ENERGY & ENVIRONMENTAL TECHNOLOGIES PRACTICE

The Weekly Watch- February 3, 2014

Overview
E&ET Index. This week (ending 1/31/2014), the Energy & Environmental Technologies (E&ET) Index outperformed the broader market and was down 0.1% week-over-week (vs. the S&P 500 Index decrease of 0.4%, Russell 2000 decrease of 1.2% and NASDAQ Composite decrease of 0.6%). This compares to a decrease of 0.9% for the Industrial Technologies index. The E&ET Index is -2.5% YTD vs. -3.6% for the S&P 500, -2.8% for the Russell 2000 Index, and -1.7% for the Nasdaq Composite. Valuation. Based on the forward 12-month consensus estimates, the current Price-to-Earnings (P/E) ratio of the E&ET Index of 20.7x, vs. S&P 500 of 14.9x. Since 2000, the historical P/E has average 16.3 x NTM earnings estimates, with a standard deviation of 3.0x, generating a range of 13.4x to 19.3x. This compares to a historical average P/E of 16.4x for the S&P 500. Final China PMI Dips to 6-month Low in January, Pointing to a Weak Start for the Economy in 2014. INAL CHINA PMI. After adjusting for seasonal factors, the HSBC Purchasing Managers Index (PMI) posted at 49.5 in January, down fractionally from last week's flash reading of 49.6, and down from 50.5 in December. This signaled the first deterioration of operating conditions in Chinas manufacturing sector since July. The deterioration of the headline PMI largely reflected weaker expansions of both output and new business over the month. The Earnings Season for the E&ET Space to Date Has Been Mixed with three beats, three misses and one in-line compared to consensus estimates. In terms of management expectation, two companies raised FY14 guidance and four companies reaffirmed guidance for FY14. Consensus Estimates Change. For the week ending 1/31/2014, there were 9 companies seeing increases and 6 declines in 2013 consensus revenue estimates, 8 increases and 12 declines in 2014 revenue estimates, 4 increases and 12 declines in 2013 EPS consensus estimates, and 5 increases and 10 declines in 2014 EPS consensus estimates. Rig Count. The natural gas rotary rig count increased to 358 last week, according to data released by Baker Hughes. This represents an increase of 2 rigs from the previous week. Additionally, the oil rig count increased by 6 to 1,422 active units. The total rig count is 1,785, up eight rigs for the week and up twenty-one from a year ago.
About The Blueshirt Group The Blueshirt Group provides capital markets expertise and strategic financial and media relations counsel to growth companies and venture capital firms globally. Founded in 1999, our firm has earned its reputation as a leader in investor relations (IR), financial communications, financial media relations and crisis management. For more information, please visit http://www.blueshirtgroup .com/

Shawn M. Severson
Managing Director 415.489.2198 shawn@blueshirtgroup.com Twitter: @ShawnEnergyTech

Ralph K. Fong
Director 415.489.2195 ralph@blueshirtgroup.com Twitter: @RalphEnergyTech

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Summary
This week (ending 1/31/2013), the TBG Energy & Environmental Technologies (E&ET) Index outperformed the broader market and was down 0.1% week-over-week (vs. the S&P 500 Index decrease of 0.4%, Russell 2000 decrease of 1.2% and NASDAQ Composite decrease of 0.6%). This compares to a decrease of 0.9% for the Industrial Technologies index. The E&ET Index is -2.5% YTD vs. -3.6% for the S&P 500, -2.8% for the Russell 2000 Index, and -1.7% for the Nasdaq Composite. In terms of sub-sectors, three of the seven indices we track outperformed the broader market this week. Alternative Energy Conversion (Other), Solar and Clean Transportation posted gains of 6.5%, 3.0% and 0.6% on the week, respectively, vs. -0.4% for the S&P 500, -1.2% for the Russell 2000, and -0.6% for Nasdaq Composite. Energy Conversion Technology Value Chain performed largely in-line with the broader market with a loss of 0.3% on the week. Emissions Control (-1.5%), Water Value Chain (-1.2%), and Environmental Services (-0.8%) underperformed the broader market this week, vs. -0.4% for the S&P 500 and -1.2% for the Russell 2000.
Figure 1: The TBG E&ET Index- Relative Performance (Week Ending 1/31/2014)

Source: Thomson Reuters, The Blueshirt Group

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Figure 2: The Energy & Environmental Technologies Sub-sector Performance (Week Ending 1/31/2014)

Source: Thomson Reuters, The Blueshirt Group

Figure 3: The Energy & Environmental Technologies Index Performance (Jan 2012 Jan 2014)

Note: Indices are indexed to 100 Source: Thomson Reuters, The Blueshirt Group

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Figure 4: The Energy & Environmental Technologies Index Performance (Jan 2013- Jan 2014)

Note: Indices are indexed to 100 Source: Thomson Reuters, The Blueshirt Group

Figure 5: Sector Market Cap Summary (Week Ending 1/31/2014)

Source: Thomson Reuters, The Blueshirt Group

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Figure 6: 2013 Revenue Consensus Estimate Change % by Segment (December 2013 vs. January 2013)

Source: Thomson Reuters, The Blueshirt Group

Figure 7: Y/Y Revenue Growth Expectations by Segment Based on Consensus Estimates (2014 vs. 2013)

Source: Thomson Reuters, The Blueshirt Group

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In terms of consensus estimates, Figures 8 -11 indicate the week-over-week estimate change in revenue and EPS for the companies in our Energy & Environmental Technologies (E&ET) Index for full-year 2013 and 2014. For the week ending 1/31/2014, there were 9 companies seeing increases and 6 declines in 2013 consensus revenue estimates, 8 increases and 12 declines in 2014 revenue estimates, 4 increases and 12 declines in 2013 EPS consensus estimates, and 5 increases and 10 declines in 2014 EPS consensus estimates. This compares to last weeks 4 increases and 4 declines in 2013 consensus revenue estimates, 5 increases and 11 declines in 2014 consensus revenue estimates, 9 increases and 2 declines in 2013 consensus EPS estimates, and 8 increases and 9 declines in 2014 consensus EPS estimates. In terms of subsectors, Figures 12 15 highlight the number of companies with week-over-week consensus estimate change in revenue and EPS by sub-sector for full-year 2013 and 2014. For the week ending 1/31/2014, there were 3 companies in Solar, 3 companies in Water Value Chain, 2 companies in Environmental Services, and 1 company in Emissions Control with increases in 2013 consensus revenue estimates. Additionally, there were 3 companies in Solar, 2 in Energy Conversion Technology, and 1 in Water Value Chain with declines in 2013 consensus revenue estimates. For 2013 EPS consensus estimates, there were 3 companies in Water Value Chain, and 1 company in Solar with increases in consensus estimates week-over week change. There were 4 companies in Solar, 4 in Environmental Services, 2 in Energy Conversion Technology and 2 in Clean Transportation with declines in 2013 EPS consensus estimate weekover-week change this week.
Figure 8: Components in the E&ET Index 2013 Revenue Consensus Estimate Week-over-Week Change %

Source: Thomson Reuters, The Blueshirt Group

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Figure 9: Components in the E&ET Index 2013 EPS Consensus Estimate Week-over-Week Change %

Source: Thomson Reuters, The Blueshirt Group

Figure 10: Components in the E&ET Index 2014 Revenue Consensus Estimate Week-over-Week Change %

Source: Thomson Reuters, The Blueshirt Group

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Figure 11: Components in the E&ET Index 2014 EPS Consensus Estimate Week-over-Week Change %

Source: Thomson Reuters, The Blueshirt Group

Figure 12: 2013 Revenue Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

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Figure 13: 2013 EPS Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

Figure 14: 2014 Revenue Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

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Figure 15: 2014 EPS Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

In terms of valuation, Figure 16 shows the historical valuation of the TBG E&ET Index, while Figure 17 shows the historical relative valuation of the TBG E&ET Index to the S&P 500. Since 2000, the TBG E&ET Index has traded in line with the S&P 500 of 1.05x. They currently trade above that level at 1.39x, which is outside one standard deviation of the average (0.74x to 1.35x).
Figure 16: TBG E&ET Index- Historical NTM P/E

Source: Thomson Reuters, The Blueshirt Group

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Figure 17: TBG E&ET Index- Historical NTM P/E Relative to S&P 500

Source: Thomson Reuters, The Blueshirt Group

Figure 18: P/E of Selected Components of Energy Conversion Tech Value Chain Index

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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Figure 19: P/E of Selected Components of Solar Index

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

Figure 20: P/E of Selected Components of Clean Transportation Index

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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Figure 21: P/E of Selected Components of Emissions Control Index

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

Figure 22: P/E of Selected Components of Water Value Chain Index

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

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Figure 23: P/E of Selected Components of Environmental Services Index

Note: P/Es are based on NTM consensus estimates Source: Thomson Reuters, The Blueshirt Group

Regarding news flow, last week was generally constructive with several positive industry and company announcements, which included: 1) the DOE announced its decision to provide approximately $1 billion in cost-shared funding to FutureGen Industrial Alliance for its $1.68 billion FutureGen 2.0 Project, a private-public partnership established to develop the worlds first commercial -scale, oxy-combustion electric generation plant integrated with carbon capture and storage (CCS) technology , 2) SunPower announced a new program with Bank of America Merrill Lynch (BofA Merrill) that will provide financing to support approximately $220 million of residential solar lease projects. The program will assist thousands of homeowners in financing solar power systems through SunPower solar leases, joining approximately 20,000 Americans currently enrolled in the program , 3) Enersys announced that it had completed the acquisition of UTS Holdings Sdn. Bhd. headquartered in Kuala Lumpur, Malaysia (UTS). UTS and its subsidiaries Battery Power International Pte.and IE Technologies Pte. based in Singapore are regional market leaders with 20 years' experience in providing motive power and reserve power solutions within the Southeast Asian markets. According to management, the acquisition will be accretive to Enersyss Asian financial results, and 4) Aegions subsidiary, Insituform Pacific Pty. Limited, has been awarded a four-year term contract for Hunter Water Corporation in the lower Hunter Region centered in Newcastle, New South Wales, Australia. On the earnings front, the earnings season for the Energy & Environmental Technologies (E&ET) space to date has been mixed with three beats, three misses and one in-line compared to consensus estimates. In terms of management expectation, two companies raised FY14 guidance and four companies reaffirmed guidance for FY14.

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Economic News
CHINA PMI (OFFICIAL READING) 49.5; A WEAK START TO 2014 FOR CHINAS ECONOMY http://www.hsbc.com/news-and-insight/2014/flash-pmi-at-six-month-low January data signaled a deterioration of operating conditions in Chinas manufacturing sector for the first time in six months. The deterioration of the headline PMI largely reflected weaker expansions of both output and new business over the month. Firms also cut their staffing levels at the quickest pace since March 2009. On the price front, average production costs declined at a marked rate, while firms lowered their output charges for the second successive month. After adjusting for seasonal factors, the HSBC Purchasing Managers Index (PMI) posted at 49.5 in January, down fractionally from last week's flash reading of 49.6, and down from 50.5 in December. This signaled the first deterioration of operating conditions in Chinas manufacturing sector since July.

Rig Count The natural gas rotary rig count increased to 358 last week, according to data released by Baker Hughes. This represents an increase of 2 rigs from the previous week. Additionally, the oil rig count increased by 6 to 1,422 active units. The total rig count is 1,785, up eight rigs for the week and up twenty-one from a year ago.

Industry News
Emissions Control DOE TO PROVIDE $1B FUNDING FOR CCS-INTEGRATED COAL POWER PLANT http://breakingenergy.com/2014/01/27/doe-to-provide-1b-funding-for-ccs-integrated-coal-powerplant/?utm_source=Breaking+Energy On January 15, 2014, the Department of Energy (DOE) announced its decision to provide approximately $1 billion in cost-shared funding to FutureGen Industrial Alliance for its $1.68 billion FutureGen 2.0 Project, a private-public partnership established to develop the worlds first commercial-scale, oxy-combustion electric generation plant integrated with carbon capture and storage (CCS) technology. DOE issued a Record of Decision to implement the proposed action in its Final Environmental Impact Statement. The majority of DOE funding, to be made available through cooperative agreements, was appropriated under the American Recovery and Reinvestment Act. The funding period will last for 56 months after the commencement of operations, possibly from 2017.

Water Value Chain BADGER METER INTRODUCES BEACON ADVANCED METERING ANALYTICS http://www.businesswire.com/news/home/20140129006092/en/Badger-Meter-Introduces-BEACONAdvanced-Metering-Analytics Co. announced the launch of its new BEACON Advanced Metering Analytics (AMA) system. The new product combines both proven fixed and cellular networks with proprietary analytics software in a managed solution, improving utilities visibility of their water consumption and reducing the need for costly infrastructure. With the release of BEACON AMA, Badger Meter also becomes the first major water meter company to release a cost-effective cellular based solution for system-wide deployment.
AEGION AWARDED FOUR-YEAR TERM CONTRACT VALUED AT $5.8 MILLION FOR HUNTER WATER IN NEW SOUTH WALES, AUSTRALIA http://www.marketwatch.com/story/aegion-corporation-awarded-four-year-term-contract-valued-at-58million-usd-for-hunter-water-corporation-in-new-south-wales-australia-2014-01-29?reflink=MW_news_stmp Co. announced that its subsidiary, Insituform Pacific Pty. Limited, has been awarded a four-year term contract for Hunter Water Corporation in the lower Hunter Region centered in Newcastle, New South Wales, Australia. The total value of the term contract is approximately $5.8 million (USD) and replaces the prior fiveyear term contract recently completed by Insituform Australia. The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 15

Clean Transportation
POLYPORE INTL SUBSIDIARY CELGARD FILES PATENT INFRINGEMENT LAWSUIT AGAINST LG CHEM; ANNOUNCES LONG-TERM LITHIUM SEPARATOR SUPPLY AGREEMENT WITH SAMSUNG SDI CO. http://www.marketwatch.com/story/polypore-announces-long-term-lithium-separator-supply-agreementwith-samsung-sdi-co-ltd-2014-01-30?reflink=MW_news_stmp PPO announced that it had filed a complaint in the U.S. District Court of the Western District of North Carolina against LG Chem, Ltd. and LG Chem America, Inc. The complaint alleges that LG has infringed Celgard's United States Patent No. 6,432,586 issued for an invention entitled "Separator for a High Energy Rechargeable Lithium Battery." The patent in the lawsuit covers ceramic composite layer lithium-ion battery separators first developed by Celgard for high-energy rechargeable lithium-ion batteries. This lawsuit has been filed following a lengthy period of unsuccessful discussions with LG regarding various business terms of its relationship with Celgard, including infringement of Celgard's patent. Celgard is represented by the law firm Kilpatrick Townsend & Stockton. In a separate release, PPO announced that its Celgard subsidiary and Samsung SDI Co (SSNLF) have entered into a long-term supply agreement under which Samsung will purchase Celgard brand separator to be used in its electric drive vehicle and energy storage system lithium-ion batteries. This long-term agreement includes guaranteed purchase and supply volume requirements and an initial four-year term with a two-year extension provision. ITM POWER FIRST-HALF LOSS NARROWS http://www.stockmarketwire.com/article/4748887/ITM-Power-pre-tax-losses-narrow.html ITM Power posts a pre-tax loss of 3.3 million for the six months to the end of October - down from 3.7 million y/y. ITM said that its pipeline of project quotations has increased significantly, both in number and value, during the period and revenues of 0.7m compared with nil a year ago. Both power-to-gas energy storage projects and refuelling station projects have been tendered in significant numbers. The completion of the Thga plant commissioning is expected to further increase customer traction. It says that to meet this increased activity it has separately announced a conditional equity raising of 10.0m gross to fund working and expansion capital. The company is aggressively pursuing opportunities to reinforce its position as a global leader in energy storage and clean fuel, and it seeks to turn that position into increased revenues for the Company as its markets mature and become mainstream. CHINESE-BACKED BLU LNG SLOWS DOWN U.S. GROWTH PLANS http://uk.reuters.com/article/2014/01/31/blu-lng-retreat-idUKL2N0L225A20140131 Blu LNG, one of the biggest names in the move to wean U.S. trucks off diesel onto natural gas, has laid off 20 percent of its staff, ousted several senior executives and slowed down development of fueling stations as it waits for more truckers to embrace the switch to the cheap and cleaner-burning fuel. The move, confirmed by the company's Chief Executive Officer, Merritt Norton, and other people familiar with the situation, marks an important pullback in a nascent sector that is expected to improve U.S. energy security, lower transportation costs and create jobs. Blu a year ago pledged to build dozens of liquefied natural gas fueling stations along U.S. highways in 2013 with the help of millions of dollars from ENN Group, one of China's largest private companies. But fueling stations need customers, and trucks that run on natural gas have been slower to hit the market than many anticipated and are still far more expensive than their diesel equivalents, making even the allure of far cheaper fuel difficult to swallow for many fleet owners.

Solar Technology TERAWATT ERA: SOLAR TECHNOLOGYS NEXT 40 YEARS http://breakingenergy.com/2014/01/27/terawatt-era-solar-technologys-next-40years/?utm_source=Breaking+Energy The U.S. solar industry celebrates its 40th anniversary this Friday, and there is a lot to celebrate. Costs are at an all-time low, and solar is now competitive with traditional electricity generation sources in over half of the worlds markets. We are transitioning from the hobbyist phase of Solar 1.0 into the true commercialization phase of Solar 2.0. What will change and what will remain the same over the next 40 years? Click on the link above for a few fearless projections.

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CHINA PANEL MAKERS TURN SOLAR FARMERS TO COUNTER GLUT http://www.bloomberg.com/news/2014-01-29/china-panel-makers-turn-solar-farmers-to-mitigate-industryglut.html?cmpid=yhoo Chinas solar-panel makers are investing more in building their own power projects, expanding sources of revenue and soaking up some of the manufacturing capacity that depressed panel prices. The push is being led by companies such as Yingli Green Energy Holding Co. and Shunfeng Photovoltaic International Ltd. Combined, Chinas top five panel producers are planning at l east 4.6 gigawatts of projects this year, enough to power 5 million homes in the nation and almost quadruple the capacity completed last year. WACKER RESTRUCTURES CONTRACTUAL RELATIONSHIP WITH ONE OF ITS SOLAR-SILICON CUSTOMERS http://www.wacker.com/cms/en/press_media/press-releases/pressinformation-detail_48128.jsp Wacker Chemie AG has restructured its contractual and delivery relationships with one of its solar-silicon customers. The two companies signed the relevant agreements today. The Munich-based chemical Group will continue supplying this customer with hyperpure polysilicon for solar cells, albeit under different conditions than previously agreed. The adjustments made include delivery volumes and prices. Due to the new provisions, WACKER will recognize special income from retained advance payments and from damages in its financial statements for the first quarter of 2014. WACKERs first -quarter EBIT (earnings before interest and taxes) is expected to increase by about 115 million as a result. For competitive reasons, WACKER has agreed that it will not disclose the customer's name and will keep the details of the new provisions confidential. SUNPOWER ANNOUNCES PROGRAM WITH BANK OF AMERICA MERRILL LYNCH TO FINANCE $220 MLN IN RESIDENTIAL SOLAR LEASE PROJECTS http://www.marketwatch.com/story/sunpower-announces-program-with-bank-of-america-merrill-lynch-tofinance-220-million-in-residential-solar-lease-projects-2014-01-28?reflink=MW_news_stmp Co. announced a new program with Bank of America Merrill Lynch (BofA Merrill) that will provide financing to support approximately $220 million of residential solar lease projects. The program will assist thousands of homeowners in financing solar power systems through SunPower solar leases, joining approximately 20,000 Americans currently enrolled in the program. BofA Merrill and SunPower have worked together since 2009, when BofA Merrill began financing large solar projects SunPower designed and constructed for public agencies in California, including Yolo County and Mendocino Community College. In addition to attractive terms and low monthly payments, the SunPower Lease includes one of the solar industry's only direct-frommanufacturer performance guarantees. FIRST SOLAR BREAKS GROUND ON 102 MW NYNGAN SOLAR PROJECT http://investor.firstsolar.com/releasedetail.cfm?ReleaseID=821371 The company last week commenced construction of Australias largest utility-scale solar project, a 250 hectare solar plant in Nyngan, New South Wales (NSW). Less than six months after AGL Energy Limited achieved financial close for project, First Solar today breaks ground on the installation of approximately 1,350,000 advanced thin-film photovoltaic (PV) modules. Once installed, First Solars modules will generate clean, renewable energy with no emissions, waste or water consumption during operation. In addition to construction, First Solar is also providing engineering and procurement services for the project and will provide maintenance services for a period of five years post commissioning. Expected to be completed in mid-2015, the project will produce 102 MWAC enough electricity to power more than 33,000 average NSW homes. The solar energy supplied will abate more than 203,000 tonnes of carbon dioxide every year, the equivalent of taking more than 53,000 cars off Australias roads. SOLARCITY AND TAYLOR MORRISON TO OFFER SOLAR POWER TO HUNDREDS OF HOMES IN PHOENIX http://www.marketwatch.com/story/solarcity-and-taylor-morrison-to-offer-solar-power-to-hundreds-of-homesin-phoenix-2014-01-30?reflink=MW_news_stmp Taylor Morrison, one of the nation's leading homebuilders, today announced that it will offer a solar power option on every new home in its Phoenix-area communities through a partnership with SolarCity. Taylor Morrison and SolarCity (Nasdaq:SCTY), America's No. 1 full-service solar power provider, will deliver the benefits of solar power to homebuyers for little to no upfront cost. The partnership will make it possible for home buyers to save up to thousands on their utility bills, and will also enable them to lock in their solar electricity costs for decades into the future. Taylor Morison is the first national homebuilder in Arizona to offer SolarCity's solar systems to homebuyers without increasing the purchase price of their homes. The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 17

YINGLI GREEN ENERGY'S JOINT VENTURE DEVELOPS OVER 100 MW OF SOLAR PROJECTS IN HAINAN http://www.prnewswire.com/news-releases/yingli-green-energys-joint-venture-develops-over-100-mw-ofsolar-projects-in-hainan-242718131.html Co. announced that its joint venture ("JV"), Hainan Solar Power Co., Ltd. ("HNSP") has developed more than 100 MW of solar projects in Hainan Province, China since its establishment in 2009. Yingli Solar is the exclusive module supplier for all of HNSP's solar projects. HNSP was formed by Yingli Energy (China) Company Limited, a wholly-owned subsidiary of Yingli Green Energy, and two state-owned companies, Hainan Development Holdings Co., Ltd., and Hainan Provincial Water Conservancy & Hydropower Group Co., Ltd., to develop solar, wind, and hydropower projects in the island province of Hainan. Today, HNSP is the largest solar project developer in Hainan. After several rounds of capital increases, Yingli Solar now holds a 27.7% stake in HNSP. HNSP owns all of these solar projects, which were developed with a total investment of approximately RMB 1.4 billion (USD 231.5 million). The installations include utility-scale power plants, residential and commercial rooftop systems, agricultural PV applications, building-integrated PV projects, and off-grid applications. Two thirds of these solar projects are connected to the utility grid. In addition to serving as HNSP's exclusive module supplier, Yingli Solar also provided EPC services for some of the projects. YINGLI GREEN ENERGY TO SUPPLY 2 MW OF SOLAR MODULES TO MAQO SOLAR FOR RESIDENTIAL PROJECTS IN MALAYSIA http://online.wsj.com/article/PR-CO-20140127-904144.html Co. announced that its wholly-owned subsidiary, Yingli Green Energy Singapore Company Pte. Limited will supply 2 MW of solar modules to Maqo Technologies. The Company's multicrystalline YGE Series solar modules, which will be delivered throughout 2014, will generate enough electricity for approximately 500 typical Malaysian homes. The new supply agreement further expands the Company's significant presence in Malaysia, where the Company has 11.3 MW of solar modules installed during 2013. In total, these installations could generate ~11,570 MWh of electricity per year, which is enough to power roughly 2,820 typical Malaysian homes. ADVANCED ENERGY ACQUIRES ASSETS OF AEG POWER CONTROL MODULES PRODUCT LINE http://online.wsj.com/article/PR-CO-20140128-903628.html Co announces it has acquired the assets of AEG Power Solutions GmbH line of Power Control Modules. Owned by 3WPower, AEG PS's Power Control Modules business is the second largest supplier in its served market. It is comprised of the Thyro-Family of products and accessories and serves numerous power control applications in different industries ranging from materials thermal processing through chemical processing, glass manufacturing and numerous other general industrial power applications. AEG's advanced Power Control Modules provide precision power control through advanced communication and control algorithms. The Thyro-Family product line offers clean and controlled power combined with extensive technical and applications support. This acquisition is expected to accelerate Advanced Energy's revenue and profitability over time. Advanced Energy has acquired the Power Control Module product line for EUR22 million in cash plus a one year earn-out of up to EUR1 million, payable in cash, if the EBITDA target for the product line is met in the first 12 months after closing. CANADIAN SOLAR ANNOUNCES THE SALE OF A 10MW UTILITY SCALE SOLAR POWER PLANT IN ONTARIO TO A FUND MANAGED BY BLACKROCK http://online.wsj.com/article/PR-CO-20140127-903839.html Co announced that its subsidiary, Canadian Solar Solutions Inc., entered into an agreement with a fund managed by BlackRock ("BlackRock"), whereby BlackRock will acquire from Canadian Solar the Westbrook 10MW AC utility-scale solar power plant in Kingston, Ontario at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. This follows BlackRock's acquisition on September 30, 2013 of the Demorestville and Taylor Kidd utility-scale solar power plants, totaling 20MW (AC), and located in Demorestville and Odessa, Ontario, Canada, respectively. The construction of the Westbrook solar plant is already underway, with commercial operation expected in the second quarter of 2014. Canadian Solar is providing turnkey engineering, procurement and construction ("EPC") services to complete the project and will provide operations and maintenance ("O&M") services after completion.

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RENESOLA TO PROVIDE 57 MW OF VIRTUS PV MODULES TO ISOLUX CORSAN http://online.wsj.com/article/PR-CO-20140127-901866.html Co announces an agreement to provide Isolux Corsan, a global benchmark in the areas of concessions, energy, construction and industrial services and a leader in engineering, procurement and construction projects for solar PV plants, with 57 megawatts of Virtus PV modules for installation in three commercial PV projects in the United Kingdom. According to the terms of the agreement, ReneSola will deliver 57 MW of Virtus PV modules with an average power output of 250 W. The modules will be installed at projects in Cornwall, Dorset, and Norfolk in the United Kingdom. ReneSola began delivery in December 2013 and the three projects are expected to connect to the grid in March of this year.

Alternative Energy Technology- Other BALLARD TO SUPPLY FUEL CELL MODULES TO SOLARIS FOR ZERO EMISSION BUS DEPLOYMENTS IN EUROPE http://www.marketwatch.com/story/lonestar-geophysical-surveys-announces-our-new-businessdevelopment-sales-executive-r-doak-anderson-houston-texas-division-2013-01-30?reflink=MW_news_stmp Co. announced the signing of an equipment supply agreement with Solaris Bus and Coach (Solaris) for delivery of two zero emission fuel cell power modules to be used in buses planned for deployment in Hamburg, Germany. Delivery of Ballard's next-generation FCvelocity-HD7 power modules to Solaris is planned for later this year. Solaris Bus & Coach, based in Poland, is one of the leading players in the European bus industry. The Company manufactures intracity, intercity and special-purpose buses as well as low-floor trams. Since starting production in 1996, over 10,000 Solaris vehicles have been deployed in 28 countries, including Poland, Germany, Norway, France, Sweden, Switzerland and United Arab Emirates.

Environmental Services PROGESSIVE WASTE ACQURIES A 19.9% INTEREST IN TERRACYCLE CANADA http://online.wsj.com/article/PR-CO-20140129-913254.html Co announced that it acquired a 19.9% interest in TerraCycle Canada. TerraCycle Canada collects and recycles pre-and post-consumer waste streams ranging from cigarette butts to coffee capsules to drink pouches - that are otherwise sent to landfill or incinerated. The companies are beginning to cooperate on a range of recycling initiatives throughout Canada to bring more recycling options to Progressive Waste Solutions' commercial, governmental and residential customers.
VEOLIA WINS CONTRACT TO BUILD AND OPERATE A WATER DESALINATION PLANT IN IRAQ http://www.veolia.com/en/medias/press-releases/water-desalination-basra-iraq.htm The Iraqi Ministry for Municipalities and Public Works has chosen Veolia to build and operate for five years a desalination plant in Basra, Iraq. For Veolia, this contract represents cumulated sales of $115 million Limited water resources and conflict over its use have made water a crucial resource for Iraqs development, especially in the countrys south. Water in this part of Iraq is mainly sourced from the Euphrates, which has a high salt content, and water from the Persian Gulf. Under this new contract, won in partnership with Japanese conglomerate Hitachi and Egyptian engineering firm ArabCo, Veolia will build and operate a desalination plant with an ultrafiltration unit and reverse osmosis membranes. It will produce 200,000 cubic meters of drinking water a day. The technology used will reduce the salt content in the drinking water produced for Basras population of 2.3 million people. Additionally, in a country with a chronic shortage of electricity, this desalination plant will be completely autonomous as it will have its own electricity generators to guarantee continuous service.Construction work on the plant is due to commence in the first quarter of 2014 and should be completed within 30 months. This contract will also create 300 jobs for the construction of the desalination units, provided by ArabCo, and 50 jobs for the facilitys operation for five years. XYLEM TO SUPPLY ULTRAVIOLET TREATMENT TECHNOLOGIES TO ONE OF EUROPES LARGEST WASTEWATER TREATMENT FACILITIES http://www.marketwatch.com/story/xylem-to-supply-ultraviolet-treatment-technologies-to-one-of-europeslargest-wastewater-treatment-facilities-2014-01-28 The company won a contract valued at approximately $2.75 million to supply Xylems Wedeco -brand ultraviolet (UV) technologies to a wastewater treatment facility in the Vigo region of southwest Spain. With a treatment capacity of 147,000 cubic meters per day, serving 800,000 people, the facility will be the largest The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 19

bio-filtration and UV wastewater treatment plant in Spain. It will also be one of the biggest in Europe when the two-phase development is completed in 2016.

Industrial TRINITY INDUSTRIES ANNOUNCES THE SALE OF ~$396 MILLION OF LEASED RAILCARS UNDER ITS STRATEGIC ALLIANCE WITH ELEMENT FINANCIAL CORP. http://online.wsj.com/article/PR-CO-20140128-913269.html Trinity Industries announces that its subsidiary closed the sale of the second tranche of leased railcars to Element Financial Corp under the newly formed $2 billion strategic railcar alliance announced in December. The sale consisted of a portfolio of existing leased railcars from Trinity's lease fleet with a value of ~$396 million. The profit recognized from the sale in the first quarter of 2014 is expected to be between $1.00-1.10 per share. Trinity will not have any remaining ownership interest in the leased railcars sold to Element. Trinity Industries Leasing Co, a wholly-owned subsidiary of Trinity, will act as servicer of the railcars sold to Element per the terms of the alliance. Combined with the first sale of leased railcars executed last month, Trinity has sold a portfolio of leased railcars with a value of approximately $501 million from its lease fleet under the alliance. As previously disclosed, Element is expected to purchase an additional $500 million of leased railcars this year primarily consisting of new TrinityRail manufactured railcars, the majority of which are in Trinity's current leasing order backlog. The remaining $1 billion of purchases by Element under the targeted $2 billion alliance are expected to occur in 2015 and may include a combination of newly manufactured railcars, existing TILC leased railcars, as well as secondary market purchases. The Company will provide further details on the alliance with Element on its upcoming fourth quarter 2013 earnings conference call.

M&A News Clean Transportation ENERSYS ACQUIRES UTS HOLDINGS; WILL BE ACCERETIVE TO CO'S ASIA FINANCIAL RESULTS http://www.prnewswire.com/news-releases/enersys-acquires-southeast-asia-battery-business-242270161.html ENS announced that it has completed the acquisition of UTS Holdings Sdn. Bhd. headquartered in Kuala Lumpur, Malaysia (UTS). UTS and its subsidiaries Battery Power International Pte.and IE Technologies Pte. based in Singapore are regional market leaders with 20 years' experience in providing motive power and reserve power solutions within the Southeast Asian markets.
"This acquisition along with our recently announced investment in our India business continues to build on our strategy of geographic expansion into rapidly growing markets such as Asia," said John D. Craig, chairman, president and chief executive officer of EnerSys. "UTS is currently profitable. We anticipate that it will generate approximately $40 million in sales over the next 12 months and will be accretive to our Asia financial results."

Industrial TRINITY INDUSTRIES ANNOUNCES ACQUISITION OF ALLOY CUSTOM PRODUCTS http://www.businesswire.com/news/home/20140131005661/en/Trinity-Industries-Announces-Acquisition-AlloyCustom-Products#.UuvUmvldVqU Co. announced that its subsidiary has acquired the assets of Alloy Custom Products. Alloy is based near Lafayette, Indiana and manufactures and repairs cryogenic transportation products including cryogenic tanks and semi-trailers that store and transport LNG and other industrial gases. Initial annual revenues are expected to be in the range of ~ $25 to $30 million.

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Financing News Clean Transportation UQM TECHNOLOGIES, INC. ANNOUNCES $5.3 MILLION REGISTERED DIRECT OFFERING http://online.wsj.com/article/PR-CO-20140131-909342.html UQM Technologies enters into definitive agreements with institutional investors to purchase an aggregate of ~ $5.3 million of its common stock in a registered direct offering at $1.85 per share. In addition, for each share of common stock purchased, investors will receive a warrant to purchase 0.5 of a share of UQM common stock with an exercise price of $2.1275 per share, which warrants shall be exercisable six months from the date of issuance and expire four years and six months from the date of issuance. The closing of the offering is expected to take place on or about February 5. H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the offering. Water Value Chain REXNORD CORPORATION ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK http://phx.corporate-ir.net/phoenix.zhtml?c=202367&p=irol-newsArticle&ID=1895714&highlight= Co. announced today the pricing of the previously announced public offering of its common stock. Rexnord will issue and sell 3,000,000 shares of its common stock and certain funds affiliated with Apollo Global Management, LLC (collectively with its subsidiaries, Apollo) (NYSE:APO) and George M. Sherman, Chairman of the Board of Directors of Rexnord, and certain of his affiliates (together with Apollo, the Selling Stockholders), will sell 12,000,000 shares of Rexnord common stock at a price to the public of $25.75 per share. The Selling Stockholders have also granted to the underwriters of the common stock offering an option to purchase up to an additional 2,250,000 shares of common stock. Rexnord intends to use the net proceeds from the sale of shares by it in the offering for general corporate purposes. Rexnord will not receive any proceeds from the sale of the shares by the Selling Stockholders in the offering. The offering is expected to close on or about February 5, 2014, subject to certain customary closing conditions.
The offering is being made under Rexnords registration statement as filed with the Securities and Exchange Commission. Goldman, Sachs & Co., Baird and Credit Suisse are bookrunners for the offering, BofA Merrill Lynch, Barclays, BMO Capital Markets and Deutsche Bank Securities are also bookrunners and Apollo Global Securities is the co-manager.

Earnings News Energy Conversion Tech Value Chain GRAHAM MISSES BY $0.09, MISSES ON REVENUE http://www.graham-mfg.com/news/2014-1-31/2014-01-31-third-quarter-results Co. reported 3Q earnings of $0.14 per share, vs. consensus $0.23. Revenues decreased 8.6% y/y to $23.4 million vs. consensus $26.43 million. Sales by geographic region: o Sales in the third quarter of fiscal 2014 increased $4.7 million to the Company's category of Other geographic markets, primarily Canada, and by $3.1 million to the U.S., when compared with the prior-year period. o Sales to the Middle East and Asia markets were down by $6.1 million and $3.9 million, respectively. o International sales represented 38% of fiscal 2014 third quarter sales. Sales by segment o Power industry sales, which includes nuclear, increased $1.2 million while sales to other commercial and industrial markets increased by $1.3 million. o Sales to the refining and chemical/petrochemical markets were down $4.7 million in total. Fluctuations in Graham's sales among geographic locations and industries can vary measurably from quarter-to-quarter based on the timing and magnitude of projects. Graham does not believe that such quarter-to-quarter fluctuations are indicative of business trends, which it believes are more apparent on a trailing twelve month basis.
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Orders during the third quarter of fiscal 2014 were $23.5 million, down $1.1 million, or 5%, from $24.6 million in the third quarter of fiscal 2013 and down sequentially from a record $48.4 million in the fiscal 2014 second quarter. Graham's backlog was a record $114.6 million at December 31, 2013, up from $114.4 million at Sept 30, 2013 and from $90.7 million at Dec 31, 2012. The backlog at the end of the third quarter reflects industry diversity, with ~32% of projects in backlog for chemical/petrochemical projects, 25% for refinery projects, and 15% for power projects, including nuclear. All other industries served by Graham, including the U.S. Navy, accounted for 28% of backlog. ~40% of backlog is for new customers gained since the prior up-cycle that reflects successful execution of the Company's revenue diversification strategy. ~70% to 75% of orders currently in backlog are expected to be converted to sales within the next 12 months, ~15% to 20% are expected to be converted within the next 12 to 24 months, and ~10% are expected to be converted beyond 24 months.

SYNTHESIS ENERGY SYSTEMS, INC. REPORTS FISCAL 2014 SECOND QUARTER FINANCIAL RESULTS http://ir.synthesisenergy.com/releasedetail.cfm?ReleaseID=821759 The Company reported $5.9 million of revenue for the three months ended December 31, 2013, versus $13,000 for the three months ended December 31, 2012. The Company's ZZ JV operated in November and December generating $4.4 million from sales of 10,127 tonnes of methanol produced using XE's coke oven gas supply as a result of assuming operational control of XE's methanol plant assets on October 31, 2013. In addition, approximately $1.5 million of advances paid to ZZ from XE and its affiliate were recognized as revenue during the quarter due to settling amounts due to ZZ under the prior syngas purchase and sale agreement. The Company's operating loss for the second quarter of fiscal 2014 was reduced by two-thirds to $1.3 million versus an operating loss of $3.9 million for the second quarter of fiscal 2013. The decrease in operating loss was primarily due to the margin on ZZ's revenues including the $1.5 million of prior advances recognized during the quarter, and a $1.0 million, or 30% reduction in overall general and administrative expenses, offset, in part, by an increase in non-cash stock-based compensation expenses. The net loss attributable to stockholders for the second quarter of fiscal 2014 was $1.4 million, or $0.02 per share, versus a loss of $4.4 million, or $0.07 per share, for the prior year's second quarter.

Clean Transportation UQM TECHNOLOGIES REPORTS F3Q14 RESULTS http://uqm.com/uqm-technologies-reports-fiscal-third-quarter-operating-results-2/ Co reported EPS of $0.00, including a reduction of an accrued liability related to import duty fees of $727,000, vs ($0.12) year ago. Revenue increased 7.4% y/y to $2.04 million. As of December 31, 2013, cash and short-term investments were $6.3 million and working capital was $15.7 million.
HYDROGENICS AWARDED TWO CONTRACTS FOR FUELING STATIONS IN THE UK http://www.marketwatch.com/story/hydrogenics-awarded-contracts-for-fueling-stations-in-the-uk-2014-0129?reflink=MW_news_stmp The first contract includes three HySTATTM 60 electrolyzers for BOC, a member of The Linde Group, for installation as part of a large fueling station due to be constructed in 2014 for Aberdeen City Council's Kittybrewster depot in Scotland. The three electrolysers will provide up to 400 kg per day of Hydrogen, and the station, part of the Aberdeen Hydrogen Bus Project, will be used for 10 fuel cell buses - which will be the largest such fleet in Europe. The second contract, also with BOC, calls for a HySTATTM 30 electrolyzer to be installed as part of a fueling station in Swindon, England for Honda Motor Company (HMC). The electrolyzer will provide 65 kg of Hydrogen per day and is expected to be operational during the second half of 2014, as is the Kittybrewster installation. ZENN MOTOR COMPANY REPORTS FISCAL 2013 RESULTS http://online.wsj.com/article/PR-CO-20140128-913352.html For the three months and year-ended September 30, 2013, net losses from continuing operations were $455,489 or $0.01 per share and $1,625,542 or $0.04 per share, respectively. For the corresponding periods in the prior year, net losses from continuing operations were $350,236 or $0.01 per share and The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 22

$1,528,425 or $0.04 per share, respectively. As of September 30, 2013, the Company had working capital of $461,292 and cash including short-term investments, totaling $715,869, compared to working capital of $1,675,361 and cash of $1,937,592, as September 30, 2012. The Company announced that Roger Hammock, Executive Vice-President, EEStor Relations would be stepping down from his role in management effective February 1, 2014. Mr. Hammock will continue as a director of the Company. James Kofman, Chairman and Interim Chief Executive Officer of ZENN commented, "Roger has done an excellent job of leading the Company's relationship with EEStor and helping to bring the two companies closer together. With the acquisition of the controlling stake of EEStor and the appointment of Jamin Patrick to lead the transition, it is a sensible time to turn over responsibilities to Mr. Patrick. We are happy Roger has committed to helping the companies in his role as a director."

Water Value Chain A.O. SMITH BEATS BY $0.01, MISSES ON REVENUE; GUIDES FY14 EPS IN-LINE http://www.aosmith.com/News/Detail.aspx?id=1107 Co. reported 4Q adj earnings of $0.52 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 6.6% year/year to $558.9 mln vs the $564.85 mln consensus. Co issued in-line guidance for FY14 with EPS expected to be in the range of $2.15-2.30 vs. consensus $2.27. The company believes an improving housing market will provide additional opportunities for its North American residential water heating business, the replacement market for commercial water heaters will continue to be solid and the boiler industry will continue its transition from lower efficiency to higher efficiency products, which benefit the company's boiler sales," For 2014, AOS expects the impact of higher volumes and incremental savings from its North American plant rationalization activities to be partially offset by approximately $10 million of incremental costs associated with the implementation of a new enterprise resource planning system and a higher tax rate. Strong performance in the North America segment in 2013 prompted the comapny to update its 2015 aspirations. The North America segment adjusted operating margin aspiration is now approximately 16 percent, compared with the previously disclosed 15.5 percent. The aspiration for organic sales for the total company is over $2.5 billion by 2015, and the adjusted earnings aspiration for its existing portfolio of businesses is now $2.50 per share by 2015 versus the previously disclosed $2.25 per share, vs. consensus $2.60/share. IDEX CORP BEATS BY $0.02, REPORTS REVENUE IN-LINE; GUIDES Q1 EPS ABOVE CONSENSUS; GUIDES FY14 EPS IN-LINE, REVENUE IN-LINE http://phx.corporate-ir.net/phoenix.zhtml?c=83305&p=irol-newsArticle&ID=1894941&highlight= Co. reported 4Q earnings of $0.82 per share, vs. consensus $0.80. Revenues increased 6.1% y/y to $520.62 million vs the $520.22 million consensus. Co issued upside guidance for Q1 with EPS expected to be in the range of $0.83-0.85 vs. consensus $0.81. Co issued in-line guidance for FY14 with EPS expected to be in the range of $3.33-3.43 vs. consensus $3.37 and FY14 revenue up +3-5% y/y (~$2.08-2.13 billion) vs. consensus $2.14 billion
REXNORD CORPORATION THIRD QUARTER FISCAL 2014 RESULTS http://phx.corporate-ir.net/phoenix.zhtml?c=202367&p=irol-newsArticle&ID=1894415&highlight=

Rexnord reported revenues of $489 million (down 4% y/y) and adjusted EPS of $0.34 (up 79% y/y). The co. is raising its full year adjusted earnings per share guidance to $1.35 to $1.39 reflecting its third quarter results, latest outlook, benefit of the recently completed Precision Gear Holdings acquisition as well as the inclusion of incremental expenses the company will incur related to acquisition opportunities that it is currently pursuing.

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Industrial TIMKEN BEATS BY $0.05, BEATS ON REVENUE; GUIDES FY14 EPS IN-LINE, REVENUE IN-LINE http://online.wsj.com/article/PR-CO-20140130-908769.html Co. reported 4Q earnings of $0.78 per share, excluding non-recurring items, vs. consensus $0.73. Revenues decreased1.6% y/y to $1.06 billion, vs. consensus $1.04 billion. Co issued in-line guidance for FY14 with EPS expected to be in the range of $3.50-3.80 (vs. consensus $3.65) and FY14 revenue growth of 6% which implies approximately $4.60 billion vs. consensus $4.59 billion. Although demand from many of the companys targeted market segments has been sluggish, the company performed well despite low operating levels. Over the past few months, the company has completed a number of initiatives to match its cost structure to the current demand and to improve its ability to grow. The company is well positioned as key markets begin to recover in both businesses even as the company prepares for an anticipated mid-year separation of the steel business.
APPLIED INDUSTRIAL BEATS BY $0.03, MISSES ON REVS; REAFFIRMS FY14 EPS GUIDANCE, REVS GUIDANCE; INCREASES QUARTERLY DIVIDEND TO $0.25 FROM $0.23 http://ir.applied.com/phoenix.zhtml?c=97733&p=irol-newsArticle&ID=1895174&highlight= Co. reported 2Q earnings of $0.61 per share, vs. consensus $0.58. Revenues decreased 1.3% y/y to $581.95 million vs. consensus $592.45 million. Co reaffirmed guidance for FY14 with EPS in the range of $2.65-2.95 vs. consensus $2.74 and FY14 revenue in the range of $2.43-2.49 billion vs. consensus $2.47 billion. With weaker industrial demand in some key market segments, coupled with negative impacts on reported sales from foreign currency translation, the second quarter sales lagged the prior year. The company remains disciplined on its operating costs and focused on driving continuous improvements across the business. WESCO MISSES BY $0.06, MISSES ON REVENUE; GUIDES FY14 EPS BELOW CONSENSUS, REVENUE IN-LINE Co. reported 4Q earnings of $1.26 per share, excluding non-recurring items, vs. consensus $1.32. http://wesco.investorroom.com/2014-01-30-WESCO-International-Inc-Reports-Fourth-Quarter-2013-ResultsAchieves-Record-Annual-Sales-EPS-and-Free-Cash-Flow Revenues increased 14.3% y/y to $1.88 billion vs. consensus $1.91 billion. Acquisitions positively impacted sales by 13.8%, organic sales increased 1.5%, and foreign exchange negatively impacted sales by 1.0%. Sequentially, sales decreased 2.7%. Adjusting for the impact of one less workday in the quarter, organic sales decreased 1.1% sequentially. Co. issued mixed guidance for FY14 with EPS expected to be in the range of $5.30-5.70, excluding non-recurring items, vs. consensus $5.96 and FY14 revenue of +3-6% y/y to ~$7.52-7.97 billion vs. consensus $7.97 billion. In 2014, management expects macro-economic conditions to show some improvement over last year with a continued recovery in non-residential construction.

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Upcoming Earnings Announcements

Date 2/4 2/4 2/4 2/4 2/4 2/5 2/6 2/6 2/6 2/6 2/6 2/6 2/6 2/10 2/11 2/11 2/12 2/12 2/12 2/13 2/13 2/13 2/20 2/21 2/24 2/24 2/26 2/27 3/5

Company Xylem (XYL) Advanced Energy Industries (AEIS) AGCO (AGCO) Anixter International (AXE) Landauer, Inc. (LDR) Mueller Water Products (MWA) Colfax Corporation (CFX) EnerSys (ENS) PMFG, Inc. (PMFG) Geospace Technologies (GEOS) Badge Meter (BMI) Thermon Group (THR) Amtech Systems (ASYS) Capstone Turbine Corp. (CPST) Regal Beloit Coproration (RBC) Waste Connections (WCN) Covanta Holding Corporation (CVA) Itron, Inc. (ITRI) SunPower Corp. (SPWR) Progressive Waste Solutions (BIN) Generac Holdings (GNRC) Ultralife Corp. (ULBI) Helix Energy Solutions Group (HLX) MRC Global (MRC) Polypore International (PPO) Solarcity Corp. (SCTY) Aegion Corporation (AEGN) Circor International (CIR) Energy Recovery (ERII)

Time 9:00 am ET 8:30 am ET 10:00 am ET 10:30 am ET 10:00 am ET 9:00 am ET 8:00 am ET 9:00 am ET 9:30 am ET 10:00 am ET 11:00 am ET 11:00 am ET 5:00 pm ET 4:45 pm ET 10:00 am ET 8:30 am ET 8:30 am ET 5:00 pm ET 4:30 pm ET 10:00 am ET 9:00 am ET 10:00 am ET 10:00 am ET 10:00 am ET 4:45 pm ET 5:00 pm ET 9:30 am ET 10:00 am ET 10:30 am ET

Conference Call Details Dial-in: (973)935-2945; Passcode: 30139459 Dial-in: (855) 232-8958 Dial-in: TBA Dial-in: (888)438-5525; Passcode: 7519585 Dial-in: (877) 941-0843 Dial-in: TBA Dial-in: (877) 303-7908; Conference ID: 35304030 Dial-in: (800)884-5695; Passcode: 19803052 Dial-in: (877) 474-9504; Access Code: 12636802 Dial-in: (866) 952-1906; Conference ID: GEOSQ114 Dial-in: (888)680-0878; Passcode: 93650163 Dial-in:(877) 312-5421 Dial-in: (877) 317-6789 Dial-in: TBA Dial-in: (888)317-6003; Passcode: 6649148 Dial-in: (866) 515-2908 Dial-in: (800) 860-2442 Dial-in: TBA Dial-in: (517) 623-4618; Conference ID: SunPower Dial-in: (888)241-0394; Conference ID: 21531740 Dial-in: (800) 706-7749; Passcode: 46073661 Dial-in: (800) 915-4836 Dial-in: (800) 896-0105; Passcode: Tripodo Dial-in: (480)629-9692 Dial-in: (631) 291-4526; Passcode: 31358725 Dial-in: (877) 407-0784 Dial-in: (877) 312-8824; Passcode: 49690253 Dial-in: (877) 407-5790 Dial-in: (877) 941-8609; Access Code: 4666962

Conference Calendar

Date February 10-12 February 11-12 February 11-13 February 12-13 February 18-19 February 26 February 27 February 27-28

Title of Conference Stifel Technology, Internet & Media Conference UBS SMID Cap One-on-One Symposium Goldman Sachs Technology & Internet Conference BB&T Capital Markets 29th Annual Transportation Services Conference Enercom Consulting The Oil & Services Conference Gabelli & Co. 24th Annual Industrial Flow & Infrastructure Conference Stifel Industrials Conference Simmons & Co. 14th Annual Energy Conference

Location San Francisco, CA Boston, MA San Francisco, CA Coral Gables, FL San Francisco, CA New York, NY New York, NY New York, NY

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Figure 24: Top 5 Performers for the Week Ending 1/31/2014

Source: Thomson Reuters, The Blueshirt Group

Figure 25: Bottom 5 Performers for the Week Ending 1/31/2014

Source: Thomson Reuters, The Blueshirt Group

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Figure 26: Energy Conversion Tech Value Chain Comparables

Shares Market Enterprise FY13 FY14 EV / Rev EV / Rev FY13 FY14 P/E P/E Company Ticker Price Out (MM) Cap ($M) Value ($M) Revenue Revenue FY13 FY14 EPS EPS FY13 FY14 Sector: Energy Conversion Tech Value Chain Advanced ADES $49.02 10.8 530.0 $548 $285.8 $536.1 1.9x 1.0x ($0.19) $2.81 N.M. 17.4x American Dg ADGE $2.20 49.2 107.2 $121 N/A N/A N.A. N.A. ($0.10) ($0.06) N.M. N.M. Calgon Carbon CCC $20.12 54.6 1098.6 $1,117 $553.5 $603.0 2.0x 1.9x $0.83 $1.04 24.2x 19.4x Colfax CFX $60.87 101.9 6202.9 $7,312 $4,140.0 $4,514.1 1.8x 1.6x $1.99 $2.56 30.5x 23.8x Ceco Environment CECE $15.39 25.6 393.7 $472 $198.5 $289.2 2.4x 1.6x $0.96 $0.99 16.1x 15.5x Clarcor CLC $56.19 50.4 2831.8 $2,590 $1,138.2 $1,431.6 2.3x 1.8x $2.49 $2.71 22.5x 20.7x Capstone Turbine CPST $1.60 309.9 497.4 $481 $128.5 $143.7 3.7x 3.3x ($0.07) ($0.05) N.M. N.M. Donaldson Co DCI $41.53 146.2 6073.0 $5,895 $2,427.8 $2,510.7 2.4x 2.3x $1.62 $1.78 25.7x 23.3x Fuelcell Energy FCEL $1.42 227.4 354.2 $388 $177.3 $197.8 2.2x 2.0x ($0.18) ($0.10) N.M. N.M. Fuel Tech FTEK $6.62 22.4 148.6 $126 $113.4 $116.4 1.1x 1.1x $0.27 $0.22 24.5x 30.4x Graham GHM $35.95 10.1 357.1 $298 $103.9 $109.1 2.9x 2.7x $1.02 $1.15 35.2x 31.2x Global Pwr Equip GLPW $17.82 17.0 303.4 $311 $479.7 $552.5 0.6x 0.6x $0.58 $1.04 30.6x 17.1x Generac Hldg GNRC $46.56 68.6 3192.0 $4,283 $1,471.7 $1,541.0 2.9x 2.8x $4.12 $3.78 11.3x 12.3x Chart Industries GTLS $84.91 30.4 2579.3 $2,788 $1,195.8 $1,387.6 2.3x 2.0x $2.96 $3.84 28.7x 22.1x Lightbridge LTBR $2.67 15.1 40.2 $40 N/A N/A N.A. N.A. N/A N/A N.A. N.A Mistras Group MG $23.83 28.4 676.4 $757 $530.2 $604.2 1.4x 1.3x $0.66 $0.91 36.0x 26.1x Alter Nrg NRG-T $0.75 104.7 78.5 $74 $13.7 $18.8 5.4x 3.9x ($0.12) ($0.08) N.M. N.M. Pmfg PMFG $7.67 21.1 161.9 $119 $134.4 $146.4 0.9x 0.8x $0.07 $0.09 N.M. 88.2x Power Solu Int PSIX $64.53 10.5 679.0 $683 $237.5 $319.5 2.9x 2.1x $0.89 $1.36 72.6x 47.4x Synthesis Energy SYMX $1.08 63.7 72.6 $60 $0.8 N/A 73.1x N.A. ($0.33) N/A N.M. N.A Thermon Grp THR $27.23 31.6 860.3 $935 $287.3 $298.5 3.3x 3.1x $0.97 $1.23 28.0x 22.1x Team TISI $43.27 20.3 879.6 $940 $711.9 $769.7 1.3x 1.2x $1.56 $1.71 27.8x 25.3x Average 5.8x 2.0x 29.6x 27.6x

Source: Thomson Reuters, The Blueshirt Group

Figure 27: Solar Technology Comparables

Company Ticker Sector: Solar Technology Advanced Ene Ind AEIS Ascent Solar ASTI Amtech Systems ASYS Canadian Solar CSIQ China Sunergy CSUN Enphase Energy ENPH First Solar FSLR Ja Solar JASO Jinkosolar JKS Hanwha Solarone HSOL Ldk LDK Real Goods Solar RSOL Renesola SOL Sunpower SPWR Solarcity SCTY Sunedisn SUNE Trina Solar TSL Veeco VECO Yingli Green YGE Wacker Chemie WCH-XE Price $25.80 $0.66 $9.68 $39.92 $5.46 $7.54 $51.47 $9.40 $30.34 $2.68 $1.12 $4.20 $3.43 $32.26 $75.70 $14.15 $15.20 $37.52 $6.27 $88.28 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 40.0 60.5 9.6 46.1 14.8 42.0 99.4 43.3 30.8 84.9 169.5 38.5 86.8 121.4 82.2 266.6 78.9 39.3 156.6 52.2 1031.8 41.0 90.2 1841.7 81.2 317.0 5118.2 403.6 905.7 231.7 188.1 161.7 489.0 3916.2 6221.7 3772.4 1199.6 1472.7 956.7 4513.8 $938 $43 $55 $2,594 $640 $295 $3,816 $4,498 $8,552 $5,240 $2,963 $157 $1,197 $4,218 $6,561 $6,347 $1,830 $905 $21,325 $5,415 $545.2 $1.2 $38.1 $1,666.6 $277.3 $230.4 $3,511.1 $1,124.2 $1,141.7 $663.9 $517.0 $105.4 $1,462.2 $2,547.0 $159.7 $2,660.3 $1,785.5 $327.6 $2,235.3 $4,484.7 FY14 EV / Rev EV / Rev Revenue FY13 FY14 $635.7 $12.0 $52.6 $2,690.8 $420.0 $283.6 $3,759.0 $1,317.4 $1,348.2 $885.8 $748.0 $132.5 $1,577.6 $2,629.7 $262.9 $3,687.1 $2,237.3 $415.0 $2,597.0 $4,803.2 Average 1.7x 35.6x 1.5x 1.6x 2.3x 1.3x 1.1x 4.0x 7.5x 7.9x 5.7x 1.5x 0.8x 1.7x 41.1x 2.4x 1.0x 2.8x 9.5x 1.2x 6.6x 1.5x 3.6x 1.0x 1.0x 1.5x 1.0x 1.0x 3.4x 6.3x 5.9x 4.0x 1.2x 0.8x 1.6x 25.0x 1.7x 0.8x 2.2x 8.2x 1.1x 3.6x FY13 EPS $0.43 ($0.49) ($2.32) $0.87 ($4.31) ($0.45) $4.40 ($1.68) $0.30 ($2.48) ($3.37) ($0.35) ($0.79) $1.40 ($1.78) ($0.11) ($1.18) ($0.64) ($1.37) $0.24 FY14 EPS $1.84 ($0.27) ($0.43) $3.25 ($1.49) $0.00 $3.41 ($0.18) $2.21 ($0.97) ($1.91) ($0.14) ($0.13) $1.18 ($1.64) $0.53 $0.51 ($0.22) ($0.31) $2.04 P/E FY13 60.0x N.M. N.M. 46.2x N.M. N.M. 11.7x N.M. N.M. N.M. N.M. N.M. N.M. 23.0x N.M. N.M. N.M. N.M. N.M. N.M. 35.2x P/E FY14 14.1x N.M. N.M. 12.3x N.M. N.M. 15.1x N.M. 13.7x N.M. N.M. N.M. N.M. 27.4x N.M. 26.9x 29.7x N.M. N.M. 43.2x 22.8x

Source: Thomson Reuters, The Blueshirt Group

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Figure 28: Clean Transportation Comparables

Company Ticker Sector: Clean Transportation Advanced Battery ABAT Active Power ACPW Afc Energy AFC-LN Altair Nano ALTI Bak CBAK Clean Diesel CDTI Clean Enrgy Fuel CLNE Capstone Turbine CPST Electrovaya EFL-T Enersys ENS Ecotality ECTYQ Fuel Systems FSYS Chart Industries GTLS Hydrogens HYGS Itm Power ITM-LN Maxwell Tech MXWL Polypore Intl PPO Power Solu Int PSIX Quantum Fuel Sys QTWW Saft Groupe SAFT-FR Ultralife ULBI Uqm Tech UQM Westport Innov WPRT Zmc ZNN-V Price $0.40 $3.38 $28.00 $4.39 $1.69 $2.36 $11.93 $1.60 $0.73 $68.45 $0.02 $12.65 $84.91 $22.60 $31.62 $8.46 $36.12 $64.53 $8.55 $25.96 $4.07 $2.09 $17.39 $0.79 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 76.1 19.4 223.3 11.6 12.6 9.3 89.4 309.9 71.0 47.4 25.6 20.1 30.4 9.0 128.5 29.6 44.9 10.5 18.4 25.9 17.5 37.5 62.7 53.5 28.9 65.4 69.2 50.8 21.1 21.2 1066.0 497.4 51.8 3244.6 0.4 254.2 2579.3 203.7 50.0 250.8 1621.4 679.0 156.7 671.2 59.9 76.9 1220.2 42.2 -$44 $57 $54 $59 $159 $29 $1,284 $481 $49 $3,167 $2 $181 $2,788 $192 $35 $222 $2,247 $683 $168 $798 $61 $72 $1,092 $41 N/A $61.5 $81.7 $115.2 N/A $54.6 $361.8 $128.5 $4.5 $2,285.7 $53.9 $403.7 $1,195.8 $42.2 $1.0 $191.1 $632.5 $237.5 $29.9 $627.0 $105.1 $7.4 $161.9 $0.0 FY14 EV / Rev EV / Rev Revenue FY13 FY14 N/A $66.7 N/A N/A N/A $58.1 $440.7 $143.7 $15.0 $2,421.5 $50.0 $388.2 $1,387.6 $53.7 $7.0 $183.6 $692.9 $319.5 $56.1 $673.9 N/A $12.5 $224.4 $0.0 Average N.A. 0.9x 0.7x 0.5x N.A. 0.5x 3.5x 3.7x 10.9x 1.4x 0.0x 0.4x 2.3x 4.5x 34.7x 1.2x 3.6x 2.9x 5.6x 1.3x 0.6x 9.7x 6.7x N.A. 4.4x N.A. 0.9x N.A. N.A. N.A. 0.5x 2.9x 3.3x 3.2x 1.3x 0.0x 0.5x 2.0x 3.6x 5.0x 1.2x 3.2x 2.1x 3.0x 1.2x N.A. 5.8x 4.9x N.A. 2.5x FY13 EPS N/A ($0.37) $13.31 $0.72 N/A ($0.66) ($0.38) ($0.07) ($0.06) $3.52 ($0.36) $0.18 $2.96 ($0.77) ($4.70) $0.28 $1.03 $0.89 ($1.04) $1.29 $0.03 ($0.26) ($2.18) ($0.04) FY14 EPS N/A ($0.35) N/A N/A N/A ($0.34) ($0.60) ($0.05) $0.01 $3.79 ($0.43) $0.23 $3.84 ($0.18) ($1.70) $0.18 $1.52 $1.36 ($0.07) $1.52 $0.19 ($0.14) ($1.41) ($0.02) P/E P/E FY13 FY14 N.A. N.M. 2.1x 6.1x N.A. N.M. N.M. N.M. N.M. 19.5x N.M. 70.7x 28.7x N.M. N.M. 30.2x 35.0x 72.6x N.M. 20.2x N.M. N.M. N.M. N.M. 31.7x N.A N.M. N.A N.A N.A N.M. N.M. N.M. 73.0x 18.0x N.M. 54.8x 22.1x N.M. N.M. 48.3x 23.7x 47.4x N.M. 17.0x 21.4x N.M. N.M. N.M. 36.2x

Source: Thomson Reuters, The Blueshirt Group

Figure 29: Alternative Energy Conversion Technology (Other) Comparables

Shares Market Enterprise FY13 FY14 EV / Rev EV / Rev FY13 FY14 P/E P/E Company Ticker Price Out (MM) Cap ($M) Value ($M) Revenue Revenue FY13 FY14 EPS EPS FY13 FY14 Sector: Alternative Energy Conversion Technology- Other Active Power ACPW $3.38 19.4 65.4 $57 $61.5 $66.7 0.9x 0.9x ($0.37) ($0.35) N.M. N.M. Lightbridge LTBR $2.67 15.1 40.2 $40 N/A N/A N.A. N.A. N/A N/A N.A. N.A Opt OPTT $2.26 12.2 26.9 $11 $4.2 $2.0 2.6x 5.5x ($1.45) ($1.60) N.M. N.M. Ballard Power BLDP $1.96 109.4 214.3 $204 $62.1 $80.3 3.3x 2.5x ($0.22) ($0.11) N.M. N.M. Fuelcell Energy FCEL $1.42 227.4 354.2 $388 $177.3 $197.8 2.2x 2.0x ($0.18) ($0.10) N.M. N.M. Plug Power PLUG $3.12 117.0 365.1 $358 $26.1 $63.7 13.7x 5.6x ($0.48) ($0.11) N.M. N.M. Average 4.6x 3.3x N.A. N.A

Source: Thomson Reuters, The Blueshirt Group

Figure 30: Emissions Control Comparables

Company Ticker Sector: Emissions Control Advanced ADES Calgon Carbon CCC Ceco Environment CECE Clarcor CLC Clearsign CLIR Donaldson Co DCI Fuel Tech FTEK Pmfg PMFG Price $49.02 $20.12 $15.39 $56.19 $10.13 $41.53 $6.62 $7.67 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 10.8 54.6 25.6 50.4 8.8 146.2 22.4 21.1 530.0 1098.6 393.7 2831.8 88.6 6073.0 148.6 161.9 $548 $1,117 $472 $2,590 $85 $5,895 $126 $119 $285.8 $553.5 $198.5 $1,138.2 N/A $2,427.8 $113.4 $134.4 FY14 EV / Rev EV / Rev Revenue FY13 FY14 $536.1 $603.0 $289.2 $1,431.6 N/A $2,510.7 $116.4 $146.4 Average 1.9x 2.0x 2.4x 2.3x N.A. 2.4x 1.1x 0.9x 1.9x FY13 EPS FY14 EPS $2.81 $1.04 $0.99 $2.71 N/A $1.78 $0.22 $0.09 P/E P/E FY13 FY14 N.M. 24.2x 16.1x 22.5x N.A. 25.7x 24.5x N.M. 22.6x 17.4x 19.4x 15.5x 20.7x N.A 23.3x 30.4x 88.2x 30.7x

1.0x ($0.19) 1.9x $0.83 1.6x $0.96 1.8x $2.49 N.A. N/A 2.3x $1.62 1.1x $0.27 0.8x $0.07 1.5x

Source: Thomson Reuters, The Blueshirt Group

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Figure 31: Water Value Chain Comparables

Company Ticker Sector: Water Value Chain Agco AGCO Aegion AEGN A O Smith AOS Badger Meter BMI Calgon Carbon CCC Circor Intl CIR Ecosphere Tech ESPH Energy Recovery ERII Franklin Elec FELE Gorman-rupp GRC Greenhunter GRH Idex IEX Itron ITRI Layne Christensn LAYN Lindsay Corp LNN Mueller Water Pd MWA Pico Hldg PICO Rexnrd RXN Nuverra Enrntml NES Tri-tech Holding TRIT Watts Water WTS Xylem XYL Price $54.43 $21.02 $47.81 $51.15 $20.12 $72.31 $0.26 $4.44 $40.33 $32.30 $1.00 $72.52 $41.23 $17.20 $84.72 $8.78 $24.30 $26.30 $14.17 $1.44 $56.38 $33.36 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 97.4 38.4 91.2 14.4 54.6 17.6 163.6 51.1 47.6 26.3 33.8 81.1 39.1 19.9 12.9 158.9 22.7 98.0 26.0 8.5 35.3 184.5 5299.2 806.6 4361.4 735.4 1098.6 1272.0 43.4 226.9 1921.6 848.0 33.6 5882.8 1614.1 342.1 1094.8 1395.2 552.7 2577.8 368.3 12.2 1989.6 6154.5 FY14 EV / Rev EV / Rev Revenue FY13 FY14 0.6x 1.0x 1.9x 2.4x 2.0x 1.4x N.A. 4.9x 2.1x 2.1x 2.2x 3.1x 1.0x 0.4x 1.4x 1.7x 1.9x 2.2x 1.4x 0.3x 1.4x 1.8x 1.8x 0.6x 0.8x 1.7x 2.2x 1.9x 1.4x N.A. 4.0x 1.9x 1.9x 1.6x 2.9x 0.9x 0.5x 1.4x 1.5x 1.4x 2.1x 1.3x N.A. 1.3x 1.8x 1.7x FY13 EPS FY14 EPS P/E P/E FY13 FY14

$6,005 $10,784.9 $10,484.3 $1,091 $1,101.9 $1,301.4 $4,067 $2,159.7 $2,366.2 $796 $334.0 $356.1 $1,117 $553.5 $603.0 $1,236 $868.3 $912.0 $45 N/A N/A $205 $41.7 $51.2 $2,002 $954.4 $1,029.3 $823 $395.3 $437.4 $87 $38.5 $55.1 $6,217 $2,024.0 $2,141.7 $1,909 $1,952.1 $2,063.3 $433 $1,096.5 $885.5 $943 $698.1 $654.4 $1,872 $1,127.1 $1,211.3 $642 $343.0 $461.0 $4,363 $2,009.7 $2,089.1 $894 $639.5 $684.4 $32 $116.8 N/A $2,071 $1,476.4 $1,553.8 $6,963 $3,790.4 $3,941.0 Average

$5.95 $5.76 9.2x 9.4x $1.28 $1.66 16.4x 12.6x $2.05 $2.29 23.3x 20.9x $1.70 $2.19 30.1x 23.4x $0.83 $1.04 24.2x 19.4x $3.19 $3.88 22.7x 18.6x N/A N/A N.A. N.A ($0.11) $0.02 N.M. N.M. $1.72 $1.94 23.5x 20.8x $1.24 $1.51 26.1x 21.4x ($0.35) ($0.13) N.M. N.M. $3.06 $3.38 23.7x 21.5x $2.29 $2.95 18.0x 14.0x $1.09 ($3.39) 15.8x N.M. $5.56 $4.39 15.2x 19.3x $0.17 $0.32 50.2x 27.2x ($1.45) $0.24 N.M. N.M. $0.97 $1.35 27.3x 19.5x ($9.42) ($0.68) N.M. N.M. $1.39 N/A 1.0x N.A $2.26 $2.88 25.0x 19.6x $1.63 $1.91 20.4x 17.4x 21.9x 19.0x

Source: Thomson Reuters, The Blueshirt Group

Figure 32: Environmental Services Comparables

Shares Market Enterprise FY13 FY14 EV / Rev EV / Rev FY13 FY14 P/E P/E Company Ticker Price Out (MM) Cap ($M) Value ($M) Revenue Revenue FY13 FY14 EPS EPS FY13 FY14 Sector: Environmental Services Acorn Energy ACFN $3.75 22.1 83.1 $76 $22.0 $29.7 3.5x 2.6x ($1.55) ($0.49) N.M. N.M. Progressive Wst BIN $22.32 115.2 2897.8 $4,156 $2,025.3 $2,071.5 2.1x 2.0x $1.07 $1.16 20.8x 19.2x Clean Harbors CLH $56.22 60.7 3410.3 $4,554 $3,524.9 $3,739.5 1.3x 1.2x $2.01 $2.65 28.0x 21.2x Covanta Hldng CVA $17.91 130.5 2337.3 $4,546 $1,638.1 $1,625.5 2.8x 2.8x $0.38 $0.38 47.1x 47.1x Casella Waste CWST $5.23 40.0 209.2 $717 $471.0 $488.6 1.5x 1.5x ($0.74) ($0.32) N.M. N.M. Us Ecology ECOL $36.40 21.1 769.3 $800 $199.7 $202.8 4.0x 3.9x $1.74 $1.51 20.9x 24.0x Heritage-crystal HCCI $16.89 18.4 311.6 $303 $282.6 $330.4 1.1x 0.9x $0.27 $0.79 62.6x 21.4x Nuverra Enrntml NES $14.17 26.0 368.3 $894 $639.5 $684.4 1.4x 1.3x ($9.42) ($0.68) N.M. N.M. Perma Fix PESI $3.35 11.4 38.9 $55 $105.3 $72.0 0.5x 0.8x ($0.08) $0.03 N.M. N.M. Shanks Group SKS-LN $116.50 397.7 461.3 $757 $681.4 $634.6 1.1x 1.2x $3.77 $5.50 30.9x 21.2x Severn Trent SVT-LN $1,727.00 238.9 4138.4 $8,486 $1,828.0 $1,874.9 4.6x 4.5x $87.54 $85.04 19.7x 20.3x Veolia Environ VE $16.11 548.9 6509.7 $18,001 $31,040.3 $31,932.0 0.6x 0.6x ($0.05) $0.38 N.M. 43.0x Vertex Energy VTNR $3.31 21.2 71.0 $80 $144.8 $159.3 0.6x 0.5x $0.20 $0.28 17.0x 11.9x Waste Connection WCN $40.67 123.5 5024.6 $7,112 $1,928.2 $2,071.0 3.7x 3.4x $1.78 $2.00 22.8x 20.4x Average 2.0x 1.9x 30.0x 25.0x

Source: Thomson Reuters, The Blueshirt Group

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Appendix Disclaimers and Disclosures

DISCLAIMERS The Blueshirt Group, LLC is not a licensed broker, broker dealer, market maker, investment banker, or underwriter. This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any state. This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy of that information. The companies that are discussed in this report have not approved the content herein. Some information in this report relates to future events or future business and financial performance, however past performance does not guarantee future performance. The content of this report with respect to the companies have been compiled primarily from information available to the public. The companies are solely responsible for the accuracy of that information. The material in this document is intended for general circulation only and the information contained herein does not take into account the specific objectives, financial situation, or particular needs of any particular person. All investors should consult a financial advisor regarding the suitability of their investments and take into account any specific investment objectives, financial situation, or particular needs before purchasing or selling any securities. ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST Copyright 2013 The Blueshirt Group, LLC. No part of this publication may be reproduced or distributed in any form or by any means without our prior written approval. However, you may download one copy of the information for your personal, non-commercial viewing only, provided that you do not remove or alter any trade mark, copyright or other proprietary notice.

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