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Member FINRA/SIPC

Energy & Power Industry UpdateFebruary 2011

HW&CO. |

©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 Financial Services Authority or FSA. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the US and Europe, respectively.

Read more about select transactions at www.harriswilliams.com/connect

CON N EC T I V I T Y

At Harris Williams & Co., we’re not just in the Middle Market, we’re in the middle of making connections. We are the conduit through which clients connect their present to their future. In 2010, we closed nearly 65 transactions, selling approximately 50% of our client companies to strategic acquirers spanning North America, Europe, Asia, and Australia. It’s a new year. Let’s connect.

2010 Select Transactions

Everything connects in the Middle.

has been acquired byhas been acquired by

has been acquired by has been acquired byhas been acquired by has been acquired by

has been acquired by

has secured a growth equity commitment from


has been acquired byhas been acquired byhas been acquired by


has been acquired byhas been acquired byhas been acquired by

has been acquired byhas been acquired byhas been recapitalized byhas been acquired by



has completed a balance sheet restructuring and

recapitalization transaction



has been acquired by has partnered withhas received a minority

investment from


has been acquired by has been acquired by






a subsidiary of Centene Corporation

a subsidiary of Elgin National Industries

11-HAR-215 CONNECT-EOY-Buy8.eps 1 1/24/2011 1:09:10 PM


What We’ve Been Reading

page 1

• GigaOm and Greentech Media provide two different anecdotal data points on utility

companies’ transition towards the “smart grid” and an increasingly digital business model.

GigaOm’s Katie Fehrenbach features an interview with Reliant Energy President Jason Few

at this year’s Consumer Electronics Show (“CES”) in Las Vegas where Apple, Google, and

Microsoft generated the majority of headlines. Regarding Reliance’s presence at CES, Few

offered a new, different view on the utility and its business model. “We are in the energy

sector, but we see ourselves as a consumer services company,” remarked Few. This

forward-looking perspective contrasts with Greentech Media’s “Want to Learn About the

Smart Grid? Don’t Call Your Utility,” which highlights a recent thesis from a Purdue

University undergraduate student who called more than 100 utilities regarding their smart

grid technology deployments to find a dearth of available knowledge and understanding of

the industry’s pending transition. Read the respective articles here and here.

• As noted in our Transmission and Distribution Infrastructure White Paper, the connection

of renewable resources to the power grid is projected to be a major driver of U.S. T&D

infrastructure investment. However, utilities continue to encounter NIMBY-ism for new

transmission projects. The New York Times highlights the issue in “Lack of Transmission

Lines Is Restricting Wind Power,” which highlights the CREZ project in Texas, one of the

largest U.S. transmission projects in decades aimed at incorporating newly installed wind

generation resources in West Texas. During particularly windy periods, wind turbines now

have to be shut down because there is not enough transmission capacity to transport the

power. While CREZ continues to move forward, the article highlights what will continue

to be an issue for utility transmission projects and, as a result, the incorporation of

renewable energy resources in the grid. Read the article here.

• The Wall Street Journal highlights Exxon’s latest release of its Outlook for Energy: A View

to 2030, which projects an increasingly prominent role for natural gas in meeting the

world’s energy needs. In the new forecast, Exxon raised its 2030 natural gas consumption

forecast from 2009 by 7 quadrillion Btu, which raises natural gas share of global energy

consumption to 26%, above coal but below oil, which, at 32% of 2030 global consumption,

Exxon predicts will remain the world’s primary energy source. Read the WSJ summary

here.

• In his State of the Union address, President Obama set an aggressive (and broadly defined)

goal for the U.S. to get 80% of its energy from “clean” sources by 2035. For those

familiar with penetration rates of renewable energy sources like wind and solar, the target

could only make sense within the context of his follow up statement, “Some folks want

wind and solar. Others want nuclear, clean coal, and natural gas. To meet this goal, we

will need them all.” With the inclusion of coal, nuclear, and natural gas, the impact of the

President’s plan on cleantech is less clear, which Greentech Media examines here.

http://gigaom.com/cleantech/a-power-company-at-ces-a-digital-grid-tipping-point/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+earth2tech+(GigaOM:+Cleantech)

http://www.greentechmedia.com/articles/read/want-to-learn-about-smart-grid-dont-call-your-utility/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+greentechmedia/news+(Greentech+Media:+News)

http://www.harriswilliams.com/pdf/final TD.pdf

http://www.nytimes.com/2011/01/21/us/21tttransmission.html

http://www.exxonmobil.com/Corporate/energy_outlook_view.aspx

http://www.exxonmobil.com/Corporate/energy_outlook_view.aspx

http://online.wsj.com/article/SB10001424052748704062604576106310422123304.html?mod=ITP_marketplace_1

http://www.greentechmedia.com/articles/read/is-obamas-plan-good-for-green-tech/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+greentechmedia/news+(Greentech+Media:+News)


LTM EBITDA Multiples1

Industry Observations

LTM Indexed Stock Performance1

Indexed LTM EBITDA Multiples1

• The Infrastructure and Industrial Services stock index has experienced a resurgence from its

twelve-month low in August 2010, though it continues to trade at a relatively low valuation.

• Commodity prices have rebounded as the economic recovery fuels demand.

– The North American Rotary Rig Count climbed to 2,108 rigs in December, an 80% year-

over-year increase.

– Electricity continues to demonstrate seasonality and currently trades at $59.95 MWg,

representing a 55.7% increase from its one-year low in January 2010 but a 33.1%

decrease off its year one-year high in July 2010.

60

70

80

90

100

110

120

130

140

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

S&P 500 Energy Power Industrial & Infrastructure Services

Index

%

Change

S&P 18.22

Energy 21.32

Power 18.94

I & IS 29.95

Index

%

Change

Energy 9.59

Power (12.76)

I & IS (41.36)

0

20

40

60

80

100

120

140

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10

Energy Power Industrial & Infrastructure Services

page 2


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

Integrateds Storage and

Transportation

Mid-Cap Power

Coal Producers

Exploration and

Production

Diversified Power

Engineering and

Construction

Electric Utilities

Independent Power

Producers

Industrial & Infrastructure

Services

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 1/26/09 1/26/10 Current EBITDA Current 2009

Energy

Integrateds 4.8% 30.4% 3.1x 5.9x 5.2x 3.8x 12.9x 10.0x

Energy Services and Equipment 2.0% 28.8% 3.7x 9.1x 10.2x 6.8x 23.0x 15.8x

Exploration and Production 2.7% 7.9% 3.3x 9.6x 7.6x 6.8x 22.5x 18.0x

Coal Producers 3.6% 32.2% 4.6x 8.4x 10.2x 6.0x 24.2x 11.8x

Refining 8.7% 42.2% 4.6x 9.8x 11.2x 5.7x NM 13.8x

Storage & Transportation 2.4% 19.2% 9.4x 12.6x 14.5x 11.3x 20.6x 18.9x

Power

Diversified Power 3.5% 37.5% 5.8x 9.8x 11.8x 8.9x 21.6x 14.3x

Mid-Cap Power 8.4% 44.4% 5.7x 9.2x 8.0x 6.9x 18.7x 15.1x

Independent Power Producers 7.5% (17.0%) 5.1x 7.6x 6.4x 8.4x 17.6x 8.3x

Electric Utilities 2.0% 4.7% 7.8x 8.1x 7.8x 7.4x 13.6x 12.3x

Renewables 3.1% (36.5%) 1.6x 2.0x 1.3x 1.2x 20.6x 9.1x

Cleantech (5.4%) (4.3%) 1.2x 2.0x 1.4x 1.2x 27.1x 15.0x

Industrial & Infrastructure Services

Engineering & Construction 7.3% 47.6% 4.9x 6.0x 8.4x 7.9x 21.8x 15.2x

Industrial & Infrastructure Services 5.6% 37.0% 4.1x 6.8x 10.4x 6.9x 84.2x 16.9x

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

Jan

-10

Feb

-10

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

($ p

er b

bl)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Jan

-10

Feb

-10

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

($ p

er M

MB

tu)

0.75

1.25

1.75

2.25

2.75

Jan

-10

Feb

-10

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

($ p

er g

all

on

)

Gasoline Ethanol

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

Dec-0

9

Jan

-10

Feb

-10

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

(# r

igs)

0.0

40.0

80.0

120.0

160.0

0.0

20.0

40.0

60.0

80.0

Jan

-10

Feb

-10

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 ($

per 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

Jan

-10

Feb

-10

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

($ p

er M

Wg

)

$87.87 per bbl

$59.95 per MWg

page 4

$4.60 per MMBtu

$2.34 per gallon

$2.44 per gallon

$71.98 per ton

$120.75 per ton

2,108 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

Nu

mb

er o

f T

ran

sact

ion

s

Date Target Business Description Acquiror

01/27/2011 Building Knowledge Networks US based real-time building energy management

services provider

Advantage IQ, Inc.

01/26/2011 M2M Communications Corp. US based provider of wireless technology solutions for

energy management with a focus on agricultural DR

EnerNOC, Inc.

01/25/2011 Turbine Control Service Associates,

Inc.

US based provider of generator excitation control

systems for power plants

Emerson Electric Co.

01/18/2011 Energy Contractors, LLC US based provider of drilling and production services

to the oil and gas industry

Nabors Well Services

01/13/2011 Lineage Power Corporation US based power conversion products manufacturer to

communications and data networking companies

General Electric Company

01/11/2011 Empire Holdings, Inc. US based provider of scaffold rental, erection and

dismantlement services

Ashtead Group PLC

01/11/2011 MicroSeismic. Inc. US based provider of microseismic monitoring and

imaging for the exploration of hydrocarbon resources

Madrone Capital Partners, TA

Associates

01/11/2011 Remote Energy Monitoring UK based energy monitoring company allowing

consumers and utilities to manage their energy usage

General Electric Company

01/07/2011 O-Tex Pumping US based pumping service company specializing in

cementing operations and pump down services

White Deer Energy

01/06/2011 Mountain Express Oil Company US based operator of stores for the distribution of

petroleum and petroleum products

Empire Petroleum Holdings, LLC

01/05/2011 Obvient Strategies, Inc. US based provider of packaged business intelligence

for the distributed asset industry

ABB Ltd.

01/03/2011 Amega West Energy Services US based manufacturer of oilfield tools for directional

drilling

Carpenter Technology

01/03/2011 Harbison Fisher Mfg. Co. US based manufacturer of oil well pumping equipment Dover Corporation

12/21/2010 Aker Solutions (Process &

Construction business)

Norway based provider of engineering and

construction services

Jacobs Engineering Group Inc

Member FINRA/SIPC


Energy

Integrateds

Exxon Mobil Corporation $408,352.4 $79.06 8.3% 19.9% 99.8% 4.5x 7.9x 7.9x 5.1x 13.9x 11.8x 0.2x

Chevron Corp. $186,136.2 $94.58 4.9% 27.6% 100.1% 3.2x 5.8x 5.1x 3.6x 11.2x 9.2x (0.1x)

ConocoPhillips $117,616.3 $69.31 3.2% 37.4% 100.5% 2.6x 6.1x 5.1x 3.9x 9.2x 8.4x 1.0x

Occidental Petroleum Corporation $79,481.7 $95.58 (1.3%) 24.7% 96.0% 3.2x 8.0x 7.4x 4.8x 18.5x 11.1x 0.1x

Marathon Oil Corporation $37,215.6 $45.13 23.6% 48.4% 100.5% 3.1x 5.1x 5.3x 3.6x 15.0x 9.3x 1.1x

Hess Corporation $28,699.0 $78.78 4.7% 33.3% 95.2% 3.0x 5.1x 3.7x 3.8x 11.9x 10.8x 0.9x

Median 4.8% 30.4% 100.0% 3.1x 5.9x 5.2x 3.8x 12.9x 10.0x 0.5x

Energy Services and EquipmentLarge Cap Diversified

Schlumberger Limited $116,707.6 $86.05 4.4% 30.9% 98.1% 5.7x 12.1x 16.4x 9.3x 24.6x 16.6x 0.5x

Halliburton Company $38,350.3 $42.59 6.8% 37.9% 102.1% 3.9x 10.0x 9.3x 6.1x 25.8x 11.8x 0.6x

Baker Hughes Incorporated $29,056.0 $65.06 15.8% 38.8% 104.1% 3.4x 9.5x 11.4x 6.3x 40.4x 14.0x 1.4x

National Oilwell Varco, Inc. $26,507.7 $70.48 8.3% 65.2% 100.7% 3.2x 5.3x 9.1x 9.2x 17.6x 17.7x (0.7x)

Weatherford International Ltd. $22,621.1 $22.69 2.6% 38.4% 94.1% 4.9x 11.6x 11.2x 6.7x NM 11.8x 3.9x

Median 6.8% 38.4% 100.7% 3.9x 10.0x 11.2x 6.7x 25.2x 14.0x 0.6x

Mid and Small Cap Equipment and Service ProvidersMid and Small Cap Equipment and Service Providers

Cameron International Corporation $11,982.9 $52.15 4.7% 33.2% 99.7% 4.9x 9.6x 12.0x 10.5x 24.9x 18.4x (0.2x)

Exterran Holdings, Inc. $3,650.6 $23.60 (3.1%) 10.2% 77.9% 5.9x 6.8x 7.4x 7.3x NM NM 3.4x

Oil States International Inc. $3,211.1 $64.81 1.7% 65.8% 96.3% 2.2x 6.3x 8.7x 6.4x 20.0x 14.2x 0.1x

Dril-Quip, Inc. $2,643.8 $74.83 (3.7%) 38.5% 89.3% 5.6x 12.1x 15.2x 13.7x 26.5x 23.4x (1.6x)

Complete Production Services, Inc. $2,580.5 $26.64 (10.7%) 96.0% 81.4% 2.6x 10.7x 9.0x 4.6x NM 10.8x 3.4x

Key Energy Services Inc. $2,239.1 $12.69 (2.6%) 28.7% 94.5% 2.2x 14.2x 20.7x 7.0x NM 21.2x 4.0x

Median (2.9% ) 35.8% 91.9% 3.7x 10.2x 10.5x 7.1x 24.9x 18.4x 1.7x

page 6

Stock Performance Net Debt /

Current Price Change from Change from % of TEV / 2011 P/E Ratio EBITDA

TEV 1/26/11 Prior Month Prior Year LTM High 1/26/09 1/26/10 Current EBITDA Current 2011 1/26/2010


Member FINRA/SIPC


Construction and Equipment ContractorsConstruction and Equipment Contractors

Transocean Ltd. $33,159.3 $79.67 16.4% (8.8%) 86.0% 4.8x 6.6x 7.0x 6.8x 10.2x 11.2x 1.4x

Noble Corp. $11,869.5 $37.94 10.0% (10.0%) 84.8% 3.3x 4.5x 6.6x 7.3x 8.5x 12.1x 1.0x

Diamond Offshore Drilling Inc. $10,564.0 $74.36 15.9% (21.8%) 76.6% 4.1x 6.2x 5.6x 6.0x 10.2x 11.2x 0.2x

Nabors Industries Ltd. $10,169.1 $23.08 1.1% (4.6%) 94.1% 3.5x 7.8x 9.1x 6.0x NM 13.7x 3.0x

Technip $8,702.8 $94.81 3.0% 37.8% 90.8% 1.2x 4.5x 9.2x NA 49.2x NA (1.6x)

Subsea 7 SA $7,701.0 $23.01 (4.1%) 52.4% 85.0% 2.2x 5.7x 17.6x 8.9x 19.1x 19.5x (0.3x)

Pride International Inc. $6,948.4 $33.13 1.9% 9.0% 96.0% 4.2x 8.7x 18.5x 8.4x 36.7x 12.2x 1.9x

Helmerich & Payne Inc. $5,580.4 $51.82 7.0% 14.9% 99.6% 3.1x 7.3x 7.9x 6.1x 18.7x 14.4x 0.4x

Rowan Companies Inc. $4,966.8 $34.38 1.1% 53.6% 97.1% 2.3x 4.1x 8.5x 7.9x 13.4x 15.7x 1.2x

Oceaneering International, Inc. $3,685.3 $73.95 0.5% 29.6% 96.2% 4.8x 7.6x 8.1x 8.0x 19.7x 19.1x (0.4x)

Patterson-UTI Energy Inc. $3,224.2 $21.51 (0.7%) 30.0% 94.9% 1.9x 9.5x 8.1x 4.5x 66.8x 16.0x 0.1x

Hercules Offshore, Inc. $1,114.3 $3.28 (5.9%) (29.1%) 67.4% 3.6x 9.4x 9.0x 7.3x NM NM 5.5x

Basic Energy Services, Inc. $1,093.9 $17.22 2.0% 59.6% 96.5% 2.9x 24.6x 13.8x 6.1x NM NM 12.7x

Cal Dive International Inc $739.5 $6.18 4.4% (15.8%) 77.5% 4.6x 4.9x 13.9x 5.8x NM 17.2x 0.9x

Pioneer Drilling Co. $716.7 $8.42 (4.9%) (4.8%) 90.5% 2.5x 9.2x 9.2x 4.6x NM 215.7x 3.6x

eServGlobal Ltd. $127.1 $0.63 2.4% 34.9% 89.4% 3.9x NM NM NA NM NA (0.2x)

Median 1.9% 12.0% 90.7% 3.4x 7.3x 9.0x 6.4x 18.9x 15.0x 1.0x

Exploration and ProductionLarge Cap

Apache Corp. $51,245.0 $122.02 3.1% 19.2% 95.5% 3.2x 6.5x 6.3x 4.4x 14.5x 11.0x 0.9x

Anadarko Petroleum Corporation $47,890.3 $75.64 10.0% 18.4% 94.7% 3.4x 15.0x 7.3x 6.4x 42.7x 34.0x 3.6x

Devon Energy Corporation $38,567.5 $85.74 11.2% 22.9% 99.8% 3.4x 8.8x 6.2x 6.3x 15.5x 14.1x 0.5x

Chesapeake Energy Corporation $31,837.9 $27.71 8.4% 4.4% 98.3% 3.5x 7.8x 6.6x 6.0x 18.3x 10.1x 2.8x

EOG Resources, Inc. $29,109.4 $102.15 13.3% 9.7% 88.9% 3.5x 11.2x 10.3x 6.6x 50.0x 29.2x 1.6x

Noble Energy, Inc. $16,130.4 $85.64 0.9% 11.9% 96.2% 3.3x 12.5x 7.8x 6.7x 22.0x 18.2x 1.0x

Southwestern Energy Co. $14,630.0 $39.26 8.5% (13.8%) 85.4% 8.7x 12.2x 9.1x 8.7x 21.9x 22.9x 0.9x

Murphy Oil Corporation $13,597.5 $72.69 (1.8%) 39.5% 94.7% 2.4x 4.4x 4.5x 4.0x 14.5x 12.0x (0.0x)

Pioneer Natural Resources Co. $12,844.4 $90.66 5.3% 97.3% 95.6% 3.9x 11.3x 7.9x 8.1x 22.0x 29.7x 3.4x

Newfield Exploration Co. $11,100.4 $69.30 (3.0%) 36.9% 94.2% 2.1x 7.8x 6.6x 6.1x 14.8x 13.7x 1.8x

Ultra Petroleum Corp. $8,273.4 $46.13 (1.8%) (6.2%) 85.7% 6.7x 14.0x 7.6x 7.8x 13.4x 15.1x 2.3x

Quicksilver Resources Inc. $4,948.8 $14.96 3.5% 9.8% 92.6% 6.3x 8.5x 8.4x 10.3x 17.0x 39.8x 4.2x

Median 4.4% 15.2% 94.7% 3.5x 10.0x 7.5x 6.5x 17.6x 16.6x 1.7x





page 7

Member FINRA/SIPC


Mid and Small Cap

Petrohawk Energy Corporation $8,120.9 $18.58 2.5% (22.8%) 76.4% 6.8x 13.9x 7.7x 6.6x 18.0x 20.9x 3.8x

Plains Exploration & Production Company $7,459.9 $34.36 10.0% 4.3% 93.9% 1.8x 11.6x 7.9x 6.5x 27.4x 18.4x 4.6x

SandRidge Energy, Inc. $5,905.2 $7.25 0.4% (18.6%) 78.4% 3.6x 11.2x 13.2x 8.5x NM NM 8.4x

Forest Oil Corp. $5,759.2 $36.91 (1.7%) 43.0% 93.9% 2.9x 8.9x 7.5x 7.7x 16.1x 19.7x 2.7x

Cabot Oil & Gas Corporation $5,168.5 $40.08 9.5% (3.0%) 93.4% 6.2x 9.1x 9.5x 8.8x 45.5x 90.5x 1.9x

Swift Energy Co. $2,098.2 $39.90 1.2% 51.1% 93.0% 1.7x 6.7x 7.6x 5.5x 29.6x 19.1x 2.1x

Delta Petroleum Corp. $742.8 $0.74 (3.6%) (45.4%) 38.1% 49.1x NM 13.3x 25.2x NM NM (9.0x)

PetroQuest Energy Inc. $582.7 $7.78 0.8% 26.7% 88.0% 2.2x 3.5x 4.4x 4.9x NM 19.0x 0.6x

Median 1.0% 0.7% 90.5% 3.2x 9.1x 7.8x 7.2x 27.4x 19.4x 2.4x

Coal Producers

Peabody Energy Corp. $17,767.9 $62.52 (1.1%) 35.5% 94.6% 5.5x 10.9x 10.2x 5.9x 24.2x 9.9x 1.1x

CONSOL Energy Inc. $14,932.0 $51.10 9.5% 2.2% 92.3% 5.5x 8.4x 12.2x 8.0x 26.9x 15.8x 3.0x

Alpha Natural Resources, Inc. $6,859.2 $57.45 3.6% 26.9% 84.4% 2.7x 10.1x 7.6x 5.9x 63.8x 12.1x 0.2x

Arch Coal Inc. $6,852.9 $32.91 (3.8%) 31.3% 90.2% 4.7x 11.2x 10.8x 6.1x 46.9x 11.4x 3.5x

Massey Energy Co. $6,329.1 $55.22 4.4% 32.2% 94.4% 2.9x 8.3x 16.2x 6.9x NM 14.4x 1.6x

Alliance Resource Partners LP $2,565.7 $68.57 6.5% 65.5% 96.6% 4.4x 4.6x 5.7x 4.8x 9.3x 9.5x 1.2x

Patriot Coal Corporation $2,386.4 $25.17 36.6% 46.8% 92.0% 2.6x 4.6x 23.9x 7.1x NM 73.2x 0.7x

James River Coal Co. $682.1 $22.30 (10.2%) 32.8% 82.4% NM 4.4x 4.7x 4.0x 12.1x 9.8x 0.6x

Farmacol SA $349.0 $13.29 (2.0%) (3.8%) 78.7% 6.8x 9.5x 9.2x NA 11.2x NA 1.0x

Median 3.6% 32.2% 92.0% 4.6x 8.4x 10.2x 6.0x 24.2x 11.8x 1.1x

Refining

Valero Energy Corp. $19,454.3 $25.02 8.7% 31.5% 97.8% 2.9x 9.7x 5.8x 4.5x 15.0x 8.6x 3.3x

Sunoco, Inc. $7,243.6 $42.47 6.8% 61.4% 101.0% 3.7x 10.1x 7.9x 6.9x 27.2x 17.7x 2.4x

Tesoro Corporation $4,082.0 $18.43 0.3% 42.2% 93.4% 4.6x 9.9x 16.8x 4.2x NM 11.3x 4.8x

Holly Corporation $3,383.8 $44.28 12.3% 68.3% 101.5% 6.7x 12.9x 12.0x 7.2x 63.6x 14.0x 3.1x

Western Refining Inc. $1,923.0 $10.76 4.0% 116.1% 91.6% 5.5x 6.9x 9.9x 5.1x NM 13.7x 4.9x

Frontier Oil Corp. $1,809.2 $18.36 4.1% 41.3% 97.5% 3.3x NM 29.8x 5.4x NM 13.0x 5.8x

CVR Energy, Inc. $1,741.9 $16.66 13.6% 98.3% 102.3% 2.1x 5.0x 10.3x 5.7x 64.3x 16.1x 1.5x

Alon USA Energy, Inc. $1,306.1 $7.13 19.6% (4.9%) 88.2% 18.0x NM NM 8.5x NM NM 51.4x

Delek US Holdings Inc. $691.3 $8.46 14.5% 20.2% 100.3% 4.9x NM 25.3x 7.2x NM 133.4x (24.9x)

Median 8.7% 42.2% 97.8% 4.6x 9.8x 11.2x 5.7x NM 13.8x 3.3x





page 8

Member FINRA/SIPC


Storage & Transportation

Kinder Morgan Energy Partners LP $34,798.1 $72.92 4.7% 11.6% 100.2% 9.8x 12.8x 13.9x 9.8x 51.2x 32.3x 5.1x

El Paso Corp. $26,242.4 $14.56 6.9% 34.8% 97.6% 5.3x 7.5x 8.3x 8.4x 11.2x 13.5x 4.4x

Plains All American Pipeline, L.P. $14,817.0 $64.03 2.8% 14.4% 98.2% 11.7x 12.5x 15.2x 12.8x 28.5x 20.7x 5.4x

Enbridge Energy Partners LP $13,693.4 $62.17 2.0% 14.6% 97.2% 9.1x 12.1x 26.0x 11.8x NM 18.7x 5.8x

Magellan Midstream Partners LP $8,015.0 $55.05 (0.3%) 25.1% 95.9% 7.4x 16.1x 16.1x 14.2x 19.5x 18.4x 4.6x

Buckeye Partners LP $6,146.8 $67.26 1.0% 16.8% 93.9% 10.7x 12.7x 16.5x 12.7x 20.6x 19.1x 4.7x

Sunoco Logistics Partners L.P. $4,275.3 $85.52 4.5% 21.6% 97.9% 7.6x 9.8x 13.8x 10.6x 9.2x 15.4x 4.3x

Holly Energy Partners L.P $1,493.3 $51.05 1.2% 21.5% 95.0% 12.0x 12.8x 13.6x 10.8x 21.3x 20.5x 5.3x

Median 2.4% 19.2% 97.4% 9.4x 12.6x 14.5x 11.3x 20.6x 18.9x 4.9x

Power

Diversified Power

General Electric Co. $573,881.3 $19.99 9.9% 22.3% 98.6% 21.4x 33.4x 21.3x 17.0x 17.4x 12.5x 20.9x

Siemens AG $118,185.9 $129.31 4.1% 35.1% 98.6% 6.4x 7.6x 8.5x 6.9x 20.8x 12.0x 0.5x

ABB Ltd. $48,859.1 $23.60 7.9% 26.7% 92.5% 4.1x 7.9x 10.5x 8.7x 21.6x 16.5x (1.1x)

Emerson Electric Co. $47,518.3 $58.97 3.0% 39.8% 100.4% 5.9x 9.0x 11.0x 8.7x 22.4x 15.3x 0.9x

Schneider Electric S.A. $46,391.4 $159.09 5.8% 46.9% 96.9% 4.3x 9.2x 12.8x NA 24.0x NA 1.3x

Eaton Corporation $20,033.3 $104.00 2.3% 62.2% 97.4% 5.7x 10.4x 11.8x 9.1x 20.4x 14.4x 2.0x

Areva SA $10,544.2 $48.56 (0.5%) (0.3%) 88.7% 49.7x 16.1x NM NA NM NA 8.6x

Cooper Industries plc $10,282.1 $59.92 2.3% 40.5% 97.2% 5.3x 10.7x 12.3x 10.0x 23.1x 14.2x 0.5x

Median 3.5% 37.5% 97.3% 5.8x 9.8x 11.8x 8.9x 21.6x 14.3x 1.1x

Mid-Cap Power

Ametek Inc. $7,456.9 $40.60 3.3% 66.1% 98.2% 8.1x 11.0x 14.8x 12.0x 25.7x 19.8x 2.2x

Thomas & Betts Corp. $2,772.6 $48.80 0.7% 44.4% 97.8% 4.1x 7.3x 8.8x 7.3x 19.5x 15.1x 0.8x

Littelfuse Inc. $1,051.8 $51.93 8.4% 66.4% 96.5% 5.8x 12.0x 7.2x 6.9x 15.8x 13.3x (1.1x)

Powell Industries, Inc. $339.9 $38.65 20.4% 37.7% 98.5% 5.7x 3.1x 4.9x 6.6x 17.9x 19.3x (1.4x)

Chapmans Ltd. $2.5 $0.01 15.7% (29.7%) 70.0% NM NM NM 0.0x NM 0.0x (2.5x)

Median 8.4% 44.4% 97.8% 5.7x 9.2x 8.0x 6.9x 18.7x 15.1x (1.1x)

Independent Power Producers

NRG Energy, Inc. $12,612.1 $21.15 10.3% (15.1%) 82.3% 4.9x 4.2x 5.3x 6.4x 10.4x 16.6x 2.2x

Dynegy Inc. $4,827.7 $5.85 (0.3%) (33.9%) 65.4% 7.0x 11.1x 8.9x 10.5x NM NM 6.9x

RRI Energy, Inc. $2,646.1 $4.15 5.3% (18.9%) 80.1% 5.1x NM 6.4x 19.0x NM NM 21.8x

Mirrabooka Investments Limited $241.4 $1.96 9.7% 3.6% 91.6% NM NM NM 0.0x 24.8x 0.0x NM

Median 7.5% (17.0% ) 81.2% 5.1x 7.6x 6.4x 8.4x 17.6x 8.3x 6.9x





page 9

Member FINRA/SIPC






page 10

Electric Utilities

Southern Company $52,297.3 $38.17 (0.3%) 15.8% 98.4% 8.7x 8.8x 9.3x 8.7x 16.3x 14.3x 3.7x

NextEra Energy, Inc. $43,212.5 $54.10 3.7% 9.9% 96.2% 7.9x 8.5x 8.1x 8.1x 11.0x 11.6x 4.5x

Duke Energy Corporation $40,656.1 $18.07 1.5% 7.5% 97.2% 7.4x 8.2x 8.1x 7.8x 19.3x 13.5x 3.7x

Exelon Corp. $38,820.0 $42.79 2.4% (8.2%) 90.7% 7.2x 6.1x 5.7x 7.5x 10.9x 14.0x 1.5x

American Electric Power Co., Inc. $35,157.9 $36.28 1.1% 1.9% 95.6% 7.2x 7.6x 7.4x 7.4x 13.8x 11.6x 3.9x

FirstEnergy Corp. $25,918.5 $38.83 4.2% (13.0%) 87.3% 8.2x 10.4x 8.6x 7.2x 14.2x 12.2x 5.2x

Progress Energy Inc. $25,465.1 $45.21 3.9% 15.2% 99.1% 8.0x 7.9x 8.6x 8.3x 15.1x 14.5x 4.1x

Entergy Corporation $23,924.5 $73.15 2.4% (7.8%) 86.7% 7.7x 7.6x 6.6x 6.8x 10.5x 11.1x 3.1x

Edison International $23,374.9 $37.31 (4.2%) 9.1% 94.8% 5.4x 5.6x 6.2x 5.8x 9.5x 12.4x 2.7x

PPL Corporation $16,918.4 $25.67 (2.4%) (16.2%) 84.0% 8.3x 12.3x 7.4x 5.1x 13.5x 9.9x 2.7x

Median 2.0% 4.7% 95.2% 7.8x 8.1x 7.8x 7.4x 13.6x 12.3x 3.7x

Renewables 1/26/09 1/26/10 Current

First Solar, Inc. $12,330.2 $150.00 14.3% 30.3% 94.5% 8.6x 4.6x 4.8x 3.3x 20.0x 16.4x (0.7x)

Vestas Wind Systems A/S $7,996.9 $34.38 9.8% (36.9%) 49.3% 1.1x 1.2x 1.0x NA 21.3x NA 0.6x

Suntech Power Holdings Co. Ltd. $2,391.1 $8.62 5.6% (38.3%) 55.4% 1.4x 2.0x 0.9x 0.8x NM 7.5x 3.2x

SunPower Corporation $1,685.3 $13.72 3.1% (36.7%) 61.8% 1.6x 1.5x 0.9x 0.6x 52.6x 8.0x 1.8x

GT Solar International, Inc. $1,404.4 $11.07 24.0% 80.0% 92.6% 1.0x 1.4x 1.9x 1.6x 12.5x 9.1x (2.2x)

Clean Energy Fuels Corp. $957.7 $12.85 (10.8%) (28.2%) 54.2% 2.7x 7.7x 5.6x 3.1x NM 121.5x 28.3x

Evergreen Solar Inc. $418.5 $2.63 (31.5%) (70.0%) 29.0% 3.9x 2.0x 1.3x 1.1x NM NM 82.3x

Rentech, Inc. $333.0 $1.26 2.4% 3.3% 85.1% 0.7x 1.8x 2.5x 1.7x NM NM 3.6x

Energy Conversion Devices, Inc. $297.5 $4.25 (10.7%) (57.8%) 41.7% 2.8x 2.3x 1.1x 0.8x NM NM (157.0x)

FuelCell Energy Inc. $259.4 $1.90 (9.5%) (36.5%) 55.9% 2.7x 3.0x 3.7x 1.3x NM NM 0.7x

Ballard Power Systems Inc. $78.5 $1.65 4.5% (28.1%) 50.2% 0.7x 3.2x 1.3x 0.9x NM NM 1.7x

Median 3.1% (36.5% ) 55.4% 1.6x 2.0x 1.3x 1.2x 20.6x 9.1x 1.7x

Cleantech

Itron, Inc. $2,884.7 $58.61 7.1% (9.9%) 71.5% 1.6x 2.0x 1.4x 1.2x 27.1x 13.5x 2.6x

ESCO Technologies Inc. $1,073.6 $36.31 (5.7%) 11.5% 92.1% 1.8x 1.7x 1.8x 1.4x 21.2x 15.0x 1.5x

Ameresco, Inc. $826.6 $16.13 22.8% NA 92.4% 0.0x 0.0x 1.4x 1.2x 19.2x 20.3x 4.8x

EnerNOC, Inc. $450.5 $24.01 (1.0%) (27.9%) 65.3% 1.2x 3.5x 1.6x 1.4x 37.5x 32.7x (23.5x)

Echelon Corporation $343.2 $9.52 (9.2%) 1.4% 88.6% 1.9x 3.2x 3.1x 2.5x NM NM 2.1x

Comverge, Inc. $145.1 $6.57 (6.0%) (39.2%) 53.5% 0.8x 2.6x 1.2x 1.0x NM NM 6.7x

PowerSecure International, Inc. $135.7 $7.50 (5.4%) 11.9% 63.5% 0.4x 1.1x 1.1x 1.0x 29.5x 15.0x (0.5x)

Median (5.4% ) (4.3% ) 71.5% 1.2x 2.0x 1.4x 1.2x 27.1x 15.0x 2.1x

Revenue

TEV / LTM Revenue Multiple as of TEV / 2011

Member FINRA/SIPC






page 11


Engineering & Construction

Fluor Corporation $10,578.4 $71.48 7.3% 52.9% 98.2% 4.6x 5.0x 11.1x 9.3x 32.8x 21.2x (1.6x)

Jacobs Engineering Group Inc. $5,390.1 $52.99 15.7% 36.1% 95.1% 5.9x 6.0x 10.0x 8.0x 25.3x 16.7x (1.3x)

McDermott International Inc. $4,068.1 $20.05 (1.0%) (13.0%) 69.2% 2.3x 6.9x 5.6x 8.4x 10.4x 15.2x (0.9x)

URS Corporation $3,976.4 $44.44 6.1% (2.2%) 83.5% 7.4x 7.6x 6.5x 5.5x 13.7x 11.9x 0.4x

KBR, Inc. $3,772.2 $32.39 9.8% 67.3% 97.8% 2.5x 3.7x 6.7x 5.9x 16.0x 14.7x (1.9x)

Dresser-Rand Group Inc. $3,586.6 $45.14 6.0% 47.6% 100.8% 4.9x 6.6x 10.8x 10.1x 26.5x 20.4x 0.1x

Chicago Bridge & Iron Company N.V. $3,091.8 $33.89 3.8% 58.0% 92.8% 14.6x 5.8x 8.9x 7.3x 18.3x 14.3x (0.7x)

Shaw Group Inc. $2,621.7 $38.45 11.0% 27.3% 95.0% 6.9x 5.3x 7.8x 5.9x 33.5x 14.3x (2.0x)

ENGlobal Corp. $131.4 $4.79 27.1% 54.5% 106.4% 3.3x 12.3x NM 7.9x NM 15.4x 1.6x

Median 7.3% 47.6% 95.1% 4.9x 6.0x 8.4x 7.9x 21.8x 15.2x (0.9x)


EMCOR Group Inc. $1,457.5 $30.12 0.8% 24.3% 100.0% 3.5x 3.5x 5.5x 5.2x NM 14.0x (1.5x)

Cape plc $988.7 $7.04 14.3% 95.1% 93.9% 2.9x 4.8x 7.1x NA NM NA 1.1x

Team Inc. $554.0 $25.97 10.4% 49.7% 97.4% 8.1x 9.9x 11.9x 8.3x 28.7x 16.9x 1.6x

Pike Electric Corporation $396.5 $8.83 (2.9%) 5.1% 79.9% 5.5x 6.4x 12.4x 6.9x NM 30.1x 1.8x

Furmanite Corporation $271.9 $7.90 14.7% 150.8% 97.8% 4.7x 15.0x 15.6x 9.0x 187.5x 17.4x (1.3x)

Matrix Service Co. $247.7 $11.25 (8.0%) 7.8% 89.3% 2.1x 7.3x 9.0x 4.3x 84.2x 10.7x NM

Median 5.6% 37.0% 95.7% 4.1x 6.8x 10.4x 6.9x 84.2x 16.9x 1.1x


page 12

Harris Williams & Co. is one of the largest mergers and

acquisitions firms focused exclusively on the middle market.

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

London, UK

Richmond, VA

Boston, MA

Cleveland, OH

London, UK

Minneapolis, MN

Philadelphia, PA

San Francisco, CA


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]

(804) 648-0072

Andrew G. Spitzer

Managing [email protected]

(804) 915-0174

Brian S. Lucas

Vice [email protected]

(804) 932-1323

Matthew G. White

Vice [email protected]

(804) 915-0131


page 15

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.

Cobblestone | Harris Williams (www.cobblestonehw.com) is a specialty group of Harris Williams & Co.

Cobblestone provides trustworthy advice and superior execution on private company sales, corporate

divestitures, acquisitions, recapitalizations, restructurings and complex valuations for lower-middle market

transactions. Cobblestone’s professionals have advised on M&A and financing transactions representing more

than $4 billion in value since 1998, making it one of the nation's most experienced and successful advisors

dedicated solely to the lower-middle market.

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.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE

MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE

OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND

SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES,

FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND

SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN

THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR

OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE

REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD

PARTIES, PLEASE CONTACT US AT THE BELOW ADDRESSES OR NUMBER.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”).

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

informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy

or sell any financial instruments or to participate in any particular trading strategy. The information contained

herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the

accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or

specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies

mentioned herein and also may provide, may have provided, or may seek to provide investment banking services

for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and

employees may hold long or short positions in the securities, options thereon or other related financial products

of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’

judgment and are subject to change without notice. The financial instruments discussed in this report may not be

suitable for all investors, and investors must make their own investment decisions using their own independent

advisors as they believe necessary and based upon their specific financial situations and investment objectives.

Also, past performance is not necessarily indicative of future results. No part of this material may be copied or

duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Copyright© 2011 Harris Williams & Co., all rights reserved.


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© 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.

page 16

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