1. “Economic Environmentalism”
Greystone DeSalle
Business Development | Management Consulting
VINCENT F. MIDDLETON, MBA, PE, LEED AP
Managing Partner
404.355.9996 Office | 678.428.9222 Mobile
vince.middleton@greystonedesalle.com| skype:vincent.f.middleton
www.greystonedesalle.com

2. “Economic Environmentalism”
Greystone DeSalle
Business Development | Management Consulting
Services
 Acquisition Analysis and Due Diligence  Competitive Analysis
 Senior Management Advice and Counsel  Market Opportunity Assessment
 Interim Management  Business Development
 Sales & Marketing Strategy Assessments  Market Research concerning:
 Evaluating the "Value Proposition“  Product Development
 Developing Strategic Partnerships  Acquisition or Investments
 Shared-Value Deal Structuring  Clients
 Top-Down Sales Strategy Development  Target Marketing
Energy, Environmental & Sustainable Development Experience
Greystone has undertaken numerous projects in the energy and utility sectors around the world.
Our experience extends across the entire energy value chain and builds on insights developed by
our senior team through our Energy & Environmental practice. This experience combined with
motivated client management teams has developed proprietary insights that unlock significant
value for our clients.
At the corporate level, our strategy work focuses on the most important sources of business value
based on a keen understanding of emerging technologies and the regulatory and competitive
environments. At the business-unit level, Greystone helps clients retain and grow their customer
bases, improve operating performance by increasing the effectiveness and efficiency of each of the
key elements of the value chain, deploy assets and IT investments for maximum return, and
instill a high-performance culture throughout the organization.
Clients include power and gas utilities; large multi-fuel, multi-utility conglomerates; water and
waste utilities; and diversified global energy leaders. Greystone Consulting Group’s Energy &
Environmental practice is active in the Americas, Europe and Asia.
We help all kinds of companies - from distressed businesses to market leaders - craft both
corporate and business unit strategy. Often, that starts with choosing arenas to compete in and
metrics that will determine success. Getting there takes sharp strategy tools. Alongside corporate
strategy tools, statements and strategic planning, we bring our long, strong experience working
with private equity firms to help companies focus resources on the right portfolio strategy and
build shareholder value.
Companies have responded with a variety of growth and defensive strategies: vertical
(dis)integration; separating production from refining, distribution and downstream marketing
activities; investments in alternative and renewable energy production; geographic expansion;
acquisitions in new markets; and deeper, more insightful customer segmentation. This turmoil is
painful, and the results of these efforts have been mixed. Companies that have been successful in
increasing revenue and profits have followed similar patterns, focusing on the development of core
businesses to their full potential and disciplined expansion into attractive adjacencies.

3. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
25 years experience in the Energy & Environmental Markets leading public and private
companies operating on six continents. Experience marketing OEM Products, Engineering,
Consulting and O&M Services to a broad range of markets including: Petrochemical, Oil &
Gas, Electric & Water Utilities, Aerospace, Transportation, Telecommunications, Public
Infrastructure, Commercial Development and Federal, State and local Governments.
Business Development experience includes leading Sales, Marketing, Strategic Planning &
M&A activities at $1.2 billion Air & Water Technologies (AMEX: AWT); $800 million Doosan
Babcock Energy Ltd; and Sempra Energy’s (NYSE: SRE) unregulated businesses.
Management experience includes serving as COO of the $260 million Research-Cottrell
Companies; President & CEO of Sempra's $70 million Process Systems Group; VP/GM of
$78 million Ecodyne Cooling Products; and COO of the ENR 300 Design Firm Cardno TBE.
Summary of Qualifications
Business Development At Enron Clean Energy Solutions; originated over $300mm in shared-value contracts
featuring PPA Agreements with embedded off take for fuels and environmental attributes.
At Research-Cottrell’s $78mm Ecodyne Division, developed and implemented marketing
plan that built Revenues 38% annually, and built U.S. Market Share to 50%.
Strategic Revenue Growth At $260mm Research-Cottrell Companies, built Revenues 16% annually; increased New
Orders 62%, and built Market Share from 10% to 17%, leading AWT to a successful IPO.
At ENR 300 Design Firm Cardno TBE, revamped marketing, proposal and PM systems, and
recruited new management team, setting the stage for 12 years of 20% compound growth.
Strategic Account Managed all Business Development activities, including Sales, Marketing and Strategic
Management Planning at two public companies:
• Air & Water Technologies (AMEX: AWT), and
• Sempra Energy subsidiary, Wahlco Environmental Systems (NYSE: WES).
Profit Oriented At $260mm Group, built Operating Income 25% annually for 5 years. ROS from 2% to 10%.
At $78mm Division, increased Operating Income 69% annually, ROS at 10%.
Partnerships, Alliances & Negotiated and managed numerous multinational joint ventures, partnerships and teaming
Teaming Agreements arrangements. Developed strong and sustainable market shares in the US, Europe, the ex-
Soviet States, the PRC and the Pacific Rim.
Mergers & Acquisitions M&A responsibility at two public companies; managed the acquisition of five corporate
groups, including six domestic and two European operating companies.
Industry Leadership
Bush Administration - Clean Air Served as industry representative on the EPA Clean Air Act Advisory Committee’s (CAAAC)
Act Advisory Committee subcommittee on Continuous Emissions Monitoring (CEM) convened to draft regulations
implementing the Clean Air Act Amendment of 1990.
Served on the Clinton Administration’s Environmental Export Council (EEC) as a member of
Clinton Administration
the business committee and liaison between the U.S. Government Laboratory System and
Environmental Export Council
the U.S. Environmental Business Community.
Institute of Clean Air Companies Served as a Director & Officer of the Institute of Clean Air Companies (ICAC), the trade
group representing the global Air Pollution Control (APC) Industry.

4. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
Energy, Environmental Sustainable Development Experience
Executive Director DOOSAN BABCOCK ENERGY LTD (DBEL)
Business Development $700mm Multinational Design/Build OEM, Engineering & Consulting Firm.
Negotiated a joint venture between Enron Clean Energy Solutions and Doosan Babcock
Energy Limited in late 2000 to develop new technology with the Tennessee Valley Authority.
DBEL later acquired 100% of CES from the Enron Estate.
Director CLEAN ENERGY SOLUTIONS, LLC (CES)
Clean Energy Solutions Enron North America (ENA) formed CES to acquire, develop and market environmental and
energy efficiency technology utilizing innovative value and deal-structuring concepts made
feasible by the emerging markets for electricity, fuels, emissions allowances, renewable
energy credits and other tradable attributes of the new “Environmental Spark Spread”.
Enron North America Managed CES’ business origination, technology acquisitions and M&A activities reporting to
Deal Origination the President and Chief Operating Officer of Enron North America – Enron’s wholesale
trading platform. At that time, ENA was the largest developer of energy projects and the
largest source of venture capital in the United States.
Emissions Management Service With Sargent & Lundy, developed the Emissions Management Service, an outsource
solution, targeted at large fossil-fired generators, bundling Enron’s expertise in risk
management; trading electricity, fuels, emissions allowance and environmental attributes;
and project financing to manage compliance cost and commercialize new technologies.
PPA Agreements with embedded Acquired proprietary technology and managed a multi-year development project in a
energy attribute off-take teaming arrangement with NOxTech, Inc., California; Doosan Babcock Energy Limited,
Glasgow and London; and the Tennessee Valley Authority, Tennessee and Alabama. This
complex sale was valued at $175 million over 20 years. The project was successful and a
Global Energy Awards - Finalist Finalist for Most Innovative Technology at the 2002 Global Energy Awards. See NOxStar
Technology at DBEL’s Innovation Section http://www.doosanbabcock.com/live/cme149.htm.
Negotiated 150 MW demonstration of NOxStar technology with Consumers Energy, with
client paying for full cost of demo plus $2.4 million bonus if successful. Also, negotiated
option to put 10-year Emission Management Service to client system (4,200 MW) upon
successful demonstration - contract value of $140 million and potential profit of $25 million.
Catalytic Combustors Managed Enron’s 15% investment in Catalytica Energy Systems. Catalytica was developing
proprietary catalytic combustors for combustion turbines and had demonstrated the lowest
NOx output ever recorded on a commercial combustion turbine in California.
Fuel Cell Project Development Initiated project development alliance between Enron North America and FuelCell Energy,
Inc. www.fuelcellenergy.com.
Enron Wind (Zond) CES management took over Enron Wind – previously the Zond Corporation of California
and the largest developer of wind farms in the United States at that time. Sales reached
$800 million in 2001. After the bankruptcy, the assets were sold to GE Power Systems.
CES worked intimately with Structured the Emission Management Service to create a “partnership” with clients to
University Incubators and maximize value, isolate and mitigate risk, and maximize cross-commodity optionality. This
structure led to the development of the Plant Performance PartnershipTM that proved to be a
Global Private Equity Companies
powerful platform from which to commercialize new energy & environmental technologies.
CES worked intimately with university incubators and the global private equity community.
Negotiated and managed a teaming agreement with Exergetic Systems to structure
Plant Performance Partnerships performance contracts to bring outside investment to the facilities in return for shared value
incentives – Plant Performance PartnershipTM.

5. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
Energy, Environmental Sustainable Development Experience
EVP Sales & Marketing, AIR & WATER TECHNOLOGIES, INC (AMEX: AWT)
Strategic Planning & M&A The $1.2 billion Air & Water Technologies was a public company comprised of three major
operating subsidiaries: Research-Cottrell, Metcalf & Eddy, and Residuals Management.
Regional Service Centers
44% of Revenues from Federal, AWT at this time served its customers through five regional centers in the United States--
State and Municipal Central, East, New England, South, and West--and a separate division devoted to its clients
Government Agencies in the federal government. Approximately 44 percent of the AWT's revenues came from
contracts with federal, state, and municipal government agencies.
Operating in 44 Countries International Operations
The company's international division provided services in 44 countries in Europe, Asia, the
Middle East, and Canada. It saw particular growth in the European market during the early
1990s due to the fall of communist governments in Eastern Europe.
EVP & Chief Operating Officer RESEARCH-COTTRELL COMPANIES (R-C)
$260mm Operating Group focused on air and thermal pollution issues and provided
services in the areas of regulatory assistance, consulting, permitting, and R&D.
• Built Revenues 16% annually; increased New Orders 62%, built Market Share from 10%
Successful IPO at AWT to 17%, and increased ROS to 10%; leading AWT to a successful IPO.
• At R-C’s $78mm Ecodyne Division, developed and implemented marketing plan that built
Revenues 38% annually, Operating Income 69% annually, Market Share at 50%.
R-C’s eight Domestic and four European Operating Divisions offered the following:
• Particulate Control - Electrostatic Precipitators & Fabric Filters (50% US Market Share)
• Flue Gas Desulfurization Systems (15% US | 50% German Market Share)
Energy & Environmental • Continuous Emissions Monitoring Systems (40% US Market Share)
• Tall Chimneys & Natural Draft Cooling Towers (60% US Market Share)
Market Leadership
• Mechanical Draft Cooling Towers (45% US Market Share)
• Regenerative & Recuperative Thermal Oxidizers (50% Global Market Share)
• Tube & Shell Heat Exchangers
• Gen-Sets, Pumping Equipment & Compressors
METCALF & EDDY, INC (NYSE: MECI)
$900mm ENR 10 Design Firm served as the water and solid waste department of AWT.
Like Research-Cottrell, it provided regulatory assistance, consulting, and permitting services
Largest designer of water & to its clients. It was the largest designer and operator of wastewater and water supply
systems in the U.S.; and performed waste minimization, sludge management, solid waste
Wastewater plants in the US
management, as well as groundwater and hazardous waste remediation
• Wastewater Treatment Systems (28% US Market Share)
• Water Treatment Systems (20% US Market Share)
M&E pioneered public-private partnerships for the privatization of water & wastewater
Managed RC Construction treatment plants in the U.S. The projects were developed on a Build, Own, Operate and
Privatization Projects Maintain (BOOM) basis. M&E designed and RCC Construction built the projects.
RESIDUALS MANAGEMENT (RM)
Residuals Management produced recycled plastic products from industrial and consumer
sources and handled asbestos and lead removal, disposal, and abatement.

6. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
Energy, Environmental Sustainable Development Experience
SEMPRA ENERGY, INC (NYSE: SRE)
$11 billion Fortune 500 Energy Services Company based in San Diego, CA.
SVP Sales & Marketing, WAHLCO ENVIRONMENTAL SYSTEMS, INC (NYSE: WAL)
Strategic Planning & M&A $150 million group of unregulated subsidiaries providing consulting, products and services
to the international Aerospace, Energy & Environmental Markets.
• Introduced New Products accounting for 31% of Revenues within two years.
• Captured 60% of the Market in the U.S., Europe, Asia and the Pacific Rim.
• Built Operating Income from 3.7% to 24.4 % of Revenues; reducing COS 50%.
President & CEO WAHLCO PROCESS SYSTEMS GROUP
Wahlco Process Systems Group WES’s five Domestic and three European Operating Divisions offered the following:
• Particulate Control – Flue-Gas Conditioning Systems (80% Market Share)
• Acid Gas Control – SCR, SNCR and Catalytic Airheater
• Air Preheater Baskets and Rotors (15% US Market Share)
• Tube Shields and Weld Overlay
• Power Plant Performance Testing, Monitoring and Consultation
• Continuous Emissions Monitoring
• Heaters and Thermocouples
• FGD Dampers, Gas-Flow Diverter Valves and Expansion Joints.
EVP & Chief Operating Officer CARDNO TBE, INC (TBE)
ENR 300 Design Firm supplying Engineering, Consulting & CM services. TBE had a staff of
230 project professionals operating from 20 office locations across the U.S.
Rewrote strategic plan, revamped brand and marketing, proposal, BI, CRM and PM
systems. Renegotiated contracts with key clients, and recruited new corporate team. These
efforts positioned the company for continued growth:
• First Year Revenues increased 22%; the Engineering News Record ranked TBE No. 310
ENR 500
(up from No. 449), making it the fastest growing Design Firm in the Industry that year.
Fastest Growing Design Firm • TBE is the fastest growing Design Firm on the ENR 500 over the last 12 years.
TBE’s five Domestic Divisions offered the following:
• Aviation Services • Sustainable Design & Green Engineering
• Asset Management / GIS • Subsurface Utility Engineering (SUE)
• Brownfields Redevelopment Consulting • 3-D Underground Radar
• Civil / Environmental Engineering • Survey and Mapping
• Construction Engineering • Traffic Operations and Safety
• Demographics/Economics • Transportation Planning and Design
• Environmental Management • Trenchless Technology
• Highway and Bridge Design • Urban and Land Planning
• Land Development • Utility Coordination
• Outdoor Advertising (ODA) • Utility Work by Highway Contractor
• Real Estate Brokerage Agreements (UWHCA)
• Right-of-Way Acquisition and • Water and Wastewater
Relocation • Water Resources
• Stormwater Management • Fiber Optic System Design

7. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
Energy, Environmental Sustainable Development Experience
BECHTEL, INC
$30 billion world’s leading engineering, construction and project management company.
One of the oldest and largest family-led corporations in the United States, Bechtel has been in the
ENR 400 forefront of engineering and construction for more than 110 years. What began as a railroad-
#1 Rated Contractor grading operation in the Oklahoma Territory has grown into a multinational company with
hundreds of projects around the world.
Since its founding in 1898, four generations of Bechtels have steered the company through 23,000
ENR 500 projects in 140 nations and seven continents. Along the way, we established a reputation for
#6 Rated Design Firm undertaking "megaprojects"-- projects too big, complex, or remote for others. Many of them have
become our signature projects, including Hoover Dam, the Channel Tunnel, and the San Francisco
Bay Area Rapid Transit (BART) system.
Engineer BECHTEL OIL, GAS & CHEMICALS
$3.5 billion Syncrude Refinery, Alberta, Canada
• Fast-Track, Design-Build Project
• Process Piping Design
• Vendor Submittal Review
• Intergroup Coordination
BECHTEL CIVIL INFRASTRUCTURE
Senior Engineer $5 billion Riyadh International Airport
• Terminal Building Superstructure Design & Procurement
• Terminal Building Space Frame Roofing System Design & Procurement
• Terminal Building Window Wall System Design
• Established vendor relationship with Nippon Steel
Professional Engineering Registration – California
Bechtel Management Rotation Program
Bechtel MBA Program
National Accounts FISHER DEVELOPMENT, INC (FDI)
Special Projects Manager $100+ million leading national general contractor and construction management firm.
Responsible for Design-Build Core & Shell contracting capability.
• Managed core & shell office building remodel in downtown San Francisco.
• Managed major structural remodel I Atlanta’s historic Lenox Square.
• Managed structural remodel of an historic building on Boston’s Government Center.
Responsible for Fortune 500 commercial accounts, including Williams-Sonoma, Tiffany &
Company, GAP, Hugo Boss and JC Penney.
• Managed West Coast flagship for Tiffany & Company on San Francisco’s Union Sq.
• Managed Pottery Barn flagship for Williams-Sonoma in Atlanta’s Lenox Sq.
• Managed O&M services for the Williams-Sonoma, West Elm and Pottery Barn Brands
• Managed the construction of over 30 stores for the GAP.

8. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
Education
Southern Methodist University, Dallas, TX
BS Civil Engineering, cum Laude
• Class Rank – 1st • Beta Theta Pi Social Fraternity
• Outstanding Senior Student • Tau Beta Pi Honorary Society
• SMU Graduate Fellowship • Chi Epsilon Honorary Society
• Texas Public Works Scholarship, Runnerup •Phi Eta Sigma Honorary Society
Golden Gate University, San Francisco, CA
MBA Management, Summa cum Laude
• Bechtel Senior Management Program
Professional Development
Harvard Law School, Cambridge, MA, Program on Negotiation
The Wharton School, Philadelphia, PA, Strategic Alliances | Corporate Venturing
Claremont Graduate University, Claremont, CA, Information-Based Businesses
(with Peter Drucker)
Paradigm Strategy Group, Riverside, CT, Deal Structuring in Power Markets; Applied
Energy Derivatives; Energy Derivatives; Advanced Structuring & Marketing; Derivatives
Structuring; and Profiting from Unbundling and Embedding
Continuing Education:
Georgia Institute of Technology
Emory University
Santa Clara School of Law
University of California at Berkeley
Registered Professional Engineer, California
LEED AP Certification, Green Building Certification Institute
Patents Allowed:
(2) United States various pending)
(2) International (various pending)
Contractor’s Licenses Qualified
• General Building - CA, FL • General Engineering - AZ, CA, FL, NV, UT
• Mechanical – NM • Concrete – NM
• Asbestos – CA • Specialty – LA, TN, WA
Civic / Volunteer
Junior Achievement of Sonoma County
Advisor
Board Member
St. Isidore’s Parish
Religious Education Teacher
Retreat Leader
St. Jude the Apostle’s Parish
7th & 8th Grade Basketball Coach

9. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
Industry & Regulatory Leadership
25 years of successful management experience in regulatory-driven markets; working
with key government regulators; negotiating regulations implementing key environmental
policies; and performing liaison between industry groups and the regulatory community.
EVP Project Management AIR & WATER TECHNOLOGIES, INC (AMEX: AWT)
EVP Construction $1.2 billion Air & Water Technologies was a public company comprised of 3 operating
subsidiaries: Research-Cottrell, Metcalf & Eddy, and Residuals Management.
Walter F. Mondale, Director - Vice President of the United States.
Douglas M. Costle, Director - 3rd EPA Administrator.
Eckhardt C. Beck, Chairman – Assistant EPA Administrator for Water & Wastewater.
EVP & Chief Operating Officer HAMON RESEARCH-COTTRELL
Research-Cottrell focused on air and thermal pollution control and energy efficiency
issues and provided regulatory assistance, consulting, permitting, and R&D services.
Henry Beal, Director, Strategic Planning - EPA Director of Regulatory Affairs
Managed RC Construction METCALF & EDDY (NYSE: MECI)
Privatization Projects Metcalf & Eddy served as the water and solid waste department of AWT. Like Research-
Cottrell, it provided regulatory assistance, consulting, and permitting services to its
clients. Metcalf & Eddy also performed waste minimization, sludge management, solid
waste management, as well as groundwater and hazardous waste remediation.
Dr. Richard T. Dewling, Chairman - EPA Research Director for Oil & Hazardous Materials
Dr. Marilyn Bracken, President of M&E de Puerto Rico - EPA Director of TSCA
Dr. Richard M. Dowd, Director - Science Policy Advisor to the Administrator of the EPA
Gen. John W. Morris, Director - former Chief of Engineers, U.S. Army corps of Engineers
Ron M. Linton, Director - Executive Director of the National Association of Urban Flood
and Storm Water Management, President of the National Water Alliance, and Executive
Director of the Association of Metropolitan Water & Sewerage Agencies
President & CEO SEMPRA ENERGY (NYSE: SEA)
Wahlco Process Systems Group Wahlco Environmental Systems (NYSE: WES), an 80% owned subsidiary of Sempra Energy,
focused on air and pollution control and energy efficiency issues, and provided services in
the areas of regulatory assistance, consulting, permitting, and R&D.
Thomas Page, SEMPRA Chairman – Chairman, Prime Movers, Edison Electric Institute
(EEI); and Chairman, President Clinton’s Environmental Export Council (EEC); He is a
Director at Surge Global Energy, Inc. and has been a Director of MultiCell Technologies
Inc. (formerly Exten Industries Inc.) since September 11, 2003 and SYS since April 15, 2003

10. VINCENT F. MIDDLETON MBA, PE, LEED AP
Managing Partner
Industry & Regulatory Leadership
Executive Director DOOSAN BABCOCK ENERGY LTD (DBEL)
Business Development $700mm Multinational Design/Build OEM, Engineering & Consulting Firm.
Director CLEAN ENERGY SOLUTIONS, LLC
(JV - Doosan Babcock Energy Ltd. & Enron Energy Services)
Thomas E. White, Jr., Vice Chairman, Enron Energy Services - US Secretary of the Army.
Christian R. Holmes, VP Enron Energy Services – EPA Assistant Administrator, Director
USAID and Executive Director, Shell Center for Sustainability & Environmental and Energy
Systems Institute, Rice University.
Industry Representative EPA CLEAN AIR ACT ADVISORY COMMITTEE (CAAAC)
One of two members selected to represent the Environmental Industry.
David Hawkins, Natural Resources Defense Council Director, Climate Programs
Eileen Claussen, President, Pew Center on Global Climate Change - EPA Director of
Atmospheric Programs, Director for Global Environmental Affairs at the National Security
Council, Assistant Secretary of State for Oceans and International Environmental and
Scientific Affairs.
Industry Representative US ENVIRONMENTAL EXPORT COUNCIL (EEC)
Business Committee Member - Liaison between the US Government Laboratory System
and the Environmental Business Community
Alvin L. Alm, Business Committee – EPA Deputy Administrator, DOE Assistant Secretary
for Policy and Evaluation, Assistant Secretary of Energy (Carter Administration).
Officer & Director INSTITUTE OF CLEAN AIR COMPANIES (ICAC)
National association of companies in the air pollution control (APC) & monitoring sector.
Jeffrey Smith, Past Executive Director
Government Relations
Federal, regional, and state clean air policy is critical to the size and shape of the air
pollution control industry. ICAC has a long history of successfully influencing legislation
and rules at all levels of government. ICAC conducts a vigorous government relations
program designed to educate federal, regional, and state officials on the capabilities of
members' air pollution control products and processes, and the industry's views on policy
issues. This program includes regular face-to-face briefings and correspondence. ICAC also
testifies formally and informally on proposed actions of interest to the industry. In
aggressively promoting the APC Industry, ICAC also seeks a cooperative, rather than an
adversarial, relationship with government decision-makers and other interested parties.
Industry Relations
ICAC works with many others - including regulated industry - concerning national, state,
and local environmental issues. Where possible, ICAC coordinates its government
relations activities with these groups. ICAC also features users of APC technology in its
technical conferences, including its well-known and successful Forum Series.

11. “Economic Environmentalism”
Greystone DeSalle, LLC
404.355.9996 Office | 678.428.9222 Mobile
vince.middleton@greystonedesalle.com| skype:vincent.f.middleton
www.greystonedesalle.com