ENERGY & POWER · 2/3/2015 Verengo Solar, Northeast Operations US based provider of solar installation and maintenance services in North America. NRG Energy 1/27/2015 U.S. Water Services

wwwharriswilliamscom

Investment banking services are provided by Harris Williams LLC a registered broker-dealer and member of FINRA and SIPC and Harris Williams amp Co Ltd which is authorised andregulated by the Financial Conduct Authority Harris Williams amp Co is a trade name under which Harris Williams LLC and Harris Williams amp Co Ltd conduct business

ENERGY amp POWER

INDUSTRY UPDATE FEBRUARY 2015

PAGE |

SUMMARY

CONTENTS

WHAT WErsquoRE READING

MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Andrew Spitzer | Managing Directoraspitzerharriswilliamscom+1 (804) 915-0174

Brian Lucas | Managing Directorblucasharriswilliamscom+1 (804) 932-1323

Matthew White | Director mwhiteharriswilliamscom+1 (804) 915-0131

Luke Semple | Director lsempleharriswilliamscom+1 (804) 915-0158

Chris Burnham | Vice President cburnhamharriswilliamscom+1 (804) 915-0142

Ian Thomas | Vice President ithomasharriswilliamscom+1 (804) 932-1384

EUROPE

Julien Darmon | Managing Directorjdarmonharriswilliamscom+44 (0) 20 7518 8900

Jeffery Perkins | Managing Directorjperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

North American Substation Services (ldquoNASSrdquo) a portfolio company of BBH Capital Partners has been acquired by Industrial Growth Partners NASS is a provider of maintenance repair and installation services for mission-critical power transmission and distribution infrastructureSource| Instapaper

US Water Services a portfolio company of Excellere Partners has agreed to be acquired by ALLETE for approximately $168 million US Water Services is a provider of water management and treatment chemicals and equipment for industrial end markets Source| Instapaper

Silver Spring Networks has agreed to acquire Detectent a privately held company Detectent is a provider of utility data analytics software and solutions which help improve advanced metering infrastructure and utility grid operationsSource| Instapaper

Verengo Solar has divested its Northeast Sales and Operations resources to NRGrsquos Home Solar division Verengo is a leading provider of installation and maintenance services for solar panels Source| Instapaper

ENERGY amp POWER

PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month Jan-14 Aug-14 Current 2014E 2015P

Energy Services and Equipment

Large Cap Service (09) (122) 86x 107x 63x 57x 80x

Equipment (135) (258) 109x 114x 67x 67x 73x

Small-Cap Service (189) (545) 80x 115x 46x 42x 62x

OCTG (66) (563) 77x 70x 52x 52x 61x

Distribution (158) (613) 99x 111x 88x 84x 97x

Logistics (132) (436) 97x 86x 59x 62x 64x

Offshore Drillers (94) (443) 69x 69x 50x 48x 53x

Land Drillers (117) (332) 52x 67x 36x 36x 50x

EampC (146) (505) 72x 71x 46x 47x 45x

Power Services and Equipment

Large Cap PSampE (63) (100) 110x 108x 102x 92x 94x

Small-Cap PSampE (72) (61) 116x 105x 110x 102x 102x

EE and Cleantech (158) (409) 147x 129x 108x 99x 87x

Industrial amp Infrastructure Services

Large Cap (105) (357) 105x 88x 58x 78x 55x

Small-Cap (142) (274) 100x 119x 79x 73x 54x

Utility Services (71) (70) 75x 81x 73x 69x 57x

Industrial Services (55) (204) 101x 108x 72x 80x 67x

Engineering Services (127) (163) 124x 99x 101x 94x 75x

TEV LTM EBITDA as of

PAGE |

The Economist writes that amid widespread decreases in capital spending major oil amp gas companies with strongbalance-sheets diversified businesses and the foresight to have hedged their production will soon lead industryconsolidation efforts and be poised for opportunistic acquisitionsThe Economist | Instapaper

OIL amp GAS | THE TOUGH GET GOING

ENERGY amp POWER

A summary of interesting industry articles we have come across in the past month

Bloomberg suggests that the recent dip in oil prices may be sustained and should not be viewed as transient Theseprolonged low oil prices will also likely result in durable economic and political changesBloomberg | Instapaper

OIL amp GAS | THIS ERA OF LOW-COST OIL IS DIFFERENT

SCIENCE | WHY WE REMEMBER SO MANY THINGS WRONG

Bloomberg New Energy Finance releases its predictions for advancements and struggles of clean energy and cleanenergy investments in 2015 The article suggests that while the oil price crash will have a range of impacts on theclean energy sector it will not be the most important new energy story of 2015BNEF | Instapaper

CLEAN ENERGY | 10 PREDICTIONS FOR CLEAN ENERGY IN 2015

Slate writes that the battery market has shifted rapidly in recent years as the private sector has made hugeinvestments and strides in new technologies jump-starting the energy storage industry States are now also mandatingminimum energy storage capacitySlate | Instapaper

ENERGY STORAGE | BATTERIES ARE THE FUTURE

The Business Council for Sustainable Energy in partnership with Bloomberg New Energy Finance released theSustainable Energy in America 2015 Factbook The Factbook presents one unmistakable theme the broader USecosystem is prepared for a future in which sustainable sources of energy play a much larger roleBCSE

SUSTAINABLE ENERGY | SUSTAINABLE ENERGY IN AMERICA

Greentech Media reviews three pathways that different states will follow in their transition to the emerging grid edgeand distributed electrical system The shift toward a decentralized distributed electric grid is already underway inmany parts of the countryGreentech Media | Instapaper

UTILITIES | THE FUTURE OF DEMAND RESPONSE

IHS writes that more than six years of historic gains in US production may come to a halt in 2015 as lower oil pricesbegin to affect production The fate of production growth past 2015 and into 2016 will be shaped by global economicconditions geopolitics and changes in industry costs all of which are in a state of fluxIHS | Instapaper

OIL amp GAS | HALTING PRODUCTION GROWTH

The New Yorker examines a study which shows that intensely stressful or exciting moments are often misrememberedThe study suggests that the more emotional the memory the more likely that only the most central and core parts ofrecollection are correctThe New Yorker | Instapaper

PAGE |

MampA TRANSACTIONS

RECENT MampA TRANSACTIONS12

ENERGY amp POWER

Date Target Business Description Acquirer

232015 Verengo Solar Northeast

Operations

US based provider of solar installation and maintenance serv ices in

North America

NRG Energy

1272015 US Water Serv ices US based provider of chemicals and equipment for water management

and treatment to industrial customers in North America

Allete

1272015 Gem Mobile Treatment

Serv ices

US based provider of mobile or fixed vapor control and wastewater

treatment serv ices

Evergreen Industrial

Serv ices

1132015 UCI Construction Serv ices US based provider of construction and installation serv ices for telecom

and broadband serv ices

Concentric Equity Partners

1132015 MampM Environmental Oil

Field Serv ices

US based provider of environmental serv ices and safety to various

companies

Omega Capital

Management

1132015 Klines Serv ices US based provider of septic tank and wastewater management

serv ices for industrial end markets

Wind River Env ironmental

1122015 Kirkey Specialized Drilling

and Consulting

US based provider of drilling solutions for the upstream oil and gas

industry

First Drilling Group

1102015 Longs Tank Wash US based provider of cleaning serv ices for petroleum tankers in North

America

192015 Cimarron Acid Serv ices US based provider of pressure pumping serv ices to the oil and gas

industry

Quintana Energy Serv ices

182015 North American Substation

Serv ices LLC

US based provider of installation repair and maintenance serv ices for

electrical equipment and utility substations in the US

Industrial Growth Partners

172015 Specialized Environmental

Resources

US based provider of geotechnical and environmental drilling

environmental remediation and marine transportation serv ices

Gulf Coast Specialty

Energy Serv ices

172015 Detectent US based provider of customer intelligence solutions for electric gas

and water utility decision support in North America

Silver Spring Networks

162015 Sagebrush Pipeline

Equipment

US based provider and manufacturer of pipeline products fabricated

systems and equipment to the midstream oil and gas industry

Management Buyout

162015 JP Hydro US based provider of pipeline testing and maintenance serv ices in

North America

Rock Hill Capital Group

152015 US Hose Corporation US based provider and manufacturer of high pressure and flexible

metallic hoses for industrial end markets

Arlington Capital Partners

152015 Chemtec Energy Serv ices US based manufacturer and provider of blending injection and

metering equipment for the oil and gas industry

LB Foster

12312014 TriStar Global Energy

Solutions

US based provider of tank cleaning and related serv ices to the

downstream oil amp gas and power generation industries

Thompson Street Capital

Partners

12232014 Newalta Corporation

Industrial Div ision

CA based provider of industrial and environmental serv ices for a

variety of industrial end markets in Canada and internationally

Birch Hill Equity Partners

PAGE |

PUBLIC MARKETS

ENERGY amp POWER

Energy Equipment and Services

TEV LTM EBITDA TEV 2014E EBITDA

AVERAGE REVENUE GROWTH (2011 ndash 2013) AVERAGE REVENUE GROWTH (2013 ndash 2015P)

AVERAGE EBITDA MARGIN (2011 ndash 2013) AVERAGE EBITDA MARGIN (2013 ndash 2015P)

Land Drillers

Small Cap Service

Offshore Drillers

Logistics

Large Cap Service

Equipment

Distribution

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

Distribution

Large Cap Services

Land Drillers

Distribution

Equipment

Offshore Drillers

Small Cap Service

Logistics

Land Drillers

Small Cap Service

Offshore Drillers

Large Cap Service

Logistics

Equipment

Distribution

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

Distribution

Small Cap Service

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

PAGE |

PUBLIC MARKETS CONT

ENERGY amp POWER

Power Equipment and Services

AVERAGE EBITDA MARGIN (2011 ndash 2013) AVERAGE EBITDA MARGIN (2013 ndash 2015E)

Large Cap

EE and Cleantech

Mid and Small-Cap

Large Cap

EE and Cleantech

Mid and Small-Cap

Large Cap

Mid and Small-Cap

EE and Cleantech

Large Cap

Mid and Small-Cap

EE and Cleantech

Large Cap

Mid and Small-Cap

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |

PUBLIC MARKETS CONT

ENERGY amp POWER

Infrastructure Services

Large Cap

Industrial

Services

Utility Services

Mid and Small-

Engineering Svc

Utility Services

Mid and Small-

Large Cap

Industrial Services

Engineering Svc

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

Large Cap

Mid and Small-

Industrial Services

Engineering Svc

Utility Services

Large Cap

Mid and Small-

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER

(Indexed to 100)

TRAILING TWELVE MONTHS

Commodity Prices

2214 5214 8214 11214 2215

Natural Gas (NYMEX^NG) Crude Oil (NYMEX^CL) Coal (NYMEX^QL)

Price Change From

Current Prior Month Prior Year Prior Month Prior Year

Natural Gas ($ per MMBtu) $268 $300 $494 (106) (458)

Crude Oil ($ per bbl) 4957 5269 9749 (59) (492)

Coal (CAPP) ($ per ton) 4708 5110 5685 (79) (172)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER

US RIG COUNTS INTERNATIONAL RIG COUNTS

Rig Counts3

INTERNATIONAL RIG COUNT BY COUNTRY

US OIL VS GAS RIG COUNT

US HORIZONTALDIRECTIONAL VS VERTICAL RIG COUNT

Horizontal Directional

Vertical

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER

US OIL RIG COUNT BY REGION US GAS RIG COUNT BY REGION

Rig Counts3

YTD CHANGE IN US OIL RIG COUNT BY REGION YTD CHANGE IN US GAS RIG COUNT BY REGION

Others

Fayetteville

Marcellus

Arkoma Woodford

Haynesville

Ardmore Woodford

Barnett

Granite Wash

DJ-Niobrara

Cana Woodford

Gulf of Mexico

Mississippian

Williston

Eagle Ford

Permian

Others

Haynesville

Barnett

Granite Wash

Mississippian

DJ-Niobrara

Williston

Permian

Eagle Ford

Arkoma Woodford

Fayetteville

Marcellus

Ardmore Woodford

Gulf of Mexico

Cana Woodford

Others

Mississippian

Ardmore Woodford

Williston

Cana Woodford

Permian

Arkoma Woodford

Fayetteville

Barnett

Gulf of Mexico

Eagle Ford

DJ-Niobrara

Granite Wash

Haynesville

Marcellus

Others

Cana Woodford

Permian

Granite Wash

Gulf of Mexico

Marcellus

Mississippian

Williston

Ardmore Woodford

DJ-Niobrara

Barnett

Haynesville

Fayetteville

Arkoma Woodford

Eagle Ford

PAGE |

INDUSTRY STATISTICS CONT

ENERGY amp POWER

US LAND WELLS US LAND WELLS PER RIG

Well Counts3

WELL COUNT CHANGE FROM PRIOR QUARTER WELL COUNT CHANGE FROM PRIOR YEAR

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Cana Woodford

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

PAGE |

OUR GROUP

Harris Williams amp Co is a leading advisor to the energy and power MampA market Our Energy amp Power Group hasexperience across a broad range of sectors including services products and technologies that support or enhanceenergy and power infrastructure

ENERGY amp POWER

SELECT RELEVANT EXPERIENCE

Oil amp Gas Equipment and Services

Coal Products and Services

Energy

Power Products and Technology

Electric and Natural Gas Transmission and Distribution

Energy Efficiency and Clean Technology

Renewable Energy Services and Equipment

Power SELECT RELEVANT EXPERIENCE

Industrial and Infrastructure Services

Engineering and Construction

Environmental Services

Infrastructure SELECT RELEVANT EXPERIENCE

a portfolio company of

has been acquired by

a subsidiary of

Tanglewood Investments Inc

has been acquired byhas been acquired by

Energy amp Power

IndustrialsHealthcare amp Life Sciences

Transportation amp Logistics

Aerospace Defense amp Government

Services

Business Services

Building Products amp Materials

Technology Media amp Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS amp CO OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston Massachusetts 02110Phone +1 (617) 482-7501Fax +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland Ohio 44114Phone +1 (216) 689-2400Fax +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis Minnesota 55402Phone +1 (612) 359-2700Fax +1 (612) 359-2701

Philadelphia1600 Market Street21st FloorPhiladelphia Pennsylvania 19103Phone +1 (267) 675-5900Fax +1 (267) 675-5901

Richmond (US Headquarters)1001 Haxall Point9th FloorRichmond Virginia 23219Phone +1 (804) 648-0072Fax +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco California 94105 USAPhone +1 (415) 288-4260Fax +1 (415) 288-4269

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone +49 069 3650638 00Fax +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS EnglandPhone +44 (0) 20 7518 8900Fax +44 (0) 20 7526 2187

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power

Harris Williams amp Co has a broad range of industry expertise which creates powerful opportunitiesOur clients benefit from our deep-sector experience integrated industry intelligence andcollaboration across the firm and our commitment to learning what makes them unique For moreinformation visit our website at wwwharriswilliamscomindustries

OUR FIRM

ENERGY amp POWER

PAGE |

PUBLIC COMPARABLES

ENERGY amp POWER

Stock Performance

Stock Price Change from 52-Week TEV EBITDA EBITDA

TEV Jan-15 Dec-14 Prior Month Prior Year High of High Jan-14 Aug-14 Current 2014E 2015P

Large Cap Service

Schlumberger Limited $111143 $8239 $8541 (35) (59) $11876 694 98x 115x 82x 81x 102x

Halliburton Company 39414 3999 3933 17 (184) 7433 538 78x 99x 53x 55x 75x

Baker Hughes Incorporated 27484 5799 5607 34 24 7564 767 77x 82x 58x 59x 77x

Weatherford International plc 16210 1033 1145 (98) (237) 2488 415 95x 122x 68x 54x 82x

Median (09) (122) 616 86x 107x 63x 57x 80x

Equipment

National Oilwell Varco Inc $22587 $5443 $6553 (169) (274) $8655 629 76x 76x 52x 49x 71x

Cameron International Corporation 11187 4478 4995 (104) (253) 7489 598 112x 108x 68x 69x 82x

FMC Technologies Inc 9620 3748 4684 (200) (242) 6392 586 131x 129x 74x 74x 75x

Dresser-Rand Group Inc 7098 8008 8180 (21) 405 8295 965 122x 136x 170x 157x 141x

Oceaneering International Inc 5674 5236 5881 (110) (232) 7905 662 98x 92x 66x 66x 66x

Dril-Quip Inc 2615 7423 7673 (33) (262) 11653 637 147x 134x 89x 86x 84x

Oil States International Inc 2293 4107 4890 (160) (563) 10805 380 69x 43x 52x 50x 68x

Forum Energy Technologies Inc 1802 1545 2073 (255) (385) 3703 417 106x 120x 59x 52x 62x

Median (135) (258) 613 109x 114x 67x 67x 73x

Mid and Small-Cap Service

Superior Energy Services Inc $4375 $2000 $2015 (07) (154) $3705 540 50x 65x 40x 36x 42x

US Silica Holdings Inc 1536 2520 2569 (19) (149) 7343 343 118x 189x 75x 62x 62x

Ensign Energy Services Inc 1634 694 881 (212) (530) 1408 493 61x 66x 35x 36x 63x

Trican Well Service Ltd 1133 386 481 (197) (663) 1433 269 144x 214x 71x 49x 81x

Calfrac Well Services Ltd 1116 643 864 (256) (520) 1778 362 91x 118x 43x 37x 65x

CampJ Energy Services Inc 896 1030 1321 (220) (559) 3493 295 67x 113x 39x 37x 48x

Basic Energy Services Inc 1106 588 701 (161) (657) 2984 197 65x 69x 38x 35x 49x

Key Energy Services Inc 959 168 167 06 (770) 1052 160 70x 79x 56x 62x 61x

CARBO Ceramics Inc 764 3278 4005 (182) (715) 15600 210 149x 152x 49x 48x 159x

TETRA Technologies Inc 1695 494 668 (260) (521) 1343 368 130x 131x 187x 115x 69x

Median (189) (545) 319 80x 115x 46x 42x 62x

Tenaris SA $15325 $1409 $1508 (66) (372) $2065 682 94x 88x 56x 57x 61x

Vallourec SA 5171 2187 2754 (206) (563) 4884 448 77x 67x 49x 52x 66x

OAO TMK 4148 255 232 99 (769) 1182 216 67x 70x 52x 49x 51x

Median (66) (563) 448 77x 70x 52x 52x 61x

Distribution

MRC Global Inc $2489 $1081 $1515 (286) (613) $2970 364 99x 111x 64x 57x 68x

NOW Inc 2505 2495 2573 (30) NM 3765 663 NM NM 112x 111x 125x

Median (158) (613) 513 99x 111x 88x 84x 97x

PAGE |

PUBLIC COMPARABLES CONT

ENERGY amp POWER

Revenue Revenue Growth EBITDA EBITDA Margin Avg Margin

2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P

Large Cap Service

Schlumberger Limited $36579 $41731 $45266 $48547 $41768 112 (39) $9633 $10935 $12224 $13709 $10723 263 262 270 282 257 265 270

Halliburton Company 24829 28503 29402 32829 27308 88 (36) 6096 6087 6038 7134 5215 246 214 205 217 191 221 205

Baker Hughes Incorporated 19831 21361 22364 24271 20515 62 (42) 4236 3823 3647 4635 3590 214 179 163 191 175 185 176

Weatherford International plc 12988 15215 15263 15076 11849 84 (119) 2443 2445 2054 3013 1963 188 161 135 200 166 161 167

Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment

National Oilwell Varco Inc $14658 $20041 $22869 $21472 $17422 249 (127) $3492 $4185 $4178 $4566 $3159 238 209 183 213 181 210 192

Cameron International Corporation 6959 8502 9838 10586 8936 189 (47) 1119 1317 1460 1638 1356 161 155 148 155 152 155 152

FMC Technologies Inc 5099 6151 7126 7874 7809 182 47 670 794 986 1291 1282 131 129 138 164 164 133 156

Dresser-Rand Group Inc 2312 2736 3033 2969 3125 145 15 354 427 453 447 502 153 156 149 151 161 153 154

Oceaneering International Inc 2193 2783 3287 3698 3770 224 71 486 605 747 858 846 222 217 227 232 225 222 228

Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312

Oil States International Inc 2104 2631 2670 1812 1637 126 (217) 634 842 790 442 340 301 320 296 244 208 306 249

Forum Energy Technologies Inc 1128 1415 1525 1762 1561 163 12 216 290 267 347 279 192 205 175 197 179 190 183

Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203

Superior Energy Services Inc $1964 $4568 $4612 $4561 $4061 532 (62) $554 $1250 $1076 $1216 $1006 282 274 233 267 248 263 249

US Silica Holdings Inc 296 442 546 869 924 359 301 79 141 153 247 237 268 320 280 284 256 289 274

Ensign Energy Services Inc 1860 2204 1975 2003 1415 31 (154) 483 566 455 454 257 260 257 231 227 182 249 213

Trican Well Service Ltd 2272 2221 1991 2319 1824 (64) (43) 606 243 156 228 120 267 109 78 99 66 151 81

Calfrac Well Services Ltd 1512 1600 1472 2084 1620 (13) 49 406 258 177 303 159 269 161 120 145 98 183 121

CampJ Energy Services Inc 758 1112 1070 1575 1354 188 125 285 336 189 245 156 376 302 177 156 115 285 149

Basic Energy Services Inc 1243 1375 1263 1484 1231 08 (13) 333 297 231 319 229 268 216 183 215 186 222 195

Key Energy Services Inc 1729 1960 1592 1424 1267 (41) (108) 420 421 269 163 148 243 215 169 114 117 209 133

CARBO Ceramics Inc 626 646 667 636 335 33 (291) 235 204 172 160 42 376 316 258 252 124 317 211

TETRA Technologies Inc 845 881 909 1077 1248 37 171 103 123 91 150 265 122 139 100 140 212 120 151

Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |

ENERGY amp POWER

Stock Performance

Logistics

ATCO Ltd $11963 $3876 $4115 (58) (135) $4348 891 79x 84x 79x 76x 76x

Tidewater Inc 2760 2926 3241 (97) (436) 5698 514 97x 86x 61x 65x 62x

Bristow Group Inc 2483 5571 6579 (153) (224) 8160 683 110x 101x 80x 78x 67x

Hornbeck Offshore Services Inc 1634 2220 2497 (111) (480) 4745 468 80x 86x 58x 56x 53x

Civeo Corporation 848 293 411 (287) NM 2840 103 NM NM 23x 26x 57x

Gulfmark Offshore Inc 1006 1973 2442 (192) (536) 5070 389 100x 80x 53x 59x 68x

Median (132) (436) 491 97x 86x 59x 62x 64x

Offshore Drillers

Transocean Ltd $13741 $1630 $1833 (111) (623) 4612 353 65x 59x 36x 37x 53x

Ensco plc 11321 2804 2995 (64) (443) 5589 502 69x 69x 45x 48x 53x

Noble Corp 9479 1622 1657 (21) (477) 3465 468 71x 64x 53x 47x 60x

Diamond Offshore Drilling Inc 5500 3153 3671 (141) (350) 5537 569 59x 73x 50x 51x 50x

Rowan Companies plc 4730 2112 2332 (94) (327) 3378 625 83x 94x 79x 68x 50x

Atwood Oceanics Inc 3519 2858 2837 07 (397) 5390 530 75x 84x 57x 65x 48x

Hercules Offshore Inc 1135 072 100 (280) (855) 512 141 56x 45x 36x 48x 180x

Median (94) (443) 502 69x 69x 50x 48x 53x

Land Drillers

Nabors Industries Ltd $7132 $1151 $1298 (113) (326) 3024 381 52x 67x 41x 40x 45x

Helmerich amp Payne Inc 6251 5956 6742 (117) (323) 11895 501 63x 72x 72x 40x 52x

Patterson-UTI Energy Inc 3159 1716 1659 34 (332) 3843 447 46x 60x 36x 32x 55x

Precision Drilling Corporation 2471 511 610 (161) (429) 1233 415 59x 70x 36x 36x 50x

Pioneer Energy Services Corp 699 414 554 (253) (506) 1840 225 44x 58x 28x 27x 38x

Median (117) (332) 415 52x 67x 36x 36x 50x

Engineering amp Construction

Saipem SpA $9832 $907 $1061 (146) (614) 2371 382 182x 104x 67x 61x 61x

Technip SA 5797 5888 5981 (16) (310) 9424 625 67x 69x 44x 45x 40x

Petrofac Limited 4668 1061 1096 (32) (442) 2228 476 68x 74x 48x 49x 50x

Subsea 7 SA 2942 851 1023 (169) (505) 1646 517 76x 46x 22x 21x 28x

McDermott International Inc 883 225 291 (227) (730) 882 255 NM NM NM NM NM

Median (146) (505) 476 72x 71x 46x 47x 45x

PAGE |

ENERGY amp POWER

2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P

Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290

Bristow Group Inc 1115 1199 1344 1660 1894 98 187 247 263 293 326 340 221 220 218 196 180 220 198

Hornbeck Offshore Services Inc 331 463 548 639 696 287 127 121 192 255 292 319 365 414 466 457 459 415 461

Civeo Corporation 865 1109 1041 929 546 97 (276) 353 492 427 321 148 408 444 410 346 270 421 342

Gulfmark Offshore Inc 382 389 455 495 476 91 23 138 103 159 171 152 361 265 349 345 319 325 338

Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478

Noble Corp 2616 3431 4122 4135 3144 255 (127) 1128 1537 1980 2022 1565 431 448 480 489 498 453 489

Diamond Offshore Drilling Inc 3254 2936 2844 2816 2679 (65) (29) 1649 1337 1186 1100 1119 507 455 417 391 418 460 408

Rowan Companies plc 939 1393 1579 1797 2221 297 186 364 515 587 695 937 387 370 372 387 422 376 394

Atwood Oceanics Inc 637 756 1018 1172 1384 264 166 377 390 548 539 729 592 517 538 460 527 549 508

Hercules Offshore Inc 575 618 858 899 597 222 (166) 155 172 293 237 57 269 278 341 264 96 296 234

Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers

Nabors Industries Ltd $6013 $6843 $6152 $6838 $5916 11 (19) $1841 $1966 $1680 $1779 $1586 306 287 273 260 268 289 267

Helmerich amp Payne Inc 2529 3138 3374 3711 3147 155 (34) 1004 1278 1400 1568 1176 397 407 415 422 374 406 404

Patterson-UTI Energy Inc 2566 2723 2716 3168 2291 29 (82) 958 990 916 988 565 373 364 337 312 247 358 299

Precision Drilling Corporation 1919 2047 1911 2030 1555 (02) (98) 569 478 600 685 480 297 234 314 337 309 281 320

Pioneer Energy Services Corp 716 919 960 1037 894 158 (35) 191 248 236 260 182 266 269 246 251 203 261 233

Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305

Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108

Petrofac Limited 5801 6240 6329 6649 7655 45 100 759 842 1014 940 950 131 135 160 141 124 142 142

Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172

McDermott International Inc 3445 3642 2659 2211 2785 (121) 23 335 422 (259) 31 153 97 116 (97) 14 55 39 (10)

Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |

ENERGY amp POWER

Stock Performance

Large Cap Equipment and Services

General Electric Company $597608 $2389 $2527 (55) (49) $2753 868 216x 220x 203x 242x 224x

Siemens Aktiengesellschaft 100956 10494 11377 (78) (170) 11651 901 113x 107x 105x 82x 90x

Honeywell International Inc 76326 9776 9992 (22) 72 10392 941 112x 108x 113x 99x 94x

ABB Ltd 46079 1922 2128 (97) (231) 2534 758 109x 109x 93x 83x 83x

Schneider Electric SE 51356 7564 7336 31 (64) 8154 928 103x 111x 100x 109x 106x

Emerson Electric Co 42340 5694 6173 (78) (136) 6994 814 103x 101x 85x 85x 86x

Eaton Corporation plc 38042 6309 6796 (72) (137) 7998 789 130x 118x 106x 106x 102x

Alstom SA 15139 3288 3251 11 157 3494 941 99x 64x 66x 62x NM

Median (63) (100) 884 110x 108x 102x 92x 94x

Mid and Small-Cap Equipment and Services

Ametek Inc $13117 $4790 $5263 (90) (31) $5450 879 142x 131x 127x 127x 118x

Hubbell Inc 6225 10604 10683 (07) (92) 12729 833 116x 117x 104x 105x 104x

Valmont Industries Inc 3339 12012 12700 (54) (179) 16323 736 70x 75x 68x 75x 75x

Littelfuse Inc 2119 9874 9667 21 103 10188 969 115x 103x 121x 113x 110x

AZZ incorporated 1420 4219 4692 (101) 09 4909 859 99x 99x 91x 97x 91x

ESCO Technologies Inc 949 3602 3690 (24) 32 3844 937 133x 107x 115x 114x 105x

Thermon Group Holdings Inc 688 2045 2419 (155) (245) 2831 722 133x 113x 83x 92x 82x

Badger Meter Inc 916 5986 5935 09 175 6091 983 150x 125x 152x 152x 132x

Powell Industries Inc 371 3901 4907 (205) (365) 7075 551 105x 100x 128x 99x 99x

Global Power Equipment Group Inc 245 1233 1381 (107) (308) 2004 615 107x 83x 68x 90x 81x

Median (72) (61) 846 116x 105x 110x 102x 102x

SolarCity Corporation $5784 $4861 $5348 (91) NA $8835 550 NM NM NM NM NM

Itron Inc 1668 3721 4229 (120) (79) 4367 852 109x 88x 108x 99x 86x

OPOWER Inc 431 1141 NM NM NM 2600 439 NM NM NM NM NM

Ameresco Inc 437 583 700 (167) (409) 1062 549 223x 170x 140x 115x 104x

EnerNOC Inc 392 1722 1545 115 (231) 2435 707 111x 84x 76x 54x 77x

Silver Spring Networks Inc 237 710 843 (158) NA 1860 382 NM NM NM NM 176x

PowerSecure International Inc 190 940 1165 (193) (513) 2744 343 182x 249x NM NM 87x

Echelon Corporation 34 140 170 (176) (655) 405 346 NM NM NM NM NM

Median (158) (409) 494 147x 129x 108x 99x 87x

PAGE |

ENERGY amp POWER

2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P

General Electric Company $94522 $100149 $100542 $148628 $152669 31 232 $27846 $29338 $29171 $23231 $26967 295 293 290 156 177 293 208

Siemens Aktiengesellschaft 97527 99396 99404 92463 85169 10 (74) 13405 11457 9984 12298 11385 137 115 100 133 134 118 122

Honeywell International Inc 36529 37665 39055 40205 40880 34 23 3531 5082 6490 7763 8152 97 135 166 193 199 133 186

ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140

Schneider Electric SE 29029 31572 32433 30008 29644 57 (44) 4656 5186 5199 4701 4817 160 164 160 157 162 162 160

Emerson Electric Co 24222 24412 24669 24551 23747 09 (19) 4797 4751 4766 4841 4838 198 195 193 197 204 195 198

Eaton Corporation plc 16049 16311 22046 22573 22507 172 10 2203 2350 3307 3582 3759 137 144 150 159 167 144 159

Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157

Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175

Valmont Industries Inc 2661 3030 3304 3140 3187 114 (18) 342 451 563 446 446 128 149 170 142 140 149 151

Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221

AZZ incorporated 381 469 571 763 835 224 210 85 98 129 147 157 223 210 226 193 188 220 202

ESCO Technologies Inc 451 479 490 526 542 43 52 62 65 73 83 88 138 135 149 158 163 141 156

Thermon Group Holdings Inc 241 272 284 284 304 85 35 53 58 71 74 85 219 214 248 262 278 227 263

Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168

Powell Industries Inc 562 691 641 635 652 67 08 28 60 60 36 37 50 87 93 57 57 77 69

Global Power Equipment Group Inc 457 463 484 537 565 30 80 29 29 29 28 31 63 62 60 53 54 62 56

Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172

SolarCity Corporation $60 $127 $164 $254 $470 659 694 ($49) ($70) ($106) ($220) ($246) (821) (553) (650) (866) (523) (675) (679)

Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149

Silver Spring Networks Inc 237 197 327 282 280 174 (75) (87) (82) (35) (18) 10 (369) (415) (108) (64) 35 (297) (46)

PowerSecure International Inc 130 162 270 245 342 442 126 2 9 22 0 23 18 58 80 00 66 52 49

Echelon Corporation 156 134 86 51 41 (258) (313) (5) (3) (6) (20) (6) (34) (26) (72) (398) (141) (44) (204)

Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |

ENERGY amp POWER

Stock Performance

TEV Jan-15 Dec-14 Prior Month Prior Year High of High Jan-14 Jul-14 Current 2014E 2015P

Large Cap Infrastructure Services

Fluor Corporation $6982 $5359 $6158 (130) (321) $8310 645 78x 82x 51x 51x 49x

Chicago Bridge amp Iron Company NV 5878 3451 4689 (264) (577) 8922 387 110x 88x 52x 50x 44x

SNC-Lavalin Group Inc 6726 3313 3606 (81) (256) 4699 705 194x 171x 87x 112x 112x

Jacobs Engineering Group Inc 5079 3810 4658 (182) (394) 6558 581 99x 97x 64x 64x 62x

The Babcock amp Wilcox Company 3009 2723 2911 (65) (199) 3600 756 61x 67x 58x 92x 68x

KBR Inc 1422 1653 1701 (28) (465) 3238 511 157x NM NM 92x 41x

Median (105) (357) 613 105x 88x 58x 78x 55x

Mid and Small-Cap Infrastructure Services

Amec Foster Wheeler plc $4614 $1198 $1463 (181) (322) $1909 627 99x 119x 89x 89x 61x

Tutor Perini Corporation 1863 2171 2481 (125) (140) 3251 668 72x 76x 61x 63x 54x

Primoris Services Corporation 1058 1878 2255 (167) (386) 3300 569 92x 83x 57x 56x 49x

Aecon Group Inc 764 772 989 (219) (483) 1477 523 109x 122x 77x 52x 45x

Granite Construction Incorporated 1261 3408 3590 (51) 01 4055 840 199x 152x 135x 94x 65x

Willbros Group Inc 479 558 429 301 (397) 1369 408 99x 119x 68x 70x 48x

Great Lakes Dredge amp Dock Corporation 732 777 778 (01) (132) 944 823 100x 92x 96x 104x 62x

Orion Marine Group Inc 239 913 1085 (159) (226) 1350 676 140x 134x 81x 76x 53x

Median (142) (274) 648 100x 119x 79x 73x 54x

Utility Services

Quanta Services Inc $5723 $2648 $2921 (93) (154) $3749 706 94x 108x 81x 75x 60x

MasTec Inc 2674 1852 2318 (201) (429) 4480 413 78x 79x 65x 64x 55x

Dycom Industries Inc 1500 3081 3196 (36) 122 3658 842 72x 83x 83x 81x 70x

MYR Group Inc 455 2503 2632 (49) 13 2833 884 53x 61x 53x 55x 52x

Median (71) (70) 774 75x 81x 73x 69x 57x

Industrial Services

Bilfinger SE $2624 $5255 $5794 (93) (526) $10484 501 83x 74x 62x 66x 54x

EMCOR Group Inc 2530 4036 4300 (61) (36) 4800 841 97x 87x 71x 69x 61x

Aegion Corporation 860 1532 1840 (167) (277) 2564 598 101x 98x 70x 80x 61x

Team Inc 840 3814 3889 (19) (88) 4505 847 133x 130x 100x 110x 87x

Mistras Group Inc 731 2010 1687 191 (41) 2548 789 108x 127x 113x 105x 92x

Matrix Service Company 449 1920 2032 (55) (204) 3871 496 92x 108x 72x 57x 67x

Furmanite Corporation 298 733 646 135 (356) 1264 580 128x 150x 98x 93x 71x

Median (55) (204) 598 101x 108x 72x 80x 67x

Engineering Services

AECOM $4521 $2542 $3055 (168) (130) $3824 665 77x 99x 93x 94x 48x

Stantec Inc 2455 2462 2730 (98) (186) 3005 819 127x 124x 101x 94x 89x

WSP Global Inc 2612 2708 3027 (105) (56) 3112 870 124x 156x 169x 121x 80x

Tetra Tech Inc 1533 2303 2639 (127) (163) 3092 745 142x 95x 105x 73x 75x

RPS Group plc 687 274 363 (245) (501) 540 508 99x 87x 53x 56x 53x

Median (127) (163) 745 124x 99x 101x 94x 75x

PAGE |

ENERGY amp POWER

2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P

Fluor Corporation $23381 $27577 $27352 $21831 $24863 82 (47) $1187 $946 $1397 $1398 $1475 51 34 51 64 59 45 58

Chicago Bridge amp Iron Company NV 4551 5485 11095 13046 14779 561 154 416 517 934 1187 1350 91 94 84 91 91 90 89

SNC-Lavalin Group Inc 6599 7550 6730 6862 7539 10 58 724 662 452 697 610 110 88 67 102 81 88 83

Jacobs Engineering Group Inc 10382 10894 11818 12798 12978 67 48 628 695 766 788 823 61 64 65 62 63 63 63

The Babcock amp Wilcox Company 2952 3291 3269 2868 3137 52 (20) 87 351 579 343 445 29 107 177 120 142 104 146

KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79

Amec Foster Wheeler plc $4877 $6644 $6583 $6190 $9120 162 177 $456 $509 $527 $540 $798 94 77 80 87 87 83 85

Tutor Perini Corporation 3716 4111 4176 4576 5067 60 102 214 214 260 293 347 57 52 62 64 69 57 65

Primoris Services Corporation 1460 1542 1944 2224 2465 154 126 133 129 177 191 220 91 84 91 86 89 89 89

Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59

Granite Construction Incorporated 2010 2083 2267 2386 2709 62 93 146 110 61 129 190 73 53 27 54 70 51 50

Willbros Group Inc 1376 1929 2019 2100 1888 211 (33) 37 69 76 66 103 27 36 38 31 55 34 41

Great Lakes Dredge amp Dock Corporation 520 588 731 796 978 186 156 79 70 79 72 121 152 119 108 91 124 126 107

Orion Marine Group Inc 260 292 355 386 434 168 106 3 7 21 31 44 11 25 60 81 102 32 81

Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services

Quanta Services Inc $4194 $5920 $6523 $7799 $8602 247 148 $334 $623 $689 $778 $969 80 105 106 100 113 97 106

MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97

Dycom Industries Inc 1036 1201 1609 1817 1911 246 90 105 128 173 188 214 102 107 108 103 112 105 108

MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54

Aegion Corporation 926 1017 1091 1322 1382 86 125 88 113 109 101 138 95 111 100 76 100 102 92

Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106

Mistras Group Inc 339 437 529 610 740 250 183 48 60 61 70 80 142 137 116 115 108 132 113

Matrix Service Company 627 739 893 1273 1429 193 265 42 43 50 78 65 67 58 56 62 45 60 54

Furmanite Corporation 316 326 427 538 581 162 167 30 22 36 32 42 95 67 85 60 73 82 72

Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78

AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

SOURCES

ENERGY amp POWER

1 Capital IQ

2 MergerMarket

3 Baker Hughes

Harris Williams amp Co (wwwharriswilliamscom) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide The firm has deep industry knowledge global transaction expertise and an unwavering commitment to excellence Harris Williams amp Co provides 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 amp Co Ltd which is authorised and regulated by the Financial Conduct Authority Harris Williams amp Co is a trade name under which Harris Williams LLC and Harris Williams amp Co Ltd conduct business

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 ABOVE ADDRESSES OR NUMBERS

The information and views contained in this report were prepared by Harris Williams amp Co (ldquoHarris Williamsrdquo) 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 andor 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 andor 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 Williamsrsquo 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 Williamsrsquo prior written consent

DISCLOSURES

01 - EampP Monthly Reader (215)_V3

02 - EampP Monthly Reader_Support (215)