RENEWABLE / ALTERNATIVE ENERGY RELATED SERVICES PRIMARY CONTACTS. Peter Bartlett. Gary N. Devenish

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1 Baker & O Brien has advised the oil and gas industry on renewable energy sources including biomass, ethanol, wind power, and biodiesel projects. Our experience includes analyzing renewable fuel standards and its effect on the industry, the evaluation and application of technologies, product market studies, and supporting lenders in project development. In the gas-to-liquids industry, Baker & O Brien provides assessment of the technology risks, technical risks, and risk mitigation strategies to owners, lenders, and off-takers. We have evaluated gasification, reforming, syngas cleanup, Fischer-Tropsch processes, and product treatment for the production of gasoline, jet fuel, naphtha, base oils, and wax. Our work includes analysis of yields, scale-up, cost estimates, estimating techniques, and estimate range of accuracy. PRIMARY CONTACTS RELATED SERVICES Accident/Incident Investigation Asset Valuations Due Diligence and Advisor to Lenders and Investors Engineering, Procurement, and Construction (EPC) Markets and Strategy Merger and Acquisition Support Property Damage and Business Interruption Insurance Claims Technology Assessment Peter Bartlett Managing Director, London London Gary N. Devenish Consultant Houston 1 of 5

2 Peter W. Halliday Vice President Dallas Aaron J. Imrie Consultant, Recruiting Manager Dallas RELATED EXPERIENCE Ethanol Impact on Refinery Margins Assessed the impact to U.S. refining margins that would likely result from aggressive growth in ethanol production in the U.S. The study examined the likely distribution of ethanol by PADD under an aggressive ethanol growth scenario, the resulting gasoline supply and demand balances, and the consequent impact on margins over a 10-year period. Ethanol Supply and Demand Study Studied and presented the effects of ethanol supply and demand scenarios on regional gasoline supply and demand for a small domestic refiner. Ethanol Supply Demand Evaluation & Pricing Forecast Prepared an evaluation of ethanol manufacturing business for a U.S. company considering major capital investments to enter that business. Developed an analysis which included ethanol supply/demand projections for key gasoline markets, forecasts of future ethanol pricing within those markets, and key sensitivities. Ethanol Terminal Blending Facility Evaluation On behalf of a private equity firm, reviewed a site development plan for a coastal ethanol receiving terminal and associated gasoline blending facility. Evaluated the market competition for terminalling services within the local area. Evaluate Biodiesel Production Facility Provided due diligence review of a biodiesel facility in support of project financing. Reviewed capital costs, operating costs, process technology, and maintenance requirements. Evaluate Biodiesel Technology and Plant Design Reviewed and critiqued plant design for prospective biofuels production facility. Evaluate Biodiesel Technology Development and Scale-Up Assessed the technology development and commercialization plan for a biodiesel production hydroprocessing facility. Our conclusions helped provide the basis for the formation of a joint business venture to construct and operate a world-scale biodiesel 2 of 5

3 plant. Gasoline Spill Litigation Assisted in a dispute between a retail marketer and contractor concerning allegations that contractor's work contributed to a gasoline spill from a retail gas station that contaminated the well water of 130 homes. Assisted in discovery, evaluated the mechanical integrity of equipment, examined unique theories of causation, inspected site, and attended destructive testing procedures. GTL Diesel Blending Study Performed several diesel blending studies in different refinery configurations using PRISM to calculate the Green House Gas benefits of using GTL diesel as a potential blendstock. Isobutanol Valuation Study In order to assess the potential value of isobutanol as a gasoline blending component, performed simulations of refinery operations at a select group of West Coast refineries to calculate isobutanol value relative to blending ethanol into gasoline. RFS Infrastructure Study Prepared a report for the American Petroleum Institute (API) that analyzed the potential logistics and infrastructure bottlenecks on a year-by-year basis to 2012 that could result from the industry trying to meet the Renewable Fuel Standard from the Energy Independence and Security Act of Refining Industry Overview Provided guidance as to opportunities within the U.S. petroleum fuels market for blending isobutanol. Developed a list of target refineries for blending of isobutanol into gasoline. Provided isobutanol gasoline blend valuations versus ethanol for several Midwest refineries. U.S. Gulf Coast Isobutanol Study Evaluated the gasoline blending economics for isobutanol versus ethanol for a U.S. Gulf Coast refinery. Calculated the value difference between isobutanol and ethanol in a low vapor pressure conventional gasoline. Tennessee Gasoline and Ethanol Blending Provided an expert report and expert testimony on the production and distribution of ethanol and gasoline, particularly branded gasoline, in the state of Tennessee. Provided a refiner perspective of the impact of the Renewable Fuel Standard on gasoline blending, distribution, and marketing operations. Isobutanol White Paper Evaluated the economic impact of blending isobutanol in place of ethanol for finished gasoline in various U.S. markets. Also evaluated isobutanol as a substitute for purchased alkylate in gasoline blending. Determined the highest value options for blending isobutanol into gasoline. Summarized the results in a White Paper style report. Biodiesel Plant Construction Dispute Evaluated engineering and construction practices in a dispute between an owner and EPC contractor due to cost overruns. Issues included engineering and project management practices which required rework, and construction practices which created safety and operability issues. Cost estimates were prepared for correcting the deficiencies. CTL/GTL Question-Answer Session Presented background information to groups of stock research analysts in New York and Boston on the technologies utilized in gas-to-liquids and coal-to-liquids processes. In addition, the economics of gasification projects in the U.S. and the role of publicly traded companies in GTL and CTL was discussed. MTBE Contamination Litigation 3 of 5

4 Supported several oil company clients in defense of claims that the inclusion of MTBE in gasolines supplied to the State of New Hampshire caused contamination of water wells in the state. Provided information on the supply of MTBE-blended gasolines to the State and assessed availability of other oxygenates (primarily ethanol) to meet EPA requirements for oxygenated fuels. Testified at trial. Ethanol Class Action Litigation Assisted a major Florida fuel marketer in Florida in defense against class action claims that ethanol-blended fuels had resulted in damaged boat engines, fuel tanks, and other marine/recreational equipment. Reviewed terminal blending and quality control practices, the actual quality and formulation of gasolines delivered to Florida consumers, and state specifications controlling the quality of such gasolines. North Carolina Gasoline and Ethanol Blending Analysis Provided an expert report on the production and distribution of ethanol and gasoline, particularly branded gasoline, in the state of North Carolina. Provided a refiner's perspective of the impact of the Renewable Fuel Standard on gasoline blending, distribution and marketing operations, considering the options, alternatives and risks of selling gasoline without ethanol. Ethanol Contract Dispute Assisted in a dispute between gasoline marketing firm and an ethanol producer in arbitration over a long -term ethanol supply contract from a new production facility. Testified in arbitration regarding the development of the contract pricing formula, how it was to be applied, and the shortcomings associated with it. Isobutanol Valuation Versus Ethanol Prepared isobutanol vs. ethanol valuations for gasoline blending at several U.S. refineries. Assessed blend values for refineries producing reformulated gasoline, low vapor pressure gasoline, and California Air Resources Board (CARB) gasoline. Bitumen Blend Valuation Study Began work on valuing several different bitumen and diluent blends but the study was stopped due to the crude oil assays being used. Work on this study was never restarted. Strategic Review of Ethanol Plants Provided a strategic review of an ethanol production business, including the analysis of ethanol plant operating costs compared to regional and ethanol industry competitors. Provided ethanol production margin forecast and made recommendations on whether to continue operations, invest in plant improvements, or exit the business. Wind Turbine Generator Failure Analysis Analyzed and provided expert testimony on the frequent failure of doubly-fed electrical generators located at a wind power generation facility. Examined and critiqued: the previous investigations concerning the possible causes, whether possible causes were linked to design, manufacturing or operation; and whether adequate steps had been taken to obviate further failures. Opined on whether the equipment was fit for purpose. Ethanol Plant Operating Cost Study Compared the estimated cash operating costs for approximately 50 U.S. ethanol plants to the costs for a client's potential ethanol plant acquisition target. Ranked the acquisition target on six separate cash cost metrics and presented the results. Isobutanol Blending Study Evaluated the gasoline blend value of isobutanol versus ethanol for a Midwest refinery. Calculated isobutanol blend values for summer and winter and for constrained and unconstrained gasoline production. Gasoline Blending Data Provided gasoline and diesel blend pool quantity and quality data for 15 U.S. refineries for use in biofuel blending studies. 4 of 5

5 Ethanol Blending Lawsuit Working on behalf of a petroleum industry trade organization, in defense of major gasoline branded companies, provided analysis and opinions related to the potential impact on brand quality from allowing ethanol splash-blending by third parties. Provided expert testimony at trial. Ethanol Plant Freeze Claim Reviewed an insurance claim associated with an idled ethanol manufacturing facility being re-started. Purpose was to assess items listed in the claim to determine if damages were caused directly by a winter freeze or due to some other failure mechanism such as improper mothballing techniques or normal degradation of a once-operating facility. Ethanol Plant Business Interruption Dispute Reviewed an insurance claim for an ethanol plant "opportunity loss" due to a power outage resulting from repair work on main electrical feed cables after being damaged by a construction contractor. Reviewed operating expenses and ethanol pricing during the subject period and provided an opinion on the reasonableness of the size of the claim. GTL Facility Due Diligence Performed due diligence for a company evaluating an equity investment in a GTL facility under construction. Reviewed project budget and schedule for completion. Evaluated the amount of contingency included in the budget, confirmed the status of payments to contractors and other service providers, and interviewed project representatives regarding mechanical completion and commissioning plans. Lender's Engineer - GTL Plant Served as Independent Engineer on behalf of a major Australian bank for the construction of a GTL plant. Prepared a technology assessment, analyzed feedstock supply, and reviewed contracts. Inspected equipment and confirmed permits were in place prior to authorizing draw-down certificates. Monitored construction progress, confirmed expenditures, and compared these expenditures against budget. GTL Facility Due Diligence Performed due diligence for a company evaluating an equity investment in a GTL facility under construction. Reviewed project budget and schedule for completion. Evaluated the amount of contingency included in the budget, confirmed the status of payments to contractors and other service providers; interviewed project representatives regarding mechanical completion and commissioning plans. Ammonia Plant Project Finance Served as independent engineer on behalf of the financial advisor for the construction of a new small-scale biomass to nitrogen fertilizers complex. Prepared a technology assessment, analyzed feedstock supply, reviewed contracts, reviewed site and infrastructure considerations, and advised with negotiation of contracts. 5 of 5