Investor Presentation UBS Gas & Utilities...

Investor PresentationUBS Gas & Utilities

ConferenceFebruary 28, 2017

Industry Data and Forward-Looking Statements Disclaimer

Broadwind obtained the industry and market data used throughout this presentation from our own research, internal surveys and studies conducted by third parties, independent industry associations or general publications and other publicly available information. Independent industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy or completeness of such information. Forecasts are particularly likely to be inaccurate, especially over long periods of time. We are not aware of any misstatements in the industry data we have presented herein, but estimates involve risks and uncertainties and are subject to change based on various factors beyond our control. This presentation contains forward-looking statements, as defined in Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants and state renewable portfolio standards; (ii) our customer relationships and efforts to diversify our customer base and sector focus and leverage customer relationships across business units; (iii) our ability to continue to grow our business organically and through acquisitions; (iv) the sufficiency of our liquidity and alternate sources of funding, if necessary; (v) our ability to realize revenue from customer orders and backlog; (vi) our ability to operate our business efficiently, manage capital expenditures and costs effectively, and generate cash flow; (vii) the economy and the potential impact it may have on our business, including our customers; (viii) the state of the wind energy market and other energy and industrial markets generally and the impact of competition and economic volatility in those markets; (ix) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (x) the effects of the recent change of administrations in the U.S. federal government; (xi) our ability to successfully integrate and operate the business of Red Wolf Company, LLC and to identify, negotiate and execute future acquisitions; and (xii) the potential loss of tax benefits if we experience an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. This presentation contains non-GAAP financial information. We believe that certain non-GAAP financial measures may provide users of this

financial information with meaningful comparisons between current results and results in prior operating periods. We believe that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain infrequently occurring or non-operational items that impact the overall comparability. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance with GAAP. Please see our earnings release dated February 23, 2017 for a reconciliation of certain non-GAAP measures presented in this presentation.

February 2017 2017 Broadwind Energy, Inc. All rights reserved. 2

Introduction


Towers 86%

Weldments2% Gears

12%

2016 Sales - $181M Towers and Weldments Leading wind tower manufacturer Capacity 500 towers, expanding to 550 Have produced towers for every major

OEM in industry Leveraging welding competencies in

broader energy markets

Gearing 90-year history Precision gearing manufacturer (1 meter

and larger in diameter) Gearbox and loose gearing expertiseWind replacement gearing, oil & gas,

mining, other industrial applications

2016 Highlights


2016 was 1st profitable year in Company history

Orders of $275M nearly triple 2015 orders of $94M

More than doubled gross profit margin

Cost reductions of $9M exceeded plan by $1M

Strong cash balance of $22M at year end

>90% of BWEN 2016 revenue from Wind energy


0

20

40

60

80

100

GW

Cumulative Installations U.S.

Source: AWEA Q4 Market Report

82 GW

Wind Power Capacity Under Construction/Advanced Development

Over 82 GW currently installed in the U.S. 8.2 GW added in 2016 wind now provides 5.5% of electrical power in the U.S. >18 GW under construction or in advanced development at end of 2016 Commercial/Industrial customers signed 39% of power purchase agreements in

2016, including GM, Amazon, Microsoft, Avery Dennison and others.

Source: AWEA Q4 Market Report

-

50

100

150

200

250

300

350

Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Q4 16

Mill

ions

Orders and Backlog

Orders $M

$29M of new Towers & Weldments orders in Q416, up sharply from Q415Q4 16 Gearing orders up vs. PY orders from mining and steel customers increased. Oil & Gas quotes are accelerating.

Order Backlog $M

Year-end backlog $189M$137M tower order booked in Q2 2016 extends backlog into 2019Strong industry dynamics and customer relationships leading to increased orders

Q4 2015

Q42016

Book : Bill

Ratio

FY 2015

FY 2016

Book : Bill

Ratio

Towers &Weldments

2.8 29.4 .55 69.1 260.8 1.64

Gearing 2.1 2.9 .49 24.9 14.2 .69

Total 4.9 32.3 .55 94.0 275.0 1.53

2017 Broadwind Energy, Inc. All rights reserved. 6February 2017

Towers and Weldments

2017 Broadwind Energy, Inc. All rights reserved. 7

Leading wind tower manufacturer in U.S.Have produced ~3000 >1MW towers

for all major OEMs in U.S.Manitowoc, WI plant capacity ~350

towersAbilene, TX plant capacity ~150

towers, expanding to 200 towers 2015 operational problems behind us $7 Million investment underway to

improve flow and increase capacity

February 2017

2013 2014 2015 2016Towers Sold 392 435 450 458Revenue 159.5$ 184.9$ 170.9$ 160.2$ OI 19.6 18.1 4.7 12.8 EBITDA 24.8 22.3 9.5 17.2

Q4 Results by BU

xxxx

Q4 2011Q4 2011Q4 2010201120112010Q4 2010Q4 2010 Q4 2010Q4 2009

RevenueActualBM FCActualActualBudgetActualActualBM FcstBudgetActual

Towers29,68422,73917,2941.305404146282,35079,40045,8541.7959181039RevLogistics2,2993,9206,000896

Gears12,63416,04113,1400.9638,69645,74735,1331.1014154082Op IncomeLogistics(1,346)(92)493(2,021)

Service6,6157,0653,6310.936372000810,81017,1378,5461.2649670705EBITDALogistics(711)5181,219(1,341)

Corporate/Elims(1,034)(43)ERROR:#DIV/0!(1,095)(187)5.8431786892

Total47,89945,84434,022130,761142,28389,345

Operating Income

Towers(35)1,186(284)0.125,1596,916(2,157)0.745951417

Gearing(3,281)(752)(3,511)0.93(8,523)(3,161)(11,461)2.6962986397

Service(413)(700)(2,128)0.19(3,862)(2,927)(11,053)1.3194396994

Corporate/Elims(2,515)(2,399)(1,875)1.34(7,302)(7,547)(7,391)0.9675367696

Total(6,244)(2,666)(7,798)(14,528)(6,719)(32,062)

EBITDA*Q1 EBITDA Add Backs

Towers1,1492,2768101.428,83310,1771,1660.867937506136

Gearing(675)1,797(924)0.73(901)4,486(4,289)-0.200847079846

Service(108)343(993)0.11(2,968)53(3,466)-5617

Corporate/Elims(1,882)(2,110)(1,739)1.08(6,121)(6,730)(6,556)0.909509658219

Total(1,516)2,308(2,846)(1,157)7,988(13,145)1748 prior to restructure with 401k add backs

* adjusted for 401K stock match and Restructure Costs in Q3EBITDA Rec:

Restructure CostsQ2 per 10QQ3 EBITDA x RestruTotal YTD

towersT7,6841,1498,833

Gears29189K direct labor severance, 202K other expense for loss on equipment saleG(226)(675)(901)

ServiceS(2,860)(108)(2,968)

Corp300EU severance- SG&AC(4,239)(1,882)(6,121)

Total359(1,516)(1,157)

Vs Analyst

MacquarieJPMorganRaymond JamesLazardAverageActual

Revenue47.1056.0060.0047.9052.7556.31

EBITDA1.901.001.760.401.271.06

EPS(0.02)(0.02)(0.02)(0.03)(0.02)(0.03)

At or Above Analyst Expecations

Below Analyst Expectations

Have to include Badger Revenue in this analysis

Continuing Ops Revenue47,899

Discontinued Ops Revenue2,274

Total50,173

Cont OpsDisc OpsTotal

Revenue 4789947,899

EBITDA-1516(1,516)

EPS(0.03)

EPS Calc

NI($3,860,524)

Shares139795666

(0.028)

Towers New

Q3YTD September 30,

20132014%20132014%

Orders80,46580,465

MW

TowersERROR:#REF!ERROR:#REF!282334

SectionsERROR:#REF!ERROR:#REF!9381066

Revenue-$M$ 47.1$ 45.1$ 116.0$ 146.3

Towers35,849.550,390.661,846.497,124.6

Weldments3,240.02,499.97,114.54,060.0

EBITDA-$M7.74.40.217.420.6

Op. Income-$M6.63.40.113.817.5

Op. Margin13.9%7.4%11.9%12.0%

Gears

Q3YTD September 30,

20132014%20132014

Revenue-$M$ 10.4$ 10.3$ 31.6$ 31.5

EBITDA-$M(2.3)(0.1)(2.4)(0.3)

Op. Loss-$M(5.4)(2.3)(12.3)(7.1)

Op. Margin-51.7%-22.2%-39.1%-22.4%

Q3YTD September 30,

20132014%20132014

Revenue-$M$ 3.7$ 5.0$ 15.3$ 10.9

EBITDA-$M(0.8)(0.4)ERROR:#DIV/0!(1.5)(2.3)

Op. Loss-$M(1.3)(0.7)ERROR:#DIV/0!(3.2)(3.4)

Op. Margin-34.4%-14.6%-21.2%-31.0%

Towers Q (2)

Q3 2014Q1 2015

Actual%BMFC%Budget%PY%Actual%Budget%PY%Towers Break Even201220132014

Orders11,770138,8503,929Fixed - Cash13,59615,88022,287

MWRevenue

TowersSGA - Cash3,9004,1955,931

SectionsSubtotal17,49620,07528,218

Revenue41,02948,32348,294Non-Cash4,5264,5114,015

Contribution MarginERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!9,26023%12,94627%13,85429%Total22,02224,58632,233

FOHERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!6,79917%7,06415%6,11913%

Gross ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!2,4616%5,88245%7,73516%Avg. CM%18.3%27.6%27.3%

SG&AERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!1,4374%1,5183%2,1234%

Operating ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!1,0242%4,3659%5,61212%

EBITDAERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!2,0465%5,40011%6,66014%

Q2 15 Op Income VS BMFC

Towers

BaseEndDownUpStart

Q1 145,6125612

Tower Volume4,793819-8194793

Heavy Vol/Cost4,227566-5664227

Siemens Bison (mix)3,0421,185-11853042

From 20142,442600-6002442

Higher VOH1,542900-9001542

Higher FOH862680-680862

Lower SGA and Other8622732731135

Q1 15 A1,13611361024

- 0

18 GE sections

23 Siemens sections

SectionsCM%

2014Bud2014Bud

Siemens91381729.1%

GE45669025.6%

1,3691,507

Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A479342273042244215428628621136Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A

(819)

(566)

(1,185)

(600)

(900)

(680)

Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A8195661185600900680Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A273Q1 14Tower VolumeHeavy Vol/CostSiemens Bison (mix)From 2014Higher VOHHigher FOHLower SGA and OtherQ1 15 A5612

Towers Q (3)

Sections Produced

Q3 2014Q3 2015YTD 20152015Q1Q2Q3Q4 FC

Actual%BMFC%Budget%PY%Actual%BM FC%PY%Vs. BM FCVs. PYActual%Budget%PY%Vs. BudgetVs. PYTowers Break Even201220132014Manitowoc2832952262101014

Orders3,16631,64651,732(28,480)(48,566)66,329243,70056520(177,371)9,809Fixed - Cash13,59615,88022,287Abilene6196106129392

MW0Revenue

Towers Sold139(139)- 0245387227(142)18SGA - Cash3,9004,1955,931468.6666666667

Sections Sold336416334(80)210721,1601,066(88)6Subtotal17,49620,07528,218

Revenue42,94352,53145,100(9,588)(2,157)139,004156,579146,284(17,575)(7,280)Non-Cash4,5264,5114,015

Contribution MarginERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!11,19226%13,81426%11,80126%(2,622)(609)35,71126%41,43226%42,10129%(5,721)(6,390)Total22,02224,58632,233

FOHERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!7,52718%6,36712%6,95015%(1,160)(577)20,79215%21,08613%19,70713%294(1,085)

Gross ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!3,6659%7,44814%4,85211%(3,783)(1,187)14,91911%20,34613%22,39415%(5,427)(7,475)Avg. CM%18.3%27.6%27.3%

SG&AERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!1,4303%1,3863%1,5003%(44)704,3933%4,5943%4,8713%201478

Operating ProfitERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!2,2355.2%6,06212%3,3527.4%(3,827)(1,117)10,5267.6%15,75210%17,52312.0%(5,226)(6,997)

EBITDAERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!3,4518.0%7,07813%4,4319.8%(3,627)(980)13,7089.9%18,84112%20,64814.1%(5,133)(6,940)

Variances F/(U)

2015 Op Income VS Budget

Towers

BaseEndDownUpStart

2015 Budget18,08218082

Reduced Tower Production11,8413911-391114171

Lower Price11,2642907-290711264

Material Overruns6,0645200-52006064

Labor Overruns4,6981366-13664698

Customer Penalties3,6981,000-10003698

Heavy Variance- 0( 2,563 )1,368-3931-233

- 0

2015A2,235

- 0

18 GE sections

23 Siemens sections

SectionsCM%

2014Bud2014Bud

Siemens91381729.1%

GE45669025.6%

1,3691,507

2015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A11841112646064469836980022352015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A

(3,911)

(2,907)

(5,200)

(1,366)

( 3,931 )

2015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A39112907520013661000-25632015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A13682015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A18082

Manitowoc Quarterly Section Production

ManitowocQ1Q2Q3Q4 FC283295226210

Abilene Quarterly Section Production

AbileneQ1Q2Q3Q4 FC6196106129

# of Sections

ManitowocQ1Q2Q3Q4 FC283295226210AbileneQ1Q2Q3Q4 FC61961061292015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A11841112646064469836980022352015 BudgetReduced Tower ProductionLower PriceMaterial OverrunsLabor OverrunsCustomer PenaltiesHeavy Variance2015A

(3,911)

(2,907)

(5,200)

(1,366)

( 3,931 )






# of Sections


(3,911)

(2,907)

(5,200)

(1,366)

( 3,931 )






# of Sections


(3,911)

(2,907)

(5,200)

(1,366)

( 3,931 )






# of Sections

ManitowocQ1Q2Q3Q4 FC283295226210AbileneQ1Q2Q3Q4 FC6196106129

Break Even

Towers Break EvenGearsServices

Cash Fixed Costs2012201320142015Q1 2016*2016BCash Fixed Costs2012201320142015Q1 2016*2016BCash Fixed Costs2012201320142015B

Cash Fixed OH13,59615,88022,28724,28523,21222,745Cash Fixed OH9,8179,3668,7877,5095,8805,787Cash Fixed OH4,0524,17644864249

Cash SG&A3,9004,1955,9315,3815,5805,994Cash SG&A4,9625,8364,1313,6441,8122,326Cash SG&A2,8812,13622472710

Total 17,49620,07528,21829,66628,79228,739Total 14,77915,20212,91811,1537,6928,113Total 6,9336,3126,7336,959

Contribution Margin18.30%27.60%27.30%22.70%27.20%28.50%Contribution Margin35.10%26.50%28.20%30.40%29.40%33.10%Contribution Margin23.60%20.50%22.40%27.70%

EBITDA Break Even Revenue95,60772,736103,363130,687105,853100,839EBITDA Break Even Revenue42,10557,36645,80936,68826,16324,511EBITDA Break Even Revenue29,37730,79030,05825,123

Non Cash ExpensesNon Cash ExpensesNon Cash Expenses

Depreciation3,6763,8723,9933,9543,8644,108Depreciation8,3787,0896,3724,5882,1122,139Depreciation1,8001,39812391239

Stock Compensation72046322112152244Amortization1,7591,552444444444444Stock Compensation4052793636

Restructuring130176- 0186- 0Stock Compensation602469191228192216Restructuring266234- 0- 0

Total 4,5264,5114,0154,2524,0164,352Restructuring1,9095,2031,466874- 0- 0Total 2,4711,9111,2751,275

Total 12,64814,3138,4736,1342,7482,799

Operating Income Break Even Revenue120,33989,080118,070149,419120,618116,109

* AnnualizedOperating Income Break Even Revenue78,140111,37775,85556,86535,51032,967Operating Income Break Even Revenue39,84740,11235,75029,726

2012201320142015Q1 2016*2016B2012201320142015Q1 2016*2016B2012201320142015B

Fixed - Cash13,59615,88022,28724,28523,21222,745- 0Fixed - Cash9,8179,3668,7877,5095,8805,787Fixed - Cash4,0524,1764,4864,249

SGA - Cash3,9004,1955,9315,3815,5805,994- 0SGA - Cash4,9625,8364,1313,6441,8122,326SGA - Cash2,8812,1362,2472,710

Subtotal17,49620,07528,21829,66628,79228,739- 0 Subtotal14,77915,20212,91811,1537,6928,113 Subtotal6,9336,3126,7336,959

Non-Cash4,5264,5114,0154,2524,0164,352- 0Non-Cash12,64814,3138,4736,1342,7482,799Non-Cash2,4711,9111,2751,275

Total22,02224,58632,23333,91832,80833,091- 0Total27,42729,51521,39117,28710,44010,912Total9,4048,2238,0088,234

Avg. CM%18.30%27.60%27.30%22.70%27.20%28.50%Avg. CM%35.10%26.50%28.20%30.40%29.40%33.10%Avg. CM%23.60%20.50%22.40%27.70%

* Annualized* Annualized

Break-even Trend Towers

EBITDA2012201320142015Q1 2016*2016B95606.55737704917672735.507246376801103362.63736263735130687.22466960351105852.94117647059100838.59649122808Operating Income2012201320142015Q1 2016*2016B120338.7978142076589079.710144927536118069.59706959706149418.50220264317120617.64705882352116108.77192982456EBITDA2012201320142015Q1 2016*2016B42105.41310541310757366.03773584905145808.51063829787736687.526163.26530612245224510.574018126888Op Income2012201320142015Q1 2016*2016B78139.601139601145111377.3584905660475854.60992907802656865.13157894736735510.20408163265532966.767371601207

'$ 000

EBITDA2012201320142015B29377.11864406779930790.24390243902630058.03571428571425122.743682310465Op Income2012201320142015B39847.45762711864540112.1951219512193575029725.631768953066



'$ 000




'$ 000


Profit by Customer

Towers

2012201320142015Q1 2016

Sales CM%CM$/ SectionSales CM%CM$/ SectionSales CM$CM%CM$/ SectionSales CM$CM%CM$/ SectionSales CM$CM%CM$/ Section

Siemens28,61819.1%25.3181,30931.1%41.06124,02035,31928.5%38.68121,78434,41028.3%35.8423,1395,87625.4%

GE22,92818.1%18.8664,63324.7%27.1553,08913,57425.6%29.7745,2138,17018.1%20.9517,8785,66931.7%

Clipper10,65425.9%11,43023.9%8,1381,59019.5%4,784771.6%1,40392565.9%

Arcelor Mittal66,71016.1%15.172,02534.7%10.65- 0- 0- 066428442.8%

First Wind Energy6,31226.2%82(343)(86)(483)-357750835670.1%

CAT45220445.1%

CNG33761.8%

NREL29719866.7%

Metso29617358.4%

NLMK Indiana25612749.6%

Subtotal Top 10135,22218.3%159,47927.7%184,90450,39727.3%171,29839,08022.8%45,23013,81830.6%

BWEN Total46,75712,82527.4%

% of Top 1096.7%

Gears

20122013201420152014

Sales CM%Sales CM%Sales CM$CM%Sales CM%CM%CustomerSales CM$CM%

Clipper11,16140.5%10,74543.8%7,2303,78052.3%8,48350.1%Siemens128,33737,32129.1%

Gardner Denver11,39342.2%4,62827.1%15,0136,29942.0%4,15832.8%GE53,08913,57425.6%

Cameron22557.3%3,65521.2%4,75458912.4%3,19528.0%Gardner Denver15,0136,29942.0%

Metso6,24348.2%5,10748.8%3,1291,40344.8%1,60930.3%CAT8,1381,59019.5%

NA Bull Industry- 00.0%- 00.0%1,37354639.8%1,54028.5%Cameron4,75458912.4%

Others27,29639.2%30,02631.3%18,3447,50640.9%10,71632.6%Clipper7,2303,78052.3%

Discounts/Mfg Var.(659)(265)(360)(4,419)(97)Metso3,1291,40344.8%

Total44,49835.1%43,15126.5%42,25311,92428.2%29,60430.4%Invenergy2,11365831.1%

ServicesNext Era1,61171244.2%

201220132014NA Bull Industry1,37354639.8%

CustomerSalesCM%SalesCM%SalesCM$CM%Top 10 Total224,78766,47229.6%

Siemens Energy, Inc5,37444.8%2,05647.4%4,3172,00246.4%

Invenergy13241.7%67039.9%2,11365831.2%BWEN Total241,26865,82327.3%

Next Era6,05939.7%3,95125.2%1,61171244.2%% of Top 1093.2%101.0%

Noble Wind 37349.3%54843.2%1,06940738.1%

Basin Electric5271.6%1,02645244.0%

NRG99-1.1%63923536.8%

Other Customers10,16941.5%10,35733.4%4,7831,94840.7%

Other (Bene, taxes, PTO)-10.0%-6.4%(1,096)-7.0%

Variances-8.3%-6.9%(1,877)-12.1%

Total22,10723.7%17,73320.3%15,5583,44122.1%

2015

CustomerSales CM$CM%

Siemens121,78434,41028.3%

GE45,2138,17018.1%

Clipper8,4834,25050.1%

CAT4,784771.6%

Gardner Denver4,1581,36432.8%

Cameron3,19589528.0%

Metso1,60948830.3%

NA Bull Industry1,54043928.5%

NOV1,15447641.2%

Arcelor Mittal92127529.9%

Top 10 Total192,84150,84326.4%

BWEN Total199,15647,73124.0%

% of Top 1096.8%106.5%

Q1 2016 CM Concentration

SiemensGEClipperArcelor MittalFirst Wind EnergyCATCNGNRELMetsoNLMK Indiana587656699252843562046198173127

Gears Q

Q3 15 OP Inc Vs BMFC

BaseEndDownUpStart

2015 OP Loss (Budget)(3,651)-3651-3651

Lower Volume( 3,651 )( 6,330 )-6331-9982

Lower Margins( 9,982 )( 1,455 )-1455-11437

Mfg. Variances( 10,631 )( 806 )806-10631

FOH/SGA( 7,677 )( 2,396 )2396-8235

2015 Op. Loss (Actual)( 8,235 )

Base

2014 A

Q3 14 Op Loss

( 2,338 )

2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)-3651-9982-10631-7677-8235End2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)Down

2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)-6330-1455-806-2396Up2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)Start

2015 OP Loss (Budget)Lower VolumeLower MarginsMfg. VariancesFOH/SGA2015 Op. Loss (Actual)-3651

Op Income/(Loss) $

Corporate Q4

Corporate

2011 Actual2011 Budget2010 Actual

Total Opearting Income(2,515)(2,399)(1,875)

EBITDA(1,882)(2,110)(1,739)

Tom preparing

BS

ActualBudget Actual

9/30/119/30/1112/31/10Pull from Exec Summary

Cash & Cash Equivalents14,42213,50015,501

Accounts Receivable23,44723,39221,427

Prepaids4,5824,9033,476

Inventory31,28318,76217,739

Other Current Assets

PPE90,599119,461106,317

Intangibles and Goodwill9,42926,41810,073

Assets Held for Sale8,0007,0766,847

Non-Current Assets5,4036,1392,126

Total Assets187,165219,651183,506

Accounts Payable23,19321,83622,342

Current Liabilities 5,3587,1006,515

Debt14,59411,65714,016

Customer Deposits15,7056248,881

Liabilities Held for Sale- 012,6794,221

Other Non-Current Liabilities5,20214,0381,335

Total Liabilities64,05267,93357,310

Equity123,113151,718126,196

Total Liabilities and Equity187,165219,651183,506

Memo: Operating Working Capital15,83219,6947,943ERROR:#REF!

Memo: Total Debt, Net of Cash172(1,843)(1,485)

Summary Outlook

RevenueEBITDA

Predicted ChangeActual ChangePredicted ChangeActual Change

Budget47.947.91.81.8

Towers(1.2-2.4)-1.4(0-0.4)-0.4

Gearing(0.8-1.3)-1.0(0.5-0.7)-1.0

Services(1.0-1.5)-2.0(0.5-0.7)-0.7

Corporate00(0-0.2)0.0

Bonus Adj0.3-0.70.20

Total42.7-44.943.50.5-1.1-0.1

SCOF

ActualBudgetActual

Sep-11Sep-11Q3 BM FCQ3 BudgetSep-10

Cash from Operating Activities

Consolidated Net Income(Loss) from Continuing Operations(65,051)(107,026)(6,515)1,139

Depreciation13,51113,1713,8143,950

Amortization4,0199,5241,0751,359

Stock Compensation1,6682,805645743

Interest (Inc)/Exp. External and Taxes1,0111,226354(559)

Interest-Intercompany- 0716

Taxes32- 0

Goodwill Impairment35,68482,211

EBITDA- Continuing Operations(1,157)7,988(595)7,348(13,570)

Changes in Operating Working Capital(7,889)(2,689)710(8,455)(5,891)

Other (2,595)

Joni Konstantelos: Joni Konstantelos:adjusted to tie to Q1,954(691)(999)(562)

Total Cash Provided by (Used in) Operating Activities(11,641)7,253(576)(2,106)(20,023)

Investing Activities

Purchases of Available-for-Sale Investments- 0(922)

Cash Received from Divestitures761- 0

Decrease in Restricted Cash(1,276)2,010

Net Change in Property, Plant & Equipment(2,284)(7,685)(3,456)(3,490)(5,412)

Total Cash Provided by (Used in) Investing Activities(2,799)(7,685)(3,456)(3,490)(4,324)

Subtotal Before Financing(14,439)(431)(4,032)(5,596)(24,346)

Financing Activities

Net Proceeds from issuance of stock11,73953,347

Common Stock issued under defined contribution 401k plan150499

Proceeds(Payments) on long term debt and capital leases578(1,671)190(906)(21,422)bti Q3 Budget (from flat file in budget)

Total Cash Provided by (Used in) Financing Activities12,467(1,671)190(906)32,424op-wc233

op other-1205

Discontinued Operationsinv0

Net Cash Provided by (used in) Discontinued Operations(912)(2,213)(3,480)fin-954

Add: Cash Balance of Discontinued Operations, Beginning of Period530(50)127-1926

Less: Cash Balance of Discontinued Operations, End of Period0(2,264)(60)

Net Change in Cash Calculated(2,354)(2,101)(3,842)(6,502)4,785

Cash and Cash Equivalents, beginning of period15,33115,600(3,843)(6,502)4,701

Cash and Cash Equivalents, end of period12,97513,4991- 09,486

Difference(2,356)(2,100)3,8446,5024,785

(2)1- 0

13,500

(1)

Services Product Line Profit

2011 YTD

Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&ASummary All

Sales7,2744,7553,494773(5)16,291

Direct Materials1201,715109747- 02,691

Direct Labor3,2071,4221,576251- 06,456

VOH1,893830856112- 03,691

Contribution Margin2,054788953(337)(5)3,453

% of Sales28.2%16.6%27.3%-43.6%21.2%

FOH1,5161,1581,1271,9842666,051

Gross Profit538(370)(174)(2,321)(271)(2,598)

Gross Margin7%-8%-5%-300%N/M-16%

Services 2010 EBITDA by Segment

Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A1

Services 2010 Contribution Margin by Segment

Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A2054788953-337-5

Services 2010 EBITDA by Segment

Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A1

Services 2010 Contribution Margin by Segment

Field ServicesHoward Drive TrainBlade ServicesMW GearboxG&A2054788953-337-5

Sheet3

Broadwind Services, LLC

Income Statement by Business Segment

For the Nine Months Ending September 30, 2011

September 2011 YTDSeptember 2011 YTDSeptember 2011 YTDSeptember 2011 YTDSeptember 2011 YTDSeptember 2011 YTD

AccountAmountAmountAmountAmountAmountAmount

Field ServicesHoward DrivetrainBlade ServicesMW GearboxG&ASummary All

SALES:

Net Sales to 3rd Parties$4,283,622$3,360,579$2,670,793$461,624($1,986)$10,774,631

Intercompany Sales15,81919,61935,438

------

Total Sales4,283,6223,360,5792,686,612481,243(1,986)10,810,069

COST OF SALES:

Direct Materials84,7201,028,11494,482439,3321,646,648

Direct Labor1,947,2621,120,5691,158,549124,5384,350,917

Variable OH1,098,935637,476579,69088,4812,404,580

Period Costs4501,4624,6241,7358,271

------

Total Variable COS3,131,3672,787,6211,837,345654,0868,410,416

------

Contribution Margin1,152,255572,958849,267(172,843)(1,986)2,399,653

Contribution Margin %26.90%17.05%31.61%-35.92%100.00%22.20%

------

Fixed Overhead:

Indirect Labor & Benefits572,490400,732369,312233,8061,576,340

Insurance207,605207,605

Property Taxes8,0093,19123,44334,642

Depreciation58,37758,0742,783455,812575,046

Rent & Utilities92,71140,851157,959607,184898,705

Safety & Training79,42420,53054,6416,450161,045

Other Fixed OH276,881363,203108,972185,752934,809

------

Total Fixed Overhead1,079,883891,399696,8581,512,447207,6054,388,192

------

Total Cost of Sales4,211,2503,679,0202,534,2032,166,533207,60512,798,608

------

GROSS PROFIT72,372(318,441)152,409(1,685,290)(209,591)(1,988,539)

Gross Margin1.69%-9.48%5.67%-350.20%10553.42%-18.40%

OPERATING COSTS:

Wages & Benefits(15,981)(5,183)(2,850)(9,900)654,614620,700

Shared Base Compensation93,37693,376

Other Employee Costs10,363930201,052212,346

Professional Services1,00072,41273,412

Legal(10,709)(10,709)

Rent & Utilities (SG&A)1,30831,57932,887

Telephone & Communication15635,28535,441

Insurance (D&O)1,6081,608

Depreciation (SG&A)70,55170,551

I/C SG&A107,044107,044

Sales & Marketing52,13352,133

Bad Debt50,32250,322

Other Operating Costs504133,22610,749389,673534,151

------

Total Operating Costs(5,114)130,129(2,850)2,1571,748,9401,873,262

------

Income (Loss) from Operations77,486(448,570)155,259(1,687,447)(1,958,531)(3,861,801)

Other Income (Expense)

Interest (Expense), Net(57,697)(57,697)

Other Income (Expense), Net5,9691,950144,400(13,478)138,841

------

Pre Tax Income83,455(446,620)155,259(1,543,047)(2,029,706)(3,780,657)

Tax Provision (Benefit), Current(1,244)(1,244)

------

Total Tax Provision (Benefit)(1,244)(1,244)

======

NET INCOME (LOSS)83,455(446,620)155,259(1,543,047)(2,028,462)(3,779,413)

======

EBITDA

Operating Income77,486(448,570)155,259(1,687,447)(1,958,531)(3,861,801)

Depreciation58,37758,0742,783455,81270,551645,597

Stock Compensation93,37593,375

Other Income (expense)5,9691,950144,400(13,478)138,841

------

Total EBITDA141,832(388,546)158,042(1,087,235)(1,808,083)(2,983,988)

Difference21(4)

WC

Broadwind Energy, Inc.

Working Capital Summary - $'s in thousands except as indicated

Broadwind Energy, Inc

Working Capital & Net Debt

Actual 12/31/10ActualActualActualActualActual

3/31/116/30/119/30/1112/31/113/31/12

Accounts Receivable

A/R21,42722,47727,24023,47225,31123,199

Sales (Quarter Annualized)190,204174,120157,328191,596220,372217,768

# of Days365365365365365365

Days Sales Outstanding414763454239

Inventory

Inventory, Net17,73916,75522,44331,28323,35532,368

Days in Inventory383756603957

Accounts Payable

Accounts Payable (trade)22,34219,53118,38323,19317,35824,945

COS's (Quarter Annualized)168,408163,804145,604188,744216,516208,840

# of Days365365365365365365

Days Payable Outstanding484446452944

Customer Deposits8,88121,12821,03815,70517,32814,600

Operating Working Capital (AR + Inv-AP-Cust Dep)7,943(1,427)10,26215,85713,98116,022

Days in Operating Working Capital15(3)24302327

% of Sales4%-1%7%8%6%7%

Gears Q (2)

Q3 20152015

Actual%BM FC%PY%Vs. BM FCVs. PYActual%Budget%PY%Vs. BudgetVs. PY

Orders*8,9966,9829,1022,014(106)22,79239,56036,052(16,768)(13,260)

Orders-Internal

Revenue7,1848,04610,334(862)(3,150)23,75835,10931,533(11,351)(7,775)

Contribution Margin2,03828%2,7132,89728%(675)(859)8,04434%11,79134%9,14329%(3,747)(1,099)

FOH2,89740%2,9644,02839%671,1319,16239%10,45130%12,53140%1,2893,369

Gross Profit(859)-12%(251)(1,131)-11%(608)272(1,117)-5%1,3414%(3,388)-11%(2,458)2,271

SG&A1,78725%1,2251,16311%(562)(624)4,26318%4,26112%3,67012%(2)(593)

Operating Profit(2,645)-36.8%(1,476)(2,294)-22.2%(1,169)(351)(5,380)-23%(2,920)-8%(7,059)-22%(2,460)1,679

EBITDA (509)-7.1%(127)(128)-1.2%(382)(381)(565)-2%1,2544%(281)-1%(1,819)(284)

* Includes IC Orders

Variances F/(U)

updated

EBITDA adjusted for 401K and restructure add backs

2011 Actual%2011 Forecast%2010 Actual%

- 0- 0

MW52,200n/a22,410

Revenue54,29653,39648,996

Contribution Margin17,94433%17,01732%(1,860)-4%

Gross Profit(1,355)-2%(789)-1%(5,963)-12%Q3 15 OP Inc Vs PY

SG&A937817%929417%771516% BaseEndDownUpStart

Operating Profit(10,733)-20%(10,083)-19%(13,678)-28%Q3 14 Op Inc(2,294)-2294-2294

EBITDA (465)-1%670%(3,977)-8%Lower Volume( 2,294 )( 1,122 )-1122-3416

Lower Margins( 3,416 )( 447 )-447-3863

Environmental Reserve( 3,863 )( 874 )-874-4737

MFG Variances( 4,056 )( 681 )681-4056

FOH/SGA( 2,645 )( 1,411 )1411-2645

Q3 15 A( 2,645 )

Q1 13Q2 13Q3 13

Revenue107201044510389

OM $-2860-3882-5652

Operating Margin-27%-37%-54%

Depreciation1,8661,8741,702

True Depr17%18%16%

Normalized Depr (4.2%) Add Back13%14%12%

Depr Add back1,4161,4351,266

New OM $(1,444)(2,447)(4,386)

OM Restated(0.13)(0.23)(0.42)

Q1 13Q2 13Q3 13

BFGW Operating Margin-27%-37%-54%

BFGW OM with "normalized" depr.-13%-23%-42%

AGMA Average Top 25%9.90%9.90%9.90%

20122013

CustomerSalesCM$CM%SalesCM$CM%

Clipper11,1614,51640.5%10,7454,70444%

Metso6,2433,01248.2%5,1072,49448.8%

Gardner Denver11,3934,80942.2%4,6281,25527.1%

BWS1,98864732.5%3,9381,39835.5%

Cameron22512957.3%3,65577621.2%

Arcelor Mittal1,03249648.1%1,62458235.8%

Konecranes99135135.4%1,56642427.1%

NOV1,9321,18261.2%1,21561050.2%

Braner769688.8%93220421.9%

Simpson88924827.9%91517819.5%

Other19,6957,72739.2%9,0902,55928.2%

Discounts(659)(659)-1.2%(265)(265)100.0%

PPV(153)-0.3%4171.0%

Other Manuf. Var(2,812)-5.1(3,916)-9.1%

Total55,65919,56135.1%43,15011,42026.5%

Base

2014 A

Q3 14 Op Loss

( 2,338 )

Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294-3416-3863-4056-2645-2645EndQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 ADown

(1,122)

(447)

(874)

Q3 14 OP loss (2,433)

Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-1122-447-874-681-1411UpQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 AStartQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294

Op Income/(Loss) $

BFGW Operating MarginQ1 13Q2 13Q3 13-0.26679104477611942-0.37166108185734803-0.54403696217152753BFGW OM with "normalized" depr.Q1 13Q2 13Q3 13-0.13472388059701493-0.23424509334609861-0.42220983732794298AGMA Average Top 25%Q1 13Q2 13Q3 139.9000000000000005E-29.9000000000000005E-29.9000000000000005E-2Base

2014 A

Q3 14 Op Loss

( 2,338 )

Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294-3416-3863-4056-2645-2645EndQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 ADown

(1,122)

(447)

(874)

Q3 14 OP loss (2,433)

Q3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-1122-447-874-681-1411UpQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 AStartQ3 14 Op IncLower VolumeLower MarginsEnvironmental ReserveMFG VariancesFOH/SGAQ3 15 A-2294

Op Income/(Loss) $

BFGW Operating MarginQ1 13Q2 13Q3 13-0.26679104477611942-0.37166108185734803-0.54403696217152753BFGW OM with "normalized" depr.Q1 13Q2 13Q3 13-0.13472388059701493-0.23424509334609861-0.42220983732794298AGMA Average Top 25%Q1 13Q2 13Q3 139.9000000000000005E-29.9000000000000005E-29.9000000000000005E-2

Services

Q3 20152015

Actual%BM FC%BM FC%PY%Vs. BM FCVS. PYActual%BM FC%Budget%PY%Vs. BudgetVS. PY

F/(U)F/(U)F/(U)F/(U)

Orders2,5813,5003,5005,317(919)(2,736)9,18918,30013,342(9,111)(4,153)ERROR:#REF!ERROR:#REF!

Revenue3,0114,0515,025(1,040)(2,014)7,63415,67910,945(8,045)(3,311)-0.2567267341

Contribution Margin77626%ERROR:#DIV/0!1,04826%1,34627%(272)(570)821%4,35828%2,61724%(4,276)(2,535)-0.4007960199

FOH1,15138%ERROR:#DIV/0!1,122107%1,49930%(29)3483,7284546%4,07526%4,23639%347508

Gross Profit(374)-12%ERROR:#DIV/0!(74)-7%(154)-3%(300)(220)(3,646)-98%2822%(1,619)-15%(3,928)(2,027)Q3 15 Op Inc vs BM FC

SG&A41414%ERROR:#DIV/0!399-539%57912%(15)1651,530-42%2,21214%1,77116%682241 BaseEndDownUpStart

Operating Profit(788)-26.2%ERROR:#DIV/0!(473)-119%(733)-14.6%(315)(55)(5,176)-338%(1,930)-12%(3,391)-31%(3,246)(1,785)Q3 15 BMFC(473)-473-473

EBITDA(464)-15.4%ERROR:#DIV/0!(160)34%(395)-7.9%(304)(69)(4,056)78%(791)-5%(2,281)-21%(3,265)(1,775)Lower Volume( 473 )( 229 )-229-702

Variance F/(U)Lower Margins( 702 )( 44 )-44-746

Higher FOH/SGA( 746 )( 42 )-42-788

Q3 15 A( 788 )-788

-788

Base

2014 A

Q3 14 Op Loss

( 2,338 )

Q3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 A-473-702-746-788EndQ3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 ADown

Q3 14 OP loss (2,433)

Q3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 A-229-44-42UpQ3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 AStartQ3 15 BMFCLower VolumeLower MarginsHigher FOH/SGAQ3 15 A-473

Services (2)

Q1 2015

Actual%BM FC%Budget%PY%

Orders1,8913,7003,595ERROR:#REF!ERROR:#REF!

Revenue1,9372,7292,438

Contribution Margin(657)100%ERROR:#DIV/0!471100%480100%

FOH1,349-205%ERROR:#DIV/0!1,323281%1,271265%

Gross Profit(2,006)305%ERROR:#DIV/0!(852)-181%(791)-165%Q1 15 OP Inc Vs PY

SG&A618-94%ERROR:#DIV/0!835177%548114% BaseEndDownUpStart

Operating Profit(2,624)399%ERROR:#DIV/0!(1,687)-358%(1,339)-279%Q1 14(1,339)-1339-1339

EBITDA(2,152)328%ERROR:#DIV/0!(1,226)-260%(878)-183%Lower Volume( 1,339 )( 242 )-242-1581

Negative Margins( 1,581 )( 143 )-143-1724

Inventory Write Down( 1,724 )( 750 )-750-2474

Higher FOH/SGA( 2,474 )( 150 )-150-2624

Q1 15 A( 2,624 )

-2624

Base

2014 A

Q3 14 Op Loss

( 2,338 )

Q1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 A-1339-1581-1724-2474-2624EndQ1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 ADown

Q3 14 OP loss (2,433)

Q1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 A-242-143-750-150UpQ1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 AStartQ1 14Lower VolumeNegative MarginsInventory Write DownHigher FOH/SGAQ1 15 A-1339

Services (3)

Q3 20152015

Actual%BM FC%BM FC%PY%Vs. BM FCVS. PYActual%BM FC%Budget%PY%Vs. BudgetVS. PY

Orders2,5813,5003,5005,317(919)(2,736)9,18918,30013,342(9,111)(4,153)ERROR:#REF!ERROR:#REF!

Revenue3,0114,0515,025(1,040)(2,014)7,63415,67910,945(8,045)(3,311)-0.2567267341

Contribution Margin77626%ERROR:#DIV/0!1,04826%1,34627%(272)(570)821%4,35828%2,61724%(4,276)(2,535)-0.4007960199

FOH1,15138%ERROR:#DIV/0!1,122107%1,49930%(29)3483,7284546%4,07526%4,23639%347508

Gross Profit(374)-12%ERROR:#DIV/0!(74)-7%(154)-3%(300)(220)(3,646)-98%2822%(1,619)-15%(3,928)(2,027)Q3 15 Op Inc vs BM FC

SG&A41414%ERROR:#DIV/0!399-539%57912%(15)1651,530-42%2,21214%1,77116%682241 BaseEndDownUpStart

Operating Profit(788)-26.2%ERROR:#DIV/0!(473)-119%(733)-14.6%(315)(55)(5,176)-338%(1,930)-12%(3,391)-31%(3,246)(1,785)Q3 14(733)-733-733

EBITDA(464)-15.4%ERROR:#DIV/0!(160)34%(395)-7.9%(304)(69)(4,056)78%(791)-5%(2,281)-21%(3,265)(1,775)Lower Volume( 733 )( 421 )-421-1154

Variance F/(U)Lower Margins( 1,154 )( 148 )-148-1302

Lower FOH/SGA( 788 )( 514 )514-788

Q3 15 A( 788 )-788

-788

Base

2014 A

Q3 14 Op Loss

( 2,338 )

Q3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 A-733-1154-788-788EndQ3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 ADown

Q3 14 OP loss (2,433)

Q3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 A-421-148-514UpQ3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 AStartQ3 14Lower VolumeLower MarginsLower FOH/SGAQ3 15 A-733

WC trend

Working Capital Slide

look at board reportExc SvsExc SvsExc SvsExc SvsExc SvsExc SvsExc SvsExc Svs

Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 201131-Mar6/30/129/30/1212/31/123/31/136/30/139/30/1312/31/133/31/146/30/149/30/1412/31/143/31/156/30/157/31/158/31/159/30/1510/31/15 E11/31/15E12/31/153/31/166/30/169/30/1612/31/1620082009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011

Working Capital16,45120,36625,86026,73330,25719,25615,4847,68010,43617,67814,8377,943(1,427)10,26215,85713,98116,02219,65239,25221,58723,38510,3234,941(499)14,13020,3084,9278,50525,92733,64436,79939,23427,59432,94225,67810,2417,76210,794(1,398)(839)Working Capital26,7337,68010,43617,67814,8377,943(1,427)

Sales(t3m)140,656163,320254,756310,556212,248209,252238,028131,79288,682146,512152,788190,204174,120157,328191,596220,372217,768225,244220,180179,632182,656205,452249,740224,353232,997270,195236,161215,615202,267250,156247,804222,032199,168219,940220,744150,292187,028173,520170,400192,604Sales(t3m)217,321197,83088,682146,512152,788190,204174,120

WC cents/Sales dollar0.090.080.100.090.140.090.070.060.120.120.100.04(0.01)0.070.080.060.0740.0870.1780.1200.1280.0500.020(0.002)0.0610.0750.0210.0390.1280.1340.1490.1770.1390.1500.1160.0680.0420.062(0.008)(0.004)WC cents/dollar12.300.260.080.080.100.24(1.22)

9149761212104(1)7867918121352(0)682413131518141512746(1)(0)

143,032

559

Working Capital Cents per Dollar

416394172941820419124200442094421854221642247422774236942460425514264342735-0.222417351227752726.06445576552487797.51605322082199832.0862885912576593.9445307608468812.81820563908101813.44920769439869614.8500427757421217.67042588455717913.854635282776356.81406861309983294.15018072160318236.2206085753803597-0.82042253521126762-0.43560881393948203

FOrecast Update

Broadwind Energy, Inc

STRAP10th working day

Q1 2011Q2 2011Q3 2011Q4 2011TotalTotal

RevenueActualPYActualPYActualForecastPYBudgetForecastPY2011PY

Towers28,17012,04624,49516,51429,68436,83617,29424,41532,22130,296114,57076,150

Gearing13,5537,71712,50914,27612,63412,94413,14016,88314,70013,86353,39648,996

Services1,8282,0222,3672,8936,6155,8003,6316,8635,0003,54415,81012,090

Corporate(21)(41)(39)(103)(1,034)62(43)(152)(1,094)(339)

Total43,53021,74439,33233,58047,89955,64234,02248,16151,92147,551182,682136,897

Operating Income

Towers2,420822,773(595)(35)440(284)970897(9,279)6,055(10,076)

Gearing(2,397)(3,201)(2,847)(2,823)(3,281)(2,465)(3,511)(923)(1,559)(2,217)(10,084)(11,752)

Services(1,354)(359)(2,094)(6,474)(413)80(2,128)(761)(445)(23,694)(4,306)(32,655)

Corporate(2,642)(18)(2,143)(2,306)(2,515)(2,746)(1,875)(2,412)(2,371)(1,974)(9,671)(6,173)

Total(3,973)(3,496)(4,311)(12,198)(6,244)(4,691)(7,798)(3,126)(3,478)(37,164)(18,006)(60,656)

EBITDA Ex Restr.

Towers3,588(205)4,0964871,1491,5678102,3112,1355,56010,9686,652

Gearing153(2,633)(380)(833)(675)(130)(924)1,6261,735246833(4,144)

Services(1,120)(1,598)(1,741)(925)(108)347(993)303(163)(371)(3,132)(3,887)

Corporate(2,396)(2,773)(1,841)(2,104)(1,882)(2,486)(1,739)(2,122)(2,110)(1,698)(8,229)(8,314)

Total225(7,209)134(3,375)(1,516)(702)(2,846)2,1181,5973,737440(9,693)

EPS(0.04)(0.14)(0.04)(0.13)(0.06)(0.04)(0.08)(0.03)(0.04)(0.45)(0.18)(0.80)

Q1 updated to reflect the addition of 401K match added back to EBITDA.

SCOF-forecast

Strap

201120112010

ForecastBudgetActual

Net Income(11,642)(12,901)(69,753)

Depreciation13,86014,02113,470

Amortization8593,4192,992

Stock Compensation1,6101,7261,668

Income Tax1,9461,060(160)

Interest (Inc)/Expense1,0512,7811,172

Impairment Expense40,777

EBITDA86010,106(9,833)

Changes in Operating Working Capital(4,306)(1,039)(1,464)

Changes in Other Operating Assets/Liabilities(1,807)4,077490

Total Cash Provided by (Used in) Operating Activities(5,253)13,143(10,807)

Investing Activities

Change in Restricted Cash1,840

Cash Received from Divestitures871871

Purchases of PPE(4,792)(8,490)(6,855)

Sale of Building and Equipment1,400BFGW grinders

Total Cash Provided by (Used in) Investing Activities(2,521)(8,490)(5,015)

Subtotal Before Financing(7,774)4,654(15,822)

Financing Activities

Net Proceeds from Issuance of Stock53,347

Common Stock issued under defined contribution 401k plan150684150

Proceeds(Payments) on long term debt and capital leases(295)(2,420)(21,394)debt pmts, netted with sales lease back and NMTC

Intercompany Financing to discontinued operations0

Total Cash Provided by (Used in) Financing Activities(145)(2,420)32,637

Net cash provided by (used in) continuing operations(7,919)2,23416,815

Discontinued Operations:

Net cash provided by (used in) discontinued operations(912)(2,538)(5,782)

Add: Cash balance of discontinued operations, beginning of period530(50)127

Less: Cash balance of discontinued operations, end of period- 0(2,688)530

Net Increase (Decrease) in cash - calculated(8,301)2,33410,630

Cash and Cash Equivalents, beginning of period15,33115,5014,701

Cash and Cash Equivalents, end of period7,22017,83515,331

Difference1900- 0

7,22017,835

- 0

Forecast BS

201120112010 Full Year

ForecastBudget

Cash and Cash Equivalents7,22017,83515,501

Accounts Receivable16,96124,94121,427

Prepaids and Other Current Assets5,1005,5443,476Plugged

Inventory21,79319,67617,739

Intercompany Receivables- 0- 0- 0

PPE95,458116,703106,317

Assets of Discontinued Operations- 06,6756,847

Other Non Current Assets

Joni Konstantelos: Joni Konstantelos:Includes Def tax asset, intangibles, other non current assets11,33527,88012,199

Total Assets157,867219,254183,506

Accounts Payable21,55022,13022,342

Accrued Liabilities3,4132,0006,515Plugged

Customer Deposits5,0118,7998,881

Debt13,91110,90814,016

Intercompany Payables(0)- 0

Liabilities of Discontinued Operations- 012,3884,221

Other Liabilities5,34314,8291,335ties to 6/30 balane

Total Liabilities49,22871,05457,310

Equity108,639148,200126,196

Total Liabilities + Equity157,867219,254183,506

Working Capital12,19313,6887,943

% of Sales7.4%7.2%4.2%

P&L Forecast

Strap

ForecastBudgetPYTowersGearsServicesCorpELIMS

Total Revenue192,950190,443136,89676,15048,99612090-340

Cost of Sales:

Direct Materials0%79,51342%58,48943%38,21918,5591711

Direct Labor0%32,13917%25,72419%10,65911,0394363-337

Other Variable0%20,00411%17,37613%5,3378,704

Joni Konstantelos: Joni Konstantelos:reclass to adjust for standard foh to be in comformity with current year presentation3335

Total Variable Cost of Sales- 00%131,65669%101,58974%54,21538,3029,409(337)

Contribution Margin50,34426%58,78731%35,30726%21,93510,6942,681(3)

Fixed Overhead

Indirect Labor and Benefits13,5967%15,1608%10,6128%4,8935,178541

Depreciation13,7157%13,3227%12,2589%3,3068,88270

Other FOH11,4956%11,4606%10,4918%6,0292,608

Joni Konstantelos: Joni Konstantelos:reclass to adjust for standard foh to be in comformity with current year presentation1866

Total Fixed Overhead38,80620%39,94221%33,36124%14,22816,6682,477

Cost of Goods Sold179,78793%171,59890%134,95099%68,44354,97011,886(337)

Gross Profit11,5386%18,84510%1,9461%7,707(5,974)204(3)

Operating Costs

SG&A Cash24,82113%22,84612%25,15518%

SG&A-Depreciation5390%6990%5820%

SG&A-Amortization8640%3,4192%43,76932%

SG&A-Stock Compensation1,6551%1,7261%1,6671%

Total Operating Costs27,87914%28,69015%71,17352%

Salaries and Benefits12,8907%13,7047%13,97510%2,7112,67235565036

Legal2,2881%7580%1,0041%66123306509

Professional Services1,4091%1,1271%1,4541%28528888793

Depreciation-SG&A5540%6990%5820%11022975168

Amortization8590%3,4192%2,9922%- 085921330

Share Based Compensation1,6101%1,7261%1,6671%389173242863

Other SG&A7,0604%6,2943%49,50036%15,5833,360285512006

Total Operating Costs27,40014%28,69015%71,17352%19,1447,70434,9519,375

Income from Operations( 16,341 )-8%( 9,845 )-5%( 69,227 )-51%(11,437)(13,678)(34,747)(9,375)

EBITDA8600%10,1065%( 9,837 )-7%6,616(4,197)-3915-8347-79

EPS(0.17)(0.15)(0.80)

BOOk to Bill (2)

OrdersGross Revenue

Q1Q2Q39 monthsbook:bill

Tower Tech6.5511.2612.24

Joni Konstantelos: Joni Konstantelos:5.99 is an adjustment for increased price for Gamesa Framework Agreement30.0545.820.66You can get this data from the file below which is used for audit support and needed for the earnings release

Brad Foote9.6413.4911.834.9336.550.96backlog and orders Q3 Rollforward.xlsx

EMS1.943.562.177.678.450.91

Badger0.617.630.799.037.651.18

Total18.7435.9427.0081.6898.470.83

Updated for Q3

OrdersQ2 Revenuebook:bill

Q2 Actual

Towers1,71324,4950.07

Gearing16,56012,5091.32

Services3,5492,3671.50

Total21,82239,3710.55

Q2 Budget

Tower Tech20,00027,1330.74

Brad Foote17,00015,1441.12

EMS8,0006,2761.27

Total45,00048,5530.93

BudgetActual

Towers0.740.07

Gearing1.121.32

Services1.271.50

OrdersYTD Revenuebook:bill

YTD Actual

Towers35,11352,6650.67

Gearing26,04829,7030.88gross revenue

Services5,7004,1941.36

Total66,86186,5620.77

YTD Budget

Tower Tech25,00056,6610.44

Brad Foote27,00029,7030.91

EMS13,50010,0731.34

Total65,50096,4370.68

BudgetActual

Towers0.440.67

Gearing0.910.88

Services1.341.36

Q2 Book:Bill

BudgetTowersGearingServices0.737109792503593431.12255678816693071.2746972594008923ActualTowersGearingServices6.9932639314145742E-21.32384683028219691.4993662864385298

YTD 6/30 Book:Bill

BudgetTowersGearingServices0.441220592647500020.908999091000909031.3402164201330289ActualTowersGearingServices0.66672363049463590.876948456384876951.3590844062947067

Q2 Book:Bill

BudgetTowersGearingServices0.737109792503593431.12255678816693071.2746972594008923ActualTowersGearingServices6.9932639314145742E-21.32384683028219691.4993662864385298

YTD 6/30 Book:Bill

BudgetTowersGearingServices0.441220592647500020.908999091000909031.3402164201330289ActualTowersGearingServices0.66672363049463590.876948456384876951.3590844062947067

file:///C:/Users/joni.konsta/AppData/Roaming/2012/Q3%202011/backlog%20and%20orders%20Q3%20Rollforward.xlsx

Bridge Charts

Gearing BridgesServicesTowersYTD through Q3

Corporate

RevenueEBITDAQ2 Forecast

RevenueBudgetRevenueBudgetBudget108,788(2,940)

46,843Budget18,4334% fewer tower sections (969 vs 1013)(4,700)

Industrial sales less than plan (mainly Lufkin)(5,548)MW Drivetrain revenue growing more slowly than budgeted(2,923)Higher average price ($113k vs.$107k)5,500

Lower Oil customer sales(2,516)Lower Midwest Revenue--delayed Siemens construction (268)Other price/volume variance706Legal Expense Timing334

Clipper 982Higher Southwest Revenue551Heavy Industries(707)

GE OHV 1,683Higher Blade Services Revenue243

Other(92)YTD Actual Revenue110,294Bonus Expense553

Actual Revenue41,35241352Actual Revenue16,036Other96

EBITDA

EBITDAYTD BudgetBudget8,821Actual(1,957)

4,764EBITDABudgetLower Manitiwoc Productivity(1,000)

Volume Variacne(1,053)Budget648Weldment margins running 12-15% below plan(852)

Rate Variance(275)Lower margins, esp. midwest (-$818k) and drivetrain ($582k)(1,894)Volume Variance-fewer sections but higher CM(218)

Other SG&A expenses less than budget 587Volume Variance(541)Other(107)

Other period costs(11)Steel scrap sales (not budgeted)488

Reductions in SGA and rent savings, offset by higher legal399YTD Actual EBITDA7,132

2012 Actual EBITDA4,0234023

2012 Actual EBITDA(1,399)

2012 Actual EBITDA8,046

3,314

YTD Actual EBITDA14,264

1835

Note: Fixed costs were under budget by $1.7M, but that was due to $1M of restructuring favorability. This is an addback for ebitda, so I netted the two.

436

7,610

Cash Flow

For the Years Ended December 31,

Q1 112011201012 Months endingcapex

201012/31/11Q2 11Q3 11Q4 11201112/31/1212/31/13YTD 6/30/12

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss$ (5,180)$ (21,948)$ (85,175)

Loss from discontinued operations.1,1271,20615,422Net Loss from Continuing Operations(69,753)(20,742)(4,401)(6,586)(5,702)(20,742)(17,907)(10,133)AmountBM FCBudget

Loss from continuing operations(4,053)(20,742)(69,753)- 0Depreciation/Amortization1453416,53714,856

Changes in Operating Assets/Liabilities61,0942,9696,2854,444Towers1,9026251,492

Adjustments to reconcile net cash (used in) provided by operating activities:Changes in Operating Working Capital(1,464)(7,065)(11,526)(5,595)1,876(6,038)(7,797)16,417Gears1,2101,3193,990

Depreciation and amortization expense.3,50114,53016,463Net Cash (Used in) Provided by Operating Activities(10,123)(10,304)(15,927)(12,181)(3,826)(26,780)(2,882)25,584Services900462947

Impairment charges.- 0- 040,777Corporate76

Proceeds from the sale of logistics business and related note receivable952375250

Purchase of available for sale securities(1,143)

Purchases of property and equipment(4,708)(5,738)(5,915)

Proceeds from disposals of property and equipment1,87411312,884

Decrease (increase) in restricted cash(706)546248

Change in fair value of interest rate swap agreements.- 0- 0(253)Cash Flows from Investing Activities(5,015)(2,588)(177)(1,011)211(2,588)(4,704)6,324Total4,0882,4066,429

Deferred income taxes.- 01,338

Stock-based compensation..3691,9061,745Cash Flows from Financing Activities31,95311,305(241)13,408(1,162)11,305(5,238)(7,488)

Allowance for doubtful accounts.1631,004(1,142)

Common stock issued under defined contribution 401(k) plan.150684Discontinued Operations(5,782)(860)(52)- 0(22)(934)- 0

Loss on disposal of assets.8247470

Changes in operating assets and liabilities:8,960Add Cash Balance of Disc Op, beginning of period127530- 0- 0- 0530- 0

Accounts receivable..(4,888)1,202Add Cash Balance of Disc Op, beginning of period530530- 0- 0- 0- 0- 0

Inventories (5,616)(8,914)Disc Op(934)

Prepaid expenses and other current assets..(6)1,072

Accounts payable .(5,008)7,565Net Increase (Decrease) in Cash and Equivalents10,630(1,991)(16,397)216(4,799)(18,467)(12,824)24,420

Accrued liabilities(648)(332)Cash and Equivalents, Beginning of PeriodERROR:#REF!15,33113,340(3,057)(2,841)ERROR:#REF!13,340516

Customer deposits.13,280(1,317)Cash and Equivalents, End of PeriodERROR:#REF!13,340(3,057)(2,841)(7,640)ERROR:#REF!51624,936

Other non-current assets and liabilities.93672

Net cash (used in) provided by operating activities of continued operations9,022(5,471)(10,123)

CASH FLOWS FROM INVESTING ACTIVITIES:YTDYTDYTDYTD

Proceeds from the sale of logistics business761952- 0Q1 11Q2 11Q3 11Q4 112011

Purchases of property and equipment.(2,380)(4,708)(6,893)Year Ending December 31,Year Ending December 31,

Proceeds from disposals of property and equipment1101,8743820162015Towers*GearsCorpOtherTotal

(Increase) decrease in restricted cash..(102)(706)1,840Net Loss from Continuing Operations(4,053)-8454-15040(20,742)Net Loss (6,129)(7,593)

Loss from Discontinued Operations- 0(110)

Income/(Loss) from Continuing Operations1,335(12,246)11,771

BWEN Employee: BWEN Employee:fed tax put back in from elims(3,257)(7,778)5991,335

Net cash used in investing activities of continued operations(1,611)(2,588)(5,015)Changes in Operating Assets/Liabilities401787571131216,476Depreciation/Amortization6,9149,1794,1662,545203- 06,914

Changes in Working Capital9207-2319-7914(6,038)Changes in Operating Assets/Liabilities(945)(511)343(718)568(1,138)(945)

CASH FLOWS FROM FINANCING ACTIVITIES:Net Cash (Used in) Provided by Operating Activities9,171(2,016)(11,642)(10,304)Changes in Operating Working Capital9,996(1,934)7,7042,341(49)- 09,996

Net proceeds from issuance of stock.14911,69753,347Cash Flows from Operating Activities17,300(5,512)23,984911(7,056)(539)17,300

Payments on lines of credit and notes payable(467)(6,350)(21,231)Cash Flows from Investing Activities(1,611)-1788-2799(2,588)

Capital Expenditures(6,642)(2,789)(6,161)(386)(95)- 0(6,642)

Asset Sales4521,156566(114)452

Subtotal 11,110(7,145)18,389411(7,151)(539)11,110

Other Investing Activities3,0261,8453,0263,026

Proceeds from lines of credit and notes payable..- 02,311700Cash Flows from Financing Activities(700)-9411246711,305

Cash Flows Before Financing Activities14,136(5,300)18,389411(7,151)2,48714,136

Proceeds from sale-leaseback transactions..- 0- 0- 0Cash Flows from Financing Activities(3,319)2,052(183)(414)(2,722)- 0(3,319)- 0

Proceeds from deposits on equipment..- 0- 0Discontinued Operations(860)-912-912(934)* Adjusted for Federal Taxes

Principal payments on capital leases..(233)(977)(863)Discontinued Operations1,414(2,466)68

Issuance of restricted stock grants- 0- 0Add Cash Balance of Disc Op, beginning of period530530530530

Transfers (to) from discontinued operations- 0- 0Less Cash Balance of Disc Op, end of period0- 0Add Cash Balance of Disc Op, beginning of period(12)93

Net cash provided by (used in) financing activities of continued operations(551)6,68131,953Less: Cash Balance of Disc Op, end of period- 0- 0

Effect of foreign exchange rates- 0- 0Cash and Equivalents, Beginning of Period15,331153311533115,331- 0

(551)Cash and Equivalents, End of PeriodERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!Net Inc/(Dec) in Cash and Equivalents12,219(5,621)- 0

DISCONTINUED OPERATIONS:Cash and Equivalents, Beginning of Period6,51912,140ActualBudget

Operating cash flows..(777)(851)(2,666)Cash and Equivalents, End of Period18,7386,519- 08,336

Investing cash flows..- 0- 0(113)12,219(5,621)

TowersGearsServicesOtherTotal

Financing cash flows..(83)(83)(3,003)ActualBudgetActualBudgetActualBudgetActualBudgetActualBudget

Net cash used in discontinued operations(860)(934)(5,782)Income/(Loss) from Continuing Operations10,63611,119(2,759)(2,253)(4,356)(2,032)(4,658)(5,303)(1,137)1,531

Depreciation/Amortization2,9612,0502,5412,59763665891756,2295,380

CASH AND CASH EQUIVALENTS, beginning of the year.1533115,3314,701Changes in Operating Assets/Liabilities1,0581,000(1,404)- 034529(378)(135)(379)894

Add: Cash balance of discontinued operations, beginning of period$ 530530127Changes in Operating Working Capital(25,424)(11,163)(116)(1,432)994(716)193(494)(24,353)(13,805)-7322(6,483)

Less: Cash balance of discontinued operations, end of period0- 0530Net Cash (Used in) Provided by Operating Activities(10,769)3,006(1,738)(1,088)(2,381)(2,061)(4,752)(5,857)(19,640)(6,000)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS6530(1,782)10,630Capital Expenditures, net of disposals(733)(2,276)(374)(1,050)(293)(553)(61)(186)(1,461)(4,065)

Purchases of Available for Sale Securities8,0248,0248,0248,024

Cash Flows from Investing Activities(733)(2,276)(374)(1,050)(293)(553)7,9637,8386,5633,959

CASH AND CASH EQUIVALENTS, end of the year..21861ERROR:#REF!ERROR:#REF!Cash Flows Before Financing(11,502)730(2,112)(2,138)(2,674)(2,614)3,2111,981(13,077)(2,041)

*****Take Tax effect out of Towers column.

Capital Employed by BU

Op W.C.Net PPECapital Employed

Towers13532,45032,585

Gears9,10325,38634,489

Services6,2314,42310,654

Other(1,051)694(357)

BWEN14,41862,95377,371

2014Q3

AR1099219469

Inv2383121000

AP1252518291

Dep2210213596

Op WC1968582

other assets2041

Other liab

Debt225

Debt

($ in thousands)3/31/1112/31/116/30/123/31/1212/31/123/31/13

Lines of credit, notes payable3,1401,5669261,586

Long-term debt7,6415,4334,8655,20220092010201120123/31/13

Liabilities held for sale - 04,8334,3334,583Net Debt35.22.7-0.4410.114.3

Capital leases2,5351,9403,8751,751

Debt and capital lease13,31613,77213,122

Cash and related assets22,13314,21611,261

Net debt(8,817)(444)1,861

Memo: available line of credit9,4777,083

Column112/31/20113/31/20126/30/20129/30/201212/31/20123/31/2013

Lines of credit, notes payable1,5661,58692617,5859556,172

Long-term debt2,3535,2021,925190168146

Assets Held for Sale4,8334,5834,3334,0833,8603,609

Capital leases1,9401,7513,8753,3582,8592,289

Subtotal: debt ex. grants10,69213,12211,05925,2167,84212,216Q4 11Q1 12Q2 12Q3 12Q4 12Q1 13

Grants/tax credits3,0802,9402,9402,9403,1403,000-0.4444.822.3625.110.114.3

Total Debt13,77216,06213,99928,15610,98215,216

Less: Cash and related assets(14,216)(11,261)8,366(3,051)(868)

Net Debt(444)4,80122,36525,10514,348

Memo: Available line of credit7,0832,7162,71613,828

Column14/30/133/31/201312/31/20123/31/20129/30/143/31/14$M

Lines of credit, notes payable6,1729551,586AloStar line of credit- 0- 0

Long-term debt1461685,202Long-term debt- 0

Brandon Mortgage3,6093,8604,583Capital leases$ 1.4

Capital leases2,2892,8591,751Subtotal: debt ex. grants1.4

Subtotal: debt ex. grants12,2167,84213,122Grants/tax credits2.8

Grants/tax credits3,0003,1402,940Total Debt4.2

Total Debt15,21610,98216,062Less: Cash and related assets27.9

Less: Cash and related assets(868)(847)(11,261)Net Debt$ (23.7)

Net Debt14,34810,1354,801

Memo: Available line of credit13,82819,0452,716

-4634

20092010201120122013Q1 2014Q2 20142014Q1 2015Q1 2015

debt and capital leases364161250758594,18222001,7891,6931,3722,1262,126

low or 0 interest rate debt30802,9402,900

Joni Konstantelos: Joni Konstantelos:from jasons debt sched2,9002,740

Joni Konstantelos: Joni Konstantelos:from jasons debt sched2,7402,7402,740

Brandon, SD mtg5503575048333,860

Total Debt419191825710,9825,1004,6894,4334,11248664866

30-Apr

Towers2,174,873

Services10,450,663

Corp194000

Elims-7400000

Total5,419,536

Q3 14 AQ4 14 AQ1 15 BQ2 15 BQ3 15 BQ4 15 B

TTM Ebitda

Covenant6.56.56.56.56.56.5

Act/Bud13.58.98.58.310.513.6

FC Coverage

Covenant1.01.01.01.01.01.0

Act/Bud6.11.81.92.02.94.1

Cap Ex Max

Covenant10.010.04.04.04.04.0

Act/Bud4.95.92.34.16.17.8

Total Debt and Capital Leases

debt and capital leases2013201422001372low or 0 interest rate debt2013201429002740Brandon, SD mtg20132014Net Debt2010201120123/31/20132.7-0.4410.114.3debt and capital leases200920102011201220132014Q1 2015364161250758594182220013722126low or 0 interest rate debt200920102011201220132014Q1 201530802940290027402740Brandon, SD mtg200920102011201220132014Q1 20155503575048333860





Results by BU

Q1 15BudgetVs. BudgetQ1 14Vs. PY

Revenue

Towers41,02948,323(7,294)48,294(7,265)-15%-15%

Gearing8,66811,210(2,542)8,775(107)-23%-1%

Services1,9402,729(789)2,438(498)-29%-20%

Corporate & Other(523)(599)76(707)184-13%-26%

Contingency- 0- 00- 00ERROR:#DIV/0!ERROR:#DIV/0!

Total Revenue51,11461,663(10,549)58,800(7,686)

Gross Profit

Towers2,5735,882(3,309)7,735(5,162)-56%-67%

Gearing35(5)40(1,801)1,836-800%-102%

Services(2,006)(852)(1,154)(791)(1,215)135%154%

Corporate & Other1370137(49)186ERROR:#DIV/0!-380%

Contingency- 0- 00- 00

Total Gross Profit7395,025(4,286)5,094(4,355)

Operating Income

Towers1,1364,365(3,229)5,612(4,476)-74%-80%

Gearing(1,211)(1,315)104(2,965)1,754-8%-59%

Services(2,624)(1,687)(937)(1,339)(1,285)56%96%

Corporate & Other(2,280)(2,842)562(2,304)24-20%-1%

Contingency0450(450)00

Total Operating Inc(4,979)(1,029)(3,950)(996)(3,983)

Consol Fin New

Q1Full Year

2015201620142015

Revenue-$M$ 49.2$ 46.8

Gross Profit-$M2.74.0

-% (ex. Restructuring)5.6%8.5%

Operating Expense-$M5.14.2

-% (ex. Restructuring)10.4%9.0%

Operating Income(Loss)-$M(2.4)(0.2)

Net (Loss), Continuing-$M

Adj. EBITDA-$M0.21.7

EPS, Continuing Operations(0.17)(0.02)

Memo: NI including Disc. Operations(5.0)(0.4)

Full Year

201320142015

Revenue-$ Millions$ 198.5$ 225.8$ 199.2

Gross Profit-$ Millions14.619.77.9

-% (ex. Restructuring)9.7%8.7%4.0%

Operating Expense-$ Millions23.121.219.8

-% (ex. Restructuring)11.1%9.3%9.4%

Operating Income(Loss)-$ Millions(8.5)(1.5)(11.9)

Net (Loss), Continuing-$M(5.9)

Non-GAAP Adj. EBITDA-$ Millions12.911.9(0.4)

EPS, Continuing Operations(0.41)(0.12)(0.83)

Memo: NI including Disc. Operations(10.5)(6.2)(21.8)

Consol financials

201020111H 2012Q4YTD

Sales-$M1371861112012201320122013

Gross Margin1.40%3.90%3.50%44.956.4Revenue - $M210.7215.7

Operating Exp. - $M30.427.612.00.22.2Gross Profit - $M6.812.3

Impairment Exp. - $M40.8- 0- 01.8%7.8%% (ex. Restructuring)4.0%8.0%

5.05.7SG&A - $M21.621.5

0.90.4Other Operating Expense - $M2.54.1

Oper Loss - $M(69.2)(20.4)(8.1)5.96.2Operating Expense - $M24.125.7

Adj. EBITDA - $M(9.2)(2.1)2.412.6%10.3%Total Op Exp % (ex. Restructuring)11.1%11.3%

**excluding restructuring(5.7)(4.0)Operating Loss - $M(17.3)(13.2)

0.72.8Adj. EBITDA - $M5.510.3

(0.41)(0.26)EPS Continuing - $(1.27)(0.72)

FY 2010FY 2011FY 20122013 EQ4 20121H 2013Q4 2013

Revenue-$M137.0186.0210.7215-21844.997.055-58Q4 2013Q1

Gross Profit-$M1.97.26.80.24.8$M, except per share dataActualBudgetPY2013Budget2014

-% (ex. Restructuring)1.4%3.9%4.0%1.8%6.7%Revenue56,73552,18044,90845.558.8

Operating Expense-$M30.427.624.15.912.6Gross Profit2,3533,5112302.25.0

-% (ex. Restructuring)22.2%14.6%11.1%12.6%12.3% -% (ex. Restructuring)8.1%7.3%1.8%5.8%9.0%

Impairment Exp. -$M40.8- 0Operating Expense6,2115,5635,9006.76.2

Operating Income-$M(69.2)(20.4)(17.3)(5.7)(7.8) -% (ex. Restructuring)10.4%10.6%12.6%13.3%10.3%

Adj. EBITDA-$M(9.2)(2.1)5.59-100.74.0>2Operating Loss(3,858)(2,052)(5,670)(4.5)(1.2)

EPS, Continuing(6.56)(1.79)(1.27)(.67-.69)(0.41)(0.36)(.14-.16)Net Income (loss), Continuing(3,372)(1,878)(5,878)(4.5)(1.1)

Adj. EBITDA2,8462,4106521.32.6

Brandon SaleEPS, Continuing(0.23)(0.13)(0.41)(0.32)(0.08)

Gain3700

Shares out14590

EPS0.253598355

FY 2010FY 2011FY 2012201320141H 201320152016Q2 15Q2 16E

Revenue-$M$ 137.0$ 169.6$ 188.8$ 198.5$ 225.897.0$ 199.2$ 180.8$ 62.6$42-44

Gross Profit-$M1.99.87.714.619.74.87.918.18.5RevenueLowHigh

-% (ex. Restructuring)1.4%5.9%4.8%5.0%9.3%6.7%4.0%10.0%11.1%Towers5557

Operating Expense-$M30.425.020.823.121.212.619.816.24.8Gears894,5005,000

-% (ex. Restructuring)22.2%14.5%10.7%11.1%9.3%12.3%9.4%9.0%8.1%Services34270270

Impairment Exp. -$M40.8- 066703,3423,342

Operating Income/(Loss)-$M(69.2)(15.2)(13.1)(8.5)(1.5)(7.8)(11.9)1.93.6(0.2)396396

Non-GAAP Adj. EBITDA-$M(9.2)1.86.912.911.94.0(0.4)9.66.11.5-2.0

EPS, Continuing - $(6.56)(1.34)(0.99)(0.41)(0.12)(0.36)(0.83)0.090.23492992

*estimates as of 9.18.15Op Inc189189

weighted shares out11617140581445714715Towers5.55.7303803

FY 2010FY 2011FY 2012FY 2013YTD 9/30/14Gears-2-10.020.06

Revenue-$M$ 137.0$ 186.0$ 210.7$ 215.7$ 187.5Services-0.7-0.5

Gross Profit-$M1.97.26.812.317.6Corp-2-2.5

-% (ex. Restructuring)1.4%3.9%4.0%8.0%9.9%0.81.7

Operating Expense-$M30.427.624.125.618.3

-% (ex. Restructuring)22.2%14.6%11.1%11.3%9.6%14597

Impairment Exp. -$M40.80.0548057820.1164622868

Operating Profit (Loss)-$M(69.2)(20.4)(17.3)(13.2)(0.7)

Adj. EBITDA-$M(9.2)(2.1)5.510.310.7

EPS, Continuing - $(6.56)(1.79)(1.27)(0.72)(0.07)

Sheet5

Q2 2011Q2 2012

Weldments8452,276

Tower Sales23,65034,719

Customer Provided Steel10,503

Q2 11Q2 12

Blades1101,8461,736

Midwest 1,7792,067

Southwest3611,552

Non-routine Maintenance2,1403,6191,479

Gearbox114229115

Total2,3645,694

WeldmentsQ2 2011Q2 2012844.640999999999962275.8780000000002Tower SalesQ2 2011Q2 201223650.35934719.122000000003Customer Provided SteelQ2 2011Q2 201210503

Millions

BladesQ2 11Q2 121101846Non-routine MaintenanceQ2 11Q2 1221403619GearboxQ2 11Q2 12114229WeldmentsQ2 2011Q2 2012844.640999999999962275.8780000000002Tower SalesQ2 2011Q2 201223650.35934719.122000000003Customer Provided SteelQ2 2011Q2 201210503

Millions

BladesQ2 11Q2 121101846Non-routine MaintenanceQ2 11Q2 1221403619GearboxQ2 11Q2 12114229

GM

20102011201220132013 Target2014 Target2014

GM% ex Restr.3.9%4.0%8.0%7.7%

Restructuring GM%0.1%0.8%2.2%0.5%

True GM %1.4%3.8%3.2%5.7%7%10%7.2%

2.5%

6.6%

0.014

0.08

0.066

Operating Expenses20102011201220132013 Target2014 Target2014

SGA27,40426,31621,63421,41321,00921181

Intangible Amortization2,9928541,7591,5521,5521,552444

Restructuring04417401,089858- 0233

Regulatory Settlement1,5001566

Total Operating Expenses30,39627,61124,13325,55423,41923,424

Sales136,896185854210707216049216235241268

SGA % of Sales20%14%10.3%9.9%11%9.5%8.8%

Intangible Amortization2.2%0.5%0.8%0.7%0.0%0.2%

Restructuring0.0%0.2%0.4%0.5%0.0%0.1%

Regulatory Settlement0.7%0.6%

201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2Restructuring201020112012201320146.9999999999999999E-47.6E-32.1999999999999999E-25.0000000000000001E-3SGA % of Sales20102011201220130.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-2Intangible Amortization20102011201220132.1856007480130904E-24.5950046810937619E-38.3480852558291841E-37.1835555822984598E-3Restructuring201020112012201302.3728302861385818E-33.511985838154404E-35.0405232146411233E-3Regulatory Settlement20102011201220136.9428694416544395E-3SGA % of Sales201020112012201320140.200181159420289860.141595015442228860.102673380571124849.9111775569431015E-28.7790341031549979E-2True GM %201020112012201320141.4E-23.7999999999999999E-23.2000000000000001E-25.7000000000000002E-27.1999999999999995E-2

Q1 top 10 customers

CustomerBURevenueCM$CM%Memo: 2012 FY

1SiemensTowers/Services57,33217,42630%21%

2GETowers49,02811,56824%18%

3CaterpillarServices/Towers13,1603,10524%28%

4NextEraServices/Gears7,1642,11630%30%

5ClipperGears6,9772,87241%42%

6MetsoGears3,9051,93850%50%

7Gardner DenverGears3,35481624%33%

8GamesaTowers2,02574937%16%

9Arcelor MittalGears1,28244034%50%

10KonecranesGears1,130337.0030%34%

Top 10 Total145,35741,36728%24%

BWEN Total159,37543,40627%

% of Top 1091%95%

SiemensGECaterpillarNextEraClipperMetsoGardner DenverGamesaArcelor MittalKonecranes17426115683105211628721938816749440337

Q2 top 10 customers

CustomerBUQ2 RevenueQ2 CM$Q2 CM%YTD RevenueCM$CM%Memo: 2012 FY

1SiemensT/S23,1356,44228%29,6658,32328%21%NEESiemens

2GET/S11,5062,81925%33,3138,15025%18%Services3,52180822.9%

3CaterpillarT/S4,37994622%11,0812,57623%28%Gears3,2041,21137.8

4ClipperG 2,37985539%3,5861,39839%40%CAT

5MetsoG 1,40567849%2,9921,45249%48%Services3,9661,00925%

6Gardner DenverG 1,26824522%2,10946022%42%Towers7,1151,56722%

7CameronG 98822823%98822823%28%

8KonecranesG 86827231%86827231%38%

9NextEraG/S62649779%3,5212,01957%30%

10Edison MissionS54423443%96641543%46%

Top 10 Total47,09813,21528%89,08925,29328%24%

BWEN Total51,36314,48926%ERROR:#DIV/0!24%

% of Top 1092%91%ERROR:#DIV/0!ERROR:#DIV/0!

5GamesaTowers2,02574937%16%Services3,9661,00925%

12,049Q1 Top 1014,127Q2 top 10

14,127Q2 Top 1014,489Q2 Actual

26,176YTD Top 10(362)remaining CM not top 10

27,337YTD Actual

(1,161)remaining CM not top 10

SiemensGECaterpillarClipperMetsoGardner DenverCameronKonecranesNextEraEdison Mission6441.52818.97946855678245228272497233.92

Restructuring Update

2011-122013Total IncurredTotal Projected% Incurred

Capital Spending2.62.45.05.885%

Cash Expenses1.83.55.36.286%

Total Outlays4.45.910.312.086%

Gain on Sale of Brandon0-3.6-3.6-3.6100%

Non Cash Expenses1.53.34.84.8100%

Total 5.95.611.513.288%

Analyst Estimtes

Macquarie*Sidoti**FirstCall ConsensusQ2 ActualQ2 Guidance

Revenue$ 42.40$ 49.98$ 43.38$42-44

Operating Loss(3-5)

Operating Loss$ (1.9)$ 0.18$ (0.20)

EPS$ (0.01)$ (0.34)0.00-0.01

RatingNeutralBuyNeutral

Target Price$ 4.508.007.00

$ M, except EPS

Sheet2

Revenue2010201120122013

Budget218.00190.40212.44222.80

Actual136.90185.85210.70216.00

Budget11.9810.106.4011.08

Actual(9.83)(2.10)5.5010.04

Revenue in Millions

Budget2010201120122013218190.4212.44222.8Actual2010201120122013136.89599999999999185.85400000000001210.7216

EBITDA in Millions

Budget201020112012201311.97899999999999910.16.411.077Actual2010201120122013-9.8320000000000007-2.15.510.035

Revenue in Millions

Budget2010201120122013218190.4212.44222.8Actual2010201120122013136.89599999999999185.85400000000001210.7216

EBITDA in Millions

Budget201020112012201311.97899999999999910.16.411.077Actual2010201120122013-9.8320000000000007-2.15.510.035

Top Cust

CustomerSales Q1Sales Q2YTDCM$ Q1CM%CM$ YTDCustomerSales Q1 14Q2 14YTD SalesCM$ Q1CM%CM Q2CM% Q2CM YTDCM% YTDFY 2013ACustomerYTD SalesYTD CM$CM% YTDFY 2013A

1Siemens36,23675,62811,51731.8%23,4091Siemens36,23639,39275,62811,51731.8%11,89230.2%23,40931.0%31.2%1Siemens108,78932,70330.1%31.2%

2GE11,44023,1412,72623.8%6,3722GE11,44011,70123,1412,72623.8%3,64631.2%6,37227.5%23.8%2GE36,4279,63626.5%23.8%

3Clipper10,7455,2734,70443.8%2,8323Clipper2,0663,2075,2731,06151.4%1,77155.2%2,83253.7%43.8%3Gardner Denver9,6864,00241.3%27.1%

4CAT1,5604,06120513.1%8844Gardner Denver1,9232,9634,88680742.0%1,27443.0%2,08142.6%27.1%4Clipper5,9843,19253.3%43.8%

5Metso5,1071,8182,49448.8%8465CAT1,5602,5014,06120513.1%67927.1%88421.8%23.9%5CAT5,7491,21821.2%23.9%

6Gardner Denver4,6284,8861,25527.1%2,0816Cameron1,6391,3512,9901489.0%725.3%2207.4%21.2%6Cameron3,73347812.8%21.2%

7Next Era3,95180999625.2%3647Metso5131,3051,81815830.8%68852.7%84646.5%48.8%7Metso2,6571,19645.0%48.8%

8Cameron3,6552,99077621.2%2208Invenergy2348161,05011348.3%29736.4%41039.0%39.8%8NextEra1,48862742.1%25.2%

9Gamesa2,02574937.0%9Next Era1846258098948.4%27544.0%36445.0%25.2%9Invenergy1,37054339.6%39.8%

10NOV1,21561050.2%10NRG36236212835.4%12835.4%-1.1%10NA Bull Inudstry 1,20848139.8%n/a

Arcelor Mittal1,62458235.8%11Iberdrola3173177624.0%76

Edison Mission3088226.6%12Noble Wind1502564065738.0%10741.8%16443.2%

Konecranes1,56642427.1%Basin Electric253933467027.7%3840.9%10871.6%

Other Services3,1331,14136.4%Edison Mission308(13)2958226.6%(12)92.3%7041.7%

BWS3,9381,39835.5%8Sandvik236(236)6427.1%(64)27.1%41.9%

5Other Gears9,0912,55928.1%NA Bull276(276)11842.8%(118)42.8%0.0%

Braner93220421.9%BWS499(499)9719.4%(97)19.4%

Simpson91517819.5%

Invenergy6701,05026739.9%410Top 10 Total55,79564,223120,01816,82430.2%20,72232.3%37,54631.3%29.2%Top 10 Total177,09154,07630.5%29.2%- 00.0%- 00.0%29.2%

Public Service Comp. of CO62622035.1%BWEN Total58,80068,381127,18116,69028.4%30.9%29.8%27.3%BWEN Total189,01653,84828.5%27.3%

Alstom Power59631653.0%% of Top 1095%94%94%101%% of Top 1094%

Noble Wind 54823743.2%0.780.77

Iberdrola 34012937.9%

AES3299729.5%

Other827490.2%

Total5,0381,72234.2%

Top 10 Total80,56226,03232.3%

BWEN Total216,04958,93127.3%

% of Top 1037.3%44.2%

SiemensGEClipperGardner DenverCATCameronMetsoInvenergyNext EraNRG7562823141527348864061299018181050809362SiemensGEGardner DenverClipperCATCameronMetsoNextEraInvenergyNA Bull Inudstry 1087893642796865984574937332657148813701208SiemensGEClipperGardner DenverCATCameronMetsoInvenergyNext EraNRG7562823141527348864061299018181050809362SiemensGEGardner DenverClipperCATCameronMetsoNextEraInvenergyNA Bull Inudstry 1087893642796865984574937332657148813701208

Sheet6

Broadwind Energy Inc.Russell 2000 Index

DateBWEN-US CloseRUT-US CloseBWEN-US Volume

2/7/148.251116.55005105707

2/6/148.421103.93005181623

2/5/148.181093.58997128151

2/4/148.381102.83997189512

2/3/148.631094.57996227232

1/31/149.241130.88115838

1/30/149.091139.3599965816

1/29/149.081122.4499583237

1/28/149.021138.23999102436

1/27/149.221127.72998159693

1/24/1491144.13288009

1/23/1410.061172.40002264000

1/22/1410.491181.29004151436

1/21/1410.241175.71997211838

1/20/14

1/17/1410.311168.43005151427

1/16/1410.791173.13173547

1/15/1411.021171.34998245421

1/14/1410.21163.43005151844

1/13/1410.211148.08997276474

1/10/1410.781164.53003443830

1/9/1411.71158.34998715999

1/8/1410.551157.45996320337

1/7/149.961157.63293394

1/6/149.931147.16003406693

1/3/1410.381156.08997688666

1/2/149.91150.71997296166

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12/31/139.441163.64001167533

12/30/139.81160.58997333560

12/27/139.521161.08997146901

12/26/139.71162.65002194198

12/25/13

12/24/139.451161.80005231580

12/23/139.621157.21997643114

12/20/1391146.46997405681

12/19/138.711125.44995481851

12/18/138.431133.719971447428

12/17/137.541118.89001512690

12/16/136.561119.84998696978

12/13/136.251107.05005214287

12/12/135.561103.2700292692

12/11/135.691101.5226004

12/10/135.131119.68994252557

12/9/135.431129.45996294049

12/6/135.881131.38208494

12/5/136.061122.46997128720

12/4/136.291121.38121190

12/3/136.171123.78003109791

12/2/136.231129.12110707

11/29/136.61142.8900186339

11/28/13

11/27/136.571141.3299697474

11/26/136.761134.53003150710

11/25/136.611124.71997159597

11/22/136.811124.92004124271

11/21/136.931119.62118080

11/20/136.831099.7900488258

11/19/136.861101.38184208

11/18/137.291107.29004134710

11/15/137.611116.19995102650

11/14/137.381111.4399474891

11/13/137.441112.1800574122

11/12/137.271101.4699771808

11/11/137.531101.5101454

11/8/137.481099.96997113268

11/7/137.31079.08997159016

11/6/137.561098.63247587

11/5/137.271103.58997183581

11/4/137.541108.28003311563

11/1/137.141095.67004225048

10/31/137.31100.15002507761

10/30/137.61105.5172530

10/29/137.841121.06995222184

10/28/137.761117.96997429656

10/25/138.161118.33997244521

10/24/137.991118.84998400865

10/23/138.621110.93005220988

10/22/138.791115.63768759

10/21/139.261112.47998373218

10/18/139.931114.77002154049

10/17/13101102.27002254951

10/16/1310.121092.42004263352

10/15/139.61079.62427578

10/14/139.771090.30005357410

10/11/139.451084.31006333539

10/10/138.841069.5225120

10/9/138.451043.45996144482

10/8/138.231047.26001243171

10/7/138.551065.79004347591

10/4/138.161078.25119147

10/3/138.181070.90002156259

10/2/137.961082.55005101804

10/1/137.651087.43005166638

9/30/137.851073.7900494494

9/27/137.821074.18994143876

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Investor Presentation UBS Gas & Utilities...

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