind total
Sources: DOE; Dept. of Treasury
Copyright 2010 Shepherd Advisors
48C: Tier/Component
Manufacturers
Manufacturer Tax Credits ($M) Component
Merrill Technologies Group $22 Nacelle
Rotek $20 Bearings
Winergy Drive Systems $13 Power transmission
equipment/ gearbox
Brevini Wind USA $13 Gearbox
Vela Gear Systems $12 Gear sets
38
Top Five Tier/Component Manufacturer Tax Credit Awards
Sources: DOE; Dept. of Treasury
Top five tier/component manufacturer awards of $80M combined
represent 23% of the wind total
Copyright 2010 Shepherd Advisors
Agenda
• About Shepherd Advisors
• Large Wind Market Update
• Federal Stimulus Allocation
• Wind Industry “Buy-Chain” Survey Highlights
• Wrap-Up & Going Forward Questions
• Q & A– Please type questions in box and we’ll respond as we can in
the time we have left
39Copyright 2010 Shepherd Advisors
Wind “Buy-Chain” Market Survey
• What is the “Buy-Chain”?
• Buy-Chain Framework
• Wind Buy-Chain Survey Highlights
− Overview
− Respondent Demographics
− Key Findings
40Copyright 2010 Shepherd Advisors
What is the “Buy-Chain”?
• Series of purchasing decisions – following the
money – from end user back to raw materials
• Want to understand the circumstances
around buyers’ purchase decisions and key
factors driving them
– Who is buying what?
– Why they are buying?
– How they are buying?
41Copyright 2010 Shepherd Advisors
Supplier
Supplier’s
Customer
Supplier
Customer’s
Customer Market/
External
Forces
• Material
Supply
• Labor Supply
• Technology
• Financing
• Economy
• Competition
• Regulation
• Policy
Bu
y C
hai
n
Su
pp
ly C
hain
Buy-Chain Framework
Many factors influence purchase decisions
at each link in the buy-chain
42Copyright 2010 Shepherd Advisors
Raw Materials
Tier 1/ Tier 2/
Components
Turbine (OEM)
Construction/
Installation
Wind Developer
Utility/ Power
Producer
Policy Makers
Wind Industry Buy-Chain
Buy C
hain
Supply
Chain
43Copyright 2010 Shepherd Advisors
Wind Buy-Chain Survey--Overview
• Collaboration between Shepherd Advisors and
University of Michigan Ross School of Business
• Surveys were sent to more than 1,000 wind “supply
chain” participants
− 94 respondents; 49 of these were manufacturers
− 73 completed surveys; 42 of these were manufacturers
− “Solid” overall response rate of 9% (7% for completed)
− “Indicative” though not statistically significant
• Survey was conducted during November 2009
44Copyright 2010 Shepherd Advisors
Respondent Demographics:
Manufacturers
45
4
14
7
17
7
Type of Wind Manufacturer
Wind Turbine OEM
Tier 1 Supplier
Tier 2 Supplier
Component Supplier (non-Tier 1 or Tier 2)
Equipment Supplier
Note: n = 49
Copyright 2010 Shepherd Advisors
Respondent Demographics:
Manufacturers
• Broad spectrum of company size, from < 10
employees to > 500 employees
• Cross-section of wind industry experience
− 43% <= 2 years
− 29% > 10 years
• More than 2/3 have wind revenues below $10M
− 38% < $1M
− 31% > $10M
• For 74%, wind revenues represent < 20% of
company revenue
• 55% have three or fewer wind industry suppliers
46Copyright 2010 Shepherd Advisors
Key Survey Findings: Importance
47
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
Degree of focus on wind energy
Geographic proximity to your company
Experience in wind energy industry
Innovation track record
Ability to collaborate on product development
Financial stability/strength of supplier
Ability to increase production to meet your …
Rapid turnaround/delivery
Competitive pricing
Reliability of product or service
Ability to meet your company's specs
Quality of product or service
How important to your company are the following attributes when choosing your key wind industry
suppliers (5 = High; 1 = Low)?
Copyright 2010 Shepherd Advisors
Key Survey Findings: Satisfaction
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
Degree of focus on wind energy
Geographic proximity to your company
Experience in wind energy industry
Innovation track record
Abbility to collaborate on product development
Financial stability/strength of supplier
Ability to increase production
Rapid turnatound/delivery
Competitive pricing
Relilability of product or service
Ability to meet your company's specs
Quality of product or service
Satisfaction with Suppliers Along Attributes (5 = High; 1 = Low)
48Copyright 2010 Shepherd Advisors
Key Survey Findings: Importance
vs. Satisfaction Gap
49
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0
Degree of focus on wind energy
Geographic proximity to your company
Experience in wind energy industry
Innovation track record
Ability to collaborate on product development
Financial stability/strength of supplier
Ability to increase production to meet your …
Rapid turnaround/delivery
Competitive pricing
Reliability of product or service
Ability to meet your company's specs
Quality of product or service
Satisfaction
Importance
Copyright 2010 Shepherd Advisors
Key Survey Findings: Outlook
• 42% of manufacturing respondents expect
their wind revenues to grow at least 20%
annually over the next three years
• 24% expect their wind revenues to grow 5%
or less annually
• 33% expect to add wind suppliers over the
next year
50Copyright 2010 Shepherd Advisors
Key Survey Findings: Summary
• Wind industry buyers want suppliers they can
count on to deliver the “fundamentals”
− Quality; Reliability; Ability to Meet Spec; Competitive
Pricing; Rapid Turnaround
− 55% have three or fewer suppliers
• Nevertheless, opportunities exist to establish new
“trusted supplier” relationships
− Gaps between importance and satisfaction on key
attributes
− 33% expect to add suppliers
• Respondents are cautiously optimistic about
growth prospects in the wind industry
51Copyright 2010 Shepherd Advisors
Agenda
• About Shepherd Advisors
• Large Wind Market Update
• Federal Stimulus Allocation
• Wind Industry “Buy-Chain” Survey Highlights
• Wrap-Up & Going Forward Questions
• Q & A– Please type questions in box and we’ll respond as we can in
the time we have left
52Copyright 2010 Shepherd Advisors
Key Takeaways
• US wind industry growth will continue
– Improving finances and overall economic activity
– Higher energy costs
– More wind than earlier thought
– Off shore is coming in next 3-5 years
• Growth is being tempered
– Transmission & integration constraints
– Push back as projects get closer to people & wind
becomes larger share of energy pie
– Lack of national renewable energy policy
• US suppliers had a challenging 2009
53Copyright 2010 Shepherd Advisors
Key Takeaways
• OEM caution continues
– Financing for new projects is still a challenge
– OEMs can draw upon existing suppliers
– OEMs’ global focus is moving towards China
– Asia is rapidly building scale
• Many suppliers are optimistic
– US and World market continues to grow
– OEMs continue to build new US production
– Suppliers that meet rigorous quality standards,
specifications, reliability, and competitive pricing
requirements are well positioned
54Copyright 2010 Shepherd Advisors
Some Going Forward Questions to
Consider
• Are you as well positioned as you want to be to
grow in this very challenging industry?
• What are the key questions, info and insights
you need to evaluate how best to grow?
• Are you as well connected as you need to be?
• What is your growth financing strategy?
• How well are you tapping public resources?
• How does your firm align with the large wind
“Buy Chain?”
Shepherd Advisors can help!
55Copyright 2010 Shepherd Advisors
Thank You from Shepherd Advisors
• Presenters: Tim Kumbier & Loch McCabe
• Clean energy business management consultancy
• Wind, Solar, Biomass, & Energy Efficiency
Industries
• Clean energy developers, generators,
manufacturers and suppliers
• Founded 2000 in Ann Arbor, Michigan
• www.shepherdadvisors.com
• 734-975-0333
• Go ahead and call us!
56Copyright 2010 Shepherd Advisors
Agenda
• About Shepherd Advisors
• Large Wind Market Update
• Federal Stimulus Allocation
• Wind Industry “Buy-Chain” Survey Highlights
• Industry Trends & Going Forward Questions
• Q & A
57Copyright 2010 Shepherd Advisors
Questions?
We’ll Answer What Questions We Can In the
Balance of the Hour
We Appreciate Your Time & Attention
Thank You!
If you are interested in receiving a copy of this presentation, please
contact Tim Kumbier or Dave Crumrine at 734-975-0333
Tim Kumbier tim@shepherdadvisors.com
Loch McCabe loch@shepherdadvisors.com
www.shepherdadvisors.com
58Copyright 2010 Shepherd Advisors
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