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Energy & Power Industry UpdateJune 2011

Member FINRA/SIPC

June 2011

www.harriswilliams.com


What We’ve Been Reading

page 1

• In his April 2011 commentary, Bill Miller offered a starkly different perspective on oil and

commodity prices than Jeremy Grantham, whom we highlighted last month. Miller writes, “In

the current market, it appears that no matter what happens, it is bullish for oil. If the dollar

weakens, oil goes up because oil is denominated in dollars, and a weaker dollar leads to a

higher oil price. If the U.S. economy slows, that is bullish for oil, because that means the Fed

would continue to pump liquidity into the economy via lower interest rates, and excess

liquidity means higher oil prices. If the U.S. economy strengthens, that is bullish, because it

means more demand for oil. Emerging-market growth is unequivocally bullish for oil, since it

means more demand. Low per-capita use of oil, such as in China, is bullish since it is bound to

go higher. High per-capita use is bullish because it means lots of demand. There is a price at

which demand destruction will begin…which will halt, and then reverse the price. No one

knows what that price is, but it is a lot closer with Brent crude up 50% and West Texas

Intermediate up nearly 40% since early November.” Read his full commentary here.

• EnergyBiz Magazine’s May / June issue focuses on “Nuclear: The Next Act” after what it

terms “a seismic setback” for the industry post-Fukushima. As The New York Times reported,

support for nuclear power plant construction in the U.S. dropped to 43% following Fukushima,

which registered just below the level of a similar poll conducted in 1979 after the accident at

Three Mile Island, though not quite as low as the 34%-level following Chernobyl in 1986.

EnergyBiz argues that it‟s time for the U.S. to rethink nuclear power, and the issue features a

range of interesting perspectives on the topic. The issue was apparently unavailable, or at least

too late to press in Germany, which announced its plan to close all of its nuclear plants by 2022

this past month (see The New York Times’ coverage here).

• The Wall Street Journal featured Matt Ridley‟s “Inconvenient Truths about „Renewable‟

Energy” earlier in the month. Ridley references a recent study from the Intergovernmental

Panel on Climate Change (“IPCC”), which argued that renewable energy sources currently

represent 13.8% of our energy and, if encouraged to grow, could displace our reliance on fossil

fuels. While the headline is encouraging, Ridley notes that 10.2% of the 13.8% share comes

from biomass, namely wood and dung. Wind, solar, geothermal, wave, and tide power account

for just 0.5% of the total. The IPCC includes wood as a renewable resource, but Ridley

correctly notes that it ignores the context of time (e.g., yes, it grows back, but not as fast as it‟s

used). He offers the example of Haiti, which uses charcoal from forests for 60% of its energy.

With 98% of the country‟s tree cover destroyed, Haiti is now burning tree roots for energy. As

Ridley points out, this does not differ greatly from other historical examples of “renewable”

energy sources, such as blue whales or cod. He concludes, “All in all, once you examine it

closely, the idea that "renewable" energy is green and clean looks less like a deduction than a

superstition.” If you have not read it, we recommend Ridley‟s book, The Rational Optimist:

How Prosperity Evolves, which makes the straightforward argument (with plenty of

quantitative and annotated support) that, despite the naysayers, things are getting better.

https://individualinvestor.myleggmason.com/portal/server.pt?open=18&objID=73380&cached=true&mode=2&userID=355661

http://www.energybiz.com/magazine








http://www.nytimes.com/2011/05/31/world/europe/31germany.html?_r=1&ref=atomicenergy

http://online.wsj.com/article/SB10001424052748703421204576327410322365714.html?mod=WSJ_newsreel_lifeStyle









http://www.amazon.com/Rational-Optimist-Prosperity-Evolves-P-S/dp/0061452068/ref=sr_1_1?s=books&ie=UTF8&qid=1307369079&sr=1-1













LTM EBITDA Multiples1

Industry Observations

LTM Indexed Stock Performance1

Indexed LTM EBITDA Multiples1

• The Infrastructure and Industrial Services, Energy, and Power Stock experienced slight

declines in May in the face of economic headwinds.

• Many commodity prices have exhibited increased instability amidst rising fears of an economic

double-dip and recent economic uncertainty:

– Gasoline, at $2.98 per gallon, has fallen 12.4% since late-April highs.

– Coal prices have continued to rise as energy demand has rebounded along with the

economy.

– The North American Rotary Rig Count is more than double its six year low of 876.

60

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Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11

S&P 500 Energy Power Industrial & Infrastructure Services

0

20

40

60

80

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120

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11

Energy Power Industrial & Infrastructure Services

page 2

Index

%

Change

S&P 25.64

Energy 50.51

Power 27.59

I & IS 38.45

Index

%

Change

Energy 7.09

Power (22.74)

I & IS (35.69)


Key Trading Statistics1

Current Valuations Versus Historical 5-Year Average1

Note: Based upon current EV / LTM EBITDA versus 5-year historical average. For Cleantech and Renewables, valuation is based upon EV /

LTM Sales.

5-Year

Average

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

Refining Energy Services and

Equipment

Storage and

Transportation

Exploration and

Production

Integrateds Electric Utilities

Independent Power

Producers

Mid-Cap Power

Industrial & Infrastructure

Services

Coal Producers

Engineering and

Construction

Diversified Power

Cleantech Renewables

page 3

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

Enegy Power Industrial & Infrastructure Services

Enegy Power Industrial & Infrastructure Services

Stock Price % Change TEV / 2011 P/E Ratio

Industry Segment 1 Month 12 Month 5/30/09 5/30/10 Current EBITDA Current 2009

Energy

Integrateds (5.6%) 41.0% 3.4x 5.1x 4.8x 3.7x 11.1x 9.0x

Energy Services and Equipment (4.8%) 82.8% 4.3x 8.3x 10.1x 6.5x 22.0x 13.0x

Exploration and Production (5.3%) 36.3% 3.8x 7.7x 10.0x 5.5x 34.6x 15.1x

Coal Producers (7.6%) 39.9% 6.1x 7.6x 10.0x 4.5x 22.5x 8.6x

Refining (2.3%) 115.1% 3.5x 14.1x 7.1x 4.6x NM 9.9x

Storage & Transportation (3.4%) 26.6% 10.1x 12.5x 13.8x 10.3x 24.7x 17.1x

Power

Diversified Power (7.0%) 37.7% 6.5x 9.0x 10.3x 8.3x 17.9x 12.7x

Mid-Cap Power (6.4%) 41.5% 7.5x 8.6x 9.2x 6.9x 21.7x 14.9x

Independent Power Producers (1.1%) 16.4% 4.6x 5.8x 17.5x 9.2x 30.8x 21.4x

Electric Utilities 2.0% 20.0% 7.7x 8.1x 8.8x 7.9x 14.3x 13.6x

Renewables (11.3%) (10.3%) 2.2x 1.6x 1.3x 1.2x 15.6x 9.3x

Cleantech 0.4% (19.2%) 1.9x 1.9x 1.3x 1.1x 19.6x 15.1x

Industrial & Infrastructure Services

Engineering & Construction (6.4%) 23.5% 6.6x 7.6x 9.9x 6.7x 24.8x 14.5x

Industrial & Infrastructure Services (7.7%) 43.2% 4.6x 9.1x 8.9x 6.9x 21.3x 13.0x

2011 Revenue

TEV /

TEV / LTM EBITDA Multiple as of

LTM Revenue


Gasoline and Ethanol1

Oil1 Natural Gas1

U.S. Rig Counts3

Electricity Prices1Coal1

0.00

20.00

40.00

60.00

80.00

100.00

120.00

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

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v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

($ p

er b

bl)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

($ p

er M

MB

tu)

0.00

0.75

1.50

2.25

3.00

3.75

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

($ p

er g

all

on

)

Gasoline Ethanol

0

500

1,000

1,500

2,000

2,500

Ma

r-1

0

Ap

r-1

0

Ma

y-1

0

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

(# r

igs)

0.0

40.0

80.0

120.0

160.0

0.0

20.0

40.0

60.0

80.0

100.0

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1 ($ p

er t

on

-R

ott

erd

am

)

($ p

er t

on

-C

en

tra

l

Ap

pa

lach

ian

)

Central Appalachian Rotterdam

0.00

20.00

40.00

60.00

80.00

100.00

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct-

10

No

v-1

0

Dec-1

0

Jan

-11

Feb

-11

Ma

r-1

1

Ap

r-1

1

Ma

y-1

1

($ p

er M

Wg

)

$100.29 per bbl

$61.00 per MWg

page 4

$4.63 per MMBtu

$2.65 per gallon

$2.98 per gallon

$77.05 per ton

$122.20 per ton

1,973 rigs


Quarterly United States E&P M&A Activity1

Select Recently Announced Energy & Power Transactions1,2

page 5

0

10

20

30

40

50

60

70

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011

Nu

mb

er o

f T

ran

sact

ion

s

Date Target Business Description Acquirer

05/24/2011 FMC Tech Ltd. Ireland based developer of network management

systems for the transmission grid

General Electric Company

05/24/2011 Sietel Inc. US based provider of seismic data to the oil and gas

industry

Centerbridge Partners

05/18/2011 MACTEC, Inc. US based engineering and environmental services

company

AMEC plc

05/18/2011 USM Services Holdings, Inc. US based provider of electrical and mechanical

construction and facilities services

EMCOR Group, Inc.

05/16/2011 LeTourneau Technologies, Inc. US based manufacturer of equipment for the coal

mining industry

Joy Global, Inc.

05/16/2011 Patrick Energy Services Inc., T&D

Engineering Capabilities

US based provider of services for power transmission,

control, and distribution

SAIC, Inc.

05/12/2011 MXEnergy, Inc. US based supplier of natural gas and electricity to

homeowners and small businesses

Constellation Energy Group, Inc.

05/10/2011 Power Engineering Associates, Inc. US based owner and operator of consulting firm to

electric, water, and gas utilities

Metadigm Services

05/06/2011 Blackeagle Energy Services US based provider of the oil and natural gas

construction and engineering services

Deseo Corporation

05/04/2011 TC Inspection US based provider of inspection and non-destructive

testing services to the energy sector

Clearview Capital, LLC

05/02/2011 Terex-Demag Gmbh Germany based provider of industrial cranes and port

automation technology

Terex Corp.

04/28/2011 Constellation Energy Group, Inc. US based provider of energy products and services in

North America

Exelon Corp.

04/28/2011 SunPower Corporation US based manufacturer of solar electric power

technologies

Total SA

04/28/2011 Total Equipment & Service, Inc. US manufacturer of a wide variety of equipment for the

oil and gas industry

C&J Energy Service, Inc.


Member FINRA/SIPC

June 2011

Stock Performance Net Debt / Current Price Change from Change from % of TEV / 2011 P/ERatio EBITDATEV / LTM EBITDA Multiple as ofCurrent Price Change from Change from % of TEV / 2011 P/E Ratio EBITDA

TEV 5/30/11 Prior Month Prior Year LTM High 5/30/09 5/30/10 Current EBITDA Current 2011 5/30/2010TEV / LTM EBITDA Multiple as of

Energy

IntegratedsExxon Mobil Corporation $416,136.5 $82.97 (5.7%) 37.2% 94.0% 4.7x 6.6x 6.7x 4.3x 11.8x 9.2x 0.1xChevron Corporation $202,928.0 $104.08 (4.9%) 40.9% 94.7% 3.5x 4.8x 4.9x 3.4x 10.0x 7.7x (0.2x)p $ , $ ( ) ( )ConocoPhillips $122,860.1 $73.18 (7.2%) 41.1% 89.5% 2.9x 5.4x 4.8x 3.8x 8.7x 8.2x 1.0xOccidental Petroleum Corporation $89,276.1 $108.00 (5.5%) 30.9% 91.6% 4.6x 7.6x 7.9x 5.2x 17.8x 11.1x 0.3xMarathon Oil Corporation $40,405.2 $53.80 (0.4%) 73.0% 99.0% 3.4x 4.8x 4.4x 3.5x 12.2x 8.7x 0.4xHess Corporation $30,456.1 $78.31 (8.9%) 47.2% 89.6% 0.0x 0.0x 4.5x 3.6x 10.4x 9.5x 0.7x

Median (5.6% ) 41.0% 92.8% 3.4x 5.1x 4.8x 3.7x 11.1x 9.0x 0.4x

Energy Services and EquipmentLarge Cap Diversified

S hl b Li i d $119 606 4 $85 40 (4 8%) 52 1% 89 3% 8 1 10 7 15 2 9 3 24 3 16 5 0 7Schlumberger Limited $119,606.4 $85.40 (4.8%) 52.1% 89.3% 8.1x 10.7x 15.2x 9.3x 24.3x 16.5x 0.7xHalliburton Company $47,845.9 $50.39 (0.2%) 102.9% 97.9% 4.9x 8.6x 10.5x 6.8x 21.8x 13.2x 0.7xBaker Hughes Incorporated $34,629.3 $74.21 (4.1%) 94.6% 93.6% 0.0x 0.0x 11.0x 6.4x 29.4x 14.0x 1.7xNational Oilwell Varco, Inc. $28,592.4 $72.83 (5.0%) 91.0% 88.0% 4.1x 5.0x 9.7x 7.4x 18.5x 14.0x (0.8x)Weatherford International Ltd. $21,602.4 $19.75 (8.5%) 39.9% 70.3% 8.0x 11.8x 11.1x 6.3x NM 12.3x 4.7x

Median (4.8% ) 91.0% 89.3% 4.9x 8.6x 11.0x 6.8x 23.1x 14.0x 0.7x

Mid and Small Cap Equipment and Service ProvidersCameron International Corporation $11,454.5 $47.98 (9.0%) 32.5% 76.0% 6.2x 8.9x 11.0x 8.0x 21.4x 13.7x (0.2x)p ( ) ( )Oil States International Inc. $4,878.0 $78.82 (5.0%) 101.9% 94.8% 2.9x 6.6x 11.1x 6.7x 22.1x 12.6x 2.8xRPC Inc. $3,820.6 $25.00 (7.6%) 232.2% 86.1% 4.7x 10.8x 8.4x 5.2x 18.3x 10.9x 1.2xExterran Holdings, Inc. $3,338.0 $21.46 (1.2%) (15.8%) 71.6% 6.1x 7.2x 8.1x 6.3x NM NM 3.2xComplete Production Services, Inc. $3,133.4 $33.08 (2.5%) 154.3% 95.2% 2.8x 11.1x 7.0x 4.5x 20.7x 10.0x 3.6xKey Energy Services Inc. $3,107.6 $17.71 (2.7%) 85.3% 93.6% 3.1x 17.5x 18.5x 5.9x NM 12.9x 5.9xDril-Quip, Inc. $2,686.9 $73.68 (3.8%) 51.3% 87.9% 9.4x 10.0x 16.3x 11.7x 30.1x 19.3x (1.6x)Basic Energy Services, Inc. $1,724.3 $27.66 (10.0%) 239.0% 87.7% 3.3x 24.4x 10.7x 5.4x NM 14.5x 18.4x

Median (4.4% ) 93.6% 87.8% 4.0x 10.4x 10.9x 6.1x 21.4x 12.9x 3.0x

page 6


Member FINRA/SIPC

June 2011



Construction and Equipment ContractorsTransocean Ltd. $29,525.1 $69.28 (4.8%) 22.0% 80.6% 5.7x 5.0x 8.3x 6.4x 52.3x 10.8x 1.3xNoble Corp. $13,622.1 $41.61 (3.3%) 43.1% 89.1% 4.0x 3.2x 13.2x 6.7x 23.3x 10.3x 1.2xNabors Industries Ltd. $11,745.6 $27.88 (9.0%) 46.5% 85.9% 4.6x 7.2x 7.8x 5.2x 55.1x 11.3x 3.3xDiamond Offshore Drilling Inc $10 629 0 $73 20 (3 5%) 16 0% 90 2% 5 0x 4 2x 6 3x 7 1x 11 1x 13 3x 0 2xDiamond Offshore Drilling Inc. $10,629.0 $73.20 (3.5%) 16.0% 90.2% 5.0x 4.2x 6.3x 7.1x 11.1x 13.3x 0.2xTechnip $9,476.2 $106.50 (5.7%) 62.0% 96.3% 2.3x 4.6x 8.6x NA 19.1x NA (1.7x)Subsea 7 SA $9,239.6 $26.48 0.6% 73.6% 92.4% 3.1x 5.9x 18.3x NA 20.0x NA (0.1x)Pride International Inc. $9,158.9 $41.50 (5.5%) 67.5% 93.9% 5.5x 9.8x 21.1x 8.8x 37.9x 12.3x 3.4xHelmerich & Payne Inc. $6,802.4 $62.34 (6.0%) 65.4% 88.5% 4.1x 6.7x 7.9x 5.9x 19.2x 14.0x 0.2xRowan Companies Inc. $6,048.0 $39.45 (5.4%) 59.3% 88.0% 3.0x 5.5x 11.5x 6.7x 19.5x 10.5x 1.7xPatterson-UTI Energy Inc. $5,256.5 $31.54 1.3% 124.8% 99.2% 2.7x 9.0x 8.2x 4.7x 26.6x 12.1x 1.5xOceaneering International, Inc. $4,167.0 $81.58 (6.7%) 76.3% 88.3% 6.9x 5.8x 9.2x 7.7x 21.6x 17.0x (0.4x)Hercules Offshore, Inc. $1,562.8 $6.29 0.2% 101.6% 90.0% 3.2x 10.8x 8.6x 9.6x NM NM 6.8x, $ , $Pioneer Drilling Co. $1,062.9 $14.72 (5.0%) 148.2% 90.6% 2.6x 10.5x 8.1x 4.7x NM 20.8x 4.9xCal Dive International Inc $773.8 $6.60 (16.0%) 19.5% 80.6% 5.1x 5.1x 11.5x 5.2x NM 13.6x 1.2x

Median (5.2% ) 63.7% 89.5% 4.1x 5.9x 8.6x 6.5x 21.6x 12.3x 1.3x

Exploration and ProductionLarge Cap

Apache Corp. $56,290.8 $123.40 (7.5%) 37.8% 92.0% 4.2x 4.9x 5.7x 4.2x 13.3x 9.3x 1.2xAnadarko Petroleum Corporation $49,766.0 $79.09 0.2% 51.1% 92.5% 4.9x 7.3x 9.1x 5.1x 150.2x 18.5x 2.0xD E C ti $38 996 8 $83 42 (8 3%) 30 6% 89 2% 4 1 6 1 7 9 5 2 22 0 10 4 0 7Devon Energy Corporation $38,996.8 $83.42 (8.3%) 30.6% 89.2% 4.1x 6.1x 7.9x 5.2x 22.0x 10.4x 0.7xEOG Resources, Inc. $32,644.7 $108.25 (4.2%) 3.3% 89.1% 4.0x 14.7x 13.6x 5.3x 155.3x 17.7x 1.8xChesapeake Energy Corporation $31,952.5 $31.20 (7.3%) 39.7% 86.8% 1.4x 4.6x 11.1x 5.3x 26.2x 9.8x 1.6xNoble Energy, Inc. $17,685.7 $92.61 (3.8%) 55.7% 93.6% 4.1x 8.2x 11.0x 5.5x 32.6x 14.0x 1.0xSouthwestern Energy Co. $16,276.3 $43.21 (1.5%) 14.9% 95.5% 6.9x 9.6x 10.3x 7.5x 26.6x 18.4x 0.8xMurphy Oil Corporation $13,077.7 $68.56 (11.5%) 28.4% 87.7% 3.6x 3.9x 4.5x 3.3x 14.4x 8.7x (0.1x)Pioneer Natural Resources Co. $12,774.1 $92.09 (9.9%) 44.6% 86.8% 5.6x 10.6x 13.6x 5.9x 69.2x 17.5x 2.1xNewfield Exploration Co. $12,177.9 $74.22 4.8% 42.6% 95.2% 1.2x 7.1x 10.2x 5.5x 37.9x 12.0x 1.9xUltra Petroleum Corp $9 013 2 $48 11 (5 3%) 4 5% 89 3% 7 6x 12 4x 10 7x 7 8x 22 6x 16 2x 2 5xUltra Petroleum Corp. $9,013.2 $48.11 (5.3%) 4.5% 89.3% 7.6x 12.4x 10.7x 7.8x 22.6x 16.2x 2.5xQuicksilver Resources Inc. $4,521.0 $14.28 (3.8%) 17.0% 89.4% 7.6x 3.0x 7.6x 8.0x 7.3x 38.6x 1.3x

Median (4.8% ) 34.2% 89.4% 4.1x 7.2x 10.2x 5.4x 26.4x 15.1x 1.5x

page 7


Member FINRA/SIPC

June 2011



Mid and Small CapPetrohawk Energy Corporation $10,970.5 $26.27 (2.7%) 36.6% 96.2% 7.4x 10.7x 15.3x 5.6x 99.9x 15.1x 3.6xPlains Exploration & Production Company $8,589.8 $36.73 (3.4%) 66.2% 91.7% 1.7x 8.3x 9.8x 5.5x 44.9x 12.9x 5.0xSandRidge Energy, Inc. $7,880.5 $11.35 (8.2%) 76.2% 85.1% 3.9x 16.1x NM 7.6x NM 23.5x 12.8xCabot Oil & Gas Corporation $7 101 7 $59 38 5 5% 71 2% 99 9% 7 5x 8 2x 13 9x 7 9x 70 0x 31 3x 1 9xCabot Oil & Gas Corporation $7,101.7 $59.38 5.5% 71.2% 99.9% 7.5x 8.2x 13.9x 7.9x 70.0x 31.3x 1.9xForest Oil Corp. $5,075.2 $29.93 (16.7%) 12.3% 74.4% 3.6x 7.9x 8.7x 5.5x 29.4x 11.9x 2.9xSwift Energy Co. $2,047.0 $38.72 (1.2%) 40.0% 80.3% 2.3x 5.9x 6.8x 4.6x 29.0x 17.9x 1.8xPetroQuest Energy Inc. $590.8 $7.91 (9.7%) 26.0% 81.1% 2.5x 3.6x 5.4x 3.8x 40.7x 11.9x 0.7xDelta Petroleum Corp. $581.2 $0.71 (15.8%) (40.2%) 53.0% NM NM 46.2x 20.8x NM NM (10.6x)

Median (5.8% ) 38.3% 83.1% 3.6x 8.2x 9.8x 5.6x 42.8x 15.1x 2.4x

Coal ProducersPeabody Energy Corp. $18,072.9 $61.26 (8.3%) 57.2% 82.8% 6.2x 9.2x 10.0x 5.9x 20.4x 10.1x 1.0x

$ $CONSOL Energy Inc. $14,999.1 $51.02 (5.7%) 39.9% 90.6% 6.8x 6.8x 10.8x 6.4x 26.3x 11.6x 3.1xMassey Energy Co. $7,638.9 $64.89 (4.9%) 95.9% 91.2% 3.9x 7.6x 22.4x 6.5x NM 12.7x 2.3xArch Coal Inc. $6,414.7 $29.66 (13.5%) 37.6% 80.2% 6.1x 11.0x 8.6x 4.6x 22.5x 7.4x 3.2xAlpha Natural Resources, Inc. $6,357.8 $53.72 (7.6%) 40.0% 78.9% 3.9x 7.8x 8.0x 4.1x 48.7x 8.4x (0.1x)Alliance Resource Partners LP $2,777.0 $72.80 (11.6%) 60.2% 86.6% 4.6x 5.1x 5.3x 4.4x 10.2x 8.7x 1.1xPatriot Coal Corporation $2,265.4 $22.88 (9.1%) 37.3% 78.4% 3.0x 5.9x 34.5x 3.6x NM 8.1x 0.8xJames River Coal Co. $918.3 $21.66 (7.1%) 35.0% 80.0% 14.0x 4.2x 7.2x 3.5x 34.5x 8.0x 1.3xFarmacol SA $345.6 $12.69 5.1% 4.6% 73.8% 10.2x 8.2x 10.3x NA 11.7x NA 1.2x

M di (7 6% ) 39 9% 80 2% 6 1 7 6 10 0 4 5 22 5 8 6 1 2Median (7.6% ) 39.9% 80.2% 6.1x 7.6x 10.0x 4.5x 22.5x 8.6x 1.2x

RefiningValero Energy Corp. $19,047.1 $27.09 (4.3%) 45.0% 87.1% 2.8x 14.1x 5.3x 3.6x 13.9x 6.8x 3.1xSunoco, Inc. $6,602.1 $40.14 (5.9%) 34.4% 85.4% 3.0x 12.6x 6.2x 6.5x 24.7x 15.8x 2.2xTesoro Corporation $4,673.6 $24.09 (11.2%) 105.9% 83.8% 3.5x NM 5.6x 3.8x 14.8x 8.4x 75.2xHolly Corporation $4,441.4 $62.19 7.4% 140.1% 93.4% 6.9x 21.4x 7.8x 5.2x 15.2x 10.6x 4.5xFrontier Oil Corp. $2,814.9 $29.92 7.1% 115.1% 92.4% 3.4x NM 6.2x 4.6x 14.4x 9.9x 1.9xWestern Refining Inc. $2,608.5 $17.39 2.5% 230.6% 89.2% 4.1x 23.0x 7.1x 4.5x 59.7x 7.4x 14.3xCVR Energy, Inc. $2,040.7 $21.72 (2.3%) 187.3% 89.1% 3.1x 6.6x 7.3x 3.7x 27.3x 8.2x 0.1xAlon USA Energy, Inc. $1,535.5 $11.89 (13.5%) 76.1% 76.3% 8.9x NM 16.0x 6.7x NM 15.8x (7.2x)Delek US Holdings Inc. $1,011.1 $14.98 11.5% 125.9% 97.9% 8.6x NM 9.7x 5.5x NM 16.9x 556.7x

Median (2.3% ) 115.1% 89.1% 3.5x 14.1x 7.1x 4.6x NM 9.9x 3.1x

page 8


Member FINRA/SIPC

June 2011



Storage & TransportationKinder Morgan Energy Partners LP $36,206.9 $74.54 (3.6%) 17.4% 95.6% 10.7x 13.4x 13.3x 9.9x 45.1x 31.3x 5.2xEl Paso Corp. $33,090.1 $20.94 8.0% 84.7% 97.2% 2.4x 7.9x 13.2x 9.1x 37.2x 16.0x 4.7xPlains All American Pipeline, L.P. $15,489.5 $62.23 (3.1%) 8.1% 94.3% 10.2x 13.4x 14.2x 11.2x 24.7x 17.2x 5.7xEnbridge Energy Partners LP $13,739.1 $30.95 (8.7%) 24.4% 89.5% 9.9x 11.4x 29.2x 10.5x NM 19.4x 5.5xMagellan Midstream Partners LP $8,592.1 $59.23 (3.7%) 35.3% 93.9% 8.2x 15.0x 15.8x 13.3x 19.4x 16.6x 4.6xBuckeye Partners LP $8,442.0 $63.46 (2.5%) 11.9% 88.5% 11.2x 13.0x 22.7x 14.0x 27.0x 17.0x 7.4xSunoco Logistics Partners L.P. $4,190.0 $84.79 (5.8%) 28.8% 93.1% 8.2x 11.3x 11.5x 9.8x 9.1x 15.2x 4.5xHolly Energy Partners L.P $1,583.8 $55.41 1.1% 37.8% 90.8% 13.7x 12.0x 12.4x 10.0x 24.2x 20.0x 5.1x

Median (3.4% ) 26.6% 93.5% 10.1x 12.5x 13.8x 10.3x 24.7x 17.1x 5.2x

Power

Diversified PowerGeneral Electric Co. $592,936.9 $19.59 (4.2%) 19.8% 90.5% 19.2x 27.2x 20.7x 18.2x 15.5x 11.6x 16.6xSiemens AG $114,731.2 $129.13 (11.4%) 43.8% 91.0% 8.3x 7.2x 7.5x 6.5x 13.1x 11.3x 0.1xABB Ltd. $58,886.9 $26.53 (3.7%) 54.6% 94.3% 6.2x 7.3x 11.9x 8.6x 20.6x 15.0x (0.5x)Schneider Electric S.A. $46,437.7 $163.25 (7.7%) 62.4% 92.5% 6.2x 8.3x 10.0x NA 16.9x NA 1.0xEmerson Electric Co. $44,371.4 $54.07 (11.0%) 16.4% 86.9% 6.3x 9.9x 9.4x 8.1x 18.9x 13.9x 0.9xEaton Corporation $20,325.9 $51.09 (4.6%) 46.1% 90.4% 6.9x 9.7x 10.7x 7.6x 16.6x 11.2x 1.8xAlstom SA $20,232.4 $61.29 (8.0%) 27.8% 94.7% 6.4x 4.3x 6.7x NA 26.8x NA 0.9x$ , $ ( )Cooper Industries plc $10,692.1 $61.84 (6.2%) 31.7% 88.3% 6.6x 10.9x 12.5x 9.9x 21.7x 13.7x 0.6x

Median (7.0% ) 37.7% 90.8% 6.5x 9.0x 10.3x 8.3x 17.9x 12.7x 0.9x

Mid-Cap PowerAmetek Inc. $7,780.6 $42.98 (6.6%) 58.8% 91.4% 8.2x 11.9x 12.8x 10.5x 21.7x 16.7x 2.2xThomas & Betts Corp. $3,011.5 $54.26 (6.4%) 41.5% 87.7% 5.2x 8.3x 9.2x 6.9x 19.6x 13.4x 0.6xValmont Industries, Inc. $2,866.4 $99.74 (5.3%) 25.9% 86.0% 7.5x 9.2x 10.5x 7.7x 25.4x 14.9x 0.5xLittelfuse Inc. $1,306.8 $59.93 (3.7%) 65.8% 90.3% 11.8x 8.6x 8.5x 6.8x 15.8x 12.7x (0.6x)P ll I d t i I $288 6 $35 21 (10 9%) 19 8% 86 1% 6 3 3 2 6 2 5 4 39 0 16 6 (1 5 )Powell Industries, Inc. $288.6 $35.21 (10.9%) 19.8% 86.1% 6.3x 3.2x 6.2x 5.4x 39.0x 16.6x (1.5x)

Median (6.4% ) 41.5% 87.7% 7.5x 8.6x 9.2x 6.9x 21.7x 14.9x 0.5x

Independent Power ProducersNRG Energy, Inc. $13,784.4 $24.61 1.7% 5.4% 96.4% 4.3x 4.2x 6.0x 7.1x 41.3x 21.4x 2.6xGenOn Energy, Inc. $5,147.8 $4.00 1.8% NA 92.0% NA NA 23.0x 9.2x NM NA 1.9xDynegy Inc. $5,093.0 $6.09 (3.9%) 16.4% 91.3% 5.0x 7.4x 17.5x 12.6x NM NM 6.9xMirrabooka Investments Limited $245.5 $1.99 (6.5%) 43.9% 92.8% NM NM NM NA 20.2x NA NM

Median (1.1% ) 16.4% 92.4% 4.6x 5.8x 17.5x 9.2x 30.8x 21.4x 2.6x

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Member FINRA/SIPC

June 2011



Electric UtilitiesSouthern Company $55,273.1 $39.81 2.0% 21.7% 97.4% 8.1x 8.8x 9.8x 9.1x 17.7x 14.7x 3.7xDominion Resources, Inc. $45,391.9 $47.52 2.4% 22.0% 97.9% 7.2x 9.3x 9.1x 9.0x 8.9x 14.6x 4.2xNextEra Energy, Inc. $45,138.4 $57.70 2.0% 15.6% 97.8% 8.5x 8.1x 9.5x 8.3x 14.3x 12.1x 4.2xDuke Energy Corporation $41 952 4 $18 70 0 3% 17 2% 95 9% 7 6x 8 1x 8 3x 7 8x 17 9x 13 4x 3 7xDuke Energy Corporation $41,952.4 $18.70 0.3% 17.2% 95.9% 7.6x 8.1x 8.3x 7.8x 17.9x 13.4x 3.7xExelon Corp. $40,700.5 $41.86 (0.7%) 8.4% 94.1% 6.0x 5.3x 6.1x 7.9x 11.1x 13.6x 1.9xFirstEnergy Corp. $36,808.9 $44.31 10.9% 25.8% 96.7% 7.8x 8.7x 12.1x 8.3x 20.5x 13.6x 6.4xAmerican Electric Power Co., Inc. $36,237.2 $38.34 5.1% 20.0% 98.3% 7.5x 7.4x 7.5x 7.3x 15.1x 11.9x 4.0xPPL Corporation $28,732.4 $28.13 2.5% 9.0% 99.1% 8.1x 10.3x 9.5x 7.7x 11.6x 11.2x 7.7xProgress Energy Inc. $26,404.9 $47.53 0.2% 23.2% 96.9% 7.8x 7.7x 8.8x 8.5x 16.2x 14.7x 4.1xEdison International $25,454.9 $39.40 0.3% 21.8% 98.1% 5.2x 5.7x 6.7x 6.6x 10.6x 14.6x 3.1xEntergy Corporation $23,663.1 $67.77 (2.8%) (9.7%) 83.9% 7.7x 7.0x 6.3x 7.1x 9.8x 11.1x 3.1x

Median 2.0% 20.0% 97.4% 7.7x 8.1x 8.8x 7.9x 14.3x 13.6x 4.0x

Renewables 5/30/09 5/30/10 CurrentFirst Solar, Inc. $10,033.8 $123.75 (11.3%) 10.1% 70.5% 10.6x 4.1x 3.9x 2.1x 17.3x 11.2x (0.5x)Vestas Wind Systems A/S $7,520.4 $29.91 (15.9%) (38.0%) 49.6% 1.8x 1.6x 0.7x NA 38.6x NA 3.3xSuntech Power Holdings Co. Ltd. $3,065.6 $8.46 (5.7%) (16.2%) 74.1% 2.2x 1.3x 1.0x 0.9x 5.9x 7.6x 5.6xSunPower Corporation $2,492.8 $21.00 (3.2%) 58.7% 92.9% 2.2x 1.1x 1.1x 0.7x 13.8x 9.3x 2.4xGT Solar International, Inc. $1,209.1 $12.37 10.7% 126.6% 92.7% 1.5x 1.0x 1.3x 1.1x 9.3x 6.6x (1.6x)Clean Energy Fuels Corp $1 043 3 $14 16 (16 9%) (5 1%) 73 1% 3 8x 6 1x 4 4x 2 7x 76 8x 64 9x (2 1x)

RevenueTEV / LTM Revenue Multiple as of TEV / 2011

Clean Energy Fuels Corp. $1,043.3 $14.16 (16.9%) (5.1%) 73.1% 3.8x 6.1x 4.4x 2.7x 76.8x 64.9x (2.1x)Evergreen Solar Inc. $391.5 $0.73 (49.7%) (87.2%) 10.2% 4.4x 1.7x 1.3x 1.7x NM NM 18.3xRentech, Inc. $272.4 $1.00 (10.2%) (5.0%) 67.4% 0.7x 1.5x 1.8x 1.3x NM NM 1.8xFuelCell Energy Inc. $197.9 $1.86 8.8% (13.5%) 68.4% 2.7x 2.8x 2.4x 1.3x NM NM 1.2xEnergy Conversion Devices, Inc. $171.3 $1.41 (29.5%) (74.6%) 24.3% 2.2x 1.6x 0.7x 0.7x NM NM (3.7x)Ballard Power Systems Inc. $102.6 $1.73 (16.2%) (10.3%) 69.0% 1.6x 1.9x 1.5x 1.0x NM NM 1.4x

Median (11.3% ) (10.3% ) 69.0% 2.2x 1.6x 1.3x 1.2x 15.6x 9.3x 1.4x

CleantechItron, Inc. $2,504.5 $50.69 (6.9%) (24.0%) 72.4% 1.7x 1.8x 1.1x 1.1x 19.5x 12.0x 2.0xESCO Technologies Inc. $1,092.1 $37.03 1.0% 41.5% 85.8% 1.9x 1.5x 1.6x 1.5x 15.8x 15.1x 1.5xAmeresco, Inc. $843.4 $14.87 (7.7%) NA 85.1% 0.0x 0.0x 1.3x 1.0x 19.7x 15.7x 5.9xEnerNOC, Inc. $372.5 $18.10 1.1% (35.6%) 49.3% 4.1x 2.9x 1.3x 1.1x 102.2x 27.6x (29.4x)Echelon Corporation $360.8 $9.55 0.4% 12.2% 89.1% 2.0x 2.9x 3.0x 2.1x NM NM 1.6xPowerSecure International, Inc. $147.0 $8.09 3.1% (14.4%) 73.2% 0.5x 1.9x 1.5x 1.0x NM 13.9x (1.2x)Comverge, Inc. $89.2 $3.60 (6.7%) (62.3%) 34.5% 2.6x 2.1x 0.7x 0.5x NM NM 0.8x

Median 0.4% (19.2% ) 73.2% 1.9x 1.9x 1.3x 1.1x 19.6x 15.1x 1.5x

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Member FINRA/SIPC

June 2011



Industrial & Infrastructure Services

Engineering & ConstructionFluor Corporation $9,621.5 $68.90 (1.5%) 46.8% 90.9% 5.1x 5.4x 12.8x 7.1x 34.0x 17.2x (1.9x)J b E i i G I $5 449 7 $45 82 (7 6%) 9 7% 82 2% 5 9 7 5 9 9 7 8 23 7 14 8 (0 5 )Jacobs Engineering Group Inc. $5,449.7 $45.82 (7.6%) 9.7% 82.2% 5.9x 7.5x 9.9x 7.8x 23.7x 14.8x (0.5x)KBR, Inc. $4,859.9 $37.58 (2.1%) 71.0% 96.9% 3.8x 5.3x 8.7x 6.7x 14.9x 14.3x (1.3x)McDermott International Inc. $4,725.9 $21.34 (7.6%) (3.8%) 81.6% 7.0x 15.1x 10.6x 7.8x 20.2x 13.1x (1.4x)Dresser-Rand Group Inc. $4,438.7 $52.37 (0.3%) 64.5% 93.7% 6.2x 6.9x 16.1x 8.5x 33.5x 15.8x 0.8xURS Corporation $3,734.8 $43.93 (1.8%) (1.5%) 90.9% 8.2x 7.7x 6.0x 4.9x 13.8x 10.8x 0.4xQuanta Services, Inc. $3,733.8 $19.71 (9.1%) (4.9%) 81.5% 10.5x 9.9x 10.7x 6.8x 37.1x 17.3x (1.3x)Chicago Bridge & Iron Company N.V. $3,423.0 $37.89 (6.5%) 90.7% 89.2% 14.8x 5.2x 9.3x 6.8x 17.7x 13.4x (1.0x)Shaw Group Inc. $2,143.9 $36.50 (6.2%) 7.0% 87.7% 7.1x 5.9x 6.7x 5.0x 77.3x 13.4x (1.5x)MYR Group Inc $413 4 $22 64 (9 2%) 37 3% 85 3% 7 8x 8 2x 8 8x 5 9x 25 9x 15 7x (0 9x)MYR Group, Inc. $413.4 $22.64 (9.2%) 37.3% 85.3% 7.8x 8.2x 8.8x 5.9x 25.9x 15.7x (0.9x)Pike Electric Corporation $371.5 $8.71 (14.3%) (11.8%) 83.0% 4.6x 10.1x 10.0x 6.4x NM 27.7x 2.1xENGlobal Corp. $117.1 $3.91 (4.2%) 47.0% 68.8% 5.1x 42.1x NM 4.3x NM 7.0x 8.3x

Median (6.4% ) 23.5% 86.5% 6.6x 7.6x 9.9x 6.7x 24.8x 14.5x (0.9x)

Industrial & Infrastructure ServicesEMCOR Group Inc. $1,551.7 $30.55 (1.5%) 22.3% 93.3% 3.4x 4.0x 5.8x 4.8x NM 12.7x (1.6x)Cape plc $1,099.7 $8.67 (7.9%) 188.3% 91.6% 4.7x 3.9x 7.4x NA 12.7x NA 0.7xTeam Inc $501 8 $22 98 (7 9%) 52 8% 80 0% 5 6x 9 1x 9 8x 7 5x 21 3x 15 4x 1 3xTeam Inc. $501.8 $22.98 (7.9%) 52.8% 80.0% 5.6x 9.1x 9.8x 7.5x 21.3x 15.4x 1.3xMistras Group, Inc. $479.3 $16.96 (7.4%) 42.0% 91.9% 0.0x 11.1x 10.7x 8.0x 30.0x 21.8x 0.8xMatrix Service Co. $283.1 $13.52 (6.6%) 37.4% 92.6% 4.6x NM 8.7x 5.1x 38.3x 13.0x NMFurmanite Corporation $255.9 $7.07 (15.6%) 44.3% 82.2% 5.0x 18.8x 9.0x 6.9x 19.1x 12.1x 0.3x

Median (7.7% ) 43.2% 91.7% 4.6x 9.1x 8.9x 6.9x 21.3x 13.0x 0.7x

page 11


page 12

Harris Williams & Co. is the premier middle market advisor

with a two-decade legacy of sell side excellence serving

clients worldwide.

Experience

Focus

Market Intelligence

Stability

Global Reach

Exceptional Results

Middle market leader – closed nearly 200 transactions in the last four years.

Execution focus with unparalleled senior-level attention.

Over 10,000 conversations with buyers and lenders each year.

Unparalleled retention of senior professionals.

Approximately 20% of our transactions are cross-border.

Best-in-class execution produces unmatched closing rate.

• Locations

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page 13

Harris Williams & Co.’s Energy & Power Group has a broad

range of experience including products, services, and

technologies that support or enhance the overall energy and

power infrastructure.

Key Niches:

• Cleantech, Energy Efficiency, and Renewables

• Power Products, Services, and Technologies

• Oil & Gas Products, Services, and Technologies

• Industrial & Infrastructure Services

• Engineering & Construction

For more information on Harris Williams & Co.’s Energy & Power Group as well as archived

copies of the Energy & Power Industry Update, please visit our website. Archived copies of the

Group’s industry whitepapers, including Transmission & Distribution Infrastructure and ESCOs

– Enabling Energy Efficiency, can also be found on the site.

http://www.harriswilliams.com/industry-energy.html


page 14

Mr. Armstrong co-leads the Energy & Power Group and was Harris Williams & Co.’s second employee, joining the

firm in 1993. In 1999, Mr. Armstrong founded the San Francisco office and has over 19 years of transactional

experience focused in middle market mergers and acquisitions assignments. Having directed over 125 mergers and

acquisitions transactions during his career, Mr. Armstrong has worked across industries including energy and power,

consumer products, building products, business services, distribution, retailing, specialty chemicals, and technology.

As Co-Head of the Energy & Power Group, Mr. Armstrong specializes on the Power segment. Prior to joining Harris

Williams & Co., Mr. Armstrong was with Wheat First Butcher Singer (now Wells Fargo). He earned a B.S. with a

concentration in Finance from the University of Virginia's McIntire School of Commerce and is also a Chartered

Financial Analyst. Mr. Armstrong was past president and director of the San Francisco Chapter of ACG and is

currently a director of the Greater Richmond YMCA.

Mr. Spitzer founded and co-leads the Energy & Power Group at Harris Williams & Co. Over his investment banking

career, Mr. Spitzer has advised clients on a variety of merger and acquisition and strategic advisory assignments, as

well as corporate financings. Mr. Spitzer has advised a diverse range of manufacturing and service businesses in the

energy and power industries. Key niche focus areas have included demand response solutions, power quality

equipment, infrastructure and industrial services, and oilfield products and services. Prior to focusing on energy and

power companies, Mr. Spitzer developed experience in numerous industries including industrial manufacturing,

chemicals, automotive, aerospace and defense, business services, and consumer products. Prior to joining Harris

Williams & Co., Mr. Spitzer worked in the General Industrial Group at Banc of America Securities, LLC and in the

Investment Banking Group at Goldman Sachs & Co. Mr. Spitzer earned an M.B.A. with Honors from Columbia

Business School, where he served as the Caplan Fellow. Mr. Spitzer earned a B.A. in Economics from the University

of Virginia.

Mr. Lucas re-joined Harris Williams & Co. following the completion of an M.B.A. from The Wharton School at the

University of Pennsylvania. Prior to business school, Mr. Lucas served as an Associate with Harris Williams & Co.,

working on mergers and acquisitions transactions in a broad range of industries, including general industrial,

consumer products, plastics, and waste equipment/services. Before re-joining Harris Williams & Co., Mr. Lucas

worked as an Associate with Graham Partners, a private equity group in Philadelphia. Previous experience also

includes work as an Investment Banking Analyst with JP Morgan. Mr. Lucas earned a B.S. in Commerce, with a

concentration in Finance from The McIntire School of Commerce at the University of Virginia.

Prior to joining Harris Williams & Co., Mr. White worked as an Associate in the Equity Capital Markets Group at

SunTrust Robinson Humphrey. Previous experience also includes work in the Capital Finance Group at Wachovia

Securities (now Wells Fargo) where he focused on acquisition financing, growth capital, and workout situations. Mr.

White earned an M.B.A. from the Goizueta Business School at Emory University and a B.S. in Business

Administration from the University of North Carolina at Chapel Hill.

Tiff B. Armstrong

Managing [email protected]

+1 (804) 648-0072

Andrew G. Spitzer

Managing [email protected]

+1 (804) 915-0174

Brian S. Lucas

[email protected]

+1 (804) 932-1323

Matthew G. White

Vice [email protected]

+1 (804) 915-0131

Prior to joining Harris Williams & Co., Mr. Semple worked as a Global Banking Associate at Deutsche Bank. Within

energy and power, Mr. Semple has advised a diverse range of businesses, including providers of energy efficiency

and clean technology products and services, oilfield products and services, transmission distribution products and

services, and power generation equipment. He earned an M.B.A. from the Darden School of Business at the

University of Virginia and a B.A. from Trinity College in Hartford, Connecticut.

Luke R. Semple

Vice [email protected]

+1 (804) 648-1158

Sources:

1. Capital IQ.

2. MergerMarket.

3. Baker Hughes.

Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc.

(NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving

clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition

advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of

FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which

is Authorised and Regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under

which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

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CONTACT US AT +1 804-648-0072.

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It is not a research report, as such term is defined by applicable law and regulations, and is provided for

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Fax: +1 (804) 648-0073

www.harriswilliams.com

Two International Place

24th Floor

Boston, MA 02110

Phone: +1 (617) 482-7501

Fax: +1 (617) 482-7503

1900 East 9th Street

20th Floor

Cleveland, OH 44114

Phone: +1 (216) 689-2400

Fax: +1 (216) 689-2401

63 Brook Street

London, W1K 4HS

Phone: +44 20 7518 8900

Fax: +44 20 7526 2187

222 South Ninth Street

Suite 3350

Minneapolis, MN 55402

Phone: +1 (612) 359-2700

Fax: +1 (612) 359-2701

1600 Market Street

21st Floor

Philadelphia, PA 19103

Phone: +1 (267) 675-5900

Fax: +1 (267) 675-5901

575 Market Street

31st Floor

San Francisco, CA 94105

Phone: +1 (415) 288-4260

Fax: +1 (415) 288-4269

page 15

© 2011. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams &

Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the FSA. Harris Williams & Co. is a trade name under

which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.


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