Financial advisor to the Independent Committee of WaterFurnace Renewable Energy, Inc.

Industrials

NIBE Industrier AB (PUBL)

An international heating technology company Sweden

Offer to Acquire 100% of the of the Outstanding Shares of WaterFurnace Renewable Energy, Inc.

WaterFurnace Renewable Energy, Inc.

Geothermal and water source heat pumps United States of America

Acted as financial advisor to the Special Committee of the board of directors of WaterFurnance

Acted as financial advisor to the Special Committee of the board of directors of WaterFurnance, and provided a fairness opinion to the Special Committee supporting the proposed transaction.