ENERGY & ENVIRONMENTAL TECHNOLOGIES PRACTICE

The Weekly Watch- March 10, 2014

Overview
E&ET Index. This week (ending 3/7/2014), the Energy & Environmental Technologies (E&ET) Index outperformed the broader market and was up 3.3% week-over-week (vs. the S&P 500 Index increase of 1.0%, Russell 2000 increase of 1.7% and NASDAQ Composite increase of 0.7%). This compares to an increase of 1.4% for the Industrial Technologies index. The E&ET Index is +7.0% YTD vs. +1.6% for the S&P 500, +3.4% for the Russell 2000 Index, and +3.8% 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 is 22.3x, vs. S&P 500 of 15.7x. Since 2000, the historical P/E has averaged 16.4x NTM earnings estimates, with a standard deviation of 3.0x, generating a range of 13.4x to 19.4x. This compares to a historical average P/E of 16.4x for the S&P 500. U.S. ISM manufacturing index rebounded to 53.2 in February. U.S. manufacturing growth rebounded off an eight-month low in February, helped by a recovery in new orders. Economic activity in the manufacturing sector expanded in February for the ninth consecutive month, and the overall economy grew for the 57th consecutive month. The February PMI registered 53.2 percent (vs. the median economist forecast of 52.0), an increase of 1.9 percentage points from January's reading of 51.3 percent. Final China PMI Decreases to 7-month low in February, signaling a moderate deterioration in the health of the Chinese manufacturing sector. After adjusting for seasonal factors, such as the recent Chinese New Year festival, the HSBC Purchasing Managers Index (PMI) posted at 48.5 in February, up fractionally from the earlier flash reading of 48.3, and down from 49.5 in January (the official Chinese data showed PMI of 50.2, down from 50.5 in January). The U.S. Environmental Protection Agency (EPA) finalized a rule designed to reduce air pollution from passenger cars and trucks by lowering the allowable sulfur content of gasoline and setting new vehicle emissions standards. U.S. Solar PV Installed Capacity of 4.8GW in 2013, up 41% y/y; Largest Year on Record. The Solar Energy Industries Association (SEIA) reported there were 4,751 MW of new solar capacity installed in 2013, representing a 41% increase yearover-year. Consensus Estimates Change. For the week ending 3/7/2014, there were 17 increases and 15 declines in 2014 revenue estimates, and 12 increases and 6 declines in 2014 EPS consensus estimates. This compares to last weeks 10 increases and 10 declines in 2014 consensus revenue estimates, and10 increases and 6 declines in 2014 consensus EPS estimates. 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

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/

Seversons Summary And the winner is.. FUEL CELLS! The stock action highlight of last week was clearly within our Energy Conversion Technology universe and more specifically in the fuel cell sector. These stocks have had a rollercoaster ride over the past few years and have truly felt the markets loving embrace and pessimistic panic. As is so often the case, the truth sits in the middle and the market has been recognizing some of the real value in this technology and the companies that supply them and use them. They still sit squarely in the category of speculative, but time has been the technologys friend and things are very different today than only a few years ago. Fuel cells are an important technology within our larger focus on the distributed power megatrend and the stocks posted huge gains last week; PLUG (+77%), FCEL (+81%) and BLDP (+43%). The weeks move started on the back of Plug Powers announced deal with Wal-Mart Stores and finished with FCELs announcement that the U.S. Department of Energy awarded the company $2.8 million to continue to develop a fuel-cell plant capable of delivering hydrogen as well as electricity and heat. This also bodes well for private companies such as Bloom Energy and ClearEdge Energy. We continue to believe the distributed power megatrend will be a significant, investible force over the next 5 years and although fuel cell technology is less developed than other conventional forms, it will play an important part in this pending cycle in our opinion (especially as costs come down). Major changes in the power industry including a long-term, cheap supply of natural gas and energy efficiency are significantly altering the power markets. Our view is that the lines that have traditionally separated the renewable from conventional are blurring and that power production decisions are shifting more towards an open approach and recognizing the most efficient solution is often an onsite portfolio approach encompassing multiple technologies onsite (including power from the utility). That is the beauty of generating some or all of your own power for your industrial park, hospital, university or high-rise office building. This is also part of an even bigger trend away from centralized power generation in favor of distributed power, which provides technology and fuel options and very short transmission requirements. There are numerous technologies and players in this arena, including microturbines (CPST), fuel cells (see above), industrial turbines, reciprocating engine generators that are powered by natural gas (PSIX, WPRT, GE, etc.). We of course need to mention wind and especially solar as viable distributed power sources for commercial and residential markets and energy storage technologies that can make intermittent renewable sources even more efficient. You can expect us to continue highlighting this theme in our Weekly Watch as we look for investment opportunities leveraged to this megatrend. I also want to highlight some recent activity out of China. We have all heard stories about the environmental problems China is facing and a theme we have been hearing from companies for some time, but it is important to remind investors that this is real and will present a significant growth driver for a variety of companies in our Energy & Environmental Technologies universe. Chinese Premier Li Keqiang stated a couple of weeks ago at the opening of the annual meeting of parliament that pollution is a major problem and the government will declare war on smog by removing high-emission cars from the road and closing coalfired furnaces. Success, however, will require a comprehensive solution and even small steps will equate to large investments and hence revenue for companies operating in this arena. So what are the weapons used in this war? We would start with air pollution control equipment, water filtration and treatment technologies, natural gas for transportation, natural gas for power generation, renewable energy, coal gasification and energy efficiency just to name a few. The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 2

Summary
This week (ending 3/7/2014), the TBG Energy & Environmental Technologies (E&ET) Index outperformed the broader market and was up 3.3% week-over-week (vs. the S&P 500 Index increase of 1.0%, Russell 2000 increase of 1.7% and NASDAQ Composite increase of 0.7%). This compares to an increase of 1.4% for the Industrial Technologies index. The E&ET Index is +7.0% YTD vs. +1.6% for the S&P 500, +3.4% for the Russell 2000 Index, and +3.8% for the Nasdaq Composite. In terms of sub-sectors, each of the seven indices we track outperformed the broader market this week. Alternative Energy Conversion Other, Clean Transportation, Energy Conversion Technology, Environmental Services, Emissions Control, Solar, and Water Value Chain posted positive gains of 35.2%, 7.7%, 5.0%, 4.3%, 3.0%, 1.3%, and 1.3% on the week, respectively, vs. +1.0% for the S&P 500, +1.7% for the Russell 2000, and +0.7% for Nasdaq Composite.
Figure 1: The TBG E&ET Index- Relative Performance (Week Ending 3/7/2014)

Source: Thomson Reuters, The Blueshirt Group

The Blueshirt Group - Energy & Environmental Technologies Practice

The Weekly Watch

Figure 2: The Energy & Environmental Technologies Sub-sector Performance (Week Ending 3/7/2014)

Source: Thomson Reuters, The Blueshirt Group

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

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

The Blueshirt Group - Energy & Environmental Technologies Practice

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

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

Figure 5: Sector Market Cap Summary (Week Ending 3/7/2014)

Source: Thomson Reuters, The Blueshirt Group

The Blueshirt Group - Energy & Environmental Technologies Practice

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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)- Mar 2014

Source: Thomson Reuters, The Blueshirt Group

The Blueshirt Group - Energy & Environmental Technologies Practice

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In terms of consensus estimates, Figures 8 -9 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 2014. For the week ending 3/7/2014, there were 17 increases and 15 declines in 2014 revenue estimates, and 12 increases and 6 declines in 2014 EPS consensus estimates. This compares to last weeks 10 increases and 10 declines in 2014 consensus revenue estimates, and10 increases and 6 declines in 2014 consensus EPS estimates. In terms of subsectors, Figures 10 11 highlight the number of companies with week-over-week consensus estimate change in revenue and EPS by sub-sector for full-year 2014. For the week ending 3/7/2014, there were 7 companies in Solar, 4 in Water Value Chain, 2 in Energy Conversion Technology, 2 in Environmental Services, 1 in Clean Transportation, and 1 in Emissions Control with increases in 2014 consensus revenue estimates. Additionally, there were 5 companies in Water Value Chain, 3 companies in Solar, 2 in Energy Conversion Technology, 2 in Clean Technology, 2 in Environmental Services, and 1 in Alternative Energy Conversion- Other with declines in 2014 consensus revenue estimates. For 2014 EPS consensus estimates, there were 6 companies in Solar, 4 in Water Value Chain, 1 in Clean Transportation, and 1 in Emission Control with increases in consensus estimates week-over week change. There were 3 companies in Environmental Services, 2 in Clean Transportation, and 1 in Energy Conversion Technology with declines in 2014 EPS consensus estimate week-over-week change this week.
Figure 8: 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 9: Components in the E&ET Index 2014 EPS Consensus Estimate Week-over-Week Change %

Source: Thomson Reuters, The Blueshirt Group

Figure 10: 2014 Revenue Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

The Blueshirt Group - Energy & Environmental Technologies Practice

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Figure 11: 2014 EPS Consensus Estimate Week-over-Week Change- Number of Companies by Sub-sector

Source: Thomson Reuters, The Blueshirt Group

Exhibit 12 illustrates the performance of selected companies in the TBG E&ET index this earnings season. Overall, expectations into earnings were high in the Energy & Environmental Technologies industry and even solid beats resulted in modest stock price appreciation (1-5%) post earnings.

Figure 12: 4Q13 Earnings Season: Performance Overview

Source: Thomson Reuters, The Blueshirt Group

The Blueshirt Group - Energy & Environmental Technologies Practice

The Weekly Watch

In terms of valuation, Figure 13 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 1.42x, which is outside one standard deviation of the average (0.75x to 1.35x).
Figure 13: TBG E&ET Index- Historical NTM P/E

Source: Thomson Reuters, The Blueshirt Group

Figure 14: TBG E&ET Index- Historical NTM P/E Relative to S&P 500

Source: Thomson Reuters, The Blueshirt Group

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Figure 15: 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

Figure 16: P/E of Selected Components of Solar Index

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

The Blueshirt Group - Energy & Environmental Technologies Practice

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Figure 17: P/E of Selected Components of Clean Transportation Index

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

Figure 18: P/E of Selected Components of Emissions Control Index

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

The Blueshirt Group - Energy & Environmental Technologies Practice

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Figure 19: 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

Figure 20: P/E of Selected Components of Environmental Services Index

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

The Blueshirt Group - Energy & Environmental Technologies Practice

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Regarding news flow, last week was generally constructive with several positive industry and company announcements, which included: 1) The U.S. Environmental Protection Agency finalized a rule intended to reduce air pollution from passenger cars and trucks by lowering the allowable sulfur content of gasoline and setting new vehicle emissions standards, 2) 2013 was another record year for the U.S. solar industry. According to Solar Energy Industries Association (SEIA), there were 4,751 MW of new solar capacity installed in 2013, representing a 41% increase year-over-year, 3) Westport Innovation announced a joint development agreement with Delphi Automotive PLC (DLPH) to help entrench Westport High Pressure Direct Injection technology platform for heavy-duty engine applications, 4) Clean Energy Fuels announced that it had opened two Americas natural gas highway stations, expands CNG network and signed multiple fueling agreements, and 5) Maxwell Technologies is expanding its ultracapacitor-based Engine Start Module (ESM) product line to provide the same benefits to class 3 through 6 medium duty trucks that it has been offering previously to class 7 and 8 heavy duty diesel trucks. Most noteworthy from a subsector standpoint is the Fuel Cell sector. Shares of Fuel Cell Energy (FCEL), Plug Power (PLUG), and Ballard Power Systems (BLDP) were up 81.0%, 77.1%, and 42.7% last week, respectively. On an YTD basis, shares of PLUG, BLDP and FCEL are up 433%, 248% and 150% YTD, respectively, (vs. +1.6% for the S&P 500). We attribute the YTD rally for the Fuel Cell sector to the recent positive developments for these fuel cell manufacturers, including: On March 7, 2014, FuelCell Energy announced further progress with developing the on-site distributed hydrogen generation market with a $2.8 million continuation of an award from the U.S. Department of Energy's Advanced Manufacturing Office to showcase the tri-generation capabilities of a Direct FuelCell(R) (DFC(R) ) power plant for industrial applications. On February 26, 2014, Plug Power announced that it had received a multi-site GenKey purchase order from Walmart Stores, Inc. to roll out its hydrogen fuel cell solution to power electric lift truck fleets at six North America distribution centers. On February 25, 2014, Ballard Power Systems reported better-than-expected 4Q results. On February 19, 2014, FuelCell Energy announced a series of updates about the Asian market including completion of the world's largest fuel cell park in South Korea, the sale of 3.7 megawatts of fuel cell modules to POSCO Energy in the first quarter of 2014 to meet increasing demand, and a 19.6 megawatt fuel cell park to be constructed in Seoul City, South Korea.

On the earnings front, the earnings season for the Energy & Environmental Technologies (E&ET) space to date has been mixed with 29 beats, 19 misses and 6 in-line compared to consensus estimates. In terms of

management expectation, two companies raised FY14 guidance, seven companies reaffirmed guidance for FY14 last week. Overall, twenty seven companies issued upside to in-line guidance for FY14 to date, while six companies issued downside guidance vs. consensus estimates.

Economic News
U.S. ISM MANUFACTURING INDEX REBOUNDED TO 53.2 IN JANUARY; U.S. MANUFACTURING GROWTH ACCELERATES IN FEBRUARY http://www.ism.ws/about/MediaRoom/newsreleasedetail.cfm?ItemNumber=24056 U.S. manufacturing growth rebounded off an eight-month low in February, helped by a recovery in new orders. Economic activity in the manufacturing sector expanded in February for the ninth consecutive month, and the overall economy grew for the 57th consecutive month, according to The Institute for Supply Management Manufacturing Business Survey Committee. The February PMI registered 53.2 percent, an increase of 1.9 percentage points from January's reading of 51.3 percent. The report reversed two straight months of slowing growth, though it remains below November's recent peak reading of 57, which is the highest since April 2011. The New Orders Index registered 54.5 percent, an increase of 3.3 percentage points from January's reading of 51.2 percent. The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 14

CHINA PMI (FINAL READING) DECREASED TO A SEVEN-MONTH LOW OF 48.5 IN FEBRUARY, THE THIRD STRAIGHT MONTHLY DECLINE http://www.hsbc.com/news-and-insight/2014/pmi-drop-after-fall-in-orders The February data signaled a moderate deterioration in the health of the Chinese manufacturing sector. After adjusting for seasonal factors, such as the recent Chinese New Year festival, the HSBC Purchasing Managers Index (PMI) posted at 48.5 in February, up fractionally from the earlier flash reading of 48.3, and down from 49.5 in January (the official Chinese data showed PMI of 50.2, down from 50.5 in January). Both output and new orders dropped in February for the first time since July 2013. As a result, businesses reduced their staffing levels at the quickest pace in nearly five years. Input costs and output charges declined at their fastest rate in eight months. New export orders also fell but at a modest pace.

Weekly Diesel Consumption Diesel fuel product supplied averaged over 3.61 million barrels per day over the last four weeks. The most recent datapoint the week ending February 28 shows diesel demand down 4.3% y/y on a 4-week moving average basis. This is down from -0.1% last week.
Figure 21: Diesel Consumption Trend

Source: U.S. Department of Energy, The Blueshirt Group

The Blueshirt Group - Energy & Environmental Technologies Practice

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Industry News
Energy Conversion Technology CAPSTONE RECEIVES TWO ORDERS TOTALING 2.6MW FROM REGATTA SOLUTIONS FOR PROMINENT SOUTHERN CALIFORNIA HOSPITALS http://online.wsj.com/article/PR-CO-20140304-907201.html The company announced that it received orders for two Capstone C800s and a Capstone C1000 to be used in two Southern California hospitals. Regatta Solutions secured the first order for two Capstone C800 Natural Gas fueled microturbines to be installed at a Los Angeles hospital. The microturbines will be used in a CHP (Combined Heat and Power) application to offset the facility's electric base load in addition to providing steam and hot water, boosting their overall site efficiency. Emissions Control EPA FINALIZES FUEL SULFUR AND VEHICLE EMISSION STANDARDS http://yosemite.epa.gov/opa/admpress.nsf/d0cf6618525a9efb85257359003fb69d/ce8984957ffefa6a85257c9 0004fe802!OpenDocument The U.S. Environmental Protection Agency last week finalized a rule intended to reduce air pollution from passenger cars and trucks by lowering the allowable sulfur content of gasoline and setting new vehicle emissions standards. These cleaner fuel and car standards are an important component of the administrations national program for clean cars and trucks, which also include historic fuel efficiency standards that are saving new vehicle owners at the gas pump. Once fully in place, the standards will help avoid up to 2,000 premature deaths per year and 50,000 cases of respiratory ailments in children. Known as Tier 3, the rule will take effect on January 1, 2017. It continues the transition that began with EPAs Tier 2 program, finalized in 2000, in which EPA treated vehicles and fuels as a system to reduceboth gasoline sulfur and vehicle emissions.The Tier 3 vehicle standards reduce both tailpipe and evaporative emissions from passenger cars, light-duty trucks, medium-duty passenger vehicles, and some heavy-duty vehicles. The final fuel standards will reduce gasoline sulfur levels by more than 60 percent down from 30 to 10 parts per million (ppm). Reducing sulfur in gasoline enables vehicle emission control technologies to perform more efficiently.New low-sulfur gas will provide significant and immediate health benefits because every gaspowered vehicle on the road built prior to these standards will run cleaner cutting smog-forming NOx emissions by 260,000 tons in 2018. The Tier 3 standards cut tailpipe pollution where people live and breathe reducing harmful emissions along the streets and roadways that run through our neighborhoods and near our childrens schools. By 2018, EPA estimates the cleaner fuels and cars program will annually prevent between 225 and 610 premature deaths, significantly reduce ambient concentrations of ozone and reduce nitrogen oxide emissions by about 260,000 tons. That is about 10 percent of emissions from on-highway vehicles, with those reductions reaching 25 percent (330,000 tons) by 2030. By 2030, EPA estimates that up to 2,000 premature deaths, 50,000 cases of respiratory ailments in children, 2,200 hospital admissions and asthma-related emergency room visits, and 1.4 million lost school days, work days and days when activities would be restricted due to air pollution. Total health-related benefits in 2030 will be between $6.7 and $19 billion annually. The program will also reduce exposure to pollution near roads. More than 50 million people live, work, or go to school in close proximity to high-traffic roadways, and the average American spends more than one hour traveling along roads each day. Environmental Services COVANTA ANNOUNCES FIRST ORGANICS RECYCLING AGREEMENT IN CONNECTICUT WITH LAKE COMPOUNCE THEME PARK http://online.wsj.com/article/PR-CO-20140304-907701.html Co. announced a new organics waste agreement with the Lake Compounce theme park in Bristol, Connecticut, the oldest, continuously-operating amusement park in North America. This is Covanta's first The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 16

organics agreement in Connecticut since announcing its partnership with Turning Earth LLC to provide organics recycling for the state. CASELLA WASTE RECEIVES PERMIT TO ACCEPT MSW AT THE COMPANY-OPERATED JUNIPER RIDGE LANDFILL IN MAINE http://www.nasdaq.com/press-release/casella-waste-systems-inc-receives-permit-to-accept-msw-at-thecompanyoperated-juniper-ridge-20140306-00664 Co said that it has received a permit from the State of Maine to accept in-state municipal solid waste (MSW) directly at the state-owned, company-operated Juniper Ridge Landfill in Old Town, Maine. The company said the Maine Department of Environmental Protection issued a permit allowing the company to dispose of 81,800 tons per year of MSW originating from Maine at the facility through March 31, 2016. The permit was effective February 27, 2014. The company also said that while it is currently accepting MSW at Juniper Ridge under the conditions of the permit, it has filed an appeal of those conditions with the Maine Board of Environmental Protection, saying the permit provides for a smaller annual disposal limit than requested, as well as a shorter permit term than requested.

Clean Transportation
WESTPORT AND DELPHI (DLPH) SIGN JOINT DEVELOPMENT AGREEMENT TO COMMERCIALIZE NATURAL GAS INJECTOR TECHNOLOGY http://online.wsj.com/article/PR-CO-20140303-905667.html Co announced a joint development agreement with Delphi Automotive PLC (DLPH) to help entrench Westport High Pressure Direct Injection technology platform for heavy-duty engine applications. Through the agreement, Westport and Delphi will combine intellectual property and engineering to co-develop and manufacture high-pressure natural gas fuel injectors designed for multiple engine original equipment manufacturers (OEMs). The first in a family of injectors to be developed will be one of the core components of Westport's recently announced HPDI 2.0 fuel system. Westport will be investing in critical equipment including but not limited to tooling, manufacturing, assembly, and end of line test equipment within Delphi's state of the art, global production footprint. The investment was previously identified in Westport's prospectus in September 2013 for dedicated production equipment of proprietary natural gas engine fuel injection equipment and will enable Westport to deliver high volumes of injectors for multiple OEM applications ranging from trucks to trains. CLEAN ENERGY FUELS OPENS TWO AMERICAS NATURAL GAS HIGHWAY STATIONS, EXPANDS CNG NETWORK AND SIGNS MULTIPLE FUELING AGREEMENTS http://online.wsj.com/article/PR-CO-20140305-904868.html Co announced fueling has begun at its Valdosta, Ga., and London, Ohio, America's Natural Gas Highway stations to serve Raven Transport and Epes' fleets of heavy-duty liquefied natural gas (LNG) trucks. An agreement with PECO, the largest electric and natural gas utility in Pennsylvania, has also been entered whereby Clean Energy will operate PECO's CNG stations throughout the greater-Philadelphia area. Select fueling agreements were also announced in the transit sector which build on Clean Energy's portfolio of natural gas fuel customers across the country. MAXWELL TECHNOLOGIES INTRODUCES ITS ULTRACAPACITOR-BASED ENGINE START MODULE FOR MEDIUM DUTY DIESEL TRUCKS http://investors.maxwell.com/phoenix.zhtml?c=94560&p=irol-newsArticle&ID=1906301&highlight= Co. is expanding its ultracapacitor-based Engine Start Module (ESM) product line to provide the same benefits to class 3 through 6 medium duty trucks that it has been offering previously to class 7 and 8 heavy duty diesel trucks.

Solar Technology U.S. SOLAR PV INSTALLED CAPACITY OF 4.8GW IN 2013, UP 41% Y/Y; LARGEST YEAR ON RECORD http://www.seia.org/research-resources/solar-industry-data
The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 17

2013 was another record year for the U.S. solar industry. According to Solar Energy Industries Association (SEIA), there were 4,751 MW of new solar capacity installed in 2013, representing a 41% increase year-overyear. Solar accounted for 29% of all new electricity generation capacity added in 2013, up from just 10% in 2012, which made solar the second largest source of new electricity generating capacity behind natural gas. The record year was driven in part by historical growth in 4Q, as 2,106 MW came online in 4Q alone. SUNEDISON, NATIONWIDE MUTUAL, SOL SYSTEMS AND NATIONAL BANK OF ARIZONA ANNOUNCE FINANCING FOR 13.4 MW SOLAR ELECTRICITY PORTFOLIO http://online.wsj.com/article/PR-CO-20140307-905959.html SunEdison announced a $50 million fund to build a 13.4 megawatt (MW) solar portfolio for the State of California prison and hospital systems. Sol Systems advised Nationwide Mutual Insurance on the acquisition of the equity in the transaction. SunEdison secured long-term debt for the projects from the National Bank of Arizona (NBAZ). These projects mark the first time the companies have worked together on a solar project. SOLARCITY FILES TO DELAY ITS 10-K; EXPECTS THE RESTATEMENT OF ITS CONSOLIDATED FINANCIAL STATEMENTS TO RESULT IN A DOWNWARD ADJUSTMENT OF ASSETS http://www.bloomberg.com/news/2014-03-03/solarcity-to-restate-results-to-2012-on-accountingerror.html?cmpid=yhoo On February 27, 2014, the board of directors oand management of the Company concluded, after discussion with the Registrant's independent registered public accounting firm, Ernst & Young LLP, that its consolidated financial statements contained an error in the allocation of overhead expenses affecting solar energy system leased and to be leased and the costs of solar energy system sales. Co expects the restatement of its consolidated financial statements to result in a downward adjustment of assets on the balance sheet primarily related to Solar Energy Systems, Leased and to Be Leased of approximately 2.5%-3.0% as of September 30, 2013. The Registrant also expects an increase in the cost of Solar Energy Systems Sales of approximately $16-$20 million on the statement of operations for the nine month period ended September 30, 2013 and an increase of approximately $20-$23 million to the same line item for the year ended December 31, 2012. The Registrant is evaluating the materiality of the error on its consolidated financial statements as of December 31, 2011 and for the year then ended. RENESOLA ANNOUNCES "MADE IN JAPAN" OEM MODULE PRODUCTION PLAN http://online.wsj.com/article/PR-CO-20140303-902417.html Co. announced it will begin manufacturing its Virtus II modules in Japan through a joint venture, Vitec Global Solar, in partnership with Vitec Co., Ltd. ("Vitec"), a Japanese trading company that specializes in the sale of semiconductor and electrical products. The manufacturing plant is located in Otawara City, Tochigi Prefecture, Japan, and will have total annual production capacity of 80MW. Production is scheduled to begin in April 2014.

Alternative Conversion Technology-Other FUELCELL ENERGY ANNOUNCES FURTHER PROGRESS WITH DEVELOPING THE ON-SITE DISTRIBUTED HYDROGEN GENERATION MARKET WITH A $2.8 MLN CONTINUATION OF AN AWARD FROM THE U.S. DEPARTMENT OF ENERGY'S ADVANCED MANUFACTURING OFFICE TO SHOWCASE THE TRI-GENERATION CAPABILITIES OF A DIRECT FUELCELL POWER PLANT FOR INDUSTRIAL APPLICATIONS http://online.wsj.com/article/PR-CO-20140307-906360.html The co. will install a sub-megawatt fuel cell power plant at its manufacturing facility in Torrington, Connecticut, to generate hydrogen, electricity and heat, replacing hydrogen that is currently purchased and delivered to the facility via truck, and replacing electricity purchased from the electric grid. The tri-generation DFC-H2 is expected to be operational by the end of 2014.
Industrials FOSTER WHEELER AWARDED CONTRACT FOR TWO GRATE BOILERS IN PAKISTAN http://online.wsj.com/article/PR-CO-20140304-906025.html Co. announced that a subsidiary of its Global Power Group has been awarded a contract by Shanghai Marine Diesel Engine Research Institute (SMDERI) for the design and supply of two grate boilers for Fatima 18 The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch

Energy Limited, a subsidiary of Fatima Group. The new 120 MWe co-generation power plant will be located at the Fatima sugar mill in Savawan, Pakistan. Under the agreement, Foster Wheeler will design and supply two 60 MWe (gross megawatt electric) grate boilers and auxiliary equipment. The boilers will be designed to burn coal and bagasse, a fibrous matter that remains after sugarcane stalks are crushed to extract their juice. GREENBRIER COMP ANNOUNCES ORDERS FOR 5,600 NEW RAILCARS VALUED AT $460 MILLION http://www.marketwatch.com/story/greenbrier-announces-orders-for-5600-new-railcars-valued-at-460million-2014-03-03?reflink=MW_news_stmp Co announced that it received new orders in the second fiscal quarter ended Feb 28, 2014 for 5,600 railcar units valued at ~ $460 million. These orders include a recent award for 1,200 intermodal platforms. Other orders include small cube covered hoppers and tank cars used in the energy sector, automotive-related products, medium and large cube covered hopper cars for the grain and plastic pellet markets, boxcars for paper and forest products markets, and gondola cars for metal and scrap. Current downward trends in railroad train velocity are expected to lead to stronger demand for certain railcar types in the future. VALMONT ANNOUNCES ACQUISITION OF NORTHERN EUROPEAN MANUFACTURER OF ENGINEERED STEEL PRODUCTS; EXPECTED TO BE ACCRETIVE TO 2014 EARNINGS http://www.marketwatch.com/story/valmont-announces-acquisition-of-a-leading-northern-europeanmanufacturer-of-engineered-steel-products-2014-03-03?reflink=MW_news_stmp Co. announced that it has acquired privately-held DS SM A/S, a market leader in Northern Europe for the manufacture of heavy complex steel structures for a diverse range of industries including wind energy, offshore oil and gas, and electricity transmission. The Company, which will be renamed Valmont SM A/S, and will be reported in Valmont's Engineered Infrastructures Products Segment, has annual sales of approximately $190 million and operates two manufacturing locations in Denmark. The enterprise was valued at DKK 800 million (approximately $148 million) and DS SM's operating characteristics are similar to Valmont's other businesses within the Engineered Infrastructure Products Segment. Valmont expects the acquisition to be accretive to 2014 earnings. MCDERMOTT AWARDED SUBSEA CABLE INSTALLATION CONTRACT FOR SAUDI ARAMCO http://www.businesswire.com/news/home/20140304006654/en/McDermott-Awarded-Subsea-CableInstallation-Contract-Saudi#.UxeadvldVDA Co announced that one of its subsidiaries was awarded a substantial contract to provide the electrical power supply system for Saudi Aramco in the Abu Ali and Khursaniyah fields in the Arabian Gulf. This contract is included in McDermott's fourth quarter 2013 backlog. The project includes the procurement, construction, and installation of two 20-kilometer 230 kV subsea circuits routed offshore to connect land based facilities. The cables weigh approximately 95 kilograms per meter. MCDERMOTT AWARDED LARGE EPCI AND COMMISSIONING CONTRACT IN THE ARABIAN GULF http://online.wsj.com/article/PR-CO-20140305-913165.html Co announced that one of its subsidiaries has been awarded a large engineering, procurement, construction and installation ("EPCI") project by an operator in the Arabian Gulf. The award is included in McDermott's fourth quarter 2013 backlog. The contract includes the engineering, fabrication, transportation and installation of four new offshore topsides facilities, plus modification of two existing production facilities to extend the current deck space and maximize the size of modules. The combined total weight of the structures will exceed 3,500 metric tonnes. The awarded scope also includes the installation of a 12-inch subsea pipeline of approximately 15 kilometers. Water depths range between 10 to 14 meters.

Financing News Alternative Energy Conversion Technology- Other PLUG POWER INC. ANNOUNCES $22.4 MILLION REGISTERED OFFERING http://online.wsj.com/article/PR-CO-20140306-909482.html Co. announced that it has priced an underwritten registered offering of 3,902,440 shares of its common stock. The shares will be sold at a price to the public of $5.74 per share for gross proceeds of approximately $22.4 million. The shares were placed with a single institutional investor. Cowen and Company, LLC is acting as the sole underwriter for the offering.
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Environmental Services COVANTA HOLDING CORPORATION ANNOUNCES CLOSING OF SENIOR NOTES DUE 2024 http://www.marketwatch.com/story/covanta-holding-corporation-announces-closing-of-senior-notes-due2024-2014-03-06?reflink=MW_news_stmp Co. announced the closing of its previously announced underwritten registered public offering of $400 million aggregate principal amount of 5.875% senior notes due 2024. The Company intends to use the net proceeds of the Note Offering for general corporate purposes, including to repay at maturity its 3.25% Cash Convertible Notes. Barclays, BofA Merrill Lynch, Citigroup, J.P. Morgan, Morgan Stanley and RBS acted as joint bookrunning managers in the Note Offering.

Earnings News Solar JINKOSOLAR HOLDING BEATS BY $0.35, BEATS ON REVENUE; GUIDES Q1/FY14 PRODUCTION http://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2013-financialresults-248169831.html Co. reported 4Q earnings of $1.28 per share, excluding non-recurring items, vs. consensus $0.93. Revenue increased 87.5% y/y to $361 million vs. consensus $346.8 million. The sequential increase in revenues was primarily attributable to the overall increase in shipments of solar modules. The year-over-year increase in total revenues was mainly a result of the increase in the shipments of solar modules, improving solar module's average selling prices and the electricity revenues generated from solar projects. Gross margin was 24.7% in the fourth quarter of 2013, compared with 22.3% in the third quarter of 2013 and 3.8% in the fourth quarter of 2012. The sequential increase in gross margins was primarily attributable to improvements in operating efficiency and continued cost reductions. The year-overyear increase in gross margin was mainly due to improvements in operating efficiency and continued cost reductions for the Company's polysilicon and auxiliary materials, improved ASPs, and the higher gross margin from the electricity revenues. In-house gross margin relating to the Company's in-house silicon wafer, solar cell, and solar module production was 24.3% in the fourth quarter of 2013, compared with 20.6% in the third quarter of 2013 and 5.6% in the fourth quarter of 2012. Guidance: For Q1, total solar module shipments are expected to be between 440 MW and 470 MW. For the full year 2014, total solar module shipments are expected to be in the range of 2.3 GW to 2.5 GW, with total project development scale expected to be above 400 MW.
TRINA SOLAR BEATS BY $0.09, MISSES ON REVS; SEES Q1 SHIPMENTS -11% QOQ, MID TEENS GROSS MARGIN; SEES FY14 SHIPMENTS UP ~43% http://www.prnewswire.com/news-releases/trina-solar-announces-fourth-quarter-and-fiscal-year-2013-results248344721.html Co. reported 4Q earnings of $0.13 per share, vs. consensus $0.04. Revenues increased 73.6% year/year to $525.6 million vs. consensus $543.54 million. Total shipments were 770.1 MW, compared to 774.6 MW in the third quarter of 2013 and 414.5 MW in the fourth quarter of 2012. The sequential decrease in revenues was primarily due to lower than expected contribution of system sales, and other sales during the fourth quarter. The year-over-year increase in revenues was driven largely by rising shipment volumes on growing demand from key geographical regions, particularly China and Japan. Gross margin was 15.1% in the fourth quarter of 2013, compared to 15.2% in the third quarter of 2013 and 1.9% in the fourth quarter of 2012. The sequential decrease was primarily due to the disposal and impairment loss of $9.3 million on our downstream projects in the U.S. The year-over-year increase in gross margin was primarily due to the decrease in costs per watt exceeding the decrease in the ASP of modules year-over-year. Gross margin excluding the impact of project loss was 16.8%. Guidance o In 1Q14 the Company expects to ship between 670 MW to 700 MW of PV modules, of which 20 MW to 30 MW of PV modules will be shipped to its downstream PV projects. o The co believes its blended gross margin for the first quarter of 2014, taking into account of the contribution from its downstream PV projects, will be in the mid-teens in percentage The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 20

terms. Such guidance is based on the exchange rate between the Euro and the U.S. dollar as of March 4, 2014. For the full year of 2014, the co expects its total PV module shipments between 3.6 GW and 3.8 GW, of which 400 MW to 500 MW of PV modules will be shipped to its own downstream projects. This would represent an increase of 39.5% to 47.3% respectively, from 2013. For the full year 2014, the Company expects to complete construction of its downstream PV projects between 400 MW and 500 MW.

CANADIAN SOLAR MISSES BY $0.13, MISSES ON REVENUE; GUIDES Q1 REVENUE BELOW CONSENSUS; GUIDES FY14 REVENUE IN-LINE http://www.marketwatch.com/story/canadian-solar-reports-fourth-quarter-and-full-year-2013-results-2014-0305?reflink=MW_news_stmp Co. reported 4Q earnings of $0.39 per share, vs. consensus $0.52. Revenues increased 76.2% y/y to $519.5 million vs. consensus $525.4 million. Co. preannounced Q4 results on Feb 11, 'profitable' GAAP Q4, revenue $510-520 mln, shipments 605620 MW. Total solar module shipments in 4Q13 were 621 MW, compared to 478 MW in 3Q13 and 404 MW in 4Q12. Solar module shipments in 4Q13 included 41 MW used in the Company's total solutions business, compared to 60 MW in 3Q13 and 16 MW in 4Q12. The y/y increase in gross profit was primarily due to the increase in revenue contribution from the Company's higher margin total solutions business, as well as higher module shipments and lower module manufacturing cost, which was partially off-set by a slight decline in module ASP. Gross margin in 4Q was 19.5%, compared to 20.4% in 3Q and 5.0% a year ago. Guidance for 1Q o Co issued downside guidance for Q1 with revenue of $415-430 million vs. consensus $545.80 million. The co expects Q1 module shipments to be in the range of ~470 MW to 490 MW. Gross margin is expected to be between 14% and 16%. o Management continues to see strong demand for the Company's products in 1Q, as the seasonality in Chinese market was more than compensated by the increase in demand from Japan and the U.S. However, longer shipping time to these markets will push some revenue to 2Q. o In addition, the production output from the Company's module factories in China was low during the CNY holiday period. o The Company's revenue and gross margin in 1Q are expected to be adversely affected by the severe winter conditions in North America, which delayed construction and recognition of ~$100.0 million in revenue from some of its utility-scale projects in Canada. The Company expects to recognize this revenue in the second and third quarter of 2014. o The expected gross margin in 1Q is adversely impacted by ~ 100bps due to the recently reported fire incident at the Company's cell plant in Suzhou. The Company expects to fully recover its losses from its property and business interruption insurance in later quarters. Guidance for 2014 o Co. issued in-line guidance for FY14 with revenue of $2.7-2.9 billion vs. consensus $2.77 billion. o For the full year 2014, the Company expects annual module shipments to be in the range of 2.5 GW to 2.7 GW, including 400 MW to 500 MW of project recognition. In addition, the Company expects to build and hold up to 250MW of project assets during 2014. o The Company expects that its net revenue for 2014 will be in the range of ~$2.7 billion to $2.9 billion, with ~50% of revenue being derived from its total solutions business. The Company's Canadian and U.S. project revenue recognition is expected to be back-end loaded in 2014 due to permitting and construction schedule as well as US GAAP accounting rules which, for most Canadian projects, only allow revenue recognition after commercial operation date (COD) and the transfer of ownership to end customers. YINGLI GREEN ENERGY PRELIMINARY ESTIMATES OF CERTAIN FINANCIAL RESULTS FOR Q4; SEES SHIPMENTS AHEAD OF GUIDANCE http://online.wsj.com/article/PR-CO-20140304-903975.html The co estimates its PV module shipment in the fourth quarter of 2013 increased by 11% to 12% from the third quarter of 2013, which is better than its previous guidance of a mid-to-high single digit The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 21

percent increase. The Company also reiterates its PV modules shipment guidance of 3.2GW to 3.3GW for fiscal year 2013. Additionally, the Company estimates its overall gross margin in the fourth quarter of 2013 to be in the range of 12% to 13%, compared with its previous guidance of 14% to 16%, primarily due to the yearend tax adjustment as a result of the implementation of the revised VAT exemption, offset, and refund policy, together with the disposal of low efficiency PV cell inventory. Excluding the year-end tax adjustment and disposal of PV cell inventory, gross margin for sale of PV modules is expected to be in the range of 14% to 15% in the fourth quarter of 2013.

ASCENT SOLAR REPORTS FOURTH QUARTER AND FY2013 RESULTS http://investors.ascentsolar.com/releasedetail.cfm?ReleaseID=831129 Total revenue for the fourth quarter of 2013 was $580K, up 112% from the previous quarter. Specifically, EnerPlex branded consumer product revenue was $490K in the fourth quarter, up from $237K in the prior quarter, a 107% increase. Net operating loss was $7.3M compared to a net operating loss of $6.4M in the previous quarter and a net operating loss of $10.3M in the fourth quarter of 2012. The increase in the sequential net operating loss was primarily due to an increase in Sales and Marketing expenses of $0.5M as we continue to expand our sales channels.

Clean Transportation QUANTUM TECHNOLOGIES REPORTS 2013 FOURTH QUARTER FINANCIAL RESULTS http://www.marketwatch.com/story/quantum-technologies-reports-2013-fourth-quarter-financial-results2014-03-06?reflink=MW_news_stmp Quantum Fuel reports Q4 EPS from cont ops of ($0.33) vs consensus ($0.08). Revenue increased 126.4% y/y to $12.72 million vs. consensus $10.7 million
HYDROGENICS REPORTS FOURTH QUARTER AND FULL YEAR 2013 RESULTS http://online.wsj.com/article/PR-CO-20140307-904950.html Hydrogenics reported 4Q EPS ($0.34) vs consensus ($0.08). Revenue increased +12% y/y to $11.0 million vs consensus $10.78 million Gross profit improved 11.1 percentage points to $2.7 million, or 24.6% of revenue for the quarter.

Alternative Energy Conversion- Other BALLARD POWER BEATS BY $0.01; MISSES ON REVS; GUIDES FY14 REVS IN-LINE http://www.prnewswire.com/news-releases/ballard-reports-q4-full-year-2013-results--2014-outlook247175061.html?utm_source=rss&utm_medium=rss&utm_campaign=ballard-reports-q4-full-year-2013-results2014-outlook Co. reported 4Q net loss of $0.02 per share vs. consensus ($0.03). Revenue increased 5% y/y to $17.3 million vs. consensus $18.0 million. Co. sees revenue growth of ~30% y/y to ~$79.7 million vs. consensus $80.1 million. Co. sees adjusted EBITDA at approximately break-even. Emissions Control CECO ENVIRON. BEATS BY $0.03, REPORTS REVENUE IN-LINE http://www.cecoenviro.com/uploads/CECO%20Earnings%20Release%20Q4%202013.pdf Co. reported 4Q earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of vs. consensus $0.23. Revenue increased 100.3% y/y to $68.7 million vs consensus $69.02 million. Bookings were $66.8 million in the fourth quarter of 2013, compared with $26.3 million in the fourth quarter of 2012, an increase of 154%. Total backlog at December 31, 2013 was $98.5 million as compared with $100.4 million on September 30, 2013, and $59.5 million on December 31, 2012. Acquisitions contributed ~$37.1 million to the backlog on a year-over-year basis. Commentary: "Overall business conditions in our sector in the fourth quarter improved modestly from the prior quarter. We expect things will continue to improve throughout 2014 and that the pollution
The Blueshirt Group - Energy & Environmental Technologies Practice The Weekly Watch 22

control market will outpace overall GDP. Our 'One-CECO' sales initiative is beginning to pay dividends and we continue to build out our business platform in China.

Water Value Chain ENERGY RECOVERY BEATS BY $0.05, BEATS ON REVENUE http://globenewswire.com/news-release/2014/03/05/616001/10071384/en/Energy-Recovery-Reports-RecordFinancial-Results-for-Revenue-and-Net-Income-in-the-Fourth-Quarter-of-2013.html Co. reported 4Q earnings of $0.13 per share, vs. consensus $0.08. Revenue increased 54.1% y/y to $23.2 million, reflecting the strongest revenue quarter in the co's history, vs the $19.8 million consensus. Gross margin was 63% in Q4 vs 43% a year ago, co notes this is its third consecutive quarter at or above 60%.

Environmental Services CASELLA WASTE MISSES BY $0.14, REPORTS REVENUE IN-LINE; REAFFIRMS FY14 REVENUE GUIDANCE http://online.wsj.com/article/PR-CO-20140305-912664.html Co. reports F3Q loss of $0.27 per share, vs. consensus ($0.13). Revenue increased 5.1% y/y to $117.85 mln vs. consensus $116.83 million. Co reaffirms guidance for FY14, with FY14 revenue of $480-490 million vs. consensus $487.77 million. Co also announced that it has been awarded a $7.0 million grant from the State of Pennsylvania to construct a rail siding and transfer station at its McKean County, Pa. landfill. Industrial MCDERMOTT REPORTS Q4 (DEC) RESULTS, MISSES ON REVENUE; WITHDRAWS PRIOR GUIDANCE http://www.businesswire.com/news/home/20140303006534/en/McDermott-Reports-Fourth-Quarter-Full-Year2013 Co. reported 4Q loss of $1.37 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.17; revenues fell 48.1% year/year to $517 million vs the $824.66 million consensus. As of December 31, 2013, the Company's backlog was approximately $4.8 billion, compared to $4.6 billion at September 30, 2013. Of the December 31, 2013 backlog, approximately 59% related to offshore operations and approximately 41% related to subsea operations. Bookings during the fourth quarter totaled $737 million and included EPCI work in the Middle East, a transportation and installation contract in Brunei and a charter of the North Ocean 102 vessel in Brazil. At the end of the fourth quarter, the Company had $3.6 billion in bids and change orders outstanding. The Company is targeting to bid over $16 billion in new projects over the next five quarters. In total, the Company's revenue pipeline was $24 billion as of December 31, 2013. The Company is withdrawing prior financial guidance, and suspending guidance for the foreseeable future, while the Company is implementing its organizational changes and closing out legacy projects.
FEDERAL SIGNAL BEATS BY $0.09, MISSES ON REVS; GUIDES FY14 EPS ABOVE CONSENSUS http://www.marketwatch.com/story/census-bureau-reports-471000-workers-commute-into-los-angelescounty-calif-each-day-2013-03-05?reflink=MW_news_stmp Co. reported 4Q earnings of $0.34 per share, excluding non-recurring items, vs. consensus $0.25. Revenue increased 0.9% y/y to $219.6 million vs. consensus $224.51 million. Environmental Solutions Group sales were up $14.7 million, or 14%, on improved sales of sewer cleaners, waterblasters and street sweepers. Safety and Security Systems Group sales were down $1.1 million, or 2%, while Fire Rescue Group sales were down $11.7 million, or 26%, compared to the prior year fourth quarter, which included strong sales to the Asian market. The co reported orders of $237.8 million, up 14% compared to the year-ago quarter. Co issued upside guidance for FY14 with EPS of at least $0.79 vs. consensus $0.79.

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Upcoming Earnings Announcements

Date 3/10 3/11 3/11 3/11 3/11 3/11 3/12 3/13 3/13 3/13 3/14 3/14 3/17 3/18 3/18 3/20 3/24 3/25 Company Nuverra Environmental Solutions (NES) Fuel Tech (FTEK) Park-Ohio Holdings Corp. (PKOH) FuelCell Energy (FCEL) Hill International (HIL) NN, Inc. (NNBR) Dresser-Rand Group, Inc. (DRC) Plug Power (PLUG) Hanwha SolarOne (HSOL) Advanced Emissions Solutions (ADES) Fuel Systems Solutions (FSYS) Ocean Power Technologies (OPTT) JA Solar (JASO) Acorn Energy (ACFN) Global Power Equipment Group (GLPW) Clarcor (CLC) ReneSola (SOL) HD Supply Holdings (HDS) Time 4:30 pm ET 9:00 am ET 10:00 am ET 10:00 am ET 11:00 am ET 11:00 am ET 9:00 am ET 10:00 am ET 5:00 am ET 5:00 pm ET 11:00 am ET 10:00 am ET 8:00 am ET 11:00 am ET 8:30 am ET 11:00 am ET 8:00 am ET 8:00 am ET Conference Call Details Dial-in: (877) 941-4776; Passcode: 4664378 Dial-in: (877) 280-4962; Passcode: FUEL TECH Dial-in: TBA Dial-in: (877) 303-7005; Passcode: FuelCell Energy Dial-in: (877) 423-9820 Dial-in: TBA Dial-in: (877) 868-1831 Dial-in: (877) 407-8291 Dial-in: (866) 519-4004; Passcode: HSOL Dial-in: (877) 709-8150 Dial-in: (877) 359-9508; Passcode: 4440951 Dial-in: (877) 703-6105; Passcode: 83002254 Dial-in: (845) 675-0437; Passcode: JA Solar Dial-in: (866) 652-5200 Dial-in: (201) 493-6780 Dial-in: (877) 870-5176; Passcode: 8826911 Dial-in: (845) 675-0437; Passcode: ReneSola Dial-in: TBA

Conference Calendar

Date March 9-12 March 11 March 11-12 March 12 May 13-14 May 22

Title of Conference 26th Annual ROTH Conference Credit Suisse 16th Annual Global Services Conference Piper Jaffray Technology, Media and Telecommunications Conference Northland Capital Markets 2014 Growth Conference Credit Suisse Industrials & Environmental Services Conference Houlihan Lokey 9th Annual Global Industrials Conference

Location Dana Point, CA Scottsdale, AZ New York, NY New York, NY Boston, MA New York, NY

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Figure 22: Top 5 Performers for the Week Ending 3/7/2014

Source: Thomson Reuters, The Blueshirt Group

Figure 23: Bottom 5 Performers for the Week Ending 3/7/2014

Source: Thomson Reuters, The Blueshirt Group

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Figure 24: Energy Conversion Tech Value Chain Comparables

P/E FY14 P/E FY13 FY14 EV / Rev EV / Rev FY13 Shares Market Enterprise FY13 FY14 EPS FY13 FY14 EPS Company Ticker Price Out (MM) Cap ($M) Value ($M) Revenue Revenue Sector: Energy Conversion Tech Value Chain $600 $289.6 N.M. 19.8x 582.1 $547.3 2.1x 1.1x ($0.26) $2.72 10.8 ADES $53.84 Advanced N/A $110 N/A N.A. N.A. ($0.10) ($0.06) N.M. N.M. 49.2 98.4 ADGE $1.99 American Dg $553.5 $1,125 $568.8 2.0x 2.0x $0.83 $0.94 24.8x 21.8x 53.7 1106.8 $20.60 Calgon Carbon CCC $2.58 35.9x 27.7x 2.2x $1.99 2.5x $10,237 $4,140.0 $4,639.3 123.5 8834.4 Colfax CFX $71.53 $1.01 19.3x 18.2x $198.5 $285.0 2.8x 1.9x $0.96 $550 $18.46 25.6 472.2 Ceco Environment CECE $2.71 23.4x 21.6x 2.4x 1.9x $2.49 $2,700 $1,138.2 $1,431.6 $58.36 50.4 2942.1 Clarcor CLC $138.2 4.3x 4.0x ($0.07) ($0.05) N.M. N.M. $128.5 $1.82 310.1 564.4 $547 Capstone Turbine CPST 2.5x 2.4x $1.62 $1.79 26.6x 24.0x $6,064 $2,427.8 $2,489.2 DCI $42.96 145.3 6242.1 Donaldson Co 3.8x ($0.18) ($0.12) N.M. N.M. 4.4x $177.3 $201.2 $2.99 236.5 738.7 $772 FCEL Fuelcell Energy 1.2x 1.1x $0.27 $0.22 25.5x 31.6x $113.4 $116.4 22.4 157.3 $132 FTEK $6.89 Fuel Tech $1.08 35.3x 33.5x 2.8x $1.02 $105.5 2.9x $36.05 10.1 363.1 $299 $103.9 GHM Graham $1.04 33.6x 18.8x 0.7x 0.6x $0.58 $552.4 17.0 333.6 $341 $479.6 Global Pwr Equip GLPW $19.59 $3.76 14.3x 15.7x 3.5x 3.3x $4.12 4058.0 $5,105 $1,470.7 $1,568.3 68.8 Generac Hldg GNRC $59.00 $3.27 29.9x 27.1x 2.2x 2.0x $2.96 2693.3 $2,677 $1,195.7 $1,320.9 30.4 Chart Industries GTLS $88.59 N/A N.A. N.A N.A. N/A N.A. 56.5 $53 N/A N/A Lightbridge LTBR $3.57 15.1 1.4x 1.2x $0.66 $0.91 35.0x 25.4x $530.2 $604.2 $23.17 28.4 657.6 $738 MG Mistras Group 5.8x ($0.12) ($0.08) N.M. N.M. $13.7 $18.8 7.9x 113.7 $109 Alter Nrg NRG-T $1.01 112.6 $138.9 0.8x 0.8x $0.07 ($0.10) N.M. N.M. 142.8 $110 $134.4 $6.77 21.1 Pmfg PMFG 2.7x $0.89 $1.37 90.3x 59.0x 853.2 $237.5 $321.5 3.6x PSIX $80.78 10.6 $857 Power Solu Int N/A N.M. N.A N/A 125.6x N.A. ($0.33) 112.8 $103 $0.8 $1.75 63.7 Synthesis Energy SYMX 3.0x $0.97 $1.25 25.8x 20.1x 797.8 $855 $287.3 $283.2 3.0x Thermon Grp THR $25.06 31.8 $1.71 28.7x 26.2x 1.4x 1.3x $1.56 $970 $711.9 $769.7 Team TISI $44.75 20.3 909.6 Average 8.9x 2.3x 32.0x 26.0x

Source: Thomson Reuters, The Blueshirt Group

Figure 25: Solar Technology 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: Solar Technology Advncd Energy AEIS $27.40 41.0 1124.0 $988 $545.2 $619.8 1.8x 1.6x $0.43 $1.91 63.7x 14.4x Ascent Solar ASTI $0.74 60.5 44.8 $47 $1.2 $12.0 39.4x 3.9x ($0.49) ($0.27) N.M. N.M. Amtech Systems ASYS $13.51 9.6 124.4 $99 $38.1 $56.9 2.6x 1.7x ($2.32) ($0.41) N.M. N.M. Canadian Solar CSIQ $39.09 53.8 2103.5 $2,856 $1,639.8 $3,020.1 1.7x 0.9x $0.62 $3.81 63.0x 10.3x China Sunergy CSUN $6.27 14.8 84.0 $652 $277.3 $420.0 2.3x 1.6x ($4.31) ($1.49) N.M. N.M. Enphase Energy ENPH $8.44 42.2 356.5 $327 $230.4 $281.8 1.4x 1.2x ($0.45) ($0.09) N.M. N.M. First Solar FSLR $58.24 99.5 5795.6 $4,255 $3,514.0 $3,728.9 1.2x 1.1x $4.41 $3.28 13.2x 17.8x Ja Solar JASO $10.58 43.3 438.6 $4,834 $1,124.2 $1,317.4 4.3x 3.7x ($1.28) $0.14 N.M. 78.4x Jinkosolar JKS $36.62 30.8 1126.5 $9,788 $1,146.1 $1,553.0 8.5x 6.3x $0.30 $3.56 N.M. 10.3x Hanwha Solarone HSOL $3.45 84.9 292.8 $6,110 $663.9 $885.8 9.2x 6.9x ($2.48) ($0.97) N.M. N.M. Ldk LDK $1.01 169.5 171.2 $2,944 $517.0 $748.0 5.7x 3.9x ($3.35) ($1.79) N.M. N.M. Real Goods Solar RSOL $4.25 38.5 163.6 $159 $104.9 $132.5 1.5x 1.2x ($0.36) ($0.14) N.M. N.M. Renesola SOL $4.18 86.8 489.0 $1,273 $1,462.2 $1,577.6 0.9x 0.8x ($0.79) ($0.13) N.M. N.M. Sunpower SPWR $35.42 121.6 4305.8 $4,599 $2,547.0 $2,555.8 1.8x 1.8x $1.40 $1.19 25.3x 29.7x Solarcity SCTY $80.07 91.0 7287.1 $7,626 $162.1 $257.8 47.0x 29.6x ($1.79) ($1.72) N.M. N.M. Sunedisn SUNE $21.09 266.6 5622.7 $8,197 $2,660.3 $3,033.6 3.1x 2.7x ($0.10) ($0.06) N.M. N.M. Trina Solar TSL $18.19 78.9 1435.6 $2,089 $1,785.5 $2,459.6 1.2x 0.8x ($1.19) $0.72 N.M. 25.2x Veeco VECO $40.37 39.8 1608.6 $1,118 $328.2 $423.9 3.4x 2.6x ($0.64) ($0.11) N.M. N.M. Yingli Green YGE $6.78 156.6 1061.6 $21,093 $2,235.3 $2,597.0 9.4x 8.1x ($1.37) ($0.31) N.M. N.M. WCH-XE $103.65 52.2 5169.4 $6,216 $4,475.3 $4,837.3 1.4x 1.3x $0.21 $2.49 N.M. 41.6x Wacker Chemie Average 7.4x 4.1x 41.3x 28.4x

Source: Thomson Reuters, The Blueshirt Group

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Figure 26: Clean Transportation Comparables

Company Ticker Sector: Clean Transportation Advanced Battery ABAT 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 $0.88 $28.75 $6.02 $3.83 $3.23 $9.23 $1.82 $1.04 $73.27 $0.02 $13.01 $88.59 $29.67 $34.25 $14.58 $35.17 $80.78 $9.40 $26.80 $3.90 $2.09 $17.27 $0.66 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 76.1 223.3 11.6 12.6 9.3 89.9 310.1 71.0 47.2 25.6 20.1 30.4 9.0 161.9 29.6 45.0 10.6 21.7 25.9 17.5 40.4 62.8 53.5 67.0 63.6 75.0 46.2 30.0 829.4 564.4 73.8 3455.6 0.6 261.4 2693.3 267.6 55.4 431.4 1582.0 853.2 204.0 692.9 71.1 88.5 1191.8 35.3 -$7 $57 $78 $191 $37 $1,047 $547 $71 $3,571 $3 $188 $2,677 $257 $52 $403 $2,071 $857 $210 $806 $52 $78 $1,085 $34 N/A $81.7 $115.2 N/A $54.6 $361.4 $128.5 $4.5 $2,285.7 $53.9 $403.7 $1,195.7 $42.2 $1.0 $191.1 $632.9 $237.5 $29.9 $625.9 $105.1 $7.4 $161.9 $0.0 FY14 EV / Rev EV / Rev Revenue FY13 FY14 N/A N/A N/A N/A $58.1 $405.0 $138.2 $15.0 $2,464.5 $50.0 $388.2 $1,320.9 $53.7 $7.0 $174.5 $684.7 $321.5 $56.1 $670.3 N/A $12.5 $187.0 $0.0 Average N.A. 0.7x 0.7x N.A. 0.7x 2.9x 4.3x 15.8x 1.6x 0.0x 0.5x 2.2x 6.1x 51.7x 2.1x 3.3x 3.6x 7.0x 1.3x 0.5x 10.5x 6.7x N.A. 5.8x N.A. N.A. N.A. N.A. 0.6x 2.6x 4.0x 4.7x 1.4x 0.1x 0.5x 2.0x 4.8x 7.4x 2.3x 3.0x 2.7x 3.7x 1.2x N.A. 6.2x 5.8x N.A. 3.1x FY13 EPS N/A $13.31 $0.72 N/A ($0.66) ($0.38) ($0.07) ($0.06) $3.52 ($0.36) $0.18 $2.96 ($0.84) ($4.70) $0.28 $1.03 $0.89 ($1.04) $1.37 $0.03 ($0.26) ($2.18) ($0.04) FY14 EPS N/A N/A N/A N/A ($0.34) ($0.77) ($0.05) $0.01 $3.87 ($0.43) $0.23 $3.27 ($0.18) ($1.70) $0.08 $1.43 $1.37 ($0.07) $1.58 $0.16 ($0.14) ($1.42) ($0.02) P/E P/E FY13 FY14 N.A. 2.2x 8.4x N.A. N.M. N.M. N.M. N.M. 20.8x N.M. 72.7x 29.9x N.M. N.M. 52.1x 34.1x 90.3x N.M. 19.6x N.M. N.M. N.M. N.M. 36.7x N.A N.A N.A N.A N.M. N.M. N.M. N.M. 18.9x N.M. 56.3x 27.1x N.M. N.M. N.M. 24.6x 59.0x N.M. 16.9x 24.4x N.M. N.M. N.M. 32.5x

Source: Thomson Reuters, The Blueshirt Group

Figure 27: 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 $3.37 19.4 66.6 $59 $60.3 $67.6 1.0x 0.9x ($0.37) ($0.34) N.M. N.M. Lightbridge LTBR $3.57 15.1 56.5 $53 N/A N/A N.A. N.A. N/A N/A N.A. N.A Opt OPTT $4.34 12.2 52.8 $36 $4.2 $2.8 8.6x 13.2x ($1.45) ($1.29) N.M. N.M. Ballard Power BLDP $5.08 109.4 555.5 $548 $62.1 $80.2 8.8x 6.8x ($0.22) ($0.08) N.M. N.M. Fuelcell Energy FCEL $2.99 236.5 738.7 $772 $177.3 $201.2 4.4x 3.8x ($0.18) ($0.12) N.M. N.M. Plug Power PLUG $6.36 117.0 744.3 $737 $26.1 $63.7 28.3x 11.6x ($0.48) ($0.11) N.M. N.M. Average 10.2x 7.3x N.A. N.A

Source: Thomson Reuters, The Blueshirt Group

Figure 28: 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 $53.84 $20.60 $18.46 $58.36 $10.51 $42.96 $6.89 $6.77 Shares Market Enterprise FY13 Out (MM) Cap ($M) Value ($M) Revenue 10.8 53.7 25.6 50.4 8.8 145.3 22.4 21.1 582.1 1106.8 472.2 2942.1 89.9 6242.1 157.3 142.8 $600 $1,125 $550 $2,700 $89 $6,064 $132 $110 $289.6 $553.5 $198.5 $1,138.2 N/A $2,427.8 $113.4 $134.4 EV / Rev EV / Rev FY14 Revenue FY13 FY14 $547.3 $568.8 $285.0 $1,431.6 N/A $2,489.2 $116.4 $138.9 Average 2.1x 2.0x 2.8x 2.4x N.A. 2.5x 1.2x 0.8x 2.0x FY13 EPS FY14 EPS P/E P/E FY13 FY14 19.8x 21.8x 18.2x 21.6x N.A 24.0x 31.6x N.M. 22.8x

1.1x ($0.26) $2.72 N.M. 2.0x $0.83 $0.94 24.8x 1.9x $0.96 $1.01 19.3x 1.9x $2.49 $2.71 23.4x N.A. N/A N/A N.A. 2.4x $1.62 $1.79 26.6x 1.1x $0.27 $0.22 25.5x 0.8x $0.07 ($0.10) N.M. 1.6x 23.9x

Source: Thomson Reuters, The Blueshirt Group

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Figure 29: Water Value Chain Comparables

Company Ticker Sector: Water Value Chain AGCO Agco AEGN Aegion A O Smith AOS BMI Badger Meter CCC Calgon Carbon CIR Circor Intl ESPH Ecosphere Tech Energy Recovery ERII FELE Franklin Elec GRC Gorman-rupp GRH Greenhunter IEX Idex 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 $53.54 $24.46 $48.66 $54.33 $20.60 $75.99 $0.26 $6.49 $43.54 $32.04 $1.02 $75.31 $35.15 $18.40 $85.21 $9.88 $25.75 $30.27 $16.21 $1.44 $59.25 $38.30 FY13 Shares Market Enterprise Out (MM) Cap ($M) Value ($M) Revenue 93.7 38.0 91.2 14.4 53.7 17.6 163.6 51.1 47.7 26.3 33.8 80.9 39.2 19.9 12.9 159.2 22.7 103.3 26.0 8.5 35.2 184.7 5016.1 928.8 4440.2 782.7 1106.8 1338.3 43.4 331.7 2076.3 841.1 35.1 6088.9 1376.5 365.9 1101.1 1572.8 585.7 3125.8 421.4 12.2 2087.0 7073.3 FY14 EV / Rev EV / Rev Revenue FY13 FY14 0.5x 1.1x 1.9x 2.5x 2.0x 1.5x N.A. 7.4x 2.2x 2.1x 2.3x 3.2x 0.8x 0.4x 1.4x 1.8x 2.0x 2.4x 1.5x 0.3x 1.4x 2.1x 1.9x 0.5x 0.9x 1.7x 2.4x 2.0x 1.5x N.A. 6.3x 2.1x 1.9x 1.6x 3.0x 0.9x 0.5x 1.5x 1.7x 1.5x 2.3x 1.4x N.A. 1.4x 2.0x 1.8x FY13 EPS FY14 EPS P/E P/E FY13 FY14

$5,254 $10,784.9 $10,441.4 $1,177 $1,099.9 $1,343.8 $4,146 $2,159.7 $2,372.0 $359.2 $845 $334.0 $568.8 $1,125 $553.5 $889.2 $1,302 $868.5 N/A N/A $46 $49.3 $310 $41.7 $954.4 $1,036.4 $2,139 $425.3 $819 $395.3 $38.5 $55.1 $87 $6,423 $2,024.0 $2,134.4 $1,648 $1,952.1 $1,884.1 $457 $1,096.5 $885.5 $949 $698.1 $652.9 $2,067 $1,127.1 $1,209.7 $675 $343.0 $461.0 $4,911 $2,009.7 $2,097.9 $684.8 $947 $639.7 N/A $32 $116.8 $2,127 $1,476.4 $1,544.9 $7,781 $3,790.5 $3,959.6 Average

9.0x 9.7x $5.95 $5.53 $1.29 $1.60 19.0x 15.3x $2.05 $2.31 23.7x 21.1x $2.21 32.0x 24.5x $1.70 $0.83 $0.94 24.8x 21.8x $3.19 $3.74 23.8x 20.3x N.A N/A N.A. N/A ($0.11) $0.03 N.M. N.M. $1.72 $1.95 25.4x 22.4x $1.24 $1.44 25.9x 22.3x ($0.35) ($0.13) N.M. N.M. $3.06 $3.40 24.6x 22.1x $2.29 $1.56 15.4x 22.6x $1.09 ($3.39) 16.9x N.M. $5.56 $4.29 15.3x 19.9x $0.17 $0.33 56.5x 29.7x ($1.45) $0.24 N.M. N.M. $0.97 $1.36 31.4x 22.3x ($9.41) ($0.76) N.M. N.M. $1.39 N/A 1.0x N.A $2.26 $2.84 26.2x 20.9x $1.96 23.5x 19.6x $1.63 23.2x 21.0x

Source: Thomson Reuters, The Blueshirt Group

Figure 30: Environmental Services Comparables

P/E P/E FY14 FY14 EV / Rev EV / Rev FY13 FY13 Shares Market Enterprise EPS FY13 FY14 EPS FY13 FY14 Out (MM) Cap ($M) Value ($M) Revenue Revenue Ticker Price Company Sector: Environmental Services 3.2x 2.4x ($1.55) ($0.49) N.M. N.M. $29.7 $71 $22.0 22.1 77.3 $3.49 Acorn Energy ACFN $1.10 23.5x 22.8x 2.2x 2.2x $1.07 3236.4 $4,405 $2,024.6 $2,021.4 115.2 BIN $25.09 Progressive Wst $1.77 25.4x 28.6x 1.2x 1.2x $2.00 $4,229 $3,525.7 $3,547.8 60.7 3085.4 $50.81 Clean Harbors CLH $0.40 46.9x 45.1x 2.8x $0.38 2.8x 2326.4 $4,535 $1,638.0 $1,598.0 $17.84 130.4 CVA Covanta Hldng 1.5x 1.5x ($0.74) ($0.32) N.M. N.M. $471.0 $489.1 $726 40.0 217.6 $5.44 Casella Waste CWST $1.57 21.6x 24.0x 3.6x $1.75 $207.5 3.7x $739 $199.1 812.8 $37.73 21.5 Us Ecology ECOL $0.71 71.4x 26.2x 1.0x $0.26 1.2x $284.1 $331.2 $344 18.4 344.9 HCCI $18.70 Heritage-crystal 1.4x ($9.41) ($0.76) N.M. N.M. $684.8 1.5x $947 $639.7 421.4 $16.21 26.0 NES Nuverra Enrntml N.M. N.M. 0.8x ($0.08) $0.03 $72.0 0.6x 41.5 $58 $105.3 $3.61 11.4 Perma Fix PESI $5.51 31.8x 21.8x 1.1x 1.2x $3.77 $681.4 $634.6 477.2 $771 SKS-LN $120.00 397.7 Shanks Group 4.8x 4.7x $87.54 $84.67 21.2x 21.9x 238.9 4432.3 $8,792 $1,828.0 $1,874.8 SVT-LN $1,855.00 Severn Trent N.M. 51.8x 0.6x 0.6x ($0.05) $0.38 548.9 7681.5 $19,283 $31,042.1 $31,954.6 VE $19.43 Veolia Environ 0.6x $0.25 $0.30 15.6x 13.2x $156.8 0.6x 81.4 $92 $145.3 $3.89 21.2 Vertex Energy VTNR $1.99 24.8x 22.1x 3.9x 3.7x $1.78 $7,577 $1,928.2 $2,047.1 123.6 5444.6 Waste Connection WCN $44.05 2.0x 31.3x 27.7x Average 2.1x

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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