Crude prices have moderated somewhat after reaching the upper $40 range –– Prices weakened by rising exports from Iran, elevated inventories, and weak refinery demand • US Rig counts continue to improve moderately –– Since August 12, the US onshore market has added 25 rigs, bringing the total rig count to 506 –– International rig counts rose slightly by 66 in August • Refining utilization decreased mildly since last month, and more substantial declines are expected going forward –– 300k bbl/d capacity expected to be down for routine maintenance at times during fourth quarter, excluding economic run cuts or unplanned downtime • In Q2 2016, overall solar system pricing fell by up to 7.5%. Utility fixedtilt and tracking projects in Q2 2016 saw an average pricing of $1.17/Wdc and $1.30/Wdc, respectively. • Continued elevated temperatures led to record power demand across the country, including an

1. 1
September 2016
E n e rg y E q u i p m e n t & S e r v i c e s
Industry Insights and Happenings

2. 2
Report Summary
INDUSTRY COMMENTARY
• Crude prices have moderated somewhat after reaching the upper $40
range
–– Prices weakened by rising exports from Iran, elevated inventories, and
weak refinery demand
• US Rig counts continue to improve moderately
–– Since August 12, the US onshore market has added 25 rigs, bringing the
total rig count to 506
–– International rig counts rose slightly by 66 in August
• Refining utilization decreased mildly since last month, and more
substantial declines are expected going forward
–– 300k bbl/d capacity expected to be down for routine maintenance at
times during fourth quarter, excluding economic run cuts or unplanned
downtime
• In Q2 2016, overall solar system pricing fell by up to 7.5%. Utility fixed-
tilt and tracking projects in Q2 2016 saw an average pricing of $1.17/Wdc
and $1.30/Wdc, respectively.
• Continued elevated temperatures led to record power demand across
the country, including an all-time one-day demand record in ERCOT of
70.1 GW in late August
TABLE OF CONTENTS:
• Recent Transactions
• Articles We Enjoyed
• Commodity Prices
• Rig Counts
• Public Comparables
CONTACTS:
Ted Kinsman
Managing Director
tkinsman@headwatersmb.com
(303) 572-6013
Samuel L. Hill
Managing Director
hill@headwatersmb. com
214.457.4832
Tim McEuen
Senior Vice President
tmceuen@headwatersmb.com
(303) 962-5778
Luis Moya
Senior Vice President
imoya@headwatersmb.com
214.814.5684
www.headwatersmb.com
% of High % of Low 6 Mos. Ago Current 2016E 2017P
Oilfield Services & Equpment
Large-Cap 85% 128% 12.4x 15.6x 19.8x 14.0x
Mid-and Small-Cap 71% 172% 7.6x 8.7x 10.0x 12.0x
Oil & Gas Equipment 77% 130% 7.8x 13.1x 10.9x 19.1x
Land Drillers 78% 173% 4.8x 11.8x 13.1x 13.3x
Power Services & Equpment
Large-Cap 95% 133% 9.1x 10.4x 10.0x 9.6x
Mid- and Small-Cap 90% 133% 10.6x 11.7x 11.7x 10.8x
Clean Tech and Solar 66% 140% 10.6x 10.6x 9.1x 9.0x
Infrastructure & Industrial Services
Large-Cap Infrastructure 88% 133% 5.9x 7.6x 7.7x 7.3x
Mid- and Small-Cap Infrastructure 76% 138% 8.0x 8.2x 7.0x 6.0x
Utility Services 92% 158% 10.2x 9.5x 7.2x 6.2x
Industrial Services 74% 133% 7.6x 9.2x 9.2x 8.1x
Forward Multiples
EV/EBITDA52-Week Perf.
LTM Multiples
EV/LTMEBITDA as of
Stock Performance

3. 3
Industry Update
RECENT TRANSACTIONS
Date Seller/Target Description Acquirer
Sep-16 Extreme Plastics Plus Environmental linings, above-ground storage tanks, secondary
steel wall containment systems, rig mats, and rig vacs
BW EPP Holdings
Sep-16 Applied-Cleveland
Holdings
Third-party inspection services for oil and gas transmission and
distribution systems and other similar facilities
First Reserve
Sep-16 Top Notch Energy
Services
Thru-tubing fishing and milling services to the oil and gas industry Team Oil Tools
Aug-16 LoneStar Geophysical
(via bankruptcy)
Seismic data acquisition services including permitting, surveying,
and recording
Dawson Geophysical
Aug-16 NBR Sand LLC Single sand mine and plant serving the Haynesville and upper
Eagle Ford basins
U.S. Silica
Aug-16 TC Backhoe Drilling, powerline, and underground infrastructure installation
and repair, serving the Canadian market
Quanta Services
Aug-16 RPM Services Equipment rental services in Arkansas, Louisiana, Oklahoma,
Texas, and Missouri
Hugg & Hall Equpment
Company
Jul-16 Managed Pressure
Operations LLC
Provides managed pressure drilling and continuous circulating
systems for onshore and offshore drilling markets
AFGlobal Corporation
Jul-16 Rotary Drilling Tools
USA LP (via OFS
Energy Fund)
Manufactures and markets oilfield drilling tubular tools, including
drill pipes, drill collars, and drilling accessories
Vallourec Drilling
Products USA
Jun-16 AchorPipe
International Inc.
Provides pipeline anchoring solutions worldwide, both offshore
and onshore
TorcSill Foundations LLC
May-16 Tercel Oilfield
Products
Designs and manufactures products for E&P drilling, completion,
and production operations
Rubicon Oilfield
International Holdings
Mar-16 Five Companies Combined OFS, transportation, and environmental operations of
five portfolio companies of CCNG Energy Partners LP
Guggenheim Capital
Funding LLC
Jan-16 Trican Well Service
Ltd
Provides pressure pumping and other general well and production
services
Keane Group Holdings
Jan-16 CC American Oilfield
LLC
Designs, manufactures, repairs and services oil and gas pressure
vessels, as well as fuel scrubbers, filter separators, production
skids and other wellsite equipment
CSE Global Ltd
Dec-15 Pioneer Energy
Services
Three non-walking SCR drilling rigs and one walking SCR drilling rig Undisclosed buyer

4. 4
M&A | Energy Deal Flow Set to Rebound
“Dealmakers predict M&A in the energy industry will acceler-
ate over the next 12 months, according to Mergers & Acqui-
sitions’ Mid-Market Pulse (MMP)… Many dealmakers appear
to be in a “holding pattern,” as one survey respondent put it.
The election is expected “to remove uncertainty about the
directions of tax policies and the regulatory environment.” Re-
gardless of the outcome, “deal flow will pick up with clients
finally moving forward on deals.”
Mergers & Acquisitions | MID-MARKET PULSE: Energy M&A
Expected to Rebound
Renewables | NRG Set to Acquire 2.1 GW from
SunEdison
“NRG Energy has taken action to acquire 2.1 GW of utility-scale
wind and solar assets owned by bankrupt renewables giant
SunEdison with a $144 million auction bid this week. New Jer-
sey–based NRG Energy on Sept. 12 executed a purchase and
sale agreement (PSA) to take on 200 MW of SunEdison’s con-
struction-ready, fully contracted solar assets in Texas. It will
also acquire interest in a structured partnership with SunEd-
ison for 683 MW of “nearly complete,” fully contracted solar
assets in Utah, as well as 1.25 GW of solar and wind assets in
different stages of development across the U.S.”
PowerMag | NRG Poised to Scoop up 2.1 GW of Renewable
Assets from Bankrupt SunEdison
Solar Energy | Solar Prices Hit All Time Low
“Solar energy prices are at an all-time low and look to fall even
further, according to a pair of studies on the state of the solar
market from Lawrence Berkeley National Laboratory, a U.S.
Department of Energy facility managed by the University of
California. The price drops for solar energy systems were un-
even across sectors. For example, installed residential system
costs dropped 5 percent year-over-year. On the other end of
the size spectrum, large utility-scale solar systems installed in
2015 dropped by 12 percent year-over-year.”
Denver Business Journal | Solar Energy Prices Hit All-Time
Low
Colorado Natural Gas | Gas Offtake
“Colorado holds 10 or our 100 largest natural gas fields, and
the potential is massive. The Niobrara shale… is producing
over 4.1 Bcf/day, or nearly as much as Mexico generates in to-
tal… Western Colorado’s Mancos Shale formation holds and
estimated 66.3 Tcf of natural gas. Colorado though requires
more gas infrastructure, such as pipeline and storage, the lat-
ter vital to maintaining supplies for utilities and homes on cold
days while also allowing producers to store gas in the short-
term and keep wells operating.”
Forbes | Colorado’s Natural Gas Needs New Markets
Market Update | Fed Policy to Impact Markets in
2017
“Earlier in the recovery, many economists (and the Fed) be-
lieved that many workers that dropped out would rejoin the
labor force, allowing for substantial economic growth before
wage inflation set in… Labor force participation has barely im-
proved since its 2015 trough. Data from the Philadelphia fed
show that retirees make up a large part of the decline in the
participation rate, which is perhaps why it has not rebounded
as fast as many expected. Labor force supply growth has also
slowed, for demographic reasons. How the Fed responds to
tightening labor markets will probably be the biggest issue for
US financial markets in 2017”
JP Morgan | Eye on the Market, September 6, 2016
ARTICLES WE ENJOYED

5. 5
1 Year WTI and Henry Hub Prices
Source: Capital IQ
COMMENTARY:
• WTI has fallen from $47 to the $43 range,
though it remains bounded in the $43-$50
range. Key factors in the recent decline
–– Market fatigue about OPEC’s production
ceiling talk
–– Above-forecast output for Russia, OPEC, and
the US (though US production fell 50k b/d
week-over-week)
–– Poor refiner demand
–– Elevated existing inventories
–– Strengthening dollar
• Furtherfuelingbearishsentiment,Bloomberg
estimates that Iranian exports hit 2.16m b/d in
August, representing a post-sanctions high
• On the trading side, funds remain relatively
bearish on both crude and gasoline
–– Net length in WTI rose substantially on
extensive short covering
–– USO outflows reached $470mm over the
past two weeks, the largest outflow of any
two-week period this year
COMMODITY PRICE UPDATE
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$0.00
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
Sep-15
Oct-15
Oct-15
Nov-15
Nov-15
Nov-15
Dec-15
Dec-15
Jan-16
Jan-16
Feb-16
Feb-16
Mar-16
Mar-16
Apr-16
Apr-16
May-16
May-16
May-16
Jun-16
Jun-16
Jul-16
Jul-16
Aug-16
Aug-16
Sep-16
Sep-16
Crude (left) Natural Gas (right)

6. 6
U.S. Rig Count International Rig Count
U.S. Directional vs. VerticalU.S. Oil vs. Gas Rig Count
U.S. Rig Count by Play
Source: Baker Hughes
RIG COUNT UPDATE
0
500
1,000
1,500
2,000
2,500
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
U.S. Rigs
0
1,000
2,000
3,000
4,000
5,000
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
Global Rigs
0
500
1,000
1,500
2,000
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
Oil Gas
0
500
1,000
1,500
2,000
Jan-00
Jan-02
Jan-04
Jan-06
Jan-08
Jan-10
Jan-12
Jan-14
Jan-16
Horizontal + Directional Vertical
0
500
1,000
1,500
2,000
2,500
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
Aug-16
Other Permian Williston Marcellus-Utica Eagle Ford Haynesville

7. 7
Public Comparables
LARGE-CAP OILFIELD SERVICES
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Oilfield Services
Schlumberger Limited $106,591 $117,057 (7%) 0% 91% 128% 8.9x 9.5x 15.1x 17.2x 14.3x
Halliburton Company $35,340 $45,090 (9%) 6% 88% 148% 6.8x 8.7x 16.0x 22.4x 13.7x
Baker Hughes Incorporated $20,710 $19,826 (5%) (13%) 83% 129% 8.8x 15.3x na na 15.5x
Weatherford International plc $5,135 $11,916 0% (47%) 50% 122% 9.0x 18.4x na na 13.4x
Min (9%) (47%) 50% 122% 6.8x 8.7x 15.1x 17.2x 13.4x
Median (6%) (6%) 85% 128% 8.8x 12.4x 15.6x 19.8x 14.0x
Max 0% 6% 91% 148% 9.0x 18.4x 16.0x 22.4x 15.5x
0%
20%
40%
60%
80%
100%
120%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Large-Cap Oilfield Services -10.1% S&P 500 +4.7%
0%
50%
100%
150%
200%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Large-Cap Oilfield Services -3.2% S&P 500 +82.9%
10-year avg: 10.3x 5-year avg: 10.4x 2-year avg: 12.3x
13.1x
10.6x
9.4x
6.4x
11.4x 10.8x
6.8x
8.1x
9.5x
7.6x
19.7x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

8. 8
Market Data
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP OILFIELD SERVICES
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Oilfield Services
Superior Energy Services, Inc. $2,329 $3,377 (12%) 2% 77% 186% 4.9x 7.7x 24.5x na 12.0x
TETRA Technologies, Inc. $524 $1,288 (11%) (20%) 60% 122% 9.2x 7.6x 8.7x 9.9x 6.8x
Ensign Energy Services Inc. $1,148 $1,813 (2%) (15%) 75% 159% 4.8x 6.1x 7.7x 10.2x 8.2x
Calfrac Well Services Ltd. $327 $1,142 (13%) (31%) 67% 267% 5.4x na na na 18.2x
Basic Energy Services, Inc. $23 $942 (21%) (88%) 11% 147% 5.6x na na na na
Trican Well Service Ltd. $438 $661 (2%) 33% 80% 660% 7.3x na na na 15.6x
Min (21%) (88%) 11% 122% 4.8x 6.1x 7.7x 9.9x 6.8x
Median (12%) (17%) 71% 172% 5.5x 7.6x 8.7x 10.0x 12.0x
Max (2%) 33% 80% 660% 9.2x 7.7x 24.5x 10.2x 18.2x
0%
20%
40%
60%
80%
100%
120%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Mid-Cap Oilfield Services -7.8% S&P 500 +4.7%
0%
50%
100%
150%
200%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Mid-Cap Oilfield Services -59.4% S&P 500 +82.9%
10-year avg: 9.1x 5-year avg: 9.6x 2-year avg: 11.7x
10.5x
7.2x 7.8x
5.7x
11.7x
8.1x
5.9x
8.2x
10.4x
6.5x
18.1x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

9. 9
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
OIL & GAS EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Oil & Gas Equipment
National Oilwell Varco, Inc. $12,410 $14,029 (6%) (18%) 77% 128% 5.3x 7.9x na na 23.1x
FMC Corp. $6,395 $8,344 2% 19% 95% 148% 13.3x 10.1x 13.1x 11.9x 10.6x
Oil States International Inc. $1,467 $1,499 (13%) (5%) 78% 133% 6.0x 7.7x 15.0x na 19.3x
Dril-Quip, Inc. $1,914 $1,422 (12%) (24%) 74% 104% 7.7x 6.7x 5.7x 10.0x 18.8x
Min (13%) (24%) 74% 104% 5.3x 6.7x 5.7x 10.0x 10.6x
Median (9%) (11%) 77% 130% 6.9x 7.8x 13.1x 10.9x 19.1x
Max 2% 19% 95% 148% 13.3x 10.1x 15.0x 11.9x 23.1x
0%
20%
40%
60%
80%
100%
120%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oil& Gas Equipment -4.6% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Oil& Gas Equipment -14.8% S&P 500 +82.9%
10-year avg: 9.3x 5-year avg: 9.7x 2-year avg: 9.0x
11.5x
9.5x
8.7x
5.7x
8.6x
10.7x
9.8x
10.8x
9.9x
6.7x
10.6x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

10. 10
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LAND DRILLERS
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Land Drillers
Nabors Industries Ltd. $2,723 $5,971 (3%) (9%) 78% 195% 4.9x 5.7x 11.8x 9.9x 8.6x
Helmerich & Payne, Inc. $6,245 $5,821 (8%) 9% 82% 144% 4.7x 4.8x 8.5x 13.1x 16.2x
Patterson-UTI Energy Inc. $2,801 $3,418 (5%) 27% 86% 173% 4.1x 4.7x 10.0x 17.6x 13.6x
Precision Drilling Corporation $1,457 $3,051 (13%) (13%) 64% 146% 6.5x 9.2x 16.0x 13.0x 10.1x
Pioneer Energy Services Corp. $212 $585 (5%) 23% 65% 345% 3.7x 4.3x 11.8x na 13.3x
Min (13%) (13%) 64% 144% 3.7x 4.3x 8.5x 9.9x 8.6x
Median (5%) 9% 78% 173% 4.7x 4.8x 11.8x 13.1x 13.3x
Max (3%) 27% 86% 345% 6.5x 9.2x 16.0x 17.6x 16.2x
0%
50%
100%
150%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Land Drillers +19.7% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Land Drillers -14.9% S&P 500 +82.9%
10-year avg: 6.0x 5-year avg: 6.0x 2-year avg: 6.2x
7.0x
4.7x
5.7x
4.2x
8.5x
7.5x
4.4x
5.3x
6.1x
4.2x
8.2x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

11. 11
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LARGE-CAP POWER SERVICES &
EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Power Services & Equipment
Siemens Aktiengesellschaft $84,102 $99,090 (1%) 22% 95% 134% 10.0x 8.8x 10.5x 9.6x 8.8x
Honeywell International Inc. $89,815 $96,879 (1%) 13% 95% 125% 11.4x 9.6x 12.1x 11.5x 10.8x
ABB Ltd. $43,698 $45,347 2% 18% 97% 135% 9.8x 9.0x 10.2x 9.8x 8.8x
Schneider Electric SE $34,707 $40,382 (1%) 5% 94% 131% 12.2x 9.1x 10.4x 10.2x 9.5x
Emerson Electric Co. $32,878 $36,644 (7%) 9% 90% 124% 9.3x 8.2x 9.2x 9.8x 9.8x
Eaton Corporation plc $28,520 $36,483 (8%) 10% 91% 135% 11.2x 9.8x 11.4x 10.9x 10.5x
Min (8%) 5% 90% 124% 9.3x 8.2x 9.2x 9.6x 8.8x
Median (1%) 12% 95% 133% 10.6x 9.1x 10.4x 10.0x 9.6x
Max 2% 22% 97% 135% 12.2x 9.8x 12.1x 11.5x 10.8x
0%
50%
100%
150%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Large-Cap Power Services &Equipment +21.2%
S&P 500 +4.7%
0%
50%
100%
150%
200%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Large-Cap Power Services &Equipment +79.9%
S&P 500 +82.9%
10-year avg: 9.7x 5-year avg: 10.0x 2-year avg: 10.4x
9.8x
10.9x
8.6x
7.3x
9.7x
9.2x 9.0x
10.9x 10.9x
10.1x 10.2x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

12. 12
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP POWER SERVICES & EQUIPMENT
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Power Services & Equipment
Ametek Inc. $10,943 $12,629 (3%) (13%) 82% 109% 12.9x 12.8x 12.0x 12.7x 12.0x
Hubbell Inc. $5,685 $6,385 (4%) 7% 92% 125% 10.4x 8.8x 10.8x 11.1x 10.4x
Valmont Industries, Inc. $2,895 $3,312 (2%) 23% 87% 137% 9.1x 8.8x 10.6x 9.6x 9.2x
Littelfuse Inc. $2,841 $3,025 4% 34% 96% 145% 12.2x 10.4x 14.8x 13.7x 11.8x
AZZ incorporated $1,668 $1,981 (3%) 20% 94% 137% 9.5x 9.4x 11.4x 11.8x 10.6x
Badger Meter Inc. $957 $1,003 (4%) 10% 84% 125% 15.1x 14.3x 13.8x 14.5x 13.0x
ESCO Technologies Inc. $1,164 $1,210 1% 24% 97% 144% 12.8x 11.5x 13.1x 11.5x 10.8x
Thermon Group Holdings, Inc. $587 $605 (8%) (19%) 79% 128% 10.2x 10.7x 10.7x 9.6x 10.8x
Min (8%) (19%) 79% 109% 9.1x 8.8x 10.6x 9.6x 9.2x
Median (3%) 15% 90% 133% 11.3x 10.6x 11.7x 11.7x 10.8x
Max 4% 34% 97% 145% 15.1x 14.3x 14.8x 14.5x 13.0x
0%
50%
100%
150%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Mid-Cap Power Services & Equipment +13.0%
S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Mid-Cap Power Services & Equipment +117.4%
S&P 500 +82.9%
10-year avg: 11.0x 5-year avg: 11.1x 2-year avg: 11.5x
11.9x 12.1x
10.7x
9.3x
10.1x 9.6x
10.7x
11.6x 11.6x 11.3x 11.7x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

13. 13
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM Revenue
Source: Capital IQ
ENERGY EFFICIENCY & CLEANTECH
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Energy Efficiency & CleanTech
SolarCity Corporation $1,755 $5,009 (26%) (64%) 30% 108% na na na na na
Itron, Inc. $2,019 $2,237 11% 74% 97% 181% 12.9x 10.6x 11.2x 11.1x 9.6x
Silver Spring Networks, Inc. $709 $596 (1%) 2% 84% 143% na 5.4x 6.9x na 21.1x
Ameresco, Inc. $235 $470 3% (17%) 71% 129% 11.8x 11.7x 10.1x 9.1x 8.3x
Sunworks, Inc. $60 $54 (16%) (20%) 62% 136% na na 15.1x 6.1x 4.0x
EnerNOC, Inc. $173 $191 (2%) (39%) 56% 189% 4.1x na na na na
Min (26%) (64%) 30% 108% 4.1x 5.4x 6.9x 6.1x 4.0x
Median (1%) (19%) 66% 140% 11.8x 10.6x 10.6x 9.1x 9.0x
Max 11% 74% 97% 189% 12.9x 11.7x 15.1x 11.1x 21.1x
0%
50%
100%
150%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Energy Efficiency & CleanTech +24.6% S&P 500 +4.7%
0%
50%
100%
150%
200%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Energy Efficiency & CleanTech -8.7% S&P 500 +82.9%
5-year avg: 4.3x 2-year avg: 5.4x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
2011 2012 2013 2014 2015 2016 YTD

14. 14
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
LARGE-CAP INFRASTRUCTURE SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Large-Cap Infrastructure Services
Chicago Bridge & Iron Company N.V. $2,837 $4,571 (18%) (37%) 59% 100% 5.5x 5.0x 4.2x 5.0x 5.0x
Fluor Corporation $6,773 $6,734 (6%) 7% 87% 123% 5.5x 4.8x 6.4x 6.6x 6.3x
Jacobs Engineering Group Inc. $6,070 $5,942 (7%) 26% 89% 143% 7.5x 6.7x 8.8x 8.9x 8.3x
SNC-Lavalin Group Inc. $8,066 $7,464 (5%) 36% 92% 147% 11.0x 8.3x 10.5x 12.2x 10.1x
Min (18%) (37%) 59% 100% 5.5x 4.8x 4.2x 5.0x 5.0x
Median (7%) 17% 88% 133% 6.5x 5.9x 7.6x 7.7x 7.3x
Max (5%) 36% 92% 147% 11.0x 8.3x 10.5x 12.2x 10.1x
0%
50%
100%
150%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Large-Cap InfrastructureServices +3.3% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Large-Cap InfrastructureServices +17.0%
S&P 500 +82.9%
10-year avg: 11.2x 5-year avg: 9.0x 2-year avg: 8.4x
17.0x
19.9x
17.1x
7.9x 7.9x
10.0x
7.7x
10.8x 10.8x
6.9x 7.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

15. 15
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
MID-CAP INFRASTRUCTURE SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Mid-Cap Infrastructure Services
Amec Foster Wheeler plc $2,086 $3,162 2% (33%) 63% 166% 12.4x 10.4x 9.1x 9.1x 9.0x
Tutor Perini Corporation $999 $1,706 (11%) 14% 78% 200% 8.1x 10.9x 8.8x 6.1x 5.5x
Granite Construction Incorporated $1,831 $1,647 (4%) 33% 90% 163% 10.5x 6.4x 9.9x 10.2x 7.6x
Primoris Services Corporation $991 $1,144 10% (2%) 76% 119% 7.0x 8.0x 8.2x 8.3x 6.3x
KBR, Inc. $2,025 $1,271 (8%) (19%) 71% 122% na 4.9x 3.7x 4.1x 4.2x
Great Lakes Dredge & Dock Corporation $223 $577 (3%) (32%) 62% 124% 7.8x 8.5x 8.2x 7.0x 5.4x
Aecon Group Inc. $1,013 $1,199 (7%) 31% 92% 138% 6.0x 8.0x 7.8x 6.7x 6.0x
Min (11%) (33%) 62% 119% 6.0x 4.9x 3.7x 4.1x 4.2x
Median (4%) (2%) 76% 138% 8.0x 8.0x 8.2x 7.0x 6.0x
Max 10% 33% 92% 200% 12.4x 10.9x 9.9x 10.2x 9.0x
0%
50%
100%
150%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Mid-Cap Infrastructure Services -2.5% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Mid-Cap Infrastructure Services +42.5% S&P 500 +82.9%
10-year avg: 9.1x 5-year avg: 9.2x 2-year avg: 10.2x
14.3x
12.6x
7.2x
4.8x
6.3x
8.7x
7.0x
9.1x
10.5x
12.1x
8.0x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

16. 16
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
UTILITY SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Utility Services
Quanta Services, Inc. $3,766 $4,010 (2%) 0% 92% 149% 9.4x 10.3x 9.5x 7.2x 6.2x
MasTec, Inc. $2,284 $3,344 (9%) 52% 89% 223% 7.6x 10.2x 12.3x 7.6x 6.6x
MYR Group, Inc. $473 $494 (1%) 3% 94% 158% 6.2x 6.2x 6.9x 6.8x 6.0x
Min (9%) 0% 89% 149% 6.2x 6.2x 6.9x 6.8x 6.0x
Median (2%) 3% 92% 158% 7.6x 10.2x 9.5x 7.2x 6.2x
Max (1%) 52% 94% 223% 9.4x 10.3x 12.3x 7.6x 6.6x
0%
50%
100%
150%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Utility Services +16.9% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Utility Services +59.0% S&P 500 +82.9%
10-year avg: 9.8x 5-year avg: 7.9x 2-year avg: 7.5x
15.6x 15.6x
11.5x
9.0x 8.4x
9.1x
8.1x 7.6x 7.6x
6.8x
8.2x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

17. 17
5-Year Trading vs. S&P 5001-Year Trading vs. S&P 500
Historical EV/LTM EBITDA
Source: Capital IQ
INDUSTRIAL SERVICES
Market Data
Stock Performance LTM Multiple Evolution Forward Multiples
$000s Change From 52-Week Performance EV/LTM EBITDA as of EV/EBITDA
Mkt. Cap EV 1 Month 1 Year % of High % of Low 1 Yr. Ago 6 Mos. Ago Current 2016E 2017P
Industrial Services
EMCOR Group Inc. $3,448 $3,532 (0%) 21% 96% 137% 8.2x 7.6x 9.2x 9.0x 8.3x
Bilfinger SE $1,223 $1,550 3% (20%) 61% 110% na na na 9.3x 10.3x
Team, Inc. $866 $1,226 (9%) (31%) 68% 136% 10.0x 9.8x 17.4x 10.8x 7.9x
Aegion Corporation $578 $853 (5%) (6%) 78% 109% 7.0x 6.5x 7.5x 7.8x 6.1x
Mistras Group, Inc. $743 $826 (3%) 69% 90% 189% 12.3x 7.3x 10.4x 9.8x 9.1x
Matrix Service Company $484 $412 4% (21%) 69% 129% 12.5x 9.9x 6.5x 6.6x 5.4x
Min (9%) (31%) 61% 109% 7.0x 6.5x 6.5x 6.6x 5.4x
Median (1%) (13%) 74% 133% 10.0x 7.6x 9.2x 9.2x 8.1x
Max 4% 69% 96% 189% 12.5x 9.9x 17.4x 10.8x 10.3x
0%
20%
40%
60%
80%
100%
120%
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
IndustrialServices -3.6% S&P 500 +4.7%
0%
50%
100%
150%
200%
250%
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
IndustrialServices +64.2% S&P 500 +82.9%
10-year avg: 9.3x 5-year avg: 8.9x 2-year avg: 9.4x
12.8x
11.5x
9.5x
7.8x
7.3x
7.9x 8.0x
9.3x
10.0x
9.4x 8.9x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD

18. 18
Capabilities and Experience
M&A Capital Formation Project Finance
– Sell-side advisory
– Buy-side advisory
– Strategic alternatives
– Debt / Equity / Mezz
– Recapitalization
– Restructuring
– Infrastructure development
– Construction/term finance
The professionals in Headwaters Energy & Services practice have collectively closed more than $10 billion in
transactions across the upstream, midstream, downstream, services, and P&U sectors. This experience helps our team
understand market dynamics and consistently achieve outlier results for our clients.
Recent Successes
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
WE ACTED AS SOLEADVISORTO THESELLER
A PORTFOLIO COMPANY OF
TO BE COMBINED WITH
HAS BEEN ACQUIRED BY
WE ACTED AS SOLEADVISORTO THECOMPANY
HAS SECURED SENIOR TERM
FINANCING
$6,300,000
Oilfield Services
Fuel Distribution
Transaction Type:
Sale of Subsidiary
Buyer Description
PE-backed strategic
Oilfield Services
Waste & Container Solutions
Transaction Type:
Private sale
Buyer Description
PE-backed strategic
Industrial/OFS
Industrial tools and lighting
Transaction Type:
PE Sale
Buyer Description
Private Equity
Oil & Gas
Offshore E&P
Transaction Type:
Capital Raise
Buyer Description
Institutional Investor
WE ACTED AS SOLEADVISORTO THESELLER
HAS BEEN ACQUIRED BY
Energy Team
CJ Hummel
Managing
Director
Sam Hill
Managing
Director
Reed Macy
Managing
Director
Ted Kinsman
Managing
Director
John Gaensbauer
Managing
Director
David Charles
Managing
Director
Ian Fay
Managing
Director
Tim McEuen
Senior Vice
President
Luis Moya
Senior Vice
President

19. 19
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and
acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or buy any security. Any reference
to or omission of any reference to any company in this newsletter should not be construed as a recommendation to buy, sell or take any other action
with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter.
The newsletter is published solely for the general information of clients and friends of Headwaters MB, LLC. It does not take into account the particular
investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give
rise to substantial risk and are not suitable for all investors. This newsletter is based upon information that we consider reliable, but we do not represent
that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown
risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this news-
letter. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request.
The companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisionsto include any company in this newsletter is unrelat-
ed in all respects to any service that Headwaters MB, LLC may provide to such company. This newsletter may not be copied or reproduced in any form,
or redistributed without the prior written consent of Headwaters MB, LLC. The information contained herein should not be construed as legal advice.
About Headwaters MB:
Headwaters MB is an independent, middle-market investment banking firm providing strategic merger and
acquisition, corporate finance, and merchant banking services through proprietary sources of capital. Named
“Investment Bank of the Year” by the M&A Advisor in 2014, Headwaters MB is headquartered in Denver, CO,
with six regional offices across the United States and partnerships with 18 firms covering 30 countries. For
more information, visit www.headwatersmb.com
To learn more about how the Headwaters MB team can help you grow
from opportunities in the Energy Equipment & Services sector, please
contact:
Ted Kinsman | Managing Director
Energy Equipment & Services
303.572.6013 tkinsman@headwatersmb.com
Tim McEuen | Senior Vice President
Energy Equipment & Services
303.962.5778 tmceuen@headwatersmb.com
Samuel L. Hill | Managing Director
Energy Equipment & Services
214.457.4832 hill@headwatersmb.com
Luis Moya | Senior Vice President
Energy Equipment & Services
214.814.5684 lmoya@headwatersmb.com